Goldman Sachs Trust

N-CSRS 1 d779126dncsrs.htm GOLDMAN SACHS TRUST Goldman Sachs Trust

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05349

Goldman Sachs Trust

(Exact name of registrant as specified in charter)

71 South Wacker Drive, Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)


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

(Name and address of agents for service)

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

Date of fiscal year end: March 31

Date of reporting period: September 30, 2019

ITEM 1.

REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

LOGO



Semi-Annual Report				September 30, 2019

				Long Short Credit Strategies Fund

It is our intention that beginning on January 1, 2021, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from the Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class R6, and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of the Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Fund’s transfer agent if you invest directly with the transfer agent.

LOGO

Goldman Sachs Long Short Credit Strategies Fund


TABLE OF CONTENTS

Fund Basics			1

Schedule of Investments			4

Financial Statements			10

Financial Highlights			13

Notes to Financial Statements			20

Other Information			32



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

FUND BASICS

Long Short Credit Strategies Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		2.35	%		1.31	%		3.38	%		3.03	%
Class C		1.97			1.31			2.77			2.40
Institutional		2.53			1.31			3.85			3.49
Investor		2.48			1.31			3.77			3.40
Class R		2.23			1.31			3.27			2.92
Class P		2.53			1.31			3.86			3.50
Class R6		2.53			1.31			3.87			3.50

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.

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. It is not possible to invest directly in an index.

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.

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

LOGO

⁴

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.

FUND BASICS


TOP TEN INDUSTRY ALLOCATIONS⁵

As of September 30, 2019	Percentage of Net Assets

Media		9.1	%
Packaging		5.8
Oil Field Services		5.5
Telecommunication Services		4.7
Automotive		4.6
Media – Non Cable		4.6
Health Care		4.5
Aerospace & Defense		3.5
Commercial Services		3.2
Pharmaceuticals		3.1

⁵

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

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Secured Debt Obligations – 43.6%
Bank Loans^(a) – 30.5%
Aerospace & Defense^(b) – 1.5%
	TransDigm, Inc. (B+/Ba3) (1M LIBOR + 2.500%)
$	1,690,633		4.544	%		06/09/23	$	1,685,054

Automotive^(b) – 2.9%
	Adient US LLC (BB-/Ba2) (3M LIBOR + 4.250%)
	2,066,906		6.459			05/06/24		2,030,218
	Navistar International Corp. (BB-/Ba2) (1M LIBOR + 3.500%)
	1,227,060		5.530			11/06/24		1,219,771

								3,249,989

Building Materials – 0.5%
	AECOM (BBB-/Ba1)^(b) (3M LIBOR + 1.750%)
	506,604		3.804			03/13/25		507,713
	Advanced Drainage System , Inc. (NR/NR)^(c)
	58,000		0.000			07/31/26		58,218

								565,931

Chemicals^(b) – 0.4%
	Consolidated Energy Finance SA (BB/Ba2) (3M LIBOR + 2.500%)
	301,006		4.547			05/07/25		291,223
	INEOS Enterprises Holdings US Finco LLC (BB/Ba3) (3M LIBOR + 4.000%)
	208,000		6.124			08/28/26		208,520

								499,743

Commercial Services^(b) – 1.3%
	Prime Security Services Borrower LLC (BB-/Ba3)(1 Week LIBOR + 3.250%)
	1,467,103		5.210			09/23/26		1,450,833

Construction Machinery^(b) – 0.3%
	TEX Operations Co. LLC (BBB-/Ba1) (1M LIBOR + 2.000%)
	327,988		4.044			08/04/23		328,945

Consumer Cyclical Services – 1.3%
	Allied Universal Holding Co. LLC (B-/B3)
	29,189		2.125			07/10/26		29,203
	(3M LIBOR + 4.250%)
	795,261		6.507	^(b)		07/10/26		795,635
	The Hertz Corp. (BB/Ba2)^(c)
	652,159		0.000			06/30/23		652,159

								1,476,997

Consumer Products^(b) – 0.7%
	Energizer Holdings, Inc. (BB+/Ba1) (1M LIBOR + 2.250%)
	792,074		4.375			12/17/25		791,583

Diversified Financial services – 0.5%
	Jefferies Finance LLC/JFIN Co-Issuer Corp. (BB-/Ba2)^(b) (1M LIBOR + 3.750%)
	259,686		5.875	^(b)		06/03/26		259,281
	VFH Parent LLC (B+/Ba3)^(b)(c)(6M LIBOR + 3.500%)
	272,000		0.000			03/01/26		272,340

								531,621

Diversified Manufacturing^(b) – 0.4%
	AI Aqua Merger Sub, Inc. (B/B2) (1M LIBOR + 3.250%)
	134,578		5.294			12/13/23		128,298


Secured Debt Obligations – (continued)
Diversified Manufacturing^(b) – (continued)
	Apex Tool Group LLC (B-/B2) (1M LIBOR + 5.500%)
	296,202		7.544			08/01/24		287,561

								415,859

Environmental^(b) – 0.3%
	Core & Main LP (B+/B2) (6M LIBOR + 2.750%)
	291,000		5.211			08/01/24		288,273

Food & Beverage – 0.3%
	B&G Foods, Inc. (NR/NR)^(c)
	57,000		0.000			09/17/26		57,249
	Dole Food Co., Inc. (B/B1)^(b) (1M LIBOR + 2.750%)
	306,849		4.796			04/06/24		302,575

								359,824

Gaming^(b) – 0.8%
	Caesars Resort Collection LLC (BB/Ba3) (1M LIBOR + 2.750%)
	941,393		4.794			12/22/24		934,803

Health Care –^(b) – 1.6%
	Vizient, Inc. (BB-/Ba3) (1M LIBOR + 2.500%)
	770,014		4.544			05/06/26		772,901
	Athenahealth, Inc. (B/B2) (3M LIBOR + 4.500%)
	1,030,552		6.830			02/11/26		1,026,688

								1,799,589

Health Care – Services^(b) – 1.3%
	Envision Healthcare Corp. (B+/B2) (1M LIBOR + 3.750%)
	846,727		5.794			10/10/25		688,228
	Kindred Healthcare, Inc. (B+/B3) (1M LIBOR + 5.000%)
	767,250		7.063			06/19/25		767,250

								1,455,978

Insurance^(b) – 1.1%
	Hub International Ltd. (B/B2) (3M LIBOR + 3.000%)
	1,190,956		5.267			04/25/25		1,176,236

Media – Cable^(b) – 0.3%
	CSC Holdings LLC (BB/Ba3) (1M LIBOR + 2.250%)
	308,212		4.278			07/17/25		307,715

Media – Non Cable – 4.6%
	CBS Radio, Inc. (BB/Ba3)^(b) (1M LIBOR + 2.750%)
	695,188		4.804			11/18/24		695,362
	Cumulus Media New Holdings, Inc. (B/B2)^(b)
	57,000		5.796			03/17/26		57,071
	Diamond Sports Group LLC (BB/Ba2)^(b) (3M LIBOR + 3.000%)
	475,000		5.300			08/24/26		477,375
	iHeartCommunications, Inc. (BB-/B1)^(b) (1M LIBOR + 4.000%)
	473,069		6.100			05/01/26		475,865
	Lions Gate Capital Holdings LLC (BB-/Ba2)^(b) (1M LIBOR + 2.250%)
	1,245,205		4.294			03/24/25		1,240,922
	Nexstar Broadcasting, Inc. (BB/Ba3)^(c)
	2,040,855		0.000			09/18/26		2,049,141
	Univision Communications, Inc. (B/B2)^(b) (1M LIBOR + 2.750%)
	127,856		4.794			03/15/24		124,153

								5,119,889

Packaging^(b) – 4.0%
	Berry Global, Inc. (BBB-/Ba2) (1M LIBOR + 2.250%)
	307,959		4.299			10/01/22		309,231


4		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)
Packaging^(b) – (continued)
	BWAY Holding Co. (B/B2) (3M LIBOR + 3.250%)
$	1,366,999		5.590	%		04/03/24	$	1,337,007
	Flex Acquisition Co., Inc. (B/B2) (3M LIBOR + 3.000%)
	1,165,670		5.319			12/29/23		1,121,083
	Reynolds Group Holdings, Inc. (B+/B1) (1M LIBOR + 2.750%)
	1,134,253		4.794			02/05/23		1,135,671
	Trident TPI Holdings, Inc. (CCC+/Caa2) (1M LIBOR + 3.250%)
	517,973		5.294			10/17/24		499,927

								4,402,919

Pharmaceuticals^(b) – 0.3%
	Valeant Pharmaceuticals International, Inc. (BB-/Ba2) (1M LIBOR + 3.000%)
	295,718		5.412			06/02/25		296,797

Real Estate Investment Trust^(b) – 0.4%
	iStar, Inc. (BB-/Ba2) (1M LIBOR + 2.750%)
	497,481		4.807			06/28/23		498,103

Restaurant^(b) – 0.3%
	1011778 B.C. Unlimited Liability Co. (BB/Ba3) (1M LIBOR + 2.250%)
	300,856		4.294			02/16/24		301,758

Technology^(b) – 0.2%
	Match Group, Inc. (BBB-/Ba2) (6M LIBOR + 2.500%)
	216,610		4.659			11/16/22		216,610

Technology- Hardware – 1.2%
	CommScope, Inc. (B+/Ba1)^(b) (1M LIBOR + 3.250%)
	1,278,000		5.294			04/06/26		1,272,300

Technology- Software – 1.8%
	DigiCert Holdings, Inc. (B-/B2)^(c)
	598,000		0.000			08/31/26		595,757
	Navicure, Inc. (NR/NR)^(c)
	286,000		0.000			09/18/26		285,643
	Perforce Software, Inc. (B-/B2)^(b) (1M LIBOR + 4.500%)
	592,234		6.544			07/01/26		591,494
	SS&C Technologies Holdings Europe S.a.r.l. (BB+/Ba2)^(b) (1M LIBOR + 2.250%)
	224,995		4.294			04/16/25		225,558
	SS&C Technologies, Inc. (BB+/Ba2)^(b) (1M LIBOR + 2.250%)
	340,632		4.294			04/16/25		341,483

								2,039,935

Telecommunications^(b) – 0.2%
	Rackspace Hosting, Inc. (BB-/B1) (3M LIBOR + 3.000%)
	286,741		5.287			11/03/23		262,681

Telecommunications – Wireless^(b) – 0.5%
	SBA Senior Finance II LLC (BB+/B1) (1M LIBOR + 2.000%)
	249,369		4.050			04/11/25		249,379
	Sprint Communications, Inc. (BB-/Ba2) (1M LIBOR + 3.000%)
	318,455		5.063			02/02/24		317,359

								566,738

Telecommunications-Wirelines^(b) – 0.7%
	CenturyLink, Inc. (BBB-/Ba3) (1M LIBOR +2.750%)
	771,076		4.794			01/31/25		765,509


Secured Debt Obligations – (continued)
Transportation^(b) – 0.8%
	XPO Logistics, Inc. (BBB-/Baa3) (1M LIBOR + 2.000%)
	925,000		4.044			02/24/25		928,783

	TOTAL BANK LOANS						$	33,990,495

Other Secured Debt Obligations – 13.1%
Aerospace & Defense^(d)(e) – 0.2%
	Triumph Group, Inc. (B/B3)
$	206,000		6.250	%		09/15/24	$	213,725

Auto Components^(d)(e) – 1.7%
	Ashtead Capital, Inc. (BBB-/Baa3)
	1,090,000		5.250			08/01/26		1,157,199
	681,000		4.375			08/15/27		698,188

								1,855,387

Chemicals^(d)(e) – 1.0%
	TPC Group, Inc. (B/B2)
	1,052,000		10.500			08/01/24		1,096,710

Commercial Services^(e) – 1.3%
	Capitol Investment Merger Sub 2 LLC (B/Caa1)^(d)
	534,000		10.000			08/01/24		555,360
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)
	900,000		5.750			04/15/26		934,875

								1,490,235

Electrical Equipment^(d)(e) – 0.2%
	Talen Energy Supply LLC (BB/Ba3)
	300,000		6.625			01/15/28		294,750

Financial Services^(d)(e) – 0.8%
	VFH Parent LLC/Orchestra Co-Issuer, Inc. (B-/B1)
	824,000		6.750			06/15/22		851,810

Health Care – Services – 1.6%
	HCA, Inc. (BBB-/Baa3)
	234,000		5.250			04/15/25		260,325
	296,000		4.125	^(d)		06/15/29		310,800
	Tenet Healthcare Corp. (BB-/Ba3)^(d)
	557,000		4.625			07/15/24		572,317
	156,000		4.625	^(e)		09/01/24		160,290
	454,000		4.875	^(e)		01/01/26		466,485

								1,770,217

Media^(d) – 2.5%
	Charter Communications Operating LLC/Charter Communications Operating Capital (BBB-/Ba1)
	567,000		3.750			02/15/28		581,192
	Clear Channel Worldwide Holdings, Inc. (B+/B1)^(e)
	319,000		5.125			08/15/27		332,558
	Univision Communications, Inc. (B/B2)^(e)
	500,000		5.125			05/15/23		498,750
	Virgin Media Secured Finance PLC (BB-/Ba3)^(e)
	1,349,000		5.500			05/15/29		1,409,705

								2,822,205


The accompanying notes are an integral part of these financial statements.		5

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Secured Debt Obligations – (continued)
Metal Fabricate/Hardware^(d)(e) – 0.1%
	Advanced Drainage Systems, Inc. (B/B1)
$	152,000		5.000	%		09/30/27	$	153,900

Metals & Mining^(d)(e) – 0.5%
	Cleveland-Cliffs, Inc. (BB/Ba2)
	185,000		4.875			01/15/24		188,700
	Mauser Packaging Solutions Holding Co. (B/B2)
	345,000		5.500			04/15/24		354,919

								543,619

Oil Field Service^(d)(e) – 0.3%
	Transocean Phoenix 2 Ltd. (B/NR)
	300,000		7.750			10/15/24		314,250

Oil, Gas & Consumable Fuels^(d)(e) – 0.8%
	Transocean Sentry Ltd. (B/B1)
	872,000		5.375			05/15/23		873,090

Packaging^(d)(e) – 1.3%
	LABL Escrow Issuer LLC (B/B2)
	979,000		6.750			07/15/26		1,015,713
	Trivium Packaging Finance B.V. (B+/B2)
	433,000		5.500			08/15/26		455,191

								1,470,904

Retailing^(d)(e) – 0.1%
	Beacon Roofing Supply, Inc. (BB/B1)
	76,000		4.500			11/15/26		76,717

Telecommunications – Wireless^(d)(e) – 0.1%
	CommScope, Inc. (B+/Ba3)
	65,000		5.500			03/01/24		66,869

Telecommunications-Wirelines^(d)(e) – 0.6%
	Altice France SA (B/B2)
	591,000		7.375			05/01/26		631,631

	TOTAL OTHER SECURED DEBT OBLIGATIONS						$	14,526,019

	TOTAL SECURED DEBT OBLIGATIONS
	(Cost $48,024,965)						$	48,516,514



Unsecured Debt Obligations – 40.3%
Aero Leasing^(d)(e) – 1.1%
	Avolon Holdings Funding, Ltd. (BBB-/Baa3)
$	1,144,000		4.375	%		05/01/26	$	1,187,323

Aerospace & Defense^(d) – 1.8%
	Bombardier, Inc. (B-/Caa1)^(e)
	589,000		7.875			04/15/27		584,582
	TransDigm UK Holdings PLC (B-/B3)
	300,000		6.875			05/15/26		322,500
	Triumph Group, Inc. (CCC+/Caa2)
	476,000		5.250			06/01/22		474,653
	651,000		7.750			08/15/25		657,510

								2,039,245


Unsecured Debt Obligations – (continued)
Automotive^(d) – 1.7%
	Adient Global Holdings Ltd. (B/B3)^(e)
$	1,570,000		4.875	%		08/15/26	$	1,271,700
	Lear Corp. (BBB-/Baa2)
	272,000		4.250			05/15/29		278,650
	Tesla, Inc. (B-/Caa1)^(e)
	432,000		5.300			08/15/25		387,720

								1,938,070

Chemicals^(d)(e) – 0.4%
	NOVA Chemicals Corp. (BB+/Ba2)
	389,000		4.875			06/01/24		397,266

Commercial Services^(d)(e) – 1.9%
	Nielsen Finance LLC/Nielsen Finance Co. (BB/B1)
	981,000		5.000			04/15/22		984,679
	Ritchie Bros Auctioneers, Inc. (BB/Ba3)
	253,000		5.375			01/15/25		263,841
	The Nielsen Co. Luxembourg S.a.r.l. (BB/B1)
	912,000		5.000			02/01/25		899,460

								2,147,980

Computers^(d)(e) – 0.7%
	Booz Allen Hamilton, Inc. (B+/B1)
	797,000		5.125			05/01/25		817,921

Distribution & Wholesale^(d)(e) – 0.1%
	Performance Food Group, Inc. (B+/B1)
	155,000		5.500			10/15/27		163,138

Diversified Financial Services^(d)(e) – 0.9%
	Nationstar Mortgage Holdings, Inc. (B/B2)
	943,000		8.125			07/15/23		981,899

Engineering & Construction^(d) – 0.4%
	AECOM (BB-/Ba3)
	446,000		5.125			03/15/27		468,300

Entertainment^(d)(e) – 0.1%
	Caesars Resort Collection LLC/CRC Finco, Inc. (B-/B3)
	82,000		5.250			10/15/25		83,640
	Lions Gate Capital Holdings LLC (B-/B2)
	78,000		5.875			11/01/24		80,145

								163,785

Environmental^(d)(e) – 0.7%
	Stericycle, Inc. (BB/NR)
	749,000		5.375			07/15/24		769,313

Food & Drug Retailing^(d)(e) – 0.2%
	FAGE International SA/FAGE USA Dairy Industry, Inc. (B+/B1)
	267,000		5.625			08/15/26		238,298

Healthcare Providers & Services^(d) – 1.9%
	Centene Corp. (BB+/Ba1)
	202,000		4.750			05/15/22		206,040
	787,000		4.750			01/15/25		808,643
	Charles River Laboratories International, Inc. (BB/B1)^(e)
	553,000		5.500			04/01/26		586,180
	Encompass Health Corp. (B+/B1)
	360,000		4.500			02/01/28		364,050


6		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)
Healthcare Providers & Services^(d) – (continued)
	Hill-Rom Holdings, Inc. (BB/Ba3)^(e)
$	103,000		4.375	%		09/15/27	$	105,060
	Surgery Center Holdings, Inc. (CCC/Caa2)^(e)
	86,000		6.750			07/01/25		77,551

								2,147,524

Home Builders^(d)(e) – 0.4%
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (BB-/B1)
	201,000		6.250			09/15/27		201,251
	Installed Building Products, Inc. (B+/B3)
	256,000		5.750			02/01/28		263,680

								464,931

Insurance^(d)(e) – 0.5%
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	630,000		7.000			11/15/25		587,475

Internet^(d)(e) – 0.2%
	GrubHub Holdings, Inc. (BB/Ba3)
	254,000		5.500			07/01/27		259,080

Iron/Steel^(d) – 1.2%
	Cleveland-Cliffs, Inc. (B+/B1)
	205,000		5.750			03/01/25		201,413
	United States Steel Corp. (B/B3)
	1,380,000		6.250			03/15/26		1,159,200

								1,360,613

Lodging^(d)(e) – 0.1%
	Marriott Ownership Resorts, Inc. (BB-/NR)
	128,000		4.750			01/15/28		129,280

Machinery – Construction & Mining^(d)(e) – 0.3%
	Terex Corp. (BB/B2)
	270,000		5.625			02/01/25		277,425

Media^(d) – 6.6%
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)^(e)
	762,000		4.750			03/01/30		773,430
	CSC Holdings LLC (B/B3)^(e)
	1,141,000		5.750			01/15/30		1,192,345
	Diamond Sports Group LLC/Diamond Sports Finance Co. (B/B2)^(e)
	694,000		6.625			08/15/27		719,157
	Entercom Media Corp. (B-/B3)^(e)
	80,000		7.250			11/01/24		82,800
	GCI LLC (B/B3)
	491,000		6.625	^(e)		06/15/24		530,280
	723,000		6.875			04/15/25		760,054
	Sirius XM Radio, Inc. (BB/Ba3)^(e)
	257,000		5.500			07/01/29		273,705
	TEGNA, Inc. (BB/Ba3)
	591,000		6.375			10/15/23		609,469
	1,535,000		5.000	^(e)		09/15/29		1,552,269
	The Walt Disney Co (A/A2)
	413,000		1.750			08/30/24		408,990
	413,000		2.000			09/01/29		402,357

								7,304,856


Unsecured Debt Obligations – (continued)
Mining^(d)(e) – 0.3%
	FMG Resources August 2006 Pty, Ltd. (BB+/Ba1)
	389,000		4.500			09/15/27		380,469

Oil Field Services^(d) – 5.2%
	CNX Resources Corp. (BB-/B3)
	280,000		5.875			04/15/22		268,800
	CNX Resources Corp. (BB-/B3)^(e)
	517,000		7.250			03/14/27		435,572
	CrownRock LP/CrownRock Finance, Inc. (BB-/B2)^(e)
	821,000		5.625			10/15/25		825,105
	Diamondback Energy, Inc. (BB+/Ba2)
	546,000		4.750			11/01/24		558,285
	Ensign Drilling, Inc. (BB-/B2)^(e)
	405,000		9.250			04/15/24		378,675
	Gulfport Energy Corp. (BB-/B1)
	1,039,000		6.625			05/01/23		810,420
	Indigo Natural Resources LLC (B+/B3)^(e)
	418,000		6.875			02/15/26		376,200
	Montage Resources Corp. (B/B3)
	758,000		8.875			07/15/23		583,660
	Noble Holding International Ltd. (B-/B3)^(e)
	945,000		7.875			02/01/26		675,675
	Parsley Energy LLC/Parsley Finance Corp. (BB-/B1)^(e)
	500,000		5.375			01/15/25		505,000
	QEP Resources, Inc. (BB-/Ba3)
	280,000		5.375			10/01/22		267,400
	WPX Energy, Inc. (BB-/B1)
	52,000		5.250			10/15/27		52,399

								5,737,191

Packaging^(d)(e) – 0.5%
	Trident TPI Holdings, Inc. (CCC+/Caa2)
	526,000		9.250			08/01/24		514,165

Pharmaceuticals – 2.8%
	Bausch Health Cos., Inc. (B-/B3)^(d)(e)
	125,000		5.500			03/01/23		126,406
	818,000		5.875			05/15/23		829,248
	301,000		6.125			04/15/25		311,535
	Teva Pharmaceutical Finance Co. B.V. (BB/Ba2)
	976,000		2.950			12/18/22		836,920
	Teva Pharmaceutical Finance Netherlands III B.V. (BB/Ba2)
	1,212,000		2.800			07/21/23		980,205

								3,084,314

Pipelines^(d) – 1.8%
	Cheniere Energy Partners LP (BB/Ba2)^(e)
	669,000		4.500			10/01/29		684,889
	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (BB-/B1)^(e)
	435,000		5.625			05/01/27		443,700
	EnLink Midstream LLC (BB+/Ba1)
	870,000		5.375			06/01/29		831,183

								1,959,772

Real Estate Investment Trust^(d) –1.7%
	Equinix, Inc. (BBB-/Ba2)
	610,000		5.375			01/01/22		622,962


The accompanying notes are an integral part of these financial statements.		7

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Unsecured Debt Obligations – (continued)
Real Estate Investment Trust^(d) – (continued)
	iStar, Inc. (BB-/Ba3)
$	491,000		5.250	%		09/15/22	$	501,434
	SBA Communications Corp. (BB-/B2)
	787,000		4.000			10/01/22		801,756

								1,926,152

Retailing^(d)(e) – 1.2%
	Rite Aid Corp. (CCC/Caa1)
	1,246,000		6.125			04/01/23		987,455
	Yum! Brands, Inc. (B+/B1)
	284,000		4.750			01/15/30		292,875

								1,280,330

Software^(d) – 0.5%
	Donnelley Financial Solutions, Inc. (B/B2)
	500,000		8.250			10/15/24		518,750

Telecommunication Services – 4.7%
	Inmarsat Finance PLC (BB/Ba3)^(d)(e)
	1,286,000		4.875			05/15/22		1,302,075
	Sprint Corp. (B/B3)^(d)
	2,674,000		7.625			03/01/26		2,948,085
	Telesat Canada/Telesat LLC (B/B3)
	150,000		6.500			10/15/27		152,121
	ViaSat, Inc. (B/Caa1)^(d)(e)
	824,000		5.625			09/15/25		833,270

								5,235,551

Transportation^(d) – 0.4%
	CSX Corp. (BBB+/Baa1)
	413,000		2.400			02/15/30		404,876

	TOTAL UNSECURED DEBT OBLIGATIONS
	(Cost $45,589,052)						$	44,885,292



U.S. Treasury Obligation^(f) –10.7%
	United States Treasury Bill
$	12,000,000		0.000	%		11/26/19	$	11,966,027
	(Cost $11,968,080)


Shares		Description	Value

Common Stock* - 0.0%
Oil, Gas & Consumable Fuels – 0.0%
	1,141,924	Prairie Provident Resources, Inc.	$	47,401
	(Cost $2,946,424)


Units		Expiration Date	Value

Warrant*^(g) – 0.0%
	Jack Cooper Enterprises, Inc. (NR/NR)
	1,734	10/17/29	$	17
	Cost (0)


Shares	Dividend Rate	Value

Investment Company^(h) – 8.2%
Goldman Sachs Financial Square Government Fund — Institutional Shares
9,128,494	2.032%	$	9,128,494
(Cost $9,128,494)

TOTAL INVESTMENTS – 102.8%
(Cost $117,657,015)		$	114,543,745

LIABILITIES IN EXCESS OF OTHER ASSETS – (2.8)%			(3,167,021	)

NET ASSETS –100.0%		$	111,376,724



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. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on September 30, 2019. 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 September 30, 2019.

(c)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

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

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

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

(g)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(h)		Represents an affiliated issuer.

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:
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2019, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
Allied Universal Holding Co. LLC (NR/NR), due 07/10/26	$	49,550	$	49,573	$	23

SWAP CONTRACTS — At September 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT


Payments Made by the Fund^(a)	Payments Received by Fund^(b)	Termination Date	Notional Amount (000s)^(c)	Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)

2.750%	3M LIBOR	12/18/26	$2,274	$	(188,612	)	$	(163,777	)	$	(24,835	)

(a)

Payments made quarterly.

(b)

Payments made semi-annually.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT


Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund	Credit Spread at September 30, 2019^(a)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:

CDX.NA.HY. Index 32^(b)	(5.000)%		3.282%		06/20/24		29,700	$	(2,163,864	)	$	(1,849,493	)	$	(314,371	)

(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.



Abbreviation:
CDX.NA.HY.Index 32		—CDX North America High Yield Index 32


The accompanying notes are an integral part of these financial statements.		9

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement of Assets and Liabilities

September 30, 2019 (Unaudited)



Assets:
Investments of unaffiliated issuers, at value (cost and $108,528,521)	$	105,415,251
Investments of affiliated issuers, at value (cost $9,128,494)		9,128,494
Cash		1,269,201
Receivables:
Investments sold		13,439,784
Collateral on swap contracts		1,184,150
Dividends and interest		1,001,623
Reimbursement from investment adviser		32,285
Fund shares sold		28,434
Unrealized gain on unfunded loan commitment		23
Other assets		51,806
Total assets		131,551,051

Liabilities:
Variation margin on swap contracts		82,208
Payables:
Investments purchased		18,137,476
Investments purchased on an extended — settlement basis		1,655,595
Management fees		90,194
Fund shares redeemed		50,365
Distribution and Service fees and Transfer Agency fees		4,488
Income distribution		172
Accrued expenses		153,829
Total liabilities		20,174,327

Net Assets:
Paid-in capital		147,295,167
Total distributable earnings (loss)		(35,918,443	)
NET ASSETS	$	111,376,724
Net Assets:
Class A	$	1,872,354
Class C		790,872
Institutional		21,278,483
Investor		3,654,326
Class P		81,628,504
Class R		25,599
Class R6		2,126,586
Total Net Assets	$	111,376,724
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		212,875
Class C		89,986
Institutional		2,421,897
Investor		415,673
Class P		9,301,394
Class R		2,913
Class R6		242,006
Net asset value, offering and redemption price per share:^(a)
Class A		$8.80
Class C		8.79
Institutional		8.79
Investor		8.79
Class P		8.78
Class R		8.79
Class R6		8.79

(a)

Maximum public offering price for Class A Shares of the Long Short Credit Strategies Fund is $9.14. 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.


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement of Operations

For the Six Months Ended September 30, 2019 (Unaudited)



Investment income:

Interest	$	2,907,793

Dividends — affiliated issuers		89,222

Total investment income		2,997,015

Expenses:

Management fees		576,180

Custody, accounting and administrative services		75,763

Registration fees		64,049

Professional fees		63,459

Printing and mailing costs		34,569

Transfer Agency fees^(a)		21,923

Trustee fees		8,413

Distribution and Service fees^(a)		7,315

Other		8,343

Total expenses		860,014

Less — expense reductions		(206,850	)

Net expenses		653,164

NET INVESTMENT INCOME		2,343,851

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		239,151

Swap contracts		(1,681,946	)

Net change in unrealized gain on:

Investments — unaffiliated issuers		1,446,442

Unfunded loan commitment		23

Swap contracts		526,774

Net realized and unrealized gain		530,444

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	2,874,295

(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		Class P		Class R		Class R6
$	2,995	$	4,253	$	67	$	1,557	$	553	$	4,477	$	2,446	$	12,578	$	18	$	294


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statements of Changes in Net Assets


	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	2,343,851		$	8,151,711

Net realized loss		(1,442,795	)		(11,544,997	)

Net change in unrealized gain		1,973,239			4,116,488
Net increase in net assets resulting from operations		2,874,295			723,202

Distributions to shareholders:

From distributable earnings:

Class A Shares		(30,641	)		(326,270	)

Class C Shares		(7,817	)		(67,583	)

Institutional Shares		(328,542	)		(4,124,356	)

Investor Shares		(53,448	)		(405,543	)

Class P Shares^(a)		(1,234,844	)		(5,378,337	)

Class R Shares		(315	)		(1,512	)

Class R6 Shares		(28,976	)		(109,745	)

Total distributions to shareholders		(1,684,583	)		(10,413,346	)

From share transactions:

Proceeds from sales of shares		4,264,198			145,191,325

Reinvestment of distributions		1,683,246			10,328,319

Cost of shares redeemed		(15,905,855	)		(244,474,444	)

Net decrease in net assets resulting from share transactions		(9,958,411	)		(88,954,800	)

TOTAL DECREASE		(8,768,699	)		(98,644,944	)

Net assets:

Beginning of period		120,145,423			218,790,367

End of period	$	111,376,724		$	120,145,423

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Long Short Credit Strategies Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2015^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			Period Ended March 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	8.71		$	9.19		$	9.45		$	9.47		$	9.79		$	10.52

Net investment income (loss)^(b)		0.16			0.38			0.32			0.33			0.32			0.31

Net realized and unrealized gain (loss)		0.04			(0.34	)		(0.24	)		(0.03	)		(0.30	)		(0.65	)

Total from investment operations		0.20			0.04			0.08			0.30			0.02			(0.34	)

Distributions to shareholders from net investment income		(0.11	)		(0.52	)		(0.34	)		(0.32	)		(0.34	)		(0.30	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.09	)

Total distributions		(0.11	)		(0.52	)		(0.34	)		(0.32	)		(0.34	)		(0.39	)

Net asset value, end of period	$	8.80		$	8.71		$	9.19		$	9.45		$	9.47		$	9.79

Total return^(c)		2.35	%		0.61	%		0.86	%		3.20	%		0.19	%		(3.28	)%

Net assets, end of period (in 000s)	$	1,872		$	3,169		$	6,984		$	12,673		$	8,358		$	6,943

Ratio of net expenses to average net assets		1.46	%^(d)		1.47	%		1.43	%		1.45	%		1.49	%		1.57	%^(d)

Ratio of total expenses to average net assets		1.82	%^(d)		1.74	%		1.54	%		1.62	%		1.57	%		1.62	%^(d)

Ratio of net investment income to average net assets		3.77	%^(d)		4.15	%		3.40	%		3.43	%		3.34	%		3.35	%^(d)

Portfolio turnover rate^(e)		105	%		220	%		267	%		266	%		173	%		164	%

(a)

Commenced operations on April 30, 2014.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(d)

Annualized.

(e)

The 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.


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Long Short Credit Strategies Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2015^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			Period Ended March 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	8.70		$	9.19		$	9.45		$	9.47		$	9.79		$	10.52

Net investment income^(b)		0.13			0.31			0.25			0.26			0.25			0.24

Net realized and unrealized gain (loss)		0.04			(0.34	)		(0.24	)		(0.03	)		(0.31	)		(0.66	)

Total from investment operations		0.17			(0.03	)		0.01			0.23			(0.06	)		(0.42	)

Distributions to shareholders from net investment income		(0.08	)		(0.46	)		(0.27	)		(0.25	)		(0.26	)		(0.22	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.09	)

Total distributions		(0.08	)		(0.46	)		(0.27	)		(0.25	)		(0.26	)		(0.31	)

Net asset value, end of period	$	8.79		$	8.70		$	9.19		$	9.45		$	9.47		$	9.79

Total return^(c)		1.97	%		(0.25	)%		0.12	%		2.43	%		(0.55	)%		(3.95	)%

Net assets, end of period (in 000s)	$	791		$	1,092		$	1,545		$	2,692		$	1,773		$	1,016

Ratio of net expenses to average net assets		2.22	%^(d)		2.22	%		2.18	%		2.20	%		2.23	%		2.30	%^(d)

Ratio of total expenses to average net assets		2.58	%^(d)		2.52	%		2.29	%		2.37	%		2.32	%		2.38	%^(d)

Ratio of net investment income to average net assets		3.03	%^(d)		3.39	%		2.65	%		2.68	%		2.61	%		2.61	%^(d)

Portfolio turnover rate^(e)		105	%		220	%		267	%		266	%		173	%		164	%

(a)

Commenced operations on April 30, 2014.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Long Short Credit Strategies Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	8.70		$	9.18		$	9.44		$	9.46		$	9.78		$	10.51

Net investment income^(a)		0.18			0.41			0.35			0.36			0.35			0.37

Net realized and unrealized gain (loss)		0.04			(0.34	)		(0.23	)		(0.03	)		(0.30	)		(0.66	)

Total from investment operations		0.22			0.07			0.12			0.33			0.05			(0.29	)

Distributions to shareholders from net investment income		(0.13	)		(0.55	)		(0.38	)		(0.35	)		(0.37	)		(0.35	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.09	)

Total distributions		(0.13	)		(0.55	)		(0.38	)		(0.35	)		(0.37	)		(0.44	)

Net asset value, end of period	$	8.79		$	8.70		$	9.18		$	9.44		$	9.46		$	9.78

Total return^(b)		2.53	%		0.84	%		1.32	%		3.55	%		0.53	%		(2.77	)%

Net assets, end of period (in 000s)	$	21,278		$	22,611		$	199,256		$	189,429		$	173,758		$	190,148

Ratio of net expenses to average net assets		1.12	%^(c)		1.13	%		1.09	%		1.11	%		1.15	%		1.27	%

Ratio of total expenses to average net assets		1.48	%^(c)		1.30	%		1.19	%		1.28	%		1.23	%		1.35	%

Ratio of net investment income to average net assets		4.10	%^(c)		4.45	%		3.74	%		3.77	%		3.68	%		3.57	%

Portfolio turnover rate^(d)		105	%		220	%		267	%		266	%		173	%		164	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Long Short Credit Strategies Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2015^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			Period Ended March 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	8.70		$	9.19		$	9.45		$	9.47		$	9.79		$	10.52

Net investment income^(b)		0.17			0.40			0.35			0.35			0.35			0.33

Net realized and unrealized gain (loss)		0.04			(0.34	)		(0.24	)		(0.03	)		(0.31	)		(0.65	)

Total from investment operations		0.21			0.06			0.11			0.32			0.04			(0.32	)

Distributions to shareholders from net investment income		(0.12	)		(0.55	)		(0.37	)		(0.34	)		(0.36	)		(0.32	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.09	)

Total distributions		(0.12	)		(0.55	)		(0.37	)		(0.34	)		(0.36	)		(0.41	)

Net asset value, end of period	$	8.79		$	8.70		$	9.19		$	9.45		$	9.47		$	9.79

Total return^(c)		2.48	%		0.75	%		1.12	%		3.45	%		0.44	%		(3.05	)%

Net assets, end of period (in 000s)	$	3,654		$	4,261		$	7,357		$	9,347		$	5,067		$	2,475

Ratio of net expenses to average net assets		1.21	%^(d)		1.22	%		1.18	%		1.20	%		1.23	%		1.30	%^(d)

Ratio of total expenses to average net assets		1.57	%^(d)		1.50	%		1.28	%		1.38	%		1.32	%		1.40	%^(d)

Ratio of net investment income to average net assets		4.00	%^(d)		4.41	%		3.66	%		3.69	%		3.61	%		3.60	%^(d)

Portfolio turnover rate^(e)		105	%		220	%		267	%		266	%		173	%		164	%

(a)

Commenced operations on April 30, 2014.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Long Short Credit Strategies Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	8.69		$	9.25

Net investment income^(b)		0.18			0.38

Net realized and unrealized gain (loss)		0.04			(0.40	)

Total from investment operations		0.22			(0.02	)

Distributions to shareholders from net investment income		(0.13	)		(0.54	)

Net asset value, end of period	$	8.78		$	8.69

Total return^(c)		2.53	%		(0.07	)%

Net assets, end of period (in 000s)	$	81,629		$	87,163

Ratio of net expenses to average net assets^(d)		1.11	%		1.12	%

Ratio of total expenses to average net assets^(d)		1.47	%		1.52	%

Ratio of net investment income to average net assets^(d)		4.11	%		4.55	%

Portfolio turnover rate^(e)		105	%		220	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Long Short Credit Strategies Fund
	Class R Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2015^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			Period Ended March 31, 2015^(a)
Per Share Data

Net asset value, beginning of period	$	8.70		$	9.19		$	9.45		$	9.47		$	9.78		$	10.52

Net investment income^(b)		0.15			0.35			0.30			0.30			0.30			0.28

Net realized and unrealized gain (loss)		0.04			(0.34	)		(0.24	)		(0.02	)		(0.30	)		(0.65	)

Total from investment operations		0.19			0.01			0.06			0.28			—			(0.37	)

Distributions to shareholders from net investment income		(0.10	)		(0.50	)		(0.32	)		(0.30	)		(0.31	)		(0.28	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.09	)

Total distributions		(0.10	)		(0.50	)		(0.32	)		(0.30	)		(0.31	)		(0.37	)

Net asset value, end of period	$	8.79		$	8.70		$	9.19		$	9.45		$	9.47		$	9.78

Total return^(c)		2.23	%		0.24	%		0.61	%		2.94	%		0.04	%		(3.57	)%

Net assets, end of period (in 000s)	$	26		$	26		$	36		$	35		$	33		$	32

Ratio of net expenses to average net assets		1.71	%^(d)		1.72	%		1.68	%		1.70	%		1.74	%		1.84	%^(d)

Ratio of total expenses to average net assets		2.07	%^(d)		2.01	%		1.78	%		1.87	%		1.83	%		1.93	%^(d)

Ratio of net investment income to average net assets		3.50	%^(d)		3.88	%		3.15	%		3.18	%		3.08	%		2.98	%^(d)

Portfolio turnover rate^(e)		105	%		220	%		267	%		266	%		173	%		164	%

(a)

Commenced operations on April 30, 2014.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Long Short Credit Strategies Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,			Period Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018^(a)
Per Share Data

Net asset value, beginning of period	$	8.70		$	9.18		$	9.48

Net investment income^(b)		0.18			0.40			0.13

Net realized and unrealized gain (loss)		0.04			(0.33	)		(0.20	)

Total from investment operations		0.22			0.07			(0.07	)

Distributions to shareholders from net investment income		(0.13	)		(0.55	)		(0.23	)

Net asset value, end of period	$	8.79		$	8.70		$	9.18

Total return^(c)		2.53	%		0.85	%		(0.62	)%

Net assets, end of period (in 000s)	$	2,127		$	1,823		$	3,612

Ratio of net expenses to average net assets		1.11	%^(d)		1.12	%		1.11	%^(d)

Ratio of total expenses to average net assets		1.47	%^(d)		1.43	%		1.05	%^(d)

Ratio of net investment income to average net assets		4.10	%^(d)		4.49	%		4.27	%^(d)

Portfolio turnover rate^(e)		105	%		220	%		267	%

(a)

Commenced operations on November 30, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements

September 30, 2019 (Unaudited)

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 seven classes of shares: Class A, Class C, Institutional, Investor, Class P, Class R and Class R6 Shares. 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.

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. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

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 swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall amounts are recorded as income.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, 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 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. Investment income distributions, if any, are declared daily and paid at least monthly, and capital gains distributions, if any, are declared and paid at least 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 the Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings 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.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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).

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 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.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 may be valued at the closing bid price for long positions and at the closing 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 for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV per share 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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the 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 the Fund, if any, is noted in the Schedule of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the midpoint of the bid and ask prices on the exchange where they are principally traded (or, in the absence of two-way trading, at the last bid price for long positions and the last ask price for short positions). Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter (“OTC”) and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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. 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 valuation of Level 3 Assets and Liabilities.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of September 30, 2019:



Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—	$	33,990,495		$	—

Other Secured Obligations		—		14,526,019			—

Unsecured Debt Obligations		—		44,885,292			—

U.S Treasury Obligations		11,966,027		—			—

Common Stock and/or Other Equity Investments

North America		47,401		—			—

Warrants		—		—			17

Investment Company		9,128,494		—			—

Total	$	21,141,922	$	93,401,806		$	17

Investment Type

Liabilities

Unfunded Loan Commitment	$	—	$	49,573		$	—

Derivative Type

Liabilities^(a)

Interest Rate Swap Contracts	$	—	$	(24,835	)	$	—

Credit Default Swap Contracts		—		(314,371	)		—

Total	$	—	$	(339,206	)	$	—

(a)

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of September 30, 2019. 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.


Risk	Statement of Assets and Liabilities	Liabilities
Interest rate	Variation Margin on swap contracts	$	(24,835	)
Credit	Variation Margin on swap contracts		(314,371	)
Total		$	(339,206	)

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

4. INVESTMENTS IN DERIVATIVES (continued)

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2019. 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	$	(1,005,151	)	$	332,753		1
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(676,795	)		194,021		1
Total		$	(1,681,946	)	$	526,774		2

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2019.

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 six months ended September 30, 2019, contractual and effective net management fees with GSAM were at the following rates:


Contractual Management Rate
First $1 billion		Next $1 billion		Next $3 billion		Next $3 billion		Over $8 billion		Effective Rate		Effective Net Management Rate^
	1.00%		0.90%		0.86%		0.84%		0.82%		1.00%		0.99%

Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds.

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 six months ended September 30, 2019, GSAM waived $6,376 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.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Funds, as set forth below.


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

With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plans to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

C. Service Plan —The Trust, on behalf of the Fund, has adopted a Service Plan to allow Class C Shares to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C Shares of the Fund.

D. 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 six months ended September 30, 2019, Goldman Sachs retained $2 in front end sales charges, and it did not retain any contingent deferred sales charges.

E. 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 P and Class R6 Shares, 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.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or 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 July 29, 2020, and prior to such date GSAM may not terminate the arrangements 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” limitations described above. Goldman Sachs may voluntarily waive a portion of any payments under the Fund’s Distribution and Service Plan, Service Plan and Shareholder Administration Plan, and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended September 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Management Fee Waiver		Transfer Agency Fee Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
$	6,376	$	38	$	200,436	$	206,850

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G. Line of Credit Facility — As of September 30, 2019, the Fund participated in a $580,000,000 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 six months ended September 30, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

H. Other Transactions with Affiliates — For the six months ended September 30, 2019, Goldman Sachs did not earn any brokerage commissions from portfolio transactions.

As of September 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 100% of outstanding 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 six months ended September 30, 2019:


Beginning Value as of March 31, 2019		Purchases at Cost		Proceeds from Sales			Ending Value as of September 30, 2019		Shares as of September 30, 2019		Dividend Income
$	9,883,769	$	55,173,582	$	(55,928,857	)	$	9,128,494		9,128,494	$	89,222

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2019, 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)

—

97,923,703

—

100,146,615

7. TAX INFORMATION

As of the Fund’s most recent fiscal year end, March 31, 2019, the Fund’s capital loss carryforwards and certain timing differences on a tax basis were as follows:


Capital loss carryforwards:
Perpetual Short-Term	$	(24,205,106	)
Perpetual Long-Term		(3,356,125	)
Total capital loss carryforwards	$	(27,561,231	)
Timing differences (Post October Loss Deferral/Distributions Payable)	$	(6,463,263	)

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

7. TAX INFORMATION (continued)

As of September 30, 2019, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax Cost	$	117,038,976
Gross unrealized gain		2,364,085
Gross unrealized loss		(4,859,316	)
Net unrealized gains on investments	$	(2,495,231	)

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.

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

The Fund’s risks include, but are not limited to, the following:

Credit/Default Risk — An issuer or guarantor of a security held by the Fund, or a bank or other financial institution that has entered into a repurchase agreement with the Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair the Fund’s liquidity and cause significant deterioration in NAV.

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.

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 changing interest rates may have 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, 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.

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, which may occur rapidly or unexpectedly, 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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

8. OTHER RISKS (continued)

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 or otherwise maintains a larger cash position than it ordinarily would.

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 or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If the Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund‘s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, 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; 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.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

8. OTHER RISKS (continued)

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 enter 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

The Fund has adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Fund has changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Fund applied the amendments on a modified retrospective basis beginning with the fiscal period ended September 30, 2019. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Fund. Upon evaluation, GSAM has concluded that the change in accounting principle does not materially impact the financial statement amounts.

On November 5, 2019, a definitive proxy statement (“proxy”) was filed with the SEC to elect certain Trustees to the Trust. The Fund will amortize its respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse the Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

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.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Long Short Credit Strategies Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		8,676		$	76,294			187,841		$	1,688,703
Reinvestment of distributions		3,493			30,639			37,564			325,884
Shares redeemed		(163,279	)		(1,431,385	)		(621,174	)		(5,513,680	)
		(151,110	)		(1,324,452	)		(395,769	)		(3,499,093	)
Class C Shares
Shares sold		—			—			2,339			21,500
Reinvestment of distributions		891			7,817			7,831			67,504
Shares redeemed		(36,390	)		(319,092	)		(52,865	)		(469,684	)
		(35,499	)		(311,275	)		(42,695	)		(380,680	)
Institutional Shares
Shares sold		225,291			1,969,703			1,094,503			9,938,491
Reinvestment of distributions		37,354			327,430			456,429			4,039,696
Shares redeemed		(440,705	)		(3,856,147	)		(20,645,953	)		(187,550,998	)
		(178,060	)		(1,559,014	)		(19,095,021	)		(173,572,811	)
Investor Shares
Shares sold		52,703			461,505			261,703			2,358,837
Reinvestment of distributions		6,079			53,325			46,765			405,540
Shares redeemed		(132,747	)		(1,162,681	)		(619,379	)		(5,489,449	)
		(73,965	)		(647,851	)		(310,911	)		(2,725,072	)
Class P Shares^(a)
Shares sold		171,586			1,500,000			14,275,383			130,828,502
Reinvestment of distributions		141,020			1,234,745			626,192			5,378,440
Shares redeemed		(1,044,824	)		(9,133,680	)		(4,867,963	)		(43,284,558	)
		(732,218	)		(6,398,935	)		10,033,612			92,922,384
Class R Shares
Shares sold		194			1,696			148			1,292
Reinvestment of distributions		36			314			174			1,510
Shares redeemed		(328	)		(2,870	)		(1,209	)		(11,075	)
		(98	)		(860	)		(887	)		(8,273	)
Class R6 Shares
Shares sold		29,119			255,000			39,312			354,000
Reinvestment of distributions		3,305			28,976			12,636			109,745
Shares redeemed		—			—			(235,684	)		(2,155,000	)
		32,424			283,976			(183,736	)		(1,691,255	)

NET DECREASE		(1,138,526	)	$	(9,958,411	)		(9,995,407	)	$	(88,954,800	)

(a)

Class P Shares commenced operations on April 20, 2018.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND



Fund Expenses — Six Month Period Ended September 30, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Investor, Class P, 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 April 1, 2019 through September 30, 2019, which represents a period of 183 days in a 366-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 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 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*
Class A
Actual	$	1,000.00	$	1,023.50		$	7.39
Hypothetical 5% return		1,000.00		1,017.70	^(a)		7.36
Class C
Actual		1,000.00		1,019.70			11.21
Hypothetical 5% return		1,000.00		1,013.90	^(a)		11.18
Institutional
Actual		1,000.00		1,025.30			5.67
Hypothetical 5% return		1,000.00		1,019.40	^(a)		5.65
Investor
Actual		1,000.00		1,024.80			6.13
Hypothetical 5% return		1,000.00		1,018.95	^(a)		6.11
Class P
Actual		1,000.00		1,025.30			5.62
Hypothetical 5% return		1,000.00		1,019.45	^(a)		5.60
Class R
Actual		1,000.00		1,022.30			8.65
Hypothetical 5% return		1,000.00		1,016.45	^(a)		8.62
Class R6
Actual		1,000.00		1,025.30			5.62
Hypothetical 5% return		1,000.00		1,019.45	^(a)		5.60

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 September 30, 2019. 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:

(a)

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.

The annualized net expense ratios for the period were as follows:


Class A	Class C			Institutional			Investor			Class P			Class R			Class R6

1.46%		2.22	%		1.12	%		1.21	%		1.11	%		1.71	%		1.11	%

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Long Short Credit Strategies Fund (the “Fund”) is an investment portfolio of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

(c)

information provided by the Investment Adviser indicating the Investment Adviser’s views on whether the Fund’s peer group and/or benchmark index had high, medium, or low relevance given the Fund’s particular investment strategy;

(d)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Fund’s expense trends over time; and

(iii)

to the extent the Investment Adviser manages other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) having investment objectives and policies similar to those of the Fund, comparative information on the advisory fees charged and services provided to those accounts by the Investment Adviser;

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(j)

a summary of the “fall-out” benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund, including the fees received by the Investment Adviser’s affiliates from the Fund for transfer agency, portfolio trading, distribution and other services;

(k)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l)

information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(m)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser’s general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

(o)

the Investment Adviser’s processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund’s compliance program; and periodic compliance reports.

The Trustees also received an overview of the Fund’s distribution arrangements. They received information regarding the Fund’s assets, share purchase and redemption activity, and payment of distribution and service fees. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Fund and its service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on the Fund’s investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. The Trustees also reviewed the Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Fund over time, and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Fund’s risk profile, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees recalled that the Fund was launched in April 2014 in connection with the reorganization of the Goldman Sachs Credit Strategies Fund, a closed-end interval fund, with and into the Fund. The Trustees noted that the Fund’s Institutional Shares (when viewed together with its predecessor for the applicable periods) had placed in the third quartile of the Fund’s peer group for the one-year period and in the fourth quartile for the three- and five-year periods; had outperformed the Fund’s LIBOR-based benchmark index by 0.42% for the three-year period and underperformed by 1.64% and 0.32%, respectively, for the one- and five-year periods; and had underperformed the average performance of a group of competitor funds, as determined by the Investment Adviser, for the one-, three-, and five-year periods ended March 31, 2019. However, they noted that the Fund currently implements a long/short credit strategy, while the Goldman Sachs Credit Strategies Fund implemented a long-only credit strategy through April of 2014.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by the Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared the Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing the Fund’s net expenses to the peer and category medians. The analyses also compared the Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Fund, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

In addition, the Trustees noted that shareholders are able to redeem their Fund shares at any time if shareholders believe that the Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed the Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for the Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Fund. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for the Fund at the following annual percentage rates of the average daily net assets of the Fund:



First $1 billion	1.00	%

Next $1 billion	0.90

Next $3 billion	0.86

Next $3 billion	0.84

Over $8 billion	0.82

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Fund and its shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Fund; the Fund’s recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertaking to limit certain expenses of the Fund that exceed a specified level. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (c) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (e) Goldman Sachs’ retention of certain fees as Fund Distributor; (f) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (g) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Fund and Its Shareholders

The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Fund because of the reputation of the Goldman Sachs organization; (g) the Fund’s access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund’s access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Fund’s shareholders invested in the Fund in part because of the Fund’s relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by the Fund were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and the Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2020.

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 Consumer and Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.60 trillion in assets under supervision as of September 30, 2019, 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

∎

Municipal Income Completion 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

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

Blue Chip Fund

∎

Income Builder Fund

∎

Small Cap Growth Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

Asia Equity Fund

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund⁵

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

MLP & Energy Fund

∎

Multi-Manager Alternatives 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

∎

Dynamic Global Equity Fund⁴

∎

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

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴

Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

Financial

Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

⁵

Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

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 James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P. 200 West Street, New York, New York 10282

The reports concerning the 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”) web site at http://www.sec.gov.

The Fund will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s website at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

The 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.

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 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).

Goldman Sachs Funds

LOGO



Semi-Annual Report				September 30, 2019

				Multi Sector Fixed Income Funds
				Bond Fund
				Core Fixed Income
				Global Income
				Strategic Income

It is our intention that beginning on January 1, 2021, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Class P, and Class R6 shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

LOGO

Goldman Sachs Multi Sector Fixed Income Funds

∎

BOND FUND

∎

CORE FIXED INCOME

∎

GLOBAL INCOME

∎

STRATEGIC INCOME


TABLE OF CONTENTS

Fund Basics

Schedules of Investments			9

Financial Statements			82

Financial Highlights			88

Bond Fund			88

Core Fixed Income			96

Global Income			104

Strategic Income			111

Notes to the Financial Statements			118

Other Information			145



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

FUND BASICS

Bond Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		5.35	%		5.42	%		1.97	%		1.84	%
Class C		4.97			5.42			1.30			1.17
Institutional		5.53			5.42			2.38			2.25
Service		5.27			5.42			1.89			1.76
Investor		5.50			5.42			2.29			2.16
Class P		5.64			5.42			2.39			2.26
Class R		5.23			5.42			1.80			1.67
Class R6		5.64			5.42			2.39			2.26

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.

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

The 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.

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

LOGO

⁴

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 paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Consolidated Schedule of Investments.

⁵

“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.

⁶

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

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

FUND BASICS

Core Fixed Income Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		5.50	%		5.42	%		1.68	%		1.63	%
Class C		5.19			5.42			1.00			0.94
Institutional		5.76			5.42			2.07			2.02
Service		5.40			5.42			1.58			1.53
Investor		5.63			5.42			1.99			1.94
Class P		5.76			5.42			2.09			2.03
Class R		5.37			5.42			1.49			1.44
Class R6		5.76			5.42			2.09			2.03

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

The 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.

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

LOGO

⁴

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 certificate of deposit and commercial paper. Figures in the graph may not sum to 100% due to the exclusion of other assets and liabilities. The graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

⁵

⁶

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

FUND BASICS

Global Income Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		5.41	%		5.59	%		0.51	%		0.41	%
Class C		5.06			5.59			-0.20			-0.31
Institutional		5.59			5.59			0.84			0.77
Service		5.35			5.59			0.33			0.26
Investor		5.56			5.59			0.78			0.68
Class P		5.59			5.59			0.85			0.78
Class R6		5.68			5.59			0.85			0.78

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.

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

The 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.

FUND BASICS


CURRENCY ALLOCATION⁴

	Percentage of Net Assets

	as of 9/30/19			as of 3/31/19
U.S. Dollar		66.8	%		63.1	%
Japanese Yen		16.9			13.7
Euro		15.4			13.7
British Pound		5.4			5.8
Canadian Dollar		2.1			2.5
Thai Baht		2.0			0.6
South Korean Won		1.5			1.8
Swedish Krona		0.4			0.4
Australian Dollar		0.3			0.4
Chinese Yuan Renminbi		0.3			0.0
Singapore Dollar		0.2			0.3
Indonesian Rupiah		0.2			0.2
Mexican Peso		0.1			0.3
Danish Krone		0.1			0.1
Israeli Shekel		0.1			0.1
Czech Koruna		0.1			0.1
Russian Ruble		0.1			0.1
South African Rand		0.0			0.2

⁴

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

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

FUND BASICS

Strategic Income Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		0.27	%		1.31	%		2.69	%		2.69	%
Class C		0.00			1.31			2.07			2.07
Institutional		0.56			1.31			3.16			3.16
Investor		0.40			1.31			3.07			3.07
Class P		0.45			1.31			3.17			3.17
Class R		0.26			1.31			2.57			2.57
Class R6		0.45			1.31			3.17			3.17

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.

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.

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.

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

LOGO

⁴

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.

⁵

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

GOLDMAN SACHS BOND FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 46.1%
Aerospace & Defense – 1.0%
	Bombardier, Inc.^(a)(b)
$	150,000		7.500	%		03/15/25	$	149,625
	Northrop Grumman Corp.
	1,250,000		2.930	^(a)		01/15/25		1,288,225
	225,000		4.750			06/01/43		275,785
	TransDigm, Inc.^(a)
	50,000		6.500			05/15/25		52,063
	575,000		6.375			06/15/26		603,750
	425,000		7.500			03/15/27		460,594
	United Technologies Corp.
	350,000		3.350			08/16/21		358,487
	475,000		3.950	^(a)		08/16/25		520,006
	225,000		2.650	^(a)		11/01/26		231,030
	325,000		4.125	^(a)		11/16/28		367,705
	(3M USD LIBOR + 0.650%)
	350,000		2.818	^(a)(c)		08/16/21		350,178

								4,657,448

Agriculture – 0.6%
	Altria Group, Inc.^(a)
	875,000		3.800			02/14/24		914,944
	25,000		4.400			02/14/26		26,726
	BAT Capital Corp.^(a)
	840,000		3.222			08/15/24		849,315
	Reynolds American, Inc.
	700,000		4.850			09/15/23		756,161

								2,547,146

Automotive – 0.2%
	General Motors Co.
	225,000		4.000			04/01/25		230,904
	General Motors Financial Co., Inc.^(a)
	300,000		4.300			07/13/25		311,472
	125,000		5.650			01/17/29		137,909

								680,285

Banks – 13.4%
	AIB Group PLC^(b)
	1,300,000		4.750			10/12/23		1,374,277
	Banco do Brasil SA^(a)(c) (10 Year CMT + 6.362%)
	200,000		9.000			06/29/49		223,575
	Banco Santander SA
	600,000		4.250			04/11/27		644,226
	400,000		3.306			06/27/29		412,980
	Bank of America Corp.
	625,000		4.125			01/22/24		672,756
	325,000		4.200			08/26/24		348,628
	1,300,000		3.248	^(a)		10/21/27		1,352,455
	925,000		4.183	^(a)		11/25/27		994,773
	100,000		6.110			01/29/37		130,926
	(3M USD LIBOR + 0.940%)
	1,250,000		3.864	^(a)(c)		07/23/24		1,316,237
	(3M USD LIBOR + 1.310%)
	750,000		4.271	^(a)(c)		07/23/29		834,165
	(3M USD LIBOR + 1.575%)
	525,000		3.824	^(a)(c)		01/20/28		563,561


Corporate Obligations – (continued)
Banks – (continued)
	Barclays PLC^(a)(c) (3M USD LIBOR + 1.400%)
	1,275,000		4.610			02/15/23		1,323,335
	BNP Paribas SA^(b)
	2,000,000		3.500			03/01/23		2,064,740
	550,000		3.375			01/09/25		568,255
	(5 year USD Swap + 4.149%)
	200,000		6.625	^(a)(c)		12/31/99		211,280
	BPCE SA^(b)
	1,025,000		4.000			09/12/23		1,081,529
	525,000		4.625			09/12/28		590,783
	CIT Bank NA^(a)(c) (SOFR + 1.715%)
	600,000		2.969			09/27/25		600,660
	Citigroup, Inc.
	1,450,000		2.700	^(a)		10/27/22		1,470,691
	1,050,000		3.400			05/01/26		1,098,069
	125,000		4.300			11/20/26		134,828
	1,200,000		4.125			07/25/28		1,286,292
	Cooperatieve Rabobank UA
	875,000		3.125			04/26/21		889,079
	(3M USD LIBOR + 0.430%)
	750,000		2.697	^(c)		04/26/21		752,490
	Credit Agricole SA^(a)(b)(c) (5 year USD Swap + 4.319%)
	250,000		6.875			12/31/99		269,175
	Credit Suisse AG^(c) (SOFR + 0.230%)
	2,000,000		2.050			02/14/20		2,000,142
	Credit Suisse Group AG^(a)(b)
	875,000		4.282			01/09/28		940,625
	(3M USD LIBOR + 1.410%)
	525,000		3.869	^(c)		01/12/29		552,678
	Credit Suisse Group Funding Guernsey Ltd.
	307,000		4.550			04/17/26		337,743
	Deutsche Bank AG
	925,000		2.700			07/13/20		920,747
	HSBC Holdings PLC^(a)(c)
	(3M USD LIBOR + 1.000%)
	450,000		3.124			05/18/24		451,647
	(3M USD LIBOR + 1.055%)
	1,150,000		3.262			03/13/23		1,170,056
	(3M USD LIBOR + 1.211%)
	600,000		3.803			03/11/25		624,642
	Huntington Bancshares, Inc.^(a)
	825,000		4.000			05/15/25		883,542
	JPMorgan Chase & Co.^(a)
	1,200,000		3.625			12/01/27		1,263,516
	(3M USD LIBOR + 0.945%)
	875,000		3.509	^(c)		01/23/29		922,276
	(3M USD LIBOR + 1.000%)
	2,425,000		4.023	^(c)		12/05/24		2,585,414
	(3M USD LIBOR + 1.245%)
	1,000,000		3.960	^(c)		01/29/27		1,080,940
	(3M USD LIBOR + 3.800%)
	1,075,000		5.300	^(c)		12/29/49		1,086,674
	(SOFR + 1.160%)
	825,000		2.301	^(c)		10/15/25		821,783
	Kreditanstalt fuer Wiederaufbau^(d)
	5,720,000		2.500			02/15/22		5,832,169


The accompanying notes are an integral part of these financial statements.		9

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Mitsubishi UFJ Financial Group, Inc.
$	302,000		2.950	%		03/01/21	$	304,845
	700,000		3.751			07/18/39		753,151
	Morgan Stanley, Inc.
	1,050,000		3.700			10/23/24		1,111,309
	50,000		4.000			07/23/25		53,954
	(3M USD LIBOR + 0.847%)
	750,000		3.737	^(a)(c)		04/24/24		783,345
	(3M USD LIBOR + 1.400%)
	1,550,000		3.683	^(a)(c)		10/24/23		1,577,435
	(3M USD LIBOR + 1.628%)
	700,000		4.431	^(a)(c)		01/23/30		786,408
	(SOFR + 1.152%)
	800,000		2.720	^(a)(c)		07/22/25		807,126
	Royal Bank of Canada^(c) (3M USD LIBOR + 0.390%)
	875,000		2.656			04/30/21		877,861
	Royal Bank of Scotland Group PLC
	826,000		3.875			09/12/23		852,118
	(3M USD LIBOR + 1.480%)
	1,160,000		3.498	^(a)(c)		05/15/23		1,175,358
	(3M USD LIBOR + 1.550%)
	850,000		4.519	^(a)(c)		06/25/24		893,486
	(3M USD LIBOR + 1.762%)
	225,000		4.269	^(a)(c)		03/22/25		235,508
	Santander UK PLC
	1,000,000		2.875			06/18/24		1,015,350
	Standard Chartered PLC^(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,325,000		4.247			01/20/23		1,371,931
	SunTrust Bank^(a) (c) (3M USD LIBOR + 0.298%)
	1,295,000		2.590			01/29/21		1,295,596
	Wells Fargo & Co.
	2,750,000		3.000			10/23/26		2,822,270
	75,000		4.150	^(a)		01/24/29		83,192
	Westpac Banking Corp.^(a)(c)(5 Year CMT + 2.000%)
	575,000		4.110			07/24/34		600,087

								60,084,689

Beverages^(a) – 2.0%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	325,000		4.700			02/01/36		375,180
	2,750,000		4.900			02/01/46		3,276,432
	Anheuser-Busch InBev Worldwide, Inc.
	350,000		4.600			04/15/48		402,532
	200,000		5.550			01/23/49		261,774
	Bacardi Ltd.^(b)
	600,000		5.300			05/15/48		683,532
	Constellation Brands, Inc.
	625,000		4.400			11/15/25		690,900
	225,000		3.700			12/06/26		238,381
	500,000		3.600			02/15/28		528,125
	625,000		3.150			08/01/29		639,663
	(3M USD LIBOR + 0.700%)
	975,000		2.858	^(c)		11/15/21		976,082
	Keurig Dr Pepper, Inc.
	750,000		4.057			05/25/23		793,305

								8,865,906


Corporate Obligations – (continued)
Biotechnology^(a) – 0.4%
	Celgene Corp.
	1,345,000		3.875			08/15/25		1,451,309
	300,000		3.900			02/20/28		327,798

								1,779,107

Chemicals – 1.2%
	CNAC HK Finbridge Co. Ltd.
	270,000		3.125			06/19/22		270,588
	200,000		4.625			03/14/23		209,813
	DuPont de Nemours, Inc.^(a)
	750,000		4.205			11/15/23		803,902
	75,000		5.419			11/15/48		95,193
	Huntsman International LLC^(a)
	350,000		4.500			05/01/29		368,181
	Syngenta Finance NV^(b)
	1,210,000		3.698			04/24/20		1,215,384
	1,485,000		3.933			04/23/21		1,511,700
	The Sherwin-Williams Co.^(a)
	102,000		2.750			06/01/22		103,421
	500,000		3.450			06/01/27		523,840
	475,000		2.950			08/15/29		477,266

								5,579,288

Commercial Services^(a) – 0.4%
	Global Payments, Inc.
	375,000		2.650			02/15/25		376,447
	225,000		3.200			08/15/29		228,173
	PayPal Holdings, Inc.
	1,175,000		2.650			10/01/26		1,182,837

								1,787,457

Computers^(a) – 1.1%
	Apple, Inc.
	900,000		2.750			01/13/25		931,023
	1,875,000		2.450			08/04/26		1,901,925
	Dell International LLC/EMC Corp.^(b)
	600,000		5.450			06/15/23		653,346
	100,000		6.020			06/15/26		112,530
	225,000		8.350			07/15/46		297,333
	Hewlett Packard Enterprise Co.
	859,000		4.900			10/15/25		953,644
	155,000		6.350			10/15/45		181,110

								5,030,911

Diversified Financial Services – 1.4%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,150,000		4.625			07/01/22		1,213,330
	450,000		3.300	^(a)		01/23/23		458,379
	400,000		4.875	^(a)		01/16/24		431,428
	Air Lease Corp.^(a)
	875,000		3.750			06/01/26		910,163
	GE Capital International Funding Co.
	1,600,000		3.373			11/15/25		1,633,168
	Global Aircraft Leasing Co. Ltd.^(a)(b)(e) (PIK 7.250%, Cash 6.500%)
	900,000		6.500			09/15/24		909,000


10		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)
Diversified Financial Services – (continued)
	Huarong Finance 2019 Co. Ltd.
$	480,000		3.750	%		05/29/24	$	491,250
	Huarong Finance II Co. Ltd.
	200,000		5.500			01/16/25		218,813

								6,265,531

Electrical – 1.5%
	Alliant Energy Finance LLC^(a)(b)
	375,000		3.750			06/15/23		390,994
	100,000		4.250			06/15/28		108,101
	Berkshire Hathaway Energy Co.^(a)
	225,000		3.250			04/15/28		237,065
	Dominion Energy, Inc.^(f)
	675,000		3.071			08/15/24		691,733
	NRG Energy, Inc.^(a)(b)
	675,000		3.750			06/15/24		693,864
	Sempra Energy^(a)(c) (3M USD LIBOR + 0.500%)
	1,125,000		2.803			01/15/21		1,124,314
	Southern California Edison Co.^(a)
	725,000		3.700			08/01/25		765,056
	450,000		4.200			03/01/29		501,345
	The Southern Co.^(a)
	1,050,000		3.250			07/01/26		1,082,760
	Vistra Operations Co. LLC^(a)(b)
	1,175,000		3.550			07/15/24		1,191,003

								6,786,235

Electrical Components & Equipment^(a)(b) – 0.3%
	Energizer Holdings, Inc.
	1,075,000		7.750			01/15/27		1,193,250

Engineering & Construction^(a) – 0.2%
	Mexico City Airport Trust
	200,000		4.250			10/31/26		201,250
	250,000		3.875	^(b)		04/30/28		245,156
	310,000		5.500	^(b)		07/31/47		307,830

								754,236

Food & Drug Retailing^(a)(b) – 0.4%
	Kraft Heinz Foods Co.
	525,000		3.750			04/01/30		529,751
	Mars, Inc.
	225,000		2.700			04/01/25		230,697
	425,000		3.200			04/01/30		449,391
	Post Holdings, Inc.
	450,000		5.750			03/01/27		475,875
	225,000		5.500			12/15/29		234,281

								1,919,995

Gas^(a) – 0.1%
	NiSource, Inc.
	575,000		3.650			06/15/23		599,610

Healthcare Providers & Services – 1.3%
	Acadia Healthcare Co., Inc.^(a)
	682,000		5.625			02/15/23		695,640
	Becton Dickinson & Co.^(a)
	950,000		2.894			06/06/22		964,459


Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	Becton Dickinson & Co.^(a) – (continued)
	275,000		3.363			06/06/24		286,511
	580,000		3.700			06/06/27		614,127
	372,000		4.685			12/15/44		434,310
	175,000		4.669			06/06/47		207,531
	(3M USD LIBOR + 0.875%)
	919,000		2.979	^(c)		12/29/20		919,368
	Catalent Pharma Solutions, Inc.^(a)(b)
	130,000		5.000			07/15/27		134,875
	HCA, Inc.
	425,000		5.375			02/01/25		464,312
	150,000		5.875	^(a)		02/15/26		167,813
	Tenet Healthcare Corp.
	500,000		6.750			06/15/23		524,375
	560,000		5.125	^(a)		05/01/25		567,000

								5,980,321

Insurance – 1.3%
	American International Group, Inc.^(a)
	1,075,000		3.900			04/01/26		1,147,068
	375,000		4.200			04/01/28		409,058
	Arch Capital Finance LLC^(a)
	1,000,000		4.011			12/15/26		1,092,310
	Great-West Lifeco Finance 2018 LP^(a)(b)
	325,000		4.047			05/17/28		358,449
	Marsh & McLennan Cos., Inc.^(a)
	575,000		4.375			03/15/29		650,382
	Teachers Insurance & Annuity Association of America^(b)
	295,000		4.900			09/15/44		363,753
	The Northwestern Mutual Life Insurance Co.^(b)
	800,000		6.063			03/30/40		1,119,968
	XLIT Ltd.
	775,000		4.450			03/31/25		841,363

								5,982,351

Internet^(a) – 0.1%
	Amazon.com, Inc.
	400,000		3.875			08/22/37		459,464

Iron/Steel – 0.0%
	Vale Overseas Ltd.
	134,000		6.250			08/10/26		154,268

Media – 2.3%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	400,000		3.579			07/23/20		403,420
	1,187,000		4.500			02/01/24		1,273,556
	1,300,000		4.908			07/23/25		1,427,309
	Comcast Corp.^(a)
	1,025,000		3.700			04/15/24		1,092,937
	550,000		3.950			10/15/25		599,187
	256,000		3.300			02/01/27		270,024
	350,000		3.150			02/15/28		365,001
	375,000		4.150			10/15/28		420,476
	575,000		4.250			10/15/30		654,051
	Diamond Sports Group LLC/Diamond Sports Finance Co.^(a)(b)
	420,000		5.375			08/15/26		435,750


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Media – (continued)
	Entercom Media Corp.^(a)(b)
$	400,000		7.250	%		11/01/24	$	414,000
	675,000		6.500			05/01/27		705,375
	Fox Corp.^(a)(b)
	300,000		4.030			01/25/24		319,587
	275,000		4.709			01/25/29		314,003
	NBCUniversal Media LLC
	458,000		4.450			01/15/43		530,895
	The Walt Disney Co.^(b)
	1,125,000		4.000			10/01/23		1,205,651

								10,431,222

Mining^(b) – 0.2%
	Glencore Finance Canada Ltd.
	650,000		4.250			10/25/22		679,484
	Glencore Funding LLC^(a)
	300,000		4.125			03/12/24		314,883

								994,367

Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	75,000		2.700			10/09/22		75,186
	250,000		3.100			01/09/23		253,613

								328,799

Oil Field Services – 2.9%
	BP Capital Markets America, Inc.^(a)
	600,000		4.234			11/06/28		676,260
	Cenovus Energy, Inc.^(a)
	450,000		4.250			04/15/27		468,423
	Continental Resources, Inc.^(a)
	2,225,000		4.500			04/15/23		2,308,437
	25,000		4.375			01/15/28		25,830
	Devon Energy Corp.^(a)
	227,000		5.850			12/15/25		269,674
	265,000		5.600			07/15/41		321,469
	Diamondback Energy, Inc.^(a)
	1,250,000		4.750			11/01/24		1,278,125
	Gazprom OAO Via Gaz Capital SA
	230,000		5.150	^(b)		02/11/26		250,341
	240,000		7.288			08/16/37		317,250
	Halliburton Co.^(a)
	100,000		3.800			11/15/25		105,988
	Marathon Petroleum Corp.^(a)
	325,000		3.800			04/01/28		338,595
	Noble Energy, Inc.^(a)
	425,000		3.250			10/15/29		420,941
	Occidental Petroleum Corp.
	2,250,000		2.900	^(a)		08/15/24		2,265,817
	300,000		5.550	^(a)		03/15/26		339,054
	150,000		3.200	^(a)		08/15/26		151,244
	375,000		6.450			09/15/36		462,286
	Petrobras Global Finance B.V.
	30,000		5.999			01/27/28		33,405
	30,000		5.093	^(b)		01/15/30		31,295


Corporate Obligations – (continued)
Oil Field Services – (continued)
	Petroleos de Venezuela SA^(g)
	4,280,000		6.000			10/28/22		256,800
	1,110,000		5.375			04/12/27		88,800
	Petroleos Mexicanos
EUR	410,000		5.125			03/15/23		490,171
$	140,000		6.490	^(a)(b)		01/23/27		145,593
	50,000		6.500			03/13/27		51,942
	10,000		6.750			09/21/47		9,590
	40,000		6.350			02/12/48		36,632
	320,000		7.690	^(a)(b)		01/23/50		333,696
	Phillips 66^(a)
	750,000		3.900			03/15/28		807,525
	Pioneer Natural Resources Co.^(a)
	410,000		3.950			07/15/22		426,478
	Total Capital International SA^(a)
	300,000		3.461			07/12/49		317,244

								13,028,905

Packaging^(a)(b) – 0.1%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
	400,000		6.000			02/15/25		418,000

Pharmaceuticals – 2.2%
	AbbVie, Inc.
	1,100,000		3.375			11/14/21		1,126,389
	725,000		3.750	^(a)		11/14/23		762,098
	Bausch Health Americas, Inc.^(a)(b)
	200,000		9.250			04/01/26		227,000
	Bausch Health Cos., Inc.^(a)(b)
	650,000		9.000			12/15/25		729,625
	Bayer US Finance II LLC^(a)(b)
	950,000		3.875			12/15/23		992,323
	Cigna Corp.^(a)
	2,175,000		3.750			07/15/23		2,275,267
	CVS Health Corp.^(a)
	425,000		3.500			07/20/22		438,804
	950,000		3.375			08/12/24		983,241
	450,000		3.875			07/20/25		476,523
	Elanco Animal Health, Inc.
	775,000		3.912			08/27/21		793,654
	300,000		4.272	^(a)		08/28/23		314,872
	Pfizer, Inc.^(a)
	750,000		3.450			03/15/29		812,745

								9,932,541

Pipelines – 3.1%
	Energy Transfer Operating LP^(a)
	350,000		4.650			06/01/21		360,447
	875,000		4.200			09/15/23		920,824
	725,000		5.500			06/01/27		818,611
	550,000		5.250			04/15/29		619,729
	Enterprise Products Operating LLC^(a)(c) (3M USD LIBOR + 2.778%)
	475,000		4.909			06/01/67		439,983
	EQM Midstream Partners LP^(a)
	1,700,000		4.750			07/15/23		1,706,171
	325,000		5.500			07/15/28		322,777


12		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)
Pipelines – (continued)
	Genesis Energy LP/Genesis Energy Finance Corp.^(a)
$	400,000		6.500	%		10/01/25	$	390,000
	Kinder Morgan Energy Partners LP^(a)
	1,025,000		3.500			09/01/23		1,061,152
	Kinder Morgan, Inc.
	500		7.750			01/15/32		692
	MPLX LP^(a)
	225,000		4.800			02/15/29		247,914
	325,000		4.500			04/15/38		337,269
	175,000		4.700			04/15/48		182,683
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	600,000		3.650			06/01/22		615,204
	925,000		3.850			10/15/23		956,533
	Sabine Pass Liquefaction LLC^(a)
	800,000		6.250			03/15/22		861,768
	300,000		5.625			04/15/23		326,037
	900,000		5.625			03/01/25		1,010,250
	425,000		5.000			03/15/27		468,443
	Sunoco Logistics Partners Operations LP^(a)
	200,000		4.250			04/01/24		210,730
	100,000		5.400			10/01/47		109,327
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.^(a)
	500,000		5.875			04/15/26		528,125
	The Williams Cos., Inc.^(a)
	915,000		3.600			03/15/22		939,824
	450,000		3.900			01/15/25		471,906
	Western Midstream Operating LP^(a)
	100,000		5.450			04/01/44		88,381
	100,000		5.300			03/01/48		86,787

								14,081,567

Real Estate Investment Trust – 2.4%
	Alexandria Real Estate Equities, Inc.^(a)
	325,000		3.800			04/15/26		346,574
	350,000		3.375			08/15/31		365,785
	American Campus Communities Operating Partnership LP^(a)
	800,000		3.750			04/15/23		834,376
	American Homes 4 Rent LP^(a)
	831,000		4.900			02/15/29		942,994
	American Tower Corp.^(a)
	925,000		3.375			05/15/24		962,277
	Crown Castle International Corp.
	575,000		5.250			01/15/23		626,781
	1,275,000		3.150	^(a)		07/15/23		1,309,795
	Easy Tactic Ltd.^(a)
	220,000		8.125			07/11/24		206,483
	Kaisa Group Holdings Ltd.^(a)
	200,000		9.375			06/30/24		170,688
	Kilroy Realty LP^(a)
	500,000		4.750			12/15/28		567,695
	National Retail Properties, Inc.^(a)
	400,000		4.000			11/15/25		428,588
	Regency Centers LP^(a)
	700,000		2.950			09/15/29		698,915


Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
	Scenery Journey Ltd.^(a)
	200,000		13.000			11/06/22		200,063
	Spirit Realty LP^(a)
	725,000		4.000			07/15/29		757,632
	Trust F/1401^(a)(b)
	300,000		5.250			12/15/24		319,500
	VEREIT Operating Partnership LP^(a)
	750,000		4.125			06/01/21		769,007
	800,000		4.625			11/01/25		873,288
	WP Carey, Inc.^(a)
	425,000		3.850			07/15/29		449,705

								10,830,146

Retailing^(a) – 0.4%
	Dollar Tree, Inc.
	525,000		4.000			05/15/25		556,342
	Starbucks Corp.
	850,000		3.800			08/15/25		919,504
	The Home Depot, Inc.
	275,000		3.900			12/06/28		308,897

								1,784,743

Savings & Loans^(a)(b)(c) – 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	400,000		3.960			07/18/30		419,096

Semiconductors – 1.5%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	1,100,000		3.000			01/15/22		1,110,912
	1,125,000		3.625			01/15/24		1,150,414
	500,000		3.125			01/15/25		496,315
	Broadcom, Inc.^(b)
	1,150,000		3.125			10/15/22		1,164,950
	825,000		3.625	^(a)		10/15/24		839,833
	Microchip Technology, Inc.
	525,000		3.922			06/01/21		536,046
	NXP B.V./NXP Funding LLC^(b)
	1,325,000		3.875			09/01/22		1,367,784

								6,666,254

Software^(a) – 0.4%
	Fiserv, Inc.
	300,000		3.800			10/01/23		317,427
	750,000		3.200			07/01/26		776,438
	525,000		4.200			10/01/28		580,335

								1,674,200

Telecommunication Services – 3.4%
	AT&T, Inc.^(a)
	1,375,000		3.000			06/30/22		1,402,445
	400,000		4.450			04/01/24		432,956
	2,375,000		3.400			05/15/25		2,479,429
	425,000		3.600			07/15/25		446,943
	600,000		4.125			02/17/26		646,880
	175,000		4.900			08/15/37		198,935
	225,000		5.450			03/01/47		271,750


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Connect Finco S.a.r.l/Connect US Finco LLC^(a)(b)
$	725,000		6.750	%		10/01/26	$	738,594
	Digicel Ltd.^(a)(b)
	200,000		6.000			04/15/21		140,812
	800,000		6.750			03/01/23		379,750
	Intelsat Jackson Holdings SA^(a)
	750,000		5.500			08/01/23		699,375
	Level 3 Financing, Inc.^(a)
	1,150,000		5.625			02/01/23		1,161,500
	Sprint Communications, Inc.
	900,000		6.000			11/15/22		951,750
	Telefonica Emisiones SA
	150,000		5.462			02/16/21		156,526
	325,000		4.570			04/27/23		350,044
	Verizon Communications, Inc.
	925,000		3.376			02/15/25		976,097
	630,000		4.329			09/21/28		714,036
	50,000		4.125			08/15/46		55,740
	50,000		4.862			08/21/46		61,260
	1,030,000		5.012			04/15/49		1,294,576
	Vodafone Group PLC
	1,525,000		3.750			01/16/24		1,605,749

								15,165,147

Trucking & Leasing^(a)(b) – 0.1%
	Avolon Holdings Funding Ltd.
	425,000		3.950			07/01/24		436,751

	TOTAL CORPORATE OBLIGATIONS
	(Cost $199,928,667)						$	207,299,236



Mortgage-Backed Obligations – 55.9%
Collateralized Mortgage Obligations – 4.7%
Interest Only^(h) – 0.7%
	FHLMC REMIC Series 4314, Class SE^(c) (-1x1M LIBOR + 6.050%)
$	781,652		4.023	%		03/15/44	$	125,996
	FHLMC REMIC Series 4320, Class SD^(c) (-1x1M LIBOR + 6.100%)
	3,613,731		4.073			07/15/39		642,231
	FHLMC REMIC Series 4583, Class ST^(c) (-1x1M LIBOR + 6.000%)
	1,512,381		3.973			05/15/46		256,762
	FHLMC STRIPS Series 304, Class C45
	238,804		3.000			12/15/27		16,725
	FNMA REMIC Series 2011-124, Class SC^(c) (-1x1M LIBOR + 6.550%)
	397,918		4.532			12/25/41		72,502
	FNMA REMIC Series 2012-5, Class SA^(c) (-1x1M LIBOR + 5.950%)
	561,595		3.932			02/25/42		91,427
	FNMA REMIC Series 2012-88, Class SB^(c) (-1x1M LIBOR + 6.670%)
	375,665		4.652			07/25/42		63,917


Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only^(h) – (continued)
	FNMA REMIC Series 2014-6, Class SA^(c) (-1x1M LIBOR + 6.600%)
	434,357		4.582			02/25/44		81,149
	FNMA REMIC Series 2016-69, Class BS^(c) (-1x1M LIBOR + 6.100%)
	2,311,553		4.082			10/25/46		413,531
	GNMA REMIC Series 2010-101, Class S^(c) (-1x1M LIBOR + 6.000%)
	401,213		3.956			08/20/40		69,189
	GNMA REMIC Series 2010-20, Class SE^(c) (-1x1M LIBOR + 6.250%)
	859,565		4.206			02/20/40		160,580
	GNMA REMIC Series 2013-134, Class DS^(c) (-1x1M LIBOR + 6.100%)
	115,587		4.056			09/20/43		21,173
	GNMA REMIC Series 2013-152, Class SG^(c) (-1x1M LIBOR + 6.150%)
	359,748		4.106			06/20/43		65,157
	GNMA REMIC Series 2013-181, Class SA^(c) (-1x1M LIBOR + 6.100%)
	483,474		4.056			11/20/43		90,945
	GNMA REMIC Series 2014-132, Class SL^(c) (-1x1M LIBOR + 6.100%)
	572,191		4.056			10/20/43		72,672
	GNMA REMIC Series 2014-133, Class BS^(c) (-1x1M LIBOR + 5.600%)
	292,574		3.556			09/20/44		46,809
	GNMA REMIC Series 2014-162, Class SA^(c) (-1x1M LIBOR + 5.600%)
	272,696		3.556			11/20/44		40,372
	GNMA REMIC Series 2015-110, Class MS^(c) (-1x1M LIBOR + 5.710%)
	1,876,487		3.666			08/20/45		270,316
	GNMA REMIC Series 2015-111, Class IM
	809,807		4.000			08/20/45		101,210
	GNMA REMIC Series 2015-119, Class SN^(c) (-1x1M LIBOR + 6.250%)
	382,797		4.206			08/20/45		61,250
	GNMA REMIC Series 2015-123, Class SP^(a) (c) (-1x1M USD LIBOR + 6.250%)
	410,533		4.206			09/20/45		69,040
	GNMA REMIC Series 2015-167, Class AS^(c) (-1x1M LIBOR + 6.250%)
	289,244		4.206			11/20/45		45,773
	GNMA REMIC Series 2015-168, Class SD^(c) (-1x1M LIBOR + 6.200%)
	194,847		4.156			11/20/45		35,470
	GNMA REMIC Series 2015-57, Class AS^(c) (-1x1M LIBOR + 5.600%)
	1,582,190		3.556			04/20/45		227,526
	GNMA REMIC Series 2016-109, Class IH
	1,167,615		4.000			10/20/45		140,275
	GNMA REMIC Series 2016-27, Class IA
	584,624		4.000			06/20/45		61,434

								3,343,431


14		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)
Regular Floater^(c) – 0.2%
	FNMA REMIC Series 2011-63, Class FG (1M LIBOR + 0.450%)
$	96,591		2.468	%		07/25/41	$	97,203
	Silverstone Master Issuer PLC Series 2019-1A, Class 1A^(b) (3M USD LIBOR + 0.570%)
	780,000		2.848			01/21/70		780,828

								878,031

Sequential Fixed Rate – 0.2%
	FNMA REMIC Series 2005-70, Class PA
	50,523		5.500			08/25/35		55,916
	FNMA REMIC Series 2011-52, Class GB
	414,147		5.000			06/25/41		456,177
	FNMA REMIC Series 2012-111, Class B
	33,701		7.000			10/25/42		39,361
	FNMA REMIC Series 2012-153, Class B
	94,118		7.000			07/25/42		110,548

								662,002

Sequential Floating Rate^(c) – 3.6%
	Brunel Residential Mortgage Securitisation No. 1 PLC Series 2007-1X, Class A4B (3M GBP LIBOR + 0.220%)
GBP	259,708		0.987			01/13/39		313,666
	Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2^(b) (1M USD LIBOR + 2.400%)
$	650,000		4.418			04/25/31		656,307
	Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2^(b) (1M USD LIBOR + 2.300%)
	870,000		4.318			08/25/31		875,632
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A3 (1M USD LIBOR + 0.250%)
	1,821,089		2.268			11/25/36		1,580,444
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A^(b) (3M Euribor + 2.750%)
EUR	772,255		2.750			04/20/20		841,719
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA1, Class M3 (1M USD LIBOR + 3.300%)
$	260,000		5.318			10/25/27		274,857
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ2, Class M3 (1M USD LIBOR + 3.250%)
	1,000,000		5.268			05/25/25		1,046,863
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	820,569		1.561			08/20/56		1,007,863
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
	935,632		1.618			11/15/49		1,146,333
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1B(12M MTA + 1.200%)
$	174,884		3.646			12/25/46		253,766
	Ripon Mortgages PLC Series 1X, Class A1 (3M GBP LIBOR + 0.800%)
GBP	287,102		1.561			08/20/56		351,978


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(c) – (continued)
	Ripon Mortgages PLC Series 1X, Class A2 (3M GBP LIBOR + 0.800%)
GBP	2,493,309		1.561			08/20/56		3,060,767
	Station Place Securitization Trust Series 2015-2, Class AR^(b) (1M USD LIBOR + 0.550%)
$	950,000		2.586			05/15/21		950,000
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
GBP	1,132,234		1.676			03/20/56		1,390,958
	Tower Bridge Funding No. 1 PLC, Class A (3M GBP LIBOR + 1.000%)
	468,083		1.776			03/20/56		575,937
	Warwick Finance Residential Mortgages No. One PLC Series 1, Class A (3M GBP LIBOR + 1.000%)
GBP	1,310,465		1.765	%		09/21/49		1,614,493

								15,941,583

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	20,825,047

Commercial Mortgage-Backed Securities^(b)(c) – 0.5%
Sequential Floating Rate – 0.5%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A (1M USD LIBOR + 0.900%)
$	919,781		2.928	%		09/15/35	$	919,496
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A (1M USD LIBOR + 0.830%)
	1,432,484		2.855			06/15/35		1,431,583

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	2,351,079

Federal Agencies – 50.7%
Adjustable Rate FHLMC^(c) – 0.0%
	FHLMC (12M USD LIBOR + 1.749%)
$	29,967		4.382	%		09/01/35	$	31,297

FHLMC – 1.0%
	119,597		6.000			08/01/27		132,219
	13,280		5.000			08/01/33		14,600
	2,560		5.000			09/01/33		2,814
	3,060		5.000			10/01/33		3,364
	3,223		5.000			11/01/34		3,551
	190,689		5.000			12/01/34		210,076
	4,768		5.000			07/01/35		5,252
	1,028		5.000			11/01/35		1,130
	34,016		5.000			03/01/39		37,587
	7,355		5.000			05/01/39		8,127
	19,911		5.000			04/01/40		21,894
	3,857		5.000			08/01/40		4,234
	52,984		4.000			02/01/41		56,679
	778		5.000			04/01/41		853
	3,804		5.000			06/01/41		4,163
	3,648,929		4.500			08/01/48		3,953,669

								4,460,212


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
GNMA – 25.3%
$	31,982		5.500	%		11/15/32		$	35,216
	18,346		5.500			01/15/33			20,016
	36,474		5.500			02/15/33			41,184
	46,183		5.500			03/15/33			52,121
	46,301		5.500			07/15/33			51,518
	15,951		5.500			08/15/33			17,583
	9,495		5.500			09/15/33			10,408
	27,197		5.500			04/15/34			29,611
	8,175		5.500			05/15/34			8,817
	190,709		5.500			09/15/34			216,129
	188,267		5.500			12/15/34			212,399
	140,793		5.500			01/15/35			159,734
	863		5.500			05/15/36			931
	7,475		4.000			02/20/41			7,993
	11,429		4.000			11/20/41			12,218
	1,892		4.000			01/20/42			2,022
	6,069		4.000			04/20/42			6,476
	3,441		4.000			10/20/42			3,672
	1,033,037		4.000			08/20/43			1,100,413
	6,349		4.000			03/20/44			6,759
	7,688		4.000			05/20/44			8,179
	532,129		4.000			11/20/44			564,341
	121,106		4.000			12/20/44			128,437
	34,443		4.000			05/20/45			36,506
	136,152		4.000			07/20/45			144,308
	788,092		4.000			01/20/46			833,088
	5,199,551		4.500			05/20/48			5,477,612
	10,075,514		4.500			08/20/48			10,593,077
	3,147,312		4.500			09/20/48			3,308,001
	750,596		5.000			09/20/48			796,518
	4,358,234		5.000			10/20/48			4,619,431
	919,974		5.000			11/20/48			968,792
	9,123,819		5.000			01/20/49			9,607,975
	937,664		5.000			02/20/49			986,315
	42,000,000		3.000			TBA-30yr	⁽ⁱ⁾		43,077,890
	6,000,000		3.500			TBA-30yr	⁽ⁱ⁾		6,212,960
	19,000,000		4.500			TBA-30yr	⁽ⁱ⁾		19,865,000
	4,000,000		5.000			TBA-30yr	⁽ⁱ⁾		4,228,438

									113,452,088

UMBS – 10.6%
	3,274		6.000			06/01/21			3,340
	11,108		5.000			08/01/23			11,473
	5,270		5.500			09/01/23			5,449
	3,524		5.500			10/01/23			3,648
	22,631		5.000			02/01/24			23,379
	5,647		5.500			05/01/25			5,753
	10,953		4.500			02/01/39			11,741
	9,966		4.500			04/01/39			10,858
	8,871		4.500			08/01/39			9,665
	127,324		4.500			12/01/39			138,721
	111,961		4.500			06/01/40			121,476
	51,360		4.500			08/01/41			55,475
	67,610		3.000			12/01/42			70,130
	155,951		3.000			01/01/43			161,760
	43,845		3.000			02/01/43			45,506


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	15,227		3.000			03/01/43			15,804
	225,850		3.000			04/01/43			234,407
	39,381		3.000			05/01/43			40,873
	50,392		3.000			06/01/43			52,302
	16,544		3.000			07/01/43			17,182
	39,935		5.000			06/01/44			42,743
	24,570		3.500			03/01/45			25,537
	569,249		3.000			04/01/45			585,836
	2,153,443		4.500			04/01/45			2,362,342
	242,298		4.500			05/01/45			265,802
	1,408,415		4.500			06/01/45			1,496,187
	650,048		4.000			11/01/45			686,215
	212,832		4.000			03/01/46			224,136
	148,071		4.000			06/01/46			155,619
	36,001		4.000			08/01/46			37,837
	232,732		4.000			10/01/46			244,596
	232,051		4.000			06/01/47			246,159
	2,076,538		4.500			07/01/47			2,231,256
	473,640		4.500			11/01/47			508,634
	535,357		4.000			12/01/47			569,912
	1,628,878		4.000			01/01/48			1,734,526
	3,172,967		4.000			02/01/48			3,370,377
	2,410,307		4.000			03/01/48			2,558,045
	883,649		4.000			05/01/48			935,991
	1,811,165		4.000			06/01/48			1,927,503
	906,677		4.500			09/01/48			980,464
	23,785,152		5.000			10/01/49			25,549,283

									47,777,942

UMBS, 30 Year, Single Family⁽ⁱ⁾ – 13.8%
	18,000,000		2.500			TBA-30yr			17,922,593
	22,000,000		3.000			TBA-30yr			22,331,795
	11,000,000		3.500			TBA-30yr			11,283,474
	10,000,000		4.500			TBA-30yr			10,530,777

									62,068,639

	TOTAL FEDERAL AGENCIES							$	227,790,178

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $248,706,191)							$	250,966,304



Agency Debentures – 2.9%
	Dominican Republic^(b)
$	560,000		6.400	%		06/05/49		$	595,175
	FHLB
	400,000		5.375			08/15/24			469,476
	FNMA
	4,000,000		1.875			09/24/26			4,046,880
	800,000		6.250			05/15/29			1,105,784
	Hashemite Kingdom of Jordan Government AID Bond^(j)
	1,600,000		2.503			10/30/20			1,608,992
	Israel Government AID Bond^(j)
	2,000,000		5.500			09/18/23			2,292,160
	300,000		5.500			12/04/23			345,561
	877,000		5.500			04/26/24			1,023,617
	40,000		5.500			09/18/33			56,216


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

GOLDMAN SACHS BOND FUND


Principal Amount		Interest Rate			Maturity Date		Value

Agency Debentures – (continued)
	Tennessee Valley Authority
$	1,200,000		3.875	%		02/15/21	$	1,233,612

	TOTAL AGENCY DEBENTURES
	(Cost $12,416,767)						$	12,777,473



Asset-Backed Securities^(c) – 8.4%
Collateralized Loan Obligations – 2.7%
	Crown Point CLO III Ltd. Series 2015-3A, Class A1AR^(b) (3M USD LIBOR + 0.910%)
$	3,200,000		3.213	%		12/31/27	$	3,200,330
	KREF Ltd. Series 2018-FL1, Class A^(b) (1M USD LIBOR + 1.100%)
	1,950,000		3.125			06/15/36		1,953,674
	MidOcean Credit CLO Series 2018-8X, Class A2^(a) (3M USD LIBOR + 1.300%)
	500,000		3.436			02/20/31		489,910
	Mill City Mortgage Loan Trust Series 2017-2, Class A3^(b)
	417,840		2.877			07/25/59		422,340
	Orec Ltd. Series 2018-CRE1, Class A^(b) (1M USD LIBOR + 1.180%)
	1,475,000		3.208			06/15/36		1,476,061
	Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A^(b) (1M USD LIBOR + 0.850%)
	437,013		2.868			06/25/35		435,890
	TPG Real Estate Finance Issuer Ltd. Series 2018-FL2, Class A^(b) (1M USD LIBOR + 1.130%)
	2,400,000		3.155			11/15/37		2,403,023
	Whitehorse Ltd. Series 2014-9A, Class AR^(b) (3M USD LIBOR + 1.160%)
	1,962,282		3.463			07/17/26		1,963,937

								12,345,165

Home Equity – 0.6%
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2 (1M LIBOR + 0.800%)
	5,705		2.818			10/27/32		5,550
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1 (1M USD LIBOR + 0.660%)
	1,526		2.678			10/25/32		1,489
	CS First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1 (1M USD LIBOR + 0.620%)
	991		2.638			01/25/32		960
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 1A1
	7,392		7.000			09/25/37		7,426
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	22,159		7.000			09/25/37		23,002
	Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%)
	257		2.618			11/25/32		243
	Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%)
	1,400,000		2.248			04/25/37		1,293,720


Asset-Backed Securities^(c) – (continued)
Home Equity – (continued)
	Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.220%)
	3,064,537		2.238			04/25/37		1,262,605
	Renaissance Home Equity Loan Trust Series 2003-2, Class A (1M USD LIBOR + 0.880%)
	862		2.898			08/25/33		838
	Renaissance Home Equity Loan Trust Series 2003-3, Class A (1M USD LIBOR + 1.000%)
	2,478		3.018			12/25/33		2,410

								2,598,243

Student Loan – 5.1%
	Academic Loan Funding Trust Series 2012-1A, Class A2^(b) (1M USD LIBOR + 1.100%)
	2,185,682		3.118			12/27/44		2,185,680
	Access Group, Inc. Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	1,233,352		2.316			09/26/33		1,203,708
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A^(b) (1M USD LIBOR + 0.800%)
	909,892		2.818			10/25/56		902,905
	EFS Volunteer No. 3 LLC Series 2012-1, Class A3^(b) (1M USD LIBOR + 1.000%)
	1,468,719		3.018			04/25/33		1,476,906
	Navient Student Loan Trust Series 2016-7A, Class A^(b) (1M USD LIBOR + 1.150%)
	1,855,923		3.168			03/25/66		1,873,615
	Navient Student Loan Trust Series 2017-2A, Class A^(b) (1M USD LIBOR + 1.050%)
	3,592,005		3.068			12/27/66		3,603,263
	Nelnet Student Loan Trust Series 2006-1, Class A6^(b) (3M USD LIBOR + 0.450%)
	2,600,000		2.598			08/23/36		2,523,948
	PHEAA Student Loan Trust Series 2016-1A, Class A^(b) (1M USD LIBOR + 1.150%)
	1,611,389		3.168			09/25/65		1,624,236
	Scholar Funding Trust Series 2010-A, Class A^(b) (3M USD LIBOR + 0.750%)
	416,193		3.006			10/28/41		414,666
	SLM Student Loan Trust Series 2003-7A, Class A5A^(b) (3M USD LIBOR + 1.200%)
	1,603,829		3.319			12/15/33		1,588,379
	SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%)
	221,320		2.396			01/25/27		220,171
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	1,243,852		2.416			10/25/28		1,234,725
	SLM Student Loan Trust Series 2006-10, Class A5A (3M USD LIBOR + 0.100%)
	254,198		2.376			04/25/27		254,022
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	768,878		2.606			01/25/22		750,544


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(c) – (continued)
Student Loan – (continued)
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
$	213,850		3.026	%		04/25/23	$	210,981
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	500,252		3.926			07/25/22		505,398
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	889,427		3.976			07/25/23		893,455
	SLM Student Loan Trust Series 2008-6, Class A4 (3M USD LIBOR + 1.100%)
	1,081,824		3.376			07/25/23		1,077,856
	SLM Student Loan Trust Series 2008-8, Class A4 (3M USD LIBOR + 1.500%)
	363,923		3.776			04/25/23		369,626

								22,914,084

	TOTAL ASSET-BACKED SECURITIES
	(Cost $37,352,058)						$	37,857,492



Foreign Debt Obligations – 1.4%
Sovereign – 1.4%
	Ecuador Government International Bond
$	360,000		9.625	%		06/02/27	$	373,500
	300,000		8.875^(b)			10/23/27		299,344
	Mexico Government International Bond
	200,000		4.500			04/22/29		217,700
	280,000		4.500	^(a)		01/31/50		294,280
	Republic of Argentina
EUR	410,000		5.250			01/15/28		172,049
	110,000		3.750	^(f)		12/31/38		43,835
	530,000		6.875			01/11/48		223,925
	Republic of Indonesia^(b)
EUR	250,000		2.150			07/18/24		292,839
	Republic of South Africa
$	330,000		4.850			09/30/29		329,175
	200,000		5.750			09/30/49		199,350
	Spain Government Bond^(b)
EUR	3,300,000		1.600			04/30/25		3,967,058

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $7,047,022)						$	6,413,055



Municipal Debt Obligations – 2.2%
California^(a) – 0.5%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	347,436
	California State GO Bonds Build America Taxable Series 2010
	625,000		7.950			03/01/36		639,894
	East Bay Municipal Utility District Water System RB Build America SubSeries 2010
	900,000		5.874			06/01/40		1,270,728

								2,258,058


Municipal Debt Obligations – (continued)
Illinois – 1.3%
	Chicago Illinois GO Bonds Prerefunded Taxable Series B^(a)
	2,374,000		7.750			01/01/42		3,053,842
	Illinois State GO Bonds Build America Series 2010^(a)
	115,000		6.630			02/01/35		135,540
	730,000		7.350			07/01/35		889,928
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,460,000		5.100			06/01/33		1,581,385

								5,660,695

Minnesota^(a)(c) – 0.0%
	Northstar Education Finance, Inc. (Student Loan Asset Backed) Series 2007-1, Class A1 (3M USD LIBOR + 0.100%)
	185,233		0.000			04/28/30		184,466

New York^(a) – 0.1%
	Port Authority of New York & New Jersey Consolidated Bonds – 192 Series 2015
	375,000		4.810			10/15/65		495,442

Ohio^(a) – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		344,558

Puerto Rico^(a) – 0.2%
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-1
	49,000		4.500			07/01/34		52,344
	25,000		4.550			07/01/40		25,777
	184,000		4.750			07/01/53		190,900
	465,000		5.000			07/01/58		490,212

								759,233

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $8,718,327)						$	9,702,452



U.S. Treasury Obligations – 8.0%
	United States Treasury Bill^(k)
$	20,443,000		0.000	%		03/05/20	$	20,285,301
	United States Treasury Bonds
	1,790,000		3.625	^(l)		02/15/44		2,315,813
	2,420,000		3.375			05/15/44		3,017,438
	United States Treasury Notes
	6,660,000		2.875			10/15/21		6,822,337
	1,490,000		1.750			09/30/22		1,497,566
	90,000		2.875			10/31/23		94,627
	80,000		2.875			05/31/25		85,525
	30,000		2.125			05/31/26		30,956
	1,680,000		2.875			08/15/28		1,847,738

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $35,372,979)						$	35,997,301


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

GOLDMAN SACHS BOND FUND


Shares	Dividend Rate			Value

Investment Company^(m) – 2.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
9,593,378		2.032	%	$	9,593,378
(Cost $9,593,378)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $599,135,389)				$	570,606,691


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – 2.1%
Certificate of Deposit^(b)(c) – 0.9%
	Societe Generale SA (U.S. FFER + 0.450%)
$	4,000,000		2.570	%		08/17/20	$	4,002,096

Commercial Paper^(k) – 1.2%
	Marriott International, Inc.
	1,500,000		0.000			10/31/19		1,497,067
	VW Credit, Inc.
	4,000,000		0.000			02/03/20		3,967,688

								5,464,755

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $9,463,072)						$	9,466,851

	TOTAL INVESTMENTS – 129.1%
	(Cost $568,598,461)						$	580,073,542

	LIABILITIES IN EXCESS OF OTHER ASSETS – (29.1)%							(130,639,899	)

	NET ASSETS – 100.0%						$	449,433,643



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

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

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

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2019.

(d)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $5,832,169, which represents approximately 1.3% of the Fund’s net assets as of September 30, 2019.

(e)		Pay-in-kind securities.

(f)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2019.

(g)		Security is currently in default and/or non-income producing.

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



(i)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $135,452,927 which represents approximately 30.1% of the Fund’s net assets as of September 30, 2019.

(j)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $5,326,546, which represents approximately 1.2% of the Fund’s net assets as of September 30, 2019.

(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.


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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)



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

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


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	586,695	SEK	3,877,409		12/18/19	$	935
	AUD	2,120,505	USD	1,429,740		11/13/19		3,654
	BRL	1,651,359	USD	395,696		10/02/19		1,692
	BRL	18,498,992	USD	4,419,251		11/04/19		21,854
	CHF	1,725,226	EUR	1,586,146		12/18/19		1,428
	COP	1,415,698,511	USD	405,061		11/08/19		1,009
	EUR	723,315	AUD	1,169,170		12/18/19		2,142
	EUR	1,446,604	CHF	1,569,947		12/18/19		2,231
	EUR	505,855	HUF	168,256,419		12/18/19		4,391
	EUR	362,619	NOK	3,606,792		12/18/19		725
	EUR	362,108	PLN	1,578,700		12/18/19		2,983
	EUR	4,320,094	SEK	46,188,719		12/18/19		19,978
	IDR	26,491,914,894	USD	1,849,256		10/09/19		18,608
	INR	256,624,871	USD	3,600,691		10/09/19		24,107
	JPY	64,626,569	AUD	886,170		12/18/19		1,614
	JPY	42,681,839	NZD	629,730		12/18/19		2,030
	JPY	85,047,395	USD	789,080		12/18/19		2,144
	MXN	30,282,382	USD	1,514,346		12/18/19		920
	NOK	67,818,142	EUR	6,784,341		12/18/19		23,596
	PEN	5,733,954	USD	1,688,891		11/06/19		9,953
	RUB	25,867,849	USD	397,810		10/15/19		251
	SEK	14,770,402	EUR	1,371,989		12/18/19		4,038
	TRY	2,330,344	EUR	356,804		12/18/19		10,912
	TRY	12,989,400	USD	2,204,731		12/18/19		37,260
	TWD	25,156,608	USD	805,869		10/03/19		4,764
	USD	378,820	AUD	551,493		11/13/19		6,028
	USD	4,119,806	AUD	6,037,776		12/18/19		34,333
	USD	1,119,843	BRL	4,582,105		10/02/19		17,191
	USD	1,883,008	CAD	2,482,609		11/20/19		7,662
	USD	4,663,156	CAD	6,162,000		12/18/19		5,812
	USD	577,879	CHF	564,524		11/20/19		9,792
	USD	2,912,657	CHF	2,863,327		12/18/19		23,215
	USD	8,499,238	CLP	6,141,764,794		10/01/19		75,917
	USD	1,562,069	CLP	1,128,902,003		10/25/19		13,030
	USD	1,582,336	CNH	11,279,902		12/18/19		5,763
	USD	1,479,395	COP	5,102,772,225		10/10/19		13,764
	USD	3,271,208	COP	11,281,367,543		11/08/19		35,326
	USD	16,454,556	EUR	14,900,629		11/27/19		144,403
	USD	8,218,142	EUR	7,426,439		12/18/19		73,536
	USD	11,921,515	GBP	9,634,349		12/04/19		45,094
	USD	1,325,399	HUF	393,749,840		12/18/19		37,405
	USD	398,114	IDR	5,621,926,730		10/09/19		1,729
	USD	381,639	INR	26,978,063		10/09/19		577
	USD	1,273,440	JPY	134,495,726		11/14/19		25,779
	USD	3,595,080	JPY	384,875,494		12/18/19		14,459
	USD	398,184	KRW	475,820,276		11/25/19		765
	USD	2,858,180	MXN	56,584,818		12/18/19		26,796
	USD	400,883	NOK	3,583,006		12/18/19		6,540
	USD	4,444,405	NZD	6,990,140		12/18/19		59,240


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	396,232	PEN	1,326,980		11/06/19	$	3,077
	USD	394,280	PLN	1,550,972		12/18/19		7,060
	USD	818,659	RON	3,518,187		12/18/19		11,362
	USD	1,189,740	RUB	76,283,299		10/15/19		15,873
	USD	3,932,950	SEK	36,930,179		10/07/19		179,711
	USD	789,708	SGD	1,084,858		12/18/19		4,068
	USD	811,401	TWD	25,156,608		10/03/19		769
	USD	1,643,819	TWD	50,549,084		10/30/19		11,624
	USD	2,392,068	ZAR	35,981,440		12/18/19		40,596
	ZAR	12,314,063	USD	801,493		12/18/19		3,261

TOTAL							$	1,164,776

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	579,558	CAD	526,868		12/18/19	$	(6,056	)
	AUD	551,493	USD	379,698		11/13/19		(6,906	)
	AUD	6,913,953	USD	4,731,633		12/18/19		(53,291	)
	BRL	24,807,210	USD	6,008,245		10/02/19		(38,567	)
	CAD	2,678,691	USD	2,031,733		11/20/19		(8,267	)
	CAD	1,049,015	USD	795,590		12/18/19		(2,727	)
	CHF	2,977,335	EUR	2,747,818		12/18/19		(9,054	)
	CHF	3,817,105	USD	3,889,966		12/18/19		(38,046	)
	CLP	6,141,764,794	USD	8,545,246		10/01/19		(121,922	)
	CLP	465,353,556	USD	644,873		10/25/19		(6,332	)
	COP	5,102,772,223	USD	1,515,145		10/10/19		(49,514	)
	COP	9,863,581,142	USD	2,871,301		11/08/19		(42,089	)
	CZK	36,952,379	USD	1,581,344		12/18/19		(17,293	)
	EUR	357,969	AUD	584,088		12/18/19		(2,638	)
	EUR	722,729	CAD	1,060,632		12/18/19		(9,024	)
	EUR	2,023,409	CHF	2,209,633		12/18/19		(10,707	)
	EUR	724,349	CZK	18,788,535		12/18/19		(850	)
	EUR	363,219	HUF	121,818,383		12/18/19		(135	)
	EUR	736,245	ILS	2,861,411		12/18/19		(19,241	)
	EUR	2,149,106	JPY	257,065,943		12/18/19		(34,635	)
	EUR	365,775	SEK	3,938,470		12/18/19		(1,144	)
	EUR	9,587,598	USD	10,587,450		11/27/19		(92,914	)
	EUR	5,224,775	USD	5,801,883		12/18/19		(71,848	)
	GBP	1,217,684	USD	1,506,758		12/04/19		(5,699	)
	GBP	600,988	USD	744,243		12/18/19		(2,854	)
	HUF	120,959,702	EUR	361,408		12/18/19		(688	)
	HUF	120,354,980	PLN	1,582,848		12/18/19		(1,486	)
	HUF	120,428,657	USD	398,047		12/18/19		(4,114	)
	IDR	3,332,855,852	USD	238,214		10/09/19		(3,225	)
	JPY	161,847,005	USD	1,532,408		11/14/19		(31,021	)
	JPY	657,100,793	USD	6,170,904		12/18/19		(57,682	)
	KRW	2,663,336,480	USD	2,231,792		11/25/19		(7,294	)
	MXN	22,912,809	USD	1,158,633		12/18/19		(12,124	)
	NOK	11,094,740	CAD	1,633,499		12/18/19		(13,547	)
	NOK	3,526,210	EUR	354,647		12/18/19		(851	)


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	NOK	7,110,489	USD	794,640		12/18/19	$	(12,065	)
	NZD	639,475	EUR	366,727		12/18/19		(1,025	)
	NZD	2,252,972	USD	1,450,602		12/18/19		(37,232	)
	PEN	2,045,329	USD	609,871		11/06/19		(3,885	)
	PLN	17,786,775	EUR	4,078,268		12/18/19		(31,954	)
	PLN	13,272,656	USD	3,382,689		12/18/19		(68,998	)
	RON	1,734,111	EUR	362,938		12/18/19		(120	)
	RUB	297,138,417	USD	4,621,903		10/15/19		(49,460	)
	SEK	34,251,168	EUR	3,210,104		12/18/19		(21,995	)
	SEK	32,074,000	USD	3,443,292		10/07/19		(183,590	)
	SEK	11,677,369	USD	1,204,533		12/18/19		(11,764	)
	TWD	12,883,943	USD	416,377		10/30/19		(363	)
	USD	1,010,274	AUD	1,498,377		11/13/19		(2,582	)
	USD	5,237,343	BRL	21,876,464		10/02/19		(27,073	)
	USD	1,591,714	CAD	2,109,737		12/18/19		(2,861	)
	USD	1,653,618	IDR	23,661,574,698		10/09/19		(14,687	)
	USD	2,364,798	ILS	8,296,724		12/18/19		(32,190	)
	USD	3,199,328	INR	229,646,806		10/09/19		(44,408	)
	USD	395,848	INR	28,292,228		11/25/19		(1,889	)
	USD	369,307	INR	26,333,417		12/03/19		(521	)
	USD	806,285	MXN	16,178,130		12/18/19		(3,235	)
	USD	396,677	NZD	632,334		12/18/19		(9	)
	USD	1,849,396	SGD	2,556,013		12/18/19		(1,637	)
	USD	745,314	TRY	4,341,870		12/18/19		(4,099	)
	USD	795,772	TWD	24,651,348		10/30/19		(203	)
	ZAR	5,885,114	EUR	362,000		12/18/19		(12,401	)
	ZAR	41,435,506	USD	2,766,415		12/18/19		(58,507	)

TOTAL							$	(1,412,538	)

FORWARD SALES CONTRACTS — At September 30, 2019, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
FNMA		5.000	%	TBA-30yr		11/13/19	$	(8,000,000	)	$	(8,573,125	)
FNMA		5.000		TBA-30yr		10/10/19		(2,000,000	)		(2,142,344	)
GNMA		4.000		TBA-30yr		10/21/19		(1,000,000	)		(1,039,839	)
GNMA		5.000		TBA-30yr		10/21/19		(1,000,000	)		(1,054,140	)

TOTAL (Proceeds Receivable: $12,789,063)										$	(12,809,448	)

(a)

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


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2019, 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		33			12/16/19	$	2,576,823		$	(159	)
Australian 10 Year Government Bonds		17			12/16/19		1,690,708			(2,120	)
Ultra Long U.S. Treasury Bonds		241			12/19/19		46,249,406			(534,934	)
30 Day Federal Funds		140			11/29/19		57,314,168			3,024
10 Year U.S. Treasury Notes		449			12/19/19		58,510,313			(247,015	)

Total									$	(781,204	)
Short position contracts:
Eurodollars		(63	)		12/16/19		(15,441,300	)		(104,132	)
Eurodollars		(1	)		06/15/20		(246,112	)		(365	)
Eurodollars		(4	)		12/14/20		(985,250	)		(6,245	)
Ultra 10 Year U.S. Treasury Notes		(144	)		12/19/19		(20,506,500	)		248,334
5 Year German Euro-Bobl		(34	)		12/06/19		(5,026,960	)		35,154
10 Year U.K. Long Gilt		(26	)		12/27/19		(4,291,423	)		(2,672	)
2 Year U.S. Treasury Notes		(36	)		12/31/19		(7,758,000	)		220
5 Year U.S. Treasury Notes		(130	)		12/31/19		(15,489,297	)		(1,083	)
20 Year U.S. Treasury Bonds		(10	)		12/19/19		(1,623,125	)		(34,631	)

Total									$	134,580

TOTAL FUTURES CONTRACTS									$	(646,624	)

SWAP CONTRACTS — At September 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.727%^(a)	6M GBP^(a)	11/07/19	GBP	57,940		$	(4,817	)	$	123		$	(4,940	)
8.360^(b)	Mexico IB TIIE 28D^(b)	03/18/20	MXN	91,350			(17,201	)		(87,557	)		70,356
6.500^(c)	3M JIBAR^(c)	12/18/20	ZAR	57,060	^(d)		3,340			(2,357	)		5,697
0.045^(c)	3M STIBOR^(a)	03/18/21	SEK	308,340	^(d)		(11,146	)		1,091			(12,237	)
7.950^(b)	Mexico IB TIIE 28D^(b)	06/16/21	MXN	46,425			(46,346	)		(490	)		(45,856	)
3M LIBOR^(e)	1.287%^(e)	09/15/21	$	17,580	^(d)		(1,700	)		2,058			(3,758	)
3M KWCDC^(c)	1.250^(c)	12/18/21	KRW	15,992,520			7,470			41,399			(33,929	)
6M CDOR^(f)	2.250^(f)	12/18/21	CAD	39,230	^(d)		247,065			211,572			35,493
1.500%^(f)	3M LIBOR^(c)	12/18/21	$	27,210	^(d)		31,030			(37,135	)		68,165
1.750^(f)	3M LIBOR^(c)	12/18/21		3,400	^(d)		(12,818	)		(16,356	)		3,538
1M BID Avg^(b)	6.660%^(b)	01/02/23	BRL	9,825			44,062			23,807			20,255
1M BID Avg^(b)	6.849^(b)	01/02/23		4,000			22,965			—			22,965
0.000^(c)	3M LIBOR^(c)	07/25/24	$	24,700			4,632			395			4,237
6M AUDOR^(f)	1.250%^(f)	12/18/24	AUD	5,870	^(d)		63,839			64,853			(1,014	)
6M CDOR^(f)	2.250^(f)	12/18/24	CAD	16,680	^(d)		323,122			308,238			14,884
1.500%^(f)	3M LIBOR^(c)	12/18/24	$	12,130	^(d)		(12,427	)		(69,199	)		56,772
0.050^(e)	3M STIBOR^(c)	12/18/24	SEK	48,090	^(d)		(18,293	)		(9,723	)		(8,570	)
1.860^(e)	6M WIBOR^(f)	12/18/24	PLN	19,980	^(d)		(51,377	)		(32,643	)		(18,734	)
0.971^(e)	3M LIBOR^(e)	06/30/26	$	11,930	^(d)		203,888			186,444			17,444
6M AUDOR^(f)	1.250%^(f)	12/18/26	AUD	5,420	^(d)		55,148			28,293			26,855


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund		Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.500%^(f)		6M GBP^(f)		12/18/26	GBP	2,650	^(d)	$	(202,229	)	$	(153,040	)	$	(49,189	)
6M JYOR^(f)		0.500%^(f)		03/22/28	JPY	467,020	^(d)		113,689			(25,645	)		139,334
0.300%		6M EURO		08/03/28	EUR	5,850	^(d)		(114,217	)		(60,556	)		(53,661	)
6M CHFOR		1.050%		08/07/28	CHF	6,930	^(d)		475,338			98,710			376,628
6M EURO		1.200		02/12/29	EUR	8,310	^(d)		552,174			49,178			502,996
3M LIBOR		2.800		02/12/29	$	8,210	^(d)		449,609			37,899			411,710
1.500%		6M GBP		02/12/29	GBP	13,150	^(d)		(661,660	)		(341,153	)		(320,507	)
3M LIBOR		1.295%		05/15/29	$	5,700	^(d)		(123,648	)		(207,883	)		84,235
3M KWCDC^(c)		1.750^(c)		06/19/29	KRW	3,829,930			76,729			103,352			(26,623	)
6M CDOR^(f)		3.000^(f)		06/19/29	CAD	6,400	^(d)		271,824			204,509			67,315
1.500%^(e)		6M EURO^(f)		06/19/29	EUR	8,250	^(d)		(667,219	)		(952,473	)		285,254
1.750^(f)		6M GBP^(f)		06/19/29	GBP	3,150	^(d)		(199,077	)		(199,075	)		(2	)
3M LIBOR^(f)		2.013%^(c)		08/02/29	$	18,060	^(d)		516,160			199,290			316,870
0.900%^(f)		6M GBP^(f)		09/13/29	GBP	4,350	^(d)		(56,215	)		8,279			(64,494	)
6M EURO^(e)		0.275%^(f)		09/17/29	EUR	5,810	^(d)		58,429			(5,716	)		64,145
3M JIBAR^(c)		8.775^(c)		09/18/29	ZAR	78,100	^(d)		20,029			(6,605	)		26,634
6M AUDOR^(f)		1.250^(f)		12/18/29	AUD	24,350	^(d)		102,373			(12,017	)		114,390
6M CDOR^(f)		2.500^(f)		12/18/29	CAD	2,780	^(d)		146,122			131,335			14,787
0.400%^(e)		3M STIBOR^(c)		12/18/29	SEK	48,300	^(d)		(63,614	)		14,929			(78,543	)
0.750^(e)		6M EURO^(f)		12/18/29	EUR	4,810	^(d)		(475,830	)		(463,766	)		(12,064	)
1.500^(f)		6M GBP^(f)		12/18/29	GBP	4,020	^(d)		(416,273	)		(307,632	)		(108,641	)
1.750^(e)		6M NIBOR^(f)		12/18/29	NOK	63,970	^(d)		(37,916	)		(26,854	)		(11,062	)
6M NIBOR^(e)		2.000%^(f)		03/19/30		8,730	^(d)		12,594			7,687			4,907
1.750%^(f)		3M NZDOR^(c)		03/19/30	NZD	3,040	^(d)		(16,543	)		(1,319	)		(15,224	)
1.750^(f)		6M AUDOR^(f)		03/19/30	AUD	2,820	^(d)		(23,843	)		(12,001	)		(11,842	)
6M EURO^(e)		0.002%^(f)		09/16/30	EUR	2,820	^(d)		22,127			15,000			7,127
6M EURO^(e)		0.020^(f)		09/16/30		380	^(d)		2,062			7			2,055
6M JYOR^(f)		1.250^(f)		06/14/38	JPY	394,660	^(d)		313,662			301,143			12,519
3M LIBOR^(f)		3.000^(c)		06/20/39	$	1,000	^(d)		93,855			93,469			386
1.750%^(e)		6M EURO^(f)		06/20/39	EUR	800	^(d)		(107,367	)		(112,934	)		5,567
1.750^(f)		6M GBP^(f)		06/20/39	GBP	1,920	^(d)		(215,457	)		(252,007	)		36,550
1.485^(f)		3M LIBOR^(c)		05/15/45	$	6,480	^(d)		301,310			568,891			(267,581	)
6M JYOR^(f)		1.000%^(f)		06/15/49	JPY	589,730	^(d)		247,033			252,191			(5,158	)
3M LIBOR^(f)		2.750^(c)		06/15/49	$	1,110	^(d)		75,132			75,411			(279	)
1.500%^(e)		6M EURO^(f)		06/15/49	EUR	1,940	^(d)		(247,977	)		(272,050	)		24,073
1.750^(f)		6M GBP^(f)		06/15/49	GBP	1,280	^(d)		(146,708	)		(155,091	)		8,383
2.230^(f)		3M LIBOR^(c)		08/02/52	$	4,820	^(d)		(559,124	)		(183,915	)		(375,209	)

TOTAL								$	345,770		$	(977,639	)	$	1,323,409

(a)

Payments made at the termination date.

(b)

Payments made monthly.

(c)

Payments made quarterly.

(d)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(e)

Payments made annually.

(f)

Payments made semi-annually.


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid by the Fund^(a)		Credit Spread at September 30, 2019^(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)%	0.125%		Barclays Bank PLC		06/20/21	$	80	$	(1,224	)	$	252		$	(1,476	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.172		Barclays Bank PLC		12/20/21		1,130		(20,969	)		(1,763	)		(19,206	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		BofA Securities LLC		12/20/20		830		(9,508	)		1,203			(10,711	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125		BofA Securities LLC		06/20/21		900		(13,770	)		3,439			(17,209	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		Citibank NA		12/20/20		720		(8,248	)		1,485			(9,733	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125		Citibank NA		06/20/21		560		(8,567	)		1,808			(10,375	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.218		Citibank NA		06/20/22		280		(5,967	)		(2,301	)		(3,666	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125		Deutsche Bank AG (London)		06/20/21		460		(7,037	)		1,849			(8,886	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.089		JPMorgan Securities, Inc.		12/20/20		6,410		(73,424	)		12,285			(85,709	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125		JPMorgan Securities, Inc.		06/20/21		10		(153	)		33			(186	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.218		JPMorgan Securities, Inc.		06/20/22		580		(12,359	)		(4,797	)		(7,562	)

TOTAL										$	(161,226	)	$	13,493		$	(174,719	)

(a)

Payments made quarterly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at September 30, 2019^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Series 31	(1.000)%	0.478%		06/20/24	EUR	25,040	$	(686,126	)	$	(820,565	)	$	134,439
Protection Sold:
General Electric Co. 2.700%, 10/09/22	1.000	1.164		06/20/24	$	1,125		(7,890	)		(18,360	)		10,470
The Boeing Co., 8.750%, 08/15/21	1.000	0.421		06/20/24		500		13,461			10,246			3,215
CDX.NA.IG Index 32	1.000	0.528		06/20/24		29,800		643,571			456,060			187,511
Prudential Financial, Inc., 3.500%, 05/15/24	1.000	0.658		06/20/24		825		13,056			13,147			(91	)
Republic of Indonesia, 5.875%, 03/13/20	1.000	0.818		06/20/24		2,430		20,697			7,078			13,619
State of Qatar, 9.750%, 06/15/30	1.000	0.482		06/20/24		210		5,026			4,335			691


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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at September 30, 2019^(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
State of Qatar, 9.750%, 06/15/30		1.000%	0.540%		12/20/24	$	100	$	2,341	$	2,204	$	137
CDX.NA.IG Index 33		1.000	0.600		12/20/24		22,175		445,559		433,913		11,646

TOTAL								$	449,695	$	88,058	$	361,637

(a)

Payments made quarterly.

(b)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2019, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	Barclays Bank PLC		1.300	%		03/11/2020		3,620,000		$	3,620,000		$	32,966		$	33,937		$	(971	)
3M IRS	Citibank NA		1.580			11/12/2019		1,130,000			1,130,000			12,200			15,594			(3,394	)
3M IRS	JPMorgan Securities, Inc.		1.585			11/12/2019		1,210,000			1,210,000			13,197			24,200			(11,003	)
2M IRS	UBS AG (London)		1.580			11/12/2019		1,920,000			1,920,000			20,730			30,912			(10,182	)
3M IRS	UBS AG (London)		1.585			11/12/2019		2,450,000			2,450,000			26,964			41,338			(14,374	)
3M IRS	UBS AG (London)		1.420			11/15/2019		3,660,000			3,660,000			18,133			60,024			(41,891	)
1Y IRS	UBS AG (London)		1.270			08/27/2020		3,630,000			3,630,000			52,250			73,210			(20,960	)

								17,620,000		$	17,620,000		$	176,440		$	279,215		$	(102,775	)
Puts
3M IRS	JPMorgan Securities, Inc.		1.580			11/19/2019		3,700,000			3,700,000			37,332			38,480			(1,148	)
3M IRS	JPMorgan Securities, Inc.		2.080			11/19/2019		3,700,000			3,700,000			2,218			4,441			(2,223	)
								7,400,000		$	7,400,000		$	39,550		$	42,921		$	(3,371	)

Total purchased option contracts								25,020,000		$	25,020,000		$	215,990		$	322,136		$	(106,146	)
Written option contracts
Calls
6M IRS	Barclays Bank PLC		0.280	%		03/11/2020		(4,440,000	)	$	(4,440,000	)	$	(32,249	)	$	(31,677	)	$	(572	)
1Y IRS	Barclays Bank PLC		0.600			08/21/2020		(16,510,000	)		(16,510,000	)		(38,528	)		(82,294	)		43,766
1Y IRS	BofA Securities LLC		0.600			08/21/2020		(1,680,000	)		(1,680,000	)		(3,920	)		(9,674	)		5,754
1Y IRS	BofA Securities LLC		0.065			09/14/2020		(8,480,000	)		(8,480,000	)		(244,319	)		(211,938	)		(32,381	)
2M IRS	JPMorgan Securities, Inc.		0.680			11/12/2019		(1,730,000	)		(1,730,000	)		(24,293	)		(23,068	)		(1,225	)
3M IRS	JPMorgan Securities, Inc.		0.680			11/12/2019		(1,030,000	)		(1,030,000	)		(14,463	)		(16,240	)		1,777
3M IRS	JPMorgan Securities, Inc.		0.090			11/12/2019		(1,460,000	)		(1,460,000	)		(15,699	)		(25,851	)		10,152
1Y IRS	JPMorgan Securities, Inc.		0.065			09/14/2020		(3,680,000	)		(3,680,000	)		(106,026	)		(78,040	)		(27,986	)
1Y IRS	JPMorgan Securities, Inc.		0.600			08/21/2020		(4,150,000	)		(4,150,000	)		(9,684	)		(22,081	)		12,397
3M IRS	UBS AG (London)		0.090			11/12/2019		(2,990,000	)		(2,990,000	)		(32,295	)		(41,185	)		8,890
3M IRS	UBS AG (London)		0.250			11/15/2019		(4,450,000	)		(4,450,000	)		(15,904	)		(81,933	)		66,029


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
1Y IRS	UBS AG (London)		0.256	%		08/27/2020		(4,380,000	)	$	(4,380,000	)	$	(51,871	)	$	(70,560	)	$	18,689
1Y IRS	UBS AG (London)		0.065			09/14/2020		(2,410,000	)		(2,410,000	)		(69,435	)		(68,864	)		(571	)
								(57,390,000	)	$	(57,390,000	)	$	(658,686	)	$	(763,405	)	$	104,719
Puts
1Y IRS	BofA Securities LLC		0.065	%		09/14/2020		(8,480,000	)	$	(8,480,000	)	$	(119,037	)	$	(156,095	)	$	37,058
3M IRS	JPMorgan Securities, Inc.		1.830			11/19/2019		(7,400,000	)		(7,400,000	)		(19,880	)		(26,640	)		6,760
1Y IRS	JPMorgan Securities, Inc.		0.065			09/14/2020		(3,680,000	)		(3,680,000	)		(51,657	)		(78,039	)		26,382
1Y IRS	UBS AG (London)		0.065			09/14/2020		(2,410,000	)		(2,410,000	)		(33,830	)		(37,486	)		3,656
								(21,970,000	)	$	(21,970,000	)	$	(224,404	)	$	(298,260	)	$	73,856

Total written option contracts								(79,360,000	)	$	(79,360,000	)	$	(883,090	)	$	(1,061,665	)	$	178,575

TOTAL								(54,340,000	)	$	(54,340,000	)	$	(667,100	)	$	(739,529	)	$	72,429



Abbreviations:
1M BID Avg		—1 month Brazilian Interbank Deposit Average
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.IG Index 32		—CDX North America Investment Grade Index 32
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33
CS International (London)		—Credit Suisse International (London)
MS & Co. Int. PLC		—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D		—Mexico Interbank TIIE 28 Days


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 43.4%
Aerospace & Defense – 1.2%
	Northrop Grumman Corp.^(a)
$	3,175,000		2.930	%		01/15/25	$	3,272,092
	2,750,000		3.250			01/15/28		2,886,290
	The Boeing Co.^(a)
	1,575,000		3.450			11/01/28		1,686,116
	United Technologies Corp.
	725,000		3.350			08/16/21		742,581
	1,775,000		3.950	^(a)		08/16/25		1,943,181
	375,000		4.125	^(a)		11/16/28		424,275
	800,000		5.700			04/15/40		1,069,848
	(3M USD LIBOR + 0.650%)
	725,000		2.818	^(a)(b)		08/16/21		725,370

								12,749,753

Agriculture – 0.8%
	Altria Group, Inc.^(a)
	1,975,000		3.800			02/14/24		2,065,159
	25,000		4.400			02/14/26		26,726
	BAT Capital Corp.^(a)
	1,685,000		3.222			08/15/24		1,703,687
	BAT International Finance PLC^(c)
	4,875,000		2.750			06/15/20		4,888,406
	Reynolds American, Inc.^(a)
	125,000		4.450			06/12/25		133,246

								8,817,224

Airlines – 0.4%
	Delta Air Lines, Inc.
	4,250,000		3.400			04/19/21		4,311,829

Automotive – 0.3%
	Ford Motor Credit Co. LLC
	1,200,000		5.875			08/02/21		1,256,544
	General Motors Co.
	550,000		4.000			04/01/25		564,432
	General Motors Financial Co., Inc.^(a)
	675,000		4.300			07/13/25		700,812
	300,000		5.650			01/17/29		330,981

								2,852,769

Banks – 9.5%
	Banco Santander SA
	400,000		4.250			04/11/27		429,484
	800,000		3.306			06/27/29		825,960
	Bank of America Corp.
	3,050,000		4.125			01/22/24		3,283,050
	1,250,000		4.200			08/26/24		1,340,875
	350,000		6.110			01/29/37		458,241
	(3M USD LIBOR + 0.940%)
	2,625,000		3.864	^(a)(b)		07/23/24		2,764,099
	(3M USD LIBOR + 1.370%)
	1,550,000		3.593	^(a)(b)		07/21/28		1,635,948
	Barclays PLC^(a) (b) (3M USD LIBOR + 1.400%)
	2,725,000		4.610			02/15/23		2,828,305
	BNP Paribas SA^(c)
	4,350,000		3.500			03/01/23		4,490,809
	900,000		3.375			01/09/25		929,871


Corporate Obligations – (continued)
Banks – (continued)
	BNP Paribas SA^(c) – (continued)
	(5 year USD Swap + 4.149%)
	650,000		6.625	%^(a)(b)		03/25/49		686,660
	BPCE SA
	925,000		2.650			02/03/21		930,014
	2,250,000		4.000	^(c)		09/12/23		2,374,088
	1,150,000		4.625	^(c)		09/12/28		1,294,095
	Capital One NA^(a)
	1,700,000		2.650			08/08/22		1,719,006
	CIT Bank NA^(a) (b)(SOFR + 1.715%)
	1,500,000		2.969			09/27/25		1,501,650
	Citigroup, Inc.
	2,575,000		2.700	^(a)		10/27/22		2,611,745
	1,300,000		4.600			03/09/26		1,418,508
	3,175,000		3.400			05/01/26		3,320,351
	1,150,000		4.125			07/25/28		1,232,697
	Credit Agricole SA^(c)
	1,050,000		3.250			10/04/24		1,080,450
	(5 year USD Swap + 4.319%)
	600,000		6.875	^(a)(b)		09/23/49		646,020
	Credit Suisse Group AG^(a)(c)
	1,400,000		4.282			01/09/28		1,505,000
	(3M USD LIBOR + 1.410%)
	1,675,000		3.869	^(b)		01/12/29		1,763,306
	Credit Suisse Group Funding Guernsey Ltd.
	683,000		4.550			04/17/26		751,396
	Deutsche Bank AG
	3,350,000		2.700			07/13/20		3,334,597
	HSBC Holdings PLC^(a)(b)
	(3M USD LIBOR + 1.000%)
	850,000		3.124			05/18/24		853,111
	(3M USD LIBOR + 1.055%)
	2,200,000		3.262			03/13/23		2,238,368
	(3M USD LIBOR + 1.211%)
	1,625,000		3.803			03/11/25		1,691,739
	Huntington Bancshares, Inc.^(a)
	1,625,000		4.000			05/15/25		1,740,310
	JPMorgan Chase & Co.^(a)(b)
	(3M USD LIBOR + 1.000%)
	5,300,000		4.023			12/05/24		5,650,595
	(3M USD LIBOR + 1.245%)
	2,275,000		3.960			01/29/27		2,459,138
	(3M USD LIBOR + 1.337%)
	2,150,000		3.782			02/01/28		2,302,199
	(3M USD LIBOR + 1.360%)
	800,000		3.882			07/24/38		877,688
	(3M USD LIBOR + 3.800%)
	2,250,000		5.300			12/29/49		2,274,435
	Lloyds Bank PLC^(b) (3M USD LIBOR + 0.490%)
	1,550,000		2.699			05/07/21		1,549,845
	Mitsubishi UFJ Financial Group, Inc.
	1,700,000		3.751			07/18/39		1,829,081
	Morgan Stanley, Inc.
	2,200,000		4.875			11/01/22		2,361,744
	3,300,000		3.700			10/23/24		3,492,687
	700,000		4.000			07/23/25		755,349


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, Inc. – (continued)
	(3M USD LIBOR + 0.847%)
$	3,725,000		3.737	%^(a)(b)		04/24/24	$	3,890,613
	(3M USD LIBOR + 1.400%)
	2,575,000		3.683	^(a)(b)		10/24/23		2,620,577
	(3M USD LIBOR + 1.628%)
	1,150,000		4.431	^(a)(b)		01/23/30		1,291,956
	(SOFR + 1.152%)
	1,050,000		2.720	^(a)(b)		07/22/25		1,059,353
	Royal Bank of Canada^(b) (3M USD LIBOR + 0.390%)
	1,525,000		2.656			04/30/21		1,529,987
	Royal Bank of Scotland Group PLC
	1,336,000		3.875			09/12/23		1,378,244
	(3M USD LIBOR + 1.480%)
	1,883,000		3.498	^(a)(b)		05/15/23		1,907,931
	(3M USD LIBOR + 1.550%)
	2,100,000		4.519	^(a)(b)		06/25/24		2,207,436
	(3M USD LIBOR + 1.762%)
	400,000		4.269	^(a)(b)		03/22/25		418,680
	Santander UK PLC
	2,325,000		2.875			06/18/24		2,360,689
	Standard Chartered PLC^(a)(b)(c) (3M USD LIBOR + 1.150%)
	3,008,000		4.247			01/20/23		3,114,543
	UBS Group Funding Switzerland AG^(c)
	2,550,000		4.125			09/24/25		2,746,987
	Wells Fargo & Co.
	2,700,000		3.000			10/23/26		2,770,956
	Westpac Banking Corp.^(a)(b)(5 Year CMT + 2.000%)
	1,350,000		4.110			07/24/34		1,408,901

								103,939,367

Beverages^(a) – 2.1%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	850,000		4.700			02/01/36		981,240
	6,675,000		4.900			02/01/46		7,952,795
	Anheuser-Busch InBev Worldwide, Inc.
	2,000,000		4.750			01/23/29		2,328,480
	550,000		4.600			04/15/48		632,550
	475,000		5.550			01/23/49		621,713
	Bacardi Ltd.^(c)
	1,500,000		5.300			05/15/48		1,708,830
	Constellation Brands, Inc.
	1,375,000		4.400			11/15/25		1,519,980
	625,000		3.700			12/06/26		662,170
	1,075,000		3.600			02/15/28		1,135,469
	1,425,000		3.150			08/01/29		1,458,430
	(3M USD LIBOR + 0.700%)
	2,100,000		2.858	^(b)		11/15/21		2,102,331
	Keurig Dr Pepper, Inc.
	1,400,000		4.057			05/25/23		1,480,836

								22,584,824


Corporate Obligations – (continued)
Biotechnology^(a) – 0.4%
	Celgene Corp.
	3,240,000		3.875			08/15/25		3,496,090
	700,000		3.900			02/20/28		764,862

								4,260,952

Chemicals – 1.2%
	CNAC HK Finbridge Co. Ltd.
	870,000		3.125			06/19/22		871,894
	300,000		4.625			03/14/23		314,719
	DuPont de Nemours, Inc.^(a)
	1,575,000		4.205			11/15/23		1,688,195
	975,000		4.493			11/15/25		1,076,213
	175,000		5.419			11/15/48		222,117
	Ecolab, Inc.
	133,000		5.500			12/08/41		178,264
	231,000		3.950	^(a)		12/01/47		264,525
	Huntsman International LLC^(a)
	850,000		4.500			05/01/29		894,153
	Sasol Financing International Ltd.
	400,000		4.500			11/14/22		409,500
	SASOL Financing USA LLC^(a)
	200,000		5.875			03/27/24		215,562
	Syngenta Finance NV^(c)
	2,115,000		3.698			04/24/20		2,124,412
	2,590,000		3.933			04/23/21		2,636,568
	The Sherwin-Williams Co.^(a)
	180,000		2.750			06/01/22		182,507
	325,000		3.125			06/01/24		335,618
	1,900,000		3.450			06/01/27		1,990,592

								13,404,839

Commercial Services^(a) – 0.6%
	Global Payments, Inc.
	875,000		2.650			02/15/25		878,377
	550,000		3.200			08/15/29		557,755
	IHS Markit Ltd.
	1,775,000		4.250			05/01/29		1,909,705
	PayPal Holdings, Inc.
	3,000,000		2.650			10/01/26		3,020,010

								6,365,847

Computers^(a) – 1.0%
	Apple, Inc.
	1,925,000		2.750			01/13/25		1,991,355
	4,050,000		2.450			08/04/26		4,108,158
	Dell International LLC/EMC Corp.^(c)
	1,625,000		5.450			06/15/23		1,769,479
	325,000		6.020			06/15/26		365,722
	Hewlett Packard Enterprise Co.
	1,782,000		4.900			10/15/25		1,978,341
	410,000		6.350			10/15/45		479,064

								10,692,119

Diversified Financial Services – 1.4%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,075,000		4.625			07/01/22		2,189,270
	1,450,000		3.300	^(a)		01/23/23		1,476,999


30		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)
Diversified Financial Services – (continued)
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust – (continued)
$	900,000		4.875	%^(a)		01/16/24	$	970,713
	Air Lease Corp.^(a)
	2,200,000		3.750			06/01/26		2,288,409
	American Express Co.^(a)
	700,000		3.625			12/05/24		740,075
	Avolon Holdings Funding Ltd.^(a)(c)
	975,000		3.950			07/01/24		1,001,959
	GE Capital International Funding Co.
	3,500,000		3.373			11/15/25		3,572,555
	Huarong Finance 2017 Co. Ltd.
	200,000		4.250			11/07/27		207,938
	Huarong Finance 2019 Co. Ltd.
	780,000		3.750			05/29/24		798,281
	Huarong Finance II Co. Ltd.
	210,000		5.000			11/19/25		226,209
	TD Ameritrade Holding Corp.^(a)
	1,950,000		2.950			04/01/22		1,993,271

								15,465,679

Electrical – 2.0%
	Alliant Energy Finance LLC^(a)(c)
	825,000		3.750			06/15/23		860,186
	225,000		4.250			06/15/28		243,227
	Arizona Public Service Co.^(a)
	1,175,000		2.950			09/15/27		1,212,424
	Berkshire Hathaway Energy Co.^(a)
	400,000		3.250			04/15/28		421,448
	Dominion Energy, Inc.^(d)
	1,650,000		3.071			08/15/24		1,690,904
	Duke Energy Corp.^(a)
	2,100,000		3.150			08/15/27		2,180,808
	Emera US Finance LP^(a)
	950,000		2.700			06/15/21		955,434
	Enel Finance International NV^(c)
	1,375,000		2.875			05/25/22		1,391,596
	Entergy Corp.^(a)
	1,025,000		2.950			09/01/26		1,039,104
	Exelon Corp.^(a)
	1,125,000		3.497			06/01/22		1,154,801
	Florida Power & Light Co.^(a)
	832,000		4.125			02/01/42		965,727
	NRG Energy, Inc.^(a)(c)
	1,625,000		3.750			06/15/24		1,670,412
	Sempra Energy^(a)(b) (3M USD LIBOR + 0.500%)
	1,900,000		2.803			01/15/21		1,898,841
	Southern California Edison Co.^(a)
	1,075,000		4.200			03/01/29		1,197,658
	The Southern Co.^(a)
	1,730,000		3.250			07/01/26		1,783,976
	Vistra Operations Co. LLC^(a)(c)
	3,350,000		3.550			07/15/24		3,395,627

								22,062,173

Engineering & Construction^(a) – 0.2%
	Mexico City Airport Trust
	400,000		4.250			10/31/26		402,500
	440,000		3.875	^(c)		04/30/28		431,475


Corporate Obligations – (continued)
Engineering & Construction^(a) – (continued)
	Mexico City Airport Trust – (continued)
	200,000		5.500	%^(c)		10/31/46		198,438
	420,000		5.500			07/31/47		417,060
	340,000		5.500	^(c)		07/31/47		337,620

								1,787,093

Environmental^(a) – 0.4%
	Republic Services, Inc.
	1,650,000		2.500			08/15/24		1,670,443
	Waste Management, Inc.
	2,800,000		3.200			06/15/26		2,954,532

								4,624,975

Food & Drug Retailing – 0.7%
	Kraft Heinz Foods Co.^(a)
	750,000		3.750	^(c)		04/01/30		756,788
	250,000		5.200			07/15/45		262,435
	Mars, Inc.^(a)(c)
	525,000		2.700			04/01/25		538,293
	925,000		3.200			04/01/30		978,086
	Smithfield Foods, Inc.^(c)
	1,200,000		2.700			01/31/20		1,198,764
	2,350,000		2.650	^(a)		10/03/21		2,325,983
	Tyson Foods, Inc.^(a)
	1,250,000		3.900			09/28/23		1,323,662

								7,384,011

Gas^(a) – 0.4%
	NiSource, Inc.
	1,275,000		3.650			06/15/23		1,329,570
	2,500,000		3.490			05/15/27		2,621,775

								3,951,345

Hand/Machine Tools^(a) – 0.1%
	Stanley Black & Decker, Inc.
	1,400,000		4.250			11/15/28		1,593,732

Healthcare Providers & Services – 0.9%
	Aetna, Inc.^(a)
	750,000		2.800			06/15/23		759,480
	Becton Dickinson & Co.^(a)
	1,600,000		2.894			06/06/22		1,624,352
	2,200,000		3.363			06/06/24		2,292,092
	1,000,000		3.700			06/06/27		1,058,840
	(3M USD LIBOR + 0.875%)
	1,669,000		2.979	^(b)		12/29/20		1,669,668
	Stryker Corp.^(a)
	575,000		2.625			03/15/21		578,381
	475,000		3.375			11/01/25		503,951
	Thermo Fisher Scientific, Inc.^(a)
	450,000		3.000			04/15/23		462,582
	UnitedHealth Group, Inc.
	650,000		4.625			07/15/35		785,986

								9,735,332

Insurance – 0.8%
	AIA Group Ltd.^(a)(c)
	875,000		3.900			04/06/28		953,181


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Insurance – (continued)
	American International Group, Inc.^(a)
$	2,375,000		3.900	%		04/01/26	$	2,534,220
	Arch Capital Finance LLC^(a)
	1,200,000		4.011			12/15/26		1,310,772
	Arch Capital Group Ltd.
	1,125,000		7.350			05/01/34		1,632,229
	Great-West Lifeco Finance 2018 LP^(a)(c)
	1,125,000		4.047			05/17/28		1,240,785
	Marsh & McLennan Cos., Inc.^(a)
	1,325,000		4.375			03/15/29		1,498,707

								9,169,894

Internet^(a) – 0.7%
	Amazon.com, Inc.
	2,300,000		5.200			12/03/25		2,704,018
	1,300,000		4.800			12/05/34		1,627,119
	700,000		3.875			08/22/37		804,062
	eBay, Inc.
	1,700,000		3.450			08/01/24		1,767,388
	Expedia Group, Inc.
	825,000		3.800			02/15/28		863,494

								7,766,081

Media^(a) – 2.0%
	Charter Communications Operating LLC/Charter Communications Operating Capital
	2,603,000		4.500			02/01/24		2,792,811
	6,350,000		4.908			07/23/25		6,971,855
	Comcast Corp.
	2,425,000		3.700			04/15/24		2,585,729
	1,300,000		3.950			10/15/25		1,416,259
	1,173,000		3.300			02/01/27		1,237,257
	1,550,000		3.150			02/15/28		1,616,433
	1,775,000		4.150			10/15/28		1,990,254
	1,325,000		4.250			10/15/30		1,507,161
	Fox Corp.^(c)
	700,000		4.030			01/25/24		745,703
	600,000		4.709			01/25/29		685,098
	Time Warner Cable LLC
	275,000		5.875			11/15/40		307,035

								21,855,595

Mining^(c) – 0.2%
	Glencore Funding LLC
	1,300,000		4.125	^(a)		03/12/24		1,364,493
	1,181,000		4.625			04/29/24		1,263,753

								2,628,246

Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	225,000		2.700			10/09/22		225,558
	625,000		3.100			01/09/23		634,031

								859,589

Oil Field Services – 3.1%
	BP Capital Markets America, Inc.^(a)
	1,775,000		3.224			04/14/24		1,845,716


Corporate Obligations – (continued)
Oil Field Services – (continued)
	BP Capital Markets America, Inc.^(a) – (continued)
	1,300,000		4.234			11/06/28		1,465,230
	Cenovus Energy, Inc.^(a)
	1,025,000		4.250			04/15/27		1,066,964
	Continental Resources, Inc.^(a)
	4,650,000		4.500			04/15/23		4,824,375
	275,000		4.375			01/15/28		284,133
	Devon Energy Corp.^(a)
	514,000		5.850			12/15/25		610,627
	280,000		5.600			07/15/41		339,665
	Diamondback Energy, Inc.^(a)
	2,325,000		4.750			11/01/24		2,377,312
	Gazprom OAO Via Gaz Capital SA^(c)
	990,000		5.150			02/11/26		1,077,553
	Halliburton Co.^(a)
	1,600,000		3.250			11/15/21		1,631,824
	Marathon Oil Corp.^(a)
	800,000		4.400			07/15/27		852,672
	Marathon Petroleum Corp.^(a)
	850,000		3.625			09/15/24		890,273
	700,000		3.800			04/01/28		729,281
	Newfield Exploration Co.
	1,649,000		5.625			07/01/24		1,818,022
	Noble Energy, Inc.^(a)
	1,100,000		3.250			10/15/29		1,089,495
	Occidental Petroleum Corp.
	5,375,000		2.900	^(a)		08/15/24		5,412,786
	475,000		5.550	^(a)		03/15/26		536,835
	425,000		3.200	^(a)		08/15/26		428,523
	1,315,000		6.450			09/15/36		1,621,083
	Petroleos Mexicanos
EUR	1,250,000		5.125			03/15/23		1,494,424
$	340,000		6.490	^(a)(c)		01/23/27		353,583
	80,000		6.500			03/13/27		83,108
	20,000		6.750			09/21/47		19,180
	80,000		6.350			02/12/48		73,265
	821,000		7.690	^(a)(c)		01/23/50		856,139
	Phillips 66^(a)
	1,325,000		3.900			03/15/28		1,426,628
	Pioneer Natural Resources Co.^(a)
	295,000		3.950			07/15/22		306,856
	Reliance Industries Ltd.
	250,000		4.125			01/28/25		266,406
	Total Capital International SA^(a)
	700,000		3.461			07/12/49		740,236

								34,522,194

Pharmaceuticals – 1.6%
	AbbVie, Inc.
	2,325,000		3.375			11/14/21		2,380,777
	1,575,000		3.750	^(a)		11/14/23		1,655,593
	Bayer US Finance II LLC^(a)(c)
	850,000		3.875			12/15/23		887,868
	1,475,000		4.250			12/15/25		1,575,300
	Cigna Corp.^(a)
	4,775,000		3.750			07/15/23		4,995,127


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	CVS Health Corp.^(a)
$	2,100,000		3.500	%		07/20/22	$	2,168,208
	1,650,000		3.875			07/20/25		1,747,251
	100,000		4.780			03/25/38		110,262
	Elanco Animal Health, Inc.
	1,675,000		3.912			08/27/21		1,715,317
	650,000		4.272	^(a)		08/28/23		682,222

								17,917,925

Pipelines – 2.9%
	Abu Dhabi Crude Oil Pipeline LLC^(c)
	1,190,000		4.600			11/02/47		1,383,375
	Columbia Pipeline Group, Inc.^(a)
	925,000		3.300			06/01/20		930,624
	Energy Transfer Operating LP^(a)
	1,375,000		4.650			06/01/21		1,416,044
	775,000		5.200			02/01/22		817,447
	1,950,000		4.200			09/15/23		2,052,121
	50,000		4.950			06/15/28		54,975
	1,225,000		5.250			04/15/29		1,380,305
	675,000		5.300			04/15/47		725,976
	Enterprise Products Operating LLC^(a)
	215,000		3.350			03/15/23		222,525
	85,000		3.750			02/15/25		90,442
	(3M USD LIBOR + 2.778%)
	2,460,000		4.909	^(b)		06/01/67		2,278,649
	EQM Midstream Partners LP^(a)
	3,625,000		4.750			07/15/23		3,638,159
	775,000		5.500			07/15/28		769,699
	Kinder Morgan Energy Partners LP^(a)
	4,500,000		3.450			02/15/23		4,640,850
	MPLX LP^(a)
	525,000		4.500			04/15/38		544,819
	645,000		5.500			02/15/49		750,038
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	525,000		3.650			06/01/22		538,303
	1,100,000		3.850			10/15/23		1,137,499
	650,000		4.500			12/15/26		689,585
	Sabine Pass Liquefaction LLC^(a)
	1,475,000		6.250			03/15/22		1,588,885
	1,650,000		5.625			03/01/25		1,852,125
	1,025,000		5.000			03/15/27		1,129,775
	The Williams Cos., Inc.^(a)
	785,000		3.600			03/15/22		806,297
	850,000		3.900			01/15/25		891,378
	800,000		4.000			09/15/25		846,208
	Western Midstream Operating LP^(a)
	900,000		3.950			06/01/25		869,373
	225,000		5.450			04/01/44		198,857
	225,000		5.300			03/01/48		195,271

								32,439,604

Real Estate Investment Trust^(a) – 2.6%
	Alexandria Real Estate Equities, Inc.
	750,000		3.800			04/15/26		799,785
	800,000		3.375			08/15/31		836,080


Corporate Obligations – (continued)
Real Estate Investment Trust^(a) – (continued)
	American Campus Communities Operating Partnership LP
	2,575,000		3.750			04/15/23		2,685,648
	American Homes 4 Rent LP
	1,851,000		4.900			02/15/29		2,100,459
	American Tower Corp.
	2,100,000		3.375			05/15/24		2,184,630
	Crown Castle International Corp.
	2,150,000		3.150			07/15/23		2,208,673
	CubeSmart LP
	1,500,000		4.000			11/15/25		1,591,095
	Digital Realty Trust LP
	1,525,000		2.750			02/01/23		1,540,570
	Essex Portfolio LP
	875,000		3.000			01/15/30		883,960
	Healthcare Trust of America Holdings LP
	2,275,000		3.700			04/15/23		2,350,439
	Kilroy Realty LP
	1,500,000		3.800			01/15/23		1,566,960
	1,025,000		4.750			12/15/28		1,163,775
	National Retail Properties, Inc.
	1,150,000		4.000			11/15/25		1,232,191
	Regency Centers LP
	1,950,000		2.950			09/15/29		1,946,977
	Spirit Realty LP
	1,200,000		3.400			01/15/30		1,191,084
	Ventas Realty LP
	975,000		3.500			02/01/25		1,020,299
	VEREIT Operating Partnership LP
	1,675,000		4.625			11/01/25		1,828,447
	400,000		3.950			08/15/27		422,248
	WP Carey, Inc.
	1,000,000		3.850			07/15/29		1,058,130

								28,611,450

Retailing^(a) – 0.6%
	Dollar Tree, Inc.
	975,000		4.000			05/15/25		1,033,207
	1,999,000		4.200			05/15/28		2,149,505
	Starbucks Corp.
	1,850,000		3.800			08/15/25		2,001,274
	The Home Depot, Inc.
	625,000		3.900			12/06/28		702,038
	Walmart, Inc.
	800,000		4.050			06/29/48		962,152

								6,848,176

Savings & Loans^(a)(b)(c) – 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	975,000		3.960			07/18/30		1,021,547

Semiconductors – 1.3%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	1,725,000		3.000			01/15/22		1,742,112
	2,800,000		3.625			01/15/24		2,863,252
	975,000		3.125			01/15/25		967,814
	Broadcom, Inc.^(c)
	2,675,000		3.125			10/15/22		2,709,775


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Semiconductors – (continued)
	Broadcom, Inc.^(c) – (continued)
$	2,350,000		3.625	%^(a)		10/15/24	$	2,392,253
	Microchip Technology, Inc.
	1,025,000		3.922			06/01/21		1,046,566
	NXP B.V./NXP Funding LLC^(c)
	1,975,000		4.125			06/01/21		2,025,619
	NXP B.V./NXP Funding LLC^(c)
	225,000		4.625			06/01/23		239,344

								13,986,735

Software^(a) – 0.6%
	Fiserv, Inc.
	700,000		3.800			10/01/23		740,663
	2,775,000		2.750			07/01/24		2,825,339
	1,825,000		3.200			07/01/26		1,889,331
	1,075,000		4.200			10/01/28		1,188,305

								6,643,638

Telecommunication Services – 2.9%
	AT&T, Inc.
	2,075,000		3.800			03/15/22		2,155,883
	2,400,000		3.000	^(a)		06/30/22		2,447,904
	1,600,000		3.950	^(a)		01/15/25		1,707,696
	6,125,000		3.400	^(a)		05/15/25		6,394,316
	1,449,000		3.600	^(a)		07/15/25		1,523,812
	100,000		4.125	^(a)		02/17/26		107,813
	1,975,000		4.250	^(a)		03/01/27		2,152,434
	425,000		4.900	^(a)		08/15/37		483,127
	100,000		5.450	^(a)		03/01/47		120,778
	Telefonica Emisiones SA
	1,375,000		4.570			04/27/23		1,480,958
	Verizon Communications, Inc.
	5,066,000		4.329			09/21/28		5,741,754
	625,000		3.875	^(a)		02/08/29		685,806
	2,251,000		4.016	^(a)		12/03/29		2,509,978
	500,000		5.250			03/16/37		621,555
	25,000		4.125			08/15/46		27,870
	50,000		4.862			08/21/46		61,260
	693,000		5.012			04/15/49		871,011
	Vodafone Group PLC
	2,925,000		3.750			01/16/24		3,079,879

								32,173,834

Transportation^(a) – 0.1%
	Burlington Northern Santa Fe LLC
	800,000		4.050			06/15/48		916,560

Trucking & Leasing^(c) – 0.2%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,225,000		3.375	^(a)		02/01/22		1,250,872
	1,425,000		4.250			01/17/23		1,506,026

								2,756,898

	TOTAL CORPORATE OBLIGATIONS
	(Cost $453,827,574)						$	476,701,829



Mortgage-Backed Obligations – 49.4%
Collateralized Mortgage Obligations – 2.7%
Interest Only^(e)(f) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X(1 Year CMT + 2.912%)
$	41,330		0.000	%		08/25/33	$	—
	CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X
	133,119		0.000			07/25/33		—

								—

Inverse Floaters^(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB (-1x1M LIBOR + 37.567%)
	30,966		28.105			02/16/32		43,319

Sequential Fixed Rate – 0.4%
	FHLMC REMIC Series 2755, Class ZA
	438,270		5.000			02/15/34		485,019
	FHLMC REMIC Series 4273, Class PD
	974,571		6.500			11/15/43		1,147,982
	FNMA REMIC Series 2011-52, Class GB
	957,140		5.000			06/25/41		1,054,275
	FNMA REMIC Series 2011-99, Class DB
	952,027		5.000			10/25/41		1,048,374
	FNMA REMIC Series 2012-111, Class B
	146,038		7.000			10/25/42		170,566
	FNMA REMIC Series 2012-153, Class B
	533,334		7.000			07/25/42		626,436

								4,532,652

Sequential Floating Rate^(b) – 2.3%
	Brunel Residential Mortgage Securitisation No. 1 PLC Series 2007-1X, Class A4B (3M GBP LIBOR + 0.220%)
GBP	692,554		0.987			01/13/39		836,442
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
	1,863,955		1.561			08/20/56		2,289,400
	HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
$	215,090		2.537			01/19/36		206,362
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	182,607		2.738			10/25/34		180,296
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	2,022,172		1.618			11/15/49		2,477,559
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A(12M MTA + 0.850%)
$	699,538		3.296			12/25/46		1,000,690
	Ripon Mortgages PLC Series 1X, Class A1 (3M GBP LIBOR + 0.800%)
GBP	438,208		1.561			08/20/56		537,230
	Ripon Mortgages PLC Series 1X, Class A2 (3M GBP LIBOR + 0.800%)
	4,601,311		1.561			08/20/56		5,648,533
	Sequoia Mortgage Trust Series 2003-4, Class 1A2(6M USD LIBOR + 0.660%)
	417,911		2.677			07/20/33		400,378


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

GOLDMAN SACHS CORE FIXED INCOME FUND


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	Silverstone Master Issuer PLC Series 2019-1A, Class 1A^(c) (3M USD LIBOR + 0.570%)
$	1,810,000		2.848	%		01/21/70		$	1,811,922
	Station Place Securitization Trust Series 2015-2, Class AR^(c) (1M USD LIBOR + 0.550%)
	1,800,000		2.586			05/15/21			1,800,000
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
GBP	2,453,173		1.676			03/20/56			3,013,743
	Tower Bridge Funding No. 1 PLC, Class A (3M GBP LIBOR + 1.000%)
	1,076,520		1.776			03/20/56			1,324,568
	Warwick Finance Residential Mortgages No. One PLC Series 1, Class A (3M GBP LIBOR + 1.000%)
	2,772,138		1.765			09/21/49			3,415,274
	Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 (1 Year CMT + 2.592%)
$	17,889		4.515			02/25/33			18,230

									24,960,627

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	29,536,598

Commercial Mortgage-Backed Securities – 0.6%
Sequential Fixed Rate^(a) – 0.1%
	Bank Series 2019-BN21, Class A5
$	950,000		2.851	%		10/17/52		$	978,476

Sequential Floating Rate^(b)(c) – 0.5%
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A (1M USD LIBOR + 0.830%)
	3,079,840		2.855			06/15/35			3,077,904
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A (1M USD LIBOR + 0.900%)
	2,115,495		2.928			09/15/35			2,114,842

									5,192,746

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES							$	6,171,222

Federal Agencies – 46.1%
Adjustable Rate FNMA^(b) – 0.2%
	(1 Year CMT + 2.222%)
$	3,565		4.757	%		06/01/33		$	3,747
	(12M USD LIBOR + 1.233%)
	158,842		4.230			06/01/35			164,401
	(12M USD LIBOR + 1.542%)
	975,219		4.254			09/01/34			1,013,399
	(12M USD LIBOR + 1.661%)
	527,415		4.457			07/01/34			551,523
	(12M USD LIBOR + 1.734%)
	916,346		4.767			05/01/35			958,002

									2,691,072

FHLMC – 0.5%
	29,215		5.000			05/01/23			31,235
	89,830		4.500			10/01/23			94,490
	24,132		5.500			10/01/25			26,232
	10,037		7.500			12/01/30			10,383
	5,054		7.500			01/01/31			5,167


Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	10,582		5.000			10/01/33			11,631
	2,076		5.000			04/01/35			2,282
	16,318		5.000			07/01/35			17,977
	86,088		5.000			12/01/35			94,987
	185,025		5.000			01/01/38			204,589
	445,908		5.000			01/01/39			491,468
	146,836		5.000			06/01/39			162,251
	20,519		4.000			06/01/40			21,950
	11,462		5.000			08/01/40			12,582
	3,514		4.500			11/01/40			3,815
	183,780		4.000			02/01/41			196,594
	2,312		5.000			04/01/41			2,534
	11,302		5.000			06/01/41			12,371
	13,938		4.000			11/01/41			14,906
	3,648,929		4.500			08/01/48			3,953,669

									5,371,113

FNMA – 0.0%
	16,100		8.000			02/01/31			18,394
	15,625		7.000			03/01/31			15,829

									34,223

GNMA – 23.6%
	7,899		6.000			11/15/38			9,039
	51,996		5.000			07/15/40			54,708
	84,734		5.000			01/15/41			91,941
	7,475		4.000			02/20/41			7,993
	11,429		4.000			11/20/41			12,218
	1,892		4.000			01/20/42			2,022
	6,069		4.000			04/20/42			6,476
	3,441		4.000			10/20/42			3,672
	61,570		4.000			08/20/43			65,585
	6,349		4.000			03/20/44			6,759
	7,688		4.000			05/20/44			8,180
	532,129		4.000			11/20/44			564,341
	34,443		4.000			05/20/45			36,506
	5,078,164		4.000			07/20/45			5,382,389
	87,347		4.000			10/20/45			92,416
	711,369		4.500			02/20/48			749,046
	2,150,221		4.500			04/20/48			2,268,234
	6,061,509		4.500			05/20/48			6,385,665
	13,175,166		4.500			08/20/48			13,851,953
	52,914,513		4.500			09/20/48			55,616,112
	2,252,465		5.000			09/20/48			2,390,275
	4,358,234		5.000			10/20/48			4,619,431
	4,814,582		5.000			11/20/48			5,070,068
	1,149,637		4.500			01/20/49			1,199,082
	25,077,258		5.000			01/20/49			26,407,985
	1,875,328		5.000			02/20/49			1,972,629
	102,000,000		3.000			TBA-30yr	^(g)		104,616,561
	15,000,000		3.500			TBA-30yr	^(g)		15,532,399
	3,000,000		4.500			TBA-30yr	^(g)		3,139,688
	8,000,000		5.000			TBA-30yr	^(g)		8,455,469

									258,618,842

UMBS – 9.3%
	11,714		5.000			04/01/23			12,536
	16,111		5.000			05/01/23			17,332
	50,755		5.000			07/01/23			54,318
	14,707		5.000			09/01/23			14,778


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	30,596		5.500	%		09/01/23	$	31,639
	10,573		5.500			10/01/23		10,944
	90,523		5.000			02/01/24		93,515
	32,891		5.000			04/01/24		35,233
	22,200		5.000			07/01/24		23,781
	23,709		5.000			12/01/24		25,397
	28,412		7.000			08/01/27		31,474
	1,039		6.500			09/01/27		1,140
	103,326		7.000			03/01/28		115,610
	26,579		5.000			04/01/28		28,702
	1,606		6.500			05/01/28		1,778
	37,579		5.000			02/01/32		40,580
	26,428		4.500			04/01/39		28,794
	8,795		4.500			05/01/39		9,583
	6,927		4.500			07/01/39		7,548
	36,553		4.500			08/01/39		39,824
	337,662		4.500			12/01/39		367,885
	698,610		4.500			05/01/41		757,702
	108,426		4.500			08/01/41		117,114
	27,353		3.000			11/01/42		28,372
	581,911		3.000			12/01/42		601,351
	815,151		3.000			01/01/43		845,636
	122,069		3.000			02/01/43		126,694
	846,775		3.000			03/01/43		878,856
	1,456,530		3.000			04/01/43		1,511,715
	1,045,655		3.000			05/01/43		1,085,271
	98,354		3.000			06/01/43		102,080
	888,380		3.000			07/01/43		922,593
	973,159		5.000			05/01/44		1,069,149
	3,230,164		4.500			04/01/45		3,543,514
	363,446		4.500			05/01/45		398,703
	1,408,415		4.500			06/01/45		1,496,187
	212,832		4.000			03/01/46		224,136
	148,071		4.000			06/01/46		155,619
	36,001		4.000			08/01/46		37,837
	232,732		4.000			10/01/46		244,596
	464,102		4.000			06/01/47		492,318
	5,537,435		4.500			07/01/47		5,950,014
	1,263,042		4.500			11/01/47		1,356,358
	535,357		4.000			12/01/47		569,912
	2,171,837		4.000			01/01/48		2,312,700
	5,697,034		4.000			02/01/48		6,046,462
	4,425,702		4.000			03/01/48		4,693,450
	883,649		4.000			05/01/48		935,991
	3,622,329		4.000			06/01/48		3,855,005
	4,550,490		4.000			07/01/48		4,830,905
	1,813,354		4.500			09/01/48		1,960,929
	50,111,698		5.000			10/01/49		53,828,455

								101,972,015

UMBS, 30 Year, Single Family^(g) – 12.5%
	33,000,000		2.500			TBA-30yr		32,858,087
	57,000,000		3.000			TBA-30yr		57,859,651
	24,000,000		3.500			TBA-30yr		24,618,490
	21,000,000		4.500			TBA-30yr		22,114,444

								137,450,672

	TOTAL FEDERAL AGENCIES						$	506,137,937

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $539,362,547)						$	541,845,757


Agency Debentures – 5.3%
	FHLB
$	6,800,000		2.125	%		06/09/23	$	6,921,448
	3,500,000		3.375			09/08/23		3,726,878
	750,000		3.375			12/08/23		801,857
	2,400,000		5.000			09/28/29		3,054,366
	FNMA
	3,700,000		1.875			09/24/26		3,743,364
	4,200,000		6.250			05/15/29		5,805,366
	Hashemite Kingdom of Jordan Government AID Bond^(h)
	7,400,000		2.503			10/30/20		7,441,588
	Israel Government AID Bond^(h)
	7,827,000		5.500			09/18/23		8,970,368
	1,200,000		5.500			12/04/23		1,382,244
	2,400,000		5.500			04/26/24		2,801,232
	4,700,000		5.500			09/18/33		6,605,380
	Mexico Government International Bond
	450,000		4.500			04/22/29		489,825
	Republic of Colombia^(a)
	350,000		4.500			03/15/29		389,922
	470,000		5.200			05/15/49		568,259
	Tennessee Valley Authority
	5,400,000		3.875			02/15/21		5,551,254

	TOTAL AGENCY DEBENTURES
	(Cost $54,678,662)						$	58,253,351



Asset-Backed Securities^(b) – 8.8%
Collateralized Loan Obligations^(c) – 4.9%
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
$	5,000,000		3.106	%		01/27/28	$	4,967,605
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	2,755,279		3.553			07/15/26		2,756,698
	Galaxy XVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.070%)
	6,000,000		3.373			07/15/31		5,989,224
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R (3M USD LIBOR + 1.130%)
	876,492		3.430			04/18/26		876,793
	KREF Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.100%)
	4,200,000		3.125			06/15/36		4,207,914
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	6,900,000		3.053			04/15/29		6,846,022
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	1,010,301		2.877			07/25/59		1,021,181
	OHA Credit Funding 3 Ltd. Series 2019-3A, Class A1 (3M USD LIBOR + 1.320%)
	2,150,000		3.945			07/20/32		2,154,644
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	2,450,000		3.208			06/15/36		2,451,762
	Palmer Square CLO Ltd. Series 2019-1A, Class A1^(a) (3M USD LIBOR + 1.340%)
	6,000,000		3.440			11/14/32		6,000,000
	Palmer Square Loan Funding Ltd. Series 2017-1A, Class A1 (3M USD LIBOR + 0.740%)
	2,388,470		3.043			10/15/25		2,388,568


36		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^(b) – (continued)
Collateralized Loan Obligations^(c) – (continued)
	Recette CLO Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
$	7,000,000		3.198	%		10/20/27	$	6,993,273
	TPG Real Estate Finance Issuer Ltd. Series 2018-FL2, Class A (1M USD LIBOR + 1.130%)
	3,850,000		3.155			11/15/37		3,854,850
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	3,290,823		3.153			05/01/26		3,291,156

								53,799,690

Other^(c) – 1.4%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
	5,700,000		3.178			06/15/28		5,705,326
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	3,100,000		3.078			09/15/35		3,101,007
	Dryden Senior Loan Fund Series 2019-76A, Class A1^(a) (3M USD LIBOR + 1.330%)
	6,000,000		3.410			10/20/32		6,000,000
	Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	951,146		2.868			06/25/35		948,703

								15,755,036

Student Loan – 2.5%
	Access Group, Inc. Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	2,076,562		2.316			09/26/33		2,026,651
	Access Group, Inc. Series 2015-1, Class A^(a) (c) (1M USD LIBOR + 0.700%)
	1,311,340		2.718			07/25/56		1,298,255
	Chase Education Loan Trust Series 2007-A, Class A3 (3M USD LIBOR + 0.070%)
	28,481		2.174			12/28/23		28,449
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A^(c) (1M USD LIBOR + 0.800%)
	1,877,862		2.818			10/25/56		1,863,443
	Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%)
	1,819,242		2.926			04/25/35		1,811,937
	Higher Education Funding I Series 2014-1, Class A^(c) (3M USD LIBOR + 1.050%)
	4,091,055		3.182			05/25/34		4,108,968
	Navient Student Loan Trust Series 2016-7A, Class A^(c) (1M USD LIBOR + 1.150%)
	3,436,895		3.168			03/25/66		3,469,658
	Nelnet Student Loan Trust Series 2006-1, Class A5 (3M USD LIBOR + 0.110%)
	872,157		2.258			08/23/27		871,251
	Nelnet Student Loan Trust Series 2006-1, Class A6^(c) (3M USD LIBOR + 0.450%)
	5,200,000		2.598			08/23/36		5,047,896
	Nelnet Student Loan Trust Series 2013-5A, Class A^(c) (1M USD LIBOR + 0.630%)
	452,576		2.648			01/25/37		449,298
	PHEAA Student Loan Trust Series 2016-1A, Class A^(c) (1M USD LIBOR + 1.150%)
	3,165,229		3.168			09/25/65		3,190,463
	Scholar Funding Trust Series 2010-A, Class A^(c) (3M USD LIBOR + 0.750%)
	1,109,849		3.006			10/28/41		1,105,775


Asset-Backed Securities^(b) – (continued)
Student Loan – (continued)
	SLC Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	1,200,038		2.219			09/15/26		1,197,196
	SLM Student Loan Trust Series 2005-3, Class A5 (3M USD LIBOR + 0.090%)
	350,902		2.366			10/25/24		350,650

								26,819,890

	TOTAL ASSET-BACKED SECURITIES
	(Cost $96,137,012)						$	96,374,616



Foreign Debt Obligations – 1.7%
Sovereign – 1.7%
	Abu Dhabi Government International Bond
$	460,000		2.500	%^(c)		10/11/22	$	464,025
	420,000		3.125	^(c)		10/11/27		440,475
	240,000		4.125	^(c)		10/11/47		281,250
	450,000		4.125			10/11/47		527,344
	Perusahaan Penerbit SBSN Indonesia III
	2,030,000		4.550			03/29/26		2,213,334
	Republic of Indonesia
	790,000		3.700	^(c)		01/08/22		810,935
	200,000		5.875			01/15/24		225,437
EUR	280,000		2.150	^(c)		07/18/24		327,980
$	420,000		4.125	^(c)		01/15/25		446,775
	380,000		4.125			01/15/25		404,225
	1,380,000		4.350	^(c)		01/08/27		1,496,869
	Republic of Kuwait
	4,120,000		3.500			03/20/27		4,434,150
	Republic of Qatar^(c)
	210,000		3.875			04/23/23		222,075
	230,000		4.500			04/23/28		261,912
	Republic of South Africa
	510,000		4.850			09/30/29		508,725
	380,000		5.750			09/30/49		378,765
	Spain Government Bond^(c)
EUR	3,770,000		1.600			04/30/25		4,532,064
	United Mexican States
	760,000		1.625			04/08/26		865,380
	430,000		4.500	^(a)		01/31/50		451,930

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $18,367,586)						$	19,293,650



Municipal Debt Obligations – 2.0%
California^(a) – 0.5%
	California State GO Bonds Build America Taxable Series 2009
$	950,000		7.500	%		04/01/34	$	1,464,017
	1,650,000		7.550			04/01/39		2,729,859
	California State GO Bonds Build America Taxable Series 2010
	1,645,000		7.950			03/01/36		1,684,200

								5,878,076

Illinois – 1.0%
	Chicago Illinois GO Bonds Prerefunded Taxable Series B^(a)
	5,475,000		7.750			01/01/42		7,042,876
	Illinois State GO Bonds Build America Series 2010^(a)
	160,000		6.630			02/01/35		188,578
	1,595,000		7.350			07/01/35		1,944,432


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Debt Obligations – (continued)
Illinois – (continued)
	Illinois State GO Bonds Taxable-Pension Series 2003
$	1,170,000		5.100	%		06/01/33	$	1,267,274

								10,443,160

New Hampshire^(a)(b) – 0.3%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	3,311,957		3.125			10/25/37		3,304,717

Ohio^(a) – 0.2%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,700,000		6.270			02/15/50		2,342,991

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $19,153,606)						$	21,968,944



U.S. Treasury Obligations – 11.6%
	United States Treasury Bill^(f)
$	67,206,000		0.000	%		03/05/20	$	66,687,569
	United States Treasury Bonds
	210,000		3.375			05/15/44		261,844
	27,960,000		2.875	⁽ⁱ⁾		11/15/46		32,381,175
	United States Treasury Notes
	9,490,000		2.875			10/15/21		9,721,319
	7,470,000		1.750			09/30/22		7,507,933
	9,920,000		2.875			05/31/25		10,605,100

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $124,010,338)						$	127,164,940

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,305,537,325)						$	1,341,603,087



Short-term Investments – 4.2%
Certificates of Deposit^(b) – 1.4%
	Credit Suisse AG(SOFR+0.230%)
$	5,000,000		2.580	%		02/14/20	$	5,000,355
	Societe Generale SA^(c)
	10,000,000		2.570			08/17/20		10,005,240

								15,005,595

Commercial Paper^(c)(f) – 2.8%
	AT&T, Inc.
	7,000,000		0.000			12/10/19		6,967,971
	Entergy Corp.
	6,000,000		0.000			10/11/19		5,995,783
	Marriott International, Inc.
	4,000,000		0.000			10/31/19		3,992,178
	VW Credit, Inc.
	4,200,000		0.000			12/06/19		4,182,100
	10,000,000		0.000			02/03/20		9,919,220

								31,057,252

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $46,041,877)						$	46,062,847

	TOTAL INVESTMENTS – 126.4%
	(Cost $1,351,579,202)						$	1,387,665,934

	LIABILITIES IN EXCESS OF OTHER ASSETS – (26.4)%							(290,091,521	)

	NET ASSETS – 100.0%						$	1,097,574,413



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

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

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2019.

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

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2019.

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

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

(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 $269,194,789 which represents approximately 24.5% of the Fund’s net assets as of September 30, 2019.

(h)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $27,200,812, which represents approximately 2.5% of the Fund’s net assets as of September 30, 2019.

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



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
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
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
MTA		—Monthly Treasury Average
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PLC		—Public Limited Company
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
Barclays Bank PLC	USD	3,583,127	AUD	5,264,797		12/18/19	$	20,689
	USD	1,304,974	EUR	1,180,000		12/18/19		10,863
BofA Securities LLC	EUR	1,217,531	AUD	1,969,840		12/18/19		2,375
	USD	650,949	CAD	858,733		12/18/19		1,904
	USD	214,277	CHF	210,449		12/18/19		1,909
Citibank NA	JPY	72,965,620	NZD	1,076,538		12/18/19		3,472
	USD	670,388	AUD	972,102		12/18/19		12,613
	USD	2,686,522	EUR	2,421,795		12/18/19		30,529
	USD	4,967,805	NZD	7,779,654		12/18/19		87,349
CS International (London)	CHF	2,943,544	EUR	2,706,250		12/18/19		2,436
	EUR	2,435,017	CHF	2,642,636		12/18/19		3,755
	USD	2,676,753	CHF	2,632,700		12/18/19		20,042
Deutsche Bank AG	USD	2,272,837	JPY	242,900,607		12/18/19		13,054
HSBC Bank PLC	USD	674,146	AUD	987,644		12/18/19		5,855
JPMorgan Securities, Inc.	EUR	584,386	NOK	5,812,599		12/18/19		1,169
	EUR	6,335,787	SEK	67,739,702		12/18/19		29,300
	USD	1,469,648	AUD	2,146,518		12/18/19		17,203
	USD	669,394	CHF	658,111		12/18/19		5,280
	USD	2,706,863	EUR	2,441,593		12/18/19		29,158
	USD	1,302,681	NZD	2,065,211		12/18/19		7,099
MS & Co. Int. PLC	USD	3,135,806	JPY	336,032,110		12/18/19		9,590
	USD	668,901	NZD	1,058,801		12/18/19		4,677
State Street Bank (London)	AUD	944,509	SEK	6,242,165		12/18/19		1,505
	JPY	109,748,474	AUD	1,504,888		12/18/19		2,741
	JPY	144,224,860	USD	1,338,135		12/18/19		3,636
	SEK	18,258,502	EUR	1,696,210		12/18/19		4,751
	USD	5,844,142	CAD	7,726,686		12/18/19		4,183
	USD	2,585,107	EUR	2,337,506		12/18/19		21,555
	USD	668,386	JPY	71,656,947		12/18/19		1,738
UBS AG (London)	NOK	104,074,683	EUR	10,411,346		12/18/19		36,211
	SEK	6,523,810	EUR	605,773		12/18/19		2,012
	USD	1,337,393	CAD	1,764,709		12/18/19		3,597
	USD	1,302,658	CHF	1,279,528		12/18/19		11,460
	USD	6,611,405	EUR	5,987,041		11/27/19		58,020
	USD	19,769,074	GBP	15,976,339		12/04/19		74,777
	USD	672,803	NOK	6,013,374		12/18/19		10,976
Westpac Banking Corp.	USD	611,049	AUD	889,594		11/13/19		9,712
	USD	1,364,132	EUR	1,241,044		12/18/19		3,074
	USD	678,680	NZD	1,076,152		12/18/19		3,572

TOTAL							$	573,841


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Barclays Bank PLC	AUD	999,371	USD	679,496		12/18/19	$	(3,271	)
	CHF	1,257,518	USD	1,283,069		12/18/19		(14,083	)
	EUR	2,184,087	USD	2,425,488		12/18/19		(30,192	)
BofA Securities LLC	AUD	975,257	CAD	886,667		12/18/19		(10,250	)
	AUD	936,476	USD	633,826		12/18/19		(157	)
	CAD	1,762,237	USD	1,336,312		12/18/19		(4,383	)
	USD	1,358,287	CAD	1,799,389		12/18/19		(1,721	)
Citibank NA	AUD	5,895,226	USD	4,044,051		12/18/19		(55,034	)
	CHF	664,909	USD	678,437		12/18/19		(7,464	)
	EUR	1,201,553	JPY	142,868,229		12/18/19		(11,402	)
	EUR	5,073,448	USD	5,640,840		12/18/19		(76,770	)
	JPY	615,669,462	USD	5,779,584		12/18/19		(51,811	)
	NZD	2,088,263	USD	1,346,008		12/18/19		(35,965	)
	SEK	6,337,082	EUR	591,576		12/18/19		(1,491	)
	SEK	8,415,585	USD	866,681		12/18/19		(7,082	)
CS International (London)	CHF	2,605,421	EUR	2,402,827		12/18/19		(6,007	)
	CHF	1,997,734	USD	2,035,206		12/18/19		(19,253	)
	EUR	2,433,521	CHF	2,657,234		12/18/19		(12,617	)
Deutsche Bank AG	AUD	997,596	USD	679,812		12/18/19		(4,787	)
	CHF	1,322,655	USD	1,352,457		12/18/19		(17,738	)
Deutsche Bank AG (continued)	EUR	606,948	USD	671,906		12/18/19		(6,264	)
	JPY	212,744,250	USD	2,007,015		12/18/19		(27,786	)
	USD	1,357,224	CAD	1,800,005		12/18/19		(3,250	)
	USD	675,983	NZD	1,077,569		12/18/19		(15	)
HSBC Bank PLC	EUR	2,421,627	JPY	290,515,379		12/18/19		(46,950	)
	EUR	2,179,237	USD	2,421,904		12/18/19		(31,926	)
	NZD	1,031,604	EUR	591,559		12/18/19		(1,603	)
JPMorgan Securities, Inc.	EUR	606,948	AUD	990,338		12/18/19		(4,472	)
	EUR	1,459,810	USD	1,625,856		12/18/19		(24,876	)
	GBP	1,039,320	USD	1,287,322		12/18/19		(5,199	)
	JPY	72,959,723	USD	679,327		12/18/19		(559	)
	NOK	10,182,780	CAD	1,499,229		12/18/19		(12,433	)
	SEK	6,466,598	EUR	604,753		12/18/19		(2,713	)
MS & Co. Int. PLC	EUR	1,216,543	CAD	1,785,325		12/18/19		(15,190	)
	EUR	1,210,377	USD	1,341,982		12/18/19		(14,556	)
State Street Bank (London)	CHF	2,482,652	EUR	2,293,203		12/18/19		(9,671	)
	CHF	1,261,000	USD	1,279,035		12/18/19		(6,533	)
	JPY	129,842,994	USD	1,216,002		12/18/19		(8,029	)
	NOK	5,969,725	EUR	600,403		12/18/19		(1,440	)
	NZD	1,634,100	USD	1,050,726		12/18/19		(25,597	)
	SEK	23,098,148	EUR	2,167,239		12/18/19		(17,489	)
	SEK	4,128,801	USD	427,275		12/18/19		(5,544	)
UBS AG (London)	AUD	1,952,273	USD	1,337,610		12/18/19		(16,600	)
	EUR	968,485	CHF	1,057,877		12/18/19		(5,383	)
	EUR	589,637	SEK	6,348,900		12/18/19		(1,843	)
	NOK	11,967,086	USD	1,337,393		12/18/19		(20,305	)
	SEK	20,861,064	EUR	1,956,443		12/18/19		(14,810	)
Westpac Banking Corp.	AUD	889,594	USD	611,586		12/18/19		(9,641	)

TOTAL							$	(712,155	)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At September 30, 2019, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
FNMA		4.000	%	TBA-30yr		10/10/19	$	(1,000,000	)	$	(1,037,647	)
FNMA		5.000		TBA-30yr		11/13/19		(22,000,000	)		(23,576,093	)
FNMA		5.000		TBA-30yr		10/10/19		(2,000,000	)		(2,142,344	)
GNMA		4.000		TBA-30yr		11/20/19		(1,000,000	)		(1,039,566	)
GNMA		4.500		TBA-30yr		10/21/19		(2,000,000	)		(2,089,844	)
GNMA		5.000		TBA-30yr		10/21/19		(2,000,000	)		(2,108,281	)

TOTAL (Proceeds Receivable: $32,001,523)										$	(31,993,775	)

(a)

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		12			12/16/19	$	2,941,200		$	1,235
Eurodollars		1			03/16/20		245,825			402
Eurodollars		3			06/15/20		738,338			1,378
Australian 3 Year Government Bonds		33			12/16/19		2,576,823			(159	)
Australian 10 Year Government Bonds		18			12/16/19		1,790,162			(1,800	)
Ultra Long U.S. Treasury Bonds		418			12/19/19		80,216,812			(1,097,436	)
30 Day Federal Funds		134			11/29/19		54,857,847			2,895
2 Year U.S. Treasury Notes		18			12/31/19		3,879,000			(155	)
5 Year U.S. Treasury Notes		59			12/31/19		7,029,758			3,839
10 Year U.S. Treasury Notes		218			12/19/19		28,408,125			39,941

Total									$	(1,049,860	)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(73	)		12/19/19		(10,395,656	)		(34,338	)
5 Year German Euro-Bobl		(43	)		12/06/19		(6,357,626	)		44,460
10 Year U.K. Long Gilt		(32	)		12/27/19		(5,281,751	)		(3,419	)
20 Year U.S. Treasury Bonds		(15	)		12/19/19		(2,434,688	)		(1,903	)

Total									$	4,800

TOTAL FUTURES CONTRACTS									$	(1,045,060	)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.727%^(a)		6M GBP	11/07/19	GBP	51,000		$	(4,240	)	$	108		$	(4,348	)
0.045^(b)		3M STIBOR^(a)	03/18/21	SEK	291,140	^(c)		(10,524	)		1,030			(11,554	)
3M LIBOR^(d)		1.287%	09/15/21	$	17,280	^(c)		(1,671	)		1,991			(3,662	)
3M CDOR^(e)		2.250	12/18/21	CAD	37,480	^(c)		236,043			204,036			32,007
1.500^(b)		3M LIBOR^(e)	12/18/21	$	26,450	^(c)		30,164			(3,757	)		33,920
0.000^(b)		3M LIBOR	07/25/24		23,200			4,350			376			3,974
6M AUDOR^(e)		1.250	12/18/24	AUD	6,290	^(c)		68,407			69,509			(1,101	)
3M CDOR^(e)		2.250	12/18/24	CAD	16,330	^(c)		316,342			299,376			16,966
1.500^(b)		3M LIBOR^(e)	12/18/24	$	10,870	^(c)		(11,136	)		(62,011	)		50,874
0.050^(b)		3M STIBOR^(d)	12/18/24	SEK	51,630	^(c)		(19,639	)		(10,451	)		(9,188	)
0.971^(d)		3M LIBOR	06/30/26	$	11,450	^(c)		195,685			186,006			9,679
6M AUDOR^(e)		1.250	12/18/26	AUD	4,860	^(c)		49,450			25,369			24,080
1.500^(e)		6M GBP	12/18/26	GBP	2,380	^(c)		(181,625	)		(137,447	)		(44,178	)
6M JYOR(e)		0.500	03/22/28	JPY	723,060	^(c)		176,017			(3,310	)		179,328
0.300^(e)		6M EURO^(d)	08/03/28	EUR	5,380	^(c)		(105,040	)		(53,083	)		(51,957	)
6M CHFOR^(e)		1.050^(d)	08/07/28	CHF	6,340	^(c)		434,869			90,496			344,373
6M EURO^(e)		1.200^(d)	02/12/29	EUR	8,060	^(c)		535,562			84,123			451,439
3M LIBOR^(b)		2.800^(e)	02/12/29	$	8,420	^(c)		461,110			60,395			400,715
1.500^(e)		6M GBP	02/12/29	GBP	12,250	^(c)		(616,375	)		(234,239	)		(382,136	)
3M LIBOR^(b)		1.295^(e)	05/15/29	$	4,910	^(c)		(106,511	)		(179,099	)		72,588
6M CDOR^(c)		3.000	06/19/29	CAD	9,100	^(c)		386,501			346,219			40,282
1.500%^(c)		6M EURO^(d)	06/19/29	EUR	6,900	^(c)		(558,038	)		(807,273	)		249,235
1.750^(c)		6M GBP	06/19/29	GBP	1,360	^(c)		(87,427	)		(87,427	)		—
3M LIBOR^(b)		2.013%^(e)	08/02/29	$	15,920	^(c)		454,998			171,546			283,452
0.900^(e)		6M GBP	09/13/29	GBP	4,120	^(c)		(53,242	)		7,842			(61,084	)
6M EURO^(e)		0.275^(d)	09/17/29	EUR	5,510	^(c)		55,412			(5,420	)		60,832
6M AUDOR^(e)		1.250	12/18/29	AUD	23,270	^(c)		97,832			(13,023	)		110,854
3M CDOR^(e)		2.500	12/18/29	CAD	2,750	^(c)		144,546			129,918			14,628
0.400^(b)		3M STIBOR^(d)	12/18/29	SEK	45,640	^(c)		(60,111	)		14,100			(74,210	)
0.750^(e)		6M EURO^(d)	12/18/29	EUR	3,890	^(c)		(384,818	)		(375,062	)		(9,756	)
1.500^(e)		6M GBP	12/18/29	GBP	3,440	^(c)		(356,214	)		(263,247	)		(92,967	)
1.750^(e)		6M NIBOR^(d)	12/18/29	NOK	58,790	^(c)		(34,846	)		(22,626	)		(12,220	)
6M NIBOR^(e)		2.000^(d)	03/19/30		17,920	^(c)		25,850			13,297			12,553
1.750^(b)		3M NZDOR^(e)	03/19/30	NZD	3,120	^(c)		(16,979	)		(1,207	)		(15,772	)
6M EURO^(e)		0.002^(d)	09/16/30	EUR	3,090	^(c)		24,246			15,034			9,211
6M JYOR^(e)		1.250	06/14/38	JPY	373,090	^(c)		296,519			287,245			9,274
3M LIBOR^(b)		3.000^(e)	06/20/39	$	980	^(c)		91,978			91,600			378
1.750^(e)		6M EURO^(d)	06/20/39	EUR	780	^(c)		(104,683	)		(110,154	)		5,471
1.750^(e)		6M GBP	06/20/39	GBP	1,870	^(c)		(209,846	)		(244,235	)		34,389
1.485^(b)		3M LIBOR^(e)	05/15/45	$	5,460	^(c)		253,881			479,319			(225,437	)
6M JYOR^(e)		1.000	06/15/49	JPY	572,420	^(c)		239,781			246,383			(6,602	)
3M LIBOR^(b)		2.750^(e)	06/15/49	$	1,080	^(c)		73,102			73,569			(467	)
1.500^(e)		6M EURO^(d)	06/15/49	EUR	1,820	^(c)		(232,637	)		(255,417	)		22,780
1.750^(e)		6M GBP	06/15/49	GBP	1,130	^(c)		(129,515	)		(136,503	)		6,988
2.230^(b)		3M LIBOR^(e)	08/02/52	$	4,100	^(c)		(475,604	)		(157,100	)		(318,503	)

TOTAL							$	891,924		$	(263,204	)	$	1,155,128


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

(a)

Payments made at termination date.

(b)

Payments made quarterly.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(d)

Payments made annually.

(e)

Payments made semi-annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund^(a)		Credit Spread at September 30, 2019^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Index Series 31		(1.000)%	0.478%		06/20/24	EUR	32,710	$	(896,293	)	$	(892,296	)	$	(3,997	)
Protection Sold:
CDX.NA.IG Index 32		1.000	0.528		06/20/24	$	50,955		1,100,442			783,910			316,532
CDX.NA.IG Index 33		1.000	0.600		12/20/24		55,225		1,109,628			1,080,657			28,971
General Electric Co. 2.700%, 10/09/22		1.000	1.164		06/20/24		2,825		(19,814	)		(46,106	)		26,292
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	0.757		12/20/24		1,080		13,420			14,950			(1,530	)
Prudential Financial, Inc., 3.500%, 05/15/24		1.000	0.658		06/20/24		2,950		46,684			46,998			(314	)
Republic of Colombia, 10.375%, 01/28/33		1.000	0.830		06/20/24		3,580		28,684			(15,045	)		43,729
Republic of Indonesia, 5.875%, 03/13/20		1.000%	0.818%		06/20/24		2,160		18,398			12,074			6,324
State of Qatar, 9.750%, 06/15/30		1.000	0.540		12/20/24		170		3,980			3,752			228
The Boeing Co., 8.750%, 08/15/2		1.000	0.421		06/20/24		1,225		32,979			25,116			7,863
United Mexican States, 4.150%, 03/28/27		1.000	1.047		06/20/24		410		(748	)		(5,734	)		4,986

TOTAL						$			1,437,360		$	1,008,276		$	429,084

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2019, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	Barclays Bank PLC		1.300	%		03/11/2020		3,410,000		$	3,410,000		$	31,054		$	31,969		$	(915	)
3M IRS	Citibank NA		1.580			11/12/2019		1,000,000			1,000,000			10,797			13,800			(3,003	)
3M IRS	Deutsche Bank AG (London)		1.420			11/15/2019		2,310,000			2,310,000			12,418			33,264			(20,846	)
3M IRS	JPMorgan Securities, Inc.		1.585			11/12/2019		1,070,000			1,070,000			11,670			21,400			(9,730	)
1Y IRS	UBS AG (London)		1.270			08/27/2020		3,300,000			3,300,000			47,500			66,555			(19,055	)
2M IRS	UBS AG (London)		1.580			11/12/2019		1,880,000			1,880,000			20,298			30,268			(9,970	)
3M IRS	UBS AG (London)		1.420			11/15/2019		940,000			940,000			4,657			15,416			(10,759	)
3M IRS	UBS AG (London)		1.585			11/12/2019		2,180,000			2,180,000			23,992			36,811			(12,819	)

								16,090,000		$	16,090,000		$	162,386		$	249,483		$	(87,097	)
Puts
3M IRS	JPMorgan Securities, Inc.		1.580			11/19/2019		3,500,000			3,500,000			35,314			36,400			(1,086	)
3M IRS	JPMorgan Securities, Inc.		2.080			11/19/2019		3,500,000			3,500,000			2,098			4,200			(2,102	)
								7,000,000		$	7,000,000		$	37,412		$	40,600		$	(3,188	)

Total purchased option contracts								23,090,000		$	23,090,000		$	199,798		$	290,083		$	(90,285	)
Written option contracts
Calls
1Y IRS	Barclays Bank PLC		0.600	%		08/21/2020		(14,690,000	)	$	(14,690,000	)	$	(34,281	)	$	(73,219	)	$	38,938
6M IRS	Barclays Bank PLC		0.280			03/11/2020		(4,190,000	)		(4,190,000	)		(30,433	)		(29,893	)		(540	)
1Y IRS	BofA Securities LLC		0.065			09/14/2020		(5,770,000	)		(5,770,000	)		(166,240	)		(152,742	)		(13,498	)
1Y IRS	BofA Securities LLC		0.600			08/21/2020		(1,500,000	)		(1,500,000	)		(3,501	)		(8,638	)		5,137
1Y IRS	Deutsche Bank AG (London)		0.065			09/14/2020		(2,400,000	)		(2,400,000	)		(69,147	)		(51,549	)		(17,598	)
3M IRS	Deutsche Bank AG (London)		0.250			11/15/2019		(2,800,000	)		(2,800,000	)		(10,007	)		(31,116	)		21,109
1Y IRS	JPMorgan Securities, Inc.		0.065			09/14/2020		(3,520,000	)		(3,520,000	)		(101,414	)		(74,646	)		(26,768	)
1Y IRS	JPMorgan Securities, Inc.		0.600			08/21/2020		(3,700,000	)		(3,700,000	)		(8,634	)		(19,687	)		11,053
2M IRS	JPMorgan Securities, Inc.		0.680			11/12/2019		(1,690,000	)		(1,690,000	)		(23,731	)		(22,535	)		(1,196	)
3M IRS	JPMorgan Securities, Inc.		0.090			11/12/2019		(1,300,000	)		(1,300,000	)		(13,979	)		(23,018	)		9,039
3M IRS	JPMorgan Securities, Inc.		0.680			11/12/2019		(910,000	)		(910,000	)		(12,779	)		(14,348	)		1,569
1Y IRS	UBS AG (London)		0.065			09/14/2020		(2,350,000	)		(2,350,000	)		(67,706	)		(67,077	)		(629	)
1Y IRS	UBS AG (London)		0.256			08/27/2020		(3,980,000	)		(3,980,000	)		(47,135	)		(64,115	)		16,980
3M IRS	UBS AG (London)		0.090			11/12/2019		(2,650,000	)		(2,650,000	)		(28,622	)		(36,452	)		7,830
3M IRS	UBS AG (London)		0.250			11/15/2019		(1,150,000	)		(1,150,000	)		(4,110	)		(21,174	)		17,064

								(52,600,000	)	$	(52,600,000	)	$	(621,720	)	$	(690,209	)	$	68,490


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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Puts
1Y IRS	BofA Securities LLC		0.065	%		09/14/2020		(5,770,000	)	$	(5,770,000	)	$	(80,996	)	$	(98,749	)	$	17,753
1Y IRS	Deutsche Bank AG (London)		0.065			09/14/2020		(2,400,000	)		(2,400,000	)		(33,690	)		(51,549	)		17,859
1Y IRS	JPMorgan Securities, Inc.		0.065			09/14/2020		(3,520,000	)		(3,520,000	)		(49,412	)		(74,647	)		25,235
3M IRS	JPMorgan Securities, Inc.		1.830			11/19/2019		(7,000,000	)		(7,000,000	)		(18,806	)		(25,200	)		6,394
1Y IRS	UBS AG (London)		0.065			09/14/2020		(2,350,000	)		(2,350,000	)		(32,987	)		(36,610	)		3,623
								(21,040,000	)	$	(21,040,000	)	$	(215,890	)	$	(286,754	)	$	70,864

Total written option contracts								(73,640,000	)	$	(73,640,000	)	$	(837,610	)	$	(976,964	)	$	139,354

TOTAL								(50,550,000	)	$	(50,550,000	)	$	(637,812	)	$	(686,881	)	$	49,069



Abbreviations:
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.IG Index 32		—CDX North America Investment Grade Index 32
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33
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.		45

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Sovereign Debt Obligations – 35.9%
British Pound – 2.0%
	United Kingdom Treasury
GBP	1,450,000		4.500	%		09/07/34	$	2,737,383
	3,970,000		3.500			01/22/45		7,650,089
	1,270,000		3.500			07/22/68		3,185,658

								13,573,130

Canadian Dollar – 2.1%
	British Columbia Province of Canada
CAD	800,000		3.250			12/18/21		623,581
	2,600,000		2.850			06/18/25		2,071,130
	2,000,000		4.950			06/18/40		2,165,302
	Canadian Government Bond
	1,760,000		2.750			12/01/48		1,708,350
	Ontario Province of Canada
	3,700,000		2.850			06/02/23		2,896,464
	1,700,000		2.600			06/02/25		1,332,617
	2,300,000		4.650			06/02/41		2,404,857
	Quebec Province of Canada
	1,800,000		4.250			12/01/21		1,430,639

								14,632,940

Chinese Yuan – 0.3%
	China Development Bank
CNY	7,420,000		4.040			04/10/27		1,052,151
	China Government Bond
	5,390,000		3.860			07/22/49		766,649

								1,818,800

Czech Koruna – 0.1%
	Czech Republic Government Bond
CZK	11,190,000		1.500			10/29/19		472,701

Danish Krone – 0.1%
	Kingdom of Denmark
DKK	3,000,000		4.500			11/15/39		883,815

Euro – 7.1%
	French Republic Government Bond OAT
EUR	1,700,000		4.500			04/25/41		3,516,018
	800,000		1.750	^(a)		05/25/66		1,221,067
	Ireland Government Bond
	1,030,000		0.900			05/15/28		1,222,935
	Italy Buoni Poliennali Del Tesoro
EUR	1,100,000		0.950			03/01/23		1,237,803
	2,210,000		1.450			05/15/25		2,557,461
	3,580,000		2.800			12/01/28		4,615,312
	1,750,000		2.950	^(a)		09/01/38		2,342,093
	1,000,000		2.800	^(a)		03/01/67		1,297,455
	Italy Certificati di Credito del Tesoro/CCTS-eu^(b) (-1x6M Euribor + 1.850%)
	4,320,000		1.508			01/15/25		4,951,548
	Kingdom of Belgium^(a)
	1,040,000		0.200			10/22/23		1,172,826
	580,000		0.800			06/22/27		691,703
	1,020,000		0.900			06/22/29		1,238,700
	910,000		2.150			06/22/66		1,523,063
	Portugal Obrigacoes do Tesouro OT^(a)
	1,200,000		1.950			06/15/29		1,533,325


Foreign Sovereign Debt Obligations – (continued)
Euro – (continued)
	Republic of Austria^(a)
	450,000		1.500			11/02/86		723,396
	460,000		2.100	^(c)		09/20/17		952,376
	Republic of Indonesia^(a)
	650,000		2.625			06/14/23		766,916
	240,000		2.150			07/18/24		281,125
	Spain Government Bond^(a)
	3,330,000		3.800			04/30/24		4,316,206
	1,250,000		2.750			10/31/24		1,574,243
	2,200,000		1.600			04/30/25		2,644,706
	1,215,000		5.900			07/30/26		1,868,612
	3,250,000		1.500			04/30/27		3,952,648
	1,110,000		3.450			07/30/66		2,062,483

								48,264,020

Indonesian Rupiah – 0.2%
	Republic of Indonesia
IDR	18,441,000,000		8.750			05/15/31		1,412,792

Israeli Shekel – 0.1%
	Israel Government Bond
ILS	2,430,000		2.000			03/31/27		762,563

Japanese Yen – 16.9%
	Government of Japan
JPY	171,350,000		0.100			08/01/21		1,596,879
	4,472,600,000		0.100			09/01/21		41,704,280
	1,324,200,000		0.100			09/20/21		12,348,831
	448,000,000		0.100			03/20/29		4,278,840
	4,500,000		0.100			06/20/29		42,914
	1,078,250,000		2.500			09/20/34		13,645,833
	464,050,000		0.400			03/20/39		4,446,726
	898,050,000		0.300			06/20/39		8,460,482
	145,000,000		1.400			09/20/45		1,707,453
	143,600,000		0.500			03/20/49		1,378,640
	172,500,000		0.400			06/20/49		1,606,336
	711,000,000		0.500			03/20/59		6,733,080
	Japanese Government CPI Linked Bond
	615,597,500		0.100			03/10/25		5,869,882
	992,600,185		0.100			03/10/26		9,512,254
	227,590,731		0.100			03/10/29		2,195,396

								115,527,826

Mexican Peso – 0.1%
	United Mexican States
MXN	251,600		10.000			11/20/36		16,210
	13,763,300		10.000			11/20/36		886,726

								902,936

Russian Ruble – 0.1%
	Russian Federation Bond
RUB	26,160,000		7.050			01/19/28		408,908

Singapore Dollar – 0.2%
	Singapore Government Bond
SGD	2,150,000		2.750			07/01/23		1,612,325

South Korean Won – 1.5%
	Inflation Linked Korea Treasury Bond
KRW	11,963,956,685		1.000			06/10/26		10,341,445


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

GOLDMAN SACHS GLOBAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Sovereign Debt Obligations – (continued)
Swedish Krona – 0.3%
	Sweden Government Bond
SEK	21,290,000		3.500	%		06/01/22	$	2,403,418

Thai Baht – 2.0%
	Thailand Government Bond
THB	126,490,000		1.875			06/17/22		4,171,635
	47,730,000		3.625			06/16/23		1,685,918
	221,950,000		2.400			12/17/23		7,517,623

								13,375,176

United States Dollar – 2.8%
	Abu Dhabi Government International Bond
$	500,000		2.500	^(a)		10/11/22		504,375
	790,000		3.125	^(a)		10/11/27		828,513
	600,000		4.125	^(a)		10/11/47		703,125
	1,370,000		4.125			10/11/47		1,605,469
	Republic of Indonesia
	970,000		5.875			01/15/24		1,093,372
	4,340,000		4.125			01/15/25		4,616,675
	200,000		4.125	^(a)		01/15/25		212,750
	790,000		3.850	^(a)		07/18/27		834,684
	Republic of Kuwait
	5,470,000		3.500			03/20/27		5,887,087
	Republic of Qatar^(a)
	1,820,000		5.103			04/23/48		2,329,031
	United Mexican States^(d)
	200,000		4.500			01/31/50		210,200

								18,825,281

	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $233,551,180)						$	245,218,076



Corporate Obligations – 32.8%
Aerospace & Defense^(d) – 1.0%
	General Dynamics Corp.
$	400,000		3.375	%		05/15/23	$	419,224
	Northrop Grumman Corp.
	1,700,000		2.930			01/15/25		1,751,986
	2,250,000		3.250			01/15/28		2,361,510
	United Technologies Corp.
	800,000		3.650			08/16/23		846,560
	850,000		3.950			08/16/25		930,538
	778,000		4.125			11/16/28		880,229

								7,190,047

Agriculture – 0.3%
	Altria Group, Inc.^(d)
EUR	200,000		3.125			06/15/31		244,855
	BAT Capital Corp.^(d)
$	450,000		3.222			08/15/24		454,990
	50,000		3.557			08/15/27		50,270
	BAT International Finance PLC^(a)
	800,000		2.750			06/15/20		802,200
	200,000		3.500			06/15/22		205,278
	Reynolds American, Inc.
	108,000		3.250			06/12/20		108,631
	150,000		4.000			06/12/22		156,153

								2,022,377


Corporate Obligations – (continued)
Automotive – 0.2%
	General Motors Financial Co., Inc.^(d)
	200,000		5.650			01/17/29		220,654
	Volkswagen Leasing GmbH
EUR	1,050,000		1.625			08/15/25		1,196,909

								1,417,563

Banks – 12.3%
	AIB Group PLC^(a)(b)(d) (3M USD LIBOR + 1.874%)
$	1,050,000		4.263			04/10/25		1,091,055
	Banco Bilbao Vizcaya Argentaria SA
EUR	600,000		0.750			09/11/22		667,396
	Banco de Sabadell SA
	400,000		0.875			03/05/23		443,745
	Banco Santander SA
$	800,000		2.706			06/27/24		807,904
	400,000		3.306			06/27/29		412,980
	Bank of America Corp.
	1,450,000		4.125			01/22/24		1,560,794
	150,000		3.875			08/01/25		161,915
	(3M USD LIBOR + 0.630%)
	900,000		3.499	^(b)(d)		05/17/22		918,081
	Barclays PLC^(d)
	900,000		3.684			01/10/23		914,652
	(3M USD LIBOR + 1.400%)
	800,000		4.610	^(b)		02/15/23		830,328
	BNP Paribas SA
	1,450,000		3.375	^(a)		01/09/25		1,498,126
	1,250,000		3.375			01/09/25		1,291,488
	(3M Euribor + 1.800%)
EUR	1,100,000		2.125	^(b)(d)		01/23/27		1,322,521
	(5 year USD Swap + 4.149%)
$	400,000		6.625	^(a)(b)(d)		03/25/49		422,560
	BPCE SA^(a)
	2,350,000		4.000			09/12/23		2,479,602
	CaixaBank SA
EUR	400,000		1.125			05/17/24		454,230
	Citigroup, Inc.^(d)
GBP	600,000		2.750			01/24/24		775,738
	Commerzbank AG
EUR	550,000		4.000			03/23/26		674,227
	Cooperatieve Rabobank UA
	550,000		3.875			07/25/23		684,346
	Credit Agricole SA^(a)
$	800,000		3.375			01/10/22		817,704
	300,000		3.750			04/24/23		313,293
	Credit Suisse Group AG^(a)(b)(d) (SOFR + 1.560%)
	1,550,000		2.593			09/11/25		1,536,902
	Credit Suisse Group Funding Guernsey Ltd.
EUR	500,000		1.250			04/14/22		561,853
	Deutsche Bank AG
$	2,400,000		2.700			07/13/20		2,388,965
	100,000		3.125			01/13/21		99,657
	Dexia Credit Local SA
GBP	5,900,000		1.125			06/15/22		7,328,554
	HSBC Holdings PLC
$	200,000		4.250			08/18/25		211,890


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	HSBC Holdings PLC – (continued)
	(3M USD LIBOR + 1.211%)
$	1,950,000		3.803	%^(b)(d)		03/11/25	$	2,030,086
	JPMorgan Chase & Co.^(b)(d)
	(3M USD LIBOR + 0.890%)
	2,250,000		3.797			07/23/24		2,372,850
	(3M USD LIBOR + 1.000%)
	2,050,000		4.023			12/05/24		2,185,607
	KBC Group NV
EUR	800,000		0.750			10/18/23		893,698
	Kreditanstalt fuer Wiederaufbau^(e)
AUD	3,000,000		6.000			08/20/20		2,111,554
EUR	12,260,000		0.000	^(f)		12/15/22		13,625,504
	5,800,000		0.375			03/15/23		6,534,248
	3,000,000		0.625			01/07/28		3,544,159
	Macquarie Group Ltd.^(a)(b)(d) (3M USD LIBOR + 1.372%)
$	300,000		3.763			11/28/28		314,139
	Mitsubishi UFJ Financial Group, Inc.
	750,000		3.751			07/18/39		806,948
	Morgan Stanley, Inc.
	50,000		3.875			04/29/24		53,225
	1,700,000		3.700			10/23/24		1,799,263
	300,000		4.000			07/23/25		323,721
	(-1x3M Euribor + 0.753%)
EUR	550,000		0.637	^(b)(d)		07/26/24		608,669
	(SOFR + 1.152%)
$	1,300,000		2.720	^(b)(d)		07/22/25		1,311,580
	Royal Bank of Scotland Group PLC
	200,000		3.875			09/12/23		206,324
	(3M Euribor + 1.080%)
EUR	550,000		1.750	^(b)(d)		03/02/26		626,365
	(3M USD LIBOR + 1.480%)
$	1,200,000		3.498	^(b)(d)		05/15/23		1,215,888
	(3M USD LIBOR + 1.550%)
	900,000		4.519	^(b)(d)		06/25/24		946,044
	Santander UK PLC
	1,700,000		2.875			06/18/24		1,726,095
	Societe Generale SA
EUR	1,700,000		1.750			03/22/29		2,028,720
	The Huntington National Bank^(d)
$	1,950,000		3.250			05/14/21		1,982,038
	The PNC Financial Services Group, Inc.^(d)
	600,000		3.500			01/23/24		634,044
	UBS Group Funding Switzerland AG^(a)
	2,400,000		3.000			04/15/21		2,428,728
	Wells Fargo Bank NA^(d)
	2,600,000		3.550			08/14/23		2,730,884

								83,710,887

Beverages^(d) – 1.1%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	750,000		4.900			02/01/46		893,572
	Anheuser-Busch InBev Worldwide, Inc.
	500,000		4.150			01/23/25		546,120
	2,300,000		4.750			01/23/29		2,677,752
	700,000		4.600			04/15/48		805,063


Corporate Obligations – (continued)
Beverages^(d) – (continued)
	Bacardi Ltd.^(a)
	1,200,000		4.700			05/15/28		1,307,256
	Constellation Brands, Inc.
	1,500,000		3.200			02/15/23		1,545,450

								7,775,213

Chemicals – 1.1%
	CNAC HK Finbridge Co. Ltd.
	630,000		3.125			06/19/22		631,371
	410,000		4.625			03/14/23		430,116
	DuPont de Nemours, Inc.^(d)
	600,000		4.493			11/15/25		662,285
	1,200,000		4.725			11/15/28		1,371,096
	Sasol Financing International Ltd.
	560,000		4.500			11/14/22		573,300
	SASOL Financing USA LLC^(d)
	200,000		5.875			03/27/24		215,562
	Syngenta Finance NV^(a)(d)
	750,000		4.441			04/24/23		783,420
	600,000		4.892			04/24/25		633,678
	200,000		5.182			04/24/28		211,928
	200,000		5.676			04/24/48		206,410
	The Sherwin-Williams Co.^(d)
	2,000,000		3.450			06/01/27		2,095,360

								7,814,526

Commercial Services – 0.1%
	Global Payments, Inc.^(d)
	300,000		3.200			08/15/29		304,230
	Societa Iniziative Autostradali e Servizi SpA
EUR	550,000		3.375			02/13/24		670,906

								975,136

Computers^(d) – 0.2%
	Apple, Inc.
$	400,000		2.950			09/11/49		391,528
	Dell International LLC/EMC Corp.^(a)
	950,000		4.900			10/01/26		1,017,992

								1,409,520

Diversified Financial Services – 1.4%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,400,000		3.500	^(d)		05/26/22		1,435,392
	2,149,000		4.625			07/01/22		2,267,346
	Air Lease Corp.^(d)
	1,150,000		3.250			03/01/25		1,169,884
	Avolon Holdings Funding Ltd.^(a)(d)
	400,000		3.950			07/01/24		411,060
	Capital One Financial Corp.^(d)
	1,600,000		2.500			05/12/20		1,602,656
	GE Capital International Funding Co.
	1,100,000		3.373			11/15/25		1,122,803
	Huarong Finance 2019 Co. Ltd.
	620,000		3.750			05/29/24		634,531
	Huarong Finance II Co. Ltd.
	370,000		5.000			11/19/25		398,559
	200,000		4.625			06/03/26		211,625

								9,253,856


48		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)
Electrical – 0.7%
	Ameren Corp.^(d)
$	150,000		2.500	%		09/15/24	$	150,736
	Electricite de France SA^(a)(d)
	2,900,000		4.500			09/21/28		3,236,922
	innogy Finance B.V.
GBP	250,000		6.125			07/06/39		480,001
	Sempra Energy^(d)
	700,000		3.400			02/01/28		722,974

								4,590,633

Engineering & Construction^(d) – 0.2%
	Mexico City Airport Trust
	540,000		3.875	^(a)		04/30/28		529,537
	200,000		5.500	^(a)		10/31/46		198,438
	430,000		5.500	^(a)		07/31/47		426,990
	200,000		5.500			07/31/47		198,600

								1,353,565

Food & Drug Retailing^(d) – 0.1%
	Kraft Heinz Foods Co.
	600,000		2.800			07/02/20		601,008

Healthcare Providers & Services^(d) – 1.7%
	Becton Dickinson & Co.
	1,600,000		2.894			06/06/22		1,624,352
	3,275,000		3.363			06/06/24		3,412,092
	DH Europe Finance II S.a.r.l.
EUR	500,000		0.450			03/18/28		546,588
	800,000		0.750			09/18/31		877,018
	Medtronic Global Holdings SCA
	1,500,000		0.375			03/07/23		1,656,474
	400,000		0.250			07/02/25		439,738
	500,000		1.625			03/07/31		606,263
	800,000		1.000			07/02/31		909,585
	300,000		2.250			03/07/39		391,042
	400,000		1.500			07/02/39		464,833
	Thermo Fisher Scientific, Inc.
	500,000		0.500			03/01/28		544,016
	450,000		0.875			10/01/31		494,774

								11,966,775

Insurance – 0.6%
	Aviva PLC^(b)(d)
	(5 Year EUR Swap + 5.130%)
EUR	450,000		6.125	%		07/05/43	$	573,824
	(5 Year UK Government Bond + 2.850%)
GBP	450,000		6.125			11/14/36		660,432
	AXA SA^(b)(d) (3M Euribor + 3.200%)
EUR	550,000		3.250			05/28/49		678,459
	Chubb INA Holdings, Inc.^(d)
	100,000		0.875			06/15/27		112,542
	400,000		1.550			03/15/28		474,438
	550,000		1.400			06/15/31		640,441
	MetLife, Inc.
$	500,000		4.368			09/15/23		540,750
	110,000		3.600			04/10/24		116,565

								3,797,451


Corporate Obligations – (continued)
Internet^(a)(d) – 0.2%
	Expedia Group, Inc.
	1,150,000		3.250			02/15/30		1,147,539

Lodging^(d) – 0.2%
	Marriott International, Inc.
	1,500,000		4.650			12/01/28		1,693,020

Media – 1.1%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(d)
	150,000		3.579			07/23/20		151,283
	900,000		4.500			02/01/24		965,628
	3,400,000		4.908			07/23/25		3,732,962
	Comcast Corp.^(d)
	1,000,000		3.700			04/15/24		1,066,280
	750,000		3.950			10/15/25		817,072
	Fox Corp.^(a)(d)
	200,000		4.030			01/25/24		213,058
	Time Warner Cable LLC
	450,000		5.000			02/01/20		453,321
	100,000		4.125	^(d)		02/15/21		101,807

								7,501,411

Mining^(a) – 0.3%
	Glencore Funding LLC
	1,400,000		4.125			05/30/23		1,465,856
	650,000		4.125	^(d)		03/12/24		682,247

								2,148,103

Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	100,000		2.700			10/09/22		100,248
	300,000		3.100			01/09/23		304,335

								404,583

Multi-National – 0.6%
	European Investment Bank
EUR	3,400,000		0.875			01/14/28		4,101,503

Oil Field Services – 1.1%
	BP Capital Markets America, Inc.^(d)
$	2,100,000		3.790			02/06/24		2,235,324
	BP Capital Markets PLC
	250,000		3.814			02/10/24		266,082
	Devon Energy Corp.^(d)
	100,000		5.850			12/15/25		118,799
	Gazprom OAO Via Gaz Capital SA
	310,000		5.150	^(a)		02/11/26		337,416
	210,000		5.150			02/11/26		228,572
	240,000		8.625	^(g)		04/28/34		340,125
	310,000		7.288			08/16/37		409,781
	Occidental Petroleum Corp.
	600,000		5.550	^(d)		03/15/26		678,107
	200,000		3.200	^(d)		08/15/26		201,658
	150,000		3.500	^(d)		08/15/29		152,099
	600,000		6.450			09/15/36		739,658
	Petroleos Mexicanos
EUR	820,000		5.125			03/15/23		980,342


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Oil Field Services – (continued)
	Reliance Industries Ltd.^(a)
$	260,000		3.667	%		11/30/27	$	271,294
	Total Capital International SA^(d)
	350,000		3.461			07/12/49		370,118

								7,329,375

Pharmaceuticals^(d) – 0.7%
	AbbVie, Inc.
	300,000		3.750			11/14/23		315,351
	200,000		4.250			11/14/28		217,056
	Bayer US Finance II LLC^(a)
	750,000		3.875			12/15/23		783,413
	1,000,000		4.250			12/15/25		1,068,000
	550,000		4.375			12/15/28		593,406
	Cigna Corp.
	1,050,000		3.750			07/15/23		1,098,405
	CVS Health Corp.
	550,000		2.800			07/20/20		552,497

								4,628,128

Pipelines – 1.4%
	Abu Dhabi Crude Oil Pipeline LLC^(a)
	1,260,000		4.600			11/02/47		1,464,750
	Energy Transfer Operating LP^(d)
	400,000		5.250			04/15/29		450,712
	Enterprise Products Operating LLC^(d)
	700,000		2.850			04/15/21		706,944
	500,000		3.750			02/15/25		532,010
	EQM Midstream Partners LP^(d)
	550,000		4.750			07/15/23		551,996
	MPLX LP^(d)
	250,000		4.500			04/15/38		259,437
	150,000		5.500			02/15/49		174,428
	Plains All American Pipeline LP/PAA Finance Corp.^(d)
	1,050,000		4.500			12/15/26		1,113,945
	50,000		4.700			06/15/44		48,798
	Sabine Pass Liquefaction LLC^(d)
	1,500,000		5.625			03/01/25		1,683,750
	Sunoco Logistics Partners Operations LP^(d)
	1,050,000		4.000			10/01/27		1,088,703
	350,000		5.300			04/01/44		369,127
	The Williams Cos., Inc.^(d)
	550,000		3.600			03/15/22		564,921
	450,000		3.900			01/15/25		471,906
	Western Midstream Operating LP^(d)
	250,000		4.750			08/15/28		245,810
	50,000		5.450			04/01/44		44,191
	50,000		5.300			03/01/48		43,394

								9,814,822

Real Estate Investment Trust^(d) – 1.0%
	Alexandria Real Estate Equities, Inc.
	500,000		3.375			08/15/31		522,550
	American Tower Corp.
	450,000		3.300			02/15/21		456,417
	400,000		3.800			08/15/29		426,572


Corporate Obligations – (continued)
Real Estate Investment Trust^(d) – (continued)
	HCP, Inc.
	200,000		3.250			07/15/26		205,716
	Logicor Financing S.a.r.l.
EUR	600,000		2.250			05/13/25		704,463
	550,000		3.250			11/13/28		679,466
	Ventas Realty LP/Ventas Capital Corp.
$	200,000		3.250			08/15/22		205,170
	VEREIT Operating Partnership LP
	900,000		4.625			11/01/25		982,449
	WEA Finance LLC^(a)
	700,000		3.500			06/15/29		720,657
	WEA Finance LLC/Westfield UK & Europe Finance PLC^(a)
	400,000		3.750			09/17/24		423,668
	WPC Eurobond B.V.
EUR	1,200,000		1.350			04/15/28		1,300,525

								6,627,653

Retailing^(d) – 0.5%
	Dollar Tree, Inc.
$	650,000		4.000			05/15/25		688,805
	950,000		4.200			05/15/28		1,021,526
	Lowe’s Cos., Inc.
	1,550,000		3.650			04/05/29		1,657,368

								3,367,699

Savings & Loans^(a)(b)(d) – 0.1%
	Nationwide Building Society
	(3M USD LIBOR + 1.181%)
	200,000		3.622			04/26/23		203,820
	(3M USD LIBOR + 1.855%)
	500,000		3.960			07/18/30		523,870

								727,690

Semiconductors – 0.9%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(d)
	500,000		3.000			01/15/22		504,960
	Broadcom, Inc.^(a)
	1,850,000		3.125			10/15/22		1,874,050
	1,850,000		3.625	^(d)		10/15/24		1,883,263
	1,850,000		4.250	^(d)		04/15/26		1,910,865

								6,173,138

Software^(d) – 0.6%
	Fidelity National Information Services, Inc.
EUR	400,000		0.750			05/21/23		445,524
GBP	250,000		2.602			05/21/25		324,583
EUR	650,000		1.500			05/21/27		758,996
	Fiserv, Inc.
$	650,000		3.200			07/01/26		672,912
EUR	800,000		1.125			07/01/27		907,501
$	850,000		3.500			07/01/29		893,826

								4,003,342

Supranational^(e) – 0.2%
	European Financial Stability Facility
EUR	900,000		1.375			05/31/47		1,270,631


50		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)
Telecommunication Services – 2.7%
	AT&T, Inc.^(d)
$	2,000,000		2.800	%		02/17/21	$	2,017,060
	1,450,000		3.200			03/01/22		1,485,090
	250,000		3.000			06/30/22		254,990
	300,000		3.950			01/15/25		320,193
	150,000		3.400			05/15/25		156,596
	1,600,000		4.100			02/15/28		1,731,776
	1,600,000		4.350			03/01/29		1,769,632
EUR	600,000		1.800			09/14/39		649,510
$	100,000		4.350			06/15/45		105,433
	100,000		4.850			07/15/45		110,890
	British Telecommunications PLC^(d)
	850,000		5.125			12/04/28		972,850
	Deutsche Telekom International Finance B.V.^(a)(d)
	500,000		2.485			09/19/23		502,415
	1,300,000		4.375			06/21/28		1,453,829
	Telefonica Emisiones SA^(d)
EUR	500,000		1.788			03/12/29		597,505
	Verizon Communications, Inc.
$	350,000		2.625			08/15/26		354,438
	3,084,000		4.329			09/21/28		3,495,375
	650,000		5.012			04/15/49		816,966
	Vodafone Group PLC
	1,550,000		3.750			01/16/24		1,632,072

								18,426,620

Trading Companies & Distributors^(d) – 0.1%
	Blackstone Property Partners Europe Holdings S.a.r.l.
EUR	450,000		2.200			07/24/25		523,938

	TOTAL CORPORATE OBLIGATIONS
	(Cost $218,229,369)						$	223,767,752



Asset-Backed Securities^(b) – 7.5%
Collateralized Loan Obligations^(a) – 3.6%
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
$	3,800,000		3.106	%		01/27/28	$	3,775,380
	GoldentTree Loan Management US CLO 1 Ltd. Series 2017-1A, Class A (3M USD LIBOR + 1.220%)
	4,650,000		3.498			04/20/29		4,660,556
	Halcyon Loan Advisors Funding Ltd. Series 2013-1A, Class A1 (3M USD LIBOR + 1.150%)
	27,189		3.453			04/15/25		27,193
	Halcyon Loan Advisors Funding Ltd. Series 2014-1A, Class A1R (3M USD LIBOR + 1.130%)
	1,443,633		3.430			04/18/26		1,444,130
	Madison Park Funding XII Ltd. Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	2,308,216		3.538			07/20/26		2,308,560
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,300,000		3.053			04/15/29		5,258,538
	OFSI Fund VII Ltd. Series 2014-7A, Class AR (3M USD LIBOR + 0.900%)
	1,249,272		3.200			10/18/26		1,249,371


Asset-Backed Securities^(b) – (continued)
Collateralized Loan Obligations^(a) – (continued)
	Trinitas CLO II Ltd. Series 2014-2A, Class A1R (3M USD LIBOR + 1.180%)
	657,069		3.483			07/15/26		657,880
	Tryon Park CLO Ltd. Series 2013-1A, Class A1SR (3M USD LIBOR + 0.890%)
	3,700,000		3.193			04/15/29		3,698,712
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	1,535,718		3.153			05/01/26		1,535,873

								24,616,193

Home Equity – 0.0%
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 1A1
	4,368		7.000			09/25/37		4,388
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	48,010		7.000			09/25/37		49,838

								54,226

Other^(a) – 0.1%
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	617,406		2.877			07/25/59		624,055

Student Loans – 3.8%
	Chase Education Loan Trust Series 2007-A, Class A3 (3M USD LIBOR + 0.070%)
	17,089		2.174			12/28/23		17,069
	ECMC Group Student Loan Trust Series 2017-1A, Class A^(a) (1M USD LIBOR + 1.200%)
	5,500,441		3.218			12/27/66		5,555,892
	Educational Services of America, Inc. Series 2015-2, Class A^(a) (1M USD LIBOR + 1.000%)
	1,058,098		3.018			12/25/56		1,061,816
	Higher Education Funding I Series 2014-1, Class A^(a) (3M USD LIBOR + 1.050%)
	3,363,757		3.182			05/25/34		3,378,485
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	343,271		3.082			02/25/42		342,873
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A3 (1M USD LIBOR + 1.050%)
	2,450,000		3.094			07/20/43		2,449,996
	Navient Student Loan Trust Series 2017-2A, Class A^(a) (1M USD LIBOR + 1.050%)
	5,159,425		3.068			12/27/66		5,175,596
	Nelnet Student Loan Trust Series 2006-1, Class A6^(a) (3M USD LIBOR + 0.450%)
	4,300,000		2.598			08/23/36		4,174,222
	Nelnet Student Loan Trust Series 2011-1A, Class A^(a) (1M USD LIBOR + 0.850%)
	200,613		2.868			02/25/48		201,778
	PHEAA Student Loan Trust Series 2016-1A, Class A^(a) (1M USD LIBOR + 1.150%)
	2,589,733		3.168			09/25/65		2,610,379


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(b) – (continued)
Student Loans – (continued)
	Scholar Funding Trust Series 2010-A, Class A^(a) (3M USD LIBOR + 0.750%)
$	658,973		3.006	%		10/28/41	$	656,554

								25,624,660

	TOTAL ASSET-BACKED SECURITIES
	(Cost $50,599,699)						$	50,919,134



Mortgage-Backed Obligations – 28.3%
Collateralized Mortgage Obligations – 3.2%
Interest Only^(h) – 0.5%
	FHLMC REMIC Series 3852, Class SW^(b) (-1x1M LIBOR + 6.000%)
$	438,413		3.973	%		05/15/41	$	69,542
	FHLMC REMIC Series 4314, Class SE^(b) (-1x1M LIBOR + 6.050%)
	358,922		4.023			03/15/44		57,855
	FHLMC REMIC Series 4320, Class SD^(b) (-1x1M LIBOR + 6.100%)
	261,772		4.073			07/15/39		46,522
	FHLMC REMIC Series 4583, Class ST^(b) (-1x1M LIBOR + 6.000%)
	1,233,398		3.973			05/15/46		209,399
	FHLMC REMIC Series 4792, Class SA^(b) (-1x1M LIBOR + 6.200%)
	1,239,823		4.173			05/15/48		167,982
	FHLMC STRIPS Series 304, Class C45
	286,565		3.000			12/15/27		20,070
	FNMA REMIC Series 2011-124, Class SC^(b) (-1x1M LIBOR + 6.550%)
	409,621		4.532			12/25/41		74,634
	FNMA REMIC Series 2012-5, Class SA^(b) (-1x1M LIBOR + 5.950%)
	561,595		3.932			02/25/42		91,427
	FNMA REMIC Series 2014-6, Class SA^(b) (-1x1M LIBOR + 6.600%)
	450,152		4.582			02/25/44		84,100
	FNMA REMIC Series 2018-38, Class SG^(b) (-1x1M LIBOR + 6.200%)
	415,520		4.182			06/25/48		56,254
	GNMA REMIC Series 2010-101, Class S^(b) (-1x1M LIBOR + 6.000%)
	854,583		3.956			08/20/40		147,372
	GNMA REMIC Series 2010-20, Class SE^(b) (-1x1M LIBOR + 6.250%)
	648,244		4.206			02/20/40		121,102
	GNMA REMIC Series 2013-124, Class CS^(b) (-1x1M LIBOR + 6.050%)
	688,014		4.006			08/20/43		125,799
	GNMA REMIC Series 2013-134, Class DS^(b) (-1x1M LIBOR + 6.100%)
	139,921		4.056			09/20/43		25,630
	GNMA REMIC Series 2013-152, Class SG^(b) (-1x1M LIBOR + 6.150%)
	251,252		4.106			06/20/43		45,507


Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only^(h) – (continued)
	GNMA REMIC Series 2013-152, Class TS^(b) (-1x1M LIBOR + 6.100%)
	239,519		4.056			06/20/43		42,516
	GNMA REMIC Series 2013-181, Class SA^(b) (-1x1M LIBOR + 6.100%)
	813,949		4.056			11/20/43		153,109
	GNMA REMIC Series 2014-117, Class SJ^(b) (-1x1M LIBOR + 5.600%)
	1,980,806		3.556			08/20/44		316,333
	GNMA REMIC Series 2014-132, Class SL^(b) (-1x1M LIBOR + 6.100%)
	572,191		4.056			10/20/43		72,672
	GNMA REMIC Series 2014-133, Class BS^(b) (-1x1M LIBOR + 5.600%)
	292,574		3.556			09/20/44		46,809
	GNMA REMIC Series 2014-158, Class SA^(b) (-1x1M LIBOR + 5.600%)
	934,407		3.573			10/16/44		151,833
	GNMA REMIC Series 2015-110, Class MS^(b) (-1x1M LIBOR + 5.710%)
	1,658,291		3.666			08/20/45		238,884
	GNMA REMIC Series 2015-111, Class IM
	798,560		4.000			08/20/45		99,805
	GNMA REMIC Series 2015-123, Class SP^(b) (d) (-1x1M USD LIBOR + 6.250%)
	410,533		3.762			09/20/45		69,040
	GNMA REMIC Series 2015-129, Class IC
	333,653		4.500			09/16/45		59,598
	GNMA REMIC Series 2015-167, Class AS^(b) (-1x1M LIBOR + 6.250%)
	289,244		4.206			11/20/45		45,773
	GNMA REMIC Series 2015-168, Class SD^(b) (-1x1M LIBOR + 6.200%)
	194,847		4.156			11/20/45		35,470
	GNMA REMIC Series 2015-57, Class AS^(b) (-1x1M LIBOR + 5.600%)
	1,346,701		3.556			04/20/45		193,661
	GNMA REMIC Series 2016-1, Class ST^(b) (-1x1M LIBOR + 6.200%)
	371,634		4.156			01/20/46		58,036
	GNMA REMIC Series 2016-138, Class GI
	874,139		4.000			10/20/46		118,193
	GNMA REMIC Series 2016-27, Class IA
	498,368		4.000			06/20/45		52,370

								3,097,297

Sequential Fixed Rate – 0.2%
	FNMA REMIC Series 2011-52, Class GB
	414,147		5.000			06/25/41		456,177
	FNMA REMIC Series 2011-99, Class DB
	392,011		5.000			10/25/41		431,683
	FNMA REMIC Series 2012-111, Class B
	44,935		7.000			10/25/42		52,482
	FNMA REMIC Series 2012-153, Class B
	188,235		7.000			07/25/42		221,095

								1,161,437


52		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)
Sequential Floating Rate^(b) – 2.5%
	Countrywide Alternative Loan Trust Series 2005-38, Class A1(12M MTA + 1.500%)
$	81,083		3.946	%		09/25/35		$	80,027
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1 (1M USD LIBOR + 0.210%)
	255,547		2.254			03/20/46			236,687
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
	29,257		4.178			04/20/35			28,437
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	857,593		1.561			08/20/56			1,053,338
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
$	347,375		4.489			08/19/36			326,909
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	1,026,177		1.618			11/15/49			1,257,269
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1(12M MTA + 1.000%)
$	557,012		3.446			01/25/46			507,264
	Ripon Mortgages PLC Series 1X, Class A1 (3M GBP LIBOR + 0.800%)
GBP	370,210		1.561			08/20/56			453,867
	Ripon Mortgages PLC Series 1X, Class A2 (3M GBP LIBOR + 0.800%)
	3,256,340		1.561			08/20/56			3,997,457
	Sequoia Mortgage Trust Series 2004-10, Class A3A(6M USD LIBOR + 0.660%)
$	70,616		3.294			11/20/34			68,584
	Silverstone Master Issuer PLC Series 2019-1A, Class 1A^(a) (3M USD LIBOR + 0.570%)
	1,050,000		2.848			01/21/70			1,051,115
	Station Place Securitization Trust Series 2015-2, Class AR^(a) (1M USD LIBOR + 0.550%)
	1,400,000		2.586			05/15/21			1,400,000
	Towd Point Mortgage Funding Auburn 11 PLC Series 2017-A11X, Class A1 (3M GBP LIBOR + 0.850%)
GBP	2,386,580		1.611			05/20/45			2,936,291
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
	943,528		1.676			03/20/56			1,159,132
	Tower Bridge Funding No. 1 PLC, Class A (3M GBP LIBOR + 1.000%)
	655,456		1.776			03/20/56			806,484
	Warwick Finance Residential Mortgages No. One PLC Series 1, Class A (3M GBP LIBOR + 1.000%)
	1,512,075		1.765			09/21/49			1,862,877

									17,225,738

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	21,484,472

Federal Agencies – 25.1%
FHLMC – 0.0%
$	2,458		5.000	%		01/01/33		$	2,651
	389		5.000			06/01/33			427
	4,379		5.000			07/01/33			4,814
	5,430		5.000			08/01/33			5,969


Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	887		5.000			10/01/33			975
	2,761		5.000			11/01/33			3,035
	1,335		5.000			12/01/33			1,468
	4,121		5.000			02/01/34			4,533
	1,711		5.000			03/01/34			1,886
	2,751		5.000			04/01/34			3,031
	4,538		5.000			05/01/34			4,989
	64,452		5.000			06/01/34			70,871
	938		5.000			11/01/34			1,034
	18,051		5.000			04/01/35			19,844
	826		5.000			11/01/35			908
	7,548		5.000			02/01/37			8,358
	511		5.000			11/01/37			561
	25,991		5.000			01/01/40			28,636
	15,389		4.000			06/01/40			16,462
	137,836		4.000			02/01/41			147,446
	10,453		4.000			11/01/41			11,180

									339,078

GNMA – 11.0%
	532,129		4.000			11/20/44			564,341
	49,281		4.000			05/20/45			52,233
	1,232,467		4.000			07/20/45			1,306,302
	909,999		4.000			01/20/46			961,956
	533,275		4.500			02/20/48			561,520
	177,190		4.500			03/20/48			186,575
	716,740		4.500			04/20/48			756,078
	1,703,062		4.500			05/20/48			1,794,138
	2,325,029		4.500			08/20/48			2,444,462
	12,318,642		4.500			09/20/48			12,947,582
	1,501,191		5.000			09/20/48			1,593,036
	1,743,294		5.000			10/20/48			1,847,772
	2,441,003		5.000			11/20/48			2,570,535
	1,910,495		5.000			01/20/49			2,011,875
	937,664		5.000			02/20/49			986,315
	22,000,000		3.000			TBA-30yr	⁽ⁱ⁾		22,570,195
	1,000,000		3.500			TBA-30yr	⁽ⁱ⁾		1,035,493
	17,000,000		4.500			TBA-30yr	⁽ⁱ⁾		17,773,516
	3,000,000		5.000			TBA-30yr	⁽ⁱ⁾		3,171,328

									75,135,252

UMBS – 5.2%
	469,380		5.000			06/01/23			502,314
	89,672		5.000			01/01/24			95,965
	88,108		5.000			01/01/25			94,290
	311,954		4.500			07/01/36			336,952
	29,067		4.500			12/01/36			31,305
	32,591		4.500			05/01/38			35,290
	21,855		4.500			05/01/39			23,811
	13,893		4.500			06/01/39			15,136
	8,871		4.500			08/01/39			9,665
	14,614		4.500			09/01/39			15,847
	22,184		4.500			10/01/39			24,055
	8,202		4.500			03/01/40			8,894
	120,954		4.500			04/01/40			131,234
	9,324		4.500			12/01/40			10,117
	119,342		4.500			01/01/41			128,980


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	35,694		4.500	%		04/01/41	$	38,577
	62,805		4.500			06/01/41		68,117
	48,480		4.500			07/01/41		52,364
	74,163		4.500			08/01/41		80,206
	230,731		4.500			09/01/41		249,220
	183,821		4.500			10/01/41		198,551
	154,875		4.500			11/01/41		166,802
	103,330		4.500			12/01/41		112,070
	97,767		4.500			01/01/42		105,556
	13,839		4.500			03/01/42		15,194
	41,149		4.500			04/01/42		44,487
	95,528		3.000			12/01/42		99,088
	232,190		3.000			01/01/43		240,859
	289,688		3.000			04/01/43		300,664
	704,207		4.500			06/01/45		748,093
	3,606,397		4.500			11/01/47		3,873,973
	7,152,269		4.000			01/01/48		7,582,631
	906,677		4.500			09/01/48		980,464
	6,000,000		4.000			01/01/49		6,344,911
	11,885,592		5.000			10/01/49		12,767,140

								35,532,822

UMBS, 30 Year, Single Family⁽ⁱ⁾ – 8.9%
	2,000,000		2.500			TBA-30yr		1,991,399
	18,000,000		3.500			TBA-30yr		18,463,867
	38,000,000		4.500			TBA-30yr		40,014,828

								60,470,094

	TOTAL FEDERAL AGENCIES						$	171,477,246

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $192,909,986)						$	192,961,718



Agency Debenture – 0.4%
	FHLMC
$	1,800,000		6.750	%		03/15/31	$	2,679,156
	(Cost $2,266,271)



Municipal Debt Obligation^(b)(d) – 0.4%
New Hampshire – 0.4%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
$	2,744,193		3.125	%		10/25/37	$	2,738,194
	(Cost $2,721,716)


Shares		Dividend Rate			Value

Investment Company^(j) – 6.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	46,043,669		2.032	%	$	46,043,669
	(Cost $46,043,669)

	TOTAL INVESTMENTS – 112.0%
	(Cost $746,321,890)				$	764,327,699

	LIABILITIES IN EXCESS OF OTHER ASSETS – (12.0)%					(81,996,839	)

	NET ASSETS – 100.0%				$	682,330,860



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

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

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2019.

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

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

(e)		Guaranteed by a foreign government until maturity.

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

(g)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2019.

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

(i)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $105,020,626 which represents approximately 15.4% of the Fund’s net assets as of September 30, 2019.

(j)		Represents an affiliated issuer.


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

GOLDMAN SACHS GLOBAL INCOME FUND



Currency Abbreviations:
AUD		—Australian Dollar
BRL		—Brazilian Real
CAD		—Canadian Dollar
CHF		—Swiss Franc
CLP		—Chilean Peso
CNH		—Chinese Yuan Renminbi Offshore
CNY		—Chinese Yuan Renminbi
COP		—Colombian Peso
CZK		—Czech Koruna
DKK		—Danish Krone
EUR		—Euro
GBP		—British Pound
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
MYR		—Malaysian Ringgit
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PEN		—Peruvian Nuevo Sol
PLN		—Polish Zloty
RON		—New Romanian Leu
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
THB		—Thai Baht
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
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
CPI		—Consumer Price Index
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GMAC		—General Motors Acceptance Corporation
GNMA		—Government National Mortgage Association
JIBAR		—Johannesburg Interbank Agreed Rate
JYOR		—Japanese Yen Offered Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
MTA		—Monthly Treasury Average
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PLC		—Public Limited Company
REMIC		—Real Estate Mortgage Investment Conduit
SHIBOR		—Shanghai Interbank Offered Rate
SHIBOR		—Shanghai Interbank Offered Rate
SHIBOR		—Shanghai Interbank Offered Rate
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	INR	300,449,375	USD	4,213,845		10/09/19	$	29,968
	CNH	5,549,455	USD	776,009		11/20/19		169
	USD	1,705,809	COP	5,883,176,378		10/10/19		16,029
	USD	5,296,150	NZD	8,328,167		12/18/19		71,591
	SEK	17,106,519	EUR	1,588,986		12/18/19		4,674
	USD	695,413	ILS	2,412,747		10/29/19		226
	USD	5,278,586	AUD	7,737,491		12/18/19		42,999
	RUB	29,962,508	USD	460,780		10/15/19		291
	USD	9,310,348	CLP	6,727,262,836		10/01/19		84,020
	USD	929,189	TWD	28,808,375		10/03/19		883
	USD	1,586,255	CNH	11,304,909		12/18/19		6,188
	ZAR	14,143,185	USD	920,567		12/18/19		3,724
	USD	444,124	INR	31,395,126		10/09/19		671
	USD	8,965,502	EUR	8,101,222		12/18/19		80,860
	TRY	14,993,311	USD	2,544,933		12/18/19		42,937
	EUR	420,558	NOK	4,183,084		12/18/19		841


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	11,266,973	KRW	13,430,415,344		11/25/19	$	49,487
	MXN	33,380,003	USD	1,669,251		12/18/19		1,014
	IDR	27,293,531,783	USD	1,905,970		10/09/19		18,414
	AUD	680,646	SEK	4,498,322		12/18/19		1,085
	COP	1,649,900,488	USD	472,071		11/08/19		1,176
	USD	4,174,586	JPY	446,917,884		12/18/19		16,763
	USD	1,817,140	CLP	1,313,235,808		10/25/19		15,165
	USD	3,786,108	COP	13,057,919,375		11/08/19		40,653
	USD	3,367,756	CHF	3,310,733		12/18/19		26,827
	USD	5,932,719	CAD	7,840,018		12/18/19		7,102
	USD	1,290,815	BRL	5,281,237		10/02/19		19,923
	EUR	585,728	HUF	194,823,225		12/18/19		5,085
	USD	3,322,208	MXN	65,770,998		12/18/19		31,167
	CHF	2,006,962	EUR	1,845,170		12/18/19		1,661
	USD	2,762,235	ZAR	41,550,274		12/18/19		46,825
	JPY	75,184,650	AUD	1,030,944		12/18/19		1,877
	BRL	1,922,415	USD	460,646		10/02/19		1,969
	USD	462,133	IDR	6,525,955,241		10/09/19		2,007
	BRL	21,188,274	USD	5,061,697		11/04/19		25,031
	JPY	49,592,232	NZD	731,686		12/18/19		2,359
	EUR	840,366	AUD	1,358,372		12/18/19		2,488
	JPY	98,952,482	USD	918,093		12/18/19		2,494
	EUR	1,680,702	CHF	1,824,005		12/18/19		2,592
	USD	2,644,545	CNH	18,814,733		11/20/19		13,010
	EUR	419,126	PLN	1,827,280		12/18/19		3,453
	USD	106,134,601	EUR	96,116,593		11/27/19		925,865
	USD	461,270	PEN	1,544,792		11/06/19		3,582
	USD	1,382,698	RUB	88,654,860		10/15/19		18,454
	USD	919,660	SGD	1,263,379		12/18/19		4,737
	TWD	28,808,374	USD	922,850		10/03/19		5,456
	USD	431,486	AUD	628,166		11/13/19		6,866
	USD	463,864	NOK	4,145,922		12/18/19		7,567
	USD	1,955,967	HUF	580,639,156		12/18/19		56,643
	USD	459,327	PLN	1,806,842		12/18/19		8,225
	USD	617,003	DKK	4,144,174		11/20/19		9,553
	USD	727,832	RON	3,127,856		12/18/19		10,101
	PEN	6,605,180	USD	1,945,504		11/06/19		11,465
	TRY	2,715,470	EUR	415,772		12/18/19		12,716
	USD	1,939,315	TWD	59,635,873		10/30/19		13,714
	EUR	4,751,779	SEK	50,804,116		12/18/19		21,975
	NOK	79,950,786	EUR	7,998,058		12/18/19		27,817
	USD	1,427,995	MXN	27,411,933		10/07/19		40,576
	USD	15,361,644	CAD	20,246,094		11/20/19		67,876
	USD	2,593,083	SEK	24,155,095		10/07/19		138,185
	USD	37,220,128	GBP	30,079,374		12/04/19		140,786
	USD	120,008,984	JPY	12,674,400,861		11/14/19		2,433,831

TOTAL							$	4,691,688


56		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		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	673,487	CAD	612,257		12/18/19	$	(7,038	)
	AUD	628,166	USD	432,487		11/13/19		(7,866	)
	AUD	8,018,604	USD	5,487,561		12/18/19		(61,757	)
	BRL	28,400,032	USD	6,878,480		10/02/19		(44,215	)
	CAD	1,217,701	USD	923,524		12/18/19		(3,166	)
	CHF	3,460,475	EUR	3,193,720		12/18/19		(10,529	)
	CHF	4,434,838	USD	4,519,484		12/18/19		(44,198	)
	CLP	6,727,262,836	USD	9,355,583		10/01/19		(129,256	)
	CLP	354,697,074	USD	491,529		10/25/19		(4,826	)
	COP	5,883,176,377	USD	1,746,854		10/10/19		(57,075	)
	COP	11,290,121,432	USD	3,286,373		11/08/19		(47,981	)
	CZK	38,516,105	USD	1,648,263		12/18/19		(18,025	)
	EUR	415,964	AUD	678,716		12/18/19		(3,065	)
	EUR	839,685	CAD	1,232,270		12/18/19		(10,485	)
	EUR	2,349,313	CHF	2,565,533		12/18/19		(12,431	)
	EUR	842,405	CZK	21,850,790		12/18/19		(990	)
	EUR	421,254	HUF	141,282,474		12/18/19		(157	)
	EUR	856,702	ILS	3,329,505		12/18/19		(22,371	)
	EUR	2,500,124	JPY	299,051,957		12/18/19		(40,282	)
	EUR	416,743	SEK	4,487,273		12/18/19		(1,302	)
	EUR	6,076,063	USD	6,747,200		12/18/19		(83,556	)
	GBP	907,169	USD	1,123,407		12/18/19		(4,308	)
	HUF	140,701,396	EUR	420,393		12/18/19		(800	)
	HUF	140,122,696	PLN	1,842,823		12/18/19		(1,730	)
	HUF	139,794,067	USD	462,055		12/18/19		(4,775	)
	IDR	3,878,996,076	USD	277,249		10/09/19		(3,753	)
	JPY	176,663,000	USD	1,639,522		11/14/19		(693	)
	JPY	753,467,821	USD	7,075,595		12/18/19		(65,838	)
	KRW	2,956,483,318	USD	2,477,405		11/25/19		(8,061	)
	MXN	26,617,969	USD	1,345,995		12/18/19		(14,088	)
	NOK	14,198,337	CAD	2,090,447		12/18/19		(17,337	)
	NOK	4,112,256	EUR	413,588		12/18/19		(993	)
	NOK	8,264,266	USD	923,581		12/18/19		(14,023	)
	NZD	730,081	EUR	418,688		12/18/19		(1,171	)
	NZD	2,591,770	USD	1,668,758		12/18/19		(42,847	)
	PEN	2,422,995	USD	722,481		11/06/19		(4,601	)
	PLN	20,777,962	EUR	4,764,093		12/18/19		(37,312	)
	PLN	15,536,922	USD	3,959,763		12/18/19		(80,769	)
	RON	2,011,186	EUR	420,928		12/18/19		(139	)
	RUB	371,749,974	USD	5,782,372		10/15/19		(61,786	)
	SEK	39,438,934	EUR	3,696,333		12/18/19		(25,345	)
	SEK	14,522,815	USD	1,498,047		12/18/19		(14,632	)
	TWD	14,521,257	USD	469,291		10/30/19		(409	)
	USD	1,974,523	AUD	2,927,995		11/13/19		(4,709	)
	USD	5,994,954	BRL	25,041,211		10/02/19		(31,035	)
	USD	1,847,668	CAD	2,448,991		12/18/19		(3,320	)
	USD	3,390,625	IDR	48,617,283,394		10/09/19		(37,231	)
	USD	2,721,615	ILS	9,548,556		12/18/19		(37,039	)
	USD	3,748,836	INR	269,054,248		10/09/19		(51,524	)
	USD	460,823	INR	32,936,155		11/25/19		(2,199	)
	USD	219,755	INR	15,669,598		12/03/19		(310	)
	USD	919,325	MXN	18,446,347		12/18/19		(3,692	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	USD	460,698	NZD	734,388		12/18/19	$	(10	)
	USD	1,551,803	SGD	2,151,540		11/13/19		(5,663	)
	USD	2,276,357	SGD	3,146,108		12/18/19		(2,014	)
	USD	13,297,611	THB	407,043,925		12/18/19		(31,703	)
	USD	865,433	TRY	5,041,698		12/18/19		(4,772	)
	USD	923,735	TWD	28,615,384		10/30/19		(236	)
	ZAR	6,828,032	EUR	420,000		12/18/19		(14,387	)
	ZAR	47,081,424	USD	3,143,251		12/18/19		(66,369	)

TOTAL							$	(1,312,194	)

FORWARD SALES CONTRACTS — At September 30, 2019, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
FNMA		4.000	%	TBA-30yr		10/10/19	$	(6,000,000	)	$	(6,225,883	)
FNMA		5.000		TBA-30yr		11/13/19		(1,000,000	)		(1,071,641	)
GNMA		4.000		TBA-30yr		11/20/19		(1,000,000	)		(1,039,565	)
GNMA		4.000		TBA-30yr		10/21/19		(1,000,000	)		(1,039,839	)
GNMA		5.000		TBA-30yr		10/21/19		(1,000,000	)		(1,054,141	)

TOTAL (Proceeds Receivable: $10,419,258)										$	(10,431,069	)

(a)

FUTURES CONTRACTS — At September 30, 2019, 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		111		12/16/19	$	8,667,497	$	12,364
Australian 10 Year Government Bonds		64		12/16/19		6,365,019		22,470
Eurodollars		1		03/16/20		245,825		402
Eurodollars		13		06/15/20		3,199,463		5,971
French 10 Year Government Bonds		55		12/06/19		10,209,619		9,040
Italian 10 Year Government Bonds		23		12/06/19		2,825,010		3,976
Ultra Long U.S. Treasury Bonds		175		12/19/19		33,583,594		(984,714	)
30 Day Federal Funds		58		11/29/19		23,744,441		1,541
2 Year German Euro-Schatz		145		12/06/19		17,752,947		(59,484	)
10 Year German Euro-Bund		69		12/06/19		13,104,745		(168,566	)
10 Year U.S. Treasury Notes		480		12/19/19		62,550,000		(295,588	)
20 Year U.S. Treasury Bonds		61		12/19/19		9,901,062		(254,681	)

Total							$	(1,707,269	)


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts: (continued)


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Canada 10 Year Government Bonds		(29	)		12/18/19	$	(3,121,410	)	$	41,524
Eurodollars		(7	)		12/16/19		(1,715,700	)		(11,479	)
Euro Buxl 30 Year Bonds		(6	)		12/06/19		(1,422,385	)		(17,405	)
Ultra 10 Year U.S. Treasury Notes		(203	)		12/19/19		(28,908,469	)		517,743
5 Year German Euro-Bobl		(31	)		12/06/19		(4,583,404	)		32,053
2 Year U.S. Treasury Notes		(12	)		12/31/19		(2,586,000	)		73
5 Year U.S. Treasury Notes		(123	)		12/31/19		(14,655,258	)		11,189
10 Year U.K. Long Gilt		(34	)		12/27/19		(5,611,861	)		(2,549	)

Total									$	571,149

TOTAL FUTURES CONTRACTS									$	(1,136,120	)

SWAP CONTRACTS — At September 30, 2019, 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)*

3M KLIBOR^(a)

3.565%

JPMorgan Securities, Inc.

03/14/24

MYR 10,040

39,091

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

(a)

Payments made quarterly.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.727%^(a)	6M GBP	11/07/19	GBP	59,290		$	(4,929	)	$	126		$	(5,055	)
8.360^(b)	Mexico IB TIIE 28D	03/18/20	MXN	40,100			(7,551	)		(55,359	)		47,808
6.500^(c)	3M JIBAR	12/18/20	ZAR	69,050	^(f)		4,042			(2,859	)		6,901
(0.045)^(a)	3M STIBOR^(c)	03/18/21	SEK	356,160	^(f)		(12,874	)		1,260			(14,134	)
7.950^(c)	Mexico IB TIIE 28D	06/16/21	MXN	56,125			(56,030	)		(593	)		(55,437	)
3M LIBOR^(d)	1.287%	09/15/21	$	20,050	^(f)		(1,939	)		2,330			(4,269	)
3M KWCDC^(c)	1.250	12/18/21	KR	W 19,495,890			9,106			50,462			(41,356	)
6M CDOR^(e)	2.250	12/18/21	CAD	42,580	^(f)		268,162			228,127			40,036
1.500^(c)	3M LIBOR^(e)	12/18/21	$	32,450	^(f)		37,006			(44,286	)		81,292
1.750^(c)	3M LIBOR^(e)	12/18/21		4,160	^(f)		(15,684	)		(20,032	)		4,349
1M BID Avg^(b)	6.660	01/02/23	BRL	9,425			42,268			24,318			17,950
1M BID Avg^(b)	6.849	01/02/23		4,000			22,965			—			22,965
3M GBP^(d)	1.100	08/01/23	GBP	3,080			105,832			69,719			36,113
0.000^(c)	3M LIBOR	07/25/24	$	28,200			5,288			452			4,835
6M AUDOR^(e)	1.250	12/18/24	AUD	7,290	^(f)		79,283			80,539			(1,256	)
6M CDOR^(e)	2.250	12/18/24	CAD	19,050	^(f)		369,034			352,035			16,999
3 month SHIBOR^(c)	3.000	12/18/24	CNY	90,770			36,815			54,514			(17,700	)
1.500^(c)	3M LIBOR^(e)	12/18/24	$	12,580	^(f)		(12,888	)		(71,766	)		58,878
0.050^(c)	3M STIBOR^(d)	12/18/24	SEK	59,800	^(f)		(22,747	)		(12,086	)		(10,661	)
0.250^(e)	6M EURO^(d)	12/18/24	EUR	6,170	^(f)		(222,557	)		(237,829	)		15,272
1.860^(e)	6M WIBOR^(d)	12/18/24	PLN	19,290	^(f)		(49,603	)		(37,089	)		(12,514	)
6M EURO^(e)	0.080^(d)	01/15/25	EUR	4,960			138,921			30,426			108,495


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund		Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.971%^(d)		3M LIBOR		06/30/26	$	4,990	^(f)	$	85,281		$	30,215		$	55,066
6M EURO^(e)		0.500%^(d)		12/18/26	EUR	7,920	^(f)		497,595			508,771			(11,176	)
6M AUDOR^(e)		1.250		12/18/26	AUD	5,580	^(f)		56,776			29,128			27,648
1.500^(e)		6M GBP		12/18/26	GBP	4,050	^(f)		(309,067	)		(233,891	)		(75,176	)
6M JYOR^(e)		0.500		03/22/28	JPY	878,060	^(f)		213,750			(4,606	)		218,356
6M CDOR^(e)		2.750		06/21/28	CAD	8,010	^(f)		291,457			(52,196	)		343,652
1.500^(e)		6M EURO^(d)		06/21/28	EUR	5,050	^(f)		(444,125	)		(59,157	)		(384,969	)
0.300^(e)		6M EURO^(d)		08/03/28		6,710	^(f)		(131,007	)		(73,836	)		(57,171	)
6M CHFOR^(e)		1.050^(d)		08/07/28	CHF	7,870	^(f)		539,814			156,260			383,554
6M EURO^(e)		1.200^(d)		02/12/29	EUR	9,420	^(f)		625,930			106,025			519,904
3M LIBOR^(c)		2.800^(e)		02/12/29	$	9,840	^(f)		538,874			75,343			463,531
1.500^(e)		6M GBP		02/12/29	GBP	14,290	^(f)		(719,021	)		(302,408	)		(416,613	)
3M LIBOR^(e)		1.295^(e)		05/15/29	$	7,660	^(f)		(166,166	)		(263,466	)		97,300
6M CDOR^(e)		3.000^(d)		06/19/29	CAD	11,790	^(f)		500,752			445,854			54,898
1.500^(e)		6M EURO^(d)		06/19/29	EUR	8,920	^(f)		(721,406	)		(1,003,483	)		282,077
1.750^(e)		6M GBP		06/19/29	GBP	1,700	^(f)		(109,284	)		(109,284	)		—
3M LIBOR^(c)		2.013^(e)		08/02/29	$	25,110	^(f)		717,651			216,219			501,433
0.900^(e)		6M GBP		09/13/29	GBP	5,000	^(f)		(64,615	)		9,523			(74,137	)
6M EURO^(e)		0.275^(d)		09/17/29	EUR	6,680	^(f)		67,178			(6,583	)		73,762
6M CHFOR^(e)		(0.500)^(d)		12/18/29	CHF	1,140	^(f)		(13,774	)		(9,166	)		(4,608	)
3M KWCDC^(c)		1.250		12/18/29	KRW	2,162,060			5,845			5,169			676
6M AUDOR^(e)		1.250		12/18/29	AUD	28,510	^(f)		119,862			(13,213	)		133,074
3M LIBOR^(c)		1.500^(e)		12/18/29	$	510	^(f)		(2,953	)		1,284			(4,238	)
6M CDOR^(e)		2.500		12/18/29	CAD	3,410	^(f)		179,237			161,098			18,138
0.400^(c)		3M STIBOR^(d)		12/18/29	SEK	55,740	^(f)		(73,413	)		17,230			(90,643	)
0.750^(e)		6M EURO^(d)		12/18/29	EUR	4,430	^(f)		(438,238	)		(427,127	)		(11,111	)
1.500^(e)		6M GBP		12/18/29	GBP	1,380	^(f)		(142,900	)		(105,605	)		(37,295	)
1.750^(e)		6M NIBOR^(d)		12/18/29	NOK	75,730	^(f)		(44,886	)		(30,503	)		(14,383	)
6M NIBOR^(e)		2.000^(d)		03/19/30		21,300	^(f)		30,726			15,805			14,921
1.750^(c)		3M NZDOR^(e)		03/19/30	NZD	3,710	^(f)		(20,190	)		(1,435	)		(18,755	)
6M EURO^(e)		0.002^(d)		09/16/30	EUR	3,660	^(f)		28,718			17,818			10,901
1.750^(e)		6M GBP		12/18/34	GBP	1,330	^(f)		(252,175	)		(200,993	)		(51,182	)
6M JYOR^(e)		1.250		06/14/38	JPY	458,230	^(f)		364,186			352,278			11,907
3M LIBOR^(c)		3.000^(e)		06/20/39	$	1,150	^(f)		107,934			107,490			444
1.750^(e)		6M EURO^(d)		06/20/39	EUR	920	^(f)		(123,472	)		(129,936	)		6,464
1.750^(e)		6M GBP		06/20/39	GBP	2,190	^(f)		(245,756	)		(285,931	)		40,175
6M EURO^(e)		0.250^(d)		12/18/39	EUR	1,250	^(f)		14,149			(10,979	)		25,129
6M GBP^(e)		1.750		12/18/39	GBP	520	^(f)		127,880			101,332			26,548
1.485^(c)		3M LIBOR^(d)		05/15/45	$	8,650	^(f)		402,211			700,657			(298,446	)
6M JYOR^(e)		1.000		06/15/49	JPY	683,230	^(f)		286,198			292,384			(6,185	)
3M LIBOR^(c)		2.750^(e)		06/15/49	$	1,260	^(f)		85,285			85,840			(554	)
1.500^(e)		6M EURO^(d)		06/15/49	EUR	2,210	^(f)		(282,488	)		(309,974	)		27,486
1.750^(e)		6M GBP		06/15/49	GBP	1,440	^(f)		(165,046	)		(171,875	)		6,828
6M GBP^(e)		1.750		12/18/49		520	^(f)		187,458			146,499			40,960
2.230^(b)		3M LIBOR^(e)		08/02/52	$	6,630	^(f)		(769,086	)		(201,440	)		(567,646	)

TOTAL								$	1,547,599		$	(12,456	)	$	1,560,055

(a)

Payments made at termination date.

(b)

Payments made monthly.

(c)

Payments made quarterly.

(d)

Payments made annually.

(e)

Payments made semi-annually.

(f)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.


60		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 September 30, 2019 ^(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^(a)		(1.000)%	0.172%		Barclays Bank PLC		12/20/21	$	460	$	(8,536	)	$	(814	)	$	(7,722	)
People’s Republic of China, 7.500%, 10/28/27^(a)		(1.000)	0.089		Citibank NA		12/20/20		13,280		(152,118	)		24,591			(176,709	)
People’s Republic of China, 7.500%, 10/28/27^(a)		(1.000)	0.126		Deutsche Bank AG (London)		06/20/21		100		(1,530	)		(8	)		(1,522	)
People’s Republic of China, 7.500%, 10/28/27^(a)		(1.000)	0.25		JPMorgan Securities, Inc.		12/20/22		9,110		(219,083	)		(134,464	)		(84,619	)

TOTAL										$	(381,267	)	$	(110,695	)	$	(270,572	)

(a)

Payments made quarterly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at September 30, 2019 ^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Series 31^(a)		(1.000)%	0.478%		06/20/24	EUR	32,700	$	(896,019	)	$	(1,066,987	)	$	170,968
Protection Sold:
CDX.NA.IG Index 32^(a)		1.000	0.528		06/20/24	$	45,580		984,362			775,085			209,277
CDX.NA.IG Index 33^(a)		1.000	0.600		12/20/24		53,650		1,078,000			1,071,831			6,169
iTraxx Europe Series 32^(a)		1.000	0.986		12/20/29	EUR	7,950		14,189			36,108			(21,919	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21^(a)		1.000	0.690		06/20/24	$	1,130		16,251			5,097			11,154
Republic of Colombia, 10.375%, 01/28/33^(a)		1.000	0.830		06/20/24		2,950		23,636			(10,319	)		33,955
Republic of Indonesia, 5.875%, 03/13/20^(a)		1.000	0.818		06/20/24		110		937			(236	)		1,173
Republic of Peru, 8.750%, 11/21/33^(a)		1.000	0.489		06/20/24		20		473			464			9
Russian Federation, 7.500%, 03/31/30^(a)		1.000	0.859		12/20/24		580		4,249			(4,606	)		8,855
Unibail-Rodamco-Westfield SE, 2.375%, 02/25/21^(a)		1.000	0.627		06/20/24	EUR	1,200		23,675			23,779			(104	)
United Mexican States, 4.150%, 03/28/27^(a)		1.000	1.047		06/20/24	$	320		(584	)		(4,475	)		3,891

TOTAL								$	1,249,169		$	825,741		$	423,428

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2019, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	Barclays Bank PLC		1.300	%		03/11/2020		4,100,000		$	4,100,000		$	37,337		$	38,437		$	(1,100	)
3M IRS	Citibank NA		1.580			11/12/2019		1,300,000			1,300,000			14,036			17,940			(3,904	)
3M IRS	Deutsche Bank AG (London)		1.420			11/15/2019		2,960,000			2,960,000			15,912			42,624			(26,712	)
3M IRS	JPMorgan Securities, Inc.		1.585			11/12/2019		1,370,000			1,370,000			14,943			27,400			(12,457	)
1Y IRS	UBS AG (London)		1.270			08/27/2020		4,200,000			4,200,000			60,454			84,706			(24,252	)
2M IRS	UBS AG (London)		1.580			11/12/2019		2,220,000			2,220,000			23,969			35,742			(11,773	)
3M IRS	UBS AG (London)		1.420			11/15/2019		1,220,000			1,220,000			6,044			20,008			(13,964	)
3M IRS	UBS AG (London)		1.585			11/12/2019		2,810,000			2,810,000			30,926			47,431			(16,505	)
								20,180,000		$	20,180,000		$	203,621		$	314,288		$	(110,667	)
Puts
3M IRS	JPMorgan Securities, Inc.		1.580			11/19/2019		4,300,000			4,300,000			43,386			44,720			(1,334	)
3M IRS	JPMorgan Securities, Inc.		2.080			11/19/2019		4,300,000			4,300,000			2,578			5,160			(2,582	)
								8,600,000		$	8,600,000		$	45,964		$	49,880		$	(3,916	)

Total purchased option contracts								28,780,000		$	28,780,000		$	249,585		$	364,168		$	(114,583	)
Written option contracts
Calls
1Y IRS	Barclays Bank PLC		0.600			08/21/2020		(19,080,000	)	$	(19,080,000	)	$	(44,525	)	$	(95,097	)	$	50,572
6M IRS	Barclays Bank PLC		0.280			03/11/2020		(5,030,000	)		(5,030,000	)		(36,534	)		(35,886	)		(648	)
1Y IRS	BofA Securities LLC		0.065			09/14/2020		(6,850,000	)		(6,850,000	)		(197,356	)		(181,231	)		(16,125	)
1Y IRS	BofA Securities LLC		0.600			08/21/2020		(1,950,000	)		(1,950,000	)		(4,551	)		(11,229	)		6,678
1Y IRS	Deutsche Bank AG (London)		0.065			09/14/2020		(2,820,000	)		(2,820,000	)		(81,247	)		(60,570	)		(20,677	)
3M IRS	Deutsche Bank AG (London)		0.250			11/15/2019		(3,600,000	)		(3,600,000	)		(12,866	)		(40,007	)		27,141
1Y IRS	JPMorgan Securities, Inc.		0.065			09/14/2020		(4,190,000	)		(4,190,000	)		(120,718	)		(88,853	)		(31,865	)
1Y IRS	JPMorgan Securities, Inc.		0.600			08/21/2020		(4,800,000	)		(4,800,000	)		(11,201	)		(25,540	)		14,339
2M IRS	JPMorgan Securities, Inc.		0.680			11/12/2019		(2,000,000	)		(2,000,000	)		(28,084	)		(26,668	)		(1,416	)
3M IRS	JPMorgan Securities, Inc.		0.090			11/12/2019		(1,670,000	)		(1,670,000	)		(17,957	)		(29,569	)		11,612
3M IRS	JPMorgan Securities, Inc.		0.680			11/12/2019		(1,170,000	)		(1,170,000	)		(16,430	)		(18,448	)		2,018
1Y IRS	UBS AG (London)		0.065			09/14/2020		(2,780,000	)		(2,780,000	)		(80,096	)		(79,345	)		(751	)
1Y IRS	UBS AG (London)		0.256			08/27/2020		(5,070,000	)		(5,070,000	)		(60,043	)		(81,676	)		21,633
3M IRS	UBS AG (London)		0.090			11/12/2019		(3,410,000	)		(3,410,000	)		(36,832	)		(46,868	)		10,036
3M IRS	UBS AG (London)		0.250			11/15/2019		(1,480,000	)		(1,480,000	)		(5,290	)		(27,250	)		21,960
								(65,900,000	)	$	(65,900,000	)	$	(753,730	)	$	(848,237	)	$	94,507


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

GOLDMAN SACHS GLOBAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Puts
1Y IRS	BofA Securities LLC		0.065	%		09/14/2020		(6,850,000	)	$	(6,850,000	)	$	(96,157	)	$	(117,303	)	$	21,146
1Y IRS	Deutsche Bank AG (London)		0.065			09/14/2020		(2,820,000	)		(2,820,000	)		(39,585	)		(60,570	)		20,985
1Y IRS	JPMorgan Securities, Inc.		0.065			09/14/2020		(4,190,000	)		(4,190,000	)		(58,816	)		(88,853	)		30,037
3M IRS	JPMorgan Securities, Inc.		1.830			11/19/2019		(8,600,000	)		(8,600,000	)		(23,104	)		(30,960	)		7,856
1Y IRS	UBS AG (London)		0.065			09/14/2020		(2,780,000	)		(2,780,000	)		(39,024	)		(43,313	)		4,289

								(25,240,000	)	$	(25,240,000	)	$	(256,686	)	$	(340,999	)	$	84,313

Total written option contracts								(91,140,000	)	$	(91,140,000	)	$	(1,010,416	)	$	(1,189,236	)	$	178,820

TOTAL								(62,360,000	)	$	(62,360,000	)	$	(760,831	)	$	(825,068	)	$	64,237



Abbreviations:
1M BID Avg		—1 month Brazilian Interbank Deposit Average
3M IRS		—3 Months Interest Rate Swaptions
BofA Securities LLC		—Bank of America Securities LLC
CDX.NA.IG Index 32		—CDX North America Investment Grade Index 32
CDX.NA.IG Index 33		—CDX North America Investment Grade Index 33
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.		63

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – 2.0%
Automotive^(b) – 0.0%
	Adient US LLC (3M LIBOR + 4.250%)
$	344,138		6.889	%		05/06/24	$	338,029

Building Materials^(b) – 0.2%
	CPG International, Inc. (3M LIBOR + 3.750%)
	2,729,007		5.933			05/05/24		2,715,362

Chemicals^(b) – 0.3%
	Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,334,150		5.300			05/15/24		2,316,644
	Starfruit Finco B.V. (1M LIBOR + 3.250%)
	1,741,250		5.292			10/01/25		1,702,942

								4,019,586

Food & Drug Retailing^(c) – 0.0%
	B&G Foods, Inc.
	550,000		0.000			09/17/26		552,409

Health Care – Services^(b) – 0.3%
	MPH Acquisition Holdings LLC (3M LIBOR + 2.750%)
	1,977,046		4.854			06/07/23		1,880,250
	Sotera Health Holdings LLC (1M LIBOR + 3.000%)
	1,984,733		5.044			05/15/22		1,959,924

								3,840,174

Media – Broadcasting & Radio^(b) – 0.1%
	Getty Images, Inc. (1M LIBOR + 4.500%)
	942,875		6.563			02/19/26		938,557

Media – Cable^(b) – 0.1%
	CSC Holdings LLC (1M LIBOR + 2.250%)
	1,989,822		4.278			07/17/25		1,986,618

Real Estate Investment Trust^(b) – 0.1%
	Brookfield Property REIT, Inc. (1M LIBOR + 2.250%)
	2,050,000		4.294			08/28/23		2,019,250

Services Cyclical – Business Services^(b) – 0.2%
	Travelport Finance (Luxembourg) S.a.r.l. (3M LIBOR + 5.000%)
	3,650,000		7.104			05/29/26		3,290,220

Services Cyclical – Consumer Services^(b) – 0.2%
	Asurion LLC (1M LIBOR + 6.500%)
	2,715,636		5.044			08/04/22		2,725,330

Technology – Software/Services^(b) – 0.5%
	Infor (US), Inc. (3M LIBOR + 2.750%)
	2,018,054		4.854			02/01/22		2,019,628
	The Ultimate Software Group, Inc. (1M LIBOR + 3.750%)
	925,000		5.794			05/04/26		929,625
	Vertafore, Inc. (1M LIBOR + 3.250%)
	3,920,375		5.294			07/02/25		3,804,254

								6,753,507

	TOTAL BANK LOANS
	(Cost $29,444,763)						$	29,179,042


Corporate Obligations – 29.0%
Advertising^(d)(e) – 0.0%
	Outfront Media Capital LLC/Outfront Media Capital Corp.
$	665,000		5.000	%		08/15/27	$	698,250

Aerospace & Defense^(e) – 0.3%
	Bombardier, Inc.^(d)
	3,241,000		7.500			12/01/24		3,261,256
	TransDigm, Inc.
	1,150,000		6.500			05/15/25		1,197,438

								4,458,694

Automotive^(d)(e) – 0.1%
	Adient US LLC
	1,105,000		7.000			05/15/26		1,156,106

Banks – 4.1%
	Banco do Brasil SA^(b)(e)(10 Year CMT + 6.362%)
	630,000		9.000			06/29/49		704,261
	Bank of America Corp.^(b)(e)
	(3M USD LIBOR + 0.930%)
	6,100,000		2.816			07/21/23		6,186,193
	(3M USD LIBOR + 0.970%)
	7,125,000		3.458			03/15/25		7,432,059
	BNP Paribas SA^(d)
	5,700,000		3.375			01/09/25		5,889,183
	Branch Banking & Trust Co.^(b)(e)(5 Year CMT + 1.150%)
	4,025,000		2.636			09/17/29		3,994,813
	CIT Bank NA^(b)(e)(SOFR + 1.715%)
	1,850,000		2.969			09/27/25		1,852,035
	Citigroup, Inc.^(e)
	6,250,000		3.200			10/21/26		6,456,750
	ING Groep NV^(d)
	4,000,000		4.625			01/06/26		4,424,640
	JPMorgan Chase & Co.^(b)(e)(SOFR + 1.160%)
	7,525,000		2.301			10/15/25		7,495,652
	Morgan Stanley, Inc.^(b)(e)(SOFR + 1.152%)
	7,225,000		2.720			07/22/25		7,289,360
	QNB Finance Ltd.
	230,000		3.500			03/28/24		237,834
	Royal Bank of Scotland Group PLC^(b)(e) (3M USD LIBOR + 1.762%)
	1,975,000		4.269			03/22/25		2,067,233
	UBS Group Funding Switzerland AG^(d)
	5,050,000		4.125			09/24/25		5,440,113

								59,470,126

Beverages^(e) – 1.1%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	3,225,000		4.900			02/01/46		3,842,362
	Constellation Brands, Inc.
	2,325,000		4.400			11/15/25		2,570,148
	Keurig Dr Pepper, Inc.
	5,650,000		4.057			05/25/23		5,976,231
	3,475,000		4.417			05/25/25		3,799,982

								16,188,723


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Building Materials^(d)(e) – 0.1%
	Cornerstone Building Brands, Inc.
$	1,760,000		8.000	%		04/15/26	$	1,731,400

Chemicals – 1.4%
	CNAC HK Finbridge Co. Ltd.
	2,560,000		3.125			06/19/22		2,565,573
	1,020,000		4.625			03/14/23		1,070,044
	370,000		3.375			06/19/24		373,147
	DuPont de Nemours, Inc.^(e)
	3,425,000		4.493			11/15/25		3,780,542
	PQ Corp.^(d)(e)
	2,705,000		6.750			11/15/22		2,799,675
	Sasol Financing International Ltd.
	4,008,000		4.500			11/14/22		4,103,190
	SASOL Financing USA LLC^(e)
	2,580,000		5.875			03/27/24		2,780,756
	Starfruit Finco B.V./Starfruit US Holdco LLC^(d)(e)
	2,300,000		8.000			10/01/26		2,294,250

								19,767,177

Commercial Services^(d)(e) – 0.4%
	GEMS MENASA Cayman Ltd./GEMS Education Delaware LLC
	800,000		7.125			07/31/26		822,250
	Herc Holdings, Inc.
	2,330,000		5.500			07/15/27		2,411,550
	The Hertz Corp.
	1,750,000		7.625			06/01/22		1,822,187
	The Nielsen Co. Luxembourg S.a.r.l.
	490,000		5.000			02/01/25		483,263

								5,539,250

Computers^(e) – 0.7%
	Dell International LLC/EMC Corp.^(d)
	5,625,000		6.020			06/15/26		6,329,812
	Hewlett Packard Enterprise Co.
	3,725,000		4.900			10/15/25		4,135,421

								10,465,233

Distribution & Wholesale^(d)(e) – 0.3%
	Core & Main Holdings LP^(f) (PIK 9.375%, Cash 8.625%)
	1,900,000		8.625			09/15/24		1,923,750
	Performance Food Group, Inc.
	1,900,000		5.500			10/15/27		1,999,750

								3,923,500

Diversified Financial Services – 1.3%
	Air Lease Corp.
	2,425,000		2.250			01/15/23		2,414,633
	Allied Universal Holdco. LLC/Allied Universal Finance Corp.^(d)(e)
	1,500,000		6.625			07/15/26		1,580,625
	1,485,000		9.750			07/15/27		1,544,400
	Global Aircraft Leasing Co. Ltd.^(d)(e)(f)(PIK 7.250%, Cash 6.500%)
	3,175,000		6.500			09/15/24		3,206,750
	Huarong Finance 2017 Co. Ltd.
	250,000		4.250			11/07/27		259,922
	Huarong Finance 2019 Co. Ltd.
	1,260,000		3.750			05/29/24		1,289,531


Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Huarong Finance II Co. Ltd.
	2,090,000		5.500			01/16/25		2,286,591
	220,000		5.000			11/19/25		236,981
	450,000		4.625			06/03/26		476,156
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.^(d)(e)
	1,475,000		4.750			09/15/24		1,473,157
	Navient Corp.
	2,050,000		8.000			03/25/20		2,091,000
	2,100,000		5.875			03/25/21		2,168,250

								19,027,996

Electrical^(e) – 0.2%
	Calpine Corp.
	2,175,000		5.750			01/15/25		2,229,375
	Talen Energy Supply LLC^(d)
	1,125,000		6.625			01/15/28		1,105,312

								3,334,687

Engineering & Construction^(e) – 0.4%
	Mexico City Airport Trust
	200,000		4.250			10/31/26		201,250
	320,000		4.250	^(d)		10/31/26		322,000
	310,000		3.875	^(d)		04/30/28		303,994
	468,000		5.500			10/31/46		464,344
	690,000		5.500	^(d)		10/31/46		684,609
	2,985,000		5.500			07/31/47		2,964,105
	520,000		5.500	^(d)		07/31/47		516,360

								5,456,662

Entertainment^(e) – 0.4%
	AMC Entertainment Holdings, Inc.
	2,450,000		5.875			11/15/26		2,211,125
	Scientific Games International, Inc.
	1,473,000		10.000			12/01/22		1,530,079
	1,400,000		8.250	^(d)		03/15/26		1,487,500

								5,228,704

Environmental^(d)(e) – 0.2%
	GFL Environmental, Inc.
	1,550,000		8.500			05/01/27		1,718,562
	Stericycle, Inc.
	1,000,000		5.375			07/15/24		1,027,120

								2,745,682

Food & Drug Retailing^(e) – 0.2%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC^(d)
	870,000		5.875			02/15/28		920,025
	B&G Foods, Inc.
	1,455,000		5.250			04/01/25		1,487,737
	Post Holdings, Inc.^(d)
	775,000		5.500			12/15/29		806,969

								3,214,731

Forest Products&Paper^(d)(e) – 0.1%
	Mercer International, Inc.
	1,000,000		7.375			01/15/25		1,032,500


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Healthcare Providers & Services^(e) – 2.2%
	Acadia Healthcare Co., Inc.
$	100,000		6.125	%		03/15/21	$	100,125
	800,000		5.125			07/01/22		807,000
	Alcon Finance Corp.^(d)
	5,575,000		3.000			09/23/29		5,642,959
	Becton Dickinson & Co.
	16,825,000		2.894			06/06/22		17,081,076
	3,475,000		3.363			06/06/24		3,620,464
	CHS/Community Health Systems, Inc.^(d)
	1,935,000		8.000			03/15/26		1,930,163
	Encompass Health Corp.
	1,100,000		4.500			02/01/28		1,112,375
	Envision Healthcare Corp.^(d)
	1,175,000		8.750			10/15/26		716,750
	Polaris Intermediate Corp.^(d) (f)(PIK 9.250%, Cash 8.500%)
	550,000		8.500			12/01/22		466,125

								31,477,037

Insurance^(e) – 0.7%
	Acrisure LLC/Acrisure Finance, Inc.^(d)
	2,475,000		7.000			11/15/25		2,307,938
	Arch Capital Finance LLC
	2,253,000		4.011			12/15/26		2,460,974
	GTCR AP Finance, Inc.^(d)
	700,000		8.000			05/15/27		719,250
	HUB International Ltd.^(d)
	2,160,000		7.000			05/01/26		2,216,700
	USI, Inc.^(d)
	2,250,000		6.875			05/01/25		2,283,750

								9,988,612

Internet – 0.4%
	Netflix, Inc.
	3,350,000		5.500			02/15/22		3,542,625
	Uber Technologies, Inc.^(d)(e)
	2,150,000		7.500			11/01/23		2,163,437

								5,706,062

Media^(e) – 1.8%
	Altice Financing SA^(d)
	2,535,000		6.625			02/15/23		2,601,544
	Altice Luxembourg SA^(d)
	1,450,000		10.500			05/15/27		1,631,250
	Charter Communications Operating LLC/Charter Communications Operating Capital
	5,950,000		4.464			07/23/22		6,263,148
	3,325,000		4.908			07/23/25		3,650,617
	CSC Holdings LLC^(d)
	2,300,000		5.750			01/15/30		2,403,500
	Cumulus Media New Holdings, Inc.^(d)
	665,000		6.750			07/01/26		695,756
	Diamond Sports Group LLC/Diamond Sports Finance Co.^(d)
	875,000		5.375			08/15/26		907,813
	1,770,000		6.625			08/15/27		1,834,163
	Entercom Media Corp.^(d)
	2,175,000		7.250			11/01/24		2,251,125


Corporate Obligations – (continued)
Media^(e) – (continued)
	iHeartCommunications, Inc.^(d)
	1,300,000		5.250			08/15/27		1,352,000
	Nexstar Escrow, Inc.^(d)
	1,350,000		5.625			07/15/27		1,414,125
	Sirius XM Radio, Inc.^(d)
	1,310,000		4.625			07/15/24		1,355,850

								26,360,891

Mining^(e) – 0.5%
	First Quantum Minerals Ltd.^(d)
	4,350,000		7.250			04/01/23		4,281,352
	Freeport-McMoRan, Inc.
	2,582,000		3.550			03/01/22		2,594,910

								6,876,262

Oil Field Services – 1.8%
	Antero Resources Corp.^(e)
	4,400,000		5.375			11/01/21		4,246,000
	Gazprom OAO Via Gaz Capital SA^(d)
	4,280,000		5.150			02/11/26		4,658,513
	Gulfport Energy Corp.^(e)
	2,800,000		6.000			10/15/24		2,030,000
	Petrobras Global Finance B.V.
	250,000		5.999			01/27/28		278,375
	192,000		5.093	^(d)		01/15/30		200,285
	Petroleos de Venezuela SA^(g)
	137,050,000		6.000			10/28/22		8,223,000
	Petroleos Mexicanos
EUR	2,880,000		5.125			03/15/23		3,443,153
	Reliance Industries Ltd.^(d)
$	1,020,000		3.667			11/30/27		1,064,306
	Whiting Petroleum Corp.
	2,950,000		1.250			04/01/20		1,227,852

								25,371,484

Packaging^(e) – 0.8%
	Mauser Packaging Solutions Holding Co.^(d)
	1,530,000		7.250			04/15/25		1,459,237
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu
	5,087,816		5.750			10/15/20		5,094,175
	Sealed Air Corp.^(d)
	2,450,000		6.500			12/01/20		2,523,500
	Trivium Packaging Finance B.V.^(d)
	875,000		5.500			08/15/26		919,844
	1,350,000		8.500			08/15/27		1,461,375

								11,458,131

Pharmaceuticals^(e) – 0.3%
	Bausch Health Cos., Inc.^(d)
	3,150,000		6.500			03/15/22		3,256,313
	Elanco Animal Health, Inc.
	1,735,000		4.272			08/28/23		1,821,007

								5,077,320


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pipelines^(e) – 3.2%
	Buckeye Partners LP
$	1,145,000		4.350	%		10/15/24	$	1,113,890
	1,122,000		3.950			12/01/26		986,653
	538,000		4.125			12/01/27		470,099
	Cheniere Energy Partners LP^(d)
	2,000,000		4.500			10/01/29		2,047,500
	Energy Transfer Operating LP
	6,075,000		3.600			02/01/23		6,230,824
	EQM Midstream Partners LP
	9,775,000		4.750			07/15/23		9,810,483
	Genesis Energy LP/Genesis Energy Finance Corp.
	2,400,000		6.750			08/01/22		2,433,000
	Plains All American Pipeline LP/PAA Finance Corp.
	4,925,000		3.600			11/01/24		5,051,917
	Sabine Pass Liquefaction LLC
	5,100,000		5.625			04/15/23		5,542,629
	5,550,000		5.625			03/01/25		6,229,875
	The Williams Cos., Inc.
	5,975,000		3.600			03/15/22		6,137,102

								46,053,972

Real Estate Investment Trust – 1.2%
	China Evergrande Group^(e)
	750,000		8.250			03/23/22		672,422
	Corporacion Geo SA^(h)
	557,340		8.000			04/13/21		—
	Easy Tactic Ltd.^(e)
	240,000		8.125			02/27/23		231,000
	650,000		8.125			07/11/24		610,064
	iStar, Inc.^(e)
	2,850,000		4.625			09/15/20		2,892,750
	Kaisa Group Holdings Ltd.^(e)
	800,000		9.375			06/30/24		682,750
	MPT Operating Partnership LP/MPT Finance Corp.^(e)
	3,080,000		4.625			08/01/29		3,175,203
	SBA Communications Corp.^(e)
	3,800,000		4.000			10/01/22		3,871,250
	Spirit Realty LP^(e)
	3,750,000		3.200			01/15/27		3,717,997
	Starwood Property Trust, Inc.^(e)
	1,550,000		5.000			12/15/21		1,610,063

								17,463,499

Retailing^(d)(e) – 0.1%
	eG Global Finance PLC
	1,413,000		6.750			02/07/25		1,377,675

Semiconductors – 1.4%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(e)
	2,775,000		3.875			01/15/27		2,787,238
	Broadcom, Inc.^(d)(e)
	1,850,000		3.625			10/15/24		1,883,263
	9,100,000		4.250			04/15/26		9,399,390
	NXP B.V./NXP Funding LLC^(d)
	3,325,000		4.125			06/01/21		3,410,220
	NXP B.V./NXP Funding LLC^(d)(e)
	1,975,000		4.875			03/01/24		2,139,537

								19,619,648


Corporate Obligations – (continued)
Software^(e) – 0.5%
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.^(d)
	3,347,000		5.750			03/01/25		3,397,205
	Fidelity National Information Services, Inc.
EUR	1,600,000		0.750			05/21/23		1,782,095
	2,100,000		1.500			05/21/27		2,452,140

								7,631,440

Telecommunication Services – 2.4%
	AT&T, Inc.^(e)
$	6,850,000		4.125			02/17/26		7,385,218
	CenturyLink, Inc.
	1,680,000		5.800			03/15/22		1,768,200
	Digicel Group One Ltd.^(d)(e)
	2,172,000		8.250			12/30/22		1,278,086
	Digicel Group Two Ltd.^(d)(e)
	3,956,000		8.250			09/30/22		802,870
	Digicel Ltd.^(e)
	7,300,000		6.000^(d)			04/15/21		5,139,656
	1,884,000		6.000			04/15/21		1,326,454
	Intelsat Jackson Holdings SA^(d)(e)
	2,900,000		8.000			02/15/24		3,012,375
	SoftBank Group Corp.^(e)
	2,175,000		4.750			09/19/24		2,210,344
	Sprint Communications, Inc.
	2,350,000		6.000			11/15/22		2,485,125
	Telecom Italia Capital SA
	1,240,000		7.721			06/04/38		1,488,000
	Verizon Communications, Inc.
	6,800,000		4.125			03/16/27		7,509,444

								34,405,772

Water Utilities^(b)(e) – 0.4%
	Thames Water Utilities Finance PLC(-1x3M GBP LIBOR + 7.970%)
GBP	3,975,000		5.750			09/13/30		5,346,832

	TOTAL CORPORATE OBLIGATIONS
	(Cost $450,433,871)						$	417,654,058



Mortgage-Backed Obligations – 35.4%
Collateralized Mortgage Obligations – 11.0%
Interest Only⁽ⁱ⁾ – 2.6%
	FHLMC REMIC Series 3753, Class SK^(b) (-1x1M LIBOR + 6.050%)
$	7,100,766		4.023	%		11/15/38	$	317,418
	FHLMC REMIC Series 3852, Class SW^(b) (-1x1M LIBOR + 6.000%)
	3,474,423		3.973			05/15/41		551,119
	FHLMC REMIC Series 4468, Class SY^(b) (-1x1M LIBOR + 6.100%)
	10,419,768		4.073			05/15/45		1,732,322
	FHLMC STRIPS Series 304, Class C45
	19,347,527		3.000			12/15/27		1,355,051


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only⁽ⁱ⁾ – (continued)
	FNMA REMIC Series 2011-100, Class S^(b) (-1x1M LIBOR + 6.450%)
$	8,570,626		4.432	%		10/25/41	$	1,365,984
	FNMA REMIC Series 2012-88, Class SB^(b) (-1x1M LIBOR + 6.670%)
	7,513,306		4.652			07/25/42		1,278,330
	GNMA REMIC Series 2010-35, Class DS^(b) (-1x1M LIBOR + 5.680%)
	8,053,898		3.636			03/20/40		1,300,565
	GNMA REMIC Series 2010-85, Class SN^(b)(e) (-1x1M LIBOR + 5.940%)
	9,828,735		3.896			07/20/40		1,750,801
	GNMA REMIC Series 2013-103, Class DS^(b) (-1x1M LIBOR + 6.150%)
	9,787,062		4.106			07/20/43		1,802,786
	GNMA REMIC Series 2013-117, Class PS^(b) (-1x1M LIBOR + 6.150%)
	13,608,750		4.106			04/20/43		1,941,808
	GNMA REMIC Series 2013-134, Class DS^(b) (-1x1M LIBOR + 6.100%)
	85,169		4.056			09/20/43		15,601
	GNMA REMIC Series 2013-152, Class TS^(b) (-1x1M LIBOR + 6.100%)
	239,519		4.056			06/20/43		42,516
	GNMA REMIC Series 2014-11, Class NI
	6,748,575		4.500			12/16/42		678,471
	GNMA REMIC Series 2014-132, Class SL^(b) (-1x1M LIBOR + 6.100%)
	16,777,426		4.056			10/20/43		2,130,845
	GNMA REMIC Series 2014-133, Class BS^(b) (-1x1M LIBOR + 5.600%)
	7,899,494		3.556			09/20/44		1,263,846
	GNMA REMIC Series 2014-180, Class PI
	9,023,142		4.000			08/20/44		1,247,518
	GNMA REMIC Series 2015-111, Class SM^(b) (-1x1M LIBOR + 6.200%)
	10,229,083		4.156			08/20/45		1,648,454
	GNMA REMIC Series 2015-126, Class LS^(b)(e) (-1x1M LIBOR + 6.200%)
	6,660,628		4.156			09/20/45		1,073,384
	GNMA REMIC Series 2015-129, Class IC
	3,336,529		4.500			09/16/45		595,977
	GNMA REMIC Series 2015-133, Class SA^(b) (-1x1M LIBOR + 5.700%)
	3,817,176		3.656			09/20/45		562,947
	GNMA REMIC Series 2015-133, Class SB^(b) (-1x1M LIBOR + 5.700%)
	5,309,768		3.656			09/20/45		736,498
	GNMA REMIC Series 2015-144, Class QS^(b)(e) (-1x1M LIBOR + 5.700%)
	11,065,591		3.656			10/20/45		1,617,793
	GNMA REMIC Series 2015-168, Class SD^(b) (-1x1M LIBOR + 6.200%)
	19,163,250		4.156			11/20/45		3,488,459
	GNMA REMIC Series 2015-95, Class GI
	31,036,574		4.500			07/16/45		6,444,652


Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only⁽ⁱ⁾ – (continued)
	GNMA REMIC Series 2016-6, Class S^(b) (-1x1M LIBOR + 5.650%)
	14,052,853		3.606			01/20/46		2,267,755

								37,210,900

Regular Floater^(b) – 0.4%
	FHLMC REMIC Series 3231, Class FB (1M LIBOR + 0.350%)
	354,163		2.378			10/15/36		353,217
	FHLMC REMIC Series 3314, Class FC (1M LIBOR + 0.400%)
	212,545		2.428			12/15/36		212,377
	FHLMC REMIC Series 3371, Class FA (1M LIBOR + 0.600%)
	317,734		2.628			09/15/37		320,217
	FHLMC REMIC Series 3545, Class FA (1M LIBOR + 0.850%)
	199,615		2.878			06/15/39		201,535
	FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%)
	531,234		2.398			03/15/41		530,594
	FNMA REMIC Series 2006-45, Class TF (1M LIBOR + 0.400%)
	659,024		2.418			06/25/36		658,534
	FNMA REMIC Series 2006-76, Class QF (1M LIBOR + 0.400%)
	715,317		2.418			08/25/36		714,789
	FNMA REMIC Series 2006-79, Class PF (1M LIBOR + 0.400%)
	756,088		2.418			08/25/36		755,525
	FNMA REMIC Series 2007-33, Class HF (1M LIBOR + 0.350%)
	912,349		2.368			04/25/37		909,872
	FNMA REMIC Series 2007-75, Class VF (1M LIBOR + 0.450%)
	262,069		2.468			08/25/37		262,353
	FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%)
	97,313		3.118			10/25/39		98,743

								5,017,756

Sequential Fixed Rate – 0.5%
	Citicorp Mortgage Securities, Inc. Series 2007-4, Class 2A1
	15,208		5.500			05/25/22		15,223
	Countrywide Alternative Loan Trust Series 2005-77T1, Class 1A2
	1,598,571		6.000			02/25/36		1,133,363
	Countrywide Home Mortgage Pass-Through Trust Series 2007-1, Class A4
	790,084		6.000			03/25/37		661,269
	Morgan Stanley Mortgage Loan Trust Series 2005-4, Class 1A
	102,978		5.000			08/25/35		102,639
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	403,468		5.500			02/25/36		365,335
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	669,101		6.000			06/25/36		608,142
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	1,317,886		6.500			07/25/36		1,255,613
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	1,109,162		6.000			08/25/36		986,885
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	3,113,580		6.000			10/25/37		2,572,741

								7,701,210


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

GOLDMAN SACHS STRATEGIC INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – 7.5%
	American Home Mortgage Investment Trust Series 2007-2, Class 11A1 (1M USD LIBOR + 0.230%)
$	3,367,811		2.248	%		03/25/47	$	2,029,633
	Banc of America Funding Trust Series 2006-H, Class 6A1 (1M USD LIBOR + 0.190%)
	14,569,587		2.234			10/20/36		12,594,836
	Banc of America Funding Trust Series 2007-2, Class 2A1
	42,348		4.443			03/25/37		42,093
	Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2^(d) (1M USD LIBOR + 2.400%)
	3,180,000		4.418			04/25/31		3,210,856
	Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2^(d) (1M USD LIBOR + 2.300%)
	4,205,000		4.318			08/25/31		4,232,224
	Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2^(d) (1M USD LIBOR + 2.150%)
	635,000		4.168			09/25/31		637,947
	Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%)
	501,344		2.518			07/25/35		407,298
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%)
	663,554		2.818			12/25/35		604,161
	Countrywide Alternative Loan Trust Series 2005-9CB, Class 1A5 (1M USD LIBOR + 0.500%)
	548,678		2.518			05/25/35		491,358
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B (1M USD LIBOR + 0.170%)
	736,507		2.188			11/25/36		783,025
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1M USD LIBOR + 0.500%)
	3,366,208		2.518			08/25/37		2,772,971
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A^(d) (3M Euribor + 2.750%)
EUR	3,023,049		2.750			04/20/20		3,294,972
	FHLMC Structured Agency Credit Risk Debt Notes Trust Series 2016-DNA3, Class M3 (1M USD LIBOR + 5.000%)
$	350,000		7.018			12/25/28		378,903
	FHLMC Structured Agency Credit Risk Debt Notes Trust Series 2019-DNA1, Class M2^(d) (1M USD LIBOR + 2.650%)
	1,030,000		4.668			01/25/49		1,044,982
	FNMA Connecticut Avenue Securities Series 2018-C01, Class 1M2 (1M USD LIBOR + 2.250%)
	1,352,000		4.268			07/25/30		1,366,997
	FNMA Connecticut Avenue Securities Series 2018-C03, Class 1M2 (1M USD LIBOR + 2.150%)
	690,000		4.168			10/25/30		695,888
	FNMA Connecticut Avenue Securities Series 2018-C06, Class 1M2 (1M USD LIBOR + 2.000%)
	1,541,000		4.018			03/25/31		1,546,693
	Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1 (1M USD LIBOR + 0.260%)
	3,174,889		2.278			06/25/35		2,998,322
	Lehman XS Trust Series 2007-5H, Class 3A4
	3,902,224		3.227			05/25/37		3,594,613


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	7,303,965		1.618	%		11/15/49	$	8,948,795
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1(12M MTA + 0.800%)
$	5,619,360		3.246			12/25/46		7,628,927
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A(12M MTA + 0.850%)
	864,358		3.296			12/25/46		1,236,466
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1 (1M LIBOR + 0.200%)
	1,105,228		2.218			05/25/47		1,200,170
	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A (1M USD LIBOR + 0.240%)
	1,359,150		2.258			12/25/36		1,324,909
	Residential Accredit Loans, Inc. Series 2005-QA12, Class CB3
	2,603,395		4.991			12/25/35		2,436,694
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1 (12M MTA + 1.000%)
	3,112,302		3.446			01/25/46		2,834,337
	Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1 (1M USD LIBOR + 0.270%)
	1,897,894		2.288			02/25/46		1,380,522
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1(12M MTA + 0.800%)
	3,435,468		3.246			09/25/46		3,317,163
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.205%)
	159,379		2.223			09/25/46		154,208
	Residential Funding Mortgage Securities I Series 2005-SA5, Class 2A
	1,225,723		4.662			11/25/35		1,175,106
	Ripon Mortgages PLC Series 1X, Class A1 (3M GBP LIBOR + 0.800%)
GBP	2,206,152		1.561			08/20/56		2,704,676
	Ripon Mortgages PLC Series 1X, Class A2 (3M GBP LIBOR + 0.800%)
	22,507,740		1.561			08/20/56		27,630,323
	Silverstone Master Issuer PLC Series 2019-1A, Class 1A^(d) (3M USD LIBOR + 0.570%)
$	2,920,000		2.848			01/21/70		2,923,101

								107,623,169

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	157,553,035

Commercial Mortgage-Backed Securities – 2.1%
Sequential Fixed Rate – 0.4%
	CSMC Trust Series 2014-USA, Class E^(d)
$	3,550,000		4.373	%		09/15/37	$	3,408,012
	WF-RBS Commercial Mortgage Trust Series 2012-C6, Class B
	2,500,000		4.697			04/15/45		2,611,915

								6,019,927

Sequential Floating Rate^(b)(d) – 1.7%
	CGBAM Commercial Mortgage Trust Series 2015-SMRT, Class E
	12,450,000		3.912			04/10/28		12,505,862


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b)(d) – (continued)
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A (1M USD LIBOR + 0.830%)
$	11,388,247		2.855	%		06/15/35	$	11,381,086

								23,886,948

	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	29,906,875

Federal Agencies – 22.3%
FHLMC – 0.1%
$	14,944		5.000	%		01/01/33	$	16,114
	1,579		5.000			03/01/33		1,736
	8,206		5.000			04/01/33		9,020
	1,242		5.000			05/01/33		1,366
	4,152		5.000			06/01/33		4,564
	26,619		5.000			07/01/33		29,264
	38,087		5.000			08/01/33		41,860
	4,886		5.000			09/01/33		5,365
	7,822		5.000			10/01/33		8,598
	16,782		5.000			11/01/33		18,448
	9,573		5.000			12/01/33		10,524
	8,694		5.000			01/01/34		9,557
	27,548		5.000			02/01/34		30,300
	12,180		5.000			03/01/34		13,414
	20,346		5.000			04/01/34		22,413
	29,725		5.000			05/01/34		32,683
	391,781		5.000			06/01/34		430,790
	7,051		5.000			11/01/34		7,768
	109,726		5.000			04/01/35		120,624
	5,021		5.000			11/01/35		5,520

								819,928

GNMA^(j) – 6.6%
	74,000,000		3.000			TBA-30yr		75,901,522
	7,000,000		3.500			TBA-30yr		7,248,453
	12,000,000		4.000			TBA-30yr		12,478,066

								95,628,041

UMBS – 6.4%
	113		5.500			10/01/19		113
	640		5.500			11/01/19		640
	2,018		5.500			12/01/19		2,018
	165		5.500			01/01/20		165
	3		5.500			06/01/20		3
	8,826		5.500			07/01/20		8,818
	32,468		5.500			05/01/25		33,081
	39,128		4.500			08/01/37		42,325
	9,443		4.500			04/01/39		10,229
	14,850		4.000			08/01/39		15,879
	8,052		4.000			09/01/39		8,610
	40,039		4.500			10/01/39		43,348
	6,091		4.500			05/01/41		6,623
	23,344		4.500			06/01/41		25,222
	35,406		4.500			08/01/41		38,235
	7,955		4.500			10/01/41		8,650
	3,702		4.500			11/01/42		3,931
	35,564		4.500			12/01/43		38,603
	85,396,259		5.000			10/01/49		91,730,052

								92,016,545


Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family^(j) – 9.2%
	53,000,000		3.000			TBA-30yr		53,799,325
	28,000,000		3.500			TBA-30yr		28,721,571
	1,000,000		4.000			TBA-30yr		1,037,647
	47,000,000		4.500			TBA-30yr		49,491,465

								133,050,008

	TOTAL FEDERAL AGENCIES						$	321,514,522

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $495,117,524)						$	508,974,432



Asset-Backed Securities^(b) – 23.7%
Collateralized Loan Obligations^(d) – 7.7%
	ACIS CLO Ltd. Series 2014-4A, Class A (3M USD LIBOR + 1.420%)
$	43,991,323		3.673	%		05/01/26	$	44,006,896
	Crown Point CLO III Ltd. Series 2015-3A, Class A1AR (3M USD LIBOR + 0.910%)
	31,350,000		3.213			12/31/27		31,353,229
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	1,490,505		2.877			07/25/59		1,506,558
	OCP CLO Ltd. Series 2014-5A, Class A2R (3M USD LIBOR + 1.400%)
	2,950,000		3.667			04/26/31		2,873,468
	OCP CLO Ltd. Series 2014-5A, Class BR (3M USD LIBOR + 1.800%)
	2,200,000		4.067			04/26/31		2,087,873
	OCP CLO Ltd. Series 2015-10A, Class A1R (3M USD LIBOR + 0.820%)
	27,800,000		3.087			10/26/27		27,766,501
	OCP CLO Ltd. Series 2015-8A, Class A2AR (3M USD LIBOR + 1.450%)
	850,000		3.753			04/17/27		849,904

								110,444,429

Home Equity – 1.7%
	ACE Securities Corp. Home Equity Loan Trust Series 2007-ASAP1, Class A2C (1M USD LIBOR + 0.260%)
	8,329,620		2.278			03/25/37		5,306,716
	ACE Securities Corp. Home Equity Loan Trust Series 2007-HE2, Class A2D (1M USD LIBOR + 0.270%)
	15,915,243		2.288			05/25/36		15,208,631
	Lehman XS Trust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%)
	167,012		2.531			03/25/37		167,248
	Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.170%)
	806,058		2.188			11/25/36		304,626
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1 (1M USD LIBOR + 0.215%)
	3,771,630		2.233			03/25/37		3,195,727

								24,182,948

Other^(d) – 1.4%
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	3,947,000		3.208			06/15/36		3,949,839


70		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^(b) – (continued)
Other^(d) – (continued)
	Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A (1M USD LIBOR + 0.850%)
$	3,573,225		2.868	%		06/25/35	$	3,564,044
	TPG Real Estate Finance Issuer Ltd. Series 2018-FL2, Class A (1M USD LIBOR + 1.130%)
	13,225,000		3.155			11/15/37		13,241,660

								20,755,543

Student Loan – 12.9%
	Academic Loan Funding Trust Series 2012-1A, Class A2^(d) (1M USD LIBOR + 1.100%)
	37,037,378		3.118			12/27/44		37,037,334
	Access Group, Inc. Series 2015-1, Class A^(d)(e) (1M USD LIBOR + 0.700%)
	20,522,470		2.718			07/25/56		20,317,687
	EFS Volunteer No. 3 LLC Series 2012-1, Class A3^(d) (1M USD LIBOR + 1.000%)
	22,520,365		3.018			04/25/33		22,645,891
	Scholar Funding Trust Series 2010-A, Class A^(d) (3M USD LIBOR + 0.750%)
	20,786,545		3.006			10/28/41		20,710,240
	SLC Student Loan Trust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	5,713,616		2.239			06/15/29		5,682,312
	SLM Student Loan Trust Series 2003-7A, Class A5A^(d) (3M USD LIBOR + 1.200%)
	25,572,606		3.319			12/15/33		25,326,253
	SLM Student Loan Trust Series 2006-10, Class A5A (3M USD LIBOR + 0.100%)
	79,437		2.376			04/25/27		79,382
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	11,666,679		3.026			04/25/23		11,510,206
	SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%)
	12,618,337		3.276			10/25/21		12,573,975
	SLM Student Loan Trust Series 2008-6, Class A4 (3M USD LIBOR + 1.100%)
	17,456,000		3.376			07/25/23		17,391,971
	SLM Student Loan Trust Series 2008-8, Class A4 (3M USD LIBOR + 1.500%)
	5,926,753		3.776			04/25/23		6,019,625
	South Texas Higher Education Authority, Inc. Series 2013-1, Class A1 (1M USD LIBOR + 0.600%)
	6,360,848		2.689			12/03/29		6,321,029
	Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	250,765		2.406			01/26/26		250,736

								185,866,641

	TOTAL ASSET-BACKED SECURITIES
	(Cost $334,167,518)						$	341,249,561



Foreign Debt Obligations – 5.1%
Sovereign – 5.1%
	Dominican Republic
DOP	30,000,000		18.500	%		02/04/28		835,074
	Japanese Government CPI Linked Bond
JPY	4,266,709,901		0.100			03/10/26		40,888,596
	473,920,023		0.100			03/10/29		4,571,548
	Republic of Argentina
EUR	5,090,000		3.375			01/15/23		2,110,956
	14,190,000		5.250			01/15/28		5,954,562
	(Argentina Blended Historical Policy Rate + 0.000%)
ARS	76,600,000		79.499	^(b)		06/21/20		619,396
	Republic of Indonesia
$	5,310,000		4.450			02/11/24		5,701,612
	Republic of South Africa
	670,000		5.750			09/30/49		667,822
	United Mexican States
MXN	163,154,600		5.750			03/05/26		7,826,196
	17,646,200		7.750			11/23/34		940,612
	8,720,800		10.000			11/20/36		561,854
	48,116,800		8.500			11/18/38		2,743,784

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $91,064,683)						$	73,422,012



Municipal Debt Obligations – 1.4%
Illinois – 0.7%
	Illinois State GO Bonds Build America Series 2010^(e)
$	4,470,000		7.350	%		07/01/35	$	5,449,288
	Illinois State GO Bonds Taxable-Pension Series 2003
	4,280,000		5.100			06/01/33		4,635,839

								10,085,127

Minnesota^(e)(k) – 0.2%
	Northstar Education Finance, Inc. (Student Loan Asset Backed) Series 2007-1, Class A1 (3M USD LIBOR + 0.100%)
	3,031,088		2.356			04/28/30		3,018,537

Puerto Rico^(e) – 0.5%
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-1
	608,000		4.500			07/01/34		649,490
	306,000		4.550			07/01/40		315,504
	1,811,000		4.750			07/01/53		1,878,913
	4,687,000		5.000			07/01/58		4,941,129

								7,785,036

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $19,320,452)						$	20,888,700



U.S. Treasury Obligations – 3.9%
	United States Treasury Bill^(k)
$	42,977,000		0.000	%		03/05/20	$	42,645,473
	United States Treasury Bonds^(l)
	10,000		2.750			11/15/47		11,336
	2,880,000		3.000			02/15/48		3,422,250


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligations – (continued)
	United States Treasury Notes^(l)
$	8,670,000		1.625	%		10/31/23	$	8,690,320
	1,470,000		2.750			02/28/25		1,558,889

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $55,573,277)						$	56,328,268


Units		Expiration Date	Value

Warrant^(g) – 0.0%
	True Religion Warrant
	2,355	10/27/22	$	—
	True Religion Warrant 2
	8,897	10/27/22		—

	TOTAL WARRANT
	(Cost $—)		$	—


Shares		Dividend Rate	Value

Investment Company^(m) – 2.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	35,915,569	2.032%	$	35,915,569
	(Cost $35,915,569)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $1,511,037,657)		$	1,483,611,642


Principal Amount		Interest Rate				Maturity Date		Value

Short-term Investments – 6.3%
Certificates of Deposit^(b) – 1.7%
	Credit Suisse AG (SOFR + 0.230%)
$	12,000,000		2.580	%			02/14/20	$	12,000,853
	Societe Generale SA^(d) (FEDL01 + 0.450%)
	12,000,000		2.570				08/17/20		12,006,288

									24,007,141

Commercial Paper^(k) – 4.6%
	AT&T, Inc.^(d)
	10,000,000		0.000				12/06/19		9,956,822
	Entergy Corp.^(d)
	10,000,000		0.000				10/11/19		9,992,972
	General Electric Co.
	11,500,000		0.000				11/04/19		11,474,587
	Marriott International, Inc.^(d)
	8,300,000		0.000				10/31/19		8,283,769
	Spire, Inc.^(d)
	6,750,000		0.000				10/16/19		6,743,223
	VW Credit, Inc.^(d)
	10,000,000		0.000				10/07/19		9,995,431
	10,000,000		0.000				02/03/20		9,919,220

									66,366,024


Short-term Investments – (continued)
TOTAL SHORT-TERM INVESTMENTS
(Cost $90,361,139)				$	90,373,165

TOTAL INVESTMENTS – 109.3%
(Cost $1,601,398,796)				$	1,573,984,807

LIABILITIES IN EXCESS OF OTHER ASSETS – (9.3)%					(134,428,082	)

NET ASSETS – 100.0%				$	1,439,556,725



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

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on September 30, 2019. 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 September 30, 2019.

(c)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

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

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

(f)		Pay-in-kind securities.

(g)		Security is currently in default and/or non-income producing.

(h)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

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

(j)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $228,678,049 which represents approximately 15.9% of the Fund’s net assets as of September 30, 2019.

(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.


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

GOLDMAN SACHS STRATEGIC INCOME FUND



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
COP		—Colombian Peso
CZK		—Czech Koruna
DOP		—Dominican Peso
EUR		—Euro
GBP		—British Pound
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
JPY		—Japanese Yen
KRW		—South Korean Won
MXN		—Mexican Peso
NOK		—Norwegian Krone
NZD		—New Zealand Dollar
PEN		—Peruvian Nuevo Sol
PLN		—Polish Zloty
RON		—New Romanian Leu
RUB		—Russian Ruble
SEK		—Swedish Krona
SGD		—Singapore Dollar
TRY		—Turkish Lira
TWD		—Taiwan Dollar
USD		—U.S. Dollar
ZAR		—South African Rand


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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	4,263,783	SEK	28,178,918		12/18/19	$	6,798
	BRL	12,197,535	USD	2,922,755		10/02/19		12,494
	BRL	135,632,817	USD	32,401,520		11/04/19		160,229
	CHF	12,733,603	EUR	11,707,080		12/18/19		10,536
	COP	10,934,086,191	USD	3,128,472		11/08/19		7,796
	EUR	5,366,340	AUD	8,674,173		12/18/19		15,891
	EUR	10,732,483	CHF	11,647,577		12/18/19		16,550
	EUR	3,751,177	HUF	1,247,707,570		12/18/19		32,563
	EUR	2,637,231	NOK	26,231,217		12/18/19		5,275
	EUR	2,687,805	PLN	11,718,139		12/18/19		22,142
	EUR	32,936,077	SEK	352,139,363		12/18/19		152,311
	IDR	240,248,159,164	USD	16,760,544		10/09/19		178,621
	INR	2,138,180,669	USD	29,974,877		10/09/19		226,696
	JPY	479,725,861	AUD	6,578,075		12/18/19		11,978
	JPY	310,967,686	NZD	4,588,033		12/18/19		14,796
	JPY	634,244,455	USD	5,884,594		12/18/19		15,988
	MXN	239,444,911	USD	11,974,042		12/18/19		7,274


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	NOK	525,093,749	EUR	52,528,942		12/18/19	$	182,697
	PEN	44,149,072	USD	13,003,762		11/06/19		76,631
	RUB	187,834,381	USD	2,888,622		10/15/19		1,822
	SEK	109,712,092	EUR	10,190,919		12/18/19		29,978
	TRY	17,343,762	EUR	2,655,545		12/18/19		81,213
	TRY	96,815,385	USD	16,431,723		12/18/19		278,766
	TWD	189,704,548	USD	6,077,011		10/03/19		35,926
	USD	2,849,714	AUD	4,148,666		11/13/19		45,348
	USD	34,137,671	AUD	50,053,520		12/18/19		268,858
	USD	8,350,847	BRL	34,172,133		10/02/19		127,565
	USD	5,502,442	CAD	7,254,569		11/20/19		22,388
	USD	37,811,460	CAD	49,966,980		12/18/19		45,579
	USD	21,760,948	CHF	21,392,317		12/18/19		173,523
	USD	68,363,002	CLP	49,405,073,456		10/01/19		604,797
	USD	11,516,230	CLP	8,322,650,321		10/25/19		96,182
	USD	10,825,568	CNH	77,161,707		12/18/19		40,810
	USD	11,116,705	COP	38,348,821,304		10/10/19		102,062
	USD	24,396,323	COP	84,122,416,499		11/08/19		267,146
	USD	18,614,262	EUR	16,858,118		11/27/19		161,451
	USD	59,909,812	EUR	54,119,020		12/18/19		557,257
	USD	47,483,753	GBP	38,373,903		12/04/19		179,609
	USD	12,602,345	HUF	3,741,016,472		12/18/19		365,129
	USD	2,956,849	IDR	41,754,812,816		10/09/19		12,844
	USD	2,782,024	INR	196,661,245		10/09/19		4,205
	USD	48,190,678	JPY	5,089,518,736		11/14/19		977,327
	USD	26,641,918	JPY	2,852,204,720		12/18/19		106,931
	USD	2,891,336	KRW	3,455,076,877		11/25/19		5,552
	USD	11,129,788	MXN	216,069,126		10/07/19		193,733
	USD	21,153,327	MXN	418,777,530		12/18/19		198,589
	USD	2,882,543	NOK	25,836,864		10/07/19		42,194
	USD	2,958,134	NOK	26,439,188		12/18/19		48,258
	USD	32,653,289	NZD	51,357,092		12/18/19		435,142
	USD	2,926,711	PEN	9,801,554		11/06/19		22,727
	USD	4,429,491	PLN	17,091,000		10/30/19		165,759
	USD	2,948,096	PLN	11,596,858		12/18/19		52,790
	USD	6,772,876	RON	29,106,433		12/18/19		94,000
	USD	8,772,085	RUB	562,437,338		10/15/19		117,152
	USD	9,043,688	SEK	87,113,367		10/07/19		190,298
	USD	5,867,833	SGD	8,060,907		12/18/19		30,226
	USD	6,118,707	TWD	189,704,549		10/03/19		5,769
	USD	12,890,478	TWD	396,395,084		10/30/19		91,153
	USD	17,768,880	ZAR	267,252,223		12/18/19		303,316
	ZAR	91,168,521	USD	5,933,640		12/18/19		24,440

TOTAL							$	7,765,080


74		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		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	4,297,724	CAD	3,906,996		12/18/19	$	(44,910	)
	AUD	9,871,000	USD	6,797,200		11/13/19		(124,717	)
	AUD	51,211,522	USD	35,048,308		12/18/19		(395,930	)
	BRL	183,553,675	USD	44,458,297		10/02/19		(287,414	)
	CAD	8,510,256	USD	6,454,855		11/20/19		(26,264	)
	CAD	7,791,177	USD	5,908,956		12/18/19		(20,254	)
	CHF	23,753,053	EUR	21,923,606		12/18/19		(74,017	)
	CHF	28,046,201	USD	28,581,552		12/18/19		(279,558	)
	CLP	49,405,073,456	USD	68,771,575		10/01/19		(1,013,368	)
	CLP	4,802,523,860	USD	6,655,198		10/25/19		(65,344	)
	COP	38,348,821,304	USD	11,386,881		10/10/19		(372,237	)
	COP	74,711,478,733	USD	21,747,350		11/08/19		(317,553	)
	CZK	304,460,588	USD	13,029,121		12/18/19		(142,483	)
	EUR	2,654,771	AUD	4,331,710		12/18/19		(19,562	)
	EUR	5,361,987	CAD	7,868,925		12/18/19		(66,952	)
	EUR	15,006,612	CHF	16,387,755		12/18/19		(79,404	)
	EUR	5,288,544	CZK	137,177,379		12/18/19		(6,219	)
	EUR	2,641,594	HUF	885,951,864		12/18/19		(984	)
	EUR	5,431,146	ILS	21,109,181		12/18/19		(142,249	)
	EUR	16,012,806	JPY	1,915,340,999		12/18/19		(257,728	)
	EUR	2,758,302	SEK	29,699,937		12/18/19		(8,622	)
	EUR	3,336,000	USD	3,683,237		11/27/19		(31,668	)
	EUR	38,886,623	USD	43,182,063		12/18/19		(534,944	)
	GBP	5,231,939	USD	6,479,056		12/18/19		(24,848	)
	HUF	885,532,096	EUR	2,645,829		12/18/19		(5,034	)
	HUF	881,564,114	PLN	11,593,883		12/18/19		(10,884	)
	HUF	882,941,752	USD	2,918,346		12/18/19		(30,161	)
	IDR	24,758,357,475	USD	1,769,592		10/09/19		(23,956	)
	JPY	4,863,752,440	USD	45,678,145		12/18/19		(429,079	)
	KRW	19,885,728,293	USD	16,663,664		11/25/19		(54,507	)
	MXN	169,579,347	USD	8,575,264		12/18/19		(89,875	)
	NOK	107,871,977	CAD	15,882,188		12/18/19		(131,719	)
	NOK	26,441,610	EUR	2,659,354		12/18/19		(6,381	)
	NOK	18,090,624	USD	2,031,864		10/07/19		(43,090	)
	NOK	52,751,775	USD	5,895,326		12/18/19		(89,507	)
	NZD	4,823,068	EUR	2,765,939		12/18/19		(7,734	)
	NZD	16,868,742	USD	10,860,950		12/18/19		(278,583	)
	PEN	15,531,568	USD	4,631,152		11/06/19		(29,493	)
	PLN	131,136,009	EUR	30,067,787		12/18/19		(235,663	)
	PLN	16,889,887	USD	4,377,368		10/30/19		(163,808	)
	PLN	97,622,922	USD	24,880,323		12/18/19		(507,495	)
	RON	12,611,715	EUR	2,639,550		12/18/19		(872	)
	RUB	2,445,941,954	USD	38,045,149		10/15/19		(406,355	)
	SEK	255,544,126	EUR	23,950,132		12/18/19		(163,984	)
	SEK	76,349,122	USD	8,094,599		10/07/19		(335,187	)
	SEK	122,206,461	USD	12,606,089		12/18/19		(123,468	)
	TWD	99,054,183	USD	3,201,182		10/30/19		(2,791	)
	USD	38,682,835	BRL	161,579,077		10/02/19		(200,016	)
	USD	11,669,902	CAD	15,467,868		12/18/19		(20,972	)
	USD	13,778,324	IDR	197,260,487,836		10/09/19		(129,910	)
	USD	17,715,085	ILS	62,153,342		12/18/19		(241,510	)
	USD	27,072,468	INR	1,941,519,426		10/09/19		(351,285	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	USD	2,898,885	INR	207,190,561		11/25/19	$	(13,836	)
	USD	764,167	INR	54,488,910		12/03/19		(1,079	)
	USD	6,080,152	MXN	121,997,678		12/18/19		(24,353	)
	USD	2,936,790	NZD	4,681,472		12/18/19		(65	)
	USD	15,774,996	SGD	21,802,307		12/18/19		(13,960	)
	USD	5,481,314	TRY	31,933,861		12/18/19		(30,520	)
	USD	5,834,329	TWD	180,735,263		10/30/19		(1,488	)
	ZAR	43,585,607	EUR	2,681,000		12/18/19		(91,841	)
	ZAR	313,955,969	USD	20,961,730		12/18/19		(443,967	)

TOTAL							$	(9,071,657	)

FORWARD SALES CONTRACT — At September 30, 2019, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)		Settlement Date		Principal Amount			Value
FNMA(Proceeds Receivable: $(32,151,563))		5.000	%		TBA-30yr		11/13/19	$	(30,000,000	)	$	(32,149,218	)

(a)

FUTURES CONTRACTS — At September 30, 2019, 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		238			12/16/19	$	18,584,363		$	(1,148	)
Australian 10 Year Government Bonds		143			12/16/19		14,221,840			(12,468	)
Ultra Long U.S. Treasury Bonds		624			12/19/19		119,749,500			(904,836	)
30 Day Federal Funds		970			11/29/19		397,105,307			20,994
10 Year U.S. Treasury Notes		5,370			12/19/19		699,778,125			(2,807,811	)

Total									$	(3,705,269	)

Short position contracts:
Eurodollars		(299	)		12/16/19		(73,284,900	)		(660,189	)
Eurodollars		(11	)		03/16/20		(2,704,075	)		(18,450	)
Eurodollars		(105	)		06/15/20		(25,841,813	)		(197,381	)
Eurodollars		(3	)		12/14/20		(738,937	)		(4,684	)
Japan 10 Year Government Bonds		(31	)		12/13/19		(44,445,040	)		(81,823	)
Ultra 10 Year U.S. Treasury Notes		(2,405	)		12/19/19		(342,487,031	)		4,892,223
2 Year U.S. Treasury Notes		(1,670	)		12/31/19		(359,885,000	)		(197,253	)
5 Year U.S. Treasury Notes		(1,982	)		12/31/19		(236,152,204	)		1,012,951
10 Year U.K. Long Gilt		(192	)		12/27/19		(31,690,508	)		(13,970	)
20 Year U.S. Treasury Bonds		(220	)		12/19/19		(35,708,750	)		(922,228	)

Total									$	3,809,196

TOTAL FUTURES CONTRACTS									$	103,927


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M EURIBOR^(a)	0.002%^(b)	09/16/30	EUR	33,330	^(c)	$	261,526		$	144,368		$	117,158
6M EURIBOR^(a)	0.275^(b)	09/17/29		51,450	^(c)		517,415			(50,629	)		568,044
6M JYOR^(a)	0.500	03/22/28	JPY	4,172,950	^(c)		1,015,838			(239,672	)		1,255,510
6M JYOR^(a)	1.000	06/15/49		5,181,190	^(c)		2,170,350			2,207,736			(37,386	)
6M CHFOR^(a)	1.050^(b)	08/07/28	CHF	62,290	^(c)		4,272,555			431,643			3,840,912
6M EURIBOR^(a)	1.200^(b)	02/12/29	EUR	73,900	^(c)		4,910,423			428,893			4,481,530
3M KWCDC^(d)	1.250	12/18/21	KRW	217,352,800			101,522			567,365			(465,843	)
6M AUDOR^(a)	1.250	12/18/29	AUD	217,490	^(c)		914,371			(112,735	)		1,027,106
6M AUDOR^(a)	1.250	12/18/24		61,480	^(c)		668,628			678,880			(10,252	)
6M AUDOR^(a)	1.250	12/18/26		46,960	^(c)		477,812			245,134			232,678
6M JYOR^(a)	1.250	06/14/38	JPY	3,444,350	^(c)		2,737,453			2,611,724			125,729
3M LIBOR^(b)	1.287	09/15/21	$	213,650	^(c)		(20,660	)		24,792			(45,452	)
3M LIBOR^(d)	1.295^(a)	05/15/29		89,100	^(c)		(1,932,819	)		(3,249,739	)		1,316,920
3M KWCDC^(d)	1.750	06/19/29	KRW	35,774,400			716,702			964,146			(247,444	)
6M NIBOR^(a)	2.000^(b)	03/19/30	NOK	77,830	^(c)		112,274			68,527			43,747
3M LIBOR^(d)	2.013^(a)	08/02/29	$	267,710	^(c)		7,651,232			1,881,498			5,769,734
6M CDOR^(a)	2.250	12/18/24	CAD	152,610	^(c)		2,956,338			2,820,160			136,178
6M CDOR^(a)	2.250	12/18/21		347,290	^(c)		2,187,178			1,860,642			326,536
6M CDOR^(a)	2.500	12/18/29		30,090	^(c)		1,581,591			1,421,537			160,054
3M LIBOR^(d)	2.750^(a)	06/15/49	$	9,870	^(c)		668,068			671,215			(3,147	)
3M LIBOR^(d)	2.800^(a)	02/12/29		74,620	^(c)		4,086,460			326,922			3,759,538
3M LIBOR^(d)	3.000^(a)	06/20/39		8,550	^(c)		802,463			799,162			3,301
6M CDOR^(a)	3.000	06/19/29	CAD	60,130	^(c)		2,553,876			1,920,962			632,914
6.500^(d)	3M JIBAR	12/18/20	ZAR	734,130	^(c)		42,977			(31,133	)		74,110
0.000^(d)	3M LIBOR	07/25/24	$	312,900			58,669			4,941			53,728
0.971^(b)	3M LIBOR	06/30/26		178,690	^(c)		3,053,883			2,662,404			391,479
1.485^(d)	3M LIBOR^(a)	05/15/45		89,840	^(c)		4,177,417			7,887,263			(3,709,846	)
1.500^(d)	3M LIBOR^(a)	12/18/21		248,490	⁽^c)		283,378			(339,129	)		622,507
1.500^(d)	3M LIBOR^(a)	12/18/24		114,960	^(c)		(117,776	)		(655,820	)		538,044
1.750^(d)	3M LIBOR^(a)	12/18/21		46,670	^(c)		(175,951	)		(226,271	)		50,320
1.750^(d)	3M LIBOR^(a)	12/18/49		4,180	^(c)		(40,246	)		93,749			(133,995	)
2.230^(d)	3M LIBOR^(a)	08/02/52		71,520	^(c)		(8,296,384	)		(1,715,556	)		(6,580,828	)
1.750^(d)	3M NZDOR^(a)	03/19/30	NZD	27,070	^(c)		(147,315	)		(11,748	)		(135,567	)
(0.045)^(e)	3M STIBOR^(d)	03/18/21	SEK	2,136,480	^(c)		(77,227	)		7,561			(84,788	)
0.050^(d)	3M STIBOR^(b)	12/18/24		504,030	^(c)		(191,724	)		(101,421	)		(90,303	)
0.400^(d)	3M STIBOR^(b)	12/18/29		428,570	^(c)		(564,452	)		132,474			(696,926	)
1M BID Avg^(f)	6.660	01/02/23	BRL	129,625			581,326			341,341			239,985
1M BID Avg^(f)	6.849	01/02/23		27,850			159,894			—			159,894
1.750^(a)	6M AUDOR	03/19/30	AUD	25,110	^(c)		(212,302	)		(106,859	)		(105,443	)
0.300^(a)	6M EURIBOR^(b)	08/03/28	EUR	53,140	^(c)		(1,037,515	)		(479,527	)		(557,988	)
0.750^(a)	6M EURIBOR^(b)	12/18/29		42,060	^(c)		(4,160,785	)		(4,055,297	)		(105,488	)
1.250^(a)	6M EURIBOR^(b)	12/19/28		2,630			(421,159	)		(72,930	)		(348,229	)
1.500^(a)	6M EURIBOR^(b)	06/19/29		71,790	^(c)		(5,806,022	)		(8,395,768	)		2,589,746
1.500^(a)	6M EURIBOR^(b)	06/15/49		16,740	^(c)		(2,139,752	)		(2,348,556	)		208,804
1.750^(a)	6M EURIBOR^(b)	06/20/39		6,870	^(c)		(922,014	)		(969,324	)		47,310
0.727^(e)	6M GBP	11/07/19	GBP	455,550			(37,870	)		968			(38,838	)
0.900^(a)	6M GBP	09/13/29		38,490	^(c)		(497,403	)		73,246			(570,649	)
1.500^(a)	6M GBP	02/12/29		116,920	^(c)		(5,882,990	)		(3,684,479	)		(2,198,511	)
1.500^(a)	6M GBP	12/18/26		26,200	^(c)		(1,999,400	)		(1,513,074	)		(486,326	)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

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)
1.500%^(a)		6M GBP	12/18/29	GBP	34,670	^(c)	$	(3,590,098	)	$	(2,653,135	)	$	(936,963	)
1.750^(a)		6M GBP	06/20/39		16,830	^(c)		(1,888,616	)		(2,208,512	)		319,896
1.750^(a)		6M GBP	06/15/49		10,890	^(c)		(1,248,162	)		(1,328,811	)		80,649
1.750^(a)		6M GBP	06/19/29		26,890	^(c)		(1,698,491	)		(1,698,489	)		(2	)
1.750^(a)		6M NIBOR^(b)	12/18/29	NOK	629,860	^(c)		(373,326	)		(249,675	)		(123,651	)
1.860^(a)		6M WIBOR^(b)	12/18/24	PLN	259,620	^(c)		(667,595	)		(441,787	)		(225,808	)
1M BID Avg^(f)		7.250	01/02/20	BRL	3			11			1			10
Mexico IB TIIE 28D^(f)		8.250	06/06/29	MXN	40,025			219,939			2,922			217,017
3M JIBAR^(d)		8.775	09/18/29	ZAR	730,320	^(c)		187,294			(61,146	)		248,440
7.950^(f)		Mexico IB TIIE 28D	06/16/21	MXN	703,425			(702,231	)		(7,433	)		(694,798	)
8.360^(f)		Mexico IB TIIE 28D	03/18/20		2,893,000			(544,750	)		(1,135,454	)		590,704

TOTAL							$	4,733,829		$	(6,861,933	)	$	11,595,761

(a)

Payments made semi-annually.

(b)

Payments made annually.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(d)

Payments made quarterly.

(e)

Payments made at the termination date.

(f)

Payments made monthly.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index	Financing Rate Paid by the Fund^(a)		Credit Spread at September 30, 2019^(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)%	0.125%		Barclays Bank PLC		06/20/21	$	9,860	$	(150,854	)	$	14,590	$	(165,444	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125		Barclays Bank PLC		06/20/21		470		(7,191	)		1,517		(8,708	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125		Citibank NA		06/20/21		2,060		(31,517	)		6,898		(38,415	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125		Deutsche Bank AG (London)		06/20/21		11,160		(170,744	)		14,565		(185,309	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125		JPMorgan Securities, Inc.		06/20/21		3,640		(55,691	)		6,510		(62,201	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.125		UBS AG (London)		06/20/21		5,910		(90,422	)		10,254		(100,676	)
Protection Sold:
People’s Republic of China, 7.500%, 10/28/27^(a)		1.000	0.36		MS & Co. Int. PLC		12/20/23		43,200		1,147,615			895,943		251,672

TOTAL										$	641,196		$	950,277	$	(309,081	)

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at September 30, 2019^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Index Series 31		(1.000)%	0.478%		06/20/24	EUR	15,050	$	(412,388	)	$	(956,482	)	$	544,094
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.360		12/20/23	$	49,090		(1,304,084	)		(483,782	)		(820,302	)
Republic of Argentine, 7.500%, 04/22/26		(5.000)	87.141		12/20/22		9,560		5,630,918			348,667			5,282,251
Protection Sold:
CDX.NA.HY Index 33		5.000	3.502		12/20/24		17,550		1,206,418			1,179,606			26,812
CDX.NA.IG Index 32		1.000	0.528		06/20/24		141,100		3,047,246			2,913,046			134,200
General Electric Co. 2.700%, 10/09/22		1.000	1.164		06/20/24		3,650		(25,600	)		(59,570	)		33,970
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	0.757		12/20/24		3,250		40,384			45,383			(4,999	)
People’s Republic of China, 7.500%, 10/28/27		1.000	0.218		06/20/22		75,980		1,619,100			1,511,509			107,591
Republic of Colombia, 10.375%, 01/28/33		1.000	0.704		12/20/23		16,980		209,636			(276,375	)		486,011
Republic of Indonesia, 5.875%, 03/13/20		1.000	0.818		06/20/24		8,760		74,613			53,996			20,617
Republic of Ireland, 4.500%, 04/18/20		1.000	0.600		12/20/24		195,725		3,932,675			3,829,984			102,691
State of Qatar, 9.750%, 06/15/30		1.000	0.482		06/20/24		1,330		31,833			27,319			4,514
State of Qatar, 9.750%, 06/15/30		1.000	0.540		12/20/24		520		12,173			11,481			692

TOTAL								$	14,062,924		$	8,144,782		$	5,918,142

(a)

Payments made quarterly.

(b)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS


Reference Obligation/ Index^(a)	Financing Rate Paid by the Fund^(b)		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	$	11,862	$	40,473		$	17,818	$	22,655
Markit MBX Ginnie-Mae Index, 30 yr Fixed Rate, 4.500%, Series 10		1M LIBOR	JPMorgan Securities, Inc.		01/12/41		12,387		(46,079	)		34,566		(80,645	)

TOTAL								$	(5,606	)	$	52,384	$	(57,990	)

(a)

Payments made monthly.

(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).


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2019, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS


Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
1Y IRS	UBS AG (London)		1.270	%		08/27/2020		33,200,000		$	33,200,000		$	477,875		$	669,583		$	(191,708	)
2M IRS	UBS AG (London)		1.580			11/12/2019		16,600,000			16,600,000			179,230			267,260			(88,030	)
3M IRS	Citibank NA		1.580			11/12/2019		10,340,000			10,340,000			111,641			142,692			(31,051	)
3M IRS	Deutsche Bank AG (London)		1.420			11/15/2019		23,470,000			23,470,000			126,170			337,968			(211,798	)
3M IRS	JPMorgan Securities, Inc.		1.585			11/12/2019		10,790,000			10,790,000			117,685			215,800			(98,115	)
3M IRS	UBS AG (London)		1.420			11/15/2019		9,650,000			9,650,000			47,809			158,260			(110,451	)
3M IRS	UBS AG (London)		1.585			11/12/2019		22,330,000			22,330,000			245,761			376,496			(130,735	)
6M IRS	Barclays Bank PLC		1.300			03/11/2020		32,080,000			32,080,000			292,143			300,750			(8,607	)
								158,460,000		$	158,460,000		$	1,598,314		$	2,468,809		$	(870,495	)
Puts
3M IRS	JPMorgan Securities, Inc.		1.580			11/19/2019		47,300,000			47,300,000			477,243			491,920			(14,677	)
3M IRS	JPMorgan Securities, Inc.		2.080			11/19/2019		47,300,000			47,300,000			28,356			56,760			(28,404	)
								94,600,000		$	94,600,000		$	505,599		$	548,680		$	(43,081	)
Total purchased option contracts								253,060,000		$	253,060,000		$	2,103,913		$	3,017,489		$	(913,576	)
Written option contracts
Calls
1Y IRS	Barclays Bank PLC		0.600			08/21/2020		(117,410,000	)		(117,410,000	)		(273,986	)		(585,176	)		311,190
1Y IRS	Deutsche Bank AG (London)		0.065			09/14/2020		(61,990,000	)		(61,990,000	)		(1,786,000	)		(1,331,466	)		(454,534	)
1Y IRS	JPMorgan Securities, Inc.		0.065			09/14/2020		(45,280,000	)		(45,280,000	)		(1,304,565	)		(960,212	)		(344,353	)
1Y IRS	JPMorgan Securities, Inc.		0.600			08/21/2020		(29,520,000	)		(29,520,000	)		(68,887	)		(157,070	)		88,183
1Y IRS	UBS AG (London)		0.065			09/14/2020		(44,250,000	)		(44,250,000	)		(1,274,890	)		(1,189,674	)		(85,216	)
1Y IRS	UBS AG (London)		0.256			08/27/2020		(40,070,000	)		(40,070,000	)		(474,548	)		(645,524	)		170,976
2M IRS	JPMorgan Securities, Inc.		0.680			11/12/2019		(14,970,000	)		(14,970,000	)		(210,210	)		(199,613	)		(10,597	)
3M IRS	Deutsche Bank AG (London)		0.250			11/15/2019		(28,450,000	)		(28,450,000	)		(101,679	)		(316,165	)		214,486
3M IRS	JPMorgan Securities, Inc.		0.090			11/12/2019		(13,110,000	)		(13,110,000	)		(140,969	)		(232,129	)		91,160
3M IRS	JPMorgan Securities, Inc.		0.680			11/12/2019		(9,350,000	)		(9,350,000	)		(131,293	)		(147,425	)		16,132
3M IRS	UBS AG (London)		0.090			11/12/2019		(27,120,000	)		(27,120,000	)		(292,937	)		(372,520	)		79,583
3M IRS	UBS AG (London)		0.250			11/15/2019		(11,780,000	)		(11,780,000	)		(42,101	)		(216,892	)		174,791
6M IRS	Barclays Bank PLC		0.280			03/11/2020		(39,380,000	)		(39,380,000	)		(286,030	)		(280,956	)		(5,074	)
								(482,680,000	)	$	(482,680,000	)	$	(6,388,095	)	$	(6,634,822	)	$	246,727
Puts
1Y IRS	Deutsche Bank AG (London)		0.065			09/14/2020		(61,990,000	)		(61,990,000	)		(870,177	)		(1,331,466	)		461,289
1Y IRS	JPMorgan Securities, Inc.		0.065			09/14/2020		(45,280,000	)		(45,280,000	)		(635,611	)		(960,212	)		324,601
1Y IRS	UBS AG (London)		0.065			09/14/2020		(44,250,000	)		(44,250,000	)		(621,153	)		(746,725	)		125,572
3M IRS	JPMorgan Securities, Inc.		1.830			11/19/2019		(94,600,000	)		(94,600,000	)		(254,143	)		(340,560	)		86,417
								(246,120,000	)	$	(246,120,000	)	$	(2,381,084	)	$	(3,378,963	)	$	997,879

Total written option contracts								(728,800,000	)	$	(728,800,000	)	$	(8,769,179	)	$	(10,013,785	)	$	1,244,606

TOTAL								(475,740,000	)	$	(475,740,000	)	$	(6,665,266	)	$	(6,996,296	)	$	331,030


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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)



Abbreviations:
1M BID Avg		—1 month Brazilian Interbank Deposit Average
CDX.NA.HY Index 33		—CDX North America High Yield Index 33
CDX.NA.IG Index 32		—CDX North America Investment Grade Index 32
CS International (London)		—Credit Suisse International (London)
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.		81

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUND

Statements of Assets and Liabilities

September 30, 2019 (Unaudited)


	Bond Fund		Core Fixed Income Fund

Assets:
Investments of unaffiliated issuers, at value (cost $559,005,083 and $1,351,579,202)	$	570,480,164	$	1,387,665,934
Investments of affiliated issuers, at value (cost $9,593,378 and $0)		9,593,378		—
Cash		6,668,165		6,856,439
Unrealized gain on forward foreign currency exchange contracts		1,164,776		573,841
Purchased options (cost $322,136 and $290,083)		215,990		199,798
Foreign currencies, at value (cost $23,396 and $260,337, respectively)		21,882		254,412
Variation margin on futures contracts		—		41,618
Receivables:
Investments sold on an extended-settlement basis		105,929,464		268,857,109
Collateral on certain derivative contracts^(a)		9,097,164		7,532,037
Interest and dividends		2,974,010		7,048,157
Fund shares sold		750,435		2,492,268
Reimbursement from investment adviser		44,948		41,689
Due from broker — upfront payment		27,962		—
Upfront payments made on swap contracts		22,354		—
Other assets		76,471		110,729

Total assets		707,067,163		1,681,674,031


Liabilities:
Forward sale contracts, at value (proceeds received $12,789,063 and $32,001,523, respectively)		12,809,448		31,993,775
Unrealized loss on forward foreign currency exchange contracts		1,412,538		712,155
Written option contracts, at value (premium received $1,061,665 and $976,964, respectively)		883,090		837,610
Variation margin on swap contracts		311,178		305,599
Unrealized loss on swap contracts		174,719		—
Variation margin on futures contracts		35,650		—
Upfront payments received on swap contracts		8,861		—
Payables:
Investments purchased on an extended — settlement basis		239,461,433		547,891,677
Fund shares redeemed		1,361,836		1,525,937
Investments purchased		460,968		30,701
Management fees		148,473		359,375
Distribution and Service fees and Transfer Agency fees		66,277		69,144
Income distributions		37,642		43,665
Accrued expenses		461,407		329,980

Total liabilities		257,633,520		584,099,618


Net Assets:
Paid-in capital		444,307,721		1,046,538,079
Total distributable earnings		5,125,922		51,036,334
NET ASSETS	$	449,433,643	$	1,097,574,413
Net Assets:
Class A	$	88,427,056	$	109,047,837
Class C		8,938,825		6,388,805
Institutional		137,696,409		198,192,452
Service		41,427		926,913
Investor		35,936,283		31,366,896
Class P		91,964,590		584,477,271
Class R		6,902,182		5,086,271
Class R6		79,526,871		162,087,968
Total Net Assets	$	449,433,643	$	1,097,574,413
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,461,337		10,055,976
Class C		856,167		586,211
Institutional		13,179,426		18,201,731
Service		3,966		85,104
Investor		3,450,366		2,890,491
Class P		8,805,533		53,595,217
Class R		661,064		468,771
Class R6		7,613,982		14,870,796
Net asset value, offering and redemption price per share:^(b)
Class A		$10.45		$10.84
Class C		10.44		10.90
Institutional		10.45		10.89
Service		10.45		10.89
Investor		10.42		10.85
Class P		10.44		10.91
Class R		10.44		10.85
Class R6		10.44		10.90

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Forward Foreign Currrencies		Futures		Swaps		TBA
Bond	$	3,270,000	$	600,000	$	4,937,164	$	290,000

Core Fixed Income		—		—		6,802,037		730,000

(b)

Maximum public offering price per share for Class A Shares of the Bond and Core Fixed Income Funds is $10.86 and $11.26, 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.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUND

Statements of Assets and Liabilities (continued)

September 30, 2019 (Unaudited)


	Global Income Fund		Strategic Income Fund

Assets:
Investments of unaffiliated issuers, at value (cost $700,278,221 and $1,565,483,227)	$	718,284,030	$	1,538,069,238
Investments of affiliated issuers, at value (cost $46,043,669 and $35,915,569)		46,043,669		35,915,569
Cash		10,061,770		23,646,099
Unrealized gain on forward foreign currency exchange contracts		4,691,688		7,765,080
Foreign currencies, at value (cost $1,644,484 and $55,685, respectively)		1,627,149		—
Purchased options (cost $364,168 and $3,017,489)		249,585		2,103,913
Variation margin on futures contracts		54,450		—
Unrealized gain on swap contracts		39,091		274,327
Receivables:
Investments sold on an extended-settlement basis		115,381,043		183,873,120
Collateral on certain derivative contracts^(a)		14,910,021		79,250,813
Interest and dividends		3,284,906		8,902,583
Fund shares sold		610,010		585,406
Reimbursement from investment adviser		35,182		—
Upfront payments made on swap contracts		24,591		1,002,661
Investments sold		1,473		—
Due from broker		2,813		—
Due from broker — upfront payment		—		344,705
Other assets		66,124		82,585

Total assets		915,367,595		1,881,816,099


Liabilities:
Foreign currency overdraft, at value (identified cost $0 and $55,685)		—		7,583
Forward sale contracts, at value (proceeds received $10,419,258 and $32,151,563, respectively)		10,431,069		32,149,218
Unrealized loss on forward foreign currency exchange contracts		1,312,194		9,071,657
Written option contracts, at value (premium received $1,189,236 and $10,013,785, respectively)		1,010,416		8,769,179
Unrealized loss on swap contracts		270,572		641,398
Variation margin on swap contracts		181,277		3,394,745
Upfront payments received on swap contracts		135,286		—
Variation margin on futures contracts		—		373,850
Payables:
Investments purchased on an extended — settlement basis		218,260,807		383,310,506
Fund shares redeemed		442,278		1,941,148
Management fees		356,842		692,344
Investments purchased		74,639		—
Distribution and Service fees and Transfer Agency fees		43,777		205,561
Income distributions		22,569		—
Collateral on certain derivative contracts^(b)		—		680,000
Accrued expenses and other liabilities		495,009		1,022,185

Total liabilities		233,036,735		442,259,374


Net Assets:
Paid-in capital		642,738,510		3,546,915,505
Total distributable earnings (loss)		39,592,350		(2,107,358,780	)
NET ASSETS	$	682,330,860	$	1,439,556,725
Net Assets:
Class A	$	56,790,419	$	146,978,160
Class C		7,477,797		118,310,965
Institutional		265,024,703		798,821,346
Service		739,687		—
Investor		54,797,418		66,742,805
Class P		8,193,253		297,233,512
Class R		—		4,626,987
Class R6		289,307,583		6,842,950
Total Net Assets	$	682,330,860	$	1,439,556,725
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		4,350,437		16,027,842
Class C		577,543		12,934,772
Institutional		20,336,799		87,062,064
Service		57,083		—
Investor		4,212,550		7,275,511
Class P		628,267		32,448,700
Class R		—		505,471
Class R6		22,194,662		745,955
Net asset value, offering and redemption price per share:^(c)
Class A		$13.05		$9.17
Class C		12.95		9.15
Institutional		13.03		9.18
Service		12.96		—
Investor		13.01		9.17
Class P		13.04		9.16
Class R		—		9.15
Class R6		13.04		9.17

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Forward Foreign Currrencies		Futures		Swaps		TBA
Global Income	$	6,390,000	$	2,091,943	$	6,118,078	$	310,000

Strategic Income		24,240,000		1,233,000		52,732,813		1,045,000

(b)

Includes segregated cash for initial margin and/or collateral on swap transactions of $(680,000) for the Strategic Income Fund.

(c)

Maximum public offering price per share for Class A Shares of the Global Income and Strategic Income Funds is $13.56 and $9.53, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUND

Statements of Operations

For the Six Months Ended September 30, 2019 (Unaudited)


	Bond Fund			Core Fixed Income Fund
Investment income:

Interest (net of foreign withholding taxes of $345 and $1,321)	$	7,257,172		$	16,081,178

Dividends — affiliated issuers		447,830			845,033

Total investment income		7,705,002			16,926,211

Expenses:

Management fees		935,673			2,172,484

Distribution and Service fees^(a)		183,821			128,675

Custody, accounting and administrative services		179,881			164,690

Transfer Agency fees^(a)		147,248			226,667

Professional fees		79,019			64,617

Registration fees		70,172			102,810

Printing and mailing costs		30,813			30,954

Trustee fees		8,728			9,305

Prime Broker Fees		5,579			—

Service Share fees — Service Plan		66			1,141

Service Share fees — Shareholder Administration Plan		66			1,141

Other		14,908			26,108

Total expenses		1,655,974			2,928,592

Less — expense reductions		(407,488	)		(382,746	)

Net expenses		1,248,486			2,545,846

NET INVESTMENT INCOME		6,456,516			14,380,365

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		4,863,538			18,509,238

Purchased options		941,201			(36,599	)

Futures contracts		10,618,144			12,124,326

Written options		(952,625	)		—

Swap contracts		(1,083,566	)		(863,504	)

Forward foreign currency exchange contracts		212,400			2,109,473

Foreign currency transactions		(208,234	)		(265,681	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		5,362,134			16,375,906

Purchased options		(534,343	)		(112,635	)

Futures contracts		(1,954,759	)		(2,136,335	)

Written options		533,964			139,354

Swap contracts		580,467			662,215

Forward foreign currency exchange contracts		(264,444	)		(434,045	)

Foreign currency translation		2,537			(2,794	)

Net realized and unrealized gain (loss)		18,116,414			46,068,919

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	24,572,930		$	60,449,284

(a)

Class specific Distribution and/or Service and Transfer Agent fees were as follows:


Distribution and/or Service Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
$	108,438	$	43,027	$	32,356	$	56,388	$	5,593	$	29,795	$	11	$	22,338	$	13,352	$	8,413	$	11,358
	82,615		34,270		11,790		42,959		4,455		45,965		182		15,503		86,750		3,066		27,787


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUND

Statements of Operations (continued)

For the Six Months Ended September 30, 2019 (Unaudited)


	Global Income Fund			Strategic Income Fund
Investment income:

Interest (net of foreign withholding taxes of $13,193 and $7,877)	$	6,677,719		$	29,251,858

Dividends — affiliated issuers		546,923			1,556,616

Total investment income		7,224,642			30,808,474

Expenses:

Management fees		2,180,704			4,616,256

Transfer Agency fees^(a)		175,813			488,788

Custody, accounting and administrative services		163,213			318,127

Distribution and Service fees^(a)		118,171			929,604

Professional fees		69,867			81,378

Registration fees		55,988			145,291

Printing and mailing costs		33,708			90,789

Prime Broker Fees		9,570			44,346

Trustee fees		8,868			9,926

Service Share fees — Service Plan		2,251			—

Service Share fees — Shareholder Administration Plan		2,251			—

Other		17,457			23,309

Total expenses		2,837,861			6,747,814

Less — expense reductions		(381,981	)		(350,998	)

Net expenses		2,455,880			6,396,816

NET INVESTMENT INCOME		4,768,762			24,411,658

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		8,834,910			6,543,016

Investments — affiliated issuers		—			(50,144,332	)

Purchased options		949,544			20,613,504

Futures contracts		11,018,726			2,986,232

Written options		(917,674	)		(19,438,716	)

Swap contracts		930,531			(10,833,357	)

Forward foreign currency exchange contracts		8,689,114			2,163,165

Foreign currency transactions		(2,651,946	)		(2,380,991	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		8,399,729			(16,814,990	)

Investments — affiliated issuers		—			40,995,017

Purchased options		(483,387	)		(9,361,429	)

Futures contracts		(2,362,145	)		7,205,643

Written options		503,841			8,256,329

Swap contracts		158,519			7,254,604

Forward foreign currency exchange contracts		(812,072	)		(3,456,249	)

Foreign currency translation		(13,186	)		61,756

Net realized and unrealized gain (loss)		32,244,504			(16,350,798	)

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	37,013,266		$	8,060,860

(a)

Class specific Distribution and/or Service and Transfer Agent fees were as follows:


Distribution and/or Service Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
$	77,740	$	40,431	$	—	$	40,425	$	5,256	$	50,416	$	360	$	35,531	$	1,229	$	—	$	42,596
	242,729		674,687		12,188		126,219		87,709		172,096		—		50,667		47,813		3,169		1,115


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUND

Statements of Changes in Net Assets


	Bond Fund						Core Fixed Income Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019			For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:
Net investment income	$	6,456,516		$	14,281,168		$	14,380,365		$	30,028,467
Net realized gain (loss)		14,390,858			(7,845,088	)		31,577,253			(2,500,713	)
Net change in unrealized gain		3,725,556			10,647,573			14,491,666			21,211,439

Net increase in net assets resulting from operations		24,572,930			17,083,653			60,449,284			48,739,193

Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,232,504	)		(2,346,462	)		(866,297	)		(1,504,319	)
Class C Shares		(89,786	)		(169,625	)		(64,437	)		(138,472	)
Institutional Shares		(2,373,272	)		(5,740,892	)		(3,398,611	)		(10,291,006	)
Service Shares		(716	)		(5,121	)		(11,262	)		(22,157	)
Investor Shares		(531,207	)		(866,606	)		(342,546	)		(1,020,405	)
Class P Shares^(a)		(1,420,057	)		(1,946,046	)		(8,626,107	)		(12,475,336	)
Class R Shares		(171,302	)		(444,289	)		(56,075	)		(104,062	)
Class R6 Shares		(1,206,934	)		(1,876,845	)		(2,775,704	)		(5,799,985	)
Return of capital:
Class A Shares		—			(244,669	)		—			—
Class C Shares		—			(26,060	)		—			—
Institutional Shares		—			(532,844	)		—			—
Service Shares		—			(612	)		—			—
Investor Shares		—			(81,784	)		—			—
Class P Shares^(a)		—			(186,212	)		—			—
Class R Shares		—			(51,807	)		—			—
Class R6 Shares		—			(170,427	)		—			—

Total distributions to shareholders		(7,025,778	)		(14,690,301	)		(16,141,039	)		(31,355,742	)

From share transactions:
Proceeds from sales of shares		50,938,397			218,721,578			253,035,250			986,499,098
Reinvestment of distributions		6,696,066			13,847,454			15,734,021			30,920,666
Cost of shares redeemed		(87,531,178	)		(333,810,042	)		(299,423,854	)		(932,859,923	)

Net increase (decrease) in net assets resulting from share transactions		(29,896,715	)		(101,241,010	)		(30,654,583	)		84,559,841

TOTAL INCREASE (DECREASE)		(12,349,563	)		(98,847,658	)		13,653,662			101,943,292

Net assets:

Beginning of period		461,783,206			560,630,864			1,083,920,751			981,977,459
End of period	$	449,433,643		$	461,783,206		$	1,097,574,413		$	1,083,920,751

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUND

Statements of Changes in Net Assets (continued)


	Global Income Fund						Strategic Income Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019			For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:
Net investment income	$	4,768,762		$	10,429,095		$	24,411,658		$	126,373,084
Net realized gain (loss)		26,853,205			19,692,157			(50,491,479	)		(40,895,733	)
Net change in unrealized gain (loss)		5,391,299			(6,287,409	)		34,140,681			(107,542,585	)

Net increase (decrease) in net assets resulting from operations		37,013,266			23,833,843			8,060,860			(22,065,234	)

Distributions to shareholders:
From distributable earnings:
Class A Shares		(453,765	)		(1,017,618	)		(2,810,948	)		(1,046,263	)
Class C Shares		(29,008	)		(75,805	)		(1,440,731	)		(653,211	)
Institutional Shares		(2,242,761	)		(4,967,706	)		(13,919,592	)		(10,054,263	)
Service Shares		(11,722	)		(24,270	)		—			—
Investor Shares		(465,092	)		(934,660	)		(1,212,034	)		(635,964	)
Class P Shares^(a)		(73,438	)		(116,187	)		(5,193,041	)		(1,794,734	)
Class R Shares		—			—			(65,494	)		(27,364	)
Class R6 Shares		(2,523,059	)		(3,792,977	)		(119,783	)		(224,128	)
Return of capital:
Class A Shares		—			—			—			(6,491,310	)
Class C Shares		—			—			—			(4,052,701	)
Institutional Shares		—			—			—			(62,379,439	)
Investor Shares		—			—			—			(3,945,699	)
Class P Shares^(a)		—			—			—			(11,135,030	)
Class R Shares		—			—			—			(169,774	)
Class R6 Shares		—			—			—			(1,390,551	)

Total distributions to shareholders		(5,798,845	)		(10,929,223	)		(24,761,623	)		(104,000,431	)

From share transactions:
Proceeds from sales of shares		127,362,890			172,259,396			122,668,843			1,328,491,815
Reinvestment of distributions		5,625,752			10,461,498			22,192,842			93,927,115
Cost of shares redeemed		(98,384,272	)		(325,070,222	)		(455,985,459	)		(4,164,007,815	)

Net increase (decrease) in net assets resulting from share transactions		34,604,370			(142,349,328	)		(311,123,774	)		(2,741,588,885	)

TOTAL INCREASE (DECREASE)		65,818,791			(129,444,708	)		(327,824,537	)		(2,867,654,550	)

Net assets:

Beginning of period		616,512,069			745,956,777			1,767,381,262			4,635,035,812
End of period	$	682,330,860		$	616,512,069		$	1,439,556,725		$	1,767,381,262

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS BOND FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.06		$	9.95		$	10.14		$	10.28		$	10.44		$	10.42

Net investment income^(a)		0.13			0.25			0.21			0.19			0.21			0.17

Net realized and unrealized gain (loss)		0.41			0.12			(0.19	)		(0.07	)		(0.03	)		0.25

Total from investment operations		0.54			0.37			0.02			0.12			0.18			0.42

Distributions to shareholders from net investment income		(0.15	)		(0.24	)		(0.18	)		(0.25	)		(0.34	)		(0.24	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)		(0.16	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			—			—

Total distributions		(0.15	)		(0.26	)		(0.21	)		(0.26	)		(0.34	)		(0.40	)

Net asset value, end of period	$	10.45		$	10.06		$	9.95		$	10.14		$	10.28		$	10.44

Total return^(c)		5.35	%		3.84	%		0.22	%		1.15	%		1.83	%		4.09	%

Net assets, end of period (in 000s)	$	88,427		$	85,671		$	101,231		$	117,249		$	129,351		$	106,694

Ratio of net expenses to average net assets		0.78	%^(d)		0.80	%		0.79	%		0.78	%		0.78	%		0.80	%

Ratio of total expenses to average net assets		0.96	%^(d)		1.00	%		0.93	%		0.97	%		1.00	%		1.06	%

Ratio of net investment income to average net assets		2.59	%^(d)		2.59	%		2.03	%		1.87	%		2.00	%		1.64	%

Portfolio turnover rate^(e)		370	%		429	%		372	%		517	%		588	%		454	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.05		$	9.95		$	10.14		$	10.27		$	10.44		$	10.41

Net investment income^(a)		0.09			0.18			0.13			0.11			0.13			0.10

Net realized and unrealized gain (loss)		0.41			0.11			(0.18	)		(0.05	)		(0.03	)		0.25

Total from investment operations		0.50			0.29			(0.05	)		0.06			0.10			0.35

Distributions to shareholders from net investment income		(0.11	)		(0.17	)		(0.12	)		(0.18	)		(0.27	)		(0.16	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)		(0.16	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.02	)		—			—			—

Total distributions		(0.11	)		(0.19	)		(0.14	)		(0.19	)		(0.27	)		(0.32	)

Net asset value, end of period	$	10.44		$	10.05		$	9.95		$	10.14		$	10.27		$	10.44

Total return^(c)		4.97	%		2.97	%		(0.53	)%		0.50	%		0.98	%		3.41	%

Net assets, end of period (in 000s)	$	8,939		$	8,217		$	14,476		$	19,081		$	17,254		$	11,813

Ratio of net expenses to average net assets		1.53	%^(d)		1.55	%		1.54	%		1.53	%		1.53	%		1.56	%

Ratio of total expenses to average net assets		1.71	%^(d)		1.74	%		1.68	%		1.72	%		1.75	%		1.82	%

Ratio of net investment income to average net assets		1.83	%^(d)		1.82	%		1.29	%		1.10	%		1.25	%		0.97	%

Portfolio turnover rate^(e)		370	%		429	%		372	%		517	%		588	%		454	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.05		$	9.95		$	10.14		$	10.28		$	10.44		$	10.42

Net investment income^(a)		0.15			0.28			0.24			0.23			0.24			0.22

Net realized and unrealized gain (loss)		0.41			0.12			(0.18	)		(0.07	)		(0.02	)		0.24

Total from investment operations		0.56			0.40			0.06			0.16			0.22			0.46

Distributions to shareholders from net investment income		(0.16	)		(0.28	)		(0.21	)		(0.29	)		(0.38	)		(0.28	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)		(0.16	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.04	)		—			—			—

Total distributions		(0.16	)		(0.30	)		(0.25	)		(0.30	)		(0.38	)		(0.44	)

Net asset value, end of period	$	10.45		$	10.05		$	9.95		$	10.14		$	10.28		$	10.44

Total return^(c)		5.53	%		4.19	%		0.56	%		1.50	%		2.18	%		4.45	%

Net assets, end of period (in 000s)	$	137,696		$	155,541		$	314,928		$	329,358		$	279,435		$	302,035

Ratio of net expenses to average net assets		0.44	%^(d)		0.46	%		0.45	%		0.44	%		0.44	%		0.47	%

Ratio of total expenses to average net assets		0.62	%^(d)		0.64	%		0.59	%		0.63	%		0.66	%		0.73	%

Ratio of net investment income to average net assets		2.94	%^(d)		2.89	%		2.37	%		2.19	%		2.33	%		2.06	%

Portfolio turnover rate^(e)		370	%		429	%		372	%		517	%		588	%		454	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Service Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.05		$	9.95		$	10.14		$	10.28		$	10.44		$	10.42

Net investment income^(a)		0.13			0.22			0.19			0.17			0.18			0.17

Net realized and unrealized gain (loss)		0.41			0.13			(0.18	)		(0.06	)		(0.01	)		0.24

Total from investment operations		0.54			0.35			0.01			0.11			0.17			0.41

Distributions to shareholders from net investment income		(0.14	)		(0.23	)		(0.17	)		(0.24	)		(0.33	)		(0.23	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)		(0.16	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			—			—

Total distributions		(0.14	)		(0.25	)		(0.20	)		(0.25	)		(0.33	)		(0.39	)

Net asset value, end of period	$	10.45		$	10.05		$	9.95		$	10.14		$	10.28		$	10.44

Total return^(c)		5.27	%		3.67	%		0.06	%		0.99	%		1.68	%		3.94	%

Net assets, end of period (in 000s)	$	41		$	66		$	410		$	1,293		$	1,119		$	15

Ratio of net expenses to average net assets		0.94	%^(d)		0.96	%		0.95	%		0.94	%		0.94	%		0.96	%

Ratio of total expenses to average net assets		1.13	%^(d)		1.11	%		1.09	%		1.13	%		1.17	%		1.23	%

Ratio of net investment income to average net assets		2.48	%^(d)		2.28	%		1.87	%		1.69	%		1.74	%		1.61	%

Portfolio turnover rate^(e)		370	%		429	%		372	%		517	%		588	%		454	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.02		$	9.92		$	10.11		$	10.25		$	10.40		$	10.38

Net investment income^(a)		0.15			0.28			0.23			0.22			0.23			0.19

Net realized and unrealized gain (loss)		0.41			0.11			(0.18	)		(0.07	)		(0.01	)		0.26

Total from investment operations		0.56			0.39			0.05			0.15			0.22			0.45

Distributions to shareholders from net investment income		(0.16	)		(0.27	)		(0.20	)		(0.28	)		(0.37	)		(0.27	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)		(0.16	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.04	)		—			—			—

Total distributions		(0.16	)		(0.29	)		(0.24	)		(0.29	)		(0.37	)		(0.43	)

Net asset value, end of period	$	10.42		$	10.02		$	9.92		$	10.11		$	10.25		$	10.40

Total return^(c)		5.50	%		4.10	%		0.47	%		1.40	%		2.18	%		4.36	%

Net assets, end of period (in 000s)	$	35,936		$	33,495		$	36,267		$	44,207		$	39,939		$	24,680

Ratio of net expenses to average net assets		0.53	%^(d)		0.55	%		0.54	%		0.53	%		0.53	%		0.54	%

Ratio of total expenses to average net assets		0.71	%^(d)		0.75	%		0.68	%		0.72	%		0.75	%		0.80	%

Ratio of net investment income to average net assets		2.84	%^(d)		2.85	%		2.27	%		2.12	%		2.23	%		1.80	%

Portfolio turnover rate^(e)		370	%		429	%		372	%		517	%		588	%		454	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.05		$	9.87

Net investment income^(b)		0.15			0.27

Net realized and unrealized gain		0.40			0.19

Total from investment operations		0.55			0.46

Distributions to shareholders from net investment income		(0.16	)		(0.26	)

Distributions to shareholders from return of capital		—			(0.02	)

Total distributions		(0.16	)		(0.28	)

Net asset value, end of period	$	10.44		$	10.05

Total return^(c)		5.64	%		4.72	%

Net assets, end of period (in 000s)	$	91,965		$	87,881

Ratio of net expenses to average net assets^(d)		0.43	%		0.44	%

Ratio of total expenses to average net assets^(d)		0.61	%		0.67	%

Ratio of net investment income to average net assets^(d)		2.94	%		3.00	%

Portfolio turnover rate^(e)		370	%		429	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Class R Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.05		$	9.94		$	10.13		$	10.27		$	10.43		$	10.41

Net investment income^(a)		0.12			0.23			0.18			0.16			0.18			0.15

Net realized and unrealized gain (loss)		0.40			0.12			(0.18	)		(0.06	)		(0.02	)		0.25

Total from investment operations		0.52			0.35			—			0.10			0.16			0.40

Distributions to shareholders from net investment income		(0.13	)		(0.22	)		(0.16	)		(0.23	)		(0.32	)		(0.22	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(b)		(0.16	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			—			—

Total distributions		(0.13	)		(0.24	)		(0.19	)		(0.24	)		(0.32	)		(0.38	)

Net asset value, end of period	$	10.44		$	10.05		$	9.94		$	10.13		$	10.27		$	10.43

Total return^(c)		5.23	%		3.58	%		(0.03	)%		0.90	%		1.58	%		3.84	%

Net assets, end of period (in 000s)	$	6,902		$	19,263		$	22,970		$	25,639		$	9,241		$	363

Ratio of net expenses to average net assets		1.03	%^(d)		1.05	%		1.04	%		1.03	%		1.03	%		1.06	%

Ratio of total expenses to average net assets		1.23	%^(d)		1.25	%		1.18	%		1.22	%		1.26	%		1.33	%

Ratio of net investment income to average net assets		2.43	%^(d)		2.34	%		1.78	%		1.58	%		1.77	%		1.47	%

Portfolio turnover rate^(e)		370	%		429	%		372	%		517	%		588	%		454	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Bond Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.05		$	9.95		$	10.14		$	10.28		$	10.33

Net investment income^(b)		0.15			0.29			0.24			0.23			0.16

Net realized and unrealized gain (loss)		0.40			0.11			(0.18	)		(0.07	)		0.08

Total from investment operations		0.55			0.40			0.06			0.16			0.24

Distributions to shareholders from net investment income		(0.16	)		(0.28	)		(0.22	)		(0.29	)		(0.29	)

Distributions to shareholders from net realized gains		—			—			—			(0.01	)		—	^(c)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			—

Total distributions		(0.16	)		(0.30	)		(0.25	)		(0.30	)		(0.29	)

Net asset value, end of period	$	10.44		$	10.05		$	9.95		$	10.14		$	10.28

Total return^(d)		5.64	%		4.10	%		0.58	%		1.51	%		2.42	%

Net assets, end of period (in 000s)	$	79,527		$	71,648		$	70,350		$	51,028		$	10

Ratio of net expenses to average net assets		0.43	%^(e)		0.45	%		0.44	%		0.43	%		0.47	%^(e)

Ratio of total expenses to average net assets		0.61	%^(e)		0.65	%		0.58	%		0.60	%		0.69	%^(e)

Ratio of net investment income to average net assets		2.94	%^(e)		2.95	%		2.37	%		2.24	%		2.37	%^(e)

Portfolio turnover rate^(f)		370	%		429	%		372	%		517	%		588	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.41		$	10.23		$	10.40		$	10.53		$	10.64		$	10.38

Net investment income^(a)		0.12			0.25			0.19			0.19			0.21			0.20

Net realized and unrealized gain (loss)		0.45			0.19			(0.13	)		(0.09	)		(0.07	)		0.29

Total from investment operations		0.57			0.44			0.06			0.10			0.14			0.49

Distributions to shareholders from net investment income		(0.14	)		(0.26	)		(0.23	)		(0.23	)		(0.25	)		(0.23	)

Net asset value, end of period	$	10.84		$	10.41		$	10.23		$	10.40		$	10.53		$	10.64

Total return^(b)		5.50	%		4.40	%		0.56	%		0.94	%		1.35	%		4.77	%

Net assets, end of period (in 000s)	$	109,048		$	57,754		$	62,399		$	148,548		$	142,299		$	150,677

Ratio of net expenses to average net assets		0.78	%^(c)		0.79	%		0.79	%		0.79	%		0.78	%		0.83	%

Ratio of total expenses to average net assets		0.85	%^(c)		0.86	%		0.84	%		0.84	%		0.85	%		0.85	%

Ratio of net investment income to average net assets		2.30	%^(c)		2.45	%		1.82	%		1.77	%		1.98	%		1.86	%

Portfolio turnover rate^(d)		346	%		396	%		273	%		363	%		450	%		388	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.46		$	10.29		$	10.46		$	10.59		$	10.69		$	10.43

Net investment income^(a)		0.08			0.17			0.11			0.11			0.13			0.12

Net realized and unrealized gain (loss)		0.46			0.19			(0.13	)		(0.09	)		(0.06	)		0.29

Total from investment operations		0.54			0.36			(0.02	)		0.02			0.07			0.41

Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.15	)		(0.15	)		(0.17	)		(0.15	)

Net asset value, end of period	$	10.90		$	10.46		$	10.29		$	10.46		$	10.59		$	10.69

Total return^(b)		5.19	%		3.52	%		(0.18	)%		0.20	%		0.69	%		3.98	%

Net assets, end of period (in 000s)	$	6,389		$	6,585		$	9,817		$	15,714		$	18,124		$	19,477

Ratio of net expenses to average net assets		1.53	%^(c)		1.54	%		1.54	%		1.54	%		1.53	%		1.58	%

Ratio of total expenses to average net assets		1.60	%^(c)		1.61	%		1.59	%		1.59	%		1.60	%		1.60	%

Ratio of net investment income to average net assets		1.57	%^(c)		1.67	%		1.09	%		1.02	%		1.23	%		1.12	%

Portfolio turnover rate^(d)		346	%		396	%		273	%		363	%		450	%		388	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.45		$	10.27		$	10.45		$	10.57		$	10.68		$	10.42

Net investment income^(a)		0.14			0.27			0.23			0.22			0.24			0.23

Net realized and unrealized gain (loss)		0.46			0.21			(0.14	)		(0.07	)		(0.06	)		0.30

Total from investment operations		0.60			0.48			0.09			0.15			0.18			0.53

Distributions to shareholders from net investment income		(0.16	)		(0.30	)		(0.27	)		(0.27	)		(0.29	)		(0.27	)

Net asset value, end of period	$	10.89		$	10.45		$	10.27		$	10.45		$	10.57		$	10.68

Total return^(b)		5.76	%		4.75	%		0.81	%		1.38	%		1.69	%		5.11	%

Net assets, end of period (in 000s)	$	198,192		$	181,702		$	850,477		$	776,135		$	697,260		$	758,542

Ratio of net expenses to average net assets		0.44	%^(c)		0.45	%		0.45	%		0.44	%		0.44	%		0.49	%

Ratio of total expenses to average net assets		0.51	%^(c)		0.51	%		0.50	%		0.50	%		0.51	%		0.51	%

Ratio of net investment income to average net assets		2.64	%^(c)		2.66	%		2.20	%		2.11	%		2.31	%		2.21	%

Portfolio turnover rate^(d)		346	%		396	%		273	%		363	%		450	%		388	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Service Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.46		$	10.28		$	10.45		$	10.58		$	10.69		$	10.43

Net investment income^(a)		0.12			0.23			0.18			0.17			0.19			0.18

Net realized and unrealized gain (loss)		0.44			0.20			(0.14	)		(0.09	)		(0.07	)		0.30

Total from investment operations		0.56			0.43			0.04			0.08			0.12			0.48

Distributions to shareholders from net investment income		(0.13	)		(0.25	)		(0.21	)		(0.21	)		(0.23	)		(0.22	)

Net asset value, end of period	$	10.89		$	10.46		$	10.28		$	10.45		$	10.58		$	10.69

Total return^(b)		5.40	%		4.23	%		0.41	%		0.79	%		1.19	%		4.59	%

Net assets, end of period (in 000s)	$	927		$	855		$	1,035		$	1,522		$	1,578		$	1,882

Ratio of net expenses to average net assets		0.94	%^(c)		0.95	%		0.95	%		0.94	%		0.94	%		0.99	%

Ratio of total expenses to average net assets		1.01	%^(c)		1.02	%		1.00	%		1.00	%		1.01	%		1.01	%

Ratio of net investment income to average net assets		2.15	%^(c)		2.28	%		1.68	%		1.61	%		1.82	%		1.71	%

Portfolio turnover rate^(d)		346	%		396	%		273	%		363	%		450	%		388	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


`		Goldman Sachs Core Fixed Income Fund
		Investor Shares
		Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
		Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
	Per Share Data

	Net asset value, beginning of period	$	10.42		$	10.24		$	10.41		$	10.54		$	10.65		$	10.39

	Net investment income^(a)		0.14			0.27			0.22			0.21			0.23			0.22

	Net realized and unrealized gain (loss)		0.44			0.20			(0.13	)		(0.08	)		(0.06	)		0.30

	Total from investment operations		0.58			0.47			0.09			0.13			0.17			0.52

	Distributions to shareholders from net investment income		(0.15	)		(0.29	)		(0.26	)		(0.26	)		(0.28	)		(0.26	)

	Net asset value, end of period	$	10.85		$	10.42		$	10.24		$	10.41		$	10.54		$	10.65

	Total return^(b)		5.63	%		4.66	%		0.81	%		1.19	%		1.60	%		5.03	%

	Net assets, end of period (in 000s)	$	31,367		$	17,645		$	45,129		$	38,620		$	5,058		$	5,054

	Ratio of net expenses to average net assets		0.53	%^(c)		0.54	%		0.54	%		0.53	%		0.53	%		0.56	%

	Ratio of total expenses to average net assets		0.60	%^(c)		0.60	%		0.59	%		0.59	%		0.60	%		0.60	%

	Ratio of net investment income to average net assets		2.56	%^(c)		2.66	%		2.11	%		2.01	%		2.23	%		2.10	%

	Portfolio turnover rate^(d)		346	%		396	%		273	%		363	%		450	%		388	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.47		$	10.20

Net investment income^(b)		0.14			0.28

Net realized and unrealized gain		0.46			0.27

Total from investment operations		0.60			0.55

Distributions to shareholders from net investment income		(0.16	)		(0.28	)

Net asset value, end of period	$	10.91		$	10.47

Total return^(c)		5.76	%		5.50	%

Net assets, end of period (in 000s)	$	584,477		$	595,010

Ratio of net expenses to average net assets^(d)		0.43	%		0.44	%

Ratio of total expenses to average net assets^(d)		0.50	%		0.52	%

Ratio of net investment income to average net assets^(d)		2.68	%		2.91	%

Portfolio turnover rate^(e)		346	%		396	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Class R Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.42		$	10.24		$	10.41		$	10.54		$	10.65		$	10.39

Net investment income^(a)		0.11			0.22			0.17			0.16			0.19			0.17

Net realized and unrealized gain (loss)		0.45			0.20			(0.14	)		(0.09	)		(0.08	)		0.30

Total from investment operations		0.56			0.42			0.03			0.07			0.11			0.47

Distributions to shareholders from net investment income		(0.13	)		(0.24	)		(0.20	)		(0.20	)		(0.22	)		(0.21	)

Net asset value, end of period	$	10.85		$	10.42		$	10.24		$	10.41		$	10.54		$	10.65

Total return^(b)		5.37	%		4.14	%		0.31	%		0.69	%		1.09	%		4.51	%

Net assets, end of period (in 000s)	$	5,086		$	4,444		$	4,637		$	944		$	9,524		$	1,126

Ratio of net expenses to average net assets		1.03	%^(c)		1.04	%		1.04	%		1.03	%		1.03	%		1.07	%

Ratio of total expenses to average net assets		1.10	%^(c)		1.11	%		1.09	%		1.10	%		1.11	%		1.10	%

Ratio of net investment income to average net assets		2.07	%^(c)		2.20	%		1.63	%		1.50	%		1.79	%		1.60	%

Portfolio turnover rate^(d)		346	%		396	%		273	%		363	%		450	%		388	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Core Fixed Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.46		$	10.28		$	10.45		$	10.57		$	10.52

Net investment income^(b)		0.14			0.29			0.26			0.23			0.16

Net realized and unrealized gain (loss)		0.46			0.19			(0.16	)		(0.08	)		0.08

Total from investment operations		0.60			0.48			0.10			0.15			0.24

Distributions to shareholders from net investment income		(0.16	)		(0.30	)		(0.27	)		(0.27	)		(0.19	)

Net asset value, end of period	$	10.90		$	10.46		$	10.28		$	10.45		$	10.57

Total return^(c)		5.76	%		4.76	%		0.92	%		1.40	%		2.34	%

Net assets, end of period (in 000s)	$	162,088		$	219,927		$	8,482		$	56,117		$	57,091

Ratio of net expenses to average net assets		0.43	%^(d)		0.44	%		0.43	%		0.42	%		0.43	%^(d)

Ratio of total expenses to average net assets		0.50	%^(d)		0.51	%		0.47	%		0.48	%		0.49	%^(d)

Ratio of net investment income to average net assets		2.70	%^(d)		2.84	%		2.50	%		2.13	%		2.36	%^(d)

Portfolio turnover rate^(e)		346	%		396	%		273	%		363	%		450	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Global Income Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	12.47		$	12.17		$	12.21		$	12.24		$	12.76		$	12.70

Net investment income^(a)		0.07			0.17			0.09			0.09			0.13			0.16

Net realized and unrealized gain		0.60			0.31			0.08			0.05			0.07			0.50

Total from investment operations		0.67			0.48			0.17			0.14			0.20			0.66

Distributions to shareholders from net investment income		(0.09	)		(0.18	)		(0.21	)		(0.12	)		(0.71	)		(0.31	)

Distributions to shareholders from net realized gains		—			—			—			(0.05	)		(0.01	)		(0.29	)

Total distributions		(0.09	)		(0.18	)		(0.21	)		(0.17	)		(0.72	)		(0.60	)

Net asset value, end of period	$	13.05		$	12.47		$	12.17		$	12.21		$	12.24		$	12.76

Total return^(b)		5.41	%		3.99	%		1.38	%		1.14	%		1.67	%		5.27	%

Net assets, end of period (in 000s)	$	56,790		$	63,453		$	78,752		$	136,317		$	111,852		$	64,939

Ratio of net expenses to average net assets		1.02	%^(c)		1.03	%		1.03	%		1.03	%		1.03	%		1.03	%

Ratio of total expenses to average net assets		1.14	%^(c)		1.20	%		1.14	%		1.13	%		1.15	%		1.18	%

Ratio of net investment income to average net assets		1.20	%^(c)		1.39	%		0.76	%		0.71	%		1.06	%		1.26	%

Portfolio turnover rate^(d)		291	%		302	%		172	%		289	%		261	%		226	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Global Income Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	12.37		$	12.07		$	12.11		$	12.14		$	12.67		$	12.61

Net investment income^(a)		0.03			0.08			0.01			—	^(b)		0.04			0.06

Net realized and unrealized gain		0.59			0.31			0.07			0.05			0.05			0.51

Total from investment operations		0.62			0.39			0.08			0.05			0.09			0.57

Distributions to shareholders from net investment income		(0.04	)		(0.09	)		(0.12	)		(0.03	)		(0.61	)		(0.22	)

Distributions to shareholders from net realized gains		—			—			—			(0.05	)		(0.01	)		(0.29	)

Total distributions		(0.04	)		(0.09	)		(0.12	)		(0.08	)		(0.62	)		(0.51	)

Net asset value, end of period	$	12.95		$	12.37		$	12.07		$	12.11		$	12.14		$	12.67

Total return^(c)		5.06	%		3.24	%		0.68	%		0.42	%		0.83	%		4.53	%

Net assets, end of period (in 000s)	$	7,478		$	8,725		$	12,984		$	20,808		$	12,653		$	6,592

Ratio of net expenses to average net assets		1.77	%^(d)		1.78	%		1.74	%		1.74	%		1.77	%		1.77	%

Ratio of total expenses to average net assets		1.89	%^(d)		1.94	%		1.89	%		1.88	%		1.90	%		1.93	%

Ratio of net investment income (loss) to average net assets		0.46	%^(d)		0.63	%		0.05	%		(0.03	)%		0.31	%		0.50	%

Portfolio turnover rate^(e)		291	%		302	%		172	%		289	%		261	%		226	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Global Income Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	12.45		$	12.15		$	12.19		$	12.22		$	12.74		$	12.68

Net investment income^(a)		0.09			0.21			0.13			0.13			0.17			0.20

Net realized and unrealized gain		0.60			0.31			0.08			0.05			0.07			0.50

Total from investment operations		0.69			0.52			0.21			0.18			0.24			0.70

Distributions to shareholders from net investment income		(0.11	)		(0.22	)		(0.25	)		(0.16	)		(0.75	)		(0.35	)

Distributions to shareholders from net realized gains		—			—			—			(0.05	)		(0.01	)		(0.29	)

Total distributions		(0.11	)		(0.22	)		(0.25	)		(0.21	)		(0.76	)		(0.64	)

Net asset value, end of period	$	13.03		$	12.45		$	12.15		$	12.19		$	12.22		$	12.74

Total return^(b)		5.59	%		4.34	%		1.72	%		1.48	%		2.00	%		5.63	%

Net assets, end of period (in 000s)	$	265,025		$	252,456		$	321,021		$	627,253		$	639,915		$	437,007

Ratio of net expenses to average net assets		0.69	%^(c)		0.69	%		0.69	%		0.69	%		0.69	%		0.70	%

Ratio of total expenses to average net assets		0.80	%^(c)		0.86	%		0.80	%		0.79	%		0.81	%		0.84	%

Ratio of net investment income to average net assets		1.51	%^(c)		1.73	%		1.08	%		1.05	%		1.41	%		1.60	%

Portfolio turnover rate^(d)		291	%		302	%		172	%		289	%		261	%		226	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Global Income Fund
	Service Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	12.38		$	12.09		$	12.12		$	12.16		$	12.71		$	12.66

Net investment income^(a)		0.06			0.15			0.07			0.07			0.09			0.14

Net realized and unrealized gain		0.60			0.30			0.09			0.04			0.05			0.49

Total from investment operations		0.66			0.45			0.16			0.11			0.14			0.63

Distributions to shareholders from net investment income		(0.08	)		(0.16	)		(0.19	)		(0.10	)		(0.68	)		(0.29	)

Distributions to shareholders from net realized gains		—			—			—			(0.05	)		(0.01	)		(0.29	)

Total distributions		(0.08	)		(0.16	)		(0.19	)		(0.15	)		(0.69	)		(0.58	)

Net asset value, end of period	$	12.96		$	12.38		$	12.09		$	12.12		$	12.16		$	12.71

Total return^(b)		5.35	%		3.75	%		1.31	%		0.90	%		1.23	%		5.03	%

Net assets, end of period (in 000s)	$	740		$	1,930		$	1,799		$	2,772		$	2,280		$	358

Ratio of net expenses to average net assets		1.19	%^(c)		1.19	%		1.19	%		1.19	%		1.18	%		1.20	%

Ratio of total expenses to average net assets		1.30	%^(c)		1.36	%		1.30	%		1.29	%		1.29	%		1.34	%

Ratio of net investment income to average net assets		1.04	%^(c)		1.24	%		0.60	%		0.56	%		0.75	%		1.12	%

Portfolio turnover rate^(d)		291	%		302	%		172	%		289	%		261	%		226	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Global Income Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	12.43		$	12.13		$	12.17		$	12.20		$	12.72		$	12.66

Net investment income^(a)		0.09			0.20			0.12			0.11			0.16			0.15

Net realized and unrealized gain		0.60			0.31			0.08			0.06			0.07			0.54

Total from investment operations		0.69			0.51			0.20			0.17			0.23			0.69

Distributions to shareholders from net investment income		(0.11	)		(0.21	)		(0.24	)		(0.15	)		(0.74	)		(0.34	)

Distributions to shareholders from net realized gains		—			—			—			(0.05	)		(0.01	)		(0.29	)

Total distributions		(0.11	)		(0.21	)		(0.24	)		(0.20	)		(0.75	)		(0.63	)

Net asset value, end of period	$	13.01		$	12.43		$	12.13		$	12.17		$	12.20		$	12.72

Total return^(b)		5.56	%		4.25	%		1.63	%		1.39	%		1.95	%		5.54	%

Net assets, end of period (in 000s)	$	54,797		$	53,615		$	62,988		$	97,332		$	31,548		$	10,261

Ratio of net expenses to average net assets		0.76	%^(c)		0.78	%		0.78	%		0.78	%		0.78	%		0.77	%

Ratio of total expenses to average net assets		0.89	%^(c)		0.95	%		0.89	%		0.88	%		0.90	%		0.90	%

Ratio of net investment income to average net assets		1.44	%^(c)		1.64	%		1.00	%		0.90	%		1.26	%		1.20	%

Portfolio turnover rate^(d)		291	%		302	%		172	%		289	%		261	%		226	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Global Income Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	12.46		$	12.10

Net investment income^(b)		0.09			0.21

Net realized and unrealized gain		0.60			0.36

Total from investment operations		0.69			0.57

Distributions to shareholders from net investment income		(0.11	)		(0.21	)

Net asset value, end of period	$	13.04		$	12.46

Total return^(c)		5.59	%		4.77	%

Net assets, end of period (in 000s)	$	8,193		$	8,170

Ratio of net expenses to average net assets^(d)		0.68	%		0.69	%

Ratio of total expenses to average net assets^(d)		0.79	%		0.87	%

Ratio of net investment income to average net assets^(d)		1.53	%		1.82	%

Portfolio turnover rate^(e)		291	%		302	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS GLOBAL INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Global Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	12.45		$	12.16		$	12.19		$	12.22		$	12.55

Net investment income^(b)		0.09			0.21			0.15			0.11			0.09

Net realized and unrealized gain		0.61			0.30			0.07			0.07			0.26

Total from investment operations		0.70			0.51			0.22			0.18			0.35

Distributions to shareholders from net investment income		(0.11	)		(0.22	)		(0.25	)		(0.16	)		(0.67	)

Distributions to shareholders from net realized gains		—			—			—			(0.05	)		(0.01	)

Total distributions		(0.11	)		(0.22	)		(0.25	)		(0.21	)		(0.68	)

Net asset value, end of period	$	13.04		$	12.45		$	12.16		$	12.19		$	12.22

Total return^(c)		5.68	%		4.35	%		1.73	%		1.50	%		2.92	%

Net assets, end of period (in 000s)	$	289,308		$	228,163		$	268,413		$	5,468		$	520

Ratio of net expenses to average net assets		0.67	%^(d)		0.68	%		0.68	%		0.67	%		0.68	%^(d)

Ratio of total expenses to average net assets		0.79	%^(d)		0.85	%		0.78	%		0.77	%		0.79	%^(d)

Ratio of net investment income to average net assets		1.51	%^(d)		1.74	%		1.25	%		0.92	%		1.10	%^(d)

Portfolio turnover rate^(e)		291	%		302	%		172	%		289	%		261	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Income Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.28		$	9.54		$	9.70		$	9.41		$	10.06		$	10.64

Net investment income^(a)		0.13			0.35			0.17			0.19			0.28			0.22

Net realized and unrealized gain (loss)		(0.10	)		(0.31	)		(0.25	)		0.26			(0.52	)		(0.51	)

Total from investment operations		0.03			0.04			(0.08	)		0.45			(0.24	)		(0.29	)

Distributions to shareholders from net investment income		(0.14	)		(0.05	)		(0.05	)		(0.11	)		(0.41	)		(0.29	)

Distributions to shareholders from return of capital		—			(0.25	)		(0.03	)		(0.05	)		—			—	^(b)

Total distributions		(0.14	)		(0.30	)		(0.08	)		(0.16	)		(0.41	)		(0.29	)

Net asset value, end of period	$	9.17		$	9.28		$	9.54		$	9.70		$	9.41		$	10.06

Total return^(c)		0.27	%		0.46	%		(0.86	)%		4.84	%		(2.49	)%		(2.78	)%

Net assets, end of period (in 000s)	$	146,978		$	202,337		$	311,146		$	646,435		$	1,383,885		$	2,648,848

Ratio of net expenses to average net assets		1.00	%^(d)		0.99	%		0.95	%		0.92	%		0.90	%		0.91	%

Ratio of total expenses to average net assets		1.05	%^(d)		1.01	%		0.95	%		0.93	%		0.91	%		0.91	%

Ratio of net investment income to average net assets		2.89	%^(d)		3.72	%		1.81	%		1.96	%		2.83	%		2.10	%

Portfolio turnover rate^(e)		205	%		169	%		128	%		184	%		212	%		188	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Income Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.25		$	9.52		$	9.71		$	9.41		$	10.06		$	10.64

Net investment income^(a)		0.10			0.28			0.10			0.12			0.21			0.14

Net realized and unrealized gain (loss)		(0.10	)		(0.32	)		(0.26	)		0.28			(0.52	)		(0.51	)

Total from investment operations		—			(0.04	)		(0.16	)		0.40			(0.31	)		(0.37	)

Distributions to shareholders from net investment income		(0.10	)		(0.04	)		(0.02	)		(0.07	)		(0.34	)		(0.21	)

Distributions to shareholders from return of capital		—			(0.19	)		(0.01	)		(0.03	)		—			—	^(b)

Total distributions		(0.10	)		(0.23	)		(0.03	)		(0.10	)		(0.34	)		(0.21	)

Net asset value, end of period	$	9.15		$	9.25		$	9.52		$	9.71		$	9.41		$	10.06

Total return^(c)		0.00	%		(0.41	)%		(1.60	)%		4.25	%		(3.21	)%		(3.51	)%

Net assets, end of period (in 000s)	$	118,311		$	150,514		$	252,929		$	448,657		$	710,230		$	1,096,577

Ratio of net expenses to average net assets		1.75	%^(d)		1.74	%		1.70	%		1.60	%		1.65	%		1.66	%

Ratio of total expenses to average net assets		1.80	%^(d)		1.76	%		1.70	%		1.68	%		1.66	%		1.66	%

Ratio of net investment income to average net assets		2.17	%^(d)		2.97	%		1.01	%		1.26	%		2.08	%		1.34	%

Portfolio turnover rate^(e)		205	%		169	%		128	%		184	%		212	%		188	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Income Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.28		$	9.55		$	9.70		$	9.41		$	10.06		$	10.64

Net investment income^(a)		0.15			0.38			0.20			0.22			0.31			0.25

Net realized and unrealized gain (loss)		(0.10	)		(0.32	)		(0.25	)		0.26			(0.52	)		(0.50	)

Total from investment operations		0.05			0.06			(0.05	)		0.48			(0.21	)		(0.25	)

Distributions to shareholders from net investment income		(0.15	)		(0.06	)		(0.07	)		(0.13	)		(0.44	)		(0.33	)

Distributions to shareholders from return of capital		—			(0.27	)		(0.03	)		(0.06	)		—			—	^(b)

Total distributions		(0.15	)		(0.33	)		(0.10	)		(0.19	)		(0.44	)		(0.33	)

Net asset value, end of period	$	9.18		$	9.28		$	9.55		$	9.70		$	9.41		$	10.06

Total return^(c)		0.56	%		0.71	%		(0.49	)%		5.19	%		(2.16	)%		(2.45	)%

Net assets, end of period (in 000s)	$	798,821		$	950,665		$	3,849,088		$	6,435,385		$	11,261,977		$	18,685,774

Ratio of net expenses to average net assets		0.66	%^(d)		0.65	%		0.61	%		0.58	%		0.56	%		0.57	%

Ratio of total expenses to average net assets		0.71	%^(d)		0.66	%		0.61	%		0.59	%		0.57	%		0.57	%

Ratio of net investment income to average net assets		3.25	%^(d)		4.10	%		2.08	%		2.31	%		3.17	%		2.43	%

Portfolio turnover rate^(e)		205	%		169	%		128	%		184	%		212	%		188	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Income Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.28		$	9.55		$	9.70		$	9.41		$	10.06		$	10.63

Net investment income^(a)		0.15			0.37			0.19			0.21			0.31			0.24

Net realized and unrealized gain (loss)		(0.11	)		(0.32	)		(0.24	)		0.26			(0.53	)		(0.49	)

Total from investment operations		0.04			0.05			(0.05	)		0.47			(0.22	)		(0.25	)

Distributions to shareholders from net investment income		(0.15	)		(0.05	)		(0.07	)		(0.13	)		(0.43	)		(0.32	)

Distributions to shareholders from return of capital		—			(0.27	)		(0.03	)		(0.05	)		—			—	^(b)

Total distributions		(0.15	)		(0.32	)		(0.10	)		(0.18	)		(0.43	)		(0.32	)

Net asset value, end of period	$	9.17		$	9.28		$	9.55		$	9.70		$	9.41		$	10.06

Total return^(c)		0.40	%		0.61	%		(0.56	)%		5.10	%		(2.24	)%		(2.44	)%

Net assets, end of period (in 000s)	$	66,743		$	96,019		$	189,884		$	345,997		$	332,917		$	684,204

Ratio of net expenses to average net assets		0.75	%^(d)		0.74	%		0.70	%		0.67	%		0.65	%		0.66	%

Ratio of total expenses to average net assets		0.80	%^(d)		0.76	%		0.70	%		0.68	%		0.66	%		0.66	%

Ratio of net investment income to average net assets		3.18	%^(d)		3.98	%		2.01	%		2.23	%		3.09	%		2.34	%

Portfolio turnover rate^(e)		205	%		169	%		128	%		184	%		212	%		188	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Income Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.27		$	9.62

Net investment income^(b)		0.15			0.33

Net realized and unrealized gain (loss)		(0.11	)		(0.35	)

Total from investment operations		0.04			(0.02	)

Distributions to shareholders from net investment income		(0.15	)		(0.06	)

Distributions to shareholders from return of capital		—			(0.27	)

Total distributions		(0.15	)		(0.33	)

Net asset value, end of period	$	9.16		$	9.27

Total return^(c)		0.45	%		(0.12	)%

Net assets, end of period (in 000s)	$	297,234		$	336,979

Ratio of net expenses to average net assets^(d)		0.65	%		0.64	%

Ratio of total expenses to average net assets^(d)		0.70	%		0.68	%

Ratio of net investment income to average net assets^(d)		3.26	%		3.84	%

Portfolio turnover rate^(e)		205	%		169	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Income Fund
	Class R Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.26		$	9.53		$	9.70		$	9.40		$	10.05		$	10.63

Net investment income^(a)		0.12			0.32			0.14			0.16			0.25			0.19

Net realized and unrealized gain (loss)		(0.11	)		(0.31	)		(0.25	)		0.28			(0.52	)		(0.51	)

Total from investment operations		0.01			0.01			(0.11	)		0.44			(0.27	)		(0.32	)

Distributions to shareholders from net investment income		(0.12	)		(0.05	)		(0.04	)		(0.10	)		(0.38	)		(0.26	)

Distributions to shareholders from return of capital		—			(0.23	)		(0.02	)		(0.04	)		—			—	^(b)

Total distributions		(0.12	)		(0.28	)		(0.06	)		(0.14	)		(0.38	)		(0.26	)

Net asset value, end of period	$	9.15		$	9.26		$	9.53		$	9.70		$	9.40		$	10.05

Total return^(c)		0.26	%		0.10	%		(1.12	)%		4.71	%		(2.73	)%		3.03	%

Net assets, end of period (in 000s)	$	4,627		$	4,986		$	7,361		$	9,577		$	9,399		$	9,418

Ratio of net expenses to average net assets		1.25	%^(d)		1.24	%		1.20	%		1.14	%		1.15	%		1.16	%

Ratio of total expenses to average net assets		1.30	%^(d)		1.26	%		1.20	%		1.18	%		1.16	%		1.16	%

Ratio of net investment income to average net assets		2.65	%^(d)		3.46	%		1.46	%		1.66	%		2.58	%		1.85	%

Portfolio turnover rate^(e)		205	%		169	%		128	%		184	%		212	%		188	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Rounds to less than $0.01 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS STRATEGIC INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Strategic Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.28		$	9.55		$	9.70		$	9.41		$	10.04

Net investment income^(b)		0.15			0.35			0.21			0.21			0.20

Net realized and unrealized gain (loss)		(0.11	)		(0.29	)		(0.26	)		0.27			(0.50	)

Total from investment operations		0.04			0.06			(0.05	)		0.48			(0.30	)

Distributions to shareholders from net investment income		(0.15	)		(0.10	)		(0.06	)		(0.13	)		(0.33	)

Distributions to shareholders from return of capital		—			(0.23	)		(0.04	)		(0.06	)		—

Total distributions		(0.15	)		(0.33	)		(0.10	)		(0.19	)		(0.33	)

Net asset value, end of period	$	9.17		$	9.28		$	9.55		$	9.70		$	9.41

Total return^(c)		0.45	%		0.70	%		(0.48	)%		5.21	%		(3.05	)%

Net assets, end of period (in 000s)	$	6,843		$	25,882		$	24,628		$	66,431		$	19,708

Ratio of net expenses to average net assets		0.65	%^(d)		0.64	%		0.60	%		0.56	%		0.53	%^(d)

Ratio of total expenses to average net assets		0.70	%^(d)		0.66	%		0.60	%		0.57	%		0.55	%^(d)

Ratio of net investment income to average net assets		3.26	%^(d)		3.73	%		2.14	%		2.18	%		3.19	%^(d)

Portfolio turnover rate^(e)		205	%		169	%		128	%		184	%		212	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2019 (Unaudited)

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, P, R and R6	Diversified
Global Income	A, C, Institutional, Service, Investor, P and R6	Non-diversified
Strategic Income	A, C, Institutional, Investor, P, 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 P, 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 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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The Funds’ valuation policy and underlying funds (“Underlying Funds”) 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 and/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 swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall 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.

118

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 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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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.


3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

119

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds including investments for which market quotations are not readily available. The Trustees have delegated to GSAM 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:

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 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.

120

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 the 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. Structured notes that are exchange traded are generally classified as Level 1 of the fair value hierarchy.

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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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 may be valued at the closing bid price for long positions and at the closing 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.

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 per share 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 the Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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. 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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 or credit defaults 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.

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.

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2019:


BOND FUND

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—	$	207,299,236		$	—

Mortgage-Backed Obligations		—		250,966,304			—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		35,997,301		12,777,473			—

Asset-Backed Securities		—		37,857,492			—

Foreign Debt Obligations		—		6,413,055			—

Municipal Debt Obligations		—		9,702,452			—

Investment Company		9,593,378		—			—

Short-term Investments		—		9,466,851			—

Total	$	45,590,679	$	534,482,863		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(12,809,448	)	$	—

Total	$	—	$	(12,809,448	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



BOND FUND (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	1,164,776		$	—

Futures Contracts^(a)		286,732			—			—

Interest Rate Swap Contracts^(a)		—			2,852,526			—

Credit Default Swap Contracts^(a)		—			361,728			—

Options Purchased		—			215,990			—

Total	$	286,732		$	4,595,020		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(1,412,538	)	$	—

Futures Contracts^(a)		(933,356	)		—			—

Interest Rate Swap Contracts^(a)		—			(1,529,117	)		—

Credit Default Swap Contracts^(a)		—			(174,810	)		—

Written Option Contracts		—			(883,090	)		—

Total	$	(933,356	)	$	(3,999,555	)	$	—

CORE FIXED INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	476,701,829		$	—

Mortgage-Backed Obligations		—			541,845,757			—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		127,164,940			58,253,351			—

Asset-Backed Securities		—			96,374,616			—

Foreign Debt Obligations		—			19,293,650			—

Municipal Debt Obligations		—			21,968,944			—

Short-term Investments		—			46,062,847			—

Total	$	127,164,940		$	1,260,500,994		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(31,993,775	)	$	—

Total	$	—		$	(31,993,775	)	$	—

(a)

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

125

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



CORE FIXED INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	573,841		$	—

Futures Contracts^(a)		94,150			—			—

Interest Rate Swap Contracts^(a)		—			2,480,270			—

Credit Default Swap Contracts^(a)		—			434,925			—

Options Purchased		—			199,798			—

Total	$	94,150		$	3,688,834		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(712,155	)	$	—

Futures Contracts^(a)		(1,139,210	)		—			—

Interest Rate Swap Contracts^(a)		—			(1,325,142	)		—

Credit Default Swap Contracts^(a)		—			(5,841	)		—

Written Option Contracts		—			(837,610	)		—

Total	$	(1,139,210	)	$	(2,880,748	)	$	—

GLOBAL INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Foreign Sovereign Debt Obligations	$	165,472,653		$	79,745,423		$	—

Corporate Obligations		—			223,767,752			—

Asset-Backed Securities		—			50,919,134			—

Mortgage-Backed Obligations		—			192,961,718			—

U.S. Government Agencies		—			2,679,156			—

Municipal Debt Obligation		—			2,738,194			—

Investment Company		46,043,669			—			—

Total	$	211,516,322		$	552,811,377		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(10,431,069	)	$	—

Total	$	—		$	(10,431,069	)	$	—

(a)

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

126

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



GLOBAL INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	4,691,688		$	—

Futures Contracts^(a)		658,346			—			—

Interest Rate Swap Contracts^(a)		—			3,885,816			—

Credit Default Swap Contracts^(a)		—			445,451			—

Options Purchased		—			249,585			—

Total	$	658,346		$	9,272,540		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(1,312,194	)	$	—

Futures Contracts^(a)		(1,794,466	)		—			—

Interest Rate Swap Contracts^(a)		—			(2,286,670	)		—

Credit Default Swap Contracts^(a)		—			(292,595	)		—

Written Option Contracts		—			(1,010,416	)		—

Total	$	(1,794,466	)	$	(4,901,875	)	$	—

STRATEGIC INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Bank Loans	$	—		$	29,179,042		$	—

Corporate Obligations		—			417,654,058			—

Mortgage-Backed Obligations		—			508,974,432			—

Asset-Backed Securities		—			341,249,561			—

Foreign Debt Obligations		45,460,144			27,961,868			—

Municipal Debt Obligations		—			20,888,700			—

U.S. Treasury Obligations		56,328,268			—			—

Investment Company		35,915,569			—			—

Short-term Investments		—			90,373,165			—

Total	$	137,703,981		$	1,436,280,826		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(32,149,218	)	$	—

Total	$	—		$	(32,149,218	)	$	—

(a)

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

127

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



STRATEGIC INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	7,765,080		$	—

Futures Contracts^(a)		5,926,168			—			—

Interest Rate Swap Contracts^(a)		—			30,230,232			—

Credit Default Swap Contracts^(a)		—			6,995,115			—

Total Return Swap Contracts^(a)		—			22,655			—

Options Purchased		—			2,103,913			—

Total	$	5,926,168		$	47,116,995		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(9,071,657	)	$	—

Futures Contracts^(a)		(5,822,241	)		—			—

Interest Rate Swap Contracts^(a)		—			(18,634,471	)		—

Credit Default Swap Contracts^(a)		—			(1,386,054	)		—

Total Return Swap Contracts^(a)		—			(80,645	)		—

Written Option Contracts		—			(8,769,179	)		—

Total	$	(5,822,241	)	$	(37,942,006	)	$	—

(a)

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

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

4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of September 30, 2019. 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

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on swap contracts; Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value

3,355,248

^(a)

Variation margin on swap contracts;

Variation margin on futures contracts;

Written options, at value

(3,345,563)

^(a)

Credit

Variation margin on swap contracts

361,728

^(a)

Payable for unrealized loss on swap contracts; Payable for unrealized loss on swap contracts

(174,810)

^(a)(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts.

1,164,776

Payable for unrealized loss on forward foreign currency exchange contracts.

(1,412,538)

Total

4,881,752

(4,932,911)

128

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

CORE FIXED INCOME

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on swap contracts;

Variation margin on futures contracts;

Purchased options, at value

2,774,218

^(a)

Variation margin on swap contracts;

Variation margin on futures contracts;

Written options, at value

(3,301,962)

^(a)

Credit

Variation margin on swap contracts

434,925

^(a)

Variation margin on swap contracts

(5,841)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts.

573,841

Payable for unrealized loss on forward

foreign currency exchange contracts.

(712,155)

Total

3,782,984

(4,019,958)

GLOBAL INCOME

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts;

Variation margin on swap contracts;

Purchased options, at value

4,793,747

^(a)

Variation margin on futures contracts;

Variation margin on swap contracts;

Written options, at value

(5,091,552)

^(a)

Credit

Variation margin on swap contracts

445,451

^(a)

Payable for unrealized loss on swap

contracts; Variation margin on swap

contracts

(292,595)

^(a)(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts.

4,691,688

Payable for unrealized loss on forward

foreign currency exchange contracts.

(1,312,194)

Total

9,930,886

(6,696,341)

STRATEGIC INCOME

Risk

Statement of Assets
and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts;

Variation margin on swap contracts;

Purchased options, at value

38,282,115

^(a)

Variation margin on futures contracts;

Variation margin on swap contracts;

Written options, at value

(33,306,536)

^(a)

Credit

Variation margin on swap contracts

6,995,115

^(a)

Payable for unrealized loss on swap

contracts; Variation margin on swap

contracts

(1,386,054)

^(a)(b)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts.

7,765,080

Payable for unrealized loss on forward

foreign currency exchange contracts.

(9,071,657)

Total

53,043,163

(43,764,247)

(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 includes $174,719, $270,572 and $641,398, 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 Fund is entitled to a full return.

129

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

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 six months ended September 30, 2019. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:



BOND
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts^(a)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written option contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written option contracts	$	9,922,336		$	(1,772,433	)		1,481
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(399,182	)		397,762			33
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		212,400			(264,444	)		452
Total		$	9,735,554		$	(1,639,115	)		1,966

CORE FIXED INCOME
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 purchased options contracts, futures contracts and swap contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts and swap contracts	$	11,482,678		$	(1,840,030	)		1,536
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(258,455	)		392,629			8
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		2,109,473			(434,045	)		232
Total		$	13,333,696		$	(1,881,446	)		1,776

GLOBAL INCOME
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 purchased options contracts, futures contracts, swap contracts and written options /Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options	$	11,404,144		$	(2,114,340	)		1,558
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		576,983			(68,832	)		13
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		8,689,114			(812,072	)		460
Total		$	20,670,241		$	(2,995,244	)		2,031

(a)

Average number of contracts is based on the average of month end balances for the six month ended September 30, 2019.

130

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



STRATEGIC INCOME
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 purchased options contracts, futures contracts, swap contracts and written options /Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options contracts	$	(5,271,718	)	$	4,772,217			10,733
Credit	Net realized gain (loss) from purchased options contracts and swap contracts/Net change in unrealized gain (loss) on swap contracts		(2,910,025	)		7,436,461			22
Equity	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,509,406			1,146,469			1
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		2,163,165			(3,456,249	)		455
Total		$	(4,509,172	)	$	9,898,898			11,211

(a)

Average number of contracts is based on the average of month end balances for the six month ended September 30, 2019.

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 GSAM and GSAMI believe to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

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 September 30, 2019:



Global Income Fund
	Derivative Assets⁽¹⁾								Derivative Liabilities⁽¹⁾
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Options Written			Swaps			Forward Currency Contracts			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged⁽¹⁾		Net Amount⁽²⁾
Barclays Bank PLC	$	37,337	$	—	$	—	$	37,337	$	(81,059	)	$	(7,722	)	$	—		$	(88,781	)	$	(51,444	)	$	—	$	(51,444	)
BofA Securities LLC		—		—		—		—		(298,064	)		—			—			(298,064	)		(298,064	)		—		(298,064	)
Citibank NA		14,036		—		—		14,036		—			(176,709	)		—			(176,709	)		(162,673	)		—		(162,673	)
Deutsche Bank AG (London)		15,912		—		—		15,912		(133,698	)		(1,522	)		—			(135,220	)		(119,308	)		—		(119,308	)
JPMorgan Securities, Inc.		60,907		39,091		—		99,998		(276,310	)		(84,619	)		—			(360,929	)		(260,931	)		260,000		(931	)
MS & Co. Int. PLC		—		—		4,691,688		4,691,688		—			—			(1,312,194	)		(1,312,194	)		3,379,494			—		3,379,494
UBS AG (London)		121,393		—		—		121,393		(221,285	)		—			—			(221,285	)		(99,892	)		—		(99,892	)

Total	$	249,585	$	39,091	$	4,691,688	$	4,980,364	$	(1,010,416	)	$	(270,572	)	$	(1,312,194	)	$	(2,593,182	)	$	2,387,182		$	2,387,182	$	1,376,766

(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.



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⁾
Barclays Bank PLC	$	292,143	$	—	$	—	$	292,143	$	(174,152	)	$	—		$	(560,016	)	$	(734,168	)	$	(442,025	)	$	420,000	$	(22,025	)
Citibank NA		111,641		—		—		111,641		(38,415	)		—			—			(38,415	)		73,226			—		73,226
CS International (London)		—		22,655		—		22,655		—			—			—			—			22,655			—		22,655
Deutsche Bank AG (London)		126,170		—		—		126,170		(185,309	)		—			(2,757,856	)		(2,943,165	)		(2,816,995	)		220,000		(2,596,995	)
JPMorgan Securities, Inc.		623,284		—		—		623,284		(142,846	)		—			(2,745,678	)		(2,888,524	)		(2,265,240	)		2,160,000		(105,240	)
MS & Co. Int. PLC		—		251,672		7,765,080		8,016,752		—			(9,071,657	)		—			(9,071,657	)		(1,054,905	)		1,054,905		—
UBS AG (London)		950,675		—		—		950,675		(100,676	)		—			(2,705,629	)		(2,806,305	)		(1,855,630	)		1,855,630		—

Total	$	2,103,913	$	274,327	$	7,765,080	$	10,143,320		(641,398	)	$	(9,071,657	)	$	(8,769,179	)	$	(18,482,234	)	$	(8,338,914	)	$	5,710,535	$	(2,628,379	)

(1)

Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2)

132

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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.

For the six months ended September 30, 2019, contractual and effective net management fees with GSAM and GSAMI were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate*
Fund	First $1 Billion			Next $1 Billion			Next $3 Billion			Next $3 Billion			Over $8 Billion			Effective Rate			Effective Net Management Rate*
Bond		0.41	%		0.37	%		0.35	%		0.34	%		0.34	%		0.41	%		0.40	%
Core Fixed Income		0.40			0.36			0.34			0.33			0.32			0.40			0.39
Global Income		0.65			0.59			0.56			0.55			0.54			0.65			0.64
Strategic Income		0.60			0.54			0.51			0.50			0.49			0.58			0.57

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

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 six months ended September 30, 2019, GSAM waived $32,567, $60,635 and $112,303 of the Fund’s management fee for the Bond, Core Fixed Income and Strategic Income Funds, respectively. For the six months ended September 30, 2019, GSAMI waived $39,514 of the Global Income Fund’s management fee.

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.


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

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

133

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

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 six months ended September 30, 2019, Goldman Sachs retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Bond	$	1,766	$	39
Core Fixed Income		2,909		334
Global Income		637		11
Strategic Income		3,729		—

D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and/or Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

Effective July 30, 2019, 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 Class A, Class C and Investor Shares of the Global Income Fund.

F. Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Global 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 29, 2020 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 and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2019, 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	$	32,567	$	527	$	—	$	374,394	$	407,488
Core Fixed Income		60,635		336		—		321,775		382,746
Global Income		39,514		6,715		69		335,683		381,981
Strategic Income		112,303		1,502		—		237,193		350,998

G. Line of Credit Facility — As of September 30, 2019, the Funds participated in a $580,000,000 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 six months ended September 30, 2019, the Funds did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

H. Other Transactions with Affiliates — For the six months ended September 30, 2019, Goldman Sachs earned $30,043, $36,089 and $312,363 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Bond, Core Fixed Income and Strategic Income Funds, respectively.

As of September 30, 2019, the following Fund of Funds Portfolios were the beneficial owners of approximately 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

As of September 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 40% or more of outstanding Service Shares of Goldman Sachs Bond Fund.

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund as of and for the six months ended September 30, 2019:


Fund	Market Value as of March 31, 2019	Purchases at Cost		Proceeds from Sales			Market Value as of September 30, 2019		Shares as of September 30, 2019		Dividend Income
Bond	$45,426,180	$	190,746,328		$ (226,579,130	)	$	9,593,378		9,593,378	$	447,830
Core Fixed Income	82,512,155		451,795,967		(534,308,122	)		—		—		845,033
Global Income	35,651,263		216,091,297		(205,698,891	)		46,043,669		46,043,669		546,923
Strategic Income	21,405,495		838,170,004		(823,659,930	)		35,915,569		35,915,569		1,556,616

135

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

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 six months ended September 30, 2019:

Name of Affiliated Issuer

Market Value
as of March 31,

2019

Purchases

at Cost

Proceeds

from Sales

Net
Realized

Gain Loss

Net Change

in Unrealized

Gain (loss)

Market Value
as of September 30,

2019

Montage Resource Corp. — Common Stock

28,801,743

—

(19,652,428

)

(50,144,332

)

40,995,017

—

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2019, 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)
Bond	$	1,822,198,975	$	62,971,112	$	1,763,671,030	$	80,712,328
Core Fixed Income		3,979,746,333		152,478,109		3,905,982,274		109,437,276
Global Income		1,327,724,797		703,825,842		1,274,559,549		652,684,759
Strategic Income		2,693,172,427		197,135,165		2,472,678,470		584,585,440

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2019, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Bond			Core Fixed Income			Global Income			Strategic Income
Capital loss carryforwards:
Perpetual Short-Term	$	(8,809,274	)	$	(10,640,997	)	$	(3,773,661	)	$	(1,226,425,904	)
Perpetual Long-Term		(8,605,687	)		(8,094,551	)		(4,647,018	)		(739,520,855	)
Total capital loss carryforwards	$	(17,414,961	)	$	(18,735,548	)	$	(8,420,679	)	$	(1,965,946,759	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral, Straddle Loss Deferral/Distributions Payable)	$	(1,225,530	)	$	(2,513,782	)	$	(3,367,356	)	$	(54,028,914	)

As of September 30, 2019, 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	$	571,122,980		$	1,353,492,782		$	752,684,317			$1,630,005,542
Gross unrealized gain		15,697,123			38,882,796			25,465,092			46,281,273
Gross unrealized loss		(6,746,561	)		(4,709,644	)		(13,821,710	)		(102,302,008	)
Net unrealized gains (losses)	$	8,950,562		$	34,173,152		$	11,643,382			$ (56,020,735)

136

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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 contracts and options contracts, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, and material modification of debt securities.

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 the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the 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. 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 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.

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 a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the

137

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

8. OTHER RISKS (continued)

markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, 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.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

8. OTHER RISKS (continued)

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, 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.

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, the Fund may be more susceptible to adverse developments affecting any single issuer held in its portfolio, and may be more susceptible to greater losses because of these developments.

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 a 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’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 and GSAMI believe the risk of loss under these arrangements to be remote.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

10. OTHER MATTERS

The Funds have adopted Financial Accounting Standards Board Accounting Standards Update 2017-08 to amend the amortization period for certain purchased callable debt securities held at a premium. Under the new standard, the Funds have changed the amortization period for the premium on certain purchased callable debt securities with non-contingent call features to the earliest call date. In accordance with the transition provisions of the standard, the Funds applied the amendments on a modified retrospective basis beginning with the fiscal period ended September 30, 2019. This change in accounting policy has been made to comply with the newly issued accounting standard and had no impact on total distributable earnings (loss) or the net asset value of the Funds.

Upon evaluation, GSAM has concluded that the change in accounting principle does not materially impact the financial statement amounts.

On November 5, 2019, a definitive proxy statement (“proxy”) was filed with the SEC to elect certain Trustees to the Trust. The Funds will amortize their respective share of the proxy, shareholder meeting and other related costs and GSAM has agreed to reimburse each Fund to the extent such expenses exceed a specified percentage of the Fund’s net assets.

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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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	Bond Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		742,416		$	7,628,027			2,185,022		$	21,344,637
Reinvestment of distributions		110,759			1,141,314			244,979			2,403,950
Shares redeemed		(909,770	)		(9,324,772	)		(4,082,586	)		(40,074,225	)
		(56,595	)		(555,431	)		(1,652,585	)		(16,325,638	)
Class C Shares
Shares sold		171,702			1,777,450			147,909			1,442,442
Reinvestment of distributions		7,301			75,160			17,007			166,764
Shares redeemed		(140,589	)		(1,433,600	)		(802,598	)		(7,844,001	)
		38,414			419,010			(637,682	)		(6,234,795	)
Institutional Shares
Shares sold		1,798,543			18,420,905			4,100,590			40,262,334
Reinvestment of distributions		218,892			2,253,858			609,579			5,980,318
Shares redeemed		(4,307,480	)		(44,267,761	)		(20,893,643	)		(204,776,401	)
		(2,290,045	)		(23,592,998	)		(16,183,474	)		(158,533,749	)
Service Shares
Shares sold		92			942			5,639			55,456
Reinvestment of distributions		69			703			584			5,733
Shares redeemed		(2,715	)		(27,845	)		(40,944	)		(397,946	)
		(2,554	)		(26,200	)		(34,721	)		(336,757	)
Investor Shares
Shares sold		444,766			4,556,846			1,066,729			10,426,901
Reinvestment of distributions		51,716			531,204			96,964			948,365
Shares redeemed		(387,749	)		(3,949,569	)		(1,478,173	)		(14,438,629	)
		108,733			1,138,481			(314,480	)		(3,063,363	)
Class P Shares^(a)
Shares sold		775,826			7,988,167			12,346,083			121,371,840
Reinvestment of distributions		137,863			1,420,068			217,924			2,132,258
Shares redeemed		(851,590	)		(8,760,749	)		(3,820,573	)		(37,001,641	)
		62,099			647,486			8,743,434			86,502,457
Class R Shares
Shares sold		101,423			1,033,572			450,536			4,416,959
Reinvestment of distributions		8,409			86,455			18,226			178,638
Shares redeemed		(1,366,404	)		(14,027,614	)		(861,666	)		(8,435,190	)
		(1,256,572	)		(12,907,587	)		(392,904	)		(3,839,593	)
Class R6 Shares
Shares sold		929,700			9,532,488			1,983,266			19,401,009
Reinvestment of distributions		115,235			1,187,304			207,082			2,031,428
Shares redeemed		(558,599	)		(5,739,268	)		(2,134,114	)		(20,842,009	)
		486,336			4,980,524			56,234			590,428

NET DECREASE		(2,910,184	)	$	(29,896,715	)		(10,416,178	)	$	(101,241,010	)

(a)

Class P Shares commenced operations on April 20, 2018.

141

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Core Fixed Income Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		5,350,072		$	57,980,317			859,937		$	8,728,376
Reinvestment of distributions		76,748			820,245			139,982			1,421,931
Shares redeemed		(918,295	)		(9,817,423	)		(1,549,770	)		(15,676,729	)
		4,508,525			48,983,139			(549,851	)		(5,526,422	)
Class C Shares
Shares sold		163,303			1,740,849			124,329			1,268,027
Reinvestment of distributions		5,618			60,226			12,779			130,458
Shares redeemed		(212,159	)		(2,277,215	)		(462,158	)		(4,706,160	)
		(43,238	)		(476,140	)		(325,050	)		(3,307,675	)
Institutional Shares
Shares sold		9,694,176			103,338,524			4,845,565			49,377,460
Reinvestment of distributions		285,105			3,059,300			977,384			9,969,120
Shares redeemed		(9,163,371	)		(99,120,039	)		(71,216,558	)		(727,795,302	)
		815,910			7,277,785			(65,393,609	)		(668,448,722	)
Service Shares
Shares sold		18,750			201,765			32,626			331,593
Reinvestment of distributions		316			3,387			773			7,880
Shares redeemed		(15,696	)		(169,985	)		(52,385	)		(533,499	)
		3,370			35,167			(18,986	)		(194,026	)
Investor Shares
Shares sold		1,363,699			14,567,944			504,874			5,129,453
Reinvestment of distributions		32,037			342,491			100,545			1,020,223
Shares redeemed		(199,107	)		(2,118,713	)		(3,318,291	)		(33,652,171	)
		1,196,629			12,791,722			(2,712,872	)		(27,502,495	)
Class P Shares^(a)
Shares sold		5,744,708			61,399,857			64,528,745			660,845,396
Reinvestment of distributions		804,289			8,625,283			1,221,263			12,475,336
Shares redeemed		(9,794,840	)		(104,297,003	)		(8,908,948	)		(90,620,729	)
		(3,245,843	)		(34,271,863	)		56,841,060			582,700,003
Class R Shares
Shares sold		69,216			733,721			77,977			793,451
Reinvestment of distributions		5,043			53,837			9,869			100,309
Shares redeemed		(32,125	)		(338,428	)		(114,084	)		(1,152,252	)
		42,134			449,130			(26,238	)		(258,492	)
Class R6 Shares
Shares sold		1,201,006			13,072,273			25,430,249			260,025,342
Reinvestment of distributions		258,898			2,769,252			567,747			5,795,409
Shares redeemed		(7,609,961	)		(81,285,048	)		(5,801,856	)		(58,723,081	)
		(6,150,057	)		(65,443,523	)		20,196,140			207,097,670

NET INCREASE (DECREASE)		(2,872,570	)	$	(30,654,583	)		8,010,594		$	84,559,841

(a)

Class P Shares commenced operations on April 20, 2018.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Global Income Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		394,533		$	4,984,822			1,156,585		$	13,991,043
Reinvestment of distributions		32,532			416,000			78,659			952,476
Shares redeemed		(1,163,910	)		(14,963,646	)		(2,617,348	)		(31,518,669	)
		(736,845	)		(9,562,824	)		(1,382,104	)		(16,575,150	)
Class C Shares
Shares sold		15,942			200,162			58,410			699,958
Reinvestment of distributions		2,074			26,215			5,789			69,529
Shares redeemed		(145,774	)		(1,842,928	)		(434,306	)		(5,199,309	)
		(127,758	)		(1,616,551	)		(370,107	)		(4,429,822	)
Institutional Shares
Shares sold		3,258,048			41,704,272			6,027,982			72,732,238
Reinvestment of distributions		167,213			2,136,990			381,282			4,609,921
Shares redeemed		(3,363,315	)		(42,613,537	)		(12,549,140	)		(151,516,859	)
		61,946			1,227,725			(6,139,876	)		(74,174,700	)
Service Shares
Shares sold		14,896			187,066			21,225			254,076
Reinvestment of distributions		885			11,224			1,934			23,273
Shares redeemed		(114,520	)		(1,467,800	)		(16,158	)		(193,580	)
		(98,739	)		(1,269,510	)		7,001			83,769
Investor Shares
Shares sold		499,408			6,327,260			1,661,824			19,972,695
Reinvestment of distributions		36,457			465,065			77,357			933,877
Shares redeemed		(636,829	)		(8,103,745	)		(2,617,963	)		(31,499,436	)
		(100,964	)		(1,311,420	)		(878,782	)		(10,592,864	)
Class P Shares^(a)
Shares sold		—			—			754,785			9,132,869
Reinvestment of distributions		5,744			73,438			9,594			116,187
Shares redeemed		(33,116	)		(423,690	)		(108,740	)		(1,306,929	)
		(27,372	)		(350,252	)		655,639			7,942,127
Class R6 Shares
Shares sold		5,914,226			73,959,308			4,566,866			55,476,517
Reinvestment of distributions		195,075			2,496,820			310,362			3,756,235
Shares redeemed		(2,234,223	)		(28,968,926	)		(8,639,576	)		(103,835,440	)
		3,875,078			47,487,202			(3,762,348	)		(44,602,688	)

NET INCREASE (DECREASE)		2,845,346		$	34,604,370			(11,870,577	)	$	(142,349,328	)

(a)

Class P Shares commenced operations on April 20, 2018.

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Strategic Income Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		3,288,251		$	30,576,684			5,356,686		$	49,817,262
Reinvestment of distributions		278,498			2,579,512			752,267			6,978,071
Shares redeemed		(9,347,294	)		(86,468,296	)		(16,906,763	)		(157,792,364	)
		(5,780,545	)		(53,312,100	)		(10,797,810	)		(100,997,031	)
Class C Shares
Shares sold		85,089			789,207			426,260			3,960,874
Reinvestment of distributions		132,637			1,225,470			435,789			4,030,776
Shares redeemed		(3,546,773	)		(32,871,132	)		(11,173,371	)		(103,708,803	)
		(3,329,047	)		(30,856,455	)		(10,311,322	)		(95,717,153	)
Institutional Shares
Shares sold		7,757,830			72,144,310			25,791,693			242,001,210
Reinvestment of distributions		1,275,273			11,816,144			6,825,291			63,654,682
Shares redeemed		(24,365,513	)		(226,708,382	)		(333,238,154	)		(3,108,651,769	)
		(15,332,410	)		(142,747,928	)		(300,621,170	)		(2,802,995,877	)
Investor Shares
Shares sold		503,893			4,688,600			2,684,329			25,168,792
Reinvestment of distributions		130,711			1,210,861			492,863			4,577,904
Shares redeemed		(3,703,544	)		(34,451,102	)		(12,722,774	)		(118,818,224	)
		(3,068,940	)		(28,551,641	)		(9,545,582	)		(89,071,528	)
Class P Shares^(a)
Shares sold		1,397,221			12,987,043			73,272,220			687,014,666
Reinvestment of distributions		561,487			5,193,041			1,403,686			12,929,764
Shares redeemed		(5,865,100	)		(54,516,862	)		(38,320,814	)		(352,851,481	)
		(3,906,392	)		(36,336,778	)		36,355,092			347,092,949
Class R Shares
Shares sold		37,246			345,458			150,959			1,402,682
Reinvestment of distributions		5,218			48,223			15,287			141,376
Shares redeemed		(75,264	)		(696,971	)		(400,550	)		(3,685,645	)
		(32,800	)		(303,290	)		(234,304	)		(2,141,587	)
Class R6 Shares
Shares sold		122,397			1,137,541			34,325,464			319,126,329
Reinvestment of distributions		12,913			119,591			174,234			1,614,542
Shares redeemed		(2,177,654	)		(20,272,714	)		(34,290,999	)		(318,499,529	)
		(2,042,344	)		(19,015,582	)		208,699			2,241,342

NET DECREASE		(33,492,478	)	$	(311,123,774	)		(294,946,397	)	$	(2,741,588,885	)

(a)

Class P Shares commenced operations on April 20, 2018.

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Fund Expenses — Six Month Period Ended September 30, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Investor, Class P, 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 Shares); and other Fund expenses. The example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Investor, Class P, Class R and Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

.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.


	Bond Fund							Core Fixed Income Fund							Global Income Fund							Strategic Income Fund
Share Class	Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*
Class A
Actual	$	1,000.00	$	1,053.50		$	4.00	$	1,000.00	$	1,055.00		$	4.01	$	1,000.00	$	1,054.10		$	5.24	$	1,000.00	$	1,002.70		$	5.01
Hypothetical 5% return		1,000.00		1,021.10	+		3.94		1,000.00		1,021.10	+		3.94		1,000.00		1,019.90	+		5.15		1,000.00		1,020.00	+		5.05
Class C
Actual		1,000.00		1,049.70			7.84		1,000.00		1,051.90			7.85		1,000.00		1,050.60			9.02		1,000.00		1,000.00			8.75
Hypothetical 5% return		1,000.00		1,017.35	+		7.72		1,000.00		1,017.35	+		7.72		1,000.00		1,016.20	+		8.87		1,000.00		1,016.25	+		8.82
Institutional
Actual		1,000.00		1,055.30			2.26		1,000.00		1,057.60			2.26		1,000.00		1,055.90			3.55		1,000.00		1,005.60			3.31
Hypothetical 5% return		1,000.00		1,022.80	+		2.23		1,000.00		1,022.80	+		2.23		1,000.00		1,021.55	+		3.49		1,000.00		1,021.70	+		3.34
Service
Actual		1,000.00		1,052.70			4.82		1,000.00		1,054.00			4.83		1,000.00		1,053.50			6.06		—		—			—
Hypothetical 5% return		1,000.00		1,020.30	+		4.75		1,000.00		1,020.30	+		4.75		1,000.00		1,019.10	+		5.96		—		—			—
Investor
Actual		1,000.00		1,055.00			2.72		1,000.00		1,056.30			2.72		1,000.00		1,055.60			3.91		1,000.00		1,004.00			3.76
Hypothetical 5% return		1,000.00		1,022.35	+		2.68		1,000.00		1,022.35	+		2.68		1,000.00		1,021.20	+		3.84		1,000.00		1,021.25	+		3.79
Class P
Actual		1,000.00		1,056.40			2.21		1,000.00		1,057.60			2.21		1,000.00		1,055.90			3.50		1,000.00		1,004.50			3.26
Hypothethical 5% return		1,000.00		1,022.85	+		2.17		1,000.00		1,022.85	+		2.17		1,000.00		1,021.60	+		3.44		1,000.00		1,021.75	+		3.29
Class R
Actual		1,000.00		1,052.30			5.28		1,000.00		1,053.70			5.29		—		—			—		1,000.00		1,002.60			6.26
Hypothetical 5% return		1,000.00		1,019.85	+		5.20		1,000.00		1,019.85	+		5.20		—		—			—		1,000.00		1,018.75	+		6.31
R6 Shares
Actual		1,000.00		1,056.40			2.21		1,000.00		1,057.60			2.21		1,000.00		1,056.80			3.45		1,000.00		1,004.50			3.26
Hypothetical 5% return		1,000.00		1,022.85	+		2.17		1,000.00		1,022.85	+		2.17		1,000.00		1,021.65	+		3.39		1,000.00		1,021.75	+		3.29

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 September 30, 2019. 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 P			Class R			Class R6
Bond		0.78	%		1.53	%		0.44	%		0.94	%		0.53	%		0.43	%		1.03	%		0.43	%
Core Fixed Income		0.78			1.53			0.44			0.94			0.53			0.43			1.03			0.43
Global Income		1.02			1.77			0.69			1.19			0.76			0.68			—			0.67
Strategic Income		1.00			1.75			0.66			—			0.75			0.65			1.25			0.65

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.

145

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Bond Fund, Goldman Sachs Core Fixed Income Fund, Goldman Sachs Global Income Fund, and Goldman Sachs Strategic Income Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) on behalf of the Bond, Core Fixed Income, and Strategic Income Funds with Goldman Sachs Asset Management, L.P. (“GSAM”) and on behalf of the Global Income Fund with Goldman Sachs Asset Management International (together with GSAM, the “Investment Advisers”).

The Management Agreements were most recently approved for continuation until June 30, 2020 by the Board of Trustees, including those Trustees who are not parties to the Management Agreements or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”), at a meeting held on June 11-12, 2019 (the “Annual Meeting”).

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreements were last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreements were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Bond and Core Fixed Income Funds), a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c)

(d)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Fund’s expense trends over time; and

(iii)

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

146

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

(i)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(j)

(k)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l)

information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(m)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

(o)

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Advisers and their affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Advisers and their affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Advisers addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Advisers and their affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Advisers or their affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreements

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Advisers. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Advisers and their affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Advisers’ portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Advisers. They also noted the Investment Advisers’ commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers operate, as well as the efforts of the Investment Advisers and their affiliates to combat cyber security risks. The Trustees concluded that the Investment Advisers continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Advisers would continue to do so in the future. The Trustees also recognized that the Investment Advisers had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Advisers and their affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Advisers using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The

147

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Bond and Core Fixed Income Funds’ performance to that of composites of accounts with comparable investment strategies managed by GSAM.

In addition, the Trustees considered materials prepared and presentations made by the Investment Advisers’ senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Advisers’ periodic reports with respect to the Funds’ risk profiles, and how the Investment Advisers’ approach to risk monitoring and management influences portfolio management.

The Trustees observed that the Bond Fund’s Institutional Shares had placed in the top half of its peer group for the one-, five-, and ten-year periods and in the third quartile for the three-year period, and had outperformed the Fund’s benchmark index for the three- and ten-year periods and underperformed for the one- and five-year periods ended March 31, 2019. They noted that the Core Fixed Income Fund’s Institutional Shares had placed in the top half of its peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and ten-year periods and underperformed for the five-year period ended March 31, 2019. The Trustees observed that the Global Income Fund’s Institutional Shares had placed in the top half of its peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2019. They noted that the Strategic Income Fund’s Institutional Shares had placed in the third quartile of its peer group for the one-year period and the fourth quartile for the three- and five-year periods; had outperformed the Fund’s LIBOR-based benchmark index by 0.30% for the three-year period and underperformed by 1.77% and 0.88%, respectively, for the one- and five-year periods; and had underperformed the average performance of a group of competitor funds, as determined by the Investment Adviser, for the one-, three-, and five-year periods ended March 31, 2019. The Trustees also noted that the Core Fixed Income Fund, Bond Fund, and Strategic Income Fund had experienced certain portfolio management changes in 2018 and the first half of 2019.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreements and the fee rates payable by each Fund under its respective Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Advisers to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Advisers’ undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Global Income Fund that would have the effect of decreasing expenses of Class A, Class C, and Investor Shares of the Fund, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Advisers manage other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Advisers to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Advisers to a smaller number of client contact points, and were less time-intensive.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Advisers’ revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Advisers’ expense allocation methodology. They observed that the profitability and expense figures are

148

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

substantially similar to those used by the Investment Advisers for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Advisers’ expense allocation methodology. Profitability data for each Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Advisers’ overall profitability.

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreements for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


Average Daily Net Assets	Bond Fund			Core Fixed Income Fund			Global Income Fund			Strategic Income Fund

First $1 billion		0.41	%		0.40	%		0.65	%		0.60	%

Next $1 billion		0.37			0.36			0.59			0.54

Next $3 billion		0.35			0.34			0.56			0.51

Next $3 billion		0.34			0.33			0.55			0.50

Over $8 billion		0.34			0.32			0.54			0.49

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Advisers relating to the costs of the services provided by the Investment Advisers and their affiliates and their realized profits; information comparing fee rates charged by the Investment Advisers with fee rates charged to other funds in the peer groups; and the Investment Advisers’ undertakings to limit certain expenses of the Funds that exceed specified levels. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that GSAM had passed along savings to shareholders of the Core Fixed Income and Strategic Income Funds, which had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Advisers and Their Affiliates

The Trustees also considered the other benefits derived by the Investment Advisers and their affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Advisers; (d) the Investment Advisers’ ability to leverage the infrastructure designed to service the Funds on behalf of their other clients; (e) the Investment Advisers’ ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Advisers’ ability to negotiate better pricing with custodians on behalf of their other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Advisers and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Advisers, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Advisers; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Advisers and their affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Advisers and their affiliates; (d) the Investment Advisers’ ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Advisers’ knowledge and experience gained from managing other accounts and products; (f) the

149

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Investment Advisers’ ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Advisers, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Advisers and that those shareholders have a general expectation that the relationship will continue.

Conclusion

In connection with their consideration of the Management Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by its respective Investment Adviser, the Investment Advisers’ costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Advisers’ continued management likely would benefit each applicable Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2020.

150

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Income Fund

∎

Strategic Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Municipal Income Completion 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

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

Blue Chip Fund

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

Asia Equity Fund

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund⁵

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

MLP & Energy Fund

∎

Multi-Manager Alternatives 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

∎

Dynamic Global Equity Fund⁴

∎

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

⁴

Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

⁵

Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

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 James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

		GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Funds management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

The Funds will file portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

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Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Goldman Sachs Funds

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Semi-Annual Report				September 30, 2019

				Municipal Fixed Income Funds
				Dynamic Municipal Income
				High Yield Municipal
				Short Duration Tax-Free

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800- 621-2550 for Institutional, Service, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

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Goldman Sachs Municipal Fixed Income Funds

∎

DYNAMIC MUNICIPAL INCOME

∎

HIGH YIELD MUNICIPAL

∎

SHORT DURATION TAX-FREE



Fund Basics			1

Schedules of Investments			7

Financial Statements			119

Financial Highlights			123

Dynamic Municipal Income			123

High Yield Municipal			130

Short Duration Tax-Free			136

Notes to the Financial Statements			143

Other Information			158



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

FUND BASICS

Dynamic Municipal Income Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		2.99	%		2.47	%		1.64	%		1.62	%		2.77	%
Class C		2.61			2.47			0.95			0.94			1.60
Institutional		3.17			2.47			2.04			2.02			3.45
Service		2.90			2.47			1.54			1.53			2.60
Investor		3.19			2.47			1.95			1.93			3.29
Class P		3.17			2.47			2.05			2.03			3.46
Class R6		3.17			2.47			2.05			2.03			3.46

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.

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 2019 federal income tax rate of 40.8%.

FUND BASICS

SECTOR ALLOCATION⁵

Percentage of Market Value

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⁵

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

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

FUND BASICS

High Yield Municipal Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		5.14	%		4.88	%		5.64	%		3.74	%		2.22	%		2.18	%		3.75	%
Class C		4.85			4.88			5.64			3.74			1.57			1.53			2.65
Institutional		5.40			4.88			5.64			3.74			2.63			2.62			4.44
Investor		5.27			4.88			5.64			3.74			2.57			2.53			4.34
Class P		5.41			4.88			5.64			3.74			2.64			2.63			4.46
Class R6		5.29			4.88			5.64			3.74			2.65			2.62			4.48

The Goldman Sachs High Yield Municipal Fund Composite Index is comprised of the Bloomberg Barclays Municipal High Yield Bond Index (60%) (with dividends reinvested) and the Bloomberg Barclays Municipal Bond Index (40%) (with dividends reinvested).

The Bloomberg Barclays Municipal High Yield Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. The Bloomberg Barclays Municipal High Yield Bond Index does not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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 2019 federal income tax rate of 40.8%.

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.

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

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⁷

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

FUND BASICS

Short Duration Tax-Free Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		1.44	%		1.28	%		1.32	%		1.26	%		2.23	%
Class C		1.24			1.28			0.94			0.53			1.59
Institutional		1.69			1.28			1.63			1.61			2.75
Service		1.43			1.28			1.14			1.12			1.93
Investor		1.66			1.28			1.58			1.52			2.67
Class P		1.60			1.28			1.64			1.62			2.77
Class R6		1.60			1.28			1.64			1.62			2.77

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.

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.

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 2019 federal income tax rate of 40.8%.

FUND BASICS

SECTOR ALLOCATION⁵

Percentage of Market Value

LOGO

⁵

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – 98.7%
Alabama – 0.8%
	Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)^(a)
$	2,500,000	5.750%		10/01/2020	$	2,610,375
	Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)
	100,000	5.000		11/15/2021		100,343
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	150,000	5.000		10/01/2024		171,430
	150,000	5.000		10/01/2025		175,086
	725,000	5.000		10/01/2030		841,196
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	725,000	5.000		10/01/2044		818,641
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(b)
	1,500,000	0.000		10/01/2046		1,454,535
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,000,000	5.000		10/01/2021		1,064,380
	13,500,000	6.000		10/01/2042		16,065,270
	7,465,000	6.500		10/01/2053		8,994,429
	Prattville Industrial Development Board RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)^(c)(d)
	225,000	2.000		10/01/2024		225,301
	Prattville Industrial Development Board Recovery Zone Facility RB Refunding for International Paper Company Series 2019 C (BBB/Baa2)^(c)(d)
	225,000	2.000		10/01/2024		225,302
	Selma Industrial Development Board Gulf Opportunity Zone RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)^(c)(d)
	1,750,000	2.000		10/01/2024		1,752,345
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A/A3)
	3,820,000	4.000		06/01/2024		4,162,501
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A3)^(c)
	10,000,000	(1 Mo. LIBOR + 0.85%), 2.211		06/01/2024		9,936,000
	UAB Medicine Finance Authority RB Series 2019 B (AA-/Aa3)
	1,350,000	4.000		09/01/2036		1,542,065
	2,030,000	4.000		09/01/2037		2,309,003
	1,350,000	4.000		09/01/2038		1,531,359

						53,979,561

Alaska – 0.2%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (NR/B3)
	1,100,000	5.000		06/01/2046		1,101,738
	Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)^(e)
	37,350,000	0.000		06/01/2046		4,177,224
	State of Alaska GO Unlimited Bonds Series 2016 A (AA/Aa3)
	5,450,000	5.000		08/01/2027		6,546,540

						11,825,502


Municipal Bonds – (continued)
Arizona – 1.3%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(c)
	19,150,000	(3 Mo. LIBOR + 0.81%), 2.216		01/01/2037		18,746,318
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	1,400,000	5.000		11/01/2044		1,684,228
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)
	570,000	5.000		01/01/2043		648,865
	2,450,000	4.500		01/01/2049		2,643,379
	2,095,000	5.000		01/01/2054		2,345,373
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)
	1,565,000	5.000		01/01/2037		1,787,058
	1,105,000	5.000		01/01/2038		1,258,120
	300,000	5.000		01/01/2043		335,937
	2,125,000	5.000		01/01/2049		2,359,302
	600,000	5.125		01/01/2054		669,456
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa1)
	365,000	5.000		05/01/2024		406,114
	300,000	5.000		05/01/2029		354,981
	650,000	5.000		05/01/2031		767,546
	Chandler Industrial Development Authority RB for Intel Corp. Series 2007 (AMT) (A+/A1)^(c)(d)
	10,000,000	2.700		08/14/2023		10,364,500
	Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)^(c)(d)
	7,300,000	5.000		06/03/2024		8,376,969
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (AAA/Aa2)
	7,000,000	5.000		07/01/2030		8,555,400
	Entertainment Center Community Facilities District RB Series 2017 (AA+/NR)
	5,192,000	4.000		07/01/2037		5,394,384
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	400,000	3.500		07/01/2029		413,088
	385,000	4.100		07/01/2034		399,903
	1,150,000	4.750		07/01/2043		1,193,275
	Glendale City Subordinate RB Refunding Series 2017 (AA/A1)
	2,500,000	5.000		07/01/2028		3,115,925
	Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)
	4,360,000	4.000		01/01/2041		4,846,097
	Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (BBB+/A3)
	8,905,000	5.000		12/01/2037		11,997,350
	Yavapai County IDA Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(c)(d)
	4,000,000	2.800		06/01/2021		4,078,000

						92,741,568


The accompanying notes are an integral part of these financial statements.		7

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Arkansas – 0.2%
	Arkansas State Development Finance Authority RB for Single Family Mortgage-Backed Securities Series 2008 B (AMT) (GNMA) (FNMA) (FHLMC) (AA+/NR)
$	195,000		5.500	%		07/01/2023	$	195,601
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)^(f)
	550,000		5.000			08/01/2026		653,065
	500,000		5.000			08/01/2028		588,680
	Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa2)
	5,395,000		3.000			02/01/2023		5,616,141
	5,185,000		3.000			02/01/2024		5,395,822
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	3,335,000		3.000			02/01/2023		3,403,067

								15,852,376

California – 11.1%
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)^(e)
	1,000,000		0.000			08/01/2037		634,580
	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		951,799
	745,000		4.000			09/01/2025		817,906
	535,000		4.000			09/01/2026		586,504
	590,000		4.000			09/01/2027		645,619
	575,000		4.000			09/01/2028		628,061
	465,000		4.000			09/01/2029		506,548
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	1,000,000		5.000			05/01/2040		1,201,070
	Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR)
	150,000		4.000			09/01/2020		154,027
	190,000		4.000			09/01/2021		199,811
	195,000		4.000			09/01/2022		209,600
	205,000		4.000			09/01/2023		224,571
	210,000		4.000			09/01/2024		233,829
	220,000		4.000			09/01/2025		248,219
	230,000		4.000			09/01/2026		262,122
	235,000		4.000			09/01/2027		265,407
	255,000		4.000			09/01/2029		284,498
	275,000		4.000			09/01/2031		304,219
	290,000		4.000			09/01/2032		319,794
	300,000		5.000			09/01/2033		350,511
	215,000		5.000			09/01/2034		250,417
	330,000		5.000			09/01/2035		383,764
	345,000		3.000			09/01/2036		349,861
	360,000		3.000			09/01/2037		364,306
	370,000		3.000			09/01/2038		373,378
	380,000		3.000			09/01/2039		382,398
	1,160,000		5.000			09/01/2044		1,327,446
	1,475,000		5.000			09/01/2049		1,681,928


Municipal Bonds – (continued)
California – (continued)
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)^(e)
	31,220,000		0.000			06/01/2055		2,505,405
	California Educational Facilities Authority RB for California Institute of Technology Series 2009 (AA-/Aa2)^(a)
	5,000,000		5.000			11/01/2019		5,015,700
	California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (AAA/Aaa)
	5,000,000		5.250			04/01/2040		7,513,150
	California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (AAA/Aaa)
	3,500,000		5.000			05/01/2045		5,279,155
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	500,000		5.000			02/01/2042		594,075
	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		475,008
	350,000		5.000			11/15/2029		441,413
	565,000		5.000			11/15/2030		708,030
	1,000,000		5.000			11/15/2042		1,217,680
	12,000,000		5.000			11/15/2056		14,478,000
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,300,000		5.000			02/01/2034		1,559,532
	1,150,000		5.000			02/01/2035		1,376,044
	450,000		5.000			02/01/2042		531,328
	1,450,000		5.000			02/01/2047		1,702,474
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB+/NR)
	2,000,000		5.000			06/30/2028		2,498,200
	1,600,000		5.000			12/31/2028		1,995,568
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	200,000		5.000			10/01/2026		242,698
	200,000		5.000			10/01/2027		247,260
	150,000		5.000			10/01/2028		189,670
	225,000		5.000			10/01/2029		282,978
	125,000		5.000			10/01/2030		155,998
	225,000		5.000			10/01/2031		279,585
	225,000		5.000			10/01/2032		278,037
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	400,000		5.000			06/01/2035		454,624
	California Pollution Control Financing Authority RB Refunding for Waste Management, Inc. Series 2015 B-1 (AMT) (A-/NR)
	4,130,000		3.000			11/01/2025		4,424,965
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)^(g)
	2,000,000		6.750			12/01/2028		2,055,680
	10,075,000		7.500			12/01/2040		10,506,915


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	California Pollution Control Financing Authority Solid Waste Disposal RB for Waste Management, Inc.Project Series 2001 A (AMT) (A-/NR)^(c)(d)
$	1,250,000		2.500	%		05/01/2024	$	1,298,862
	California Pollution Control Financing Authority Solid Waste Disposal RB for Waste Management, Inc.Project Series 2003 A (A-/NR)^(c)(d)
	3,500,000		2.500			05/01/2024		3,635,520
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (BBB-/Baa3)^(g)
	13,845,000		5.000			07/01/2030		15,020,302
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB-/Baa3)^(g)
	280,000		5.000			07/01/2022		309,789
	360,000		5.000			07/01/2023		410,541
	445,000		5.000			07/01/2024		521,451
	1,330,000		5.000			07/01/2029		1,696,601
	California State Various Purpose GO Bonds Series 2009 (AA-/Aa3)
	5,000,000		5.250			10/01/2025		5,016,350
	California State Various Purpose GO Bonds Series 2010 (AA-/Aa3)
	1,250,000		6.000			03/01/2033		1,273,675
	1,500,000		5.500			03/01/2040		1,524,630
	California State Various Purpose GO Bonds Series 2017 (AA-/Aa3)
	1,500,000		5.000			08/01/2046		1,786,185
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	465,000		4.250			09/01/2022		498,778
	290,000		5.000			09/01/2030		336,180
	320,000		5.000			09/01/2037		364,435
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	875,000		5.000			09/02/2034		1,076,889
	595,000		5.000			09/02/2039		720,265
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2018 B (NR/NR)
	1,055,000		5.000			09/02/2033		1,262,023
	950,000		5.000			09/02/2038		1,115,974
	375,000		5.000			09/02/2043		437,179
	1,130,000		5.000			09/02/2048		1,311,839
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR)
	4,475,000		5.000			09/02/2029		5,272,490
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR)
	645,000		4.000			09/02/2023		691,847
	670,000		4.000			09/02/2024		726,876
	1,500,000		5.000			09/02/2034		1,796,925


Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)^(g)
	750,000		3.000			06/01/2029		772,140
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)
	250,000		5.000			08/01/2028		316,542
	300,000		5.000			08/01/2029		379,365
	315,000		5.000			08/01/2030		396,333
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (BB+/NR)^(g)
	500,000		5.000			07/01/2024		545,835
	900,000		5.000			07/01/2029		1,048,284
	California Statewide Communities Development Authority RB for Sutter Health Series 2011 A (AA-/Aa3)^(a)
	2,000,000		6.000			08/15/2020		2,084,360
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	150,000		5.000			04/01/2030		182,865
	70,000		5.000			04/01/2031		84,951
	385,000		4.000			04/01/2032		431,874
	455,000		4.000			04/01/2034		505,692
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (BB-/NR)^(g)
	1,725,000		5.000			12/01/2031		1,984,388
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	1,300,000		5.000			09/02/2038		1,527,123
	1,500,000		5.000			09/02/2048		1,741,380
	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		1,154,117
	1,000,000		5.000			05/15/2047		1,177,010
	800,000		5.000			05/15/2050		939,000
	California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF – Irvine, LLC Series 2017 (NR/Baa1)
	1,750,000		5.000			05/15/2022		1,911,000
	California Statewide Community Development Authority Water & Wastewater RB Balance Series 2004 (AGM) (AA/WR)
	5,000		5.250			10/01/2019		5,000
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)^(e)
	22,000,000		0.000			06/01/2046		3,935,140
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA/Aa2)^(e)
	3,500,000		0.000			06/01/2034		2,443,175


The accompanying notes are an integral part of these financial statements.		9

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	City of Oroville RB for Oroville Hospital Series 2019 (BB+/NR)
$	1,140,000		5.000	%		04/01/2024	$	1,278,157
	1,325,000		5.000			04/01/2027		1,567,170
	1,000,000		5.000			04/01/2029		1,212,220
	1,250,000		5.000			04/01/2030		1,510,850
	1,500,000		5.000			04/01/2031		1,804,500
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000		5.000			09/01/2026		117,678
	100,000		5.000			09/01/2027		117,418
	100,000		5.000			09/01/2028		117,106
	100,000		5.000			09/01/2029		116,713
	140,000		5.000			09/01/2031		161,792
	250,000		5.000			09/01/2032		288,315
	230,000		5.000			09/01/2033		264,562
	150,000		5.000			09/01/2034		172,161
	150,000		5.000			09/01/2035		171,642
	700,000		5.000			09/01/2036		799,589
	275,000		5.000			09/01/2037		313,393
	250,000		5.000			09/01/2038		284,240
	500,000		5.000			09/01/2039		567,510
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)^(g)
	595,000		4.000			09/01/2028		651,543
	City of Santee CA Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR)
	1,420,000		4.000			09/01/2044		1,550,214
	City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR)
	320,000		2.000			09/01/2024		322,845
	330,000		2.250			09/01/2026		333,970
	350,000		2.375			09/01/2028		351,649
	380,000		2.750			09/01/2031		382,299
	405,000		3.000			09/01/2033		413,375
	415,000		3.000			09/01/2034		422,134
	270,000		3.000			09/01/2035		273,707
	900,000		3.125			09/01/2037		915,768
	740,000		3.125			09/01/2039		747,866
	810,000		3.250			09/01/2041		820,287
	City of Upland Community Facilities District No. 2015-1 Special Tax Improvement Area No. 1 Series 2019 B (NR/NR)
	95,000		3.125			09/01/2037		96,746
	700,000		3.250			09/01/2041		710,689
	600,000		3.500			09/01/2049		610,572
	940,000		4.000			09/01/2049		1,010,049
	Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	275,000		3.125			08/01/2035		287,801
	County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR)
	450,000		5.000			09/01/2034		523,953
	725,000		5.000			09/01/2039		835,425


Municipal Bonds – (continued)
California – (continued)
	County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A+/A2)
	1,225,000		5.000			07/01/2039		1,484,627
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (A-/Baa2)
	1,300,000		3.950			01/15/2053		1,386,138
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)^(b)
	3,000,000		0.000			01/15/2032		3,285,330
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2014 Subseries B-3 (A-/Baa2)^(c)(d)
	1,175,000		5.500			01/15/2023		1,308,574
	Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A+/NR)
	500,000		5.000			09/01/2032		549,915
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(e)
	18,000,000		0.000			06/01/2047		3,041,100
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)^(e)
	9,375,000		0.000			06/01/2047		1,583,906
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/A1)
	11,000,000		5.000			06/01/2045		12,766,710
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BBB/NR)
	22,180,000		5.000			06/01/2034		26,341,633
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)
	2,440,000		5.000			06/01/2047		2,502,440
	10,080,000		5.250			06/01/2047		10,379,376
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-2 (NR/NR)
	14,450,000		5.000			06/01/2047		14,819,775
	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		4,072,540
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds Series 2019 (A-/NR)
	1,425,000		3.678			06/01/2038		1,483,938
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	650,000		5.000			09/01/2025		767,780
	650,000		5.000			09/01/2026		785,109
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	480,000		5.000			09/01/2025		566,976
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	430,000		5.000			09/01/2026		519,380


10		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)
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
$	180,000		4.000	%			09/01/2025		$	199,777
	175,000		4.000				09/01/2026			196,241
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (NR/NR)
	350,000		5.000				09/01/2030			443,187
	310,000		5.000				09/01/2032			389,568
	360,000		5.000				09/01/2034			449,813
	460,000		5.000				09/01/2036			571,366
	Lammersville Joint Unified School District Improvement Community Facilities District No. 2014-1 Special Tax Bonds Series 2019 (NR/NR)
	775,000		5.000				09/01/2043			893,505
	2,500,000		5.000				09/01/2048			2,871,825
	Lammersville Joint Unified School District No. 2002 Special Tax Refunding for Community Facilities Series 2017 (AGM) (AA/NR)
	3,000,000		3.500				09/01/2035			3,228,600
	Los Angeles Community College District GO Bonds for 2008 Election Series 2010 C (AA+/Aa1)^(a)
	5,000,000		5.250				08/01/2020			5,171,000
	Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (AA/Aa2)
	2,275,000		5.000				05/15/2034			2,803,824
	Los Angeles Department of Airports Subordinated RB Series 2016 B (AMT) (AA-/Aa3)
	1,000,000		5.000				05/15/2029			1,199,190
	Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (AA-/Aa3)
	7,000,000		5.250				05/15/2048			8,535,520
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (AA-/Aa3)
	5,000,000		5.000				05/15/2030			6,176,350
	1,000,000		5.000				05/15/2035			1,216,740
	Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (AA-/Aa3)
	6,000,000		5.000				05/15/2030			7,631,760
	Los Angeles Unified School District GO Bonds for Qualified School Construction Series 2010 J-2 (A+/Aa3)
	44,275,000		5.720				05/01/2027			54,307,272
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA/Aa3)^(e)
	2,000,000		0.000				08/01/2037			1,218,840
	4,500,000		0.000				08/01/2038			2,640,330
	4,500,000		0.000				08/01/2039			2,541,330
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (AA-/NR)^(e)
	1,205,000		0.000				08/01/2026			1,073,269
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)^(e)
	2,510,000		0.000				08/01/2035			1,706,524
	Mizuho Floater & Residual Trust Special Tax Series 2019-MIZ9003 (NR/A1)^(c)(d)(g)
	23,540,000		1.660				10/14/2019			23,540,000


Municipal Bonds – (continued)
California – (continued)
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	1,750,000	6.500			11/01/2039			2,750,212
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	3,500,000	6.125			11/01/2029			4,479,020
	2,000,000	6.500			11/01/2039			3,143,100
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)^(b)
	5,000,000	0.000			08/01/2035			5,256,650
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A3)^(h)
	5,595,000	(3 Mo. LIBOR + 0.72%), 2.126			07/01/2027			5,496,864
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,335,000	5.000			11/01/2047			13,408,738
	Palomar Pomerado Health COPS Series 2009 (NR/WR)^(a)
	2,500,000	6.750			11/01/2019			2,511,000
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)^(e)
	2,150,000	0.000			08/01/2031			1,599,493
	4,150,000	0.000			08/01/2032			2,985,842
	3,500,000	0.000			08/01/2033			2,440,725
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)
	6,450,000	7.000			08/01/2038			8,957,696
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A1)
	4,000,000	5.000			05/01/2031			4,326,400
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	650,000	4.000			09/01/2020			662,955
	590,000	4.000			09/01/2023			633,052
	320,000	4.000			09/01/2024			347,773
	400,000	4.000			09/01/2025			441,584
	1,490,000	4.000			09/01/2026			1,665,179
	305,000	4.000			09/01/2027			339,407
	500,000	4.000			09/01/2028			552,200
	1,280,000	4.000			09/01/2029			1,407,168
	River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,585,000	5.000			09/01/2027			4,960,236
	1,000,000	5.375			09/01/2031			1,090,790
	485,000	5.250			09/01/2034			525,963
	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			883,170
	1,075,000	5.000			09/01/2026			1,293,429
	1,000,000	5.000			09/01/2027			1,225,900
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)
	35,000	4.000			09/01/2021			36,683
	50,000	4.000			09/01/2022			53,399


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) – (continued)
$	85,000	4.000 %		09/01/2023	$	92,131
	80,000	4.000		09/01/2024		87,920
	150,000	4.000		09/01/2025		166,380
	275,000	5.000		09/01/2026		325,856
	210,000	5.000		09/01/2027		252,815
	160,000	5.000		09/01/2028		192,242
	170,000	5.000		09/01/2029		203,646
	110,000	5.000		09/01/2030		131,380
	100,000	5.000		09/01/2031		119,151
	185,000	5.000		09/01/2032		219,904
	165,000	5.000		09/01/2033		195,664
	175,000	4.000		09/01/2034		193,496
	150,000	4.000		09/01/2035		165,451
	125,000	3.000		09/01/2036		124,997
	470,000	5.000		09/01/2039		550,422
	250,000	3.250		09/01/2041		251,472
	400,000	5.000		09/01/2045		464,288
	1,000,000	5.000		09/01/2049		1,157,970
	Sacramento City Unified School District CA GO RB Refunding Series 2012 (BBB/A2)
	125,000	5.000		07/01/2020		128,009
	Sacramento City Unified School District CA GO RB Refunding Series 2015 (AGM) (AA/NR)
	500,000	5.000		07/01/2020		513,170
	1,000,000	5.000		07/01/2029		1,151,280
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)^(h)
	13,150,000	(3 Mo. LIBOR + 0.53%), 1.962		12/01/2035		12,615,716
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)^(h)
	2,375,000	(3 Mo. LIBOR + 0.55%), 1.980		06/01/2034		2,257,058
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa2)^(e)
	5,000,000	0.000		07/01/2039		3,014,050
	San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (AA-/Aa2)
	3,500,000	4.000		07/01/2042		3,739,050
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2011 C (AMT) (A+/A1)
	3,800,000	5.000		05/01/2021		4,013,066
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2012 A (AMT) (A+/A1)
	4,750,000	5.000		05/01/2026		5,185,718
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2013 A (AMT) (A+/A1)
	2,000,000	5.500		05/01/2028		2,287,800


Municipal Bonds – (continued)
California – (continued)
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 A (AMT) (A+/NR)
	10,000,000	5.000		05/01/2023		11,197,800
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 D (AMT) (A+/A1)
	20,000,000	5.000		05/01/2048		23,746,600
	San Francisco City & County Airport Commission San Francisco International Airport RB Series 2019 A (AMT) (A+/A1)
	9,380,000	5.000		05/01/2044		11,410,395
	21,500,000	5.000		05/01/2049		25,972,000
	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		1,204,550
	San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR)
	500,000	5.000		09/01/2036		595,075
	1,550,000	5.000		09/01/2044		1,818,568
	2,275,000	5.000		09/01/2049		2,656,700
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (NR/Baa2)^(e)
	1,605,000	0.000		01/15/2026		1,367,765
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (A-/NR)
	1,000,000	5.000		01/15/2029		1,165,170
	State of California Various Purpose GO Bonds for Bid Group B Series 2019 (AA-/Aa3)
	48,905,000	3.050		04/01/2029		51,636,833
	State of California Various Purpose GO Refunding Bonds for Bid Group B Series 2019 (AA-/Aa3)
	6,255,000	5.000		04/01/2024		7,293,205
	8,400,000	5.000		04/01/2025		10,078,908
	12,650,000	5.000		04/01/2026		15,579,234
	12,650,000	5.000		04/01/2027		15,932,675
	State of California Various Purpose GO Refunding Bonds Series 2019 (AA-/Aa3)
	30,000,000	5.000		04/01/2036		38,298,600
	Stockton Unified School District GO Refunding Bonds Series 2016 (A+/A1)
	2,735,000	5.000		08/01/2025		3,292,420
	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		1,657,392
	University of California RB Series 2019 BD (AA/Aa2)
	25,320,000	3.349		07/01/2029		27,668,936
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)^(h)
	7,880,000	(3 Mo. LIBOR + 0.74%), 2.190		05/15/2043		7,351,646
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE) (AA-/Baa2)^(e)
	1,175,000	0.000		08/01/2025		1,058,887


12		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)
	William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)
$	800,000		5.000	%			09/01/2047		$	916,408

										766,774,028

Colorado – 3.3%
	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			8,811,579
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,090,000		4.500				12/01/2029			2,171,823
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (AA/Aa2)
	23,835,000		5.000				03/01/2043			29,099,913
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)
	525,000		5.000				12/01/2037			557,734
	Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	735,000		5.000				12/01/2035			782,562
	500,000		5.125				12/01/2048			529,005
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	1,000,000		5.250				12/01/2038			1,046,800
	Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)^(g)
	4,000,000		5.000				12/01/2029			4,324,640
	500,000		5.000				12/01/2047			526,210
	Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (AA+/Aa1)
	3,510,000		6.000				12/15/2029			4,735,201
	10,805,000		6.000				12/15/2030			14,554,551
	Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (NR/Aa3)
	325,000		5.000				06/01/2049			356,473
	350,000		5.000				06/01/2054			382,424
	Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)^(c)(d)
	4,285,000		5.000				08/01/2026			5,084,495
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 B (AA/Aa2)^(c)(d)
	6,000,000		5.000				11/19/2026			7,382,160
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	855,000		5.000				08/01/2035			1,045,913
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	855,000		5.000				08/01/2035			1,045,913
	2,140,000		5.000				08/01/2036			2,610,479
	855,000		5.000				08/01/2037			1,037,183
	1,285,000		5.000				08/01/2038			1,552,010
	2,570,000		5.000				08/01/2039			3,096,439


Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (A-/NR)
	625,000	4.000			12/01/2019			627,500
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB+/NR)^(a)
	1,150,000	5.000			06/01/2027			1,438,466
	Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)
	1,200,000	4.000			01/01/2036			1,373,760
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	500,000	3.500			12/01/2021			507,555
	500,000	4.500			12/01/2027			529,985
	Cottonwood Highlands Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	900,000	5.000			12/01/2049			957,636
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)^(g)
	2,730,000	5.000			12/01/2029			2,767,974
	3,105,000	5.500			12/01/2039			3,162,846
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A/A2)
	17,000,000	5.000			12/01/2030			21,888,180
	11,500,000	5.250			12/01/2048			14,018,730
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000	5.500			11/15/2029			5,749,700
	Denver City & County COPS Series 2008 A-2 (AA+/Aa1)^(c)(d)
	3,280,000	1.400			10/07/2019			3,280,000
	Denver City & County COPS Series 2008 A-3 (AA+/Aa1)^(c)(d)
	3,105,000	1.400			10/07/2019			3,105,000
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB/NR)
	1,750,000	5.000			10/01/2032			1,916,845
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(g)
	4,995,000	5.000			12/01/2025			5,892,152
	5,145,000	5.000			12/01/2026			6,191,853
	5,285,000	5.000			12/01/2027			6,483,691
	Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)^(h)
	4,890,000	(3 Mo. LIBOR + 1.10%), 2.530			12/01/2033			4,889,609
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	765,000	5.000			12/01/2024			883,346
	205,000	5.000			12/01/2025			241,820
	Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)
	880,000	5.000			12/01/2030			1,107,189
	1,230,000	5.000			12/01/2031			1,544,290
	3,500,000	5.000			12/01/2032			4,379,235


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)^(g)
$	5,655,000	5.250 %		12/01/2039	$	6,051,359
	E-470 Public Highway Authority RB Series 2010 A (A/A2)^(e)
	6,000,000	0.000		09/01/2040		3,195,540
	E-470 Public Highway Authority Senior RB Series 2017 B (A/A2)^(c)
	2,000,000	(1 Mo. LIBOR + 1.05%), 2.397		09/01/2021		2,017,760
	First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)
	545,000	3.000		12/01/2029		547,278
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	900,000	5.000		12/01/2039		966,609
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	1,375,000	5.000		12/01/2039		1,458,820
	1,000,000	5.000		12/01/2049		1,043,090
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	500,000	5.500		12/01/2048		517,600
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	500,000	4.375		12/01/2031		510,035
	500,000	5.000		12/01/2046		518,195
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000	5.000		12/01/2049		669,129
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	1,000,000	5.625		12/01/2048		1,047,900
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	2,000,000	6.250		11/15/2028		2,565,140
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	850,000	5.000		12/01/2049		867,298
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	545,000	4.500		12/01/2028		563,634
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000	5.500		12/01/2048		520,885
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (NR/Ba1)
	238,000	3.000		12/01/2022		240,911
	1,000,000	5.000		12/01/2037		1,137,620
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (NR/Ba1)
	80,000	3.000		12/01/2022		80,963
	100,000	3.500		12/01/2027		104,989
	115,000	5.000		12/01/2037		130,826
	325,000	5.000		12/01/2047		364,491
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	1,000,000	5.000		12/01/2037		1,052,420


Municipal Bonds – (continued)
Colorado – (continued)
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa1)
	350,000	5.000		12/01/2032		412,419
	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		1,054,080
	6,920,000	5.000		12/01/2047		7,151,474
	University of Colorado Enterprise System RB Refunding Series 2019 A-2 (AA+/Aa1)
	4,830,000	1.780		06/01/2024		4,816,379
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bond Series 2018 A (NR/NR)
	1,250,000	5.375		12/01/2048		1,308,475
	Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)
	600,000	5.000		12/01/2039		641,598

						225,227,786

Connecticut – 2.7%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	450,000	5.000		08/01/2026		529,119
	965,000	5.000		08/01/2027		1,147,298
	1,165,000	5.000		08/01/2028		1,397,779
	750,000	5.500		08/01/2029		924,885
	350,000	5.500		08/01/2030		429,079
	500,000	5.500		08/01/2031		610,380
	500,000	5.500		08/01/2032		608,335
	405,000	5.500		08/01/2033		491,658
	Connecticut State GO Bonds Series 2018 C (A/A1)
	680,000	5.000		06/15/2028		853,067
	Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	5,000,000	5.000		04/15/2028		6,252,350
	Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)^(c)(d)
	2,290,000	1.800		07/01/2024		2,317,640
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-1 (AAA/Aaa)^(c)(d)
	6,585,000	1.040		10/07/2019		6,585,000
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)^(c)(d)
	7,405,000	1.050		10/07/2019		7,405,000
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-1 (AAA/Aaa)^(c)(d)
	22,650,000	5.000		02/01/2028		29,019,406
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)^(c)(d)
	23,330,000	5.000		02/01/2023		26,081,773
	Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)^(g)
	3,675,000	4.750		10/01/2048		3,816,781
	Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (AA/Aa3)
	5,540,000	5.000		11/01/2026		6,897,023
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)^(g)
	3,755,000	7.000		02/01/2045		3,872,194


14		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)
Connecticut – (continued)
	State of Connecticut GO Bonds Series 2018 (A/A1)
$	1,770,000		5.000 %		06/15/2027	$	2,181,543
	755,000		5.000		06/15/2029		943,335
	165,000		5.000		06/15/2032		203,509
	State of Connecticut GO Unlimited Bonds Series 2019 A (A/A1)
	1,500,000		5.000		04/15/2025		1,767,480
	6,395,000		5.000		04/15/2026		7,705,783
	1,350,000		5.000		04/15/2028		1,688,135
	1,000,000		5.000		04/15/2035		1,241,510
	1,000,000		5.000		04/15/2036		1,238,000
	1,000,000		5.000		04/15/2039		1,226,810
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bond Series 2010 B (A+/A1)
	3,220,000		4.576		11/01/2022		3,449,747
	State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2013 A (A+/A1)
	1,000,000		5.000		10/01/2029		1,130,140
	State of Connecticut State Revolving Fund RB Series 2017 A (AAA/Aaa)
	9,655,000		5.000		05/01/2036		11,836,064
	State of Connecticut State Revolving Fund RB Series 2019 A (AAA/Aaa)
	6,910,000		5.000		02/01/2032		8,910,790
	4,000,000		5.000		02/01/2033		5,138,680
	14,215,000		5.000		02/01/2036		18,077,642
	8,640,000		5.000		02/01/2037		10,953,187
	6,295,000		5.000		02/01/2039		7,933,526
	University of Connecticut RB Refunding Series 2010 A (A+/A1)
	2,775,000		5.000		02/15/2021		2,811,741
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	325,000		5.000		11/01/2025		363,821
	325,000		5.000		11/01/2026		369,298
	325,000		5.000		11/01/2027		373,214
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	645,000		5.000		11/01/2024		710,661
	240,000		5.000		11/01/2026		272,712

							189,766,095

Delaware – 0.2%
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	700,000		5.000		06/01/2025		811,468
	760,000		5.000		06/01/2026		898,001
	685,000		5.000		06/01/2027		822,945
	600,000		5.000		06/01/2029		737,766
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)
	460,000		4.000		08/01/2029		514,873
	615,000		5.000		08/01/2039		716,051
	Delaware State GO Bonds Series 2018 A (AAA/Aaa)
	2,455,000		5.000		02/01/2025		2,930,116
	University of Delaware RB Series 2005 (AA+/NR)^(c)(d)
	4,255,000		1.270		10/07/2019		4,255,000
	University of Delaware RB Series 2015 (AA+/Aa1)
	1,805,000		5.000		11/01/2033		2,128,023

							13,814,243


Municipal Bonds – (continued)
District of Columbia – 0.8%
	District of Columbia GO Bonds Series 2007 A (NATL-RE) (AA+/Aaa)
	7,500,000		3.000		06/01/2030		7,506,375
	District of Columbia GO Refunding Bonds Series 2017 A (AA+/Aaa)
	10,000,000		5.000		06/01/2035		12,276,300
	1,300,000		4.000		06/01/2037		1,470,222
	District of Columbia RB for International School Series 2019 (BBB/NR)
	860,000		5.000		07/01/2039		1,039,172
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/Baa1)
	615,000		6.500		05/15/2033		702,662
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2012 C (AA+/Aa2)
	5,000,000		5.000		10/01/2030		5,517,100
	Metropolitan Washington Airports Authority RB Refunding Series 2010 B (AMT) (AA-/Aa3)
	3,000,000		5.000		10/01/2022		3,107,790
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)
	3,400,000		5.000		10/01/2029		3,734,832
	Metropolitan Washington Airports Authority RB Refunding Series 2015 B (AMT) (AA-/Aa3)
	3,620,000		5.000		10/01/2020		3,746,048
	Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (AA-/Aa3)
	6,375,000		5.000		10/01/2034		7,853,809
	Metropolitan Washington DC Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A-/A2)
	850,000		5.000		10/01/2031		1,072,946
	850,000		5.000		10/01/2033		1,064,735
	850,000		5.000		10/01/2034		1,061,353
	850,000		5.000		10/01/2035		1,058,352
	1,375,000		5.000		10/01/2036		1,707,599
	850,000		5.000		10/01/2037		1,051,476
	850,000		5.000		10/01/2038		1,049,028
	1,275,000		5.000		10/01/2039		1,569,971

							56,589,770

Florida – 8.3%
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	175,000		4.000		05/01/2024		178,493
	220,000		4.500		05/01/2029		232,133
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	360,000		2.500		05/01/2024		364,540
	370,000		3.000		05/01/2025		383,098
	380,000		3.000		05/01/2026		393,638
	395,000		3.125		05/01/2027		410,302
	Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	310,000		4.250		05/01/2027		311,082
	390,000		4.750		05/01/2036		393,717


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
$	815,000		4.125	%		05/01/2023	$	825,187
	Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR)
	890,000		3.600			05/01/2029		899,959
	875,000		4.000			05/01/2036		892,448
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)^(g)
	505,000		4.200			05/01/2024		514,792
	630,000		4.550			05/01/2029		665,047
	Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)
	170,000		3.350			11/01/2024		170,906
	200,000		3.700			11/01/2029		203,232
	590,000		4.125			11/01/2039		598,502
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	190,000		5.000			05/01/2028		195,212
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	555,000		5.375			05/01/2028		569,569
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	175,000		2.250			05/01/2022		177,733
	175,000		2.500			05/01/2023		179,426
	180,000		2.500			05/01/2024		184,804
	185,000		3.000			05/01/2025		194,324
	190,000		3.000			05/01/2026		200,496
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)^(g)
	155,000		3.625			06/01/2024		156,646
	450,000		4.000			06/01/2030		464,711
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	215,000		5.000			11/01/2031		228,403
	100,000		5.250			11/01/2046		106,573
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)^(g)
	305,000		4.000			11/01/2024		310,106
	370,000		4.500			11/01/2029		388,908
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	100,000		4.500			11/01/2025		104,401
	185,000		5.000			11/01/2036		202,803
	320,000		5.000			11/01/2048		343,904
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	535,000		4.250			05/01/2029		592,807
	485,000		4.500			05/01/2035		531,710


Municipal Bonds – (continued)
Florida – (continued)
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	135,000		2.500			05/01/2023		138,509
	140,000		2.750			05/01/2024		145,079
	90,000		3.000			05/01/2025		94,341
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	315,000		3.500			05/01/2023		333,172
	325,000		3.500			05/01/2024		347,724
	340,000		3.500			05/01/2025		366,432
	350,000		3.500			05/01/2026		379,365
	365,000		3.500			05/01/2027		396,817
	Bellagio Community Development District Special Assessment Bond Series 2016 (BBB/NR)
	155,000		2.500			11/01/2022		157,156
	160,000		2.750			11/01/2023		163,454
	170,000		3.000			11/01/2025		177,045
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	385,000		3.500			06/15/2024		388,534
	1,000,000		4.000			06/15/2032		1,032,490
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(f)
	250,000		3.250			12/15/2024		249,520
	750,000		3.500			12/15/2030		746,535
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (BBB-/NR)
	6,250,000		5.875			07/01/2054		6,621,937
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)^(g)
	21,550,000		5.250			12/01/2058		22,635,689
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	110,000		3.500			11/01/2025		117,215
	115,000		3.500			11/01/2026		124,207
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	235,000		2.500			05/01/2023		238,894
	245,000		2.500			05/01/2024		248,839
	250,000		3.000			05/01/2025		259,515
	255,000		3.000			05/01/2026		265,575
	535,000		4.250			05/01/2037		579,517
	Century Gardens Community Development District Special Assessment Bond Series 2019 (NR/NR)^(g)
	127,000		3.875			11/01/2024		130,111
	189,000		4.200			11/01/2029		199,552
	750,000		5.000			11/01/2049		802,695
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)^(g)
	1,350,000		5.500			10/01/2036		1,453,815
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)^(g)
	1,000,000		5.000			10/01/2029		1,105,020
	1,000,000		5.000			10/01/2034		1,107,480


16		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)
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
$	1,000,000		4.000	%		10/01/2034	$	1,097,630
	City of West Palm Beach Utility System RB Series 2017 A (AA+/Aa2)
	15,000,000		5.000			10/01/2042		18,174,600
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)^(b)
	5,000,000		0.000			05/01/2038		4,709,750
	Coco Palms Community Development District Special Assessment Bonds Expansion Area Project 2019 (NR/NR)^(g)
	200,000		3.625			06/15/2024		204,100
	295,000		4.000			06/15/2029		308,850
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	745,000		5.375			05/01/2036		745,685
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	880,000		2.375			05/01/2023		891,713
	900,000		2.500			05/01/2024		918,855
	925,000		2.750			05/01/2025		956,015
	915,000		3.000			05/01/2026		961,509
	980,000		3.200			05/01/2027		1,037,683
	1,015,000		3.250			05/01/2028		1,071,018
	1,500,000		3.750			05/01/2046		1,576,500
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	215,000		3.200			12/15/2024		216,191
	250,000		3.500			12/15/2029		252,860
	325,000		4.000			12/15/2039		330,441
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(g)
	345,000		3.750			11/01/2023		349,216
	595,000		4.500			11/01/2028		620,894
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	129,000		3.000			05/01/2023		133,671
	133,000		3.250			05/01/2024		139,475
	138,000		3.500			05/01/2025		146,626
	143,000		3.625			05/01/2026		154,174
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)
	190,000		2.875			05/01/2021		194,043
	195,000		3.000			05/01/2022		201,374
	205,000		3.250			05/01/2023		214,986
	210,000		3.375			05/01/2024		222,493
	220,000		3.500			05/01/2025		236,381
	215,000		4.125			05/01/2035		233,993
	County of Broward RB for Airport System Series 2012 Q-1 (A+/A1)
	855,000		5.000			10/01/2037		936,302


Municipal Bonds – (continued)
Florida – (continued)
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
$	2,810,000		5.000	%		09/01/2033	$	3,511,404
	2,955,000		5.000			09/01/2034		3,680,275
	3,005,000		5.000			09/01/2035		3,730,978
	1,610,000		4.000			09/01/2036		1,819,316
	3,520,000		4.000			09/01/2038		3,950,074
	County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A-/A2)
	7,500,000		2.600			06/01/2023		7,749,825
	County of Escambia RB Refunding for International Paper Company, Series 2019 B (BBB/Baa2)^(c)(d)
	400,000		2.000			10/01/2024		400,536
	County of Miami-Dade Aviation RB Series 2019 A (AMT) (A/NR)
	4,500,000		4.000			10/01/2044		4,973,490
	12,720,000		5.000			10/01/2044		15,383,950
	County of Miami-Dade Florida Transit System RB Refunding Series 2019 (AA/NR)
	18,060,000		4.000			07/01/2039		20,625,604
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)^(g)
	550,000		3.875			11/01/2024		555,687
	740,000		4.250			11/01/2030		761,675
	Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (BBB/NR)
	2,000,000		4.000			05/01/2024		2,101,700
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(g)
	300,000		3.750			11/01/2023		304,104
	730,000		4.500			11/01/2028		769,719
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	3,455,000		5.400			05/01/2039		3,683,686
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	1,675,000		5.300			05/01/2039		1,803,690
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(g)
	745,000		4.250			12/15/2028		772,364
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	695,000		3.750			05/01/2034		745,061
	965,000		4.000			05/01/2037		1,044,004
	East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)
	200,000		3.750			11/01/2024		204,972
	East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR)
	280,000		4.125			11/01/2029		295,884


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)^(g)
$	335,000		4.125	%		11/01/2024	$	339,546
	445,000		4.250			11/01/2029		460,815
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)^(g)
	425,000		4.000			12/15/2029		468,129
	425,000		5.000			12/15/2034		498,874
	490,000		5.000			12/15/2039		566,533
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)^(c)(d)(g)
	1,825,000		6.250			01/01/2024		1,700,590
	9,090,000		6.375			01/01/2026		8,445,337
	25,550,000		6.500			01/01/2029		23,729,562
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 B (AMT) (NR/Aaa)^(c)(d)
	47,000,000		1.900			03/17/2020		47,038,070
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)^(g)
	2,000,000		4.500			06/01/2033		2,182,640
	250,000		4.750			06/01/2038		273,365
	4,500,000		5.000			06/01/2048		4,958,100
	Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (BBB+/NR)
	2,000,000		5.000			03/01/2044		2,373,040
	Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (BBB-/NR)
	1,700,000		5.000			03/01/2039		1,963,500
	Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Refunding Bonds Series 2015 E (AAA/Aaa)
	2,990,000		5.000			06/01/2022		3,282,841
	Florida State Municipal Power Agency RB Series 2009 A (A+/A2)^(a)
	1,000,000		6.250			10/01/2019		1,000,000
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	200,000		4.000			11/01/2028		205,644
	500,000		5.000			11/01/2038		543,295
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	505,000		3.350			11/01/2024		507,687
	500,000		3.700			11/01/2029		508,090
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	465,000		3.750			11/01/2039		459,811
	Grand Bay at Doral Community Development District Special Assessment for South Parcel Assessment Area Project Series 2016 (NR/NR)
	840,000		4.250			05/01/2026		871,643
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	355,000		3.750			11/01/2024		360,666


Municipal Bonds – (continued)
Florida – (continued)
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR) – (continued)
	600,000		4.125			11/01/2029		621,870
	1,305,000		4.750			11/01/2039		1,356,913
	2,100,000		5.000			11/01/2050		2,182,530
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
	920,000		5.000			11/15/2036		983,949
	Greater Orlando Aviation Authority Airport Facilities RB Series 2019 A (AMT) (AA-/Aa3)
	4,605,000		5.000			10/01/2022		5,076,552
	14,000,000		5.000			10/01/2023		15,867,880
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A+/A1)
	1,290,000		5.000			10/01/2047		1,516,808
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)
	2,175,000		5.000			10/01/2021		2,328,251
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	290,000		3.000			11/01/2024		290,423
	695,000		3.500			11/01/2030		699,643
	1,000,000		4.375			11/01/2049		1,035,030
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	190,000		3.375			05/01/2021		190,572
	550,000		3.875			05/01/2026		559,102
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	780,000		3.100			05/01/2024		776,030
	950,000		3.300			05/01/2029		939,208
	370,000		3.700			05/01/2033		368,035
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	500,000		3.100			05/01/2024		497,455
	600,000		3.300			05/01/2029		593,184
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)^(g)
	265,000		4.000			05/01/2024		289,436
	265,000		4.000			05/01/2025		293,003
	140,000		4.000			05/01/2026		156,661
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	100,000		3.250			11/01/2024		99,581
	400,000		3.500			11/01/2030		397,084
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	125,000		3.625			11/01/2030		124,095
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	215,000		4.000			05/01/2024		230,813
	225,000		4.000			05/01/2025		244,557
	235,000		4.000			05/01/2026		258,108
	240,000		4.000			05/01/2027		266,590
	250,000		4.000			05/01/2028		277,387


18		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)
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
$	585,000		3.375	%		05/01/2023	$	614,151
	605,000		3.500			05/01/2024		641,832
	630,000		3.625			05/01/2025		674,510
	650,000		3.750			05/01/2026		694,980
	1,015,000		4.200			05/01/2031		1,110,907
	1,000,000		4.350			05/01/2036		1,079,620
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)^(g)
	330,000		4.000			12/15/2024		336,013
	550,000		4.250			12/15/2029		575,784
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,225,000		4.250			05/01/2031		1,370,763
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)
	175,000		4.250			11/01/2022		177,434
	370,000		4.875			11/01/2027		390,850
	875,000		5.375			11/01/2037		942,935
	790,000		5.500			11/01/2047		848,523
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR)
	75,000		4.875			11/01/2027		79,226
	335,000		5.500			11/01/2047		360,527
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	790,000		4.000			11/01/2028		825,431
	700,000		4.500			11/01/2038		730,828
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)^(g)
	210,000		4.000			11/01/2024		214,551
	250,000		5.000			11/01/2039		267,777
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)^(g)
	1,175,000		4.500			05/01/2038		1,227,053
	1,855,000		4.625			05/01/2048		1,937,436
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	230,000		3.600			05/01/2024		232,847
	285,000		3.800			05/01/2029		293,852
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)^(g)
	385,000		3.650			05/01/2022		389,720
	520,000		4.300			05/01/2027		543,109
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)^(g)
	245,000		2.900			05/01/2024		243,540
	285,000		3.200			05/01/2029		283,364
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	425,000		3.600			05/01/2024		430,253
	515,000		3.800			05/01/2029		531,027


Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
	1,440,000		4.250			05/01/2025		1,490,990
	1,675,000		4.875			05/01/2035		1,773,038
	960,000		4.875			05/01/2045		1,005,523
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	310,000		4.000			05/01/2022		315,753
	940,000		4.625			05/01/2027		1,004,945
	1,000,000		5.250			05/01/2037		1,099,530
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1A Series 2018 (NR/NR)
	350,000		3.900			05/01/2023		355,712
	535,000		4.250			05/01/2028		558,016
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR)
	1,570,000		4.350			05/01/2024		1,611,291
	1,970,000		4.750			05/01/2029		2,120,705
	2,250,000		5.300			05/01/2039		2,454,615
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	190,000		4.000			05/01/2021		192,411
	230,000		4.250			05/01/2026		240,115
	4,860,000		5.000			05/01/2036		5,161,369
	4,855,000		5.125			05/01/2046		5,157,904
	Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)
	230,000		3.500			05/01/2024		232,557
	275,000		3.875			05/01/2029		285,266
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(g)
	250,000		3.625			11/01/2023		252,107
	560,000		4.125			11/01/2028		576,257
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	330,000		3.500			05/01/2025		357,469
	340,000		3.500			05/01/2026		370,270
	500,000		4.000			05/01/2036		551,540
	Lee Memorial Health System Hospital RB Refunding Series 2019 A-2 (A+/A2)^(c)(d)
	11,700,000		5.000			04/01/2026		13,919,022
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	1,480,000		5.000			05/01/2038		1,566,698
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	825,000		5.375			05/01/2030		825,734
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	245,000		3.800			05/01/2024		247,083
	300,000		4.000			05/01/2029		305,748


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
$	605,000	3.250 %		06/15/2024	$	608,654
	885,000	3.625		06/15/2030		902,806
	McJunkin Parkland Community Development District Special Assessment Bond Series 2018 (NR/NR)^(g)
	1,000,000	4.750		11/01/2029		1,056,820
	Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (A/NR)
	750,000	4.450		05/01/2030		824,468
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	200,000	3.500		05/01/2023		202,960
	Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA/Aa3)^(a)
	2,700,000	6.000		02/01/2021		2,869,020
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (A+/Aa3)^(g)
	9,500,000	5.000		03/01/2030		10,608,840
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	250,000	4.000		11/01/2023		257,800
	250,000	4.750		11/01/2027		271,445
	850,000	5.125		11/01/2039		931,387
	2,350,000	5.250		11/01/2049		2,578,256
	Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)^(c)
	7,935,000	(SIFMA Municipal Swap Index Yield + 0.80%), 2.290		11/01/2021		7,933,651
	Miromar Lakes Community Development District Capital Improvement RB Refunding Series 2015 (NR/NR)
	175,000	3.500		05/01/2020		175,889
	North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA/A2)
	1,250,000	5.375		10/01/2040		1,298,400
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	3,285,000	5.875		11/01/2037		3,757,810
	3,500,000	6.000		11/01/2047		4,020,800
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(g)
	370,000	4.375		11/01/2023		380,490
	640,000	4.875		11/01/2028		688,038
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	215,000	3.500		11/01/2025		233,550
	225,000	3.500		11/01/2026		245,941
	230,000	3.500		11/01/2027		252,469
	240,000	3.500		11/01/2028		265,615
	585,000	4.000		11/01/2033		658,330


Municipal Bonds – (continued)
Florida – (continued)
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	520,000	2.500		05/01/2022		529,407
	530,000	2.750		05/01/2023		547,421
	350,000	3.750		05/01/2031		377,902
	1,045,000	4.000		05/01/2036		1,133,031
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	280,000	3.500		05/01/2021		282,744
	300,000	4.000		05/01/2027		314,334
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	250,000	4.500		05/01/2024		251,953
	500,000	4.750		05/01/2030		509,500
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	350,000	4.250		05/01/2031		396,105
	1,030,000	4.500		05/01/2038		1,163,859
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	265,000	4.000		05/01/2026		285,527
	275,000	4.000		05/01/2027		298,510
	285,000	4.125		05/01/2028		313,850
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	450,000	4.000		05/01/2024		480,469
	490,000	4.000		05/01/2026		532,885
	530,000	4.000		05/01/2028		585,014
	1,350,000	4.500		05/01/2031		1,554,957
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000	4.500		11/01/2033		1,381,790
	Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)
	2,700,000	5.000		07/01/2029		3,235,113
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	275,000	4.750		11/01/2029		290,447
	Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)^(g)
	150,000	4.100		05/01/2024		152,834
	185,000	4.500		05/01/2029		195,295
	Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)
	615,000	4.250		11/01/2025		630,141
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	250,000	3.750		05/01/2024		252,940
	425,000	4.000		05/01/2030		435,438
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	200,000	3.500		05/01/2024		201,294
	500,000	4.000		05/01/2030		509,440
	750,000	4.500		05/01/2040		766,980
	750,000	4.750		05/01/2050		766,785


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
Florida – (continued)
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
$	890,000	4.000 %			05/01/2035		$	959,162
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(g)
	685,000	3.375			06/15/2024			688,952
	1,000,000	3.750			06/15/2031			1,021,170
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(g)
	305,000	4.000			11/01/2024			310,328
	740,000	4.500			11/01/2029			774,477
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(g)
	250,000	4.000			11/01/2023			254,060
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,485,000	3.625			05/01/2024			1,510,052
	1,895,000	4.000			05/01/2029			1,982,795
	2,500,000	4.750			05/01/2039			2,662,275
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	420,000	3.000			05/01/2023			432,268
	435,000	3.250			05/01/2024			455,206
	450,000	3.450			05/01/2025			476,959
	465,000	3.625			05/01/2026			499,866
	995,000	4.125			05/01/2036			1,075,376
	South Fork III Community Development District Parcel V and W Special Assessment Bonds Series 2019 (NR/NR)^(g)
	585,000	4.250			11/01/2024			597,402
	730,000	4.500			11/01/2029			765,025
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	475,000	4.000			05/01/2024			482,662
	590,000	4.625			05/01/2029			619,317
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	350,000	2.500			11/01/2023			355,393
	355,000	2.750			11/01/2024			364,610
	370,000	3.000			11/01/2025			384,693
	585,000	4.250			11/01/2037			637,235
	St. Petersburg Health Facilities Authority RB Refunding for All Children’s Hospital Series 2009 A (AA-/WR)^(a)
	2,000,000	6.500			11/15/2019			2,012,200
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	265,000	2.500			05/01/2023			269,759
	270,000	2.500			05/01/2024			276,013
	280,000	3.000			05/01/2025			294,717
	290,000	3.000			05/01/2026			307,119
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	400,000	3.500			06/15/2024			404,944
	500,000	4.000			06/15/2030			518,625


Municipal Bonds – (continued)
Florida – (continued)
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)
	400,000		2.500			05/01/2029			400,920
	725,000		2.875			05/01/2033			733,417
	1,455,000		3.000			05/01/2038			1,464,181
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,300,000		3.500			05/01/2029			1,304,836
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	190,000		2.500			05/01/2023			194,672
	190,000		2.500			05/01/2024			194,818
	200,000		3.000			05/01/2025			209,540
	205,000		3.000			05/01/2026			215,549
	1,135,000		3.500			05/01/2031			1,216,902
	1,370,000		4.000			05/01/2036			1,487,135
	Tampa Bay Water Utility System RB Refunding Series 2015 A (AA+/Aa1)
	10,160,000		4.000			10/01/2028			11,641,328
	4,225,000		4.000			10/01/2029			4,827,527
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	115,000		3.625			05/01/2021			116,607
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (A+/NR)
	205,000		3.000			05/01/2027			215,857
	215,000		3.125			05/01/2028			227,661
	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			375,715
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)^(g)
	585,000		5.200			05/01/2028			614,513
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		4.625			05/01/2028			309,990
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)
	4,710,000		3.000			05/01/2033			4,813,997
	5,300,000		3.000			05/01/2037			5,373,352
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	670,000		3.500			05/01/2024			673,819
	770,000		3.850			05/01/2029			784,006
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (AA/NR)
	2,025,000		3.000			05/01/2033			2,078,318
	3,425,000		3.000			05/01/2040			3,466,306


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)^(g)
$	2,685,000		3.450	%		05/01/2024	$	2,699,821
	3,210,000		3.750			05/01/2029		3,267,684
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	1,065,000		4.375			11/01/2023		1,087,429
	2,005,000		5.000			11/01/2029		2,130,112
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(g)
	505,000		4.250			06/15/2028		521,478
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	750,000		5.000			04/01/2030		912,202
	650,000		5.000			04/01/2031		787,176
	550,000		5.000			04/01/2033		661,958
	5,000,000		5.000			04/01/2048		5,841,800
	Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (AAA/Aaa)
	2,000,000		4.000			07/01/2043		2,263,360
	7,000,000		4.000			07/01/2047		7,883,680
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	135,000		3.500			05/01/2024		135,393
	360,000		4.000			05/01/2030		365,519
	595,000		4.375			05/01/2039		604,823
	Trevesta Community Development District Special Assessment Area 1 Pase 2 Project Series 2018 (NR/NR)^(g)
	335,000		4.375			11/01/2024		342,735
	500,000		5.250			11/01/2039		539,005
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	310,000		3.875			05/01/2024		312,083
	495,000		4.125			05/01/2029		502,950
	Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR)
	2,200,000		4.875			05/01/2032		2,261,292
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	250,000		4.000			11/01/2024		254,905
	495,000		4.500			11/01/2029		520,176
	TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)
	180,000		3.625			11/01/2020		180,618
	530,000		4.375			11/01/2025		546,133
	Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (A/NR)
	1,000,000		4.250			05/01/2031		1,094,350
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	350,000		2.125			05/01/2022		352,860
	360,000		2.250			05/01/2023		364,867
	370,000		2.500			05/01/2024		380,042
	375,000		2.625			05/01/2025		388,324
	390,000		3.000			05/01/2026		414,258
	400,000		3.125			05/01/2027		427,028
	415,000		3.250			05/01/2028		443,921


Municipal Bonds – (continued)
Florida – (continued)
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
$	500,000		3.000	%		12/15/2024	$	496,885
	1,000,000		3.375			12/15/2030		997,190
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)^(g)
	500,000		4.000			05/01/2024		509,220
	1,000,000		4.625			05/01/2029		1,041,550
	1,000,000		5.000			05/01/2038		1,064,230
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
	325,000		4.000			11/01/2024		330,294
	395,000		4.500			11/01/2029		414,802
	Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR)
	300,000		4.000			11/01/2024		304,872
	375,000		4.500			11/01/2029		393,818
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,560,000		3.750			05/01/2026		1,583,946
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(g)
	345,000		3.250			05/01/2024		361,794
	360,000		3.500			05/01/2025		382,698
	370,000		3.625			05/01/2026		398,912
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	610,000		4.750			11/01/2025		628,861
	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		539,375
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)^(g)
	1,000,000		3.250			05/01/2023		1,021,820
	1,000,000		3.800			05/01/2028		1,059,090
	2,000,000		4.000			05/01/2033		2,136,220
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	350,000		4.000			05/01/2026		388,013
	350,000		4.000			05/01/2027		390,576
	355,000		4.000			05/01/2028		393,890
	370,000		4.000			05/01/2029		409,916
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (AA/NR)
	1,965,000		3.500			05/01/2032		2,095,515
	2,300,000		4.000			05/01/2037		2,486,668
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	170,000		3.750			05/01/2024		170,944
	250,000		4.000			05/01/2029		253,115
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	220,000		2.750			11/01/2024		224,783


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR) – (continued)
$	225,000		3.000	%		11/01/2025	$	232,123
	230,000		3.200			11/01/2026		239,936
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	765,000		5.500			05/01/2034		823,844
	925,000		5.750			05/01/2044		1,002,977
	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		2,315,636
	Waterset Central Community Development District Special Assessment Bond Series 2018 (NR/NR)^(g)
	500,000		5.125			11/01/2038		528,640
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	2,365,000		5.500			11/01/2045		2,525,418
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	300,000		3.250			11/01/2024		301,509
	375,000		3.625			11/01/2029		380,816
	1,000,000		4.000			11/01/2039		1,011,570
	West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)
	500,000		4.000			05/01/2024		506,750
	750,000		4.250			05/01/2029		774,758
	Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR)
	295,000		3.625			05/01/2024		298,322
	355,000		3.900			05/01/2029		365,653
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)^(g)
	675,000		3.500			05/01/2024		673,853
	810,000		3.750			05/01/2029		810,502
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(g)
	600,000		3.500			06/15/2024		604,248
	1,285,000		3.750			06/15/2030		1,314,465
	Willows Community Development District Special Assessment RB Series 2019 (NR/NR)
	250,000		3.875			05/01/2024		253,528
	500,000		4.370			05/01/2029		517,095
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	200,000		4.250			11/01/2029		209,394
	680,000		4.875			11/01/2039		721,983
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	135,000		4.875			05/01/2036		141,535
	250,000		5.000			05/01/2047		261,595
	Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (BBB+/NR)
	1,455,000		4.500			05/01/2036		1,562,001

								574,098,071


Municipal Bonds – (continued)
Georgia – 2.2%
	Atlanta Airport RB Refunding Series 2012 C (AA-/Aa3)
	1,250,000		5.000			01/01/2027		1,346,337
	Atlanta Airport RB Refunding Series 2019 B (AMT) (AA-/Aa3)
	6,060,000		5.000			07/01/2029		7,754,376
	Bartow County Development Authority RB for Georgia Power Company Plant Bowen Project First Series 2013 (A-/Baa1)^(c)(d)
	5,250,000		1.550			08/19/2022		5,208,840
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/NR)^(c)(d)
	3,000,000		2.150			06/13/2024		3,030,810
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2008 (A-/Baa1)^(c)(d)
	3,500,000		1.650			06/18/2021		3,491,740
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A-/Baa1)^(c)(d)
	5,100,000		1.550			08/19/2022		5,055,783
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fourth Series 1994 (A-/Baa1)^(c)(d)
	1,600,000		2.250			05/25/2023		1,621,408
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)^(c)(d)
	2,500,000		2.925			03/12/2024		2,605,725
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corporation Vogtle Series 2017 F (A-/Baa1)^(c)(d)
	9,475,000		3.000			02/01/2023		9,697,094
	City of Atlanta RB for Water & Wastewater Series 2018 B (AA-/Aa2)
	4,750,000		3.500			11/01/2043		5,044,025
	County of Fulton RB Refunding for Water & Sewerage Series 2013 A (AA/Aa2)
	7,585,000		4.000			01/01/2035		8,131,196
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)
	700,000		5.000			03/01/2027		762,048
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)^(c)(d)
	14,250,000		4.000			09/01/2023		15,412,800
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	2,500,000		5.000			05/15/2025		2,902,450
	3,000,000		5.000			05/15/2026		3,549,690
	3,000,000		5.000			05/15/2027		3,608,430
	2,455,000		5.000			05/15/2028		2,998,193
	2,800,000		5.000			05/15/2029		3,472,252
	4,875,000		5.000			05/15/2049		6,725,599
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa1)^(c)(d)
	14,050,000		4.000			12/02/2024		15,817,912


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


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)^(h)
$	5,200,000	(3 Mo. LIBOR + 0.65%), 2.056 %			10/01/2033		$	4,886,804
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa3)
	2,210,000	5.000			01/01/2023			2,443,553
	4,155,000	5.000			01/01/2024			4,706,161
	4,360,000	5.000			01/01/2025			5,042,253
	4,575,000	5.000			01/01/2026			5,391,866
	4,805,000	5.000			01/01/2027			5,777,436
	5,040,000	5.000			01/01/2028			6,132,823
	5,295,000	5.000			01/01/2029			6,466,095
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)^(g)
	1,275,000	4.000			01/01/2038			1,355,032
	Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)
	1,925,000	1.900			08/01/2024			1,930,178
	Savannah Economic Development Authority Recovery Zone Facility RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)^(c)(d)
	400,000	2.000			10/01/2024			400,536

								152,769,445

Guam – 0.5%
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	3,000,000	5.000			11/15/2022			3,258,240
	Guam Government Business Privilege Tax RB Series 2012 B-1 (BB/NR)
	2,980,000	5.000			01/01/2029			3,146,701
	Guam Government GO Bonds Series 2019 (AMT) (BB-/Ba1)
	2,750,000	5.000			11/15/2031			3,229,518
	Guam Government Limited Obligation RB Section 30 Series 2009 A (NR/NR)^(a)
	850,000	5.625			12/01/2019			856,120
	750,000	5.750			12/01/2019			755,550
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	2,755,000	5.000			12/01/2025			3,180,455
	2,255,000	5.000			12/01/2026			2,649,512
	2,000,000	5.000			12/01/2027			2,342,120
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,500,000	5.000			10/01/2024			1,651,785
	2,790,000	5.000			10/01/2030			3,063,281
	Guam Power Authority RB Series 2014 A (AGM) (AA/A2)
	325,000	5.000			10/01/2039			368,381
	250,000	5.000			10/01/2044			281,860
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	1,030,000	5.000			01/01/2046			1,161,850


Municipal Bonds – (continued)
Guam – (continued)
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	350,000		5.000			07/01/2025			405,251
	525,000		5.000			07/01/2026			619,925
	350,000		5.000			07/01/2027			420,248
	370,000		5.000			07/01/2028			442,683
	725,000		5.000			07/01/2029			864,215
	700,000		5.000			07/01/2030			830,018
	700,000		5.000			07/01/2031			826,259
	700,000		5.000			07/01/2032			823,144
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	400,000		5.000			07/01/2029			488,972
	600,000		5.000			07/01/2031			725,508
	250,000		5.000			07/01/2033			300,325
	225,000		5.000			07/01/2034			269,527
	425,000		5.000			07/01/2036			506,362

									33,467,810

Hawaii – 0.4%
	City & County Honolulu RB for Wastewater System Series 2018 A (AA/Aa2)
	3,000,000		4.000			07/01/2042			3,377,520
	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			5,305,345
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa2)
	8,250,000		3.200			07/01/2039			8,451,548
	Hawaii State GO Bonds Series 2013 EH (NR/NR)^(a)
	1,275,000		5.000			08/01/2023			1,453,270
	Honolulu City & County GO Bonds Refunding Series 2019 J (AA+/Aa1)
	6,565,000		1.967			08/01/2025			6,564,934

									25,152,617

Idaho – 0.0%
	Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (BBB-/Baa3)
	2,000,000		2.750			10/01/2024			2,080,680

Illinois – 12.0%
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB-/B2)
	555,000		5.382			12/01/2023			576,778
	2,250,000		5.482			12/01/2024			2,354,873
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	3,550,000		6.000			04/01/2046			4,256,628
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
	760,000		5.000			04/01/2034			871,218
	575,000		5.000			04/01/2035			657,380
	525,000		5.000			04/01/2036			598,763
	490,000		5.000			04/01/2037			557,390


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)
Illinois – (continued)
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(e)
$	2,015,000		0.000	%		12/01/2026	$	1,654,174
	600,000		0.000			12/01/2027		476,328
	2,930,000		0.000			12/01/2029		2,165,973
	2,660,000		0.000			12/01/2030		1,887,377
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(e)
	915,000		0.000			12/01/2027		726,400
	965,000		0.000			12/01/2028		739,798
	410,000		0.000			12/01/2030		290,911
	Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (BBB+/Ba1)^(e)
	670,000		0.000			01/01/2031		453,409
	Chicago Illinois Board of Education GO Bonds Series 2015 C (BB-/NR)
	2,500,000		6.000			12/01/2035		2,870,525
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(e)
	4,510,000		0.000			12/01/2031		3,071,536
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (BB-/Baa2)^(e)
	3,430,000		0.000			12/01/2023		3,079,625
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/B2)
	2,500,000		5.500			12/01/2026		2,961,425
	6,330,000		5.500			12/01/2027		7,621,826
	3,000,000		5.500			12/01/2028		3,663,840
	2,000,000		5.500			12/01/2029		2,475,740
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB-/NR)
	1,000,000		5.250			12/01/2039		1,102,630
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (BB-/B2)
	5,135,000		5.000			12/01/2042		5,425,436
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/B2)
	2,300,000		6.038			12/01/2029		2,494,074
	2,500,000		6.138			12/01/2039		2,758,300
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)
	5,160,000		7.000			12/01/2044		6,266,717
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (BB-/NR)
	7,125,000		6.500			12/01/2046		8,629,871
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	1,825,000		5.000			12/01/2025		2,118,205
	2,190,000		5.000			12/01/2026		2,590,573


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR) – (continued)
	2,375,000		5.000			12/01/2027		2,856,104
	7,445,000		5.000			12/01/2028		9,096,375
	700,000		5.000			12/01/2030		847,784
	1,800,000		5.000			12/01/2031		2,170,890
	1,000,000		5.000			12/01/2032		1,202,270
	2,000,000		5.000			12/01/2033		2,398,980
	600,000		5.000			12/01/2034		717,438
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)
	5,000,000		5.000			12/01/2027		6,017,000
	5,230,000		5.000			12/01/2028		6,390,066
	5,500,000		5.000			12/01/2029		6,692,675
	4,690,000		5.000			12/01/2030		5,680,153
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (BB-/NR)^(e)
	2,000,000		0.000			12/01/2025		1,677,000
	2,000,000		0.000			12/01/2026		1,618,840
	300,000		0.000			12/01/2027		234,174
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (BB-/NR)
	2,500,000		4.000			12/01/2027		2,707,525
	4,000,000		5.000			12/01/2028		4,723,360
	5,000,000		5.000			12/01/2029		5,961,650
	5,000,000		5.000			12/01/2030		5,923,200
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 B (BB-/NR)
	125,000		5.000			12/01/2021		132,500
	750,000		5.000			12/01/2022		812,572
	1,200,000		5.000			12/01/2023		1,326,408
	1,250,000		5.000			12/01/2024		1,403,438
	1,200,000		5.000			12/01/2025		1,366,476
	1,000,000		5.000			12/01/2026		1,154,150
	1,000,000		5.000			12/01/2027		1,169,660
	1,000,000		5.000			12/01/2028		1,180,840
	1,000,000		5.000			12/01/2029		1,192,330
	1,000,000		5.000			12/01/2030		1,184,640
	1,000,000		5.000			12/01/2031		1,181,240
	1,000,000		5.000			12/01/2032		1,177,660
	1,000,000		5.000			12/01/2033		1,174,310
	Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR) (NATL-RE) (AA/A2)^(e)
	1,465,000		0.000			01/01/2030		1,096,201
	Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL-RE) (BBB+/Baa2)^(e)
	1,050,000		0.000			01/01/2028		832,114
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)^(e)
	750,000		0.000			01/01/2032		486,442


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
$	300,000		5.500	%		01/01/2037	$	335,181
	3,020,000		5.500			01/01/2040		3,357,545
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	1,500,000		5.250			01/01/2033		1,641,450
	630,000		5.000			01/01/2034		680,494
	11,590,000		5.000			01/01/2036		12,481,735
	Chicago Illinois GO Bonds Project Refunding Series 2017 A (BBB+/NR)
	3,445,000		6.000			01/01/2038		4,110,333
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	650,000		5.000			01/01/2040		664,371
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	150,000		5.000			01/01/2034		156,753
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	1,120,000		7.517			01/01/2040		1,369,402
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	1,320,000		5.500			01/01/2039		1,469,609
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	13,893,000		7.375			01/01/2033		16,567,541
	Chicago Illinois GO Bonds Series 2019 (BBB+/NR)
	2,700,000		5.000			01/01/2027		3,124,197
	3,760,000		5.000			01/01/2028		4,404,276
	4,890,000		5.000			01/01/2029		5,796,753
	2,635,000		5.000			01/01/2031		3,093,938
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	3,000,000		5.500			01/01/2049		3,506,970
	Chicago Illinois GO Refunding Bonds Capital Appreciation Series 2007 C (NATL-RE) (BBB+/Baa2)
	4,405,000		5.000			01/01/2030		4,420,990
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	2,385,000		5.432			01/01/2042		2,417,674
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	2,575,000		5.000			01/01/2024		2,834,586
	4,435,000		5.000			01/01/2025		4,973,453
	5,600,000		5.000			01/01/2038		6,186,824
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A/A3)
	2,500,000		5.500			01/01/2029		2,793,450
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
	7,000,000		5.000			01/01/2039		8,635,340
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2012 A (AMT) (A/A2)
	4,700,000		5.000			01/01/2020		4,740,044
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (A/NR)
	2,095,000		5.000			01/01/2023		2,318,516
	4,745,000		5.000			01/01/2024		5,393,167
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (A/NR)
	9,105,000		5.000			01/01/2037		10,685,992


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (A/NR)
	8,000,000		5.250			01/01/2035		9,775,920
	Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (BBB-/NR)^(a)
	1,105,000		5.000			01/01/2025		1,308,629
	Chicago Illinois Tax Increment Allocation RB Refunding for Pilsen Redevelopment Project Series 2014 A (A+/NR)
	1,135,000		5.000			06/01/2020		1,160,492
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	475,000		5.250			01/01/2042		562,324
	1,330,000		4.000			01/01/2052		1,421,464
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	1,500,000		5.000			11/01/2028		1,778,625
	1,780,000		5.000			11/01/2029		2,103,871
	1,000,000		5.000			11/01/2030		1,177,440
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	1,500,000		5.000			11/01/2026		1,795,755
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)
	15,475,000		5.000			11/01/2042		16,604,366
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM) (AGM-CR) (AA/A2)
	265,000		5.432			01/01/2042		320,727
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM) (AGM-CR) (AA/A2)
	5,650,000		6.314			01/01/2044		7,528,455
	Cook County High School District No. 209 Proviso Township GO Bonds Limited Tax School Series 2018 B (AGM) (AA/NR)
	10,350,000		5.500			12/01/2036		13,021,542
	Cook County Illinois GO Refunding Bonds Series 2010 A (AA-/A2)
	4,000,000		5.250			11/15/2033		4,146,720
	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		913,643
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	1,500,000		4.000			11/15/2047		1,677,645
	Illinois Finance Authority RB for Cook County School District No. 73 East Prairie Series 2018 (BAM) (AA/A1)
	2,325,000		4.000			12/01/2036		2,577,053
	1,420,000		4.000			12/01/2037		1,567,453
	4,230,000		4.000			12/01/2042		4,619,372
	Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (NR/Aa2)
	500,000		4.000			12/01/2038		548,405
	400,000		4.000			12/01/2040		437,464
	1,085,000		4.000			12/01/2042		1,181,554
	Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group series 2017 A (AA+/Aa2)
	19,555,000		4.000			07/15/2047		21,442,449
	Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (A/NR)
	4,000,000		4.250			01/01/2044		4,318,360


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)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
$	1,425,000		4.000	%		05/15/2027	$	1,507,892
	Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (AA-/Aa2)
	2,100,000		5.000			10/01/2041		2,548,161
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	10,685,000		5.000			01/01/2026		12,512,883
	8,170,000		5.000			01/01/2027		9,724,996
	15,355,000		5.000			01/01/2028		18,535,635
	11,790,000		5.000			01/01/2029		14,358,451
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	4,160,000		5.000			06/15/2027		4,703,629
	Illinois State GO Bonds for Build America Bonds Series 2010-5 (BBB-/Baa3)
	1,780,000		7.350			07/01/2035		2,169,962
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	39,035,000		5.100			06/01/2033		42,280,370
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,000,000		5.500			07/01/2024		5,518,000
	5,500,000		5.250			07/01/2028		5,999,510
	9,490,000		5.500			07/01/2038		10,324,835
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	375,000		4.500			12/01/2041		395,899
	Illinois State GO Bonds Series 2017 B (BBB-/Baa3)
	27,575,000		5.000			11/01/2019		27,641,180
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	26,930,000		5.000			11/01/2029		30,748,943
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	14,500,000		5.000			11/01/2021		15,327,660
	2,500,000		5.000			11/01/2022		2,691,725
	3,615,000		5.000			11/01/2023		3,957,015
	46,925,000		5.000			11/01/2024		52,195,147
	27,000,000		5.000			11/01/2025		30,273,210
	7,995,000		5.000			11/01/2027		9,150,118
	600,000		5.000			11/01/2028		685,212
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	7,860,000		5.000			05/01/2020		7,990,240
	16,380,000		5.000			05/01/2031		18,826,517
	1,760,000		5.000			05/01/2042		1,977,607
	1,760,000		5.000			05/01/2043		1,974,491
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	3,960,000		4.000			02/01/2030		4,373,543
	1,185,000		4.000			02/01/2031		1,303,606
	Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)
	2,235,000		5.000			11/01/2020		2,301,916
	Illinois State Sales Tax RB Junior Obligation Series 2016 A (BBB/NR)
	1,605,000		5.000			06/15/2022		1,723,192
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB/NR)
	675,000		4.000			06/15/2021		696,533
	2,875,000		5.000			06/15/2022		3,086,715


Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)
	3,185,000		4.000			06/15/2021		3,286,602
	Kendall Kane & Will Counties Community Unit School District No. 308 GO Bonds Series 2011 A (NR/A2)
	4,545,000		5.000			02/01/2029		4,734,027
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)^(e)
	5,535,000		0.000			12/15/2032		3,742,712
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/Baa2)^(e)
	2,685,000		0.000			12/15/2031		1,879,419
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)
	1,555,000		5.700			06/15/2024		1,715,989
	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		517,620
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BBB/NR)
	4,390,000		5.000			12/15/2028		4,700,285
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)^(b)
	2,000,000		5.000			12/15/2028		2,320,700
	300,000		5.000			12/15/2032		341,439
	600,000		5.000			12/15/2033		680,724
	500,000		5.000			12/15/2034		565,320
	1,260,000		0.000			12/15/2037		857,921
	3,500,000		0.000			12/15/2042		2,365,895
	3,850,000		0.000			12/15/2047		2,579,500
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)^(a)
	1,125,000		6.000			06/01/2021		1,210,950
	Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (AA/NR)
	4,415,000		5.000			07/01/2029		5,396,057
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)^(e)
	6,005,000		0.000			12/01/2025		5,209,758
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	4,000,000		3.500			03/01/2030		4,247,000
	State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)
	1,100,000		6.630			02/01/2035		1,296,471
	State of Illinois GO Bonds Series 2012 A (BBB-/Baa3)
	300,000		5.000			01/01/2034		313,473
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	570,000		5.000			02/01/2024		625,022
	State of Illinois GO Bonds Series 2016 (BBB-/Baa3)
	2,820,000		4.000			06/01/2032		2,931,108


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
$	3,455,000	5.000 %		12/01/2027	$	3,995,915
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	1,850,000	3.250		11/01/2026		1,866,373
	9,450,000	5.000		11/01/2026		10,718,568
	State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)
	3,800,000	5.000		02/01/2028		4,338,916
	State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	500,000	5.000		10/01/2028		584,245
	State of Illinois GO Unlimited Bonds Series 2016 (BBB-/Baa3)
	2,360,000	5.000		11/01/2020		2,430,894
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)
	1,500,000	4.000		12/01/2033		1,565,250
	5,000,000	4.250		12/01/2037		5,234,850
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)
	5,100,000	5.000		10/01/2027		5,886,114
	Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR)
	1,150,000	5.000		01/01/2024		1,195,517
	2,690,000	5.000		01/01/2030		2,875,072
	Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)
	1,000,000	4.250		01/01/2029		999,940
	Village of Romeoville GO Refunding Bonds Series 2019 (AA/Aa2)
	3,055,000	5.000		12/30/2027		3,819,453
	3,235,000	5.000		12/30/2028		4,101,753
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB+/NR)
	210,000	4.125		10/01/2041		217,377
	420,000	4.125		10/01/2046		433,650

						828,621,172

Indiana – 0.6%
	City of Mishawaka RB for Sewerage Works Revenue Series 2018 (AGM) (AA/NR)
	1,845,000	2.000		09/01/2038		1,633,360
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2015 (AMT) (A-/A1)^(c)(d)
	3,000,000	5.000		11/01/2022		3,293,580
	City of Whiting Environmental Facilities RB Refunding for BP Products North America, Inc. Project Series 2019 A (AMT) (A-/A1)^(c)(d)
	11,500,000	5.000		06/05/2026		13,645,900
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)
	540,000	5.000		09/15/2034		653,065
	680,000	5.000		09/15/2039		808,112
	445,000	4.000		09/15/2044		478,033
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (A-/NR)^(c)(d)
	2,300,000	2.100		11/01/2026		2,323,069
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)^(c)
	3,940,000	(SIFMA Municipal Swap Index Yield + 0.55%), 2.040		11/01/2023		3,956,784


Municipal Bonds – (continued)
Indiana – (continued)
	Indiana Municipal Power Agency Power Supply System RB Refunding Series 2016 A (A+/A1)
	3,000,000	5.000		01/01/2042		3,529,290
	Purdue University RB Refunding Series 2016 CC (AAA/Aaa)
	7,245,000	5.000		07/01/2026		8,955,182
	Purdue University RB Series 2007 A (AAA/Aaa)
	3,035,000	5.250		07/01/2029		3,931,236

						43,207,611

Iowa – 0.1%
	City of Davenport GO Corporate Bonds Series 2019 IA (AA/Aa3)
	1,060,000	4.000		06/01/2031		1,217,526
	Coralville Iowa COPS Series 2016 E (BB/NR)
	460,000	4.000		06/01/2020		462,383
	500,000	4.000		06/01/2021		506,210
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (B+/NR)
	2,335,000	3.125		12/01/2022		2,368,204

						4,554,323

Kansas – 0.1%
	City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)^(f)
	250,000	4.000		05/15/2020		252,270
	450,000	4.000		05/15/2021		460,391
	1,300,000	4.000		05/15/2023		1,360,814
	1,015,000	4.000		05/15/2024		1,072,632
	1,060,000	5.000		05/15/2025		1,183,617
	1,165,000	5.000		05/15/2027		1,335,952

						5,665,676

Kentucky – 2.2%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)^(h)
	10,490,000	(3 Mo. LIBOR + 0.53%), 2.040		11/01/2027		10,348,175
	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		1,305,732
	400,000	4.000		06/01/2045		428,120
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)
	955,000	4.000		06/01/2037		1,041,218
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	855,000	5.000		08/01/2035		1,045,913
	855,000	5.000		08/01/2036		1,042,972
	Kentucky Public Energy Authority Gas Supply RB Series 2018 B (NR/A1)^(c)(d)
	25,000,000	4.000		01/01/2025		27,628,500
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)^(c)(d)
	16,000,000	4.000		06/01/2025		17,696,960


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)
Kentucky – (continued)
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A3)^(c)(d)
$	42,080,000	4.000 %		06/01/2025	$	46,580,877
	Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A-/A1)
	8,145,000	5.000		11/01/2025		9,708,840
	Louisville & Jefferson County Metropolitan Government Health System RB for Norton Healthcare, Inc. Series 2016 A (A/NR)
	2,000,000	4.000		10/01/2034		2,194,100
	Louisville & Jefferson County Metropolitan Government PCRB for Louisville Gas & Electric Company Project Series 2001 B (AMT) (A/A1)^(c)(d)
	3,080,000	2.550		05/03/2021		3,133,407
	Louisville & Jefferson County Metropolitan Sewer District RB for Kentucky Sewer & Drainage System Series 2011 A (AA/Aa3)
	2,295,000	5.000		05/15/2030		2,461,020
	Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 (SP-1+/MIG1)
	10,000,000	4.000		11/01/2019		10,021,300
	Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 A (AA/Aa3)
	10,000,000	4.000		05/15/2038		11,334,600
	University of Kentucky General Receipts Refunding Bonds Series 2015 A (AA/Aa2)
	3,260,000	4.000		04/01/2026		3,698,633

						149,670,367

Louisiana – 1.5%
	Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (BB+/NR)
	520,000	4.000		12/01/2020		532,220
	770,000	4.000		12/01/2021		802,971
	815,000	4.000		12/01/2022		864,128
	1,135,000	4.000		12/01/2023		1,222,191
	1,150,000	4.000		12/01/2024		1,255,501
	1,385,000	5.000		12/01/2025		1,607,514
	1,455,000	5.000		12/01/2026		1,715,867
	1,530,000	5.000		12/01/2027		1,827,355
	1,605,000	5.000		12/01/2028		1,937,428
	1,000,000	5.000		12/01/2029		1,218,620
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (BBB/Baa2)
	14,185,000	3.500		11/01/2032		15,086,173
	Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (A+/A1)
	6,250,000	4.375		02/01/2039		6,760,812
	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		940,887
	670,000	5.000		10/01/2023		758,065


Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A/A3)
	900,000	4.000		07/01/2044		980,046
	900,000	4.000		07/01/2049		970,596
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	2,125,000	3.375		09/01/2028		2,158,065
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	1,625,000	3.500		06/01/2030		1,654,835
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (NR/A3)
	3,695,000	4.000		05/15/2042		3,954,795
	3,000,000	5.000		05/15/2046		3,471,390
	New Orleans Aviation Board GARB Series 2015 B (AMT) (A-/A3)
	3,750,000	5.000		01/01/2034		4,263,825
	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		1,151,190
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (A/A2)
	500,000	5.000		04/01/2030		550,495
	St. John Baptist Parish RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB/Baa3)^(c)(d)
	11,300,000	2.000		04/01/2023		11,323,504
	St. John Baptist Parish RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB/Baa3)^(c)(d)
	15,505,000	2.100		07/01/2024		15,568,881
	St. John Baptist Parish RB Refunding for Marathon Oil Corp. Series 2017 A-3 (BBB/Baa3)^(c)(d)
	21,235,000	2.200		07/01/2026		21,383,433

						103,960,787

Maine – 0.5%
	Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (AA/A2)
	250,000	5.000		12/01/2020		259,473
	305,000	5.000		12/01/2021		326,100
	400,000	5.000		12/01/2022		439,280
	500,000	5.000		12/01/2023		562,730
	500,000	5.000		12/01/2024		575,490
	450,000	5.000		12/01/2025		528,822
	1,530,000	5.000		12/01/2026		1,828,870
	1,500,000	5.000		12/01/2027		1,820,055
	1,000,000	5.000		12/01/2028		1,221,410
	Maine Turnpike Authority RB Refunding Series 2015 (AA-/Aa3)
	1,575,000	5.000		07/01/2026		1,884,929
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	9,765,000	5.000		06/01/2024		11,390,091
	10,470,000	5.000		06/01/2025		12,559,079

						33,396,329


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Maryland – 1.2%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
$	425,000	4.000 %		09/01/2027	$	454,478
	650,000	4.500		09/01/2033		700,635
	City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (AA+/Aa2)
	1,725,000	4.000		08/01/2027		2,047,402
	County of Baltimore GO Bonds for Build America Bonds Series 2010 C (AAA/Aaa)
	1,830,000	3.810		11/01/2023		1,952,519
	County of Montgomery MD Public Improvement GO Bonds Series 2013 A (AAA/Aaa)
	13,475,000	4.000		11/01/2027		14,879,499
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (ASSURED GTY) (AA/NR)
	40,000	5.600		07/01/2020		40,143
	555,000	5.700		07/01/2029		556,976
	Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (NR/Baa3)
	1,000,000	5.000		06/01/2044		1,199,910
	Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)
	6,620,000	1.700		09/01/2022		6,655,616
	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		610,146
	Maryland State GO Bonds for State & Local Facilities Loan Second Series 2014 B (AAA/Aaa)^(a)
	15,900,000	5.000		08/01/2022		17,562,186
	Maryland State GO Bonds for State & Local Facilities Loan Series 2013 B (AAA/Aaa)
	10,000,000	5.000		03/15/2025		11,948,400
	State of Maryland Department of Transportation RB Series 2015 (AAA/Aa1)
	15,780,000	4.000		02/01/2030		17,144,970
	State of Maryland Department of Transportation Third Issue RB Series 2015 (AAA/Aa1)
	5,145,000	4.000		12/15/2026		5,712,339

						81,465,219

Massachusetts – 2.5%
	Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/Aa1)
	14,440,000	5.000		12/01/2041		15,467,551
	Commonwealth of Massachusetts GO Refunding Bonds Series 2004 A (AMBAC) (AA/Aa1)
	28,900,000	5.500		08/01/2030		39,650,511
	Massachusetts Development Finance Agency RB for Harvard University Series 2010 B-2 (AAA/Aaa)^(a)
	5,000,000	5.250		02/01/2021		5,264,350
	Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (AAA/Aaa)
	5,000,000	5.000		07/15/2036		7,054,450
	25,890,000	5.000		07/15/2040		37,542,053


Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)^(g)
	2,000,000	4.000		11/15/2023		2,074,140
	1,200,000	5.000		11/15/2028		1,393,416
	Massachusetts Development Finance Agency RB for Wellesley College Series 2012 J (AA+/Aa1)
	7,000,000	5.000		07/01/2042		7,675,780
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	825,000	5.000		07/01/2038		994,389
	1,850,000	5.000		07/01/2039		2,224,644
	Massachusetts Health & Educational Facilities Authority RB for Tufts University Series 2012 G (AA-/Aa2)^(c)(d)
	6,120,000	1.250		10/07/2019		6,120,000
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(h)
	1,970,000	(3 Mo. LIBOR + 0.57%), 2.080		05/01/2037		1,938,854
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)^(h)
	1,735,000	(3 Mo. LIBOR + 0.57%), 2.080		05/01/2037		1,707,552
	Massachusetts State GO Bonds Consolidated Loan Series 2018 D (AA/Aa1)
	7,500,000	4.000		05/01/2039		8,503,500
	Massachusetts State GO Bonds Consolidated Loan Series 2019 G (AA/Aa1)
	17,475,000	4.000		09/01/2037		20,243,739
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)^(c)(d)
	5,525,000	5.000		01/01/2023		6,146,010
	Massachusetts Water Resources Authority RB Refunding Series 2012 B (AA+/Aa1)
	7,220,000	5.000		08/01/2029		7,938,679

						171,939,618

Michigan – 3.3%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)^(d)
	23,263,183	4.000		04/01/2034		20,242,691
	City of Detroit Financial Recovery Series 2014 B-2 (NR/NR)^(d)
	331,114	4.000		04/01/2034		288,122
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	1,075,000	5.000		07/01/2026		1,229,757
	1,130,000	5.000		07/01/2027		1,290,426
	1,000,000	5.000		07/01/2028		1,139,330
	1,000,000	5.000		07/01/2029		1,137,070
	3,435,000	5.000		07/01/2033		3,872,619
	3,330,000	5.000		07/01/2036		3,736,127
	Ecorse Public School District GO Refunding Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	6,200,000	2.192		05/01/2026		6,194,358
	15,160,000	2.302		05/01/2027		15,194,716
	Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien RB Series 2016C (AA-/A2)
	8,300,000	5.250		07/01/2033		10,116,787


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)
Michigan – (continued)
	Great Lakes Water Authority Water Supply System Revenue Refunding Senior Lien RB Series 2016C (AA-/A2) – (continued)
$	17,775,000		5.250	%		07/01/2034	$	21,629,153
	Lansing Board of Water & Light Michigan Utility System RB Series 2019 A (AA-/Aa3)
	39,250,000		5.000			07/01/2044		48,481,208
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	1,850,000		5.000			11/15/2048		2,250,137
	3,700,000		4.000			11/15/2050		4,078,177
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	3,750,000		4.000			02/15/2047		4,119,938
	17,000,000		4.000			02/15/2050		18,609,560
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)
	1,000,000		3.875			10/01/2023		1,056,570
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 D-4 (AA-/A2)
	1,000,000		5.000			07/01/2034		1,142,500
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL-RE) (A+/A3)
	650,000		5.000			07/01/2036		739,310
	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+/A2)
	1,000,000		5.000			07/01/2044		1,076,900
	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		373,727
	250,000		5.000			07/01/2033		286,470
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A/A3)
	1,945,000		5.000			07/01/2033		2,268,181
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A2)
	400,000		5.000			07/01/2035		455,848
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A2)
	1,000,000		5.000			07/01/2029		1,179,850
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2011 (AA-/Aa3)
	4,470,000		5.000			12/01/2039		4,775,256


Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2015 (AA-/Aa3)
	4,290,000		5.000			12/01/2035		4,654,779
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
	15,000,000		4.250			12/31/2038		16,729,050
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)^(c)(d)
	1,115,000		1.450			09/01/2021		1,108,522
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)^(e)
	9,500,000		0.000			06/01/2052		533,995
	Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,000,000		5.000			05/01/2023		2,255,220
	2,125,000		5.000			05/01/2024		2,467,465
	Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (AA/NR)
	2,485,000		4.000			11/01/2026		2,902,728
	2,585,000		4.000			11/01/2027		3,043,838
	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		1,348,695
	1,215,000		5.000			05/01/2026		1,466,396
	3,705,000		5.000			05/01/2027		4,459,783
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2015 B (Q-SBLF) (AA/NR)
	2,160,000		5.000			05/01/2022		2,343,794
	Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A/A2)
	400,000		5.000			12/01/2033		483,756
	1,065,000		5.000			12/01/2034		1,284,326
	650,000		5.000			12/01/2035		781,846
	800,000		5.000			12/01/2036		959,784
	880,000		5.000			12/01/2037		1,052,234

								224,840,999

Minnesota – 0.3%
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	3,300,000		5.000			05/01/2048		4,019,466
	1,325,000		4.000			05/01/2049		1,465,980
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essential Health Obligated Group Series 2018 A (A-/NR)
	1,560,000		4.250			02/15/2048		1,717,731
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	340,000		3.000			03/01/2020		341,234
	390,000		3.000			03/01/2021		394,099
	610,000		3.000			03/01/2022		618,668
	630,000		3.000			03/01/2023		639,620
	650,000		3.250			03/01/2024		665,314


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Minnesota – (continued)
	Duluth Independent School District No. 709 COPS Refunding Series 2019 B (SD CRED PROG) (NR/Aa2)
$	365,000		5.000	%		02/01/2020	$	369,026
	300,000		5.000			02/01/2021		313,329
	320,000		5.000			02/01/2022		344,720
	380,000		5.000			02/01/2023		421,280
	400,000		5.000			02/01/2024		455,840
	375,000		5.000			02/01/2025		438,285
	370,000		5.000			02/01/2027		450,926
	350,000		5.000			02/01/2028		434,364
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	500,000		5.000			05/01/2047		570,650
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	165,000		4.000			12/01/2026		186,057
	165,000		4.000			12/01/2027		187,509
	205,000		4.000			12/01/2028		235,264
	125,000		4.000			12/01/2029		145,083
	250,000		4.000			12/01/2030		287,648
	170,000		4.000			12/01/2031		194,186
	Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (AAA/Aa1)
	1,680,000		3.000			10/01/2029		1,840,776
	University of Minnesota GO Bonds Series 2013 A (AA/Aa1)
	3,185,000		4.000			02/01/2029		3,444,864

								20,181,919

Mississippi – 0.7%
	Jackson County PCRB Refunding for Chevron U.S.A., Inc. Project Series 1993 (AA/Aa2)^(c)(d)
	16,000,000		1.370			10/07/2019		16,000,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron USA, Inc. Series 2007 B (AA/Aa2)^(c)(d)
	20,000,000		1.370			10/07/2019		20,000,000
	Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)^(c)(d)
	4,120,000		2.750			12/09/2021		4,181,924
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	5,950,000		2.500			04/01/2022		5,962,257
	Mississippi Development Bank Special Obligation RB for Hinds Community College District Capital Improvement Project Series 2009 (ASSURED GTY) (AA/A1)^(a)
	1,095,000		5.375			10/01/2019		1,095,000
	Mississippi State GO Bonds Series 2015 F (AA/Aa2)
	1,000,000		4.000			11/01/2035		1,115,090
	Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)^(c)(d)
	2,700,000		2.900			09/01/2023		2,803,815

								51,158,086

Missouri – 0.7%
	Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)
	400,000		3.000			11/01/2019		400,256


Municipal Bonds – (continued)
Missouri – (continued)
	Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR) – (continued)
	400,000		3.000			11/01/2020		403,096
	350,000		3.000			11/01/2021		353,804
	350,000		4.000			11/01/2022		363,885
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)^(g)
	1,000,000		4.500			12/01/2029		1,040,110
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A/A2)
	4,200,000		5.000			03/01/2030		5,263,650
	4,410,000		5.000			03/01/2031		5,496,403
	4,630,000		5.000			03/01/2032		5,742,821
	4,865,000		5.000			03/01/2033		6,012,070
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	830,000		5.000			09/01/2038		987,990
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	420,000		4.000			02/15/2037		473,332
	675,000		4.000			02/15/2038		756,256
	500,000		4.000			02/15/2039		559,265
	1,850,000		4.000			02/15/2044		2,054,666
	5,000,000		4.000			02/15/2049		5,523,000
	Missouri Health & Educational Facilities Authority RB Series 2000 B (AA+/Aa1)^(c)(d)
	3,200,000		1.370			10/07/2019		3,200,000
	Missouri Health & Educational Facilities Authority RB Series 2000 C (AA+/Aa1)^(c)(d)
	4,400,000		1.370			10/07/2019		4,400,000
	Missouri Health & Educational Facilities Authority RB Series 2003 B (AA+/Aa1)^(c)(d)
	3,085,000		1.250			10/07/2019		3,085,000
	Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for Union Electric Co. Project Series 1992 (A/NR)
	4,270,000		1.600			12/01/2022		4,247,369
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,405,000		4.375			11/15/2035		1,526,097

								51,889,070

Montana – 0.0%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	575,000		5.000			07/01/2029		716,835

Nevada – 0.6%
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	100,000		3.000			06/01/2020		100,615
	135,000		3.000			06/01/2021		136,642
	245,000		3.000			06/01/2022		248,513
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	250,000		4.250			06/01/2034		263,377
	300,000		4.500			06/01/2039		317,538


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)
Nevada – (continued)
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR) – (continued)
$	250,000	4.625 %		06/01/2043	$	264,830
	400,000	4.625		06/01/2049		420,836
	Clark County School District Building GO Bonds Series 2018 A (A+/A1)
	7,335,000	5.000		06/15/2033		9,018,749
	Clark County School District GO BUILDING BONDS SERIES 2018 A (A+/A1)
	5,000,000	5.000		06/15/2030		6,210,900
	11,180,000	5.000		06/15/2031		13,827,648
	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		1,359,851
	State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (AA/Aa2)
	5,000,000	5.000		11/01/2026		5,980,950

						38,150,449

New Hampshire – 0.9%
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (A-/Baa1)^(c)(d)
	2,695,000	2.800		10/02/2023		2,817,892
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)^(c)
	7,400,000	(SIFMA Municipal Swap Index Yield + 0.75%), 2.240		10/01/2021		7,385,792
	New Hampshire Health and Education Facilities Authority RB Refunding Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)
	8,965,000	5.000		08/01/2032		10,750,828
	3,880,000	5.000		08/01/2033		4,642,847
	4,075,000	5.000		08/01/2034		4,865,957
	4,290,000	5.000		08/01/2035		5,108,918
	4,505,000	5.000		08/01/2036		5,348,066
	4,735,000	5.000		08/01/2037		5,601,742
	4,980,000	5.000		08/01/2038		5,873,312
	5,235,000	5.000		08/01/2039		6,165,207
	5,505,000	5.000		08/01/2040		6,464,962

						65,025,523

New Jersey – 5.2%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	300,000	5.000		03/01/2024		341,550
	250,000	5.000		03/01/2026		298,697
	Borough of Stone Harbor GO Bonds Series 2018 (AA/NR)
	1,345,000	4.000		11/01/2026		1,538,909
	County of Cape May GO Bonds Series 2019 (NR/Aa1)
	1,975,000	4.000		10/01/2025		2,278,518
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)^(e)
	2,560,000	0.000		11/01/2021		2,480,205


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (BBB-/NR)
	500,000	5.000		07/01/2032		567,510
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,000,000	5.500		06/15/2033		4,751,600
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (BBB+/Baa1)
	5,805,000	5.000		06/15/2028		6,981,964
	10,295,000	5.000		06/15/2029		12,399,504
	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		4,957,402
	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		1,523,080
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 K (AMBAC) (BBB+/Baa1)
	1,590,000	5.250		12/15/2020		1,657,654
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB+/Baa1)
	2,635,000	5.500		09/01/2024		3,069,617
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2015 XX (BBB+/Baa1)
	22,710,000	5.000		06/15/2021		23,985,621
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB+/Baa1)
	9,340,000	5.000		06/15/2029		11,249,283
	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		820,011
	1,545,000	5.000		06/01/2032		1,895,730
	New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB+/Baa1)
	5,380,000	5.000		06/15/2037		6,199,105
	New Jersey Economic Development Authority State Pension RB Series 1997 B (AGM) (AA/A2)^(e)
	12,640,000	0.000		02/15/2020		12,538,627
	New Jersey Educational Facilities Authority RB for Princeton University Series 2014 A (AAA/Aaa)
	8,220,000	5.000		07/01/2026		9,619,537
	New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (AAA/Aaa)
	2,675,000	5.000		07/01/2033		3,361,539
	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		1,279,162


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-5 (A+/A2)^(c)
$	5,000,000	(1 Mo. LIBOR + 0.46%), 1.882 %		01/01/2021	$	5,005,500
	New Jersey State Turnpike Authority RB Series 2015 E (A+/A2)
	8,930,000	5.000		01/01/2032		10,453,726
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)^(e)
	24,175,000	0.000		12/15/2035		14,766,574
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)^(e)
	5,000,000	0.000		12/15/2035		3,005,750
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)^(e)
	9,830,000	0.000		12/15/2026		8,257,200
	3,185,000	0.000		12/15/2029		2,415,854
	1,155,000	0.000		12/15/2031		813,351
	5,000,000	0.000		12/15/2036		2,869,550
	1,495,000	0.000		12/15/2037		823,626
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	755,000	5.000		06/15/2046		835,438
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB+/Baa1)
	9,055,000	5.500		12/15/2021		9,824,675
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (AA/A2)
	20,730,000	5.250		12/15/2022		23,135,509
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)^(e)
	18,220,000	0.000		12/15/2031		12,985,758
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (AMBAC) (BBB+/Baa1)
	1,580,000	5.250		12/15/2022		1,756,012
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)
	2,585,000	5.000		06/15/2020		2,645,024
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)^(e)
	25,925,000	0.000		12/15/2036		14,878,617
	12,030,000	0.000		12/15/2037		6,627,567
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)^(e)
	15,210,000	0.000		12/15/2038		8,031,793
	15,000,000	0.000		12/15/2039		7,630,650
	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		6,880,101


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)
	1,000,000	5.000		06/15/2042		1,047,300
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	2,290,000	5.000		06/15/2030		2,689,170
	1,825,000	5.000		06/15/2031		2,135,743
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	2,905,000	4.000		12/15/2031		3,162,702
	2,000,000	5.000		12/15/2032		2,367,960
	3,345,000	5.000		12/15/2033		3,951,081
	7,775,000	5.000		12/15/2034		9,141,223
	2,770,000	5.000		12/15/2035		3,245,166
	3,455,000	5.000		12/15/2036		4,032,952
	2,410,000	4.250		12/15/2038		2,601,643
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (BBB+/Baa1)
	7,000,000	5.000		06/15/2029		8,430,940
	6,155,000	5.000		06/15/2030		7,362,857
	2,215,000	5.000		06/15/2031		2,637,799
	3,000,000	5.000		06/15/2032		3,556,950
	5,000,000	5.000		06/15/2033		5,913,550
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB+/Baa1)
	10,000,000	5.000		06/15/2037		11,640,900
	10,000,000	4.500		06/15/2049		10,918,700
	New Jersey Transportation Trust Fund Authority Transportation Programme RB Series 2019 AA (BBB+/Baa1)
	3,060,000	5.000		06/15/2034		3,603,181
	3,000,000	5.250		06/15/2043		3,516,480
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)
	3,195,000	5.500		12/15/2022		3,590,637
	South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (BBB-/Baa1)
	1,670,000	4.000		01/01/2023		1,757,558
	730,000	4.000		01/01/2024		766,361
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	1,000,000	5.000		01/01/2037		1,174,140
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	2,000,000	5.000		06/01/2046		2,203,580
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB+/NR)
	1,985,000	3.200		06/01/2027		2,029,146
	Township of Rockaway GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa1)
	1,535,000	2.000		07/15/2022		1,563,873

						362,478,692

New Mexico – 0.1%
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan Project Series 2010 A (BBB+/Baa2)^(c)(d)
	1,200,000	5.200		06/01/2020		1,227,828


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)
New Mexico – (continued)
	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	$	2,573,050

						3,800,878

New York – 7.1%
	Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BBB-/Baa3)
	200,000	5.875		04/01/2042		202,620
	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		375,352
	335,000	5.000		07/01/2026		386,145
	425,000	5.000		07/01/2027		489,379
	Essex County Industrial Development Agency RB Refunding for International Paper Company Series 2019 A (AMT) (BBB/Baa2)^(c)(d)
	500,000	2.100		10/01/2024		501,530
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 (AAA/Aaa)^(g)(h)
	7,210,380	(1 Mo. LIBOR + 0.50%), 2.554		01/25/2033		7,134,249
	Long Island Power Authority RB Refunding Series 2014 C (A/A2)^(c)
	9,000,000	(1 Mo. LIBOR + 0.75%), 2.172		10/01/2023		9,044,010
	Long Island Power Authority RB Series 2019 B (A/A2)^(c)(d)
	12,825,000	1.650		09/01/2024		12,805,634
	Metropolitan Transportation Authority RB Anticipating Notes Series 2019 C (SP-1/MIG1)
	35,250,000	4.000		07/01/2020		35,915,167
	Metropolitan Transportation Authority RB Anticipating Notes Series 2019 D-1 (SP-1/MIG1)
	54,680,000	5.000		09/01/2022		59,885,536
	Metropolitan Transportation Authority RB Refunding RMKT 11/01/16 Subseries 2012 G-3 (A/A1)^(c)
	5,000,000	(1 Mo. LIBOR + 0.70%), 2.061		02/01/2020		5,004,900
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A/A1)^(c)
	7,600,000	(1 Mo. LIBOR + 0.55%), 1.911		11/01/2022		7,568,232
	Metropolitan Transportation Authority RB Series 2011 B (A/A1)^(c)
	7,510,000	(1 Mo. LIBOR + 0.55%), 1.911		11/01/2022		7,478,383
	New York City GO Bonds Fiscal 2012 Series I (AA/Aa1)
	3,000,000	5.000		08/01/2029		3,301,650
	New York City GO Bonds Fiscal 2014 Series I Subseries I-2 (AA/Aa1)^(c)(d)
	4,550,000	1.400		10/07/2019		4,550,000
	New York City GO Bonds Fiscal 2015 Series F Subseries F6 (AA/Aa1)^(c)(d)
	5,825,000	1.400		10/07/2019		5,825,000


Municipal Bonds – (continued)
New York – (continued)
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)^(c)(d)
	3,500,000	2.750		12/29/2023		3,630,760
	New York City Municipal Water Finance Authority RB for Water & Sewer System Second General Resolution Fiscal 2014 Series AA Subseries AA1 (AA+/Aa1)^(c)(d)
	10,555,000	1.400		10/07/2019		10,555,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2015 B-1 (AAA/Aa1)
	5,655,000	5.000		08/01/2039		6,527,510
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-2 (AAA/Aa1)
	15,685,000	2.570		11/01/2023		16,039,952
	17,020,000	2.640		11/01/2024		17,508,644
	11,900,000	2.740		11/01/2025		12,272,589
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-3 (AAA/Aa1)
	10,000,000	4.000		05/01/2044		11,315,400
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured Tax Exempt RB Series 2019 A-4 (AAA/Aa1)^(c)(d)
	2,425,000	1.400		10/07/2019		2,425,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Subseries C-4 (AAA/Aa1)^(c)(d)
	5,930,000	1.400		10/07/2019		5,930,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2015 Subseries E-3 (AAA/Aa1)^(c)(d)
	6,000,000	1.400		10/07/2019		6,000,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2016 Subseries E-4 (AAA/Aa1)^(c)(d)
	4,550,000	1.400		10/07/2019		4,550,000
	New York City Water & Sewer System RB Refunding Series 2012 AA (AA+/Aa1)
	20,600,000	5.000		06/15/2033		21,861,132
	New York City Water & Sewer System Second General Resolution RB Refunding Series 2011 DD-2 (AA+/Aa1)^(c)(d)
	6,000,000	1.400		10/07/2019		6,000,000
	New York City Water & Sewer System Second General Resolution RB Refunding Series 2019 EE (AA+/Aa1)
	19,225,000	4.000		06/15/2040		21,982,249
	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		5,022,032
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)^(c)(f)
	855,000	2.625		09/15/2069		868,518
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (NR/Baa2)^(c)(f)
	1,070,000	2.800		09/15/2069		1,088,115
	New York State Dormitory Authority Columbia University RB Series 2011 A (AAA/Aaa)
	12,125,000	5.000		10/01/2041		12,771,626


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (AA+/Aa1)
$	1,400,000	5.000 %		02/15/2027	$	1,728,636
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AA+/Aa1)
	6,190,000	5.000		02/15/2027		7,643,041
	New York State Dormitory Authority RB for Cornell University Series 2019 D (AA/Aa1)
	3,000,000	5.000		07/01/2035		4,230,930
	3,300,000	5.000		07/01/2036		4,706,097
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-1 (A-/A3)^(c)(d)
	9,620,000	5.000		05/01/2022		10,332,842
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)^(c)(d)
	5,770,000	5.000		05/01/2024		6,560,317
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa1)
	25,000,000	5.000		03/15/2024		29,004,250
	5,275,000	5.000		03/15/2026		6,467,045
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (NR/Baa1)
	1,400,000	5.000		07/01/2033		1,748,992
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)
	100,000	3.560		07/01/2026		103,462
	100,000	3.670		07/01/2027		103,549
	40,000	3.760		07/01/2028		41,573
	200,000	3.820		07/01/2029		208,266
	New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (BBB+/Baa1)
	540,000	5.000		07/01/2032		677,975
	465,000	5.000		07/01/2034		580,501
	505,000	5.000		07/01/2035		628,478
	440,000	5.000		07/01/2036		546,036
	545,000	4.000		07/01/2040		604,846
	590,000	5.000		07/01/2041		723,122
	2,315,000	4.000		07/01/2045		2,546,616
	New York State Dormitory Authority RB Refunding for Northwell Health Obligated Group Series 2019 A (A-/A3)
	1,080,000	5.000		05/01/2022		1,179,360
	960,000	5.000		05/01/2023		1,080,355
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa1)
	425,000	4.900		03/15/2023		464,763
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A3)^(d)
	5,350,000	2.867		07/01/2034		5,350,000
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (AA+/Aa1)
	5,000,000	5.000		03/15/2031		5,778,100
	New York State Urban Development Corporation Taxable Refunding RB Series 2017 B (AA+/Aa1)
	16,745,000	2.860		03/15/2024		17,304,283


Municipal Bonds – (continued)
New York – (continued)
	New York State Urban Development Corporation Taxable Refunding RB Series 2017 D-1 (AA+/Aa1)
	11,875,000	2.980		03/15/2025		12,464,950
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	3,000,000	5.000		01/01/2028		3,665,730
	1,700,000	5.000		01/01/2033		2,039,167
	1,200,000	5.000		01/01/2034		1,436,244
	9,310,000	4.000		01/01/2036		10,172,478
	2,450,000	5.000		01/01/2036		2,922,532
	New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (AA/A2)
	1,500,000	4.000		07/01/2046		1,586,565
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	700,000	5.000		07/01/2041		778,155
	1,875,000	5.250		01/01/2050		2,092,031
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (BB-/NR)
	3,615,000	5.000		08/01/2021		3,803,450
	2,250,000	5.000		08/01/2031		2,361,285
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	2,075,000	5.000		07/01/2046		2,297,336
	Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (AA-/Aa3)
	2,500,000	5.000		09/01/2033		3,177,650
	2,000,000	5.000		09/01/2034		2,533,620
	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		1,123,920
	1,000,000	5.000		11/01/2024		1,150,810

						490,765,672

North Carolina – 1.2%
	Charlotte North Carolina Water and Sewer System RB Series 2009 B (AAA/Aaa)
	2,000,000	5.000		07/01/2038		2,053,140
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)^(c)(d)
	375,000	2.000		10/01/2024		375,502
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Company Series 2019 C (AMT) (BBB/Baa2)^(c)(d)
	1,750,000	2.100		10/01/2024		1,755,355
	Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)^(c)(d)
	400,000	2.000		10/01/2024		400,536


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)
North Carolina – (continued)
	County of Mecklenburg GO Bonds for Public Improvement Series 2018 (AAA/Aaa)
$	5,250,000	5.000 %			03/01/2029		$	6,743,153
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)
	38,115,000	5.000			10/01/2041			41,119,987
	North Carolina Capital Facilities Finance Agency RB Refunding for Duke University Project Series 2014 B (AA+/Aa1)
	25,000,000	5.000			10/01/2044			26,939,250
	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			645,079

								80,032,002

Ohio – 2.2%
	American Municipal Power, Inc., RB for Hydroelectric Projects Series 2010 C (A/A2)
	2,290,000	6.973			02/15/2024			2,738,657
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)^(e)
	73,450,000	0.000			06/01/2047			4,439,318
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 2nd Subordinate Series 2007 C (NR/NR)^(e)
	157,000,000	0.000			06/01/2052			6,749,430
	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			1,026,570
	2,400,000	5.875			06/01/2047			2,410,536
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Ca)
	47,390,000	5.125			06/01/2024			47,390,000
	5,150,000	5.875			06/01/2030			5,162,257
	1,750,000	5.750			06/01/2034			1,752,572
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (B-/Caa3)
	1,700,000	6.250			06/01/2037			1,742,313
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	275,000	5.000			11/01/2020			282,279
	285,000	5.000			11/01/2021			298,347
	400,000	5.000			11/01/2022			426,036
	420,000	5.000			11/01/2023			454,041
	City of Cleveland RB Refunding for Airport System Series 2019 B (AMT) (A/A2)
	1,560,000	5.000			01/01/2020			1,573,447
	1,000,000	5.000			01/01/2021			1,042,560
	805,000	5.000			01/01/2022			865,746
	1,235,000	5.000			01/01/2023			1,366,762
	1,365,000	5.000			01/01/2024			1,551,459
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2017 A (AAA/Aaa)
	11,470,000	4.000			04/01/2033			13,150,928


Municipal Bonds – (continued)
Ohio – (continued)
	County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (BB+/NR)
	400,000		4.000			09/01/2040			421,592
	625,000		4.000			09/01/2045			653,050
	850,000		5.000			09/01/2049			977,117
	County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A+/A2)
	5,000,000		5.000			08/01/2049			5,917,850
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	10,000,000		8.223			02/15/2040			13,782,800
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	2,865,000		5.500			02/15/2057			3,335,261
	Lakewood City School District GO Refundable Bonds Series 2014 C (AA/Aa2)
	3,215,000		5.000			12/01/2027			3,791,771
	Miami University RB Refunding Series 2011 (AA/Aa3)
	2,550,000		5.000			09/01/2036			2,712,766
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)^(g)
	700,000		4.500			01/15/2048			758,324
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (BB+/Ba1)
	925,000		2.875			02/01/2026			935,869
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BB+/Ba1)
	2,305,000		2.875			02/01/2026			2,332,084
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 A (BBB+/Baa1)^(c)(d)
	2,500,000		2.400			10/01/2029			2,515,050
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 B (AMT) (BBB+/Baa1)^(c)(d)
	3,500,000		2.600			10/01/2029			3,513,335
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (BB+/Ba1)
	3,130,000		3.250			09/01/2029			3,234,699
	Ohio State Higher Education GO Bonds for Federally Taxable Build America Bonds Series 2010 E (AA+/Aa1)
	2,290,000		4.461			08/01/2022			2,450,231
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	2,800,000		3.250			11/01/2022			2,928,688
	Ohio Water Development Authority RB for Water Pollution Control Loan Fund Series 2014 (AAA/Aaa)
	6,085,000		5.000			06/01/2021			6,461,601

									151,145,346

Oklahoma – 0.3%
	Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)
	4,235,000		5.000			06/01/2024			4,892,018


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate				Maturity Date			Value

Municipal Bonds – (continued)
Oklahoma – (continued)
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
$	3,670,000		4.000	%			08/15/2048		$	4,059,460
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	2,150,000		5.000				08/15/2029			2,640,845
	5,000,000		5.250				08/15/2048			5,926,150
	Oklahoma Turnpike Authority RB Second Senior Series 2017 C (AA-/Aa3)
	1,400,000		4.000				01/01/2042			1,563,562
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)^(c)(d)
	1,500,000		5.000				06/01/2025			1,692,975

										20,775,010

Oregon – 0.7%
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	1,385,000		3.500				03/01/2029			1,429,555
	1,540,000		3.750				03/01/2032			1,595,425
	Oregon State Business Development Commission RB for Intel Corp. Project Series 2019 250 (AMT) (A+/A1)^(c)(d)
	10,000,000		5.000				03/01/2022			10,807,000
	Oregon State Department of Transportation Highway User Tax RB Refunding Series 2015 A (AAA/Aa1)
	3,180,000		5.000				11/15/2025			3,761,368
	Oregon State Facilities Authority RB Refunding For Reed College Project Series 2017 A (AA-/Aa2)
	8,895,000		5.000				07/01/2047			10,665,728
	Port of Portland RB for International Airport Series 2019 25-B (AMT) (AA-/NR)
	1,000,000		5.000				07/01/2032			1,259,530
	1,000,000		5.000				07/01/2033			1,256,290
	1,000,000		5.000				07/01/2034			1,252,390
	1,000,000		5.000				07/01/2035			1,248,490
	Portland Oregon Community College District GO Bonds Series 2013 (AA+/Aa1)
	2,000,000		5.000				06/15/2026			2,263,580
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	7,090,000		4.000				04/01/2029			8,165,198
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)^(g)
	190,000		5.000				11/01/2034			226,250
	500,000		5.000				11/01/2036			590,135
	Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (NR/Aa1)
	4,155,000		5.000				06/15/2029			5,209,331

										49,730,270

Pennsylvania – 3.9%
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	4,000,000		5.000				04/01/2030			4,941,880
	18,400,000		4.000				04/01/2044			19,814,408


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A+/A1)
	3,050,000	4.000			07/15/2035			3,475,993
	3,180,000	4.000			07/15/2036			3,613,657
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)^(g)
	2,420,000	5.000			05/01/2027			2,817,219
	1,600,000	5.000			05/01/2032			1,845,968
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)^(g)
	750,000	5.000			05/01/2023			815,430
	750,000	5.000			05/01/2028			885,232
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	100,000	5.000			10/01/2031			113,838
	390,000	5.000			10/01/2032			443,091
	410,000	5.000			10/01/2033			465,227
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	1,000,000	5.000			08/01/2025			1,176,790
	Commonwealth Financing Authority Taxable RB Series 2005 A (NATL-RE) (A/A1)
	1,695,000	5.380			06/01/2021			1,748,308
	Commonwealth Financing Authority Taxable RB Series 2006 C (AGM) (AA/A1)
	4,485,000	5.114			06/01/2021			4,642,379
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	24,905,000	4.000			06/01/2039			27,599,472
	Commonwealth of Pennsylvania COP Series 2018 A (A/A2)
	1,250,000	4.000			07/01/2046			1,381,625
	Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/Aa3)
	3,925,000	5.000			08/15/2025			4,698,146
	Delaware County Authority RB for Villanova University Series 2015 (AA-/A1)
	4,945,000	5.000			08/01/2045			5,754,595
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)
	750,000	5.000			12/01/2038			828,247
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa3)^(h)
	15,800,000	(3 Mo. LIBOR + 0.77%), 2.280			05/01/2037			15,022,482
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)
	725,000	4.000			06/01/2044			811,739
	1,300,000	5.000			06/01/2044			1,593,449
	3,325,000	4.000			06/01/2049			3,698,963
	2,350,000	5.000			06/01/2049			2,862,488
	Lancaster County Hospital Authority RB for Brethren Village Project Series 2017 (BB+/NR)
	1,155,000	5.000			07/01/2020			1,177,153
	900,000	5.000			07/01/2022			956,880


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)
	Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A/A2)
$	850,000	4.000 %		09/01/2037	$	946,211
	850,000	4.000		09/01/2038		943,644
	850,000	4.000		09/01/2039		938,936
	North Penn Water Authority RB Refunding Series 2019 (NR/Aa3)^(h)
	640,000	(SIFMA Municipal Swap Index Yield + 0.16%), 1.650		11/01/2020		639,981
	1,400,000	(SIFMA Municipal Swap Index Yield + 0.26%), 1.750		11/01/2021		1,400,056
	1,600,000	(SIFMA Municipal Swap Index Yield + 0.46%), 1.950		11/01/2023		1,599,680
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)
	155,000	5.000		05/01/2020		157,905
	230,000	5.000		05/01/2021		241,415
	155,000	5.000		05/01/2022		167,290
	50,000	5.000		05/01/2023		55,326
	100,000	5.000		05/01/2024		113,167
	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		2,567,350
	Pennsylvania Economic Development Financing Authority RB for CarbonLite P LLC Project Series 2019 (AMT) (NR/NR)^(g)
	1,750,000	5.250		06/01/2026		1,819,790
	Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)^(c)(d)
	6,460,000	2.800		12/01/2021		6,615,105
	Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (BBB/NR)
	750,000	5.000		06/30/2042		850,012
	Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A+/A1)
	8,250,000	3.000		04/01/2039		8,464,087
	Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A/A2)
	350,000	4.000		03/01/2037		397,401
	675,000	5.000		03/01/2038		836,291
	500,000	5.000		03/01/2039		617,995
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB/WR)^(h)
	1,405,000	(3 Mo. LIBOR + 0.60%), 2.006		07/01/2027		1,370,788
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (AA/Aa3)
	4,000,000	5.000		09/15/2025		4,823,720


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (A+/Aa3)
	6,675,000	5.000		08/15/2023		7,592,746
	Pennsylvania Turnpike Commission RB Refunding Series 2018 B (A+/A1)^(h)
	6,050,000	(SIFMA Municipal Swap Index Yield + 0.70%), 2.190		12/01/2023		6,129,800
	Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)^(a)
	1,720,000	5.500		12/01/2023		2,011,850
	Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)
	30,675,000	5.250		12/01/2044		37,942,828
	Pennsylvania Turnpike Commission RB Series 2019 A (A-/A3)
	4,250,000	5.000		12/01/2036		5,270,722
	4,250,000	5.000		12/01/2038		5,236,128
	21,160,000	5.000		12/01/2044		25,628,780
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A-/A3)
	3,500,000	5.500		12/01/2042		4,229,610
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	5,000,000	5.250		06/01/2047		5,934,100
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	4,500,000	5.000		07/01/2028		5,334,750
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)^(c)
	2,500,000	(1 Mo. LIBOR + 0.64%), 2.078		12/01/2020		2,500,775
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)
	850,000	5.000		09/01/2034		1,076,789
	1,755,000	5.000		09/01/2035		2,216,354
	1,700,000	5.000		09/01/2036		2,140,827
	1,700,000	5.000		09/01/2037		2,131,987
	Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (AA/NR)
	2,125,000	4.000		09/01/2034		2,446,215
	425,000	4.000		09/01/2035		487,687
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	265,000	5.000		11/15/2021		272,987
	450,000	5.000		11/15/2028		464,954
	State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2016 A (AGM) (ST AID WITHHLDG) (AA/A2)
	2,500,000	5.000		06/01/2031		2,986,000
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,280,587

						272,067,285

Puerto Rico – 3.9%
	Commonwealth of Puerto Rico GO Bonds Public Improvement Series 1999 (NR/WR)⁽ⁱ⁾
	125,000	5.250		07/01/2018		89,531


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Puerto Rico – (continued)
	Commonwealth of Puerto Rico GO Bonds Public Improvement Series 2006 B (NR/WR)⁽ⁱ⁾
$	390,000	5.250 %		07/01/2016	$	279,338
	500,000	5.250		07/01/2017		358,125
	Commonwealth of Puerto Rico Public Improvement Refunding GO Bonds series 2009 B (NR/Ca)⁽ⁱ⁾
	2,000,000	6.000		07/01/2039		1,505,000
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (NR/Ca)
	2,480,000	6.125		07/01/2024		2,672,200
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (NR/Ca)
	1,060,000	5.750		07/01/2037		1,122,275
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)⁽ⁱ⁾
	51,980,000	8.000		07/01/2035		31,252,975
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (NR/Ca)⁽ⁱ⁾
	3,955,000	5.000		07/01/2041		2,496,594
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	2,000,000	6.000		07/01/2027		2,057,840
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	895,000	5.250		07/01/2041		1,003,689
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	6,115,000	5.250		07/01/2038		6,652,264
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	2,050,000	5.250		07/01/2033		2,316,541
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)^(e)
	385,000	0.000		07/01/2028		261,700
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(h)
	21,915,000	(3 Mo. LIBOR + 0.52%), 1.926		07/01/2029		21,641,063
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (NR/Baa2)
	350,000	5.250		07/01/2029		380,583
	215,000	5.250		07/01/2030		233,804
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)⁽ⁱ⁾
	1,000,000	5.250		07/01/2019		780,000
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)⁽ⁱ⁾
	8,215,000	6.750		07/01/2036		6,736,300
	Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1 (NR/NR)⁽ⁱ⁾
	590,915	10.000		01/01/2021		524,437
	Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)⁽ⁱ⁾
	590,915	10.000		07/01/2021		524,437
	Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)⁽ⁱ⁾
	196,972	10.000		01/01/2022		174,813


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)⁽ⁱ⁾
	196,972	10.000		07/01/2022		174,813
	Puerto Rico Highway & Transportation Authority Ambac Tcrs BNY RB Series 2007 N (AMBAC) (NR/C)
	160,000	5.500		07/01/2026		175,763
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	6,475,000	5.250		07/01/2035		7,002,971
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	220,000	5.250		07/01/2034		248,567
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (FGIC) (AA/A3)
	180,000	5.250		07/01/2039		202,041
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	1,465,000	5.250		07/01/2030		1,604,439
	1,665,000	5.250		07/01/2031		1,822,292
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	165,000	5.250		07/01/2034		186,425
	165,000	5.250		07/01/2036		185,902
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	465,000	5.250		07/01/2032		504,637
	990,000	5.250		07/01/2033		1,072,833
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	5,265,000	4.750		07/01/2038		5,334,919
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)^(d)
	3,240,000	10.000		07/01/2035		3,437,996
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(e)
	476,000	0.000		07/01/2024		415,372
	16,610,000	0.000		07/01/2027		13,218,238
	3,425,000	0.000		07/01/2029		2,541,932
	20,769,000	0.000		07/01/2031		14,289,487
	15,789,000	0.000		07/01/2033		9,939,491
	11,769,000	0.000		07/01/2046		3,120,904
	9,587,000	0.000		07/01/2051		1,858,344
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	61,894,000	4.329		07/01/2040		62,821,172
	143,000	4.536		07/01/2053		145,860
	4,169,000	4.784		07/01/2058		4,325,713
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	13,081,000	4.500		07/01/2034		13,973,648
	1,555,000	4.550		07/01/2040		1,603,298
	9,634,000	4.750		07/01/2053		9,995,275
	26,669,000	5.000		07/01/2058		28,114,993

						271,380,834


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)
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	$	574,700

South Carolina – 0.7%
	Clemson University Athletic Facilities RB Series 2015 (NR/Aa3)
	1,385,000	4.000		05/01/2025		1,567,321
	1,570,000	4.000		05/01/2026		1,766,203
	Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (AA/Aa1)
	2,495,000	5.000		02/01/2031		3,182,223
	Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (AA/Aa1)
	4,520,000	5.000		03/01/2031		5,575,420
	1,590,000	4.000		03/01/2032		1,812,314
	South Carolina Ports Authority RB Series 2018 (AMT) (A+/A1)
	3,750,000	5.000		07/01/2037		4,517,475
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)
	875,000	3.056		12/01/2023		899,019
	South Carolina Public Service Authority Santee Cooper RB Series 2016 D (A/A2)
	10,175,000	2.388		12/01/2023		10,234,625
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2012 A (A/Aa3)^(a)
	5,665,000	5.000		10/01/2021		6,079,225
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2013 B (A/Aa3)^(c)
	12,565,000	(1 Mo. LIBOR + 0.45%), 1.811		10/01/2022		12,557,084

						48,190,909

South Dakota – 0.0%
	Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	630,000	5.000		01/01/2024		722,755
	1,075,000	5.000		01/01/2025		1,264,995
	730,000	5.000		01/01/2026		881,329

						2,869,079

Tennessee – 0.4%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)
	1,115,000	5.000		08/01/2035		1,363,968
	City of Johnson GO Refunding Bonds Series 2019 B (NR/Aa2)
	1,225,000	4.000		06/01/2037		1,420,828
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	6,020,000	5.000		07/01/2034		6,673,351
	1,800,000	4.000		07/01/2040		1,936,062
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Charter Village Apartments Series 2007 (AMT) (FNMA COLL) (NR/NR)^(c)(d)
	940,000	4.850		06/01/2025		945,048


Municipal Bonds – (continued)
Tennessee – (continued)
	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		467,668
	700,000	5.000		07/01/2046		810,075
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (BBB-/NR)
	115,000	3.000		10/01/2024		117,452
	Metropolitan Government Nashville & Davidson County Industrial Development Board RB for Waste Management, Inc. Series 2001 (A-/NR)^(c)(d)
	3,000,000	2.850		08/02/2021		3,069,330
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)^(g)
	650,000	4.500		06/01/2028		705,503
	Tennergy Corporation Tenn Gas Supply RB Series 2019 A (AA/Aa2)^(c)(d)
	11,325,000	5.000		10/01/2024		13,032,244

						30,541,529

Texas – 7.0%
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)
	250,000	5.000		01/01/2040		287,885
	435,000	5.000		01/01/2046		496,252
	City of Anna Special Assessment Bond for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)^(g)
	250,000	5.750		09/01/2029		258,495
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	1,700,000	5.000		11/15/2032		2,143,173
	2,000,000	5.000		11/15/2033		2,515,140
	City of Austin RB Refunding for Airport System Series 2019 (AMT) (A/A1)
	1,510,000	5.000		11/15/2022		1,669,864
	1,950,000	5.000		11/15/2023		2,216,253
	4,790,000	5.000		11/15/2024		5,583,703
	1,150,000	5.000		11/15/2025		1,372,812
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)^(g)
	1,450,000	4.000		11/01/2023		1,485,148
	1,975,000	4.500		11/01/2024		2,020,544
	2,815,000	4.000		11/01/2028		2,932,751
	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		254,500
	575,000	4.800		09/01/2037		592,365
	650,000	5.250		09/01/2046		669,708
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)^(g)
	145,000	4.375		09/01/2023		147,577
	300,000	5.375		09/01/2038		319,884


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate		Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)
$	245,000		4.625 %		09/01/2023	$	249,336
	370,000		5.000		09/01/2028		388,056
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)^(g)
	215,000		3.125		08/15/2024		215,413
	340,000		3.500		08/15/2029		342,788
	905,000		4.000		08/15/2039		913,498
	City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (AA+/Aa1)
	8,245,000		5.000		02/15/2024		9,537,898
	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		437,138
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases #13-16 Project Series 2017 (NR/NR)
	150,000		3.250		09/01/2022		151,140
	570,000		4.500		09/01/2027		601,133
	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		462,672
	440,000		4.000		09/01/2025		483,085
	460,000		4.000		09/01/2026		509,289
	480,000		4.000		09/01/2027		535,099
	City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)^(g)
	150,000		3.250		09/01/2024		150,383
	290,000		3.625		09/01/2029		292,404
	785,000		4.125		09/01/2039		791,021
	City of Houston GO Bonds Refunding Series 2019 A (AA/Aa3)
	13,745,000		5.000		03/01/2029		17,641,982
	City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A+/NR)
	2,300,000		5.000		07/01/2029		2,496,351
	2,500,000		5.000		07/01/2031		2,702,925
	City of Houston RB Refunding for Airport System Subordinated Lien Series 2012 B (A+/NR)
	23,090,000		5.000		07/01/2028		25,263,231
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)^(g)
	785,000		3.875		09/01/2024		793,635
	City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)^(g)
	425,000		4.250		09/01/2029		431,209
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)^(g)
	175,000		3.500		09/15/2024		174,524
	250,000		3.750		09/15/2029		249,173


Municipal Bonds – (continued)
Texas – (continued)
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)^(g)
	205,000		4.375		09/15/2029		204,342
	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		1,524,691
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)^(g)
	200,000		3.500		09/15/2024		201,512
	280,000		3.750		09/15/2029		285,449
	City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)^(g)
	200,000		5.000		09/15/2024		201,576
	400,000		5.250		09/15/2029		407,080
	City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)^(g)
	530,000		4.250		09/15/2024		533,774
	490,000		5.125		09/15/2024		493,430
	795,000		4.500		09/15/2029		809,493
	775,000		5.375		09/15/2029		788,655
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)^(g)
	250,000		4.000		09/01/2028		257,428
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)^(g)
	191,000		3.500		09/01/2024		192,356
	369,000		3.750		09/01/2029		376,406
	436,000		4.250		09/01/2039		446,991
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	280,000		4.000		09/01/2024		284,166
	415,000		4.250		09/01/2029		429,517
	City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)^(g)
	185,000		3.750		09/01/2024		184,338
	365,000		4.000		09/01/2029		363,215
	580,000		5.000		09/01/2029		577,285
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (AA-/Aa2)^(c)(d)
	2,800,000		2.750		12/01/2022		2,903,096
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2019 (AA/Aa1)
	2,000,000		4.000		02/01/2026		2,308,500
	1,250,000		4.000		02/01/2027		1,468,875
	1,500,000		4.000		02/01/2028		1,783,245
	2,000,000		4.000		02/01/2029		2,410,660
	2,000,000		4.000		02/01/2030		2,437,180
	Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (AAA/NR)
	4,370,000		4.000		08/15/2036		4,898,945
	3,875,000		4.000		08/15/2037		4,323,260


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)
Texas – (continued)
	Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (NR/Aaa)
$	1,970,000	5.000 %			02/01/2025		$	2,335,592
	2,095,000	5.000			02/01/2026			2,550,118
	County of Cameron State Highway 550 Project GO Bond Series 2012 (AGM) (AA/Aa3)
	8,870,000	5.000			02/15/2030			9,572,859
	County of Fort Bend GO Refunding Bonds Series 2015 B (AA+/Aa1)
	3,740,000	5.000			03/01/2023			4,201,142
	Dallas-Fort Worth International Airport Joint Improvement RB Series 2012 D (AMT) (A+/A1)
	18,430,000	5.000			11/01/2042			19,509,076
	Dallas-Fort Worth International Airport Joint RB Improvement Bonds Series 2013 A (AMT) (A+/A1)^(a)
	10,000,000	5.000			11/01/2020			10,381,300
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A+/NR)
	2,500,000	5.250			11/01/2030			2,839,550
	Denton Independent School District Unlimited Tax Building GO Bonds Series 2014 B (PSF-GTD) (AAA/NR)^(c)(d)
	4,000,000	2.000			08/01/2024			4,083,200
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)^(g)
	175,000	3.750			08/15/2024			177,175
	235,000	4.000			08/15/2029			241,932
	775,000	4.500			08/15/2035			804,838
	575,000	5.000			08/15/2044			603,526
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)^(g)
	395,000	5.000			09/01/2027			422,662
	225,000	5.000			09/01/2032			236,079
	330,000	5.125			09/01/2037			344,038
	Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (AA+/NR)
	18,225,000	5.000			10/01/2037			22,405,086
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)^(b)
	2,930,000	0.000			10/01/2046			3,110,957
	4,075,000	0.000			10/01/2047			4,319,255
	Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/Aaa)^(c)(d)
	19,405,000	1.300			10/07/2019			19,405,000
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)^(h)
	6,770,000	(SIFMA Municipal Swap Index Yield + 0.95%), 2.440			06/01/2023			6,864,171
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)^(h)
	14,920,000	(3 Mo. LIBOR + 0.67%), 2.120			08/15/2035			14,050,761


Municipal Bonds – (continued)
Texas – (continued)
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)^(g)
	745,000		4.000			09/01/2029			756,659
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	95,000		3.000			09/01/2024			99,779
	100,000		3.500			09/01/2025			107,668
	100,000		3.500			09/01/2026			108,069
	105,000		3.500			09/01/2027			113,446
	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			2,993,726
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2015 B-2 (AMT) (BB/NR)
	2,500,000		5.000			07/15/2020			2,563,700
	Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A/A1)
	350,000		5.000			07/01/2031			440,227
	325,000		5.000			07/01/2032			407,059
	Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A/A1)
	2,000,000		5.000			07/01/2029			2,543,360
	2,150,000		5.000			07/01/2030			2,718,008
	2,000,000		5.000			07/01/2031			2,515,580
	Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)
	3,425,000		4.000			02/15/2042			3,801,202
	Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (BB/NR)
	1,545,000		5.000			12/01/2019			1,550,253
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)^(g)
	1,315,000		5.000			09/01/2038			1,373,596
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)^(a)(e)
	33,515,000		0.000			08/15/2024			11,154,671
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)^(e)
	2,500,000		0.000			08/16/2020			2,466,950
	Lower Colorado River Authority LCRA Transmission Services Corporation Project RB Refunding Series 2019 (A/NR)
	2,000,000		5.000			05/15/2030			2,578,480
	1,495,000		5.000			05/15/2031			1,918,264
	Lower Neches Valley Authority Industrial Development Corp. RB for Exxon Capital Ventures, Inc. Series 2011 (EXXON MOBIL CORP (GTD) / EXXON CAP VENTURES INC (OBLI)) (AA+/Aaa)^(c)(d)
	5,300,000		1.380			10/07/2019			5,300,000
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (A-/NR)
	6,350,000		2.600			11/01/2029			6,532,245


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate				Maturity Date			Value

Municipal Bonds – (continued)
Texas – (continued)
	Mission Economic Development Corp. RB for Waste Management, Inc. Series 2008 (A-/NR)
$	2,500,000		2.500	%			08/01/2020		$	2,502,675
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)^(g)
	5,000,000		4.625				10/01/2031			5,430,150
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,370,000		5.000				09/15/2032			1,561,745
	710,000		5.000				09/15/2033			807,312
	750,000		5.000				09/15/2034			850,935
	790,000		5.000				09/15/2035			894,075
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BB+/NR)^(g)
	335,000		4.000				08/15/2029			360,266
	610,000		5.000				08/15/2039			678,204
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)
	765,000		5.000				04/01/2027			817,196
	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			992,370
	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 (BB/B2)
	645,000		4.000				04/01/2022			651,721
	320,000		4.000				04/01/2023			323,962
	275,000		4.000				04/01/2024			278,616
	365,000		4.000				04/01/2025			370,037
	375,000		4.000				04/01/2026			380,145
	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			277,898
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (AA/NR)^(a)(b)
	1,000,000		0.000				09/01/2031			1,253,710
	North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A+/A1)
	2,750,000		5.000				01/01/2038			3,366,468
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	2,000,000		5.000				01/01/2032			2,431,960
	North Texas Tollway Authority RB Special Project System Series 2011 A (AA/NR)^(a)
	1,000,000		5.500				09/01/2021			1,078,530
	1,000,000		6.000				09/01/2021			1,087,750
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	550,000		5.000				01/01/2022			594,935


Municipal Bonds – (continued)
Texas – (continued)
	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			7,465,020
	Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)^(c)(d)
	3,280,000	1.500			08/15/2024			3,275,113
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)^(g)
	250,000	3.250			09/15/2024			249,658
	355,000	3.625			09/15/2029			354,847
	State of Texas Anticipation Notes Series 2019 (SP-1+/MIG1)
	25,000,000	4.000			08/27/2020			25,598,500
	State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (AAA/Aaa)
	3,005,000	4.000			08/01/2025			3,420,592
	5,905,000	5.000			08/01/2026			7,232,444
	4,590,000	5.000			08/01/2027			5,728,550
	5,010,000	5.000			08/01/2028			6,361,397
	6,835,000	5.000			08/01/2029			8,701,912
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	2,475,000	5.000			05/15/2020			2,519,352
	2,100,000	5.000			05/15/2021			2,194,710
	2,730,000	5.000			05/15/2022			2,922,738
	Tarrant County Cultural Education Facilities Finance Corporation Christus Health Obligation Group RB Series 2018 B (A+/A1)
	13,655,000	5.000			07/01/2036			16,729,696
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)^(h)
	6,260,000	(3 Mo. LIBOR + 0.70%), 2.119			12/15/2026			6,236,838
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)
	4,600,000	6.250			12/15/2026			5,366,452
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)^(h)
	3,055,000	(SIFMA Municipal Swap Index Yield + 0.55%), 2.040			09/15/2027			3,015,438
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	17,410,000	6.875			12/31/2039			17,656,177
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)
	4,165,000	5.000			06/30/2058			4,860,305
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (BBB+/Baa1)
	1,380,000	5.000			08/15/2042			1,544,772
	Texas Transportation Commission State Highway Fund First Tier RB for Build America Bonds Series 2010 (AAA/Aaa)
	2,000,000	5.028			04/01/2026			2,263,780


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)^(g)
$	170,000	4.750 %		09/01/2023	$	173,153
	360,000	5.250		09/01/2028		377,795
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)^(g)
	345,000	4.500		09/01/2027		349,896
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	8,500,000	3.250		02/15/2041		8,751,940
	University of Texas System Revenue Financing System RB Refunding Series 2017 C (AAA/Aaa)
	5,865,000	5.000		08/15/2026		7,246,266
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR)
	412,000	4.000		12/01/2023		421,575
	520,000	4.250		12/01/2029		536,676
	1,159,000	4.625		12/01/2035		1,201,327
	1,604,000	5.000		12/01/2045		1,666,123

						483,789,863

Utah – 1.2%
	Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (AAA/Aaa)
	1,625,000	5.000		06/15/2022		1,787,354
	2,175,000	5.000		06/15/2023		2,470,082
	2,355,000	5.000		06/15/2024		2,757,069
	2,400,000	5.000		06/15/2025		2,892,216
	2,750,000	5.000		06/15/2027		3,489,090
	Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A+/A2)
	18,635,000	5.000		07/01/2037		22,629,226
	18,640,000	5.250		07/01/2048		22,681,525
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	2,650,000	5.000		07/01/2047		3,109,483
	Salt Lake City RB for International Airport Series 2018 A (AMT) (A+/A2)
	5,000,000	5.000		07/01/2029		6,247,550
	5,500,000	5.000		07/01/2030		6,836,940
	Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (AA/NR)
	700,000	5.000		04/15/2039		858,095
	625,000	5.000		04/15/2044		757,406
	1,150,000	5.000		04/15/2049		1,388,303
	Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (AA/Aa2)
	3,065,000	4.000		06/15/2034		3,387,101

						81,291,440

Vermont – 0.0%
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
	745,000	5.000		05/01/2025		821,422
	585,000	5.000		05/01/2026		651,058

						1,472,480


Municipal Bonds – (continued)
Virgin Islands – 0.2%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	685,000	5.000		10/01/2020		688,384
	1,410,000	5.000		10/01/2029		1,415,499
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	700,000	5.000		10/01/2032		701,659
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)
	4,700,000	5.000		10/01/2039		4,644,164
	Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (AA/A2)^(g)
	5,000,000	5.000		10/01/2034		5,561,300

						13,011,006

Virginia – 2.1%
	Amelia County IDA Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(c)(d)
	2,500,000	2.125		04/01/2020		2,507,225
	Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)
	19,500,000	5.000		11/01/2023		22,105,590
	Chesapeake Economic Development Authority RB Refunding for Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(c)(d)
	1,700,000	1.900		06/01/2023		1,725,959
	County of Arlington GO Bonds for Public Improvement Series 2019 (AAA/Aaa)
	6,990,000	5.000		06/15/2030		9,236,306
	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		1,309,837
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(c)(d)
	1,000,000	1.900		06/01/2023		1,012,720
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 C (BBB+/A2)^(c)(d)
	1,850,000	1.800		04/01/2022		1,861,673
	Peninsula Ports Authority of Virginia Coal Terminal RB Refunding for Dominion Terminal Associates Project Series 2003 (BBB/Baa2)^(c)(d)
	2,250,000	1.700		10/01/2022		2,248,808
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)
	9,455,000	6.706		06/01/2046		9,089,281
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC+/NR)^(e)
	122,865,000	0.000		06/01/2047		14,216,709
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC/NR)^(e)
	13,500,000	0.000		06/01/2047		1,423,305
	University of Virginia RB Series 2013 (AAA/Aaa)^(a)
	50,850,000	5.000		12/01/2022		56,763,346


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (A/WR)^(a)
$	2,750,000	5.000 %		07/01/2025	$	3,286,415
	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		2,982,325
	1,000,000	5.000		12/31/2052		1,148,420
	1,885,000	5.000		12/31/2056		2,157,741
	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		1,017,289
	3,325,000	5.000		01/01/2040		3,543,785
	Virginia Small Business Financing Authority Senior Lien RB for Elizabeth River Crossings Opco, LLC Project Series 2012 (BBB/NR)
	750,000	5.500		01/01/2042		816,233
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)^(c)(d)(g)
	300,000	5.000		07/01/2038		320,004
	York County Economic Development Authority Pollution Control RB Refunding for Virginia Electric & Power Co. Project Series 2009 A (BBB+/A2)^(c)(d)
	3,200,000	1.900		06/01/2023		3,234,432

						142,007,403

Washington – 1.9%
	City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (AAA/Aaa)
	5,000,000	5.000		06/01/2026		6,010,400
	City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (AA/Aa2)
	3,340,000	4.000		01/01/2033		3,849,083
	6,715,000	4.000		01/01/2034		7,720,907
	11,655,000	4.000		01/01/2043		12,972,481
	City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (AA+/Aa1)
	13,715,000	4.000		05/01/2044		14,710,023
	City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (AA+/Aa1)
	6,555,000	4.000		07/01/2035		7,502,067
	King County Junior Lien Sewer RB Series 2012 (AA/Aa2)^(c)(d)
	5,900,000	2.600		12/01/2021		5,972,098
	Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A+/A1)
	9,295,000	5.000		04/01/2038		11,317,871
	Port of Seattle Wash RB Refunding Series 2011 B (AMT) (AA-/Aa2)
	1,625,000	5.000		09/01/2022		1,735,419
	State of Washington GO Bonds Various Purpose Series 2014 D (AA+/Aaa)
	15,055,000	5.000		02/01/2026		17,378,137
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)
	2,500,000	5.000		07/01/2029		2,736,000


Municipal Bonds – (continued)
Washington – (continued)
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	985,000	5.000		08/01/2036		1,201,552
	1,715,000	5.000		08/01/2037		2,080,432
	1,715,000	5.000		08/01/2038		2,071,360
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	1,285,000	5.000		08/01/2035		1,571,928
	1,930,000	5.000		08/01/2036		2,354,310
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-3 (BBB+/Baa1)^(c)(d)
	4,285,000	5.000		08/01/2026		5,081,667
	Washington State Convention Center Public Facilities District RB Series 2018 (AA-/Aa3)
	6,825,000	5.000		07/01/2048		8,206,994
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)^(g)
	745,000	5.000		01/01/2034		833,134
	1,400,000	5.000		01/01/2039		1,547,630
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (AA+/Aaa)^(e)
	6,855,000	0.000		06/01/2028		5,842,859
	Washington State Various Purpose GO Bonds Series 2018 C (AA+/Aaa)
	8,950,000	5.000		02/01/2043		10,910,408

						133,606,760

West Virginia – 0.5%
	County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (BBB/NR)
	770,000	3.000		03/01/2035		771,278
	2,165,000	3.000		03/01/2037		2,134,539
	2,165,000	3.250		03/01/2041		2,161,449
	State of West Virginia GO Bonds Series 2018 B (AA-/Aa2)
	8,740,000	5.000		06/01/2035		10,961,533
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	770,000	5.000		01/01/2033		939,623
	910,000	5.000		01/01/2034		1,105,241
	1,095,000	5.000		01/01/2035		1,322,738
	2,330,000	5.000		01/01/2036		2,800,264
	West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (NR/Baa1)
	2,325,000	5.000		09/01/2029		2,925,594
	2,645,000	5.000		09/01/2030		3,311,434
	2,100,000	5.000		09/01/2031		2,616,747
	1,700,000	5.000		09/01/2032		2,108,850

						33,159,290


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Wisconsin – 0.6%
	County of Dane GO Bonds Series 2019 A (AAA/NR)
$	4,970,000	2.000 %		06/01/2021	$	5,016,370
	3,080,000	2.000		06/01/2023		3,138,120
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB/Baa3)
	1,000,000	4.300		11/01/2030		1,064,780
	Public Finance Authority Minnesota College of Osteopathic Medicine Senior RB Series 2019 A-1 (CC/NR)^(g)
	800,000	5.500		12/01/2048		788,640
	Public Finance Authority Minnesota College of Osteopathic Medicine Senior Taxable RB Series 2019 A-2 (CC/NR)^(g)
	1,700,000	7.250		12/01/2048		1,679,906
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	500,000	5.200		12/01/2037		584,200
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)
	425,000	5.000		11/15/2044		488,831
	570,000	5.000		11/15/2049		653,619
	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		2,180,420
	Public Finance Authority Waste Management Inc. Project RB Refunding Series 2016 A-3 (AMT) (A-/NR)^(c)(d)
	10,000,000	2.000		06/01/2021		10,063,500
	State of Wisconsin GO Unlimited Bonds Series 2012 B (AA/Aa1)
	3,090,000	3.000		05/01/2026		3,170,093
	Wisconsin State Health & Educational Facilities Authority RB for Ascension Health Credit Group Series 2012 D (AA+/Aa2)
	7,750,000	5.000		11/15/2041		8,285,370
	Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2018 A (BBB-/NR)
	275,000	4.000		09/15/2021		284,196
	225,000	4.000		09/15/2022		235,924
	250,000	4.000		09/15/2023		265,482
	365,000	4.000		09/15/2024		385,904
	Wisconsin State Health & Educational Facilities Authority RB Refunding for Fort Healthcare, Inc. Series 2014 (BBB+/NR)
	410,000	5.000		05/01/2020		417,154

						38,702,509

Wyoming – 0.3%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)
	21,840,000	3.625		07/15/2039		23,386,054

	TOTAL MUNICIPAL BONDS
	(Cost $6,505,813,578)				$	6,823,362,546


Corporate Bonds – 0.1%
Health Care Equipment & Services – 0.1%
	Catholic Health Initiatives
$	470,000	4.350		11/01/2042	$	503,777
	Prime Healthcare Foundation, Inc. Series B
	4,975,000	7.000		12/01/2027		6,067,433

						6,571,210

	TOTAL CORPORATE BONDS
	(Cost $5,320,865)				$	6,571,210

	TOTAL INVESTMENTS – 98.8%
	(Cost $6,511,134,443)				$	6,829,933,756

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.2%					81,353,069

	NET ASSETS – 100.0%				$	6,911,286,825



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)		Zero coupon bond until next reset date.

(c)		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 September 30, 2019.

(d)		Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2019. 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.

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

(f)		When-issued security.

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

(h)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2019.

(i)		Security is currently in default.


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)



Investment Abbreviations:
AGC		—Insured by Assured Guaranty Corp.
AGC-ICC		—Agency Insured Custody Certificate
AGM		—Insured by Assured Guaranty Municipal Corp.
AGM-CR		—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
ASSURED GTY		—Insured by Assured Guaranty
BAM		—Build America Mutual Assurance Co.
BHAC-CR		—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
COPS		—Certificates of Participation
ETM		—Escrowed to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
FHLMC		—Federal Home Loan Mortgage Corp.
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-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
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.

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2019, 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	(37)	12/19/2019	$(7,107,469)	$	157,934


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2019, 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 September 30, 2019^(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	%		0.160%		Bank of America NA		03/20/2023		USD 1,000	$	28,620	$	(17,210	)	$	45,830

California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000			0.160		JPMorgan Chase Bank NA		03/20/2023		1,000		28,619		(17,210	)		45,829

TOTAL												$	57,239	$	(34,420	)	$	91,659

(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 19,600		$	(2,143,064	)	$	(1,150,963	)	$	(992,101	)

1.750		3 Month LIBOR		12/18/2049		535,670	^(b)		(5,157,516	)		12,013,159			(17,170,675	)

TOTAL								$	(7,300,580	)	$	10,862,196		$	(18,162,776	)

(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 September 30, 2019.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – 97.8%
Alabama – 1.8%
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
$	850,000	5.000%		10/01/2024	$	971,439
	850,000	5.000		10/01/2025		992,154
	4,125,000	5.000		10/01/2030		4,786,114
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(a)
	5,750,000	0.000		10/01/2038		5,609,758
	6,000,000	0.000		10/01/2042		5,832,060
	2,325,000	0.000		10/01/2046		2,254,529
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	8,300,000	6.000		10/01/2042		9,877,166
	19,850,000	7.000		10/01/2051		24,328,358
	78,270,000	6.500		10/01/2053		94,305,958

						148,957,536

Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (NR/B3)
	6,280,000	5.000		06/01/2046		6,289,923
	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		758,275

						7,048,198

Arizona – 1.9%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (A-/A3)
	4,500,000	4.500		03/01/2030		4,745,115
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(c)
	63,640,000	(3 Mo. LIBOR + 0.81%), 2.216		01/01/2037		62,298,469
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	1,500,000	4.000		11/01/2049		1,646,295
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)
	1,000,000	5.000		01/01/2043		1,138,360
	4,050,000	4.500		01/01/2049		4,369,667
	3,300,000	5.000		01/01/2054		3,694,383
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)
	575,000	5.000		01/01/2043		643,879
	3,200,000	5.000		01/01/2049		3,552,832
	1,000,000	5.125		01/01/2054		1,115,760
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa1)
	1,000,000	5.000		05/01/2038		1,157,350
	2,780,000	5.000		05/01/2043		3,194,776
	2,500,000	5.000		05/01/2048		2,858,525
	2,000,000	5.000		05/01/2051		2,280,720


Municipal Bonds – (continued)
Arizona – (continued)
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000	6.250		12/01/2042		1,322,838
	1,325,000	6.250		12/01/2046		1,401,081
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	635,000	3.500		07/01/2029		655,777
	600,000	4.100		07/01/2034		623,226
	1,925,000	4.750		07/01/2043		1,997,438
	La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)^(d)
	3,100,000	6.000		08/01/2028		3,183,328
	16,130,000	6.250		08/01/2040		16,692,937
	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		5,108,600
	Maricopa County IDA RB for Banner Health Series 2017 A (AA-/NR)
	16,075,000	4.000		01/01/2041		17,867,202
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (A-/A3)
	5,350,000	4.500		06/01/2030		5,671,321
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A-/A3)
	3,390,000	4.000		09/01/2029		3,595,332
	The Industrial Development Authority of the City of Phoenix RB for Downtown Phoenix Student Housing LLC Series 2018 (NR/Baa3)
	1,000,000	5.000		07/01/2042		1,167,510
	The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (NR/Baa3)
	850,000	5.000		07/01/2037		1,004,819
	University Medical Center Corp. RB Series 2011 (NR/WR)^(e)
	3,500,000	6.000		07/01/2021		3,777,480

						156,765,020

California – 13.7%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE) (AA-/Aa2)^(b)
	1,600,000	0.000		08/01/2026		1,412,608
	Alameda County Oakland Unified School District GO Bonds Election of 2012 Series 2015 A (A-/A1)
	3,000,000	5.000		08/01/2040		3,499,620
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)^(b)
	4,995,000	0.000		08/01/2037		3,169,727
	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		746,509
	Atascadero Unified School District GO Bonds for 2014 Election Series 2014 B (NATL-RE) (NR/Aa3)
	3,000,000	4.000		08/01/2042		3,348,330


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)
California – (continued)
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
$	465,000		5.000	%		05/01/2040	$	558,498
	1,000,000		5.000			05/01/2043		1,197,330
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)^(b)
	1,055,000		0.000			08/01/2025		956,801
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BBB-/NR)
	2,755,000		5.250			05/01/2048		3,247,153
	2,850,000		5.250			05/01/2053		3,347,838
	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		10,442,130
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	1,500,000		5.000			02/01/2042		1,782,225
	4,000,000		5.000			02/01/2047		4,725,960
	California Health Facilities Financing Authority RB for Lucile Salter Packard Children’s Hospital Series 2017 A (A+/A1)
	8,100,000		5.000			11/15/2056		9,772,650
	California Municipal Finance Authority RB for CHF-Riverside II LLC UCR North District Phase 1 Student Housing Project Series 2019 (NR/Baa3)
	1,400,000		5.000			05/15/2049		1,679,202
	950,000		5.000			05/15/2052		1,137,425
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,800,000		5.000			02/01/2042		2,125,314
	17,675,000		5.000			02/01/2047		20,752,571
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	250,000		5.000			10/01/2034		307,072
	250,000		5.000			10/01/2036		305,415
	300,000		5.000			10/01/2037		364,524
	300,000		5.000			10/01/2038		363,681
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB+/NR)
	5,525,000		5.000			12/31/2037		6,640,497
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)^(d)
	7,550,000		6.750			12/01/2028		7,760,192
	37,550,000		7.500			12/01/2040		39,159,769
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB-/Baa3)^(d)
	9,200,000		5.000			07/01/2039		11,138,808
	15,850,000		5.000			11/21/2045		19,015,879
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	1,715,000		5.000			09/01/2030		1,988,097
	1,825,000		5.000			09/01/2037		2,078,419


Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	850,000		4.000			09/02/2044		917,124
	685,000		5.000			09/02/2049		816,075
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2018 B (NR/NR)
	1,800,000		5.000			09/02/2033		2,153,214
	1,620,000		5.000			09/02/2038		1,903,030
	625,000		5.000			09/02/2043		728,631
	1,940,000		5.000			09/02/2048		2,252,185
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR)
	1,425,000		5.000			09/02/2039		1,689,366
	950,000		5.000			09/02/2044		1,117,257
	1,000,000		5.000			09/02/2048		1,175,120
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR)
	950,000		5.000			09/02/2039		1,122,634
	1,080,000		5.000			09/02/2044		1,262,045
	1,570,000		5.000			09/02/2049		1,827,323
	California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)^(d)
	375,000		5.000			06/01/2034		445,811
	475,000		5.000			06/01/2039		555,470
	1,340,000		5.000			06/01/2051		1,545,100
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875			11/01/2043		2,116,669
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (BB-/NR)^(d)
	9,000,000		5.500			12/01/2058		10,593,810
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)
	500,000		5.000			08/01/2038		610,635
	3,000,000		4.000			08/01/2045		3,127,620
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (BB+/NR)^(d)
	2,350,000		5.250			07/01/2039		2,754,858
	3,125,000		5.250			07/01/2049		3,609,500
	1,450,000		5.250			07/01/2052		1,668,297
	California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)^(d)
	1,685,000		3.000			11/01/2022		1,709,264
	935,000		5.000			11/01/2032		1,107,302
	1,875,000		5.000			11/01/2041		2,167,012
	California Statewide Communities Development Authority RB Refunding for Enloe Medical Center Series 2015 (CA MTG INS) (AA-/NR)
	2,850,000		5.000			08/15/2038		3,360,207


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
California – (continued)
	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	$	1,407,708
	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		6,969,545
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	2,220,000		5.000			09/02/2038		2,607,856
	2,500,000		5.000			09/02/2048		2,902,300
	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		4,438,912
	5,750,000		5.000			05/15/2047		6,767,808
	5,640,000		5.000			05/15/2050		6,619,950
	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		6,260,450
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE) (NR/Baa2)^(b)
	7,000,000		0.000			09/01/2033		4,724,440
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)^(e)
	750,000		6.500			12/01/2021		836,700
	2,830,000		7.000			12/01/2021		3,184,712
	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		3,384,750
	City of Goleta Redevelopment Agency Tax Allocation for Goleta Old Town Redevelopment Project Series 2011 (NR/NR)
	670,000		7.750			12/01/2031		673,102
	5,000,000		8.000			06/01/2044		5,024,550
	City of Oroville RB for Oroville Hospital Series 2019 (BB+/NR)
	1,900,000		5.250			04/01/2034		2,323,225
	3,565,000		5.250			04/01/2039		4,294,898
	14,580,000		5.250			04/01/2049		17,182,676
	13,840,000		5.250			04/01/2054		16,245,115
	City of Palo Alto Limited Obligation Refunding Improvement Bonds for University Avenue Area Off-Street Parking Assessment District Series 2012 (A-/NR)
	600,000		5.000			09/02/2030		660,558
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)^(d)
	280,000		5.000			09/01/2032		318,514
	700,000		5.000			09/01/2037		792,449
	1,745,000		5.000			09/01/2047		1,963,300
	County of El Dorado CA Community Facilities District No. 2018-1 Bass Lake Hills Special Tax Bonds Series 2019 (NR/NR)
	1,225,000		5.000			09/01/2044		1,409,607
	200,000		4.000			09/01/2045		214,440
	1,420,000		5.000			09/01/2049		1,627,817


Municipal Bonds – (continued)
California – (continued)
	Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL-RE) (A-/Baa2)^(b)
$	1,305,000		0.000	%		08/01/2027	$	1,114,548
	Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
	1,485,000		5.000			09/01/2027		1,706,057
	2,285,000		5.000			09/01/2037		2,683,024
	6,680,000		5.000			09/01/2047		7,742,454
	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		3,974,832
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (XLCA) (AA-/WR)^(b)
	4,180,000		0.000			04/01/2029		3,441,185
	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		2,432,808
	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		7,926,240
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding RMKT 08/24/17 Series 2013 B Subseries B-1 (A-/Baa2)
	37,510,000		3.950			01/15/2053		39,995,413
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (A-/Baa2)
	13,535,000		6.000			01/15/2053		15,894,286
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)^(a)
	1,000,000		0.000			01/15/2032		1,095,110
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2014 Subseries B-3 (A-/Baa2)^(f)(g)
	4,425,000		5.500			01/15/2023		4,928,034
	Fullerton Public Financing Authority Tax Allocation Series 2005 (AMBAC) (A/WR)
	200,000		5.000			09/01/2027		203,108
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(b)
	77,260,000		0.000			06/01/2047		13,053,077
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC/NR)^(b)
	147,670,000		0.000			06/01/2047		24,948,847
	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		9,306,825
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)
	8,900,000		5.000			06/01/2047		9,127,751
	5,400,000		5.250			06/01/2047		5,560,380


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)
California – (continued)
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-2 (NR/NR)
$	3,500,000		5.000	%		06/01/2047	$	3,589,565
	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		28,897,867
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)^(b)
	100,945,000		0.000			06/01/2036		34,072,975
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (CCC/NR)^(b)
	51,235,000		0.000			06/01/2047		8,165,834
	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		15,464,958
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds Series 2019 (A-/NR)
	2,075,000		3.678			06/01/2038		2,160,822
	Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (AA/NR)
	1,150,000		5.000			09/01/2051		1,335,955
	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		1,927,132
	1,925,000		5.000			03/01/2057		2,213,384
	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		3,143,085
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	215,000		6.625			08/01/2024		215,821
	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		18,542,644
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A/NR)
	1,625,000		6.750			09/01/2026		1,785,355
	1,500,000		7.000			09/01/2031		1,656,570
	875,000		7.250			09/01/2038		970,445
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)^(b)
	3,750,000		0.000			08/01/2035		2,549,588
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	14,850,000		6.500			11/01/2039		23,337,518
	M-S-R Energy Authority Gas RB Series 2009 B (BBB+/NR)
	2,000,000		6.500			11/01/2039		3,143,100
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	10,000,000		6.125			11/01/2029		12,797,200
	21,765,000		6.500			11/01/2039		34,204,786


Municipal Bonds – (continued)
California – (continued)
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)^(a)
	7,000,000		0.000			08/01/2030		7,453,880
	Natomas Unified School District GO Bonds Election of 2014 Series 2013 (BAM) (AA/A1)
	14,535,000		4.000			08/01/2042		15,947,075
	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		779,057
	1,105,000		0.000			08/01/2026		979,549
	5,550,000		0.000			08/01/2030		4,375,675
	7,830,000		0.000			08/01/2032		5,770,867
	7,000,000		0.000			08/01/2034		4,825,940
	Orange County California Community Facilities District No. 2015-1 Village of Esencia Special Tax Bonds Series 2015 A (NR/NR)
	2,925,000		5.250			08/15/2045		3,344,328
	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		304,185
	200,000		5.000			08/15/2028		247,438
	2,900,000		5.000			08/15/2047		3,427,887
	Oxnard School District GO Bonds Election of 2016 Series 2016 B (BAM) (AA/NR)^(g)
	7,800,000		2.000			08/01/2021		8,462,142
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,500,000		5.000			11/01/2047		13,603,925
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)
	10,750,000		7.000			08/01/2038		14,929,493
	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		1,641,738
	Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (AA-/Aa3)^(b)
	1,300,000		0.000			08/01/2040		750,841
	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		549,675
	500,000		4.000			09/01/2030		546,675
	650,000		4.000			09/01/2031		706,193
	900,000		3.000			09/01/2032		912,933
	820,000		3.000			09/01/2033		829,200
	750,000		3.000			09/01/2034		756,060
	Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (AA/A1)^(b)
	6,170,000		0.000			08/01/2036		3,698,421
	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		5,273,970
	880,000		5.250			09/01/2034		954,325


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
California – (continued)
$	6,815,000	5.500 %			09/01/2045		$	7,411,790
	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			24,470,325
	Riverside County Public Financing Authority Tax Allocation RB Refunding Series 2017 A (BAM) (AA/NR)
	4,245,000	4.000			10/01/2040			4,691,744
	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			1,531,911
	2,220,000	0.000			10/01/2035			1,429,991
	1,840,000	0.000			10/01/2037			1,106,539
	5,100,000	0.000			10/01/2038			2,964,273
	8,425,000	0.000			10/01/2039			4,739,737
	13,395,000	0.000			10/01/2040			7,231,023
	7,275,000	0.000			10/01/2041			3,780,090
	6,360,000	0.000			10/01/2042			3,184,897
	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			1,348,455
	1,950,000	6.750			10/01/2030			2,149,973
	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			3,710,630
	Riverside County Redevelopment Successor Agency Tax Allocation Refunding Series 2017 A (BAM) (AA/NR)
	8,585,000	4.000			10/01/2039			9,554,504
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (A-/NR)
	2,000,000	5.750			06/01/2048			2,216,820
	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			936,767
	1,865,000	5.000			09/01/2033			2,228,507
	2,250,000	5.000			09/01/2035			2,672,888
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)^(c)
	6,405,000	(3 Mo. LIBOR + 0.53%), 1.962			12/01/2035			6,144,765
	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%), 1.980			06/01/2034			3,725,333
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE) (A+/A1)^(b)
	1,420,000	0.000			08/01/2025			1,281,152


Municipal Bonds – (continued)
California – (continued)
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)^(b)
	10,000,000		0.000			07/01/2030			7,987,400
	3,000,000		0.000			07/01/2031			2,317,050
	San Francisco City & County Airport Commission San Francisco International Airport RB Series 2019 A (AMT) (A+/A1)
	17,765,000		5.000			05/01/2044			21,610,412
	80,475,000		5.000			05/01/2049			97,213,800
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay North Redevelopment Series 2011 C (A-/NR)^(e)
	500,000		6.750			02/01/2021			537,340
	San Francisco City & County Redevelopment Financing Authority Tax Allocation for Mission Bay South Redevelopment Series 2011 D (BBB+/NR)^(e)
	435,000		6.625			02/01/2021			466,772
	2,500,000		7.000			02/01/2021			2,693,550
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Toll Road Senior Lien Series 2014 A (A-/NR)
	3,000,000		5.000			01/15/2029			3,495,510
	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			1,468,468
	1,595,000		0.000			08/01/2025			1,450,732
	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			2,134,400
	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			2,163,460
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000		5.000			07/01/2032			2,129,780
	2,000,000		5.000			07/01/2042			2,120,460
	Santee Community Development Commission Tax Allocation for Santee Community Redevelopment Project Series 2011 A (A/NR)^(e)
	1,000,000		7.000			08/01/2031			1,077,420
	2,000,000		7.000			08/01/2041			2,154,840
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)^(b)
	88,700,000		0.000			06/01/2056			8,378,602
	State of California GO Unlimited Various Purpose Bonds Series 2019 (AA-/Aa3)
	4,030,000		4.000			04/01/2049			4,556,842
	4,730,000		5.000			04/01/2049			5,919,879
	State of California Various Purpose GO Bonds for Bid Group B Series 2019 (AA-/Aa3)
	46,860,000		3.050			04/01/2029			49,477,600
	Stockton Public Financing Authority Water RB for Delta Water Supply Project Series 2010 A (A/A3)
	2,000,000		6.250			10/01/2040			2,375,140
	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			4,341,520


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)
California – (continued)
	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		$	2,247,024
	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			849,383
	1,000,000	5.000			09/01/2045			1,128,410
	Union City Community Redevelopment Agency Tax Allocation for Community Redevelopment Project Sub Lien Series 2011 (A+/NR)^(e)
	1,500,000	6.875			12/01/2021			1,685,385
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)^(c)
	17,120,000	(3 Mo. LIBOR + 0.74%), 2.190			05/15/2043			15,972,104
	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			1,122,650
	5,000,000	7.500			09/01/2042			5,614,700
	William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)
	1,400,000	5.000			09/01/2047			1,603,714
	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			5,840,045
	Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)^(a)
	19,135,000	0.000			08/01/2042			18,145,146

								1,153,366,892

Colorado – 4.1%
	9th Avenue Metropolitan District No. 2 Limited Tax GO Bonds Series 2018 (NR/NR)
	2,470,000	5.000			12/01/2048			2,605,084
	Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	750,000	5.000			12/01/2037			784,733
	1,065,000	5.125			12/01/2047			1,107,387
	Arista Metropolitan District GO Refunding Bonds Series 2018 A (NR/NR)
	3,000,000	5.125			12/01/2048			3,221,040
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,375,000	5.125			12/01/2046			2,489,380
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)
	670,000	7.000			12/15/2047			690,763
	Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,500,000	5.125			12/01/2048			2,645,025
	Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)
	1,000,000	6.375			12/15/2047			1,039,290


Municipal Bonds – (continued)
Colorado – (continued)
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	2,250,000		5.375			12/01/2048			2,353,860
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,750,000		6.000			12/01/2037			1,850,170
	4,000,000		6.125			12/01/2047			4,207,720
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	2,000,000		6.125			12/01/2047			2,062,320
	Centerra Metropolitan District No. 1 Special RB Refunding & Improvement Bonds Series 2017 (NR/NR)^(d)
	6,500,000		5.000			12/01/2047			6,840,730
	Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)
	500,000		7.375			12/15/2047			521,065
	Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	790,000		4.375			12/01/2032			820,881
	Colorado Crossing Metropolitan District No. 2 Limited Property Tax Supported RB Series 2017 (NR/NR)
	7,390,000		7.500			12/01/2047			7,642,295
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (A-/NR)
	3,500,000		4.500			12/01/2033			3,511,865
	3,500,000		5.000			12/01/2033			3,799,495
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (A-/NR)
	3,000,000		5.750			12/01/2036			3,459,960
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (BBB+/WR)^(e)
	3,000,000		5.625			06/01/2023			3,458,070
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	11,365,000		4.000			08/01/2049			12,211,806
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (BBB+/NR)^(e)
	4,410,000		5.000			06/01/2027			5,516,204
	Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (BBB/NR)
	965,000		5.000			12/31/2047			1,061,056
	965,000		5.000			12/31/2051			1,058,161
	2,980,000		5.000			12/31/2056			3,259,822
	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			13,235,255
	Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)
	3,000,000		5.750			12/01/2047			3,108,270
	Copperleaf Metropolitan District No. 2 Limited Tax Convertible to Unlimited Tax GO Refunding Series 2015 (NR/NR)
	500,000		5.250			12/01/2030			524,395
	2,000,000		5.750			12/01/2045			2,097,540


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Colorado – (continued)
	Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A (NR/NR)
$	500,000	5.000 %		12/01/2037	$	525,935
	700,000	5.125		12/01/2047		732,865
	Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)
	506,000	7.625		12/15/2047		526,361
	Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A (NR/NR)
	2,000,000	5.250		12/01/2048		2,093,360
	Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)
	820,000	7.500		12/15/2048		855,744
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	1,000,000	5.125		12/01/2037		1,060,770
	2,100,000	5.250		12/01/2047		2,225,622
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)^(d)
	4,165,000	5.500		12/01/2039		4,242,594
	10,900,000	5.750		12/01/2049		11,100,560
	Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)^(d)
	2,370,000	8.000		12/15/2049		2,407,944
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (BB/NR)
	11,310,000	5.000		10/01/2032		12,388,295
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(d)
	5,555,000	5.000		12/01/2028		6,785,099
	7,200,000	5.000		12/01/2034		8,647,056
	4,800,000	4.000		12/01/2035		5,286,000
	4,800,000	4.000		12/01/2036		5,272,032
	Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)^(c)
	16,160,000	(3 Mo. LIBOR + 1.10%), 2.530		12/01/2033		16,158,707
	Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)
	2,470,000	5.375		08/01/2047		2,582,360
	Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)
	1,269,000	8.000		08/01/2047		1,309,392
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	425,000	5.000		12/01/2032		522,291
	1,825,000	4.000		12/01/2038		2,009,891
	1,690,000	5.000		12/01/2048		2,001,551
	Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)
	1,185,000	4.000		12/01/2038		1,316,440
	1,900,000	4.000		12/01/2039		2,103,547
	950,000	4.000		12/01/2040		1,048,183
	Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR)
	3,800,000	5.000		06/01/2049		3,874,860


Municipal Bonds – (continued)
Colorado – (continued)
	E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE) (A/A2)^(b)
	3,000,000	0.000		09/01/2039		1,318,380
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)^(b)
	15,000,000	0.000		09/01/2028		12,320,400
	4,100,000	0.000		09/01/2034		2,741,506
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A2)^(b)
	1,715,000	0.000		09/01/2028		1,080,604
	E-470 Public Highway Authority RB Series 2010 A (A/A2)^(b)
	20,000,000	0.000		09/01/2040		10,651,800
	First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)
	1,080,000	5.000		08/01/2049		1,185,019
	First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR)
	515,000	6.750		08/01/2049		518,317
	Forest Trace Metropolitan District No. 3 GO Unlimited Bonds Series 2016 A (NR/NR)
	1,000,000	5.000		12/01/2046		1,041,920
	Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR)
	4,500,000	5.750		12/01/2048		4,736,745
	High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL-RE) (NR/Baa2)
	3,930,000	4.000		12/01/2047		4,239,763
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	1,000,000	5.000		12/01/2049		1,059,570
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	4,190,000	5.000		12/01/2049		4,370,547
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR)
	683,000	7.750		12/15/2049		698,818
	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		1,312,725
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	1,260,000	5.500		12/01/2048		1,304,352
	North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)
	3,270,000	5.625		12/01/2037		3,451,485
	5,380,000	5.750		12/01/2047		5,678,859
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	2,135,000	4.375		12/01/2031		2,177,849
	1,825,000	5.000		12/01/2046		1,891,412
	Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,500,000	5.125		12/01/2049		1,529,415
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)^(d)
	1,000,000	5.000		12/01/2040		1,047,910


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)
Colorado – (continued)
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
$	800,000		5.000	%		12/01/2049	$	823,544
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,000,000		5.625			12/01/2048		2,095,800
	Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)^(d)
	3,000,000		5.000			12/15/2041		3,172,500
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	4,200,000		6.500			11/15/2038		6,406,512
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,150,000		5.000			12/01/2049		1,173,403
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	550,000		5.125			12/01/2037		584,661
	1,000,000		5.125			12/01/2043		1,056,020
	Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)
	635,000		7.250			12/15/2035		657,473
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	1,500,000		5.500			12/01/2046		1,577,115
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	750,000		4.500			12/01/2031		770,123
	South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR)
	2,208,000		8.000			12/15/2048		2,289,784
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500			12/01/2048		520,885
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	2,550,000		5.125			12/01/2047		2,662,710
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa1)
	650,000		5.000			12/01/2039		749,470
	Sterling Ranch Community Authority Board Limited Tax Special Senior RB Series 2017 A (MUN GOVT GTD) (NR/NR)
	8,920,000		5.000			12/01/2038		9,322,203
	18,250,000		5.000			12/01/2047		18,860,462
	Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.625			12/01/2047		2,080,440
	Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (NR/Baa3)
	8,000,000		6.000			12/01/2050		9,647,840
	Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)
	880,000		5.250			12/01/2037		915,059
	2,400,000		5.375			12/01/2047		2,495,928
	Village at Dry Creek Metropolitan District No. 2 GO Bonds for Thornton Adams Series 2019 (NR/NR)
	1,570,000		4.375			12/01/2044		1,611,699


Municipal Bonds – (continued)
Colorado – (continued)
	Vista Ridge Metropolitan District GO Refunding Bonds Limited Tax Subseries 2006 B (NR/NR)^(e)
	1,725,000		9.500			12/01/2021		2,052,733
	Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)
	880,000		5.000			12/01/2047		911,082
	Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)
	1,490,000		7.375			12/15/2047		1,546,635
	Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		1,068,050
	2,500,000		5.000			12/01/2047		2,626,425
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bond Series 2018 A (NR/NR)
	3,470,000		5.375			12/01/2048		3,632,327
	Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.000			12/01/2049		1,051,980
	Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,500,000		6.500			12/01/2047		1,691,160

								342,672,520

Connecticut – 0.5%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	900,000		5.500			08/01/2034		1,089,423
	500,000		5.500			08/01/2035		603,555
	420,000		5.500			08/01/2036		505,701
	400,000		5.500			08/01/2037		479,908
	410,000		5.500			08/01/2038		490,684
	Connecticut State GO Bonds Series 2018 C (A/A1)
	1,850,000		5.000			06/15/2028		2,320,844
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (B-/NR)^(d)
	20,240,000		7.000			02/01/2045		20,871,690
	State of Connecticut GO Bonds Series 2018 (A/A1)
	4,860,000		5.000			06/15/2027		5,989,999
	2,100,000		5.000			06/15/2029		2,623,845
	450,000		5.000			06/15/2032		555,025
	State of Connecticut GO Unlimited Bonds Series 2019 A (A/A1)
	1,000,000		5.000			04/15/2030		1,265,360
	1,000,000		5.000			04/15/2034		1,245,410
	500,000		4.000			04/15/2037		567,295
	Town of Hamden Refunding GO Series 2013 (AGM) (AA/A2)
	500,000		5.000			08/15/2023		564,710

								39,173,449

Delaware – 0.3%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
	4,662,000		5.450			07/01/2035		4,663,772
	Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2010 (A-/Baa1)
	3,000,000		5.400			02/01/2031		3,093,180


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Delaware – (continued)
	Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (A-/NR)
$	3,785,000		5.000	%		11/15/2048	$	4,366,187
	Delaware Economic Development Authority RB for Indian River Power LLC Project Series 2010 (NR/Baa3)
	2,050,000		5.375			10/01/2045		2,118,552
	Delaware Health Facilities Authority RB Refunding for Bayhealth Medical Center Obligated Group Series 2017 A (AA-/NR)
	6,130,000		4.000			07/01/2043		6,756,915
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)
	855,000		5.000			08/01/2049		981,258
	795,000		5.000			08/01/2054		908,732

								22,888,596

District of Columbia – 1.2%
	District of Columbia RB for International School Series 2019 (BBB/NR)
	1,275,000		5.000			07/01/2049		1,514,853
	1,140,000		5.000			07/01/2054		1,343,661
	Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (AA-/Aa3)
	14,485,000		5.000			10/01/2043		17,460,654
	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)
	37,100,000		6.500			10/01/2044		49,639,058
	Metropolitan Washington DC Airports Authority Dulles Toll Road RB Third 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		32,523,500

								102,481,726

Florida – 12.4%
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	635,000		5.000			05/01/2039		679,882
	1,035,000		5.100			05/01/2049		1,107,812
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	3,270,000		6.300			05/01/2035		3,305,806
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	1,725,000		3.500			05/01/2031		1,804,333
	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		4,268,440
	6,755,000		3.700			05/01/2036		7,232,443
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	755,000		4.625			05/01/2028		784,015
	1,875,000		5.000			05/01/2036		2,007,525


Municipal Bonds – (continued)
Florida – (continued)
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B (NR/NR)
	5,885,000		6.900			05/01/2025		6,510,752
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)
	3,675,000		6.900			05/01/2036		4,002,957
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)
	960,000		6.900			05/01/2036		1,036,646
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)^(d)
	1,845,000		5.100			05/01/2039		1,974,796
	3,080,000		5.200			05/01/2049		3,295,692
	Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)
	660,000		4.375			11/01/2049		673,477
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	750,000		5.750			05/01/2048		830,407
	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		2,027,396
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-2 (NR/NR)
	15,000		6.000			05/01/2029		15,889
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	1,070,000		3.625			05/01/2031		1,158,050
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)^(d)
	900,000		4.500			06/01/2039		934,272
	650,000		4.625			06/01/2049		674,602
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	290,000		4.250			11/01/2021		296,252
	920,000		4.750			11/01/2026		973,682
	705,000		5.000			11/01/2031		748,950
	6,035,000		5.250			11/01/2046		6,431,681
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)^(d)
	935,000		5.000			11/01/2049		993,559
	750,000		5.125			11/01/2049		797,003
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	370,000		4.500			11/01/2025		386,284
	995,000		5.000			11/01/2036		1,090,749
	1,095,000		5.000			11/01/2048		1,176,796


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)
Florida – (continued)
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
$	1,960,000		4.250	%		05/01/2029	$	2,171,778
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)
	990,000		5.000			05/01/2035		1,046,876
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	960,000		3.750			05/01/2031		1,056,211
	1,120,000		4.000			05/01/2037		1,205,344
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	1,610,000		4.250			05/01/2031		1,788,001
	2,810,000		4.250			05/01/2037		3,079,704
	Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)^(d)
	2,800,000		6.375			11/01/2049		2,986,396
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)
	655,000		6.000			11/01/2027		749,248
	490,000		3.750			11/01/2031		521,997
	2,980,000		6.500			11/01/2043		3,759,240
	1,495,000		4.125			11/01/2046		1,584,700
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	775,000		6.125			11/01/2033		914,469
	1,000,000		6.500			11/01/2043		1,205,730
	Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	190,000		3.500			05/01/2021		191,507
	500,000		4.100			05/01/2026		519,275
	1,755,000		4.700			05/01/2036		1,829,535
	3,200,000		4.875			05/01/2047		3,326,688
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	900,000		4.250			06/15/2039		926,667
	1,150,000		4.500			06/15/2049		1,188,318
	Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)
	7,305,000		5.750			05/01/2035		8,113,444
	Brookstone Community Development District Special Assessment RB Series 2018 (NR/NR)^(d)
	600,000		3.875			11/01/2023		606,876
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(h)
	1,000,000		4.000			12/15/2039		1,007,450
	1,350,000		4.000			12/15/2049		1,328,980
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (BBB-/NR)
	13,000,000		5.875			07/01/2054		13,773,630
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)^(d)
	52,135,000		5.250			12/01/2058		54,761,561


Municipal Bonds – (continued)
Florida – (continued)
	Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)
	355,000		4.000			05/01/2024		360,829
	500,000		5.125			05/01/2038		526,135
	1,000,000		5.250			05/01/2049		1,052,010
	Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)
	375,000		4.125			12/15/2027		394,136
	500,000		4.500			12/15/2032		536,175
	975,000		4.700			12/15/2037		1,048,876
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A/NR)
	200,000		3.500			11/01/2020		204,686
	210,000		3.750			11/01/2021		220,137
	215,000		3.875			11/01/2022		228,203
	25,000		4.000			11/01/2023		26,606
	1,705,000		4.500			11/01/2031		1,819,695
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)^(d)
	900,000		5.500			10/01/2036		969,210
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)^(d)
	5,400,000		5.000			10/01/2049		5,895,234
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,750,000		4.000			10/01/2034		1,920,853
	City of Jacksonville RB for Jacksonville University Project Series 2018 B (NR/NR)^(d)
	3,000,000		5.000			06/01/2053		3,277,380
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)^(a)
	25,620,000		0.000			05/01/2046		23,868,104
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,250,000		5.000			05/01/2026		2,566,935
	Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)^(d)
	500,000		4.750			06/15/2039		532,785
	1,000,000		5.000			06/15/2049		1,064,800
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	2,990,000		3.500			05/01/2032		3,155,197
	1,500,000		3.625			05/01/2035		1,587,510
	1,750,000		3.750			05/01/2046		1,839,250
	Concorde Estates Community Development District RB for Capital Improvement Series 2017 B (NR/NR)^(b)
	4,705,000		0.000			11/01/2027		3,176,816
	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


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
$	3,325,000		5.850	%		05/01/2035	$	3,325,698
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	1,770,000		5.850			05/01/2035		1,573,264
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)^(b)(i)
	2,939,931		0.000			11/01/2017		1,558,163
	Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(d)
	220,000		3.875			11/01/2024		224,658
	270,000		4.000			11/01/2029		283,003
	500,000		4.750			11/01/2038		540,620
	1,000,000		5.000			11/01/2049		1,080,080
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	425,000		4.000			12/15/2039		432,115
	1,000,000		4.250			12/15/2049		1,020,730
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(d)
	3,670,000		5.125			11/01/2050		3,932,699
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	782,000		4.000			05/01/2031		858,487
	1,407,000		4.250			05/01/2038		1,536,022
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)
	960,000		3.750			05/01/2029		1,024,051
	Covington Park Community Development District Special Assessment RB for Capital Improvement Bonds Series 2018 (BBB/NR)
	1,175,000		4.125			05/01/2048		1,265,604
	Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (BBB/NR)
	500,000		4.000			05/01/2038		538,205
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)^(d)
	1,570,000		4.700			11/01/2039		1,623,474
	2,500,000		4.750			11/01/2049		2,564,400
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	3,170,000		5.125			11/01/2048		3,452,669
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	2,100,000		5.400			05/01/2039		2,238,999
	3,130,000		5.500			05/01/2044		3,357,488
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	2,665,000		5.400			05/01/2049		2,868,766


Municipal Bonds – (continued)
Florida – (continued)
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	1,000,000		4.750			12/15/2038		1,077,690
	2,995,000		5.000			12/15/2048		3,224,207
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	3,110,000		3.750			05/01/2034		3,334,013
	4,295,000		4.000			05/01/2037		4,646,632
	East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	1,000,000		5.000			11/01/2048		1,052,510
	East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR)
	500,000		4.750			11/01/2039		533,840
	920,000		5.000			11/01/2049		985,421
	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		27,939,870
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,005,000		6.375			11/01/2026		1,124,685
	3,245,000		7.000			11/01/2045		3,947,121
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR)
	900,000		5.250			11/01/2035		956,223
	1,360,000		5.375			11/01/2046		1,443,504
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)^(d)
	1,245,000		5.000			11/01/2039		1,298,037
	1,800,000		5.125			11/01/2049		1,876,212
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,480,000		4.375			05/01/2034		1,565,440
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)^(d)
	3,150,000		5.000			12/15/2049		3,593,394
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)^(d)(f)(g)
	3,000,000		6.250			01/01/2024		2,795,490
	14,940,000		6.375			01/01/2026		13,880,455
	42,000,000		6.500			01/01/2029		39,007,500
	Florida Development Finance Corp. Solid Waste Disposal RB for Waste Pro USA, Inc. Project Series 2017 (AMT) (NR/NR)^(d)(f)(g)
	1,850,000		5.000			08/01/2022		1,965,662
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)^(d)
	1,750,000		4.750			06/01/2038		1,913,555
	3,000,000		5.000			06/01/2048		3,305,400
	Florida Higher Educational Facilities Financial Authority RB for Ringling College of Art & Design, Inc. Series 2019 (BBB+/NR)
	5,970,000		5.000			03/01/2049		7,051,466


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)
Florida – (continued)
	Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (BBB-/NR)
$	1,295,000		5.000	%		03/01/2044	$	1,481,040
	1,550,000		5.000			03/01/2049		1,766,054
	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		650,238
	5,830,000		5.250			04/01/2042		6,347,471
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	725,000		5.000			11/01/2047		784,892
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	1,000,000		4.125			11/01/2039		1,014,410
	2,000,000		4.375			11/01/2049		2,040,840
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	700,000		4.000			05/01/2031		762,825
	1,000,000		4.125			05/01/2038		1,077,000
	Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (BBB/NR)
	1,855,000		3.250			11/01/2049		1,800,333
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	250,000		4.000			11/01/2049		248,693
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
	3,165,000		5.000			11/15/2026		3,433,519
	5,000,000		5.000			11/15/2036		5,347,550
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A+/A1)
	3,540,000		5.000			10/01/2047		4,162,403
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	1,500,000		4.375			11/01/2049		1,552,545
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	1,525,000		4.500			05/01/2036		1,579,976
	2,305,000		4.625			05/01/2046		2,390,470
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	925,000		3.750			05/01/2034		920,865
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	2,140,000		3.875			05/01/2039		2,103,855
	1,400,000		4.100			05/01/2048		1,381,380
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)^(d)
	1,725,000		4.000			05/01/2031		1,909,609
	1,335,000		4.250			05/01/2035		1,473,987
	1,810,000		4.250			05/01/2039		1,978,692
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	640,000		3.875			11/01/2039		630,752
	1,150,000		4.000			11/01/2051		1,113,580


Municipal Bonds – (continued)
Florida – (continued)
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	200,000		4.000			11/01/2039		196,974
	500,000		4.250			11/01/2051		493,085
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	900,000		5.000			05/01/2034		996,453
	2,170,000		5.125			05/01/2045		2,430,877
	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		550,225
	500,000		5.150			05/01/2034		547,745
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	1,540,000		3.400			05/01/2037		1,607,637
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	1,975,000		5.700			05/01/2036		1,978,555
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	2,205,000		4.200			05/01/2031		2,413,350
	2,000,000		4.350			05/01/2036		2,159,240
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)^(d)
	1,000,000		4.875			12/15/2038		1,065,750
	1,000,000		5.000			12/15/2048		1,066,630
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,000,000		4.250			05/01/2031		1,118,990
	2,150,000		4.250			05/01/2036		2,349,821
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	2,295,000		5.000			11/01/2048		2,450,417
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)^(d)
	470,000		5.125			11/01/2049		502,223
	Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	2,500,000		4.125			05/01/2035		2,626,650
	Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	990,000		5.000			11/01/2047		1,045,846
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	2,100,000		6.700			05/01/2033		2,288,790
	4,765,000		7.000			05/01/2043		5,245,741
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)
	6,320,000		5.600			05/01/2044		7,091,230
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	530,000		4.400			05/01/2039		550,479
	810,000		4.500			05/01/2049		835,232


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)^(d)
$	1,000,000		5.000	%		05/01/2037	$	1,072,920
	2,370,000		5.125			05/01/2047		2,530,022
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)^(d)
	575,000		3.750			05/01/2039		567,910
	555,000		4.000			05/01/2049		552,125
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	1,000,000		4.400			05/01/2039		1,038,640
	1,140,000		4.500			05/01/2049		1,175,511
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)
	19,280,000		8.000			05/01/2040		21,076,896
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	490,000		4.000			05/01/2022		499,095
	1,125,000		4.625			05/01/2027		1,202,726
	2,500,000		5.250			05/01/2037		2,748,825
	5,820,000		5.375			05/01/2047		6,378,487
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1A Series 2018 (NR/NR)
	1,175,000		5.000			05/01/2038		1,247,239
	2,545,000		5.100			05/01/2048		2,702,968
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR)
	3,760,000		5.450			05/01/2048		4,141,452
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	990,000		4.000			05/01/2021		1,002,563
	1,325,000		4.250			05/01/2026		1,383,274
	3,540,000		5.000			05/01/2036		3,759,515
	14,020,000		5.125			05/01/2046		14,894,708
	Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)
	1,160,000		4.700			05/01/2039		1,232,396
	1,250,000		4.875			05/01/2049		1,325,762
	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		2,863,744
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	1,435,000		4.000			05/01/2031		1,597,298
	1,860,000		4.000			05/01/2036		2,051,729
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	985,000		5.125			05/01/2048		1,046,415
	1,775,000		5.125			05/01/2049		1,867,779
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	3,755,000		5.400			05/01/2030		3,754,850


Municipal Bonds – (continued)
Florida – (continued)
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	1,830,000		5.375			05/01/2030		1,831,629
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	900,000		4.625			05/01/2039		925,236
	1,400,000		4.750			05/01/2050		1,433,516
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,765,000		4.000			06/15/2039		1,793,346
	1,465,000		4.375			06/15/2049		1,496,908
	Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,940,000		5.000			05/01/2032		2,014,477
	McJunkin Parkland Community Development District Special Assessment Bond Series 2018 (NR/NR)^(d)
	2,800,000		5.125			11/01/2038		3,017,196
	4,750,000		5.250			11/01/2049		5,105,633
	Meadow Pointe II Community Development District Special Assessment RB Series 2018 (AGM) (AA/NR)
	1,605,000		4.125			05/01/2039		1,780,523
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)⁽ⁱ⁾
	880,000		5.250			05/01/2015		61,600
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)⁽ⁱ⁾
	1,380,000		6.150			11/01/2014		96,600
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-1 (NR/NR)
	385,000		6.000			05/01/2036		399,203
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)
	750,000		6.250			05/01/2038		785,363
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 B (NR/NR)
	100,000		6.810			05/01/2020		100,701
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)
	590,000		7.250			05/01/2035		650,304
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 B (NR/NR)
	125,000		7.250			05/01/2022		133,218
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)⁽ⁱ⁾
	1,075,000		5.250			05/01/2015		75,250
	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		1,052,340
	1,700,000		5.000			05/01/2048		1,789,318
	Miami Beach Health Facilities Authority Hospital RB Refunding for Mount Sinai Medical Center of Florida Series 2014 (A-/Baa1)
	1,500,000		5.000			11/15/2039		1,688,250
	Miami Special Obligation RB Refunding for Port of Miami Tunnel Project Series 2012 (A+/Aa3)^(d)
	11,760,000		5.000			03/01/2030		13,132,627


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)
Florida – (continued)
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
$	600,000		4.000	%		11/01/2023	$	618,720
	600,000		4.750			11/01/2027		651,468
	4,000,000		5.125			11/01/2039		4,383,000
	4,135,000		5.250			11/01/2049		4,536,633
	Miami-Dade County Educational Facilities Authority RB for University of Miami Series 2018 A (A-/A3)
	10,085,000		4.000			04/01/2053		10,969,555
	Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR)
	3,445,000		5.000			05/01/2029		3,657,936
	3,515,000		5.000			05/01/2037		3,709,063
	Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)
	2,720,000		5.000			05/01/2028		2,922,477
	1,665,000		5.000			05/01/2035		1,760,687
	Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (AA/NR)
	1,820,000		3.500			05/01/2036		1,904,685
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	740,000		5.250			11/01/2035		793,724
	1,240,000		5.625			11/01/2045		1,338,915
	Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	1,185,000		5.125			11/01/2048		1,254,702
	New River Community Development District Special Assessment RB for Capital Improvement Series 2010 A-1 (NR/NR)
	1,800,000		5.750			05/01/2038		1,800,918
	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		1,804,824
	1,765,000		5.000			04/01/2025		1,894,745
	1,005,000		5.000			04/01/2026		1,080,757
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	1,680,000		5.375			11/01/2038		1,853,174
	3,300,000		5.500			11/01/2049		3,638,085
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2010 A-1 (NR/NR)
	885,000		6.125			05/01/2035		894,788
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2010 A-2 (NR/NR)
	1,225,000		6.125			05/01/2035		1,240,006
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	400,000		4.000			11/01/2038		441,304
	3,290,000		4.200			11/01/2048		3,623,014
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	3,155,000		3.750			05/01/2031		3,406,516
	2,040,000		4.000			05/01/2036		2,211,850


Municipal Bonds – (continued)
Florida – (continued)
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	700,000		4.000			05/01/2027		733,446
	2,380,000		5.000			05/01/2039		2,618,762
	Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (AA/NR)
	530,000		4.125			05/01/2035		570,222
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	925,000		5.250			05/01/2039		943,019
	2,455,000		5.375			05/01/2050		2,497,521
	Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR)
	1,100,000		5.500			11/01/2032		1,134,144
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	2,285,000		4.700			05/01/2049		2,585,957
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	800,000		4.375			05/01/2031		897,968
	1,065,000		4.500			05/01/2034		1,194,046
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	3,225,000		4.375			05/01/2036		3,612,129
	Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)
	2,260,000		5.000			07/01/2039		2,633,216
	Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB/NR)
	2,805,000		4.750			05/01/2033		2,996,357
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	1,045,000		5.375			11/01/2049		1,121,828
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 1 (NR/NR)
	2,890,000		6.600			05/01/2033		3,135,997
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 2 (NR/NR)
	810,000		6.600			05/01/2036		878,947
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 3 (NR/NR)
	2,365,000		6.600			05/01/2033		2,566,309
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	3,070,000		5.000			05/01/2025		3,250,454
	6,830,000		5.000			05/01/2033		7,220,813
	Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)⁽ⁱ⁾
	2,170,000		7.200			05/01/2022		22
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	470,000		4.500			05/01/2039		485,510
	1,520,000		4.625			05/01/2050		1,566,846


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
$	1,000,000		4.500	%		05/01/2040	$	1,022,640
	1,000,000		4.750			05/01/2050		1,022,380
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	2,390,000		4.000			05/01/2031		2,618,197
	River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)
	4,475,000		5.450			05/01/2036		4,500,821
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(d)
	1,410,000		4.125			06/15/2039		1,442,797
	2,280,000		4.250			06/15/2049		2,323,502
	Sandy Creek Community Development District Special Assessment Refunding Series 2007 B (NR/NR)
	1,045,000		5.500			05/01/2020		1,050,340
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(d)
	2,200,000		5.250			11/01/2039		2,343,462
	2,825,000		5.375			11/01/2049		3,002,241
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	3,800,000		5.250			11/01/2049		4,083,214
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	4,000,000		5.000			05/01/2049		4,256,640
	South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)^(d)
	2,100,000		5.125			11/01/2039		2,246,643
	3,485,000		5.250			11/01/2049		3,712,257
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,310,000		5.000			05/01/2038		1,382,875
	2,505,000		5.375			05/01/2049		2,666,848
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,345,000		4.250			11/01/2037		1,465,095
	330,000		4.125			11/01/2040		352,209
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)
	800,000		3.500			05/01/2032		851,184
	500,000		3.625			05/01/2035		531,970
	1,715,000		3.750			05/01/2038		1,823,542
	South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR)
	465,000		4.350			05/01/2026		477,127
	490,000		4.875			05/01/2035		511,403
	95,000		5.000			05/01/2038		99,328
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,010,000		5.250			05/01/2034		2,179,765
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,715,000		5.800			05/01/2035		3,707,236


Municipal Bonds – (continued)
Florida – (continued)
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,775,000		5.800			05/01/2035		2,533,076
	Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR)
	350,000		3.750			05/01/2024		354,760
	425,000		4.375			05/01/2029		444,707
	1,000,000		5.000			05/01/2039		1,050,450
	1,750,000		5.250			05/01/2049		1,851,168
	Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)^(d)
	1,250,000		5.125			11/01/2037		1,335,888
	1,790,000		5.250			11/01/2047		1,917,591
	Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)
	1,195,000		4.800			05/01/2035		1,228,113
	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		2,304,828
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,100,000		4.500			06/15/2039		1,147,410
	2,600,000		4.625			06/15/2049		2,695,576
	Stoneybrook South Community Development District Special Assessment Bonds Refunding for Assessment Area Two-A Project Series 2014 (NR/NR)
	1,750,000		5.125			11/01/2034		2,020,323
	3,500,000		5.500			11/01/2044		4,139,170
	Stoneybrook South Community Development District Special Assessment RB Refunding for Assessment Area One Project Series 2013 (NR/NR)
	2,435,000		6.500			05/01/2039		2,775,510
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,680,000		4.000			05/01/2038		1,710,274
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	345,000		3.250			05/01/2021		345,690
	965,000		3.750			05/01/2026		977,342
	1,550,000		4.000			05/01/2033		1,583,263
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,370,000		5.250			11/01/2034		1,431,746
	2,360,000		6.000			11/01/2044		2,581,179
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	390,000		4.250			05/01/2026		408,388
	1,110,000		4.800			05/01/2036		1,174,724
	1,715,000		5.000			05/01/2046		1,817,386


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)
Florida – (continued)
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (A+/NR)
$	700,000		3.375	%		05/01/2032	$	736,883
	1,345,000		3.600			05/01/2037		1,420,522
	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		1,771,225
	1,795,000		3.750			05/01/2040		1,917,868
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)^(d)
	410,000		5.625			05/01/2040		440,553
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		5.125			05/01/2039		318,255
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,170,000		4.250			05/01/2037		1,196,852
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)^(d)
	8,970,000		4.400			05/01/2040		9,174,068
	Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)
	380,000		5.750			11/01/2027		418,654
	1,965,000		6.250			11/01/2044		2,280,775
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	2,840,000		5.375			11/01/2039		3,110,936
	4,750,000		5.500			11/01/2049		5,250,318
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)^(d)
	1,560,000		4.625			06/15/2038		1,626,316
	2,445,000		4.750			06/15/2048		2,560,208
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	13,300,000		5.000			04/01/2048		15,539,188
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	1,085,000		4.625			05/01/2050		1,106,819
	Trevesta Community Development District Special Assessment Area 1 Pase 2 Project Series 2018 (NR/NR)^(d)
	1,000,000		5.375			11/01/2049		1,077,570
	Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)
	1,550,000		5.250			11/01/2027		1,639,202
	2,745,000		6.125			11/01/2046		3,072,177
	Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)^(d)
	830,000		4.700			11/01/2029		882,016
	1,605,000		5.125			11/01/2038		1,758,839
	2,295,000		5.375			11/01/2048		2,514,150
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	1,000,000		4.625			05/01/2039		1,020,540
	2,000,000		4.750			05/01/2050		2,030,720


Municipal Bonds – (continued)
Florida – (continued)
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	1,200,000		5.000			11/01/2039		1,278,816
	1,850,000		5.125			11/01/2049		1,970,787
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	570,000		3.500			11/01/2021		573,112
	1,340,000		4.000			11/01/2027		1,377,774
	3,160,000		4.625			11/01/2037		3,276,699
	2,790,000		4.750			11/01/2047		2,896,411
	TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)
	250,000		4.250			11/01/2021		253,712
	2,430,000		5.625			11/01/2045		2,680,752
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (A/NR)
	2,265,000		4.375			05/01/2035		2,474,694
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	1,710,000		3.500			05/01/2032		1,832,316
	2,550,000		3.625			05/01/2037		2,725,619
	Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)
	615,000		4.750			05/01/2037		639,877
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
	2,300,000		3.750			12/15/2039		2,290,225
	3,505,000		4.000			12/15/2049		3,516,496
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)^(d)
	1,530,000		3.250			12/15/2022		1,541,307
	2,000,000		4.000			12/15/2028		2,089,160
	1,000,000		5.000			12/15/2032		1,133,940
	1,705,000		5.000			12/15/2037		1,927,144
	3,800,000		5.000			12/15/2047		4,244,600
	Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)^(d)
	2,425,000		5.500			11/01/2047		2,611,968
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	500,000		5.500			05/01/2034		524,300
	750,000		6.125			05/01/2042		799,170
	Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	505,000		6.000			11/01/2027		571,276
	2,050,000		6.500			11/01/2043		2,718,280
	Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	725,000		6.375			11/01/2027		792,150
	2,300,000		7.125			11/01/2044		2,688,401
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)^(d)
	335,000		4.000			05/01/2024		341,177
	4,655,000		5.125			05/01/2049		4,955,434


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Florida – (continued)
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
$	1,000,000		5.000	%		11/01/2039	$	1,063,550
	1,700,000		5.125			11/01/2049		1,807,389
	Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR)
	980,000		5.000			11/01/2039		1,042,279
	1,600,000		5.125			11/01/2049		1,701,072
	Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR)
	2,155,000		5.875			11/01/2032		2,177,541
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	730,000		3.375			05/01/2021		733,752
	2,450,000		3.750			05/01/2026		2,487,607
	4,360,000		4.000			05/01/2031		4,453,566
	1,700,000		4.125			05/01/2034		1,741,820
	1,000,000		4.250			05/01/2037		1,026,540
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(d)
	1,985,000		4.000			05/01/2031		2,177,704
	2,940,000		4.000			05/01/2037		3,159,882
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	745,000		5.125			11/01/2035		814,203
	1,000,000		5.250			11/01/2046		1,090,690
	Village Community Development District No. 09 Special Assessment RB Series 2011 (NR/NR)
	4,445,000		7.000			05/01/2041		4,834,160
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	2,600,000		5.000			05/01/2032		2,794,506
	5,990,000		5.125			05/01/2043		6,477,287
	Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
	4,500,000		6.000			05/01/2044		5,105,520
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)^(d)
	1,000,000		4.250			05/01/2043		1,066,330
	13,785,000		4.375			05/01/2050		14,735,338
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,540,000		4.000			05/01/2033		1,608,592
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
	1,220,000		4.000			05/01/2034		1,273,216
	Village Community Development District No. 8 Special Assessment Refunding Phase II Series 2010 (NR/NR)
	7,435,000		6.125			05/01/2039		7,622,808
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	1,865,000		5.500			05/01/2042		1,980,369
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,000,000		4.625			05/01/2039		1,024,080
	1,515,000		4.875			05/01/2050		1,551,057


Municipal Bonds – (continued)
Florida – (continued)
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	1,000,000		3.750			11/01/2031		1,055,400
	1,000,000		4.000			11/01/2036		1,053,710
	1,300,000		4.125			11/01/2046		1,370,408
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	3,005,000		5.500			05/01/2034		3,236,145
	3,825,000		5.750			05/01/2044		4,147,447
	Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR)
	4,040,000		5.250			05/01/2049		4,250,120
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	14,000		5.350			05/01/2039		14,005
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)
	285,000		6.600			05/01/2039		287,149
	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		3,483,254
	Waterset Central Community Development District Special Assessment Bond Series 2018 (NR/NR)^(d)
	440,000		4.000			11/01/2024		448,096
	1,640,000		5.125			11/01/2038		1,733,939
	2,800,000		5.250			11/01/2049		2,959,516
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	1,210,000		5.125			11/01/2035		1,289,158
	1,950,000		5.500			11/01/2045		2,082,269
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	1,215,000		4.250			11/01/2049		1,228,887
	West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)
	2,340,000		4.750			05/01/2039		2,425,621
	3,790,000		5.000			05/01/2050		3,942,017
	Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)^(d)
	535,000		5.000			05/01/2038		568,721
	600,000		5.200			05/01/2048		639,714
	Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR)
	990,000		4.625			05/01/2039		1,030,006
	1,590,000		4.850			05/01/2049		1,660,564
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)^(d)
	800,000		4.100			05/01/2037		801,232
	795,000		4.125			05/01/2038		795,286
	Westside Community Development District Special Assessment RB Series 2019 (NR/NR)
	1,200,000		5.000			05/01/2039		1,250,028
	2,000,000		5.200			05/01/2050		2,082,620


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)
Florida – (continued)
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)^(d)
$	2,375,000	4.250 %			06/15/2039		$	2,439,576
	3,525,000	4.375			06/15/2049			3,613,125
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	970,000	5.000			11/01/2049			1,027,482
	Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)
	140,000	4.000			11/01/2020			140,869
	400,000	4.375			11/01/2025			421,928
	1,770,000	5.000			11/01/2045			1,870,076
	Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	440,000	5.375			05/01/2035			474,795
	3,045,000	5.625			05/01/2045			3,298,253
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	780,000	4.875			05/01/2036			817,760
	1,445,000	5.000			05/01/2047			1,512,019

								1,044,993,202

Georgia – 1.9%
	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			1,774,110
	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			1,072,040
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (BB+/Baa3)
	11,700,000	8.750			06/01/2029			12,257,271
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
	1,690,000	5.250			11/01/2028			1,690,473
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BBB-/NR)
	900,000	5.000			03/01/2047			993,231
	900,000	5.125			03/01/2052			994,095
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	6,650,000	5.000			05/15/2043			7,898,138
	24,875,000	5.000			05/15/2049			34,317,799
	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%), 2.056			10/01/2033			46,819,342
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa3)
	2,200,000	5.000			01/01/2034			2,629,880
	6,000,000	5.000			01/01/2039			7,071,420
	29,610,000	5.000			01/01/2049			34,048,835


Municipal Bonds – (continued)
Georgia – (continued)
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)^(d)
	3,500,000		4.000			01/01/2038			3,719,695

									155,286,329

Guam – 0.7%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2013 B (AGM) (AA/A2)
	1,500,000		5.750			10/01/2043			1,735,515
	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			2,562,325
	3,355,000		6.875			12/01/2040			3,451,288
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	500,000		5.000			12/01/2031			576,445
	4,515,000		5.000			12/01/2046			5,061,180
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA/A2)
	7,300,000		6.125			10/01/2043			8,505,449
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BBB+/Baa2)
	2,560,000		6.375			10/01/2043			2,974,003
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)
	14,455,000		5.500			07/01/2043			15,889,225
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	9,675,000		5.000			01/01/2046			10,913,497
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	1,150,000		5.000			07/01/2033			1,349,456
	960,000		5.000			07/01/2035			1,120,762
	1,920,000		5.000			07/01/2036			2,236,320
	1,365,000		5.000			07/01/2037			1,584,901
	Port Authority of Guam RB Series 2018 A (A/Baa2)
	2,500,000		5.000			07/01/2048			2,956,475

									60,916,841

Hawaii – 0.1%
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa2)
	11,225,000		3.200			07/01/2039			11,499,227

Illinois – 13.9%
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB-/B2)
	1,400,000		5.382			12/01/2023			1,454,936
	5,440,000		5.482			12/01/2024			5,693,558
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	16,000,000		6.000			04/01/2046			19,184,800
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
	1,700,000		5.000			04/01/2042			1,915,475
	1,625,000		5.000			04/01/2046			1,822,372


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)^(b)
$	4,415,000		0.000	%		12/01/2027	$	3,504,980
	440,000		0.000			12/01/2028		337,317
	9,125,000		0.000			12/01/2029		6,745,565
	6,905,000		0.000			12/01/2030		4,899,374
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(b)
	125,000		0.000			12/01/2029		92,405
	775,000		0.000			12/01/2030		549,893
	Chicago Illinois Board of Education GO Bonds Series 2017 A (BB-/NR)^(d)
	5,500,000		7.000			12/01/2046		7,000,345
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)^(b)
	22,095,000		0.000			12/01/2031		15,047,800
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)
	9,685,000		5.500			12/01/2026		11,269,175
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/B2)
	8,965,000		5.500			12/01/2029		11,097,505
	Chicago Illinois Board of Education GO Refunding Bonds Series 2010 F (BB-/B2)
	1,300,000		5.000			12/01/2031		1,332,565
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB-/NR)
	19,705,000		5.250			12/01/2035		21,870,974
	10,235,000		5.250			12/01/2039		11,285,418
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2011 A (BB-/B2)
	515,000		5.500			12/01/2039		541,383
	1,355,000		5.000			12/01/2041		1,408,848
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (BB-/B2)
	2,300,000		5.500			12/01/2030		2,882,383
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/B2)
	9,750,000		6.038			12/01/2029		10,572,705
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (BB-/B2)
	9,025,000		4.000			12/01/2035		9,191,421
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)
	54,375,000		7.000			12/01/2044		66,037,350
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 B (BB-/NR)
	61,035,000		6.500			12/01/2046		73,926,202


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	1,500,000		5.000			12/01/2029		1,825,275
	1,250,000		5.000			12/01/2030		1,513,900
	1,025,000		5.000			12/01/2031		1,236,201
	1,000,000		5.000			12/01/2032		1,202,270
	1,250,000		5.000			12/01/2034		1,494,663
	1,000,000		5.000			12/01/2035		1,192,360
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)
	6,535,000		5.000			12/01/2029		7,952,115
	1,000,000		5.000			12/01/2030		1,211,120
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)^(b)
	11,415,000		0.000			01/01/2032		7,403,655
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	1,800,000		5.500			01/01/2037		2,011,086
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	8,375,000		5.250			01/01/2033		9,164,763
	6,295,000		5.000			01/01/2034		6,799,544
	10,500,000		5.000			01/01/2036		11,307,870
	Chicago Illinois GO Bonds Project Refunding Series 2017 A (BBB+/NR)
	6,100,000		6.000			01/01/2038		7,278,093
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	6,170,000		5.250			01/01/2035		6,340,600
	3,000,000		5.000			01/01/2040		3,066,330
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	18,325,000		5.000			01/01/2033		19,165,934
	3,850,000		5.000			01/01/2034		4,023,327
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	3,145,000		7.517			01/01/2040		3,845,329
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	4,180,000		5.500			01/01/2039		4,653,761
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	14,603,000		7.375			01/01/2033		17,414,224
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	20,015,000		5.000			01/01/2044		22,592,331
	17,105,000		5.500			01/01/2049		19,995,574
	Chicago Illinois GO Refunding & Project Bonds Series 2009 C (BBB+/Ba1)
	245,000		5.000			01/01/2034		245,639
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (BBB+/Ba1)
	3,775,000		5.500			01/01/2042		4,189,797
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (BBB+/Ba1)
	2,500,000		5.500			01/01/2042		2,774,700
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	6,615,000		5.432			01/01/2042		6,705,626
	Chicago Illinois GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	7,230,000		5.000			01/01/2035		7,796,326


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)
Illinois – (continued)
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
$	14,455,000		5.000	%		01/01/2038	$	15,969,739
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
	11,630,000		4.000			01/01/2044		12,933,723
	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		1,670,445
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	1,950,000		5.250			01/01/2042		2,308,488
	5,460,000		4.000			01/01/2052		5,835,484
	Chicago Park District GO Bonds Limited Tax Series 2018 A (AA+/NR)
	2,585,000		4.000			01/01/2041		2,718,438
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	2,635,000		5.500			01/01/2037		2,944,006
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM) (AGM-CR) (AA/A2)
	735,000		5.432			01/01/2042		889,563
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM) (AGM-CR) (AA/A2)
	7,350,000		6.314			01/01/2044		9,793,655
	Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR)
	1,987,000		5.800			03/01/2037		1,976,767
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	2,500,000		4.000			11/15/2047		2,796,075
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
	1,312,000		5.625			03/01/2036		1,317,825
	Illinois Finance Authority RB for BHF Chicago Housing Group C LLC Project Series 2018 A-1 (D/NR)⁽ⁱ⁾
	1,500,000		5.100			12/01/2043		525,000
	2,150,000		5.250			12/01/2053		752,500
	Illinois Finance Authority RB for Blue Island LLC Series 2018 A-1 (NR/NR)
	1,400,000		5.000			12/01/2053		1,364,104
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (BBB-/NR)
	805,000		6.125			05/15/2027		822,646
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (NR/NR)^(e)
	445,000		6.125			05/15/2020		457,941
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,645,000		4.000			05/15/2027		1,740,690
	2,825,000		5.000			05/15/2037		3,132,699
	1,055,000		5.000			05/15/2047		1,152,197
	Illinois Finance Authority RB Refunding for Franciscan Communities, Inc. Series 2013 A (BBB-/NR)
	4,500,000		5.250			05/15/2047		4,788,990
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)
	500,000		5.000			09/01/2036		578,555
	3,470,000		5.000			09/01/2046		3,951,636


Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for OSF Healthcare System Series 2010 A (A/A2)
	1,780,000		6.000			05/15/2039		1,839,149
	Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (BB-/B1)^(g)
	15,650,000		6.750			10/15/2040		16,208,235
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	50,750,000		5.100			06/01/2033		54,969,355
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	500,000		5.000			03/01/2031		525,470
	750,000		5.000			03/01/2037		783,855
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,050,000		5.500			07/01/2038		5,494,249
	Illinois State GO Bonds Series 2014 (AGM-CR) (AA/A2)
	20,000,000		5.000			02/01/2039		21,938,600
	Illinois State GO Bonds Series 2014 (BBB-/Baa3)
	2,500,000		5.000			05/01/2029		2,739,050
	10,000,000		5.000			05/01/2030		10,947,800
	2,000,000		5.000			04/01/2031		2,181,480
	5,000,000		5.000			05/01/2031		5,460,350
	5,000,000		5.000			05/01/2039		5,390,550
	Illinois State GO Bonds Series 2016 (BBB-/Baa3)
	4,415,000		5.000			11/01/2021		4,667,935
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	9,500,000		5.000			12/01/2035		10,753,050
	1,770,000		4.500			12/01/2041		1,868,642
	4,730,000		5.000			12/01/2042		5,285,397
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	59,670,000		5.000			11/01/2029		68,131,803
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	5,845,000		5.000			11/01/2025		6,553,589
	67,685,000		5.000			11/01/2027		77,464,129
	19,465,000		5.000			11/01/2028		22,229,419
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	5,280,000		5.000			05/01/2042		5,932,819
	5,280,000		5.000			05/01/2043		5,923,474
	Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	7,300,000		5.000			08/01/2021		7,671,278
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	20,175,000		4.000			02/01/2030		22,281,875
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	1,946,000		6.250			03/01/2034		1,949,756
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)^(b)
	13,500,000		0.000			12/15/2032		9,128,565
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL-RE) (NR/NR)^(b)(e)
	530,000		0.000			06/15/2030		432,888
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)^(b)
	9,370,000		0.000			06/15/2030		6,951,416


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (AA/A2)^(b)
$	3,200,000	0.000 %		06/15/2044	$	1,373,728
	Metropolitan Pier & Exposition Authority RB Refunding for Mccormick Place Expansion Dedicated Sales Tax Project Series 2010 B2 (ST APPROP) (BBB/Ba1)
	50,030,000	5.000		06/15/2050		50,669,383
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (BBB/NR)^(b)
	66,700,000	0.000		12/15/2056		15,821,907
	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		4,766,520
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)^(b)
	64,400,000	0.000		12/15/2054		16,654,484
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)⁽ⁱ⁾
	4,544,000	6.000		03/01/2036		3,862,400
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000	4.750		10/01/2029		905,495
	1,010,000	4.750		10/01/2032		1,070,135
	Regional Transportation Authority Illinois GO Bonds Series 2016 A (AA/A2)
	7,730,000	4.000		06/01/2046		8,292,744
	Sales Tax Securitization Corporation RB Refunding Series 2017 A (AA-/NR)
	3,750,000	5.000		01/01/2028		4,526,775
	5,830,000	5.000		01/01/2029		6,970,873
	Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)^(e)
	19,200,000	7.125		11/01/2023		23,535,936
	5,000,000	7.625		11/01/2023		6,227,950
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	13,625,000	4.000		03/01/2040		14,518,391
	State of Illinois GO Bonds Series 2010 A (BBB-/Baa3)
	3,500,000	4.000		01/01/2021		3,579,170
	State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)
	630,000	6.630		02/01/2035		742,524
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	13,955,000	3.250		11/01/2026		14,078,502
	16,695,000	5.000		11/01/2026		18,936,137
	State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	3,000,000	5.000		10/01/2027		3,462,420
	8,230,000	5.000		10/01/2028		9,616,673
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)
	2,750,000	4.000		12/01/2033		2,869,625
	7,950,000	4.250		12/01/2037		8,323,412


Municipal Bonds – (continued)
Illinois – (continued)
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)
	2,000,000	5.000		10/01/2025		2,257,300
	Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)
	1,900,000	5.000		01/01/2039		1,925,270
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB+/NR)
	540,000	4.125		10/01/2041		558,970
	1,080,000	4.125		10/01/2046		1,115,100

						1,166,854,330

Indiana – 0.4%
	Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (BBB+/NR)
	1,300,000	5.000		02/01/2029		1,473,121
	1,250,000	5.250		02/01/2034		1,415,900
	1,500,000	5.000		02/01/2039		1,663,560
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)
	400,000	4.000		09/15/2049		427,588
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2011 N (AA/Aa2)^(e)
	2,000,000	5.125		03/01/2021		2,105,940
	Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (BB+/Ba1)
	6,825,000	5.000		06/01/2039		7,150,757
	Indiana Finance Authority RB for Private Activity for Ohio River Bridges East End Crossing Project Series 2013 A (BBB+/NR)
	6,250,000	5.000		07/01/2048		6,803,688
	Indiana Municipal Power Agency Power Supply System RB Refunding Series 2016 A (A+/A1)
	10,965,000	5.000		01/01/2042		12,899,555
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (NR/WR)⁽ⁱ⁾
	7,520,823	6.500		11/15/2031		2,256

						33,942,365

Iowa – 0.1%
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (B+/NR)
	3,945,000	3.125		12/01/2022		4,001,098

Kansas – 0.1%
	City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)^(h)
	1,155,000	5.000		05/15/2028		1,320,119
	1,215,000	5.000		05/15/2029		1,380,811
	2,850,000	5.000		05/15/2034		3,157,230
	1,900,000	5.000		05/15/2050		2,056,503

						7,914,663

Kentucky – 1.3%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)^(c)
	8,680,000	(3 Mo. LIBOR + 0.53%), 2.040		11/01/2027		8,562,646


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)
Kentucky – (continued)
	Kentucky Economic Development Finance Authority Hospital RB for Owensboro Medical Health System, Inc. Series 2010 A (BB+/Baa3)^(e)
$	8,000,000		6.375	%		06/01/2020	$	8,259,760
	8,250,000		6.500			06/01/2020		8,524,065
	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		985,041
	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		3,590,763
	2,925,000		4.000			06/01/2045		3,130,628
	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		1,090,280
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	9,470,000		5.000			08/01/2049		11,192,119
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)^(f)(g)
	37,725,000		4.000			06/01/2025		41,726,114
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A3)^(f)(g)
	16,230,000		4.000			06/01/2025		17,965,961
	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		5,652,550

								110,679,927

Louisiana – 1.9%
	Baton Rouge & Parish of East Baton Rouge Pollution Control RB Refunding for Exxon Mobil Corp. Series 1989 (AA+/Aaa)^(f)(g)
	4,140,000		1.380			10/07/2019		4,140,000
	Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (BB+/NR)
	2,125,000		5.000			12/01/2034		2,549,108
	2,375,000		5.000			12/01/2039		2,799,246
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Westlake Chemical Corp. Projects Series 2010 A-2 (BBB/Baa2)
	5,000,000		6.500			11/01/2035		5,258,500
	Louisiana Local Government Environmental Facilities and Community Development Authority RB for Women’s Hospital Foundation Project Series 2010 A (NR/A2)^(e)
	19,265,000		6.000			10/01/2020		20,161,208
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	2,600,000		5.000			10/01/2039		3,093,974
	4,850,000		4.000			10/01/2041		5,261,328


Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A/A3)
	5,225,000		5.000			07/01/2059		6,076,414
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	14,475,000		3.375			09/01/2028		14,700,231
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	13,950,000		3.500			06/01/2030		14,206,122
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (NR/A3)
	12,725,000		4.000			05/15/2042		13,619,695
	21,250,000		5.000			05/15/2046		24,589,012
	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		36,250,653
	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		5,583,271
	Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (AA/A2)
	2,000,000		5.000			04/01/2048		2,386,840

								160,675,602

Maine – 0.1%
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center 2018 A (A+/A1)
	4,000,000		5.000			07/01/2043		4,782,160
	5,250,000		5.000			07/01/2048		6,240,202

								11,022,362

Maryland – 0.5%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	2,950,000		4.500			09/01/2033		3,179,805
	1,500,000		5.000			09/01/2038		1,655,400
	County of Montgomery GO Bonds for Consolidated Public Improvement Series 2017 E (AAA/Aaa)^(f)(g)
	2,705,000		1.350			10/07/2019		2,705,000
	County of Prince George’s Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)^(d)
	1,885,000		5.250			07/01/2048		2,090,880
	Frederick County Maryland Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 A (NR/NR)
	2,930,000		7.250			07/01/2043		3,111,337
	Frederick County Maryland Tax Incremental & Special Tax Limited Obligations Bonds for Jefferson Technology Park Series 2013 B (NR/NR)^(d)
	8,785,000		7.125			07/01/2043		8,899,820
	Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (BBB/NR)
	2,375,000		5.000			06/01/2058		2,653,635
	Maryland Economic Development Corp. RB for Ports America Chesapeake LLC Project Series 2019 A (AMT) (NR/Baa3)
	3,050,000		5.000			06/01/2049		3,639,809


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


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 (BB+/WR)^(e)
$	9,500,000	5.750 %		07/01/2020	$	9,814,545
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB/Baa2)
	2,100,000	5.000		07/01/2031		2,266,299

						40,016,530

Massachusetts – 1.1%
	Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (AA/Aa1)
	10,130,000	3.000		04/01/2044		10,263,716
	Commonwealth of Massachusetts GO Refunding Bonds Series 2004 A (AMBAC) (AA/Aa1)
	30,000,000	5.500		08/01/2030		41,159,700
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)^(d)
	1,000,000	5.000		11/15/2033		1,145,150
	900,000	5.000		11/15/2038		1,019,700
	2,350,000	5.125		11/15/2046		2,657,568
	Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (BBB+/Baa1)
	1,950,000	5.000		10/01/2036		2,246,537
	Massachusetts Development Finance Agency RB Series 2013 A (NR/NR)^(d)(e)
	2,250,000	6.500		11/15/2023		2,704,725
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	2,125,000	5.000		07/01/2044		2,529,536
	Massachusetts Health & Educational Facilities Authority RB for President & Fellows of Harvard College Series R 1999 (AAA/Aaa)^(f)(g)
	5,000,000	1.150		10/07/2019		5,000,000
	Massachusetts Health & Educational Facilities Authority RB for Tufts University Series 2008 N-2 (AA-/Aa2)^(f)(g)
	5,700,000	1.250		10/07/2019		5,700,000
	Massachusetts Health & Educational Facilities Authority RB for Tufts University Series 2012 G (AA-/Aa2)^(f)(g)
	2,280,000	1.250		10/07/2019		2,280,000
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(c)
	5,390,000	(3 Mo. LIBOR + 0.57%), 2.080		05/01/2037		5,304,784
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)^(c)
	1,040,000	(3 Mo. LIBOR + 0.57%), 2.080		05/01/2037		1,023,547
	Massachusetts State GO Bonds Consolidated Loan Series 2018 D (AA/Aa1)
	6,370,000	4.000		05/01/2039		7,222,306

						90,257,269

Michigan – 2.5%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)^(g)
	51,115,536	4.000		04/01/2034		44,478,695


Municipal Bonds – (continued)
Michigan – (continued)
	City of Detroit Financial Recovery Series 2014 B-2 (NR/NR)^(g)
	971,333	4.000		04/01/2034		845,215
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	3,495,000	5.000		07/01/2037		3,913,212
	15,335,000	5.000		07/01/2048		17,078,743
	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		3,591,280
	3,000,000	6.000		05/01/2021		3,211,020
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A2)^(c)
	4,675,000	(3 Mo. LIBOR + 0.60%), 2.006		07/01/2032		4,594,496
	Detroit Michigan Water & Sewerage Department Sewage Disposal System RB Refunding Senior Lien Series 2012 A (A+/A2)
	2,000,000	5.250		07/01/2039		2,177,360
	Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (A/NR)
	1,425,000	5.000		11/01/2045		1,667,806
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	2,800,000	5.000		11/15/2048		3,405,612
	5,975,000	4.000		11/15/2050		6,585,705
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	5,250,000	4.000		02/15/2047		5,767,912
	24,000,000	4.000		02/15/2050		26,272,320
	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		2,501,098
	1,750,000	5.000		07/01/2033		2,005,290
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A/A3)
	355,000	5.000		07/01/2033		413,987
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A2)
	2,600,000	5.000		07/01/2035		2,963,012
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-1 (AA-/A2)
	1,250,000	5.000		07/01/2034		1,460,737
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A+/A3)
	2,100,000	5.000		07/01/2034		2,444,106


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A2)
$	750,000		5.000	%		07/01/2035	$	874,710
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
	22,545,000		4.125			06/30/2035		25,179,158
	7,065,000		4.500			06/30/2048		7,916,615
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC+/NR)^(b)
	238,600,000		0.000			06/01/2052		13,707,570
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC/NR)^(b)
	180,100,000		0.000			06/01/2052		10,123,421
	University of Michigan General RB Series 2012 B (AAA/Aaa)^(f)(g)
	6,900,000		1.340			10/07/2019		6,900,000
	University of Michigan General RB Series 2012 D-1 (AAA/Aaa)^(f)(g)
	10,005,000		1.370			10/07/2019		10,005,000

								210,084,080

Minnesota – 0.7%
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	5,725,000		5.000			05/01/2048		6,973,164
	2,300,000		4.000			05/01/2049		2,544,720
	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		2,731,775
	3,750,000		6.000			06/15/2039		4,132,350
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)
	3,265,000		4.250			02/15/2048		3,595,124
	23,575,000		5.250			02/15/2053		28,069,810
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	640,000		3.250			03/01/2025		653,600
	660,000		4.000			03/01/2026		713,711
	755,000		4.000			03/01/2029		815,551
	1,260,000		4.000			03/01/2032		1,346,638
	685,000		4.200			03/01/2034		731,744
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	2,400,000		5.000			05/01/2047		2,739,120
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	425,000		4.000			12/01/2034		475,945
	650,000		4.000			12/01/2040		717,782

								56,241,034

Mississippi – 0.2%
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron USA, Inc. Series 2010 G (AA/Aa2)^(f)(g)
	7,835,000		1.370			10/07/2019		7,835,000


Municipal Bonds – (continued)
Mississippi – (continued)
	Mississippi Business Finance Corp. Solid Waste Disposal RB for Waste Pro USA, Inc. Project Series 2017 (AMT) (NR/NR)^(d)(f)(g)
	2,000,000		5.000			08/01/2022		2,125,040
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	9,800,000		2.500			04/01/2022		9,820,188

								19,780,228

Missouri – 0.3%
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 A (NR/NR)^(d)(g)
	458,717		5.000			04/01/2023		71,257
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 B (NR/NR)^(d)(g)
	2,315,999		5.000			04/01/2023		359,767
	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		2,213,249
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)^(d)
	4,750,000		5.250			12/01/2048		4,971,730
	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)^(d)
	1,000,000		5.000			04/01/2036		1,047,390
	1,150,000		5.000			04/01/2046		1,188,629
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	2,430,000		5.000			09/01/2043		2,869,903
	2,470,000		5.000			09/01/2048		2,910,920
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	8,000,000		4.000			02/15/2054		8,737,680
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,900,000		4.750			11/15/2047		2,070,943
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)⁽ⁱ⁾
	1,250,000		5.750			04/01/2027		325,000

								26,766,468

Nevada – 0.2%
	City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
	525,000		4.000			06/01/2020		530,833
	670,000		4.000			06/01/2021		687,869
	365,000		5.000			06/01/2022		388,174
	320,000		5.000			06/01/2023		346,118
	200,000		4.250			06/01/2024		212,044
	200,000		5.000			06/01/2024		219,004


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate		Maturity Date			Value

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)
$	315,000	4.250 %			06/01/2037		$	324,122
	470,000	4.375			06/01/2042			481,515
	540,000	4.500			06/01/2047			555,849
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	350,000	4.250			06/01/2034			368,728
	465,000	4.500			06/01/2039			492,184
	350,000	4.625			06/01/2043			370,762
	600,000	4.625			06/01/2049			631,254
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,715,000	5.000			03/01/2020			1,710,010
	1,720,000	5.100			03/01/2021			1,704,589
	895,000	5.100			03/01/2022			879,552
	2,400,000	5.125			03/01/2025			2,308,008
	Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR)
	2,200,000	4.000			09/01/2035			2,243,582

								14,454,197

New Hampshire – 1.1%
	New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B/B2)^(d)
	1,800,000	2.950			04/01/2029			1,800,000
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)^(f)
	16,450,000	(SIFMA Municipal Swap Index Yield + 0.75%), 2.240			10/01/2021			16,418,416
	New Hampshire Health and Education Facilities Authority RB Refunding Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)
	6,595,000	5.000			08/01/2033			7,891,643
	6,930,000	5.000			08/01/2034			8,275,113
	7,290,000	5.000			08/01/2035			8,681,588
	7,660,000	5.000			08/01/2036			9,093,492
	8,055,000	5.000			08/01/2037			9,529,468
	8,470,000	5.000			08/01/2038			9,989,349
	8,900,000	5.000			08/01/2039			10,481,441
	9,360,000	5.000			08/01/2040			10,992,197

								93,152,707

New Jersey – 7.2%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	725,000	5.000			03/01/2032			866,774
	965,000	5.000			03/01/2037			1,139,839
	1,205,000	5.000			03/01/2042			1,408,801
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa1)
	2,500,000	5.000			06/15/2026			2,686,750
	1,000,000	5.000			06/15/2028			1,072,130


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority Energy Facilities RB for UMM Energy Partners, LLC Project Series 2012 A (AMT) (NR/Baa2)
	1,000,000		4.750			06/15/2032			1,058,770
	1,000,000		5.000			06/15/2037			1,061,930
	1,000,000		5.125			06/15/2043			1,063,130
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BBB+/Baa2)
	3,500,000		4.000			07/01/2032			3,773,175
	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			1,123,280
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (BBB-/NR)
	500,000		5.000			07/01/2037			560,785
	1,150,000		5.000			07/01/2047			1,271,014
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,500,000		5.000			06/15/2041			5,088,375
	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			7,520,175
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (BB/Ba3)
	8,500,000		5.250			09/15/2029			9,319,570
	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			5,764,750
	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			5,764,750
	New Jersey Economic Development Authority State Lease RB for Health Department Project Series 2018 A (BBB+/Baa1)
	2,470,000		5.000			06/15/2047			2,793,941
	New Jersey Economic Development Authority State Lease RB for Juvenile Justice Commission Facilities Project Series 2018 C (BBB+/Baa1)
	5,000,000		5.000			06/15/2042			5,685,600
	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			1,183,940
	1,000,000		5.000			07/01/2029			1,182,810
	900,000		5.000			07/01/2030			1,058,913
	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			10,404,802
	5,600,000		5.000			07/01/2046			6,346,200


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)^(b)
$	134,115,000		0.000	%		12/15/2035	$	81,920,124
	63,415,000		0.000			12/15/2036		37,015,970
	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		24,974,777
	5,000,000		0.000			12/15/2038		2,640,300
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)^(b)
	12,000,000		0.000			12/15/2026		10,080,000
	9,180,000		0.000			12/15/2029		6,963,122
	1,900,000		0.000			12/15/2034		1,190,559
	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		3,916,324
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	26,080,000		5.000			06/15/2038		28,714,341
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	2,500,000		5.250			06/15/2041		2,822,125
	5,075,000		5.000			06/15/2045		5,620,613
	1,750,000		5.000			06/15/2046		1,936,445
	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		7,483,880
	25,400,000		0.000			12/15/2034		16,400,018
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)^(b)
	12,500,000		0.000			12/15/2027		10,246,125
	23,445,000		0.000			12/15/2030		17,399,707
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)^(b)
	52,985,000		0.000			12/15/2036		30,408,621
	48,000,000		0.000			12/15/2037		26,444,160
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)^(b)
	2,550,000		0.000			12/15/2033		1,664,309
	25,000,000		0.000			12/15/2038		13,201,500
	740,000		0.000			12/15/2039		376,445
	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		4,593,774
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)
	12,875,000		5.000			06/15/2042		13,483,988
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	5,765,000		5.000			06/15/2030		6,769,897
	4,600,000		5.000			06/15/2031		5,383,242


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	6,120,000		4.000			12/15/2031		6,662,905
	7,180,000		5.000			12/15/2033		8,480,944
	6,070,000		5.000			12/15/2035		7,111,248
	7,585,000		5.000			12/15/2036		8,853,819
	5,275,000		4.250			12/15/2038		5,694,468
	New Jersey Transportation Trust Fund Authority Transportation Programme RB Series 2019 AA (BBB+/Baa1)
	5,675,000		5.000			06/15/2034		6,682,369
	20,000,000		5.250			06/15/2043		23,443,200
	New Jersey Transportation Trust Fund Authority Transportation Programme RB Series 2019 BB (BBB+/Baa1)
	6,000,000		5.000			06/15/2044		6,868,620
	New Jersey Turnpike Authority RB Series 2019 A (A+/A2)
	28,250,000		4.000			01/01/2048		31,581,805
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	25,675,000		5.000			01/01/2048		29,564,506
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	29,360,000		5.000			06/01/2046		32,348,554

								608,143,008

New Mexico – 0.2%
	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		14,409,080
	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		1,544,745

								15,953,825

New York – 2.9%
	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		1,254,731
	Chautauqua County Industrial Development Agency Exempt Facility RB for Dunkirk NRG Power Project Series 2009 (BBB-/Baa3)
	2,650,000		5.875			04/01/2042		2,684,715
	Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (BBB/NR)
	645,000		5.000			07/01/2030		775,935
	865,000		5.000			07/01/2033		1,024,376
	815,000		5.000			07/01/2035		960,869
	640,000		5.000			07/01/2036		753,293
	455,000		5.000			07/01/2038		532,586
	New York City GO Bonds Fiscal 2014 Series I Subseries I-2 (AA/Aa1)^(f)(g)
	5,750,000		1.400			10/07/2019		5,750,000
	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		2,109,360


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
New York – (continued)
	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	$	1,003,910
	3,000,000		6.375			01/01/2039		3,011,580
	5,000,000		6.500			01/01/2046		5,020,050
	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)
	11,350,000		1.400			10/07/2019		11,350,000
	New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (A-/Baa1)
	1,000,000		5.000			08/01/2040		1,145,180
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2013 Subseries C-4 (AAA/Aa1)^(f)(g)
	3,600,000		1.400			10/07/2019		3,600,000
	New York City Transitional Finance Authority RB Future Tax Subordinate Fiscal 2018 Subseries B-4 (AAA/Aa1)^(f)(g)
	4,850,000		1.400			10/07/2019		4,850,000
	New York City Water & Sewer System Second General Resolution RB Refunding Series 2019 EE (AA+/Aa1)
	34,750,000		4.000			06/15/2040		39,733,845
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)^(f)(h)
	1,145,000		2.625			09/15/2069		1,163,102
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (NR/Baa2)^(f)(h)
	1,430,000		2.800			09/15/2069		1,454,210
	New York State Dormitory Authority Personal Income Tax General Purpose RB Refunding Series 2018 A (AA+/Aa1)
	12,000,000		4.000			03/15/2048		13,474,080
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)
	150,000		3.560			07/01/2026		155,193
	150,000		3.670			07/01/2027		155,323
	60,000		3.760			07/01/2028		62,360
	300,000		3.820			07/01/2029		312,399
	New York State Urban Development Corporation Personal Income General Purpose RB Series 2019 A (AA+/Aa1)
	13,620,000		4.000			03/15/2048		15,386,514
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	5,025,000		5.000			01/01/2033		6,027,538
	3,600,000		5.000			01/01/2034		4,308,732
	5,565,000		4.000			01/01/2036		6,080,541
	7,100,000		5.000			01/01/2036		8,469,377
	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		5,368,650
	12,600,000		4.000			01/01/2051		13,279,392
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	9,480,000		4.000			07/01/2033		10,090,228


Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3) – (continued)
	5,000,000		5.000			07/01/2034		5,618,050
	12,500,000		4.000			07/01/2041		13,138,875
	4,540,000		5.000			07/01/2041		5,046,891
	21,200,000		5.250			01/01/2050		23,653,900
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	12,250,000		5.000			07/01/2046		13,562,588
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa2)
	1,565,000		5.750			06/15/2035		1,708,338
	Troy City Capital Resource Corp. RB for Rensselaer Polytechnic Institute Project Series 2010 A (BBB+/A3)
	5,000,000		5.125			09/01/2040		5,163,600
	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		4,930,013

								244,170,324

North Carolina – 0.1%
	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		1,023,800
	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		3,989,886
	1,000,000		5.000			03/01/2037		1,049,070
	1,000,000		5.000			03/01/2042		1,044,310
	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		1,042,380
	2,000,000		5.000			09/01/2037		2,145,500

								10,294,946

Ohio – 4.2%
	Bowling Green City Student Housing RB for CFP I LLC – Bowling Green State University Project Series 2010 (NR/NR)^(e)
	7,000,000		6.000			06/01/2020		7,217,070
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)^(b)
	292,520,000		0.000			06/01/2047		17,679,909
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 2nd Subordinate Series 2007 C (NR/NR)^(b)
	686,320,000		0.000			06/01/2052		29,504,897
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	2,500,000		5.875			06/01/2047		2,510,975


76		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)
Ohio – (continued)
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Ca)
$	88,325,000		5.125	%		06/01/2024	$	88,325,000
	100,000		5.375			06/01/2024		100,007
	35,615,000		5.875			06/01/2030		35,699,764
	2,000,000		5.750			06/01/2034		2,002,940
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-3 (B-/Caa3)
	23,905,000		6.250			06/01/2037		24,499,995
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	2,400,000		5.250			11/01/2037		2,668,320
	2,700,000		5.250			11/01/2047		2,960,280
	2,320,000		5.250			11/01/2050		2,538,590
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (BB/Ba3)
	22,320,000		5.375			09/15/2027		22,384,951
	County of Darke RB for Wayne Hospital Company Obligated Group Wayne Health Care Project Series 2019 A (BB+/NR)
	550,000		4.000			09/01/2040		579,689
	825,000		4.000			09/01/2045		862,026
	1,075,000		5.000			09/01/2049		1,235,766
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	29,500,000		8.223			02/15/2040		40,659,260
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	6,250,000		5.000			02/15/2037		7,144,875
	7,500,000		5.000			02/15/2042		8,507,850
	7,500,000		4.750			02/15/2047		8,111,100
	1,500,000		5.000			02/15/2057		1,676,970
	1,000,000		5.500			02/15/2057		1,164,140
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	2,000,000		5.000			01/01/2042		2,131,100
	1,610,000		5.000			01/01/2046		1,712,960
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)
	8,000,000		5.000			02/15/2048		8,556,240
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)^(d)
	2,400,000		3.750			01/15/2028		2,600,760
	2,880,000		4.250			01/15/2038		3,113,712
	18,110,000		4.500			01/15/2048		19,618,925
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (BB+/Ba1)
	4,140,000		3.250			09/01/2029		4,278,483

								350,046,554

Oklahoma – 0.8%
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
	2,400,000		4.000			08/15/2052		2,635,584
	2,500,000		4.125			08/15/2057		2,749,200
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	15,000,000		5.500			08/15/2052		17,932,800


Municipal Bonds – (continued)
Oklahoma – (continued)
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3) – (continued)
	9,500,000		5.500			08/15/2057		11,300,345
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	2,680,000		5.500			12/01/2035		2,932,724
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	24,300,000		5.500			12/01/2035		26,591,490
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)^(f)(g)
	3,400,000		5.000			06/01/2025		3,837,410

								67,979,553

Oregon – 0.0%
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)^(d)
	860,000		5.000			11/01/2039		1,006,200

Pennsylvania – 2.8%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB-/NR)
	1,500,000		5.000			09/01/2030		1,605,060
	1,000,000		5.000			09/01/2035		1,064,150
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	32,000,000		4.000			04/01/2044		34,459,840
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)^(d)
	2,000,000		5.000			05/01/2027		2,328,280
	1,400,000		5.000			05/01/2032		1,615,222
	6,950,000		5.000			05/01/2042		7,771,073
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)^(d)
	250,000		5.000			05/01/2028		295,077
	1,000,000		5.000			05/01/2033		1,167,580
	2,750,000		5.000			05/01/2042		3,101,175
	Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa3)
	18,000,000		5.000			05/01/2042		18,895,680
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	1,150,000		5.000			10/01/2037		1,296,337
	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		542,285
	1,000,000		5.000			08/01/2045		1,073,330
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB+/NR)
	1,000,000		5.000			12/01/2042		1,078,920


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
$	1,900,000	5.000 %		06/01/2034	$	2,323,149
	1,900,000	5.000		06/01/2035		2,309,849
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	6,000,000	4.000		06/01/2039		6,649,140
	County of Allegheny GO Notes Refunding Series 2007 C-59B (AGM) (AA/Aa3)^(c)
	830,000	(3 Mo. LIBOR + 0.55%), 2.060		11/01/2026		825,460
	Cumberland County Municipal Authority RB for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	1,500,000	5.000		01/01/2038		1,649,670
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)
	1,100,000	5.000		12/01/2043		1,203,796
	900,000	5.000		12/01/2048		982,305
	1,750,000	5.000		12/01/2053		1,902,932
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA/Aa3)^(c)
	52,950,000	(3 Mo. LIBOR + 0.77%), 2.280		05/01/2037		50,344,331
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)
	1,300,000	4.000		06/01/2044		1,455,532
	2,300,000	5.000		06/01/2044		2,819,179
	5,700,000	4.000		06/01/2049		6,341,079
	4,150,000	5.000		06/01/2049		5,055,032
	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		1,466,542
	1,500,000	5.000		04/01/2033		1,557,360
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)
	945,000	5.000		05/01/2044		1,118,540
	1,245,000	5.000		05/01/2049		1,469,137
	Pennsylvania Economic Development Financing Authority RB for CarbonLite P LLC Project Series 2019 (AMT) (NR/NR)^(d)
	5,725,000	5.750		06/01/2036		6,113,785
	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		7,470,522
	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		2,547,158
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (XLCA) (BBB/WR)^(c)
	10,880,000	(3 Mo. LIBOR + 0.60%), 2.006		07/01/2027		10,615,072
	10,750,000	(3 Mo. LIBOR + 0.65%), 2.056		07/01/2039		9,369,055


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB-/NR)
	4,000,000	5.000		05/01/2042		4,235,920
	Pennsylvania Higher Educational Facilities Authority Student Housing RB Refunding for University Properties, Inc. Student Housing Project Series 2016 A (NR/Baa3)
	365,000	5.000		07/01/2031		423,258
	400,000	5.000		07/01/2035		459,872
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	3,875,000	5.250		06/01/2047		4,598,928
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	500,000	5.000		07/01/2028		592,750
	2,000,000	5.000		07/01/2029		2,366,900
	3,000,000	5.000		07/01/2030		3,540,930
	2,615,000	5.000		07/01/2031		3,078,587
	1,000,000	5.000		07/01/2032		1,173,610
	4,425,000	5.000		07/01/2033		5,178,887
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	1,495,000	5.000		11/15/2021		1,540,059
	2,450,000	5.000		11/15/2028		2,531,414
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,280,587
	2,325,000	5.000		01/01/2038		2,683,817
	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		1,067,630
	1,000,000	5.000		07/01/2035		1,063,100

						237,698,883

Puerto Rico – 5.9%
	Commonwealth of Puerto Rico Public Improvement GO Unlimited Refunding Bonds 2011 E (NR/Ca)⁽ⁱ⁾
	2,000,000	6.000		07/01/2029		1,460,000
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (NR/Ca)
	7,495,000	6.000		07/01/2044		7,579,319
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (NR/Ca)
	115,000	4.500		07/01/2027		117,587
	370,000	5.000		07/01/2030		387,113
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 A (NR/Ca)⁽ⁱ⁾
	115,000	5.250		07/01/2030		85,819
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)⁽ⁱ⁾
	65,870,000	8.000		07/01/2035		39,604,338
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (NR/Ca)⁽ⁱ⁾
	5,185,000	5.500		07/01/2039		3,396,175
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	360,000	5.250		07/01/2041		403,718


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
$	28,730,000	5.250 %		07/01/2038	$	31,254,218
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	300,000	5.250		07/01/2033		339,006
	680,000	5.250		07/01/2034		768,298
	1,025,000	5.250		07/01/2036		1,154,734
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (NR/C)⁽ⁱ⁾
	215,000	5.000		07/01/2028		29,025
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)
	1,560,000	5.500		07/01/2023		1,670,261
	1,050,000	5.500		07/01/2027		1,160,071
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (NR/Ca)⁽ⁱ⁾
	4,000,000	5.250		07/01/2032		2,985,000
	4,035,000	5.250		07/01/2037		3,011,119
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2011 C (NR/Ca)⁽ⁱ⁾
	155,000	6.000		07/01/2035		111,213
	205,000	6.500		07/01/2040		150,675
	Puerto Rico Electric Power Authority RB Refunding Series 2005 SS-RSA-1 (D/NR)⁽ⁱ⁾
	130,000	4.625		07/01/2030		102,700
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(c)
	52,372,000	(3 Mo. LIBOR + 0.52%), 1.926		07/01/2029		51,717,350
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (NR/Baa2)
	435,000	5.250		07/01/2035		472,514
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (D/NR)⁽ⁱ⁾
	80,000	3.500		07/01/2020		62,000
	155,000	3.625		07/01/2021		120,125
	60,000	3.750		07/01/2022		46,500
	390,000	3.875		07/01/2023		302,250
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (NR/NR)⁽ⁱ⁾
	215,000	3.300		07/01/2019		159,906
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (NR/Ca)⁽ⁱ⁾
	1,000	5.000		07/01/2024		779
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (D/NR)⁽ⁱ⁾
	260,000	4.250		07/01/2020		205,400
	25,000	5.250		07/01/2020		20,000
	80,000	4.375		07/01/2021		63,200
	100,000	4.375		07/01/2022		79,000
	65,000	5.000		07/01/2022		51,837
	190,000	4.500		07/01/2023		150,575
	125,000	5.000		07/01/2024		99,688
	90,000	4.625		07/01/2025		71,325


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)⁽ⁱ⁾
	65,000	3.700		07/01/2017		48,344
	1,230,000	5.000		07/01/2017		957,862
	145,000	4.250		07/01/2018		110,744
	3,130,000	5.000		07/01/2019		2,437,487
	Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1 (D/NR)⁽ⁱ⁾
	1,295,000	5.000		07/01/2032		1,032,762
	1,385,000	5.000		07/01/2037		1,104,538
	Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1 (NR/NR)⁽ⁱ⁾
	300,000	4.200		07/01/2019		229,125
	Puerto Rico Electric Power Authority RB Series 2008 WW-RSA-1 (D/NR)⁽ⁱ⁾
	2,000,000	5.500		07/01/2020		1,602,500
	3,765,000	5.250		07/01/2033		3,012,000
	Puerto Rico Electric Power Authority RB Series 2010 AAA (NR/Ca)⁽ⁱ⁾
	4,000	5.250		07/01/2027		3,125
	4,000	5.250		07/01/2028		3,125
	Puerto Rico Electric Power Authority RB Series 2010 AAA-RSA-1 (D/NR)⁽ⁱ⁾
	130,000	5.250		07/01/2023		104,000
	1,485,000	5.250		07/01/2027		1,188,000
	2,115,000	5.250		07/01/2028		1,692,000
	Puerto Rico Electric Power Authority RB Series 2010 BBB-RSA-1 (D/NR)⁽ⁱ⁾
	90,000	5.400		07/01/2028		70,763
	Puerto Rico Electric Power Authority RB Series 2010 CCC-RSA-1 (D/NR)⁽ⁱ⁾
	80,000	5.000		07/01/2022		63,800
	90,000	4.250		07/01/2023		71,100
	60,000	4.500		07/01/2023		47,550
	50,000	4.600		07/01/2024		39,625
	210,000	4.625		07/01/2025		166,425
	900,000	5.000		07/01/2025		717,750
	25,000	5.000		07/01/2026		19,937
	40,000	4.800		07/01/2027		31,700
	Puerto Rico Electric Power Authority RB Series 2010 EEE-RSA-1 (D/NR)⁽ⁱ⁾
	1,175,000	5.950		07/01/2030		931,187
	4,620,000	6.050		07/01/2032		3,649,800
	115,000	6.250		07/01/2040		91,138
	Puerto Rico Electric Power Authority RB Series 2010 XX-RSA-1 (D/NR)⁽ⁱ⁾
	20,000	4.875		07/01/2027		15,850
	7,590,000	5.250		07/01/2040		6,072,000
	Puerto Rico Electric Power Authority RB Series 2010 YY-RSA-1 (D/NR)⁽ⁱ⁾
	2,130,000	6.125		07/01/2040		1,685,363
	Puerto Rico Electric Power Authority RB Series 2012 A-RSA-1 (D/NR)⁽ⁱ⁾
	1,905,000	4.800		07/01/2029		1,504,950
	14,720,000	5.000		07/01/2042		11,739,200


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)⁽ⁱ⁾
$	715,000		7.250	%		07/01/2030	$	592,556
	5,210,000		7.000			07/01/2033		4,285,225
	6,190,000		7.000			07/01/2040		5,091,275
	Puerto Rico Electric Power Authority RB Series 2016 A4-RSA-1 (NR/NR)⁽ⁱ⁾
	747,236		10.000			07/01/2019		636,085
	Puerto Rico Electric Power Authority RB Series 2016 B4-RSA-1 (NR/NR)⁽ⁱ⁾
	747,235		10.000			07/01/2019		636,084
	Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1 (NR/NR)⁽ⁱ⁾
	5,036,850		10.000			01/01/2021		4,470,204
	Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)⁽ⁱ⁾
	5,036,850		10.000			07/01/2021		4,470,204
	Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)⁽ⁱ⁾
	1,678,950		10.000			01/01/2022		1,490,068
	Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)⁽ⁱ⁾
	1,678,950		10.000			07/01/2022		1,490,068
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	830,000		5.250			07/01/2035		897,678
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	3,410,000		5.250			07/01/2031		3,732,143
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	265,000		5.250			07/01/2034		299,410
	960,000		5.250			07/01/2036		1,081,613
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	510,000		5.250			07/01/2033		552,672
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	4,920,000		4.750			07/01/2038		4,985,338
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)^(b)
	4,785,000		0.000			07/01/2034		2,297,039
	3,750,000		0.000			07/01/2035		1,694,400
	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		876,250
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(b)
	1,796,000		0.000			07/01/2024		1,567,244
	6,880,000		0.000			07/01/2027		5,475,104
	4,736,000		0.000			07/01/2029		3,514,917
	4,301,000		0.000			07/01/2031		2,959,174
	10,295,000		0.000			07/01/2033		6,480,908
	76,371,000		0.000			07/01/2046		20,252,062
	39,344,000		0.000			07/01/2051		7,626,441


Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	116,152,000		4.329			07/01/2040		117,891,957
	562,000		4.536			07/01/2053		573,240
	8,663,000		4.784			07/01/2058		8,988,642
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	3,939,000		4.500			07/01/2034		4,207,797
	3,447,000		4.550			07/01/2040		3,554,064
	24,351,000		4.750			07/01/2053		25,264,162
	56,749,000		5.000			07/01/2058		59,825,931

								497,596,543

Rhode Island – 0.2%
	Rhode Island Health and Educational Building Corp. RB Refunding for Care New England Series 2013 A (BBB-/NR)^(e)
	2,500,000		6.000			09/01/2023		2,941,700
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC/NR)^(b)
	124,220,000		0.000			06/01/2052		15,423,155

								18,364,855

South Carolina – 0.2%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	3,262,000		6.875			11/01/2035		3,272,275
	South Carolina Jobs – Economic Development Authority Hospital RB Refunding for Palmetto Health Series 2011 A (AGM) (AA/WR)^(e)
	4,000,000		6.500			08/01/2021		4,374,960
	South Carolina Jobs-Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 C (A-/NR)
	2,365,000		5.000			11/15/2047		2,720,270
	South Carolina Public Service Authority RB Tax-Exempt Series 2015 E (A/A2)
	7,790,000		5.250			12/01/2055		9,021,833

								19,389,338

Tennessee – 0.3%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-2 (BBB+/Baa1)
	1,900,000		5.000			08/01/2049		2,245,515
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	5,230,000		4.000			07/01/2040		5,625,336
	Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (A-/Baa1)
	1,500,000		5.000			08/15/2042		1,613,085
	Johnson City Health & Educational Facilities Board RB for Mountain States Health Alliance Series 2010 A (A-/Baa1)^(e)
	5,500,000		6.500			07/01/2020		5,709,715
	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		2,922,925


80		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)
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (BBB-/NR)
$	315,000		5.000	%		10/01/2029	$	377,367
	230,000		5.000			10/01/2034		270,990
	375,000		5.000			10/01/2039		435,244
	450,000		5.000			10/01/2048		515,880
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)^(d)
	850,000		5.125			06/01/2036		939,709
	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		2,080,860

								22,736,626

Texas – 5.0%
	Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)^(d)
	825,000		4.250			09/01/2023		833,869
	500,000		4.625			09/01/2028		513,550
	2,160,000		5.125			09/01/2038		2,244,478
	2,580,000		5.250			09/01/2047		2,682,245
	Bexar County Texas Health Facilities Development Corp. RB for Army Retirement Residence Foundation Project Series 2010 (BBB/NR)^(e)
	3,250,000		6.200			07/01/2020		3,365,732
	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		2,186,496
	2,435,000		5.000			12/01/2040		2,625,612
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 A (A-/Baa1)
	3,900,000		5.000			01/01/2045		4,416,399
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)
	1,600,000		5.000			01/01/2040		1,842,464
	2,465,000		5.000			01/01/2046		2,812,097
	City of Anna Special Assessment Bond for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)^(d)
	2,190,000		6.500			09/01/2048		2,300,836
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	15,000,000		5.000			11/15/2048		18,254,400
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)^(d)
	6,000,000		5.125			11/01/2033		6,389,580
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)^(d)
	400,000		5.500			09/01/2046		426,368
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)
	1,125,000		5.625			09/01/2038		1,198,755
	1,700,000		5.750			09/01/2047		1,810,857


Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)^(d)
	2,380,000		4.250			09/01/2049		2,348,156
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)
	3,860,000		7.500			09/01/2045		4,205,509
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighorhood Improvement Area #1 Project Series 2015 (NR/NR)
	1,790,000		6.250			09/01/2045		1,892,710
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)^(d)
	1,360,000		4.250			08/15/2049		1,372,634
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)^(d)
	910,000		4.350			08/15/2039		926,507
	1,920,000		4.500			08/15/2048		1,954,714
	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		2,110,840
	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		1,439,567
	1,175,000		5.000			09/01/2044		1,242,563
	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		2,503,625
	4,715,000		4.500			09/01/2038		5,194,421
	City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)^(d)
	1,200,000		4.375			09/01/2049		1,209,096
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)^(d)
	1,405,000		4.625			09/01/2039		1,451,239
	900,000		4.750			09/01/2044		929,439
	City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)^(d)
	1,225,000		4.875			09/01/2044		1,245,678
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)^(d)
	580,000		4.250			09/15/2039		573,829
	945,000		4.500			09/15/2049		940,360
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)^(d)
	850,000		5.000			09/15/2049		846,056


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)^(d)
$	785,000	4.250 %		09/15/2039	$	804,209
	1,240,000	4.375		09/15/2049		1,264,564
	City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)^(d)
	1,155,000	5.750		09/15/2039		1,180,422
	2,055,000	6.000		09/15/2049		2,099,696
	City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)^(d)
	2,405,000	5.875		09/15/2039		2,457,621
	5,000,000	5.125		09/15/2048		5,113,350
	3,830,000	6.125		09/15/2048		3,912,805
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)^(d)
	1,355,000	4.125		09/01/2048		1,397,290
	1,470,000	4.500		09/01/2048		1,516,143
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)^(d)
	2,465,000	4.875		09/01/2048		2,593,698
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)^(d)
	500,000	4.375		09/01/2049		511,505
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	400,000	4.875		09/01/2039		416,916
	835,000	5.000		09/01/2049		870,095
	City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)^(d)
	905,000	4.500		09/01/2039		897,914
	1,185,000	5.500		09/01/2039		1,176,444
	1,490,000	4.750		09/01/2049		1,475,845
	2,140,000	5.750		09/01/2049		2,121,767
	City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)
	360,000	4.500		09/01/2023		363,874
	780,000	5.000		09/01/2028		800,912
	1,935,000	5.600		09/01/2038		2,009,130
	2,550,000	5.700		09/01/2047		2,649,118
	Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)^(d)
	3,250,000	5.000		04/01/2032		3,458,975
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)^(d)
	275,000	3.750		08/15/2024		278,418
	350,000	4.000		08/15/2029		360,325
	1,150,000	4.500		08/15/2035		1,194,275
	875,000	5.000		08/15/2044		918,409
	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		1,633,111
	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		6,000,915


Municipal Bonds – (continued)
Texas – (continued)
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)^(d)
	1,575,000	5.000		09/01/2027		1,685,297
	895,000	5.000		09/01/2032		939,070
	1,315,000	5.125		09/01/2037		1,370,940
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)^(a)
	15,140,000	0.000		10/01/2046		16,075,046
	11,100,000	0.000		10/01/2047		11,765,334
	Grand Parkway Transportation Corp. System Toll RB First Tier Series 2013 A (BBB/NR)
	11,850,000	5.500		04/01/2053		13,371,777
	Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/Aaa)^(f)(g)
	4,000,000	1.300		10/07/2019		4,000,000
	Harris County Cultural Education Facilities Finance Corp. RB First Mortgage for Brazos Presbyterian Homes, Inc. Project Series 2013 B (BBB-/NR)^(e)
	3,030,000	7.000		01/01/2023		3,561,432
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)^(c)
	23,855,000	(3 Mo. LIBOR + 0.67%), 2.120		08/15/2035		22,465,208
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)^(d)
	1,340,000	4.500		09/01/2039		1,365,741
	1,800,000	4.750		09/01/2049		1,841,400
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	595,000	3.750		09/01/2032		638,530
	510,000	3.875		09/01/2037		547,495
	955,000	4.000		09/01/2047		1,022,223
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB/NR)
	15,835,000	5.000		07/15/2028		19,000,258
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (BB/Ba3)
	10,000,000	6.625		07/15/2038		10,735,700
	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		10,366,197
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (BB/NR)
	9,250,000	5.000		07/15/2035		10,360,925
	Joint Guadalupe County RB Refunding and Improvement Bonds for City of Seguin Hospital Mortgage Series 2015 (BB/NR)
	1,950,000	5.000		12/01/2045		2,095,665
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)^(d)
	510,000	4.500		09/01/2023		515,921
	785,000	5.000		09/01/2028		809,351


82		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)
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)^(d) – (continued)
$	1,170,000	5.375 %			09/01/2038		$	1,221,293
	1,930,000	5.125			09/01/2047			2,016,985
	1,500,000	5.500			09/01/2047			1,566,510
	Lower Neches Valley Authority Industrial Development Corp. RB for Exxon Capital Ventures, Inc. Series 2011 (Exxon Mobil Corp. (AA+/Aaa)^(f)(g)
	3,000,000	1.380			10/07/2019			3,000,000
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)^(d)
	17,350,000	4.625			10/01/2031			18,842,621
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,850,000	5.000			09/15/2043			2,055,442
	2,800,000	5.000			09/15/2048			3,103,072
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BB+/NR)^(d)
	1,465,000	5.000			08/15/2051			1,607,559
	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 (BB/B2)
	335,000	5.000			04/01/2031			354,001
	300,000	5.000			04/01/2036			313,176
	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			1,083,890
	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			1,416,412
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	8,500,000	5.000			01/01/2048			9,999,315
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	3,000,000	5.000			01/01/2039			3,505,950
	Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)
	175,000	5.750			09/15/2036			176,871
	460,000	6.000			09/15/2046			465,124
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)^(d)
	825,000	4.125			09/15/2039			819,992
	1,445,000	4.375			09/15/2049			1,434,235
	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			7,920,135
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)^(c)
	7,200,000	(3 Mo. LIBOR + 0.70%), 2.119			12/15/2026			7,173,360


Municipal Bonds – (continued)
Texas – (continued)
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)
	17,465,000		6.250			12/15/2026			20,375,018
	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			4,348,461
	3,900,000		5.000			12/31/2055			4,336,722
	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			7,606,050
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (NR/Baa3)
	5,000,000		6.750			06/30/2043			5,819,950
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)
	5,585,000		5.000			06/30/2058			6,517,360
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (BBB+/Baa1)
	7,850,000		5.000			08/15/2042			8,787,290
	Texas Water Development Board RB for Water Implementation Series 2018 B (AAA/NR)
	14,145,000		5.000			04/15/2049			17,310,085
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)^(d)
	1,353,000		5.875			09/01/2047			1,441,757
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)^(d)
	1,400,000		5.000			09/01/2047			1,444,240
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	187,000		4.000			12/01/2021			193,147
	500,000		4.000			12/01/2027			514,820
	1,545,000		4.750			12/01/2035			1,623,439

									418,696,219

Utah – 0.3%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR)
	10,605,000		7.100			08/15/2023			11,487,972
	Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A+/A2)
	6,000,000		5.000			07/01/2036			7,311,600
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	6,000,000		5.000			07/01/2047			7,040,340

									25,839,912

Vermont – 0.0%
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
	1,000,000		5.000			05/01/2047			1,099,090


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
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	$	10,810,234
	7,910,000		5.000			10/01/2029		7,940,849
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	6,080,000		5.000			10/01/2032		6,094,410
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (B/NR)
	9,850,000		5.000			10/01/2039		9,732,982
	Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM-CR) (AA/A2)
	3,515,000		5.000			10/01/2039		3,887,555
	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		1,999,920

								40,465,950

Virginia – 1.3%
	Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (BBB+/NR)
	2,700,000		5.000			10/01/2045		3,006,531
	Mosaic District Community Development Authority RB Series 2011 A (NR/NR)
	1,830,000		6.250			03/01/2021		1,922,616
	2,000,000		6.625			03/01/2026		2,106,700
	7,000,000		6.875			03/01/2036		7,383,530
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)
	11,680,000		6.706			06/01/2046		11,228,218
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC+/NR)^(b)
	236,845,000		0.000			06/01/2047		27,405,335
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC/NR)^(b)
	34,250,000		0.000			06/01/2047		3,610,978
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	3,950,000		5.000			12/31/2052		4,536,259
	22,780,000		5.000			12/31/2056		26,076,038
	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		4,176,237
	13,650,000		5.000			01/01/2040		14,548,170
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)^(d)(f)(g)
	1,000,000		5.000			07/01/2038		1,066,680

								107,067,292

Washington – 1.6%
	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		14,985,200


Municipal Bonds – (continued)
Washington – (continued)
	Skagit County Public Hospital District No. 1 RB for Skagit Valley Hospital Series 2010 (NR/Baa2)
	4,000,000		5.750			12/01/2035		4,161,480
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	3,790,000		5.000			08/01/2049		4,479,211
	Washington State Convention Center Public Facilities District RB Series 2018 (A-/A1)
	5,500,000		5.000			07/01/2058		6,491,760
	Washington State Convention Center Public Facilities District RB Series 2018 (AA-/Aa3)
	16,450,000		5.000			07/01/2048		19,780,961
	37,700,000		4.000			07/01/2058		40,809,873
	30,975,000		5.000			07/01/2058		36,746,262
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)^(d)
	1,350,000		5.000			01/01/2049		1,472,715
	3,800,000		5.000			01/01/2055		4,116,768

								133,044,230

West Virginia – 0.4%
	County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (BBB/NR)
	955,000		3.000			03/01/2035		956,585
	2,685,000		3.000			03/01/2037		2,647,222
	2,685,000		3.250			03/01/2041		2,680,597
	West Virginia Economic Development Authority Solid Waste Disposal Facilities RB Refunding for Appalachian Power Co. – Amos Project Series 2010 A (A-/Baa1)
	4,750,000		5.375			12/01/2038		4,939,430
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	5,170,000		5.000			01/01/2043		6,101,944
	13,000,000		4.125			01/01/2047		13,929,370
	West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (NR/Baa1)
	1,650,000		5.000			09/01/2038		2,009,518
	1,525,000		5.000			09/01/2039		1,852,723

								35,117,389

Wisconsin – 0.4%
	Public Finance Authority Beyond Boone LLC-Appalachian State University Project RB Bonds Series 2019 A (AGM) (AA/A2)
	900,000		5.000			07/01/2044		1,060,794
	2,350,000		4.125			07/01/2049		2,564,719
	1,300,000		5.000			07/01/2054		1,517,854
	1,600,000		5.000			07/01/2058		1,822,864
	Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)^(d)
	305,000		4.000			06/15/2029		318,853
	385,000		5.000			06/15/2039		411,268


84		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)
Wisconsin – (continued)
	Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)^(d) – (continued)
$	495,000		5.000	%		06/15/2049	$	524,720
	430,000		5.000			06/15/2054		452,584
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB/Baa3)
	5,900,000		4.300			11/01/2030		6,282,202
	Public Finance Authority Minnesota College of Osteopathic Medicine Senior RB Series 2019 A-1 (CC/NR)^(d)
	1,380,000		5.500			12/01/2048		1,360,404
	Public Finance Authority Minnesota College of Osteopathic Medicine Senior Taxable RB Series 2019 A-2 (CC/NR)^(d)
	2,800,000		7.250			12/01/2048		2,766,904
	Public Finance Authority of Waste Disposal RB Refunding Series 2016 A-4 (AMT) (A-/NR)^(f)(g)
	7,000,000		2.000			06/01/2021		7,044,100
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	2,600,000		5.200			12/01/2037		3,037,840
	1,525,000		5.350			12/01/2045		1,776,076
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)
	575,000		5.000			11/15/2044		661,359
	765,000		5.000			11/15/2049		877,226
	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		3,577,080

								36,056,847

Wyoming – 0.4%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)
	32,340,000		3.625			07/15/2039		34,629,349

	TOTAL MUNICIPAL BONDS
	(Cost $7,458,996,864)						$	8,217,289,329



Corporate Bonds – 0.3%
Health Care Equipment & Services – 0.3%
	Catholic Health Initiatives
$	1,293,000		4.350	%		11/01/2042	$	1,385,923
	Prime Healthcare Foundation, Inc. Series B
	16,525,000		7.000			12/01/2027		20,153,633

								21,539,556

	TOTAL CORPORATE BONDS
	(Cost $17,409,331)						$	21,539,556

	TOTAL INVESTMENTS – 98.1%
	(Cost $7,476,406,195)						$	8,238,828,885

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.9%							158,961,473

	NET ASSETS – 100.0%						$	8,397,790,358



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 September 30, 2019.

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

(e)		Pre-refunded security. Maturity date disclosed is pre-refunding date.

(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 September 30, 2019.

(g)		Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2019. 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.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)



Investment Abbreviations:
AGC-ICC		—Agency Insured Custody Certificate
AGM		—Insured by Assured Guaranty Municipal Corp.
AGM-CR		—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
ASSURED GTY		—Insured by Assured Guaranty
BAM		—Build America Mutual Assurance Co.
BHAC-CR		—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
CA MTG INS		—Insured by California Mortgage Insurance
COMWLTH GTD		—Commonwealth Guaranteed
COPS		—Certificates of Participation
ETM		—Escrowed to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
GO		—General Obligation
IDA		—Industrial Development Authority
LIBOR		—London Interbank Offered Rate
Mo.		—Month
MUN GOVT GTD		—Municipal Government Guaranteed
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC		—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR		—Not Rated
PCRB		—Pollution Control Revenue Bond
PILOT		—Payment in Lieu of Taxes
Q-SBLF		—Qualified School Board Loan Fund
RB		—Revenue Bond
RMKT		—Remarketed
SIFMA		—The Securities Industry and Financial Markets Association
ST AID WITHHLDG		—State Aid Withholding
ST APPROP		—State Appropriation
USD		—United States Dollar
WR		—Withdrawn Rating
XLCA		—Insured by XL Capital Assurance, Inc.


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2019, 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 September 30, 2019^(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%	0.160%		Bank of America NA		03/20/2023		USD 4,000	$	114,476		$	(68,841	)	$	183,317
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.700	0.080		JPMorgan Chase Bank NA		06/20/2021		10,000		282,642			—			282,642
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000	0.160				03/20/2023		9,000		257,573			(154,891	)		412,464
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000	0.190				09/20/2023		15,000		474,110			(277,373	)		751,483
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		1.830	1.040				06/20/2021		10,000		137,334			—			137,334
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000	0.200		Morgan Stanley Co., Inc.		12/20/2023		10,000		330,693			(119,639	)		450,332
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		1.000	1.530				12/20/2023		10,000		(196,229	)		(323,837	)		127,608

TOTAL										$	1,400,599		$	(944,581		$	2,345,180

(a)

Payments received quarterly.

(b)

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		$	(18,522,197	)	$	(9,957,323	)	$	(8,564,874	)
1.750		3 Month LIBOR	12/18/2049		391,720	^(b)		(3,771,542	)		8,784,864			(12,556,406	)

TOTAL							$	(22,293,739	)	$	(1,172,459	)	$	(21,121,280	)

(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 September 30, 2019.


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – 98.9%
Alabama – 1.6%
	Alabama Public School & College Authority RB Refunding for Capital Improvement Series 2015 A (AA/Aa1)
$	3,385,000	5.000%		05/01/2023	$	3,819,499
	Auburn University General Fee RB Series 2011 A (AA-/Aa2)^(a)
	35,365,000	5.000		06/01/2021		37,553,740
	Black Belt Energy Gas District RB Project No. 4 Series 2019 A-1 (A/A3)^(b)(c)
	20,000,000	4.000		12/01/2025		22,325,800
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	160,000	3.000		10/01/2019		160,000
	75,000	4.000		10/01/2020		76,518
	85,000	4.000		10/01/2021		88,418
	85,000	4.000		10/01/2022		90,073
	Huntsville Health Care Authority RB Series 2010 A (NR/A1)^(a)
	7,470,000	5.500		06/01/2020		7,672,512
	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		6,006,540
	Jefferson County RB Refunding Warrants Series 2017 (AA/NR)
	3,000,000	5.000		09/15/2021		3,206,700
	1,200,000	5.000		09/15/2022		1,322,676
	2,000,000	5.000		09/15/2023		2,267,460
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,300,000	5.000		10/01/2021		1,383,694
	1,745,000	5.000		10/01/2022		1,910,932
	Prattville Industrial Development Board RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)^(b)(c)
	225,000	2.000		10/01/2024		225,301
	Prattville Industrial Development Board Recovery Zone Facility RB Refunding for International Paper Company Series 2019 C (BBB/Baa2)^(b)(c)
	225,000	2.000		10/01/2024		225,301
	Selma Industrial Development Board Gulf Opportunity Zone RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)^(b)(c)
	1,875,000	2.000		10/01/2024		1,877,513
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A3)^(b)
		(1 Mo. LIBOR + 0.85%),
	25,000,000	2.211		06/01/2024		24,840,000

						115,052,677

Alaska – 0.1%
	Borough of North Slope GO Bonds for General Purpose Series 2018 A (AA/Aa2)
	1,055,000	5.000		06/30/2021		1,122,847
	1,000,000	5.000		06/30/2023		1,063,720
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/A2)
	705,000	4.625		06/01/2023		706,114
	State of Alaska International Airports System RB Refunding Series 2010 A (AMT) (A+/A1)
	1,100,000	5.000		10/01/2023		1,137,081

						4,029,762


Municipal Bonds – (continued)
Arizona – 2.4%
	Arizona Department of Transportation State Highway RB Series 2013 A (AA+/Aa2)
	14,250,000	5.000		07/01/2023		15,684,405
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(d)
		(3 Mo. LIBOR + 0.81%),
	59,270,000	2.216		01/01/2037		58,020,588
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	170,000	5.000		11/01/2020		176,819
	250,000	5.000		11/01/2021		267,760
	250,000	5.000		11/01/2022		275,673
	505,000	5.000		11/01/2023		571,837
	395,000	5.000		11/01/2024		458,729
	340,000	5.000		11/01/2025		404,848
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BBB+/NR)
	675,000	5.000		01/01/2022		721,751
	600,000	5.000		01/01/2023		657,618
	575,000	5.000		01/01/2024		644,506
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BBB/NR)
	485,000	5.000		01/01/2022		515,827
	505,000	5.000		01/01/2023		549,334
	560,000	5.000		01/01/2024		621,656
	Arizona School Facilities Board COPS Refunding Series 2015 A (AA-/Aa3)
	8,000,000	5.000		09/01/2020		8,270,960
	Arizona Transportation Board Excise Tax RB Refunding for Regional Area Road Series 2016 (AA+/Aa1)
	5,820,000	5.000		07/01/2021		6,192,771
	Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)^(b)(c)
	9,365,000	5.000		06/03/2024		10,746,618
	City of Phoenix Civic Improvement Corporation RB Refunding Junior Lien Series 2010 A (A+/A1)^(a)
	24,365,000	5.000		07/01/2020		25,036,499
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (A+/A1)^(a)
	5,000,000	5.000		07/01/2020		5,137,800
	County of Pinal RB Refunding Series 2014 (AA-/NR)
	2,465,000	5.000		08/01/2021		2,631,264
	Glendale City GO Refunding Bonds Series 2015 (AGM) (AA/A1)
	3,000,000	4.000		07/01/2020		3,062,250
	3,400,000	4.000		07/01/2021		3,562,860
	1,665,000	5.000		07/01/2022		1,831,167
	Maricopa County Community College District GO Refunding Bonds Series 2016 (AAA/Aaa)
	9,505,000	5.000		07/01/2021		10,122,350
	16,400,000	5.000		07/01/2023		18,631,384

						174,797,274


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)
Arkansas – 0.2%
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)^(e)
$	250,000	5.000 %		08/01/2021	$	263,842
	250,000	5.000		08/01/2022		271,278
	235,000	5.000		08/01/2023		261,609
	400,000	5.000		08/01/2024		455,904
	Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ST AID WITHHLDG) (NR/Aa2)
	1,295,000	3.000		02/01/2021		1,323,244
	1,950,000	3.000		02/01/2022		2,024,529
	1,510,000	3.000		02/01/2023		1,584,564
	Little Rock Arkansas Sewer RB Refunding Series 2015 (NR/Aa3)
	1,075,000	3.000		10/01/2020		1,093,264
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	6,050,000	3.000		02/01/2021		6,181,951
	Springdale Arkansas Sales and Use Tax RB Series 2012 (A+/NR)
	720,000	2.000		11/01/2019		720,367

						14,180,552

California – 6.6%
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (AMBAC) (BBB+/Baa2)^(f)
	255,000	0.000		10/01/2020		249,719
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (AMBAC) (BBB+/WR)^(f)
	745,000	0.000		10/01/2019		745,000
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (ETM) (AMBAC) (AAA/WR)^(a)(f)
	9,420,000	0.000		10/01/2019		9,420,000
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (ETM) (AMBAC) (NR/Aaa)^(a)(f)
	12,325,000	0.000		10/01/2020		12,167,979
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	500,000	5.000		05/01/2021		530,140
	335,000	5.000		05/01/2022		366,269
	300,000	5.000		05/01/2023		338,058
	265,000	5.000		05/01/2024		307,580
	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%), 2.390		05/01/2023		10,184,000
	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%), 2.390		05/01/2023		7,128,800


Municipal Bonds – (continued)
California – (continued)
	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%), 2.740		04/01/2027		15,681,750
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2017 C (AA/Aa3)^(b)(c)
	11,175,000	2.100		04/01/2022		11,366,763
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BBB-/NR)
	255,000	5.000		05/01/2021		268,242
	1,000,000	5.000		05/01/2023		1,109,810
	535,000	5.000		05/01/2024		607,701
	California Infrastructure & Economic Development Bank RB Refunding for The J. Paul Getty Trust Project Series 2013 A-1 (AAA/Aaa)^(b)
		(1 Mo. LIBOR + 0.33%),
	20,000,000	1.752		04/01/2022		20,009,000
	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%), 1.840		12/01/2020		10,005,000
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,100,000	5.000		02/01/2020		1,113,398
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	325,000	5.000		10/01/2020		336,381
	250,000	5.000		10/01/2021		267,218
	250,000	5.000		10/01/2022		275,315
	225,000	5.000		10/01/2023		254,666
	275,000	5.000		10/01/2024		319,261
	275,000	5.000		10/01/2025		326,799
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/WR)
	550,000	5.000		10/01/2019		550,000
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	150,000	3.000		06/01/2020		151,430
	100,000	4.000		06/01/2022		106,099
	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%), 1.870		12/01/2022		15,020,100
	California State Various Purpose GO Bonds Series 2011 (AA-/WR)
	5,070,000	5.000		10/01/2019		5,070,000
	California Statewide Communities Development Authority RB for Irvine East Campus Apartments, CHF-Irvine LLC Series 2017 (NR/Baa1)
	1,545,000	5.000		05/15/2021		1,634,857


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate				Maturity Date			Value

Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (BBB+/NR)
$	250,000		5.000	%			01/01/2020		$	252,100
	300,000		5.000				01/01/2021			312,561
	500,000		5.000				01/01/2022			537,270
	500,000		5.000				01/01/2023			552,675
	California Statewide Communities Development Authority RB Refunding for Irvine East Campus Apartments, CHF-Irvine LLC Series 2016 (NR/Baa1)
	1,150,000		5.000				05/15/2020			1,175,714
	1,250,000		5.000				05/15/2021			1,322,700
	Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (AA-/NR)^(f)
	2,000,000		0.000				08/01/2023			1,905,980
	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			6,142,980
	5,000,000		5.000				06/01/2021			5,292,350
	6,000,000		5.000				06/01/2022			6,538,680
	6,000,000		5.000				06/01/2023			6,704,820
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BBB/NR)
	13,910,000		3.500				06/01/2036			14,159,685
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds Series 2019 (A-/NR)
	1,875,000		3.678				06/01/2038			1,952,550
	Irvine City Limited Obligation Improvement Bond Reassessment District No. 15-2 Series 2015 (NR/NR)
	725,000		4.000				09/02/2020			741,835
	775,000		5.000				09/02/2021			826,429
	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			1,934,705
	1,135,000		5.000				09/01/2023			1,278,316
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	600,000		4.000				09/01/2023			649,320
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	520,000		4.000				09/01/2023			562,744
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	255,000		3.000				09/01/2022			263,657
	415,000		4.000				09/01/2023			449,113
	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			1,279,127
	Lake Elsinore Public Financing Authority Local Agency RB Refunding Series 2015 (NR/NR)
	785,000		5.000				09/01/2021			834,329
	Los Angeles Unified School District GO Bonds for Qualified School Construction Series 2010 J-2 (A+/Aa3)
	27,900,000		5.720				05/01/2027			34,221,861


Municipal Bonds – (continued)
California – (continued)
	Los Angeles Unified School District GO Bonds Series KRY 2010 CA (A+/Aa3)
	29,145,000	5.250			07/01/2028			29,995,451
	Mizuho Floater & Residual Trust Special Tax Series 2019-MIZ9003 (NR/A1)^(b)(c)(g)
	24,960,000	1.660			10/14/2019			24,960,000
	Natomas Unified School District GO Refunding Bonds Series 2013 (BAM) (AA/A1)
	730,000	4.000			09/01/2020			748,783
	650,000	4.000			09/01/2021			685,087
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A3)^(d)
		(3 Mo. LIBOR + 0.72%),
	10,855,000	2.126			07/01/2027			10,664,603
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	380,000	4.000			09/01/2022			401,402
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	1,000,000	4.000			09/01/2020			1,023,700
	675,000	5.000			09/01/2021			719,793
	800,000	5.000			09/01/2022			876,944
	1,835,000	5.000			09/01/2023			2,062,522
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa3)^(d)
		(3 Mo. LIBOR + 0.53%),
	47,675,000	1.962			12/01/2035			45,737,965
	San Diego Community College District GO Bonds for Election of 2006 Series 2013 (AAA/Aaa)^(h)
	42,470,000	0.000			08/01/2041			23,107,502
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2012 A (AMT) (A+/A1)
	6,250,000	5.000			05/01/2026			6,823,313
	State of California GO Bonds for General Obligation High Speed Train Series 2017 A (AA-/Aa3)
	12,400,000	2.367			04/01/2022			12,556,612
	State of California GO Unlimited Various Purpose Bonds Series 2019 A (AA-/Aa3)
	29,705,000	2.350			04/01/2022			30,067,995
	State of California Various Purpose GO Bonds for Bid Group A Series 2018 (AA-/Aa3)
	52,000,000	5.000			10/01/2022			57,880,680
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (BB+/Baa2)
	820,000	4.750			06/01/2023			824,567
	University of California Regents Medical Center Pooled RB Refunding Series 2007 C-2 (NATL-RE) (AA-/Aa3)^(d)
		(3 Mo. LIBOR + 0.61%),
	3,500,000	2.056			05/15/2030			3,468,955
		(3 Mo. LIBOR + 0.74%),
	15,000,000	2.190			05/15/2043			13,994,250


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)
California – (continued)
	Ventura County Capital Appreciation GO Bonds for Conejo Valley Unified School District for Election of 2014 Series A (AGM) (AA/Aa3)^(f)
$	1,775,000		0.000	%			08/01/2020		$	1,754,410

										484,157,370

Colorado – 2.0%
	City of Boulder Water & Sewer RB Refunding Series 2012 (AAA/Aa1)
	1,000,000		5.000				12/01/2020			1,043,180
	Colorado E-470 Public Highway Authority Senior RB Refunding Series 2015 A (A/A2)
	1,000,000		5.000				09/01/2020			1,031,640
	Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Catholic Health Initiatives Project Series 2013 A (BBB+/Baa1)^(a)
	2,775,000		5.250				01/01/2023			3,113,883
	Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Catholic Health Initiatives Project Series 2019 B-1 (BBB+/Baa1)^(b)(c)
	8,275,000		5.000				08/01/2025			9,617,784
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	3,890,000		5.000				08/01/2025			4,573,006
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	3,995,000		5.000				08/01/2025			4,696,442
	Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (A-/NR)
	1,000,000		5.000				12/01/2020			1,038,720
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (ETM) (BBB+/NR)^(a)
	400,000		5.000				06/01/2020			409,800
	700,000		5.000				06/01/2021			742,721
	500,000		5.000				06/01/2022			548,550
	Colorado Health Facilities Authority RB Refunding for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)
	965,000		5.000				01/01/2022			1,043,522
	795,000		5.000				01/01/2023			886,695
	1,500,000		5.000				01/01/2024			1,721,385
	Denver City & County School District No. 1 GO Bonds Series 2012 B (ST AID WITHHLDG) (AA+/Aa1)^(a)
	24,390,000		5.000				12/01/2022			27,226,313
	Denver City & County School District No. 1 GO Refunding Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa1)^(a)
	4,060,000		5.000				12/01/2021			4,385,775
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(g)
	2,000,000		5.000				12/01/2019			2,011,120
	2,415,000		5.000				12/01/2020			2,508,799
	4,110,000		5.000				12/01/2021			4,402,468
	4,315,000		5.000				12/01/2022			4,744,342


Municipal Bonds – (continued)
Colorado – (continued)
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)^(g) – (continued)
	4,530,000	5.000			12/01/2023			5,109,976
	4,760,000	5.000			12/01/2024			5,496,372
	Denver Colorado Health and Hospital Authority Healthcare RB Series 2007 B (BBB/NR)^(d)
		(3 Mo. LIBOR + 1.10%),
	16,000,000	2.530			12/01/2033			15,998,720
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	110,000	5.000			12/01/2020			114,273
	220,000	5.000			12/01/2021			235,655
	300,000	5.000			12/01/2022			329,850
	Jefferson County School District R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA/Aa2)^(a)
	5,925,000	4.000			12/15/2022			6,436,861
	12,040,000	5.000			12/15/2022			13,456,987
	University of Colorado Enterprise System RB Refunding Series 2019 A-2 (AA+/Aa1)
	5,610,000	1.780			06/01/2024			5,594,180
	University of Colorado Hospital Authority RB Series 2017 C-1 (AA/Aa3)^(b)(c)
	6,360,000	4.000			03/01/2020			6,367,950
	University of Colorado Hospital Authority RB Series 2017 C-2 (AA/Aa3)^(b)(c)
	7,230,000	5.000			03/01/2022			7,712,747

								142,599,716

Connecticut – 2.9%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	1,250,000	5.000			08/01/2021			1,319,825
	1,000,000	5.000			08/01/2023			1,109,250
	920,000	5.000			08/01/2024			1,044,136
	600,000	5.000			08/01/2025			694,908
	Connecticut State GO Bonds Series 2013 A (A/A1)
	5,215,000	5.000			10/15/2023			5,933,053
	Connecticut State GO Bonds Series 2015 C (A/A1)^(d)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.80%), 2.290			06/15/2020			10,040,900
	Connecticut State GO Bonds Series 2015 F (A/A1)
	6,615,000	5.000			11/15/2021			7,116,549
	5,685,000	5.000			11/15/2022			6,305,234
	4,460,000	5.000			11/15/2023			5,086,229
	Connecticut State GO Bonds Series 2017 A (A/A1)
	1,705,000	5.000			04/15/2022			1,856,984
	Connecticut State GO Refunding Bonds Series 2010 D (A/A1)
	7,500,000	5.000			10/01/2022			7,761,150
	Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	18,110,000	3.000			04/15/2022			18,825,164
	Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)^(b)(c)
	2,880,000	1.800			07/01/2024			2,914,762
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-1 (AAA/Aaa)^(b)(c)
	6,000,000	1.040			10/07/2019			6,000,000


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Connecticut – (continued)
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)^(b)(c)
$	2,670,000		1.050	%		10/07/2019	$	2,670,000
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-3 (AAA/Aaa)^(b)(c)
	11,260,000		1.800			02/09/2021		11,329,136
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2017 T-2 (AAA/Aaa)^(b)(c)
	2,440,000		1.650			02/03/2020		2,442,586
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 B-1 (AAA/Aaa)^(b)(c)
	4,925,000		5.000			07/01/2020		5,059,206
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)^(b)(c)
	62,750,000		5.000			02/01/2023		70,151,363
	Connecticut State Health & Educational Facilities Authority Yale University Issue RB Series 2019 U-1 (AAA/Aaa)^(b)(c)
	13,300,000		2.000			02/08/2022		13,502,027
	New Haven GO Refunding Bonds Series 2015 B (ETM) (BAM) (AA/Baa1)^(a)
	6,115,000		5.000			08/15/2021		6,533,816
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bond Series 2010 B (A+/A1)
	3,780,000		4.576			11/01/2022		4,049,703
	State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2011 B (A+/A1)
	5,035,000		3.000			12/01/2022		5,208,456
	Town of Fairfield GO Bonds Series 2019 (SP-1+/MIG1)
	3,435,000		3.000			07/10/2020		3,479,586
	University of Connecticut GO Bonds Series 2015 A (A+/A1)
	8,640,000		5.000			02/15/2021		9,067,507
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	300,000		3.000			11/01/2019		300,090
	400,000		4.000			11/01/2020		405,492
	400,000		4.000			11/01/2021		410,216
	415,000		5.000			11/01/2022		442,369
	400,000		5.000			11/01/2023		433,000
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	200,000		3.000			11/01/2019		200,060
	390,000		4.000			11/01/2020		395,355
	790,000		5.000			11/01/2022		842,100

								212,930,212

Delaware – 0.6%
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	475,000		5.000			06/01/2023		527,065
	305,000		5.000			06/01/2024		346,278
	Delaware State GO Bonds Series 2014 (AAA/Aaa)^(a)
	15,000,000		5.000			03/01/2022		16,321,950
	Delaware State GO Bonds Series 2018 A (AAA/Aaa)
	3,250,000		5.000			02/01/2021		3,412,467
	3,500,000		5.000			02/01/2022		3,803,975
	1,750,000		5.000			02/01/2023		1,965,548
	State of Delaware GO Unlimited Bonds Series 2014 (AAA/Aaa)^(a)
	14,800,000		4.000			03/01/2022		15,753,712

								42,130,995


Municipal Bonds – (continued)
District of Columbia – 0.2%
	District of Columbia RB for National Public Radio, Inc. Series 2010 A (A+/A2)^(a)
	3,205,000		5.000			04/01/2020		3,262,305
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (AA-/Aa3)
	4,100,000		5.000			10/01/2029		4,503,768
	Metropolitan Washington Airports Authority RB Refunding Series 2015 B (AMT) (AA-/Aa3)
	4,750,000		5.000			10/01/2020		4,915,395

								12,681,468

Florida – 4.1%
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	325,000		2.000			05/01/2020		325,429
	335,000		2.250			05/01/2021		336,779
	340,000		2.250			05/01/2022		341,873
	350,000		2.500			05/01/2023		354,344
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,085,000		2.000			05/01/2020		1,086,552
	1,110,000		2.125			05/01/2021		1,114,551
	1,135,000		2.250			05/01/2022		1,145,544
	1,160,000		2.500			05/01/2023		1,182,852
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	165,000		2.000			05/01/2020		165,541
	170,000		2.000			05/01/2021		171,277
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	600,000		2.600			05/01/2020		603,972
	610,000		3.000			05/01/2021		623,689
	495,000		3.125			05/01/2022		513,374
	500,000		3.250			05/01/2023		525,420
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	125,000		2.250			05/01/2020		125,582
	130,000		2.250			05/01/2021		131,522
	135,000		2.250			05/01/2022		137,074
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	285,000		3.500			05/01/2020		288,064
	295,000		3.500			05/01/2021		303,213
	305,000		3.500			05/01/2022		318,017
	Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (A-/NR)
	180,000		2.000			05/01/2020		180,445
	185,000		2.100			05/01/2021		186,330
	185,000		2.375			05/01/2022		187,485
	190,000		2.500			05/01/2023		193,676
	Broward County School Board COPS Series 2017 C (A+/Aa3)
	2,070,000		5.000			07/01/2023		2,342,702
	Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (AA/A2)
	925,000		1.900			09/01/2020		926,332


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)
Florida – (continued)
	Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (AA/A2) – (continued)
$	1,165,000		2.125	%		09/01/2022	$	1,172,701
	1,035,000		2.250			09/01/2023		1,048,910
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)
	81,000		3.500			05/01/2020		81,970
	85,000		3.500			05/01/2021		87,676
	83,000		3.500			05/01/2022		87,036
	87,000		3.500			05/01/2023		92,424
	40,000		4.000			05/01/2024		43,818
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	95,000		3.000			11/01/2020		95,971
	95,000		3.000			11/01/2021		96,754
	100,000		3.000			11/01/2022		102,635
	105,000		3.000			11/01/2023		108,038
	105,000		3.500			11/01/2024		110,936
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	220,000		2.000			05/01/2020		220,139
	225,000		2.250			05/01/2021		226,264
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A/NR)
	195,000		3.250			11/01/2019		195,310
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	830,000		2.000			05/01/2020		830,905
	840,000		2.000			05/01/2021		841,470
	860,000		2.125			05/01/2022		864,429
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	119,000		2.375			05/01/2020		119,502
	122,000		2.625			05/01/2021		123,681
	126,000		2.750			05/01/2022		128,845
	Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (A-/NR)
	160,000		3.000			05/01/2024		166,123
	Country Walk Community Development District Special Assessment Senior Lien RB Refunding Series 2015 A-1 (A-/NR)
	185,000		2.750			05/01/2020		186,535
	County of Escambia RB Refunding for International Paper Company, Series 2019 B (BBB/Baa2)^(b)(c)
	425,000		2.000			10/01/2024		425,569
	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		14,428,800
	County of Miami-Dade Aviation RB Series 2009 A (NR/A2)^(a)
	9,200,000		5.500			10/01/2019		9,200,000
	County of Miami-Dade Florida Transit System RB Refunding Series 2019 (AA/NR)
	3,490,000		5.000			07/01/2024		4,078,972
	County of Miami-Dade RB for Water & Sewer System Series 2010 (AA-/Aa3)^(a)
	17,800,000		5.000			10/01/2020		18,463,050


Municipal Bonds – (continued)
Florida – (continued)
	County of Orange Sales Tax RB Refunding Series 2012 C (AA+/Aa1)
	8,885,000		5.000			01/01/2020		8,966,742
	Double Branch Community Development District Special Assessment Refunding Senior Lien Series 2013 A-1 (A/NR)
	250,000		3.000			05/01/2020		252,462
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	1,470,000		2.000			05/01/2020		1,471,338
	1,505,000		2.125			05/01/2021		1,511,878
	Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (BBB/NR)
	120,000		3.000			05/01/2020		120,924
	120,000		3.000			05/01/2021		122,352
	125,000		3.000			05/01/2022		128,607
	130,000		3.000			05/01/2023		134,662
	Florida Department of Management Services COP Refunding Series 2018 A (AA+/Aa1)
	7,000,000		5.000			11/01/2019		7,020,370
	10,000,000		5.000			11/01/2022		11,125,900
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)^(g)
	300,000		2.625			12/15/2024		300,681
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 B (AMT) (NR/Aaa)^(b)(c)
	59,000,000		1.900			03/17/2020		59,047,790
	Florida State Full Faith and Credit State Board of Education Public Education Capital Outlay Tax-Exempt Bonds Series 2011 A (AAA/Aaa)
	5,860,000		5.000			06/01/2021		6,003,570
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	225,000		2.000			05/01/2020		225,673
	230,000		2.000			05/01/2021		231,548
	235,000		2.500			05/01/2022		239,848
	245,000		2.500			05/01/2023		250,767
	245,000		2.500			05/01/2024		250,998
	255,000		2.750			05/01/2025		263,823
	260,000		3.000			05/01/2026		273,543
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)^(g)
	225,000		3.500			05/01/2020		227,695
	235,000		3.500			05/01/2021		242,250
	245,000		3.500			05/01/2022		256,407
	250,000		3.500			05/01/2023		264,958
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	185,000		4.000			05/01/2020		187,359
	190,000		4.000			05/01/2021		196,333
	200,000		4.000			05/01/2022		209,086
	205,000		4.000			05/01/2023		217,361
	Heritage Landing Community Development District Special Assessment Refunding Series 2015 (BBB/NR)
	535,000		2.500			05/01/2020		537,119


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
Florida – (continued)
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
$	285,000	2.250 %			05/01/2020		$	285,818
	290,000	2.250			05/01/2021			291,856
	295,000	2.250			05/01/2022			297,369
	305,000	2.500			05/01/2023			310,688
	315,000	2.750			05/01/2024			324,888
	320,000	3.000			05/01/2025			334,233
	Lake Frances Community Development District Special Assessment Refunding Series 2018 (BBB-/NR)
	71,000	3.000			05/01/2020			71,604
	75,000	3.000			05/01/2021			76,683
	79,000	3.000			05/01/2022			81,704
	82,000	3.000			05/01/2023			85,723
	81,000	3.000			05/01/2024			85,295
	84,000	3.000			05/01/2025			88,917
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	275,000	3.500			05/01/2020			278,019
	290,000	3.500			05/01/2021			298,393
	300,000	3.500			05/01/2022			313,347
	305,000	3.500			05/01/2023			323,578
	320,000	3.500			05/01/2024			343,686
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (A+/Aa3)^(g)
	2,510,000	5.000			03/01/2020			2,548,378
	2,635,000	5.000			03/01/2021			2,758,582
	2,770,000	5.000			03/01/2022			2,991,489
	Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)^(b)
	15,065,000	(SIFMA Municipal Swap Index Yield + 0.80%), 2.290			11/01/2021			15,062,439
	North Broward Hospital District RB Refunding for Broward Health Series 2017 B (BBB+/Baa2)
	1,025,000	5.000			01/01/2020			1,033,169
	1,000,000	5.000			01/01/2021			1,038,830
	1,000,000	5.000			01/01/2022			1,068,570
	Orange County School Board COP Series 2012 B (AA/Aa2)^(a)
	18,775,000	5.000			08/01/2022			20,737,738
	Orlando & Orange County Expressway Authority RB Series 2010 C (A+/NR)^(a)
	12,880,000	5.000			07/01/2020			13,234,973
	Orlando Florida Community Redevelopment Agency Tax Increment RB Refunding for Conroy Road District Series 2012 (A-/NR)
	1,375,000	5.000			04/01/2020			1,397,509
	Orlando Utilities Commission, Utility System RB Refunding Series 2017 A (AA/Aa2)^(b)(c)
	7,340,000	3.000			10/01/2020			7,462,505
	7,000,000	5.000			10/01/2020			7,255,080
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	185,000	3.000			11/01/2020			187,427


Municipal Bonds – (continued)
Florida – (continued)
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR) – (continued)
	190,000		3.000			11/01/2021			194,720
	195,000		3.000			11/01/2022			202,149
	205,000		3.000			11/01/2023			214,028
	210,000		3.000			11/01/2024			221,199
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	85,000		3.500			05/01/2021			86,551
	85,000		3.500			05/01/2022			87,304
	90,000		3.500			05/01/2023			93,320
	95,000		3.500			05/01/2024			99,175
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	235,000		3.500			05/01/2023			242,771
	245,000		3.500			05/01/2024			254,474
	255,000		3.500			05/01/2025			266,042
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	300,000		4.000			05/01/2020			302,937
	405,000		4.000			05/01/2021			415,704
	420,000		4.000			05/01/2022			437,254
	435,000		4.000			05/01/2023			459,077
	Reunion East Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	670,000		4.000			05/01/2020			677,491
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	365,000		2.000			05/01/2020			366,237
	375,000		2.000			05/01/2021			377,933
	385,000		2.500			05/01/2022			393,632
	395,000		2.500			05/01/2023			405,266
	405,000		2.500			05/01/2024			416,170
	415,000		2.750			05/01/2025			430,471
	425,000		3.000			05/01/2026			448,477
	Sausalito Bay Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	100,000		3.000			05/01/2020			100,974
	School District of Broward County COP Series 2012 A (NR/NR)^(a)
	7,310,000		5.000			07/01/2022			8,031,205
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	390,000		2.250			05/01/2020			390,983
	400,000		2.625			05/01/2021			404,384
	405,000		2.875			05/01/2022			413,359
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	325,000		2.000			11/01/2019			325,065
	330,000		2.250			11/01/2020			331,198
	330,000		2.250			11/01/2021			331,953
	335,000		2.250			11/01/2022			337,171
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)
	305,000		2.000			05/01/2020			305,576
	100,000		2.000			05/01/2021			100,564
	100,000		2.125			05/01/2022			100,994


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)
Florida – (continued)
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR) – (continued)
$	100,000		2.375	%		05/01/2023	$	101,783
	100,000		2.500			05/01/2024		102,359
	100,000		2.750			05/01/2025		103,781
	100,000		3.000			05/01/2026		105,587
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)
	375,000		4.375			05/01/2021		389,456
	390,000		4.500			05/01/2022		414,605
	State Board of Administration Finance Corp. RB for Florida Hurricane Catastrophe Fund Finance Corp. Series 2013 A (AA/Aa3)
	19,000,000		2.995			07/01/2020		19,131,100
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	250,000		2.000			05/01/2020		250,778
	255,000		2.250			05/01/2021		255,905
	260,000		2.250			05/01/2022		261,695
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	175,000		2.000			05/01/2020		175,544
	180,000		2.250			05/01/2021		181,967
	185,000		2.250			05/01/2022		187,655
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	980,000		2.000			05/01/2020		981,235
	1,000,000		2.125			05/01/2021		1,004,100
	1,020,000		2.250			05/01/2022		1,028,190
	1,045,000		2.500			05/01/2023		1,064,855
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	115,000		3.500			05/01/2020		116,452
	115,000		3.750			05/01/2021		119,031
	125,000		3.875			05/01/2022		131,771
	125,000		4.000			05/01/2023		131,748
	135,000		4.125			05/01/2024		143,305
	140,000		4.150			05/01/2025		148,404
	145,000		4.250			05/01/2026		154,042
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (A/NR)
	125,000		2.600			05/01/2020		125,509
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	160,000		2.000			05/01/2020		160,442
	345,000		2.250			05/01/2021		348,177
	Venetian Isles Community Development District Special Assessment RB Refunding Series 2013 (A/NR)
	240,000		3.000			05/01/2020		242,170
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)^(g)
	305,000		2.500			05/01/2020		306,507
	315,000		2.750			05/01/2021		320,002
	325,000		3.000			05/01/2022		334,379
	335,000		3.100			05/01/2023		348,166


Municipal Bonds – (continued)
Florida – (continued)
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	655,000		4.500			05/01/2023		691,228
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	335,000		4.000			05/01/2020		339,820
	345,000		4.000			05/01/2021		356,606
	370,000		4.000			05/01/2022		388,237
	390,000		4.000			05/01/2023		415,596
	415,000		4.000			05/01/2024		448,528
	320,000		4.000			05/01/2025		350,093
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	195,000		2.000			11/01/2019		195,016
	200,000		2.250			11/01/2020		200,492
	205,000		2.250			11/01/2021		205,672
	210,000		2.250			11/01/2022		210,548
	215,000		2.500			11/01/2023		217,219
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	390,000		2.375			05/01/2020		392,032
	400,000		2.625			05/01/2021		406,516

								300,344,747

Georgia – 5.3%
	Bartow County Development Authority RB for Georgia Power Company Plant Bowen Project First Series 2013 (A-/Baa1)^(b)(c)
	6,360,000		1.550			08/19/2022		6,310,138
	Brookhaven Development Authority RB for Children’s Healthcare of Atlanta Obligated Group Series 2019 A (AA+/Aa2)
	1,500,000		5.000			07/01/2022		1,648,845
	1,580,000		5.000			07/01/2023		1,790,014
	1,500,000		5.000			07/01/2024		1,747,875
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/NR)^(b)(c)
	3,975,000		2.150			06/13/2024		4,015,823
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project First Series 2012 (A-/Baa1)^(b)(c)
	6,045,000		1.550			08/19/2022		5,992,590
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fourth Series 1994 (A-/Baa1)^(b)(c)
	2,115,000		2.250			05/25/2023		2,143,299
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)^(b)(c)
	4,000,000		2.925			03/12/2024		4,169,160
	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		29,833,276


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
Georgia – (continued)
	City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (BBB/A3)
$	575,000	5.000 %			12/01/2021		$	616,049
	500,000	5.000			12/01/2022			550,725
	500,000	5.000			12/01/2023			566,380
	City of Augusta GO Bonds Series 2016 (NR/Aa2)
	12,135,000	5.000			10/01/2020			12,584,602
	County of Forsyth GO Sales Tax Bonds Series 2019 (AAA/Aaa)
	15,435,000	5.000			09/01/2021			16,532,120
	15,810,000	5.000			09/01/2022			17,505,781
	16,410,000	5.000			09/01/2023			18,752,035
	8,025,000	5.000			09/01/2024			9,449,758
	De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (AA+/Aa1)
	25,000,000	4.000			10/01/2021			26,357,000
	18,845,000	4.000			10/01/2022			20,352,977
	De Kalb Private Hospital Authority RB for Children’s Healthcare of Atlanta Obligated Group Series 2019 B (AA+/Aa2)
	1,000,000	5.000			07/01/2023			1,132,920
	Georgia State GO Refunding Bonds Series 2011 E-2 (AAA/Aaa)
	9,265,000	5.000			09/01/2021			9,927,262
	Georgia State GO Refunding Bonds Series 2016 E (AAA/Aaa)
	21,500,000	5.000			12/01/2022			24,019,585
	Georgia State GO Refunding Bonds Series 2016 F (AAA/Aaa)
	20,745,000	5.000			07/01/2022			22,862,857
	Georgia State Road & Tollway Authority RB Refunding Series 2011 B (AAA/Aaa)
	5,445,000	5.000			10/01/2021			5,849,890
	Henry County School District GO Bonds Series 2018 (ST AID WITHHLDG) (AA+/Aa1)
	3,250,000	5.000			08/01/2021			3,472,268
	5,340,000	5.000			08/01/2022			5,891,942
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)^(b)(c)
	38,000,000	4.000			09/01/2023			41,100,800
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	715,000	5.000			05/15/2020			729,550
	750,000	5.000			05/15/2021			788,663
	1,000,000	5.000			05/15/2022			1,082,050
	1,500,000	5.000			05/15/2023			1,665,300
	1,500,000	5.000			05/15/2024			1,705,455
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa1)^(b)(c)
	19,350,000	4.000			12/02/2024			21,784,810
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Refunding Series 2018 A (AA+/Aa2)
	25,580,000	3.000			07/01/2022			26,763,842
	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)
		(3 Mo. LIBOR + 0.60%),
	19,775,000	2.006			10/01/2024			19,616,404
	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			5,950,000


Municipal Bonds – (continued)
Georgia – (continued)
	Richmond County Development Authority RB Subordinate Series 1991 C (ETM) (NR/Aaa)^(a)(f)
	10,130,000		0.000			12/01/2021			9,801,383
	Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)
	2,090,000		1.900			08/01/2024			2,095,622
	Savannah Economic Development Authority Recovery Zone Facility RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)^(b)(c)
	425,000		2.000			10/01/2024			425,570

									387,584,620

Guam – 0.2%
	Guam Government Limited Obligation RB Refunding Section 30 Series 2016 A (BB/NR)
	1,500,000		5.000			12/01/2019			1,507,875
	Guam Government Privilege Special Tax Refunding Bonds Series 2015 D (BB/NR)
	900,000		5.000			11/15/2019			903,438
	3,775,000		5.000			11/15/2021			4,008,144
	Guam Power Authority RB Series 2010 A (BBB/Baa2)^(a)
	7,495,000		5.500			10/01/2020			7,805,893
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	310,000		5.000			07/01/2021			326,247
	500,000		5.000			07/01/2022			540,445
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	400,000		5.000			07/01/2021			420,964
	400,000		5.000			07/01/2022			432,356
	500,000		5.000			07/01/2023			554,075
	400,000		5.000			07/01/2024			453,484
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	800,000		5.000			07/01/2022			866,056
	500,000		5.000			07/01/2023			554,840

									18,373,817

Hawaii – 0.7%
	County of Maui GO Refunding Bonds Series 2014 (AA+/Aa1)
	4,015,000		5.000			06/01/2020			4,114,171
	Hawaii Pacific Health RB for Hawaii Pacific Health Obligated Group Series 2010 A (NR/A1)^(a)
	11,870,000		5.500			07/01/2020			12,235,596
	Hawaii State GO Bonds Series 2011 DZ (NR/NR)^(a)
	3,185,000		5.000			12/01/2021			3,439,864
	Hawaii State GO Bonds Series 2013 EH (NR/NR)^(a)
	6,125,000		5.000			08/01/2023			6,981,397
	Hawaii State GO Refunding Bonds Series 2016 FH (AA+/Aa1)
	7,545,000		3.000			10/01/2021			7,807,641
	Honolulu City & County GO Bonds Refunding Series 2019 J (AA+/Aa1)
	7,720,000		1.967			08/01/2025			7,719,923
	Honolulu City & County GO Bonds Series 2012 A (AA+/Aa1)^(a)
	3,620,000		5.000			11/01/2022			4,028,951


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)
Hawaii – (continued)
	Honolulu City & County GO Bonds Series 2012 B (AA+/Aa1)
$	3,000,000		5.000	%		11/01/2022	$	3,340,680
	Honolulu City & County GO Bonds Series 2017 A (AA+/Aa1)
	4,370,000		5.000			09/01/2021		4,680,620

								54,348,843

Illinois – 8.3%
	Chicago Illinois Board of Education GO Bonds Series 1999 A (FGIC) (NATL-RE-IBC) (BB-/Baa2)
	1,820,000		5.250			12/01/2020		1,888,086
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (BB-/Baa2)^(f)
	6,595,000		0.000			12/01/2019		6,568,224
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	500,000		5.000			12/01/2022		543,145
	3,150,000		5.000			12/01/2023		3,502,390
	4,100,000		5.000			12/01/2024		4,660,593
	Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (BBB+/Ba1)^(f)
	4,645,000		0.000			01/01/2023		4,244,833
	Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL-RE) (BBB+/Baa2)
	10,030,000		5.500			01/01/2023		10,706,323
	Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (BBB+/Ba1)
	4,980,000		5.000			01/01/2023		5,368,639
	Chicago Illinois GO Bonds Project and Refunding Series 2009 A (BBB+/Ba1)
	5,400,000		5.000			01/01/2022		5,447,250
	Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)
	2,125,000		5.000			01/01/2022		2,243,150
	Chicago Illinois GO Refunding Bonds Capital Appreciation Series 2007 C (NATL-RE) (BBB+/Baa2)
	4,400,000		5.000			01/01/2030		4,415,972
	Chicago Illinois GO Refunding Bonds Series 2012 C (BBB+/Ba1)
	14,445,000		5.000			01/01/2022		15,597,855
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	1,495,000		5.000			01/01/2020		1,505,420
	2,030,000		5.000			01/01/2021		2,120,518
	16,000,000		5.000			01/01/2022		16,889,600
	14,445,000		5.000			01/01/2023		15,572,288
	Chicago Illinois Modern Schools Across Chicago Program GO Bonds Series 2010 A (BBB+/Ba1)
	1,080,000		5.000			12/01/2019		1,084,979
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 B (A/NR)
	4,150,000		5.000			01/01/2021		4,336,625
	Chicago Illinois Sales Tax RB Series 2011 A (NR/WR)^(a)
	5,000,000		5.250			01/01/2022		5,432,400
	Chicago Illinois Sales Tax Refunding RMKT 06/09/15 Series 2002 (ETM) (BBB-/NR)^(a)
	1,250,000		5.000			01/01/2021		1,306,538


Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Tax Increment Allocation RB Refunding for Pilsen Redevelopment Project Series 2014 A (A+/NR)
	1,000,000		5.000			06/01/2020		1,022,460
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Project Series 2008 C (A/NR)
	1,000,000		5.000			01/01/2021		1,042,050
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (A/NR)
	2,050,000		5.000			01/01/2021		2,136,203
	1,450,000		5.000			01/01/2022		1,555,415
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (A/NR)
	600,000		5.000			01/01/2021		625,230
	1,660,000		5.000			01/01/2022		1,780,682
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	2,525,000		5.000			11/01/2020		2,616,582
	6,000,000		5.000			11/01/2021		6,409,620
	Chicago Illinois Waterworks RB Refunding Second Lien Project Series 2017-2 (A/NR)
	2,500,000		5.000			11/01/2019		2,506,775
	1,400,000		5.000			11/01/2020		1,450,778
	1,000,000		5.000			11/01/2021		1,068,270
	Cook County Illinois GO Refunding Bonds Series 2009 C (AA-/A2)
	7,460,000		5.000			11/15/2021		7,491,183
	Cook County Illinois GO Refunding Bonds Series 2012 C (AA-/A2)
	1,500,000		5.000			11/15/2019		1,506,225
	1,000,000		4.000			11/15/2020		1,027,520
	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		692,753
	675,000		4.000			12/01/2020		692,725
	710,000		4.000			12/01/2021		744,563
	800,000		4.000			12/01/2022		854,320
	Cook Kane Lake & McHenry Counties Community College District No. 512 GO Refunding Bonds for William Rainey Harper College Series 2017 B (NR/Aaa)
	9,000,000		5.000			12/01/2022		10,004,220
	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		7,636,743
	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		6,003,840
	Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (BBB/NR)
	200,000		3.000			12/01/2019		200,238
	400,000		4.000			12/01/2020		407,540
	425,000		4.000			12/01/2021		439,263
	300,000		5.000			12/01/2022		322,929
	450,000		5.000			12/01/2023		493,191
	Illinois Finance Authority RB for Prairie Power, Inc. Project RMKT 05/08/17 Series 2017 A (A/NR)^(b)(c)
	6,700,000		1.750			05/06/2020		6,711,256


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate				Maturity Date			Value

Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB for Trinity Health Credit Group Series 2011 L (AA-/Aa3)^(a)
$	7,020,000		5.000	%			12/01/2021		$	7,559,768
	Illinois Finance Authority RB for University of Chicago Medical Center Obligated Group Series 2010 B (A+/Aa1)^(b)(c)
	6,000,000		1.380				10/07/2019			6,000,000
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,665,000		3.250				05/15/2022			1,682,433
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa1)
	255,000		4.000				09/01/2020			259,684
	500,000		4.000				09/01/2021			519,155
	Illinois Finance Authority RB Refunding for Northwestern Memorial Healthcare Series 2017 B (AA+/Aa2)^(b)(c)
	8,385,000		5.000				12/15/2022			9,301,061
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2017 A (AA-/NR)
	300,000		5.000				01/01/2020			302,331
	500,000		5.000				01/01/2021			519,315
	1,000,000		5.000				01/01/2022			1,068,770
	1,500,000		5.000				01/01/2023			1,645,500
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	4,180,000		5.000				01/01/2025			4,796,717
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	1,585,000		5.000				03/01/2021			1,647,544
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	3,995,000		5.500				07/01/2024			4,408,882
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	8,600,000		5.000				12/01/2020			8,877,952
	Illinois State GO Bonds Series 2017 B (BBB-/Baa3)
	40,650,000		5.000				11/01/2019			40,747,560
	4,750,000		5.000				12/01/2020			4,903,520
	9,000,000		5.000				12/01/2021			9,535,680
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	29,505,000		5.000				11/01/2021			31,189,145
	21,895,000		5.000				11/01/2022			23,574,128
	34,500,000		5.000				11/01/2023			37,764,045
	6,625,000		5.000				11/01/2024			7,369,054
	25,000,000		5.000				11/01/2025			28,030,750
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	12,500,000		5.000				05/01/2021			13,050,500
	Illinois State GO Bonds Series 2018 B (BBB-/Baa3)
	5,000,000		5.000				05/01/2021			5,220,200
	Illinois State GO Refunding Bonds Series 2009 A (BBB-/Baa3)
	16,000,000		4.000				09/01/2020			16,023,040
	Illinois State GO Refunding Bonds Series 2010 (BBB-/Baa3)
	16,490,000		5.000				01/01/2020			16,609,882
	Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	1,055,000		5.000				08/01/2021			1,108,657
	Illinois State GO Refunding Bonds Series 2013 A (BBB-/Baa3)
	2,000,000		5.000				04/01/2021			2,083,540
	Illinois State GO Refunding Bonds Series 2016 (BBB-/Baa3)
	20,000,000		5.000				02/01/2020			20,192,000


Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)
	26,400,000	5.000			11/01/2020			27,190,416
	Illinois State Sales Tax RB for Build Junior Obligation Series 2013 IL (BBB/NR)
	12,500,000	5.000			06/15/2021			13,106,750
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)
	550,000	4.000			06/15/2021			567,545
	Illinois State Toll Highway Authority RB Refunding Senior Series 2018 A (AA-/A1)
	2,250,000	5.000			01/01/2023			2,499,863
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)^(a)
	17,325,000	5.500			06/01/2021			18,509,684
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2017 (A/NR)
	5,000,000	5.000			06/01/2022			5,441,550
	Springfield Electric RB Refunding Senior Lien Series 2015 (A/A3)
	2,210,000	5.000			03/01/2021			2,316,831
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	3,270,000	5.000			02/01/2023			3,538,859
	State of Illinois GO Bonds Series 2016 (BBB-/Baa3)
	15,000,000	5.000			06/01/2023			16,349,250
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	10,125,000	5.000			12/01/2023			11,151,574
	State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)
	2,360,000	5.000			02/01/2023			2,554,039
	University of Illinois Board Trustees COP RB Refunding Series 2016 A (A-/A1)
	5,550,000	5.000			08/15/2020			5,718,554
	5,000,000	5.000			08/15/2021			5,320,400

								601,133,530

Indiana – 0.8%
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2008 (A-/A1)^(b)(c)
	15,000,000	1.850			06/01/2044			15,000,000
	Indiana Finance Authority Educational Facilities RB for Indiana University Health, Inc. Obligated Group Series 2011 H (AA/Aa2)^(b)(c)
	10,590,000	1.650			07/01/2022			10,625,265
	Indiana Finance Authority Educational Facilities RB Refunding for Indiana University Health, Inc. Obligated Group Series 2015 B (AA/Aa2)^(b)(c)
	8,065,000	1.650			07/01/2022			8,091,856
	Indiana Finance Authority Hospital RB for Indiana University Health Obligated Group Series 2012 A (A/A2)
	855,000	5.000			05/01/2020			872,878
	Indiana Finance Authority RB for Community Foundation of Northwest Indiana Obligated Group Series 2012 (AA-/NR)
	650,000	5.000			03/01/2020			659,477
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)^(b)
	7,625,000	(SIFMA Municipal Swap Index Yield + 0.55%), 2.040			11/01/2023			7,657,483


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)
Indiana – (continued)
	Indiana Health Facility Financing Authority Ascension Health Subordinate Credit Group RB Series 2005 A-9 (NR/NR)^(a)(b)(c)
$	95,000	1.375 %			10/01/2027		$	94,936
	Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (AA+/NR)
	375,000	5.000			07/15/2020			385,631
	465,000	3.000			01/15/2021			474,802
	290,000	5.000			07/15/2021			308,665
	405,000	3.000			01/15/2022			417,685
	200,000	5.000			07/15/2022			219,544
	300,000	5.000			01/15/2023			334,416
	375,000	3.000			07/15/2023			392,651
	Rockport City PCRB Refunding for Indiana Michigan Power Co. Project Series 2009 B (A-/A3)
	10,000,000	3.050			06/01/2025			10,614,200

								56,149,489

Iowa – 0.1%
	Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (AA-/A1)
	195,000	5.000			02/15/2020			197,553
	650,000	5.000			02/15/2021			681,531
	600,000	5.000			02/15/2022			649,734
	515,000	5.000			02/15/2023			573,545
	Iowa Finance Authority State Revolving RB Series 2011 (AAA/Aaa)^(a)
	5,000,000	5.000			08/01/2021			5,340,100

								7,442,463

Kansas – 0.3%
	Sedgwick County Kansas Unified School District No. 259 GO Refunding and Improvement Bonds Series 2015 A (NR/Aa2)
	3,000,000	4.000			10/01/2021			3,161,010
	State of Kansas Department of Transportation RB Refunding Series 2015 A (AA/Aa2)
	15,840,000	2.750			09/01/2023			16,731,158

								19,892,168

Kentucky – 1.8%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)^(d)
		(3 Mo. LIBOR + 0.53%),
	16,650,000	2.040			11/01/2027			16,424,892
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (BB+/Baa3)
	500,000	5.000			06/01/2020			509,295
	1,100,000	5.000			06/01/2021			1,150,292
	2,450,000	5.000			06/01/2022			2,627,821
	1,000,000	5.000			06/01/2023			1,098,430
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	685,000	5.000			08/01/2025			805,272


Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)
	785,000		4.000			04/01/2020			793,902
	775,000		4.000			04/01/2021			800,792
	1,210,000		4.000			04/01/2022			1,275,957
	13,000,000		4.000	^(b)(c)		04/01/2024			14,130,090
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)
	660,000		4.000			06/01/2020			669,966
	1,085,000		4.000			12/01/2020			1,113,666
	1,080,000		4.000			06/01/2021			1,119,927
	1,515,000		4.000			12/01/2021			1,587,432
	1,765,000		4.000			06/01/2022			1,867,440
	2,420,000		4.000			12/01/2022			2,585,867
	3,765,000		4.000			06/01/2023			4,054,717
	7,385,000		4.000			12/01/2023			8,023,138
	Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (A-/Aa3)^(a)
	3,555,000		5.000			07/01/2022			3,910,820
	Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2014 A (A-/Aa3)
	2,940,000		5.000			07/01/2023			3,308,970
	Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2016 A (A-/Aa3)
	950,000		2.000			07/01/2020			953,724
	Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Co. Series 2007 A (A/A1)^(b)(c)
	7,250,000		1.650			06/01/2021			7,274,868
	Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Co. Series 2007 B (A/A1)^(b)(c)
	3,000,000		1.650			06/01/2021			3,010,290
	Louisville & Jefferson County Metropolitan Sewer District RB for Kentucky Sewer & Drainage System Series 2011 A (AA/Aa3)
	3,320,000		5.000			05/15/2030			3,560,169
	Louisville & Jefferson County Metropolitan Sewer District RB Refunding for Kentucky Sewer & Drainage System Series 2018 (SP-1+/MIG1)
	45,000,000		4.000			11/01/2019			45,095,850

									127,753,587

Louisiana – 0.7%
	City of Shreveport Louisiana Water and Sewer RB Refunding Series 2014 A (BAM) (AA/A3)
	3,000,000		5.000			12/01/2019			3,017,490
	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			745,657
	850,000		5.000			10/01/2021			908,667
	800,000		2.500			10/01/2022			823,112
	950,000		5.000			10/01/2022			1,046,786


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2015 (NR/A3)
$	300,000		4.000	%		05/15/2020	$	304,473
	Louisiana State GO Bonds Series 2011 A (NR/Aa3)^(a)
	6,000,000		5.000			09/01/2020		6,202,080
	Louisiana State GO Bonds Series 2012 A (AA-/Aa3)
	5,000,000		5.000			08/01/2022		5,500,650
	St. John Baptist Parish RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB/Baa3)^(b)(c)
	12,160,000		2.000			04/01/2023		12,185,293
	St. John Baptist Parish RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB/Baa3)^(b)(c)
	16,650,000		2.100			07/01/2024		16,718,598
	State of Louisiana GO Unlimited Refunding Bonds Series 2012 C (AA-/Aa3)
	5,050,000		5.000			07/15/2020		5,192,764

								52,645,570

Maine – 0.6%
	County of Cumberland GO Unlimited Notes Series 2019 (ME) (SP-1+/NR)
	13,100,000		3.000			11/08/2019		13,124,366
	Maine Governmental Facilities Authority Lease Rental RB Series 2015 B (AA-/Aa3)
	1,985,000		4.000			10/01/2020		2,038,337
	1,345,000		4.000			10/01/2021		1,417,455
	Maine Turnpike Authority RB Refunding Series 2014 (AA-/Aa3)
	1,450,000		5.000			07/01/2020		1,489,962
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	8,545,000		5.000			06/01/2021		9,073,850
	8,000,000		5.000			06/01/2022		8,783,520
	4,290,000		5.000			06/01/2023		4,859,541

								40,787,031

Maryland – 2.4%
	Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BBB-/NR)
	500,000		5.000			09/01/2020		515,075
	500,000		5.000			09/01/2021		531,330
	500,000		5.000			09/01/2022		546,405
	County of Baltimore GO Bonds for Build America Bonds Series 2010 C (AAA/Aaa)
	2,170,000		3.810			11/01/2023		2,315,282
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2012 (AAA/Aaa)
	2,000,000		5.000			08/01/2022		2,207,900
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2017 (AAA/Aaa)
	2,825,000		5.000			03/01/2023		3,177,362
	County of Montgomery GO Bonds for Consolidated Public Improvement Series 2013 A (AAA/Aaa)^(a)
	28,805,000		5.000			11/01/2023		33,088,880
	County of Montgomery GO Refunding Bonds for Consolidated Public Improvement Series 2017 D (AAA/Aaa)
	8,200,000		3.000			11/01/2022		8,629,270
	Howard County GO Bonds Consolidated Public Improvement Project & Refunding Series 2014 A (AAA/Aaa)
	2,590,000		5.000			02/15/2022		2,816,107


Municipal Bonds – (continued)
Maryland – (continued)
	Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)
	8,315,000		1.700			09/01/2022		8,359,735
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Meritus Medical Center Obligation Group Series 2015 (BBB/NR)
	730,000		4.000			07/01/2020		743,220
	Maryland State Department of Transportation RB Refunding for Consolidated Transportation Series 2015 (AAA/Aa1)
	19,900,000		5.000			02/15/2020		20,173,824
	Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)
	660,000		4.000			06/01/2021		688,340
	Maryland State GO Bonds for State & Local Facilities Loan First Series 2018 A (AAA/Aaa)
	10,470,000		5.000			03/15/2022		11,413,033
	Maryland State GO Bonds for State & Local Facilities Loan Second Series 2012 B (AAA/Aaa)^(a)
	17,850,000		4.000			08/01/2020		18,257,158
	Maryland State GO Bonds for State & Local Facilities Loan Tax Exempt Second Series 2013 A (AAA/Aaa)^(a)
	15,820,000		5.000			08/01/2021		16,896,076
	State of Maryland Department of Transportation Second Issue RB Series 2013 (AAA/Aa1)
	10,265,000		4.000			12/01/2026		10,878,539
	State of Maryland Department of Transportation Third Issue RB Series 2015 (AAA/Aa1)
	9,855,000		4.000			12/15/2026		10,941,711
	State of Maryland GO State and Local Facilities Loan Second Series A Tax Exempt Bonds 2013 (AAA/Aaa)
	19,935,000		4.000			08/01/2027		20,882,511
	University Maryland System Auxiliary Facility & Tuition RB Series 2018 A (AA+/Aa1)
	1,585,000		5.000			04/01/2020		1,614,370
	1,595,000		5.000			04/01/2022		1,742,059
	1,075,000		5.000			04/01/2023		1,211,074

								177,629,261

Massachusetts – 2.0%
	City of Worcester Municipal Purpose Loan GO Bonds Series 2018 A (AA-/Aa3)
	4,105,000		5.000			01/15/2021		4,302,861
	Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/Aa1)
	18,725,000		5.000			12/01/2041		20,057,471
	Massachusetts Clean Water Trust RB State Revolving Green Bonds Series 2017 (AAA/Aaa)
	3,795,000		5.000			02/01/2023		4,257,155
	Massachusetts Commonwealth Transportation Fund RB for Accelerated Bridge Program Series 2012 A (AA+/Aa1)^(a)
	10,000,000		5.000			06/01/2021		10,618,900
	Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group RB Refunding Series 2019 K (A/A3)
	1,200,000		3.000			07/01/2020		1,214,208
	730,000		4.000			07/01/2021		762,894


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group RB Refunding Series 2019 K (A/A3) – (continued)
$	750,000	4.000 %			07/01/2022		$	802,365
	750,000	5.000			07/01/2023			847,342
	500,000	5.000			07/01/2024			580,375
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	485,000	5.000			07/01/2020			496,931
	460,000	5.000			07/01/2021			486,151
	875,000	5.000			07/01/2022			951,913
	725,000	5.000			07/01/2023			810,086
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(d)
		(3 Mo. LIBOR + 0.57%),
	7,405,000	2.080			05/01/2037			7,287,927
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)^(d)
		(3 Mo. LIBOR + 0.57%),
	11,560,000	2.080			05/01/2037			11,377,121
	Massachusetts State GO Refunding Bonds Series 2007 A (AA/Aa1)^(d)
		(3 Mo. LIBOR + 0.55%),
	38,250,000	2.060			11/01/2025			38,289,780
	Massachusetts State Health & Educational Facilities Authority RB for Foundation of Massachusetts Eye & Ear Obligated Group Series 2010 C (NR/WR)^(a)
	1,500,000	5.375			07/01/2020			1,544,355
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)^(b)(c)
	40,050,000	5.000			01/01/2023			44,551,620

								149,239,455

Michigan – 2.1%
	Allen Park Public School District GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)
	3,635,000	5.000			05/01/2021			3,840,559
	Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)
	1,275,000	5.000			11/01/2022			1,415,288
	Charter Township of Bloomfield GO Bonds Refunding Series 2019 (AAA/Aa1)
	2,860,000	1.942			05/01/2025			2,850,133
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	800,000	5.000			07/01/2022			871,000
	900,000	5.000			07/01/2023			1,007,712
	Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (AA/NR)
	600,000	5.000			07/01/2020			614,622
	1,500,000	5.000			07/01/2021			1,585,095
	1,500,000	5.000			07/01/2022			1,633,125
	1,500,000	5.000			07/01/2023			1,679,520
	500,000	5.000			07/01/2024			573,690
	550,000	5.000			07/01/2025			629,679
	Detroit Michigan Sewage Disposal System RB Refunding Senior Lien Series 2004 A (AGM) (AA/A2)
	3,015,000	5.250			07/01/2020			3,100,928


Municipal Bonds – (continued)
Michigan – (continued)
	Ecorse Public School District GO Refunding Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,075,000		2.003			05/01/2024			2,075,062
	4,000,000		2.092			05/01/2025			3,996,680
	Macomb County Michigan L’anse Creuse Public Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (AA/NR)
	1,315,000		5.000			05/01/2020			1,342,339
	Michigan Finance Authority Hospital RB Refunding for Beaumont Health Credit Group Series 2015 A (A+/A1)
	2,325,000		4.000			08/01/2020			2,375,104
	3,635,000		5.000			08/01/2021			3,874,037
	Michigan Finance Authority Hospital RB Refunding for Henry Ford Health System Series 2016 (A/A2)
	500,000		5.000			11/15/2021			536,605
	Michigan Finance Authority Local Government Loan Program RB for City of Detroit Distributable State Aid Fourth Lien Utgo Refunding Local Project Bonds Series 2016 C-3 (AA-/Aa2)
	3,500,000		5.000			04/01/2020			3,559,045
	1,510,000		5.000			04/01/2021			1,586,572
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)
	500,000		3.400			10/01/2020			505,835
	500,000		3.600			10/01/2021			511,950
	500,000		3.800			10/01/2022			520,705
	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			5,443,160
	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			3,250,044
	10,000,000		5.000			07/01/2021			10,620,800
	9,225,000		5.000			07/01/2022			10,132,555
	5,000,000		5.000			07/01/2023			5,664,600
	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) (AA-/A2)
	1,390,000		5.000			07/01/2020			1,427,349
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Series 2015 D-1 (AA-/A2)
	375,000		5.000			07/01/2020			385,076
	750,000		5.000			07/01/2021			796,560
	Michigan Finance Authority Local Government Loan Program RB for Public Lighting Authority Local Project Bonds Series 2014 B (BB+/NR)
	1,200,000		5.000			07/01/2020			1,226,532
	Michigan Finance Authority Local Government Loan Program RB Refunding for Regional Convention Facility Local Project Series 2014 H-1 (AA-/NR)^(a)
	1,140,000		5.000			10/01/2019			1,140,000


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate				Maturity Date			Value

Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB Refunding for Regional Convention Facility Local Project Series 2014 H-1 (AA-/NR)
$	825,000		5.000	%			10/01/2019		$	825,000
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2011 (AA-/Aa3)
	5,370,000		5.000				12/01/2039			5,736,717
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2015 (AA-/Aa3)
	5,455,000		5.000				12/01/2035			5,918,839
	Michigan Finance Authority State Aid RB Series 2019 A-1 (A-1+/NR)
	1,345,000		4.000				08/20/2020			1,376,392
	Michigan Finance Authority State Aid RB Series 2019 A-2 (A-1/NR)
	1,490,000		2.000				08/20/2020			1,498,627
	Michigan Flushing Community Schools Unlimited Tax GO Refunding Bonds Series 2015 (Q-SBLF) (NR/Aa1)
	500,000		4.000				05/01/2020			507,575
	Michigan Municipal Bond Authority RB for Clean Water Revolving Pooled Project Series 2010 (AAA/NR)^(a)
	4,850,000		5.000				10/01/2020			5,030,663
	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			2,619,968
	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			4,540,844
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (NR/Baa2)
	2,210,000		5.000				12/31/2023			2,483,841
	2,395,000		5.000				06/30/2024			2,722,037
	3,500,000		5.000				12/31/2024			4,025,000
	Michigan Strategic Fund RB for Waste Management of Michigan, Inc. Series 2001 (A-/NR)^(b)(c)
	11,700,000		2.850				08/02/2021			11,962,080
	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			1,988,380
	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			3,976,760
	Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,380,000		5.000				05/01/2023			2,683,712
	2,730,000		5.000				05/01/2024			3,169,967
	Pinckney Community Schools Livingston and Washtenaw County GO Refunding Bonds Series 2014 (Q-SBLF) (AA/NR)
	2,475,000		5.000				05/01/2020			2,525,589


Municipal Bonds – (continued)
Michigan – (continued)
	University of Michigan General RB RMKT 02/26/18 Series 2012 E (AAA/Aaa)^(b)
	3,955,000	(SIFMA Municipal Swap Index Yield + 0.27%), 1.850			04/01/2022			3,948,949
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2016 A (Q-SBLF) (AA/NR)
	1,000,000	5.000			05/01/2021			1,052,040
	1,000,000	5.000			05/01/2022			1,085,090
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2012 A (A/A2)
	1,385,000	5.000			12/01/2019			1,393,338
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2018 C (A/A2)
	895,000	4.000			12/01/2020			922,808
	600,000	5.000			12/01/2021			646,164
	500,000	5.000			12/01/2022			555,465

								153,967,806

Minnesota – 0.7%
	Circle Pines Minnesota Independent School District No. 012 GO Bonds Series 2015 A (SD CRED PROG) (AAA/NR)^(f)
	700,000	0.000			02/01/2021			687,288
	City of Rochester RB for Mayo Clinic Series 2011 C (AA/Aa2)^(b)(c)
	10,795,000	4.500			11/15/2021			11,482,426
	Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corporation Series 2017 (NR/Baa1)
	500,000	4.000			05/01/2021			518,755
	500,000	4.000			05/01/2022			529,960
	575,000	5.000			05/01/2023			642,171
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	225,000	2.000			12/01/2019			225,155
	75,000	3.000			12/01/2020			76,139
	75,000	3.000			12/01/2021			77,049
	100,000	3.000			12/01/2022			103,790
	100,000	3.000			12/01/2023			104,691
	100,000	4.000			12/01/2024			110,411
	180,000	4.000			12/01/2025			200,797
	Minnesota State Various Purpose GO Refunding Bonds Series 2015 A (AAA/Aa1)
	9,800,000	5.000			08/01/2021			10,464,734
	Minnesota State Various Purpose GO Refunding Bonds Series 2016 D (AAA/Aa1)
	6,295,000	5.000			08/01/2021			6,721,990
	Shakopee Independent School District No. 720 GO Bonds for School Building Series 2015 A (SD CRED PROG) (NR/Aa2)
	2,945,000	5.000			02/01/2020			2,978,867
	State of Minnesota GO Bonds Series 2015 A (AAA/Aa1)
	9,110,000	5.000			08/01/2020			9,390,497
	State of Minnesota State Trunk Highway GO Bonds Series 2015 B (AAA/Aa1)
	3,230,000	5.000			08/01/2022			3,566,695

								47,881,415


102		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)
Mississippi – 1.0%
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron USA, Inc. Series 2007 B (AA/Aa2)^(b)(c)
$	11,785,000	1.370 %		10/07/2019	$	11,785,000
	Mississippi Business Finance Corp. Gulf Opportunity Zone Industrial Development RB for Chevron USA, Inc. Series 2010 G (AA/Aa2)^(b)(c)
	5,665,000	1.370		10/07/2019		5,665,000
	Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)^(b)(c)
	7,725,000	2.750		12/09/2021		7,841,107
	Mississippi Business Finance Corp. Solid Waste Disposal RB for Waste Management, Inc. Project Series 2002 (AMT) (A-/NR)^(b)(c)
	1,000,000	2.200		06/03/2024		1,008,630
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	9,100,000	2.500		04/01/2022		9,118,746
	Mississippi State GO Refunding Bonds Series 2017 B (AA/Aa2)^(b)
		(1 Mo. LIBOR + 0.33%),
	5,790,000	1.691		09/01/2020		5,792,490
	State of Minnesota GO Bonds for Capital Improvement Series 2011 A (AA/Aa2)^(a)
	21,415,000	5.000		10/01/2021		23,002,922
	Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)^(b)(c)
	5,300,000	2.900		09/01/2023		5,503,785

						69,717,680

Missouri – 0.3%
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Baa3)
	325,000	5.000		03/01/2020		329,072
	400,000	5.000		03/01/2021		416,236
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	1,755,000	5.000		02/15/2020		1,779,026
	1,030,000	5.000		02/15/2021		1,081,974
	615,000	5.000		02/15/2022		666,432
	525,000	5.000		02/15/2023		586,520
	390,000	5.000		02/15/2024		448,289
	Missouri Health & Educational Facilities Authority RB Series 2000 B (AA+/Aa1)^(b)(c)
	2,900,000	1.370		10/07/2019		2,900,000
	Missouri State Development Finance Board Infrastructure Facilities Leasehold Improvement and RB Refunding for City of Independence Electric System Projects Series 2012 F (A/NR)
	1,000,000	4.000		06/01/2020		1,017,310
	Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for Union Electric Co. Project Series 1992 (A/NR)
	5,300,000	1.600		12/01/2022		5,271,910
	St. Louis County Rockwood School District GO Refunding Bonds Series 2017 (AAA/NR)
	3,995,000	5.000		02/01/2021		4,193,112

						18,689,881


Municipal Bonds – (continued)
Montana – 0.2%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	240,000	4.000		07/01/2020		244,836
	210,000	4.000		07/01/2021		219,910
	310,000	5.000		07/01/2022		341,294
	Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A-/A3)
	8,790,000	2.000		08/01/2023		8,929,673
	Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (NR/Aa2)
	445,000	5.000		12/01/2022		496,415
	Montana Facility Finance Authority RB for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2019 A (AA-/Aa3)
	750,000	5.000		01/01/2022		811,028
	500,000	5.000		01/01/2023		558,010

						11,601,166

Nebraska – 0.3%
	City of Lincoln Electric System RB Refunding Series 2012 (AA/NR)
	2,615,000	5.000		09/01/2021		2,800,874
	Gas Supply RB Refunding for Central Plains Energy Project Series 2014 (NR/Aa2)^(b)(c)
	20,000,000	5.000		12/01/2019		20,116,200
	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		751,402
	690,000	4.000		11/01/2020		707,285

						24,375,761

Nevada – 0.4%
	City of North Las Vegas GO Refunding Bonds for Wastewater Reclamation Series 2019 (BAM) (AA/A2)
	1,000,000	5.000		06/01/2021		1,058,810
	1,970,000	5.000		06/01/2024		2,279,467
	Clark County Water Reclamation District GO Refunding Bonds for Water Reclamation Series 2016 (AAA/Aa1)
	3,640,000	5.000		07/01/2022		4,009,533
	County of Clark RB for Nevada Power Co. Series 2017 (A+/A2)^(b)(c)
	1,850,000	1.600		05/21/2020		1,850,925
	County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A-/A1)
	12,000,000	1.450		12/01/2024		11,878,680
	Las Vegas Valley Nevada Water District GO Refunding Bonds Series 2018 B (AA+/Aa1)
	9,010,000	5.000		06/01/2021		9,564,475
	Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 B (A+/A2)^(b)(c)
	2,160,000	3.000		06/01/2022		2,241,411

						32,883,301

New Hampshire – 0.4%
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)^(b)
	14,550,000	(SIFMA Municipal Swap Index Yield + 0.75%), 2.240		10/01/2021		14,522,064


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate				Maturity Date			Value

Municipal Bonds – (continued)
New Hampshire – (continued)
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-1 (AMT) (A-/NR)^(b)(c)
$	1,250,000		2.150	%			07/01/2024		$	1,257,837
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-2 (AMT) (A-/NR)^(b)(c)
	5,000,000		2.150				07/01/2024			5,029,800
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-3 (AMT) (A-/NR)^(b)(c)
	5,000,000		2.150				07/01/2024			5,027,600
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-4 (AMT) (A-/NR)^(b)(c)
	3,000,000		2.150				07/01/2024			3,016,500

										28,853,801

New Jersey – 6.0%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	220,000		5.000				03/01/2020			222,930
	500,000		5.000				03/01/2023			554,215
	City of Jersey GO Bonds Series 2019 A (NR/MIG1)
	50,000,000		3.250				01/14/2020			50,232,000
	County of Cape May GO Bonds Series 2019 (NR/Aa1)
	830,000		4.000				10/01/2021			875,160
	2,450,000		4.000				10/01/2022			2,643,599
	2,600,000		4.000				10/01/2024			2,936,674
	County of Hudson GO Bonds Series 2018 (SP-1+/NR)
	25,000,000		4.000				12/10/2019			25,136,500
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)^(f)
	5,750,000		0.000				11/01/2021			5,570,773
	Hudson County New Jersey GO Refunding Bonds Series 2015 (AGM) (AA/Aa3)
	725,000		4.000				02/15/2020			732,315
	1,025,000		4.000				02/15/2021			1,060,158
	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			186,295
	220,000		4.000				01/01/2022			229,427
	225,000		4.000				07/01/2022			236,041
	270,000		4.000				01/01/2023			284,936
	275,000		4.000				07/01/2023			291,585
	320,000		4.000				01/01/2024			340,877
	325,000		4.000				07/01/2024			347,279
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2017 DDD (BBB+/Baa1)
	600,000		5.000				06/15/2020			613,932
	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			1,905,464
	1,000,000		4.000				06/01/2022			1,060,720
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 K (AMBAC) (BBB+/Baa1)
	1,870,000		5.250				12/15/2020			1,949,569


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB+/Baa1)
	3,165,000	5.500			09/01/2024			3,687,035
	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%), 2.740			09/01/2025			13,301,818
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB+/Baa1)
	2,345,000	5.000			06/15/2023			2,605,506
	6,500,000	5.000			06/15/2024			7,383,415
	New Jersey Economic Development Authority State Pension RB Series 1997 B (AGM) (AA/A2)^(f)
	14,822,000	0.000			02/15/2020			14,703,128
	New Jersey Educational Facilities Authority RB Refunding for Stevens Institute of Technology Series 2017 A (A-/NR)
	315,000	5.000			07/01/2020			323,155
	485,000	5.000			07/01/2021			514,328
	440,000	5.000			07/01/2022			481,285
	New Jersey Health Care Facilities Financing Authority RB for Princeton Healthcare System Issue Series 2016 A (AA/Aa3)
	750,000	5.000			07/01/2021			797,505
	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			5,045,000
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	1,000,000	5.000			07/01/2020			1,023,770
	1,000,000	5.000			07/01/2021			1,055,960
	1,240,000	5.000			07/01/2022			1,349,703
	New Jersey State Turnpike Authority RB Refunding Series 2014 C (A+/A2)
	22,035,000	5.000			01/01/2020			22,233,976
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-1 (A+/A2)^(d)
		(1 Mo. LIBOR + 0.34%),
	1,290,000	1.762			01/01/2021			1,290,710
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-2 (A+/A2)^(d)
		(1 Mo. LIBOR + 0.48%),
	5,000,000	1.902			01/01/2022			5,010,850
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A+/A2)^(d)
		(1 Mo. LIBOR + 0.60%),
	15,565,000	2.022			01/01/2023			15,623,057
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)^(f)
	24,420,000	0.000			12/15/2028			19,142,838
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	10,000,000	5.000			06/15/2021			10,561,700


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate		Maturity Date		Value

Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
$	1,000,000		5.000 %		06/15/2021	$	1,056,170
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB+/Baa1)
	10,955,000		5.500		12/15/2021		11,886,175
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (AA/A2)
	25,070,000		5.250		12/15/2022		27,979,123
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (BBB+/Baa1)
	15,695,000		5.250		12/15/2020		16,362,822
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)^(f)
	10,670,000		0.000		12/15/2025		9,305,094
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)^(f)
	33,845,000		0.000		12/15/2027		27,742,408
	320,000		0.000		12/15/2031		228,070
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (BBB+/Baa1)
	3,110,000		5.000		12/15/2023		3,511,688
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2013 A (BBB+/Baa1)
	1,505,000		5.000		06/15/2020		1,539,946
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (ST APPROP) (BBB+/Baa1)
	5,150,000		5.000		06/15/2023		5,437,576
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2013 A (BBB+/Baa1)
	6,235,000		5.000		12/15/2019		6,276,774
	New Jersey Transportation Trust Fund Authority RB Refund for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	2,000,000		5.000		12/15/2023		2,258,320
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/ Baa1)
	5,000,000		5.000		06/15/2021		5,288,650
	5,000,000		5.000		06/15/2022		5,443,700
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (BBB+/Baa1)
	26,885,000		5.250		12/15/2023		30,628,467
	New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (A+/Baa1)
	11,250,000		5.000		06/15/2023		12,568,275
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2011 B (BBB+/Baa1)
	5,030,000		5.250		06/15/2022		5,332,705
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)
	30,330,000		5.500		12/15/2022		34,085,764


Municipal Bonds – (continued)
New Jersey – (continued)
	Plainsboro Township GO General Improvement Bonds Series 2016 (AAA/NR)
	1,000,000		2.000		08/01/2022		1,020,780
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB+/NR)
	5,665,000		3.200		06/01/2027		5,790,990
	Toms River Board of Education GO Bonds Series 2019 (SCH BD RES FD) (AA-/NR)
	2,650,000		2.000		07/15/2022		2,682,383

							439,971,068

New Mexico – 0.8%
	City of Albuquerque General Purpose GO Bonds Series 2018 A (AAA/Aa2)
	6,480,000		5.000		07/01/2020		6,660,014
	6,480,000		5.000		07/01/2021		6,900,876
	5,480,000		5.000		07/01/2022		6,031,617
	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		4,010,720
	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		11,029,480
	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		3,782,550
	New Mexico Finance Authority RB Refunding for State Transportation Commission Series 2012 (AA+/Aa1)
	4,040,000		5.000		06/15/2022		4,435,678
	New Mexico Finance Authority RB Refunding for State Transportation Senior Lien Series 2010 B (AA+/Aa1)
	3,535,000		5.000		06/15/2021		3,755,726
	New Mexico State GO Refunding Bonds Series 2017 B (AA/Aa2)
	9,485,000		5.000		03/01/2021		9,980,496

							56,587,157

New York – 11.9%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (BB/Baa3)
	1,250,000		5.000		07/15/2021		1,323,325
	500,000		5.000		07/15/2022		545,415
	500,000		5.000		07/15/2023		560,235
	City of New York GO Bonds Series 2012 B (AA/Aa1)
	6,675,000		5.000		08/01/2023		7,366,930
	County of Nassau GO Bonds for General Improvement Series 2017 B (A+/A2)
	2,535,000		5.000		04/01/2021		2,670,521
	2,345,000		5.000		04/01/2022		2,555,136
	County of Nassau GO Bonds for General Improvement Series 2018 B (AGM) (AA/A2)
	670,000		5.000		07/01/2020		688,358
	1,000,000		5.000		07/01/2022		1,101,230
	County of Nassau GO Bonds Series 2019 A (SP-1+/NR)
	10,600,000		5.000		06/01/2020		10,848,570


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
New York – (continued)
	Long Island Power Authority RB Refunding Series 2014 C (A/A2)^(b)
		(1 Mo. LIBOR + 0.75%),
$	18,300,000	2.172 %			10/01/2023		$	18,389,487
	Long Island Power Authority RB Series 2019 B (A/A2)^(b)(c)
	13,675,000	1.650			09/01/2024			13,654,351
	Metropolitan Transportation Authority Dedicated Tax Fund Bond Anticipation Notes Series 2019 A (SP-1+/NR)
	25,000,000	5.000			03/01/2022			27,154,250
	Metropolitan Transportation Authority RB Anticipating Notes Series 2019 C (SP-1/MIG1)
	42,450,000	4.000			07/01/2020			43,251,032
	Metropolitan Transportation Authority RB Refunding RMKT 11/01/16 Subseries 2012 G-3 (A/A1)^(b)
		(1 Mo. LIBOR + 0.70%),
	20,000,000	2.061			02/01/2020			20,019,600
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (A/A1)^(b)
		(1 Mo. LIBOR + 0.55%),
	26,925,000	1.911			11/01/2022			26,812,454
	Metropolitan Transportation Authority RB Refunding Subseries 2016 C-2B (A/A1)^(b)(c)
	20,675,000	5.000			02/15/2020			20,931,577
	Metropolitan Transportation Authority RB Series 2011 B (A/A1)^(b)
		(1 Mo. LIBOR + 0.55%),
	26,625,000	1.911			11/01/2022			26,512,909
	Metropolitan Transportation Authority RB Series 2018 B-1A (SP-1/MIG1)
	10,145,000	5.000			05/15/2020			10,366,161
	Metropolitan Transportation Authority RB Series 2018 B-1B (SP-1/MIG1)
	1,195,000	5.000			05/15/2020			1,221,051
	Metropolitan Transportation Authority RB Series 2018 B-2A (SP-1/MIG1)
	14,325,000	5.000			05/15/2021			15,121,613
	Metropolitan Transportation Authority RB Subseries 2014 D-2 (A/A1)^(b)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.45%), 1.940			11/15/2022			14,967,300
	Metropolitan Transportation Authority RB Subseries 2018 C-1 (SP-1/MIG1)
	69,410,000	5.000			09/01/2020			71,625,567
	New York City GO Bonds Fiscal 2015 Series F Subseries F6 (AA/Aa1)^(b)(c)
	1,500,000	1.400			10/07/2019			1,500,000
	New York City GO Refunding Bonds Series 2015 A (AA/Aa1)
	8,640,000	5.000			08/01/2021			9,221,126
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)^(b)(c)
	6,500,000	2.750			12/29/2023			6,742,840
	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)
	3,285,000	1.400			10/07/2019			3,285,000


Municipal Bonds – (continued)
New York – (continued)
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-2 (AAA/Aa1)
	23,565,000		2.570			11/01/2023			24,098,276
	25,580,000		2.640			11/01/2024			26,314,402
	17,885,000		2.740			11/01/2025			18,444,979
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-4 (AAA/Aa1)
	7,800,000		1.940			05/01/2024			7,772,076
	43,155,000		2.010			05/01/2025			42,934,046
	New York City Water & Sewer System Second General Resolution RB Refunding Series 2011 DD-1 (AA+/Aa1)^(b)(c)
	1,400,000		1.360			10/07/2019			1,400,000
	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			4,889,236
	New York State Dormitory Authority General Purpose Personal Income Tax RB Refunding Series 2016 D (AA+/Aa1)
	1,150,000		4.000			02/15/2020			1,161,511
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-1 (A-/A3)^(b)(c)
	10,380,000		5.000			05/01/2022			11,149,158
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)^(b)(c)
	6,230,000		5.000			05/01/2024			7,083,323
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa1)
	62,305,000		5.000			03/15/2023			70,140,477
	New York State Dormitory Authority RB Refunding for New York University Series 2015 A (AA-/Aa2)
	1,120,000		4.000			07/01/2020			1,144,170
	New York State Dormitory Authority RB Refunding for Northwell Health Obligated Group Series 2019 A (A-/A3)
	1,170,000		5.000			05/01/2022			1,277,640
	1,040,000		5.000			05/01/2023			1,170,385
	New York State Dormitory Authority Sales Tax RB Refunding Series 2015 A (AA+/Aa1)
	850,000		5.000			03/15/2021			895,738
	New York State Dormitory Authority Sales Tax RB Refunding Series 2018 E Group 1 (AA+/Aa1)
	31,815,000		5.000			03/15/2023			35,816,054
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa1)
	710,000		4.900			03/15/2023			776,428
	New York State Dormitory Authority State Personal Income Tax RB for General Purpose Series 2019 A (AA+/Aa1)
	33,890,000		5.000			03/15/2025			40,415,181
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A3)^(c)
	27,750,000		2.867			07/01/2034			27,750,000
	New York State Energy Research & Development Authority RB Refunding for New York State Electric & Gas Corp. Projects Series 2004 C (A-/A3)^(b)(c)
	17,000,000		2.625			07/03/2023			17,594,660


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
New York – (continued)
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2017 A (AA+/Aa1)
$	945,000	5.000%			03/15/2022		$	1,030,598
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa1)
	28,225,000	2.860			03/15/2024			29,167,715
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa1)
	20,015,000	2.980			03/15/2025			21,009,345
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	11,150,000	5.000			01/01/2022			11,958,040
	16,750,000	5.000			01/01/2023			18,397,363
	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			4,838,640
	2,310,000	5.000			01/01/2021			2,403,901
	Oyster Bay Public Improvement GO Refunding Bonds Series 2018 (NR/Baa3)
	9,385,000	4.000			02/15/2021			9,655,006
	Rockland County GO Bonds Series 2014 A (AGM) (AA/A2)
	3,000,000	5.000			03/01/2020			3,045,870
	Rockland County New York GO Refunding Bonds Series 2014 (BAM) (AA/A2)
	635,000	3.000			02/15/2020			639,007
	Suffolk County New York GO Bonds for Public Improvement Series 2016 B (BAM) (AA/NR)
	5,105,000	2.000			10/15/2020			5,139,561
	5,200,000	2.000			10/15/2021			5,256,108
	Suffolk County New York GO Bonds for Public Improvement Series 2018 A (AGM) (AA/NR)
	4,955,000	5.000			06/01/2021			5,253,192
	5,005,000	5.000			06/01/2022			5,466,211
	Suffolk County New York GO Refunding Serial Bonds Series 2017 A (AGM) (AA/NR)
	7,035,000	4.000			02/01/2023			7,603,076
	Suffolk County New York GO Refunding Serial Bonds Series 2017 B (AGM) (AA/NR)
	6,360,000	4.000			10/15/2023			6,976,920
	Suffolk Tobacco Asset Securitization Corp. RB Tobacco Settlement Asset-Backed Bonds Series 2012 B (A/NR)
	620,000	5.000			06/01/2020			631,985
	Triborough Bridge & Tunnel Authority RB Series 2018 D (AA-/Aa3)^(b)
	25,000,000	(SOFR + 0.50%), 1.733			10/01/2020			25,057,750
	TSASC Inc., Tobacco Settlement RB Senior Series 2017 A (A/NR)
	2,000,000	5.000			06/01/2020			2,047,240
	1,000,000	5.000			06/01/2021			1,057,880
	TSASC Inc., Tobacco Settlement RB Subordinated Series 2017 B (BBB+/NR)
	1,000,000	5.000			06/01/2020			1,017,920
	Utility Debt Securitization Authority Restructuring RB Series 2016 B (AAA/WR)
	1,000,000	5.000			12/15/2023			1,082,160

								869,399,266


Municipal Bonds – (continued)
North Carolina – 2.4%
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Company Series 2019 A (BBB/Baa2)^(b)(c)
	425,000		2.000			10/01/2024			425,569
	Columbus County Industrial Facilities and Pollution Control Financing Authority Recovery Zone Facility RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)^(b)(c)
	450,000		2.000			10/01/2024			450,603
	County of Wake GO Bonds for Public Improvements Series 2014 (AAA/Aaa)
	7,000,000		5.000			09/01/2020			7,237,090
	County of Wake GO Refunding Bonds Series 2016 A (AAA/Aaa)
	9,150,000		5.000			03/01/2022			9,965,814
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)
	71,475,000		5.000			10/01/2041			77,110,089
	North Carolina Capital Facilities Finance Agency RB Refunding for Duke University Project Series 2014 B (AA+/Aa1)
	35,000,000		5.000			10/01/2044			37,714,950
	North Carolina State Capital Improvement RB Series 2011 A (ST APPROP) (AA+/Aa1)^(a)
	10,760,000		5.000			05/01/2020			10,993,815
	North Carolina State GO Refunding Bonds Series 2013 D (AAA/Aaa)
	21,000,000		4.000			06/01/2022			22,519,770
	5,590,000		4.000			06/01/2023			6,141,118

									172,558,818

North Dakota – 0.1%
	City of Williston RB Refunding for Airport Series 2018 (A+/NR)
	580,000		5.000			11/01/2019			581,560
	600,000		5.000			11/01/2020			621,432
	805,000		5.000			11/01/2021			860,304
	1,815,000		5.000			11/01/2022			1,992,180
	1,655,000		5.000			11/01/2023			1,859,409
	2,000,000		4.000			11/01/2024			2,159,720

									8,074,605

Ohio – 1.8%
	American Municipal Power, Inc., RB for Hydroelectric Projects Series 2009 C (A/A2)^(a)
	4,000,000		5.000			02/15/2020			4,053,840
	American Municipal Power, Inc., RB for Hydroelectric Projects Series 2010 C (A/A2)
	2,710,000		6.973			02/15/2024			3,240,943
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Ca)
	12,980,000		5.125			06/01/2024			12,980,000
	3,230,000		5.375			06/01/2024			3,230,226
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2018 A (AAA/Aaa)
	4,545,000		5.000			04/01/2020			4,628,764
	10,260,000		5.000			04/01/2022			11,208,640
	5,000,000		5.000			04/01/2023			5,642,050
	Cleveland Airport Various Purpose GO Refunding Bonds Series 2015 (AA+/A1)
	1,455,000		5.000			12/01/2020			1,517,128


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
Ohio – (continued)
	County of Montgomery Ohio Hospital Facilities RB Refunding for Miami Valley Hospital Series 2019 A (A/Baa1)
$	1,850,000	5.000 %			11/15/2024		$	2,156,545
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	1,750,000	5.000			02/15/2023			1,906,748
	3,000,000	5.000			02/15/2024			3,341,850
	1,500,000	5.000			02/15/2025			1,706,895
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	435,000	4.000			01/01/2020			437,184
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (BB+/Ba1)
	1,075,000	2.875			02/01/2026			1,087,631
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BB+/Ba1)
	2,695,000	2.875			02/01/2026			2,726,666
	Ohio State GO Refunding Bonds for Higher Education Series 2014 B (AA+/Aa1)
	7,460,000	5.000			08/01/2023			8,499,775
	Ohio State Higher Education GO Bonds for Federally Taxable Build America Bonds Series 2010 E (AA+/Aa1)
	2,710,000	4.461			08/01/2022			2,899,619
	Ohio State Highway Capital Improvement GO Bonds Series 2012 Q (AAA/Aa1)^(a)
	1,685,000	5.000			05/01/2022			1,845,850
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 C (A/A2)^(b)(c)
	15,100,000	5.000			09/15/2021			16,098,110
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 D (A/A2)^(b)(c)
	11,775,000	5.000			09/15/2023			13,282,082
	Ohio State Third Frontier Research & Development GO Bonds Series 2013 A (AA+/Aa1)^(a)
	7,400,000	4.000			05/01/2021			7,719,828
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	8,250,000	3.250			11/01/2022			8,629,170
	Revere Local School District School Facilities Improvement GO Unlimited Bonds Series 2017 a (NR/Aa1)^(a)
	1,240,000	5.000			06/01/2022			1,362,128
	University of Cincinnati RB Series 2018 C (SP-1+/Aa3)^(d)
		(1 Mo. LIBOR + 0.34%),
	5,000,000	1.678			06/01/2020			4,999,900
	University of Toledo General Receipts RB Series 2011 B (A/A1)^(a)
	355,000	5.000			06/01/2021			376,971
	Winton Woods City School District Class Room Facilities GO Unlimited Bonds Series 2017 A (SD CRED PROG) (AA/Aa2)^(a)
	2,780,000	5.000			05/01/2022			3,045,379

								128,623,922


Municipal Bonds – (continued)
Oklahoma – 0.1%
	Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)
	1,375,000		5.000			06/01/2021			1,457,046
	1,880,000		5.000			06/01/2022			2,055,837
	Oklahoma County Independent School District No. 1 Combined Purpose GO Bonds for Putnam City Board of Education District Series 2016 (A+/NR)
	2,900,000		2.000			01/01/2021			2,922,852
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	500,000		5.000			08/15/2022			542,635
	500,000		5.000			08/15/2023			556,730
	500,000		5.000			08/15/2024			570,460
	Oklahoma Turnpike Authority RB Refunding Second Senior Series 2017 D (AA-/Aa3)
	2,765,000		4.000			01/01/2023			3,002,154

									11,107,714

Oregon – 1.4%
	Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis GO Refunding Bonds Series 2007 (AGM) (SCH BD GTY) (NR/Aa1)
	2,000,000		5.000			06/15/2020			2,052,280
	City of Portland RB Refunding for Sewer System First Lien Series 2015 A (AA/Aa1)
	30,030,000		5.000			06/01/2020			30,771,741
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	995,000		4.000			03/01/2021			1,018,512
	385,000		5.000			03/01/2023			417,274
	200,000		5.000			03/01/2024			220,530
	200,000		5.000			03/01/2025			224,328
	Lane County Oregon Springfield School District No. 19 GO Refunding Bonds Series 2015 (SCH BD GTY) (AA+/Aa1)^(f)
	3,740,000		0.000			06/15/2020			3,701,441
	3,780,000		0.000			06/15/2021			3,683,534
	Oregon State Business Development Commission RB for Intel Corp. Project Series 2010 232 (A+/A1)^(b)(c)
	13,050,000		2.400			08/14/2023			13,458,987
	Portland Community College District GO Unlimited Bonds Series 2013 (AA+/Aa1)
	6,930,000		5.000			06/15/2025			7,851,344
	Portland Oregon Community College District GO Bonds Series 2018 (AA+/Aa1)
	10,240,000		4.000			06/15/2020			10,436,301
	12,520,000		4.000			06/15/2021			13,102,430
	Portland Oregon Community College District GO Refunding Bonds Series 2016 (AA+/Aa1)
	1,500,000		5.000			06/15/2020			1,539,210
	1,900,000		5.000			06/15/2021			2,020,308
	2,300,000		5.000			06/15/2022			2,529,793
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	2,130,000		5.000			04/01/2022			2,326,940


108		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)
Oregon – (continued)
	State of Oregon GO Bonds Series 2018 A (AA+/Aa1)
$	5,480,000	4.000 %		05/01/2020	$	5,566,858

						100,921,811

Pennsylvania – 4.0%
	Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (AA/NR)
	1,375,000	5.000		10/01/2021		1,474,137
	1,950,000	5.000		10/01/2022		2,163,194
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	2,250,000	5.000		04/01/2022		2,435,445
	2,250,000	5.000		04/01/2023		2,507,017
	4,000,000	5.000		04/01/2024		4,575,160
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A+/A1)
	745,000	5.000		07/15/2020		766,240
	1,770,000	5.000		07/15/2021		1,882,625
	1,900,000	5.000		07/15/2022		2,087,872
	1,475,000	5.000		07/15/2023		1,669,508
	Allentown City School District GO Bonds Series 2019 (ST AID WITHHLDG) (NR/NR)
	4,250,000	2.050		01/02/2020		4,250,340
	Bethlehem Area School District Authority School RB Refunding for Bethlehem Area School District Refunding Project Series 2018 (ST AID WITHHLDG) (NR/A1)^(b)
		(1 Mo. LIBOR + 0.48%),
	5,990,000	1.888		11/01/2021		5,990,839
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	545,000	5.000		10/01/2022		589,679
	760,000	5.000		10/01/2023		841,525
	Butler County Hospital Authority RB for Health System Project Series 2015 A (A+/Baa1)
	265,000	4.000		07/01/2020		269,380
	1,000,000	4.000		07/01/2021		1,038,470
	City of Philadelphia GO Bonds Series 2016 F (ST AID WITHHLDG) (A+/A2)
	4,000,000	5.000		09/01/2020		4,126,560
	4,000,000	5.000		09/01/2021		4,258,400
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	325,000	4.000		08/01/2020		331,321
	1,270,000	5.000		08/01/2021		1,347,559
	1,125,000	5.000		08/01/2022		1,225,181
	Commonwealth Financing Authority Taxable RB Series 2005 A (NATL-RE) (A/A1)
	2,050,000	5.380		06/01/2021		2,114,473
	Commonwealth Financing Authority Taxable RB Series 2006 C (AGM) (AA/A1)
	5,415,000	5.114		06/01/2021		5,605,012
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	950,000	5.000		06/01/2020		971,099
	2,250,000	5.000		06/01/2023		2,516,108


Municipal Bonds – (continued)
Pennsylvania – (continued)
	Cumberland County Municipal Authority RB Refunding for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	1,000,000	4.000		01/01/2020		1,004,520
	Delaware River Port Authority RB Refunding Series 2018 B (A+/A2)
	4,050,000	5.000		01/01/2020		4,087,179
	5,520,000	5.000		01/01/2021		5,773,147
	5,000,000	5.000		01/01/2022		5,410,800
	General Authority of Southcentral Pennsylvania WellSpan Health Obligation Group RB Refunding Series 2019 B (AA-/Aa3)^(b)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.60%), 2.090		06/01/2024		14,995,350
	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		9,065,340
	Montgomery County Higher Education & Health Authority RB Refunding for Thomas Jefferson University Obligated Group Series 2019 (A/A2)
	600,000	5.000		09/01/2022		662,172
	550,000	5.000		09/01/2023		623,529
	625,000	5.000		09/01/2024		727,213
	Montgomery County Higher Education and Health Authority RB Refunding for Holy Redeemer Health System Series 2014 A (BBB-/WR)
	1,000,000	4.000		10/01/2019		1,000,000
	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		30,588,686
	Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)^(b)(c)
	12,265,000	2.800		12/01/2021		12,559,483
	Pennsylvania State Commonwealth GO Bonds First Series 2012 (A+/Aa3)^(a)
	6,530,000	5.000		06/01/2022		7,173,140
	Pennsylvania State Commonwealth GO Bonds Second Series 2015 (A+/Aa3)
	2,175,000	5.000		08/15/2020		2,243,926
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2015 (A+/Aa3)
	8,115,000	5.000		08/15/2020		8,372,164
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)
	13,670,000	5.000		09/15/2020		14,144,622
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2017 (A+/Aa3)
	33,455,000	5.000		01/01/2023		37,339,460
	Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2016 (A+/Aa3)
	4,500,000	5.000		01/15/2022		4,870,710
	Pennsylvania State GO Bonds First Refunding Series 2015 (AGM- CR) (AA/Aa3)
	5,000,000	5.000		08/15/2022		5,529,750


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Turnpike Commission RB Refunding Series 2018 B (A+/A1)^(d)
$	11,750,000	(SIFMA Municipal Swap Index Yield + 0.70%), 2.190 %		12/01/2023	$	11,904,983
	Pennsylvania Turnpike Commission RB Refunding Subordinate Series 2016 A (AA/Aa3)
	1,000,000	5.000		12/01/2022		1,115,210
	Pennsylvania Turnpike Commission RB Series 2009 D (A/A3)^(a)
	5,000,000	5.300		12/01/2019		5,032,700
	Pennsylvania Turnpike Commission RB Series 2014 B-1 (A+/A1)^(d)
	7,000,000	(SIFMA Municipal Swap Index Yield + 0.88%), 2.370		12/01/2020		7,040,530
	Pennsylvania Turnpike Commission RB Subordinate Series 2010 A-1 (AA-/A2)^(a)
	18,670,000	5.000		12/01/2019		18,782,954
	Pennsylvania Turnpike Commission RB Subordinate Series 2015 B (A/A3)^(a)
	1,400,000	5.000		12/01/2020		1,459,948
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	1,000,000	5.000		07/01/2020		1,022,260
	4,000,000	5.000		07/01/2022		4,312,440
	1,750,000	5.000		07/01/2023		1,931,248
	Pittsburgh & Allegheny County Sports & Exhibition Authority RB for Parking System Series 2017 (A/NR)
	530,000	4.000		12/15/2019		532,724
	365,000	4.000		12/15/2020		375,965
	600,000	4.000		12/15/2021		631,728
	280,000	5.000		12/15/2022		309,663
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)^(b)
		(1 Mo. LIBOR + 0.64%),
	10,000,000	2.078		12/01/2020		10,003,100
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (A/A3)
	500,000	5.000		09/01/2020		516,610
	500,000	5.000		09/01/2021		534,360
	250,000	5.000		09/01/2022		275,755
	270,000	5.000		09/01/2023		306,650
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)
	250,000	5.000		09/01/2024		292,305
	Scranton School District GO Refunding Bonds Series 2017 A (ST AID WITHHLDG) (A+/A2)
	645,000	5.000		06/01/2020		657,636
	680,000	5.000		06/01/2021		714,809
	Westmoreland County Municipal Authority RB Series 2013 (A+/A1)^(a)
	1,965,000	5.000		08/15/2023		2,239,275

						291,201,188


Municipal Bonds – (continued)
Puerto Rico – 1.6%
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2002 A (FGIC) (NR/WR)⁽ⁱ⁾
	633,450	5.500%		07/01/2017		570,105
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)^(d)
		(3 Mo. LIBOR + 0.52%),
	54,710,000	1.926		07/01/2029		54,026,125
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (CC/WR)⁽ⁱ⁾
	654,385	5.500		07/01/2016		566,861
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)^(c)
	1,000,000	10.000		07/01/2035		1,061,110
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (COMWLTH GTD) (NR/Ca)^(b)(i)
	10,835,000	10.000		07/01/2034		9,914,025
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(f)
	22,100,000	0.000		07/01/2024		19,285,123
	21,170,000	0.000		07/01/2027		16,847,086
	6,481,000	0.000		07/01/2029		4,810,004
	439,000	0.000		07/01/2031		302,041
	494,000	0.000		07/01/2033		310,983
	4,705,000	0.000		07/01/2046		1,247,672
	3,833,000	0.000		07/01/2051		742,988
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	1,862,000	4.329		07/01/2040		1,889,893
	56,000	4.536		07/01/2053		57,120
	747,000	4.784		07/01/2058		775,080
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	362,000	4.500		07/01/2034		386,703
	183,000	4.550		07/01/2040		188,684
	1,345,000	4.750		07/01/2053		1,395,437
	3,400,000	5.000		07/01/2058		3,584,348

						117,961,388

Rhode Island – 0.3%
	Providence Public Building Authority RB for Capital Improvement Program Project Series 2017 A (BBB/Baa2)
	200,000	5.000		09/15/2020		206,306
	1,210,000	5.000		09/15/2021		1,286,399
	Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for Brown University Issue Series 2012 (AA+/Aa1)
	4,820,000	5.000		09/01/2021		5,162,606
	4,970,000	5.000		09/01/2022		5,504,573
	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		827,706
	820,000	5.000		05/15/2021		862,082
	1,415,000	5.000		05/15/2022		1,531,469


110		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)
Rhode Island – (continued)
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 B (BBB+/NR)
$	4,120,000	2.250 %			06/01/2041		$	4,136,233

								19,517,374

South Carolina – 1.1%
	Charleston County School District GO Bonds Series 2018 (SCSDE) (NR/Aa1)
	2,180,000	5.000			03/01/2021			2,294,515
	5,575,000	5.000			03/01/2022			6,067,886
	4,015,000	5.000			03/01/2023			4,511,495
	City of Charleston RB for Waterworks & Sewer System Capital Improvement Series 2006 B (AAA/Aaa)^(b)
		(1 Mo. LIBOR + 0.37%),
	10,000,000	1.768			01/01/2022			10,009,000
	County of Charleston GO Bonds for Transportation Sales Tax Series 2011 (ST AID WITHHLDG) (AAA/Aaa)^(a)
	4,920,000	4.000			11/01/2021			5,199,063
	County of Charleston GO Refunding Bonds for Transportation Sales Tax Series 2013 (AAA/Aaa)
	10,005,000	5.000			11/01/2021			10,777,786
	South Carolina Public Service Authority RB Tax-Exempt Series 2010 C (ETM) (A/A2)^(a)
	9,645,000	5.000			12/01/2019			9,703,352
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)
	1,050,000	3.056			12/01/2023			1,078,823
	South Carolina Public Service Authority Santee Cooper RB Series 2016 D (A/A2)
	12,241,000	2.388			12/01/2023			12,312,732
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2013 B (A/Aa3)^(b)
		(1 Mo. LIBOR + 0.45%),
	16,435,000	1.811			10/01/2022			16,424,646

								78,379,298

South Dakota – 0.0%
	Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	1,000,000	4.000			01/01/2020			1,006,500
	1,055,000	5.000			01/01/2021			1,102,717
	570,000	5.000			01/01/2022			616,307

								2,725,524

Tennessee – 1.5%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)
	1,000,000	5.000			08/01/2025			1,175,580
	City of Memphis RB Refunding for Sanitary Sewerage System Series 2018 (AA+/Aa2)
	2,980,000	5.000			10/01/2020			3,089,485
	City of Murfreesboro GO Bonds Series 2018 (AA/Aa1)
	2,720,000	5.000			06/01/2021			2,886,926
	2,400,000	5.000			06/01/2022			2,633,736


Municipal Bonds – (continued)
Tennessee – (continued)
	County of Rutherford GO Bonds for School Series 2017 (AA+/Aa1)
	3,070,000		5.000			04/01/2022			3,350,659
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	2,500,000		5.000			07/01/2020			2,564,725
	3,500,000		5.000			07/01/2021			3,702,895
	Hamilton County GO Bonds Series 2018 A (AAA/Aaa)
	6,185,000		5.000			04/01/2020			6,298,681
	7,860,000		5.000			04/01/2022			8,588,779
	Knox County Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2017 (BBB/NR)
	350,000		5.000			04/01/2020			355,432
	750,000		4.000			04/01/2021			773,265
	1,420,000		5.000			04/01/2022			1,525,819
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2013 A (AA/Aa2)
	9,625,000		5.000			01/01/2023			10,755,649
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2015 C (AA/Aa2)
	5,500,000		5.000			07/01/2023			6,241,840
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2018 (AA/Aa2)
	22,625,000		5.000			07/01/2022			24,882,975
	17,955,000		5.000			07/01/2023			20,376,770
	Metropolitan Government of Nashville & Davidson County GO Refunding Bonds Series 2010 D (AA/Aa2)
	6,960,000		5.000			07/01/2022			7,152,862

									106,356,078

Texas – 7.9%
	Alamo Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)
	6,445,000		3.000			08/15/2022			6,754,360
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (BBB-/NR)
	500,000		5.000			01/01/2020			504,100
	500,000		5.000			01/01/2021			519,480
	465,000		5.000			01/01/2022			495,402
	750,000		5.000			01/01/2023			817,567
	Board of Regents of the University of Texas System RB Refunding Series 2017 C (AAA/Aaa)
	10,400,000		5.000			08/15/2023			11,838,424
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 B (A-/Baa1)^(b)(c)
	7,500,000		5.000			01/07/2021			7,685,400
	Central Texas Regional Mobility Authority RB Senior Lien Series 2011 (A-/Baa1)^(a)
	5,455,000		6.000			01/01/2021			5,764,735
	Central Texas Regional Mobility Authority Subordinate Lien RB Series 2018 (BBB+/Baa2)
	3,500,000		4.000			01/01/2022			3,634,330
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	1,000,000		5.000			11/15/2023			1,136,540


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate	Maturity Date		Value

Municipal Bonds – (continued)
Texas – (continued)
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)^(f)
$	70,000	0.000 %		09/01/2020	$	67,888
	70,000	0.000		09/01/2021		65,502
	70,000	0.000		09/01/2022		63,052
	70,000	0.000		09/01/2023		60,620
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	405,000	4.000		09/01/2023		435,630
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)^(f)
	685,000	0.000		09/01/2020		672,472
	685,000	0.000		09/01/2021		657,908
	685,000	0.000		09/01/2022		642,647
	City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A+/NR)
	2,700,000	5.000		07/01/2029		2,930,499
	City of Houston RB Refunding for Combined Utility System Series 2011 A (AA/NR)^(a)
	24,305,000	5.250		11/15/2020		25,373,691
	City of Houston RB Refunding for Combined Utility System Series 2018 C (AA/Aa2)^(b)
		(1 Mo. LIBOR + 0.36%),
	12,500,000	1.768		08/01/2021		12,500,625
	City of Houston RB Refunding for Combined Utility System Series 2019 C (AA/Aa2)
	6,000,000	1.716		11/15/2022		5,976,180
	5,000,000	1.746		11/15/2023		4,973,650
	City of San Antonio RB for Electric & Gas Systems Junior Lien Series 2015 D (AA-/Aa2)^(b)(c)
	18,500,000	3.000		12/01/2020		18,829,485
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (AA-/Aa2)^(b)(c)
	5,200,000	2.750		12/01/2022		5,391,464
	City of San Antonio Water System Junior Lien RB Refunding Series 2014 B (AA/Aa2)^(b)(c)
	5,750,000	2.000		11/01/2022		5,820,265
	City of Southlake GO Refunding Bonds Series 2019 (AAA/NR)
	4,020,000	5.000		02/15/2021		4,225,141
	Colorado River Municipal Water District RB Series 2011 (AA-/Aa3)^(a)
	2,000,000	5.000		01/01/2021		2,093,000
	County of Bexar GO Bonds Certificates of Obligation Series 2013 B (AAA/Aaa)^(a)
	37,200,000	5.125		06/15/2023		42,341,412
	County of Dallas GO Bonds Series 2016 (AAA/Aaa)
	1,000,000	5.000		08/15/2020		1,032,310
	Cypress-Fairbanks Independent School District GO Bonds for School Building Series 2017 A-3 (PSF-GTD) (AAA/Aaa)^(b)(c)
	9,325,000	3.000		08/17/2020		9,444,453
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A+/A1)
	5,005,000	5.000		11/01/2023		5,207,552


Municipal Bonds – (continued)
Texas – (continued)
	Denton Independent School District Unlimited Tax Building GO Bonds Series 2014 B (PSF-GTD) (AAA/NR)^(b)(c)
	5,000,000	2.000		08/01/2024		5,104,000
	Dickinson Independent School District GO Bonds Series 2013 (PSF-GTD) (AAA/Aaa)^(b)(c)
	5,000,000	1.350		08/02/2021		4,986,450
	Fort Bend Independent School District GO Bonds Series 2019 A (PSF-GTD) (AAA/NR)^(b)(c)
	5,000,000	1.950		08/01/2022		5,059,300
	Gulf Coast IDA RB for Exxon Mobil Project Series 2012 (AA+/Aaa)^(b)(c)
	12,000,000	1.300		10/07/2019		12,000,000
	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%), 2.540		06/01/2024		5,803,646
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children’s Hospital Obligated Group, Series 2019 B (AA/Aa2)^(b)(c)
	5,000,000	5.000		10/01/2024		5,844,000
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)^(d)
		(3 Mo. LIBOR + 0.67%),
	35,145,000	2.120		08/15/2035		33,097,452
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	85,000	3.000		09/01/2020		86,051
	90,000	3.000		09/01/2021		92,177
	90,000	3.000		09/01/2022		92,973
	95,000	3.000		09/01/2023		98,880
	Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2013 B (PSF-GTD) (AAA/Aaa)^(b)(c)
	4,935,000	2.400		06/01/2021		5,007,693
	Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2014 A-1B (PSF-GTD) (AAA/Aaa)^(b)(c)
	4,520,000	2.200		06/01/2020		4,540,204
	Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	390,000	3.000		09/01/2020		393,760
	310,000	3.000		09/01/2021		318,441
	330,000	3.000		09/01/2022		342,045
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)^(a)(f)
	30,275,000	0.000		08/15/2024		9,784,969
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2015 A (PSF-GTD) (AAA/NR)^(f)
	1,500,000	0.000		08/15/2020		1,480,635
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)^(f)
	5,000,000	0.000		08/16/2021		4,863,800
	Lower Colorado River Authority LCRA Transmission Serives Corporation Project RB Refunding Series 2011A (A/A1)
	3,105,000	5.000		05/15/2023		3,284,562


112		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)
	Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (NR/Aaa)^(b)(c)
$	8,250,000		2.500	%			08/01/2021		$	8,395,365
	Metropolitan Transit Authority of Harris County Sales and Use Tax Contractual Obligations RB Series 2018 (AAA/Aa2)
	3,000,000		5.000				11/01/2022			3,337,770
	1,000,000		5.000				11/01/2023			1,146,840
	Midway Independent School District/McLennan County GO Refunding Bonds Capital Appreciation Series 2000 (PSF-GTD) (NR/Aaa)^(f)
	5,705,000		0.000				08/15/2020			5,632,318
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)
	770,000		4.000				04/01/2020			771,656
	810,000		4.000				04/01/2021			814,447
	855,000		4.000				04/01/2022			861,472
	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			171,741
	400,000		4.000				04/01/2021			412,460
	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 (BB/B2)
	300,000		4.000				04/01/2020			300,849
	620,000		4.000				04/01/2021			624,576
	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			5,116,550
	North Texas Tollway Authority RB Refunding First Tier Series 2010 (A+/A1)^(a)
	5,050,000		6.000				01/01/2021			5,339,971
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	1,000,000		5.000				01/01/2024			1,113,070
	North Texas Tollway Authority System RB Refunding First Tier Series 2014 A (A+/A1)
	2,000,000		5.000				01/01/2020			2,018,160
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	1,530,000		5.000				01/01/2022			1,655,001
	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			14,992,950
	Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)^(b)(c)
	3,845,000		1.500				08/15/2024			3,839,271
	Pflugerville Independent School District Unlimited Tax School Building GO Bonds Series 2019 B (PSF-GTD) (AAA/Aaa)^(b)(c)
	7,500,000		2.500				08/15/2023			7,774,725
	Plano Independent School District Unlimited Tax Refunding Bonds Series 2016 B (PSF-GTD) (AAA/Aaa)
	10,580,000		5.000				02/15/2020			10,725,581


Municipal Bonds – (continued)
Texas – (continued)
	Round Rock Independent School District Unlimited Tax GO Bonds for School Building RMKT 08/01/16 Series 2015 (PSF- GTD) (AAA/Aaa)^(b)(c)
	17,570,000	1.500			08/01/2021			17,569,824
	Sam Rayburn Municipal Power Agency RB Refunding Series 2012 (BBB+/NR)
	2,315,000	5.000			10/01/2019			2,315,000
	San Antonio Water System Junior Lien RB Series 2019 A (AA/Aa2)^(b)(c)
	15,000,000	2.625			05/01/2024			15,697,500
	State of Texas Anticipation Notes Series 2019 (SP-1+/MIG1)
	75,000,000	4.000			08/27/2020			76,795,500
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for CHRISTUS Health Obligation Group Series 2018 A (A+/A1)
	3,500,000	5.000			07/01/2020			3,591,385
	2,200,000	5.000			07/01/2021			2,333,034
	1,750,000	5.000			07/01/2022			1,910,738
	Tarrant Regional Water District RB Refunding for Water Control & Improvement District Series 2015 (AAA/NR)
	6,025,000	5.000			03/01/2021			6,342,337
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)^(d)
		(3 Mo. LIBOR + 0.70%),
	12,150,000	2.119			12/15/2026			12,105,045
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)^(d)
	10,440,000	(SIFMA Municipal Swap Index Yield + 0.55%), 2.040			09/15/2027			10,304,802
	Texas Private Activity Bond Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2009 (BBB-/Baa2)
	22,040,000	6.875			12/31/2039			22,351,646
	Texas Transportation Commission Central Turnpike System RB First Tier Series 2002 A (AMBAC) (A-/A3)^(f)
	6,950,000	0.000			08/15/2023			6,481,639
	Texas Transportation Commission Central Turnpike System RB Refunding Series 2015 A (A-/A3)^(b)(c)
	5,000,000	5.000			04/01/2020			5,086,600
	Texas Transportation Commission Highway Improvement GO Bonds Series 2016 (AAA/Aaa)
	6,925,000	5.000			04/01/2022			7,565,285
	Texas University System Financing RB Refunding Series 2017 A (AA/Aa2)
	1,800,000	5.000			03/15/2020			1,830,366
	1,800,000	5.000			03/15/2021			1,896,336
	Tomball Independent School District Unlimited Tax School Building GO Bonds Series 2014 B-3 (PSF-GTD) (AAA/Aaa)^(b)(c)
	11,650,000	1.350			08/15/2022			11,565,304
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	6,355,000	5.000			02/15/2022			6,898,861


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


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)
$	54,000		4.000	%		12/01/2021	$	55,775

								577,978,572

Utah – 0.1%
	University of Utah RB General Series 2015 B (AA+/Aa1)
	5,110,000		5.000			08/01/2023		5,820,188
	University of Utah RB General Series 2016 B-1 (AA+/Aa1)
	2,415,000		5.000			08/01/2023		2,750,636

								8,570,824

Vermont – 0.0%
	Vermont Educational & Health Buildings Financing Agency RB Refunding for The University of Vermont Medical Center Project Series 2016 A (A/A2)
	400,000		4.000			12/01/2020		412,148
	350,000		5.000			12/01/2021		376,460

								788,608

Virgin Islands – 0.1%
	Virgin Islands Public Finance Authority Grant Anticipation RB for Federal Highway Grant Anticipation Revenue Loan Note Series 2015 (A/NR)^(g)
	825,000		5.000			09/01/2020		843,958
	2,015,000		5.000			09/01/2021		2,109,705
	Virgin Islands Public Finance Authority Gross Receipts Taxes Loan NT RB Sereis 2012 A (AGM-CR) (AA/A2)
	1,130,000		4.000			10/01/2022		1,141,436
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (B/NR)
	1,165,000		4.000			10/01/2022		1,145,929

								5,241,028

Virginia – 3.3%
	Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)
	21,510,000		5.000			11/01/2023		24,384,166
	Chesapeake Economic Development Authority RB Refunding for Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(b)(c)
	2,250,000		1.900			06/01/2023		2,284,358
	City of Alexandria GO Refunding Bonds Series 2017 D (ST AID WITHHLDG) (AAA/Aaa)
	355,000		5.000			07/01/2022		391,647
	County of Arlington GO Bonds for Public Improvement Series 2013 A (AAA/Aaa)^(a)
	2,930,000		4.000			08/01/2021		3,073,687
	County of Arlington GO Bonds Series C (ST AID WITHHLDG) (AAA/Aaa)^(a)
	9,665,000		5.000			02/15/2021		10,151,343
	County of Fairfax RB for Sewer Series 2012 (AAA/Aaa)^(a)
	9,220,000		4.500			07/15/2021		9,742,405
	Fairfax County GO Bonds for Virginia Public Improvement Series 2018 A (ST AID WITHHLDG) (AAA/Aaa)
	10,255,000		4.000			10/01/2021		10,813,692
	Fairfax County GO Refunding Bonds for Virginia Public Improvement Series 2016 A (ST AID WITHHLDG) (NR/Aaa)^(a)
	8,450,000		5.000			10/01/2021		9,067,864


Municipal Bonds – (continued)
Virginia – (continued)
	Fairfax County Industrial Development Authority RB Refunding for Inova Health System Obligated Group Series 2018 B-1 (AA+/Aa2)^(b)(c)
	24,350,000		5.000			05/15/2021		25,768,631
	Franklin County Industrial Development Authority RB for Virginia Public Facility Series 2018 (AA/A1)
	5,000,000		3.000			10/15/2023		5,075,100
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 A (BBB+/A2)^(b)(c)
	1,325,000		1.900			06/01/2023		1,341,854
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 C (BBB+/A2)^(b)(c)
	2,550,000		1.800			04/01/2022		2,566,091
	Peninsula Ports Authority of Virginia Coal Terminal RB Refunding for Dominion Terminal Associates Project Series 2003 (BBB/Baa2)^(b)(c)
	2,400,000		1.700			10/01/2022		2,398,728
	Peninsula Ports Authority of Virginia Coal Terminal RB Refunding for Dominion Terminal Associates Project Series 2003 (BBB/NR)^(c)
	2,750,000		1.550			10/01/2033		2,750,000
	Virginia College Building Authority Education Facilities RB Series 2014 A (AA+/Aa1)^(a)
	7,880,000		4.000			02/01/2024		8,790,613
	Virginia College Building Authority RB for 21st Century College and Equipment Programs Series 2014 A (AA+/Aa1)
	2,925,000		5.000			02/01/2020		2,960,627
	Virginia Commonwealth Transportation Board Federal Transportation Grant Anticipation RB Series 2013 A (AA+/Aa1)^(a)
	5,225,000		5.000			03/15/2023		5,886,955
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2011 (ST APPROP) (AA+/Aa1)^(a)
	4,070,000		5.250			05/15/2021		4,331,497
	Virginia Commonwealth Transportation Board RB For Transportation Capital Project Series 2012 (AA+/Aa1)^(a)
	9,365,000		5.000			05/15/2022		10,272,188
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2017 (AA+/Aa1)
	1,230,000		5.000			05/15/2022		1,348,498
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2017 (ST APPROP) (AA+/Aa1)^(a)
	19,850,000		5.000			05/15/2021		21,045,962
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2014 B (AA+/Aa1)
	11,680,000		5.000			05/15/2020		11,949,224
	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		2,586,551


114		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 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	$	6,033,060
	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		4,509,900
	Virginia Housing Development Authority RB for Rental Housing Series 2018 E (AA+/Aa1)
	6,405,000		2.500			12/01/2022		6,415,632
	Virginia Public School Authority RB Series 2019 VII (AA+/Aa1)
	9,920,000		5.000			04/15/2020		10,116,515
	10,890,000		5.000			04/15/2021		11,507,681
	Virginia Resources Authority Infrastructure and State Moral Obligation RB for Pooled Financing Program Series 2014 C (AMT) (AAA/NR)
	3,750,000		5.000			11/01/2021		4,037,250
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB/NR)
	6,000,000		5.000			01/01/2044		6,381,180
	Virginia State Public Building Authority RB for Public Facilities Series 2011 A (AA+/Aa1)^(a)
	5,375,000		5.000			08/01/2021		5,740,608
	Virginia State Public Building Authority RB Refunding for Public Facilities Series 2013 B (AA+/Aa1)
	1,000,000		5.000			08/01/2020		1,031,040
	York County Economic Development Authority Pollution Control RB Refunding for Virginia Electric & Power Co. Project Series 2009 A (BBB+/A2)^(b)(c)
	4,250,000		1.900			06/01/2023		4,295,730

								239,050,277

Washington – 3.0%
	City of Seattle RB for Municipal Light & Power Series 2015 A (AA/Aa2)
	5,545,000		5.000			05/01/2021		5,871,157
	City of Seattle RB Refunding for Municipal Light & Power Improvement Series 2012 A (AA/Aa2)
	10,325,000		5.000			06/01/2020		10,580,027
	King County Junior Lien Sewer RB Series 2012 (AA/Aa2)^(b)(c)
	11,600,000		2.600			12/01/2021		11,741,752
	King County School District No. 405 GO Bonds Series 2011 (SCH BD GTY) (AA+/Aaa)^(a)
	5,000,000		5.000			06/01/2021		5,305,150
	Port of Seattle Intermediate Lien RB Series 2017 C (AMT) (A+/A1)
	5,000,000		5.000			05/01/2020		5,103,050
	Snohomish County Public Utility District No 1 Electric Generation System RB Refunding Series 1986 A (ETM) (NR/WR)^(a)
	11,000,000		5.000			01/01/2020		11,099,000
	State of Washington GO Bonds Various Purpose Series 2011 B (AA+/Aaa)^(a)
	5,000,000		5.000			02/01/2021		5,244,500


Municipal Bonds – (continued)
Washington – (continued)
	State of Washington GO Unlimited Refunding Bonds R-2017 C (AA+/Aaa)
	10,000,000		5.000			08/01/2022		11,033,600
	University of Washington RB Series 2019 A (AA+/Aaa)^(b)(c)
	15,000,000		5.000			05/01/2022		16,091,100
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	1,300,000		5.000			08/01/2025		1,528,254
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	2,260,000		5.000			08/01/2025		2,656,811
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)^(b)(c)
	6,695,000		5.000			08/01/2024		7,629,622
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)^(b)(c)
	9,165,000		5.000			08/01/2025		10,652,205
	Washington State Local Agency Real and Personal Property COPS Series 2019 D (NR/Aa1)^(e)
	3,835,000		5.000			07/01/2024		4,469,769
	Washington State Motor Vehicle Fuel Tax GO Bonds for SR 520 Corridor Program Toll Revenue Series 2012 C (AA+/Aaa)
	1,685,000		5.000			06/01/2023		1,788,560
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2011 C (AA+/Aaa)
	10,000,000		5.000			07/01/2022		10,276,300
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2013 B (AA+/Aaa)
	5,000,000		5.000			07/01/2024		5,504,750
	Washington State Various Purpose GO Bonds Series 2011 A (AA+/Aaa)^(a)
	17,845,000		5.000			08/01/2020		18,398,909
	Washington State Various Purpose GO Bonds Series 2011 B (AA+/Aaa)^(a)
	10,000,000		5.250			02/01/2021		10,521,900
	Washington State Various Purpose GO Bonds Series 2012 D (AA+/Aaa)^(a)
	17,375,000		5.000			02/01/2022		18,854,134
	Washington State Various Purpose GO Bonds Series 2013 A (AA+/Aaa)
	9,130,000		5.000			08/01/2020		9,411,843
	Washington State Various Purpose GO Refunding Bonds Series R-2010B (AA+/Aaa)
	10,570,000		5.000			01/01/2023		10,666,715
	15,920,000		5.000			01/01/2024		16,065,668
	Washington State Various Purpose GO Refunding Bonds Series R-2013C (AA+/Aaa)
	6,500,000		5.000			07/01/2025		7,374,185

								217,868,961


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – (continued)
West Virginia – 0.1%
	West Virginia Economic Development Authority RB for Appalachian Power Co. Project Series 2009 A (A-/Baa1)^(b)(c)
$	2,900,000	2.625 %			06/01/2022		$	2,982,244
	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)
	3,500,000	1.700			09/01/2020			3,498,075
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	385,000	5.000			01/01/2020			388,222
	570,000	5.000			01/01/2021			593,501
	540,000	5.000			01/01/2022			579,631
	550,000	5.000			01/01/2023			607,024

								8,648,697

Wisconsin – 2.1%
	State of Wisconsin Environmental Improvement Fund RB Series 2018 A (AAA/NR)
	7,905,000	5.000			06/01/2022			8,683,643
	State of Wisconsin GO Unlimited Bonds Series 2011 B (AA/Aa1)^(a)
	7,170,000	5.000			05/01/2021			7,585,932
	State of Wisconsin GO Unlimited Bonds Series 2014 A (AA/Aa1)^(a)
	11,145,000	5.000			05/01/2022			12,208,902
	State of Wisconsin GO Unlimited Refunding Bonds Series 2017 (AA/Aa1)
	5,410,000	5.000			11/01/2021			5,827,868
	Wisconsin Health & Educational Facilities Authority RB Refunding for Advocate Aurora Health Obligated Group Series 2018 C-4 (AA/Aa3)^(b)
	4,000,000	(SIFMA Municipal Swap Index Yield + 0.65%), 2.140			07/31/2024			4,012,840
	Wisconsin State GO Bonds Series 2014 B (AA/Aa1)
	2,575,000	5.000			05/01/2021			2,726,873
	Wisconsin State GO Bonds Series 2015 A (AA/Aa1)^(a)
	40,860,000	5.000			05/01/2023			46,147,284
	Wisconsin State GO Bonds Series 2018 A (AA/Aa1)
	16,090,000	5.000			05/01/2021			17,038,988
	16,555,000	5.000			05/01/2022			18,131,202
	9,495,000	5.000			05/01/2023			10,735,142
	Wisconsin State GO Refunding Bonds Series 2013-1 (AA/Aa1)
	17,825,000	5.000			05/01/2022			19,522,118

								152,620,792

	TOTAL MUNICIPAL BONDS
	(Cost $7,076,726,358)						$	7,198,008,388



U.S. Treasury Obligation – 0.3%
	U.S. Treasury Notes
$	25,000,000		1.375	%		02/15/2020			$	24,946,289
	(Cost $24,906,334)

	TOTAL INVESTMENTS – 99.2%
	(Cost $7,101,632,692)								$	7,222,954,677

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%									54,902,385

	NET ASSETS – 100.0%								$	7,277,857,062



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 September 30, 2019.

(c)		Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2019. 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 September 30, 2019.

(e)		When-issued security.

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

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

(h)		Zero coupon bond until next reset date.

(i)		Security is currently in default.


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND



Investment Abbreviations:
AGM		—Insured by Assured Guaranty Municipal Corp.
AGM-CR		—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
BAM		—Build America Mutual Assurance Co.
BHAC-CR		—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
COMWLTH GTD		—Commonwealth Guaranteed
COPS		—Certificates of Participation
ETM		—Escrowed to Maturity
FGIC		—Insured by Financial Guaranty Insurance Co.
GO		—General Obligation
IDA		—Industrial Development Authority
LIBOR		—London Interbank Offered Rate
Mo.		—Month
MUN GOVT GTD		—Municipal Government Guaranteed
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC		—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR		—Not Rated
PCRB		—Pollution Control Revenue Bond
PILOT		—Payment in Lieu of Taxes
PSF-GTD		—Guaranteed by Permanent School Fund
Q-SBLF		—Qualified School Board Loan Fund
RB		—Revenue Bond
RMKT		—Remarketed
SCH BD GTY		—School Bond Guaranty
SCH BD RES FD		—School Bond Reserve Fund
SCSDE		—South Carolina State Department of Education
SD CRED PROG		—School District Credit Program
SIFMA		—The Securities Industry and Financial Markets Association
SOFR		—Secured Overnight Financing Rate
ST AID WITHHLDG		—State Aid Withholding
ST APPROP		—State Appropriation
U.S.		—United States
USD		—United States Dollar
WR		—Withdrawn Rating


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2019, 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 September 30, 2019^(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	%		0.160%		Bank of America NA		03/20/2023		USD 5,000	$	143,096	$	(86,051	)	$	229,147

California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000			0.160		JPMorgan Chase Bank NA		03/20/2023		10,000		286,191		(172,101	)		458,292

TOTAL												$	429,287	$	(258,152	)	$	687,439

(a)

Payments received quarterly.

(b)


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2019 (Unaudited)


	Dynamic Municipal Income Fund		High Yield Municipal Fund		Short Duration Tax-Free Fund
Assets:
Investments in unaffiliated issuers, at value (cost $6,511,134,443, $7,476,406,195 and $7,101,632,692)	$	6,829,933,756	$	8,238,828,885	$	7,222,954,677
Cash		52,193,635		13,149,311		38,298,205
Receivables:
Collateral on certain derivative contracts^(a)		81,136,399		77,224,363		—
Interest		71,223,642		101,371,385		75,557,111
Fund shares sold		30,441,355		12,245,760		38,265,196
Reimbursement from investment adviser		62,790		83,819		118,080
Variation margin on swaps		2,039,900		1,927,767		—
Unrealized gain on swap contracts		91,659		2,345,180		687,439
Other assets		354,334		229,168		140,937
Total assets		7,067,477,470		8,447,405,638		7,376,021,645

Liabilities:
Variation margin on futures		9,246		—		—
Payables:
Investments purchased on an extended-settlement basis		144,981,643		31,322,896		54,596,751
Fund shares redeemed		6,854,895		11,203,177		14,220,701
Management fees		2,068,244		3,447,238		2,017,424
Income distribution		1,458,519		758,915		1,259,000
Distribution and Service fees and Transfer Agency fees		702,525		412,151		236,523
Upfront payments received on swap contracts		34,420		944,581		258,152
Investments purchased		11,052		—		25,062,043
Collateral on certain derivative contracts^(a)		—		1,330,000		250,000
Accrued expenses		70,101		196,322		263,989
Total liabilities		156,190,645		49,615,280		98,164,583

Net Assets:
Paid-in capital		6,716,603,243		7,812,837,132		7,170,296,902
Total distributable earnings (loss)		194,683,582		584,953,226		107,560,160
NET ASSETS	$	6,911,286,825	$	8,397,790,358	$	7,277,857,062
Net Assets:
Class A	$	1,209,644,094	$	437,340,119	$	120,794,411
Class C		122,744,772		76,218,012		14,759,646
Institutional		3,251,131,179		983,526,464		1,583,333,043
Service		232,235		—		164,645
Investor		759,706,231		308,490,919		80,730,514
Class P		1,501,757,994		6,592,203,191		5,472,465,251
Class R6		66,070,320		11,653		5,609,552
Total Net Assets	$	6,911,286,825	$	8,397,790,358	$	7,277,857,062
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		74,194,811		42,692,752		11,253,871
Class C		7,525,815		7,438,241		1,376,679
Institutional		199,509,710		95,993,252		147,727,085
Service		14,176		—		15,358
Investor		46,651,292		30,082,339		7,531,094
Class P		92,112,163		643,933,588		510,785,371
Class R6		4,053,057		1,138		523,612
Net asset value, offering and redemption price per share:^(b)
Class A		$16.30		$10.24		$10.73
Class C		16.31		10.25		10.72
Institutional		16.30		10.25		10.72
Service		16.38		—		10.72
Investor		16.29		10.25		10.72
Class P		16.30		10.24		10.71
Class R6		16.30		10.24		10.71

(a)

Segregated for initial margin and/or collateral on transactions as follows:


Fund	Futures		Swaps
Dynamic Municipal Income	$	195,360	$	80,941,039
High Yield Municipal		—		75,894,363
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 $16.94, $10.72 and $10.89, 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.


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2019 (Unaudited)


	Dynamic Municipal Income Fund			High Yield Municipal Fund			Short Duration Tax-Free Fund
Investment income:

Interest	$	88,234,728		$	173,874,615		$	75,982,683

Expenses:

Management fees		10,057,255			19,757,927			11,814,619

Transfer Agency fees^(a)		1,847,166			1,586,108			1,219,768

Distribution and Service fees^(a)		1,786,866			865,902			229,914

Registration fees		210,623			229,551			327,444

Professional fees		157,394			184,779			153,861

Custody, accounting and administrative services		157,042			273,906			325,198

Printing and mailing costs		40,727			42,909			39,312

Trustee fees		12,320			14,917			14,604

Service share fees — Service and Shareholder Administration Plan		490			—			632

Other		34,756			58,528			49,121

Total expenses		14,304,639			23,014,527			14,174,473

Less — expense reductions		(666,022	)		(962,147	)		(965,319	)

Net expenses		13,638,617			22,052,380			13,209,154

NET INVESTMENT INCOME		74,596,111			151,822,235			62,773,529

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		3,687,921			6,120,765			3,530,700

Futures contracts		(1,463,911	)		—			—

Swap contracts		(90,575,062	)		(55,133,677	)		110,972

Rate lock forward contracts		—			—			225,000

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		181,524,444			331,330,416			43,751,698

Futures contracts		461,261			—			—

Swap contracts		(4,866,380	)		(31,386,924	)		(68,598	)

Net realized and unrealized gain		88,768,273			250,930,580			47,549,772

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	163,364,384		$	402,752,815		$	110,323,301

(a)

Class specific Distribution and/or Service, and Transfer Agency fees were as follows:


	Distribution and/or Service Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Service		Investor		Class P		Class R6
Dynamic Municipal Income	$	1,261,794	$	525,072	$	656,126	$	68,259	$	505,498	$	39	$	405,021	$	204,009	$	8,214
High Yield Municipal		518,213		347,689		269,468		45,199		171,882		—		167,236		932,321		2
Short Duration Tax-Free		153,118		76,796		79,621		9,983		307,694		50		47,226		774,436		758


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Dynamic Municipal Income Fund						High Yield Municipal Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019			For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	74,596,111		$	85,346,051		$	151,822,235		$	257,598,234

Net realized loss		(88,351,052	)		(27,894,818	)		(49,012,912	)		(56,993,959	)

Net change in unrealized gain		177,119,325			119,562,530			299,943,492			285,381,226
Net increase in net assets resulting from operations		163,364,384			177,013,763			402,752,815			485,985,501

Distributions to shareholders:

From distributable earnings:

Class A Shares		(12,192,134	)		(13,157,456	)		(7,206,433	)		(11,520,534	)

Class C Shares		(875,423	)		(1,172,647	)		(946,101	)		(1,711,565	)

Institutional Shares		(34,868,230	)		(39,981,041	)		(16,201,632	)		(79,994,592	)

Service Shares		(2,189	)		(957	)		—			—

Investor Shares		(8,307,639	)		(8,509,026	)		(4,781,442	)		(5,382,354	)

Class P Shares^(a)		(18,873,187	)		(20,886,847	)		(117,615,165	)		(149,478,898	)

Class R6 Shares		(758,129	)		(264,944	)		(215	)		(433	)
Total distributions to shareholders		(75,876,931	)		(83,972,918	)		(146,750,988	)		(248,088,376	)

From share transactions:

Proceeds from sales of shares		2,765,756,050			3,958,016,654			1,421,566,177			7,296,301,940

Reinvestment of distributions		67,273,801			73,770,862			142,190,708			240,537,834

Cost of shares redeemed		(441,266,611	)		(1,511,981,331	)		(724,632,466	)^(b)		(5,893,955,119	)^(c)

Net increase in net assets resulting from share transactions		2,391,763,240			2,519,806,185			839,124,419			1,642,884,655

TOTAL INCREASE		2,479,250,693			2,612,847,030			1,095,126,246			1,880,781,780

Net Assets:
Beginning of period		4,432,036,132			1,819,189,102			7,302,664,112			5,421,882,332

End of period	$	6,911,286,825		$	4,432,036,132		$	8,397,790,358		$	7,302,664,112

(a)

Commenced operations on April 20, 2018.

(b)

Net of $90,659 of redemption fees.

(c)

Net of $637,125 of redemption fees.


The accompanying notes are an integral part of these financial statements.		121

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Short Duration Tax-Free Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	62,773,529		$	102,104,189

Net realized gain (loss)		3,866,672			(29,478,088	)

Net change in unrealized gain		43,683,100			125,732,256
Net increase in net assets resulting from operations		110,323,301			198,358,357

Distributions to shareholders:

From distributable earnings:

Class A Shares		(948,207	)		(1,553,290	)

Class C Shares		(88,143	)		(184,887	)

Institutional Shares		(14,203,998	)		(40,352,934	)

Service Shares		(1,719	)		(3,628	)

Investor Shares		(651,446	)		(623,125	)

Class P Shares^(a)		(47,878,401	)		(56,450,528	)

Class R6 Shares		(46,922	)		(18,784	)
Total distributions to shareholders		(63,818,836	)		(99,187,176	)

From share transactions:

Proceeds from sales of shares		1,863,773,824			7,632,105,500

Reinvestment of distributions		56,026,103			88,168,766

Cost of shares redeemed		(1,348,515,934	)		(6,235,205,237	)

Net increase in net assets resulting from share transactions		571,283,993			1,485,069,029

TOTAL INCREASE		617,788,458			1,584,240,210

Net Assets:
Beginning of period		6,660,068,604			5,075,828,394

End of period	$	7,277,857,062		$	6,660,068,604

(a)

Commenced operations on April 20, 2018.


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Dynamic Municipal Income Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	16.02		$	15.59		$	15.46		$	15.69		$	15.81		$	15.45

Net investment income^(a)		0.19			0.44			0.47			0.52			0.56			0.60

Net realized and unrealized gain (loss)		0.29			0.42			0.11			(0.25	)		(0.14	)		0.32

Total from investment operations		0.48			0.86			0.58			0.27			0.42			0.92

Distributions to shareholders from net investment income		(0.20	)		(0.43	)		(0.45	)		(0.50	)		(0.54	)		(0.56	)

Net asset value, end of period	$	16.30		$	16.02		$	15.59		$	15.46		$	15.69		$	15.81

Total return^(b)		2.99	%		5.62	%		3.81	%		1.73	%		2.70	%		6.00	%

Net assets, end of period (in 000s)	$	1,209,644		$	769,894		$	315,142		$	218,699		$	177,985		$	172,221

Ratio of net expenses to average net assets		0.73	%^(c)		0.74	%		0.76	%		0.78	%		0.78	%		0.78	%

Ratio of total expenses to average net assets		0.76	%^(c)		0.78	%		0.85	%		0.98	%		0.99	%		1.01	%

Ratio of net investment income to average net assets		2.38	%^(c)		2.78	%		2.98	%		3.34	%		3.62	%		3.79	%

Portfolio turnover rate^(d)		3	%		16	%		12	%		28	%		15	%		14	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions, a complete redemption of the investment at the net asset value at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. Total returns for periods less than one full year are not annualized.

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		123

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Dynamic Municipal Income Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	16.03		$	15.60		$	15.47		$	15.69		$	15.82		$	15.46

Net investment income^(a)		0.13			0.32			0.35			0.41			0.45			0.48

Net realized and unrealized gain (loss)		0.29			0.42			0.12			(0.25	)		(0.16	)		0.32

Total from investment operations		0.42			0.74			0.47			0.16			0.29			0.80

Distributions to shareholders from net investment income		(0.14	)		(0.31	)		(0.34	)		(0.38	)		(0.42	)		(0.44	)

Net asset value, end of period	$	16.31		$	16.03		$	15.60		$	15.47		$	15.69		$	15.82

Total return^(b)		2.61	%		4.83	%		3.03	%		1.04	%		1.86	%		5.21	%

Net assets, end of period (in 000s)	$	122,745		$	83,931		$	47,379		$	42,353		$	30,116		$	22,182

Ratio of net expenses to average net assets		1.49	%^(c)		1.49	%		1.51	%		1.53	%		1.54	%		1.53	%

Ratio of total expenses to average net assets		1.51	%^(c)		1.53	%		1.60	%		1.73	%		1.75	%		1.76	%

Ratio of net investment income to average net assets		1.63	%^(c)		2.04	%		2.23	%		2.59	%		2.87	%		3.04	%

Portfolio turnover rate^(d)		3	%		16	%		12	%		28	%		15	%		14	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Dynamic Municipal Income Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	16.02		$	15.59		$	15.46		$	15.68		$	15.81		$	15.45

Net investment income^(a)		0.22			0.49			0.52			0.58			0.62			0.65

Net realized and unrealized gain (loss)		0.29			0.43			0.12			(0.25	)		(0.16	)		0.32

Total from investment operations		0.51			0.92			0.64			0.33			0.46			0.97

Distributions to shareholders from net investment income		(0.23	)		(0.49	)		(0.51	)		(0.55	)		(0.59	)		(0.61	)

Net asset value, end of period	$	16.30		$	16.02		$	15.59		$	15.46		$	15.68		$	15.81

Total return^(b)		3.17	%		5.97	%		4.17	%		2.13	%		2.98	%		6.36	%

Net assets, end of period (in 000s)	$	3,251,131		$	1,858,949		$	1,296,146		$	774,777		$	486,485		$	393,120

Ratio of net expenses to average net assets		0.39	%^(c)		0.40	%		0.42	%		0.44	%		0.44	%		0.44	%

Ratio of total expenses to average net assets		0.42	%^(c)		0.44	%		0.51	%		0.64	%		0.65	%		0.67	%

Ratio of net investment income to average net assets		2.73	%^(c)		3.14	%		3.32	%		3.67	%		3.96	%		4.12	%

Portfolio turnover rate^(d)		3	%		16	%		12	%		28	%		15	%		14	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		125

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Dynamic Municipal Income Fund
	Service Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	16.10		$	15.66		$	15.54		$	15.77		$	15.89		$	15.53

Net investment income^(a)		0.18			0.42			0.44			0.50			0.54			0.58

Net realized and unrealized gain (loss)		0.29			0.43			0.11			(0.25	)		(0.15	)		0.32

Total from investment operations		0.47			0.85			0.55			0.25			0.39			0.90

Distributions to shareholders from net investment income		(0.19	)		(0.41	)		(0.43	)		(0.48	)		(0.51	)		(0.54	)

Net asset value, end of period	$	16.38		$	16.10		$	15.66		$	15.54		$	15.77		$	15.89

Total return^(b)		2.90	%		5.50	%		3.58	%		1.57	%		2.53	%		5.79	%

Net assets, end of period (in 000s)	$	232		$	38		$	36		$	36		$	36		$	39

Ratio of net expenses to average net assets		0.89	%^(c)		0.90	%		0.92	%		0.94	%		0.94	%		0.94	%

Ratio of total expenses to average net assets		0.91	%^(c)		0.93	%		1.01	%		1.14	%		1.16	%		1.16	%

Ratio of net investment income to average net assets		2.21	%^(c)		2.65	%		2.83	%		3.19	%		3.46	%		3.62	%

Portfolio turnover rate^(d)		3	%		16	%		12	%		28	%		15	%		14	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Dynamic Municipal Income Fund
	Investor Shares^(a)
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	16.00		$	15.57		$	15.45		$	15.67		$	15.79		$	15.43

Net investment income^(b)		0.21			0.48			0.50			0.56			0.60			0.63

Net realized and unrealized gain (loss)		0.30			0.42			0.11			(0.24	)		(0.15	)		0.33

Total from investment operations		0.51			0.90			0.61			0.32			0.45			0.96

Distributions to shareholders from net investment income		(0.22	)		(0.47	)		(0.49	)		(0.54	)		(0.57	)		(0.60	)

Net asset value, end of period	$	16.29		$	16.00		$	15.57		$	15.45		$	15.67		$	15.79

Total return^(c)		3.19	%		5.88	%		4.01	%		2.03	%		2.95	%		6.27	%

Net assets, end of period (in 000s)	$	759,706		$	480,724		$	160,475		$	65,306		$	9,684		$	5,728

Ratio of net expenses to average net assets		0.48	%^(d)		0.49	%		0.51	%		0.53	%		0.53	%		0.53	%

Ratio of total expenses to average net assets		0.51	%^(d)		0.53	%		0.59	%		0.73	%		0.74	%		0.76	%

Ratio of net investment income to average net assets		2.63	%^(d)		3.03	%		3.22	%		3.57	%		3.87	%		4.00	%

Portfolio turnover rate^(e)		3	%		16	%		12	%		28	%		15	%		14	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		127

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Dynamic Municipal Income Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			April 20, 2018* to March 31, 2019
Per Share Data

Net asset value, beginning of period	$	16.02		$	15.65

Net investment income^(a)		0.22			0.46

Net realized and unrealized gain		0.29			0.36

Total from investment operations		0.51			0.82

Distributions to shareholders from net investment income		(0.23	)		(0.45	)

Net asset value, end of period	$	16.30		$	16.02

Total return^(b)		3.17	%		5.35	%

Net assets, end of period (in 000s)	$	1,501,758		$	1,193,566

Ratio of net expenses to average net assets		0.38	%^(c)		0.39	%^(c)

Ratio of total expenses to average net assets		0.41	%^(c)		0.43	%^(c)

Ratio of net investment income to average net assets		2.74	%^(c)		3.11	%^(c)

Portfolio turnover rate^(d)		3	%		16	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Dynamic Municipal Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019			November 30, 2017* to March 31, 2018
Per Share Data

Net asset value, beginning of period	$	16.02		$	15.59		$	15.56

Net investment income^(a)		0.22			0.49			0.17

Net realized and unrealized gain		0.29			0.43			0.03

Total from investment operations		0.51			0.92			0.20

Distributions to shareholders from net investment income		(0.23	)		(0.49	)		(0.17	)

Net asset value, end of period	$	16.30		$	16.02		$	15.59

Total return^(b)		3.17	%		5.98	%		1.27	%

Net assets, end of period (in 000s)	$	66,070		$	44,934		$	10

Ratio of net expenses to average net assets		0.38	%^(c)		0.39	%		0.40	%^(c)

Ratio of total expenses to average net assets		0.41	%^(c)		0.42	%		0.43	%^(c)

Ratio of net investment income to average net assets		2.74	%^(c)		3.11	%		3.28	%^(c)

Portfolio turnover rate^(d)		3	%		16	%		12	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		129

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Municipal Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.91		$	9.55		$	9.35		$	9.36		$	9.34		$	8.93

Net investment income^(a)		0.18			0.38			0.38			0.47			0.46			0.45

Net realized and unrealized gain (loss)		0.33			0.35			0.18			(0.06	)		(0.02	)		0.38

Total from investment operations		0.51			0.73			0.56			0.41			0.44			0.83

Distributions to shareholders from net investment income		(0.18	)		(0.37	)		(0.36	)		(0.42	)		(0.42	)		(0.42	)

Net asset value, end of period	$	10.24		$	9.91		$	9.55		$	9.35		$	9.36		$	9.34

Total return^(b)		5.14	%		7.79	%		6.10	%		4.48	%		4.89	%		9.47	%

Net assets, end of period (in 000s)	$	437,340		$	377,942		$	250,436		$	234,550		$	262,193		$	257,803

Ratio of net expenses to average net assets		0.84	%^(c)		0.85	%		0.85	%		0.85	%		0.86	%		0.86	%

Ratio of total expenses to average net assets		0.91	%^(c)		0.92	%		0.92	%		0.92	%		0.93	%		0.93	%

Ratio of net investment income to average net assets		3.61	%^(c)		3.97	%		4.00	%		4.93	%		4.98	%		4.89	%

Portfolio turnover rate^(d)		5	%		16	%		16	%		31	%		11	%		14	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Municipal Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.91		$	9.55		$	9.35		$	9.36		$	9.34		$	8.93

Net investment income^(a)		0.14			0.31			0.31			0.40			0.39			0.38

Net realized and unrealized gain (loss)		0.34			0.35			0.18			(0.06	)		(0.02	)		0.39

Total from investment operations		0.48			0.66			0.49			0.34			0.37			0.77

Distributions to shareholders from net investment income		(0.14	)		(0.30	)		(0.29	)		(0.35	)		(0.35	)		(0.36	)

Net asset value, end of period	$	10.25		$	9.91		$	9.55		$	9.35		$	9.36		$	9.34

Total return^(b)		4.85	%		6.99	%		5.30	%		3.70	%		4.11	%		8.66	%

Net assets, end of period (in 000s)	$	76,218		$	60,899		$	59,381		$	66,772		$	73,498		$	81,018

Ratio of net expenses to average net assets		1.60	%^(c)		1.60	%		1.60	%		1.60	%		1.62	%		1.61	%

Ratio of total expenses to average net assets		1.66	%^(c)		1.67	%		1.67	%		1.67	%		1.68	%		1.68	%

Ratio of net investment income to average net assets		2.85	%^(c)		3.22	%		3.25	%		4.18	%		4.24	%		4.14	%

Portfolio turnover rate^(d)		5	%		16	%		16	%		31	%		11	%		14	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		131

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Municipal Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.91		$	9.55		$	9.36		$	9.36		$	9.34		$	8.93

Net investment income^(a)		0.20			0.41			0.41			0.49			0.48			0.48

Net realized and unrealized gain (loss)		0.33			0.35			0.17			(0.04	)		(0.01	)		0.38

Total from investment operations		0.53			0.76			0.58			0.45			0.47			0.86

Distributions to shareholders from net investment income		(0.19	)		(0.40	)		(0.39	)		(0.45	)		(0.45	)		(0.45	)

Net asset value, end of period	$	10.25		$	9.91		$	9.55		$	9.36		$	9.36		$	9.34

Total return^(b)		5.40	%		8.10	%		6.29	%		4.88	%		5.19	%		9.79	%

Net assets, end of period (in 000s)	$	983,526		$	699,635		$	5,026,846		$	4,284,703		$	3,754,010		$	3,005,752

Ratio of net expenses to average net assets		0.55	%^(c)		0.56	%		0.56	%		0.56	%		0.57	%		0.57	%

Ratio of total expenses to average net assets		0.57	%^(c)		0.58	%		0.58	%		0.58	%		0.59	%		0.59	%

Ratio of net investment income to average net assets		3.91	%^(c)		4.27	%		4.29	%		5.23	%		5.25	%		5.18	%

Portfolio turnover rate^(d)		5	%		16	%		16	%		31	%		11	%		14	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Municipal Fund
	Investor Shares^(a)
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.92		$	9.56		$	9.37		$	9.37		$	9.35		$	8.93

Net investment income^(b)		0.20			0.41			0.41			0.50			0.48			0.48

Net realized and unrealized gain (loss)		0.32			0.34			0.17			(0.05	)		(0.01	)		0.39

Total from investment operations		0.52			0.75			0.58			0.45			0.47			0.87

Distributions to shareholders from net investment income		(0.19	)		(0.39	)		(0.39	)		(0.45	)		(0.45	)		(0.45	)

Net asset value, end of period	$	10.25		$	9.92		$	9.56		$	9.37		$	9.37		$	9.35

Total return^(c)		5.27	%		8.05	%		6.26	%		4.81	%		5.15	%		9.86	%

Net assets, end of period (in 000s)	$	308,491		$	202,256		$	85,209		$	42,152		$	20,741		$	17,265

Ratio of net expenses to average net assets		0.59	%^(d)		0.60	%		0.60	%		0.60	%		0.61	%		0.61	%

Ratio of total expenses to average net assets		0.66	%^(d)		0.66	%		0.67	%		0.67	%		0.68	%		0.68	%

Ratio of net investment income to average net assets		3.85	%^(d)		4.21	%		4.26	%		5.25	%		5.22	%		5.13	%

Portfolio turnover rate^(e)		5	%		16	%		16	%		31	%		11	%		14	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		133

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Municipal Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			April 20, 2018* to March 31, 2019
Per Share Data

Net asset value, beginning of period	$	9.90		$	9.60

Net investment income^(a)		0.20			0.39

Net realized and unrealized gain		0.33			0.28

Total from investment operations		0.53			0.67

Distributions to shareholders from net investment income		(0.19	)		(0.37	)

Net asset value, end of period	$	10.24		$	9.90

Total return^(b)		5.41	%		7.14	%

Net assets, end of period (in 000s)	$	6,592,203		$	5,961,922

Ratio of net expenses to average net assets		0.54	%^(c)		0.55	%^(c)

Ratio of total expenses to average net assets		0.56	%^(c)		0.57	%^(c)

Ratio of net investment income to average net assets		3.92	%^(c)		4.27	%^(c)

Portfolio turnover rate^(d)		5	%		16	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Municipal Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019			November 30, 2017* to March 31, 2018
Per Share Data

Net asset value, beginning of period	$	9.91		$	9.55		$	9.46

Net investment income^(a)		0.20			0.41			0.14

Net realized and unrealized gain		0.32			0.35			0.08

Total from investment operations		0.52			0.76			0.22

Distributions to shareholders from net investment income		(0.19	)		(0.40	)		(0.13	)

Net asset value, end of period	$	10.24		$	9.91		$	9.55

Total return^(b)		5.29	%		8.09	%		2.33	%

Net assets, end of period (in 000s)	$	12		$	11		$	10

Ratio of net expenses to average net assets		0.55	%^(c)		0.55	%		0.57	%^(c)

Ratio of total expenses to average net assets		0.58	%^(c)		0.55	%		0.60	%^(c)

Ratio of net investment income to average net assets		3.91	%^(c)		4.28	%		4.36	%^(c)

Portfolio turnover rate^(d)		5	%		16	%		16	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		135

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Tax-Free Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.66		$	10.48		$	10.52		$	10.56		$	10.59		$	10.57

Net investment income^(a)		0.08			0.16			0.12			0.12			0.10			0.10

Net realized and unrealized gain (loss)		0.07			0.17			(0.04	)		(0.05	)		(0.04	)		0.01

Total from investment operations		0.15			0.33			0.08			0.07			0.06			0.11

Distributions to shareholders from net investment income		(0.08	)		(0.15	)		(0.12	)		(0.11	)		(0.09	)		(0.09	)

Distributions to shareholders from net realized gains		—			—			—			—	^(b)		—	^(b)		—	^(b)

Total distributions		(0.08	)		(0.15	)		(0.12	)		(0.11	)		(0.09	)		(0.09	)

Net asset value, end of period	$	10.73		$	10.66		$	10.48		$	10.52		$	10.56		$	10.59

Total return^(c)		1.44	%		3.20	%		0.74	%		0.63	%		0.62	%		1.01	%

Net assets, end of period (in 000s)	$	120,794		$	119,675		$	97,703		$	124,586		$	147,949		$	189,890

Ratio of net expenses to average net assets		0.68	%^(d)		0.69	%		0.68	%		0.70	%		0.73	%		0.73	%

Ratio of total expenses to average net assets		0.75	%^(d)		0.75	%		0.75	%		0.76	%		0.76	%		0.76	%

Ratio of net investment income to average net assets		1.54	%^(d)		1.51	%		1.18	%		1.09	%		0.98	%		0.90	%

Portfolio turnover rate^(e)		7	%		44	%		35	%		40	%		24	%		24	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Tax-Free Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.65		$	10.47		$	10.51		$	10.55		$	10.58		$	10.55

Net investment income^(a)		0.06			0.12			0.09			0.07			0.06			0.05

Net realized and unrealized gain (loss)		0.07			0.17			(0.05	)		(0.05	)		(0.04	)		0.02

Total from investment operations		0.13			0.29			0.04			0.02			0.02			0.07

Distributions to shareholders from net investment income		(0.06	)		(0.11	)		(0.08	)		(0.06	)		(0.05	)		(0.04	)

Distributions to shareholders from net realized gains		—			—			—			—	^(b)		—	^(b)		—	^(b)

Total distributions		(0.06	)		(0.11	)		(0.08	)		(0.06	)		(0.05	)		(0.04	)

Net asset value, end of period	$	10.72		$	10.65		$	10.47		$	10.51		$	10.55		$	10.58

Total return^(c)		1.24	%		2.80	%		0.34	%		0.23	%		0.22	%		0.71	%

Net assets, end of period (in 000s)	$	14,760		$	15,681		$	19,813		$	23,220		$	33,787		$	35,443

Ratio of net expenses to average net assets		1.09	%^(d)		1.09	%		1.08	%		1.10	%		1.13	%		1.13	%

Ratio of total expenses to average net assets		1.50	%^(d)		1.50	%		1.50	%		1.51	%		1.51	%		1.51	%

Ratio of net investment income to average net assets		1.14	%^(d)		1.10	%		0.81	%		0.69	%		0.58	%		0.50	%

Portfolio turnover rate^(e)		7	%		44	%		35	%		40	%		24	%		24	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		137

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Tax-Free Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.64		$	10.47		$	10.50		$	10.54		$	10.58		$	10.55

Net investment income^(a)		0.10			0.19			0.16			0.15			0.14			0.13

Net realized and unrealized gain (loss)		0.08			0.16			(0.04	)		(0.05	)		(0.05	)		0.02

Total from investment operations		0.18			0.35			0.12			0.10			0.09			0.15

Distributions to shareholders from net investment income		(0.10	)		(0.18	)		(0.15	)		(0.14	)		(0.13	)		(0.12	)

Distributions to shareholders from net realized gains		—			—			—			—	^(b)		—	^(b)		—	^(b)

Total distributions		(0.10	)		(0.18	)		(0.15	)		(0.14	)		(0.13	)		(0.12	)

Net asset value, end of period	$	10.72		$	10.64		$	10.47		$	10.50		$	10.54		$	10.58

Total return^(c)		1.69	%		3.42	%		1.15	%		0.94	%		0.86	%		1.45	%

Net assets, end of period (in 000s)	$	1,583,333		$	1,488,011		$	4,936,410		$	4,448,309		$	4,316,949		$	4,100,431

Ratio of net expenses to average net assets		0.38	%^(d)		0.38	%		0.38	%		0.39	%		0.39	%		0.39	%

Ratio of total expenses to average net assets		0.41	%^(d)		0.41	%		0.41	%		0.42	%		0.42	%		0.41	%

Ratio of net investment income to average net assets		1.84	%^(d)		1.77	%		1.52	%		1.41	%		1.32	%		1.23	%

Portfolio turnover rate^(e)		7	%		44	%		35	%		40	%		24	%		24	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Tax-Free Fund
	Service Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.64		$	10.47		$	10.50		$	10.54		$	10.58		$	10.55

Net investment income^(a)		0.07			0.14			0.11			0.10			0.09			0.08

Net realized and unrealized gain (loss)		0.08			0.16			(0.04	)		(0.05	)		(0.05	)		0.02

Total from investment operations		0.15			0.30			0.07			0.05			0.04			0.10

Distributions to shareholders from net investment income		(0.07	)		(0.13	)		(0.10	)		(0.09	)		(0.08	)		(0.07	)

Distributions to shareholders from net realized gains		—			—			—			—	^(b)		—	^(b)		—	^(b)

Total distributions		(0.07	)		(0.13	)		(0.10	)		(0.09	)		(0.08	)		(0.07	)

Net asset value, end of period	$	10.72		$	10.64		$	10.47		$	10.50		$	10.54		$	10.58

Total return^(c)		1.43	%		2.90	%		0.65	%		0.44	%		0.36	%		0.96	%

Net assets, end of period (in 000s)	$	165		$	293		$	287		$	263		$	161		$	60

Ratio of net expenses to average net assets		0.88	%^(d)		0.89	%		0.88	%		0.89	%		0.89	%		0.89	%

Ratio of total expenses to average net assets		0.91	%^(d)		0.91	%		0.91	%		0.92	%		0.92	%		0.92	%

Ratio of net investment income to average net assets		1.35	%^(d)		1.31	%		1.03	%		0.91	%		0.82	%		0.76	%

Portfolio turnover rate^(e)		7	%		44	%		35	%		40	%		24	%		24	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


The accompanying notes are an integral part of these financial statements.		139

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Tax-Free Fund
	Investor Shares^(a)
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.64		$	10.47		$	10.51		$	10.55		$	10.58		$	10.55

Net investment income^(b)		0.09			0.19			0.16			0.14			0.13			0.12

Net realized and unrealized gain (loss)		0.09			0.16			(0.05	)		(0.05	)		(0.04	)		0.02

Total from investment operations		0.18			0.35			0.11			0.09			0.09			0.14

Distributions to shareholders from net investment income		(0.10	)		(0.18	)		(0.15	)		(0.13	)		(0.12	)		(0.11	)

Distributions to shareholders from net realized gains		—			—			—			—	^(c)		—	^(c)		—	^(c)

Total distributions		(0.10	)		(0.18	)		(0.15	)		(0.13	)		(0.12	)		(0.11	)

Net asset value, end of period	$	10.72		$	10.64		$	10.47		$	10.51		$	10.55		$	10.58

Total return^(d)		1.66	%		3.37	%		1.01	%		0.88	%		0.87	%		1.36	%

Net assets, end of period (in 000s)	$	80,731		$	65,719		$	21,605		$	10,002		$	3,526		$	3,661

Ratio of net expenses to average net assets		0.43	%^(e)		0.44	%		0.43	%		0.45	%		0.48	%		0.48	%

Ratio of total expenses to average net assets		0.50	%^(e)		0.50	%		0.50	%		0.51	%		0.51	%		0.51	%

Ratio of net investment income to average net assets		1.79	%^(e)		1.79	%		1.48	%		1.37	%		1.23	%		1.16	%

Portfolio turnover rate^(f)		7	%		44	%		35	%		40	%		24	%		24	%

(a)

Effective August 15, 2017, Class IR changed its name to Investor Shares.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Tax-Free Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			April 20, 2018* to March 31, 2019
Per Share Data

Net asset value, beginning of period	$	10.64		$	10.46

Net investment income^(a)		0.10			0.18

Net realized and unrealized gain		0.07			0.17

Total from investment operations		0.17			0.35

Distributions to shareholders from net investment income		(0.10	)		(0.17	)

Net asset value, end of period	$	10.71		$	10.64

Total return^(b)		1.60	%		3.42	%

Net assets, end of period (in 000s)	$	5,472,465		$	4,965,675

Ratio of net expenses to average net assets		0.37	%^(c)		0.38	%^(c)

Ratio of total expenses to average net assets		0.40	%^(c)		0.40	%^(c)

Ratio of net investment income to average net assets		1.85	%^(c)		1.86	%^(c)

Portfolio turnover rate^(d)		7	%		44	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		141

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Tax-Free Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019			November 30, 2017* to March 31, 2018
Per Share Data

Net asset value, beginning of period	$	10.64		$	10.46		$	10.45

Net investment income^(a)		0.10			0.21			0.06

Net realized and unrealized gain		0.07			0.15			—	^(b)

Total from investment operations		0.17			0.36			0.06

Distributions to shareholders from net investment income		(0.10	)		(0.18	)		(0.05	)

Net asset value, end of period	$	10.71		$	10.64		$	10.46

Total return^(c)		1.60	%		3.51	%		0.61	%

Net assets, end of period (in 000s)	$	5,610		$	5,014		$	10

Ratio of net expenses to average net assets		0.37	%^(d)		0.38	%		0.36	%^(d)

Ratio of total expenses to average net assets		0.40	%^(d)		0.40	%		0.38	%^(d)

Ratio of net investment income to average net assets		1.85	%^(d)		1.96	%		1.64	%^(d)

Portfolio turnover rate^(e)		7	%		44	%		35	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2019 (Unaudited)

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, P and R6	Diversified
High Yield Municipal	A, C, Institutional, Investor, Pand R6	Diversified

Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a front-end sales charge of up to 3.75%, 4.50% and 1.50%, respectively. Class C Shares of Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class P 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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

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

143

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly, and capital gains distributions, if any, are declared and paid at least annually.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

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

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

A rate lock forward is a type of forward contract between a Fund and a rate lock provider pursuant to which the parties agree to make payments to each other based on a notional amount, contingent upon whether the referenced obligation is above or below a specified yield level on the termination date of the contract.

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

iii. 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.

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.

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

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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 September 30, 2019:



DYNAMIC MUNICIPAL INCOME

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	6,823,362,546		$	—

Corporate Bonds		—		6,571,210			—

Total	$	—	$	6,829,933,756		$	—

Derivative Type

Assets^(a)

Credit Default Swap Contracts	$	—	$	91,659		$	—

Futures Contracts		157,934		—			—

Total	$	157,934	$	91,659		$	—

Liabilities^(a)

Interest Rate Swap Contracts			$	(18,162,776	)	$	—

HIGH YIELD MUNICIPAL

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	8,217,289,329		$	—

Corporate Bonds		—		21,539,556			—

Total	$	—	$	8,238,828,885		$	—

Derivative Type

Assets^(a)

Credit Default Swap Contracts	$	—	$	2,345,180		$	—

Liabilities^(a)

Interest Rate Swap Contracts	$	—	$	(21,121,280	)	$	—

SHORT DURATION TAX-FREE

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	7,198,008,388		$	—

U.S Treasury Obligation		24,946,289		—			—

Total	$	24,946,289	$	7,198,008,388		$	—

Derivative Type

Assets^(a)

Credit Default Swap Contracts	$	—	$	687,439		$	—

(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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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES



DYNAMIC MUNICIPAL INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	91,659		—	$	—
Interest Rate	Variation margin on futures contracts		157,934	^(a)	Variation margin on swap contracts		(18,162,776)	^(a)
Total		$	249,593			$	(18,162,776)

HIGH YIELD MUNICIPAL
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	2,345,180		—	$	—
Interest Rate	—		—		Variation margin on swaps contracts		(21,121,280)	^(a)
Total		$	2,345,180			$	(21,121,280)

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	$	687,439		—	$	—

(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 September 30, 2019 is reported within the Statements of Assets and Liabilities.


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	$	15,197		$	(9,146	)		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		(92,054,170	)		(4,395,973	)		44
Total		$	(92,038,973	)	$	(4,405,119	)		46

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4. INVESTMENTS IN DERIVATIVES (continued)


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	$	529,760		$	(163,669	)		7
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(55,663,437	)		(31,223,255	)		2
Total		$	(55,133,677	)	$	(31,386,924	)		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	$	110,972		$	(68,598	)		2
Interest Rate	Net realized gain (loss) from rate lock forward contracts/Net change in unrealized gain (loss) on rate lock forward contracts		225,000			—			1
Total		$	335,972		$	(68,598	)		3

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2019.

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 six months ended September 30, 2019, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Dynamic Municipal Income		0.40	%		0.36	%		0.34	%		0.34	%		0.33	%		0.36	%		0.36	%
High Yield Municipal		0.55			0.55			0.50			0.48			0.47			0.51			0.51
Short Duration Tax-Free		0.39			0.35			0.33			0.33			0.32			0.34			0.34

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

B. Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A Shares of each applicable Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A Shares of the Funds, as set forth below.

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


	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 six months ended September 30, 2019, 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 July 29, 2020. Prior to such date, Goldman Sachs may not terminate this arrangement without the approval of the Trustees.


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Dynamic Municipal Income	$	58,818	$	3
High Yield Municipal		43,819		—
Short Duration Tax-Free		3,178		—

D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service Plans to allow Class C Shares and Shareholder Administration Plans to allow Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance or shareholder administration services to their customers who are beneficial owners of such shares. The Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds.

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 P and 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 0.03% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal and Short Duration Tax-Free Funds, respectively.

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GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

This arrangement will remain in effect through at least July 29, 2020, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Trustees. Prior to July 30, 2019, Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal Fund.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Funds is 0.004%. These Other Expense limitations will remain in place through at least July 29, 2020, 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 six months ended September 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


	Fee Waivers
Fund	Class C Distribution and Service Fee		Transfer Agency Waivers/Credits			Other Expense Reimbursement		Custody Fee Credits		Total Expense Reductions
Dynamic Municipal Income	$	—	$	—		$	499,561	$	166,461	$	666,022
High Yield Municipal		—		157,600	^(a)		648,661		155,886		962,147
Short Duration Tax-Free		26,879		42,102	^(a)		771,567		124,771		965,319

(a)

Applicable to Class A, C and Investor Shares.

H. Other Transactions with Affiliates — As of September 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:


Fund	Class R6
High Yield Municipal		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 six months ended September 30, 2019, purchase and

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:


Fund	Purchases		Sales		Net Realized Gain (Loss)
Dynamic Municipal Income	$	89,211,180	$	—	$	—
High Yield Municipal		—		90,996,433		1,435,929
Short Duration Tax-Free		53,274		—		—

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2019, 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	$	9,242,350	$	2,518,112,471	$	9,785,580	$	148,286,875
High Yield Municipal		13,245,150		1,036,495,642		13,953,075		374,555,309
Short Duration Tax-Free		—		1,265,091,390		—		479,512,635

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2019, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:


	Dynamic Municipal Income			High Yield Municipal			Short Duration Tax-Free
Capital loss carryforwards:
Perpetual Short-term	$	(2,062,146	)	$	(83,054,882	)	$	(12,642,473	)
Perpetual Long-term		(1,726,222	)		(159,608,804	)		(20,398,795	)
Total capital loss carryforwards	$	(3,788,368	)	$	(242,663,686	)	$	(33,041,268	)
Timing differences (Post October Loss Deferral, Defaulted Bond Income and Distribution Payable)	$	(27,464,686	)	$	(20,711,082	)	$	(7,997,621	)

As of September 30, 2019, 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	$	6,507,648,938		$	7,433,620,752		$	7,092,774,516
Gross unrealized gain		350,841,446			877,694,272			135,559,736
Gross unrealized loss		(28,556,628	)		(72,486,139	)		(5,379,575	)
Net unrealized gain	$	322,284,818		$	805,208,133		$	130,180,161

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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, differences in the tax treatment of swap transactions, and market discount accretion and premium amortization.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

8. OTHER RISKS (continued)

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. A Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds).

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — The Funds may be adversely impacted by changes in tax rates and policies. Because interest income from municipal securities is normally not subject to regular federal income taxation, the attractiveness of municipal securities in relation to other investment alternatives is affected by changes in federal and state income tax rates or changes in the tax-exempt status of interest income from municipal securities. Any proposed or actual changes in such rates or exempt status, therefore, can significantly affect the demand for and supply, liquidity and marketability of municipal securities. This could in turn affect a Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, these Funds would not be a suitable investment for IRAs, other tax-exempt or tax-deferred accounts or for other investors who are not sensitive to the federal, state or local income tax consequences of their investments.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. OTHER MATTERS

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:


	Dynamic Municipal Income Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		30,890,958		$	501,221,742			32,719,854		$	515,555,671
Reinvestment of distributions		676,328			10,997,547			757,498			11,941,258
Shares redeemed		(5,421,417	)		(88,064,289	)		(5,642,916	)		(88,726,477	)
		26,145,869			424,155,000			27,834,436			438,770,452
Class C Shares
Shares sold		2,721,229			44,168,222			2,933,190			46,188,420
Reinvestment of distributions		44,005			715,685			62,130			979,794
Shares redeemed		(475,455	)		(7,720,862	)		(797,180	)		(12,562,849	)
		2,289,779			37,163,045			2,198,140			34,605,365
Institutional Shares
Shares sold		94,583,873			1,535,360,676			106,396,199			1,674,973,466
Reinvestment of distributions		1,699,240			27,624,238			1,979,556			31,191,054
Shares redeemed		(12,845,847	)		(208,528,997	)		(75,464,760	)		(1,190,444,813	)
		83,437,266			1,354,455,917			32,910,995			515,719,707
Service Shares
Shares sold		11,812			191,000			—			—
Reinvestment of distributions		13			198			27			431
		11,825			191,198			27			431
Investor Shares
Shares sold		20,842,318			337,789,288			24,461,697			384,279,436
Reinvestment of distributions		511,351			8,306,893			540,158			8,507,496
Shares redeemed		(4,738,753	)		(76,562,989	)		(5,270,842	)		(82,785,044	)
		16,614,916			269,533,192			19,731,013			310,001,888
Class P Shares^(a)
Shares sold		19,932,083			323,381,497			81,763,017			1,291,184,507
Reinvestment of distributions		1,160,966			18,872,023			1,324,455			20,885,913
Shares redeemed		(3,469,805	)		(56,252,173	)		(8,598,553	)		(135,459,788	)
		17,623,244			286,001,347			74,488,919			1,176,610,632
Class R6 Shares
Shares sold		1,456,991			23,643,625			2,913,907			45,835,154
Reinvestment of distributions		46,585			757,217			16,673			264,916
Shares redeemed		(255,173	)		(4,137,301	)		(126,576	)		(2,002,360	)
		1,248,403			20,263,541			2,804,004			44,097,710

NET INCREASE		147,371,302		$	2,391,763,240			159,967,534		$	2,519,806,185

(a)

Commenced operations on April 20, 2018.

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Yield Municipal Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		8,459,249		$	85,421,347			17,348,123		$	168,495,943
Reinvestment of distributions		646,222			6,555,562			1,067,237			10,357,670
Shares redeemed		(4,566,662	)		(46,198,086	)		(6,478,559	)		(62,723,208	)
		4,538,809			45,778,823			11,936,801			116,130,405
Class C Shares
Shares sold		2,130,215			21,543,419			2,246,411			21,757,563
Reinvestment of distributions		78,697			798,625			148,215			1,439,057
Shares redeemed		(916,569	)		(9,276,179	)		(2,465,058	)		(24,028,646	)
		1,292,343			13,065,865			(70,432	)		(832,026	)
Institutional Shares
Shares sold		32,587,818			329,099,872			56,373,393			544,561,803
Reinvestment of distributions		1,235,622			12,546,682			7,645,602			74,127,468
Shares redeemed		(8,446,884	)		(85,528,238	)		(519,542,621	)		(5,076,189,724	)
		25,376,556			256,118,316			(455,523,626	)		(4,457,500,453	)
Investor Shares
Shares sold		11,731,603			118,661,002			14,405,092			139,318,217
Reinvestment of distributions		464,339			4,719,738			529,659			5,148,547
Shares redeemed		(2,509,427	)		(25,321,303	)		(3,449,426	)		(33,335,946	)
		9,686,515			98,059,437			11,485,325			111,130,818
Class P Shares^(a)
Shares sold		85,941,986			866,840,537			659,154,812			6,422,168,413
Reinvestment of distributions		11,599,361			117,569,886			15,405,726			149,464,659
Shares redeemed		(55,852,461	)		(558,308,660	)		(72,315,836	)		(697,677,594	)
		41,688,886			426,101,763			602,244,702			5,873,955,478
Class R6 Shares
Shares sold		—			—			—			1
Reinvestment of distributions		22			215			44			433
Shares redeemed		—			—			—			(1	)
		22			215			44			433

NET INCREASE		82,583,131		$	839,124,419			170,072,814		$	1,642,884,655

(a)

Commenced operations on April 20, 2018.

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short Duration Tax-Free Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,901,030		$	31,077,562			4,799,812		$	50,608,816
Reinvestment of distributions		68,643			736,326			114,402			1,208,102
Shares redeemed		(2,943,986	)		(31,579,098	)		(3,006,720	)		(31,682,335	)
		25,687			234,790			1,907,494			20,134,583
Class C Shares
Shares sold		275,781			2,952,751			341,415			3,598,006
Reinvestment of distributions		5,490			58,826			12,955			136,608
Shares redeemed		(377,475	)		(4,040,419	)		(773,774	)		(8,153,837	)
		(96,204	)		(1,028,842	)		(419,404	)		(4,419,223	)
Institutional Shares
Shares sold		42,704,164			457,112,452			128,732,129			1,354,847,820
Reinvestment of distributions		621,051			6,654,766			2,826,798			29,725,459
Shares redeemed		(35,408,770	)		(378,857,786	)		(463,363,255	)		(4,882,101,474	)
		7,916,445			84,909,432			(331,804,328	)		(3,497,528,195	)
Service Shares
Reinvestment of distributions		104			1,107			190			2,005
Shares redeemed		(12,315	)		(132,385	)		(35	)		(299	)
		(12,211	)		(131,278	)		155			1,706
Investor Shares
Shares sold		2,481,595			26,566,689			5,213,414			54,976,193
Reinvestment of distributions		60,782			651,444			58,990			623,025
Shares redeemed		(1,185,145	)		(12,674,179	)		(1,162,355	)		(12,244,938	)
		1,357,232			14,543,954			4,110,049			43,354,280
Class P Shares^(a)
Shares sold		125,624,958			1,344,743,065			584,827,374			6,162,899,894
Reinvestment of distributions		4,470,819			47,877,063			5,346,634			56,454,784
Shares redeemed		(86,048,763	)		(920,423,259	)		(123,435,651	)		(1,300,801,119	)
		44,047,014			472,196,869			466,738,357			4,918,553,559
Class R6 Shares
Shares sold		123,507			1,321,305			489,470			5,174,771
Reinvestment of distributions		4,349			46,571			1,770			18,783
Shares redeemed		(75,575	)		(808,808	)		(20,871	)		(221,235	)
		52,281			559,068			470,369			4,972,319

NET INCREASE		53,290,244		$	571,283,993			141,002,692		$	1,485,069,029

(a)

Commenced operations on April 20, 2018.

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Fund Expenses — Six Month Period Ended September 30, 2019 (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.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.


	Dynamic Municipal Income Fund							High Yield Municipal Fund							Short Duration Tax-Free Fund
Share Class	Beginning Account Value 4/01/19		Ending Account Value 9/30/19			Expenses Paid for the 6 Months Ended 9/30/19*		Beginning Account Value 4/01/19		Ending Account Value 9/30/19			Expenses Paid for the 6 Months Ended 9/30/19*		Beginning Account Value 4/01/19		Ending Account Value 9/30/19			Expenses Paid for the 6 Months Ended 9/30/19*
Class A
Actual	$	1,000	$	1,029.90		$	3.70	$	1,000	$	1,051.40		$	4.31	$	1,000	$	1,014.40		$	3.42
Hypothetical 5% return		1,000		1,021.35	+		3.69		1,000		1,020.80	+		4.24		1,000		1,021.60	+		3.44
Class C
Actual		1,000		1,026.10			7.50		1,000		1,048.50			8.19		1,000		1,012.40			5.48
Hypothetical 5% return		1,000		1,017.60	+		7.47		1,000		1,017.00	+		8.07		1,000		1,019.55	+		5.50
Institutional
Actual		1,000		1,031.70			1.98		1,000		1,054.00			2.82		1,000		1,016.90			1.92
Hypothetical 5% return		1,000		1,023.05	+		1.97		1,000		1,022.25	+		2.78		1,000		1,023.10	+		1.92
Service
Actual		1,000		1,029.00			4.51		N/A		N/A			N/A		1,000		1,014.30			4.43
Hypothetical 5% return		1,000		1,020.55	+		4.50		N/A		N/A			N/A		1,000		1,020.60	+		4.45
Investor
Actual		1,000		1,031.90			2.44		1,000		1,052.70			3.03		1,000		1,016.60			2.17
Hypothetical 5% return		1,000		1,022.60	+		2.43		1,000		1,022.05	+		2.98		1,000		1,022.85	+		2.17
Class P
Actual		1,000		1,031.70			1.93		1,000		1,054.10			2.77		1,000		1,016.00			1.86
Hypothetical 5% return		1,000		1,023.10	+		1.92		1,000		1,022.30	+		2.73		1,000		1,023.15	+		1.87
Class R6
Actual		1,000		1,031.70			1.93		1,000		1,052.90			2.82		1,000		1,016.00			1.86
Hypothetical 5% return		1,000		1,023.10	+		1.92		1,000		1,022.25	+		2.78		1,000		1,023.15	+		1.87

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

* Expenses are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended September 30, 2019. 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 P			Class R6
Dynamic Municipal Income		0.73	%		1.48	%		0.39	%		0.89	%		0.48	%		0.38	%		0.38	%
High Yield Municipal		0.84			1.60			0.55			N/A			0.59			0.54			0.55
Short Duration Tax-Free		0.68			1.09			0.38			0.88			0.43			0.37			0.37

158

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, and Goldman Sachs Short Duration Tax-Free Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreements were last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreements were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

(c)

(d)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Fund’s expense trends over time; and

(iii)

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

159

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

(j)

(k)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l)

information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(m)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

(o)

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreements

As part of their review, the Trustees considered the nature, extent, and quality of the services provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the transition in the leadership and changes in personnel of various of the Investment Adviser’s portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. They also noted the Investment Adviser’s commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the regulatory and control environment in which the Funds and their service providers operate, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

160

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees observed that the Dynamic Municipal Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. They noted that the High Yield Municipal Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-year, and ten-year periods ended March 31, 2019. The Trustees also observed that the Short Duration Tax-Free Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreements and the fee rates payable by each Fund under its respective Management Agreement. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the High Yield Municipal Fund that would have the effect of increasing expenses of Class A, Class C, and Investor Shares of the Fund, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency and distribution and service), and information on the Investment Adviser’s expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser’s expense allocation methodology. Profitability data for each Fund was provided for 2018 and 2017, and the Trustees considered this information in relation to the Investment Adviser’s overall profitability.

161

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


Average Daily Net Assets	Dynamic Municipal Income Fund			High Yield Municipal Fund			Short Duration Tax-Free Fund

First $1 billion		0.40	%		0.55	%		0.39	%

Next $1 billion		0.36			0.55			0.35

Next $3 billion		0.34			0.50			0.33

Next $3 billion		0.34			0.48			0.33

Over $8 billion		0.33			0.47			0.32

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the distribution and service fees paid by the Short Duration Tax-Free Fund’s Class C Shares and a portion of the transfer agency fees paid by the High Yield Municipal Fund’s and Short Duration Tax-Free Fund’s Class A, Class C, and Investor Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Funds, which each had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs; (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser’s ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser’s knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser’s ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds’ access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds’ access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the mutual fund marketplace, and considered that many of the Funds’ shareholders invested in the Funds in part because of the Funds’ relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

162

GOLDMAN SACHS MUNICIPAL FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Conclusion

In connection with their consideration of the Management Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each applicable Fund until June 30, 2020.

163

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

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Financial Square Treasury Solutions Fund¹

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Financial Square Government Fund¹

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Financial Square Money Market Fund²

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Financial Square Prime Obligations Fund²

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Financial Square Treasury Instruments Fund¹

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Financial Square Treasury Obligations Fund¹

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Financial Square Federal Instruments Fund¹

Investor Funds^SM

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Investor Money Market Fund³

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Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

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Enhanced Income Fund

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High Quality Floating Rate Fund

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Short-Term Conservative Income Fund

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Short Duration Government Fund

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Short Duration Income Fund

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Government Income Fund

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Inflation Protected Securities Fund

Multi-Sector

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Bond Fund

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Core Fixed Income Fund

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Global Income Fund

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Strategic Income Fund

Municipal and Tax-Free

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High Yield Municipal Fund

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Dynamic Municipal Income Fund

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Municipal Income Completion Fund

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Short Duration Tax-Free Fund

Single Sector

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Investment Grade Credit Fund

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U.S. Mortgages Fund

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High Yield Fund

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High Yield Floating Rate Fund

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Emerging Markets Debt Fund

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Local Emerging Markets Debt Fund

Fixed Income Alternatives

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Long Short Credit Strategies Fund

Fundamental Equity

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Equity Income Fund

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Small Cap Growth Fund

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Small Cap Value Fund

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Small/Mid Cap Value Fund

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Mid Cap Value Fund

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Large Cap Value Fund

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Focused Value Fund

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Capital Growth Fund

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Strategic Growth Fund

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Small/Mid Cap Growth Fund

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Flexible Cap Fund

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Concentrated Growth Fund

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Technology Opportunities Fund

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Growth Opportunities Fund

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Rising Dividend Growth Fund

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Blue Chip Fund

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Income Builder Fund

Tax-Advantaged Equity

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U.S. Tax-Managed Equity Fund

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International Tax-Managed Equity Fund

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U.S. Equity Dividend and Premium Fund

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International Equity Dividend and Premium Fund

Equity Insights

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Small Cap Equity Insights Fund

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U.S. Equity Insights Fund

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Small Cap Growth Insights Fund

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Large Cap Growth Insights Fund

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Large Cap Value Insights Fund

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Small Cap Value Insights Fund

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International Small Cap Insights Fund

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International Equity Insights Fund

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Emerging Markets Equity Insights Fund

Fundamental Equity International

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International Equity Income Fund

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International Equity ESG Fund

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Asia Equity Fund

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Emerging Markets Equity Fund

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Imprint Emerging Markets Opportunities Fund⁵

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ESG Emerging Markets Equity Fund

Alternative

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Real Estate Securities Fund

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International Real Estate Securities Fund

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Commodity Strategy Fund

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Global Real Estate Securities Fund

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Alternative Premia Fund

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Absolute Return Tracker Fund

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Managed Futures Strategy Fund

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MLP Energy Infrastructure Fund

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MLP & Energy Fund

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Multi-Manager Alternatives Fund

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Global Infrastructure Fund

Total Portfolio Solutions

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Global Managed Beta Fund

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Multi-Manager Non-Core Fixed Income Fund

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Multi-Manager U.S. Dynamic Equity Fund

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Multi-Manager Global Equity Fund

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Multi-Manager International Equity Fund

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Tactical Tilt Overlay Fund

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Balanced Strategy Portfolio

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Multi-Manager U.S. Small Cap Equity Fund

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Multi-Manager Real Assets Strategy Fund

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Growth and Income Strategy Portfolio

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Growth Strategy Portfolio

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Dynamic Global Equity Fund⁴

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Satellite Strategies Portfolio

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Enhanced Dividend Global Equity Portfolio

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Tax-Advantaged Global Equity Portfolio

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Strategic Factor Allocation Fund

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Target Date 2020 Portfolio

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Target Date 2025 Portfolio

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Target Date 2030 Portfolio

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Target Date 2035 Portfolio

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Target Date 2040 Portfolio

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Target Date 2045 Portfolio

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Target Date 2050 Portfolio

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Target Date 2055 Portfolio

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Target Date 2060 Portfolio

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GQG Partners International Opportunities Fund

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Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

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Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

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 James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Goldman Sachs Funds

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Semi-Annual Report				September 30, 2019

				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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550 for Institutional, Service, Administration, Preferred, Class R6 and Class P shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

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Goldman Sachs Short Duration and Government Fixed Income Funds

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ENHANCED INCOME

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GOVERNMENT INCOME

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HIGH QUALITY FLOATING RATE

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INFLATION PROTECTED SECURITIES

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SHORT DURATION GOVERNMENT

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SHORT DURATION INCOME

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SHORT-TERM CONSERVATIVE INCOME


TABLE OF CONTENTS

Fund Basics			1

Schedules of Investments			15

Financial Statements			64

Financial Highlights			74

Enhanced Income			74

Government Income			80

High Quality Floating Rate			88

Inflation Protected Securities			94

Short Duration Government			101

Short Duration Income			108

Short-Term Conservative Income			115

Notes to Financial Statements			122

Other Information			150



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

FUND BASICS

Enhanced Income Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	Fund Total Return (based on NAV)¹			Enhanced Income Composite²			BofAML Six-Month U.S. Treasury Bill Index³			BofAML One-Year U.S. Treasury Note Index³			30-Day Standardized Subsidized Yield⁴			30-Day Standardized Unsubsidized Yield⁴

Class A		1.31	%		1.43	%		1.36	%		1.50	%		1.80	%		1.77	%
Institutional		1.54			1.43			1.36			1.50			2.04			2.00
Administration		1.41			1.43			1.36			1.50			1.79			1.76
Investor		1.50			1.43			1.36			1.50			1.95			1.92
Class P		1.55			1.43			1.36			1.50			2.05			2.01
Class R6		1.55			1.43			1.36			1.50			2.05			2.01

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.

The Enhanced Income Composite is an equal weight blend of the BofAML Six-Month U.S. Treasury Bill Index and the BofAML One-Year U.S. Treasury Note Index.

The BofAML Six-Month U.S. Treasury Bill Index measures the performance of Treasury Bills with time to maturity of less than 6 months. The BofAML One-Year U.S. Treasury Note Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year. The BofAML Six-Month U.S. Treasury Bill Index and BofAML One-Year U.S. Treasury Note Index, as reported by Bank of America Merrill Lynch, do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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FUND BASICS

FUND COMPOSITION⁵

Percentage of Net Assets

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

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

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

FUND BASICS

Government Income Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	Fund Total Return (based on NAV)¹			Bloomberg Barclays Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³

Class A		4.24	%		4.60	%		1.25	%		1.05	%
Class C		3.86			4.60			0.56			0.36
Institutional		4.42			4.60			1.61			1.43
Service		4.16			4.60			1.11			0.94
Investor		4.38			4.60			1.55			1.34
Class P		4.43			4.60			1.62			1.44
Class R		4.12			4.60			1.06			0.85
Class R6		4.43			4.60			1.62			1.44

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.

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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

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

FUND BASICS

High Quality Floating Rate Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	Fund Total Return (based on NAV)¹			ICE BofAML Three-Month U.S. Treasury Bill Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³

Class A		1.19	%		1.20	%		2.13	%		2.01	%
Institutional		1.31			1.20			2.37			2.25
Service		1.06			1.20			1.87			1.75
Investor		1.26			1.20			2.27			2.15
Class P		1.31			1.20			2.38			2.26
Class R6		1.31			1.20			2.38			2.26

The ICE BofAML Three-Month U.S. Treasury Bill Index, an unmanaged index, measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity, as reported by Bank of America Merrill Lynch, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represents commercial paper 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.

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“Agency Debentures” include agency securities offered by companies such as Federal Farm Credit Bank (“FFCB”), 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.

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

FUND BASICS

Inflation Protected Securities Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		3.89	%		4.25	%		1.44	%		1.39	%
Class C		3.52			4.25			0.74			0.70
Institutional		4.10			4.25			1.83			1.78
Investor		3.99			4.25			1.74			1.69
Class P		4.11			4.25			1.85			1.80
Class R		3.78			4.25			1.25			1.20
Class R6		4.11			4.25			1.84			1.79

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.

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.

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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“U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 8.3 and 8.22 years, respectively, at September 30, 2019 and March 31, 2019.

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

FUND BASICS

Short Duration Government Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	Fund Total Return (based on NAV)¹			ICE BofAML Two-Year U.S. Treasury Note Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³

Class A		1.65	%		2.04	%		1.07	%		1.01	%
Class C		1.56			2.04			0.69			0.28
Institutional		1.83			2.04			1.42			1.36
Service		1.68			2.04			0.93			0.86
Investor		1.78			2.04			1.33			1.26
Class P		1.83			2.04			1.43			1.37
Class R6		1.83			2.04			1.43			1.37

The BofAML Two-Year U.S. Treasury Note Index is a one-security index comprised of the most recently issued two-year U.S. Treasury note. The BofAML Two-Year U.S. Treasury Note Index is rebalanced monthly. In order to qualify for inclusion, a two-year note must be auctioned on or before the third business day before the last business day of the month. The BofAML Two-Year U.S. Treasury Note Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an unmanaged index.

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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

FUND BASICS

Short Duration Income Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		3.06	%		2.96	%		3.29	%		2.63	%		1.86	%		1.81	%
Class C		2.86			2.96			3.29			2.63			1.49			1.09
Institutional		3.34			2.96			3.29			2.63			2.21			2.16
Investor		3.19			2.96			3.29			2.63			2.14			2.08
Class P		3.24			2.96			3.29			2.63			2.23			2.18
Class R		2.93			2.96			3.29			2.63			1.63			1.59
Class R6		3.24			2.96			3.29			2.63			2.23			2.18

The Goldman Sachs Short Duration Income Fund Composite Index is comprised of the Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index (50%) and the Bloomberg Barclays U.S. 1-5 Year Government Bond Index (50%).

The Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index provides a broad based measure of the global investment grade corporate sector with final maturities ranging between one and five years. The corporate sectors include industrial, utility and finance, for U.S. and non-U.S. corporations. The Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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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.

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FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

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

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

FUND BASICS

Short-Term Conservative Income

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		1.41	%		1.38	%		1.28	%		2.05	%		1.95	%
Institutional		1.43			1.38			1.28			2.28			2.19
Administration		1.31			1.38			1.28			2.03			1.94
Preferred		1.49			1.38			1.28			2.13			2.10
Investor		1.39			1.38			1.28			2.19			2.09
Class P		1.44			1.38			1.28			2.29			2.20
Class R6		1.54			1.38			1.28			2.29			2.20

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.

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.

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FUND BASICS

FUND COMPOSITION⁵

Percentage of Net Assets

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 57.4%
Aerospace & Defense – 1.1%
	General Dynamics Corp.
$	1,700,000		3.000	%		05/11/21	$	1,729,427
	900,000		2.250	^(a)		11/15/22		908,361
	Northrop Grumman Corp.
	1,188,000		3.500			03/15/21		1,211,712
	United Technologies Corp.^(a)(b) (3M USD LIBOR + 0.650%)
	1,925,000		2.818			08/16/21		1,925,982

								5,775,482

Agriculture – 0.5%
	Altria Group, Inc.
	1,525,000		3.490			02/14/22		1,563,445
	Archer-Daniels-Midland Co.^(a)
	750,000		3.375			03/15/22		774,998

								2,338,443

Automotive – 3.1%
	BMW US Capital LLC^(b)(c) (3M USD LIBOR + 0.370%)
	2,500,000		2.545			08/14/20		2,503,025
	Daimler Finance North America LLC^(c)
	775,000		3.350			05/04/21		787,136
	(3M USD LIBOR + 0.550%)
	800,000		2.837	^(b)		05/04/21		799,592
	Toyota Motor Credit Corp.^(b) (3M USD LIBOR + 0.150%)
	8,000,000		2.302			08/21/20		8,005,200
	Volkswagen Group of America Finance LLC^(b)(c) (3M USD LIBOR + 0.770%)
	4,000,000		2.946			11/13/20		4,013,720

								16,108,673

Banks – 17.3%
	ABN AMRO Bank NV^(c)
	2,100,000		2.650			01/19/21		2,112,495
	600,000		3.400			08/27/21		613,764
	Banco Santander SA
	1,400,000		2.706			06/27/24		1,413,832
	Bank of America Corp.
	1,150,000		2.625			10/19/20		1,157,141
	3,050,000		2.151	^(a)		11/09/20		3,050,274
	(3M USD LIBOR + 0.630%)
	850,000		3.499	^(a)(b)		05/17/22		867,077
	(3M USD LIBOR + 0.660%)
	1,375,000		2.369	^(a)(b)		07/21/21		1,377,214
	Bank of America NA^(a)(b) (3M USD LIBOR + 0.650%)
	500,000		3.335			01/25/23		513,620
	Banque Federative du Credit Mutuel SA^(c)
	700,000		2.200			07/20/20		700,700
	(3M USD LIBOR + 0.490%)
	3,000,000		2.768	^(b)		07/20/20		3,006,960
	Barclays Bank PLC^(b) (3M USD LIBOR + 0.400%)
	5,000,000		2.552			08/21/20		4,982,500
	BNP Paribas SA^(c)
	900,000		2.950			05/23/22		912,699
	BNZ International Funding Ltd.^(b)(c) (3M USD LIBOR + 0.700%)
	4,100,000		2.852			02/21/20		4,108,692
	BPCE SA
	1,725,000		2.650			02/03/21		1,734,349


Corporate Obligations – (continued)
Banks – (continued)
	Citigroup, Inc.^(a)
	4,575,000		2.750			04/25/22		4,641,154
	925,000		2.700			10/27/22		938,200
	Citizens Bank NA^(a)
	1,200,000		3.250			02/14/22		1,228,932
	(3M USD LIBOR + 0.540%)
	1,175,000		2.678	^(b)		03/02/20		1,175,846
	Cooperatieve Rabobank UA
	550,000		3.125			04/26/21		558,850
	(3M USD LIBOR + 0.430%)
	450,000		2.697	^(b)		04/26/21		451,494
	Credit Suisse Group Funding Guernsey Ltd.
	4,575,000		3.450			04/16/21		4,647,742
	Deutsche Bank AG
	2,075,000		2.700			07/13/20		2,065,459
	HSBC Holdings PLC^(a)(b) (3M USD LIBOR + 0.600%)
	1,600,000		2.724			05/18/21		1,601,184
	ING Bank NV^(c)
	1,725,000		2.750			03/22/21		1,739,007
	JPMorgan Chase & Co.^(a)(b)
	(3M USD LIBOR + 0.610%)
	2,150,000		2.755			06/18/22		2,156,407
	(3M USD LIBOR + 0.610%)
	1,900,000		3.514			06/18/22		1,941,325
	(3M USD LIBOR + 0.695%)
	1,775,000		3.207			04/01/23		1,816,979
	KeyBank NA
	675,000		2.400			06/09/22		679,853
	Lloyds Bank PLC
	1,050,000		3.300			05/07/21		1,068,144
	(3M USD LIBOR + 0.490%)
	1,025,000		2.699	^(b)		05/07/21		1,024,898
	Mitsubishi UFJ Financial Group, Inc.
	1,000,000		2.623			07/18/22		1,008,280
	Morgan Stanley, Inc.
	1,425,000		2.500			04/21/21		1,433,251
	(3M USD LIBOR + 1.180%)
	4,575,000		3.458	^(a)(b)		01/20/22		4,619,149
	MUFG Bank Ltd.^(c)
	1,625,000		2.300			03/05/20		1,626,007
	MUFG Union Bank NA^(a)
	1,325,000		3.150			04/01/22		1,357,118
	National Bank of Canada^(b) (3M USD LIBOR + 0.160%)
	3,000,000		2.296			08/20/20		2,999,925
	NatWest Markets PLC^(c)
	2,000,000		3.625			09/29/22		2,050,860
	Nordea Bank Abp^(c)
	1,900,000		2.500			09/17/20		1,908,835
	Santander UK PLC
	1,825,000		2.125			11/03/20		1,823,814
	775,000		2.500			01/05/21		775,636
	Standard Chartered PLC^(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,200,000		4.247			01/20/23		1,242,504
	SunTrust Bank^(a)(b) (3M USD LIBOR + 0.500%)
	1,450,000		3.525			10/26/21		1,467,936


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	The Huntington National Bank^(a)
$	1,250,000		3.125	%		04/01/22	$	1,279,625
	The Toronto-Dominion Bank^(b) (3M USD LIBOR + 0.300%)
	3,000,000		2.553			05/01/20		2,985,540
	UBS Group Funding Switzerland AG^(c)
	2,625,000		2.650			02/01/22		2,648,651
	Wells Fargo & Co.
	3,200,000		2.100			07/26/21		3,199,072
	Westpac Banking Corp.
	2,425,000		2.300			05/26/20		2,428,274

								89,141,268

Beverages – 1.2%
	Anheuser-Busch InBev Finance, Inc.^(a)
	100,000		2.650			02/01/21		100,820
	2,225,000		3.300			02/01/23		2,311,196
	Constellation Brands, Inc.^(a)
	975,000		2.700			05/09/22		986,593
	1,500,000		3.200			02/15/23		1,545,450
	Diageo Capital PLC
	1,350,000		3.000			05/18/20		1,357,547

								6,301,606

Chemicals – 0.7%
	Celanese US Holdings LLC^(a)
	350,000		3.500			05/08/24		363,192
	Syngenta Finance NV^(c)
	1,210,000		3.698			04/24/20		1,215,384
	1,485,000		3.933			04/23/21		1,511,700
	The Sherwin-Williams Co.^(a)
	585,000		2.750			06/01/22		593,149

								3,683,425

Commercial Services – 0.7%
	IHS Markit Ltd.^(a)
	1,298,000		5.000	^(c)		11/01/22		1,382,370
	475,000		3.625			05/01/24		493,354
	PayPal Holdings, Inc.
	1,800,000		2.200			09/26/22		1,806,300

								3,682,024

Computers^(a) – 0.9%
	Dell International LLC/EMC Corp.^(c)
	1,175,000		4.420			06/15/21		1,212,095
	225,000		5.450			06/15/23		245,005
	Hewlett Packard Enterprise Co.
	625,000		3.500			10/05/21		639,913
	2,475,000		2.250			04/01/23		2,470,099

								4,567,112

Diversified Financial Services – 3.8%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
	725,000		4.450			12/16/21		753,319
	1,500,000		4.125			07/03/23		1,572,075
	AIG Global Funding^(c)
	675,000		2.150			07/02/20		675,270
	675,000		3.350			06/25/21		686,225


Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	AIG Global Funding^(c) – (continued)
	(3M USD LIBOR + 0.460%)
	525,000		2.566	^(b)		06/25/21		526,575
	Air Lease Corp.
	1,425,000		3.500			01/15/22		1,462,933
	500,000		2.250			01/15/23		497,863
	1,150,000		2.750	^(a)		01/15/23		1,158,637
	American Express Co.^(a)
	1,350,000		3.375			05/17/21		1,376,487
	American Express Credit Corp.^(a)
	1,275,000		2.375			05/26/20		1,277,193
	Avolon Holdings Funding Ltd.^(a)(c)
	1,550,000		3.625			05/01/22		1,571,374
	Capital One Financial Corp.^(a)
	1,600,000		3.450			04/30/21		1,629,552
	(3M USD LIBOR + 0.720%)
	1,300,000		2.986	^(b)		01/30/23		1,294,215
	TD Ameritrade Holding Corp.^(a)(b) (3M USD LIBOR + 0.430%)
	2,950,000		2.683			11/01/21		2,954,218
	The Charles Schwab Corp.^(a)
	1,125,000		3.250			05/21/21		1,146,319
	(3M USD LIBOR + 0.320%)
	1,100,000		2.472	^(b)		05/21/21		1,101,012

								19,683,267

Electrical – 3.5%
	American Electric Power Co., Inc.
	1,475,000		2.150			11/13/20		1,475,442
	CenterPoint Energy, Inc.^(a)
	1,850,000		2.500			09/01/22		1,859,213
	Dominion Energy, Inc.
	2,700,000		2.715	^(d)		08/15/21		2,716,929
	1,200,000		2.450	^(c)		01/15/23		1,205,436
	DTE Energy Co.
	475,000		2.600			06/15/22		479,023
	NextEra Energy Capital Holdings, Inc.
	925,000		3.342			09/01/20		935,194
	1,200,000		2.900			04/01/22		1,221,564
	NRG Energy, Inc.^(a)(c)
	1,225,000		3.750			06/15/24		1,259,234
	Pinnacle West Capital Corp.
	575,000		2.250			11/30/20		574,368
	Public Service Enterprise Group, Inc.^(a)
	675,000		2.875			06/15/24		692,624
	Sempra Energy^(a)(b) (3M USD LIBOR + 0.500%)
	1,700,000		2.803			01/15/21		1,698,963
	Southern Power Co.^(a)
	1,150,000		2.500			12/15/21		1,149,390
	Vistra Operations Co. LLC^(a)(c)
	875,000		3.550			07/15/24		886,918
	WEC Energy Group, Inc.
	1,400,000		3.375			06/15/21		1,429,918
	525,000		3.100			03/08/22		536,088

								18,120,304

Food & Drug Retailing – 1.5%
	Conagra Brands, Inc.^(a)(b) (3M USD LIBOR + 0.750%)
	1,775,000		3.028			10/22/20		1,775,355


16		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)
Food & Drug Retailing – (continued)
	General Mills, Inc.^(b) (3M USD LIBOR + 0.540%)
$	1,350,000		2.862	%		04/16/21	$	1,352,295
	Mondelez International Holdings Netherlands B.V.^(c)
	775,000		2.125			09/19/22		773,860
	(3M USD LIBOR + 0.610%)
	1,800,000		2.866	^(b)		10/28/19		1,800,864
	Nestle Holdings, Inc.^(a)(c)
	1,200,000		3.100			09/24/21		1,225,092
	Sysco Corp.^(a)
	625,000		2.600			10/01/20		627,719

								7,555,185

Gas^(a) – 0.1%
	NiSource, Inc.
	525,000		2.650			11/17/22		531,269

Healthcare Providers & Services – 1.4%
	Abbott Laboratories^(a)
	1,275,000		2.900			11/30/21		1,297,912
	Becton Dickinson & Co.^(a)
	600,000		2.894			06/06/22		609,132
	(3M USD LIBOR + 0.875%)
	2,025,000		2.979	^(b)		12/29/20		2,025,810
	Humana, Inc.
	1,550,000		2.500			12/15/20		1,553,022
	UnitedHealth Group, Inc.
	1,500,000		1.950			10/15/20		1,498,395

								6,984,271

Insurance – 1.7%
	Jackson National Life Global Funding^(b)(c) (3M USD LIBOR + 0.300%)
	3,500,000		2.556			04/27/20		3,504,130
	Marsh & McLennan Cos., Inc.
	1,675,000		3.500			12/29/20		1,702,085
	Metropolitan Life Global Funding I^(c)
	1,625,000		3.375			01/11/22		1,671,621
	Reliance Standard Life Global Funding II^(c)
	1,600,000		2.625			07/22/22		1,613,136

								8,490,972

Internet – 0.4%
	Amazon.com, Inc.
	1,825,000		1.900			08/21/20		1,825,347

Machinery-Diversified – 0.1%
	John Deere Capital Corp.
	300,000		3.200			01/10/22		308,169

Media – 2.5%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	3,600,000		4.464			07/23/22		3,789,468
	Comcast Corp.
	1,025,000		3.450			10/01/21		1,056,293
	(3M USD LIBOR + 0.330%)
	1,550,000		2.429	^(b)		10/01/20		1,552,806
	(3M USD LIBOR + 0.440%)
	1,050,000		2.539	^(b)		10/01/21		1,053,392


Corporate Obligations – (continued)
Media – (continued)
	Fox Corp.^(c)
	2,475,000		3.666			01/25/22		2,559,571
	Sky Ltd.^(c)
	1,550,000		3.125			11/26/22		1,601,289
	Time Warner Cable LLC^(a)
	1,024,000		4.000			09/01/21		1,048,238

								12,661,057

Mining^(a)(c) – 0.1%
	Glencore Funding LLC
	575,000		3.000			10/27/22		582,280

Miscellaneous Manufacturing – 0.7%
	General Electric Co.
	984,000		2.500			03/28/20		979,651
	(3M USD LIBOR + 0.800%)
	1,565,000		3.103	^(b)		04/15/20		1,564,671
	Ingersoll-Rand Global Holding Co. Ltd.
	1,300,000		2.900			02/21/21		1,310,361

								3,854,683

Multi-National – 2.2%
	European Investment Bank
	11,440,000		2.375			05/13/21		11,555,201

Oil Field Services – 2.4%
	BP Capital Markets PLC
	2,550,000		3.561			11/01/21		2,624,689
	Marathon Oil Corp.^(a)
	2,875,000		2.700			06/01/20		2,886,040
	Newfield Exploration Co.
	1,250,000		5.750			01/30/22		1,335,675
	Occidental Petroleum Corp.
	1,700,000		2.600			08/13/21		1,710,795
	(3M USD LIBOR + 1.450%)
	1,950,000		3.637	^(a)(b)		08/15/22		1,963,221
	Phillips 66^(a)(b)(c) (3M USD LIBOR + 0.750%)
	750,000		3.053			04/15/20		750,210
	Schlumberger Finance Canada Ltd.^(c)
	850,000		2.200			11/20/20		850,374

								12,121,004

Pharmaceuticals – 3.5%
	AbbVie, Inc.
	1,225,000		3.375			11/14/21		1,254,388
	Bayer US Finance II LLC^(a)(b)(c) (3M USD LIBOR + 0.630%)
	2,225,000		2.736			06/25/21		2,226,068
	Bristol-Myers Squibb Co.^(c)
	1,175,000		2.550			05/14/21		1,187,114
	1,325,000		2.600			05/16/22		1,347,141
	Cigna Corp.
	1,275,000		3.200			09/17/20		1,287,597
	2,900,000		3.400			09/17/21		2,963,684
	CVS Health Corp.
	478,000		3.350			03/09/21		485,701
	2,200,000		2.125	^(a)		06/01/21		2,195,248
	2,276,000		3.700	^(a)		03/09/23		2,368,619


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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	CVS Health Corp. – (continued)
	(3M USD LIBOR + 0.720%)
$	900,000		2.822	% ^(b)		03/09/21	$	904,491
	Elanco Animal Health, Inc.
	1,625,000		3.912			08/27/21		1,664,114

								17,884,165

Pipelines – 2.2%
	Enbridge Energy Partners LP
	846,000		5.200			03/15/20		856,507
	Enterprise Products Operating LLC
	1,450,000		5.250			01/31/20		1,463,267
	Kinder Morgan Energy Partners LP^(a)
	2,275,000		3.950			09/01/22		2,368,093
	MPLX LP^(a)(b)
	(3M USD LIBOR + 0.900%)
	725,000		3.002			09/09/21		727,480
	(3M USD LIBOR + 1.100%)
	1,050,000		3.202			09/09/22		1,053,476
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	1,250,000		3.650			06/01/22		1,281,675
	Sabine Pass Liquefaction LLC^(a)
	2,300,000		6.250			03/15/22		2,477,583
	Sunoco Logistics Partners Operations LP^(a)
	1,222,000		4.400			04/01/21		1,254,933

								11,483,014

Real Estate Investment Trust^(a) – 0.2%
	American Tower Corp.
	1,125,000		3.300			02/15/21		1,141,043

Retailing – 1.0%
	Alimentation Couche-Tard, Inc.^(c)
	1,800,000		2.350			12/13/19		1,800,126
	Dollar Tree, Inc.^(a)(b) (3M USD LIBOR + 0.700%)
	2,850,000		3.003			04/17/20		2,850,228
	The Home Depot, Inc.
	550,000		3.250			03/01/22		569,365

								5,219,719

Savings & Loans^(a)(b)(c) – 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.181%)
	700,000		3.622			04/26/23		713,370

Semiconductors – 1.5%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	1,550,000		3.000			01/15/22		1,565,376
	Broadcom, Inc.^(c)
	3,100,000		3.125			04/15/21		3,129,977
	3,125,000		3.125			10/15/22		3,165,625

								7,860,978

Software^(a) – 0.8%
	Fiserv, Inc.
	1,025,000		2.700			06/01/20		1,028,219
	825,000		3.800			10/01/23		872,924
	2,025,000		2.750			07/01/24		2,061,733

								3,962,876


Corporate Obligations – (continued)
Telecommunication Services – 2.0%
	AT&T, Inc.
	350,000		2.800	^(a)		02/17/21		352,985
	425,000		3.875			08/15/21		438,443
	1,625,000		3.000			02/15/22		1,658,524
	474,000		3.200	^(a)		03/01/22		485,471
	1,075,000		3.000	^(a)		06/30/22		1,096,457
	(3M USD LIBOR + 0.950%)
	1,245,000		3.253	^(b)		07/15/21		1,255,918
	Verizon Communications, Inc.
	4,375,000		2.946			03/15/22		4,475,756
	725,000		3.125			03/16/22		745,641

								10,509,195

Transportation^(a) – 0.2%
	Ryder System, Inc.
	875,000		2.875			06/01/22		888,475

	TOTAL CORPORATE OBLIGATIONS
	(Cost $292,805,176)						$	295,533,877



Mortgage-Backed Obligations^(b)(c) – 3.9%
Collateralized Mortgage Obligation – 3.9%
Sequential Floating Rate – 3.9%
	Station Place Securitization Trust Series 2015-2, Class AR (1M USD LIBOR + 0.550%)
$	20,000,000		2.586%			05/15/21	$	20,000,000
	(Cost $20,000,000)



Agency Debenture^(b) – 1.8%
	FFCB (3M USD LIBOR + 0.290%)
$	9,400,000		2.139%			04/11/22	$	9,379,696
	(Cost $9,400,000)



Asset-Backed Securities – 15.8%
Automotive – 4.7%
	Ally Master Owner Trust Series 2017-3, Class A2^(a)
$	3,750,000		2.040%			06/15/22	$	3,746,312
	Ally Master Owner Trust Series 2018-1, Class A2
	5,900,000		2.700			01/17/23		5,948,208
	Chesapeake Funding II LLC Series 2016-2A, Class A1^(c)
	302,602		1.880			06/15/28		302,476
	Ford Credit Auto Owner Trust Series 2016-2, Class A^(c)
	500,000		2.030			12/15/27		499,729
	Ford Credit Floorplan Master Owner Trust Series 2017-2, Class A1
	5,200,000		2.160			09/15/22		5,200,798
	Ford Credit Floorplan Master Owner Trust Series 2018-3, Class A1
	3,250,000		3.520			10/15/23		3,344,271
	NextGear Floorplan Master Owner Trust Series 2018-1A, Class A1^(b)(c) (1M USD LIBOR + 0.640%)
	1,750,000		2.668			02/15/23		1,754,079


18		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)
Automotive – (continued)
	Nissan Master Owner Receivables Trust Series 2017-C, Class A^(b) (1M USD LIBOR + 0.320%)
$	3,100,000		2.348	%		10/17/22	$	3,100,964
	Tesla Auto Lease Trust Series 2018-A, Class A^(a)(c)
	51,850		2.320			12/20/19		51,849

								23,948,686

Credit Card – 4.6%
	American Express Credit Account Master Trust Series 2019-2, Class A
	2,050,000		2.670			11/15/24		2,090,160
	Barclays Dryrock Issuance Trust Series 2015-1, Class A
	3,450,000		2.200			12/15/22		3,450,048
	Capital One Multi-Asset Execution Trust Series 2016-A5, Class A5
	2,100,000		1.660			06/17/24		2,092,468
	Evergreen Credit Card Trust Series 2019-1, Class A^(b)(c) (1M USD LIBOR + 0.480%)
	6,300,000		2.508			01/15/23		6,318,981
	Evergreen Credit Card Trust Series 2019-2, Class A^(c)
	2,900,000		1.900			09/15/24		2,887,709
	Golden Credit Card Trust Series 2017-2A, Class A^(c)
	800,000		1.980			04/15/22		799,286
	Master Credit Card Trust II Series 2017-1A, Class A^(c)
	2,600,000		2.260			07/21/21		2,600,199
	Trillium Credit Card Trust II Series 2019-2A, Class A^(c)
	3,450,000		3.038			01/26/24		3,495,969

								23,734,820

Home Equity^(b) – 0.0%
	Centex Home Equity Loan Trust Series 2004-D, Class MV3 (1M USD LIBOR + 1.000%)
	53,573		3.018			09/25/34		53,584
	Morgan Stanley ABS Capital I, Inc. Trust Series 2004-HE4, Class M3 (1M USD LIBOR + 2.250%)
	15,357		4.268			05/25/34		15,367

								68,951

Student Loan^(b) – 6.5%
	Access Group, Inc. Series 2013-1, Class A^(a)(c) (1M USD LIBOR + 0.500%)
	1,133,585		2.518			02/25/36		1,120,572
	ECMC Group Student Loan Trust Series 2017-1A, Class A^(c) (1M USD LIBOR + 1.200%)
	2,802,111		3.218			12/27/66		2,830,360
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(c) (1M USD LIBOR + 0.800%)
	623,799		2.818			06/25/26		624,783
	Educational Services of America, Inc. Series 2014-1, Class A^(c) (1M USD LIBOR + 0.700%)
	1,312,147		2.718			02/25/39		1,309,314
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L^(c) (3M LIBOR + 0.110%)
	803,165		2.242			11/25/26		802,207
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,295,857		3.176			07/25/45		1,304,081


Asset-Backed Securities – (continued)
Student Loan^(b) – (continued)
	Missouri Higher Education Loan Authority Series 2011-1, Class A1 (3M USD LIBOR + 0.850%)
	2,354,270		2.956			06/25/36		2,358,581
	Navient Student Loan Trust Series 2016-7A, Class A^(c) (1M USD LIBOR + 1.150%)
	1,821,554		3.168			03/25/66		1,838,919
	Navient Student Loan Trust Series 2017-2A, Class A^(c) (1M USD LIBOR + 1.050%)
	2,677,676		3.068			12/27/66		2,686,069
	Nelnet Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	108,594		2.376			01/25/30		108,578
	Nelnet Student Loan Trust Series 2012-3A, Class A^(c) (1M USD LIBOR + 0.700%)
	3,614,269		2.718			02/25/45		3,603,641
	Northstar Education Finance, Inc. Series 2012-1, Class A^(c) (1M USD LIBOR + 0.700%)
	910,502		2.718			12/26/31		909,002
	PHEAA Student Loan Trust Series 2014-3A, Class A^(c) (1M USD LIBOR + 0.590%)
	5,357,717		2.608			08/25/40		5,321,667
	SLC Student Loan Center Series 2011-1, Class A^(c) (1M USD LIBOR + 1.220%)
	3,488,673		3.238			10/25/27		3,504,698
	SLM Student Loan Trust Series 2007-1, Class A5 (3M USD LIBOR + 0.090%)
	2,300,519		2.366			01/26/26		2,295,079
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	351,817		3.169			10/01/24		352,496
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,100,000		3.103			05/01/35		1,106,732
	Utah State Board of Regents Series 2016-1, Class A (1M USD LIBOR + 0.750%)
	1,395,069		2.768			09/25/56		1,394,406
	Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	6,777		2.406			01/26/26		6,777

								33,477,962

	TOTAL ASSET-BACKED SECURITIES
	(Cost $80,990,520)						$	81,230,419



Municipal Debt Obligation^(a)(b) – 0.1%
Utah – 0.1%
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2 (3M USD LIBOR + 0.850%)
$	413,072		3.103%			05/01/29	$	413,976
	(Cost $413,735)



U.S. Treasury Obligations – 7.7%
	United States Treasury Floating Rate Note^(b) (3M USD LIBOR + 0.115%)
$	9,300,000		1.964%			01/31/21	$	9,286,472


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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligations – (continued)
	United States Treasury Notes
$	940,000		1.375	% ^(e)		04/30/21	$	934,823
	10,500,000		2.250			04/15/22		10,664,883
	18,170,000		2.000			05/31/24		18,537,659

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $39,217,179)						$	39,423,837


Shares	Dividend Rate	Value

Investment Company^(f) – 2.2%
Goldman Sachs Financial Square Money Market Fund – Institutional Shares
11,351,798	2.157%	$	11,357,474
(Cost $11,355,243)

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $454,181,853)		$	457,339,279


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – 10.1%
Certificates of Deposit^(b) – 7.8%
	Canadian Imperial Bank of Commerce (3M USD LIBOR + 0.400%)
$	2,500,000		2.666	%		05/02/20	$	2,504,385
	Credit Agricole Corporate & Investment Bank
	(3M USD LIBOR + 0.385%)
	2,650,000		2.566			05/11/20		2,655,204
	(3M USD LIBOR + 0.480%)
	3,000,000		2.599			09/10/21		2,999,994
	Nordea Bank AB NY
	(3M USD LIBOR + 0.270%)
	2,270,000		2.451			08/10/20		2,272,896
	(3M USD LIBOR + 0.320%)
	2,270,000		2.607			05/05/21		2,271,021
	(3M USD LIBOR + 0.400%)
	3,200,000		2.500			03/27/20		3,205,585
	Societe Generale SA^(c) (3M USD LIBOR + 0.410%)
	4,900,000		2.555			12/18/19		4,904,048
	Standard Chartered Bank (3M USD LIBOR + 0.420%)
	3,000,000		2.565			09/18/20		3,004,839
	Sumitomo Mitsui Banking Corp.
	(3M USD LIBOR + 0.370%)
	2,900,000		2.708			01/10/20		2,902,508
	(3M USD LIBOR + 0.420%)
	5,190,000		2.703			07/24/20		5,197,883
	Svenska Handelsbanken AB
	(3M USD LIBOR + 0.270%)
	4,250,000		2.548			10/21/19		4,250,651
	(3M USD LIBOR + 0.400%)
	4,000,000		2.499			04/01/20		4,007,621

								40,176,635


Short-term Investments – (continued)
Commercial Paper^(c)(g) – 2.3%
	Bell Canada, Inc.
	2,000,000		0.000			10/02/19		1,999,717
	Entergy Corp.
	2,000,000		0.000			10/01/19		1,999,882
	1,000,000		0.000			10/04/19		999,758
	National Securities Clearing Corp.
	2,500,000		0.000			12/13/19		2,489,332
	Reckitt Benckiser Treasury Services PLC
	2,000,000		0.000			02/03/20		1,984,082
	2,000,000		0.000			02/04/20		1,983,977
	VW Credit, Inc.
	500,000		0.000			03/30/20		494,209

								11,950,957

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $52,068,218)						$	52,127,592

	TOTAL INVESTMENTS – 99.0%
	(Cost $506,250,071)						$	509,466,871

	OTHER ASSETS IN EXCESS OF LIABILITIES – 1.0%							5,327,274

	NET ASSETS – 100.0%						$	514,794,145



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

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

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2019.

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

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2019.

(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:
FFCB		—Federal Farm Credit Bank
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
RB		—Revenue Bond


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

GOLDMAN SACHS ENHANCED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		105			12/16/19	$	25,735,500		$	11,569
2 Year U.S. Treasury Notes		233			12/31/19		50,211,500			(143,822	)

Total									$	(132,253	)
Short position contracts:
Eurodollars		(167	)		12/14/20		(41,134,188	)		(520,287	)
Eurodollars		(143	)		03/15/21		(35,251,287	)		(524,419	)
5 Year U.S. Treasury Notes		(530	)		12/31/19		(63,148,672	)		377,300

Total									$	(667,406	)

TOTAL FUTURES CONTRACTS									$	(799,659	)


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 63.4%
Collateralized Mortgage Obligations – 1.9%
Interest Only^(a) – 0.0%
	CS First Boston Mortgage Securities Corp. Series 2003-AR20, Class 2X^(b)(c)
$	3,594		0.000	%		08/25/33	$	—
	CS First Boston Mortgage-Backed Pass-Through Certificates Series 2003-AR18, Class 2X^(b)(c)
	11,576		0.000			07/25/33		—
	FNMA STRIPS Series 151, Class 2
	182		9.500			07/25/22		10
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX^(b)
	8,374		0.123			08/25/33		42
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX^(b)
	1,794		0.320			07/25/33		19

								71

Inverse Floaters^(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB (-1x1M LIBOR + 37.567%)
	18,536		28.105			02/16/32		25,930

Principal Only^(c) – 0.0%
	FNMA REMIC Series G-35, Class N
	208		0.000			10/25/21		206

Regular Floater^(b) – 0.6%
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	603,203		2.507			10/07/20		603,595
	NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A (1M LIBOR + 0.470%)
	1,277,697		2.527			11/05/20		1,278,903

								1,882,498

Sequential Fixed Rate – 1.2%
	FHLMC REMIC Series 2329, Class ZA
	340,223		6.500			06/15/31		382,253
	FHLMC REMIC Series 4273, Class PD
	543,295		6.500			11/15/43		639,967
	FNMA REMIC Series 2011-52, Class GB
	552,196		5.000			06/25/41		608,236
	FNMA REMIC Series 2011-99, Class DB
	548,816		5.000			10/25/41		604,357
	FNMA REMIC Series 2012-111, Class B
	67,402		7.000			10/25/42		78,723
	FNMA REMIC Series 2012-153, Class B
	298,039		7.000			07/25/42		350,067
	GNMA REMIC Series 2002-42, Class KZ
	888,415		6.000			06/16/32		977,181

								3,640,784

Sequential Floating Rate^(b) – 0.1%
	FHLMC REMIC Series 1760, Class ZB(10Y – 0.600%)
	42,723		0.980			05/15/24		42,121


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B(6M USD LIBOR + 0.720%)
$	158,207		2.779	%		11/25/29	$	155,332

								197,453

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	5,746,942

Federal Agencies – 61.5%
Adjustable Rate FHLMC^(b) – 0.1%
	(1 Year CMT + 2.224%)
	4,538		4.724			11/01/32		4,768
	(1 Year CMT + 2.250%)
	313,449		4.518			09/01/33		329,065

								333,833

Adjustable Rate FNMA^(b) – 0.5%
	(1 Year CMT + 2.195%)
	284,452		4.839			02/01/35		298,837
	(1 Year CMT + 2.222%)
	10,694		4.757			06/01/33		11,243
	(12M USD LIBOR + 1.531%)
	310,289		4.208			09/01/35		324,090
	(12M USD LIBOR + 1.591%)
	33,799		4.716			12/01/32		35,142
	(12M USD LIBOR + 1.656%)
	347,312		4.422			10/01/33		361,645
	(12M USD LIBOR + 1.670%)
	18,129		4.545			11/01/32		18,875
	(6M USD LIBOR + 1.413%)
	350,737		4.038			05/01/33		361,614

								1,411,446

Adjustable Rate GNMA^(b) – 0.5%
	(1 Year CMT + 1.500%)
	10,678		3.750			07/20/23		10,781
	10,074		3.750			08/20/23		10,174
	22,807		3.750			09/20/23		23,038
	8,348		4.000			03/20/24		8,476
	71,392		3.875			04/20/24		72,665
	9,344		3.875			05/20/24		9,543
	79,118		3.875			06/20/24		80,438
	47,224		3.750			07/20/24		47,792
	65,884		3.750			08/20/24		66,688
	19,423		3.750			09/20/24		19,663
	28,295		4.125			11/20/24		28,732
	29,418		4.125			12/20/24		29,882
	17,937		4.000			01/20/25		18,245
	10,533		4.000			02/20/25		10,716
	40,032		3.875			05/20/25		40,776
	31,734		3.750			07/20/25		32,181
	13,759		4.000			02/20/26		14,026
	813		3.750			07/20/26		826
	39,898		4.000			01/20/27		40,741
	15,254		4.000			02/20/27		15,579
	117,689		3.875			04/20/27		120,313
	11,167		3.875			05/20/27		11,423


22		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)
$	17,031		3.875	%		06/20/27		$	17,416
	6,198		4.125			11/20/27			6,329
	17,591		4.125			12/20/27			17,956
	42,666		4.000			01/20/28			43,639
	13,536		4.000			02/20/28			13,847
	14,505		4.000			03/20/28			14,840
	68,433		3.750			07/20/29			69,840
	42,697		3.750			08/20/29			43,579
	7,976		3.750			09/20/29			8,146
	34,877		4.125			10/20/29			35,713
	49,259		4.125			11/20/29			50,478
	9,700		4.125			12/20/29			9,935
	13,462		4.000			01/20/30			13,809
	5,656		4.000			02/20/30			5,798
	40,825		4.000			03/20/30			41,912
	42,794		3.875			04/20/30			43,940
	110,771		3.875			05/20/30			113,753
	12,228		3.875			06/20/30			12,567
	97,118		3.750			07/20/30			99,168
	18,309		3.750			09/20/30			18,725
	31,880		4.125			10/20/30			32,709
	59,559		4.000			03/20/32			61,296
	(1 Year CMT + 1.500%)
	21,263		3.875			06/20/23			21,564

									1,509,657

FHLMC – 0.5%
	6,054		6.500			07/01/21			6,201
	736		6.500			08/01/22			762
	16,119		9.000			10/01/22			16,887
	44,915		4.500			10/01/23			47,245
	207,650		5.000			08/01/24			215,615
	25,233		6.500			07/01/28			26,661
	291,743		4.500			03/01/29			311,138
	3,761		8.000			07/01/30			4,392
	13,299		5.000			08/01/33			14,620
	2,563		5.000			09/01/33			2,818
	5,061		5.000			10/01/33			5,564
	3,228		5.000			11/01/34			3,556
	190,953		5.000			12/01/34			210,367
	9,084		5.000			07/01/35			10,008
	1,029		5.000			11/01/35			1,131
	17,218		5.000			12/01/35			18,997
	25,248		5.000			02/01/37			27,879
	2,255		5.000			03/01/38			2,492
	110,446		5.000			07/01/39			121,963
	15,389		4.000			06/01/40			16,462
	6,381		5.000			08/01/40			7,004
	1,953		4.500			11/01/40			2,121
	137,836		4.000			02/01/41			147,445
	1,287		5.000			04/01/41			1,411
	6,292		5.000			06/01/41			6,887
	254,966		5.000			07/01/41			279,767
	10,453		4.000			11/01/41			11,180
	13,688		3.000			05/01/42			14,104
	15,910		3.000			08/01/42			16,394


Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	16,775		3.000			01/01/43			17,278
	63,985		3.000			02/01/43			65,905

									1,634,254

FNMA – 0.5%
	852		9.500			10/01/20			854
	3,689		6.500			11/01/28			3,940
	41,424		7.000			07/01/31			45,980
	451,755		5.500			07/01/33			494,165
	868,211		3.500			01/01/57			914,508

									1,459,447

GNMA – 28.4%
	42,536		7.000			12/15/27			47,207
	11,932		6.500			08/15/28			13,207
	75,633		6.000			01/15/29			84,152
	114,733		7.000			10/15/29			128,535
	35,980		5.500			11/15/32			39,618
	592,108		5.500			12/15/32			672,005
	20,639		5.500			01/15/33			22,518
	41,033		5.500			02/15/33			46,332
	51,957		5.500			03/15/33			58,636
	52,088		5.500			07/15/33			57,957
	17,945		5.500			08/15/33			19,781
	10,682		5.500			09/15/33			11,709
	30,597		5.500			04/15/34			33,312
	9,197		5.500			05/15/34			9,920
	288,686		5.500			06/15/34			327,555
	214,547		5.500			09/15/34			243,145
	211,801		5.500			12/15/34			238,949
	158,392		5.500			01/15/35			179,701
	109,689		5.000			03/15/38			120,845
	1,508		5.000			11/15/38			1,673
	7,475		4.000			02/20/41			7,993
	11,429		4.000			11/20/41			12,218
	1,892		4.000			01/20/42			2,022
	6,069		4.000			04/20/42			6,476
	3,441		4.000			10/20/42			3,672
	444,018		4.000			08/20/43			472,977
	6,349		4.000			03/20/44			6,759
	7,688		4.000			05/20/44			8,179
	532,129		4.000			11/20/44			564,341
	2,358,987		4.000			06/20/45			2,500,310
	607,388		4.000			01/20/46			642,068
	711,369		4.500			02/20/48			749,046
	3,461,733		4.500			05/20/48			3,646,859
	3,100,039		4.500			08/20/48			3,259,283
	18,433,142		4.500			09/20/48			19,374,263
	2,614,941		5.000			10/20/48			2,771,658
	822,919		5.000			11/20/48			866,587
	6,472,405		5.000			01/20/49			6,815,864
	937,664		5.000			02/20/49			986,315
	30,000,000		3.000			TBA-30yr	^(c)		30,770,976
	8,000,000		3.500			TBA-30yr	^(c)		8,283,946
	3,000,000		5.000			TBA-30yr	^(c)		3,169,922

									87,278,491


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS – 12.3%
$	74,019		5.500	%		02/01/23	$	79,956
	105,823		5.000			06/01/23		113,250
	876,548		5.000			08/01/23		938,457
	141,087		5.500			08/01/23		152,420
	2,129		4.500			07/01/36		2,301
	2,258		4.500			04/01/39		2,448
	8,795		4.500			05/01/39		9,583
	4,497		4.000			08/01/39		4,809
	17,742		4.500			08/01/39		19,330
	337,662		4.500			12/01/39		367,885
	16,066		4.500			01/01/41		17,431
	173,143		4.500			05/01/41		187,789
	108,426		4.500			08/01/41		117,114
	99,863		4.500			08/01/42		109,113
	15,279		3.000			11/01/42		15,848
	174,373		3.000			12/01/42		180,872
	436,948		3.000			01/01/43		453,286
	81,379		3.000			02/01/43		84,463
	517,735		3.000			03/01/43		537,350
	850,384		3.000			04/01/43		882,604
	584,572		3.000			05/01/43		606,721
	98,354		3.000			06/01/43		102,080
	888,379		3.000			07/01/43		922,594
	1,846,149		4.500			10/01/44		1,961,200
	1,076,722		4.500			04/01/45		1,181,172
	121,149		4.500			05/01/45		132,901
	704,207		4.500			06/01/45		748,093
	650,048		4.000			11/01/45		686,215
	212,832		4.000			03/01/46		224,136
	17,977		4.500			05/01/46		19,091
	148,071		4.000			06/01/46		155,619
	36,001		4.000			08/01/46		37,837
	229,902		4.500			08/01/46		243,942
	232,732		4.000			10/01/46		244,596
	61,204		4.500			06/01/47		66,701
	2,236,571		4.500			11/01/47		2,402,513
	535,357		4.000			12/01/47		569,912
	542,960		4.000			01/01/48		578,176
	1,827,972		4.000			02/01/48		1,941,853
	1,511,547		4.000			03/01/48		1,601,554
	883,649		4.000			05/01/48		935,991
	1,811,165		4.000			06/01/48		1,927,503
	15,083,127		5.000			10/01/49		16,201,834

								37,768,543

UMBS, 30 Year, Single Family^(c) – 18.7%
	9,000,000		2.500			TBA-30yr		8,961,296
	18,000,000		3.000			TBA-30yr		18,271,469
	9,000,000		3.500			TBA-30yr		9,231,934
	20,000,000		4.500			TBA-30yr		21,060,304

								57,525,003

	TOTAL FEDERAL AGENCIES						$	188,920,674

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $192,930,425)						$	194,667,616


Agency Debentures – 13.1%
	FFCB
$	3,000,000		3.430	%		12/06/28	$	3,327,360
	720,000		5.270			05/01/29		910,850
	1,150,000		3.290			01/25/30		1,268,715
	FHLB
	2,200,000		1.875			03/13/20		2,199,846
	3,700,000		2.125			06/09/23		3,766,082
	2,100,000		3.375			09/08/23		2,236,127
	300,000		3.375			12/08/23		320,743
	FNMA
	1,400,000		1.875			09/24/26		1,416,408
	2,600,000		6.250			05/15/29		3,593,798
	4,000,000		6.625			11/15/30		5,857,920
	Hashemite Kingdom of Jordan Government AID Bond^(d)
	4,600,000		2.503			10/30/20		4,625,852
	Israel Government AID Bond^(d)
	1,400,000		5.500			09/18/23		1,604,512
	500,000		5.500			12/04/23		575,935
	700,000		5.500			04/26/24		817,026
	New Valley Generation V
	1,045,342		4.929			01/15/21		1,074,354
	Tennessee Valley Authority
	6,500,000		3.875			02/15/21		6,682,065

	TOTAL AGENCY DEBENTURES
	(Cost $38,917,698)						$	40,277,593



Asset-Backed Securities – 6.8%
Automotive – 3.0%
	Ally Master Owner Trust Series 2018-1, Class A2
$	4,100,000		2.700	%		01/17/23	$	4,133,500
	Avis Budget Rental Car Funding AESOP LLC Series 2015-2A, Class A^(e)(f)
	2,150,000		2.630			12/20/21		2,157,818
	Chesapeake Funding II LLC Series 2017-2A, Class A1^(e)
	777,883		1.990			05/15/29		776,707
	Ford Credit Auto Owner Trust Series 2016-2, Class A^(e)
	400,000		2.030			12/15/27		399,783
	Mercedes-Benz Master Owner Trust Series 2017-BA, Class A^(b)(e) (1M LIBOR + 0.420%)
	1,850,000		2.448			05/16/22		1,852,395

								9,320,203

Student Loan^(b) – 3.8%
	Access Group, Inc. Series 2015-1, Class A^(e)(f) (1M USD LIBOR + 0.700%)
	437,113		2.718			07/25/56		432,752
	ECMC Group Student Loan Trust Series 2018-2A, Class A^(e) (1M USD LIBOR + 0.800%)
	1,433,385		2.818			09/25/68		1,420,377
	Edsouth Indenture No. 9 LLC Series 2015-1, Class A^(e) (1M USD LIBOR + 0.800%)
	909,892		2.818			10/25/56		902,905
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L^(e) (3M LIBOR + 0.110%)
	571,483		2.242			11/25/26		570,801


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

GOLDMAN SACHS GOVERNMENT INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Student Loan^(b) – (continued)
	Higher Education Funding I Series 2014-1, Class A^(e) (3M USD LIBOR + 1.050%)
$	1,363,685		3.182	%		05/25/34	$	1,369,656
	Navient Student Loan Trust Series 2016-7A, Class A^(e) (1M USD LIBOR + 1.150%)
	1,271,651		3.168			03/25/66		1,283,773
	Navient Student Loan Trust Series 2017-4A, Class A2^(e) (1M USD LIBOR + 0.500%)
	850,000		2.518			09/27/66		848,379
	Nelnet Student Loan Trust Series 2013-5A, Class A^(e) (1M USD LIBOR + 0.630%)
	243,695		2.648			01/25/37		241,930
	PHEAA Student Loan Trust Series 2016-1A, Class A^(e) (1M USD LIBOR + 1.150%)
	1,208,542		3.168			09/25/65		1,218,177
	Scholar Funding Trust Series 2013-A, Class A^(e) (1M USD LIBOR + 0.650%)
	1,564,994		2.694			01/30/45		1,549,306
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	825,896		3.976			07/25/23		829,637
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	800,000		3.103			05/01/35		804,896
	Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	6,100		2.406			01/26/26		6,099

								11,478,688

	TOTAL ASSET-BACKED SECURITIES
	(Cost $20,776,210)						$	20,798,891



Municipal Debt Obligations – 1.8%
Alaska^(b) – 0.5%
	Alaska State Student Loan Corp. Series 2013, Class A(1M USD LIBOR + 0.500%)
$	1,628,020		2.518	%		08/25/31	$	1,626,378

New Hampshire^(b)(f) – 0.4%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,135,528		3.125			10/25/37		1,133,046

New Jersey – 0.8%
	New Jersey Economic Development Authority Series A
	2,000,000		7.425			02/15/29		2,554,800

Texas^(b)(f) – 0.1%
	Brazos Higher Education Authority, Inc. Series 2005-2, Class I-A12 (3M USD LIBOR + 0.160%)
	311,897		2.266			03/27/23		311,440

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $5,057,007)						$	5,625,664


U.S. Treasury Obligations – 47.0%
	United States Treasury Bill^(h)
$	40,249,000		0.000	%		03/05/20	$	39,938,517
	United States Treasury Bonds
	3,500,000		3.750			11/15/43		4,607,422
	3,830,000		3.625	^(g)		02/15/44		4,955,062
	8,890,000		3.375	^(g)		05/15/44		11,084,719
	3,320,000		3.125	^(g)		08/15/44		3,981,406
	7,200,000		2.875	^(g)		11/15/46		8,338,500
	5,080,000		2.750			11/15/47		5,758,656
	United States Treasury Notes
	3,190,000		2.875			10/15/21		3,267,756
	500,000		2.000			07/31/22		505,820
	3,970,000		1.750			09/30/22		3,990,160
	1,850,000		2.875			10/31/23		1,945,102
	21,800,000		2.875			11/30/23		22,942,797
	4,670,000		2.875			05/31/25		4,992,522
	4,360,000		2.875			07/31/25		4,668,266
	8,260,000		1.625			05/15/26		8,263,872
	1,010,000		2.125			05/31/26		1,042,194
	1,270,000		2.250			11/15/27		1,328,737
	2,950,000		2.875			08/15/28		3,244,539
	United States Treasury Strip Coupon^(h)
	6,400,000		0.000			11/15/35		4,637,507
	1,300,000		0.000			05/15/36		930,790
	6,000,000		0.000			11/15/37		4,143,025

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $139,276,215)						$	144,567,369


Shares		Dividend Rate	Value


Investment Company⁽ⁱ⁾ – 0.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	1,869,631	2.032%	$	1,869,631
	(Cost $1,869,631)

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $398,827,186)		$	407,806,764


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investment^(h) – 0.4%
Commercial Paper – 0.4%
	VW Credit, Inc.
$	1,150,000		0.000	%		12/06/19	$	1,145,099
	(Cost $1,143,253)

	TOTAL INVESTMENTS – 133.1%
	(Cost $399,970,439)						$	408,951,863

	LIABILITIES IN EXCESS OF OTHER ASSETS – (33.1)%							(101,726,509	)

	NET ASSETS – 100.0%						$	307,225,354


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


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 September 30, 2019.

(c)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $99,749,847 which represents approximately 32.5% of the Fund’s net assets as of September 30, 2019.

(d)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $7,623,325, which represents approximately 2.5% of the Fund’s net assets as of September 30, 2019.

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

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

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

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

(i)		Represents an affiliated issuer.



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
FFCB		—Federal Farm Credit Bank
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
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 September 30, 2019, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
FNMA		4.000	%	TBA-30yr		10/10/19	$	(1,000,000	)	$	(1,037,647	)
FNMA		5.000		TBA-30yr		11/13/19		(7,000,000	)		(7,501,484	)
FNMA		5.000		TBA-30yr		10/10/19		(1,000,000	)		(1,071,172	)
GNMA		4.000		TBA-30yr		10/21/19		(3,000,000	)		(3,119,516	)
GNMA		4.500		TBA-30yr		10/21/19		(1,000,000	)		(1,044,922	)
GNMA		5.000		TBA-30yr		10/21/19		(1,000,000	)		(1,054,141	)

TOTAL (Proceeds Receivable: $(14,806,133))										$	(14,828,882	)

(a)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		82			12/14/20	$	20,197,625		$	104,664
30 Day Federal Funds		68			11/29/19		27,838,310			1,470
5 Year U.S. Treasury Notes		119			12/31/19		14,178,664			(15,042	)
10 Year U.S. Treasury Notes		94			12/19/19		12,249,375			3,923

Total									$	95,015
Short position contracts:
Ultra Long U.S. Treasury Bonds		(37	)		12/19/19		(7,100,531	)		152,631
Ultra 10 Year U.S. Treasury Notes		(113	)		12/19/19		(16,091,906	)		130,435
2 Year U.S. Treasury Notes		(14	)		12/31/19		(3,017,000	)		85
20 Year U.S. Treasury Bonds		(69	)		12/19/19		(11,199,563	)		29,737

Total									$	312,888

TOTAL FUTURES CONTRACTS									$	407,903

SWAP CONTRACTS — At September 30, 2019, 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)		1.287%		09/15/21	$	7,920	$	(766	)	$	927		$	(1,693	)
0.000%		3M LIBOR		07/25/24		11,100		2,081			180			1,901
0.971^(b)		3M LIBOR		06/30/26		5,340		91,263			84,826			6,437
3M LIBOR^(c)		1.295^(d)		05/15/29		2,460		(53,364	)		(89,735	)		36,371
3M LIBOR^(c)		2.013^(d)		08/02/29		5,900		168,624			69,043			99,581
1.485^(c)		3M LIBOR^(d)		05/15/45		2,800		130,195			245,817			(115,622	)
2.230^(c)		3M LIBOR^(d)		08/02/52		1,570		(182,121	)		(57,596	)		(124,525	)

TOTAL							$	155,912		$	253,462		$	(97,550	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(b)

Payments made annually.

(c)

Payments made quarterly.

(d)

Payments made semi-annually.


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations^(a) – 4.7%
Multi-National – 4.7%
	European Investment Bank^(b) (SOFR + 0.290%)
$	7,470,000		2.225	%		06/10/22	$	7,477,918
	International Bank for Reconstruction & Development (SOFR + 0.220%)
	9,000,000		2.040			08/21/20		9,002,229

	TOTAL CORPORATE OBLIGATIONS
	(Cost $16,470,000)						$	16,480,147



Mortgage-Backed Obligations – 34.1%
Collateralized Mortgage Obligations – 25.8%
Regular Floater^(a) – 23.3%
	FHLMC REMIC Series 1826, Class F (1M LIBOR + 0.400%)
	3,148		2.428			09/15/21		3,151
	FHLMC REMIC Series 3371, Class FA (1M LIBOR + 0.600%)
	588,347		2.628			09/15/37		592,943
	FHLMC REMIC Series 3374, Class FT (1M LIBOR + 0.300%)
	106,953		2.328			04/15/37		106,541
	FHLMC REMIC Series 3545, Class FA (1M LIBOR + 0.850%)
	154,027		2.878			06/15/39		155,509
	FHLMC REMIC Series 4272, Class FD (1M LIBOR + 0.350%)
	3,238,089		2.378			11/15/43		3,225,556
	FHLMC REMIC Series 4316, Class FY (1M LIBOR + 0.400%)
	934,612		2.428			11/15/39		934,444
	FHLMC REMIC Series 4477, Class FG (1M LIBOR + 0.300%)
	2,756,942		2.530			10/15/40		2,747,316
	FHLMC REMIC Series 4508, Class CF (1M LIBOR + 0.400%)
	8,167,200		2.428			09/15/45		8,173,665
	FHLMC REMIC Series 4751, Class EF (1M LIBOR + 0.250%)
	9,296,576		2.278			05/15/41		9,252,545
	FHLMC REMIC Series 4751, Class FA (1M LIBOR + 0.250%)
	7,631,417		2.278			03/15/39		7,583,712
	FHLMC STRIPS Series 237, Class F23 (1M LIBOR + 0.400%)
	223,933		2.428			05/15/36		223,627
	FHLMC STRIPS Series 350, Class F2 (1M LIBOR + 0.350%)
	10,324,679		2.580			09/15/40		10,273,928
	FNMA REMIC Series 1998-66, Class FC (1M LIBOR + 0.500%)
	18,316		2.525			11/17/28		18,344
	FNMA REMIC Series 2006-72, Class XF (1M LIBOR + 0.500%)
	143,882		2.518			08/25/36		144,142
	FNMA REMIC Series 2007-33, Class HF (1M LIBOR + 0.350%)
	35,296		2.368			04/25/37		35,200
	FNMA REMIC Series 2007-36, Class F (1M LIBOR + 0.230%)
	735,576		2.248			04/25/37		730,300
	FNMA REMIC Series 2008-22, Class FD (1M LIBOR + 0.840%)
	332,590		2.858			04/25/48		337,143
	FNMA REMIC Series 2009-66, Class FP (1M LIBOR + 0.900%)
	12,650,577		2.918			09/25/39		12,849,537
	FNMA REMIC Series 2009-75, Class MF (1M LIBOR + 1.150%)
	479,337		3.168			09/25/39		489,929
	FNMA REMIC Series 2010-123, Class FL (1M LIBOR + 0.430%)
	1,120,971		2.448			11/25/40		1,120,586


Mortgage-Backed Obligations – (continued)
Regular Floater^(a) – (continued)
	FNMA REMIC Series 2010-8, Class FE (1M LIBOR + 0.790%)
	5,960,596		2.808			02/25/40		6,021,902
	FNMA REMIC Series 2011-110, Class FE (1M LIBOR + 0.400%)
	1,854,734		2.418			04/25/41		1,853,687
	FNMA REMIC Series 2011-63, Class FG (1M LIBOR + 0.450%)
	394,412		2.468			07/25/41		396,913
	FNMA REMIC Series 2012-56, Class FG (1M LIBOR + 0.500%)
	1,123,791		2.518			03/25/39		1,125,192
	FNMA REMIC Series 2013-96, Class FW (1M LIBOR + 0.400%)
	103,215		2.418			09/25/43		103,363
	FNMA REMIC Series 2014-19, Class FA (1M LIBOR + 0.400%)
	760,982		2.418			11/25/39		760,860
	FNMA REMIC Series 2014-19, Class FJ (1M LIBOR + 0.400%)
	880,810		2.418			11/25/39		880,663
	FNMA REMIC Series 2017-45, Class FA (1M LIBOR + 0.320%)
	6,508,171		2.550			06/25/47		6,499,999
	NCUA Guaranteed Notes Series 2011-R1, Class 1A (1M LIBOR + 0.450%)
	178,391		2.507			01/08/20		178,492
	NCUA Guaranteed Notes Series 2011-R2, Class 1A (1M LIBOR + 0.400%)
	738,403		2.457			02/06/20		738,650
	NCUA Guaranteed Notes Series 2011-R3, Class 1A (1M LIBOR + 0.400%)
	542,195		2.450			03/11/20		542,378
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	855,649		2.507			10/07/20		856,206
	NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A (1M LIBOR + 0.470%)
	2,522,723		2.527			11/05/20		2,525,104
	Silverstone Master Issuer PLC Series 2019-1A, Class 1A^(b) (3M USD LIBOR + 0.570%)
	780,000		2.848			01/21/70		780,828

								82,262,352

Sequential Fixed Rate – 0.2%
	FHLMC REMIC Series 4248, Class LM
	482,251		6.500			05/15/41		561,687

Sequential Floating Rate^(a) – 2.3%
	FHLMC REMIC Series 3588, Class CW
	913,554		4.630			10/15/37		959,605
	FNMA REMIC Series 1990-145, Class A
	421		3.665			12/25/20		423
	FNMA REMIC Series 1997-20, Class F
	47,899		2.995			03/25/27		48,150
	Holmes Master Issuer PLC Series 2018-1A, Class A2^(b) (3M USD LIBOR + 0.360%)
	2,468,572		2.663			10/15/54		2,467,238
	Permanent Master Issuer PLC Series 2018-1A, Class 1A1^(b) (3M USD LIBOR + 0.380%)
	4,500,000		2.683			07/15/58		4,501,436

								7,976,852

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	90,800,894


28		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)
Commercial Mortgage-Backed Securities^(a) – 6.4%
Sequential Floating Rate – 6.4%
	FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A (1M USD LIBOR + 0.340%)
$	286,408		2.429	%		01/25/21	$	286,341
	FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A (1M USD LIBOR + 0.380%)
	1,088,700		2.469			08/25/23		1,088,294
	FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%)
	1,848,671		2.539			06/25/23		1,847,679
	FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%)
	3,973,807		2.459			04/25/24		3,956,456
	FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%)
	5,142,946		2.459			05/25/24		5,134,289
	FHLMC Multifamily Structured Pass-Through Certificates Series J15L, Class AFL (1M USD LIBOR + 0.350%)
	1,869,892		2.439			08/25/25		1,859,260
	FNMA ACES Series 2017-M13, Class FA (1M USD LIBOR + 0.400%)
	5,200,836		2.698			10/25/24		5,160,253
	FHLMC Multifamily Structured Pass-Through Certificates Series KF42, Class A (1M USD LIBOR + 0.250%)
	3,411,098		2.339			12/25/24		3,398,600

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	22,731,172

Federal Agencies – 1.9%
Adjustable Rate FHLMC^(a) – 0.8%
	(1 Year CMT + 2.275%)
	1,159,268		4.464			01/01/38		1,219,277
	(12M MTA + 2.155%)
	5,045		4.614			06/01/31		5,266
	(12M USD LIBOR + 1.750%)
	461,934		4.625			05/01/35		484,628
	(12M USD LIBOR + 1.860%)
	590,204		4.735			05/01/34		618,077
	(3 Year CMT + 2.109%)
	7,277		5.694			05/01/35		7,653
	(3 Year CMT + 2.558%)
	288,798		4.369			08/01/28		293,438
	(6M CMT + 2.219%)
	61,986		4.817			05/01/29		63,763
	(COF + 1.198%)
	2,941		2.448			02/01/31		2,935
	(COF + 1.248%)
	10,979		4.446			06/01/30		11,441
	(COF + 1.250%)
	156		5.928			01/01/20		156
	812		2.391			05/01/21		810
	5,447		4.086			06/01/29		5,638
	12,918		2.394			04/01/30		12,881

								2,725,963


Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA^(a) – 0.8%
	(1 year CMT + 1.500%)
	4,952		4.072			05/20/22		4,940
	(1 year CMT + 1.500%)
	44,948		3.902			06/20/24		44,876
	(1 Year CMT + 2.000%)
	421		6.829			02/01/22		430
	(1 Year CMT + 2.265%)
	343,248		4.737			07/01/33		361,018
	(1 Year CMT + 2.360%)
	155,126		4.726			11/01/34		163,718
	(12M MTA + 1.200%)
	4,101		3.683			02/01/41		4,135
	(12M MTA + 1.400%)
	41,119		3.883			06/01/40		41,638
	(12M USD LIBOR + 1.550%)
	1,059,819		4.057			09/01/44		1,086,338
	(12M USD LIBOR + 1.973%)
	853,497		4.908			03/01/37		894,327
	(6M USD LIBOR + 1.750%)
	8,093		4.500			02/01/23		8,185
	(6M USD LIBOR + 1.891%)
	79,750		4.516			01/01/24		81,183
	(6M USD LIBOR + 1.925%)
	73,911		4.447			03/01/24		75,311
	(COF + 1.250%)
	5,089		3.602			06/01/27		5,150
	3,626		4.250			12/01/27		3,776
	4,068		4.494			01/01/28		4,264
	3,324		2.282			06/01/29		3,321
	3,904		2.345			06/01/29		3,902
	2,307		4.110			05/01/36		2,390

								2,788,902

Adjustable Rate GNMA^(a) – 0.2% GNMA (1 Year CMT + 1.500%)
	500,323		3.875			04/20/33		513,914
	108,969		3.875			05/20/33		113,434
	261,414		3.750			08/20/34		268,131

								895,479

FHLMC – 0.0%
	11		5.500			01/01/20		10
	7,571		7.000			04/01/21		7,608
	7,345		7.000			08/01/21		7,499
	30,257		7.000			05/01/22		31,178
	83,480		7.000			06/01/22		86,000
	749		4.500			05/01/23		776

								133,071

GNMA – 0.0%
	16,496		7.000			04/15/26		17,680

UMBS – 0.1%
	265		5.000			01/01/20		274
	9,248		7.000			07/01/21		9,432
	23,013		7.000			11/01/21		23,564
	17,965		7.000			12/01/21		18,059


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	19,535		7.000	%		01/01/22	$	19,619
	5,107		7.000			02/01/22		5,238
	15,135		6.000			05/01/38		17,395
	18,929		6.000			11/01/38		21,763
	41,493		6.000			09/01/39		47,682
	15,869		6.000			10/01/39		18,181
	10,828		6.000			10/01/40		12,442
	15,724		6.000			05/01/41		18,064

								211,713

	TOTAL FEDERAL AGENCIES						$	6,772,808

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $120,737,142)						$	120,304,874



Agency Debenture^(a) – 2.0%
	FFCB (3M USD LIBOR + 0.290%)
$	7,200,000		2.139	%		04/11/22	$	7,184,448
	(Cost $7,200,000)



Asset-Backed Securities^(a) – 52.2%
Automotive – 7.9%
	Ally Master Owner Trust Series 2017-3, Class A1^(d) (1M LIBOR + 0.430%)
$	11,500,000		2.458	%		06/15/22	$	11,514,472
	Chesapeake Funding II LLC Series 2016-2A, Class A2^(b) (1M USD LIBOR + 1.000%)
	255,051		3.028			06/15/28		255,247
	Chesapeake Funding II LLC Series 2017-3A, Class A2^(b) (1M USD LIBOR + 0.340%)
	2,416,990		2.368			08/15/29		2,416,691
	GMF Floorplan Owner Revolving Trust Series 2017-2, Class A2^(b) (1M USD LIBOR + 0.430%)
	9,650,000		2.458			07/15/22		9,659,967
	Nissan Master Owner Receivables Trust Series 2017-C, Class A (1M USD LIBOR + 0.320%)
	4,100,000		2.348			10/17/22		4,101,275

								27,947,652

Collateralized Loan Obligations^(b) – 16.3%
	Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)
	3,600,000		3.306			01/28/31		3,588,080
	Apex Credit CLO II LLC Series 2017-2A, Class A (3M USD LIBOR + 1.270%)
	3,000,000		3.426			09/20/29		3,000,378
	Barings CLO Ltd. Series 2018-3A, Class A1 (3M USD LIBOR + 0.950%)
	4,000,000		3.228			07/20/29		3,996,016
	CBAM CLO Management LLC Series 2017-2A, Class A (3M USD LIBOR + 1.240%)
	3,500,000		3.543			10/17/29		3,498,709
	Cedar Funding VII Clo Ltd. Series 18-7A, Class A1 (3M USD LIBOR + 1.000%)
	3,000,000		3.278			01/20/31		2,990,760


Asset-Backed Securities^(a) – (continued)
Collateralized Loan Obligations^(b) – (continued)
	Dryden 64 CLO Ltd. Series 18-64A, Class A^(d) (3M USD LIBOR + 0.970%)
	5,950,000		3.270			04/18/31		5,878,398
	Jamestown CLO X Ltd. Series 2017-10A, Class A1 (3M USD LIBOR + 1.250%)
	4,750,000		3.553			07/17/29		4,756,194
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,200,000		3.053			04/15/29		5,159,321
	Newfleet CLO Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 0.950%)
	5,450,000		3.228			04/20/28		5,426,347
	OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	6,000,000		3.347			04/26/31		5,952,690
	OCP CLO Ltd. Series 2017-13A, Class A1A (3M USD LIBOR + 1.260%)
	3,150,000		3.563			07/15/30		3,148,705
	Pikes Peak Clo 2 Series 18-2A, Class A (3M USD LIBOR + 1.290%)
	6,700,000		3.590			01/18/32		6,673,843
	WhiteHorse X Ltd. Series 2015-10A, Class A1R (3M USD LIBOR + 0.930%)
	3,234,233		3.233			04/17/27		3,230,096

								57,299,537

Credit Card – 18.0%
	American Express Credit Account Master Trust Series 2017-2, Class A (1M LIBOR + 0.450%)
	6,700,000		2.478			09/16/24		6,734,831
	CARDS II Trust Series 2017-2A, Class A^(b) (1M USD LIBOR + 0.260%)
	3,600,000		2.288			10/17/22		3,600,140
	Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M LIBOR + 0.620%)
	10,100,000		2.666			04/22/26		10,174,918
	Citibank Credit Card Issuance Trust Series 2017-A7, Class A7 (1M LIBOR + 0.370%)
	10,750,000		2.412			08/08/24		10,774,028
	Evergreen Credit Card Trust Series 2019-1, Class A^(b) (1M USD LIBOR + 0.480%)
	8,700,000		2.508			01/15/23		8,726,212
	Golden Credit Card Trust Series 2017-4A, Class A^(b) (1M USD LIBOR + 0.520%)
	11,200,000		2.548			07/15/24		11,210,262
	Golden Credit Card Trust Series 2019-1A, Class A^(b) (1M USD LIBOR + 0.450%)
	3,500,000		2.478			12/15/22		3,508,490
	Trillium Credit Card Trust II Series 2018-1A, Class A^(b)(d) (1M USD LIBOR + 0.250%)
	8,900,000		2.296			02/27/23		8,900,920

								63,629,801

Student Loan – 10.0%
	Academic Loan Funding Trust Series 2013-1A, Class A^(b)(d) (1M USD LIBOR + 0.800%)
	2,087,395		2.818			12/26/44		2,086,253


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities^(a) – (continued)
Student Loan – (continued)
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A^(d) (1M USD LIBOR + 0.800%)
$	1,764,442		2.818	%		02/25/41	$	1,753,745
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(b) (1M USD LIBOR + 0.800%)
	732,963		2.818			06/25/26		734,121
	Educational Funding of the South, Inc. Series 2012-1, Class A (1M USD LIBOR + 1.050%)
	1,513,519		3.068			03/25/36		1,529,636
	Educational Services of America, Inc. Series 2012-1, Class A1^(b) (1M USD LIBOR + 1.150%)
	1,382,775		3.168			09/25/40		1,384,133
	Educational Services of America, Inc. Series 2014-1, Class A^(b) (1M USD LIBOR + 0.700%)
	1,467,347		2.718			02/25/39		1,464,179
	EFS Volunteer No. 3 LLC Series 2012-1, Class A3^(b) (1M USD LIBOR + 1.000%)
	1,068,160		3.018			04/25/33		1,074,113
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L^(b) (3M LIBOR + 0.110%)
	633,264		2.242			11/25/26		632,509
	Goal Capital Funding Trust Series 2010-1, Class A^(b) (3M USD LIBOR + 0.700%)
	38,090		2.832			08/25/48		38,217
	Higher Education Funding I Series 2014-1, Class A^(b) (3M USD LIBOR + 1.050%)
	1,500,054		3.182			05/25/34		1,506,622
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,027,749		3.176			07/25/45		1,034,271
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
	3,417,464		2.850			12/01/31		3,398,156
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	1,127,889		3.082			02/25/42		1,126,581
	Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	362,306		3.226			04/25/38		362,825
	Missouri Higher Education Loan Authority Series 2010-2, Class A1 (3M USD LIBOR + 0.850%)
	1,993,116		2.982			08/27/29		2,018,948
	Missouri Higher Education Loan Authority Series 2011-1, Class A1 (3M USD LIBOR + 0.850%)
	3,262,516		2.956			06/25/36		3,268,491
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	1,978,655		3.044			05/20/30		1,982,397
	NCUA Guaranteed Notes Series 2010-A1, Class A (1M LIBOR + 0.350%)
	178,916		2.399			12/07/20		178,942
	Nelnet Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	102,130		2.376			01/25/30		102,115
	Northstar Education Finance, Inc. Series 2012-1, Class A^(b) (1M USD LIBOR + 0.700%)
	397,691		2.718			12/26/31		397,035


Asset-Backed Securities^(a) – (continued)
Student Loan – (continued)
	Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
	1,430,347		3.000			07/01/31		1,419,063
	Scholar Funding Trust Series 2010-A, Class A^(b) (3M USD LIBOR + 0.750%)
	763,021		3.006			10/28/41		760,220
	Scholar Funding Trust Series 2013-A, Class A^(b) (1M USD LIBOR + 0.650%)
	2,086,227		2.694			01/30/45		2,065,314
	SLC Student Loan Center Series 2011-1, Class A^(b) (1M USD LIBOR + 1.220%)
	611,154		3.238			10/25/27		613,962
	SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	572,112		3.007			11/25/42		576,423
	SLM Student Loan Trust Series 2004-8A, Class A5^(b) (3M USD LIBOR + 0.500%)
	139,074		2.776			04/25/24		139,113
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	475,221		3.026			04/25/23		468,848
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	270,005		3.976			07/25/23		271,228
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	268,051		3.169			10/01/24		268,568
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	900,000		3.103			05/01/35		905,508
	Utah State Board of Regents Series 2015-1, Class A (1M USD LIBOR + 0.600%)
	1,750,142		2.618			02/25/43		1,727,822
	Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	6,777		2.406			01/26/26		6,777

								35,296,135

	TOTAL ASSET-BACKED SECURITIES
	(Cost $184,073,989)						$	184,173,125



Municipal Debt Obligations^(a) – 3.4%
Alaska – 0.4%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.500%)
$	1,261,142		2.518	%		08/25/31	$	1,259,870

New Hampshire^(d) – 0.9%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,230,155		3.125			10/25/37		1,227,466
	New Hampshire State Higher Education Loan Corp. (Taxable- Student Loan) Series 2012-1 (1M USD LIBOR + 0.500%)
	1,859,636		2.518			10/25/28		1,848,441

								3,075,907


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Debt Obligations^(a) – (continued)
Rhode Island^(d) – 0.1%
	Rhode Island Student Loan Authority RB (Taxable – FFELP Loan Backed) Series 2014-1 (1M USD LIBOR + 0.700%)
$	380,557		2.789	%		10/02/28	$	380,419

Utah – 2.0%
	Utah State Board of Regents RB (Taxable-Student Loan) Series 2012-1 (1M USD LIBOR + 0.750%)
	6,812,322		2.768			12/26/31		6,820,497
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2^(d) (3M USD LIBOR + 0.850%)
	324,556		3.103			05/01/29		325,267

								7,145,764

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $11,875,354)						$	11,861,960

	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $340,356,485)						$	340,004,554



Short-term Investments – 1.2%
Commercial Paper^(e) – 0.5%
	VW Credit, Inc.
$	1,650,000		0.000	%		12/06/19	$	1,642,968

Repurchase Agreements – 0.7%
	Citigroup Holdings, Inc.
	2,400,000		2.320			10/01/19		2,400,000
	Maturity Value: $2,400,155
	Next Reset Date: 10/01/19

	Collateralized by various mortgage obligations, 3.000% to 4.000%, due 10/01/49. The aggregate market value of the collateral, including accrued interest, was $2,472,998.

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $4,040,320)						$	4,042,968

	TOTAL INVESTMENTS – 97.6%
	(Cost $344,396,805)						$	344,047,522

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.4%							8,533,409

	NET ASSETS – 100.0%						$	352,580,931



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 September 30, 2019.

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

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

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

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



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 Index
FFCB		—Federal Farm Credit 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
MTA		—Monthly Treasury Average
NCUA		—National Credit Union Administration
PLC		—Public Limited Company
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2019, 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		22			12/19/19	$	4,221,938		$	(35,789	)
5 Year U.S. Treasury Notes		1			12/31/19		119,148			6
10 Year U.S. Treasury Notes		74			12/19/19		9,643,125			(21,612	)
20 Year U.S. Treasury Bonds		18			12/19/19		2,921,625			(58,690	)

Total									$	(116,085	)
Short position contracts:
Eurodollars		(2	)		03/16/20		(491,650	)		(3,355	)
Eurodollars		(6	)		06/15/20		(1,476,675	)		(11,279	)
Ultra 10 Year U.S. Treasury Notes		(88	)		12/19/19		(12,531,750	)		169,034
2 Year U.S. Treasury Notes		(53	)		12/31/19		(11,421,500	)		(10,535	)

Total									$	143,865

TOTAL FUTURES CONTRACTS									$	27,780

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)
12M LIBOR^(b)		1.287%	09/15/21	$	8,230	$	(796	)	$	950		$	(1,746	)
0.000%		3M LIBOR	07/25/24		11,600		2,175			182			1,993
0.971^(b)		12M LIBOR	06/30/26		5,470		93,485			83,807			9,678
3M LIBOR^(c)		1.295^(d)	05/15/29		2,780		(60,306	)		(101,383	)		41,077
3M LIBOR^(c)		2.013^(d)	08/02/29		6,300		180,056			73,724			106,332
1.485^(c)		3M LIBOR^(d)	05/15/45		3,140		146,005			275,642			(129,637	)
2.230^(c)		3M LIBOR^(d)	08/02/52		1,650		(191,401	)		(60,531	)		(130,870	)

TOTAL						$	169,218		$	272,391		$	(103,173	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(b)

Payments made annually.

(c)

Payments made quarterly.

(d)

Payments made semi-annually.


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

U.S. Treasury Obligations – 95.9%
	United States Treasury Inflation Indexed Bonds
$	19,376,571		0.125	%		04/15/21	$	19,173,201
	11,952,255		0.625			07/15/21		12,002,535
	74,141,183		0.125	^(a)		04/15/22		73,432,772
	8,590,428		0.125			07/15/22		8,558,992
	37,679,511		0.125			01/15/23		37,393,251
	4,868,370		0.375			07/15/25		4,939,155
	33,741,563		0.625			01/15/26		34,649,213
	42,598,736		0.125			07/15/26		42,566,336
	10,514,691		0.375			01/15/27		10,648,831
	15,941,760		0.375			07/15/27		16,218,970
	25,274,430		0.500			01/15/28		25,901,287
	16,363,341		0.750			07/15/28		17,212,524
	298,740		2.500			01/15/29		361,432
	6,695,400		0.625			02/15/43		6,877,353
	34,686,838		1.375			02/15/44		41,622,149
	21,681,050		0.750			02/15/45		22,815,228
	United States Treasury Notes
	3,500,000		2.250			11/15/27		3,661,875
	8,110,000		2.875	^(a)		08/15/28		8,919,733

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $371,765,938)						$	386,954,837


Shares	Dividend Rate			Value

Investment Company^(b) – 1.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
7,329,004		2.032	%	$	7,329,004
(Cost $7,329,004)

TOTAL INVESTMENTS – 97.7%
(Cost $379,094,942)				$	394,283,841

OTHER ASSETS IN EXCESS OF LIABILITIES – 2.3%					9,185,225

NET ASSETS – 100.0%				$	403,469,066



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.



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
LIBOR		—London Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		13		12/16/19	$	3,186,300		$	1,978
Ultra Long U.S. Treasury Bonds		64		12/19/19		12,282,000			(80,576	)
30 Day Federal Funds		44		11/29/19		18,013,024			947
5 Year U.S. Treasury Notes		417		12/31/19		49,684,899			(241,156	)
10 Year U.S. Treasury Notes		328		12/19/19		42,742,500			(192,270	)

Total								$	(511,077	)
Short position contracts:
Eurodollars		(1	)	03/16/20		(245,825	)		(1,677	)
Eurodollars		(5	)	06/15/20		(1,230,563	)		(9,399	)
Eurodollars		(26	)	09/14/20		(6,404,125	)		(89,111	)
Ultra 10 Year U.S. Treasury Notes		(181	)	12/19/19		(25,775,531	)		373,372
2 Year U.S. Treasury Notes		(217	)	12/31/19		(46,763,500	)		30,904
20 Year U.S. Treasury Bonds		(60	)	12/19/19		(9,738,750	)		2,633

Total								$	306,722

TOTAL FUTURES CONTRACTS								$	(204,355	)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2019, 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 LIBOR^(a)		1.287%	09/15/21	$	22,620	^(b)	$	(2,187	)	$	2,624		$	(4,811	)
2.251%^(c)		3M LIBOR	02/20/24		13,700			(454,051	)		104			(454,155	)
0.000		3M LIBOR	07/25/24		30,700	^(b)		5,756			496			5,260
2.104^(c)		3M LIBOR	12/14/24		10,000			(258,623	)		100			(258,723	)
2.007^(c)		3M LIBOR	02/07/26		6,300			(144,585	)		77			(144,661	)
0.971^(a)		3M LIBOR	06/30/26		15,160	^(b)		259,090			237,919			21,171
1.750^(d)		3M LIBOR^(e)	12/18/26		14,840	^(b)		(247,720	)		(140,545	)		(107,174	)
3M LIBOR^(c)		2.103	02/07/29		6,300			228,154			90			228,064
3M LIBOR^(d)		1.295^(e)	05/15/29		8,470	^(b)		(183,737	)		(308,942	)		125,205
3M LIBOR^(d)		2.013^(e)	08/02/29		25,990	^(b)		742,802			221,497			521,304
1.485^(d)		3M LIBOR^(e)	05/15/45		9,670	^(b)		449,640			848,934			(399,295	)
2.230^(d)		3M LIBOR^(e)	08/02/52		6,980	^(b)		(809,686	)		(205,858	)		(603,828	)

TOTAL							$	(415,147	)	$	656,496		$	(1,071,643	)

(a)

Payments made annually.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019

(c)

Payments made at the termination date.

(d)

Payments made quarterly.

(e)

Payments made semi-annually.

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
3M IRS	JPMorgan Securities, Inc.	$	2.080		11/19/2019		4,700,000		$	4,700,000		$	2,818		$	5,640		$	(2,822	)
3M IRS	JPMorgan Securities, Inc.		1.580		11/19/2019		4,700,000			4,700,000			47,421			48,880			(1,459	)

Total purchased option contracts							9,400,000		$	9,400,000		$	50,239		$	54,520		$	(4,281	)
Written option contracts
Puts
3M IRS	JPMorgan Securities, Inc.	$	1.830		11/19/2019		(9,400,000	)	$	(9,400,000	)	$	(25,253	)	$	(33,840	)	$	8,587


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 54.4%
Collateralized Mortgage Obligations – 7.4%
Interest Only^(a) – 0.0%
	FHLMC REMIC Series 1161, Class U
$	24		1,172.807%			11/15/21	$	199

Inverse Floaters^(b) – 0.0%
	FNMA REMIC Series 1990-134, Class SC (-1x1M LIBOR + 21.600%)
	685		18.572			11/25/20		721

Regular Floater^(b) – 1.2%
	FNMA REMIC Series 2007-33, Class HF (1M LIBOR + 0.350%)
	303,760		2.368			04/25/37		302,935
	NCUA Guaranteed Notes Series 2011-R1, Class 1A (1M LIBOR + 0.450%)
	1,044,860		2.507			01/08/20		1,045,455
	NCUA Guaranteed Notes Series 2011-R2, Class 1A (1M LIBOR + 0.400%)
	4,947,302		2.457			02/06/20		4,948,952
	NCUA Guaranteed Notes Series 2011-R3, Class 1A (1M LIBOR + 0.400%)
	3,674,877		2.450			03/11/20		3,676,119
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	1,043,771		2.507			10/07/20		1,044,450

								11,017,911

Sequential Fixed Rate – 6.2%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A^(c)
	1,503,295		3.250			04/25/38		1,509,005
	FHLMC REMIC Series 1980, Class Z
	274,630		7.000			07/15/27		308,759
	FHLMC REMIC Series 2019, Class Z
	193,819		6.500			12/15/27		211,050
	FHLMC REMIC Series 2755, Class ZA
	547,838		5.000			02/15/34		606,273
	FHLMC REMIC Series 3530, Class DB
	2,061,635		4.000			05/15/24		2,128,374
	FHLMC REMIC Series 4273, Class PD
	873,753		6.500			11/15/43		1,029,225
	FHLMC REMIC Series 4619, Class NA
	3,315,807		3.000			03/15/44		3,438,720
	FHLMC REMIC Series 4663, Class KA
	26,424,271		3.500			11/15/42		27,076,071
	FNMA REMIC Series 1990-16, Class E
	3,929		9.000			03/25/20		3,969
	FNMA REMIC Series 2012-111, Class B
	342,627		7.000			10/25/42		400,174
	FNMA REMIC Series 2012-153, Class B
	1,262,746		7.000			07/25/42		1,483,181
	FNMA REMIC Series 2015-30, Class EA
	5,782,206		3.000			05/25/45		5,972,555
	GNMA REMIC Series 2019-35, Class A
	12,909,671		4.000			12/20/48		13,479,948

								57,647,304

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	68,666,135


Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 4.1%
Sequential Fixed Rate – 3.8%
	FHLMC Multifamily Structured Pass Through Certificates Series K716, Class A2
$	16,100,000		3.130	%		06/25/21	$	16,286,354
	FHLMC Multifamily Structured Pass Through Certificates Series K717, Class A2
	18,600,000		2.991			09/25/21		18,836,866

								35,123,220

Sequential Floating Rate^(b) – 0.3%
	FHLMC Multifamily Structured Pass-Through Certificates Series KF03, Class A (1M USD LIBOR + 0.340%)
	218,531		2.429			01/25/21		218,480
	FHLMC Multifamily Structured Pass Through Certificates Series KP02, Class A2
	2,027,237		2.355			04/25/21		2,018,287

								2,236,767

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	37,359,987

Federal Agencies – 42.9%
Adjustable Rate FHLMC^(b) – 0.5%
	(1 Year CMT + 2.250%)
$	835,392		4.754	%		06/01/35	$	877,590
	(12M USD LIBOR + 1.610%)
	3,321,093		3.345			11/01/44		3,410,618
	(12M USD LIBOR + 1.765%)
	207,661		4.329			06/01/42		215,381
	(12M USD LIBOR + 1.840%)
	282,208		4.659			11/01/34		295,618
	(12M USD LIBOR + 2.000%)
	10,918		4.875			11/01/36		11,392
	(12M USD LIBOR + 2.330%)
	74,531		5.221			05/01/36		78,351
	(6M USD LIBOR + 2.055%)
	14,405		4.304			10/01/36		15,015

								4,903,965

Adjustable Rate FNMA^(b) – 0.9%
	(1 Year CMT + 2.074%)
	146,449		4.357			10/01/35		154,281
	(1 Year CMT + 2.195%)
	216		4.755			02/01/27		217
	(1 Year CMT + 2.220%)
	350,624		4.595			06/01/34		368,688
	(1 Year CMT + 2.288%)
	390,227		5.001			02/01/34		409,410
	(12M MTA + 1.948%)
	185,261		4.388			04/01/36		191,328
	(12M MTA + 2.346%)
	850,706		4.819			07/01/36		890,749
	(12M MTA + 2.464%)
	372,644		4.936			06/01/36		391,688
	(12M USD LIBOR + 1.225%)
	9,688		4.100			01/01/33		9,984


36		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)
Adjustable Rate FNMA^(b) – (continued)
	(12M USD LIBOR + 1.325%)
$	458,130		4.305	%		04/01/35	$	473,878
	(12M USD LIBOR + 1.433%)
	108,296		4.456			05/01/35		112,423
	(12M USD LIBOR + 1.506%)
	107,644		4.631			02/01/35		111,785
	(12M USD LIBOR + 1.510%)
	51,435		4.635			02/01/35		53,503
	(12M USD LIBOR + 1.642%)
	192,770		4.668			03/01/35		201,324
	(12M USD LIBOR + 1.663%)
	123,972		4.491			10/01/34		129,309
	(12M USD LIBOR + 1.667%)
	252,516		4.417			10/01/34		263,987
	(12M USD LIBOR + 1.695%)
	223,511		4.570			05/01/34		234,246
	(12M USD LIBOR + 1.719%)
	421,487		4.828			03/01/36		439,854
	(12M USD LIBOR + 1.720%)
	350,589		4.650			05/01/34		366,809
	175,490		4.845			03/01/35		183,667
	75,021		4.720			04/01/35		78,771
	(12M USD LIBOR + 1.746%)
	542,564		4.607			07/01/37		567,949
	(12M USD LIBOR + 1.755%)
	30,005		4.255			07/01/32		31,389
	(12M USD LIBOR + 1.800%)
	405,732		4.719			05/01/33		425,834
	(12M USD LIBOR + 1.820%)
	17,765		4.723			12/01/46		18,664
	(12M USD LIBOR + 1.885%)
	530,830		4.635			06/01/36		555,595
	(12M USD LIBOR + 1.935%)
	134,756		4.810			11/01/36		140,884
	(12M USD LIBOR + 1.951%)
	755,036		4.951			04/01/36		794,913
	(6M USD LIBOR + 2.250%)
	49,145		4.500			08/01/33		51,217
	(COF + 1.250%)
	547,719		4.607			08/01/33		576,308
	(COF + 1.799%)
	31,589		2.940			08/01/29		31,751

								8,260,405

Adjustable Rate GNMA^(b) – 0.3%
	(1 Year CMT + 1.500%)
	140,364		3.875			05/20/34		144,863
	276,095		3.750			07/20/34		283,160
	228,882		3.750			08/20/34		234,764
	1,686,477		3.750			09/20/34		1,730,430
	204,404		4.125			10/20/34		210,349
	303,347		4.125			12/20/34		311,892

								2,915,458


Mortgage-Backed Obligations – (continued)
FHLMC – 0.8%
$	52		5.500	%		01/01/20	$	52
	35,659		7.000			04/01/22		36,530
	749		4.500			05/01/23		776
	5,054		7.500			01/01/31		5,167
	33,917		4.500			07/01/33		36,057
	941,528		4.500			08/01/33		1,009,557
	1,934,967		4.500			09/01/33		2,069,086
	185,957		4.500			10/01/33		200,344
	4,345		4.500			04/01/34		4,661
	4,741		4.500			04/01/35		5,137
	2,862		4.500			07/01/35		3,090
	9,221		4.500			08/01/35		9,981
	35,699		4.500			09/01/35		38,258
	18,934		4.500			10/01/35		20,227
	1,701		4.500			12/01/35		1,793
	1,238		4.500			05/01/36		1,341
	1,084		6.000			06/01/36		1,164
	115,346		4.500			01/01/38		125,005
	2,181		4.500			04/01/38		2,349
	497		4.500			05/01/38		538
	6,934		4.500			06/01/38		7,399
	178,700		4.500			09/01/38		194,015
	3,770		4.500			01/01/39		4,059
	104,611		4.500			02/01/39		113,059
	52,321		4.500			03/01/39		56,763
	11,175		4.500			04/01/39		12,124
	310,562		4.500			05/01/39		336,929
	890,115		4.500			06/01/39		965,687
	20,250		4.500			07/01/39		21,970
	40,920		4.500			08/01/39		44,396
	54,526		4.500			09/01/39		59,154
	11,200		4.500			10/01/39		12,150
	21,182		4.500			11/01/39		22,979
	39,355		4.500			12/01/39		42,696
	35,395		4.500			01/01/40		38,399
	9,792		4.500			02/01/40		10,627
	29,076		4.500			04/01/40		31,560
	41,504		4.500			05/01/40		45,055
	49,258		4.500			06/01/40		53,472
	49,056		4.500			07/01/40		53,252
	42,610		4.500			08/01/40		46,256
	27,336		4.500			09/01/40		29,674
	10,222		4.500			10/01/40		11,097
	16,906		4.500			02/01/41		18,351
	33,437		4.500			03/01/41		36,283
	104,875		4.500			04/01/41		113,800
	82,405		4.500			05/01/41		89,418
	157,527		4.500			06/01/41		170,933
	12,022		4.500			07/01/41		13,045
	379,867		4.500			08/01/41		412,182
	408,701		4.500			09/01/41		443,662
	24,587		4.500			12/01/41		26,680
	291,160		4.500			03/01/42		315,939

								7,424,178


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
FNMA – 2.7%
$	23,921,005		4.308	%		07/01/21		$	24,465,448
	97,711		7.500			10/01/37			112,189

									24,577,637

GNMA – 16.0%
	5,621		5.500			07/15/20			5,652
	1,274		6.500			01/15/32			1,410
	6,568		6.500			02/15/32			7,270
	5,713		6.500			08/15/34			6,523
	11,396		6.500			05/15/35			13,155
	2,882		6.500			06/15/35			3,306
	7,783		6.500			07/15/35			8,953
	3,001		6.500			08/15/35			3,461
	6,332		6.500			09/15/35			7,284
	2,396		6.500			10/15/35			2,760
	15,309		6.500			11/15/35			17,646
	10,348		6.500			12/15/35			11,781
	26,331		6.500			01/15/36			30,386
	31,828		6.500			02/15/36			36,677
	17,914		6.500			03/15/36			20,683
	58,015		6.500			04/15/36			66,472
	96,142		6.500			05/15/36			110,950
	68,662		6.500			06/15/36			79,187
	239,413		6.500			07/15/36			274,929
	255,802		6.500			08/15/36			293,841
	460,958		6.500			09/15/36			530,277
	173,117		6.500			10/15/36			199,677
	232,261		6.500			11/15/36			267,540
	107,250		6.500			12/15/36			123,334
	63,377		6.500			01/15/37			73,267
	23,957		6.500			02/15/37			27,648
	10,581		6.500			03/15/37			12,215
	26,514		6.500			04/15/37			30,694
	13,999		6.500			05/15/37			15,578
	16,390		6.500			08/15/37			18,915
	65,353		6.500			09/15/37			75,173
	75,020		6.500			10/15/37			86,579
	32,676		6.500			11/15/37			37,444
	14,417		6.500			05/15/38			16,767
	58,420		6.000			11/15/38			66,856
	6,220		6.500			11/15/38			7,216
	6,190		6.500			01/15/39			6,953
	17,470		6.500			02/15/39			20,144
	11,357,183		4.500			08/20/47			12,010,678
	300,806		4.500			02/20/48			316,738
	868,909		4.500			05/20/48			915,376
	6,878,726		4.500			09/20/48			7,229,926
	62,999,252		4.500			01/20/49			65,708,793
	4,000,000		3.500			TBA-30yr	^(d)		4,141,973
	52,000,000		4.000			TBA-30yr	^(d)		54,071,618

									147,013,705

UMBS – 17.3%
	336,124		5.500			09/01/23			347,581
	95,156		5.500			10/01/23			98,499
	856,727		6.000			02/01/24			945,997
	11,716		6.000			01/01/29			12,937
	13,961		6.000			12/01/31			15,642
	60,705		6.000			09/01/32			68,437


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	40,675		6.000			10/01/32			46,097
	37,440		6.000			11/01/32			42,144
	14,295		6.000			02/01/33			16,133
	11,242		6.000			03/01/33			12,763
	2,734		6.000			04/01/33			3,099
	2,682		6.000			11/01/33			3,043
	22,071,666		6.000			05/01/34			24,830,660
	50,846		6.000			07/01/34			57,924
	3,870		6.000			10/01/34			4,416
	103,508		6.000			01/01/35			117,705
	83,547		6.000			03/01/35			94,796
	1,326,762		6.000			04/01/35			1,498,465
	139,492		6.000			05/01/35			159,693
	207,569		6.000			06/01/35			237,801
	32,801		6.000			08/01/35			37,603
	66,305		6.000			09/01/35			75,918
	605,541		6.000			11/01/35			693,308
	636,292		6.000			12/01/35			726,505
	1,333,416		6.000			01/01/36			1,525,542
	478,206		6.000			02/01/36			548,160
	271,295		6.000			03/01/36			310,935
	1,788,031		6.000			04/01/36			2,047,650
	349,871		6.000			05/01/36			401,180
	309,569		6.000			06/01/36			354,803
	620,062		6.000			07/01/36			710,943
	3,458,920		6.000			08/01/36			3,963,952
	806,124		6.000			09/01/36			908,915
	1,457,303		6.000			10/01/36			1,671,247
	502,215		4.500			11/01/36			544,695
	2,277,758		6.000			11/01/36			2,612,971
	375,576		6.000			12/01/36			431,225
	7,255		6.000			01/01/37			8,342
	159,978		6.000			02/01/37			183,310
	419,479		6.000			03/01/37			481,531
	273,250		6.000			04/01/37			313,489
	6,322,350		6.000			05/01/37			7,254,553
	378,878		6.000			07/01/37			435,061
	647,276		6.000			08/01/37			744,471
	432,432		6.000			09/01/37			497,183
	153,670		6.000			10/01/37			176,734
	329,635		6.000			11/01/37			379,079
	2,449,061		6.000			12/01/37			2,815,988
	2,906,568		6.000			01/01/38			3,341,115
	1,864,313		6.000			02/01/38			2,140,041
	314,802		6.000			03/01/38			362,169
	3,484		6.000			04/01/38			4,011
	5,809,717		6.000			05/01/38			6,669,285
	68,084		6.000			06/01/38			78,209
	7,180,951		6.000			07/01/38			8,253,662
	141,795		6.000			08/01/38			163,005
	598,130		6.000			09/01/38			688,371
	93,659		6.000			10/01/38			107,648
	826,728		6.000			11/01/38			954,122
	674,061		6.000			12/01/38			790,902
	113,688		6.000			01/01/39			130,860
	119,856		4.500			02/01/39			129,699
	107,085		4.500			04/01/39			116,119
	200,576		6.000			04/01/39			230,464
	7,572		4.500			08/01/39			8,249


38		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)
UMBS – (continued)
$	341,582		6.000	%		08/01/39	$	391,403
	3,169,736		6.000			09/01/39		3,642,399
	752,837		6.000			10/01/39		865,495
	27,799		6.000			11/01/39		31,967
	705,915		6.000			01/01/40		810,937
	1,671		6.000			02/01/40		1,921
	75,698		6.000			03/01/40		87,153
	11,214		6.000			04/01/40		12,900
	788,233		6.000			06/01/40		907,212
	345,228		6.000			07/01/40		396,717
	82,000		6.000			09/01/40		94,302
	546,409		6.000			10/01/40		627,910
	446,362		6.000			11/01/40		511,952
	21,434		6.000			04/01/41		24,585
	10,094		4.500			05/01/41		10,948
	16,927,854		6.000			05/01/41		19,406,503
	1,052,461		6.000			07/01/41		1,206,871
	433,704		4.500			08/01/41		468,458
	112,080		4.500			10/01/41		121,560
	43,057,964		5.000			10/01/49		46,251,549

								159,509,798

UMBS, 30 Year, Single Family^(d) – 4.4%
	13,000,000		3.500			TBA-30yr		13,335,015
	26,000,000		4.500			TBA-30yr		27,378,271

								40,713,286

	TOTAL FEDERAL AGENCIES						$	395,318,433

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $501,986,549)						$	501,344,555



Agency Debentures – 8.2%
	FFCB^(b)
	(1 Day FCPR – 2.800%)
$	5,000,000		2.200	%		03/14/22	$	4,996,550
	(3M USD LIBOR + 0.290%)
	18,100,000		2.139			04/11/22		18,060,904
	FHLB
	1,800,000		5.375			08/15/24		2,112,642
	FNMA
	5,200,000		6.250			05/15/29		7,187,596
	16,080,000		7.125			01/15/30		23,851,303
	Hashemite Kingdom of Jordan Government AID Bond^(e)
	19,300,000		2.503			10/30/20		19,408,466

	TOTAL AGENCY DEBENTURES
	(Cost $72,971,776)						$	75,617,461



Asset-Backed Securities^(b) – 0.1%
Student Loan – 0.1%
	NCUA Guaranteed Notes Series 2010-A1, Class A (1M LIBOR + 0.350%)
$	1,103,318		2.399	%		12/07/20	$	1,103,474
	(Cost $1,103,318)


U.S. Treasury Obligations – 45.8%
	United States Treasury Bonds
$	7,370,000		3.750	%^(f)		11/15/43	$	9,701,914
	10,000		3.000	^(f)		11/15/45		11,806
	200,000		2.875			11/15/46		231,625
	110,000		3.000			02/15/48		130,711
	United States Treasury Notes
	135,890,000		2.625			07/15/21		138,092,905
	78,670,000		2.500			01/15/22		80,194,231
	71,350,000		2.500			02/15/22		72,793,723
	26,300,000		1.875			02/28/22		26,456,156
	55,710,000		1.750			09/30/22		55,992,903
	7,100,000		2.625			12/31/23		7,407,297
	4,500,000		2.625			12/31/25		4,770,000
	2,880,000		2.875			08/15/28		3,167,550
	United States Treasury Strip Coupon^(g)
	28,900,000		0.000			11/15/35		20,941,242
	2,800,000		0.000			05/15/36		2,004,779

	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $415,504,427)						$	421,896,842

	TOTAL INVESTMENTS – 108.5%
	(Cost $991,566,070)						$	999,962,332

	LIABILITIES IN EXCESS OF OTHER ASSETS – (8.5)%							(77,916,286	)

	NET ASSETS – 100.0%						$	922,046,046



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 September 30, 2019.

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

(d)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $98,926,876 which represents approximately 10.7% of the Fund’s net assets as of September 30, 2019.

(e)		Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $19,408,466, which represents approximately 2.1% of the Fund’s net assets as of September 30, 2019.

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

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


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
COF		—Cost of Funds Index
FCPR		—Federal Reserve Bank Prime Loan Rate U.S.
FDIC		—Federal Deposit Insurance Corp.
FFCB		—Federal Farm Credit Bank
FHLB		—Federal Home Loan Bank
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
MTA		—Monthly Treasury Average
NCUA		—National Credit Union Administration
REMIC		—Real Estate Mortgage Investment Conduit

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2019, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
FNMA		5.000	%	TBA-30yr		11/13/19	$	(14,000,000	)	$	(15,002,969	)
GNMA		4.500		TBA-30yr		10/21/19		(58,000,000	)		(60,605,470	)

TOTAL (Proceeds Receivable: $(75,573,047))										$	(75,608,439	)

(a)

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		23			03/16/20	$	5,653,975		$	9,570
Eurodollars		222			12/14/20		54,681,375			356,624
Ultra Long U.S. Treasury Bonds		75			12/19/19		14,392,969			(50,767	)
30 Day Federal Funds		104			11/29/19		42,576,239			2,251
2 Year U.S. Treasury Notes		2,201			12/31/19		474,315,500			(627,999	)
10 Year U.S. Treasury Notes		218			12/19/19		28,408,125			78,886

Total									$	(231,435	)
Short position contracts:
Eurodollars		(297	)		12/16/19		(72,794,700	)		(371,939	)
Eurodollars		(254	)		06/15/20		(62,512,575	)		(295,164	)
Ultra 10 Year U.S. Treasury Notes		(373	)		12/19/19		(53,117,531	)		758,482
5 Year U.S. Treasury Notes		(1,023	)		12/31/19		(121,888,852	)		542,657
20 Year U.S. Treasury Bonds		(378	)		12/19/19		(61,354,125	)		659,152

Total									$	1,293,188

TOTAL FUTURES CONTRACTS									$	1,061,753


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2019, 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)		1.287%	09/15/21	$	20,870	$	(2,018	)	$	2,420		$	(4,439	)
0.000%		3M LIBOR	07/25/24		9,300		1,744			—			1,744
0.971^(b)		3M LIBOR	06/30/26		14,110		241,146			317,632			(76,486	)
3M LIBOR^(c)		1.295^(d)	05/15/29		8,260		(179,182	)		(301,277	)		122,095
3M LIBOR^(c)		2.013^(d)	08/02/29		25,320		723,653			220,228			503,425
1.485^(c)		3M LIBOR^(d)	05/15/45		9,350		434,760			820,841			(386,081	)
2.230^(c)		3M LIBOR^(d)	08/02/52		6,890		(799,246	)		(205,861	)		(593,385	)

TOTAL						$	420,857		$	853,983		$	(433,127	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(b)

Payments made annually.

(c)

Payments made quarterly.

(d)

Payments made semi-annually.


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 68.7%
Advertising – 0.2%
	The Interpublic Group of Cos., Inc.
$	1,150,000		3.500	%		10/01/20	$	1,163,432

Aerospace & Defense – 0.6%
	Northrop Grumman Corp.
	2,400,000		2.080			10/15/20		2,399,952
	United Technologies Corp.^(a)(b) (3M USD LIBOR + 0.650%)
	2,400,000		2.818			08/16/21		2,401,224

								4,801,176

Agriculture^(a) – 1.0%
	Altria Group, Inc.
	2,350,000		3.800			02/14/24		2,457,278
	BAT Capital Corp.
	4,925,000		2.764			08/15/22		4,969,817

								7,427,095

Airlines – 0.4%
	Delta Air Lines, Inc.
	2,575,000		3.400			04/19/21		2,612,461

Automotive – 0.8%
	Ford Motor Credit Co. LLC
	3,150,000		8.125			01/15/20		3,196,935
	General Motors Financial Co., Inc.
	700,000		3.200	^(a)		07/06/21		707,350
	1,450,000		4.200			11/06/21		1,495,124
	846,000		3.700	^(a)		05/09/23		866,448

								6,265,857

Banks – 19.1%
	Banco Bilbao Vizcaya Argentaria SA
	1,025,000		3.000			10/20/20		1,031,929
	Banco do Brasil SA
	350,000		4.750			03/20/24		367,938
	Banco Santander SA
	1,800,000		3.848			04/12/23		1,871,622
	2,600,000		2.706			06/27/24		2,625,688
	Bank of America Corp.^(a)
	6,175,000		2.151			11/09/20		6,175,556
	3,075,000		2.503			10/21/22		3,095,541
	(3M USD LIBOR + 0.630%)
	1,800,000		3.499	^(b)		05/17/22		1,836,162
	(3M USD LIBOR + 0.660%)
	1,250,000		2.369	^(b)		07/21/21		1,252,013
	Bank of America NA^(a)(b) (3M USD LIBOR + 0.650%)
	500,000		3.335			01/25/23		513,620
	Banque Federative du Credit Mutuel SA^(c)
	2,800,000		3.750			07/20/23		2,946,244
	Barclays Bank PLC
	1,100,000		5.140			10/14/20		1,125,036
	1,600,000		2.650	^(a)		01/11/21		1,604,320
	Barclays PLC^(a)(b) (3M USD LIBOR + 1.380%)
	2,550,000		3.548			05/16/24		2,538,219
	BNP Paribas SA^(c)
	1,650,000		3.500			03/01/23		1,703,410
	BPCE SA^(c)
	2,425,000		3.000			05/22/22		2,461,060


Corporate Obligations – (continued)
Banks – (continued)
	CIT Bank NA^(a)(b) (SOFR + 1.715%)
	1,050,000		2.969			09/27/25		1,051,155
	Citibank NA^(a)
	1,425,000		3.650			01/23/24		1,510,215
	Citigroup, Inc.
	5,500,000		2.350			08/02/21		5,522,495
	2,025,000		2.900	^(a)		12/08/21		2,054,281
	975,000		2.700	^(a)		10/27/22		988,913
	(3M USD LIBOR + 0.950%)
	3,750,000		2.876	^(a)(b)		07/24/23		3,800,587
	Citizens Bank NA^(a)
	2,900,000		3.250			02/14/22		2,969,919
	Comerica Bank
	1,450,000		2.500			07/23/24		1,463,906
	Cooperatieve Rabobank UA^(c)
	2,700,000		2.625			07/22/24		2,735,667
	Credit Suisse Group Funding Guernsey Ltd.
	5,375,000		3.450			04/16/21		5,460,462
	1,450,000		3.800			09/15/22		1,507,290
	HSBC Holdings PLC
	1,050,000		2.950			05/25/21		1,060,469
	(3M USD LIBOR + 1.000%)
	1,300,000		3.124	^(a)(b)		05/18/24		1,304,758
	ING Groep NV
	1,525,000		4.100			10/02/23		1,620,450
	JPMorgan Chase & Co.
	1,250,000		2.295	^(a)		08/15/21		1,252,113
	6,000,000		3.200			01/25/23		6,193,794
	(3M USD LIBOR + 0.695%)
	2,050,000		3.207	^(a)(b)		04/01/23		2,098,482
	(3M USD LIBOR + 0.730%)
	7,125,000		3.559	^(a)(b)		04/23/24		7,426,815
	KeyBank NA
	1,050,000		2.400			06/09/22		1,057,550
	Lloyds Bank PLC
	1,975,000		3.300			05/07/21		2,009,128
	(3M USD LIBOR + 0.490%)
	1,875,000		2.699	^(b)		05/07/21		1,874,812
	Lloyds Banking Group PLC^(a)(b) (3M USD LIBOR + 1.249%)
	1,375,000		2.858			03/17/23		1,379,496
	Mitsubishi UFJ Financial Group, Inc.
	1,400,000		2.623			07/18/22		1,411,592
	6,950,000		3.407			03/07/24		7,243,568
	Morgan Stanley
	6,150,000		2.625			11/17/21		6,207,195
	Morgan Stanley, Inc.^(a)(b) (3M USD LIBOR + 0.847%)
	5,175,000		3.737			04/24/24		5,405,080
	MUFG Union Bank NA^(a)
	2,375,000		3.150			04/01/22		2,432,570
	NatWest Markets PLC^(c)
	2,725,000		3.625			09/29/22		2,794,297
	Royal Bank of Scotland Group PLC^(a)(b)
	(3M USD LIBOR + 1.550%)
	2,525,000		4.519			06/25/24		2,654,179
	(3M USD LIBOR + 1.762%)
	1,175,000		4.269			03/22/25		1,229,873


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Santander UK PLC
$	4,150,000		2.125	%		11/03/20	$	4,147,302
	Standard Chartered PLC^(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,275,000		4.247			01/20/23		1,320,161
	Sumitomo Mitsui Financial Group, Inc.
	4,650,000		2.784			07/12/22		4,714,588
	The Bank of New York Mellon Corp.
	1,450,000		3.500			04/28/23		1,519,499
	The Huntington National Bank^(a)
	800,000		3.125			04/01/22		818,960
	UBS Group Funding Switzerland AG^(c)
	3,450,000		3.000			04/15/21		3,491,296
	UniCredit SpA^(c)
	1,000,000		6.572			01/14/22		1,072,820
	Wells Fargo & Co.
	4,375,000		2.625			07/22/22		4,423,737
	1,400,000		3.750	^(a)		01/24/24		1,480,066
	Wells Fargo Bank NA^(a)
	1,400,000		3.550			08/14/23		1,470,476
	(3M USD LIBOR + 0.650%)
	2,000,000		2.082	^(b)		09/09/22		1,995,000
	Yapi ve Kredi Bankasi AS
	880,000		4.000			01/22/20		879,175

								144,202,549

Beverages – 2.6%
	Anheuser-Busch InBev Finance, Inc.^(a)
	1,905,000		2.650			02/01/21		1,920,621
	2,359,000		3.300			02/01/23		2,450,388
	Anheuser-Busch InBev Worldwide, Inc.^(b) (3M USD LIBOR + 0.740%)
	2,725,000		3.080			01/12/24		2,735,764
	Constellation Brands, Inc.^(a)
	3,200,000		2.700			05/09/22		3,238,048
	3,025,000		2.650			11/07/22		3,061,844
	Diageo Capital PLC^(a)
	1,975,000		3.500			09/18/23		2,076,930
	Keurig Dr Pepper, Inc.^(a)
	3,900,000		4.057			05/25/23		4,125,186

								19,608,781

Building Materials^(a) – 0.2%
	Fortune Brands Home & Security, Inc.
	1,650,000		4.000			09/21/23		1,744,776

Chemicals – 1.8%
	Celanese US Holdings LLC^(a)
	900,000		3.500			05/08/24		933,921
	CNAC HK Finbridge Co. Ltd.
	600,000		3.125			06/19/22		601,306
	240,000		4.625			03/14/23		251,775
	230,000		3.375			06/19/24		231,956
	DuPont de Nemours, Inc.
	1,575,000		3.766			11/15/20		1,602,846
	3,100,000		4.205	^(a)		11/15/23		3,322,797
	International Flavors & Fragrances, Inc.
	1,375,000		3.400			09/25/20		1,390,510


Corporate Obligations – (continued)
Chemicals – (continued)
	Sasol Financing International Ltd.
	200,000		4.500			11/14/22		204,750
	SASOL Financing USA LLC^(a)
	650,000		5.875			03/27/24		700,578
	Syngenta Finance NV^(c)
	3,055,000		3.933			04/23/21		3,109,929
	The Dow Chemical Co^(a)(c)
	1,125,000		3.150			05/15/24		1,154,284
	The Sherwin-Williams Co.^(a)
	315,000		2.750			06/01/22		319,388

								13,824,040

Commercial Services – 1.1%
	IHS Markit Ltd.^(a)
	3,043,000		5.000	^(c)		11/01/22		3,240,795
	1,275,000		3.625			05/01/24		1,324,266
	PayPal Holdings, Inc.
	2,075,000		2.200			09/26/22		2,082,262
	1,625,000		2.400	^(a)		10/01/24		1,633,873

								8,281,196

Computers^(a) – 2.0%
	Dell International LLC/EMC Corp.^(c)
	5,400,000		4.420			06/15/21		5,570,478
	1,700,000		5.450			06/15/23		1,851,147
	DXC Technology Co.^(b) (3M USD LIBOR + 0.950%)
	1,096,000		3.082			03/01/21		1,095,803
	Hewlett Packard Enterprise Co.
	1,475,000		3.500			10/05/21		1,510,193
	800,000		4.400			10/15/22		847,608
	825,000		2.250			04/01/23		823,367
	(3M USD LIBOR + 0.720%)
	3,525,000		3.009	^(b)		10/05/21		3,526,480

								15,225,076

Diversified Financial Services – 4.0%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	250,000		4.500			05/15/21		258,223
	1,500,000		4.125	^(a)		07/03/23		1,572,075
	AIG Global Funding^(c)
	1,100,000		3.350			06/25/21		1,118,293
	(3M USD LIBOR + 0.460%)
	825,000		2.566	^(b)		06/25/21		827,475
	Air Lease Corp.
	1,975,000		3.500			01/15/22		2,027,574
	775,000		2.250			01/15/23		771,687
	3,586,000		2.750	^(a)		01/15/23		3,612,931
	American Express Co.^(a)
	1,525,000		3.700			08/03/23		1,606,587
	(3M USD LIBOR + 0.750%)
	1,200,000		3.037	^(b)		08/03/23		1,205,088
	Avolon Holdings Funding Ltd.^(a)(c)
	1,025,000		3.625			05/01/22		1,039,135
	1,825,000		5.500			01/15/23		1,945,906
	1,075,000		3.950			07/01/24		1,104,724
	Capital One Financial Corp.^(a)
	3,325,000		3.450			04/30/21		3,386,413


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Diversified Financial Services – (continued)
$	850,000		3.900	%		01/29/24	$	897,761
	(3M USD LIBOR + 0.720%)
	1,475,000		2.986	^(b)		01/30/23		1,468,436
	GE Capital International Funding Co. Unlimited Co.
	1,675,000		2.342			11/15/20		1,670,712
	Global Aircraft Leasing Co. Ltd.^(a)(c)(d) (PIK 7.250%, Cash 6.500%)
	1,550,000		6.500			09/15/24		1,565,500
	Huarong Finance 2019 Co. Ltd.
	380,000		3.750			05/29/24		388,906
	Huarong Finance II Co. Ltd.
	270,000		5.500			01/16/25		295,397
	International Lease Finance Corp.
	2,125,000		8.625			01/15/22		2,416,019
	Park Aerospace Holdings Ltd.^(a)(c)
	900,000		5.250			08/15/22		948,375

								30,127,217

Electrical – 3.8%
	Ameren Corp.^(a)
	1,250,000		2.500			09/15/24		1,256,138
	Dominion Energy, Inc.
	2,125,000		2.715	^(e)		08/15/21		2,138,324
	1,750,000		2.450	^(c)		01/15/23		1,757,927
	525,000		3.071	^(e)		08/15/24		538,015
	DTE Energy Co.
	650,000		2.600			06/15/22		655,506
	Exelon Corp.^(a)
	750,000		2.450			04/15/21		752,543
	ITC Holdings Corp.^(a)
	1,925,000		2.700			11/15/22		1,945,058
	NextEra Energy Capital Holdings, Inc.^(a)
	2,625,000		3.150			04/01/24		2,712,517
	NRG Energy, Inc.^(a)(c)
	4,525,000		3.750			06/15/24		4,651,456
	Public Service Enterprise Group, Inc.^(a)
	975,000		2.875			06/15/24		1,000,457
	Sempra Energy
	1,700,000		2.400			02/01/20		1,699,762
	1,100,000		2.400	^(a)		03/15/20		1,099,824
	(3M USD LIBOR + 0.500%)
	1,350,000		2.803	^(a)(b)		01/15/21		1,349,176
	Vistra Energy Corp.^(a)
	1,900,000		5.875			06/01/23		1,938,000
	Vistra Operations Co. LLC^(a)(c)
	3,325,000		3.550			07/15/24		3,370,286
	WEC Energy Group, Inc.
	1,425,000		3.100			03/08/22		1,455,096

								28,320,085

Environmental^(a) – 0.2%
	Waste Management, Inc.
	1,500,000		2.950			06/15/24		1,552,080

Food & Drug Retailing – 1.6%
	Conagra Brands, Inc.
	61,000		4.950			08/15/20		62,166
	925,000		3.800			10/22/21		954,785


Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
	(3M USD LIBOR + 0.750%)
	950,000		3.028	%^(a)(b)		10/22/20		950,190
	General Mills, Inc.
	1,500,000		3.700	^(a)		10/17/23		1,579,845
	(3M USD LIBOR + 1.010%)
	2,175,000		3.313	^(b)		10/17/23		2,190,160
	Mondelez International Holdings Netherlands B.V.^(c)
	1,975,000		2.000	^(a)		10/28/21		1,969,529
	1,225,000		2.125			09/19/22		1,223,199
	Smithfield Foods, Inc.^(a)(c)
	2,350,000		2.650			10/03/21		2,325,983
	Tyson Foods, Inc.^(a)
	875,000		3.900			09/28/23		926,564

								12,182,421

Gas^(a) – 0.2%
	NiSource, Inc.
	1,100,000		2.650			11/17/22		1,113,134

Healthcare Providers & Services – 1.2%
	Acadia Healthcare Co., Inc.^(a)
	500,000		6.125			03/15/21		500,625
	Becton Dickinson & Co.
	256,000		2.675			12/15/19		256,023
	4,375,000		2.894	^(a)		06/06/22		4,441,587
	(3M USD LIBOR + 0.875%)
	1,144,000		2.979	^(a)(b)		12/29/20		1,144,458
	SSM Health Care Corp.^(a)
	2,335,000		3.688			06/01/23		2,452,901

								8,795,594

Insurance – 0.1%
	Marsh & McLennan Cos., Inc.
	875,000		3.500			12/29/20		889,149

Lodging^(a) – 0.2%
	Marriott International, Inc.
	1,650,000		3.600			04/15/24		1,731,642

Machinery-Diversified^(a) – 0.1%
	Roper Technologies, Inc.
	975,000		2.350			09/15/24		976,414

Media – 3.3%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	5,650,000		4.464			07/23/22		5,947,359
	2,200,000		4.500			02/01/24		2,360,424
	(3M USD LIBOR + 1.650%)
	1,275,000		3.903	^(b)		02/01/24		1,305,524
	Comcast Corp.
	2,225,000		3.450			10/01/21		2,292,929
	(3M USD LIBOR + 0.330%)
	750,000		2.429	^(b)		10/01/20		751,358
	(3M USD LIBOR + 0.440%)
	2,250,000		2.539	^(b)		10/01/21		2,257,268
	CSC Holdings LLC
	1,150,000		6.750			11/15/21		1,239,125
	DISH DBS Corp.
	1,850,000		6.750			06/01/21		1,942,500


44		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)
Media – (continued)
	Fox Corp.^(c)
$	1,225,000		3.666	%		01/25/22	$	1,266,858
	3,150,000		4.030	^(a)		01/25/24		3,355,663
	Time Warner Cable LLC
	775,000		5.000			02/01/20		780,720
	1,448,000		4.000	^(a)		09/01/21		1,482,274

								24,982,002

Mining^(c) – 0.2%
	Glencore Funding LLC^(a)
	625,000		3.000			10/27/22		632,912
	Indonesia Asahan Aluminium Persero PT
	780,000		5.230			11/15/21		817,534

								1,450,446

Miscellaneous Manufacturing – 0.8%
	General Electric Co.
	1,202,000		2.500			03/28/20		1,196,687
	(3M USD LIBOR + 0.800%)
	2,130,000		3.103	^(b)		04/15/20		2,129,552
	Ingersoll-Rand Global Holding Co. Ltd.
	1,875,000		2.900			02/21/21		1,889,944
	Parker-Hannifin Corp.^(a)
	625,000		2.700			06/14/24		636,650

								5,852,833

Oil Field Services – 3.1%
	Continental Resources, Inc.^(a)
	2,000,000		3.800			06/01/24		2,039,980
	Diamondback Energy, Inc.^(a)
	1,375,000		4.750			11/01/24		1,405,938
	Gazprom OAO Via Gaz Capital SA
	670,000		5.999			01/23/21		699,941
	Halliburton Co.^(a)
	1,650,000		3.500			08/01/23		1,714,284
	Marathon Oil Corp.^(a)
	3,274,000		2.700			06/01/20		3,286,572
	Newfield Exploration Co.
	2,325,000		5.750			01/30/22		2,484,355
	800,000		5.625			07/01/24		882,000
	Oasis Petroleum, Inc.^(a)
	900,000		6.875			03/15/22		841,500
	Occidental Petroleum Corp.
	1,275,000		2.700			08/15/22		1,286,564
	2,400,000		2.900	^(a)		08/15/24		2,416,872
	(3M USD LIBOR + 1.450%)
	2,350,000		3.637	^(a)(b)		08/15/22		2,365,933
	Petrobras Global Finance B.V.
	1,130,000		6.250			03/17/24		1,268,425
	Petroleos Mexicanos
EUR	170,000		5.125			03/15/23		203,242
	Range Resources Corp.^(a)
$	500,000		5.750			06/01/21		496,250
	Transocean Sentry Ltd.^(a)(c)
	1,900,000		5.375			05/15/23		1,902,375

								23,294,231


Corporate Obligations – (continued)
Pharmaceuticals – 4.5%
	AbbVie, Inc.
$	3,875,000		3.375	%		11/14/21	$	3,967,961
	Bayer US Finance II LLC^(a)(b)(c) (3M USD LIBOR + 1.010%)
	4,150,000		3.129			12/15/23		4,154,938
	Bristol-Myers Squibb Co.^(c)
	1,250,000		2.550			05/14/21		1,262,888
	1,450,000		2.600			05/16/22		1,474,230
	1,275,000		2.900	^(a)		07/26/24		1,315,571
	Cardinal Health, Inc.
	905,000		4.625			12/15/20		928,856
	Cigna Corp.^(a)
	1,625,000		3.750			07/15/23		1,699,913
	(3M USD LIBOR + 0.650%)
	3,150,000		2.789	^(b)		09/17/21		3,147,133
	CVS Health Corp.^(a)
	3,348,000		2.125			06/01/21		3,340,768
	6,075,000		3.700			03/09/23		6,322,216
	Elanco Animal Health, Inc.
	1,375,000		3.912			08/27/21		1,408,096
	500,000		4.272	^(a)		08/28/23		524,786
	McKesson Corp.
	1,600,000		3.650			11/30/20		1,624,736
	675,000		2.700	^(a)		12/15/22		681,770
	Teva Pharmaceutical Finance Netherlands III B.V.
	2,150,000		2.200			07/21/21		1,968,594

								33,822,456

Pipelines – 6.1%
	Enbridge Energy Partners LP
	2,114,000		5.200			03/15/20		2,140,256
	Enbridge, Inc.^(a)
	1,325,000		2.900			07/15/22		1,349,685
	Energy Transfer Operating LP^(a)
	5,000,000		3.600			02/01/23		5,128,250
	Energy Transfer Partners LP/Regency Energy Finance Corp.^(a)
	2,350,000		4.500			11/01/23		2,488,838
	Enterprise Products Operating LLC
	1,550,000		5.200			09/01/20		1,592,563
	EQM Midstream Partners LP^(a)
	3,981,000		4.750			07/15/23		3,995,451
	Kinder Morgan Energy Partners LP
	1,250,000		6.850			02/15/20		1,269,675
	MPLX LP^(a)
	3,250,000		3.375			03/15/23		3,341,422
	(3M USD LIBOR + 0.900%)
	1,100,000		3.002	^(b)		09/09/21		1,103,762
	(3M USD LIBOR + 1.100%)
	1,600,000		3.202	^(b)		09/09/22		1,605,296
	NGPL PipeCo LLC^(a)(c)
	215,000		4.375			08/15/22		222,525
	410,000		4.875			08/15/27		438,700
	ONEOK Partners LP^(a)
	3,250,000		3.375			10/01/22		3,330,568
	Plains All American Pipeline LP/PAA Finance Corp.
	1,690,000		5.750			01/15/20		1,704,128
	2,965,000		3.650	^(a)		06/01/22		3,040,133
	1,298,000		3.850	^(a)		10/15/23		1,342,249


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Pipelines – (continued)
	Sabine Pass Liquefaction LLC^(a)
$	4,560,000		5.625	%		02/01/21	$	4,710,206
	225,000		5.625			04/15/23		244,528
	1,324,000		5.750			05/15/24		1,475,201
	Texas Eastern Transmission LP^(a)(c)
	1,225,000		4.125			12/01/20		1,243,277
	The Williams Cos., Inc.
	1,300,000		5.250			03/15/20		1,316,536
	1,095,000		4.125	^(a)		11/15/20		1,111,425
	2,025,000		3.600	^(a)		03/15/22		2,079,938

								46,274,612

Real Estate^(a) – 0.1%
	China Evergrande Group
	230,000		8.250			03/23/22		206,209
	Easy Tactic Ltd.
	350,000		8.125			07/11/24		328,496
	Kaisa Group Holdings Ltd.
	200,000		11.500			01/30/23		190,500

								725,205

Real Estate Investment Trust – 1.6%
	Alexandria Real Estate Equities, Inc.^(a)
	375,000		4.000			01/15/24		400,163
	American Tower Corp.
	2,800,000		3.000			06/15/23		2,865,128
	1,325,000		3.375	^(a)		05/15/24		1,378,397
	Equinix, Inc.^(a)
	450,000		5.375			01/01/22		459,563
	SBA Communications Corp.^(a)
	900,000		4.875			07/15/22		910,125
	SL Green Operating Partnership LP^(a)
	2,575,000		3.250			10/15/22		2,626,191
	Ventas Realty LP^(a)
	1,375,000		3.500			04/15/24		1,440,752
	VEREIT Operating Partnership LP^(a)
	1,725,000		4.125			06/01/21		1,768,717

								11,849,036

Retailing^(a) – 0.8%
	1011778 BC ULC/New Red Finance, Inc.^(c)
	1,000,000		4.625			01/15/22		1,000,000
	Alimentation Couche-Tard, Inc.^(c)
	425,000		2.700			07/26/22		428,536
	AutoZone, Inc.
	1,700,000		3.125			04/18/24		1,757,664
	Dollar Tree, Inc.^(b) (3M USD LIBOR + 0.700%)
	3,075,000		3.003			04/17/20		3,075,246

								6,261,446

Savings & Loans^(a)(b)(c) – 0.3%
	Nationwide Building Society (3M USD LIBOR + 1.181%)
	2,075,000		3.622			04/26/23		2,114,632

Semiconductors – 2.6%
	Broadcom Corp./Broadcom Cayman Finance Ltd.
	950,000		2.200			01/15/21		946,647
	4,055,000		3.625	^(a)		01/15/24		4,146,602


Corporate Obligations – (continued)
Semiconductors – (continued)
	Broadcom, Inc.^(c)
	5,375,000		3.125			10/15/22		5,444,875
	5,250,000		3.625	^(a)		10/15/24		5,344,395
	Microchip Technology, Inc.
	1,125,000		3.922			06/01/21		1,148,670
	NXP B.V./NXP Funding LLC^(c)
	1,250,000		4.125			06/01/21		1,282,037
	NXP B.V./NXP Funding LLC^(c)
	1,600,000		3.875			09/01/22		1,651,664

								19,964,890

Software – 0.8%
	Fiserv, Inc.
	1,225,000		4.750			06/15/21		1,277,026
	1,950,000		3.800	^(a)		10/01/23		2,063,276
	2,975,000		2.750	^(a)		07/01/24		3,028,966

								6,369,268

Telecommunication Services – 2.8%
	AT&T, Inc.
	675,000		2.800	^(a)		02/17/21		680,758
	900,000		3.000			02/15/22		918,567
	1,324,000		3.200	^(a)		03/01/22		1,356,041
	3,225,000		3.600	^(a)		02/17/23		3,362,933
	CenturyLink, Inc.
	1,100,000		6.450			06/15/21		1,155,000
	CommScope, Inc.^(a)(c)
	565,000		5.000			06/15/21		565,000
	Qwest Corp.
	650,000		6.750			12/01/21		702,974
	Sprint Communications, Inc.
	425,000		6.000			11/15/22		449,438
	Sprint Corp.
	1,000,000		7.250			09/15/21		1,067,500
	T-Mobile USA, Inc.^(a)
	1,120,000		6.000			04/15/24		1,160,600
	Verizon Communications, Inc.
	2,200,000		2.450	^(a)		11/01/22		2,228,182
	6,700,000		5.150			09/15/23		7,495,290

								21,142,283

Transportation^(a) – 0.3%
	Ryder System, Inc.
	2,350,000		2.875			06/01/22		2,386,190

Trucking & Leasing^(a)(c) – 0.2%
	SMBC Aviation Capital Finance DAC
	1,200,000		3.550			04/15/24		1,243,800

	TOTAL CORPORATE OBLIGATIONS
	(Cost $507,725,361)						$	518,577,505



Mortgage-Backed Obligations – 16.1%
Collateralized Mortgage Obligations – 4.7%
Interest Only^(f) – 0.4%
	FHLMC REMIC Series 3852, Class SW^(b) (-1x1M LIBOR + 6.000%)
$	876,826		3.973	%		05/15/41	$	139,084


46		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)
Interest Only^(f) – (continued)
	FHLMC REMIC Series 4314, Class SE^(b) (-1x1M LIBOR + 6.050%)
$	638,083		4.023	%		03/15/44	$	102,854
	FHLMC REMIC Series 4320, Class SD^(b) (-1x1M LIBOR + 6.100%)
	153,232		4.073			07/15/39		27,232
	FHLMC REMIC Series 4468, Class SY^(b) (-1x1M LIBOR + 6.100%)
	1,006,467		4.073			05/15/45		167,329
	FHLMC REMIC Series 4583, Class ST^(b) (-1x1M LIBOR + 6.000%)
	704,799		3.973			05/15/46		119,656
	FHLMC REMIC Series 4792, Class SA^(b) (-1x1M LIBOR + 6.200%)
	1,405,132		4.173			05/15/48		190,379
	FHLMC STRIPS Series 304, Class C45
	238,804		3.000			12/15/27		16,725
	FNMA REMIC Series 2010-135, Class AS^(b) (-1x1M LIBOR + 5.950%)
	236,426		3.932			12/25/40		36,182
	FNMA REMIC Series 2016-1, Class SJ^(b) (-1x1M LIBOR + 6.150%)
	1,084,358		4.132			02/25/46		189,890
	GNMA REMIC Series 2010-101, Class S^(b) (-1x1M LIBOR + 6.000%)
	160,485		3.956			08/20/40		27,676
	GNMA REMIC Series 2010-20, Class SE^(b) (-1x1M LIBOR + 6.250%)
	114,228		4.206			02/20/40		21,340
	GNMA REMIC Series 2013-124, Class CS^(b) (-1x1M LIBOR + 6.050%)
	648,699		4.006			08/20/43		118,611
	GNMA REMIC Series 2013-134, Class DS^(b) (-1x1M LIBOR + 6.100%)
	73,002		4.056			09/20/43		13,372
	GNMA REMIC Series 2013-152, Class TS^(b) (-1x1M LIBOR + 6.100%)
	239,519		4.056			06/20/43		42,516
	GNMA REMIC Series 2014-117, Class SJ^(b) (-1x1M LIBOR + 5.600%)
	1,865,976		3.556			08/20/44		297,995
	GNMA REMIC Series 2014-132, Class SL^(b) (-1x1M LIBOR + 6.100%)
	658,019		4.056			10/20/43		83,573
	GNMA REMIC Series 2014-133, Class BS^(b) (-1x1M LIBOR + 5.600%)
	585,148		3.556			09/20/44		93,618
	GNMA REMIC Series 2014-158, Class SA^(b) (-1x1M LIBOR + 5.600%)
	875,480		3.573			10/16/44		142,258
	GNMA REMIC Series 2014-162, Class SA^(b) (-1x1M LIBOR + 5.600%)
	253,671		3.556			11/20/44		37,555
	GNMA REMIC Series 2015-110, Class MS^(b) (-1x1M LIBOR + 5.710%)
	5,650,266		3.666			08/20/45		813,944


Mortgage-Backed Obligations – (continued)
Interest Only^(f) – (continued)
	GNMA REMIC Series 2015-111, Class IM
	461,140		4.000			08/20/45		57,634
	GNMA REMIC Series 2015-123, Class SP^(a)(b) (-1x1M USD LIBOR + 6.250%)
	410,533		4.206			09/20/45		69,040
	GNMA REMIC Series 2015-57, Class AS^(b) (-1x1M LIBOR + 5.600%)
	1,030,263		3.556			04/20/45		148,156
	GNMA REMIC Series 2015-95, Class GI
	478,269		4.500			07/16/45		99,311
	GNMA REMIC Series 2016-109, Class IH
	2,271,773		4.000			10/20/45		272,927
	GNMA REMIC Series 2016-27, Class IA
	383,360		4.000			06/20/45		40,284

								3,369,141

Regular Floater^(b) – 0.2%
	FNMA REMIC Series 2007-33, Class HF (1M LIBOR + 0.350%)
	18,183		2.368			04/25/37		18,133
	Silverstone Master Issuer PLC Series 2019-1A, Class 1A^(c) (3M USD LIBOR + 0.570%)
	1,160,000		2.848			01/21/70		1,161,232

								1,179,365

Sequential Fixed Rate – 1.7%
	FHLMC REMIC Series 4619, Class NA
	1,851,789		3.000			03/15/44		1,920,432
	FHLMC REMIC Series 4630, Class MC
	1,196,211		4.000			08/15/54		1,262,319
	FHLMC REMIC Series 4649, Class ML
	8,817,218		4.000			11/15/54		9,470,132
	FNMA REMIC Series 2012-111, Class B
	22,467		7.000			10/25/42		26,241
	FNMA REMIC Series 2012-153, Class B
	78,431		7.000			07/25/42		92,123

								12,771,247

Sequential Floating Rate^(b)(c) – 2.4%
	Credit Suisse European Mortgage Capital Ltd. Series 2015-1HWA, Class A (3M Euribor + 2.750%)
EUR	520,095		2.750			04/20/20		566,877
	Holmes Master Issuer PLC Series 2018-1A, Class A2 (3M USD LIBOR + 0.360%)
$	2,005,714		2.663			10/15/54		2,004,631
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	275,909		3.750			05/28/52		287,001
	Station Place Securitization Trust Series 2015-2, Class AR (1M USD LIBOR + 0.550%)
	15,000,000		2.586			05/15/21		15,000,000

								17,858,509

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	35,178,262


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities – 0.4%
Sequential Fixed Rate – 0.0%
	FHLMC Multifamily Structured Pass-Through Certificates Series K030, Class A1
$	129,602		2.779	%		09/25/22		$	130,921

Sequential Floating Rate^(b)(c) – 0.4%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A (1M USD LIBOR + 0.900%)
	1,195,715		2.928			09/15/35			1,195,345
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A (1M USD LIBOR + 0.830%)
	1,504,108		2.855			06/15/35			1,503,162

									2,698,507

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	2,829,428

Federal Agencies – 11.0%
GNMA – 2.3%
$	6,273,175		4.500	%		08/20/47		$	6,634,136
	1,000,000		3.500			TBA-30yr	^(g)		1,035,493
	9,000,000		4.000			TBA-30yr	^(g)		9,358,549

									17,028,178

UMBS – 7.5%
	3,140		6.000			11/01/23			3,467
	1,021,486		6.000			02/01/24			1,127,925
	14,256		6.000			01/01/29			15,751
	36,834		6.000			01/01/32			41,564
	6,892		6.000			11/01/32			7,759
	450,151		6.000			12/01/32			496,932
	3,783,655		6.000			05/01/34			4,256,618
	6,595		6.000			11/01/34			7,492
	40,549		6.000			06/01/35			46,325
	347,061		6.000			10/01/35			397,073
	1,573,459		6.000			11/01/35			1,800,104
	93,432		6.000			12/01/35			106,971
	1,719		6.000			01/01/36			1,960
	4,749		6.000			02/01/36			5,442
	2,133		6.000			03/01/36			2,444
	782,837		6.000			05/01/36			897,060
	53,563		6.000			06/01/36			61,371
	679,688		6.000			07/01/36			778,054
	71,899		6.000			08/01/36			82,386
	960,920		6.000			09/01/36			1,101,748
	1,962,564		6.000			10/01/36			2,250,931
	41,784		6.000			11/01/36			47,957
	413,460		6.000			02/01/37			475,312
	10,568		6.000			03/01/37			12,152
	37,636		6.000			05/01/37			43,186
	399,998		6.000			11/01/37			459,815
	19,625		6.000			12/01/37			22,579
	140,953		6.000			03/01/38			161,701
	151,390		6.000			05/01/38			173,922
	6,323		6.000			07/01/38			7,264
	3,653		6.000			09/01/38			4,207
	152,527		6.000			10/01/38			175,229
	655,478		6.000			11/01/38			754,621


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	511,093		6.000			01/01/39			586,969
	101,229		6.000			09/01/39			116,327
	10,738		6.000			06/01/40			12,339
	777,977		6.000			10/01/40			894,367
	3,497,186		6.000			05/01/41			4,009,598
	37,564		6.000			06/01/41			42,698
	32,712,105		5.000			10/01/49			35,138,343

									56,627,963

UMBS, 30 Year, Single Family^(g) – 1.2%
	1,000,000		3.500			TBA-30yr			1,025,770
	8,000,000		4.500			TBA-30yr			8,424,372

									9,450,142

	TOTAL FEDERAL AGENCIES							$	83,106,283

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $120,283,803)							$	121,113,973



Asset-Backed Securities – 8.4%
Automotive^(c) – 0.1%
	Ford Credit Auto Owner Trust Series 2016-2, Class A
$	450,000		2.030	%		12/15/27		$	449,756

Collateralized Loan Obligations^(b)(c) – 5.2%
	AIMCO CLO Series 2017-AA, Class A (3M USD LIBOR + 1.260%)
	3,150,000		3.538			07/20/29			3,150,473
	Bowman Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.180%)
	1,124,490		3.328			11/23/25			1,125,714
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	4,400,000		3.078			09/15/35			4,401,430
	Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R (3M USD LIBOR + 1.230%)
	3,100,000		3.332			06/09/30			3,101,042
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	1,680,720		3.553			07/15/26			1,681,586
	KREF Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.100%)
	2,400,000		3.125			06/15/36			2,404,522
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	4,200,000		3.053			04/15/29			4,167,143
	OCP CLO Ltd. Series 2015-8A, Class A1R (3M USD LIBOR + 0.850%)
	2,979,598		3.153			04/17/27			2,979,625
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	1,500,000		3.208			06/15/36			1,501,079
	Parallel Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.850%)
	1,250,000		3.128			07/20/27			1,249,985


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

GOLDMAN SACHS SHORT DURATION INCOME FUND


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Collateralized Loan Obligations^(b)(c) – (continued)
	Parallel Ltd. Series 2017-1A, Class A1(3M USD LIBOR + 1.310%)
$	2,700,000		3.588	%		07/20/29	$	2,703,521
	Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	437,013		2.868			06/25/35		435,890
	Recette CLO Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	4,550,000		3.198			10/20/27		4,545,627
	TPG Real Estate Finance Issuer Ltd. Series 2018-FL2, Class A (1M USD LIBOR + 1.130%)
	2,750,000		3.155			11/15/37		2,753,464
	Whitehorse Ltd. Series 2014-9A, Class AR (3M USD LIBOR + 1.160%)
	2,047,599		3.463			07/17/26		2,049,325
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	548,471		3.153			05/01/26		548,526

								38,798,952

Credit Card^(c) – 0.1%
	Golden Credit Card Trust Series 2017-2A, Class A
	1,050,000		1.980			04/15/22		1,049,063

Student Loan^(b) – 3.0%
	Access to Loans for Learning Student Loan Corp. Series 2013-I, Class A^(a) (1M USD LIBOR + 0.800%)
	511,433		2.818			02/25/41		508,332
	Educational Funding of the South, Inc. Series 2012-1, Class A (1M USD LIBOR + 1.050%)
	2,096,854		3.068			03/25/36		2,119,184
	Educational Services of America, Inc. Series 2012-1, Class A1^(c) (1M USD LIBOR + 1.150%)
	36,389		3.168			09/25/40		36,425
	Educational Services of America, Inc. Series 2014-1, Class A^(c) (1M USD LIBOR + 0.700%)
	620,801		2.718			02/25/39		619,460
	Educational Services of America, Inc. Series 2015-2, Class A^(c) (1M USD LIBOR + 1.000%)
	549,661		3.018			12/25/56		551,593
	EFS Volunteer No. 3 LLC Series 2012-1, Class A3^(c) (1M USD LIBOR + 1.000%)
	1,513,226		3.018			04/25/33		1,521,661
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,698,020		3.176			07/25/45		1,708,795
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
	1,743,136		2.850			12/01/31		1,733,287
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	1,483,991		3.044			05/20/30		1,486,798
	Navient Student Loan Trust Series 2016-7A, Class A^(c) (1M USD LIBOR + 1.150%)
	1,512,234		3.168			03/25/66		1,526,650
	Northstar Education Finance, Inc. Series 2012-1, Class A^(c) (1M USD LIBOR + 0.700%)
	73,259		2.718			12/26/31		73,138


Asset-Backed Securities – (continued)
Student Loan^(b) – (continued)
	Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1^(c) (1M USD LIBOR + 0.550%)
	41,433		2.568			05/25/57		41,328
	PHEAA Student Loan Trust Series 2016-1A, Class A^(c) (1M USD LIBOR + 1.150%)
	1,438,740		3.168			09/25/65		1,450,210
	SLC Student Loan Center Series 2011-1, Class A^(c) (1M USD LIBOR + 1.220%)
	3,836,691		3.238			10/25/27		3,854,315
	SLC Student Loan Trust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	908,984		2.239			06/15/29		904,004
	SLM Student Loan Trust Series 2004-8A, Class A5^(c) (3M USD LIBOR + 0.500%)
	92,716		2.776			04/25/24		92,742
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	1,055,390		2.416			10/25/28		1,047,646
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	798,450		2.606			01/25/22		779,411
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	294,266		3.926			07/25/22		297,293
	SLM Student Loan Trust Series 2012-3, Class A (1M USD LIBOR + 0.650%)
	964,796		2.668			12/27/38		961,784
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	385,324		3.169			10/01/24		386,067
	Utah State Board of Regents Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,200,000		3.103			05/01/35		1,207,344
	Wachovia Student Loan Trust Series 2005-1, Class A5 (3M USD LIBOR + 0.130%)
	4,744		2.406			01/26/26		4,744

								22,912,211

	TOTAL ASSET-BACKED SECURITIES
	(Cost $63,029,809)						$	63,209,982



Foreign Debt Obligations – 2.2%
Sovereign – 2.2%
	Abu Dhabi Government International Bond
$	870,000		2.500	%		10/11/22	$	877,612
	Dominican Republic
	806,667		7.500			05/06/21		842,967
	Ecuador Government International Bond
	1,510,000		7.950			06/20/24		1,539,256
	Qatar Government International Bond
	870,000		2.375			06/02/21		871,088
	1,840,000		3.375	^(c)		03/14/24		1,926,250
	Republic of Colombia^(a)
	1,510,000		4.000			02/26/24		1,591,162


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Indonesia
$	200,000		5.875	%		01/15/24	$	225,438
EUR	250,000		2.150	^(c)		07/18/24		292,839
	Republic of Nigeria
	1,390,000		6.750			01/28/21		1,438,650
	Republic of Sri Lanka
	200,000		6.850			11/03/25		200,625
	Spain Government Bond^(c)
EUR	4,240,000		1.600			04/30/25		5,097,069
	Ukraine Government Bond
$	1,500,000		7.750			09/01/21		1,560,000

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $16,298,264)						$	16,462,956



Municipal Debt Obligations – 3.3%
California^(a) – 0.1%
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2019 C
$	380,000		3.146	%		05/01/23	$	395,842

Connecticut – 0.4%
	Connecticut State GO Bonds Series A
	3,000,000		3.130			01/15/24		3,112,260

Florida^(a) – 1.7%
	Florida State Board of Administration Finance Corp. Series 2016, Class A
	12,625,000		2.638			07/01/21		12,773,091

Illinois^(a) – 0.4%
	Chicago Illinois GO Bonds Prerefunded Taxable Series B
	2,753,000		7.750			01/01/42		3,541,377

New Hampshire^(a)(b) – 0.2%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
	1,703,292		3.125			10/25/37		1,699,569

Texas^(a) – 0.4%
	City of Austin TX Electric Utility RB (Taxable) Series A
	595,000		2.425			11/15/19		595,381
	595,000		2.425			11/15/20		598,962
	595,000		2.425			11/15/21		602,140
	595,000		2.456			11/15/22		606,287
	595,000		2.524			11/15/23		612,035

								3,014,805

Utah^(a)(b) – 0.1%
	Utah State Board of Regents Student Loan RB (Taxable) Series 2011, Class A2 (3M USD LIBOR + 0.850%)
	457,329		3.103			05/01/29		458,331

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $24,529,164)						$	24,995,275



U.S. Treasury Obligation^(h) – 0.1%
	United States Treasury Notes
	850,000		2.875	%		08/15/28	$	934,867
	(Cost $896,677)


Shares	Dividend Rate			Value

Investment Company⁽ⁱ⁾ – 0.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
3,292,037		2.032	%	$	3,292,037
(Cost $3,292,037)

TOTAL INVESTMENTS – 99.2%
(Cost $736,055,115)				$	748,586,595

OTHER ASSETS IN EXCESS OF LIABILITIES – 0.8%					6,339,020

NET ASSETS – 100.0%				$	754,925,615



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

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

(b)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2019.

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

(d)		Pay-in-kind securities.

(e)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2019.

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

(g)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $19,844,183 which represents approximately 2.6% of the Fund’s net assets as of September 30, 2019.

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

(i)		Represents an affiliated issuer.


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

GOLDMAN SACHS SHORT DURATION INCOME FUND



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

Investment Abbreviations:
AUDOR		—Australian Dollar Offered Rate
CDOR		—Canadian Dollar Offered Rate
CHFOR		—Swiss Franc Offered Rate
CLO		—Collateralized Loan Obligation
EURO		—Euro Offered Rate
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
GO		—General Obligation
JYOR		—Japanese Yen Offered Rate
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
NIBOR		—Norwegian Interbank Offered Rate
NZDOR		—New Zealand Dollar Offered Rate
PLC		—Public Limited Company
RB		—Revenue Bond
REMIC		—Real Estate Mortgage Investment Conduit
SOFR		—Secured Overnight Funding Rate
STIBOR		—Stockholm Interbank Offered Rate
STRIPS		—Separate Trading of Registered Interest and Principal of Securities


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	650,662	SEK	4,300,158		12/18/19	$	1,036
	BRL	1,976,626	USD	473,636		10/02/19		2,025
	BRL	19,565,470	USD	4,674,016		11/04/19		23,122
	CHF	2,063,527	EUR	1,897,175		12/18/19		1,708
	COP	3,281,684,549	USD	939,981		11/08/19		1,318
	EUR	873,381	AUD	1,411,736		12/18/19		2,586
	EUR	1,746,730	CHF	1,895,663		12/18/19		2,693
	EUR	610,950	HUF	203,212,738		12/18/19		5,303
	EUR	402,577	NOK	4,004,235		12/18/19		805
	EUR	435,130	PLN	1,897,056		12/18/19		3,584
	EUR	4,939,961	SEK	52,816,087		12/18/19		22,845
	IDR	27,627,286,382	USD	1,929,356		10/09/19		18,559
	INR	298,695,887	USD	4,190,573		10/09/19		28,476
	JPY	77,685,248	AUD	1,065,232		12/18/19		1,940
	JPY	51,150,458	NZD	754,676		12/18/19		2,434
	JPY	102,725,180	USD	953,096		12/18/19		2,590
	MXN	37,084,229	USD	1,854,490		12/18/19		1,127
	NOK	77,517,024	EUR	7,756,302		12/18/19		25,094
	PEN	6,474,233	USD	1,906,934		11/06/19		11,238
	SEK	17,760,447	EUR	1,649,987		12/18/19		4,571
	TRY	2,813,384	EUR	430,764		12/18/19		13,174
	TRY	15,251,940	USD	2,588,936		12/18/19		43,573
	TWD	29,994,418	USD	960,844		10/03/19		5,680
	USD	451,792	AUD	657,727		11/13/19		7,189
	USD	4,991,138	AUD	7,314,844		12/18/19		41,534
	USD	1,824,615	BRL	7,495,643		10/02/19		20,841
	USD	5,558,097	CAD	7,344,627		12/18/19		6,904
	USD	3,509,792	CHF	3,449,907		12/18/19		28,421
	USD	9,860,431	CLP	7,127,994,442		10/01/19		84,509
	USD	1,870,356	CLP	1,352,346,397		10/25/19		14,714
	USD	1,620,767	CNH	11,550,768		12/18/19		6,336
	USD	1,777,208	COP	6,141,680,179		10/10/19		13,180
	USD	3,885,469	COP	13,426,913,311		11/08/19		34,173
	USD	6,359,330	EUR	5,762,460		11/27/19		51,770
	USD	10,537,990	EUR	9,523,265		12/18/19		93,785
	USD	1,659,257	HUF	492,874,228		12/18/19		47,019
	USD	481,138	IDR	6,794,338,613		10/09/19		2,090
	USD	457,582	INR	32,346,493		10/09/19		692
	USD	4,323,129	JPY	462,820,704		12/18/19		17,357
	USD	441,204	KRW	527,227,988		11/25/19		847
	USD	3,436,215	MXN	68,027,742		12/18/19		32,250
	USD	480,859	NOK	4,294,453		12/18/19		8,215
	USD	5,531,658	NZD	8,696,721		12/18/19		75,893
	USD	474,277	PEN	1,588,354		11/06/19		3,683
	USD	478,340	PLN	1,881,636		12/18/19		8,565
	USD	678,220	RON	2,914,649		12/18/19		9,413
	USD	1,424,689	RUB	91,358,375		10/15/19		18,843
	USD	979,569	SEK	9,435,702		10/07/19		20,612
	USD	949,649	SGD	1,304,576		12/18/19		4,892


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	967,440	TWD	29,994,418		10/03/19	$	916
	USD	1,819,331	TWD	55,946,234		10/30/19		12,865
	USD	2,871,279	ZAR	43,180,948		12/18/19		49,303
	ZAR	14,175,599	USD	922,565		12/18/19		3,844

TOTAL							$	946,136

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	699,467	CAD	635,875		12/18/19	$	(7,309	)
	AUD	1,311,000	USD	902,759		11/13/19		(16,565	)
	AUD	8,313,758	USD	5,690,577		12/18/19		(65,058	)
	BRL	27,105,721	USD	6,566,915		10/02/19		(44,117	)
	CAD	1,267,779	USD	961,505		12/18/19		(3,296	)
	CHF	3,630,841	EUR	3,351,160		12/18/19		(11,275	)
	CHF	4,577,878	USD	4,665,345		12/18/19		(45,714	)
	CLP	7,127,994,442	USD	9,915,300		10/01/19		(139,378	)
	CLP	565,970,791	USD	784,306		10/25/19		(7,701	)
	COP	6,141,680,178	USD	1,825,437		10/10/19		(61,409	)
	COP	10,123,695,836	USD	2,953,146		11/08/19		(49,324	)
	CZK	33,835,057	USD	1,447,941		12/18/19		(15,834	)
	EUR	429,963	AUD	701,558		12/18/19		(3,168	)
	EUR	872,672	CAD	1,280,681		12/18/19		(10,896	)
	EUR	2,443,286	CHF	2,668,082		12/18/19		(12,855	)
	EUR	837,404	CZK	21,721,511		12/18/19		(1,003	)
	EUR	403,243	HUF	135,241,893		12/18/19		(151	)
	EUR	887,421	ILS	3,449,025		12/18/19		(23,213	)
	EUR	2,601,130	JPY	311,132,080		12/18/19		(41,894	)
	EUR	436,731	SEK	4,704,022		12/18/19		(1,521	)
	EUR	6,787,277	USD	7,538,214		12/18/19		(94,581	)
	GBP	1,190,679	USD	1,474,496		12/18/19		(5,655	)
	HUF	145,218,564	EUR	433,890		12/18/19		(825	)
	HUF	144,608,447	PLN	1,901,817		12/18/19		(1,785	)
	HUF	144,332,836	USD	477,057		12/18/19		(4,930	)
	IDR	4,033,035,586	USD	288,259		10/09/19		(3,902	)
	JPY	782,930,748	USD	7,352,468		12/18/19		(68,608	)
	KRW	3,128,492,330	USD	2,621,563		11/25/19		(8,553	)
	MXN	27,619,535	USD	1,396,720		12/18/19		(14,697	)
	NOK	13,515,850	CAD	1,989,963		12/18/19		(16,504	)
	NOK	4,281,117	EUR	430,572		12/18/19		(1,033	)
	NOK	8,584,683	USD	959,565		12/18/19		(14,741	)
	NZD	763,188	EUR	437,674		12/18/19		(1,224	)
	NZD	2,704,766	USD	1,741,496		12/18/19		(44,698	)
	PEN	2,421,804	USD	722,129		11/06/19		(4,602	)
	PLN	20,746,128	EUR	4,756,881		12/18/19		(37,353	)
	PLN	15,299,342	USD	3,899,213		12/18/19		(79,534	)
	RON	1,925,197	EUR	402,931		12/18/19		(133	)
	RUB	377,149,223	USD	5,861,760		10/15/19		(58,088	)
	SEK	41,203,558	EUR	3,861,823		12/18/19		(26,594	)
	SEK	8,325,643	USD	875,883		10/07/19		(29,742	)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	SEK	14,338,420	USD	1,479,027		12/18/19	$	(14,447	)
	TWD	15,304,410	USD	494,600		10/30/19		(431	)
	USD	5,165,649	BRL	21,586,703		10/02/19		(29,038	)
	USD	1,907,657	CAD	2,528,503		12/18/19		(3,428	)
	USD	1,853,891	IDR	26,528,899,575		10/09/19		(16,580	)
	USD	2,837,547	ILS	9,955,380		12/18/19		(38,641	)
	USD	3,710,194	INR	266,349,392		10/09/19		(51,963	)
	USD	475,817	INR	34,007,830		11/25/19		(2,271	)
	USD	236,410	INR	16,857,226		12/03/19		(334	)
	USD	963,341	MXN	19,329,385		12/18/19		(3,861	)
	USD	474,506	NZD	756,399		12/18/19		(11	)
	USD	2,243,315	SGD	3,100,807		12/18/19		(2,250	)
	USD	860,883	TRY	5,016,196		12/18/19		(4,920	)
	USD	953,727	TWD	29,544,455		10/30/19		(243	)
	ZAR	7,104,405	EUR	437,000		12/18/19		(14,970	)
	ZAR	47,329,809	USD	3,159,723		12/18/19		(66,607	)

TOTAL							$	(1,329,458	)

FORWARD SALES CONTRACTS — At September 30, 2019, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)		Settlement Date		Principal Amount			Value
FNMA(Proceeds Receivable: $(10,717,188))		5.000	%		TBA-30yr		11/13/19	$	(10,000,000	)	$	(10,716,406	)

(a)

FUTURES CONTRACTS — At September 30, 2019, 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		46		12/16/19	$	3,591,936	$	(179	)
Australian 10 Year Government Bonds		27		12/16/19		2,685,242		(2,218	)
Eurodollars		93		12/16/19		22,794,300		5,815
Eurodollars		11		03/16/20		2,704,075		4,170
Ultra Long U.S. Treasury Bonds		31		12/19/19		5,949,094		108,802
30 Day Federal Funds		181		11/29/19		74,099,032		3,914
2 Year U.S. Treasury Notes		1,552		12/31/19		334,456,000		(713,428	)
5 Year U.S. Treasury Notes		426		12/31/19		50,757,235		(177,719	)
10 Year U.S. Treasury Notes		281		12/19/19		36,617,812		(118,138	)

Total							$	(888,981	)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Eurodollars		(73	)		06/15/20	$	(17,966,213	)	$	(127,155	)
Eurodollars		(74	)		09/14/20		(18,227,125	)		(120,508	)
Ultra 10 Year U.S. Treasury Notes		(123	)		12/19/19		(17,515,969	)		183,356
5 Year German Euro-Bobl		(46	)		12/06/19		(6,801,181	)		47,562
10 Year U.K. Long Gilt		(25	)		12/27/19		(4,126,368	)		(2,904	)
20 Year U.S. Treasury Bonds		(63	)		12/19/19		(10,225,687	)		58,361

Total									$	38,712

TOTAL FUTURES CONTRACTS									$	(850,269	)

SWAP CONTRACTS — At September 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)				Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.007%^(a)	6M GBP	11/07/19		GBP	61,800		$	(5,138	)	$	131		$	(5,269	)
0.045^(a)	3M STIBOR^(b)	03/18/21		SEK	393,610	^(c)		(14,228	)		1,393			(15,621	)
3M LIBOR^(d)	1.287%	09/15/21		$	12,130	^(c)		(1,173	)		1,403			(2,576	)
6M CDOR^(e)	2.250	12/18/21		CAD	46,980	^(c)		295,873			255,841			40,032
1.500^(b)	3M LIBOR^(e)	12/18/21		$	33,130	^(c)		37,781			(30,230	)		68,011
0.000	3M LIBOR	07/25/24			17,200	^(c)		3,225			284			2,941
6M AUDOR^(e)	1.250	12/18/24		AUD	7,190	^(c)		78,195			79,438			(1,243	)
6M CDOR^(e)	2.250	12/18/24		CAD	20,470	^(c)		396,542			374,398			22,144
1.500^(b)	3M LIBOR^(e)	12/18/24		$	14,870	^(c)		(15,235	)		(64,779	)		49,544
0.050^(b)	3M STIBOR^(d)	12/18/24		SEK	58,960	^(c)		(22,427	)		(11,923	)		(10,504	)
0.971^(d)	3M LIBOR	06/30/26		$	8,110	^(c)		138,603			131,553			7,050
6M AUDOR^(e)	1.250	12/18/26		AUD	5,660	^(c)		57,589			29,545			28,044
1.500^(e)	6M GBP	12/18/26		GBP	2,780	^(c)		(212,150	)		(160,548	)		(51,602	)
6M JYOR^(e)	0.500	03/22/28		JPY	925,010	^(c)		225,179			11,206			213,973
0.300^(e)	6M EURO^(d)	08/03/28		EUR	7,030	^(c)		(137,255	)		(88,874	)		(48,381	)
6M CHFOR^(e)	1.050^(d)	08/07/28		CHF	8,200	^(c)		562,449			234,929			327,520
6M EURO^(e)	1.200^(d)	02/12/29		EUR	9,870	^(c)		655,831			209,579			446,252
3M LIBOR^(b)	2.800^(e)	02/12/29		$	8,440	^(c)		462,205			71,905			390,300
1.500^(e)	6M GBP	02/12/29		GBP	15,290	^(c)		(769,337	)		(417,924	)		(351,413	)
3M LIBOR^(b)	1.295^(e)	05/15/29		$	3,530	^(c)		(76,575	)		(128,755	)		52,180
6M CDOR^(e)	3.000	06/19/29		CAD	12,000	^(c)		509,671			460,711			48,960
1.500^(e)	6M EURO^(d)	06/19/29		EUR	8,450	^(c)		(683,394	)		(985,431	)		302,037
1.750^(e)	6M GBP	06/19/29		GBP	1,640	^(c)		(105,427	)		(105,427	)		—
3M LIBOR^(b)	2.013^(e)	08/02/29		$	12,380	^(c)		353,824			149,375			204,449
0.900^(e)	6M GBP	09/13/29		GBP	5,190	^(c)		(67,070	)		9,872			(76,942	)
6M EURO^(e)	0.275^(d)	09/17/29		EUR	6,930	^(c)		69,692			(6,808	)		76,500
6M AUDOR^(e)	1.250	12/18/29		AUD	29,150	^(c)		122,552			(16,218	)		138,770
6M CDOR^(e)	2.500	12/18/29		CAD	3,210	^(c)		168,725			151,650			17,075
0.400^(b)	3M STIBOR^(d)	12/18/29		SEK	57,380	^(c)		(75,573	)		17,705			(93,278	)
0.750^(e)	6M EURO^(d)	12/18/29		EUR	5,650	^(c)		(558,926	)		(541,091	)		(17,835	)
1.500^(e)	6M GBP	12/18/29		GBP	4,630	^(c)		(479,440	)		(357,756	)		(121,684	)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

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)
1.750%^(e)		6M NIBOR^(d)	12/18/29		NOK	79,850	^(c)	$	(47,328	)	$	(27,137	)	$	(20,191	)
6M NIBOR^(e)		2.000%^(d)	03/19/30			22,470	^(c)		32,414			16,673			15,741
1.750^(b)		3M NZDOR^(e)	03/19/30		NZD	3,910	^(c)		(21,278	)		(1,512	)		(19,766	)
6M EURO^(e)		0.020^(d)	09/16/30		EUR	370	^(c)		2,007			7			2,000
6M EURO^(e)		0.002^(d)	09/16/30			1,830	^(c)		14,360			9,620			4,740
6M JYOR^(e)		1.250	06/14/38		JPY	467,090	^(c)		371,228			357,668			13,560
3M LIBOR^(b)		3.000^(e)	06/20/39		$	1,210	^(c)		113,565			113,098			467
1.750^(e)		6M EURO^(d)	06/20/39		EUR	920	^(c)		(123,472	)		(129,856	)		6,384
1.750^(e)		6M GBP	06/20/39		GBP	2,270	^(c)		(254,733	)		(297,971	)		43,238
1.485^(b)		3M LIBOR^(e)	05/15/45		$	4,010	^(c)		186,458			352,057			(165,599	)
6M JYOR^(e)		1.000	06/15/49		JPY	696,910	^(c)		291,928			297,711			(5,783	)
3M LIBOR^(b)		2.750^(e)	06/15/49		$	1,350	^(c)		91,378			91,889			(511	)
1.500^(e)		6M EURO^(d)	06/15/49		EUR	2,120	^(c)		(270,984	)		(301,456	)		30,472
1.750^(e)		6M GBP	06/15/49		GBP	1,370	^(c)		(157,023	)		(169,639	)		12,616
2.230^(b)		3M LIBOR^(e)	08/02/52		$	3,210	^(c)		(372,363	)		(141,040	)		(231,323	)

TOTAL								$	770,745		$	(554,734	)	$	1,325,479

(a)

Payments made at the termination date.

(b)

Payments made quarterly.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(d)

Payments made annually.

(e)

Payments made semi-annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)			Credit Spread at September 30, 2019^(b)			Termination Date		Notional Amount (000s)			Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Series 31		(1.000	)%		0.478	%		06/20/24		EUR	32,710	$	(896,293	)	$	(804,792	)	$	(91,501	)
Protection Sold:
CDX.NA.IG Index 33		1.000			0.600			12/20/24		$	30,950		621,902			610,907			10,995
General Electric Co. 2.700%, 10/09/22		1.000			1.164			06/20/24			2,025		(14,203	)		(33,049	)		18,846
CDX.NA.IG Index 32		1.000			0.528			06/20/24			37,970		820,013			716,163			103,850
AT&T, Inc., 2.450%, 06/30/20		1.000			0.732			06/20/24			3,425		42,534			7,531			35,003
Republic of Indonesia, 5.875%, 03/13/20		1.000			0.818			06/20/24			120		1,023			(257	)		1,280

TOTAL												$	574,976		$	496,503		$	78,473

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2019, the Fund had the following purchased and written options:

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
Calls
6M IRS	Barclays Bank PLC	$	1.300		03/11/2020		4,300,000		$	4,300,000		$	39,159		$	40,313		$	(1,154	)
1Y IRS	BofA Securities LLC		1.270		08/27/2020		4,290,000			4,290,000			61,749			88,159			(26,410	)
3M IRS	BofA Securities LLC		1.420		11/15/2019		4,250,000			4,250,000			23,117			50,362			(27,245	)
3M IRS	JPMorgan Securities, Inc.		1.585		11/12/2019		4,060,000			4,060,000			44,454			80,738			(36,284	)

							16,900,000		$	16,900,000		$	168,479		$	259,572		$	(91,093	)
Puts
3M IRS	JPMorgan Securities, Inc.	$	1.580		11/19/2019		2,600,000		$	2,600,000		$	26,233		$	27,040		$	(807	)
3M IRS	JPMorgan Securities, Inc.		2.080		11/19/2019		2,600,000			2,600,000			1,559			3,120			(1,561	)

							5,200,000		$	5,200,000		$	27,792		$	30,160		$	(2,368	)

Total purchased option contracts							22,100,000		$	22,100,000		$	196,271		$	289,732		$	(93,461	)
Written option contracts
Calls
1Y IRS	Barclays Bank PLC	$	0.600		08/21/2020		(20,860,000	)	$	(20,860,000	)	$	(48,678	)	$	(103,966	)	$	55,288
6M IRS	Barclays Bank PLC		0.280		03/11/2020		(5,280,000	)		(5,280,000	)		(38,350	)		(37,670	)		(680	)
1Y IRS	BofA Securities LLC		0.600		08/21/2020		(2,130,000	)		(2,130,000	)		(4,970	)		(12,265	)		7,295
1Y IRS	BofA Securities LLC		0.256		08/27/2020		(5,180,000	)		(5,180,000	)		(61,347	)		(93,059	)		31,712
1Y IRS	BofA Securities LLC		0.065		09/14/2020		(7,480,000	)		(7,480,000	)		(215,507	)		(190,583	)		(24,924	)
3M IRS	BofA Securities LLC		0.250		11/15/2019		(5,170,000	)		(5,170,000	)		(18,593	)		(66,866	)		48,273
1Y IRS	JPMorgan Securities, Inc.		0.600		08/21/2020		(5,240,000	)		(5,240,000	)		(12,228	)		(27,881	)		15,653
1Y IRS	JPMorgan Securities, Inc.		0.065		09/14/2020		(2,520,000	)		(2,520,000	)		(72,605	)		(53,442	)		(19,163	)
3M IRS	JPMorgan Securities, Inc.		0.090		11/12/2019		(4,930,000	)		(4,930,000	)		(53,118	)		(96,007	)		42,889

							(58,790,000	)	$	(58,790,000	)	$	(525,396	)	$	(681,739	)	$	156,343
Puts
1Y IRS	BofA Securities LLC	$	0.065		09/14/2020		(7,480,000	)	$	(7,480,000	)	$	(104,998	)	$	(135,398	)	$	30,400
1Y IRS	JPMorgan Securities, Inc.		0.065		09/14/2020		(2,520,000	)		(2,520,000	)		(35,375	)		(53,442	)		18,067
3M IRS	JPMorgan Securities, Inc.		1.830		11/19/2019		(5,200,000	)		(5,200,000	)		(13,970	)		(18,720	)		4,750

							(15,200,000	)	$	(15,200,000	)	$	(154,344	)	$	(207,560	)	$	53,217

Total written option contracts							(73,990,000	)	$	(73,990,000	)	$	(679,740	)	$	(889,299	)	$	209,560

TOTAL							(51,890,000	)	$	(51,890,000	)	$	(483,468	)	$	(599,567	)	$	116,099



Abbreviations:
BofA Securities LLC		— Bank of America Securities LLC
MS & Co. Int. PLC		— Morgan Stanley & Co. International PLC
3M IRS		— 3 Months Interest Rate Swaptions
6M IRS		— 6 Month Interest Rate Swaptions
1Y IRS		— 1 Year Interest Rate Swaptions
CDX.NA.IG Index 32		— CDX North America Investment Grade Index 32
CDX.NA.IG Index 33		— CDX North America Investment Grade Index 33


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 49.7%
Advertising – 0.3%
	The Interpublic Group of Cos., Inc.
	$15,100,000		3.500	%		10/01/20	$	15,276,368

Agriculture^(a)(b) – 0.1%
	BAT Capital Corp. (3M USD LIBOR + 0.880%)
	4,265,000		3.038			08/15/22		4,283,553

Automotive^(c) – 4.4%
	BMW US Capital LLC
	15,035,000		2.000	^(b)		04/11/21		15,017,108
	(3M USD LIBOR + 0.530%)
	31,693,000		2.833	^(a)		04/14/22		31,656,078
	Daimler Finance North America LLC
	15,446,000		3.350			05/04/21		15,687,884
	(3M USD LIBOR + 0.670%)
	15,000,000		2.957	^(a)		11/05/21		15,003,300
	(3M USD LIBOR + 0.900%)
	35,000,000		3.058	^(a)		02/15/22		35,168,700
	Harley-Davidson Financial Services, Inc.^(b)
	22,735,000		2.850			01/15/21		22,797,749
	Volkswagen Group of America Finance LLC
	(3M USD LIBOR + 0.770%)
	23,008,000		2.946	^(a)		11/13/20		23,086,917
	8,000,000		3.875			11/13/20		8,130,080
	20,000,000		2.500			09/24/21		20,039,400
	(3M USD LIBOR + 0.940%)
	5,500,000		3.121	^(a)		11/12/21		5,529,315

								192,116,531

Banks – 33.3%
	ABN AMRO Bank NV^(c)
	7,307,000		2.650			01/19/21		7,350,477
	(3M USD LIBOR + 0.570%)
	38,650,000		2.702	^(a)		08/27/21		38,788,753
	Australia & New Zealand Banking Group Ltd.^(a)(c)
	(3M USD LIBOR + 0.460%)
	18,475,000		2.584			05/17/21		18,536,522
	(3M USD LIBOR + 0.710%)
	5,650,000		2.834			05/19/22		5,690,737
	Bank of America Corp.
	2,575,000		2.250			04/21/20		2,577,421
	5,000,000		5.625			07/01/20		5,133,250
	(3M USD LIBOR + 0.660%)
	30,000,000		2.369	^(a)(b)		07/21/21		30,048,300
	(3M USD LIBOR + 0.650%)
	12,275,000		2.749	^(a)(b)		10/01/21		12,308,879
	(3M USD LIBOR + 0.380%)
	10,935,000		2.639	^(a)(b)		01/23/22		10,926,689
	Bank of Montreal^(a) (3M USD LIBOR + 0.400%)
	29,590,000		2.534			09/10/21		29,556,859
	Banque Federative du Credit Mutuel SA^(c)
	6,000,000		2.200			07/20/20		6,006,000
	30,000,000		2.750			10/15/20		30,217,800
	Barclays Bank PLC^(a) (3M USD LIBOR + 0.400%)
	15,500,000		2.552			08/21/20		15,445,750
	BBVA USA^(a)(b) (3M USD LIBOR + 0.730%)
	5,592,000		2.868			06/11/21		5,582,550


Corporate Obligations – (continued)
Banks – (continued)
	BNP Paribas SA^(a)(c) (3M USD LIBOR + 0.390%)
	22,050,000		2.568			08/07/21		21,996,859
	BNZ International Funding Ltd.^(c)
	8,190,000		2.400			02/21/20		8,196,634
	(3M USD LIBOR + 0.980%)
	13,145,000		3.099	^(a)		09/14/21		13,284,074
	BPCE SA
	2,000,000		2.250			01/27/20		2,000,140
	Capital One NA^(b)
	13,336,000		2.350			01/31/20		13,338,534
	Citibank NA^(a)(b)
	(3M USD LIBOR + 0.530%)
	15,000,000		2.654			02/19/22		15,019,050
	(3M USD LIBOR + 0.600%)
	30,000,000		2.736			05/20/22		30,053,100
	Citigroup, Inc.
	4,000,000		2.700			03/30/21		4,035,840
	(3M USD LIBOR + 1.190%)
	6,588,000		3.456	^(a)		08/02/21		6,675,620
	(3M USD LIBOR + 1.070%)
	2,500,000		3.172	^(a)(b)		12/08/21		2,530,225
	(3M USD LIBOR + 0.960%)
	8,664,000		3.236	^(a)(b)		04/25/22		8,751,940
	Citizens Bank NA^(a)(b) (3M USD LIBOR + 0.720%)
	15,000,000		2.895			02/14/22		15,022,800
	Commonwealth Bank of Australia^(c)
	5,928,000		5.000			03/19/20		6,005,835
	(3M USD LIBOR + 0.830%)
	1,590,000		2.942	^(a)		09/06/21		1,605,391
	(3M USD LIBOR + 0.700%)
	9,250,000		2.834	^(a)		03/10/22		9,310,217
	Cooperatieve Rabobank UA
	2,700,000		2.250			01/14/20		2,700,972
	(3M USD LIBOR + 0.430%)
	28,575,000		2.697	^(a)		04/26/21		28,669,869
	Credit Agricole Corporate & Investment Bank SA^(a)(b) (3M USD LIBOR + 0.625%)
	30,644,000		2.957			10/03/21		30,691,805
	Discover Bank^(b)
	4,835,000		3.100			06/04/20		4,858,740
	29,750,000		3.200			08/09/21		30,199,820
	DNB Bank ASA^(c)
	18,257,000		2.125			10/02/20		18,267,224
	1,430,000		2.375			06/02/21		1,432,817
	Federation des Caisses Desjardins du Quebec^(c)
	15,000,000		2.250			10/30/20		15,011,550
	HSBC Holdings PLC
	18,427,000		3.400			03/08/21		18,708,933
	(3M USD LIBOR + 0.600%)
	30,500,000		2.724	^(a)(b)		05/18/21		30,522,570
	(3M USD LIBOR + 1.660%)
	3,500,000		3.792	^(a)		05/25/21		3,565,100
	ING Bank NV^(c)
	7,000,000		2.500			10/01/19		7,000,000
	6,260,000		2.450			03/16/20		6,271,769
	12,000,000		2.700			08/17/20		12,049,320
	11,520,000		2.750			03/22/21		11,613,542


58		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)
	(3M USD LIBOR + 0.880%)
$	4,400,000		3.038	% ^(a)		08/15/21	$	4,440,216
	ING Groep NV^(a) (3M USD LIBOR + 1.150%)
	10,310,000		3.254			03/29/22		10,438,463
	JPMorgan Chase & Co^(a)(b) (3M USD LIBOR + 0.550%)
	20,000,000		2.652			03/09/21		20,022,200
	6,000,000		2.400			06/07/21		6,025,320
	(3M USD LIBOR + 1.100%)
	10,000,000		3.202	^(a)		06/07/21		10,118,300
	JPMorgan Chase Bank NA^(b)
	(3M USD LIBOR + 0.290%)
	10,258,000		2.543	^(a)		02/01/21		10,260,872
	(3M USD LIBOR + 0.280%)
	18,000,000		2.604			02/01/21		18,024,840
	Lloyds Bank PLC^(a) (3M USD LIBOR + 0.490%)
	18,351,000		2.699			05/07/21		18,349,165
	Macquarie Bank Ltd.^(c)
	15,370,000		2.850			01/15/21		15,477,129
	(3M USD LIBOR + 0.450%)
	36,000,000		2.618	^(a)		08/06/21		35,974,440
	Mitsubishi UFJ Financial Group, Inc.
	9,274,000		2.950			03/01/21		9,361,361
	(3M USD LIBOR + 0.650%)
	10,000,000		2.917	^(a)		07/26/21		10,031,800
	4,775,000		2.190			09/13/21		4,765,355
	(3M USD LIBOR + 0.700%)
	12,500,000		2.802	^(a)		03/07/22		12,518,000
	(3M USD LIBOR + 0.790%)
	10,000,000		3.066	^(a)		07/25/22		10,038,000
	Mitsubishi UFJ Trust & Banking Corp.^(c)
	13,473,000		2.650			10/19/20		13,544,407
	Mizuho Bank Ltd.^(c)
	20,000,000		2.700			10/20/20		20,083,000
	Mizuho Financial Group, Inc.
	13,995,000		2.632	^(c)		04/12/21		14,055,039
	3,434,000		2.273			09/13/21		3,430,463
	(3M USD LIBOR + 1.140%)
	10,446,000		3.267	^(a)		09/13/21		10,568,323
	(3M USD LIBOR + 0.940%)
	27,475,000		3.084	^(a)		02/28/22		27,657,983
	Morgan Stanley
	14,000,000		2.800			06/16/20		14,069,440
	7,884,000		5.500			07/24/20		8,094,187
	6,256,000		5.750			01/25/21		6,541,148
	(3M USD LIBOR + 1.180%)
	40,851,000		3.458	^(a)(b)		01/20/22		41,245,212
	MUFG Bank Ltd.^(c)
	6,280,000		2.300			03/05/20		6,283,894
	National Australia Bank Ltd.^(c) (3M USD LIBOR + 0.710%)
	12,000,000		2.949	^(a)		11/04/21		12,090,360
	1,454,000		4.375			12/10/20		1,492,589
	(3M USD LIBOR + 0.350%)
	4,950,000		2.690	^(a)		01/12/21		4,958,019
	(3M USD LIBOR + 0.720%)
	11,050,000		2.870	^(a)		05/22/22		11,132,433


Corporate Obligations – (continued)
Banks – (continued)
	Nordea Bank Abp^(c)
	3,745,000		2.125			05/29/20		3,744,588
	14,115,000		2.500			09/17/20		14,180,635
	9,300,000		4.875			01/14/21		9,622,431
	Regions Bank^(a)(b)
	(3M USD LIBOR + 0.380%)
	3,191,000		2.479			04/01/21		3,180,757
	(3M USD LIBOR + 0.500%)
	7,790,000		3.374			08/13/21		7,857,228
	Regions Financial Corp.^(b)
	10,678,000		3.200			02/08/21		10,805,602
	Royal Bank of Canada^(a) (3M USD LIBOR + 0.400%)
	10,000,000		2.676			01/25/21		10,012,950
	Santander UK PLC^(a)
	(3M USD LIBOR + 0.620%)
	13,350,000		2.758			06/01/21		13,364,818
	(3M USD LIBOR + 0.660%)
	11,800,000		2.818			11/15/21		11,812,390
	Skandinaviska Enskilda Banken AB^(c)
	6,000,000		2.625			11/17/20		6,033,840
	(3M USD LIBOR + 0.430%)
	42,010,000		2.554	^(a)		05/17/21		42,120,066
	Societe Generale SA^(c)
	19,000,000		2.625			09/16/20		19,106,590
	4,900,000		2.500			04/08/21		4,918,669
	(3M USD LIBOR + 1.330%)
	3,500,000		3.633	^(a)		04/08/21		3,548,720
	Sumitomo Mitsui Banking Corp.
	9,028,000		2.450			01/16/20		9,034,320
	5,000,000		2.650			07/23/20		5,019,400
	Sumitomo Mitsui Financial Group, Inc.
	37,922,000		2.934			03/09/21		38,276,191
	Sumitomo Mitsui Trust Bank Ltd.^(a)(c) (3M USD LIBOR + 0.910%)
	13,483,000		3.210			10/18/19		13,488,528
	SVB Financial Group
	2,650,000		5.375			09/15/20		2,729,315
	Svenska Handelsbanken AB
	11,000,000		5.125	^(c)		03/30/20		11,160,930
	(3M USD LIBOR + 1.150%)
	5,000,000		3.254	^(a)		03/30/21		5,066,800
	(3M USD LIBOR + 0.470%)
	5,000,000		2.602	^(a)		05/24/21		5,017,400
	The Toronto-Dominion Bank^(a)
	(3M USD LIBOR + 0.300%)
	19,500,000		2.700			07/30/21		19,475,820
	(3M USD LIBOR + 0.350%)
	15,000,000		2.750			07/22/22		14,965,200
	UBS AG
	14,050,000		2.350			03/26/20		14,060,959
	2,500,000		2.200	^(b)(c)		06/08/20		2,502,350
	3,000,000		4.875			08/04/20		3,071,520
	UBS Group Funding Switzerland AG^(c)
	28,000,000		3.000			04/15/21		28,335,160
	US Bank NA^(a)(b) (3M USD LIBOR + 0.380%)
	15,400,000		2.548			11/16/21		15,424,640


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo & Co.
$	10,000,000		2.150	%		01/30/20	$	9,999,200
	7,500,000		4.600			04/01/21		7,776,750
	(3M USD LIBOR + 0.930%)
	17,532,000		3.111	^(a)(b)		02/11/22		17,636,841
	Wells Fargo Bank NA^(a)(b)
	(3M USD LIBOR + 0.490%)
	16,957,000		3.325			07/23/21		17,111,478
	(3M USD LIBOR + 0.620%)
	26,000,000		2.752			05/27/22		26,055,900
	Westpac Banking Corp.^(a)
	(3M USD LIBOR + 0.360%)
	16,000,000		2.498	^(c)		09/01/20		16,035,840
	(3M USD LIBOR + 0.850%)
	25,690,000		3.191			01/11/22		25,951,010

								1,457,157,071

Beverages – 0.2%
	Keurig Dr Pepper, Inc.
	6,709,000		3.551			05/25/21		6,850,761

Chemicals^(a) – 0.2%
	DuPont de Nemours, Inc. (3M USD LIBOR + 0.710%)
	10,000,000		2.868			11/15/20		10,050,200

Computers – 1.3%
	Hewlett Packard Enterprise Co.
	14,559,000		3.600	^(b)		10/15/20		14,744,045
	(3M USD LIBOR + 0.680%)
	9,170,000		2.807	^(a)		03/12/21		9,188,707
	(3M USD LIBOR + 0.720%)
	14,298,000		3.009	^(a)(b)		10/05/21		14,304,005
	International Business Machines Corp.^(a) (3M USD LIBOR + 0.400%)
	20,450,000		2.576			05/13/21		20,522,802

								58,759,559

Diversified Financial Services – 2.9%
	Air Lease Corp.^(b)
	6,555,000		3.875			04/01/21		6,692,524
	6,576,000		3.375			06/01/21		6,678,454
	American Express Co.^(b)
	8,000,000		3.000			02/22/21		8,100,960
	15,607,000		3.375			05/17/21		15,913,209
	(3M USD LIBOR + 0.620%)
	30,000,000		2.756	^(a)		05/20/22		30,094,800
	American Express Credit Corp.^(a)(b) (3M USD LIBOR + 0.730%)
	3,000,000		2.862			05/26/20		3,009,960
	Capital One Financial Corp.
	15,000,000		2.500	^(b)		05/12/20		15,024,900
	2,804,000		2.400	^(b)		10/30/20		2,809,496
	20,820,000		4.750			07/15/21		21,740,036
	(3M USD LIBOR + 0.950%)
	15,000,000		3.052	^(a)(b)		03/09/22		15,105,000

								125,169,339

Electrical – 0.7%
	Evergy, Inc.^(b)
	5,233,000		4.850			06/01/21		5,411,707


Corporate Obligations – (continued)
Electrical – (continued)
	NextEra Energy Capital Holdings, Inc.^(a) (3M USD LIBOR + 0.450%)
	8,625,000		2.554			09/28/20		8,628,795
	Sempra Energy^(a)(b) (3M USD LIBOR + 0.500%)
	10,000,000		2.803			01/15/21		9,993,900
	Southern Power Co
	4,600,000		1.950			12/15/19		4,597,194

								28,631,596

Insurance – 0.8%
	Metropolitan Life Global Funding I^(a)(c) (3M USD LIBOR + 0.230%)
	9,000,000		2.533			01/08/21		9,003,510
	Protective Life Global Funding^(c)
	2,800,000		2.262			04/08/20		2,799,888
	13,355,000		2.700			11/25/20		13,407,886
	Reinsurance Group of America, Inc.
	9,125,000		5.000			06/01/21		9,527,960

								34,739,244

Lodging^(a) – 0.5%
	Marriott International, Inc.
	(3M USD LIBOR + 0.600%)
	15,608,000		2.738			12/01/20		15,654,668
	(3M USD LIBOR + 0.650%)
	5,850,000		2.752			03/08/21		5,872,932

								21,527,600

Machinery-Diversified^(a) – 0.6%
	John Deere Capital Corp. (3M USD LIBOR + 0.490%)
	25,000,000		2.622			06/13/22		25,048,000

Miscellaneous Manufacturing – 0.6%
	General Electric Co.
	1,736,000		5.500			01/08/20		1,749,367
	6,130,000		2.500			03/28/20		6,102,906
	(3M USD LIBOR + 0.800%)
	8,756,000		3.103	^(a)		04/15/20		8,754,161
	3,420,000		5.550			05/04/20		3,478,961
	5,500,000		4.375			09/16/20		5,592,785
	2,845,000		4.625			01/07/21		2,916,011

								28,594,191

Oil Field Services^(a)(b) – 0.3%
	Phillips 66
	(3M USD LIBOR + 0.750%)
	6,500,000		3.053	^(c)		04/15/20		6,501,820
	(3M USD LIBOR + 0.600%)
	6,807,000		2.732			02/26/21		6,801,690

								13,303,510

Pharmaceuticals – 2.5%
	Bayer US Finance II LLC^(b)(c)
	(3M USD LIBOR + 0.630%)
	16,550,000		2.736	^(a)		06/25/21		16,557,944
	32,200,000		3.500			06/25/21		32,843,356
	Bayer US Finance LLC^(c)
	5,427,000		2.375			10/08/19		5,427,109


60		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)
Pharmaceuticals – (continued)
	CVS Health Corp.
	(3M USD LIBOR + 0.720%)
$	10,000,000		2.822	%^(a)		03/09/21	$	10,049,900
	23,000,000		3.350			03/09/21		23,370,530
	McKesson Corp.
	18,970,000		3.650			11/30/20		19,263,276

								107,512,115

Pipeline^(a)(b) – 0.9%
	MPLX LP (3M USD LIBOR + 1.100%)
	40,000,000		3.202			09/09/22		40,132,400

Real Estate Investment Trust^(b)(c) – 0.1%
	WEA Finance LLC/Westfield UK & Europe Finance PLC
	4,500,000		3.250			10/05/20		4,545,540

	TOTAL CORPORATE OBLIGATIONS
	(Cost $2,167,221,424)						$	2,173,697,578


Shares	Dividend Rate			Value

Investment Companies^(d) – 12.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
150,103,857		2.032	%	$	150,103,857
Goldman Sachs Financial Square Money Market Fund – Institutional Shares
390,419,527		2.157			390,614,737

TOTAL INVESTMENT COMPANIES
(Cost $540,672,253)				$	540,718,594

TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $2,707,893,677)				$	2,714,416,172


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – 38.2%
Certificates of Deposit^(a) – 17.8%
	Bank of Montreal(FEDL01 + 0.360%)
	$20,000,000		2.210	%		08/03/20	$	19,999,939
	Bank of Nova Scotia
	(3M USD LIBOR + 0.280%)
	24,000,000		2.439			09/21/20		24,037,004
	(3M USD LIBOR + 0.400%)
	14,000,000		2.687			05/04/21		14,008,642
	(FEDL01 + 0.290%)
	20,000,000		2.140			05/20/20		20,003,706
	BNP Paribas SA(3M USD LIBOR + 0.250%)
	13,150,000		2.503			02/01/21		13,149,947
	Canadian Imperial Bank of Commerce (1M USD LIBOR + 0.350%)
	10,000,000		2.417			11/05/19		10,002,166
	(3M USD LIBOR + 0.400%)
	16,000,000		2.666			05/02/20		16,028,067
	(FEDL01 + 0.350%)
	35,000,000		2.470	^(c)		08/27/20		34,999,990


Short-term Investments – (continued)
Certificates of Deposit^(a) – (continued)
	Credit Agricole Corporate & Investment Bank (3M USD LIBOR + 0.480%)
	30,000,000		2.599			09/10/21		29,999,942
	(FEDL01 + 0.430%)
	15,000,000		2.330			06/26/20		14,999,835
	Credit Suisse AG
	(SOFR + 0.230%)
	20,000,000		2.080			02/14/20		20,001,422
	(SOFR + 0.290%)
	36,725,000		2.140			08/07/20		36,753,980
	(SOFR + 0.380%)
	4,000,000		2.230			10/04/19		4,000,345
	(SOFR + 0.380%)
	15,000,000		2.230			05/04/20		15,013,743
	DNB Bank ASA (3M USD LIBOR + 0.280%)
	10,000,000		2.569			10/08/20		10,013,024
	Landesbank Baden-Wuerttemberg
	32,000,000		2.220			01/13/20		32,005,819
	Mizuho Bank Ltd.(3M USD LIBOR + 0.380%)
	4,000,000		2.486			06/25/20		4,008,473
	National Bank of Canada^(c)
	(FEDL01 + 0.360%)
	40,000,000		2.190			08/04/20		40,000,840
	(FEDL01 + 0.360%)
	18,836,000		2.190			08/19/20		18,835,929
	National Bank of Kuwait SAKP
	20,000,000		2.760			10/29/19		20,009,248
	30,000,000		2.300			11/12/19		30,003,973
	25,000,000		2.300			12/17/19		25,001,516
	Natixis SA
	(3M USD LIBOR + 0.520%)
	25,000,000		2.798			01/22/21		25,032,045
	(FEDL01 + 0.400%)
	30,000,000		2.250			08/06/20		29,999,888
	Nordea Bank Abp(3M USD LIBOR + 0.290%)
	15,052,000		2.577			02/05/21		15,049,947
	Oversea-Chinese Banking Corp. Ltd. (3M USD LIBOR + 0.210%)
	13,000,000		2.493			10/24/19		13,001,592
	Societe Generale(FEDL01 + 0.490%)
	19,450,000		2.340			09/04/20		19,449,924
	Societe Generale SA^(c)
	(3M USD LIBOR + 0.150%)
	10,000,000		2.437			08/03/20		10,005,804
	(FEDL01 + 0.450%)
	25,000,000		2.570			08/17/20		25,013,100
	Standard Chartered Bank
	7,000,000		3.190			10/31/19		7,004,884
	(3M USD LIBOR + 0.310%)
	12,000,000		2.563			10/31/19		12,002,424
	(3M USD LIBOR + 0.420%)
	18,000,000		2.565			09/18/20		18,029,035
	Sumitomo Mitsui Banking Corp.
	(3M USD LIBOR + 0.350%)
	1,180,000		2.653			10/15/20		1,180,840
	(3M USD LIBOR + 0.355%)
	5,289,000		2.644			04/06/21		5,292,522


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Short-term Investments – (continued)
Certificates of Deposit^(a) – (continued)
	(3M USD LIBOR + 0.410%)
$	1,000,000		2.555	%		06/18/20	$	1,001,834
	(3M USD LIBOR + 0.420%)
	4,000,000		2.703			07/24/20		4,006,075
	(3M USD LIBOR + 0.420%)
	10,000,000		2.544			08/28/20		10,013,476
	Sumitomo Mitsui Trust Bank Ltd. (SOFR + 0.210%)
	25,050,000		2.060			02/28/20		25,059,429
	Svenska Handelsbanken AB
	(3M USD LIBOR + 0.280%)
	6,850,000		2.425			09/11/20		6,859,623
	(3M USD LIBOR + 0.400%)
	15,250,000		2.719			04/01/20		15,279,054
	Swedbank AB(3M USD LIBOR + 0.320%)
	1,000,000		2.452			08/24/20		1,001,154
	The Toronto-Dominion Bank^(c)
	(3M USD LIBOR + 0.190%)
	17,950,000		2.303			09/28/20		17,949,979
	(3M USD LIBOR + 0.190%)
	7,000,000		2.294			09/30/20		7,000,000
	Toronto-Dominion Bank(FEDL01 + 0.310%)
	15,000,000		2.160			04/30/20		14,993,775
	Westpac Banking Corp.^(c)
	(3M USD LIBOR + 0.180%)
	15,000,000		2.436			10/31/19		15,002,072
	(FEDL01 + 0.350%)
	25,250,000		2.470			09/04/20		25,249,924

								777,355,950

Commercial Paper^(e) – 17.9%
	Albion Capital Corp.
	30,000,000		0.000			10/04/19		29,992,440
	AT&T, Inc.^(c)
	18,000,000		0.000			12/10/19		17,917,640
	Bank of China Ltd.
	7,000,000		0.000			10/02/19		6,999,174
	35,000,000		0.000			12/11/19		34,842,640
	15,000,000		0.000			03/06/20		14,846,740
	Bedford Row Funding Corp.^(c)
	7,000,000		0.000			10/16/19		6,993,656
	9,500,000		0.000			10/18/19		9,490,320
	China Construction Banking Corp.^(c)
	11,000,000		0.000			10/01/19		10,999,395
	25,000,000		0.000			12/19/19		24,875,722
	CNPC Finance HK Ltd.^(c)
	25,000,000		0.000			12/30/19		24,862,236
	Collateralized Commercial Paper II Co. LLC^(c)
	15,000,000		0.000			10/22/19		14,981,438
	4,510,000		0.000			11/25/19		4,495,646
	DuPont de Nemours, Inc.^(c)
	13,314,000		0.000			11/01/19		13,287,490
	First Abu Dhabi Bank PJSC^(c)
	35,000,000		0.000			01/02/20		34,810,002
	Gotham Funding Corp.^(c)
	28,450,000		0.000			12/12/19		28,327,350
	Henkel Corp.^(c)
	14,000,000		0.000			02/04/20		13,900,580


Short-term Investments – (continued)
Commercial Paper^(e) – (continued)
	Industrial & Commercial Bank of China Ltd.^(c)
	9,000,000		0.000			12/27/19		8,948,476
	Jupiter Securitization Co. LLC^(c)
	43,000,000		0.000			10/04/19		42,990,258
	La Fayette Asset Securitization^(c)
	2,500,000		0.000			12/05/19		2,490,338
	Louis Vuitton SE
	30,000,000		0.000			10/24/19		29,958,700
	Macquarie Bank Ltd.^(c)
	9,000,000		0.000			11/07/19		8,979,547
	20,000,000		0.000			12/10/19		19,917,246
	NatWest Markets PLC^(c)
	14,750,000		0.000			02/10/20		14,645,591
	Nieuw Amsterdam Receivables Corp.^(c)
	55,000,000		0.000			10/03/19		54,990,673
	Nordea Bank Abp^(c)
	40,000,000		0.000			12/18/19		39,819,090
	Old Line Funding LLC^(c)
	28,100,000		0.000			10/03/19		28,095,364
	Reckitt Benckiser Treasury Services PLC^(c)
	20,500,000		0.000			02/04/20		20,335,763
	11,000,000		0.000			04/01/20		10,877,660
	4,150,000		0.000			06/05/20		4,082,976
	3,700,000		0.000			07/01/20		3,632,308
	Sumitomo Mitsui Trust Bank Ltd.^(c)
	30,000,000		0.000			12/10/19		29,875,927
	The Boeing Co.^(c)
	33,000,000		0.000			11/13/19		32,915,179
	10,000,000		0.000			12/11/19		9,957,240
	The Toronto-Dominion Bank^(c)
	7,200,000		0.000			10/18/19		7,192,807
	Versailles Commercial Paper LLC^(c)
	45,000,000		0.000			01/16/20		44,707,590
	Victory Receivables^(c)
	34,278,000		0.000			12/12/19		34,130,851
	VW Credit, Inc.^(c)
	10,000,000		0.000			12/06/19		9,957,381
	Walgreens Boots Alliance, Inc.
	20,000,000		0.000			02/04/20		19,837,158
	16,050,000		0.000			02/18/20		15,905,228

								785,865,820

Repurchase Agreement – 2.5%
	Bank of America Corp.
	15,000,000		2.500			10/18/19		15,000,000
	Maturity Value: $15,018,750 Next Reset Date: 10/1/2019 Collateralized by various common stocks and preferred stock. The aggregate market value of the collateral was $16,200,113.

	BNP Paribas SA
	35,000,000		2.060			10/01/19		35,000,000
	Maturity Value: $35,002,003 Next Reset Date: 10/1/2019 Collateralized by various corporate obligations and government bonds, 4.875% to 8.875%, due 01/22/21 to 04/26/29. The aggregate market value of the collateral, including accrued interest, was $38,500,646.


62		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)
Repurchase Agreement – (continued)
	Citigroup Global Markets, Inc.
$	19,000,000		2.598	%		11/14/19	$	19,000,000
	Maturity Value: $19,061,703 Next Reset Date: 10/1/2019 Collateralized by various mortgage obligations, 3.613% to 6.027%, due 11/15/24 to 8/15/25. The aggregate market value of the collateral, including accrued interest, was $22,800,000.

	Nomura
	19,000,000		2.787			11/22/19		19,000,000
	Maturity Value: $19,077,959 Next Reset Date: 10/1/2019 Collateralized by various common stocks, preferred stocks and mortgage obligations, 0.000% to 9.688%, due 09/25/22 to 09/25/56. The aggregate market value of the collateral, including accrued interest, was $22,797,969.

	Wells Fargo
	20,000,000		2.539			11/14/19		20,000,000
	Maturity Value: $20,063,475 Next Reset Date: 10/1/2019 Collateralized by various corporate obligations and mortgage obligations, 3.000% to 8.500%, due 01/12/23 to 01/25/59. The aggregate market value of the collateral, including accrued interest, was $23,038,316.

								108,000,000

	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,670,629,479)						$	1,671,221,770

	TOTAL INVESTMENTS – 100.2%
	(Cost $4,378,523,156)						$	4,385,637,942

	LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%							(9,513,758	)

	NET ASSETS – 100.0%						$	4,376,124,184



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 September 30, 2019.

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

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

(d)		Represents an affiliated issuer.

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



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
SOFR		—Secured Overnight Funding Rate


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2019 (Unaudited)


	Enhanced Income Fund			Government Income Fund		High Quality Floating Rate Fund
Assets:
Investments of unaffiliated issuers, at value (cost $494,894,828, $398,100,808 and $344,396,805, respectively)	$	498,109,397		$	407,082,232	$	344,047,522
Investments of affiliated issuers, at value (cost $11,355,243, $1,869,631 and $0, respectively)		11,357,474			1,869,631		—
Cash		3,010,916			4,679,102		5,364,923
Variation margin on futures		29,185			—		—
Variation margin on swaps		—			1,993		2,199
Receivables:
Interest and dividends		2,628,702			1,537,765		839,503
Fund shares sold		605,432			192,210		2,113,169
Reimbursement from investment adviser		11,585			42,111		35,388
Investments sold		—			1,790		329,534
Investments sold on an extended-settlement basis		—			89,354,746		—
Collateral on certain derivative contracts^(a)		—			687,155		807,609
Other assets		70,263			69,719		56,609
Total assets		515,822,954			505,518,454		353,596,456

Liabilities:
Forward sale contracts, at value (proceeds received $0, $14,806,133 and $0, respectively)		—			14,828,882		—
Variation margin on futures		—			12,855		485
Payables:
Fund shares redeemed		331,798			1,730,952		653,169
Investments purchased		268,979			33,363		—
Income distributions		128,755			63,997		68,060
Management fees		105,101			130,854		90,611
Distribution and Service fees and Transfer Agency fees		17,650			43,974		12,028
Investments purchased on an extended — settlement basis		—			181,204,725		—
Accrued expenses		176,526			243,498		191,172
Total liabilities		1,028,809			198,293,100		1,015,525

Net Assets:
Paid-in capital		517,603,642			306,977,545		359,190,053
Total distributable earnings (loss)		(2,809,497	)		247,809		(6,609,122	)
NET ASSETS	$	514,794,145		$	307,225,354	$	352,580,931
Net Assets:
Class A	$	11,432,299		$	83,326,715	$	9,610,049
Class C		—			3,556,340		—
Institutional		266,510,398			140,793,587		72,137,673
Administration		3,524,028			—		—
Service		—			35,889,051		124,553
Investor		7,411,587			1,568,237		12,202,729
Class P		175,174,979			13,060,620		255,965,906
Class R		—			20,213,796		—
Class R6		50,740,854			8,817,008		2,540,021
Total Net Assets	$	514,794,145		$	307,225,354	$	352,580,931
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,206,925			5,541,672		1,104,487
Class C		—			236,497		—
Institutional		28,171,680			9,378,216		8,293,424
Administration		371,519			—		—
Service		—			2,393,203		14,252
Investor		784,346			104,343		1,406,153
Class P		18,516,454			870,202		29,408,364
Class R		—			1,345,909		—
Class R6		5,363,451			587,423		291,897
Net asset value, offering and redemption price per share:^(b)
Class A		$9.47			$15.04		$8.70
Class C		—			15.04		—
Institutional		9.46			15.01		8.70
Administration		9.49			—		—
Service		—			15.00		8.74
Investor		9.45			15.03		8.68
Class P		9.46			15.01		8.70
Class R		—			15.02		—
Class R6		9.46			15.01		8.70

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		TBA
Government Income	$	—	$	397,155	$	290,000

High Quality Floating Rate		378,000		429,609		—

(b)

Maximum public offering price per share for Class A Shares of the Enhanced Income, Government Income and High Quality Floating Rate Funds is $9.47, $15.63 and $8.70, 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.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

September 30, 2019 (Unaudited)


	Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $371,765,938, $991,566,070 and $732,763,078, respectively)	$	386,954,837		$	999,962,332		$	745,294,558
Investments of affiliated issuers, at value (cost $7,329,004, $0 and $3,292,037, respectively)		7,329,004			—			3,292,037
Purchased options (premiums paid $54,520, $0 and $289,732, respectively)		50,239			—			196,271
Cash		6,068,562			9,406,933			11,764,413
Foreign currencies, at value (cost $0, $0 and $73,928, respectively)		—			—			69,704
Unrealized gain on forward foreign currency exchange contracts		—			—			946,136
Variation margin on swaps		7,601			1,961			—
Receivables:
Collateral on certain derivative contracts^(a)		2,205,505			1,367,640			12,054,311
Fund shares sold		1,039,638			2,662,353			1,353,175
Interest and dividends		375,076			3,800,137			5,679,851
Reimbursement from investment adviser		15,573			49,028			31,074
Investments sold		—			645,229			158,187
Investments sold on an extended-settlement basis		—			130,438,520			32,028,223
Other assets		70,133			84,161			58,735
Total assets		404,116,168			1,148,418,294			812,926,675

Liabilities:
Unrealized loss on forward foreign currency exchange contracts		—			—			1,329,458
Variation margin on futures		32,501			14,177			123,099
Variation margin on swaps		—			—			385,531
Written option contracts, at value (premium received $33,840, $0 and $889,299, respectively)		25,253			—			679,740
Forward sale contracts, at value (proceeds received $0, $75,573,047 and $10,717,188, respectively)		—			75,608,439			10,716,406
Payables:
Fund shares redeemed		306,493			4,521,813			1,363,601
Management fees		84,724			332,883			262,246
Distribution and Service fees and Transfer Agency fees		38,039			57,682			26,215
Investments purchased		11,193			—			1,550,529
Income distributions		—			181,041			16,489
Investments purchased on an extended — settlement basis		—			145,376,973			41,160,137
Due to broker — upfront payment		—			—			66
Accrued expenses		148,899			279,240			387,543
Total liabilities		647,102			226,372,248			58,001,060

Net Assets:
Paid-in capital		411,764,651			960,853,962			753,204,432
Total distributable earnings (loss)		(8,295,585	)		(38,807,916	)		1,721,183
NET ASSETS	$	403,469,066		$	922,046,046		$	754,925,615
Net Assets:
Class A	$	53,039,011		$	73,265,926		$	8,061,371
Class C		2,885,509			12,669,746			1,592,098
Institutional		155,216,873			374,588,622			46,348,281
Service		—			17,503,711			—
Investor		19,217,419			34,391,892			23,972,614
Class P		115,449,550			403,000,856			673,505,815
Class R		15,008,662			—			133,826
Class R6		42,652,042			6,625,293			1,311,610
Total Net Assets	$	403,469,066		$	922,046,046		$	754,925,615
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		5,018,694			7,452,652			808,397
Class C		277,739			1,297,424			159,597
Institutional		14,496,962			38,234,320			4,637,058
Service		—			1,788,668			—
Investor		1,806,114			3,495,849			2,398,833
Class P		10,789,560			41,147,280			67,412,936
Class R		1,426,277			—			13,398
Class R6		3,986,624			676,206			131,353
Net asset value, offering and redemption price per share:^(b)
Class A		$10.57			$9.83			$9.97
Class C		10.39			9.77			9.98
Institutional		10.71			9.80			10.00
Service		—			9.79			—
Investor		10.64			9.84			9.99
Class P		10.70			9.79			9.99
Class R		10.52			—			9.99
Class R6		10.70			9.80			9.99

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Forward Foreign Currency		Futures		Swaps
Inflation Protected Securities	$	—	$	—	$	2,205,505

Short Duration Government		—		—		1,367,640

Short Duration Income		3,620,000		2,468,124		5,966,187

(b)

Maximum public offering price per share for Class A Shares of the Inflation Protected Securities, Short Duration Government and Short Duration Income Funds is $10.98, $9.98 and $10.12, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement of Assets and Liabilities (continued)

September 30, 2019 (Unaudited)


	Short-Term Conservative Income Fund
Assets:

Investments of unaffiliated issuers, at value (cost $3,837,850,903)	$	3,844,919,348

Investments of affiliated issuers, at value (cost $540,672,253)		540,718,594

Cash		4,461,522

Receivables:

Interest and dividends		15,265,409

Fund shares sold		7,487,159

Reimbursement from investment adviser		60,187

Other assets		266,062

Total assets		4,413,178,281

Liabilities:

Payables:

Fund shares redeemed		34,674,471

Investments purchased		1,240,541

Management fees		606,093

Income distributions		183,953

Distribution and Service fees and Transfer Agency fees		133,996

Accrued expenses		215,043

Total liabilities		37,054,097

Net Assets:

Paid-in capital		4,367,448,819

Total distributable earnings (loss)		8,675,365
NET ASSETS	$	4,376,124,184
Net Assets:
Class A	$	22,110,798
Institutional		1,512,278,039
Administration		968,439
Preferred		26,509
Investor		92,057,289
Class P		1,777,466,805
Class R6		971,216,305
Total Net Assets	$	4,376,124,184
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		2,200,125
Institutional		150,454,300
Administration		96,347
Preferred		2,638
Investor		9,157,760
Class P		176,963,876
Class R6		96,556,697
Net asset value, offering and redemption price per share:^(a)
Class A		$10.05
Institutional		10.05
Administration		10.05
Preferred		10.05
Investor		10.05
Class P		10.04
Class R6		10.06

(a)

Maximum public offering price per share for Class A Shares of the Short-Term Conservative Income Fund is $10.05.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2019 (Unaudited)


	Enhanced Income Fund			Government Income Fund			High Quality Floating Rate Fund
Investment income:

Interest	$	7,064,757		$	3,699,359		$	5,863,898

Dividends — affiliated issuers		226,158			367,920			—

Total investment income		7,290,915			4,067,279			5,863,898

Expenses:

Management fees		657,479			808,523			618,422

Transfer Agency fees^(a)		103,604			112,079			72,627

Custody, accounting and administrative services		84,285			99,563			88,306

Registration fees		60,912			66,136			57,968

Professional fees		56,801			55,567			57,091

Printing and mailing costs		20,472			39,478			22,561

Distribution and Service fees^(a)		10,678			182,305			6,384

Trustee fees		8,787			8,598			8,787

Administration Shares fees		3,812			—			—

Service Share fees — Service Plan		—			45,077			133

Service Share fees — Shareholder Administration Plan		—			45,077			133

Other		13,635			8,162			14,697

Total expenses		1,020,465			1,470,565			947,109

Less — expense reductions		(91,871	)		(304,113	)		(221,524	)

Net expenses		928,594			1,166,452			725,585

NET INVESTMENT INCOME		6,362,321			2,900,827			5,138,313


Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		292,127			5,102,225			(11,997	)

Purchased options		—			(21,076	)		—

Futures contracts		(1,209,717	)		(436,468	)		337,792

Swap contracts		—			(265,723	)		(280,196	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		2,845,354			5,271,434			454,407

Investments — affiliated issuers		1,118			—			—

Purchased options		—			(12,836	)		—

Futures contracts		(485,929	)		488,582			(152,313	)

Swap contracts		—			(118,395	)		(139,432	)

Net realized and unrealized gain		1,442,953			10,007,743			208,261

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	7,805,274		$	12,908,570		$	5,346,574

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Administration		Service		Investor		Class P		Class R		Class R6
Enhanced Income	$	10,678	$	—	$	—	$	9,255	$	—	$	51,513	$	610	$	—	$	5,924	$	28,722	$	—	$	7,580
Government Income		112,330		18,542		51,433		58,411		2,410		26,755		—		7,212		974		1,670		13,373		1,274
High Quality Floating Rate		6,384		—		—		5,533		—		14,573		—		21		6,337		45,515		—		648


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations (continued)

For the Six Months Ended September 30, 2019 (Unaudited)


	Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund
Investment income:

Interest (net of foreign withholding taxes of $0, $0 and $1,913, respectively)	$	8,860,610		$	12,179,328		$	12,168,876

Dividends — affiliated issuers		85,264			49,447			131,082

Total investment income		8,945,874			12,228,775			12,299,958

Expenses:

Management fees		519,960			2,130,735			1,517,334

Distribution and Service fees^(a)		121,116			169,018			18,871

Transfer Agency fees^(a)		112,818			225,777			131,884

Registration fees		71,010			117,309			80,144

Professional fees		55,523			58,149			68,338

Custody, accounting and administrative services		45,454			139,877			148,454

Printing and mailing costs		22,692			32,320			19,478

Trustee fees		8,677			9,233			8,933

Service Share fees — Service Plan		—			22,386			—

Service Share fees — Shareholder Administration Plan		—			22,386			—

Prime Broker Fees		—			—			5,070

Other		6,978			19,173			16,885

Total expenses		964,228			2,946,363			2,015,391

Less — expense reductions		(128,657	)		(384,853	)		(302,275	)

Net expenses		835,571			2,561,510			1,713,116

NET INVESTMENT INCOME		8,110,303			9,667,265			10,586,842

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		958,144			4,682,252			1,178,831

Purchased options		(13,529	)		—			528,629

Futures contracts		1,492,933			(7,368,955	)		5,946,639

Written options		—			—			(525,605	)

Swap contracts		(1,826,407	)		(435,385	)		(247,035	)

Forward foreign currency exchange contracts		—			—			(549,540	)

Foreign currency transactions		—			—			(85,253	)

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		7,868,755			9,621,920			8,970,970

Purchased options		(12,436	)		—			(345,211	)

Futures contracts		(381,221	)		1,909,665			(1,990,084	)

Written options		8,587			—			400,379

Swap contracts		(437,680	)		(433,127	)		462,951

Forward foreign currency exchange contracts		—			—			(502,665	)

Foreign currency translation		—			—			61

Net realized and unrealized gain		7,657,146			7,976,370			13,243,067

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	15,767,449		$	17,643,635		$	23,829,909

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
Inflation Protected Securities	$	66,293	$	17,998	$	36,825	$	34,472	$	2,340	$	32,034	$	—	$	11,872	$	16,171	$	9,575	$	6,354
Short Duration Government		99,518		69,500		—		51,749		9,035		75,044		3,582		18,270		67,208		—		889
Short Duration Income		10,490		8,061		320		5,455		1,048		16,209		—		11,655		97,242		83		192


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement of Operations (continued)

For the Six Months Ended September 30, 2019 (Unaudited)


	Short-Term Conservative Income Fund
Investment income:

Interest (net of foreign withholding taxes of $11,213)	$	43,697,587

Dividends — affiliated issuers		5,774,589

Total investment income		49,472,176

Expenses:

Management fees		4,346,620

Transfer Agency fees^(a)		624,190

Registration fees		186,542

Custody, accounting and administrative services		112,701

Professional fees		53,035

Distribution and Service fees^(a)		42,835

Printing and mailing costs		35,077

Trustee fees		11,525

Other		32,864

Total expenses		5,445,389

Less — expense reductions		(1,650,663	)

Net expenses		3,794,726

NET INVESTMENT INCOME		45,677,450

Realized and unrealized gain (loss):

Net realized gain from:

Investments — unaffiliated issuers		1,434,829

Net change in unrealized gain on:

Investments — unaffiliated issuers		3,574,038

Investments — affiliated issuers		19,144

Net realized and unrealized gain		5,028,011

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	50,705,461

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


	Distribution and/or Service Fees						Transfer Agency Fees
Fund	Class A		Administration		Preferred		Class A		Institutional		Administration		Preferred		Investor		Class P		Class R6
Short-Term Conservative Income	$	42,128	$	694	$	13	$	36,511	$	213,607	$	111	$	5	$	27,403	$	266,286	$	80,267


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Enhanced Income Fund						Government Income Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019			For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	6,362,321		$	12,635,581		$	2,900,827		$	6,909,421

Net realized gain (loss)		(917,590	)		2,092,196			4,378,958			(950,895	)

Net change in unrealized gain		2,360,543			33,478			5,628,785			5,556,386
Net increase in net assets resulting from operations		7,805,274			14,761,255			12,908,570			11,514,912

Distributions to shareholders:

From distributable earnings:

Class A Shares		(157,056	)		(309,118	)		(949,881	)		(2,090,284	)

Class C Shares		—			—			(25,239	)		(61,979	)

Institutional Shares		(3,125,358	)		(7,819,471	)		(1,628,505	)		(3,374,185	)

Administration Shares		(33,163	)		(46,284	)		—			—

Service Shares		—			—			(349,605	)		(708,383	)

Investor Shares		(106,113	)		(80,616	)		(17,636	)		(43,825	)

Class P Shares^(a)		(2,336,508	)		(3,989,106	)		(135,360	)		(188,120	)

Class R Shares		—			—			(190,894	)		(378,998	)

Class R6 Shares		(616,048	)		(377,385	)		(103,255	)		(567,998	)
Total distributions to shareholders		(6,374,246	)		(12,621,980	)		(3,400,375	)		(7,413,772	)

From share transactions:

Proceeds from sales of shares		78,853,891			625,494,376			41,019,448			121,223,005

Reinvestment of distributions		5,454,734			10,747,284			2,935,221			5,930,212

Cost of shares redeemed		(91,584,136	)		(585,261,922	)		(49,517,248	)		(168,596,062	)

Net increase (decrease) in net assets resulting from share transactions		(7,275,511	)		50,979,738			(5,562,579	)		(41,442,845	)
TOTAL INCREASE (DECREASE)		(5,844,483	)		53,119,013			3,945,616			(37,341,705	)

Net assets:
Beginning of period		520,638,628			467,519,615			303,279,738			340,621,443

End of period	$	514,794,145		$	520,638,628		$	307,225,354		$	303,279,738

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	High Quality Floating Rate Fund						Inflation Protected Securities Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019			For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	5,138,313		$	17,287,294		$	8,110,303		$	6,361,334

Net realized gain (loss)		45,599			(788,927	)		611,141			(4,679,911	)

Net change in unrealized gain (loss)		162,662			(1,065,132	)		7,046,005			7,705,313
Net increase in net assets resulting from operations		5,346,574			15,433,235			15,767,449			9,386,736

Distributions to shareholders:

From distributable earnings:

Class A Shares		(99,927	)		(186,231	)		(1,005,369	)		(1,040,911	)

Class C Shares		—			—			(53,337	)		(72,568	)

Institutional Shares		(948,846	)		(5,986,942	)		(3,122,525	)		(4,341,465	)

Service Shares		(1,108	)		(2,008	)		—			—

Investor Shares		(121,797	)		(104,159	)		(376,979	)		(244,140	)

Class P Shares^(a)		(3,999,717	)		(11,429,240	)		(2,173,576	)		(838,148	)

Class R Shares		—			—			(265,283	)		(247,206	)

Class R6 Shares		(57,701	)		(39,278	)		(882,096	)		(239,819	)
Total distributions to shareholders		(5,229,096	)		(17,747,858	)		(7,879,165	)		(7,024,257	)

From share transactions:

Proceeds from sales of shares		52,760,013			970,694,770			78,274,351			293,070,744

Reinvestment of distributions		4,830,203			17,246,384			5,991,407			4,997,848

Cost of shares redeemed		(176,245,286	)		(1,255,494,301	)		(99,341,666	)		(268,244,197	)

Net increase (decrease) in net assets resulting from share transactions		(118,655,070	)		(267,553,147	)		(15,075,908	)		29,824,395
TOTAL INCREASE (DECREASE)		(118,537,592	)		(269,867,770	)		(7,187,624	)		32,186,874

Net assets:
Beginning of period		471,118,523			740,986,293			410,656,690			378,469,816

End of period	$	352,580,931		$	471,118,523		$	403,469,066		$	410,656,690

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Short Duration Government Fund						Short Duration Income Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019			For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	9,667,265		$	18,727,607		$	10,586,842		$	15,947,451

Net realized gain (loss)		(3,122,088	)		(3,910,866	)		6,246,666			(4,546,887	)

Net change in unrealized gain		11,098,458			6,273,739			6,996,401			8,924,570
Net increase in net assets resulting from operations		17,643,635			21,090,480			23,829,909			20,325,134

Distributions to shareholders:

From distributable earnings:

Class A Shares		(822,512	)		(1,838,189	)		(109,260	)		(265,434	)

Class C Shares		(115,571	)		(303,318	)		(17,778	)		(24,242	)

Institutional Shares		(4,503,508	)		(12,622,023	)		(1,182,902	)		(4,925,422	)

Service Shares		(170,027	)		(379,737	)		—			—

Investor Shares		(324,447	)		(656,226	)		(249,947	)		(45,864	)

Class P Shares^(a)		(5,410,455	)		(7,395,497	)		(9,574,603	)		(9,973,064	)

Class R Shares		—			—			(1,505	)		(2,198	)

Class R6 Shares		(71,148	)		(82,624	)		(18,941	)		(3,831	)

Return of capital:

Class A Shares		—			—			—			(27,291	)

Class C Shares		—			—			—			(2,492	)

Institutional Shares		—			—			—			(506,404	)

Investor Shares		—			—			—			(4,716	)

Class P Shares^(a)		—			—			—			(1,025,377	)

Class R Shares		—			—			—			(226	)

Class R6 Shares		—			—			—			(394	)

Total distributions to shareholders		(11,417,668	)		(23,277,614	)		(11,154,936	)		(16,806,955	)

From share transactions:

Proceeds from sales of shares		114,409,012			781,323,689			251,680,098			869,609,351

Reinvestment of distributions		10,298,759			20,862,430			10,890,739			16,625,323

Cost of shares redeemed		(214,269,751	)		(785,242,974	)		(218,157,596	)		(776,377,472	)

Net increase (decrease) in net assets resulting from share transactions		(89,561,980	)		16,943,145			44,413,241			109,857,202
TOTAL INCREASE (DECREASE)		(83,336,013	)		14,756,011			57,088,214			113,375,381

Net assets:
Beginning of period		1,005,382,059			990,626,048			697,837,401			584,462,020

End of period	$	922,046,046		$	1,005,382,059		$	754,925,615		$	697,837,401

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Short-Term Conservative Income Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	45,677,450		$	58,601,194

Net realized gain		1,434,829			388,072

Net change in unrealized gain		3,593,182			4,232,231
Net increase in net assets resulting from operations		50,705,461			63,221,497

Distributions to shareholders:

From distributable earnings:

Class A Shares		(675,767	)		(132,712	)

Institutional Shares		(13,989,887	)		(22,156,000	)

Administration Shares		(6,521	)		(21,683	)

Preferred Shares		(337	)		(616	)

Investor Shares^(a)		(518,206	)		(41,958	)

Class P Shares^(b)		(23,624,518	)		(31,077,750	)

Class R6 Shares		(6,947,766	)		(5,384,319	)
Total distributions to shareholders		(45,763,002	)		(58,815,038	)

From share transactions:

Proceeds from sales of shares		2,537,464,590			4,810,757,339

Reinvestment of distributions		44,375,482			56,650,303

Cost of shares redeemed		(1,577,894,240	)		(2,927,554,147	)
Net increase (decrease) in net assets resulting from share transactions		1,003,945,832			1,939,853,495
TOTAL INCREASE (DECREASE)		1,008,888,291			1,944,259,954

Net assets:
Beginning of period		3,367,235,893			1,422,975,939

End of period	$	4,376,124,184		$	3,367,235,893

(a)

Investor Shares commenced operations on August 14, 2018.

(b)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Enhanced Income Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.45		$	9.41		$	9.44		$	9.41		$	9.42		$	9.47

Net investment income^(a)		0.10			0.19			0.11			0.08			0.04			0.01

Net realized and unrealized gain (loss)		0.02			0.04			(0.03	)		0.03			(0.01	)		(0.05	)

Total from investment operations		0.12			0.23			0.08			0.11			0.03			(0.04	)

Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.11	)		(0.08	)		(0.04	)		(0.01	)

Net asset value, end of period	$	9.47		$	9.45		$	9.41		$	9.44		$	9.41		$	9.42

Total return^(b)		1.31	%		2.41	%		0.86	%		1.19	%		0.29	%		(0.47	)%

Net assets, end of period (in 000s)	$	11,432		$	19,396		$	10,590		$	35,560		$	35,378		$	35,556

Ratio of net expenses to average net assets		0.59	%^(c)		0.61	%		0.69	%		0.69	%		0.69	%		0.69	%

Ratio of total expenses to average net assets		0.62	%^(c)		0.65	%		0.70	%		0.71	%		0.71	%		0.71	%

Ratio of net investment income to average net assets		2.20	%^(c)		2.02	%		1.14	%		0.88	%		0.42	%		0.06	%

Portfolio turnover rate^(d)		22	%		42	%		63	%		89	%		60	%		39	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Enhanced Income Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.43		$	9.39		$	9.43		$	9.40		$	9.41		$	9.46

Net investment income^(a)		0.11			0.21			0.14			0.11			0.07			0.04

Net realized and unrealized gain (loss)		0.03			0.04			(0.04	)		0.03			(0.01	)		(0.05	)

Total from investment operations		0.14			0.25			0.10			0.14			0.06			(0.01	)

Distributions to shareholders from net investment income		(0.11	)		(0.21	)		(0.14	)		(0.11	)		(0.07	)		(0.04	)

Net asset value, end of period	$	9.46		$	9.43		$	9.39		$	9.43		$	9.40		$	9.41

Total return^(b)		1.54	%		2.70	%		1.09	%		1.53	%		0.63	%		(0.13	)%

Net assets, end of period (in 000s)	$	266,510		$	252,561		$	451,628		$	435,915		$	423,278		$	457,826

Ratio of net expenses to average net assets		0.35	%^(c)		0.35	%		0.35	%		0.35	%		0.35	%		0.35	%

Ratio of total expenses to average net assets		0.38	%^(c)		0.37	%		0.36	%		0.37	%		0.36	%		0.37	%

Ratio of net investment income to average net assets		2.42	%^(c)		2.18	%		1.52	%		1.22	%		0.76	%		0.40	%

Portfolio turnover rate^(d)		22	%		42	%		63	%		89	%		60	%		39	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Enhanced Income Fund
	Administration Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.46		$	9.43		$	9.46		$	9.43		$	9.44		$	9.49

Net investment income^(a)		0.10			0.19			0.12			0.09			0.05			0.01

Net realized and unrealized gain (loss)		0.03			0.03			(0.03	)		0.03			(0.01	)		(0.05	)

Total from investment operations		0.13			0.22			0.09			0.12			0.04			(0.04	)

Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.12	)		(0.09	)		(0.05	)		(0.01	)

Net asset value, end of period	$	9.49		$	9.46		$	9.43		$	9.46		$	9.43		$	9.44

Total return^(b)		1.41	%		2.33	%		0.95	%		1.28	%		0.38	%		(0.38	)%

Net assets, end of period (in 000s)	$	3,524		$	2,905		$	164		$	162		$	147		$	176

Ratio of net expenses to average net assets		0.60	%^(c)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%

Ratio of total expenses to average net assets		0.63	%^(c)		0.64	%		0.61	%		0.62	%		0.61	%		0.62	%

Ratio of net investment income to average net assets		2.17	%^(c)		2.03	%		1.27	%		0.97	%		0.50	%		0.15	%

Portfolio turnover rate^(d)		22	%		42	%		63	%		89	%		60	%		39	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Enhanced Income Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.42		$	9.39		$	9.42		$	9.39		$	9.41		$	9.45

Net investment income^(a)		0.11			0.21			0.14			0.11			0.06			0.03

Net realized and unrealized gain (loss)		0.03			0.02			(0.04	)		0.02			(0.02	)		(0.04	)

Total from investment operations		0.14			0.23			0.10			0.13			0.04			(0.01	)

Distributions to shareholders from net investment income		(0.11	)		(0.20	)		(0.13	)		(0.10	)		(0.06	)		(0.03	)

Net asset value, end of period	$	9.45		$	9.42		$	9.39		$	9.42		$	9.39		$	9.41

Total return^(b)		1.50	%		2.50	%		1.11	%		1.44	%		0.43	%		(0.12	)%

Net assets, end of period (in 000s)	$	7,412		$	6,096		$	5,127		$	2,012		$	623		$	437

Ratio of net expenses to average net assets		0.44	%^(c)		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%

Ratio of total expenses to average net assets		0.47	%^(c)		0.48	%		0.45	%		0.45	%		0.46	%		0.46	%

Ratio of net investment income to average net assets		2.33	%^(c)		2.19	%		1.45	%		1.14	%		0.66	%		0.31	%

Portfolio turnover rate^(d)		22	%		42	%		63	%		89	%		60	%		39	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Enhanced Income Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.43		$	9.41

Net investment income^(b)		0.12			0.21

Net realized and unrealized gain		0.03			0.01

Total from investment operations		0.15			0.22

Distributions to shareholders from net investment income		(0.12	)		(0.20	)

Net asset value, end of period	$	9.46		$	9.43

Total return^(c)		1.55	%		2.36	%

Net assets, end of period (in 000s)	$	175,175		$	189,835

Ratio of net expenses to average net assets^(d)		0.34	%		0.34	%

Ratio of total expenses to average net assets^(d)		0.37	%		0.38	%

Ratio of net investment income to average net assets^(d)		2.44	%		2.33	%

Portfolio turnover rate^(e)		22	%		42	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Enhanced Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.43		$	9.40		$	9.43		$	9.40		$	9.39

Net investment income^(b)		0.12			0.23			0.14			0.12			0.05

Net realized and unrealized gain (loss)		0.03			0.01			(0.03	)		0.02			—	^(c)

Total from investment operations		0.15			0.24			0.11			0.14			0.05

Distributions to shareholders from net investment income		(0.12	)		(0.21	)		(0.14	)		(0.11	)		(0.04	)

Net asset value, end of period	$	9.46		$	9.43		$	9.40		$	9.43		$	9.40

Total Return^(d)		1.55	%		2.59	%		1.21	%		1.55	%		0.58	%

Net assets, end of period (in 000s)	$	50,741		$	49,846		$	10		$	10		$	10

Ratio of net expenses to average net assets		0.34	%^(e)		0.34	%		0.34	%		0.34	%		0.35	%^(e)

Ratio of total expenses to average net assets		0.37	%^(e)		0.42	%		0.35	%		0.36	%		0.37	%^(e)

Ratio of net investment income to average net assets		2.44	%^(e)		2.48	%		1.53	%		1.23	%		0.74	%^(e)

Portfolio turnover rate^(f)		22	%		42	%		63	%		89	%		60	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)

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


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Government Income Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	14.58		$	14.39		$	14.64		$	15.03		$	15.02		$	14.67

Net investment income^(a)		0.13			0.28			0.18			0.16			0.19			0.17

Net realized and unrealized gain (loss)		0.49			0.21			(0.18	)		(0.29	)		0.06			0.39

Total from investment operations		0.62			0.49			—			(0.13	)		0.25			0.56

Distributions to shareholders from net investment income		(0.16	)		(0.30	)		(0.25	)		(0.26	)		(0.24	)		(0.21	)

Net asset value, end of period	$	15.04		$	14.58		$	14.39		$	14.64		$	15.03		$	15.02

Total return^(b)		4.24	%		3.46	%		0.01	%		(0.89	)%		1.66	%		3.80	%

Net assets, end of period (in 000s)	$	83,327		$	93,352		$	108,414		$	134,630		$	159,880		$	182,381

Ratio of net expenses to average net assets		0.89	%^(c)		0.91	%		0.91	%		0.91	%		0.90	%		0.91	%

Ratio of total expenses to average net assets		1.09	%^(c)		1.10	%		1.05	%		1.06	%		1.05	%		1.05	%

Ratio of net investment income to average net assets		1.79	%^(c)		1.94	%		1.25	%		1.08	%		1.31	%		1.16	%

Portfolio turnover rate^(d)		487	%		530	%		380	%		441	%		590	%		471	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Government Income Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	14.58		$	14.39		$	14.64		$	15.03		$	15.02		$	14.67

Net investment income^(a)		0.08			0.17			0.07			0.05			0.08			0.06

Net realized and unrealized gain (loss)		0.48			0.21			(0.18	)		(0.29	)		0.06			0.38

Total from investment operations		0.56			0.38			(0.11	)		(0.24	)		0.14			0.44

Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.14	)		(0.15	)		(0.13	)		(0.09	)

Net asset value, end of period	$	15.04		$	14.58		$	14.39		$	14.64		$	15.03		$	15.02

Total return^(b)		3.86	%		2.69	%		(0.74	)%		(1.63	)%		0.91	%		3.03	%

Net assets, end of period (in 000s)	$	3,556		$	3,775		$	5,959		$	8,066		$	11,743		$	12,918

Ratio of net expenses to average net assets		1.64	%^(c)		1.66	%		1.66	%		1.66	%		1.66	%		1.66	%

Ratio of total expenses to average net assets		1.84	%^(c)		1.84	%		1.80	%		1.81	%		1.80	%		1.80	%

Ratio of net investment income to average net assets		1.03	%^(c)		1.17	%		0.50	%		0.33	%		0.56	%		0.41	%

Portfolio turnover rate^(d)		487	%		530	%		380	%		441	%		590	%		471	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Government Income Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	14.55		$	14.37		$	14.62		$	15.01		$	15.00		$	14.64

Net investment income^(a)		0.16			0.33			0.24			0.21			0.24			0.22

Net realized and unrealized gain (loss)		0.48			0.20			(0.19	)		(0.29	)		0.06			0.40

Total from investment operations		0.64			0.53			0.05			(0.08	)		0.30			0.62

Distributions to shareholders from net investment income		(0.18	)		(0.35	)		(0.30	)		(0.31	)		(0.29	)		(0.26	)

Net asset value, end of period	$	15.01		$	14.55		$	14.37		$	14.62		$	15.01		$	15.00

Total return^(b)		4.42	%		3.74	%		0.35	%		(0.56	)%		2.01	%		4.23	%

Net assets, end of period (in 000s)	$	140,794		$	130,734		$	141,298		$	129,442		$	147,394		$	186,519

Ratio of net expenses to average net assets		0.56	%^(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.58	%

Ratio of total expenses to average net assets		0.75	%^(c)		0.76	%		0.71	%		0.72	%		0.71	%		0.71	%

Ratio of net investment income to average net assets		2.11	%^(c)		2.29	%		1.61	%		1.42	%		1.64	%		1.50	%

Portfolio turnover rate^(d)		487	%		530	%		380	%		441	%		590	%		471	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Government Income Fund
	Service Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	14.54		$	14.35		$	14.60		$	14.99		$	14.98		$	14.63

Net investment income^(a)		0.12			0.25			0.16			0.14			0.17			0.15

Net realized and unrealized gain (loss)		0.48			0.22			(0.18	)		(0.30	)		0.05			0.38

Total from investment operations		0.60			0.47			(0.02	)		(0.16	)		0.22			0.53

Distributions to shareholders from net investment income		(0.14	)		(0.28	)		(0.23	)		(0.23	)		(0.21	)		(0.18	)

Net asset value, end of period	$	15.00		$	14.54		$	14.35		$	14.60		$	14.99		$	14.98

Total return^(b)		4.16	%		3.30	%		(0.16	)%		(1.06	)%		1.50	%		3.64	%

Net assets, end of period (in 000s)	$	35,889		$	36,126		$	41,463		$	53,711		$	54,940		$	51,176

Ratio of net expenses to average net assets		1.06	%^(c)		1.07	%		1.07	%		1.07	%		1.06	%		1.07	%

Ratio of total expenses to average net assets		1.25	%^(c)		1.26	%		1.21	%		1.22	%		1.21	%		1.21	%

Ratio of net investment income to average net assets		1.61	%^(c)		1.77	%		1.09	%		0.92	%		1.15	%		1.00	%

Portfolio turnover rate^(d)		487	%		530	%		380	%		441	%		590	%		471	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Government Income Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	14.57		$	14.38		$	14.63		$	15.02		$	15.01		$	14.66

Net investment income^(a)		0.15			0.31			0.22			0.20			0.23			0.21

Net realized and unrealized gain (loss)		0.48			0.21			(0.18	)		(0.29	)		0.05			0.38

Total from investment operations		0.63			0.52			0.04			(0.09	)		0.28			0.59

Distributions to shareholders from net investment income		(0.17	)		(0.33	)		(0.29	)		(0.30	)		(0.27	)		(0.24	)

Net asset value, end of period	$	15.03		$	14.57		$	14.38		$	14.63		$	15.02		$	15.01

Total return^(b)		4.38	%		3.72	%		0.26	%		(0.64	)%		1.92	%		4.06	%

Net assets, end of period (in 000s)	$	1,568		$	1,458		$	2,846		$	4,558		$	4,676		$	3,875

Ratio of net expenses to average net assets		0.64	%^(c)		0.66	%		0.66	%		0.66	%		0.66	%		0.66	%

Ratio of total expenses to average net assets		0.84	%^(c)		0.84	%		0.80	%		0.81	%		0.80	%		0.80	%

Ratio of net investment income to average net assets		2.03	%^(c)		2.14	%		1.49	%		1.33	%		1.55	%		1.41	%

Portfolio turnover rate^(d)		487	%		530	%		380	%		441	%		590	%		471	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Government Income Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	14.55		$	14.24

Net investment income^(b)		0.16			0.32

Net realized and unrealized gain		0.48			0.32

Total from investment operations		0.64			0.64

Distributions to shareholders from net investment income		(0.18	)		(0.33	)

Net asset value, end of period	$	15.01		$	14.55

Total return^(c)		4.43	%		4.55	%

Net assets, end of period (in 000s)	$	13,061		$	10,268

Ratio of net expenses to average net assets^(d)		0.55	%		0.56	%

Ratio of total expenses to average net assets^(d)		0.74	%		0.77	%

Ratio of net investment income to average net assets^(d)		2.10	%		2.35	%

Portfolio turnover rate^(e)		487	%		530	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Government Income Fund
	Class R Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	14.56		$	14.38		$	14.62		$	15.02		$	15.00		$	14.65

Net investment income^(a)		0.11			0.24			0.15			0.12			0.16			0.13

Net realized and unrealized gain (loss)		0.49			0.20			(0.17	)		(0.30	)		0.06			0.39

Total from investment operations		0.60			0.44			(0.02	)		(0.18	)		0.22			0.52

Distributions to shareholders from net investment income		(0.14	)		(0.26	)		(0.22	)		(0.22	)		(0.20	)		(0.17	)

Net asset value, end of period	$	15.02		$	14.56		$	14.38		$	14.62		$	15.02		$	15.00

Total return^(b)		4.12	%		3.13	%		(0.18	)%		(1.14	)%		1.41	%		3.55	%

Net assets, end of period (in 000s)	$	20,214		$	19,905		$	21,630		$	21,045		$	21,688		$	23,184

Ratio of net expenses to average net assets		1.14	%^(c)		1.16	%		1.16	%		1.16	%		1.15	%		1.16	%

Ratio of total expenses to average net assets		1.34	%^(c)		1.35	%		1.30	%		1.31	%		1.30	%		1.30	%

Ratio of net investment income to average net assets		1.53	%^(c)		1.69	%		1.02	%		0.83	%		1.06	%		0.90	%

Portfolio turnover rate^(d)		487	%		530	%		380	%		441	%		590	%		471	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Government Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	14.55		$	14.37		$	14.61		$	15.01		$	14.83

Net investment income^(b)		0.16			0.33			0.24			0.20			0.16

Net realized and unrealized gain (loss)		0.48			0.20			(0.18	)		(0.29	)		0.21

Total from investment operations		0.64			0.53			0.06			(0.09	)		0.37

Distributions to shareholders from net investment income		(0.18	)		(0.35	)		(0.30	)		(0.31	)		(0.19	)

Net asset value, end of period	$	15.01		$	14.55		$	14.37		$	14.61		$	15.01

Total return^(c)		4.43	%		3.75	%		0.43	%		(0.60	)%		2.52	%

Net assets, end of period (in 000s)	$	8,817		$	7,661		$	19,012		$	17,614		$	93

Ratio of net expenses to average net assets		0.55	%^(d)		0.56	%		0.55	%		0.55	%		0.55	%^(d)

Ratio of total expenses to average net assets		0.74	%^(d)		0.76	%		0.70	%		0.69	%		0.70	%^(d)

Ratio of net investment income to average net assets		2.10	%^(d)		2.31	%		1.62	%		1.35	%		1.59	%^(d)

Portfolio turnover rate^(e)		487	%		530	%		380	%		441	%		590	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Quality Floating Rate Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	8.70		$	8.73		$	8.72		$	8.63		$	8.72		$	8.76

Net investment income^(a)		0.10			0.18			0.10			0.07			0.02			0.01

Net realized and unrealized gain (loss)		—			(0.02	)		0.01			0.08			(0.09	)		(0.04	)

Total from investment operations		0.10			0.16			0.11			0.15			(0.07	)		(0.03	)

Distributions to shareholders from net investment income		(0.10	)		(0.19	)		(0.10	)		(0.06	)		(0.02	)		(0.01	)

Net asset value, end of period	$	8.70		$	8.70		$	8.73		$	8.72		$	8.63		$	8.72

Total return^(b)		1.19	%		1.84	%		1.32	%		1.79	%		(0.80	)%		(0.36	)%

Net assets, end of period (in 000s)	$	9,610		$	7,968		$	9,368		$	11,303		$	10,680		$	18,565

Ratio of net expenses to average net assets		0.60	%^(c)		0.64	%		0.71	%		0.65	%		0.70	%		0.66	%

Ratio of total expenses to average net assets		0.72	%^(c)		0.70	%		0.79	%		0.89	%		0.88	%		0.90	%

Ratio of net investment income to average net assets		2.30	%^(c)		2.09	%		1.18	%		0.76	%		0.22	%		0.12	%

Portfolio turnover rate^(d)		4	%		47	%		54	%		59	%		71	%		64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Quality Floating Rate Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	8.70		$	8.72		$	8.71		$	8.63		$	8.72		$	8.77

Net investment income^(a)		0.11			0.19			0.13			0.09			0.05			0.03

Net realized and unrealized gain (loss)		—			—			0.01			0.08			(0.09	)		(0.05	)

Total from investment operations		0.11			0.19			0.14			0.17			(0.04	)		(0.02	)

Distributions to shareholders from net investment income		(0.11	)		(0.21	)		(0.13	)		(0.09	)		(0.05	)		(0.03	)

Net asset value, end of period	$	8.70		$	8.70		$	8.72		$	8.71		$	8.63		$	8.72

Total return^(b)		1.31	%		2.23	%		1.67	%		1.97	%		(0.47	)%		(0.19	)%

Net assets, end of period (in 000s)	$	72,138		$	71,263		$	730,204		$	429,019		$	360,939		$	503,652

Ratio of net expenses to average net assets		0.36	%^(c)		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%

Ratio of total expenses to average net assets		0.48	%^(c)		0.41	%		0.44	%		0.55	%		0.54	%		0.56	%

Ratio of net investment income to average net assets		2.56	%^(c)		2.19	%		1.54	%		1.05	%		0.56	%		0.38	%

Portfolio turnover rate^(d)		4	%		47	%		54	%		59	%		71	%		64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Quality Floating Rate Fund
	Service Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	8.74		$	8.76		$	8.76		$	8.67		$	8.76		$	8.81

Net investment income^(a)		0.09			0.16			0.08			0.05			0.01			—	^(b)

Net realized and unrealized gain (loss)		—			(0.01	)		0.01			0.09			(0.09	)		(0.05	)

Total from investment operations		0.09			0.15			0.09			0.14			(0.08	)		(0.05	)

Distributions to shareholders from net investment income		(0.09	)		(0.17	)		(0.09	)		(0.05	)		(0.01	)		—	^(b)

Net asset value, end of period	$	8.74		$	8.74		$	8.76		$	8.76		$	8.67		$	8.76

Total return^(c)		1.06	%		1.73	%		1.05	%		1.58	%		(0.93	)%		(0.53	)%

Net assets, end of period (in 000s)	$	125		$	92		$	113		$	491		$	551		$	145

Ratio of net expenses to average net assets		0.86	%^(d)		0.86	%		0.87	%		0.86	%		0.84	%		0.73	%

Ratio of total expenses to average net assets		0.97	%^(d)		0.93	%		0.97	%		1.05	%		1.04	%		1.07	%

Ratio of net investment income to average net assets		2.04	%^(d)		1.86	%		0.95	%		0.55	%		0.11	%		0.05	%

Portfolio turnover rate^(e)		4	%		47	%		54	%		59	%		71	%		64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Quality Floating Rate Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	8.68		$	8.70		$	8.69		$	8.61		$	8.70		$	8.75

Net investment income^(a)		0.11			0.21			0.13			0.08			0.04			0.03

Net realized and unrealized gain (loss)		—			(0.03	)		0.01			0.08			(0.09	)		(0.05	)

Total from investment operations		0.11			0.18			0.14			0.16			(0.05	)		(0.02	)

Distributions to shareholders from net investment income		(0.11	)		(0.20	)		(0.13	)		(0.08	)		(0.04	)		(0.03	)

Net asset value, end of period	$	8.68		$	8.68		$	8.70		$	8.69		$	8.61		$	8.70

Total return^(b)		1.26	%		2.14	%		1.58	%		1.87	%		(0.56	)%		(0.28	)%

Net assets, end of period (in 000s)	$	12,203		$	9,474		$	1,292		$	632		$	663		$	996

Ratio of net expenses to average net assets		0.45	%^(c)		0.45	%		0.46	%		0.44	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.57	%^(c)		0.54	%		0.53	%		0.62	%		0.63	%		0.65	%

Ratio of net investment income to average net assets		2.45	%^(c)		2.40	%		1.47	%		0.91	%		0.47	%		0.32	%

Portfolio turnover rate^(d)		4	%		47	%		54	%		59	%		71	%		64	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Quality Floating Rate Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of Period	$	8.70		$	8.73

Net investment income^(b)		0.11			0.20

Net realized and unrealized gain (loss)		—			(0.03	)

Total from investment operations		0.11			0.17

Distributions to shareholders from net investment income		(0.11	)		(0.20	)

Net asset value, end of period	$	8.70		$	8.70

Total return^(c)		1.31	%		1.99	%

Net assets, end of period (in 000s)	$	255,966		$	375,756

Ratio of net expenses to average net assets^(d)		0.35	%		0.35	%

Ratio of total expenses to average net assets^(d)		0.46	%		0.43	%

Ratio of net investment income to average net assets^(d)		2.59	%		2.48	%

Portfolio turnover rate^(e)		4	%		47	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Quality Floating Rate Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	8.70		$	8.72		$	8.72		$	8.63		$	8.69

Net investment income^(b)		0.11			0.24			0.13			0.09			0.03

Net realized and unrealized gain (loss)		—			(0.05	)		0.01			0.09			(0.06	)

Total from investment operations		0.11			0.19			0.14			0.18			(0.03	)

Distributions to shareholders from net investment income		(0.11	)		(0.21	)		(0.14	)		(0.09	)		(0.03	)

Net asset value, end of period	$	8.70		$	8.70		$	8.72		$	8.72		$	8.63

Total return^(c)		1.31	%		2.23	%		1.56	%		2.11	%		(0.32	)%

Net assets, end of period (in 000s)	$	2,540		$	6,565		$	11		$	10		$	10

Ratio of net expenses to average net assets		0.36	%^(d)		0.35	%		0.36	%		0.36	%		0.36	%^(d)

Ratio of total expenses to average net assets		0.47	%^(d)		0.49	%		0.43	%		0.53	%		0.53	%^(d)

Ratio of net investment income to average net assets		2.63	%^(d)		2.73	%		1.54	%		1.05	%		0.55	%^(d)

Portfolio turnover rate^(e)		4	%		47	%		54	%		59	%		71	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Inflation Protected Securities Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.37		$	10.31		$	10.44		$	10.44		$	10.39		$	10.29

Net investment income (loss)^(a)		0.20			0.16			0.16			0.18			0.10			(0.05	)

Net realized and unrealized gain (loss)		0.20			0.06			(0.13	)		(0.04	)		0.01			0.27

Total from investment operations		0.40			0.22			0.03			0.14			0.11			0.22

Distributions to shareholders from net investment income		(0.20	)		(0.16	)		(0.16	)		(0.14	)		(0.03	)		(0.12	)

Distributions to shareholders from return of capital		—			—			—			—			(0.03	)		—

Total distributions		(0.20	)		(0.16	)		(0.16	)		(0.14	)		(0.06	)		(0.12	)

Net asset value, end of period	$	10.57		$	10.37		$	10.31		$	10.44		$	10.44		$	10.39

Total return^(b)		3.89	%		2.21	%		0.31	%		1.32	%		1.09	%		2.09	%

Net assets, end of period (in 000s)	$	53,039		$	53,690		$	74,814		$	78,713		$	39,525		$	38,976

Ratio of net expenses to average net assets		0.68	%^(c)		0.68	%		0.68	%		0.68	%		0.70	%		0.69	%

Ratio of total expenses to average net assets		0.75	%^(c)		0.76	%		0.77	%		0.84	%		0.89	%		0.96	%

Ratio of net investment income (loss) to average net assets		3.78	%^(c)		1.61	%		1.59	%		1.69	%		1.02	%		(0.47	)%

Portfolio turnover rate^(d)		29	%		160	%		203	%		189	%		171	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Inflation Protected Securities Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.19		$	10.17		$	10.31		$	10.32		$	10.31		$	10.27

Net investment income (loss)^(a)		0.17			0.10			0.08			0.11			0.04			(0.10	)

Net realized and unrealized gain (loss)		0.19			0.04			(0.12	)		(0.05	)		—			0.23

Total from investment operations		0.36			0.14			(0.04	)		0.06			0.04			0.13

Distributions to shareholders from net investment income		(0.16	)		(0.12	)		(0.10	)		(0.07	)		(0.02	)		(0.09	)

Distributions to shareholders from return of capital		—			—			—			—			(0.01	)		—

Total distributions		(0.16	)		(0.12	)		(0.10	)		(0.07	)		(0.03	)		(0.09	)

Net asset value, end of period	$	10.39		$	10.19		$	10.17		$	10.31		$	10.32		$	10.31

Total return^(b)		3.52	%		1.38	%		(0.42	)%		0.59	%		0.39	%		1.25	%

Net assets, end of period (in 000s)	$	2,886		$	4,152		$	6,847		$	6,512		$	6,420		$	8,161

Ratio of net expenses to average net assets		1.43	%^(c)		1.43	%		1.43	%		1.43	%		1.45	%		1.44	%

Ratio of total expenses to average net assets		1.50	%^(c)		1.50	%		1.52	%		1.60	%		1.64	%		1.71	%

Ratio of net investment income (loss) to average net assets		3.26	%^(c)		0.97	%		0.82	%		1.06	%		0.37	%		(1.00	)%

Portfolio turnover rate^(d)		29	%		160	%		203	%		189	%		171	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Inflation Protected Securities Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.50		$	10.43		$	10.56		$	10.55		$	10.48		$	10.36

Net investment income^(a)		0.22			0.21			0.20			0.22			0.09			0.03

Net realized and unrealized gain (loss)		0.21			0.05			(0.13	)		(0.04	)		0.06			0.22

Total from investment operations		0.43			0.26			0.07			0.18			0.15			0.25

Distributions to shareholders from net investment income		(0.22	)		(0.19	)		(0.20	)		(0.17	)		(0.05	)		(0.13	)

Distributions to shareholders from return of capital		—			—			—			—			(0.03	)		—

Total distributions		(0.22	)		(0.19	)		(0.20	)		(0.17	)		(0.08	)		(0.13	)

Net asset value, end of period	$	10.71		$	10.50		$	10.43		$	10.56		$	10.55		$	10.48

Total return^(b)		4.10	%		2.55	%		0.64	%		1.70	%		1.42	%		2.40	%

Net assets, end of period (in 000s)	$	155,217		$	174,467		$	258,458		$	202,452		$	119,876		$	72,940

Ratio of net expenses to average net assets		0.34	%^(c)		0.34	%		0.34	%		0.34	%		0.35	%		0.35	%

Ratio of total expenses to average net assets		0.41	%^(c)		0.42	%		0.43	%		0.50	%		0.56	%		0.62	%

Ratio of net investment income to average net assets		4.19	%^(c)		2.02	%		1.95	%		2.11	%		0.85	%		0.29	%

Portfolio turnover rate^(d)		29	%		160	%		203	%		189	%		171	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Inflation Protected Securities Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.43		$	10.37		$	10.50		$	10.49		$	10.43		$	10.32

Net investment income (loss)^(a)		0.21			0.16			0.19			0.20			0.12			(0.04	)

Net realized and unrealized gain (loss)		0.21			0.08			(0.13	)		(0.03	)		0.01			0.28

Total from investment operations		0.42			0.24			0.06			0.17			0.13			0.24

Distributions to shareholders from net investment income		(0.21	)		(0.18	)		(0.19	)		(0.16	)		(0.04	)		(0.13	)

Distributions to shareholders from return of capital		—			—			—			—			(0.03	)		—

Total distributions		(0.21	)		(0.18	)		(0.19	)		(0.16	)		(0.07	)		(0.13	)

Net asset value, end of period	$	10.64		$	10.43		$	10.37		$	10.50		$	10.49		$	10.43

Total return^(b)		3.99	%		2.48	%		0.55	%		1.64	%		1.29	%		2.27	%

Net assets, end of period (in 000s)	$	19,217		$	16,088		$	13,079		$	12,523		$	2,697		$	2,526

Ratio of net expenses to average net assets		0.43	%^(c)		0.43	%		0.43	%		0.43	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.50	%^(c)		0.51	%		0.52	%		0.59	%		0.64	%		0.71	%

Ratio of net investment income to average net assets		3.95	%^(c)		1.53	%		1.80	%		1.87	%		1.18	%		(0.42	)%

Portfolio turnover rate^(d)		29	%		160	%		203	%		189	%		171	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Inflation Protected Securities Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of Period	$	10.49		$	10.40

Net investment income^(b)		0.22			0.09

Net realized and unrealized gain		0.21			0.19

Total from investment operations		0.43			0.28

Distributions to shareholders from net investment income		(0.22	)		(0.19	)

Total Distributions		(0.22	)		(0.19	)

Net asset value, end of period	$	10.70		$	10.49

Total return^(c)		4.11	%		2.77	%

Net assets, end of period (in 000s)	$	115,450		$	107,844

Ratio of net expenses to average net assets^(d)		0.33	%		0.33	%

Ratio of total expenses to average net assets^(d)		0.40	%		0.43	%

Ratio of net investment income to average net assets^(d)		4.10	%		0.91	%

Portfolio turnover rate^(e)		29	%		160	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Inflation Protected Securities Fund
	Class R Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.32		$	10.28		$	10.41		$	10.41		$	10.38		$	10.30

Net investment income (loss)^(a)		0.18			0.13			0.13			0.15			0.04			(0.12	)

Net realized and unrealized gain (loss)		0.21			0.06			(0.12	)		(0.04	)		0.04			0.31

Total from investment operations		0.39			0.19			0.01			0.11			0.08			0.19

Distributions to shareholders from net investment income		(0.19	)		(0.15	)		(0.14	)		(0.11	)		(0.03	)		(0.11	)

Distributions to shareholders from return of capital		—			—			—			—			(0.02	)		—

Total distributions		(0.19	)		(0.15	)		(0.14	)		(0.11	)		(0.05	)		(0.11	)

Net asset value, end of period	$	10.52		$	10.32		$	10.28		$	10.41		$	10.41		$	10.38

Total return^(b)		3.78	%		1.87	%		0.09	%		1.07	%		0.79	%		1.81	%

Net assets, end of period (in 000s)	$	15,009		$	14,911		$	18,169		$	18,094		$	10,128		$	7,085

Ratio of net expenses to average net assets		0.93	%^(c)		0.93	%		0.93	%		0.93	%		0.95	%		0.95	%

Ratio of total expenses to average net assets		1.00	%^(c)		1.01	%		1.02	%		1.09	%		1.15	%		1.22	%

Ratio of net investment income (loss) to average net assets		3.52	%^(c)		1.33	%		1.29	%		1.45	%		0.42	%		(1.19	)%

Portfolio turnover rate^(d)		29	%		160	%		203	%		189	%		171	%		161	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Inflation Protected Securities Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.49		$	10.43		$	10.55		$	10.55		$	10.36

Net investment income (loss)^(b)		0.22			0.08			0.22			0.21			(0.03	)

Net realized and unrealized gain (loss)		0.21			0.17			(0.14	)		(0.04	)		0.27

Total from investment operations		0.43			0.25			0.08			0.17			0.24

Distributions to shareholders from net investment income		(0.22	)		(0.19	)		(0.20	)		(0.17	)		(0.03	)

Distributions to shareholders from return of capital		—			—			—			—			(0.02	)

Total distributions		(0.22	)		(0.19	)		(0.20	)		(0.17	)		(0.05	)

Net asset value, end of period	$	10.70		$	10.49		$	10.43		$	10.55		$	10.55

Total return^(c)		4.11	%		2.47	%		0.75	%		1.62	%		2.37	%

Net assets, end of period (in 000s)	$	42,652		$	39,506		$	7,103		$	723		$	10

Ratio of net expenses to average net assets		0.33	%^(d)		0.33	%		0.33	%		0.32	%		0.34	%^(d)

Ratio of total expenses to average net assets		0.40	%^(d)		0.44	%		0.40	%		0.47	%		0.60	%^(d)

Ratio of Net investment income (loss)		4.08	%^(d)		0.74	%		2.11	%		2.00	%		(0.44	)%^(d)

Portfolio turnover rate^(e)		29	%		160	%		203	%		189	%		171	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Government Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.77		$	9.79		$	9.99		$	10.10		$	10.12		$	10.17

Net investment income^(a)		0.08			0.16			0.11			0.11			0.05			0.07

Net realized and unrealized gain (loss)		0.08			0.03			(0.13	)		(0.06	)		(0.01	)		(0.04	)

Total from investment operations		0.16			0.19			(0.02	)		0.05			0.04			0.03

Distributions to shareholders from net investment income		(0.10	)		(0.21	)		(0.18	)		(0.16	)		(0.06	)		(0.08	)

Net asset value, end of period	$	9.83		$	9.77		$	9.79		$	9.99		$	10.10		$	10.12

Total return^(b)		1.65	%		1.97	%		(0.22	)%		0.46	%		0.44	%		0.33	%

Net assets, end of period (in 000s)	$	73,266		$	82,090		$	86,239		$	138,612		$	173,879		$	220,814

Ratio of net expenses to average net assets		0.82	%^(c)		0.82	%		0.82	%		0.82	%		0.81	%		0.82	%

Ratio of total expenses to average net assets		0.90	%^(c)		0.90	%		0.89	%		0.92	%		0.91	%		0.91	%

Ratio of net investment income to average net assets		1.70	%^(c)		1.68	%		1.15	%		1.08	%		0.52	%		0.67	%

Portfolio turnover rate^(d)		180	%		247	%		87	%		173	%		227	%		185	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Government Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.70		$	9.73		$	9.92		$	10.03		$	10.06		$	10.11

Net investment income^(a)		0.06			0.12			0.07			0.07			0.02			0.03

Net realized and unrealized gain (loss)		0.09			0.02			(0.12	)		(0.06	)		(0.02	)		(0.04	)

Total from investment operations		0.15			0.14			(0.05	)		0.01			—	^(b)		(0.01	)

Distributions to shareholders from net investment income		(0.08	)		(0.17	)		(0.14	)		(0.12	)		(0.03	)		(0.04	)

Net asset value, end of period	$	9.77		$	9.70		$	9.73		$	9.92		$	10.03		$	10.06

Total return^(c)		1.56	%		1.46	%		(0.53	)%		0.06	%		(0.02	)%		(0.07	)%

Net assets, end of period (in 000s)	$	12,670		$	15,493		$	19,799		$	28,292		$	33,934		$	36,722

Ratio of net expenses to average net assets		1.22	%^(d)		1.22	%		1.22	%		1.22	%		1.17	%		1.22	%

Ratio of total expenses to average net assets		1.65	%^(d)		1.65	%		1.64	%		1.67	%		1.66	%		1.67	%

Ratio of net investment income to average net assets		1.30	%^(d)		1.27	%		0.72	%		0.68	%		0.17	%		0.27	%

Portfolio turnover rate^(e)		180	%		247	%		87	%		173	%		227	%		185	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Government Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.74		$	9.76		$	9.96		$	10.07		$	10.09		$	10.14

Net investment income^(a)		0.10			0.19			0.14			0.14			0.09			0.10

Net realized and unrealized gain (loss)		0.08			0.03			(0.13	)		(0.06	)		(0.01	)		(0.03	)

Total from investment operations		0.18			0.22			0.01			0.08			0.08			0.07

Distributions to shareholders from net investment income		(0.12	)		(0.24	)		(0.21	)		(0.19	)		(0.10	)		(0.12	)

Net asset value, end of period	$	9.80		$	9.74		$	9.76		$	9.96		$	10.07		$	10.09

Total return^(b)		1.83	%		2.32	%		0.11	%		0.80	%		0.78	%		0.67	%

Net assets, end of period (in 000s)	$	374,589		$	379,887		$	837,920		$	1,045,066		$	1,089,297		$	1,003,694

Ratio of net expenses to average net assets		0.48	%^(c)		0.48	%		0.48	%		0.47	%		0.47	%		0.48	%

Ratio of total expenses to average net assets		0.56	%^(c)		0.56	%		0.55	%		0.58	%		0.57	%		0.57	%

Ratio of net investment income to average net assets		2.03	%^(c)		1.95	%		1.46	%		1.42	%		0.86	%		1.00	%

Portfolio turnover rate^(d)		180	%		247	%		87	%		173	%		227	%		185	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Government Fund
	Service Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.73		$	9.75		$	9.94		$	10.05		$	10.08		$	10.13

Net investment income^(a)		0.07			0.15			0.09			0.09			0.04			0.05

Net realized and unrealized gain (loss)		0.08			0.02			(0.12	)		(0.06	)		(0.02	)		(0.03	)

Total from investment operations		0.15			0.17			(0.03	)		0.03			0.02			0.02

Distributions to shareholders from net investment income		(0.09	)		(0.19	)		(0.16	)		(0.14	)		(0.05	)		(0.07	)

Net asset value, end of period	$	9.79		$	9.73		$	9.75		$	9.94		$	10.05		$	10.08

Total return^(b)		1.68	%		1.70	%		(0.29	)%		0.30	%		0.18	%		0.17	%

Net assets, end of period (in 000s)	$	17,504		$	18,120		$	19,954		$	26,697		$	30,608		$	33,015

Ratio of net expenses to average net assets		0.98	%^(c)		0.98	%		0.98	%		0.97	%		0.97	%		0.98	%

Ratio of total expenses to average net assets		1.06	%^(c)		1.06	%		1.05	%		1.08	%		1.07	%		1.08	%

Ratio of net investment income to average net assets		1.53	%^(c)		1.52	%		0.95	%		0.93	%		0.37	%		0.51	%

Portfolio turnover rate^(d)		180	%		247	%		87	%		173	%		227	%		185	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Government Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.78		$	9.80		$	9.99		$	10.10		$	10.13		$	10.18

Net investment income^(a)		0.10			0.19			0.13			0.14			0.08			0.09

Net realized and unrealized gain (loss)		0.07			0.02			(0.12	)		(0.07	)		(0.02	)		(0.03	)

Total from investment operations		0.17			0.21			0.01			0.07			0.06			0.06

Distributions to shareholders from net investment income		(0.11	)		(0.23	)		(0.20	)		(0.18	)		(0.09	)		(0.11	)

Net asset value, end of period	$	9.84		$	9.78		$	9.80		$	9.99		$	10.10		$	10.13

Total return^(b)		1.78	%		2.23	%		0.13	%		0.72	%		0.59	%		0.58	%

Net assets, end of period (in 000s)	$	34,392		$	29,461		$	24,676		$	24,378		$	17,850		$	13,505

Ratio of net expenses to average net assets		0.57	%^(c)		0.57	%		0.57	%		0.56	%		0.56	%		0.57	%

Ratio of total expenses to average net assets		0.65	%^(c)		0.65	%		0.64	%		0.67	%		0.66	%		0.66	%

Ratio of net investment income to average net assets		1.96	%^(c)		1.94	%		1.35	%		1.36	%		0.77	%		0.91	%

Portfolio turnover rate^(d)		180	%		247	%		87	%		173	%		227	%		185	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Government Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31 2019^(a)
Per Share Data

Net asset value, beginning of Period	$	9.73		$	9.73

Net investment income^(b)		0.10			0.20

Net realized and unrealized gain		0.08			0.03

Total from investment operations		0.18			0.23

Distributions to shareholders from net investment income		(0.12	)		(0.23	)

Net asset value, end of period	$	9.79		$	9.73

Total return^(c)		1.83	%		2.39	%

Net assets, end of period (in 000s)	$	403,001		$	474,894

Ratio of net expenses to average net assets^(d)		0.47	%		0.47	%

Ratio of total expenses to average net assets^(d)		0.55	%		0.56	%

Ratio of net investment income to average net assets^(d)		2.06	%		2.15	%

Portfolio turnover rate^(e)		180	%		247	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Government Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.74		$	9.76		$	9.96		$	10.07		$	10.09

Net investment income^(b)		0.10			0.20			0.17			0.14			0.06

Net realized and unrealized gain (loss)		0.08			0.02			(0.16	)		(0.06	)		(0.02	)

Total from investment operations		0.18			0.22			0.01			0.08			0.04

Distributions to shareholders from net investment income		(0.12	)		(0.24	)		(0.21	)		(0.19	)		(0.06	)

Net asset value, end of period	$	9.80		$	9.74		$	9.76		$	9.96		$	10.07

Total return^(c)		1.83	%		2.33	%		0.12	%		0.82	%		0.42	%

Net assets, end of period (in 000s)	$	6,625		$	5,436		$	2,038		$	73,716		$	73,976

Ratio of net expenses to average net assets		0.47	%^(d)		0.47	%		0.46	%		0.45	%		0.45	%^(d)

Ratio of total expenses to average net assets		0.55	%^(d)		0.56	%		0.54	%		0.56	%		0.55	%^(d)

Ratio of net investment income to average net assets		2.02	%^(d)		2.10	%		1.69	%		1.44	%		0.84	%^(d)

Portfolio turnover rate^(e)		180	%		247	%		87	%		173	%		227	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Income Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.80		$	9.75		$	9.96		$	9.96		$	10.10		$	10.17

Net investment income (loss)^(a)		0.12			0.23			0.17			0.16			0.16			0.10

Net realized and unrealized gain (loss)		0.18			0.06			(0.19	)		0.02			(0.10	)		(0.04	)

Total from investment operations		0.30			0.29			(0.02	)		0.18			0.06			0.06

Distributions to shareholders from net investment income		(0.13	)		(0.22	)		(0.16	)		(0.18	)		(0.20	)		(0.13	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			—			—

Total distributions		(0.13	)		(0.24	)		(0.19	)		(0.18	)		(0.20	)		(0.13	)

Net asset value, end of period	$	9.97		$	9.80		$	9.75		$	9.96		$	9.96		$	10.10

Total return^(b)		3.06	%		3.01	%		(0.19	)%		1.86	%		0.62	%		0.60	%

Net assets, end of period (in 000s)	$	8,061		$	11,070		$	5,734		$	9,259		$	7,001		$	3,986

Ratio of net expenses to average net assets		0.79	%^(c)		0.79	%		0.79	%		0.79	%		0.80	%		0.79	%

Ratio of total expenses to average net assets		0.87	%^(c)		0.93	%		0.87	%		0.90	%		0.94	%		0.99	%

Ratio of net investment income to average net assets		2.46	%^(c)		2.35	%		1.75	%		1.56	%		1.57	%		0.95	%

Portfolio turnover rate^(d)		85	%		99	%		106	%		165	%		161	%		139	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Income Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.81		$	9.76		$	9.96		$	9.96		$	10.10		$	10.17

Net investment income^(a)		0.10			0.19			0.14			0.12			0.12			0.06

Net realized and unrealized gain (loss)		0.18			0.06			(0.19	)		0.03			(0.10	)		(0.04	)

Total from investment operations		0.28			0.25			(0.05	)		0.15			0.02			0.02

Distributions to shareholders from net investment income		(0.11	)		(0.18	)		(0.13	)		(0.15	)		(0.16	)		(0.09	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.02	)		—			—			—

Total distributions		(0.11	)		(0.20	)		(0.15	)		(0.15	)		(0.16	)		(0.09	)

Net asset value, end of period	$	9.98		$	9.81		$	9.76		$	9.96		$	9.96		$	10.10

Total return^(b)		2.86	%		2.61	%		(0.48	)%		1.46	%		0.22	%		0.21	%

Net assets, end of period (in 000s)	$	1,592		$	1,689		$	1,077		$	954		$	886		$	864

Ratio of net expenses to average net assets		1.19	%^(c)		1.19	%		1.19	%		1.19	%		1.20	%		1.18	%

Ratio of total expenses to average net assets		1.62	%^(c)		1.69	%		1.63	%		1.66	%		1.69	%		1.74	%

Ratio of net investment income to average net assets		2.06	%^(c)		1.97	%		1.39	%		1.16	%		1.17	%		0.57	%

Portfolio turnover rate^(d)		85	%		99	%		106	%		165	%		161	%		139	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Income Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.82		$	9.77		$	9.98		$	9.98		$	10.11		$	10.18

Net investment income^(a)		0.14			0.25			0.21			0.19			0.19			0.13

Net realized and unrealized gain (loss)		0.19			0.07			(0.19	)		0.03			(0.08	)		(0.03	)

Total from investment operations		0.33			0.32			0.02			0.22			0.11			0.10

Distributions to shareholders from net investment income		(0.15	)		(0.24	)		(0.20	)		(0.22	)		(0.24	)		(0.17	)

Distributions to shareholders from return of capital		—			(0.03	)		(0.03	)		—			—			—

Total distributions		(0.15	)		(0.27	)		(0.23	)		(0.22	)		(0.24	)		(0.17	)

Net asset value, end of period	$	10.00		$	9.82		$	9.77		$	9.98		$	9.98		$	10.11

Total return^(b)		3.34	%		3.36	%		0.16	%		2.21	%		1.07	%		0.94	%

Net assets, end of period (in 000s)	$	46,348		$	46,680		$	575,452		$	560,818		$	390,351		$	289,892

Ratio of net expenses to average net assets		0.45	%^(c)		0.46	%		0.45	%		0.45	%		0.45	%		0.45	%

Ratio of total expenses to average net assets		0.53	%^(c)		0.55	%		0.53	%		0.56	%		0.60	%		0.64	%

Ratio of net investment income to average net assets		2.77	%^(c)		2.58	%		2.12	%		1.90	%		1.91	%		1.29	%

Portfolio turnover rate^(d)		85	%		99	%		106	%		165	%		161	%		139	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Income Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.82		$	9.77		$	9.98		$	9.97		$	10.11		$	10.18

Net investment income^(a)		0.13			0.25			0.20			0.18			0.18			0.13

Net realized and unrealized gain (loss)		0.18			0.06			(0.19	)		0.04			(0.09	)		(0.04	)

Total from investment operations		0.31			0.31			0.01			0.22			0.09			0.09

Distributions to shareholders from net investment income		(0.14	)		(0.24	)		(0.19	)		(0.21	)		(0.23	)		(0.16	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.03	)		—			—			—

Total distributions		(0.14	)		(0.26	)		(0.22	)		(0.21	)		(0.23	)		(0.16	)

Net asset value, end of period	$	9.99		$	9.82		$	9.77		$	9.98		$	9.97		$	10.11

Total return^(b)		3.19	%		3.27	%		0.06	%		2.22	%		0.87	%		0.85	%

Net assets, end of period (in 000s)	$	23,973		$	1,584		$	2,094		$	1,457		$	363		$	289

Ratio of net expenses to average net assets		0.54	%^(c)		0.54	%		0.54	%		0.54	%		0.54	%		0.55	%

Ratio of total expenses to average net assets		0.61	%^(c)		0.68	%		0.62	%		0.65	%		0.69	%		0.74	%

Ratio of net investment income to average net assets		2.64	%^(c)		2.57	%		2.03	%		1.84	%		1.81	%		1.25	%

Portfolio turnover rate^(d)		85	%		99	%		106	%		165	%		161	%		139	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Income Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.82		$	9.74

Net investment income^(b)		0.14			0.25

Net realized and unrealized gain		0.18			0.09

Total from investment operations		0.32			0.34

Distributions to shareholders from net investment income		(0.15	)		(0.24	)

Distributions to shareholders from return of capital		—			(0.02	)

Total distributions		(0.15	)		(0.26	)

Net asset value, end of period	$	9.99		$	9.82

Total return^(c)		3.24	%		3.51	%

Net assets, end of period (in 000s)	$	673,506		$	635,440

Ratio of net expenses to average net assets^(d)		0.44	%		0.44	%

Ratio of total expenses to average net assets^(d)		0.52	%		0.60	%

Ratio of net investment income to average net assets^(d)		2.81	%		2.72	%

Portfolio turnover rate^(e)		85	%		99	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Income Fund
	Class R Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.82		$	9.77		$	9.98		$	9.98		$	10.11		$	10.18

Net investment income^(a)		0.11			0.20			0.16			0.13			0.13			0.08

Net realized and unrealized gain (loss)		0.18			0.06			(0.20	)		0.03			(0.08	)		(0.04	)

Total from investment operations		0.29			0.26			(0.04	)		0.16			0.05			0.04

Distributions to shareholders from net investment income		(0.12	)		(0.19	)		(0.15	)		(0.16	)		(0.18	)		(0.11	)

Distributions to shareholders from return of capital		—			(0.02	)		(0.02	)		—			—			—

Total distributions		(0.12	)		(0.21	)		(0.17	)		(0.16	)		(0.18	)		(0.11	)

Net asset value, end of period	$	9.99		$	9.82		$	9.77		$	9.98		$	9.98		$	10.11

Total return^(b)		2.93	%		2.76	%		(0.43	)%		1.62	%		0.46	%		0.37	%

Net assets, end of period (in 000s)	$	134		$	122		$	95		$	32		$	25		$	10

Ratio of net expenses to average net assets		1.04	%^(c)		1.04	%		1.04	%		1.04	%		1.04	%		1.01	%

Ratio of total expenses to average net assets		1.12	%^(c)		1.18	%		1.12	%		1.14	%		1.19	%		1.22	%

Ratio of net investment income to average net assets		2.21	%^(c)		2.08	%		1.57	%		1.32	%		1.33	%		0.76	%

Portfolio turnover rate^(d)		85	%		99	%		106	%		165	%		161	%		139	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short Duration Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.82		$	9.77		$	9.98		$	9.97		$	10.07

Net investment income^(b)		0.14			0.27			0.21			0.19			0.13

Net realized and unrealized gain (loss)		0.18			0.05			(0.20	)		0.04			(0.07	)

Total from investment operations		0.32			0.32			0.01			0.23			0.06

Distributions to shareholders from net investment income		(0.15	)		(0.24	)		(0.19	)		(0.22	)		(0.16	)

Distributions to shareholders from return of capital		—			(0.03	)		(0.03	)		—			—

Total distributions		(0.15	)		(0.27	)		(0.22	)		(0.22	)		(0.16	)

Net asset value, end of period	$	9.99		$	9.82		$	9.77		$	9.98		$	9.97

Total return^(c)		3.24	%		3.36	%		0.13	%		2.30	%		0.65	%

Net assets, end of period (in 000s)	$	1,312		$	1,252		$	10		$	10		$	10

Ratio of net expenses to average net assets		0.44	%^(d)		0.45	%		0.45	%		0.45	%		0.48	%^(d)

Ratio of total expenses to average net assets		0.52	%^(d)		0.67	%		0.55	%		0.59	%		0.63	%^(d)

Ratio of net investment income to average net assets		2.81	%^(d)		2.77	%		2.12	%		1.91	%		1.90	%^(d)

Portfolio turnover rate^(e)		85	%		99	%		106	%		165	%		161	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2017^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			Period Ended March 31, 2017^(a)
Per Share Data

Net asset value, beginning of period	$	10.03		$	10.01		$	10.02		$	10.01

Net investment income (loss)^(b)		0.12			0.25			0.14			0.03

Net realized and unrealized gain (loss)		0.02			(0.01	)		(0.04	)		0.01

Total from investment operations		0.14			0.24			0.10			0.04

Distributions to shareholders from net investment income		(0.12	)		(0.22	)		(0.11	)		(0.03	)

Distributions to shareholders from net realized gains		—			—	^(c)		—	^(c)		—	^(c)

Total distributions		(0.12	)		(0.22	)		(0.11	)		(0.03	)

Net asset value, end of period	$	10.05		$	10.03		$	10.01		$	10.02

Total return^(d)		1.41	%		2.41	%		1.04	%		0.42	%

Net assets, end of period (in 000s)	$	22,111		$	50,982		$	817		$	25

Ratio of net expenses to average net assets		0.46	%^(e)		0.46	%		0.57	%		0.51	%^(e)

Ratio of total expenses to average net assets		0.56	%^(e)		0.61	%		0.63	%		1.33	%^(e)

Ratio of net investment income to average net assets		2.40	%^(e)		2.46	%		1.42	%		0.75	%^(e)

Portfolio turnover rate^(f)		42	%		89	%		67	%		46	%

(a)

Commenced operations on October 31, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.04		$	10.01		$	10.02		$	10.00		$	10.00		$	10.00

Net investment income^(a)		0.13			0.25			0.15			0.11			0.06			0.03

Net realized and unrealized gain (loss)		0.01			0.03			(0.01	)		0.01			—	^(b)		0.01

Total from investment operations		0.14			0.28			0.14			0.12			0.06			0.04

Distributions to shareholders from net investment income		(0.13	)		(0.25	)		(0.15	)		(0.10	)		(0.06	)		(0.04	)

Distributions to shareholders from net realized gains		—			—	^(c)		—	^(c)		—	^(c)		—	^(c)		—

Total distributions		(0.13	)		(0.25	)		(0.15	)		(0.10	)		(0.06	)		(0.04	)

Net asset value, end of period	$	10.05		$	10.04		$	10.01		$	10.02		$	10.00		$	10.00

Total return^(d)		1.43	%		2.82	%		1.40	%		1.22	%		0.61	%		0.36	%

Net assets, end of period (in 000s)	$	1,512,278		$	840,036		$	1,421,091		$	265,690		$	15,082		$	100,009

Ratio of net expenses to average net assets		0.22	%^(e)		0.20	%		0.19	%		0.15	%		0.19	%		0.19	%

Ratio of total expenses to average net assets		0.31	%^(e)		0.32	%		0.33	%		1.20	%		2.10	%		4.62	%

Ratio of net investment income to average net assets		2.61	%^(e)		2.45	%		1.54	%		1.08	%		0.63	%		0.35	%

Portfolio turnover rate^(f)		42	%		89	%		67	%		46	%		39	%		40	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Administration Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.03		$	10.02		$	10.02		$	10.00		$	10.00		$	10.00

Net investment income^(a)		0.12			0.22			0.13			0.06			0.04			0.01

Net realized and unrealized gain (loss)		0.02			0.01			(0.01	)		0.04			—	^(b)		—	^(b)

Total from investment operations		0.14			0.23			0.12			0.10			0.04			0.01

Distributions to shareholders from net investment income		(0.12	)		(0.22	)		(0.12	)		(0.08	)		(0.04	)		(0.01	)

Distributions to shareholders from net realized gains		—			—	^(c)		—	^(c)		—	^(c)		—	^(c)		—

Total distributions		(0.12	)		(0.22	)		(0.12	)		(0.08	)		(0.04	)		(0.01	)

Net asset value, end of period	$	10.05		$	10.03		$	10.02		$	10.02		$	10.00		$	10.00

Total return^(d)		1.31	%		2.46	%		1.24	%		0.97	%		0.37	%		0.10	%

Net assets, end of period (in 000s)	$	968		$	937		$	1,032		$	132		$	25		$	25

Ratio of net expenses to average net assets		0.47	%^(e)		0.45	%		0.43	%		0.41	%		0.43	%		0.42	%

Ratio of total expenses to average net assets		0.56	%^(e)		0.57	%		0.59	%		1.49	%		2.44	%		4.87	%

Ratio of net investment income to average net assets		2.35	%^(e)		2.20	%		1.25	%		0.60	%		0.35	%		0.12	%

Portfolio turnover rate^(f)		42	%		89	%		67	%		46	%		39	%		40	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Preferred Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2017^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			Period Ended March 31, 2017^(a)
Per Share Data

Net asset value, beginning of period	$	10.03		$	10.02		$	10.02		$	10.01

Net investment income^(b)		0.13			0.24			0.14			0.04

Net realized and unrealized gain		0.02			0.01			—	^(c)		0.01

Total from investment operations		0.15			0.25			0.14			0.05

Distributions to shareholders from net investment income		(0.13	)		(0.24	)		(0.14	)		(0.04	)

Distributions to shareholders from net realized gains		—			—	^(d)		—	^(d)		—	^(d)

Total distributions		(0.13	)		(0.24	)		(0.14	)		(0.04	)

Net asset value, end of period	$	10.05		$	10.03		$	10.02		$	10.02

Total return^(e)		1.49	%		2.52	%		1.40	%		0.52	%

Net assets, end of period (in 000s)	$	27		$	26		$	25		$	25

Ratio of net expenses to average net assets		0.32	%^(f)		0.30	%		0.28	%		0.27	%^(f)

Ratio of total expenses to average net assets		0.40	%^(f)		0.41	%		0.44	%		1.11	%^(f)

Ratio of net investment income to average net assets		2.55	%^(f)		2.38	%		1.38	%		0.95	%^(f)

Portfolio turnover rate^(g)		42	%		89	%		67	%		46	%

(a)

Commenced operations on October 31, 2016.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

Rounds to less than $0.01 per share.

(e)

(f)

Annualized.

(g)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.04		$	10.03

Net investment income^(b)		0.12			0.16

Net realized and unrealized gain		0.02			0.01

Total from investment operations		0.14			0.17

Distributions to shareholders from net investment income		(0.13	)		(0.16	)

Distributions to shareholders from net realized gains		—			—	^(c)

Total distributions		(0.13	)		(0.16	)

Net asset value, end of period	$	10.05		$	10.04

Total return^(d)		1.39	%		1.68	%

Net assets, end of period (in 000s)	$	92,057		$	6,254

Ratio of net expenses to average net assets^(e)		0.31	%		0.30	%

Ratio of total expenses to average net assets^(e)		0.40	%		0.41	%

Ratio of net investment income to average net assets^(e)		2.45	%		2.58	%

Portfolio turnover rate^(f)		42	%		89	%

(a)

Commenced operations on August 14, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of Period	$	10.03		$	10.02

Net investment income^(b)		0.13			0.25

Net realized and unrealized gain		0.01			—

Total from investment operations		0.14			0.25

Distributions to shareholders from net investment income		(0.13	)		(0.24	)

Distributions to shareholders from net realized gains		—			—	^(c)

Total Distributions		(0.13	)		(0.24	)

Net asset value, end of period	$	10.04		$	10.03

Total return^(d)		1.44	%		2.48	%

Net assets, end of period (in 000s)	$	1,777,467		$	2,048,977

Ratio of net expenses to average net assets^(e)		0.21	%		0.20	%

Ratio of total expenses to average net assets^(e)		0.30	%		0.32	%

Ratio of net investment income to average net assets^(e)		2.66	%		2.62	%

Portfolio turnover rate^(f)		42	%		89	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Short-Term Conservative Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019			Period Ended March 31, 2018^(a)
Per Share Data

Net asset value, beginning of Period	$	10.04		$	10.02		$	10.02

Net investment income^(b)		0.13			0.27			0.05

Net realized and unrealized gain		0.02			—			—

Total from investment operations		0.15			0.27			0.05

Distributions to shareholders from net investment income		(0.13	)		(0.25	)		(0.05	)

Distributions to shareholders from net realized gains		—			—	^(c)		—	^(c)

Total Distributions		(0.13	)		(0.25	)		(0.05	)

Net asset value, end of period	$	10.06		$	10.04		$	10.02

Total Return^(d)		1.54	%		2.82	%		0.43	%

Net assets, end of period (in 000s)	$	971,216		$	420,023		$	10

Ratio of net expenses to average net assets		0.21	%^(e)		0.20	%		0.24	%^(e)

Ratio of total expenses to average net assets		0.30	%^(e)		0.32	%		0.35	%^(e)

Ratio of net investment income to average net assets		2.59	%^(e)		2.66	%		1.64	%^(e)

Portfolio turnover rate^(f)		42	%		89	%		67	%

(a)

Commenced operations on November 30, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Rounds to less than $0.01 per share.

(d)

(e)

Annualized.

(f)


The accompanying notes are an integral part of these financial statements.		121

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2019 (Unaudited)

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, P and R6	Diversified
Government Income	A, C, Institutional, Service, Investor, P, R and R6	Diversified
High Quality Floating Rate	A, Institutional, Service, Investor, P and R6	Diversified
Inflation Protected Securities	A, C, Institutional, Investor, P, R and R6	Diversified
Short Duration Government	A, C, Institutional, Service, Investor, P and R6	Diversified
Short Duration Income	A, C, Institutional, Investor, P, R and R6	Diversified
Short-Term Conservative Income	A, Institutional, Administration, Preferred, Investor, P and R6	Diversified

Class A Shares of the Government Income, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds are sold with a front-end sales charge of up to 3.75%, 3.75%, 1.50% and 1.50%, respectively. Class C Shares are generally sold with a contingent deferred sales charge (“CDSC”) of 1.00% (0.65% for Short Duration Government and Short Duration Income Funds), which is imposed on redemptions made within 12 months of purchase. Institutional, Administration, Preferred, Service, Investor, Class P, 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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

122

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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.


	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

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

123

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

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

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 and Financial Square Money Market Fund (“Underlying Funds”) are valued at the NAV per share 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 the Underlying Funds’ accounting policies and investment holdings, please see the Underlying Funds’ shareholder report.

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.

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

124

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. 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.

vi. When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and

125

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by the Fund, if any, is noted in the Schedules of Investments.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked-to-market daily 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.

126

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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.

127

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C. Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2019:



ENHANCED INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	295,533,877		$	—

Mortgage-Backed Obligations		—			20,000,000			—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		39,423,837			9,379,696			—

Asset-Backed Securities		—			81,230,419			—

Municipal Debt Obligation		—			413,976			—

Investment Company		11,357,474			—			—

Short-term Investments		—			52,127,592			—

Total	$	50,781,311		$	458,685,560		$	—

Derivative Type

Assets^(a)

Futures Contracts	$	388,869		$	—		$	—

Liabilities^(a)

Futures Contracts	$	(1,188,528	)	$	—		$	—

GOVERNMENT INCOME

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	194,667,616		$	—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		144,567,369			40,277,593			—

Asset-Backed Securities		—			20,798,891			—

Municipal Debt Obligations		—			5,625,664			—

Investment Company		1,869,631			—			—

Short-term Investments		—			1,145,099			—

Total	$	146,437,000		$	262,514,863		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(14,828,882	)	$	—

Total	$	—		$	(14,828,882	)	$	—

(a)

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

128

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



GOVERNMENT INCOME (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets^(a)

Futures Contracts	$	422,945		$	—		$	—

Interest Rate Swap Contracts		—			144,290			—

Total	$	422,945		$	144,290		$	—

Liabilities^(a)

Futures Contracts	$	(15,042	)	$	—		$	—

Interest Rate Swap Contracts		—			(241,840	)		—

Total	$	(15,042	)	$	(241,840	)	$	—

HIGH QUALITY FLOATING RATE

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	16,480,147		$	—

Mortgage-Backed Obligations		—			120,304,874			—

U.S. Government Agencies		—			7,184,448			—

Asset-Backed Securities		—			184,173,125			—

Municipal Debt Obligations		—			11,861,960			—

Short-term Investments		—			4,042,968			—

Total	$	—		$	344,047,522		$	—

Derivative Type

Assets^(a)

Futures Contracts	$	169,040		$	—		$	—

Interest Rate Swap Contracts		—			159,080			—

Total	$	169,040		$	159,080		$	—

Liabilities^(a)

Futures Contracts	$	(141,260	)	$	—		$	—

Interest Rate Swap Contracts		—			(262,253	)		—

Total	$	(141,260	)	$	(262,253	)	$	—

INFLATION PROTECTED SECURITIES

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

U.S. Treasury Obligations	$	386,954,837		$	—		$	—

Investment Company		7,329,004			—			—

Total	$	394,283,841		$	—		$	—

(a)

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

129

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



INFLATION PROTECTED SECURITIES (continued)

Derivative Type	Level 1			Level 2			Level 3

Assets

Futures Contracts^(a)	$	409,834		$	—		$	—

Interest Rate Swap Contracts^(a)		—			901,004			—

Options Purchased		—			50,239			—

Total	$	409,834		$	951,243		$	—

Liabilities

Futures Contracts^(a)	$	(614,189	)	$	—		$	—

Interest Rate Swap Contracts^(a)		—			(1,972,647	)		—

Written option contracts		—			(25,253	)		—

Total	$	(614,189	)	$	(1,997,900	)	$	—

SHORT DURATION GOVERNMENT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	501,344,555		$	—

U.S. Treasury Obligations and/or Other U.S. Government Agencies		421,896,842			75,617,461			—

Asset-Backed Securities		—			1,103,474			—

Total	$	421,896,842		$	578,065,490		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(75,608,439	)	$	—

Total	$	—		$	(75,608,439	)	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	2,407,622		$	—		$	—

Interest Rate Swap Contracts		—			627,264			—

Total	$	2,407,622		$	627,264		$	—

Liabilities^(a)

Futures Contracts	$	(1,345,869	)	$	—		$	—

Interest Rate Swap Contracts		—			(1,060,391	)		—

Total	$	(1,345,869	)	$	(1,060,391	)	$	—

(a)

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

130

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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	$	—		$	518,577,505		$	—

Mortgage-Backed Obligations		—			121,113,973			—

Asset-Backed Securities		—			63,209,982			—

Foreign Debt Obligations		—			16,462,956			—

Municipal Debt Obligations		—			24,995,275			—

U.S. Treasury Obligations		934,867			—			—

Investment Company		3,292,037			—			—

Total	$	4,226,904		$	744,359,691		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(10,716,406	)	$	—

Total	$	—		$	(10,716,406	)	$	—

Derivative Type

Assets

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	946,136		$	—

Futures Contracts^(a)		411,980			—			—

Interest Rate Swap Contracts^(a)		—			2,565,000			—

Credit Default Swap Contracts^(a)		—			169,974			—

Options Purchased		—			196,271			—

Total	$	411,980		$	3,877,381		$	—

Liabilities

Forward Foreign Currency Exchange Contracts^(a)	$	—		$	(1,329,458	)	$	—

Futures Contracts^(a)		(1,262,249	)		—			—

Interest Rate Swap Contracts^(a)		—			(1,239,521	)		—

Credit Default Swap Contracts^(a)		—			(91,501	)		—

Written option contracts		—			(679,740	)		—

Total	$	(1,262,249	)	$	(3,340,220	)	$	—

(a)

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

131

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



SHORT-TERM CONSERVATIVE INCOME

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Corporate Obligations	$	—	$	2,173,697,578	$	—

Investment Companies		540,718,594		—		—

Short-term Investments		—		1,671,221,770		—

Total	$	540,718,594	$	3,844,919,348	$	—

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

4. INVESTMENTS IN DERIVATIVES

ENHANCED INCOME

Risk

Statements of Assets
and Liabilities

Assets

Statements of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts

388,869

^(a)

Variation margin on futures contracts

(1,188,528)

^(a)

GOVERNMENT 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

567,235

^(a)

Variation margin on futures contracts; Variation margin on swap contracts

(256,882)

^(a)

HIGH QUALITY 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

328,120

^(a)

Variation margin on swap contracts; Variation margin on futures contracts

(403,513)

^(a)

INFLATION PROTECTED SECURITIES

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

1,361,077

^(a)

Variation margin on swap contracts; Variation margin on futures contracts

(2,612,089)

^(a)

(a)

132

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

SHORT DURATION GOVERNMENT

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

3,034,886

^(a)

Variation margin on swap contracts; Variation margin on futures contracts

(2,406,260)

^(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

3,173,251

^(a)

Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value

(3,181,510)

^(a)

Credit

Variation margin on swap contracts

169,974

^(a)

Variation margin on swap contracts

(91,501)

^(a)

Currency

Receivable for unrealized gain on forward foreign currency exchange contracts.

946,136

Payable for unrealized loss on forward foreign currency exchange contracts.

(1,329,458)

Total

4,289,361

(4,602,469)

(a)



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	$	(1,209,717	)	$	(485,929	)		1,098

GOVERNMENT 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	$	(723,267	)	$	357,351			705

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 contracts and swap contracts /Net change in unrealized gain (loss) futures contracts and swap contracts	$	57,596		$	(291,745	)		318

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2019.

133

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)



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 futures contracts, swap contracts and purchased options/Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options and written options	$	(347,003	)	$	(822,750	)		1,226

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	$	(7,804,340	)	$	1,476,538			5,390

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) swap contracts /Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options	$	(5,946,639	)	$	(1,383,704	)		2,740
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		311,316			(88,261	)		6
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(549,540	)		(502,665	)		435
Total		$	(5,153,088	)	$	(1,974,630	)		3,181

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2019.

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.

134

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2019, contractual and effective net management fees with GSAM were at the following rates:


	Contractual Management Rate																		Effective Net Management Rate#
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate#
Enhanced Income		0.25	%		0.23	%		0.22	%		0.22	%		0.22	%		0.25	%		0.24	%
Government Income		0.53			0.48			0.45			0.44			0.44			0.53			0.51
High Quality Floating Rate		0.31			0.28			0.27			0.26			0.25			0.31			0.31
Inflation Protected Securities		0.26			0.23			0.22			0.22			0.21			0.26			0.26
Short Duration Government		0.44			0.40			0.38			0.37			0.36			0.44			0.44
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			0.18	*

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

The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.20% as an annual percentage rate of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2020. In addition, from the beginning of the reporting period through April 20, 2019, the Investment Adviser had waived a greater portion of its management fee in order to achieve an effective net management fee rate of 0.19% as an annual percentage of the Fund’s average daily net assets.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) and Goldman Sachs Financial Square Money Market Fund, which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which the Funds invest. For the six months ended September 30, 2019, the management fee waived by GSAM for each Fund was as follows:


Fund	Management Fee Waived
Enhanced Income	$	15,215
Government Income		26,640
Inflation Protected Securities		6,044
Short Duration Government		3,436
Short Duration Income		10,274
Short-Term Conservative Income		401,132

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.

135

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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.


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

With respect to Class A and Class R Shares, the Distributor at its discretion may use compensation for distribution services paid under the Distribution and/or Service Plan to compensate service organizations for personal and account maintenance services and expenses as long as such total compensation does not exceed the maximum cap on “service fees” imposed by the Financial Industry Regulatory Authority.

Goldman Sachs has agreed to waive a portion of the distribution (12b-1) and service fees applicable to the Short Duration Government Fund’s and Short Duration Income Fund’s Class C Shares in an amount equal to 0.35% of the average daily net assets attributable to Class C Shares of the respective Funds. These arrangements will remain in place through at least July 29, 2020, and from year to year thereafter, provided that such continuance is approved annually by a majority vote of the Trustees of the Trust, including a majority of the non-interested Trustees of the Trust who have no direct or indirect financial interest in these arrangements.


	Front End Sales Charge

Fund	Class A
Government Income	$	992
Inflation Protected Securities		99
Short Duration Government		1,405
Short Duration Income		125

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.

136

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Effective July 30, 2019, Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Government Income Fund through at least July 29, 2020, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

In addition, from the beginning of the reporting period through April 20, 2019, Goldman Sachs had waived a portion of its transfer agency fee equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class P Shares of the Short-Term Conservative Income Fund.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government, Short Duration Income and Short-Term Conservative Income Funds are 0.064%, 0.004%, 0.014%, 0.044%, 0.004%, 0.014% and 0.004%, respectively. These Other Expense limitations will remain in place through at least July 29, 2020 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 six months ended September 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund	Management Fee Waiver		Class C Distribution and Service Fees		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Enhanced Income	$	15,215	$	—	$	78	$	76,578	$	91,871
Government Income		26,640		—		5,800		271,673		304,113
High Quality Floating Rate		—		—		42		221,482		221,524
Inflation Protected Securities		6,044		—		272		122,341		128,657
Short Duration Government		3,436		24,325		405		356,687		384,853
Short Duration Income		10,274		2,821		54		289,126		302,275
Short-Term Conservative Income		1,288,426		—		40		362,197		1,650,663

H. Other Transactions with Affiliates — For the six months ended September 30, 2019, Goldman Sachs earned $8,402, $4,294, $16,318, $64,479 and $42,815 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds, respectively.

137

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of September 30, 2019, the Goldman Sachs Collective Trust Tactical Exposure Fund was the beneficial owner of 6.36% of the Short-Term Conservative Income Fund.

As of September 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Class R and Preferred Shares of the following Funds:


Fund	Class R			Preferred
Short Duration Income		8	%		—	%
Short-Term Conservative Income		—			100

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund — Institutional Shares and Goldman Sachs Financial Square Money Market Fund — Institutional Shares for the six months ended September 30, 2019:


Fund	Underlying Funds	Beginning value as of March 31, 2019		Purchases at Cost		Proceeds from Sales			Change In Unrealized Gain (loss)		Ending value as of September 30, 2019		Shares as of September 30, 2019		Dividend Income
Enhanced Income	Goldman Sachs Financial Square Money Market Fund — Institutional Shares	$	11,219,474	$	144,291,703	$	(144,154,821	)	$	1,118	$	11,357,474		11,351,798	$	226,158
Government Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		25,252,182		148,882,466		(172,265,017	)		—		1,869,631		1,869,631		367,920
Inflation Protected Securities	Goldman Sachs Financial Square Government Fund — Institutional Shares		14,311,970		73,541,829		(80,524,795	)		—		7,329,004		7,329,004		85,264
Short Duration Government	Goldman Sachs Financial Square Government Fund — Institutional Shares		2,624,284		200,358,866		(202,983,150	)		—		—		—		49,447
Short Duration Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		4,587,467		260,923,960		(262,219,390	)		—		3,292,037		3,292,037		131,082
Short-Term Conservative Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		73,103,526		2,677,166,075		(2,600,165,744	)		—		150,103,857		150,103,857		1,942,915
	Goldman Sachs Financial Square Money Market Fund — Institutional Shares		289,763,812		100,831,781		—			19,144		390,614,737		390,419,527		3,831,674

138

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2019, 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	$	38,402,347	$	91,772,235	$	22,241,755	$	70,604,045
Government Income		1,688,942,573		—		1,675,824,921		10,885,241
High Quality Floating Rate		8,500,000		8,250,000		77,535,764		50,016,960
Inflation Protected Securities		112,625,088		—		133,305,463		40,416
Short Duration Government		1,777,413,551		—		1,786,543,255		—
Short Duration Income		521,100,350		158,161,912		503,007,798		103,637,445
Short-Term Conservative Income		—		1,308,700,546		—		698,359,499

7. TAX INFORMATION

As of March 31, 2019, 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
Capital loss carryforwards
Perpetual Short-Term	$	(1,966,894	)	$	(1,930,566	)	$	(3,308,013	)	$	(357,587	)	$	(21,468,747	)	$	(6,197,956	)	$	—
Perpetual Long-Term		(754,382	)		(10,143,362	)		(1,530,298	)		(18,313,471	)		(19,984,417	)		(8,090,391	)		—
Total capital loss carryforwards	$	(2,721,276	)	$	(12,073,928	)	$	(4,838,311	)	$	(18,671,058	)	$	(41,453,164	)	$	(14,288,347	)	$	—
Timing differences (Post October Loss Deferral/Straddle Loss Deferral/ Distributions Payable/Qualified Late Year Loss Deferral)	$	(2,750,004	)	$	(1,811,086	)	$	(1,260,551	)	$	(5,313,586	)	$	(9,101,238	)	$	(1,073,756	)	$	(208,330	)

139

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

7. TAX INFORMATION (continued)

As of September 30, 2019, 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	$	505,952,313		$	399,457,269		$	344,435,265		$	379,508,309		$	980,609,402		$	737,750,798		$	4,378,527,687
Gross unrealized gain		3,786,401			9,868,428			731,657			15,323,908			23,654,432			13,242,917			7,619,304
Gross unrealized loss		(271,843	)		(373,834	)		(1,119,400	)		(548,376	)		(4,301,502	)		(2,407,120	)		(509,049	)
Net unrealized gains (losses)	$	3,514,558		$	9,494,594		$	(387,743	)	$	14,775,532		$	19,352,930		$	10,835,797		$	7,110,255

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, market discount accretion, premium amortization and swap transactions.

8. OTHER RISKS

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

Floating and Variable Rate Obligations Risk — For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances.

Certain floating and variable rate obligations have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”), such as LIBOR. In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

140

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

8. OTHER RISKS (continued)

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.

141

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

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

Upon evaluation, GSAM has concluded that the change in accounting principle does not materially impact the financial statement amounts.

11. SUBSEQUENT EVENTS

142

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Enhanced Income Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		53,133		$	502,480			1,335,016		$	12,584,834
Reinvestment of distributions		15,119			143,050			30,223			284,893
Shares redeemed		(914,358	)		(8,649,522	)		(437,840	)		(4,125,070	)
		(846,106	)		(8,003,992	)		927,399			8,744,657
Institutional Shares
Shares sold		3,858,494			36,463,075			26,413,318			248,481,865
Reinvestment of distributions		235,070			2,221,449			634,325			5,969,251
Shares redeemed		(2,691,729	)		(25,435,012	)		(48,349,084	)		(454,895,626	)
		1,401,835			13,249,512			(21,301,441	)		(200,444,510	)
Administration Shares
Shares sold		60,916			577,480			296,808			2,800,290
Reinvestment of distributions		3,499			33,163			4,900			46,241
Shares redeemed		(28	)		(262	)		(12,013	)		(113,211	)
		64,387			610,381			289,695			2,733,320
Investor Shares
Shares sold		713,710			6,730,750			590,536			5,551,363
Reinvestment of distributions		11,076			104,567			8,567			80,546
Shares redeemed		(587,258	)		(5,545,568	)		(498,365	)		(4,684,736	)
		137,528			1,289,749			100,738			947,173
Class P Shares^(a)
Shares sold		2,997,803			28,318,403			32,300,342			303,934,724
Reinvestment of distributions		247,259			2,336,508			423,853			3,989,105
Shares redeemed		(4,849,049	)		(45,832,325	)		(12,603,754	)		(118,627,783	)
		(1,603,987	)		(15,177,414	)		20,120,441			189,296,046
Class R6 Shares
Shares sold		662,708			6,261,703			5,541,175			52,141,300
Reinvestment of distributions		65,187			615,997			40,076			377,248
Shares redeemed		(647,670	)		(6,121,447	)		(299,125	)		(2,815,496	)
		80,225			756,253			5,282,126			49,703,052

NET INCREASE (DECREASE)		(766,118	)	$	(7,275,511	)		5,418,958		$	50,979,738

(a) Class

P Shares commenced operations on April 20, 2018.

143

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Government Income Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		464,264		$	6,867,994			1,367,654		$	19,562,173
Reinvestment of distributions		54,623			810,457			119,547			1,711,936
Shares redeemed		(1,381,484	)		(20,560,384	)		(2,615,245	)		(37,414,666	)
		(862,597	)		(12,881,933	)		(1,128,044	)		(16,140,557	)
Class C Shares
Shares sold		16,533			245,974			140,067			2,000,108
Reinvestment of distributions		1,237			18,348			3,185			45,614
Shares redeemed		(40,258	)		(598,786	)		(298,299	)		(4,256,585	)
		(22,488	)		(334,464	)		(155,047	)		(2,210,863	)
Institutional Shares
Shares sold		1,434,836			21,246,178			3,951,772			56,456,970
Reinvestment of distributions		90,734			1,344,915			197,303			2,820,773
Shares redeemed		(1,130,307	)		(16,648,927	)		(4,998,748	)		(71,525,097	)
		395,263			5,942,166			(849,673	)		(12,247,354	)
Service Shares
Shares sold		207,494			3,056,974			637,482			9,039,164
Reinvestment of distributions		22,613			334,642			43,855			626,532
Shares redeemed		(321,935	)		(4,742,481	)		(1,084,805	)		(15,449,239	)
		(91,828	)		(1,350,865	)		(403,468	)		(5,783,543	)
Investor Shares
Shares sold		14,514			213,313			62,870			901,167
Reinvestment of distributions		1,188			17,624			3,006			43,041
Shares redeemed		(11,406	)		(167,732	)		(163,695	)		(2,343,113	)
		4,296			63,205			(97,819	)		(1,398,905	)
Class P Shares^(a)
Shares sold		203,993			3,020,000			907,885			13,007,650
Reinvestment of distributions		9,126			135,360			13,165			188,120
Shares redeemed		(48,638	)		(710,749	)		(215,329	)		(3,073,908	)
		164,481			2,444,611			705,721			10,121,862
Class R Shares
Shares sold		198,194			2,924,317			327,388			4,680,450
Reinvestment of distributions		12,074			179,008			24,522			350,688
Shares redeemed		(231,510	)		(3,433,047	)		(489,367	)		(6,999,327	)
		(21,242	)		(329,722	)		(137,457	)		(1,968,189	)
Class R6 Shares
Shares sold		232,445			3,444,698			1,091,931			15,575,323
Reinvestment of distributions		6,402			94,867			10,036			143,508
Shares redeemed		(177,958	)		(2,655,142	)		(1,898,779	)		(27,534,127	)
		60,889			884,423			(796,812	)		(11,815,296	)

NET DECREASE		(373,226	)	$	(5,562,579	)		(2,862,599	)	$	(41,442,845	)

(a) Class

P Shares commenced operations on April 20, 2018.

144

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Quality Floating Rate Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		374,925		$	3,262,187			166,630		$	1,452,742
Reinvestment of distributions		11,444			99,602			21,258			185,399
Shares redeemed		(197,784	)		(1,721,337	)		(345,610	)		(3,013,872	)
		188,585			1,640,452			(157,722	)		(1,375,731	)
Institutional Shares
Shares sold		2,142,812			18,642,465			13,914,457			121,412,800
Reinvestment of distributions		63,269			550,443			628,903			5,487,541
Shares redeemed		(2,106,747	)		(18,328,699	)		(90,069,896	)		(785,516,344	)
		99,334			864,209			(75,526,536	)		(658,616,003	)
Service Shares
Shares sold		8,340			72,888			7			62
Reinvestment of distributions		76			668			88			768
Shares redeemed		(4,727	)		(41,313	)		(2,381	)		(20,881	)
		3,689			32,243			(2,286	)		(20,051	)
Investor Shares
Shares sold		613,344			5,323,831			1,665,450			14,481,630
Reinvestment of distributions		14,032			121,793			11,985			104,159
Shares redeemed		(313,137	)		(2,718,024	)		(734,058	)		(6,384,581	)
		314,239			2,727,600			943,377			8,201,208
Class P Shares^(a)
Shares sold		2,909,068			25,330,448			94,629,113			826,058,191
Reinvestment of distributions		459,386			3,999,996			1,310,476			11,429,239
Shares redeemed		(17,138,995	)		(149,223,072	)		(52,760,684	)		(459,791,446	)
		(13,770,541	)		(119,892,628	)		43,178,905			377,695,984
Class R6 Shares
Shares sold		14,731			128,194			836,924			7,289,345
Reinvestment of distributions		6,629			57,701			4,512			39,278
Shares redeemed		(484,006	)		(4,212,841	)		(88,110	)		(767,177	)
		(462,646	)		(4,026,946	)		753,326			6,561,446

NET DECREASE		(13,627,340	)	$	(118,655,070	)		(30,810,936	)	$	(267,553,147	)

(a) Class

P Shares commenced operations on April 20, 2018.

145

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Inflation Protected Securities Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		755,051		$	7,942,291			2,170,397		$	22,099,500
Reinvestment of distributions		42,476			445,633			44,088			450,954
Shares redeemed		(958,459	)		(10,065,162	)		(4,289,175	)		(43,644,395	)
		(160,932	)		(1,677,238	)		(2,074,690	)		(21,093,941	)
Class C Shares
Shares sold		3,007			31,021			175,142			1,771,520
Reinvestment of distributions		4,916			50,640			5,244			52,994
Shares redeemed		(137,724	)		(1,420,653	)		(446,161	)		(4,508,762	)
		(129,801	)		(1,338,992	)		(265,775	)		(2,684,248	)
Institutional Shares
Shares sold		2,096,693			22,293,354			8,729,877			90,003,750
Reinvestment of distributions		182,734			1,943,008			294,545			3,054,357
Shares redeemed		(4,402,199	)		(46,819,603	)		(17,176,817	)		(177,902,199	)
		(2,122,772	)		(22,583,241	)		(8,152,395	)		(84,844,092	)
Investor Shares
Shares sold		519,927			5,495,478			1,544,399			15,814,489
Reinvestment of distributions		35,688			376,979			23,730			244,140
Shares redeemed		(291,335	)		(3,090,306	)		(1,287,122	)		(13,172,083	)
		264,280			2,782,151			281,007			2,886,546
Class P Shares^(a)
Shares sold		2,721,334			28,949,776			11,587,845			120,559,372
Reinvestment of distributions		204,572			2,173,576			81,574			838,148
Shares redeemed		(2,415,904	)		(25,516,413	)		(1,389,861	)		(14,201,272	)
		510,002			5,606,939			10,279,558			107,196,248
Class R Shares
Shares sold		256,219			2,683,939			556,571			5,651,244
Reinvestment of distributions		19,733			206,160			15,269			155,822
Shares redeemed		(294,158	)		(3,070,648	)		(894,389	)		(9,117,761	)
		(18,206	)		(180,549	)		(322,549	)		(3,310,695	)
Class R6 Shares
Shares sold		1,023,215			10,878,492			3,617,477			37,170,869
Reinvestment of distributions		74,878			795,411			19,507			201,433
Shares redeemed		(877,395	)		(9,358,881	)		(552,150	)		(5,697,725	)
		220,698			2,315,022			3,084,834			31,674,577

NET INCREASE (DECREASE)		(1,436,731	)	$	(15,075,908	)		2,829,990		$	29,824,395

(a) Class

P Shares commenced operations on April 20, 2018.

146

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short Duration Government Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,515,212		$	14,857,567			3,769,772		$	36,672,692
Reinvestment of distributions		73,054			717,241			164,681			1,603,662
Shares redeemed		(2,538,359	)		(24,929,692	)		(4,338,360	)		(42,218,751	)
		(950,093	)		(9,354,884	)		(403,907	)		(3,942,397	)
Class C Shares
Shares sold		123,002			1,199,986			885,128			8,546,369
Reinvestment of distributions		10,330			100,764			26,278			254,259
Shares redeemed		(432,394	)		(4,211,515	)		(1,350,202	)		(13,048,191	)
		(299,062	)		(2,910,765	)		(438,796	)		(4,247,563	)
Institutional Shares
Shares sold		6,734,080			65,851,244			15,661,500			151,963,749
Reinvestment of distributions		366,204			3,584,868			1,094,499			10,632,655
Shares redeemed		(7,883,023	)		(77,116,847	)		(63,566,040	)		(617,999,100	)
		(782,739	)		(7,680,735	)		(46,810,041	)		(455,402,696	)
Service Shares
Shares sold		110,530			1,076,407			377,831			3,662,815
Reinvestment of distributions		10,269			100,386			25,836			250,489
Shares redeemed		(195,373	)		(1,907,392	)		(587,385	)		(5,687,548	)
		(74,574	)		(730,599	)		(183,718	)		(1,774,244	)
Investor Shares
Shares sold		1,514,215			14,880,065			2,622,995			25,555,348
Reinvestment of distributions		33,001			324,302			67,346			656,227
Shares redeemed		(1,065,128	)		(10,473,218	)		(2,195,018	)		(21,355,141	)
		482,088			4,731,149			495,323			4,856,434
Class P Shares^(a)
Shares sold		1,521,732			14,861,745			56,751,109			551,146,589
Reinvestment of distributions		553,120			5,410,550			762,963			7,395,496
Shares redeemed		(9,718,572	)		(95,047,096	)		(8,723,072	)		(84,476,988	)
		(7,643,720	)		(74,774,801	)		48,791,000			474,065,097
Class R6 Shares
Shares sold		171,474			1,681,903			389,417			3,776,127
Reinvestment of distributions		6,205			60,743			7,174			69,642
Shares redeemed		(59,745	)		(583,991	)		(47,116	)		(457,255	)
		117,934			1,158,655			349,475			3,388,514

NET INCREASE (DECREASE)		(9,150,166	)	$	(89,561,980	)		1,799,336		$	16,943,145

(a) Class

P Shares commenced operations on April 20, 2018.

147

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short Duration Income Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		158,707		$	1,574,056			1,532,063		$	14,840,967
Reinvestment of distributions		10,996			109,147			30,202			292,137
Shares redeemed		(490,788	)		(4,828,253	)		(1,020,608	)		(9,895,063	)
		(321,085	)		(3,145,050	)		541,657			5,238,041
Class C Shares
Shares sold		33,151			329,136			137,554			1,322,775
Reinvestment of distributions		1,783			17,701			2,756			26,699
Shares redeemed		(47,601	)		(471,267	)		(78,404	)		(756,576	)
		(12,667	)		(124,430	)		61,906			592,898
Institutional Shares
Shares sold		6,496,805			64,458,835			3,618,162			35,132,735
Reinvestment of distributions		92,430			920,499			541,100			5,251,019
Shares redeemed		(6,704,250	)		(66,832,776	)		(58,296,907	)		(565,199,019	)
		(115,015	)		(1,453,442	)		(54,137,645	)		(524,815,265	)
Investor Shares
Shares sold		2,421,715			23,868,361			280,025			2,698,717
Reinvestment of distributions		25,049			249,858			5,199			50,379
Shares redeemed		(209,263	)		(2,069,890	)		(338,319	)		(3,270,593	)
		2,237,501			22,048,329			(53,095	)		(521,497	)
Class P Shares^(a)
Shares sold		16,232,071			161,291,214			84,000,191			814,284,800
Reinvestment of distributions		962,781			9,573,088			1,135,344			10,998,440
Shares redeemed		(14,483,226	)		(143,824,487	)		(20,434,225	)		(197,177,154	)
		2,711,626			27,039,815			64,701,310			628,106,086
Class R Shares
Shares sold		854			8,471			5,118			49,625
Reinvestment of distributions		152			1,505			250			2,424
Shares redeemed		(4	)		(39	)		(2,675	)		(25,724	)
		1,002			9,937			2,693			26,325
Class R6 Shares
Shares sold		15,042			150,025			131,574			1,279,732
Reinvestment of distributions		1,906			18,941			433			4,225
Shares redeemed		(13,147	)		(130,884	)		(5,510	)		(53,343	)
		3,801			38,082			126,497			1,230,614

NET INCREASE		4,505,163		$	44,413,241			11,243,323		$	109,857,202

(a) Class

P Shares commenced operations on April 20, 2018.

148

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12. SUMMARY OF SHARE TRANSACTIONS (continued)


	Short Term Conservative Income Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		2,475,815		$	24,875,082			5,039,053		$	50,536,178
Reinvestment of distributions		67,242			675,559			13,219			132,558
Shares redeemed		(5,423,897	)		(54,508,270	)		(52,871	)		(529,944	)
		(2,880,840	)		(28,957,629	)		4,999,401			50,138,792
Institutional Shares
Shares sold		99,861,596			1,003,405,324			93,399,284			936,085,447
Reinvestment of distributions		1,271,688			12,778,567			1,995,028			20,000,647
Shares redeemed		(34,376,422	)		(345,385,671	)		(153,603,088	)		(1,539,286,331	)
		66,756,862			670,798,220			(58,208,776	)		(583,200,237	)
Administration Shares
Shares sold		94,104			945,690			99,816			999,740
Reinvestment of distributions		649			6,521			2,163			21,683
Shares redeemed		(91,805	)		(921,717	)		(111,632	)		(1,117,432	)
		2,948			30,494			(9,653	)		(96,009	)
Preferred Shares
Reinvestment of distributions		33			337			62			616
		33			337			62			616
Investor Shares^(a)
Shares sold		10,564,128			106,150,975			2,012,038			20,152,372
Reinvestment of distributions		51,565			518,184			4,178			41,906
Shares redeemed		(2,080,939	)		(20,909,095	)		(1,393,210	)		(13,951,856	)
		8,534,754			85,760,064			623,006			6,242,422
Class P Shares^(b)
Shares sold		62,295,781			625,229,319			325,057,068			3,256,705,804
Reinvestment of distributions		2,353,433			23,624,123			3,102,035			31,077,750
Shares redeemed		(91,984,010	)		(923,128,075	)		(123,860,431	)		(1,240,458,012	)
		(27,334,796	)		(274,274,633	)		204,298,672			2,047,325,542
Class R6 Shares
Shares sold		77,231,881			776,858,200			54,481,944			546,277,798
Reinvestment of distributions		673,604			6,772,191			536,071			5,375,143
Shares redeemed		(23,188,706	)		(233,041,412	)		(13,179,100	)		(132,210,572	)
		54,716,779			550,588,979			41,838,915			419,442,369

NET INCREASE		99,795,740		$	1,003,945,832			193,541,627		$	1,939,853,495

(a)

Investor Shares commenced operations on August 14, 2018.

(b)

Class P Shares commenced operations on April 20, 2018.

149

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Fund Expenses — Six Month Period Ended September 30, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Administration, Preferred, Service, Investor, Class P, 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 for certain Funds), contingent deferred sales charges on redemptions (generally with respect to Class C Shares), and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees (with respect to Class A, Class C, and Class R and Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Administration, Preferred, Service, Investor, Class P, Class R or Class R6 Shares of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.


	Enhanced Income Fund							Government Income Fund							High Quality Floating Rate Fund							Inflation Protected Securities Fund
Share Class	Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*

Class A
Actual	$	1,000.00	$	1,013.10		$	2.97	$	1,000.00	$	1,042.40		$	4.54	$	1,000.00	$	1,011.90		$	3.02	$	1,000.00	$	1,038.90		$	3.47
Hypothetical 5% return		1,000.00		1,022.05	+		2.98		1,000.00		1,022.05	+		4.50		1,000.00		1,022.05	+		3.03		1,000.00		1,021.60	+		3.44
Class C
Actual		—		—			—		1,000.00		1,038.60			8.36		—		—			—		1,000.00		1,035.20			7.28
Hypothetical 5% return		—		—			—		1,000.00		1,016.80	+		8.27		—		—			—		1,000.00		1,017.85	+		7.21
Institutional
Actual		1,000.00		1,015.40			1.76		1,000.00		1,044.20			2.86		1,000.00		1,013.10			1.81		1,000.00		1,041.00			1.73
Hypothetical 5% return		1,000.00		1,023.25	+		1.77		1,000.00		1,022.20	+		2.83		1,000.00		1,023.20	+		1.82		1,000.00		1,023.30	+		1.72
Administration
Actual	$	1,000.00	$	1,014.10		$	3.02		—		—			—		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,022.00	+		3.03		—		—			—		—		—			—		—		—			—
Service
Actual		—		—			—		1,000.00		1,041.60			5.41		1,000.00		1,010.60			4.32		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.70	+		5.35		1,000.00		1,020.70	+		4.34		—		—			—
Investor
Actual		1,000.00		1,015.00			2.22		1,000.00		1,043.80			3.27		1,000.00		1,012.60			2.26		1,000.00		1,039.90			2.19
Hypothetical 5% return		1,000.00		1,022.80	+		2.23		1,000.00		1,021.80	+		3.23		1,000.00		1,022.75	+		2.28		1,000.00		1,022.85	+		2.17
Class P
Actual		1,000.00		1,015.50			1.71		1,000.00		1,044.30			2.81		1,000.00		1,013.10			1.76		1,000.00		1,041.10			1.68
Hypothethical 5% return		1,000.00		1,023.30	+		1.72		1,000.00		1,022.25	+		2.78		1,000.00		1,023.30	+		1.77		1,000.00		1,023.35	+		1.67
Class R
Actual		—		—			—		1,000.00		1,041.20			5.82		—		—			—		1,000.00		1,037.80			4.74
Hypothetical 5% return		—		—			—		1,000.00		1,019.30	+		5.76		—		—			—		1,000.00		1,020.35	+		4.70
Class R6
Actual		1,000.00		1,015.50			1.70		1,000.00		1,044.30			2.81		1,000.00		1,013.10			1.81		1,000.00		1,041.10			1.68
Hypothethical 5% return		1,000.00		1,023.31	+		1.71		1,000.00		1,022.25	+		2.78		1,000.00		1,023.20	+		1.82		1,000.00		1,023.35	+		1.67

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


Fund	Class A			Class C			Institutional			Administration			Service			Investor			Class P			Class R			Class R6
Enhanced Income		0.59	%		—	%		0.35	%		0.60	%		—	%		0.44	%		0.34	%		—	%		0.34	%
Government Income		0.89			1.64			0.56			—			1.06			0.64			0.55			1.14			0.55
High Quality Floating Rate		0.60			—			0.36			—			0.86			0.45			0.35			—			0.36
Inflation Protected Securities		0.68			1.43			0.34			—			—			0.43			0.33			0.93			0.33

150

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2019 (Unaudited) (continued)


	Short Duration Government Fund							Short Duration Income Fund							Short-Term Conservative Income Fund
Share Class	Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*
Class A
Actual	$	1,000.00	$	1,016.50		$	4.13	$	1,000.00	$	1,030.60		$	4.01	$	1,000.00	$	1,014.10		$	2.32
Hypothetical 5% return		1,000.00		1,020.90	+		4.14		1,000.00		1,021.05	+		3.99		1,000.00		1,022.70	+		2.33
Class C
Actual		1,000.00		1,015.60			6.15		1,000.00		1,028.60			6.04		—		—			—
Hypothetical 5% return		1,000.00		1,018.90	+		6.16		1,000.00		1,019.05	+		6.01		—		—			—
Institutional
Actual		1,000.00		1,018.30			2.42		1,000.00		1,033.40			2.29		1,000.00		1,014.30			1.11
Hypothetical 5% return		1,000.00		1,022.60	+		2.43		1,000.00		1,022.75	+		2.28		1,000.00		1,023.90	+		1.11
Administration
Actual		—		—			—		—		—			—	$	1,000.00		1,015.40			1.05
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,023.96	+		1.06
Preferred
Actual		—		—			—		—		—			—		1,000.00		1,014.90			1.61
Hypothethical 5% return		—		—			—		—		—			—		1,000.00		1,023.40	+		1.62
Service
Actual		1,000.00		1,016.80			4.94		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,020.10	+		4.95		—		—			—		—		—			—
Investor
Actual		1,000.00		1,017.80			2.88		1,000.00		1,031.90			2.74		1,000.00		1,013.90			1.56
Hypothetical 5% return		1,000.00		1,022.15	+		2.88		1,000.00		1,022.30	+		2.73		1,000.00		1,023.45	+		1.57
Class P
Actual		1,000.00		1,018.30			2.37		1,000.00		1,032.40			2.24		1,000.00		1,014.40			1.06
Hypothethical 5% return		1,000.00		1,022.65	+		2.38		1,000.00		1,022.80	+		2.23		1,000.00		1,023.95	+		1.06
Class R
Actual		—		—			—		1,000.00		1,029.30			5.28		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.80	+		5.25		—		—			—
Class R6
Actual		1,000.00		1,018.30			2.37		1,000.00		1,032.40			2.24		1,000.00		1,013.10			2.37
Hypothetical 5% return		1,000.00		1,022.65	+		2.38		1,000.00		1,022.80	+		2.23		1,000.00		1,022.65	+		2.38

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


Fund	Class A			Class C			Institutional			Administration			Preferred			Service			Investor			Class P			Class R			Class R6
Short Duration Government		0.82	%		1.22	%		0.48	%		—	%		—	%		0.98	%		0.57	%		0.47	%		—	%		0.47	%
Short Duration Income		0.79			1.19			0.45			—			—			—			0.54			0.44			1.04			0.44
Short-Term Conservative Income		0.46			—			0.22			0.47			0.32			—			0.31			0.21			—			0.21

151

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Enhanced Income Fund, Goldman Sachs Government Income Fund, Goldman Sachs High Quality Floating Rate Fund, Goldman Sachs Inflation Protected Securities Fund, Goldman Sachs Short Duration Government Fund, Goldman Sachs Short Duration Income Fund, and Goldman Sachs Short-Term Conservative Income Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreements (the “Management Agreements”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the “Committee”), comprised of the Independent Trustees. The Committee held four meetings over the course of the year since the Management Agreements were last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreements were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Enhanced Income Fund, Short Duration Government Fund, and Short Duration Income Fund) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c)

(d)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Fund’s expense trends over time; and

(iii)

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

152

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

(i)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(j)

(k)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l)

information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(m)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

(o)

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, administration and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreements at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreements

Investment Performance

153

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Enhanced Income Fund’s, Short Duration Government Fund’s and Short Duration Income Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that the Enhanced Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and three-year periods and in the third quartile for the five- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. They observed that the Government Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and ten-year periods and the third quartile for the one- and five-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. The Trustees noted that the High Quality Floating Rate Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-year period and in the third quartile for the one-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. They also considered that the High Quality Floating Rate Fund had experienced certain portfolio management changes in 2018. The Trustees observed that the Inflation Protected Securities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. They noted that the Short Duration Government Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three-, five-, and ten-year periods and the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and underperformed for the one-year period ended March 31, 2019. The Trustees observed that the Short Duration Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the three-year period and underperformed the Fund’s benchmark index for the one- and five-year periods ended March 31, 2019. They noted that the Short-Term Conservative Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and five-year periods, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2019.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreements and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund’s management fee and breakpoints (with the exception of the Short-Term Conservative Income Fund, which does not have breakpoints) to those of a relevant peer group and category universe; an expense analysis which compared each Fund’s overall net and gross expenses to a peer group and a category universe; and data comparing each Fund’s net expenses to the peer and category medians. The analyses also compared each Fund’s other expenses and fee waivers/reimbursements to those of the peer group and category medians. The Trustees concluded that the comparisons provided by the Outside Data Provider were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Government Income Fund that would have the effect of decreasing expenses of Class A, Class C, Investor, and Class R Shares of the Fund, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

154

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

Profitability

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds (other than the Short-Term Conservative Income Fund) at the following annual percentage rates of the average daily net assets of the Funds:


Average Daily Net Assets	Enhanced Income Fund			Government Income Fund			High Quality Floating Rate Fund			Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund

First $1 billion		0.25	%		0.53	%		0.31	%		0.26	%		0.44	%		0.40	%

Next $1 billion		0.23			0.48			0.28			0.23			0.40			0.36

Next $3 billion		0.22			0.45			0.27			0.22			0.38			0.34

Next $3 billion		0.22			0.44			0.26			0.22			0.37			0.33

Over $8 billion		0.22			0.44			0.25			0.21			0.36			0.32

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertakings to waive a portion of its management fee (with respect to the Short-Term Conservative Income Fund) and to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Government Income Fund’s Class A, Class C, Investor and Class R Shares. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels.

With respect to the Short-Term Conservative Income Fund, the Trustees noted that the Fund does not have management fee breakpoints. They considered the asset levels in the Fund; the Fund’s recent purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing the contractual fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer group; and the Investment Adviser’s undertakings to waive a portion of its management fee and to limit certain expenses of the Fund that exceed a specified level.

Other Benefits to the Investment Adviser and Its Affiliates

155

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreements (Unaudited) (continued)

cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

Conclusion

In connection with their consideration of the Management Agreements, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreements should be approved and continued with respect to each Fund until June 30, 2020.

156

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Income Fund

∎

Strategic Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

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Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

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U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap 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 Cap Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

Blue Chip Fund

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

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U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

Asia Equity Fund

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund⁵

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

∎

Commodity Strategy Fund

∎

Global Real Estate Securities Fund

∎

Alternative Premia Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

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

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Multi-Manager Global Equity Fund

∎

Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

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Multi-Manager U.S. Small Cap Equity Fund

∎

Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund⁴

∎

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

⁴

Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

⁵

Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

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 James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

The Funds will file their portfolio holdings for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders).

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

This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current Prospectus or summary prospectus, if applicable. Investors should consider a Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the Prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about a Fund and may be obtained from your Authorized Institution or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550).

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

Goldman Sachs Funds

LOGO



Semi-Annual Report				September 30, 2019

				Single Sector Fixed Income Funds
				Emerging Markets Debt
				High Yield
				High Yield Floating Rate
				Investment Grade Credit
				Local Emerging Markets Debt
				U.S. Mortgages

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. At any time, you may elect to receive reports and certain communications from a Fund electronically by calling the applicable toll-free number below or by contacting your financial intermediary.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800- 621-2550 for Class P, Class R6, Institutional, Separate Account Institutional and Service shareholders or 800-526-7384 for all other shareholders. If you hold shares of a Fund through a financial intermediary, lease contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Funds’ transfer agent if you invest directly with the transfer agent.

LOGO

Goldman Sachs Single Sector Fixed Income Funds

∎

EMERGING MARKETS DEBT

∎

HIGH YIELD

∎

HIGH YIELD FLOATING RATE

∎

INVESTMENT GRADE CREDIT

∎

LOCAL EMERGING MARKETS DEBT

∎

U.S. MORTGAGES


TABLE OF CONTENTS

Fund Basics			1

Schedules of Investments			11

Financial Statements			75

Financial Highlights			82

Emerging Markets Debt			82

High Yield			88

High Yield Floating Rate			96

Investment Grade Credit			103

Local Emerging Markets Debt			109

U.S. Mortgages			115

Notes to the Financial Statements			121

Other Information			154



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

FUND BASICS

Emerging Markets Debt Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	Fund Total Return (based on NAV)¹			J.P. Morgan EMBI^SMGlobal Diversified Index Gross, USD, Unhedged²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³

Class A		3.59	%		5.64	%		3.92	%		3.86	%
Class C		3.21			5.64			3.35			3.29
Institutional		3.76			5.64			4.42			4.38
Investor		3.72			5.64			4.36			4.29
Class P		3.77			5.64			4.43			4.40
Class R6		3.77			5.64			4.43			4.39

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.

FUND BASICS


TOP TEN COUNTRY ALLOCATION⁴

	Percentage of Net Assets

	as of 9/30/19			as of 3/31/19

Mexico		5.8	%		4.2	%
Indonesia		5.4			7.4
Sri Lanka		4.9			4.6
Turkey		4.6			6.0
Ecuador		4.5			2.9
Ukraine		4.0			3.9
Dominican Republic		3.9			2.5
United Arab Emirates		3.4			3.0
South Africa		3.1			2.2
Guatemala		2.8			2.0
Other		47.2			53.0

⁴

The percentage shown for each investment 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 0.4% as of 9/30/19 and 0.9% as of 3/31/19. Figures in the above table may not sum to 100% due to exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

FUND BASICS

High Yield Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		3.73	%		3.87	%		4.41	%		4.34	%
Class C		3.51			3.87			3.86			3.79
Institutional		4.04			3.87			4.89			4.88
Service		3.78			3.87			4.39			4.38
Investor		3.86			3.87			4.87			4.80
Class P		4.05			3.87			4.90			4.89
Class R		3.77			3.87			4.36			4.29
Class R6		4.04			3.87			4.90			4.89

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.

FUND BASICS


TOP TEN HOLDINGS AS OF 9/30/19⁴

Company	% of Net Assets			Line of Business

iShares iBoxx High Yield Corporate Bond ETF (NR/NR)		1.6	%	Exchange Traded Funds
Altice Financing SA (B+/B2)		1.0		Media
Sprint Corp. (B/B3)		0.9		Telecommunication Services
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)		0.8		Media
Bausch Health Americas, Inc. (B-/B3)		0.7		Pharmaceuticals
CHS/Community Health Systems, Inc. (B-/Caa1)		0.7		Healthcare Providers & Services
Tenet Healthcare Corp. (CCC+/Caa1)		0.7		Healthcare Providers & Services
Freeport-McMoRan, Inc. (BB/Ba1)		0.7		Mining
Dell International LLC/EMC Corp. (BB/Ba2)		0.7		Computers
Genesis Energy LP/Genesis Energy Finance Corp. (B+/B1)		0.6		Pipelines

⁴

The top 10 holdings may not be representative of the Fund’s future investments.


TOP TEN INDUSTRY ALLOCATION⁵

	Percentage of Net Assets

	as of 9/30/19			as of 3/31/19

Media		12.1	%		9.8	%
Telecommunication Services		9.4			9.6
Oil Field Services		7.5			9.5
Healthcare Providers & Services		5.6			5.7
Diversified Financial Services		4.7			3.7
Pipelines		3.8			3.3
Food & Drug Retailing		3.0			2.0
Retailing		3.0			1.6
Pharmaceuticals		3.0			3.0
Entertainment		2.8			3.0
Other		39.4			45.5

⁵

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, exchange traded funds and securities lending reinvestment vehicle of 3.0% as of 9/30/19 and 4.9% as of 3/31/19. 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.

FUND BASICS

High Yield Floating Rate Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	Fund Total Return (based on NAV)¹			Credit Suisse Leveraged Loan Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³

Class A		2.77	%		2.52	%		4.66	%		4.66	%
Class C		2.39			2.52			4.02			4.02
Institutional		3.05			2.52			5.11			5.11
Investor		2.90			2.52			5.03			5.02
Class P		2.95			2.52			5.13			5.13
Class R		2.66			2.52			4.55			4.55
Class R6		2.95			2.52			5.13			5.12

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.


TOP TEN INDUSTRY ALLOCATIONS⁴

	Percentage of Net Assets

	as of 9/30/19			as of 3/31/19

Technology – Software/Services		15.1	%		13.6	%
Health Care – Services		7.2			8.0
Chemicals		4.3			3.9
Packaging		3.7			3.4
Diversified Financial Services		3.3			0.5
Media – Non Cable		3.2			0.5
Building Materials		3.2			3.6
Media – Broadcasting & Radio		3.2			3.7
Wirelines Telecommunications		3.0			3.0
Automotive – Parts		3.0			0.8
Other		44.8			45.5

⁴

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies, exchange traded funds and securities lending reinvestment vehicle of 5.6% as of 9/30/19 and 3.0% as of 3/31/19. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

FUND BASICS

Investment Grade Credit Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		7.66	%		7.38	%		2.20	%		2.12	%
Institutional		7.85			7.38			2.63			2.55
Investor		7.80			7.38			2.54			2.46
Separate Account Institutional		7.96			7.38			2.64			2.56
Class P		7.97			7.38			2.64			2.56
Class R6		7.85			7.38			2.64			2.56

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.

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

LOGO

⁴


TOP TEN INDUSTRY ALLOCATIONS⁵

	Percentage of Net Assets

	as of 9/30/19			as of 3/31/19

Banks		20.4	%		17.4	%
Pipelines		7.4			8.5
Telecommunication Services		6.8			7.7
Beverages		6.3			6.2
Oil Field Services		6.1			7.6
Electrical		4.4			4.4
Sovereign		4.2			3.8
Media		3.9			6.1
Pharmaceuticals		3.6			4.7
Real Estate Investment Trust		3.3			3.1

⁵

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 0.0% as of 9/30/19 and 1.3% as of 3/31/19. Figures in the above table may not sum to 100% due to exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

FUND BASICS

Local Emerging Markets Debt Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	Fund Total Return (based on NAV)¹			J.P. Morgan GBI-EM^SM Global Diversified Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³
Class A		3.72	%		4.80	%		3.54	%		3.12	%
Class C		3.52			4.80			2.96			2.51
Institutional		3.89			4.80			4.01			3.61
Investor		4.04			4.80			3.96			3.51
Class P		4.07			4.80			4.02			3.61
Class R6		3.89			4.80			4.03			3.62

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.


TOP TEN COUNTRY ALLOCATIONS⁴

	Percentage of Net Assets

	as of 9/30/19			as of 3/31/19

Thailand		15.0	%		7.9	%
South Africa		8.9			9.8
Chile		8.8			6.7
Colombia		6.8			10.0
Peru		6.6			4.1
United States		6.3			7.6
United Kingdom		6.3			0.0
Russia		5.1			5.0
Poland		4.2			4.8
Brazil		3.3			11.4
Other		14.3			17.20

⁴

The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include investments in other investment companies of 0.0% as of 9/30/19 and 6.9% as of 3/31/19. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

FUND BASICS

U.S. Mortgages Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1, 2019–September 30, 2019	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		3.45	%		3.47	%		1.96	%		1.92	%
Institutional		3.52			3.47			2.38			2.34
Investor		3.47			3.47			2.29			2.25
Separate Account Institutional		3.53			3.47			2.39			2.35
Class P		3.53			3.47			2.39			2.35
Class R6		3.62			3.47			2.39			2.35

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.

FUND BASICS

PORTFOLIO COMPOSITION⁴

Percentage of Net Assets

LOGO

⁴

⁵

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – 65.5%
Angola – 1.6%
	Republic of Angola (NR/B3)
$	20,730,000		8.250	%^(a)		05/09/28	$	21,494,419
	460,000		9.375	^(a)		05/08/48		484,725
	1,300,000		9.375			05/08/48		1,369,875

								23,349,019

Argentina – 2.0%
	Province of Santa Fe (NR/Caa2)
	2,670,000		7.000	^(a)		03/23/23		1,665,412
	1,850,000		7.000			03/23/23		1,153,938
	Provincia de Buenos Aires (CCC/Caa2)^(b)
EUR	89,999		4.000			05/01/20		62,035
	Provincia de Cordoba (B-/Caa2)
$	2,090,000		7.450			09/01/24		1,189,994
	Provincia de la Rioja (B-/NR)^(a)
	5,880,000		9.750			02/24/25		2,217,862
	Republic of Argentina (NR/Caa2)
ARS	6,281,460		2.500			07/22/21		37,914
	Republic of Argentina (CCC-/NR)
	(Argentina Deposit Rates + 3.250%)
	18,350,000		62.614	^(c)		03/01/20		171,514
EUR	10,196,928		7.820			12/31/33		5,212,534
$	5,005,276		8.280			12/31/33		2,393,147
	Republic of Argentina (CCC-/Caa2)
	480,000		5.625			01/26/22		209,520
	720,000		4.625			01/11/23		301,725
EUR	13,360,000		3.375			01/15/23		5,540,741
$	150,000		7.500			04/22/26		65,625
EUR	4,410,000		5.000			01/15/27		1,850,572
$	950,000		6.875			01/26/27		401,375
EUR	13,560,000		5.250			01/15/28		5,690,195
$	3,520,000		7.125			07/06/36		1,518,880
EUR	1,210,000		3.380	^(b)		12/31/38		503,797

								30,186,780

Armenia^(a) – 0.2%
	Republic of Armenia (NR/Ba3)
$	2,640,000		3.950			09/26/29		2,580,588

Azerbaijan – 0.3%
	Republic of Azerbaijan (NR/Ba2u)
	380,000		4.750			03/18/24		402,420
	3,800,000		3.500			09/01/32		3,681,250

								4,083,670

Bahrain – 0.4%
	Kingdom of Bahrain (B+/NR)
	560,000		7.000			10/12/28		627,200
	990,000		6.000			09/19/44		971,747
	Kingdom of Bahrain (B+/B2)^(a)
	4,410,000		5.625			09/30/31		4,428,742

								6,027,689

Belize^(a)(b) – 0.1%
	Republic of Belize (B-/B3)
	2,446,500		4.938			02/20/34		1,488,542


Sovereign Debt Obligations – (continued)
Brazil^(d) – 0.3%
	Federal Republic of Brazil (BB-/Ba2)
	4,810,000		4.500	%		05/30/29		5,020,438

Chile^(d) – 0.4%
	Republic of Chile (A+/A1)
	6,000,000		3.500			01/25/50		6,481,875

Costa Rica – 0.4%
	Republic of Costa Rica (NR/NR)
	1,690,000		9.200			02/23/22		1,817,629
	650,000		5.520			08/17/22		639,925
	1,240,000		9.200	^(a)		02/21/24		1,334,214
	Republic of Costa Rica (B+/B1)
	2,040,000		9.995			08/01/20		2,144,549

								5,936,317

Dominican Republic – 3.7%
	Dominican Republic (NR/NR)
DOP	20,700,000		16.000			07/10/20		420,394
	13,900,000		11.500			05/10/24		290,359
	8,900,000		18.500	^(a)		02/04/28		247,739
	Dominican Republic (NR/NR)
	152,600,000		10.750			08/11/28		3,062,662
	Dominican Republic (NR/NR)
	134,200,000		11.375			07/06/29		2,759,173
	Dominican Republic (BB-/Ba3)
	248,350,000		9.750	^(a)		06/05/26		4,871,385
$	1,500,000		8.625			04/20/27		1,790,625
	316,000		7.450			04/30/44		374,855
	9,870,000		6.850	^(a)		01/27/45		10,992,712
	6,599,000		6.850			01/27/45		7,349,636
	470,000		6.500			02/15/48		504,516
	13,980,000		6.500	^(a)		02/15/48		15,006,656
	610,000		6.400			06/05/49		648,316
	7,170,000		6.400	^(a)		06/05/49		7,620,366

								55,939,394

Ecuador – 4.5%
	Ecuador Government International Bond (B-/NR)
	1,126,000		7.950			06/20/24		1,147,816
	4,790,000		7.875	^(a)		03/27/25		4,773,235
	1,080,000		9.650			12/13/26		1,137,038
	7,900,000		9.650	^(a)		12/13/26		8,317,219
	10,080,000		9.625	^(a)		06/02/27		10,458,000
	750,000		9.625			06/02/27		778,125
	2,000,000		7.875			01/23/28		1,898,750
	5,140,000		10.750	^(a)		01/31/29		5,559,231
	330,000		10.750			01/31/29		356,916
	9,410,000		9.500	^(a)		03/27/30		9,527,625
	Ecuador Government International Bond (B-/B3)
	23,140,000		8.875	^(a)		10/23/27		23,089,381
	410,000		8.875			10/23/27		409,103

								67,452,439

Egypt – 2.1%
	Republic of Egypt (B/NR)
EUR	1,189,000		6.375			04/11/31		1,347,384
	1,770,000		6.375	^(a)		04/11/31		2,005,778


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – (continued)
Egypt – (continued)
	Republic of Egypt (B/B2)
EUR	8,360,000		4.750	% ^(a)		04/16/26	$	9,356,870
	1,520,000		5.625			04/16/30		1,653,618
	10,810,000		5.625	^(a)		04/16/30		11,760,271
$	4,340,000		8.700	^(a)		03/01/49		4,660,075
	Republic of Egypt (B/B2u)^(a)
	730,000		7.903			02/21/48		734,106

								31,518,102

El Salvador – 0.3%
	El Salvador Government International Bond (B-/B3)
	1,550,000		7.375			12/01/19		1,557,266
	260,000		5.875			01/30/25		267,962
	2,550,000		7.125	^(a)(d)		01/20/50		2,599,406

								4,424,634

Gabon – 0.8%
	Republic of Gabon (NR/NR)
	11,085,000		6.375			12/12/24		10,908,333
	Republic of Gabon (NR/Caa1)
	1,720,000		6.950			06/16/25		1,708,712

								12,617,045

Ghana – 2.7%
	Republic of Ghana (NR/B1)
	1,970,000		10.750			10/14/30		2,494,513
	Republic of Ghana (B/B3)
	2,610,000		7.875	^(a)		03/26/27		2,675,250
	13,610,000		7.625			05/16/29		13,592,987
	11,250,000		8.125	^(a)		03/26/32		11,285,156
	1,210,000		8.627	^(a)		06/16/49		1,204,706
	9,619,000		8.627			06/16/49		9,576,917

								40,829,529

Guatemala – 2.8%
	Republic of Guatemala (NR/NR)^(a)(d)
	2,620,000		4.900			06/01/30		2,774,744
	5,010,000		6.125			06/01/50		5,842,913
	Republic of Guatemala (BB-/Ba1)
	3,410,000		5.750			06/06/22		3,629,519
	6,440,000		4.500	^(a)		05/03/26		6,631,187
	7,730,000		4.500			05/03/26		7,959,484
	8,400,000		4.375	^(a)		06/05/27		8,583,750
	750,000		4.375			06/05/27		766,406
	5,200,000		4.875			02/13/28		5,492,500

								41,680,503

Honduras – 1.2%
	Republic of Honduras (BB-/B1)
	8,410,000		8.750	^(a)		12/16/20		8,982,931
	6,018,000		8.750			12/16/20		6,427,976
	1,310,000		7.500	^(a)		03/15/24		1,454,919
	1,120,000		7.500			03/15/24		1,243,900

								18,109,726


Sovereign Debt Obligations – (continued)
Indonesia – 5.4%
	Perusahaan Penerbit SBSN (NR/Baa2)^(a)
	24,200,000		4.150			03/29/27		25,984,750
	Perusahaan Penerbit SBSN (BBB/Baa2)^(a)
	3,330,000		4.325			05/28/25		3,581,831
	1,130,000		4.550			03/29/26		1,232,053
	33,470,000		4.400			03/01/28		36,607,813
	Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2)
	2,109,000		4.325			05/28/25		2,268,493
	9,930,000		4.550			03/29/26		10,826,803
	Republic of Indonesia (BBB/Baa2)^(a)
	400,000		4.750			01/08/26		442,500

								80,944,243

Ivory Coast – 0.4%
	Republic of Ivory Coast (NR/Ba3)
EUR	2,370,000		6.625	^(a)		03/22/48		2,616,279
	2,720,000		6.625			03/22/48		3,002,650

								5,618,929

Jamaica – 0.4%
	Republic of Jamaica (B+/B3)
$	4,320,000		7.875			07/28/45		5,659,200

Kazakhstan^(a) – 0.2%
	Republic of Kazakhstan (BBB-/Baa3)
EUR	2,300,000		1.550			11/09/23		2,625,963

Kenya – 1.4%
	Republic of Kenya (B+/NR)
$	8,591,000		6.875			06/24/24		9,031,289
	Republic of Kenya (B+/B2u)^(a)
	4,200,000		7.000			05/22/27		4,347,000
	750,000		7.250			02/28/28		777,187
	6,380,000		8.000			05/22/32		6,675,075

								20,830,551

Kuwait – 0.5%
	Republic of Kuwait (AA/NR)
	1,540,000		3.500	^(a)		03/20/27		1,657,425
	5,140,000		3.500			03/20/27		5,531,925

								7,189,350

Lebanon – 0.5%
	Republic of Lebanon (NR/NR)
	1,503,000		6.750			11/29/27		969,435
	Republic of Lebanon (B-/NR)
	710,000		6.850			03/23/27		458,394
	450,000		6.650			11/03/28		290,531
	Republic of Lebanon (B-/NR)
	2,304,000		6.850			05/25/29		1,486,080
	4,545,000		6.650			02/26/30		2,945,728
	1,820,000		7.050			11/02/35		1,182,431
	Republic of Lebanon (B-/NR)
	150,000		7.250			03/23/37		97,641

								7,430,240


12		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)
Macedonia – 1.4%
	Republic of Macedonia (BB-/NR)
EUR	3,850,000		5.625	%		07/26/23	$	4,939,842
	10,480,000		2.750	^(a)		01/18/25		12,332,924
	3,290,000		2.750			01/18/25		3,871,691

								21,144,457

Mexico – 1.4%
	United Mexican States (NR/A3)
MXN	92,131,700		5.750			03/05/26		4,419,371
	United Mexican States (A-/A3)
	22,421,300		7.750			11/23/34		1,195,144
	111,812,800		10.000			11/20/36		7,203,750
	130,104,500		8.500			11/18/38		7,419,002

								20,237,267

Nigeria – 1.5%
	Republic of Nigeria (B/B2)
$	2,530,000		8.747	^(a)		01/21/31		2,842,297
	6,390,000		7.875			02/16/32		6,735,459
	12,540,000		7.696	^(a)		02/23/38		12,779,044

								22,356,800

Oman^(a) – 0.8%
	Republic of Oman (NR/Ba1)
	6,940,000		6.000			08/01/29		6,870,600
	4,910,000		6.750			01/17/48		4,633,813

								11,504,413

Pakistan – 0.1%
	Republic of Pakistan (B-/B3)
	1,582,000		6.875			12/05/27		1,554,031

Panama – 0.1%
	Panama Notas del Tesoro (BBB+/NR)
	920,000		4.875			02/05/21		953,792

Papua New Guinea^(a) – 0.1%
	Papua New Guinea Government International Bond (B/B2)
	1,450,000		8.375			10/04/28		1,532,016

Paraguay – 2.5%
	Republic of Paraguay (BB/NR)^(a)
	4,590,000		5.600			03/13/48		5,297,147
	Republic of Paraguay (BB/Ba1)
	12,098,000		4.625			01/25/23		12,759,609
	3,930,000		5.000	^(a)		04/15/26		4,295,981
	2,655,000		5.000			04/15/26		2,902,247
	2,770,000		4.700	^(a)		03/27/27		3,001,122
	5,650,000		6.100			08/11/44		6,878,875
	1,790,000		5.400	^(a)(d)		03/30/50		2,023,819

								37,158,800

Qatar – 2.1%
	Republic of Qatar (AA-/Aa3)
	4,200,000		4.500	^(a)		04/23/28		4,782,750
	5,670,000		4.000	^(a)		03/14/29		6,286,613
	2,400,000		4.000			03/14/29		2,661,000
	10,470,000		5.103	^(a)		04/23/48		13,398,328
	2,950,000		4.817	^(a)		03/14/49		3,656,156

								30,784,847


Sovereign Debt Obligations – (continued)
Romania – 1.5%
	Republic of Romania (BBB-/Baa3)
EUR	4,370,000		2.375	%^(a)		04/19/27		5,218,553
	7,360,000		2.875			05/26/28		9,079,940
	2,320,000		2.124	^(a)		07/16/31		2,628,252
	1,010,000		3.875	^(a)		10/29/35		1,319,644
	390,000		3.375	^(a)		02/08/38		488,710
	2,750,000		4.625	^(a)		04/03/49		3,885,332

								22,620,431

Russia – 2.1%
	Russian Federation Bond (NR/NR)
	4,000,000		2.875	^(a)		12/04/25		4,859,816
$	14,600,000		4.750			05/27/26		15,973,312
	3,200,000		4.375	^(a)		03/21/29		3,420,800
	4,200,000		5.100	^(a)		03/28/35		4,746,000
	Russian Federation Bond (BBB-/Baa3)
	600,000		4.500	^(a)		04/04/22		632,400
	2,000,000		4.875	^(a)		09/16/23		2,186,875
	200,000		4.875			09/16/23		218,688

								32,037,891

Senegal^(a) – 0.4%
	Republic of Senegal (B+/Ba3)
EUR	5,580,000		4.750			03/13/28		6,317,597

Serbia – 0.4%
	Republic of Serbia (BB/Ba3)
$	2,146,000		4.875			02/25/20		2,161,022
EUR	3,080,000		1.500	^(a)		06/26/29		3,499,722

								5,660,744

South Africa – 2.9%
	Republic of South Africa (NR/Baa3)
$	4,070,000		4.850			09/27/27		4,167,934
	5,000,000		5.650			09/27/47		4,993,750
	Republic of South Africa (BB/NR)
	5,670,000		4.850			09/30/29		5,655,825
	4,090,000		5.750			09/30/49		4,076,708
	Republic of South Africa (BB/Baa3)
	20,055,000		5.875			09/16/25		21,866,217
	2,670,000		4.300			10/12/28		2,575,616
	200,000		5.875			06/22/30		213,310

								43,549,360

Sri Lanka – 4.9%
	Republic of Sri Lanka (B/B2)
	1,222,000		6.250	^(a)		10/04/20		1,240,330
	1,260,000		6.250			10/04/20		1,278,900
	7,814,000		6.250			07/27/21		7,938,536
	7,300,000		5.750	^(a)		01/18/22		7,341,062
	15,260,000		5.750	^(a)		04/18/23		15,159,856
	7,190,000		6.850	^(a)		03/14/24		7,333,800
	3,370,000		6.350	^(a)		06/28/24		3,362,954
	7,450,000		6.125			06/03/25		7,206,316
	6,010,000		6.850	^(a)		11/03/25		6,028,781
	5,430,000		6.850			11/03/25		5,446,969
	1,690,000		6.750	^(a)		04/18/28		1,611,838
	9,210,000		7.550	^(a)		03/28/30		9,060,337

								73,009,679


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – (continued)
Suriname^(a) – 0.3%
	Republic of Suriname (B/B2)
$	4,830,000		9.250	%		10/26/26	$	4,268,513

Tajikistan – 0.0%
	Republic of Tajikistan (B-/B3)
	200,000		7.125			09/14/27		174,375

Tunisia^(a) – 0.3%
	Banque Centrale de Tunisie International Bond (NR/B2)
EUR	3,070,000		6.750			10/31/23		3,376,472
	760,000		6.375			07/15/26		801,441

								4,177,913

Turkey – 3.1%
	Republic of Turkey (NR/B1)
$	11,323,000		5.750			03/22/24		11,291,154
	2,050,000		6.350			08/10/24		2,085,234
EUR	270,000		4.625			03/31/25		302,287
	8,370,000		3.250			06/14/25		8,766,522
	6,280,000		5.200			02/16/26		7,112,267
$	1,200,000		4.875			10/09/26		1,110,000
	4,780,000		6.000			03/25/27		4,687,387
	7,640,000		5.750			05/11/47		6,685,000
	2,129,000		7.375			02/05/25		2,260,067
	2,300,000		6.000			01/14/41		2,058,500

								46,358,418

Ukraine – 4.0%
	Ukraine Government Bond (B/NR)
	2,990,000		8.994	^(a)		02/01/24		3,277,787
	208,000		8.994			02/01/24		228,020
	530,000		7.375			09/25/32		533,313
	16,098,000		0.000	^(e)		05/31/40		15,061,691
	Ukraine Government Bond (B/Caa1)
	2,910,000		7.750			09/01/21		3,026,400
	3,710,000		7.750			09/01/22		3,902,920
	10,740,000		7.750			09/01/23		11,287,740
	14,050,000		7.750			09/01/24		14,840,312
	7,070,000		7.750			09/01/25		7,423,500
	230,000		7.750			09/01/26		240,638
	360,000		7.750			09/01/27		375,750

								60,198,071

United Arab Emirates – 1.5%
	Abu Dhabi Government International Bond (AA/NR)
	8,630,000		3.125			05/03/26		9,039,925
	8,910,000		3.125	^(a)		10/11/27		9,344,362
	2,890,000		4.125	^(a)		10/11/47		3,386,719

								21,771,006

United States^(e) – 1.1%
	JPMorgan Chase Bank NA (NR/NR)
EGP	298,000,000		0.000			04/02/20		16,861,345

Uzbekistan^(a) – 0.1%
	Republic of Uzbekistan (BB-/NR)
$	510,000		4.750			02/20/24		534,065


Sovereign Debt Obligations – (continued)
Uzbekistan^(a) – (continued)
	Republic of Uzbekistan (BB-/NR)
	1,460,000		5.375			02/20/29		1,601,894

								2,135,959

Venezuela^(d)(f) – 0.0%
	Debt and Asset Trading Corp. (NR/NR)
	340,000		1.000			10/10/25		257,656

Zambia – 0.3%
	Republic of Zambia (CCC+/NR)
	7,024,000		5.375			09/20/22		4,903,630
	300,000		8.970			07/30/27		213,281

								5,116,911

	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $986,480,290)						$	979,767,058



Corporate Obligations – 23.7%
Argentina^(a)(d) – 0.1%
	Telecom Argentina SA (NR/Caa1)
$	1,480,000		6.500	%		06/15/21	$	1,343,100

Brazil – 1.3%
	Banco do Brasil SA (CCC+/B2)^(c)(d) (10 Year CMT + 6.362%)
	8,210,000		9.000			06/29/49		9,177,754
	Banco do Brasil SA (CCC+/NR)^(c)(d) (10 Year CMT + 4.398%)
	4,810,000		6.250			10/29/49		4,742,359
	Embraer Overseas Ltd. (BBB/Ba1)
	890,000		5.696			09/16/23		979,556
	Samarco Mineracao SA (NR/WR)^(g)
	3,185,000		4.125			11/01/22		2,301,163
	2,080,000		5.750			10/24/23		1,569,152
	800,000		5.375			09/26/24		601,504

								19,371,488

British Virgin Islands – 1.4%
	Easy Tactic Ltd. (NR/NR)^(d)
	460,000		8.125			02/27/23		442,750
	2,650,000		8.125			07/11/24		2,487,184
	Huarong Finance 2017 Co. Ltd. (NR/Baa1)
	450,000		4.250			11/07/27		467,859
	(-1x5 Year CMT + 6.983%)
	3,530,000		4.000	^(c)(d)		11/07/99		3,524,485
	Huarong Finance 2019 Co. Ltd.
	8,990,000		3.750			05/29/24		9,200,703
	Huarong Finance II Co. Ltd.
	1,670,000		5.500			01/16/25		1,827,085
	1,820,000		5.000			11/19/25		1,960,481
	650,000		4.625			06/03/26		687,781

								20,598,328

Burundi – 0.3%
	Eastern & Southern African Trade & Development Bank (NR/Baa3)
	3,990,000		5.375			03/14/22		4,101,720


14		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)
Cayman Islands – 0.1%
	Bioceanico Sovereign Certificate Ltd. (BB/Ba1)^(a)(e)
$	920,000		0.000	%		06/05/34	$	638,537
	QNB Finance Ltd. (A/Aa3)
	200,000		3.500			03/28/24		206,813

								845,350

Chile^(a) – 0.3%
	Embotelladora Andina SA (BBB/NR)
	506,000		5.000			10/01/23		544,709
	Inversiones CMPC SA (BBB-/NR)^(d)
	660,000		4.375			05/15/23		689,288
	Sociedad Quimica y Minera de Chile SA (BBB+/Baa1)^(d)
	3,291,000		4.375			01/28/25		3,467,891

								4,701,888

China – 0.3%
	China Evergrande Group (NR/NR)^(h)
HKD	2,000,000		4.250			02/14/23		222,800
	China Evergrande Group (NR/B2)^(d)
$	2,430,000		8.250			03/23/22		2,178,647
	Kaisa Group Holdings Ltd. (NR/NR)^(d)
	2,670,000		8.500			06/30/22		2,425,528

								4,826,975

Colombia – 0.7%
	Banco de Bogota SA (NR/Ba2)
	6,870,000		6.250	^(a)		05/12/26		7,765,247
	1,980,000		6.250			05/12/26		2,238,019

								10,003,266

Cyprus – 0.1%
	MHP SE (B/NR)
	1,910,000		7.750			05/10/24		2,045,553

Dominican Republic^(a)(d) – 0.2%
	Aeropuertos Dominicanos Siglo XXI SA (BB-/Ba3)
	3,220,000		6.750			03/30/29		3,371,944

Ecuador^(a)(f) – 0.0%
	Petroamazonas EP (NR/NR)
	570,000		4.625			11/06/20		568,575

Egypt^(a)(d) – 0.1%
	The African Export-Import Bank (NR/Baa1)
	1,130,000		3.994			09/21/29		1,132,509

Hong Kong – 0.8%
	CNAC HK Finbridge Co. Ltd. (BBB/NR)
	11,110,000		4.625			03/14/23		11,655,084

India – 0.7%
	Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3)^(a)
	3,420,000		3.375			07/24/24		3,435,223
	Greenko Investment Co. (B+/NR)^(a)(d)
	3,290,000		4.875			08/16/23		3,248,875
	Reliance Industries Ltd. (BBB+/Baa2)
	1,130,000		4.125			01/28/25		1,204,157
	2,430,000		3.667	^(a)		11/30/27		2,535,553
	ReNew Power Synthetic (BB-/NR)^(d)
	490,000		6.670			03/12/24		496,278

								10,920,086


Corporate Obligations – (continued)
Ireland – 0.5%
	Credit Bank of Moscow Via CBOM Finance PLC (BB-/Ba3)^(a)
	3,010,000		5.550			02/14/23		2,993,069
	Credit Bank of Moscow Via CBOM Finance PLC (NR/NR)^(c)(d) (5 Year USD Swap + 5.416%)
	310,000		7.500			10/05/27		281,713
	Credit Bank of Moscow Via CBOM Finance PLC (NR/Caa2u)^(c)(d) (5 Year USD Swap + 6.942%)
	680,000		8.875			08/10/66		547,400
	Phosagro OAO Via Phosagro Bond Funding DAC (BBB-/Baa3)^(a)
	3,610,000		3.949			04/24/23		3,703,634

								7,525,816

Isle Of Man – 0.1%
	Gohl Capital Ltd. (NR/Baa1)
	1,730,000		4.250			01/24/27		1,805,147

Ivory Coast – 0.5%
	Brazil Minas SPE via State of Minas Gerais (BB-/NR)^(a)(f)
	3,150,000		5.333			02/15/28		3,344,906
	Comunicaciones Celulares SA Via Comcel Trust (NR/Ba1)^(d)
	3,980,000		6.875			02/06/24		4,093,181
	Independencia International Ltd. (NR/NR)^(a)(g)(i)
	1,277,436		12.000			12/30/16		—

								7,438,087

Jamaica^(d) – 0.3%
	Digicel Group Two Ltd. (NR/Ca)^(a)
	263,000		8.250			09/30/22		53,376
	Digicel Ltd. (NR/Caa2)^(j)
	3,860,000		6.000	^(a)		04/15/21		2,717,681
	2,960,000		6.000			04/15/21		2,084,025

								4,855,082

Japan^(c)(d) – 0.3%
	SoftBank Group Corp. (B+/Ba3) (5 Year USD ICE Swap + 4.226%)
	4,380,000		6.000			12/31/99		4,051,500

Luxembourg – 1.3%
	Altice Financing SA (B+/B2)^(d)
	1,160,000		6.625	^(a)		02/15/23		1,190,450
	1,590,000		6.625			02/15/23		1,631,737
	6,310,000		7.500			05/15/26		6,688,600
	Gazprom OAO Via Gaz Capital SA (BBB-/Baa2)
	2,180,000		5.150	^(a)		02/11/26		2,372,794
	490,000		5.150			02/11/26		533,334
	410,000		8.625	^(h)		04/28/34		581,047
	3,970,000		7.288			08/16/37		5,247,844
	MHP Lux SA (B/NR)
	380,000		6.950			04/03/26		394,250

								18,640,056

Mauritius – 0.6%
	Greenko Investment Co. (B+/NR)^(d)
	200,000		4.875			08/16/23		197,500
	Greenko Solar Mauritius Ltd. (NR/Ba1)^(a)(d)
	1,610,000		5.550			01/29/25		1,601,950
	1,060,000		5.950			07/29/26		1,065,300


The accompanying notes are an integral part of these financial statements.		15

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Mauritius – (continued)
	MTN Mauritius Investments Ltd. (BB+/Ba1)
$	3,390,000		5.373	%		02/13/22	$	3,483,225
	1,790,000		4.755			11/11/24		1,813,415
	1,150,000		6.500	^(a)		10/13/26		1,256,950

								9,418,340

Mexico – 4.4%
	Banco Mercantil del Norte SA (BB/Ba2)^(a)(c)(d)
	(5 Year CMT + 4.967%)
	3,820,000		6.750			09/27/24		3,803,431
	(10 Year CMT + 5.470%)
	1,350,000		7.500			06/27/29		1,368,225
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/A3)
	730,000		4.125			11/09/22		758,059
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3)^(a)(c)(d) (5 Year CMT + 2.995%)
	1,090,000		5.950			10/01/28		1,169,025
	BBVA Bancomer SA (BB+/NR)^(a)(c)(d) (5 Year CMT + 2.650%)
	3,080,000		5.125			01/18/33		2,950,640
	Corporacion Geo SA (NR/NR)⁽ⁱ⁾
	314,572		8.000			04/13/21		—
	Mexico City Airport Trust (BBB+/Baa3)^(d)
	1,180,000		4.250	^(a)		10/31/26		1,187,375
	1,409,000		4.250			10/31/26		1,417,806
	5,200,000		3.875	^(a)		04/30/28		5,099,250
	2,190,000		5.500	^(a)		10/31/46		2,172,891
	722,000		5.500			10/31/46		716,359
	10,548,000		5.500			07/31/47		10,474,164
	860,000		5.500	^(a)		07/31/47		853,980
	Petroleos Mexicanos (BBB+/Baa3)
EUR	13,560,000		5.125			03/15/23		16,211,513
$	3,520,000		6.490	^(a)(d)		01/23/27		3,660,624
	365,000		6.750			09/21/47		350,035
	2,682,000		6.350			02/12/48		2,456,193
	9,373,000		7.690	^(a)(d)		01/23/50		9,774,164
	Unifin Financiera SAB de CV SOFOM ENR (BB/NR)^(a)(d)
	1,170,000		7.375			02/12/26		1,149,525

								65,573,259

Netherlands – 1.9%
	Embraer Netherlands Finance B.V. (BBB/Ba1)
	654,000		5.050			06/15/25		717,561
	Embraer Netherlands Finance B.V. (BBB/NR)
	330,000		5.400			02/01/27		374,034
	Greenko Dutch B.V. (NR/Ba1)^(d)
	690,000		4.875			07/24/22		690,431
	Greenko Dutch B.V. (NR/Ba1)^(a)(d)
	770,000		5.250			07/24/24		772,647
	IHS Netherlands Holdco B.V. (B+/B2)^(a)(d)
	490,000		7.125			03/18/25		498,012
	IHS Netherlands Holdco B.V. (B+/B2)^(a)(d)
	400,000		8.000			09/18/27		408,536
	Lukoil International Finance B.V. (BBB/Baa2)
	1,450,000		4.563			04/24/23		1,527,938
	Lukoil International Finance B.V. (BBB/NR)
	1,090,000		4.750			11/02/26		1,192,188


Corporate Obligations – (continued)
Netherlands – (continued)
	Metinvest B.V. (B/NR)^(a)(d)
	1,045,000		7.750			04/23/23		1,095,944
	MV24 Capital B.V. ((P)BB/NR)^(a)
	1,540,000		6.748			06/01/34		1,586,421
	Myriad International Holdings B.V. (BBB-/Baa3)^(d)
	460,000		5.500			07/21/25		510,600
	NE Property B.V. (BBB/WR)
EUR	1,390,000		3.750			02/26/21		1,590,782
	NE Property B.V. (BBB/NR)^(d)
	980,000		1.750			11/23/24		1,088,524
	Petrobras Global Finance B.V. (BB-/NR)^(a)
$	3,432,000		5.093			01/15/30		3,580,091
	Petrobras Global Finance B.V. (BB-/Ba2)
	2,150,000		6.900			03/19/49		2,462,959
	Syngenta Finance NV (BBB-/Ba2)^(a)(d)
	2,340,000		5.182			04/24/28		2,479,558
	7,910,000		5.676			04/24/48		8,163,515

								28,739,741

Panama^(a) – 0.0%
	Autoridad del Canal de Panama (A/A1)
	380,000		4.950			07/29/35		435,100

Peru – 1.2%
	ABY Transmision Sur SA (BBB/NR)^(a)
	5,077,440		6.875			04/30/43		6,241,443
	Banco de Credito del Peru (BBB+/NR)^(a)(d)
	5,290,000		2.700			01/11/25		5,285,768
	Corp. Lindley SA (BBB/NR)
	1,630,000		6.750	^(a)		11/23/21		1,723,725
	3,560,000		6.750			11/23/21		3,764,700
	120,000		4.625	^(a)		04/12/23		126,075

								17,141,711

Singapore^(d)(k) – 0.0%
	Eterna Capital Pte Ltd. (CCC+p/Caa1)
	364,220		8.000			12/11/22		258,596
	Innovate Capital Pte Ltd. (NR/NR)
	602,467		6.000			12/11/24		289,184

								547,780

South Africa – 0.2%
	Eskom Holdings SOC Ltd. (CCC+/B3)
	520,000		6.750			08/06/23		534,604
	800,000		7.125			02/11/25		824,000
	Eskom Holdings SOC Ltd. (BB/Baa3)^(f)
	1,470,000		6.350			08/10/28		1,573,589

								2,932,193

Thailand^(c)(d) – 0.1%
	PTTEP Treasury Center Co. Ltd. (BB+/Baa3)(5 Year CMT + 2.724%)
	1,100,000		4.600			07/17/49		1,124,062

Turkey – 1.5%
	Akbank T.A.S. (NR/Caa2)^(c)(d) (5 Year USD Swap + 4.029%)
	1,384,000		6.797			04/27/28		1,252,520


16		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)
Turkey – (continued)
	Hazine Mustesarligi Varlik Kiralama A/S (NR/B1)
$	6,700,000		5.004	%^(a)		04/06/23	$	6,624,625
	620,000		5.004			04/06/23		613,025
	TC Ziraat Bankasi A/S (NR/B2)
	500,000		5.125			05/03/22		483,594
	770,000		5.125	^(a)		09/29/23		722,116
	Turkiye Vakiflar Bankasi TAO (NR/B2)^(a)
	1,850,000		8.125			03/28/24		1,890,214
	Yapi ve Kredi Bankasi A/S (NR/B2)
	1,820,000		6.100			03/16/23		1,783,600
	200,000		5.850			06/21/24		189,687
	4,610,000		8.250	^(a)		10/15/24		4,776,997
	Yapi ve Kredi Bankasi A/S (NR/Caa2u)^(c)(d) (5 year USD Swap + 11.245%)
	4,330,000		13.875			01/15/49		4,662,869

								22,999,247

United Arab Emirates – 1.9%
	Abu Dhabi Crude Oil Pipeline LLC (AA/NR)^(a)
	15,210,000		4.600			11/02/47		17,681,625
	Abu Dhabi National Energy Co. PJSC (NR/NR)^(a)
	230,000		4.000			10/03/49		231,437
	Dolphin Energy Ltd. LLC (NR/A2)
	2,580,000		5.500			12/15/21		2,748,990
	DP World PLC (NR/Baa1)^(h)
	7,600,000		1.750			06/19/24		7,547,750

								28,209,802

United Kingdom – 0.4%
	European Bank for Reconstruction & Development (NR/NR)
UAH	160,000,000		16.950			04/03/20		6,591,582

United States – 1.2%
	Brazil Loan Trust 1 (BB-/NR)^(a)(f)
$	6,034,595		5.477			07/24/23		6,281,636
	Citigroup Global Markets Holdings, Inc. (NR/NR)
UAH	70,010,000		14.640			06/15/20		2,885,616
	38,950,000		14.300			07/10/20		1,597,754
	SASOL Financing USA LLC (BBB-/Baa3)^(d)
$	6,720,000		5.875			03/27/24		7,242,900
	The Bank of New York Mellon SA (NR/NR)^(i)(g)
	520,000		9.625			05/03/21		—

								18,007,906

Venezuela^(g) – 0.9%
	Petroleos de Venezuela SA (NR/NR)
	138,210,000		6.000			10/28/22		8,292,600
	Petroleos de Venezuela SA (D/NR)
	41,690,000		6.000			05/16/24		3,335,200
	3,387,934		6.000			11/15/26		271,035
	19,170,000		5.375			04/12/27		1,533,600
	Petroleos de Venezuela SA (CCC-/NR)
	2,180,000		5.500			04/12/37		174,400

								13,606,835

	TOTAL CORPORATE OBLIGATIONS
	(Cost $396,378,314)						$	355,129,112


Municipal Debt Obligations^(d) – 0.4%
Puerto Rico – 0.4%
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-1 (NR/NR)
$	405,000		4.500			07/01/34	$	432,637
	204,000		4.550			07/01/40		210,336
	1,504,000		4.750			07/01/53		1,560,400
	3,803,000		5.000			07/01/58		4,009,199

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $5,722,014)						$	6,212,572


Shares		Dividend Rate					Value

Investment Company^(l) – 0.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	5,911,417		2.032%				$	5,911,417
	(Cost $5,911,417)

	TOTAL INVESTMENTS – 90.0%
	(Cost $1,394,492,035)						$	1,347,020,159

	OTHER ASSETS IN EXCESS OF LIABILITIES – 10.0%							149,015,117

	NET ASSETS – 100.0%						$	1,496,035,276



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

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

(b)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2019.

(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 September 30, 2019.

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

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

(f)		Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $12,026,362, which represents approximately 0.8% of the Fund’s net assets as of September 30, 2019.

(g)		Security is currently in default and/or non-income producing.

(h)		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 September 30, 2019.

(i)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(j)		All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of September 30, 2019, the value of securities pledged amounted to $4,772,167, which represents approximately 0.3% of the Fund’s net assets as of September 30, 2019.

(k)		Pay-in-kind securities.

(l)		Represents an affiliated fund.


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)



Currency Abbreviations:
ARS		—Argentine Peso
BRL		—Brazilian Real
CLP		—Chilean Peso
CNH		—Chinese Yuan Renminbi Offshore
COP		—Colombian Peso
CZK		—Czech Koruna
DOP		—Dominican Peso
EGP		—Egyptian Pound
EUR		—Euro
HKD		—Hong Kong Dollar
HUF		—Hungarian Forint
IDR		—Indonesian Rupiah
ILS		—Israeli Shekel
INR		—Indian Rupee
KRW		—South Korean Won
MXN		—Mexican Peso
PEN		—Peruvian Nuevo Sol
PLN		—Polish Zloty
RON		—New Romanian Leu
RUB		—Russian Ruble
SGD		—Singapore Dollar
TRY		—Turkish Lira
TWD		—Taiwan Dollar
UAH		—Ukraine Hryvna
USD		—U.S. Dollar
ZAR		—South African Rand

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
EURO		—Euro Offered Rate
JIBAR		—Johannesburg Interbank Agreed Rate
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

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	BRL	10,529,496	USD	2,523,062		10/02/19	$	10,786
	BRL	108,320,674	USD	25,876,857		11/04/19		127,990
	COP	9,067,461,502	USD	2,594,392		11/08/19		6,465
	EUR	3,203,284	HUF	1,065,468,620		12/18/19		27,808
	EUR	2,299,689	PLN	10,026,052		12/18/19		18,945
	IDR	172,046,725,032	USD	12,008,261		10/09/19		122,228
	INR	1,263,799,294	USD	17,738,619		10/09/19		112,410
	MXN	455,342,323	USD	22,770,532		12/18/19		13,832
	PEN	36,232,021	USD	10,671,857		11/06/19		62,889
	RUB	162,551,483	USD	2,499,808		10/15/19		1,577
	TRY	14,856,757	EUR	2,274,754		12/18/19		69,568
	TRY	81,687,798	USD	13,865,234		12/18/19		234,208


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	TWD	156,682,598	USD	5,019,184		10/03/19	$	29,673
	USD	7,036,994	BRL	28,791,456		10/02/19		108,537
	USD	55,513,558	CLP	40,117,864,686		10/01/19		492,597
	USD	9,939,404	CLP	7,183,087,018		10/25/19		83,024
	USD	10,663,985	CNH	76,026,209		12/18/19		37,934
	USD	9,380,538	COP	32,356,265,682		10/10/19		87,092
	USD	17,602,357	COP	60,615,224,613		11/08/19		215,845
	USD	190,248,102	EUR	172,298,478		11/27/19		1,651,059
	USD	2,532,679	EUR	2,274,000		12/18/19		38,774
	USD	12,396,096	HUF	3,678,407,142		12/18/19		363,683
	USD	2,524,725	IDR	35,652,621,002		10/09/19		10,967
	USD	2,405,191	INR	170,022,956		10/09/19		3,635
	USD	2,502,156	KRW	2,990,016,356		11/25/19		4,805
	USD	22,852,105	MXN	443,026,069		10/07/19		428,921
	USD	18,160,153	MXN	359,521,815		12/18/19		170,444
	USD	2,526,477	PEN	8,461,171		11/06/19		19,619
	USD	9,481,308	PLN	36,681,713		10/30/19		330,234
	USD	2,504,781	PLN	9,852,999		12/18/19		44,852
	USD	6,543,168	RON	28,119,264		12/18/19		90,812
	USD	7,565,345	RUB	485,064,795		10/15/19		101,041
	USD	5,036,141	SGD	6,918,373		12/18/19		25,942
	USD	5,053,665	TWD	156,682,599		10/03/19		4,809
	USD	10,703,353	TWD	329,138,817		10/30/19		75,687
	USD	15,124,746	ZAR	227,500,805		12/18/19		257,032
	ZAR	29,794,421	USD	1,950,362		11/13/19		5,435
	ZAR	77,096,683	USD	5,018,086		12/18/19		20,363

TOTAL							$	5,511,522

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	BRL	147,539,568	USD	35,740,729		10/02/19	$	(236,385	)
	CLP	40,117,864,686	USD	55,834,963		10/01/19		(814,004	)
	CLP	3,560,668,701	USD	4,934,271		10/25/19		(48,447	)
	COP	32,356,265,681	USD	9,607,386		10/10/19		(313,939	)
	COP	62,109,669,193	USD	18,079,184		11/08/19		(264,013	)
	CZK	161,848,383	USD	6,926,158		12/18/19		(75,743	)
	EUR	4,562,194	CZK	118,336,698		12/18/19		(5,357	)
	EUR	2,285,379	HUF	766,482,597		12/18/19		(851	)
	EUR	4,654,634	ILS	18,090,598		12/18/19		(121,760	)
	EUR	6,984,000	USD	7,671,414		11/27/19		(26,763	)
	EUR	2,540,991	USD	2,828,069		12/18/19		(41,354	)
	HUF	761,393,648	EUR	2,274,923		12/18/19		(4,328	)
	HUF	758,091,916	PLN	9,970,040		12/18/19		(9,360	)
	HUF	761,605,343	USD	2,517,298		12/18/19		(26,016	)
	IDR	21,145,429,645	USD	1,511,359		10/09/19		(20,460	)
	KRW	16,265,313,182	USD	13,629,647		11/25/19		(44,369	)
	MXN	144,927,314	USD	7,328,563		12/18/19		(76,707	)
	PEN	12,845,300	USD	3,830,184		11/06/19		(24,406	)
	PLN	130,633,629	EUR	29,950,656		12/18/19		(232,632	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	PLN	101,960,720	USD	25,985,860		12/18/19	$	(530,046	)
	RON	10,911,044	EUR	2,283,610		12/18/19		(754	)
	RUB	1,897,301,669	USD	29,511,959		10/15/19		(315,785	)
	TWD	78,428,864	USD	2,534,624		10/30/19		(2,210	)
	USD	30,949,847	BRL	129,277,609		10/02/19		(159,886	)
	USD	10,315,024	IDR	147,591,086,921		10/09/19		(91,173	)
	USD	14,877,075	ILS	52,195,459		12/18/19		(202,609	)
	USD	15,195,893	INR	1,093,776,337		10/09/19		(253,579	)
	USD	2,493,041	INR	178,183,883		11/25/19		(11,899	)
	USD	1,465,969	INR	104,530,890		12/03/19		(2,069	)
	USD	7,774,405	MXN	154,363,675		10/07/19		(38,510	)
	USD	5,054,793	MXN	101,423,282		12/18/19		(20,213	)
	USD	13,334,838	SGD	18,429,813		12/18/19		(11,801	)
	USD	4,710,999	TRY	27,445,065		12/18/19		(26,062	)
	USD	5,032,559	TWD	155,898,100		10/30/19		(1,284	)
	ZAR	37,131,490	EUR	2,284,000		12/18/19		(78,242	)
	ZAR	206,923,716	USD	13,809,553		12/18/19		(286,601	)

TOTAL							$	(4,419,617	)

FUTURES CONTRACTS — At September 30, 2019, 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		526			12/19/19	$	100,942,687		$	(1,169,988	)
Ultra 10 Year U.S. Treasury Notes		452			12/19/19		64,367,625			(825,278	)
30 Day Federal Funds		336			11/29/19		137,554,003			7,268
2 Year U.S. Treasury Notes		640			12/31/19		137,920,000			(190,303	)
5 Year U.S. Treasury Notes		1,232			12/31/19		146,790,876			(468,744	)
20 Year U.S. Treasury Bonds		311			12/19/19		50,479,188			(955,904	)

Total									$	(3,602,949	)
Short position contracts:
Eurodollars		(396	)		12/16/19		(97,059,600	)		(721,711	)
Eurodollars		(2	)		12/14/20		(492,625	)		(3,123	)
10 Year U.S. Treasury Notes		(298	)		12/19/19		(38,833,125	)		(10,456	)

Total									$	(735,290	)

TOTAL FUTURES CONTRACTS									$	(4,338,239	)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2019, 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)
8.360%^(a)	Mexico IB TIIE 28D		03/18/20	MXN	3,109,400		$	(585,498	)	$	(1,507,145	)	$	921,647
6.500^(b)	3M JIBAR		12/18/20	ZAR	975,780	^(c)		57,123			(40,688	)		97,811
7.950^(a)	Mexico IB TIIE 28D		06/16/21	MXN	218,500			(218,129	)		(2,309	)		(215,820	)
3M KWCDC^(b)	1.250		12/18/21	KRW	279,483,130			130,541			725,607			(595,066	)
1.750^(b)	3M LIBOR^(d)		12/18/21	$	60,020	^(c)		(226,281	)		(290,025	)		63,744
10.300^(a)	1M BID Avg		01/03/22	BR	L 51			(1,483	)		(72	)		(1,411	)
0.000^(d)	6M EURO^(e)		12/18/22	EUR	23,410	^(c)		(354,618	)		(405,051	)		50,433
1M BID Avg^(a)	6.660		01/02/23	BRL	164,325			736,945			435,038			301,907
1M BID Avg^(a)	6.849		01/02/23		33,925			194,772			—			194,772
0.250^(d)	6M EURO^(e)		12/18/24	EUR	32,110	^(c)		(1,158,234	)		(1,197,677	)		39,443
1.860^(d)	6M WIBOR^(e)		12/18/24	PLN	345,870	^(c)		(889,381	)		(589,916	)		(299,465	)
0.500^(d)	6M EURO^(e)		12/18/26	EUR	33,600	^(c)		(2,111,010	)		(2,149,665	)		38,655
7.750^(a)	Mexico IB TIIE 28D		09/05/29	MXN	49,050			(177,726	)		(2,730	)		(174,996	)
0.750^(d)	6M EURO^(e)		12/18/29	EUR	12,800	^(c)		(1,266,240	)		(1,234,137	)		(32,103	)
0.250^(d)	6M EURO^(e)		12/18/39		5,150	^(c)		(58,294	)		49,402			(107,696	)
1.250^(d)	6M EURO^(e)		12/18/49		1,630	^(c)		(547,910	)		(486,974	)		(60,936	)

TOTAL							$	(6,475,423	)	$	(6,696,342	)	$	220,919

(a)

Payments made monthly.

(b)

Payments made quarterly.

(c)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(d)

Payments made semi-annually.

(e)

Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at September 30, 2019^(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)%		0.125%	Barclays Bank PLC		06/20/21	$	7,030	$	(107,556	)	$	13,158		$	(120,714	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.172	Barclays Bank PLC		12/20/21		17,730		(329,007	)		(13,988	)		(315,019	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.218	Barclays Bank PLC		06/20/22		18,480		(393,801	)		(94,246	)		(299,555	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.250	Barclays Bank PLC		12/20/22		10,860		(261,168	)		(144,212	)		(116,956	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.089	BofA Securities LLC		12/20/20		9,500		(108,819	)		20,510			(129,329	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.125	BofA Securities LLC		06/20/21		12,670		(193,847	)		47,536			(241,383	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.089	Citibank NA		12/20/20		20,690		(236,997	)		52,967			(289,964	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)		0.125	Citibank NA		06/20/21		51,990		(795,430	)		132,474			(927,904	)


The accompanying notes are an integral part of these financial statements.		21

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

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 September 30, 2019^(b)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased: (continued)
People’s Republic of China, 7.500%, 10/28/27		(1.000) %		0.218%	Citibank NA		06/20/22	$	9,400	$	(200,310	)	$	(77,245	)	$	(123,065	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.089	Deutsche Bank AG (London)		12/20/20		5,280		(60,480	)		11,850			(72,330	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.126	Deutsche Bank AG (London)		06/20/21		28,030		(428,849	)		37,493			(466,342	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.172	Deutsche Bank AG (London)		12/20/21		15,570		(288,926	)		25,759			(314,685	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.089	JPMorgan Securities, Inc.		12/20/20		18,200		(208,476	)		32,813			(241,289	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.125	JPMorgan Securities, Inc.		06/20/21		21,650		(331,237	)		26,253			(357,490	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.172	JPMorgan Securities, Inc.		12/20/21		1,650		(30,618	)		2,757			(33,375	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.218	JPMorgan Securities, Inc.		06/20/22		14,680		(312,815	)		(118,907	)		(193,908	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.249	JPMorgan Securities, Inc.		12/20/22		3,650		(87,777	)		(53,874	)		(33,903	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.125	UBS AG (London)		06/20/21		18,520		(283,350	)		29,406			(312,756	)

TOTAL											(4,659,463	)	$	(69,496	)	$	(4,589,967	)
Protection Sold:
Republic of Colombia, 10.375%, 01/28/33		1.000		0.180	Barclays Bank PLC		12/20/19		5,720		12,239			(10,413	)		22,652
Republic of Chile, 3.875%, 08/05/20		1.000		0.108	Citibank NA		12/20/20		11,510		129,142			(38,365	)		167,507
Republic of Colombia, 10.375%, 01/28/33		1.000		0.530	Citibank NA		12/20/22		3,940		59,509			—			59,509
Ukraine Government, 7.375%, 09/25/32		5.000		3.989	Deutsche Bank AG (London)		12/20/23		3,820		151,486			(283,526	)		435,012
Republic of Colombia, 10.375%, 01/28/33		1.000		0.530	JPMorgan Securities, Inc.		12/20/22		3,600		54,373			1,071			53,302

TOTAL										$	(406,749	)	$	(331,233	)	$	737,982

TOTAL										$	(4,252,714	)	$	(400,729	)	$	(3,851,985	)

(a)

Payments made quarterly

(b)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at September 30, 2019^(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Republic of South Africa, 5.500%, 03/09/20		(1.000)%	1.628%		12/20/23	$	9,350	$	232,209		$	303,087		$	(70,878	)
Republic of Turkey, 11.875%, 01/15/30		(1.000)	3.403		06/20/24		10,040		1,021,975			1,226,846			(204,871	)
Protection Sold:
Republic of Colombia, 10.375%, 01/28/33		1.000	0.629		06/20/23		2,770		37,998			(9,785	)		47,783
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.368		12/20/23		9,460		247,794			11,343			236,451
Republic of Colombia, 10.375%, 01/28/33		1.000	0.704		12/20/23		53,990		666,563			(597,205	)		1,263,768
Republic of Turkey, 11.875%, 01/15/30		1.000	3.261		12/20/23		4,160		(361,571	)		(503,169	)		141,598
Republic of Chile, 3.875%, 08/05/20		1.000	0.327		06/20/24		2,020		62,859			58,400			4,459
State of Qatar, 9.750%, 06/15/30		1.000	0.482		06/20/24		8,010		191,714			164,597			27,117
Republic of Peru, 8.750%, 11/21/33		1.000	0.489		06/20/24		16,310		385,491			282,629			102,862
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	0.690		06/20/24		43,620		627,319			334,644			292,675
Republic of Indonesia, 5.875%, 03/13/20		1.000	0.818		06/20/24		15,940		135,768			52,088			83,680
Republic of Colombia, 10.375%, 01/28/33		1.000	0.830		06/20/24		9,400		75,315			(4,255	)		79,570
United Mexican States, 4.150%, 03/28/27		1.000	1.047		06/20/24		11,760		(21,456	)		(150,513	)		129,057
Federative Republic of Brazil, 4.250%, 01/07/25		1.000	1.235		06/20/24		8,940		(91,405	)		(154,458	)		63,053
Republic of Lebanese, 6.250%, 11/04/24		1.000	12.627		06/20/24		450		(167,271	)		(118,543	)		(48,728	)
Republic of Chile, 3.875%, 08/05/20		1.000	0.371		12/20/24		1,900		60,775			53,440			7,335
State of Qatar, 9.750%, 06/15/30		1.000	0.540		12/20/24		6,400		149,825			145,868			3,957
Republic of Peru, 8.750%, 11/21/33		1.000	0.554		12/20/24		5,240		119,012			116,562			2,450
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	0.757		12/20/24		9,810		121,898			149,312			(27,414	)
Russian Federation, 7.500%, 03/31/30		1.000	0.859		12/20/24		8,170		59,847			(65,990	)		125,837

Republic of Indonesia, 5.875%, 03/13/20		1.000	0.906		12/20/24		6,360		31,465			7,710			23,755

TOTAL								$	3,586,124		$	1,302,608		$	2,283,516


The accompanying notes are an integral part of these financial statements.		23

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

(a)

Payments made quarterly

(b)



Abbreviations:
1M BID Avg		—1 month Brazilian Interbank Deposit Average
BofA 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


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – 3.1%
Automotive^(b) – 0.2%
	Adient US LLC (BB-/Ba2) (3M LIBOR + 4.250%)
$	2,553,600		6.889	%		05/06/24	$	2,508,274
	Navistar International Corp. (BB-/Ba2) (1M LIBOR + 3.500%)
	1,940,152		5.530			11/06/24		1,928,627

								4,436,901

Energy^(c) – 0.1%
	McDermott Technology Americas, Inc. (CCC+/B2)
	1,895,190		0.000			05/09/25		1,191,601

Gaming^(b) – 0.3%
	MGM Growth Properties LLC (BB+/Ba3) (1M LIBOR + 2.000%)
	3,382,474		4.044			03/21/25		3,387,649
	Mohegan Tribal Gaming Authority (B-/B1) (1M LIBOR + 4.000%)
	4,663,078		6.044			10/13/23		4,308,824

								7,696,473

Health Care – Services^(b) – 0.1%
	Team Health Holdings, Inc. (B/B2) (1M LIBOR + 2.750%)
	4,032,223		4.794			02/06/24		3,309,770

Media – Cable^(b) – 0.2%
	Altice France SA (B/B2) (1M LIBOR + 3.688%)
	3,900,377		5.715			01/31/26		3,868,706

Media – Non Cable^(b) – 0.1%
	WMG Acquisition Corp. (BB-/Ba3) (1M LIBOR + 2.125%)
	2,400,000		4.169			11/01/23		2,401,200

Packaging^(b) – 0.2%
	Charter NEX US Holdings, Inc. (B/B2) (1M LIBOR + 3.000%)
	3,845,495		5.044			05/16/24		3,804,656

Real Estate Investment Trust^(b) – 0.2%
	Brookfield Property REIT, Inc. (BB+/Ba3) (1M LIBOR + 2.500%)
	4,515,789		4.544			08/27/25		4,450,897

Retailers^(b) – 0.3%
	Staples, Inc. (B+/B1) (3M LIBOR + 5.000%)
	5,760,563		7.123			04/16/26		5,675,364

Services Cyclical – Business Services^(b) – 0.2%
	Travelport Finance (Luxembourg) S.a.r.l. (B+/B2) (3M LIBOR + 5.000%)
	4,425,000		7.104			05/29/26		3,988,828

Technology – Software/Services – 1.1%
	Cerence, Inc. (NR/NR)^(c)
	2,275,000		0.000			09/04/26		2,138,500
	Financial & Risk US Holdings, Inc. (B/B2)^(b) (1M LIBOR + 3.750%)
	6,103,875		5.794			10/01/25		6,134,394
	Mitchell International, Inc. (B-/B2)^(b) (1M LIBOR + 3.250%)
	5,681,738		5.294			11/29/24		5,437,196
	The Dun & Bradstreet Corp. (B-/B2)^(b) (1M LIBOR + 5.000%)
	4,700,000		7.054			02/06/26		4,727,683
	TriTech Software Systems (B/B3)^(b) (1M LIBOR + 3.750%)
	3,424,125		5.794			08/29/25		3,187,278


Bank Loans^(a) – (continued)
Technology – Software/Services – (continued)
	Vertafore, Inc. (B-/B2)^(b) (1M LIBOR + 3.250%)
	3,845,938		5.294			07/02/25		3,732,021

								25,357,072

Telecommunication Services^(b) – 0.1%
	CenturyLink, Inc. (BBB-/Ba3) (1M LIBOR + 2.750%)
	2,238,608		4.794			01/31/25		2,222,445

	TOTAL BANK LOANS
	(Cost $69,895,293)						$	68,403,913



Corporate Obligations – 91.1%
Advertising^(d) – 0.2%
	National CineMedia LLC (B-/B3)
$	2,500,000		5.750	%		08/15/26	$	2,412,500
	Outfront Media Capital LLC/Outfront Media Capital Corp. (BB-/B1)^(e)
	1,160,000		5.000			08/15/27		1,218,000

								3,630,500

Aerospace & Defense – 1.9%
	Arconic, Inc. (BBB-/Ba2)
	2,155,000		6.150			08/15/20		2,220,814
	2,155,000		5.400	^(d)		04/15/21		2,233,270
	Bombardier, Inc. (B-/Caa1)^(e)
	3,035,000		5.750			03/15/22		3,084,167
	2,350,000		6.000	^(d)		10/15/22		2,341,187
	4,100,000		6.125			01/15/23		4,146,125
	10,150,000		7.500	^(d)		03/15/25		10,124,625
	5,295,000		7.875	^(d)		04/15/27		5,255,287
	TransDigm, Inc. (B-/B3)^(d)
	10,135,000		6.500			05/15/25		10,553,069
	3,580,000		6.375			06/15/26		3,759,000

								43,717,544

Auto Manufacturers^(d)(e) – 0.0%
	Allison Transmission, Inc. (NR/Ba3)
	1,075,000		5.000			10/01/24		1,097,844

Automotive – 1.2%
	Adient US LLC (BB-/Ba2)^(d)(e)
	2,390,000		7.000			05/15/26		2,500,538
	American Axle & Manufacturing, Inc. (B/B2)^(d)
	7,140,000		6.250			04/01/25		6,916,875
	CB Lear Corp. (NR/NR)^(d)(f)(g)
	6,750,000		8.500			12/01/13		—
	Dana Financing Luxembourg S.a.r.l. (BB-/B2)^(d)(e)
	2,440,000		5.750			04/15/25		2,488,800
	Delphi Technologies PLC (BB/B1)^(e)
	3,730,000		5.000			10/01/25		3,310,375
	General Motors Liquidation Co. (NR/NR)^(f)
	2,000,000		7.700	^(g)		04/15/16		—
	7,125,000		7.125	^(g)		07/15/13		—
	1,000,000		8.800	^(g)		03/01/21		—
	14,500,000		8.375	^(g)		07/15/33		—


The accompanying notes are an integral part of these financial statements.		25

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Automotive – (continued)
	IHO Verwaltungs GmbH (BB+/Ba1)^(d)(e)(h)
	(PIK 5.500%, Cash 4.750%)
$	2,695,000		4.750	%		09/15/26	$	2,644,469
	(PIK 6.750%, Cash 6.000%)
	900,000		6.000			05/15/27		907,875
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (B/B3)^(d)(e)
	3,790,000		8.500			05/15/27		3,832,637
	Panther BF Aggregator 2 LP/Panther Finance Co., Inc. (B+/Ba3)^(d)(e)
	2,700,000		6.250			05/15/26		2,831,625
	Tenneco, Inc. (BB-/B3)^(d)
	2,500,000		5.000			07/15/26		2,043,750

								27,476,944

Banks – 1.4%
	Barclays PLC (B+/Ba3)^(b)(d) (5 year CMT + 5.672%)
	5,350,000		8.000			06/15/24		5,711,804
	CIT Group, Inc. (BB/Ba1)
	35,000		6.125			03/09/28		41,038
	CIT Group, Inc. (BB+/Ba1)
	1,630,000		5.000			08/15/22		1,723,725
	Citigroup, Inc. (BB+/Ba1)^(b)(d) (3M USD LIBOR + 3.423%)
	6,125,000		6.300			05/15/24		6,484,844
	Deutsche Bank AG (BB+/Ba2)^(b)(d) (5 Year USD ICE Swap + 2.553%)
	5,150,000		4.875			12/01/32		4,655,178
	Intesa Sanpaolo SpA (BB+/Ba1)^(e)
	2,350,000		5.017			06/26/24		2,417,562
	4,125,000		5.710			01/15/26		4,372,500
	Royal Bank of Scotland Group PLC (BB-/Ba2)^(b)(d) (3M USD LIBOR + 2.320%)
	2,300,000		4.424			09/30/27		2,173,500
	UBS Group Funding Switzerland AG (BB/Ba1u)^(b)(d)(e) (5 Year USD Swap + 4.344%)
	4,000,000		7.000			01/31/24		4,265,000

								31,845,151

Building Materials^(d)(e) – 1.8%
	American Woodmark Corp. (BB/Ba3)
	3,170,000		4.875			03/15/26		3,189,812
	BMC East LLC (BB/B1)
	4,225,000		5.500			10/01/24		4,367,594
	Builders FirstSource, Inc. (BB-/B2)
	6,025,000		6.750			06/01/27		6,491,937
	Cornerstone Building Brands, Inc. (B-/Caa1)
	6,465,000		8.000			04/15/26		6,359,944
	JELD-WEN, Inc. (BB-/B1)
	3,730,000		4.625			12/15/25		3,734,662
	4,220,000		4.875			12/15/27		4,177,800
	Masonite International Corp. (BB+/Ba3)
	2,675,000		5.375			02/01/28		2,788,688
	Standard Industries, Inc. (BBB-/Ba2)
	4,160,000		5.375			11/15/24		4,279,600
	1,290,000		5.000			02/15/27		1,337,150
	Summit Materials LLC/Summit Materials Finance Corp. (BB/B3)
	2,580,000		6.500			03/15/27		2,754,150

								39,481,337


Corporate Obligations – (continued)
Capital Goods^{(d)(e)(f)(g)(h)} – 0.0%
	LyondellBasell Industries NV (NR/NR)
EUR	2,250,000		1.000			08/15/15		—

Chemicals – 2.7%
	Atotech Alpha 2 B.V. (CCC+/Caa1)^(d)(e)(h) (PIK 9.500%, Cash 8.750%)
$	1,350,000		8.750			06/01/23		1,341,563
	Axalta Coating Systems LLC (BB-/B1)^(d)(e)
	3,300,000		4.875			08/15/24		3,415,500
	Hexion, Inc. (B-/B3)^(d)(e)
	1,300,000		7.875			07/15/27		1,283,750
	Ingevity Corp. (NR/Ba3)^(d)(e)
	3,295,000		4.500			02/01/26		3,295,000
	Nell AF S.a.r.l. (NR/NR)^(f)(g)
	10,625,000		8.375			12/30/49		—
	Olin Corp. (BB+/Ba1)^(d)
	1,650,000		5.000			02/01/30		1,650,000
	PQ Corp. (B/B3)^(d)(e)
	5,475,000		5.750			12/15/25		5,639,250
	PQ Corp. (BB-/B1)^(d)(e)
	3,790,000		6.750			11/15/22		3,922,650
	SPCM SA (BB+/Ba2)^(d)(e)
	5,150,000		4.875			09/15/25		5,253,000
	Starfruit Finco B.V./Starfruit US Holdco LLC (B-/Caa1)^(d)(e)
	5,365,000		8.000			10/01/26		5,351,587
	The Chemours Co. (BB-/Ba3)^(d)
	2,550,000		7.000			05/15/25		2,406,563
	Tronox Finance PLC (B-/B3)^(d)(e)
	2,450,000		5.750			10/01/25		2,278,500
	Valvoline, Inc. (BB/Ba3)^(d)
	4,490,000		5.500			07/15/24		4,663,987
	4,055,000		4.375			08/15/25		4,125,962
	WR Grace & Co-Conn (BB-/Ba3)^(e)
	2,595,000		5.125			10/01/21		2,692,313
	11,940,000		5.625			10/01/24		12,880,275

								60,199,900

Commercial Services – 2.5%
	Avis Budget Car Rental LLC/Avis Budget Finance, Inc. (BB/B1)^(d)
	371,000		5.500			04/01/23		378,420
	3,135,000		6.375	^(e)		04/01/24		3,276,075
	Graham Holdings Co. (BB+/Ba1)^(d)(e)
	3,350,000		5.750			06/01/26		3,605,438
	Herc Holdings, Inc. (B+/B3)^(d)(e)
	5,540,000		5.500			07/15/27		5,733,900
	Nielsen Finance LLC/Nielsen Finance Co. (BB/B1)^(d)(e)
	4,195,000		5.000			04/15/22		4,210,731
	Prime Security Services Borrower LLC/Prime Finance, Inc. (B-/B3)^(d)(e)
	2,255,000		9.250			05/15/23		2,367,750
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)^(e)
	6,825,000		5.250			04/15/24		6,995,625
	Refinitiv US Holdings, Inc. (B-/Caa2)^(d)(e)
	8,939,000		8.250			11/15/26		9,855,247
	Team Health Holdings, Inc. (CCC+/Caa2)^(d)(e)(i)
	5,410,000		6.375			02/01/25		3,746,425


26		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)
Commercial Services – (continued)
	The Hertz Corp. (B+/B1)^(d)(e)
$	2,910,000		7.625	%		06/01/22	$	3,030,038
	The Nielsen Co. Luxembourg S.a.r.l. (BB/B1)^(d)(e)
	4,550,000		5.000			02/01/25		4,487,437
	United Rentals North America, Inc. (BB-/Ba3)^(d)
	4,670,000		6.500			12/15/26		5,072,787
	2,985,000		4.875			01/15/28		3,100,669

								55,860,542

Computers^(d) – 1.3%
	Banff Merger Sub, Inc. (CCC+/Caa2)^(e)
	5,400,000		9.750			09/01/26		5,130,000
	Dell International LLC/EMC Corp. (BB/Ba2)^(e)
	4,930,000		5.875			06/15/21		5,010,113
	13,960,000		7.125			06/15/24		14,727,800
	EMC Corp. (BB-/Ba2)
	2,490,000		3.375			06/01/23		2,490,000
	MTS Systems Corp. (B+/B3)^(e)
	600,000		5.750			08/15/27		624,000
	Western Digital Corp. (BB+/Baa3)
	2,260,000		4.750			02/15/26		2,316,500

								30,298,413

Distribution & Wholesale^(d) – 1.3%
	Core & Main Holdings LP (B-/Caa2)^(e) (h) (PIK 9.375%, Cash 8.625%)
	5,000,000		8.625			09/15/24		5,062,500
	Core & Main LP (B-/Caa2)^(e)
	2,725,000		6.125			08/15/25		2,718,188
	H&E Equipment Services, Inc. (BB-/B2)
	6,035,000		5.625			09/01/25		6,200,962
	IAA, Inc. (B/B2)^(e)
	1,450,000		5.500			06/15/27		1,537,000
	Performance Food Group, Inc. (B+/B1)^(e)
	850,000		5.500			10/15/27		894,625
	Performance Food Group, Inc. (BB-/B1)^(e)
	6,700,000		5.500			06/01/24		6,867,500
	Resideo Funding, Inc. (BB+/B1)^(e)
	1,500,000		6.125			11/01/26		1,595,366
	Univar USA, Inc. (BB-/B2)^(e)
	3,840,000		6.750			07/15/23		3,878,400

								28,754,541

Diversified Financial Services – 4.7%
	Allied Universal Holdco. LLC/Allied Universal Finance Corp. (B-/B3)^(d)(e)
	2,575,000		6.625			07/15/26		2,713,406
	Allied Universal Holdco. LLC/Allied Universal Finance Corp. (CCC/Caa2)^(d)(e)
	4,315,000		9.750			07/15/27		4,487,600
	Ally Financial, Inc. (BB+/NR)
	6,280,000		4.125			02/13/22		6,429,150
	Ally Financial, Inc. (BB+/Ba2)
	9,150,000		8.000			11/01/31		12,672,750
	Curo Group Holdings Corp. (B-/B3)^(d)(e)
	5,425,000		8.250			09/01/25		4,733,313


Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Global Aircraft Leasing Co. Ltd. (NR/Ba2)^(d)(e)(h) (PIK 7.250%, Cash 6.500%)
	6,775,000		6.500			09/15/24		6,842,750
	Nationstar Mortgage Holdings, Inc. (B/B2)^(d)(e)
	9,475,000		8.125			07/15/23		9,865,844
	Navient Corp. (B+/Ba3)
	6,490,000		5.875			03/25/21		6,700,925
	3,090,000		6.625			07/26/21		3,259,950
	1,090,000		7.250			01/25/22		1,177,200
	7,890,000		5.500			01/25/23		8,166,150
	8,670,000		6.125			03/25/24		8,995,125
	3,035,000		6.750			06/15/26		3,103,288
	Quicken Loans, Inc. (BB/Ba1)^(d)(e)
	7,450,000		5.250			01/15/28		7,689,048
	Springleaf Finance Corp. (BB-/Ba3)
	9,215,000		5.625			03/15/23		9,837,012
	5,190,000		7.125			03/15/26		5,747,925
	2,175,000		6.625	^(d)		01/15/28		2,338,125

								104,759,561

Electrical^(d) – 2.2%
	Calpine Corp. (B/B2)
	6,050,000		5.375			01/15/23		6,110,500
	2,050,000		5.500			02/01/24		2,075,625
	5,435,000		5.750			01/15/25		5,570,875
	Calpine Corp. (BB/Ba2)^(e)
	5,995,000		5.250			06/01/26		6,197,331
	DPL, Inc. (BBB-/Ba1)
	2,633,000		7.250			10/15/21		2,825,025
	NRG Energy, Inc. (NR/Ba3)
	2,990,000		5.750			01/15/28		3,214,250
	NRG Energy, Inc. (BB/Ba3)
	595,000		7.250			05/15/26		653,013
	200,000		6.625			01/15/27		216,750
	905,000		5.250	^(e)		06/15/29		972,875
	Talen Energy Supply LLC (B/B3)
	4,380,000		6.500			06/01/25		3,328,800
	2,050,000		10.500	^(e)		01/15/26		1,768,125
	Talen Energy Supply LLC (BB/Ba3)^(e)
	3,850,000		7.250			05/15/27		3,898,125
	1,675,000		6.625			01/15/28		1,645,688
	Vistra Operations Co. LLC (BB/Ba3)^(e)
	1,249,000		5.625			02/15/27		1,313,011
	9,550,000		5.000			07/31/27		9,843,280

								49,633,273

Electrical Components & Equipment^(d) – 0.4%
	Energizer Holdings, Inc. (B+/B2)^(e)
	3,635,000		7.750			01/15/27		4,034,850
	WESCO Distribution, Inc. (BB/B1)
	5,685,000		5.375			12/15/21		5,720,531

								9,755,381

Electronics – 0.4%
	Sensata Technologies B.V. (BB+/Ba3)^(e)
	1,040,000		5.000			10/01/25		1,111,500
	Sensata Technologies, Inc. (BB+/Ba3)^(d)(e)
	3,250,000		4.375			02/15/30		3,237,813


The accompanying notes are an integral part of these financial statements.		27

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Electronics – (continued)
	The ADT Security Corp. (BB-/Ba3)
$	5,060,000		4.125	%		06/15/23	$	5,129,575

								9,478,888

Energy – Exploration & Production^(d)(f)(g) – 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^(d) – 0.2%
	AECOM (BB-/Ba3)
	250,000		5.125			03/15/27		262,500
	Swissport Financing S.a r.l. (CCC/Caa2)^(e)
EUR	3,000,000		9.000			02/15/25		3,374,617

								3,637,117

Entertainment^(d) – 2.8%
	AMC Entertainment Holdings, Inc. (CCC+/B3)
$	5,090,000		5.750			06/15/25		4,829,137
	6,100,000		5.875			11/15/26		5,505,250
	Caesars Resort Collection LLC/CRC Finco, Inc. (B-/B3)^(e)
	9,630,000		5.250			10/15/25		9,822,600
	Cinemark USA, Inc. (BB/B2)
	6,335,000		4.875			06/01/23		6,437,944
	Lions Gate Capital Holdings LLC (B-/B2)^(e)
	5,425,000		5.875			11/01/24		5,574,187
	Live Nation Entertainment, Inc. (B+/Ba3)^(e)
	2,390,000		4.875			11/01/24		2,473,650
	Mohegan Gaming & Entertainment (CCC+/B3)^(e)
	2,595,000		7.875			10/15/24		2,481,469
	Pinewood Finance Co. Ltd. (BB/NR)^(e)
GBP	1,200,000		3.250			09/30/25		1,520,889
	Scientific Games International, Inc. (B-/Caa1)
$	11,060,000		10.000			12/01/22		11,488,575
	5,875,000		8.250	^(e)		03/15/26		6,242,187
	Stars Group Holdings B.V./Stars Group US Co-Borrower LLC (B-/Caa1)^(e)
	4,290,000		7.000			07/15/26		4,542,038
	WMG Acquisition Corp. (BB-/Ba3)^(e)
	2,160,000		5.000			08/01/23		2,211,300

								63,129,226

Environmental^(d)(e) – 0.6%
	Advanced Disposal Services, Inc. (B/B3)
	1,610,000		5.625			11/15/24		1,684,463
	GFL Environmental, Inc. (CCC+/Caa2)
	3,565,000		8.500			05/01/27		3,952,694
	Waste Pro USA, Inc. (B+/B3)
	6,905,000		5.500			02/15/26		7,129,412

								12,766,569

Finance^(d)(e) – 0.2%
	Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB+/Ba3)
	4,750,000		4.750			09/15/24		4,744,063


Corporate Obligations – (continued)
Food & Drug Retailing – 3.0%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC (BB-/B3)^(d)
	4,150,000		6.625			06/15/24		4,352,312
	4,930,000		5.750			03/15/25		5,077,900
	510,000		7.500	^(e)		03/15/26		570,563
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (BB-/B3)^(d)(e)
	4,025,000		5.875			02/15/28		4,256,438
	B&G Foods, Inc. (B+/B2)^(d)
	8,500,000		5.250			04/01/25		8,691,250
	B&G Foods, Inc. (BB-/B2)^(d)
	575,000		4.625			06/01/21		575,000
	Chobani LLC/Chobani Finance Corp., Inc. (CCC/Caa2)^(d)(e)
	6,205,000		7.500			04/15/25		5,941,287
	H-Food Holdings LLC/Hearthside Finance Co., Inc. (CCC/Caa2)^(d)(e)
	2,950,000		8.500			06/01/26		2,197,750
	JBS USA LUX SA/JBS USA Finance, Inc. (BB-/Ba3)^(d)(e)
	3,900,000		5.875			07/15/24		4,017,000
	2,275,000		5.750			06/15/25		2,366,000
	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (BB-/Ba3)^(d)(e)
	6,300,000		5.500			01/15/30		6,670,125
	New Albertsons LP (B+/WR)
	3,100,000		7.450			08/01/29		3,115,500
	Post Holdings, Inc. (B+/B2)^(d)(e)
	3,225,000		5.000			08/15/26		3,341,906
	9,900,000		5.750			03/01/27		10,469,250
	6,180,000		5.625			01/15/28		6,550,800

								68,193,081

Food Service^(d)(e) – 0.0%
	Aramark Services, Inc. (BB/Ba3)
	1,025,000		5.000			02/01/28		1,066,000

Forest Products & Paper^(d) – 0.2%
	Mercer International, Inc. (NR/NR)^(e)
	1,400,000		7.375			01/15/25		1,445,500
	Mercer International, Inc. (BB-/Ba3)
	1,585,000		7.750			12/01/22		1,650,381
	1,250,000		7.375			01/15/25		1,293,750

								4,389,631

Gas^(d) – 0.4%
	AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
	550,000		5.875			08/20/26		600,875
	7,580,000		5.750			05/20/27		8,148,500

								8,749,375

Hand/Machine Tools^(d)(e) – 0.1%
	Colfax Corp. (BB+/Ba2)
	1,405,000		6.000			02/15/24		1,484,031

Healthcare Providers & Services – 5.6%
	Acadia Healthcare Co., Inc. (B-/B3)^(d)
	855,000		6.125			03/15/21		856,069
	6,540,000		5.625			02/15/23		6,670,800
	2,050,000		6.500			03/01/24		2,137,125


28		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)
	CHS/Community Health Systems, Inc. (B-/Caa1)^(d)
$	15,915,000		5.125	%		08/01/21	$	15,895,106
	3,710,000		8.000	^(e)		03/15/26		3,700,725
	CHS/Community Health Systems, Inc. (CCC-/Ca)^(d)(e)
	1,820,000		9.875	^(j)		06/30/23		1,556,100
	2,200,000		8.125			06/30/24		1,743,500
	DaVita, Inc. (B+/Ba3)^(d)
	4,465,000		5.125			07/15/24		4,537,556
	Encompass Health Corp. (B+/NR)^(d)
	2,400,000		4.500			02/01/28		2,427,000
	Envision Healthcare Corp. (B-/Caa2)^(d)(e)
	8,025,000		8.750			10/15/26		4,895,250
	HCA, Inc. (BB-/Ba2)
	9,300,000		7.500			02/15/22		10,311,375
	9,970,000		5.375			02/01/25		10,892,225
	Hill-Rom Holdings, Inc. (BB/Ba3)^(d)(e)
	515,000		4.375			09/15/27		525,300
	MEDNAX, Inc. (BBB-/Ba2)^(d)(e)
	5,600,000		6.250			01/15/27		5,530,000
	MPH Acquisition Holdings LLC (B-/Caa1)^(d)(e)
	8,190,000		7.125			06/01/24		7,575,750
	Polaris Intermediate Corp. (B-/Caa2)^(d)(e)(h) (PIK 9.250%, Cash 8.500%)
	4,545,000		8.500			12/01/22		3,851,888
	RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa1)^(d)(e)
	5,425,000		9.750			12/01/26		5,804,750
	Tenet Healthcare Corp. (B-/Ba3)^(d)
	4,410,000		5.125			05/01/25		4,465,125
	1,625,000		6.250	^(e)		02/01/27		1,685,938
	Tenet Healthcare Corp. (BB-/Ba3)^(d)
	6,760,000		4.625			07/15/24		6,945,900
	3,000,000		4.625	^(e)		09/01/24		3,082,500
	Tenet Healthcare Corp. (CCC+/Caa1)
	14,339,000		8.125			04/01/22		15,521,967
	4,190,000		7.000	^(d)		08/01/25		4,263,325

								124,875,274

Home Builders – 1.8%
	Brookfield Residential Properties, Inc. (BB-/B1)^(d)(e)
	5,400,000		6.375			05/15/25		5,454,000
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (BB-/B1)^(d)(e)
	3,395,000		6.125			07/01/22		3,450,169
	Installed Building Products, Inc. (B+/B3)^(d)(e)
	1,250,000		5.750			02/01/28		1,287,500
	Lennar Corp. (BB+/Ba1)
	3,945,000		5.375			10/01/22		4,216,219
	5,425,000		4.750	^(d)		11/15/22		5,689,469
	3,245,000		5.875	^(d)		11/15/24		3,593,837
	140,000		4.750	^(d)		11/29/27		149,975
	TRI Pointe Group, Inc. (BB-/Ba3)^(d)
	4,360,000		5.250			06/01/27		4,360,000
	TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (BB-/Ba3)
	1,635,000		5.875			06/15/24		1,737,187
	William Lyon Homes, Inc. (B+/B2)^(d)
	61,000		7.000			08/15/22		61,153
	5,520,000		6.000			09/01/23		5,747,700


Corporate Obligations – (continued)
Home Builders – (continued)
	William Lyon Homes, Inc. (B+/B2)^(d) – (continued)
	2,000,000		5.875			01/31/25		2,025,000
	Williams Scotsman International, Inc. (B/B3)^(d)(e)
	1,500,000		7.875			12/15/22		1,571,250
	2,080,000		6.875			08/15/23		2,178,800

								41,522,259

Household Products^(d)(e) – 0.1%
	Kronos Acquisition Holdings, Inc. (CCC-/Caa2)
	2,600,000		9.000			08/15/23		2,310,750
	Spectrum Brands, Inc. (B+/B2)
	300,000		5.000			10/01/29		305,250

								2,616,000

Insurance^(d)(e) – 1.4%
	Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	2,055,000		8.125			02/15/24		2,211,694
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	3,600,000		7.000			11/15/25		3,357,000
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (CCC+/Caa2)
	2,800,000		8.250			08/01/23		2,856,000
	Fidelity & Guaranty Life Holdings, Inc. (BB+/Ba2)
	8,175,000		5.500			05/01/25		8,767,687
	GTCR AP Finance, Inc. (CCC+/Caa2)
	2,900,000		8.000			05/15/27		2,979,750
	HUB International Ltd. (CCC+/Caa2)
	4,580,000		7.000			05/01/26		4,700,225
	USI, Inc. (CCC+/Caa2)
	5,505,000		6.875			05/01/25		5,587,575

								30,459,931

Internet – 1.4%
	Getty Images, Inc. (CCC+/Caa2)^(d)(e)
	985,000		9.750			03/01/27		999,775
	Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/B1)^(d)(e)
	2,620,000		5.250			12/01/27		2,757,550
	GrubHub Holdings, Inc. (BB/Ba3)^(d)(e)
	3,200,000		5.500			07/01/27		3,264,000
	Netflix, Inc. (BB-/Ba3)
	10,480,000		4.875			04/15/28		10,597,900
	Uber Technologies, Inc. (CCC+/B3)^(d)(e)
	3,350,000		7.500			11/01/23		3,370,937
	VeriSign, Inc. (BBB-/Ba1)^(d)
	3,500,000		4.750			07/15/27		3,648,750
	Zayo Group LLC/Zayo Capital, Inc. (B/B3)^(d)
	1,834,000		6.000			04/01/23		1,882,143
	4,125,000		5.750	^(e)		01/15/27		4,212,656

								30,733,711

Iron/Steel^(d) – 0.6%
	AK Steel Corp. (BB-/B1)
	4,525,000		7.500			07/15/23		4,558,937
	Cleveland-Cliffs, Inc. (B+/B1)
	1,749,000		5.750			03/01/25		1,718,393
	4,050,000		5.875	^(e)		06/01/27		3,867,750
	Steel Dynamics, Inc. (BB+/Ba1)
	3,090,000		5.250			04/15/23		3,144,075

								13,289,155


The accompanying notes are an integral part of these financial statements.		29

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Leisure Time^(d)(e) – 0.5%
	Viking Cruises Ltd. (B+/B3)
$	2,130,000		5.875	%		09/15/27	$	2,252,475
	VOC Escrow Ltd. (BB/Ba2)
	7,685,000		5.000			02/15/28		7,915,550

								10,168,025

Lodging – 1.4%
	Boyd Gaming Corp. (B/B3)^(d)
	1,585,000		6.000			08/15/26		1,672,175
	MGM Resorts International (BB-/Ba3)
	9,350,000		7.750			03/15/22		10,460,312
	4,620,000		6.000			03/15/23		5,076,225
	3,720,000		5.750	^(d)		06/15/25		4,087,350
	8,650,000		5.500	^(d)		04/15/27		9,450,125

								30,746,187

Machinery-Diversified^(d)(e) – 0.4%
	The Manitowoc Co., Inc. (B/B2)
	4,465,000		9.000			04/01/26		4,375,700
	Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC+/Caa2)
	4,650,000		7.750			04/15/26		4,347,750

								8,723,450

Media – 11.7%
	Altice Financing SA (B+/B2)^(d)(e)
	10,822,000		6.625			02/15/23		11,106,077
	21,650,000		7.500			05/15/26		22,949,000
	Altice Finco SA (CCC+/Caa1)^(d)(e)
	8,100,000		7.625			02/15/25		8,373,375
	Altice Luxembourg SA (B-/Caa1)^(d)(e)
	2,308,000		7.750			05/15/22		2,357,045
	4,550,000		10.500			05/15/27		5,118,750
	AMC Networks, Inc. (BB/Ba3)^(d)
	1,150,000		5.000			04/01/24		1,184,500
	1,090,000		4.750			08/01/25		1,118,613
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)^(d)(e)
	2,155,000		5.875			04/01/24		2,241,200
	7,500,000		5.375			05/01/25		7,771,875
	16,370,000		5.750			02/15/26		17,249,887
	4,780,000		5.500			05/01/26		5,001,075
	11,605,000		5.000			02/01/28		11,996,669
	Clear Channel Worldwide Holdings, Inc. (B-/Caa2)^(d)(e)
	11,840,000		9.250			02/15/24		12,964,800
	CSC Holdings LLC (B/B3)
	4,210,000		5.250			06/01/24		4,520,487
	2,150,000		7.750	^(d)(e)		07/15/25		2,308,563
	9,450,000		10.875	^(d)(e)		10/15/25		10,678,500
	8,075,000		5.750	^(d)(e)		01/15/30		8,438,375
	CSC Holdings LLC (BB/Ba3)^(d)(e)
	2,150,000		6.625			10/15/25		2,297,813
	5,819,000		5.500			05/15/26		6,117,224
	7,370,000		5.500			04/15/27		7,784,562
	Cumulus Media New Holdings, Inc. (B/B2)^(d)(e)
	4,550,000		6.750			07/01/26		4,760,437
	Diamond Sports Group LLC/Diamond Sports Finance Co. (B/B2)^(d)(e)
	5,700,000		6.625			08/15/27		5,906,625


Corporate Obligations – (continued)
Media – (continued)
	Diamond Sports Group LLC/Diamond Sports Finance Co. (BB/Ba2)^(d)(e)
	1,750,000		5.375			08/15/26		1,815,625
	DISH DBS Corp. (B-/B1)
	3,940,000		6.750			06/01/21		4,137,000
	11,965,000		5.875			07/15/22		12,428,644
	10,065,000		7.750			07/01/26		10,215,975
	Entercom Media Corp. (B-/B2)^(d)(e)
	7,400,000		6.500			05/01/27		7,733,000
	Entercom Media Corp. (B-/B3)^(d)(e)
	2,440,000		7.250			11/01/24		2,525,400
	GCI LLC (B/B3)^(d)(e)
	2,700,000		6.625			06/15/24		2,916,000
	Gray Television, Inc. (B+/B3)^(d)(e)
	5,580,000		7.000			05/15/27		6,110,100
	iHeartCommunications, Inc. (BB-/B1)^(d)(e)
	1,900,000		5.250			08/15/27		1,976,000
	Meredith Corp. (B+/B3)^(d)
	345,000		6.875			02/01/26		351,038
	Midcontinent Communications/Midcontinent Finance Corp. (B/B3)^(d)(e)
	1,350,000		5.375			08/15/27		1,417,500
	Nexstar Broadcasting, Inc. (B/B3)^(d)(e)
	7,320,000		5.625			08/01/24		7,612,800
	Nexstar Escrow, Inc. (B/B3)^(d)(e)
	1,950,000		5.625			07/15/27		2,042,625
	Scripps Escrow, Inc. (B-/B3)^(d)(e)
	1,650,000		5.875			07/15/27		1,676,813
	Sirius XM Radio, Inc. (BB/Ba3)^(d)(e)
	710,000		4.625			07/15/24		734,850
	12,785,000		5.000			08/01/27		13,216,494
	3,175,000		5.500			07/01/29		3,381,375
	The E.W. Scripps Co. (B-/B3)^(d)(e)
	2,675,000		5.125			05/15/25		2,681,687
	Univision Communications, Inc. (B/B2)^(d)(e)
	6,645,000		5.125			05/15/23		6,628,387
	UPCB Finance IV Ltd. (BB/Ba3)^(d)(e)
	3,150,000		5.375			01/15/25		3,244,500
	Virgin Media Secured Finance PLC (BB-/Ba3)^(d)(e)
	6,655,000		5.500			08/15/26		6,971,112

								262,062,377

Media – Cable^(f)(g) – 0.0%
	Adelphia Communications Corp. (NR/NR)
	2,000,000		10.250			06/15/49		—

Metal Fabricate/Hardware^(d) – 0.4%
	Park-Ohio Industries, Inc. (B/B3)
	9,065,000		6.625			04/15/27		8,657,075

Mining^(d) – 2.5%
	Alcoa Nederland Holding B.V. (BB+/Ba1)^(e)
	3,250,000		7.000			09/30/26		3,526,250
	Aleris International, Inc. (CCC+/Caa2)^(e)
	2,500,000		10.750			07/15/23		2,631,250
	Constellium SE (B/B2)^(e)
	4,550,000		5.750			05/15/24		4,680,812
	1,575,000		6.625			03/01/25		1,641,938


30		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)
Mining^(d) – (continued)
	FMG Resources August 2006 Pty Ltd. (BB+/Ba1)^(e)
$	9,225,000		5.125	%		03/15/23	$	9,501,750
	Freeport-McMoRan, Inc. (BB/Ba1)
	15,432,000		3.550			03/01/22		15,509,160
	8,370,000		3.875			03/15/23		8,432,775
	Hudbay Minerals, Inc. (B+/B3)^(e)
	6,855,000		7.250			01/15/23		7,094,925
	Novelis Corp. (B+/B2)^(e)
	640,000		6.250			08/15/24		671,200
	2,410,000		5.875			09/30/26		2,530,500

								56,220,560

Miscellaneous Manufacturing^(d) – 0.1%
	EnPro Industries, Inc. (BB/B1)
	3,095,000		5.750			10/15/26		3,296,175

Office^(d) – 0.3%
	Xerox Corp. (BB+/Ba1)
	6,050,000		4.125			03/15/23		6,150,944

Oil Field Services – 7.5%
	Antero Resources Corp. (BB/Ba3)^(d)
	4,005,000		5.375			11/01/21		3,864,825
	7,375,000		5.125			12/01/22		6,471,562
	Berry Petroleum Co. LLC (B+/B3)^(d)(e)
	3,575,000		7.000			02/15/26		3,414,125
	California Resources Corp. (B-/Caa2)^(d)(e)
	3,500,000		8.000			12/15/22		1,715,000
	California Resources Corp. (CCC-/Caa3)^(d)
	3,525,000		6.000			11/15/24		1,269,000
	Chaparral Energy, Inc. (CCC/Caa1)^(d)(e)
	1,480,000		8.750			07/15/23		577,200
	Chesapeake Energy Corp. (D/B2)
	2,715,000		5.750			03/15/23		2,076,975
	2,360,000		8.000	^(d)		06/15/27		1,593,000
	CNX Resources Corp. (BB-/B3)^(d)(e)
	3,875,000		7.250			03/14/27		3,264,687
	CrownRock LP/CrownRock Finance, Inc. (BB-/B2)^(d)(e)
	9,240,000		5.625			10/15/25		9,286,200
	CVR Refining LLC/Coffeyville Finance, Inc. (BB-/B1)^(d)
	1,300,000		6.500			11/01/22		1,313,000
	Denbury Resources, Inc. (B/B3)^(d)(e)
	725,000		9.000			05/15/21		681,500
	1,300,000		7.750			02/15/24		994,500
	Ensign Drilling, Inc. (BB-/B2)^(d)(e)
	1,700,000		9.250			04/15/24		1,589,500
	Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)^(d)
	5,685,000		8.125			05/01/25		5,642,362
	Gulfport Energy Corp. (BB-/B1)^(d)
	4,200,000		6.000			10/15/24		3,045,000
	6,696,000		6.375			05/15/25		4,754,160
	3,200,000		6.375			01/15/26		2,256,000
	Laredo Petroleum, Inc. (B+/B2)^(d)
	2,350,000		5.625			01/15/22		2,209,000
	5,555,000		6.250			03/15/23		4,888,400
	Matador Resources Co. (BB-/B2)^(d)
	4,245,000		5.875			09/15/26		4,245,000


Corporate Obligations – (continued)
Oil Field Services – (continued)
	MEG Energy Corp. (BB/Ba3)^(d)(e)
	3,875,000		6.500			01/15/25		3,971,875
	MEG Energy Corp. (BB-/B3)^(d)(e)
	2,235,000		6.375			01/30/23		2,156,775
	2,755,000		7.000			03/31/24		2,651,688
	Nabors Industries, Inc. (BB/B1)
	3,380,000		5.500	^(d)		01/15/23		2,763,150
	3,950,000		0.750			01/15/24		2,528,790
	Nine Energy Service, Inc. (B-/B3)^(d)(e)
	2,130,000		8.750			11/01/23		1,714,650
	Noble Holding International Ltd. (B-/B3)^(d)(e)
	7,800,000		7.875			02/01/26		5,577,000
	Noble Holding International Ltd. (CCC+/Caa2)^(d)
	730,000		7.750			01/15/24		481,800
	Oasis Petroleum, Inc. (BB-/B2)^(d)
	5,000,000		6.875			01/15/23		4,550,000
	Parsley Energy LLC/Parsley Finance Corp. (BB-/B1)^(d)(e)
	5,565,000		5.625			10/15/27		5,731,950
	Precision Drilling Corp. (BB-/B2)^(d)
	5,320,000		7.750			12/15/23		5,160,400
	QEP Resources, Inc. (BB-/Ba3)^(d)
	425,000		5.250			05/01/23		392,063
	10,495,000		5.625			03/01/26		9,025,700
	Range Resources Corp. (BB/Ba3)^(d)
	2,185,000		5.875			07/01/22		2,092,138
	1,455,000		5.000			03/15/23		1,269,488
	5,000		4.875			05/15/25		4,100
	Rowan Cos., Inc. (B-/Caa1)^(d)
	4,550,000		5.400			12/01/42		1,956,500
	SM Energy Co. (BB-/B2)^(d)
	5,200,000		5.000			01/15/24		4,641,000
	3,230,000		6.750			09/15/26		2,818,175
	Sunoco LP/Sunoco Finance Corp. (BB-/B1)^(d)
	2,575,000		5.500			02/15/26		2,671,563
	Transocean Sentry Ltd. (B/B1)^(d)(e)
	500,000		5.375			05/15/23		500,625
	Transocean, Inc. (B-/Caa1)^(d)(e)
	4,755,000		9.000			07/15/23		4,933,312
	2,185,000		7.250			11/01/25		1,911,875
	5,930,000		7.500			01/15/26		5,262,875
	Transocean, Inc. (CCC+/Caa2)
	10,400,000		7.500			04/15/31		7,332,000
	USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)^(d)
	6,385,000		6.875			04/01/26		6,624,437
	Valaris PLC (B-/Caa1)^(d)
	3,535,000		7.750			02/01/26		1,891,225
	3,100,000		5.750			10/01/44		1,317,500
	Whiting Petroleum Corp. (BB-/B2)^(d)
	4,905,000		6.625			01/15/26		3,310,875
	WPX Energy, Inc. (BB-/B1)^(d)
	5,225,000		8.250			08/01/23		5,891,187
	2,185,000		5.250			09/15/24		2,223,238

								168,508,950


The accompanying notes are an integral part of these financial statements.		31

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Packaging – 2.6%
	ARD Finance SA (B-/Caa2)^(d)(h)
	(PIK 7.375%, Cash 6.625%)
EUR	575,000		6.625	%		09/15/23	$	647,717
	(PIK 7.875%, Cash 7.125%)
$	6,985,000		7.125			09/15/23		7,194,550
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B/B3)^(d)(e)
	3,050,000		6.000			02/15/25		3,187,250
	6,500,000		5.250			08/15/27		6,573,125
	Berry Global, Inc. (BB/B2)^(d)
	3,580,000		5.125			07/15/23		3,673,975
	4,050,000		5.625	^(e)		07/15/27		4,181,625
	LABL Escrow Issuer LLC (B/B2)^(d)(e)
	2,500,000		6.750			07/15/26		2,593,750
	LABL Escrow Issuer LLC (B-/Caa2)^(d)(e)
	3,750,000		10.500			07/15/27		3,796,875
	Mauser Packaging Solutions Holding Co. (CCC+/Caa2)^(d)(e)
	6,490,000		7.250			04/15/25		6,189,837
	Owens-Brockway Glass Container, Inc. (BB-/B1)^(e)
	5,225,000		5.875			08/15/23		5,551,563
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)^(d)(e)
	9,000,000		5.125			07/15/23		9,236,250
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B-/Caa1)^(d)(e)
	855,000		7.000			07/15/24		884,925
	Trivium Packaging Finance B.V. (B+/B2)^(d)(e)
	2,825,000		5.500			08/15/26		2,969,781
	Trivium Packaging Finance B.V. (B-/Caa2)^(d)(e)
	1,750,000		8.500			08/15/27		1,894,375

								58,575,598

Paper^(f)(g) – 0.0%
	NewPage Corp. (NR/NR)
	10,050,000		1.000			12/31/49		—

Pharmaceuticals – 3.0%
	Bausch Health Americas, Inc. (B-/B3)^(d)(e)
	14,060,000		9.250			04/01/26		15,958,100
	Bausch Health Americas, Inc. (B-/B3)^(d)(e)
	3,425,000		8.500			01/31/27		3,840,281
	Bausch Health Cos., Inc. (B-/B3)^(d)(e)
	12,617,000		5.875			05/15/23		12,790,484
	Bausch Health Cos., Inc. (BB-/Ba2)^(d)(e)
	5,425,000		7.000			03/15/24		5,703,031
	1,585,000		5.750			08/15/27		1,709,819
	Elanco Animal Health, Inc. (BB+/Baa3)^(d)
	9,025,000		4.272			08/28/23		9,472,387
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)^(d)(e)
	3,350,000		7.250			08/15/26		3,408,625
	Par Pharmaceutical, Inc. (B+/B1)^(d)(e)
	9,540,000		7.500			04/01/27		8,729,100
	Teva Pharmaceutical Finance Co. B.V. (BB/Ba2)
	855,000		3.650			11/10/21		790,875
	Teva Pharmaceutical Finance Netherlands III B.V. (BB/Ba2)
	2,000,000		2.200			07/21/21		1,831,250
	1,925,000		2.800			07/21/23		1,556,844


Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Vizient, Inc. (B/B3)^(d)(e)
	990,000		6.250			05/15/27		1,064,250

								66,855,046

Pipelines – 3.8%
	Buckeye Partners LP (BBB-/Baa3)^(d)
	1,650,000		4.350			10/15/24		1,605,169
	1,949,000		3.950			12/01/26		1,713,892
	610,000		4.125			12/01/27		533,012
	Cheniere Corpus Christi Holdings LLC (BBB-/Ba2)^(d)
	6,515,000		5.125			06/30/27		7,133,925
	Cheniere Energy Partners LP (BB/Ba2)^(d)
	7,245,000		5.250			10/01/25		7,525,744
	2,825,000		4.500	^(e)		10/01/29		2,892,094
	DCP Midstream Operating LP (BB+/Ba2)
	3,785,000		3.875	^(d)		03/15/23		3,822,850
	5,090,000		5.375	^(d)		07/15/25		5,459,025
	925,000		6.450	^(e)		11/03/36		964,313
	Energy Transfer Operating LP (BBB-/Baa3)
	4,160,000		7.500			10/15/20		4,371,399
	Genesis Energy LP/Genesis Energy Finance Corp. (B+/B1)^(d)
	14,156,000		6.000			05/15/23		14,191,390
	Global Partners LP/GLP Finance Corp. (B+/B2)^(d)(e)
	2,750,000		7.000			08/01/27		2,832,500
	NGL Energy Partners LP/NGL Energy Finance Corp. (B+/B2)^(d)
	2,390,000		7.500			11/01/23		2,434,812
	SemGroup Corp./Rose Rock Finance Corp. (B+/B3)^(d)
	775,000		5.625			11/15/23		794,375
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (BB-/B1)^(d)
	7,800,000		5.750			04/15/25		6,552,000
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB+/Ba3)^(d)(e)
	3,795,000		4.750			10/01/23		3,799,744
	1,935,000		5.500			09/15/24		1,925,325
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)^(d)
	700,000		5.125			02/01/25		721,000
	4,440,000		5.875			04/15/26		4,689,750
	4,880,000		5.375			02/01/27		5,044,700
	3,635,000		6.500	^(e)		07/15/27		3,962,150
	2,905,000		5.000			01/15/28		2,926,787

								85,895,956

Real Estate Investment Trust^(d) – 1.7%
	Brookfield Property REIT, Inc./BPR Cumulus LLC/BPR Nimbus LLC/GGSI Sellco LL (BB+/Ba3)^(e)
	3,725,000		5.750			05/15/26		3,902,288
	iStar, Inc. (BB-/Ba3)
	3,770,000		4.625			09/15/20		3,826,550
	7,035,000		6.000			04/01/22		7,219,669
	MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
	2,655,000		4.625			08/01/29		2,737,066
	Realogy Group LLC/Realogy Co-Issuer Corp. (B/B3)^(e)
	575,000		5.250			12/01/21		571,406
	1,400,000		4.875			06/01/23		1,298,500
	3,755,000		9.375			04/01/27		3,482,762


32		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)
Real Estate Investment Trust^(d) – (continued)
	SBA Communications Corp. (BB-/B2)
$	3,580,000		4.875	%		09/01/24	$	3,714,250
	Starwood Property Trust, Inc. (BB-/Ba3)
	8,230,000		4.750			03/15/25		8,476,900
	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC (C/Ca)
	1,270,000		8.250			10/15/23		1,146,175
	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC (CCC/Caa1)^(e)
	2,470,000		6.000			04/15/23		2,383,550

								38,759,116

Retailing – 3.0%
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)^(d)(e)
	6,945,000		5.000			10/15/25		7,162,031
	Beacon Roofing Supply, Inc. (B-/B3)^(d)(e)
	5,100,000		4.875			11/01/25		4,998,000
	eG Global Finance PLC (B/B2)^(d)(e)
	6,055,000		6.750			02/07/25		5,903,625
	IRB Holding Corp. (CCC+/Caa2)^(d)(e)
	7,020,000		6.750			02/15/26		7,055,100
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (BB/Ba3)^(d)(e)
	6,470,000		5.250			06/01/26		6,833,937
	L Brands, Inc. (BB/Ba1)
	6,845,000		5.250			02/01/28		6,348,738
	3,475,000		7.500	^(d)		06/15/29		3,457,625
	Party City Holdings, Inc. (B-/B1)^(d)(e)
	2,375,000		6.625			08/01/26		2,351,250
	PetSmart, Inc. (B/B2)^(d)(e)
	6,264,000		5.875			06/01/25		6,248,340
	PetSmart, Inc. (CCC+/Caa2)^(d)(e)
	5,855,000		7.125			03/15/23		5,503,700
	Staples, Inc. (B+/B1)^(d)(e)
	3,575,000		7.500			04/15/26		3,682,250
	Staples, Inc. (B-/B3)^(d)(e)
	4,550,000		10.750			04/15/27		4,675,125
	Suburban Propane Partners LP/Suburban Energy Finance Corp. (BB-/B1)^(d)
	2,880,000		5.500			06/01/24		2,937,600
	900,000		5.875			03/01/27		911,250

								68,068,571

Semiconductors – 0.4%
	Advanced Micro Devices, Inc. (BB-/Ba3)
	3,125,000		7.500			08/15/22		3,531,250
	Amkor Technology, Inc. (BB/B1)^(d)(e)
	3,350,000		6.625			09/15/27		3,651,500
	Qorvo, Inc. (BB+/Ba1)^(d)
	2,440,000		5.500			07/15/26		2,577,250

								9,760,000

Software^(d) – 1.6%
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. (B-/Caa1)^(e)
	10,410,000		5.750			03/01/25		10,566,150


Corporate Obligations – (continued)
Software^(d) – (continued)
	Donnelley Financial Solutions, Inc. (B/B2)
	1,150,000		8.250			10/15/24		1,193,125
	Granite Merger Sub 2, Inc. (CCC+/Caa1)^(e)
	2,300,000		11.000			07/15/27		2,288,500
	Informatica LLC (CCC+/Caa1)^(e)
	2,285,000		7.125			07/15/23		2,322,131
	Nuance Communications, Inc. (BB-/Ba3)
	3,640,000		5.625			12/15/26		3,849,300
	Rackspace Hosting, Inc. (B/Caa1)^(e)
	2,365,000		8.625			11/15/24		2,181,713
	Solera LLC/Solera Finance, Inc. (CCC+/Caa1)^(e)
	4,285,000		10.500			03/01/24		4,520,675
	SS&C Technologies, Inc. (B+/B2)^(e)
	6,045,000		5.500			09/30/27		6,301,912
	The Dun & Bradstreet Corp. (CCC/Caa2)^(e)
	3,075,000		10.250			02/15/27		3,405,563

								36,629,069

Storage/Warehousing^(d) – 0.0%
	Mobile Mini, Inc. (BB-/B2)
	350,000		5.875			07/01/24		362,250

Telecommunication Services – 9.3%
	Altice France SA (B/B2)^(d)(e)
	13,000		6.250			05/15/24		13,423
	9,845,000		7.375			05/01/26		10,521,844
	4,700,000		8.125			02/01/27		5,187,625
	CenturyLink, Inc. (B+/B2)
	8,305,000		6.450			06/15/21		8,720,250
	3,465,000		6.875			01/15/28		3,594,938
	1,700,000		7.600			09/15/39		1,676,625
	CommScope Technologies LLC (B-/B3)^(d)(e)
	3,500,000		6.000			06/15/25		3,167,500
	CommScope, Inc. (B-/B3)^(d)(e)
	9,380,000		5.500			06/15/24		8,817,200
	5,035,000		8.250			03/01/27		4,909,125
	Connect Finco S.a.r.l/Connect US Finco LLC (B+/B1)^(d)(e)
	5,250,000		6.750			10/01/26		5,348,438
	Digicel Group One Ltd. (NR/Caa2)^(d)(e)
	6,780,000		8.250			12/30/22		3,989,606
	Digicel Group Two Ltd. (NR/Ca)^(d)(e)
	7,935,000		8.250			09/30/22		1,610,408
	Digicel Ltd. (NR/Caa2)^(d)(e)
	3,510,000		6.750			03/01/23		1,666,153
	Frontier Communications Corp. (B-/B3)^(d)(e)
	4,390,000		8.500			04/01/26		4,379,025
	Frontier Communications Corp. (CCC/Caa3)^(d)
	5,990,000		10.500			09/15/22		2,740,425
	8,225,000		11.000			09/15/25		3,701,250
	Intelsat Jackson Holdings SA (CCC+/Caa2)^(d)
	8,750,000		5.500			08/01/23		8,159,375
	6,885,000		8.500	^(e)		10/15/24		6,936,638
	9,525,000		9.750	^(e)		07/15/25		9,953,625
	Level 3 Financing, Inc. (BB/Ba3)^(d)
	910,000		5.375			01/15/24		928,200
	10,555,000		5.250			03/15/26		10,977,200
	3,394,000		4.625	^(e)		09/15/27		3,427,940


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Nokia of America Corp. (NR/WR)
$	5,200,000		6.450	%		03/15/29	$	5,356,000
	Sprint Capital Corp. (B/B3)
	8,875,000		8.750			03/15/32		10,916,250
	Sprint Communications, Inc. (B/B3)
	6,193,000		11.500			11/15/21		7,183,880
	5,550,000		6.000			11/15/22		5,869,125
	Sprint Corp. (B/B3)
	7,575,000		7.250			09/15/21		8,086,312
	18,325,000		7.875			09/15/23		20,111,687
	4,230,000		7.625	^(d)		02/15/25		4,642,425
	1,400,000		7.625	^(d)		03/01/26		1,543,500
	T-Mobile USA, Inc. (BB+/Ba2)^(d)
	1,505,000		4.000			04/15/22		1,544,506
	5,825,000		6.000			03/01/23		5,919,656
	1,360,000		6.000			04/15/24		1,409,300
	7,655,000		6.500			01/15/26		8,219,556
	100,000		4.500			02/01/26		102,750
	Telecom Italia Capital SA (BB+/Ba1)
	11,660,000		7.200			07/18/36		13,467,300
	2,750,000		7.721			06/04/38		3,300,000
	Telesat Canada/Telesat LLC (B/B3)^(d)(e)
	700,000		6.500			10/15/27		709,896

								208,808,956

Toys/Games/Hobbies^(d) – 0.5%
	Mattel, Inc. (B/B3)
	7,245,000		2.350			08/15/21		7,045,762
	1,710,000		3.150			03/15/23		1,611,675
	Mattel, Inc. (BB-/B1)^(e)
	2,245,000		6.750			12/31/25		2,340,413

								10,997,850

	TOTAL CORPORATE OBLIGATIONS
	(Cost $2,019,070,631)						$	2,046,891,397


Shares		Description					Value

Common Stocks^(f)(g) – 0.0%
Health Care Services – 0.0%
	3,874		CB Paracelsus Healthcare				$	—

Media – 0.0%
	21		New Cotai Class B Shares					—

Paper & Forest Products – 0.0%
	2,500		Port Townsend Holdings Co., Inc.					—

Pharmaceuticals – 0.0%
	40		Dawn Holdings, Inc.					—
	1		Nycomed					—

								—

	TOTAL COMMON STOCKS
	(Cost $3,915,420)						$	—

Shares

Dividend

Rate

Value

Preferred Stocks^(d)(h)(k) – 0.1%

Media – 0.1%

Spanish Broadcasting System, Inc.

3,014

10.750%

2,049,520

(Cost $3,042,344)


Units	Expiration Date		Value


Warrant^(g) – 0.0%
TBS International Ltd. (NR/NR)^(f)
12,063		02/07/14	$	—
TBS International Ltd. (NR/NR)^(f)
2,807		02/07/15		—
TBS International Ltd. (NR/NR)^(f)
3,311		02/07/15		—
True Religion Warrant (NR/NR)
1,914		10/27/22		—
True Religion Warrant 2 (NR/NR)
7,229		10/27/22		—

TOTAL WARRANT (Cost $—)			$	—


Shares	Dividend Rate		Value


Investment Company^(l) – 1.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
25,418,475		2.032%	$	25,418,475
(Cost $25,418,475)


Shares		Description	Value


Exchange Traded Funds – 1.9%
	157,000	Goldman Sachs Access High Yield Corporate Bond ETF (NR/NR)^(l)(m)	$	7,747,542
	402,000	iShares iBoxx High Yield Corporate Bond ETF (NR/NR)		35,042,340

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $42,827,063)		$	42,789,882

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT
	(Cost $2,164,169,226)		$	2,185,553,187


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

GOLDMAN SACHS HIGH YIELD FUND


Shares		Dividend Rate			Value


Securities Lending Reinvestment Vehicle^(l) – 0.0%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	35,350		2.032	%		35,350
	(Cost $35,350)

	TOTAL INVESTMENTS – 97.3%
	(Cost $2,164,204,576)					$2,185,588,537


Principal Amount			Interest Rate (Paid) Received			Maturity Date		Value


Reverse Repurchase Agreement⁽ⁿ⁾ – (0.2)%
	Barclays Reverse Repurchase Agreement (NR/NR)
$	(3,802,500	)		(0.250	)%		10/01/19	$	(3,802,500	)

	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.9%								65,177,664

	NET ASSETS – 100.0%							$	2,246,963,701



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

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on September 30, 2019. 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 September 30, 2019.
(c)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

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

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

(f)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(g)		Security is currently in default and/or non-income producing.

(h)		Pay-in-kind securities.

(i)		All or a portion of the security was pledged as collateral against open reverse repurchase agreements. As of September 30, 2019, the value of securities pledged amounted to $3,601,000.

(j)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2019.

(k)		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 September 30, 2019.

(l)		Represents an affiliated issuer.

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

(n)		Reverse repurchase agreements are entered on a rolling day-to-day basis with no final maturity; both parties to the agreement have the right to terminate the contract on any date.



Currency Abbreviations:
EUR		—Euro
GBP		—British Pound
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
ETF		—Exchange Traded Fund
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
REIT		—Real Estate Investment Trust
WR		—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Currency

Purchased

Currency

Sold

Counterparty

Settlement
Date

Unrealized
Gain

UBS AG (London)

USD

3,270,792

EUR

2,961,906

11/27/19

28,704

USD

1,484,876

GBP

1,200,000

12/04/19

5,617

TOTAL

34,321


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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2019, 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		69			12/19/19	$	13,241,531		$	23,604
30 Day Federal Funds		251			11/29/19		102,756,116			5,430
10 Year U.S. Treasury Notes		1,803			12/19/19		234,953,437			(1,849,402	)

Total									$	(1,820,368	)
Short position contracts:
Eurodollars		(1	)		12/14/20		(246,312	)		(1,561	)
Ultra 10 Year U.S. Treasury Notes		(117	)		12/19/19		(16,661,531	)		266,853
2 Year U.S. Treasury Notes		(105	)		12/31/19		(22,627,500	)		(40,000	)
5 Year U.S. Treasury Notes		(867	)		12/31/19		(103,301,696	)		(95,216	)
20 Year U.S. Treasury Bonds		(87	)		12/19/19		(14,121,188	)		180,583

Total									$	310,659

TOTAL FUTURES CONTRACTS									$	(1,509,709	)

SWAP CONTRACTS — At September 30, 2019, 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 September 30, 2019^(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:

CDX.NA.HY. Index 33	5.000%	3.502%		12/20/24	$	68,150	$	4,684,752	$	4,580,634	$	104,118

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – 91.7%
Aerospace^(b) – 0.5%
	TransDigm, Inc. (B+/Ba3)
	(1M LIBOR + 2.500%)
$	5,812,800		4.544	%		08/22/24	$	5,781,644
	(3M LIBOR + 2.500%)
	5,370,550		4.544			05/30/25		5,344,288

								11,125,932

Airlines^(b) – 0.6%
	Allegiant Travel Co. (BB-/Ba3) (3M LIBOR + 4.500%)
	5,870,500		6.709			02/05/24		5,914,529
	Atlantic Aviation FBO, Inc. (BB/Ba3) (1M LIBOR + 3.750%)
	7,046,750		5.800			12/06/25		7,090,792

								13,005,321

Automotive – Distributors^(b) – 0.8%
	American Axle & Manufacturing, Inc. (BB/Ba2) (3M LIBOR + 2.250%)
	4,143,221		4.530			04/06/24		4,052,236
	Drive Chassis Holding Co. LLC (NR/NR) (3M LIBOR + 8.250%)
	4,550,000		10.588			04/10/26		4,299,750
	Thor Industries, Inc. (BB/Ba3) (1M LIBOR + 3.750%)
	4,603,102		5.875			02/01/26		4,474,216
	Wand NewCo 3, Inc. (B/B1) (1M LIBOR + 3.500%)
	5,411,438		5.542			02/05/26		5,436,817

								18,263,019

Automotive – Parts^(b) – 3.0%
	Adient US LLC (BB-/Ba2) (3M LIBOR + 4.250%)
	6,882,750		6.459			05/06/24		6,760,581
	CS Intermediate Holdco 2 LLC (BB+/Ba1) (1M LIBOR + 2.000%)
	3,862,204		4.044			11/02/23		3,691,611
	Dana, Inc. (BBB-/Baa3) (1M LIBOR + 2.250%)
	2,558,417		4.294			02/28/26		2,566,936
	Dealer Tire LLC (B/B2) (1M LIBOR + 5.500%)
	6,840,625		7.544			12/12/25		6,853,485
	Garrett LX III S.a r.l. (BB-/Ba3) (3M LIBOR + 2.500%)
	5,954,887		4.600			09/27/25		5,900,281
	Gates Global LLC (B+/B1) (1M LIBOR + 2.750%)
	6,087,537		4.794			04/01/24		5,985,876
	Mavis Tire Express Services Corp. (B/B1)
	(1M LIBOR + 3.250%)
	283,788		5.294			03/20/25		277,824
	(1M LIBOR + 3.250%)
	9,921,325		5.294			03/20/25		9,691,051
	Navistar International Corp. (BB-/Ba2) (1M LIBOR + 3.500%)
	6,095,713		5.530			11/06/24		6,059,504
	Panther BF Aggregator 2 LP (B+/Ba3)
	(1M EURIBOR + 3.750%)
EUR	3,150,000		3.750			04/30/26		3,444,880
	(1M LIBOR + 3.500%)
$	4,750,000		5.544			04/30/26		4,699,555
	Tenneco, Inc. (BB/Ba3) (1M LIBOR + 3.000%)
	9,230,250		5.044			10/01/25		8,653,359

								64,584,943


Bank Loans^(a) – (continued)
Building & Construction Material^(b) – 0.5%
	Swissport Financing S.a r.l. (NR/NR) (3M EURIBOR + 4.750%)
EUR	9,800,000		4.750			08/08/24		10,703,731

Building Materials^(b) – 3.2%
	ACProducts, Inc. (B+/B3)^(c) (1M LIBOR + 5.500%)
$	4,920,265		7.544			02/15/24		4,723,455
	American Builders & Contractors Supply Co., Inc. (BB+/B1) (1M LIBOR + 2.000%)
	6,101,868		4.044			10/31/23		6,096,132
	Beacon Roofing Supply, Inc. (BB/B1) (1M LIBOR + 2.250%)
	3,674,025		4.294			01/02/25		3,662,305
	CPG International, Inc. (B/B2) (3M LIBOR + 3.750%)
	11,101,417		5.933			05/05/24		11,045,910
	Foundation Building Materials LLC (BB-/B2) (1M LIBOR + 3.000%)
	6,988,170		5.044			08/13/25		6,979,435
	Hayward Industries, Inc. (B/B3) (1M LIBOR + 3.500%)
	7,794,793		5.544			08/05/24		7,516,129
	Jeld-Wen, Inc. (BB+/Ba2) (3M LIBOR + 2.000%)
	3,353,716		4.104			12/14/24		3,351,200
	LBM Borrower LLC (B+/B2) (1M LIBOR + 3.750%)
	3,430,715		5.794			08/20/22		3,426,427
	NCI Building Systems, Inc. (B+/B2) (1M LIBOR + 3.750%)
	11,043,059		5.789			04/12/25		10,794,590
	Quikrete Holdings, Inc. (BB-/B1) (1M LIBOR + 2.750%)
	10,825,000		4.794			11/15/23		10,778,994

								68,374,577

Chemicals^(b) – 4.3%
	Alpha 3 B.V. (B/B1) (3M LIBOR + 3.000%)
	8,517,243		5.104			01/31/24		8,389,484
	ASP Unifrax Holdings, Inc. (B-/B3) (1M LIBOR + 3.750%)
	9,751,313		5.854			12/12/25		9,024,840
	ASP Unifrax Holdings, Inc. (CCC+/Caa2) (3M LIBOR + 8.500%)
	1,975,000		10.627			12/14/26		1,784,077
	Cyanco Intermediate Corp. (B/B2) (1M LIBOR + 3.500%)
	5,227,029		5.544			03/16/25		5,207,427
	Emerald Performance Materials LLC (B-/B2) (1M LIBOR + 3.500%)
	4,487,813		5.544			08/01/21		4,480,318
	Emerald Performance Materials LLC (CCC+/Caa2) (1M LIBOR + 7.750%)
	3,550,000		9.794			08/01/22		3,496,750
	INEOS Enterprises Holdings US Finco LLC (NR/NR) (3M LIBOR + 4.000%)
	5,900,000		6.124			08/28/26		5,914,750
	Momentive Performance Materials, Inc. (BB-/B1) (1M LIBOR + 3.250%)
	9,476,250		5.300			05/15/24		9,405,178
	Platform Specialty Products Corp. (BB/Ba2) (1M LIBOR + 2.250%)
	2,183,500		4.294			01/30/26		2,189,636
	Polar US Borrower LLC (B/B2) (3M LIBOR + 4.750%)
	5,852,889		7.063			10/15/25		5,684,619
	PQ Corp. (BB-/B1) (3M LIBOR + 2.500%)
	4,792,154		4.756			02/08/25		4,796,131


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Chemicals^(b) – (continued)
	Starfruit Finco B.V. (B+/B1) (1M LIBOR + 3.250%)
$	14,228,500		5.292	%		10/01/25	$	13,915,473
	The Chemours Co. (BBB-/Baa3) (1M LIBOR + 1.750%)
	5,719,573		3.800			04/03/25		5,506,519
	Tronox Finance LLC (BB-/Ba3) (1M LIBOR + 2.750%)
	7,333,437		4.794			09/23/24		7,326,910
	Univar, Inc. (BB+/Ba3) (1M LIBOR + 2.250%)
	4,368,607		4.294			07/01/24		4,377,694

								91,499,806

Commercial Services^(d) – 0.1%
	AQ Carver Buyer, Inc. (NR/NR)
	2,200,000		0.000			09/23/25		2,178,000

Construction Machinery^(b) – 0.9%
	Brookfield WEC Holdings, Inc. (B/B2) (1M LIBOR + 3.500%)
	9,925,000		5.544			08/01/25		9,948,622
	Milacron LLC (B+/B2) (1M LIBOR + 2.500%)
	2,870,888		4.544			09/28/23		2,867,299
	Welbilt, Inc. (BB-/B1) (1M LIBOR + 2.500%)
	6,522,500		4.544			10/23/25		6,530,653

								19,346,574

Consumer Cyclical Services – 0.5%
	Fleet U.S. Bidco Inc. (NR/NR)^(d)
	1,600,000		0.000			09/23/26		1,606,000
	Verisure Holding AB (NR/NR)^(b) (3M EURIBOR + 3.050%)
EUR	7,825,000		3.000			10/20/22		8,523,147

								10,129,147

Consumer Cyclical Services – Business^(b) – 2.1%
	Advantage Sales & Marketing, Inc. (B-/B2) (1M LIBOR + 3.250%)
$	7,131,952		5.294			07/23/21		6,643,627
	Advantage Sales & Marketing, Inc. (CCC/Caa2) (1M LIBOR + 6.500%)
	4,203,226		8.544			07/25/22		3,619,440
	Allied Universal Holding Co. LLC (B-/B3) (3M LIBOR + 4.250%)
	6,687,838		6.507			07/10/26		6,690,981
	Colorado Buyer, Inc. (CCC/Caa1) (1M LIBOR + 7.250%)
	2,875,000		9.300			05/01/25		2,340,739
	Iron Mountain, Inc. (BB/Ba3) (1M LIBOR + 1.750%)
	5,464,776		3.794			01/02/26		5,410,128
	Sabre GLBL, Inc. (BB/Ba2) (1M LIBOR + 2.000%)
	4,367,614		4.044			02/22/24		4,382,988
	Stats Intermediate Holdings, LLC (B-/NR) (3M LIBOR + 5.250%)
	2,650,000		7.300			07/10/26		2,583,750
	Tempo Acquisition LLC (B/B1) (1M LIBOR + 3.000%)
	10,246,383		5.044			05/01/24		10,276,303
	The House of HR (NR/NR) (6M LIBOR + 4.250%)
EUR	2,475,000		4.250			07/12/26		2,713,813

								44,661,769


Bank Loans^(a) – (continued)
Consumer Products – Household & Leisure – 0.7%
	Bombardier Recreational Products, Inc. (BB/Ba3)^(b) (1M LIBOR + 2.500%)
$	4,450,000		4.544	%		05/23/25	$	4,470,381
	Diamond (BC) B.V. (B-/B1)^(b) (2M LIBOR + 3.000%)
	4,597,179		5.087			09/06/24		4,373,067
	Edgewell Personal Care Co. (NR/NR)^(d)
	3,200,000		0.000			09/19/26		3,202,016
	Prestige Brands, Inc. (BB/Ba3)^(b) (1M LIBOR + 2.000%)
	3,409,689		4.044			01/26/24		3,414,564

								15,460,028

Consumer Products – Non Durable^(b) – 1.2%
	Alphabet Holding Co., Inc. (B-/B3) (1M LIBOR + 3.500%)
	4,621,426		5.544			09/26/24		4,269,042
	Alphabet Holding Co., Inc. (CCC/Caa2) (1M LIBOR + 7.750%)
	7,350,000		9.794			09/26/25		6,342,462
	Energizer Holdings, Inc. (BB+/Ba1) (1M LIBOR + 2.250%)
	3,930,000		4.375			12/17/25		3,927,563
	HLF Financing S.A R.L. (BB+/Ba1) (1M LIBOR + 3.250%)
	2,169,521		5.294			08/18/25		2,172,776
	KIK Custom Products, Inc. (CCC+/B3) (3M LIBOR + 4.000%)
	10,375,000		6.256			05/15/23		9,818,796

								26,530,639

Distributor^(b) – 0.1%
	UGI Energy Services LLC (NR/Ba3) (1M LIBOR + 3.750%)
	1,945,125		5.794			08/13/26		1,957,282

Diversified Financial Services – 3.3%
	Advisor Group, Inc. (B+/B1)^(b) (1M LIBOR + 5.000%)
	5,000,000		7.044			07/31/26		4,893,750
	AlixPartners LLP (B+/B2)^(b) (1M LIBOR + 2.750%)
	6,382,486		4.794			04/04/24		6,383,380
	Blackstone CQP Holding Co. LP (B+/B1)^(b) (3M LIBOR + 3.500%)
	7,481,250		5.656			09/30/24		7,509,305
	Citadel Securities LP (BBB-/Ba1)^(b) (1M LIBOR + 3.500%)
	9,722,322		5.544			02/27/26		9,746,628
	DLG Acquisitions Ltd. (NR/NR)^(b) (3M EURIBOR + 3.750%)
EUR	1,825,000		3.750			05/23/26		2,007,281
	Edelman Financial Center LLC (B/B1)^(b) (1M LIBOR + 3.250%)
$	6,490,439		5.307			07/21/25		6,495,047
	FinCo I LLC (BB/Baa3)^(b) (1M LIBOR + 2.000%)
	4,609,023		4.044			12/27/22		4,617,089
	First Eagle Investment Management LLC (BB+/Ba1)^(b) (3M LIBOR + 2.750%)
	3,217,146		4.854			12/26/24		3,218,497
	Franklin Square Holdings LP (BB/Ba1)^(b) (1M LIBOR + 2.500%)
	4,133,250		4.563			08/01/25		4,143,583
	Jefferies Finance LLC/JFIN Co-Issuer Corp. (NR/NR)^(b) (1M LIBOR + 3.750%)
	8,478,750		5.875			06/03/26		8,465,523
	MHI Holdings LLC (NR/NR)^(d)
	4,250,000		0.000			09/18/26		4,239,375
	VFH Parent LLC (B+/Ba3)^(b) (6M LIBOR + 3.500%)
	5,195,833		6.044			03/01/26		5,202,328


38		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)
Diversified Financial Services – (continued)
	Victory Capital Management, Inc. (BB-/Ba3)^(b) (3M LIBOR + 3.250%)
$	4,619,364		5.569	%		07/01/26	$	4,635,531

								71,557,317

Diversified Manufacturing – 3.0%
	AI Plex Acquico GmbH (B/NR)^(d)
	1,150,000		0.000			07/31/26		1,092,500
	Atkore International, Inc. (BB-/B2)^(b) (3M LIBOR + 2.750%)
	7,494,211		4.860			12/22/23		7,506,726
	Clark Equipment Co. (BBB-/Ba3)^(b) (3M LIBOR + 2.000%)
	3,033,621		4.104			05/18/24		3,038,687
	Cortes NP Acquisition Corp. (B/B2)^(b) (1M LIBOR + 4.000%)
	11,712,284		6.044			11/30/23		11,126,670
	Dynacast International LLC (B-/B2)^(b) (3M LIBOR + 3.250%)
	9,526,796		5.354			01/28/22		9,133,815
	Gardner Denver, Inc. (BB+/Ba3)^(b) (1M LIBOR + 2.750%)
	3,181,967		4.794			07/30/24		3,192,468
	Rexnord LLC (BBB-/Ba1)^(b) (1M LIBOR + 2.000%)
	4,373,642		4.044			08/21/24		4,395,510
	Robertshaw US Holding Corp. (B/B3)^(b)(c) (1M LIBOR + 3.250%)
	2,987,000		5.313			02/28/25		2,710,703
	Robertshaw US Holding Corp. (CCC+/Caa2)^(b) (1M LIBOR + 8.000%)
	4,650,000		10.063			02/28/26		3,983,516
	Titan Acquisition Ltd. (B/B2)^(b) (1M LIBOR + 3.000%)
	12,365,405		5.044			03/28/25		11,853,972
	Zodiac Pool Solutions LLC (BB/Ba3)^(b) (1M LIBOR + 2.250%)
	6,348,533		4.294			07/02/25		6,350,501

								64,385,068

Energy^(d) – 0.1%
	McDermott Technology Americas, Inc. (CCC+/B2)
	1,745,570		0.000			05/09/25		1,097,527

Entertainment – 2.6%
	AMC Entertainment Holdings, Inc. (BB-/Ba2)^(b)(6M LIBOR + 3.000%)
	8,905,250		5.230			04/22/26		8,934,905
	Amer Sports Oyj (NR/NR)^(b) (3M EURIBOR + 4.500%)
EUR	4,300,000		4.500			03/30/26		4,690,442
	CityCenter Holdings LLC (BB-/B1)^(b) (1M LIBOR + 2.250%)
$	5,589,864		4.294			04/18/24		5,598,584
	Crown Finance US, Inc. (NR/NR)^(b) (1M LIBOR + 2.250%)
	1,100,000		4.294			02/28/25		1,096,788
	Crown Finance US, Inc. (BB-/B1)^(d)
	5,096,523		0.000			02/28/25		5,060,236
	Intrawest Resorts Holdings, Inc. (B/B2)^(b) (1M LIBOR + 3.000%)
	11,089,232		5.044			07/31/24		11,103,094
	PCI Gaming Authority (BB+/Ba3)^(b) (1M LIBOR + 3.000%)
	5,586,000		5.044			05/29/26		5,613,930
	UFC Holdings LLC (B/B2)^(b) (1M LIBOR + 3.250%)
	7,679,985		5.300			04/29/26		7,693,886
	Vue International Bidco PLC (NR/NR)^(b)
	(3M EURIBOR + 4.750%)
EUR	3,136,096		4.750			06/14/26		3,448,098
	(3M EURIBOR + 4.750%)
	563,904		4.750			06/14/26		620,005


Bank Loans^(a) – (continued)
Entertainment – (continued)
	World Triathlon Corp. (NR/NR)^(b) (1M LIBOR + 4.250%)
$	2,100,000		6.294			08/12/26		2,110,500

								55,970,468

Environmental^(b) – 1.4%
	Core & Main LP (B+/B2) (3M LIBOR + 2.750%)
	6,505,047		4.882			08/01/24		6,444,095
	EnergySolutions LLC (B-/B3) (3M LIBOR + 3.750%)
	10,764,899		5.854			05/09/25		9,984,444
	FTS International, Inc. (B/Caa1) (1M LIBOR + 4.750%)
	2,067,585		6.794			04/16/21		2,032,704
	GFL Environmental, Inc. (B+/B1) (1M LIBOR + 3.000%)
	9,995,985		5.044			05/30/25		9,906,721
	Innovative Water Care Global Corp. (B/B3) (3M LIBOR + 5.000%)
	2,910,375		7.104			02/27/26		2,648,441

								31,016,405

Food & Beverages – 1.4%
	B&G Foods, Inc. (NR/NR)^(d)
	1,350,000		0.000			09/17/26		1,355,913
	CHG PPC Parent LLC (B/B2)^(b) (1M LIBOR + 2.750%)
	5,414,125		4.794			03/31/25		5,414,125
	Chobani LLC/Chobani Finance Corp., Inc. (B-/B1)^(b) (1M LIBOR + 3.500%)
	3,573,606		5.544			10/10/23		3,540,121
	High Liner Foods, Inc. (B/B3)^(b)(c) (3M LIBOR + 3.250%)
	1,983,295		5.563			04/24/21		1,968,420
	Shearer’s Foods, Inc. (CCC/Caa2)^(b) (1M LIBOR + 6.750%)
	2,390,889		8.794			06/30/22		2,372,957
	Sigma Bidco B.V. (NR/NR)^(b) (3M LIBOR + 3.000%)
	2,584,992		5.320			07/02/25		2,569,922
	Sunshine Investments B.V. (B+/B1)^(b)
	(3M EURIBOR + 3.250%)
EUR	525,000		3.250			03/28/25		575,176
	(3M LIBOR + 3.250%)
$	6,890,400		5.408			03/28/25		6,886,128
	US Foods, Inc. (BB+/Ba3)^(b)
	(1M LIBOR + 2.000%)
	4,600,287		4.044			06/27/23		4,615,146
	(1M LIBOR + 2.000%)
	800,000		4.050			09/13/26		802,504

								30,100,412

Food & Drug Retailers^(b) – 0.6%
	Albertsons LLC (BB/Ba2)
	(1M LIBOR + 2.750%)
	5,734,271		4.794			11/17/25		5,766,784
	(1M LIBOR + 2.750%)
	3,096,851		4.794			08/17/26		3,115,091
	BJ’s Wholesale Club, Inc. (BB-/B2) (1M LIBOR + 2.750%)
	5,124,010		4.786			02/03/24		5,137,332

								14,019,207

Gaming^(b) – 2.5%
	Caesars Entertainment Operating Co., Inc. (BB/B1) (1M LIBOR + 2.000%)
	5,577,834		4.044			10/06/24		5,574,041


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Gaming^(b) – (continued)
	Caesars Resort Collection LLC (BB/Ba3) (1M LIBOR + 2.750%)
$	11,493,671		4.794	%		12/22/24	$	11,413,215
	Eldorado Resorts LLC (BB/Ba1) (3M LIBOR + 2.250%)
	5,848,199		4.313			04/17/24		5,836,035
	MGM Growth Properties LLC (BB+/Ba3) (1M LIBOR + 2.000%)
	7,964,216		4.044			03/21/25		7,976,401
	Mohegan Tribal Gaming Authority (B-/B1) (1M LIBOR + 3.750%)
	6,845,439		5.794			10/13/21		6,574,086
	Scientific Games International, Inc. (B+/Ba3) (2M LIBOR + 2.750%)
	14,366,877		4.896			08/14/24		14,232,259
	The Stars Group Holdings B.V. (B+/B1) (3M LIBOR + 3.500%)
	2,682,205		5.604			07/10/25		2,692,263

								54,298,300

Health Care – Pharmaceuticals^(b) – 1.4%
	Amedes Holding AG (NR/NR) (3M EURIBOR + 4.000%)
EUR	3,025,000		4.000			05/30/26		3,325,257
	Bausch Health Cos., Inc. (BB-/Ba2) (1M LIBOR + 2.750%)
$	14,501,041		4.789			11/27/25		14,522,793
	Endo Luxembourg Finance Co. I S.A.R.L. (B+/B1) (1M LIBOR + 4.250%)
	6,875,838		6.313			04/29/24		6,246,286
	Grifols Worldwide Operations USA, Inc. (BB+/Ba2) (1 Week LIBOR + 2.250%)
	5,954,198		4.197			01/31/25		5,982,838

								30,077,174

Health Care – Services – 7.2%
	21st Century Oncology Holdings, Inc. (NR/NR)^(b) (3M LIBOR + 6.125%)
	9,814,000		8.455			01/16/23		8,705,018
	Air Medical Group Holdings, Inc. (B/B1)^(b)
	(1M LIBOR + 3.250%)
	7,930,881		5.307			04/28/22		7,407,126
	(1M LIBOR + 4.250%)
	2,556,872		6.294			03/14/25		2,389,601
	Air Methods Corp. (B/B3)^(b) (3M LIBOR + 3.500%)
	6,582,014		5.604			04/21/24		5,319,912
	American Renal Holdings, Inc. (B-/B3)^(b) (1M LIBOR + 5.500%)
	5,498,711		7.044			06/21/24		5,344,087
	Change Healthcare Holdings LLC (B+/B1)^(b) (1M LIBOR + 2.500%)
	7,259,370		4.544			03/01/24		7,221,258
	Envision Healthcare Corp. (B+/B2)^(b) (1M LIBOR + 3.750%)
	12,842,651		5.794			10/10/25		10,438,635
	ExamWorks Group, Inc. (NR/NR)^(b) (1M LIBOR + 3.250%)
	4,792,484		5.294			07/27/23		4,806,478
	Gentiva Health Services, Inc. (B/B1)^(b) (1M LIBOR + 3.750%)
	4,770,814		5.813			07/02/25		4,794,669
	HCA, Inc. (NR/NR)^(b) (1M LIBOR + 2.000%)
	5,446,482		4.044			03/13/25		5,459,444
	IQVIA, Inc. (BBB-/Ba1)^(b) (3M LIBOR + 1.750%)
	3,188,927		3.854			06/11/25		3,190,936


Bank Loans^(a) – (continued)
Health Care – Services – (continued)
	MPH Acquisition Holdings LLC (B+/B1)^(b) (3M LIBOR + 2.750%)
$	10,082,295		4.854	%		06/07/23	$	9,588,666
	Parexel International Corp. (B-/B2)^(b) (1M LIBOR + 2.750%)
	4,857,312		4.794			09/27/24		4,604,926
	RegionalCare Hospital Partners Holdings, Inc. (B+/B1)^(b) (1M LIBOR + 4.500%)
	11,053,559		6.554			11/17/25		11,055,328
	Rodenstock GmbH (NR/NR)^(b) (3M EURIBOR + 5.250%)
EUR	5,200,000		5.250			06/05/26		5,348,931
	Sedgwick Claims Management Services, Inc. (B/B2)^(b) (1M LIBOR + 3.250%)
$	7,592,625		5.294			12/31/25		7,459,754
	Sotera Health Holdings LLC (B/B1)^(b) (1M LIBOR + 3.000%)
	13,991,487		5.044			05/15/22		13,816,594
	Team Health Holdings, Inc. (B/B2)^(b) (1M LIBOR + 2.750%)
	15,123,607		4.794			02/06/24		12,413,910
	U.S. Renal Care, Inc. (B/B2)^(b) (1M LIBOR + 5.000%)
	6,775,000		7.063			06/26/26		6,385,438
	Verscend Holding Corp. (B+/B3)^(b) (1M LIBOR + 4.500%)
	7,630,484		6.544			08/27/25		7,649,560
	VVC Holding Corp. (B/B2)^(b) (3M LIBOR + 4.500%)
	6,487,000		6.830			02/11/26		6,462,674
	WP CityMD Bidco LLC (NR/NR)^(d)
	5,000,000		0.000			08/07/26		4,942,200

								154,805,145

Home Construction^(b) – 0.3%
	Builders FirstSource, Inc. (BB-/B2) (1M LIBOR + 3.000%)
	2,583,899		5.044			02/29/24		2,589,532
	Gyp Holdings III Corp. (BB-/B2) (1M LIBOR + 2.750%)
	4,378,589		4.794			06/01/25		4,354,507

								6,944,039

Insurance^(b) – 1.1%
	Alliant Holdings Intermediate LLC (B/B2) (1M LIBOR + 3.250%)
	3,391,500		5.289			05/09/25		3,360,400
	AssuredPartners, Inc. (B/B2) (1M LIBOR + 3.500%)
	3,380,439		5.544			10/22/24		3,361,948
	Hub International Ltd. (B/B2) (3M LIBOR + 3.000%)
	6,823,178		5.267			04/25/25		6,738,844
	USI, Inc. (B/B2) (3M LIBOR + 3.000%)
	11,061,808		5.104			05/16/24		10,870,549

								24,331,741

Lodging^(b) – 0.3%
	Four Seasons Holdings, Inc. (BB+/Ba3) (1M LIBOR + 2.000%)
	5,496,357		4.044			11/30/23		5,520,046

Machinery^(b) – 0.2%
	Shape Technologies Group, Inc. (B-/B3) (3M LIBOR + 3.000%)
	4,162,511		5.259			04/21/25		3,753,211

Media – Broadcasting & Radio – 3.2%
	Ascend Learning LLC (B/Ba3)^(b) (1M LIBOR + 3.000%)
	6,158,494		5.044			07/12/24		6,129,610
	Cumulus Media New Holdings, Inc. (NR/NR)^(d)
	1,625,000		0.000			03/17/26		1,627,031


40		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 – Broadcasting & Radio – (continued)
	Diamond Sports Group LLC (BB/Ba2)^(b) (3M LIBOR + 3.000%)
$	8,825,000		5.256	%		09/06/24	$	8,869,125
	Digital Room Holdings, Inc. (B-/B2)^(b) (1M LIBOR + 5.000%)
	5,012,438		7.046			05/08/26		4,771,239
	Meredith Corp. (BB/Ba2)^(b) (1M LIBOR + 2.750%)
	5,893,413		4.794			01/31/25		5,897,833
	Metro-Goldwyn-Mayer, Inc. (B-/B2)^(b) (1M LIBOR + 4.500%)
	4,125,000		6.550			07/03/26		4,073,438
	Metro-Goldwyn-Mayer, Inc. (BB/Ba2)^(b) (1M LIBOR + 2.500%)
	2,238,693		4.550			07/03/25		2,233,097
	Nexstar Broadcasting, Inc. (BB/Ba3)^(b) (1M LIBOR + 2.250%)
	6,815,958		4.294			01/17/24		6,819,161
	Renaissance Holding Corp. (B-/B2)^(b) (1M LIBOR + 3.250%)
	4,883,351		5.294			05/30/25		4,783,926
	Renaissance Holding Corp. (CCC/Caa2)^(b) (1M LIBOR + 7.000%)
	2,525,000		9.044			05/29/26		2,425,591
	The E.W. Scripps Co. (BB-/Ba2)^(b) (1M LIBOR + 2.000%)
	6,845,422		4.044			10/02/24		6,799,763
	Univision Communications, Inc. (B/B2)^(b) (1M LIBOR + 2.750%)
	7,817,639		4.794			03/15/24		7,591,240
	WMG Acquisition Corp. (BB-/Ba3)^(b) (1M LIBOR + 2.125%)
	5,987,047		4.169			11/01/23		5,990,040

								68,011,094

Media – Cable^(b) – 2.7%
	Altice Financing SA (NR/NR) (1M LIBOR + 2.750%)
	7,874,899		4.807			01/31/26		7,658,339
	Altice Financing SA (B+/B2) (1M LIBOR + 2.750%)
	1,989,822		4.778			07/15/25		1,935,938
	Altice France SA (B/B2) (1M LIBOR + 3.688%)
	7,716,517		5.715			01/31/26		7,653,859
	Cogeco Communications, Inc. (BB-/B1) (1M LIBOR + 2.250%)
	5,606,746		4.294			01/03/25		5,605,961
	CSC Holdings LLC (BB/Ba3)
	(1M LIBOR + 2.250%)
	9,076,210		4.278			07/17/25		9,061,597
	(1M LIBOR + 2.500%)
	5,093,392		4.528			01/25/26		5,093,392
	Midcontinent Communications (NR/NR) (1M LIBOR + 2.250%)
	1,500,000		4.278			08/15/26		1,509,375
	Numericable Group SA (B/B2) (1M LIBOR + 2.750%)
	10,541,440		4.794			07/31/25		10,267,995
	Virgin Media Bristol LLC (BB-/Ba3) (1M LIBOR + 2.500%)
	3,458,080		4.528			01/15/26		3,458,080
	Ziggo Secured Finance BV (B+/B1) (1M LIBOR + 2.500%)
	5,700,000		4.528			04/15/25		5,685,522

								57,930,058

Media – Non Cable – 3.2%
	Cambium Learning Group, Inc. (B-/B2)^(b) (1M LIBOR + 4.500%)
	6,575,313		6.544			12/18/25		6,394,491
	CBS Radio, Inc. (BB/Ba3)^(b) (1M LIBOR + 2.750%)
	3,208,813		4.804			11/18/24		3,209,615
	Clear Channel Outdoor Holdings, Inc. (NR/NR)^(d)
	5,500,000		0.000			08/21/26		5,511,770


Bank Loans^(a) – (continued)
Media – Non Cable – (continued)
	Getty Images, Inc. (B-/B2)^(b) (1M LIBOR + 4.500%)
$	6,546,248		6.563	%		02/19/26	$	6,516,266
	Hubbard Radio LLC (BB-/B1)^(b) (1M LIBOR + 3.500%)
	3,909,572		5.550			03/28/25		3,898,156
	iHeartCommunications, Inc. (BB-/B1)^(b) (1M LIBOR + 4.000%)
	4,806,607		6.100			05/01/26		4,835,014
	Lions Gate Capital Holdings LLC (BB-/Ba2)^(b) (1M LIBOR + 2.250%)
	5,290,720		4.294			03/24/25		5,272,520
	McGraw-Hill Global Education Holdings LLC (B+/B2)^(b) (1M LIBOR + 4.000%)
	14,415,924		6.044			05/04/22		13,527,614
	Mission Broadcasting, Inc. (BB/Ba3)^(b) (1M LIBOR + 2.250%)
	1,357,788		4.350			01/17/24		1,358,426
	NEP Europe Finco BV (B+/B2)^(b) (3M EURIBOR + 3.500%)
EUR	2,930,992		3.500			10/20/25		3,181,666
	NEP/NCP Holdco, Inc. (B+/B2)^(b) (1M LIBOR + 3.250%)
$	3,306,322		5.294			10/20/25		3,239,501
	NEP/NCP Holdco, Inc. (CCC+/Caa2)^(b) (1M LIBOR + 7.000%)
	7,000,000		9.044			10/19/26		6,836,690
	Nielsen Finance LLC (BBB-/Ba1)^(b) (1M LIBOR + 2.000%)
	2,558,922		4.042			10/04/23		2,557,003
	Prometric Holdings, Inc. (B/B1)^(b) (1M LIBOR + 3.000%)
	3,004,403		5.050			01/29/25		2,948,070

								69,286,802

Metals & Mining^(b) – 1.6%
	Aleris International, Inc. (B-/B3) (1M LIBOR + 4.750%)
	4,997,569		6.794			02/27/23		4,997,569
	AMG Advanced Metallurgical Group NV (BB/Ba3) (1M LIBOR + 3.000%)
	5,487,281		5.044			02/01/25		5,402,668
	Anvil International LLC (B/B2) (1M LIBOR + 5.000%)
	4,000,000		7.050			05/28/26		3,740,000
	Crosby US Acquisition Corp. (B-/B2) (1M LIBOR + 4.750%)
	4,837,875		6.796			06/26/26		4,729,023
	U.S. Silica Co. (B/B1) (1M LIBOR + 4.000%)
	8,207,389		6.063			05/01/25		7,762,794
	Unimin Corp. (BB-/B1) (3M LIBOR + 4.000%)
	10,918,211		6.313			06/01/25		8,888,406

								35,520,460

Packaging^(b) – 3.7%
	Berlin Packaging LLC (B-/B3) (1M LIBOR + 3.000%)
	8,504,257		5.050			11/07/25		8,341,655
	Berry Global, Inc. (BBB-/Ba2) (1M LIBOR + 2.500%)
	5,386,500		4.549			07/01/26		5,410,093
	BWAY Holding Co. (B/B2) (3M LIBOR + 3.250%)
	13,573,764		5.590			04/03/24		13,275,956
	Charter NEX US Holdings, Inc. (B/B2) (1M LIBOR + 3.000%)
	10,452,892		5.044			05/16/24		10,341,883
	Charter NEX US, Inc. (B/B2) (1M LIBOR + 3.500%)
	2,294,250		5.544			05/16/24		2,290,900
	Consolidated Container Co. LLC (B+/B2)
	(1M LIBOR + 2.750%)
	5,790,977		4.794			05/22/24		5,754,784
	(1M LIBOR + 3.500%)
	748,125		5.544			06/14/26		747,190


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Packaging^(b) – (continued)
	Flex Acquisition Co., Inc. (B/B2)
	(3M LIBOR + 3.000%)
$	4,515,262		5.319	%		12/29/23	$	4,342,553
	(3M LIBOR + 3.250%)
	5,871,110		5.569			06/29/25		5,645,424
	LABL, Inc. (B/B2)
	(1M EURIBOR + 5.000%)
EUR	3,050,000		5.000			07/01/26		3,322,287
	(1M LIBOR + 4.500%)
$	1,850,000		6.600			07/01/26		1,854,625
	Pro Mach Group, Inc. (B-/B2) (1M LIBOR + 2.750%)
	11,389,842		4.807			03/07/25		11,073,090
	Reynolds Group Holdings, Inc. (B+/B1) (1M LIBOR + 2.750%)
	6,467,049		4.794			02/05/23		6,475,133

								78,875,573

Paper^(b) – 0.3%
	Pregis TopCo Corp. (B/B2) (3M LIBOR + 4.000%)
	5,650,000		6.253			07/31/26		5,628,812

Pipelines – 1.5%
	BCP Raptor LLC (B/B3)^(b)
	(1M LIBOR + 4.250%)
	8,273,459		6.294			06/24/24		7,582,625
	(1M LIBOR + 4.750%)
	6,134,625		6.794			11/03/25		5,495,581
	Centurion Pipeline Co. LLC (BB+/Ba3)^(b) (1M LIBOR + 3.250%)
	5,607,625		5.294			09/29/25		5,593,606
	Grizzly Acquisitions, Inc. (NR/NR)^(d)
	3,762,000		0.000			10/01/25		3,728,293
	Moda Ingleside Energy Center LLC (BB+/B1)^(b) (1M LIBOR + 3.250%)
	3,176,000		5.294			09/29/25		3,167,075
	Prairie ECI Acquiror LP (NR/NR)^(b) (3M LIBOR + 4.750%)
	2,210,695		6.854			03/11/26		2,153,350
	Traverse Midstream Partners LLC (B+/B2)^(b) (1M LIBOR + 4.000%)
	6,039,000		6.050			09/27/24		5,299,223

								33,019,753

Pipelines^(b) – 0.3%
	Lower Cadence Holdings LLC (B/B2) (1M LIBOR + 4.000%)
	2,244,375		6.054			05/22/26		2,184,069
	Waterbridge Midstream Operating LLC (B/B1) (6M LIBOR + 5.750%)
	5,500,000		7.834			06/22/26		5,300,625

								7,484,694

Real Estate Investment Trust^(b) – 0.7%
	Brookfield Property REIT, Inc. (BB+/Ba3) (1M LIBOR + 2.500%)
	11,124,822		4.544			08/27/25		10,964,958
	iStar, Inc. (BB-/Ba2) (1M LIBOR + 2.750%)
	4,634,173		4.807			06/28/23		4,639,966

								15,604,924


Bank Loans^(a) – (continued)
Restaurants^(b) – 1.1%
	1011778 B.C. Unlimited Liability Co. (BB/Ba2) (1M LIBOR + 2.250%)
	10,458,970		4.294			02/16/24		10,490,347
	CEC Entertainment, Inc. (B-/B2) (1M LIBOR + 6.500%)
	2,175,000		8.544			08/30/26		2,126,063
	IRB Holding Corp. (B/B2) (3M LIBOR + 3.250%)
	8,710,009		5.550			02/05/25		8,665,240
	NPC International, Inc. (CCC-/B3) (3M LIBOR + 3.500%)
	5,254,435		5.544			04/19/24		3,246,505

								24,528,155

Retailers^(b) – 2.8%
	Academy Ltd. (CCC+/Caa2) (3M LIBOR + 4.000%)
	13,547,335		6.253			07/01/22		9,434,770
	Bass Pro Group LLC (B+/B1) (1M LIBOR + 5.000%)
	10,540,554		7.044			09/25/24		10,134,743
	EG Finco Ltd. (B/B2) (3M LIBOR + 4.000%)
	2,586,876		6.104			02/07/25		2,553,894
	Harbor Freight Tools USA, Inc. (BB-/Ba3) (1M LIBOR + 2.500%)
	10,090,339		4.544			08/18/23		9,782,180
	JC Penney Corp., Inc. (CCC+/B3) (3M LIBOR + 4.250%)
	4,009,091		6.394			06/23/23		3,484,141
	Neiman Marcus Group Ltd. LLC (CCC+/Caa2) (1M LIBOR + 6.000%)
	5,079,143		8.057			10/25/23		3,849,838
	OEConnection LLC (NR/NR) (3M LIBOR + 4.250%)
	2,968,615		6.018			09/25/26		2,957,483
	PetSmart, Inc. (B/B2) (1M LIBOR + 4.000%)
	6,748,931		6.040			03/11/22		6,576,024
	Staples, Inc. (B+/B1) (3M LIBOR + 5.000%)
	10,816,017		7.123			04/16/26		10,656,048

								59,429,121

Services Cyclical – Business Services^(b) – 0.9%
	EVO Payments International LLC (B/B2) (1M LIBOR + 3.250%)
	8,586,404		5.310			12/22/23		8,611,477
	Lighthouse Network LLC (B+/B1) (3M LIBOR + 4.500%)
	2,947,500		6.756			11/29/24		2,940,131
	Travelport Finance (Luxembourg) S.a.r.l. (B+/B2) (3M LIBOR + 5.000%)
	9,350,000		7.104			05/29/26		8,428,370

								19,979,978

Services Cyclical – Consumer Services^(b) – 2.3%
	Asurion LLC (B+/Ba3)
	(1M LIBOR + 6.500%)
	4,525,270		5.044			08/04/22		4,541,425
	(1M LIBOR + 3.000%)
	6,163,272		5.044			11/03/23		6,185,398
	Asurion LLC (B-/B3) (1M LIBOR + 6.500%)
	11,100,000		8.544			08/04/25		11,272,050
	KUEHG Corp. (B-/B2) (3M LIBOR + 3.750%)
	10,522,188		5.854			02/21/25		10,500,302
	Spin Holdco, Inc. (B-/B2) (3M LIBOR + 3.250%)
	9,737,222		5.572			11/14/22		9,566,821
	USIC Holdings, Inc. (B/B2) (1M LIBOR + 3.250%)
	2,209,962		5.294			12/08/23		2,191,553


42		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)
Services Cyclical – Consumer Services^(b) – (continued)
	USS Ultimate Holdings, Inc. (B/B2) (6M LIBOR + 3.750%)
$	1,496,183		5.950	%		08/25/24	$	1,496,557
	Weight Watchers International, Inc. (BB-/Ba2) (3M LIBOR + 4.750%)
	3,702,994		6.860			11/29/24		3,706,475

								49,460,581

Technology – Hardware – 0.4%
	CommScope, Inc. (B+/Ba3)^(b) (1M LIBOR + 3.250%)
	5,175,000		5.294			04/06/26		5,151,919
	ON Semiconductor Corp. (NR/NR)^(d)
	2,675,000		0.000			09/06/26		2,686,048

								7,837,967

Technology – Software/Services – 15.1%
	Almonde, Inc. (B-/B2)^(b) (2M LIBOR + 3.500%)
	5,750,605		5.696			06/13/24		5,589,703
	Almonde, Inc. (CCC/Caa2)^(b) (1M LIBOR + 7.250%)
	3,825,000		9.446			06/13/25		3,645,722
	Ancestry.com Operations, Inc. (B/B2)^(b) (1M LIBOR + 3.750%)
	3,295,504		5.800			10/19/23		3,251,575
	Ancestry.com Operations, Inc. (B/B2)^(b) (1M LIBOR + 4.250%)
	5,486,250		6.300			08/27/26		5,355,952
	AppLovin Corp. (B+/B1)^(b) (1M LIBOR + 3.750%)
	6,579,907		5.794			08/15/25		6,574,446
	Avast Software B.V. (NR/NR)^(b) (3M LIBOR + 2.250%)
	1,904,864		4.354			09/30/23		1,914,389
	BMC Software Finance, Inc. (B/B2)^(b) (1M LIBOR + 4.250%)
	11,169,548		6.294			10/02/25		10,737,175
	Bracket Intermediate Holding Corp. (B-/B2)^(b) (1M LIBOR + 4.250%)
	4,327,609		6.292			09/05/25		4,311,381
	Carbonite, Inc. (B/B1)^(b) (1M LIBOR + 3.750%)
	3,174,545		6.006			03/26/26		3,173,212
	CCC Information Services, Inc. (B/B2)^(b) (1M LIBOR + 2.750%)
	7,529,993		4.800			04/26/24		7,490,987
	CCC Information Services, Inc. (CCC/Caa2)^(b) (1M LIBOR + 6.750%)
	2,675,000		8.794			04/27/25		2,692,387
	Cerence, Inc. (NR/NR)^(d)
	4,325,000		0.000			09/04/26		4,065,500
	Ceridian HCM Holding, Inc. (B/B2)^(b) (1M LIBOR + 3.000%)
	10,426,784		5.044			04/30/25		10,445,031
	ConvergeOne Holdings, Inc. (B-/B2)^(b) (1M LIBOR + 5.000%)
	2,409,945		7.044			01/04/26		2,154,491
	DigiCert Holdings, Inc. (NR/NR)^(d)
	9,575,000		0.000			08/31/26		9,539,094
	DigiCert, Inc. (B-/B2)^(b) (1M LIBOR + 4.000%)
	10,724,876		6.044			10/31/24		10,698,064
	Dynatrace LLC (B/B1)^(b) (1M LIBOR + 2.750%)
	6,888,119		4.794			08/22/25		6,911,056
	Electronics for Imaging, Inc. (B-/B2)^(b) (3M LIBOR + 5.000%)
	1,875,000		7.104			07/23/26		1,743,750
	Ellie Mae, Inc. (B/B2)^(b) (1M LIBOR + 4.000%)
	7,650,000		6.044			04/17/26		7,653,213
	Emerald TopCo, Inc. (B/B2)^(b) (1M LIBOR + 3.500%)
	4,450,000		5.544			07/24/26		4,435,181


Bank Loans^(a) – (continued)
Technology – Software/Services – (continued)
	Ensono LP (B/B2)^(b) (1M LIBOR + 5.250%)
	3,266,187		7.294			06/27/25		3,240,319
	Eta Australia Holdings III Pty Ltd. (B/B2)^(b) (1M LIBOR + 4.000%)
	5,137,125		6.044			05/06/26		5,140,361
	Financial & Risk US Holdings, Inc. (B/B2)^(b)
	(3M EURIBOR + 4.000%)
EUR	3,473,750		4.000			10/01/25		3,828,810
	(1M LIBOR + 3.750%)
$	11,114,130		5.794			10/01/25		11,169,700
	Genuine Financial Holdings LLC (B/B2)^(b) (1M LIBOR + 3.750%)
	6,710,752		5.794			07/12/25		6,517,818
	Genuine Financial Holdings LLC (CCC+/Caa2)^(b) (1M LIBOR + 7.250%)
	4,300,000		9.294			07/10/26		4,214,000
	Huskies Parent, Inc. (B-/B2)^(b) (3M LIBOR + 4.000%)
	1,000,000		6.255			07/31/26		998,750
	Hyland Software, Inc. (B-/B1)^(b) (1M LIBOR + 3.250%)
	5,426,110		5.294			07/01/24		5,420,684
	Hyland Software, Inc. (CCC/Caa1)^(b) (1M LIBOR + 7.000%)
	3,275,000		9.044			07/07/25		3,281,157
	Infor (US), Inc. (B/Ba3)^(b) (3M LIBOR + 2.750%)
	9,030,262		4.854			02/01/22		9,037,306
	Ion Trading Technologies S.a.r.l. (B/B3)^(b) (3M LIBOR + 4.000%)
	10,104,044		6.064			11/21/24		9,598,842
	MA FinanceCo. LLC (BB-/B1)^(b) (1M LIBOR + 2.500%)
	1,143,040		4.544			06/21/24		1,126,844
	Marcel LUX IV S.a.r.l. (B/B2)^(b) (1M LIBOR + 3.250%)
	9,177,000		5.294			03/15/26		9,050,816
	McAfee LLC (B/B2)^(b) (1M LIBOR + 3.750%)
	4,438,791		5.794			09/30/24		4,446,870
	McAfee LLC (B-/Caa1)^(b) (1M LIBOR + 8.500%)
	2,800,000		10.544			09/29/25		2,822,764
	MH Sub I LLC (B/B2)^(b) (1M LIBOR + 3.750%)
	7,296,289		5.794			09/13/24		7,238,137
	Microchip Technology, Inc. (BB+/Baa3)^(b) (1M LIBOR + 2.000%)
	4,880,981		4.050			05/29/25		4,888,595
	Mitchell International, Inc. (NR/NR)^(b)(c) (1M LIBOR + 7.250%)
	2,750,000		9.294			12/01/25		2,502,500
	Mitchell International, Inc. (B-/B2)^(b) (1M LIBOR + 3.250%)
	11,267,857		5.294			11/29/24		10,782,889
	Omnitracs, Inc. (B/B2)^(b) (3M LIBOR + 2.750%)
	5,350,011		4.856			03/21/25		5,285,810
	PowerSchool (B-/B2)^(b) (3M LIBOR + 3.250%)
	11,007,523		5.459			08/01/25		10,801,132
	Project Boost Purchaser LLC (B-/B2)^(b) (3M LIBOR + 3.500%)
	3,750,000		5.810			04/26/24		3,721,875
	Quest Software US Holdings Inc. (B+/B2)^(b) (3M LIBOR + 4.250%)
	2,562,093		6.506			05/16/25		2,525,788
	Quorum Software, Inc (B/B2)^(b) (3M LIBOR + 4.250%)
	4,863,250		6.354			09/22/25		4,822,739
	Rocket Software, Inc. (B/B1)^(b) (1M LIBOR + 4.250%)
	3,681,500		6.294			11/28/25		3,451,406


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Bank Loans^(a) – (continued)
Technology – Software/Services – (continued)
	Seattle SpinCo, Inc. (BB-/B1)^(b) (1M LIBOR + 2.500%)
$	7,719,234		4.544	%		06/21/24	$	7,609,853
	Solera, LLC (B/Ba3)^(b) (1M LIBOR + 2.750%)
	3,815,296		4.794			03/03/23		3,794,846
	SS&C Technologies Holdings Europe S.a.r.l. (BB+/Ba2)^(b) (1M LIBOR + 2.250%)
	3,810,907		4.294			04/16/25		3,820,435
	SS&C Technologies, Inc. (BB+/Ba2)^(b) (1M LIBOR + 2.250%)
	5,777,988		4.294			04/16/25		5,792,433
	The Dun & Bradstreet Corp. (B-/B2)^(b) (1M LIBOR + 5.000%)
	8,200,000		7.054			02/06/26		8,248,298
	The Ultimate Software Group, Inc. (B/B2)^(b) (1M LIBOR + 3.750%)
	4,950,000		5.794			05/04/26		4,974,750
	TIBCO Software, Inc. (B/B1)^(b) (1M LIBOR + 4.000%)
	2,300,000		6.070			06/30/26		2,300,966
	TriTech Software Systems (B/B3)^(b) (1M LIBOR + 3.750%)
	14,589,750		5.794			08/29/25		13,580,577
	TTM Technologies, Inc. (BB+/Ba3)^(b) (1M LIBOR + 2.500%)
	4,591,547		4.600			09/28/24		4,588,700
	Ultra Clean Holdings, Inc. (B+/B1)^(b) (1M LIBOR + 4.500%)
	3,200,957		6.544			08/27/25		3,112,930
	Upland Software, Inc. (B/B2)^(b) (1M LIBOR + 3.750%)
	2,450,000		5.794			08/06/26		2,453,063
	Vertafore, Inc. (B-/B2)^(b) (1M LIBOR + 3.250%)
	7,768,919		5.294			07/02/25		7,538,804
	Vertafore, Inc. (CCC/Caa2)^(b) (1M LIBOR + 7.250%)
	3,500,000		9.294			07/02/26		3,432,905
	Zelis Healthcare Corp. (NR/NR)^(d)
	4,350,000		0.000			09/26/26		4,311,937

								323,858,718

Telecommunication Services – 1.4%
	Imperva, Inc. (B-/B2)^(b) (3M LIBOR + 4.000%)
	7,804,824		6.303			01/12/26		7,570,679
	MLN US Holding Co. LLC (B/B2)^(b) (1M LIBOR + 4.500%)
	3,364,899		6.612			11/30/25		3,112,532
	Project Alpha Intermediate Holding, Inc. (B/B3)^(d)
	5,535,842		0.000			04/26/24		5,452,804
	Vivid Seats Ltd. (B/B2)^(b) (1M LIBOR + 3.500%)
	7,776,152		5.544			06/30/24		7,659,510
	Web.com Group, Inc. (B+/B2)^(b) (1M LIBOR + 3.750%)
	5,425,000		5.778			10/10/25		5,330,551

								29,126,076

Textiles^(b) – 0.4%
	Kontoor Brands, Inc. (BB-/Ba2) (3M LIBOR + 4.250%)
	2,285,625		6.801			05/15/26		2,291,339
	Renfro Corp. (CCC+/B3)^(c) (1M LIBOR + 5.500%)
	6,824,159		7.560			03/31/21		5,800,536

								8,091,875

Transportation Services^(b) – 0.6%
	Hornblower Sub LLC (B/B2) (3M LIBOR + 4.500%)
	6,607,781		6.604			04/27/25		6,610,557
	XPO Logistics, Inc. (BBB-/Baa3) (1M LIBOR + 2.500%)
	5,425,000		4.541			02/24/25		5,456,356

								12,066,913


Bank Loans^(a) – (continued)
Utilities – Electric^(b) – 1.0%
	Calpine Corp. (BB/Ba2) (3M LIBOR + 2.500%)
	2,976,684		4.610			01/15/24		2,982,399
	Calpine Corp. (BB/Ba2) (1M LIBOR + 2.500%)
	1,250,000		4.544			08/12/26		1,251,737
	LMBE-MC Holdco II LLC (BB-/Ba3)^(c) (3M LIBOR + 4.000%)
	7,061,761		6.020			11/14/25		7,061,761
	Lonestar II Generation Holdings LLC (B+/Ba3)
	(1M LIBOR + 5.000%)
	2,939,062		7.044			04/20/26		2,946,410
	(1M LIBOR + 5.000%)
	353,573		7.044	^(c)		04/20/26		354,457
	Pike Corp. (NR/NR) (1M LIBOR + 3.250%)
	2,003,775		5.300			07/19/26		2,009,345
	Talen Energy Supply LLC (BB/Ba3) (1M LIBOR + 3.750%)
	1,100,000		5.792			07/08/26		1,097,250
	Vistra Energy Corp. (BBB-/Ba1) (1M LIBOR + 2.000%)
	4,095,798		4.025			12/31/25		4,106,611

								21,809,970

Wireless Telecommunications^(b) – 1.6%
	Digicel International Finance Ltd. (NR/B3) (3M LIBOR + 3.250%)
	13,779,335		5.340			05/28/24		11,907,688
	Intelsat Jackson Holdings Ltd. (B/B1) (6M LIBOR + 6.625%)
	3,375,000		6.625			01/02/24		3,443,546
	Intelsat Jackson Holdings SA (B/B1) (1M LIBOR + 4.500%)
	5,400,000		6.554			01/02/24		5,458,482
	SBA Senior Finance II LLC (BB+/B1) (1M LIBOR + 2.000%)
	10,197,633		4.050			04/11/25		10,198,040
	Sprint Communications, Inc. (BB-/Ba2) (1M LIBOR + 2.500%)
	3,076,336		4.563			02/02/24		3,052,310

								34,060,066

Wirelines Telecommunications – 3.0%
	CenturyLink, Inc. (BBB-/Ba3)^(b) (1M LIBOR +2.750%)
	15,497,435		4.794			01/31/25		15,385,544
	Cincinnati Bell, Inc. (BB-/Ba3)^(b) (1M LIBOR + 3.250%)
	7,714,184		5.294			10/02/24		7,682,016
	Consolidated Communications, Inc. (B+/B1)^(b) (1M LIBOR + 3.000%)
	11,528,154		5.050			10/04/23		11,061,609
	Frontier Communications Corp. (B-/B3)^(b) (1M LIBOR + 3.750%)
	3,311,807		5.800			06/15/24		3,301,176
	Go Daddy Operating Co. LLC (BB/Ba1)^(b) (1M LIBOR + 2.000%)
	1,544,754		4.044			02/15/24		1,546,500
	GTT Communications, Inc. (B-/B2)^(b) (1M LIBOR + 2.750%)
	10,023,007		4.790			05/31/25		8,037,951
	Inmarsat Finance PLC (NR/NR)^(d)
	4,350,000		0.000			09/23/26		4,278,616
	Level 3 Financing, Inc. (BBB-/Ba1)^(b) (1M LIBOR + 2.250%)
	4,000,000		4.294			02/22/24		4,005,840
	Windstream Corp. (NR/WR)^(b) (3M LIBOR + 4.000%)
	3,597,226		8.500			03/29/21		3,645,932
	Zacapa LLC (B-/B2)^(b) (3M LIBOR + 5.000%)
	6,493,083		7.104			07/02/25		6,520,159

								65,465,343

	TOTAL BANK LOANS
	(Cost $2,017,866,773)						$	1,972,773,761


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 2.2%
Aerospace & Defense^(e)(f) – 0.1%
	Bombardier, Inc. (B-/Caa1)
$	2,450,000		7.875	%		04/15/27	$	2,431,625

Commercial Services – 0.6%
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)^(f)
	4,600,000		5.250			04/15/24		4,715,000
	United Rentals North America, Inc. (BB-/Ba3)^(e)
	7,000,000		5.875			09/15/26		7,455,000

								12,170,000

Consumer Cyclical Services – Business^(c)(g) – 0.0%
	Escrow Ambassadors Group, Inc. (NR/NR)
	9,986,469		13.000			04/15/20		—

Healthcare Providers & Services^(e)(f) – 0.2%
	CHS/Community Health Systems, Inc. (B-/Caa1)
	3,750,000		8.000			03/15/26		3,740,625

Media^(e) – 0.5%
	Diamond Sports Group LLC/Diamond Sports Finance Co. (BB/Ba2)^(f)
	5,970,000		5.375			08/15/26		6,193,875
	iHeartCommunications, Inc. (B-/Caa1)
	2,525,604		8.375			05/01/27		2,727,652
	iHeartCommunications, Inc. (BB-/B1)
	1,393,436		6.375			05/01/26		1,504,911
	885,000		5.250	^(f)		08/15/27		920,400

								11,346,838

Oil Field Services^(e) – 0.5%
	Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)
	8,850,000		8.125			05/01/25		8,783,625
	Noble Holding International Ltd. (CCC+/Caa2)
	1,008,000		7.750			01/15/24		665,280

								9,448,905

Retailing^(e)(f) – 0.0%
	Beacon Roofing Supply, Inc. (BB/B1)
	505,000		4.500			11/15/26		509,767

Telecommunication Services^(e)(f) – 0.3%
	Intelsat Jackson Holdings SA (B/B1)
	6,500,000		8.000			02/15/24		6,751,875

	TOTAL CORPORATE OBLIGATIONS
	(Cost $46,857,995)						$	46,399,635


Shares		Description	Value


Common Stocks – 0.1%
Media – 0.1%
	461,730	Clear Channel Outdoor Holdings, Inc. Class A^(g)	$	1,163,560
	162,749	Bright Pattern Holding Co.^(c)		16,275
	114,356	iHeartMedia, Inc. Class A^(g)		1,715,340

	TOTAL COMMON STOCKS
	(Cost $5,715,434)		$	2,895,175


Units	Expiration Date		Value


Warrant^(g) – 0.0%
Aspect Software, Inc. Class B (NR/NR)^(c)
162,749			$	40,687
True Religion Warrant (NR/NR)
2,145		10/27/22		—
True Religion Warrant 2 (NR/NR)
8,103		10/27/22		—

TOTAL WARRANT (Cost $0)			$	40,687


Shares		Description	Value


Exchange Traded Funds – 2.7%
	343,342	Eaton Vance Floating-Rate Income Trust (NR/NR)	$	4,538,981
	351,021	Eaton Vance Senior Floating-Rate Trust (NR/NR)		4,577,314
	756,000	Invesco Senior Loan ETF (NR/NR)		17,078,040
	81,000	iShares iBoxx High Yield Corporate Bond ETF (NR/NR)		7,060,770
	479,789	Nuveen Floating Rate Income Fund (NR/NR)		4,663,549
	478,796	Nuveen Floating Rate Income Opportunity Fund (NR/NR)		4,567,714
	349,000	SPDR Blackstone/GSO Senior Loan ETF (NR/NR)^(h)		16,165,680

	TOTAL EXCHANGE TRADED FUNDS
	(Cost $58,315,020)		$	58,652,048


Shares		Dividend Rate	Value


Investment Company⁽ⁱ⁾ – 2.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	60,572,481	2.032%	$	60,572,481
	(Cost $60,572,481)

	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT
	(Cost $2,189,327,703)		$	2,141,333,787



Securities Lending Reinvestment Vehicle⁽ⁱ⁾ – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	722,925	2.032%		722,925
	(Cost $722,925)

	TOTAL INVESTMENTS – 99.6%
	(Cost $2,190,050,628)		$	2,142,056,712

	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%			9,559,221

	NET ASSETS – 100.0%		$	2,151,615,933


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)



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

(a)		Bank Loans often require prepayments from excess cash flows or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. As bank loan positions may involve multiple underlying tranches for which the aggregate position is presented, the stated interest rate represents the weighted average interest rate of all contracts on September 30, 2019. 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 September 30, 2019.

(c)		Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.

(d)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.

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

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

(g)		Security is currently in default and/or non-income producing.

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

(i)		Represents an affiliated fund.



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
REIT		—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2019, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:


Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
Allied Universal Holding Co. LLC (B-/B3), due 07/10/26	$	662,162	$	662,473	$	311
Mavis Tire Express Services Corp. (NR/NR), due 03/20/25		977,158		953,856		(22,665	)
OEConnection LLC (NR/NR) 09/24/2026, due 09/24/26		281,385		280,330		351

TOTAL	$	1,920,705	$	1,896,659	$	(22,003	)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

MS & Co. Int. PLC

USD

59,689,691

EUR

54,053,453

11/27/19

523,055

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
5 Year U.S. Treasury Notes		20			12/31/19	$	2,382,969		$	(11,573	)
Short position contracts:
10 Year U.S. Treasury Notes		(187	)		12/19/19		(24,368,438	)		278,959

TOTAL FUTURES CONTRACTS									$	267,386



Abbreviations:
		MS & Co. Int. PLC—Morgan Stanley & Co. International PLC


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – 91.3%
Aerospace & Defense – 3.1%
	Lockheed Martin Corp.
$	850,000		4.070	%		12/15/42	$	979,837
	125,000		4.700	^(a)		05/15/46		158,543
	Northrop Grumman Corp.
	800,000		2.930	^(a)		01/15/25		824,464
	1,925,000		3.250	^(a)		01/15/28		2,020,403
	1,175,000		4.750			06/01/43		1,440,209
	450,000		4.030	^(a)		10/15/47		510,269
	The Boeing Co.^(a)
	1,400,000		2.700			02/01/27		1,430,072
	800,000		3.450			11/01/28		856,440
	500,000		3.550			03/01/38		528,435
	400,000		3.625			03/01/48		420,808
	United Technologies Corp.
	2,675,000		3.950	^(a)		08/16/25		2,928,456
	2,225,000		4.125	^(a)		11/16/28		2,517,365
	370,000		5.700			04/15/40		494,805
	250,000		4.050	^(a)		05/04/47		287,050

								15,397,156

Agriculture – 1.0%
	Altria Group, Inc.^(a)
	1,325,000		3.800			02/14/24		1,385,486
	1,100,000		4.400			02/14/26		1,175,933
	BAT Capital Corp.^(a)
	620,000		3.222			08/15/24		626,876
	200,000		3.557			08/15/27		201,080
	Reynolds American, Inc.
	700,000		4.850			09/15/23		756,161
	525,000		5.850	^(a)		08/15/45		581,028

								4,726,564

Automotive – 1.0%
	Ford Motor Credit Co. LLC
	1,475,000		5.875			08/02/21		1,544,502
	General Motors Co.^(a)
	300,000		6.600			04/01/36		342,813
	General Motors Financial Co., Inc.
	1,600,000		4.375			09/25/21		1,653,440
	1,425,000		5.650	^(a)		01/17/29		1,572,160

								5,112,915

Banks – 20.4%
	AIB Group PLC^(b)
	1,975,000		4.750			10/12/23		2,087,844
	Banco Santander SA
	1,000,000		4.250			04/11/27		1,073,710
	1,000,000		3.306			06/27/29		1,032,450
	Bank of America Corp.
	(3M USD LIBOR + 0.930%)
	4,650,000		2.816	^(a)(c)		07/21/23		4,715,704
	1,023,000		4.000			04/01/24		1,096,615
	4,850,000		4.200			08/26/24		5,202,595
	(3M USD LIBOR + 1.040%)
	4,963,000		3.419	^(a)(c)		12/20/28		5,177,997
	(3M USD LIBOR + 1.070%)
	1,150,000		3.970	^(a)(c)		03/05/29		1,248,532


Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp. – (continued)
	(3M USD LIBOR + 1.310%)
	1,125,000		4.271	^(a)(c)		07/23/29		1,251,247
	(3M USD LIBOR + 1.210%)
	400,000		3.974	^(a)(c)		02/07/30		437,236
	Barclays PLC^(a)(c) (3M USD LIBOR + 1.400%)
	2,075,000		4.610			02/15/23		2,153,663
	BNP Paribas SA^(b)
	7,725,000		3.500			03/01/23		7,975,058
	775,000		3.375			01/09/25		800,722
	(5 year USD Swap + 4.149%)
	550,000		6.625	^(a)(c)		03/25/49		581,020
	BPCE SA^(b)
	2,300,000		5.700			10/22/23		2,537,406
	1,350,000		4.625			09/12/28		1,519,155
	CIT Bank NA^(a)(c)(SOFR + 1.715%)
	650,000		2.969			09/27/25		650,715
	Citigroup, Inc.
	1,800,000		3.875			03/26/25		1,892,700
	575,000		3.400			05/01/26		601,324
	800,000		4.450			09/29/27		872,664
	1,200,000		4.750			05/18/46		1,400,916
	Credit Agricole SA
	2,350,000		4.375			03/17/25		2,499,131
	(5 year USD Swap + 4.319%)
	700,000		6.875	%^(a)(b)(c)		09/23/49		753,690
	Credit Suisse AG^(b)
	1,800,000		6.500			08/08/23		2,005,110
	Credit Suisse Group AG^(a)(b)
	1,345,000		4.282			01/09/28		1,445,875
	Credit Suisse Group Funding Guernsey Ltd.
	884,000		4.550			04/17/26		972,524
	HSBC Bank USA NA
	300,000		7.000			01/15/39		433,401
	HSBC Holdings PLC^(a)(c)
	(3M USD LIBOR + 1.000%)
	725,000		3.124			05/18/24		727,654
	(3M USD LIBOR + 1.211%)
	1,775,000		3.803			03/11/25		1,847,899
	ING Groep NV
	1,300,000		3.550			04/09/24		1,357,850
	JPMorgan Chase & Co.
	6,300,000		3.875			09/10/24		6,699,294
	(3M USD LIBOR + 3.800%)
	1,575,000		5.300	^(a)(c)		09/10/24		1,592,104
	(3M USD LIBOR + 1.000%)
	1,550,000		4.023	^(a)(c)		12/05/24		1,652,532
	1,000,000		3.200	^(a)		06/15/26		1,038,340
	(3M USD LIBOR + 1.245%)
	1,300,000		3.960	^(a)(c)		01/29/27		1,405,222
	1,628,000		3.625	^(a)		12/01/27		1,714,170
	(3M USD LIBOR + 1.360%)
	600,000		3.882	^(a)(c)		07/24/38		658,266
	Macquarie Group Ltd.^(a)(b)(c) (3M USD LIBOR + 1.372%)
	700,000		3.763			11/28/28		732,991
	Mitsubishi UFJ Financial Group, Inc.
	1,275,000		3.751			07/18/39		1,371,811


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, Inc.
$	1,300,000		4.875	%		11/01/22	$	1,395,576
	3,225,000		3.700			10/23/24		3,413,308
	(SOFR + 1.152%)
	1,075,000		2.720	^(a)(c)		07/22/25		1,084,576
	3,550,000		4.000			07/23/25		3,830,698
	(3M USD LIBOR + 1.628%)
	2,650,000		4.431	^(a)(c)		01/23/30		2,977,116
	(3M USD LIBOR + 1.455%)
	770,000		3.971	^(a)(c)		07/22/38		844,059
	500,000		4.300			01/27/45		578,025
	Royal Bank of Scotland Group PLC
	(3M USD LIBOR + 1.480%)
	1,008,000		3.498	^(a)(c)		05/15/23		1,021,346
	700,000		6.100			06/10/23		762,034
	2,001,000		3.875			09/12/23		2,064,272
	(3M USD LIBOR + 1.550%)
	1,475,000		4.519	^(a)(c)		06/25/24		1,550,461
	(3M USD LIBOR + 1.762%)
	700,000		4.269	^(a)(c)		03/22/25		732,690
	Santander Holdings USA, Inc.^(a)
	750,000		4.500			07/17/25		806,160
	Santander UK PLC
	1,475,000		2.875			06/18/24		1,497,641
	Wells Fargo & Co.
	1,325,000		3.000			02/19/25		1,363,650
	850,000		3.900			05/01/45		957,491
	Wells Fargo Bank NA
	799,000		5.950			08/26/36		1,058,907
	Westpac Banking Corp.^(a)(c)
	(5 Year USD ICE Swap + 2.236%)
	625,000		4.322			11/23/31		660,338
	(5 Year CMT + 2.000%)
	625,000		4.110			07/24/34		652,269

								100,467,754

Beverages – 6.3%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.^(a)
	2,350,000		4.700			02/01/36		2,712,840
	4,225,000		4.900			02/01/46		5,033,792
	Anheuser-Busch InBev Worldwide, Inc.
	2,000,000		4.750	^(a)		01/23/29		2,328,480
	325,000		4.950			01/15/42		385,401
	775,000		4.600	^(a)		04/15/48		891,320
	2,725,000		5.550	^(a)		01/23/49		3,566,671
	Bacardi Ltd.^(a)(b)
	1,225,000		5.300			05/15/48		1,395,544
	Constellation Brands, Inc.^(a)
	325,000		3.200			02/15/23		334,848
	4,550,000		4.400			11/15/25		5,029,752
	350,000		3.700			12/06/26		370,815
	500,000		3.600			02/15/28		528,125
	600,000		4.500			05/09/47		678,942
	Keurig Dr Pepper, Inc.^(a)
	5,450,000		4.057			05/25/23		5,764,683


Corporate Obligations – (continued)
Beverages – (continued)
	Keurig Dr Pepper, Inc.^(a) – (continued)
	1,200,000		4.597			05/25/28		1,345,032
	500,000		4.500			11/15/45		540,280

								30,906,525

Biotechnology^(a) – 1.8%
	Amgen, Inc.
	800,000		4.400			05/01/45		900,760
	Celgene Corp.
	1,575,000		3.875			08/15/25		1,699,488
	3,525,000		3.900			02/20/28		3,851,626
	1,100,000		4.550			02/20/48		1,326,655
	Gilead Sciences, Inc.
	750,000		4.000			09/01/36		836,738
	375,000		4.800			04/01/44		448,639

								9,063,906

Chemicals – 2.0%
	Celanese US Holdings LLC^(a)
	600,000		3.500			05/08/24		622,614
	CNAC HK Finbridge Co. Ltd.
	200,000		4.625			03/14/23		209,813
	DuPont de Nemours, Inc.^(a)
	1,175,000		4.493			11/15/25		1,296,974
	925,000		4.725			11/15/28		1,056,887
	Huntsman International LLC^(a)
	1,000,000		4.500			05/01/29		1,051,945
	Sasol Financing International Ltd.
	200,000		4.500			11/14/22		204,750
	SASOL Financing USA LLC^(a)
	400,000		5.875			03/27/24		431,125
	Syngenta Finance NV^(b)
	970,000		3.933			04/23/21		987,441
	The Sherwin-Williams Co.^(a)
	2,050,000		3.125			06/01/24		2,116,973
	1,250,000		2.950			08/15/29		1,255,962
	475,000		4.000			12/15/42		491,516

								9,726,000

Commercial Services^(a) – 0.9%
	Global Payments, Inc.
	1,225,000		2.650			02/15/25		1,229,728
	750,000		3.200			08/15/29		760,575
	IHS Markit Ltd.
	900,000		3.625			05/01/24		934,776
	750,000		4.250			05/01/29		806,918
	PayPal Holdings, Inc.
	950,000		2.850			10/01/29		956,185

								4,688,182

Computers – 2.8%
	Apple, Inc.
	1,652,000		3.850			05/04/43		1,854,254
	Dell International LLC/EMC Corp.^(a)(b)
	4,150,000		5.450			06/15/23		4,518,976
	1,375,000		6.020			06/15/26		1,547,288
	175,000		8.350			07/15/46		231,259


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Computers – (continued)
	Hewlett Packard Enterprise Co.^(a)
$	4,699,000		4.900	%		10/15/25	$	5,216,736
	355,000		6.350			10/15/45		414,800

								13,783,313

Diversified Financial Services – 1.5%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust^(a)
	950,000		4.875			01/16/24		1,024,641
	Air Lease Corp.^(a)
	2,000,000		3.750			06/01/26		2,080,372
	Avolon Holdings Funding Ltd.^(a)(b)
	750,000		3.950			07/01/24		770,737
	GE Capital International Funding Co.
	1,750,000		3.373			11/15/25		1,786,277
	1,175,000		4.418			11/15/35		1,233,068
	Huarong Finance 2019 Co. Ltd.
	200,000		3.750			05/29/24		204,688
	Huarong Finance II Co. Ltd.
	200,000		5.500			01/16/25		218,813
	200,000		5.000			11/19/25		215,438

								7,534,034

Electrical – 4.4%
	Arizona Public Service Co.^(a)
	275,000		3.750			05/15/46		294,399
	Berkshire Hathaway Energy Co.
	725,000		3.250	^(a)		04/15/28		763,875
	1,767,000		6.125			04/01/36		2,446,677
	CMS Energy Corp.^(a)
	500,000		4.875			03/01/44		604,790
	Consumers Energy Co.^(a)
	325,000		4.350			04/15/49		398,977
	Dominion Energy, Inc.^(a)
	1,225,000		3.900			10/01/25		1,310,186
	Duke Energy Corp.^(a)
	400,000		4.800			12/15/45		479,380
	Entergy Corp.^(a)
	875,000		2.950			09/01/26		887,040
	Exelon Corp.^(a)
	1,125,000		3.497			06/01/22		1,154,801
	400,000		4.450			04/15/46		453,024
	Florida Power & Light Co.^(a)
	325,000		3.950			03/01/48		374,501
	NRG Energy, Inc.^(a)(b)
	1,035,000		4.450			06/15/29		1,080,892
	PPL WEM Ltd./Western Power Distribution Ltd.^(a)(b)
	300,000		5.375			05/01/21		309,675
	Progress Energy, Inc.
	1,000,000		7.000			10/30/31		1,378,820
	Public Service Electric & Gas Co.^(a)
	1,525,000		3.950			05/01/42		1,714,527
	Puget Sound Energy, Inc.^(a)
	325,000		4.223			06/15/48		379,421
	Sempra Energy^(a)
	570,000		3.400			02/01/28		588,707
	1,125,000		3.800			02/01/38		1,158,525


Corporate Obligations – (continued)
Electrical – (continued)
	Southern California Edison Co.^(a)
	500,000		4.200			03/01/29		557,050
	275,000		4.050			03/15/42		292,460
	805,000		4.125			03/01/48		875,759
	625,000		4.875			03/01/49		751,256
	The Southern Co.^(a)
	1,800,000		3.250			07/01/26		1,856,160
	Vistra Operations Co. LLC^(a)(b)
	1,450,000		4.300			07/15/29		1,485,728

								21,596,630

Electronics^(a) – 0.2%
	PerkinElmer, Inc.
	1,200,000		3.300			09/15/29		1,200,972

								1,200,972

Engineering & Construction^(a) – 0.1%
	Mexico City Airport Trust
	240,000		3.875	^(b)		04/30/28		235,350
	200,000		5.500			07/31/47		198,600
	220,000		5.500	^(b)		07/31/47		218,460

								652,410

Environmental^(a) – 0.3%
	Waste Management, Inc.
	1,300,000		3.200			06/15/26		1,371,747

Food & Drug Retailing^(a) – 0.7%
	Grupo Bimbo SAB de CV
	1,070,000		4.700			11/10/47		1,136,875
	Kraft Heinz Foods Co.
	600,000		3.000			06/01/26		593,382
	1,550,000		3.750	^(b)		04/01/30		1,564,028

								3,294,285

Gas^(a) – 0.7%
	NiSource, Inc.
	825,000		3.650			06/15/23		860,310
	2,550,000		3.490			05/15/27		2,674,211

								3,534,521

Hand/Machine Tools^(a) – 0.1%
	Snap-on, Inc.
	550,000		4.100			03/01/48		636,383

Healthcare Providers & Services – 2.2%
	Becton Dickinson & Co.^(a)
	4,375,000		2.894			06/06/22		4,441,587
	1,300,000		3.363			06/06/24		1,354,418
	3,114,000		3.700			06/06/27		3,297,228
	CommonSpirit Health
	150,000		4.350			11/01/42		160,874
	UnitedHealth Group, Inc.
	1,125,000		4.625			07/15/35		1,360,361

								10,614,468

Insurance – 2.5%
	AIA Group Ltd.^(a)(b)
	775,000		3.200			03/11/25		799,994


50		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)
Insurance – (continued)
	American International Group, Inc.
$	1,000,000		4.125	%		02/15/24	$	1,070,360
	750,000		3.900	^(a)		04/01/26		800,280
	325,000		4.200	^(a)		04/01/28		354,517
	700,000		6.250			05/01/36		915,656
	598,000		4.500	^(a)		07/16/44		665,879
	375,000		4.800	^(a)		07/10/45		435,716
	Arch Capital Finance LLC^(a)
	400,000		4.011			12/15/26		436,924
	323,000		5.031			12/15/46		403,453
	Arch Capital Group Ltd.
	845,000		7.350			05/01/34		1,225,985
	Great-West Lifeco Finance 2018 LP^(a)(b)
	425,000		4.047			05/17/28		468,741
	MetLife, Inc.
	400,000		4.050			03/01/45		446,180
	Teachers Insurance & Annuity Association of America^(b)
	890,000		4.900			09/15/44		1,097,423
	The Hartford Financial Services Group, Inc.
	200,000		6.625			04/15/42		273,626
	The Northwestern Mutual Life Insurance Co.^(a)(b)
	800,000		3.850			09/30/47		855,792
	Unum Group^(a)
	375,000		4.500			12/15/49		361,770
	Voya Financial, Inc.
	475,000		3.650			06/15/26		499,747
	XLIT Ltd.
	998,000		4.450			03/31/25		1,083,459

								12,195,502

Internet^(a) – 1.1%
	Amazon.com, Inc.
	1,300,000		3.875			08/22/37		1,493,258
	900,000		4.950			12/05/44		1,189,692
	eBay, Inc.
	1,400,000		4.000			07/15/42		1,360,464
	Expedia Group, Inc.^(b)
	1,375,000		3.250			02/15/30		1,372,057

								5,415,471

Machinery-Diversified^(a) – 0.2%
	Roper Technologies, Inc.
	800,000		3.800			12/15/26		856,960

								856,960

Media – 3.9%
	Charter Communications Operating LLC/Charter Communications Operating Capital^(a)
	7,350,000		4.500			02/01/24		7,885,962
	1,325,000		4.908			07/23/25		1,454,757
	275,000		6.484			10/23/45		334,857
	Comcast Corp.
	1,325,000		3.950	^(a)		10/15/25		1,443,495
	638,000		3.300	^(a)		02/01/27		672,950
	1,525,000		4.150	^(a)		10/15/28		1,709,937
	2,275,000		4.250	^(a)		10/15/30		2,587,767
	250,000		6.400			03/01/40		354,457


Corporate Obligations – (continued)
Media – (continued)
	Comcast Corp.
	525,000		3.400	%^(a)		07/15/46		534,313
	500,000		4.700	^(a)		10/15/48		613,035
	263,000		3.999	^(a)		11/01/49		292,719
	Time Warner Cable LLC^(a)
	500,000		5.875			11/15/40		558,245
	Viacom, Inc.^(a)
	450,000		5.850			09/01/43		552,937

								18,995,431

Mining^(b) – 0.4%
	Glencore Finance Canada Ltd.
	800,000		4.950			11/15/21		836,744
	825,000		4.250			10/25/22		862,422
	Glencore Funding LLC
	206,000		4.625			04/29/24		220,434

								1,919,600

Miscellaneous Manufacturing – 0.9%
	General Electric Co.
	550,000		3.100			01/09/23		557,947
	600,000		3.450	^(a)		05/15/24		616,488
	269,000		5.875			01/14/38		323,424
	Parker-Hannifin Corp.^(a)
	2,775,000		3.250			06/14/29		2,892,133
	270,000		4.000			06/14/49		296,798

								4,686,790

Oil Field Services – 6.1%
	BP Capital Markets America, Inc.^(a)
	675,000		3.224			04/14/24		701,892
	675,000		3.410			02/11/26		713,792
	950,000		3.119			05/04/26		990,774
	375,000		4.234			11/06/28		422,663
	Cenovus Energy, Inc.^(a)
	650,000		4.250			04/15/27		676,611
	Continental Resources, Inc.^(a)
	1,075,000		4.500			04/15/23		1,115,312
	Devon Energy Corp.^(a)
	2,517,000		5.850			12/15/25		2,990,171
	Diamondback Energy, Inc.^(a)
	2,000,000		4.750			11/01/24		2,045,000
	Gazprom OAO Via Gaz Capital SA
	200,000		5.150	^(b)		02/11/26		217,688
	70,000		8.625	^(d)		04/28/34		99,203
	110,000		7.288			08/16/37		145,406
	Halliburton Co.^(a)
	425,000		3.800			11/15/25		450,449
	Hess Corp.^(a)
	400,000		4.300			04/01/27		417,780
	Lukoil International Finance B.V.
	1,030,000		4.563			04/24/23		1,085,362
	Marathon Petroleum Corp.^(a)
	725,000		3.625			09/15/24		759,350
	1,920,000		3.800			04/01/28		2,000,314
	Newfield Exploration Co.
	1,750,000		5.625			07/01/24		1,929,375


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Corporate Obligations – (continued)
Oil Field Services – (continued)
	Noble Energy, Inc.^(a)
$	400,000		3.250	%		10/15/29	$	396,180
	Occidental Petroleum Corp.
	1,700,000		4.850	^(a)		03/15/21		1,757,562
	2,625,000		2.900	^(a)		08/15/24		2,643,454
	1,425,000		5.550	^(a)		03/15/26		1,610,505
	725,000		3.200	^(a)		08/15/26		731,010
	425,000		3.500	^(a)		08/15/29		430,946
	895,000		6.450			09/15/36		1,103,323
	Petroleos Mexicanos
EUR	1,370,000		5.125			03/15/23		1,637,889
$	120,000		6.490	^(a)(b)		01/23/27		124,794
	70,000		6.625			06/15/35		68,495
	320,000		6.750			09/21/47		306,880
	1,014,000		6.350			02/12/48		928,628
	384,000		7.690	^(a)(b)		01/23/50		400,435
	Reliance Industries Ltd.^(b)
	250,000		3.667			11/30/27		260,859
	Suncor Energy, Inc.^(a)
	900,000		3.600			12/01/24		949,851

								30,111,953

Pharmaceuticals – 3.6%
	AbbVie, Inc.^(a)
	2,050,000		3.750			11/14/23		2,154,898
	Bayer US Finance II LLC^(a)(b)
	1,100,000		3.875			12/15/23		1,149,005
	1,475,000		3.375			07/15/24		1,509,913
	Cigna Corp.^(a)
	7,125,000		3.750			07/15/23		7,453,462
	275,000		4.900			12/15/48		315,191
	CVS Health Corp.^(a)
	1,450,000		3.375			08/12/24		1,500,736
	375,000		3.875			07/20/25		397,103
	1,295,000		5.125			07/20/45		1,470,861
	Elanco Animal Health, Inc.
	1,125,000		3.912			08/27/21		1,152,079
	Teva Pharmaceutical Finance Netherlands III B.V.
	660,000		2.200			07/21/21		604,313

								17,707,561

Pipelines – 7.4%
	Abu Dhabi Crude Oil Pipeline LLC^(b)
	490,000		4.600			11/02/47		569,625
	Energy Transfer Operating LP^(a)
	650,000		4.650			06/01/21		669,402
	1,540,000		5.200			02/01/22		1,624,346
	1,900,000		4.200			04/15/27		1,998,553
	456,000		5.150			03/15/45		480,829
	450,000		6.250			04/15/49		546,673
	Enterprise Products Operating LLC^(a)
	575,000		4.800			02/01/49		667,995
	(3M USD LIBOR + 2.778%)
	4,420,000		4.909	^(c)		06/01/67		4,094,158
	EQM Midstream Partners LP^(a)
	4,464,000		4.750			07/15/23		4,480,204
	425,000		5.500			07/15/28		422,093


Corporate Obligations – (continued)
Pipelines – (continued)
	Kinder Morgan Energy Partners LP^(a)
	700,000		5.400	%		09/01/44		800,317
	MPLX LP^(a)
	400,000		4.500			04/15/38		415,100
	400,000		4.700			04/15/48		417,560
	520,000		5.500			02/15/49		604,682
	Plains All American Pipeline LP/PAA Finance Corp.^(a)
	400,000		3.650			06/01/22		410,136
	1,375,000		3.850			10/15/23		1,421,874
	1,819,000		4.650			10/15/25		1,945,348
	1,200,000		4.500			12/15/26		1,273,080
	280,000		5.150			06/01/42		284,516
	Sabine Pass Liquefaction LLC^(a)
	1,875,000		6.250			03/15/22		2,019,769
	4,125,000		5.625			03/01/25		4,630,312
	475,000		5.000			03/15/27		523,555
	Sunoco Logistics Partners Operations LP^(a)
	550,000		5.950			12/01/25		629,326
	150,000		5.400			10/01/47		163,991
	The Williams Cos., Inc.
	3,630,000		3.600	^(a)		03/15/22		3,728,482
	150,000		6.300			04/15/40		183,857
	Valero Energy Partners LP^(a)
	875,000		4.375			12/15/26		952,210
	Western Midstream Operating LP^(a)
	600,000		5.450			04/01/44		530,286
	175,000		5.300			03/01/48		151,877

								36,640,156

Real Estate Investment Trust – 3.3%
	Alexandria Real Estate Equities, Inc.^(a)
	500,000		3.800			04/15/26		533,190
	500,000		3.375			08/15/31		522,550
	475,000		4.000			02/01/50		517,660
	American Homes 4 Rent LP^(a)
	1,851,000		4.900			02/15/29		2,100,459
	American Tower Corp.
	1,550,000		5.000			02/15/24		1,713,556
	1,400,000		3.375	^(a)		05/15/24		1,456,420
	575,000		3.700	^(a)		10/15/49		573,338
	Camden Property Trust^(a)
	1,338,000		4.100			10/15/28		1,489,729
	700,000		3.150			07/01/29		728,490
	Crown Castle International Corp.^(a)
	275,000		4.300			02/15/29		304,516
	Essex Portfolio LP^(a)
	700,000		3.000			01/15/30		707,168
	MPT Operating Partnership LP/MPT Finance Corp.^(a)
	950,000		4.625			08/01/29		979,364
	National Retail Properties, Inc.^(a)
	700,000		3.600			12/15/26		734,272
	Regency Centers LP^(a)
	1,200,000		2.950			09/15/29		1,198,140
	Spirit Realty LP^(a)
	1,675,000		4.000			07/15/29		1,750,392


52		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)
Real Estate Investment Trust – (continued)
	WP Carey, Inc.^(a)
$	700,000		3.850	%		07/15/29	$	740,691

								16,049,935

Retailing – 0.9%
	Dollar Tree, Inc.^(a)
	1,000,000		4.200			05/15/28		1,075,290
	Lowe’s Cos., Inc.^(a)
	1,175,000		3.650			04/05/29		1,256,392
	Starbucks Corp.^(a)
	400,000		3.800			08/15/25		432,708
	The Home Depot, Inc.
	400,000		5.875			12/16/36		553,320
	500,000		4.875	^(a)		02/15/44		643,155
	200,000		4.400	^(a)		03/15/45		241,364

								4,202,229

Savings & Loans^(a)(b)(c) – 0.2%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	750,000		3.960			07/18/30		785,805

								785,805

Semiconductors – 2.9%
	Broadcom Corp./Broadcom Cayman Finance Ltd.^(a)
	1,775,000		3.625			01/15/24		1,815,097
	600,000		3.125			01/15/25		595,578
	4,725,000		3.875			01/15/27		4,745,837
	Broadcom, Inc.^(a)(b)
	3,675,000		3.625			10/15/24		3,741,076
	2,075,000		4.250			04/15/26		2,143,268
	Microchip Technology, Inc.
	775,000		3.922			06/01/21		791,306
	NXP B.V./NXP Funding LLC^(b)
	450,000		3.875			09/01/22		464,531

								14,296,693

Software^(a) – 1.0%
	Fiserv, Inc.
	1,600,000		3.200			07/01/26		1,656,400
	1,025,000		4.400			07/01/49		1,147,795
	Oracle Corp.
	1,400,000		4.300			07/08/34		1,627,094
	575,000		3.800			11/15/37		630,211

								5,061,500

Telecommunication Services – 6.8%
	AT&T, Inc.
	4,400,000		3.800	^(a)		03/01/24		4,651,284
	3,700,000		4.450	^(a)		04/01/24		4,004,843
	3,448,000		3.400	^(a)		05/15/25		3,599,609
	1,724,000		3.600	^(a)		07/15/25		1,813,010
	675,000		4.350	^(a)		03/01/29		746,563
	550,000		6.150			09/15/34		690,332
	175,000		4.900	^(a)		08/15/37		198,935
	1,125,000		4.850	^(a)		03/01/39		1,276,594
	300,000		6.000	^(a)		08/15/40		372,927
	125,000		4.300	^(a)		12/15/42		130,569


Corporate Obligations – (continued)
Telecommunication Services – (continued)
	AT&T, Inc. – (continued)
	275,000		4.850	^(a)		07/15/45		304,948
	500,000		4.750	^(a)		05/15/46		553,890
	Deutsche Telekom International Finance B.V.^(a)(b)
	575,000		4.375			06/21/28		643,040
	Telefonica Emisiones SA^(a)
	375,000		5.520			03/01/49		455,381
	Verizon Communications, Inc.
	825,000		2.625			08/15/26		835,461
	4,056,000		4.329			09/21/28		4,597,030
	750,000		3.875	^(a)		02/08/29		822,967
	2,551,000		4.016	^(a)		12/03/29		2,844,493
	325,000		4.272			01/15/36		366,051
	375,000		5.250			03/16/37		466,166
	295,000		4.125			08/15/46		328,863
	400,000		4.862			08/21/46		490,080
	596,000		5.012			04/15/49		749,095
	Vodafone Group PLC
	1,850,000		3.750			01/16/24		1,947,957
	525,000		4.375			05/30/28		579,946

								33,470,034

Transportation – 0.6%
	Burlington Northern Santa Fe LLC
	425,000		6.150			05/01/37		596,653
	1,525,000		5.750	^(a)		05/01/40		2,053,840
	Union Pacific Corp.^(a)
	275,000		3.550			08/15/39		288,896

								2,939,389

	TOTAL CORPORATE OBLIGATIONS
	(Cost $423,163,237)						$	449,642,774



Foreign Debt Obligations – 4.2%
Sovereign – 4.2%
	Abu Dhabi Government International Bond
$	1,680,000		4.125	%		10/11/47	$	1,968,750
	Perusahaan Penerbit SBSN Indonesia III
	2,970,000		4.550			03/29/26		3,238,228
	Republic of Chile^(a)
	200,000		3.500			01/25/50		216,063
	Republic of Colombia^(a)
	1,221,000		4.000			02/26/24		1,286,629
	350,000		4.500			03/15/29		389,922
	200,000		5.200			05/15/49		241,812
	Republic of Indonesia
	200,000		3.700	^(b)		01/08/22		205,300
	387,000		5.875			01/15/24		436,222
	630,000		4.125			01/15/25		670,162
	350,000		4.350	^(b)		01/08/27		379,641
	470,000		6.750			01/15/44		674,450
	Republic of Kuwait
	5,380,000		3.500			03/20/27		5,790,225
	Republic of Panama^(a)
	200,000		3.870			07/23/60		216,437


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Qatar^(b)
$	1,800,000		5.103	%		04/23/48	$	2,303,437
	Republic of Romania^(b)
EUR	90,000		2.124			07/16/31		101,958
	170,000		4.625			04/03/49		240,184
	Republic of South Africa
$	200,000		4.850			09/30/29		199,500
	200,000		5.750			09/30/49		199,350
	United Mexican States
EUR	1,770,000		1.625			04/08/26		2,015,424

	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $18,633,692)						$	20,773,694



Municipal Debt Obligations – 1.0%
California^(a) – 0.2%
	California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%		10/01/39	$	712,148

Illinois – 0.7%
	Illinois State GO Bonds Build America Series 2010^(a)
	1,625,000		6.630			02/01/35		1,915,241
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,360,000		5.100			06/01/33		1,473,071

								3,388,312

New Jersey^(a) – 0.1%
	New Jersey State Turnpike Authority RB Build America Bonds Taxable Series 2009 F
	350,000		7.414			01/01/40		563,955

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,797,074)						$	4,664,415

	TOTAL INVESTMENTS – 96.5%
	(Cost $445,594,003)						$	475,080,883

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.5%							17,162,149

	NET ASSETS – 100.0%						$	492,243,032



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

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

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

(c)		Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2019.

(d)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2019.



Currency Abbreviations:
EUR		—Euro
USD		—U.S. Dollar

Investment Abbreviations:
CMT		—Constant Maturity Treasury Indexes
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
LP		—Limited Partnership
PLC		—Public Limited Company
RB		—Revenue Bond
SOFR		—Secured Overnight Funding Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty

Currency
Purchased

Currency
Sold

Settlement
Date

Unrealized
Gain

UBS AG (London)

USD

3,789,726

EUR

3,431,834

11/27/19

33,258


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		29			12/16/19	$	7,107,900		$	35,765
Eurodollars		1			06/15/20		246,113			460
Ultra Long U.S. Treasury Bonds		277			12/19/19		53,158,031			(846,653	)
30 Day Federal Funds		55			11/29/19		22,516,280			1,186
2 Year U.S. Treasury Notes		172			12/31/19		37,066,000			(42,989	)
10 Year U.S. Treasury Notes		70			12/19/19		9,121,875			11,374
20 Year U.S. Treasury Bonds		45			12/19/19		7,304,062			(28,786	)

Total									$	(869,643	)
Short position contracts:
Eurodollars		(1	)		03/16/20		(245,825	)		(1,677	)
Eurodollars		(1	)		12/14/20		(246,312	)		(1,562	)
Ultra 10 Year U.S. Treasury Notes		(270	)		12/19/19		(38,449,688	)		482,044
5 Year U.S. Treasury Notes		(318	)		12/31/19		(37,889,203	)		170,162

Total									$	648,967

TOTAL FUTURES CONTRACTS									$	(220,676	)

SWAP CONTRACTS — At September 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund	Payments Received/(Paid) by Fund		Termination Date	Notional Amount (000s)^(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR^(b)		1.287%	09/15/21	$	7,400	$	(716	)	$	860		$	(1,575	)
0.000		3M LIBOR	07/25/24		10,400		1,950			166			1,784
0.971^(b)		3M LIBOR	06/30/26		5,000		85,452			78,823			6,629
3M LIBOR^(c)		1.295^(d)	05/15/29		14,240		(308,904	)		(519,396	)		210,492
3M LIBOR^(c)		2.013^(d)	08/02/29		5,600		160,050			65,532			94,518
1.485^(c)		3M LIBOR^(d)	05/15/45		15,000		697,476			1,316,877			(619,401	)
2.230^(c)		3M LIBOR^(d)	08/02/52		1,400		(162,401	)		(51,360	)		(111,042	)

TOTAL						$	472,907		$	891,502		$	(418,595	)

(a)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(b)

Payments made annually.

(c)

Payments made quarterly.

(d)

Payments made semi-annually.


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)	Credit Spread at September 30, 2019^(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
iTraxx Europe Index Series 31	(1.000)%		0.478%		06/20/24	EUR	4,900	$	(134,265	)	$	(131,590	)	$	(2,675	)
Protection Sold:
CDX.NA.IG Index 33	1.000		0.600		12/20/24	$	49,525		995,108			982,920			12,188
General Electric Co. 2.700%, 10/09/22	1.000		1.164		06/20/24		1,175		(8,241	)		(19,177	)		10,936
The Boeing Co., 8.750%, 08/15/21	1.000		0.421		06/20/24		1,750		47,113			35,860			11,253
CDX.NA.IG Index 32	1.000		0.528		06/20/24		46,125		996,132			698,847			297,285
Prudential Financial, Inc., 3.500%, 05/15/24	1.000		0.658		06/20/24		1,150		18,198			16,218			1,980
AT&T, Inc., 2.450%, 06/30/20	1.000		0.732		06/20/24		2,325		28,873			5,112			23,761
Republic of Indonesia, 5.875%, 03/13/20	1.000		0.818		06/20/24		70		596			(150	)		746
United Mexican States, 4.150%, 03/28/27	1.000		1.047		06/20/24		640		(1,167	)		(8,950	)		7,783
Republic of Colombia, 10.375%, 01/28/33	1.000		0.830		06/20/24		1,830		14,662			(9,690	)		24,352
Republic of Peru, 8.750%, 11/21/33	1.000		0.489		06/20/24		550		13,000			8,414			4,586

TOTAL								$	1,970,008		$	1,577,814		$	392,195

(a)

Payments made quarterly

(b)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – 69.4%
Argentina – 0.2%
	Republic of Argentina (NR/NR)
$	355,000		4.500	%		02/13/20	$	106,419
	Republic of Argentina (CCC-/Caa2)
EUR	390,000		5.000			01/15/27		163,656

								270,075

Brazil – 3.3%
	Brazil Notas do Tesouro Nacional (BB-/Ba2)
BRL	6,412,000		10.000			01/01/21		1,631,957
	8,473,000		10.000			01/01/25		2,337,863

								3,969,820

Chile – 8.8%
	Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
CLP	705,000,000		4.500			02/28/21		1,003,725
	Bonos de la Tesoreria de la Republica en pesos (NR/NR)^(a)
	1,070,000,000		4.000			03/01/23		1,555,606
	Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
	1,260,000,000		5.000			03/01/35		2,159,471
	Bonos de la Tesoreria de la Republica en Pesos (NR/A1)
	1,740,000,000		4.500			03/01/21		2,477,027
	935,000,000		4.500			03/01/26		1,429,115
	Republic of Chile (A+/A1)
	1,504,000,000		5.500			08/05/20		2,117,337

								10,742,281

Colombia – 6.8%
	Republic of Colombia (NR/NR)
COP	1,695,300,000		6.250			11/26/25		507,231
	1,252,710,930		3.300			03/17/27		388,448
	4,265,100,000		7.000			06/30/32		1,313,124
	Republic of Colombia (NR/Baa2)^(b)
	1,851,000,000		4.375			03/21/23		521,075
	Republic of Colombia (BBB/Baa2)
	7,483,937,556		3.500			03/10/21		2,216,278
	6,484,900,000		7.000			05/04/22		1,959,521
	1,701,200,000		7.500			08/26/26		541,930
	2,660,100,000		6.000			04/28/28		771,635
	316,300,000		7.750			09/18/30		103,090

								8,322,332

Czech Republic – 3.0%
	Czech Republic Government Bond (NR/NR)
CZK	43,430,000		1.000			06/26/26		1,794,484
	10,380,000		0.250			02/10/27		405,423
	13,850,000		0.950			05/15/30		560,217
	Czech Republic Government Bond (NR/A1)
	14,410,000		4.200			12/04/36		859,188

								3,619,312

Dominican Republic – 1.7%
	Dominican Republic (NR/NR)
DOP	2,800,000		10.500			04/07/23		56,764
	5,400,000		11.500			05/10/24		112,802
	39,400,000		11.375			07/06/29		810,070
	49,900,000		12.000			03/05/32		1,075,802

								2,055,438


Sovereign Debt Obligations – (continued)
Hungary – 1.5%
	Hungary Government Bond (BBB/NR)
HUF	225,910,000		3.000			06/26/24		805,873
	Hungary Government Bond (BBB/NR)
	292,160,000		3.000			10/27/27		1,054,095

								1,859,968

Indonesia – 1.1%
	Republic of Indonesia (NR/Baa2)
IDR	20,000,000,000		7.000			05/15/27		1,391,335

Mexico – 2.0%
	United Mexican States (A-/A3)
MXN	3,817,800		7.750			11/23/34		203,504
	11,706,100		10.000			11/20/36		754,187
	24,870,500		8.500			11/18/38		1,418,201

								2,375,892

Peru – 4.4%
	Republic of Peru (NR/NR)
PEN	1,800,000		5.940	^(a)		02/12/29		604,457
	1,125,000		5.400	^(a)		08/12/34		355,412
	1,484,000		6.714			02/12/55		544,358
	Republic of Peru (NR/A3)^(a)
	8,890,000		6.150			08/12/32		3,010,229
	Republic of Peru (A-/A3)
	1,043,000		8.200			08/12/26		392,573
	41,000		6.950			08/12/31		14,779
	1,206,000		6.900			08/12/37		436,171

								5,357,979

Poland – 4.2%
	Republic of Poland (A/NR)
PLN	5,610,000		2.750			10/25/29		1,494,573
	Republic of Poland (A/A2)
	13,800,000		2.750			04/25/28		3,653,089

								5,147,662

Russia – 5.1%
	Russian Federation Bond (NR/NR)
RUB	264,330,000		6.900			05/23/29		4,078,764
	Russian Federation Bond (NR/NR)
	139,540,000		7.250			05/10/34		2,172,525

								6,251,289

South Africa – 8.9%
	Republic of South Africa (BB+/Baa3)
ZAR	12,320,000		10.500			12/21/26		903,780
	6,930,000		7.000			02/28/31		384,780
	15,716,000		8.250			03/31/32		955,373
	57,020,000		8.875			02/28/35		3,544,736
	40,960,000		8.500			01/31/37		2,423,678
	22,620,000		9.000			01/31/40		1,379,441
	2,790,000		6.500			02/28/41		129,501
	19,154,300		8.750			01/31/44		1,127,782

								10,849,071


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Sovereign Debt Obligations – (continued)
Thailand – 15.0%
	Thailand Government Bond (NR/NR)
THB	85,000,000		2.000	%		12/17/22	$	2,820,043
	158,740,000		2.400			12/17/23		5,376,650
	11,330,000		2.875			12/17/28		412,807
	24,710,000		3.300			06/17/38		1,034,620
	Thailand Government Bond (NR/Baa1)
	8,230,000		2.125			12/17/26		280,281
	53,394,998		1.250			03/12/28		1,701,600
	103,990,000		3.775			06/25/32		4,278,579
	Thailand Government Bond (A-/Baa1)
	58,690,000		3.850			12/12/25		2,194,142
	3,150,000		3.650			06/20/31		126,467

								18,225,189

Turkey – 3.2%
	Republic of Turkey (NR/NR)
TRY	19,080,000		12.200			01/18/23		3,284,179
	4,270,000		8.800			09/27/23		652,183

								3,936,362

Uruguay – 0.2%
	Republic of Uruguay (BBB/Baa2)
UYU	7,753,999		4.375			12/15/28		222,424

	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $85,166,931)						$	84,596,429



Corporate Obligations – 4.0%
Peru^(a)(b) – 2.2%
	Banco de Credito del Peru (BBB+/NR)
PEN	8,200,000		4.650	%		09/17/24	$	2,445,183
	Banco de Credito del Peru (BBB+/Baa1)
	643,000		4.850			10/30/20		191,500

								2,636,683

United Kingdom – 1.4%
	European Bank for Reconstruction & Development (NR/NR)
UAH	40,400,000		16.950			04/03/20		1,664,374

Venezuela^(c) – 0.4%
	Petroleos de Venezuela SA (NR/NR)
$	9,280,000		6.000			10/28/22		556,800

	TOTAL CORPORATE OBLIGATIONS
	(Cost $7,321,947)						$	4,857,857



Structured Notes – 10.9%
Singapore^(a) – 0.7%
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	11,025,000,000		9.000	%		03/19/29	$	858,234

United Kingdom^(a) – 4.9%
	Arab Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)^(d)
EGP	15,275,000		0.000			11/21/19		918,076


Structured Notes – (continued)
United Kingdom^(a) – (continued)
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)
IDR	1,671,000,000		7.000	%		09/18/30	$	114,363
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
	52,836,000,000		8.750			05/17/31		4,047,844
	12,570,000,000		7.500			08/18/32		873,126

								5,953,409

United States – 5.3%
	Arab Republic of Egypt (Issuer Citibank NA) (NR/NR)^(a)(d)
EGP	30,500,000		0.000			03/05/20		1,744,589
	Ukraine Government Bond (Issuer Citibank NA) (NR/NR)
UAH	9,110,000		14.300			07/10/20		373,698
	Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000		11.000			07/25/24		1,461,771
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)^(a)
IDR	15,558,000,000		7.000			05/17/27		1,082,319
	17,372,000,000		8.750			05/17/31		1,330,895
	6,568,000,000		7.500			08/19/32		456,220

								6,449,492

	TOTAL STRUCTURED NOTES
	(Cost $14,558,275)						$	13,261,135



Municipal Debt Obligations^(b) – 0.2%
Puerto Rico – 0.2%
	Puerto Rico Sales Tax Financing Corp. Sales Tax RB Series 2018 A-1 (NR/NR)
$	29,000		4.500	%		07/01/34	$	30,979
	14,000		4.550			07/01/40		14,435
	89,000		4.750			07/01/53		92,337
	124,000		5.000			07/01/58		130,723

	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $246,997)						$	268,474



U.S. Treasury Obligations – 1.0%
	United States Treasury Notes
$	430,000		2.875	%		10/15/21	$	440,481
	520,000		1.750			09/30/22		522,641
	90,000		2.875			10/31/23		94,626
	110,000		2.875			05/31/25		117,597
	20,000		2.875			08/15/28		21,997

	TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,194,502)						$	1,197,342

	TOTAL INVESTMENTS – 85.5%
	(Cost $108,488,652)						$	104,181,237

	OTHER ASSETS IN EXCESS OF LIABILITIES – 14.5%							17,656,363

	NET ASSETS – 100.0%						$	121,837,600


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND



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

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

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

(c)		Security is currently in default and/or non-income producing.

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

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



Currency Abbreviations:
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
ILS		—Israeli Shekel
INR		—Indian Rupee
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
UAH		—Ukraine Hryvna
USD		—U.S. Dollar
UYU		—Uruguayan Peso
ZAR		—South African Rand



Investment Abbreviations:
BUBOR		— Budapest Interbank Offered Rate
CLICP		— Sinacofi Chile Interbank Rate
EURO		— Euro Offered Rate
HIBOR		— Hong Kong Interbank Offered Rate
JIBAR		— Johannesburg Interbank Agreed Rate
KLIBOR		—Kuala Lumpur Interbank Offered Rate
KWCDC		—South Korean Won Certificate of Deposit
LIBOR		—London Interbank Offered Rate
LLC		— Limited Liability Company
MIBOR		—MIBOR - Mumbai Interbank Offered Rate
NR		— Not Rated
PLC		—Public Limited Company
PRIBOR		—Prague Interbank Offered Rate
RB		—Revenue Bond
SHIBOR		—Shanghai Interbank Offered Rate
TIIE		—La Tasa de Interbank Equilibrium Interest Rate
WIBOR		—Warsaw Interbank Offered Rate


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2019, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	BRL	37,684,195	USD	9,048,476		10/02/19	$	19,956
	BRL	53,677,946	USD	12,823,298		11/04/19		63,316
	COP	1,964,500,146	USD	562,085		11/08/19		1,401
	EUR	573,116	HUF	190,628,465		12/18/19		4,974
	EUR	409,123	PLN	1,783,669		12/18/19		3,370
	IDR	58,326,289,182	USD	4,057,356		10/09/19		55,053
	ILS	344,330	USD	98,460		12/18/19		1,019
	INR	227,347,287	USD	3,190,382		10/09/19		20,873
	MXN	242,748,413	USD	12,139,242		12/18/19		7,374
	PHP	29,536,397	USD	564,642		10/18/19		5,074
	RUB	27,882,681	USD	428,795		10/15/19		271
	SGD	647,744	USD	467,829		12/18/19		1,259
	TRY	2,682,833	EUR	410,775		12/18/19		12,562
	TRY	20,853,344	USD	3,536,432		12/18/19		62,889
	TWD	27,714,412	USD	887,856		10/03/19		5,199
	USD	5,234,944	BRL	21,608,041		10/02/19		35,124
	USD	21,699,296	CLP	15,558,218,568		10/01/19		361,466
	USD	7,698,623	CLP	5,560,518,451		10/25/19		68,676
	USD	1,806,875	CNH	12,880,655		12/18/19		6,568
	USD	1,684,335	COP	5,809,374,456		10/10/19		15,751
	USD	13,323,682	COP	46,250,627,930		11/08/19		57,425
	USD	1,974,795	EUR	1,775,719		12/18/19		27,357
	USD	411,637	HUF	123,478,844		12/18/19		7,726
	USD	451,129	IDR	6,370,575,328		10/09/19		1,960
	USD	429,704	INR	30,375,804		10/09/19		649
	USD	429,198	KRW	512,881,656		11/25/19		824
	USD	3,669,601	MXN	72,663,243		12/18/19		33,684
	USD	414,442	MYR	1,735,683		11/12/19		524
	USD	1,472,127	PEN	4,906,944		11/06/19		18,307
	USD	454,323	PLN	1,787,160		12/18/19		8,135
	USD	1,732,704	RUB	111,231,191		10/15/19		21,049
	USD	899,668	SGD	1,235,914		12/18/19		4,634
	USD	894,060	TWD	27,714,412		10/03/19		1,006
	USD	1,814,842	TWD	55,808,197		10/30/19		12,833
	USD	3,338,437	ZAR	50,314,618		12/18/19		50,259
	ZAR	13,436,737	USD	874,537		12/18/19		3,585

TOTAL							$	1,002,132

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	BRL	39,454,464	USD	9,560,203		10/02/19	$	(65,770	)
	CLP	15,558,218,568	USD	21,554,832		10/01/19		(217,006	)
	COP	5,809,374,455	USD	1,724,956		10/10/19		(56,373	)
	COP	38,443,261,720	USD	11,119,954		11/08/19		(93,115	)
	CZK	65,378,833	USD	2,797,829		12/18/19		(30,596	)
	EUR	800,385	CZK	20,761,091		12/18/19		(951	)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)


Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	EUR	392,237	HUF	131,550,428		12/18/19	$	(146	)
	EUR	837,446	ILS	3,254,893		12/18/19		(21,935	)
	HUF	136,686,136	EUR	408,396		12/18/19		(777	)
	HUF	136,063,657	PLN	1,788,828		12/18/19		(1,527	)
	HUF	900,889,969	USD	3,024,307		12/18/19		(77,411	)
	IDR	3,825,167,674	USD	273,246		10/09/19		(3,545	)
	KRW	1,926,316,296	USD	1,613,794		11/25/19		(4,877	)
	MXN	26,068,868	USD	1,318,489		12/18/19		(14,057	)
	MYR	32,429,070	USD	7,769,489		11/12/19		(35,945	)
	PEN	2,309,467	USD	688,632		11/06/19		(4,388	)
	PLN	31,717,713	EUR	7,271,263		12/18/19		(55,686	)
	PLN	26,511,360	USD	6,756,725		12/18/19		(137,820	)
	RON	1,872,649	EUR	391,933		12/18/19		(129	)
	RON	9,929,034	USD	2,312,277		12/18/19		(33,922	)
	RUB	592,778,792	USD	9,219,601		10/15/19		(97,766	)
	TWD	13,741,945	USD	444,105		10/30/19		(387	)
	USD	13,290,460	BRL	55,530,618		10/02/19		(72,586	)
	USD	502,568	CZK	11,880,989		12/18/19		(308	)
	USD	1,827,641	IDR	26,154,927,003		10/09/19		(16,464	)
	USD	2,654,055	ILS	9,311,634		12/18/19		(36,149	)
	USD	2,736,535	INR	196,971,482		10/09/19		(45,665	)
	USD	446,828	INR	31,935,924		11/25/19		(2,133	)
	USD	234,490	INR	16,720,314		12/03/19		(331	)
	USD	896,319	MXN	17,984,216		12/18/19		(3,573	)
	USD	538,660	PEN	1,828,105		11/06/19		(2,967	)
	USD	2,679,358	SGD	3,703,087		12/18/19		(2,371	)
	USD	7,058,271	THB	216,077,041		12/18/19		(17,522	)
	USD	828,258	TRY	4,825,838		12/18/19		(4,687	)
	USD	899,742	TWD	27,872,128		10/30/19		(230	)
	ZAR	6,665,460	EUR	410,000		12/18/19		(14,045	)
	ZAR	42,996,683	USD	2,870,260		12/18/19		(60,318	)

TOTAL							$	(1,233,478	)

FUTURES CONTRACTS — At September 30, 2019, the Fund had the following futures contracts:


Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		1		12/14/20	$	246,313	$	1,230
Ultra Long U.S. Treasury Bonds		23		12/19/19		4,413,844		(33,023	)
Ultra 10 Year U.S. Treasury Notes		60		12/19/19		8,544,375		(109,171	)
30 Day Federal Funds		26		11/29/19		10,644,060		561
2 Year U.S. Treasury Notes		14		12/31/19		3,017,000		1,174
10 Year U.S. Treasury Notes		48		12/19/19		6,255,000		(38,296	)

Total							$	(177,525	)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)


Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Eurodollars		(48	)		12/16/19	$	(11,764,800	)	$	(103,950	)
5 Year U.S. Treasury Notes		(17	)		12/31/19		(2,025,523	)		381
20 Year U.S. Treasury Bonds		(93	)		12/19/19		(15,095,063	)		192,196

Total									$	88,627

TOTAL FUTURES CONTRACTS									$	(88,898	)

SWAP CONTRACTS — At September 30, 2019, 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	122,280	^(e)	$	283,653		$	—		$	283,653	^(f)
3M TELBOR^(b)		1.342^(c)	Barclays Bank PLC		12/18/29	ILS	4,110	^(e)		46,232			—			46,232	^(f)
6M Thai Reuters^(d)		1.500	BofA Securities LLC		09/18/21	THB	72,240			9,911			188			9,723
6M Thai Reuters^(d)		1.750	Citibank NA		06/19/21		338,000			76,714			(3,197	)		79,911
6M Thai Reuters^(d)		1.500	Citibank NA		09/18/21		133,090			18,259			(3,343	)		21,602
3M KLIBOR^(b)		3.650	Citibank NA		02/27/24	MYR	3,020			14,227			—			14,227	^(f)
6.055^(b)		Colombia IBR Overnight IB	CS International (London)		05/02/24	COP	3,635,890			(75,424	)		—			(75,424	)^(f)
3M TELBOR^(b)		1.405^(c)	Deutsche Bank AG (London)		12/18/29	ILS	3,360	^(e)		43,676			—			43,676	^(f)
6M Thai Reuters^(d)		1.750	JPMorgan Securities, Inc.		06/19/21	THB	255,890			64,515			4,284			60,231
Mexico IB TIIE 28D^(a)		5.630	MS & Co. Int. PLC		06/17/21	MXN	135,000			(133,267	)		—			(133,267	)^(f)
3M KLIBOR^(d)		1.750	MS & Co. Int. PLC		06/19/21	THB	87,700			22,111			462			21,649
3M KLIBOR^(b)		3.693	MS & Co. Int. PLC		03/01/24	MYR	5,490			28,275			—			28,275	^(f)
3M KLIBOR^(b)		3.605	MS & Co. Int. PLC		03/06/24		30,010			128,516			—			128,516	^(f)
3M KLIBOR^(b)		3.330	MS & Co. Int. PLC		05/31/24		2,610			4,140			—			4,141	^(f)
3M KLIBOR^(b)		3.250	MS & Co. Int. PLC		12/18/24		2,000	^(e)		1,792			540			1,252

TOTAL									$	533,331		$	(1,066	)	$	534,397

(a)

Payments made monthly.

(b)

Payments made quarterly.

(c)

Payments made annually.

(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 September 30, 2019.

(f)

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

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^(a)	7.250%	01/02/20	BRL	53,900	$	172,482		$	11,049		$	161,433
8.360%^(a)	Mexico IB TIIE 28D	03/18/20	MXN	663,325		(124,904	)		(172,291	)		47,387
7.330^(b)	3M JIBAR	03/21/20	ZAR	10		(2	)		(1	)		(1	)
6M MIBOR^(b)	4.750	06/20/20	COP	11,654,895		21,875			8,614			13,261


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)


Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6.500^(b)		3M JIBAR	12/18/20	ZAR	155,880	^(f)	$	9,125		$	(7,003	)	$	16,128
8.000^(a)		1M BID Avg	01/04/21	BRL	5,440			(60,974	)		(15,037	)		(45,937	)
12M BID Avg^(e)		5.560%	01/04/21		6,840			9,919			—			9,919
6M MIBOR^(b)		5.000	03/20/21	COP	18,716,360			69,396			4,548			77,021
6M PRIBOR^(d)		2.200^(c)	09/18/21	CZK	103,310			8,192			(37,319	)		45,511
Mexico IB TIIE 28D^(a)		6.750	12/15/21	MXN	182,080	^(f)		49,258			14,629			34,629
6M BUBOR^(d)		0.800^(c)	12/18/21	HUF	3,442,450	^(f)		88,713			21,770			66,943
3M KWCDC^(b)		1.250	12/18/21	KRW	49,960,420			23,336			(12,226	)		35,562
6M CLICP^(d)		1.650	12/18/21	CLP	3,626,600			(1,225	)		—			(1,225	)
1.750^(b)		3M LIBOR^(d)	12/18/21	$	12,420	^(f)		(46,825	)		(21,451	)		(25,374	)
4.200^(b)		3M MIBOR	12/18/21	COP	24,363,675			1,325			(833	)		2,158
6M MIBOR^(d)		4.750	12/18/21	INR	427,970			(12,103	)		(11,928	)		(175	)
3M JIBAR^(b)		6.750	12/18/21	ZAR	51,390	^(f)		6,752			(2,248	)		9,000
10.300^(a)		1M BID Avg	01/03/22	BRL	80			(2,378	)		(116	)		(2,262	)
2.000^(d)		6M PRIBOR^(c)	03/18/22	CZK	72,660	^(f)		522			(917	)		1,439
1.750^(d)		6M WIBOR^(c)	03/18/22	PLN	10,150	^(f)		(4,443	)		(820	)		(3,623	)
Mexico IB TIIE 28D^(a)		7.500	09/14/22	MXN	10,635			14,180			151			14,029
Mexico IB TIIE 28D^(a)		6.630	12/14/22		48,200	^(f)		15,263			(1,851	)		17,114
1M BID Avg^(a)		6.660	01/02/23	BRL	69,395			311,214			182,133			129,081
1M BID Avg^(a)		6.849	01/02/23		8,525			48,944			—			48,944
5.955^(a)		1M LIBOR	11/20/24	MXN	54,290			76,179			14			76,165
Mexico IB TIIE 28D^(a)		6.630	12/11/24		61,450	^(f)		21,385			(5,881	)		27,266
6M PRIBOR^(d)		1.100^(c)	12/18/24	CZK	36,900	^(f)		(42,065	)		(372	)		(41,693	)
3 month SHIBOR^(b)		3.000	12/18/24	CNY	20,950			8,497			12,960			(4,463	)
5.250^(d)		6M MIBOR	12/18/24	INR	28,990			(4,631	)		1,230			(5,861	)
1.860^(d)		6M WIBOR^(c)	12/18/24	PLN	37,540	^(f)		(96,532	)		(116,379	)		19,847
5.660^(a)		1M LIBOR	01/24/25		20,280			43,111			14			43,097
Mexico IB TIIE 28D^(a)		6.840	12/09/26	MXN	31,950	^(f)		22,604			(3,981	)		26,585
6M EURO^(d)		1.250^(c)	12/19/28	EUR	200			(169	)		—			(169	)
1.250^(d)		6M EURO^(c)	12/19/28		200			(31,858	)		(5,594	)		(26,264	)
Mexico IB TIIE 28D^(a)		8.250	06/06/29	MXN	24,980			137,267			(642	)		137,909
7.750^(a)		Mexico IB TIIE 28D	09/05/29		16,200			(58,698	)		(22,340	)		(36,358	)
6.700^(a)		Mexico IB TIIE 28D	12/05/29		7,190	^(f)		2,184			226			1,958
6M EURO^(d)		0.750^(c)	12/18/29	EUR	2,310	^(f)		228,517			222,929			5,588
6M SOR^(d)		1.750	12/18/29	SGD	1,300	^(f)		5,143			(46	)		5,189
6M BUBOR^(d)		2.500^(c)	12/18/29	HUF	336,475	^(f)		121,516			13,889			107,627
6M CLICP^(d)		2.500	12/18/29	CLP	438,825			(5,285	)		1,155			(6,440	)
1.750^(b)		3 month HIBOR	12/18/29	HKD	7,830	^(f)		(5,924	)		(4,329	)		(1,595	)
1.250^(b)		3M KWCDC	12/18/29	KRW	1,581,920			(4,276	)		(3,664	)		(612	)
1.500^(b)		3M LIBOR^(d)	12/18/29	$	1,570	^(f)		9,091			26,364			(17,273	)
3M MIBOR^(b)		5.300	12/18/29	COP	8,519,275			5,237			(639	)		5,876
1.750^(d)		6M PRIBOR^(c)	12/18/29	CZK	110,825	^(f)		(186,181	)		(107,614	)		(78,567	)
2.500^(d)		6M WIBOR^(c)	12/18/29	PLN	14,425	^(f)		(278,249	)		(133,984	)		(144,265	)
3M JIBAR^(b)		8.000	12/18/29	ZAR	20,295	^(f)		26,773			(23,202	)		49,975

TOTAL							$	603,451		$	(191,033	)	$	794,484

(a)

Payments made monthly.

(b)

Payments made quarterly.

(c)

Payments made annually.

(d)

Payments made semi-annually

(e)

Payments made at termination date.

(f)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Reference Obligation/ Index	Financing Rate Paid by the Fund^(a)	Credit Spread at September 30, 2019^(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)%	0.089%		BofA Securities LLC		12/20/20	$	2,320	$	(26,575	)	$	6,377	$	(32,952	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.125		BofA Securities LLC		06/20/21		70		(1,071	)		282		(1,353	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.089		Citibank NA		12/20/20		3,400		(38,946	)		10,886		(49,832	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.125		Citibank NA		06/20/21		3,810		(58,291	)		13,759		(72,051	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.125		JPMorgan Securities, Inc.		06/20/21		250		(3,825	)		879		(4,703	)
People’s Republic of China, 7.500%, 10/28/27	(1.000)	0.125		UBS AG (London)		06/20/21		280		(4,284	)		425		(4,709	)

TOTAL									$	(132,992	)	$	32,608	$	(165,600	)
Protection Sold:
People’s Republic of China, 7.500%, 10/28/27	1.000	0.360		MS & Co. Int. PLC		12/20/23		6,780		180,112			140,613		39,499

TOTAL									$	47,120		$	173,221	$	(126,101	)

(a)

Payments made quarterly.

(b)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS


Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund^(a)		Credit Spread at September 30, 2019^(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Republic of Indonesia, 5.875%, 03/13/20		1.000%	0.818%		06/20/24	$	1,310	$	11,158	$	8,067		$	3,091
Republic of Colombia, 10.375%, 01/28/33		1.000	0.830		06/20/24		1,230		9,855		7,154			2,701
People’s Republic of China, 7.500%, 10/28/27		1.000	0.218		06/20/22		8,820		187,951		175,461			12,490
State of Qatar, 9.750%, 06/15/30		1.000	0.482		06/20/24		130		3,111		2,671			440
State of Qatar, 9.750%, 06/15/30		1.000	0.540		12/20/24		30		702		656			46
Russian Federation, 7.500%, 03/31/30		1.000	0.859		12/20/24		320		2,345		(2,603	)		4,948

TOTAL								$	215,121	$	191,406		$	23,716

(a)

Payments made quarterly.

(b)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

NON-DELIVERABLE BOND FORWARD CONTRACT^(a)

Counterparty

Notional
Amount
(000s)

Reference Obligation

Settlement
Date

Unrealized
Appreciation/
(Depreciation)*

BofA Securities LLC

8,765,700

Titulos De Tesoreria 11.000%, 07/24/20

10/11/19

7,091

There is no upfront payment on the bond forward contract, therefore the unrealized gain (loss) of the bond forward contract is equal to its market value.

(a)

Represents a short term forward contract to purchase the referenced obligation denominated in a non-deliverable foreign currency.



Abbreviations:
1M BID Avg		—1 month Brazilian Interbank Deposit Average
BofA Securities LLC		—Bank of America Securities LLC
CS International (London)		—Credit Suisse International (London)
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.		65

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – 138.7%
Collateralized Mortgage Obligations – 5.6%
Interest Only^(a) – 0.9%
	FHLMC REMIC Series 3852, Class SW^(b) (-1x1M LIBOR + 6.000%)
$	438,413		3.973	%		05/15/41	$	69,542
	FHLMC REMIC Series 4286, Class SN^(b) (-1x1M LIBOR + 6.000%)
	3,358,551		3.973			12/15/43		552,213
	FHLMC REMIC Series 4314, Class SE^(b) (-1x1M LIBOR + 6.050%)
	319,042		4.023			03/15/44		51,427
	FHLMC REMIC Series 4320, Class SD^(b) (-1x1M LIBOR + 6.100%)
	166,002		4.073			07/15/39		29,502
	FHLMC REMIC Series 4456, Class IO
	202,513		4.500			10/15/44		33,531
	FHLMC REMIC Series 4468, Class SY^(b) (-1x1M LIBOR + 6.100%)
	301,940		4.073			05/15/45		50,199
	FHLMC REMIC Series 4583, Class ST^(b) (-1x1M LIBOR + 6.000%)
	1,365,548		3.973			05/15/46		231,834
	FHLMC STRIPS Series 304, Class C45
	238,804		3.000			12/15/27		16,725
	FNMA REMIC Series 2007-36, Class SN^(b) (-1x1M LIBOR + 6.770%)
	401,062		4.752			04/25/37		83,041
	FNMA REMIC Series 2008-17, Class SI^(b) (-1x1M LIBOR + 6.300%)
	510,972		4.282			03/25/38		94,915
	FNMA REMIC Series 2011-124, Class SC^(b) (-1x1M LIBOR + 6.550%)
	310,142		4.532			12/25/41		56,509
	FNMA REMIC Series 2012-88, Class SB^(b) (-1x1M LIBOR + 6.670%)
	375,665		4.652			07/25/42		63,916
	GNMA REMIC Series 2010-101, Class S^(b) (-1x1M LIBOR + 6.000%)
	922,789		3.956			08/20/40		159,134
	GNMA REMIC Series 2010-20, Class SE^(b) (-1x1M LIBOR + 6.250%)
	376,952		4.206			02/20/40		70,420
	GNMA REMIC Series 2010-85, Class SN^(b) (c) (-1x1M LIBOR + 5.940%)
	36,403		3.896			07/20/40		6,484
	GNMA REMIC Series 2013-124, Class CS^(b) (-1x1M LIBOR + 6.050%)
	1,356,370		4.006			08/20/43		248,004
	GNMA REMIC Series 2013-134, Class DS^(b) (-1x1M LIBOR + 6.100%)
	85,169		4.056			09/20/43		15,601
	GNMA REMIC Series 2014-11, Class KI
	204,790		4.500			12/20/42		19,356
	GNMA REMIC Series 2014-117, Class SJ^(b) (-1x1M LIBOR + 5.600%)
	3,894,627		3.556			08/20/44		621,970


Mortgage-Backed Obligations – (continued)
Collateralized Mortgage Obligations – (continued)
Interest Only^(a) – (continued)
	GNMA REMIC Series 2014-132, Class SL^(b) (-1x1M LIBOR + 6.100%)
$	615,105		4.056	%		10/20/43	$	78,122
	GNMA REMIC Series 2014-133, Class BS^(b) (-1x1M LIBOR + 5.600%)
	292,574		3.556			09/20/44		46,809
	GNMA REMIC Series 2014-158, Class SA^(b) (-1x1M LIBOR + 5.600%)
	1,826,723		3.573			10/16/44		296,827
	GNMA REMIC Series 2015-110, Class MS^(b) (-1x1M LIBOR + 5.710%)
	1,178,259		3.666			08/20/45		169,733
	GNMA REMIC Series 2015-111, Class IM
	652,345		4.000			08/20/45		81,531
	GNMA REMIC Series 2015-111, Class SM^(b) (-1x1M LIBOR + 6.200%)
	366,963		4.156			08/20/45		59,137
	GNMA REMIC Series 2015-112, Class SB^(b) (-1x1M LIBOR + 5.740%)
	349,114		3.696			08/20/45		49,900
	GNMA REMIC Series 2015-119, Class SN^(b) (-1x1M LIBOR + 6.250%)
	765,595		4.206			08/20/45		122,501
	GNMA REMIC Series 2015-129, Class IC
	408,725		4.500			09/16/45		73,007
	GNMA REMIC Series 2015-168, Class SD^(b) (-1x1M LIBOR + 6.200%)
	194,847		4.156			11/20/45		35,470
	GNMA REMIC Series 2015-57, Class AS^(b) (-1x1M LIBOR + 5.600%)
	2,170,912		3.556			04/20/45		312,186
	GNMA REMIC Series 2015-72, Class JI^(c)
	87,575		3.500			05/20/45		7,976
	GNMA REMIC Series 2015-83, Class PI^(c)
	146,634		3.500			06/20/45		14,325
	GNMA REMIC Series 2015-90, Class PI^(c)
	116,126		3.500			04/20/45		9,542
	GNMA REMIC Series 2016-1, Class ST^(b) (-1x1M LIBOR + 6.200%)
	371,634		4.156			01/20/46		58,036
	GNMA REMIC Series 2016-138, Class DI
	227,899		4.000			10/20/46		31,303
	GNMA REMIC Series 2016-27, Class IA
	805,055		4.000			06/20/45		84,597
	GNMA REMIC Series 2016-4, Class SM^(b) (-1x1M LIBOR + 5.650%)
	545,533		3.606			01/20/46		88,206

								4,093,531

Regular Floater^(b) – 2.4%
	FHLMC REMIC Series 4103, Class BF (1M LIBOR + 0.350%)
	491,550		2.378			12/15/38		491,050
	FNMA REMIC Series 2010-118, Class YF (1M LIBOR + 0.500%)
	3,845,427		2.518			10/25/40		3,862,176


66		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)
Regular Floater^(b) – (continued)
	FNMA REMIC Series 2011-63, Class FG (1M LIBOR + 0.450%)
$	96,591		2.468	%		07/25/41	$	97,203
	FNMA REMIC Series 2017-96, Class FA (1M LIBOR + 0.400%)
	2,251,224		2.418			12/25/57		2,248,240
	GNMA REMIC Series 2017-182, Class FN (1M LIBOR + 0.300%)
	4,419,135		2.328			12/16/47		4,395,190

								11,093,859

Sequential Fixed Rate – 1.8%
	FHLMC REMIC Series 2042, Class N
	43,228		6.500			03/15/28		47,242
	FHLMC REMIC Series 3748, Class D
	382,139		4.000			11/15/39		391,216
	FHLMC REMIC Series 4577, Class HM^(d)
	692,319		4.000			12/15/50		744,000
	FNMA REMIC Series 2000-16, Class ZG
	126,437		8.500			06/25/30		151,583
	FNMA REMIC Series 2005-59, Class KZ
	758,201		5.500			07/25/35		854,657
	FNMA REMIC Series 2011-52, Class GB
	441,757		5.000			06/25/41		486,588
	FNMA REMIC Series 2011-99, Class DB
	481,614		5.000			10/25/41		530,354
	FNMA REMIC Series 2012-111, Class B
	67,402		7.000			10/25/42		78,723
	FNMA REMIC Series 2012-153, Class B
	266,667		7.000			07/25/42		313,218
	FNMA REMIC Series 2017-87, Class EA
	4,547,966		3.000			04/25/44		4,760,741

								8,358,322

Sequential Floating Rate^(b) – 0.5%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	67,813		4.376			04/25/35		69,176
	Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	322,325		4.414			07/25/35		323,708
	Countrywide Alternative Loan Trust Series 2005-38, Class A1(12M MTA + 1.500%)
	81,083		3.946			09/25/35		80,027
	HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
	71,697		2.537			01/19/36		68,787
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	32,225		2.738			10/25/34		31,817
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 3AX
	5,583		0.123			08/25/33		28
	Master Adjustable Rate Mortgages Trust Series 2003-2, Class 4AX
	897		0.320			07/25/33		9
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	290,088		4.377			10/25/34		289,983


Mortgage-Backed Obligations – (continued)
Sequential Floating Rate^(b) – (continued)
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1^(e)
	245,252		3.750			05/28/52		255,112
	Silverstone Master Issuer PLC Series 2019-1A, Class 1A^(e) (3M USD LIBOR + 0.570%)
	760,000		2.848			01/21/70		760,807
	Station Place Securitization Trust Series 2015-2, Class AR^(e) (1M USD LIBOR + 0.550%)
	600,000		2.586			05/15/21		600,000

								2,479,454

	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	26,025,166

Commercial Mortgage-Backed Securities – 2.9%
Sequential Fixed Rate – 2.2%
	BBCMS Mortgage Trust Series 2018-C2, Class A4
$	2,650,000		4.047	%		12/15/51	$	2,977,270
	Morgan Stanley Capital I Trust Series 2018-L1, Class A3
	6,400,000		4.139			10/15/51		7,212,792

								10,190,062

Sequential Floating Rate^(b) – 0.7%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A^(e) (1M USD LIBOR + 0.900%)
	919,781		2.928			09/15/35		919,496
	BANK 2018-BNK15 Series 2018-BN15, Class A4
	900,000		4.407			11/15/61		1,039,326
	Exantas Capital Corp. Ltd. Series 2018-RSO6, Class A^(e) (1M USD LIBOR + 0.830%)
	1,289,236		2.855			06/15/35		1,288,425

								3,247,247

	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	13,437,309

Federal Agencies – 130.2%
Adjustable Rate FHLMC^(b) – 0.0%
	(1 Year CMT + 2.107%)
$	8,246		4.510	%		10/01/34	$	8,683
	(1 Year CMT + 2.213%)
	14,715		4.458			09/01/33		15,484
	(1 Year CMT + 2.250%)
	35,877		4.804			04/01/33		37,643
	12,494		4.747			11/01/34		13,130
	11,344		4.979			02/01/35		11,928
	42,037		4.754			06/01/35		44,160

								131,028

Adjustable Rate FNMA^(b) – 0.1%
	(1 Year CMT + 2.195%)
	17,574		4.839			02/01/35		18,463
	(1 Year CMT + 2.213%)
	4,212		4.700			07/01/33		4,436
	(1 Year CMT + 2.260%)
	90,481		4.668			06/01/33		95,139


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA^(b) – (continued)
	(1 Year CMT + 2.305%)
$	1,155		4.774	%		04/01/34	$	1,215
	(1 Year CMT + 2.530%)
	79,342		4.530			08/01/34		83,502
	(12M USD LIBOR + 1.622%)
	28,342		4.739			03/01/35		29,546
	(12M USD LIBOR + 1.647%)
	26,567		4.571			12/01/33		27,635
	(12M USD LIBOR + 1.670%)
	14,091		4.533			11/01/34		14,705
	(12M USD LIBOR + 1.810%)
	17,466		4.932			04/01/35		18,336
	(12M USD LIBOR + 1.974%)
	31,952		4.983			05/01/35		33,587
	(6M USD LIBOR + 1.412%)
	4,980		3.993			06/01/33		5,134
	(COF + 1.250%)
	885		2.345			07/01/22		884
	7,592		2.391			07/01/27		7,587
	8,550		2.391			11/01/27		8,543
	4,712		2.391			01/01/31		4,709
	6,412		2.391			06/01/32		6,409
	6,522		2.345			08/01/32		6,519
	9,819		2.345			05/01/33		9,814
	81,850		2.394			08/01/33		81,804
	3,104		2.391			11/01/35		3,102
	20,913		2.391			12/01/37		20,898
	12,374		2.391			01/01/38		12,365
	7,531		2.391			11/01/40		7,527

								501,859

Adjustable Rate GNMA^(b) – 0.1%
	(1 Year CMT + 1.500%)
	4,746		3.750			07/20/23		4,792
	4,477		3.750			08/20/23		4,522
	10,136		3.750			09/20/23		10,239
	3,605		4.000			03/20/24		3,660
	30,829		3.875			04/20/24		31,378
	4,035		3.875			05/20/24		4,121
	34,164		3.875			06/20/24		34,734
	20,989		3.750			07/20/24		21,241
	29,282		3.750			08/20/24		29,639
	8,632		3.750			09/20/24		8,739
	12,218		4.125			11/20/24		12,407
	12,703		4.125			12/20/24		12,904
	7,746		4.000			01/20/25		7,878
	4,549		4.000			02/20/25		4,627
	17,287		3.875			05/20/25		17,608
	14,104		3.750			07/20/25		14,303
	5,941		4.000			02/20/26		6,057
	362		3.750			07/20/26		367
	17,229		4.000			01/20/27		17,593
	6,587		4.000			02/20/27		6,727
	50,821		3.875			04/20/27		51,953
	4,822		3.875			05/20/27		4,933
	7,354		3.875			06/20/27		7,520


Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA^(b) – (continued)
	2,632		4.125			11/20/27		2,687
	7,596		4.125			12/20/27		7,754
	18,424		4.000			01/20/28		18,844
	6,016		4.000			02/20/28		6,154
	6,263		4.000			03/20/28		6,408
	30,415		3.750			07/20/29		31,040
	18,976		3.750			08/20/29		19,368
	3,545		3.750			09/20/29		3,620
	15,060		4.125			10/20/29		15,422
	21,271		4.125			11/20/29		21,798
	4,188		4.125			12/20/29		4,291
	5,983		4.000			01/20/30		6,137
	2,514		4.000			02/20/30		2,577
	18,145		4.000			03/20/30		18,628
	18,479		3.875			04/20/30		18,974
	47,833		3.875			05/20/30		49,120
	5,280		3.875			06/20/30		5,427
	43,164		3.750			07/20/30		44,075
	8,137		3.750			09/20/30		8,322
	13,766		4.125			10/20/30		14,124
	9,182		3.875			06/20/23		9,312

								632,024

FHLMC – 11.1%
	1,027		5.500			04/01/20		1,029
	62,236		5.000			10/01/33		68,419
	3,232		5.000			07/01/35		3,560
	2,160		4.500			08/01/35		2,338
	4,953		4.500			09/01/35		5,257
	4,537		4.500			10/01/35		4,839
	73,175		5.000			12/01/35		80,739
	2,013		5.000			02/01/37		2,229
	30,372		4.500			01/01/38		32,916
	1,277		4.500			06/01/38		1,353
	48,757		4.500			09/01/38		52,935
	203		4.500			01/01/39		214
	27,385		4.500			02/01/39		29,593
	10,935		4.500			03/01/39		11,864
	2,545		4.500			04/01/39		2,761
	83,518		4.500			05/01/39		90,609
	197,695		5.000			05/01/39		218,416
	242,123		4.500			06/01/39		262,678
	3,399		4.500			07/01/39		3,687
	392,103		5.000			07/01/39		432,991
	5,630		4.500			08/01/39		6,108
	11,474		4.500			09/01/39		12,448
	3,056		4.500			10/01/39		3,315
	2,022		4.500			11/01/39		2,194
	7,048		4.500			12/01/39		7,646
	8,492		4.500			01/01/40		9,213
	6,420		4.500			04/01/40		6,970
	9,177		4.500			05/01/40		9,962
	20,519		4.000			06/01/40		21,950
	12,639		4.500			06/01/40		13,720
	10,056		4.500			07/01/40		10,916
	2,004		4.500			08/01/40		2,175


68		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)
$	14,894		5.000	%		08/01/40	$	16,426
	12,250		5.000			10/01/40		13,447
	183,780		4.000			02/01/41		196,594
	52,586		4.500			02/01/41		57,065
	9,123		4.500			03/01/41		9,900
	25,065		4.500			04/01/41		27,199
	21,292		4.500			05/01/41		23,104
	41,122		4.500			06/01/41		44,623
	2,578		5.000			06/01/41		2,822
	101,431		4.500			08/01/41		110,059
	108,039		4.500			09/01/41		117,282
	67,934		4.000			10/01/41		73,123
	13,938		4.000			11/01/41		14,906
	6,708		4.500			12/01/41		7,279
	716,136		4.000			03/01/42		763,150
	79,440		4.500			03/01/42		86,202
	39,840		3.000			05/01/42		41,053
	409,448		3.500			06/01/42		430,931
	908,480		4.500			06/01/42		983,216
	121,740		3.000			08/01/42		125,790
	139,149		3.500			08/01/42		145,847
	48,487		3.000			10/01/42		50,024
	299,224		3.500			10/01/42		313,625
	636,380		3.000			11/01/42		658,661
	206,854		3.500			11/01/42		216,810
	1,110,458		3.000			12/01/42		1,149,338
	1,968,656		3.000			01/01/43		2,037,349
	186,235		3.000			02/01/43		191,824
	2,665,753		3.500			08/01/43		2,792,937
	1,159,864		4.000			08/01/43		1,243,752
	698,066		4.000			01/01/44		746,634
	719,983		3.500			02/01/44		754,638
	561,188		3.500			06/01/44		591,005
	15,391		4.000			11/01/44		16,586
	73,225		3.500			02/01/45		77,391
	126,954		3.500			03/01/45		134,175
	706,003		3.500			06/01/45		743,515
	22,113		3.500			08/01/45		23,117
	31,095		3.500			09/01/45		32,506
	563,351		3.500			10/01/45		593,282
	60,662		3.500			11/01/45		63,413
	4,588,146		3.500			03/01/46		4,821,072
	685,070		3.500			05/01/46		717,245
	897,234		3.500			06/01/46		936,781
	336,023		3.500			07/01/46		350,834
	477,194		3.500			08/01/46		502,250
	53,728		3.500			10/01/46		56,096
	70,876		3.500			12/01/46		74,000
	13,928,028		3.000			05/01/47		14,363,424
	506,132		3.500			12/01/47		532,233
	4,001,682		3.000			01/01/48		4,113,948
	967,032		3.500			09/01/48		994,363
	6,808,334		3.500			12/01/48		7,000,297

								51,598,187


Mortgage-Backed Obligations – (continued)
FNMA – 8.4%
	2,784		7.000			08/01/31		3,047
	132,250		3.500			07/01/42		138,538
	133,926		3.500			08/01/42		140,294
	107,903		3.500			09/01/42		113,032
	12,490		3.500			10/01/42		13,084
	24,625		3.500			11/01/42		25,796
	12,632		3.500			01/01/43		13,233
	283,712		3.500			02/01/43		297,202
	30,302		3.500			05/01/43		31,743
	1,190,350		3.500			07/01/43		1,246,950
	620,510		3.500			01/01/44		650,014
	24,726		3.500			12/01/44		25,910
	459,937		4.000			03/01/45		492,212
	224,685		4.000			04/01/45		240,451
	5,227,414		4.500			06/01/51		5,742,027
	2,050,650		4.000			08/01/51		2,181,511
	854,296		3.500			11/01/51		888,302
	4,738,202		4.000			05/01/56		5,092,278
	1,401,106		3.500			06/01/56		1,475,119
	5,196,048		4.000			07/01/56		5,520,071
	2,906,772		3.500			08/01/56		3,061,337
	4,649,799		3.500			10/01/56		4,895,397
	2,612,181		3.500			01/01/57		2,751,476
	3,796,953		4.000			02/01/57		4,033,751

								39,072,775

GNMA – 51.9%
	1,874		5.500			07/15/20		1,884
	4,040		6.000			04/15/26		4,466
	188		6.500			01/15/32		208
	974		6.500			02/15/32		1,079
	337,058		5.500			04/15/33		381,155
	4,999		5.000			11/15/33		5,455
	888		6.500			08/15/34		1,014
	1,027		6.500			02/15/36		1,185
	1,580		6.500			03/15/36		1,825
	3,190		6.500			04/15/36		3,623
	11,619		6.500			05/15/36		13,419
	6,053		6.500			06/15/36		6,985
	32,830		6.500			07/15/36		37,674
	34,747		6.500			08/15/36		39,888
	61,323		6.500			09/15/36		70,490
	26,232		6.500			10/15/36		30,255
	37,381		6.500			11/15/36		43,055
	17,251		6.500			12/15/36		19,838
	10,191		6.500			01/15/37		11,781
	1,695		6.500			03/15/37		1,956
	4,268		6.500			04/15/37		4,940
	2,255		6.500			05/15/37		2,510
	2,640		6.500			08/15/37		3,047
	10,519		6.500			09/15/37		12,100
	12,086		6.500			10/15/37		13,948
	5,256		6.500			11/15/37		6,022
	2,309		6.500			05/15/38		2,685
	1,002		6.500			11/15/38		1,162
	2,798		6.500			02/15/39		3,226


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date			Value

Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	343,459		5.000	%		01/20/40		$	372,362
	371,993		4.500			05/15/40			398,975
	129,084		5.000			07/15/40			135,819
	167,018		3.500			09/15/42			175,633
	354,686		3.500			02/15/45			372,030
	86,241		4.000			05/20/45			91,408
	68,500		4.000			07/20/45			72,604
	130,166		4.000			10/20/45			137,720
	393,868		4.000			01/20/46			416,356
	1,480,099		4.500			03/20/46			1,575,902
	7,002,133		4.500			02/20/47			7,424,731
	831,280		4.500			03/20/47			880,670
	4,872,781		4.500			05/20/47			5,162,299
	7,395,284		4.000			06/20/47			7,752,815
	830,804		4.500			06/20/47			880,166
	253,286		4.500			07/20/47			266,701
	2,544,279		4.500			08/20/47			2,690,678
	4,729,166		3.500			01/20/48			4,917,525
	16,275,975		4.500			08/20/48			17,112,045
	15,484,588		4.500			09/20/48			16,275,168
	2,252,465		5.000			09/20/48			2,390,275
	5,229,881		5.000			10/20/48			5,543,317
	8,858,993		5.000			11/20/48			9,329,096
	6,104,257		4.500			12/20/48			6,398,468
	26,221,920		4.500			01/20/49			27,349,701
	9,099,201		5.000			01/20/49			9,582,051
	2,812,992		5.000			02/20/49			2,958,944
	84,000,000		3.000			TBA-30yr	^(f)		86,156,601
	9,000,000		3.500			TBA-30yr	^(f)		9,319,440
	14,000,000		5.000			TBA-30yr	^(f)		14,793,906

									241,660,281

UMBS – 35.6%
	17		5.500			10/01/19			17
	90		5.500			11/01/19			90
	134		5.500			12/01/19			134
	511		5.500			02/01/20			512
	894		5.500			01/01/21			905
	2,908		7.000			09/01/21			2,963
	15,168		7.000			06/01/22			15,589
	6,757		7.000			07/01/22			6,955
	654		4.500			04/01/23			680
	235,260		4.500			07/01/36			254,112
	21,921		4.500			12/01/36			23,609
	237,356		4.500			02/01/39			257,381
	4,616		4.500			03/01/39			5,019
	6,894		4.500			05/01/39			7,496
	5,284		4.500			07/01/39			5,745
	4,721		4.000			08/01/39			5,049
	11,021		4.500			09/01/39			11,951
	16,730		4.500			10/01/39			18,141
	38,712		4.500			02/01/40			42,092
	6,152		4.500			03/01/40			6,671
	91,192		4.500			04/01/40			98,942
	32,018		4.500			06/01/40			34,914
	6,228		4.500			09/01/40			6,800
	6,993		4.500			12/01/40			7,587


Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	90,001		4.500			01/01/41			97,270
	26,873		4.500			04/01/41			29,044
	47,364		4.500			06/01/41			51,371
	36,561		4.500			07/01/41			39,491
	168,409		4.500			08/01/41			181,980
	174,006		4.500			09/01/41			187,949
	154,198		3.500			10/01/41			162,205
	138,629		4.500			10/01/41			149,737
	42,759		3.500			11/01/41			45,006
	116,799		4.500			11/01/41			125,794
	77,926		4.500			12/01/41			84,517
	147,818		3.500			01/01/42			155,586
	73,731		4.500			01/01/42			79,605
	15,991		3.500			02/01/42			16,802
	668,450		4.000			03/01/42			712,004
	10,437		4.500			03/01/42			11,459
	114,436		4.000			04/01/42			121,893
	23,469		4.500			04/01/42			25,373
	13,808		3.500			05/01/42			14,511
	53,080		3.500			06/01/42			55,886
	96,162		3.000			09/01/42			98,964
	39,574		3.500			09/01/42			41,678
	231,993		3.500			10/01/42			244,329
	551,110		3.000			12/01/42			567,531
	109,254		3.500			12/01/42			115,030
	115,106		3.000			01/01/43			119,395
	43,845		3.000			02/01/43			45,506
	332,442		3.500			02/01/43			350,003
	1,120,837		3.000			03/01/43			1,163,303
	1,409,619		3.500			03/01/43			1,479,976
	1,229,515		3.000			04/01/43			1,276,099
	1,622,103		3.500			04/01/43			1,698,597
	515,138		2.500			05/01/43			516,992
	1,519,751		3.000			05/01/43			1,577,329
	247,078		3.500			05/01/43			258,532
	50,444		3.000			06/01/43			52,356
	927,784		3.500			06/01/43			974,437
	455,637		3.000			07/01/43			473,185
	3,636,637		3.500			07/01/43			3,812,192
	1,805,862		3.500			08/01/43			1,891,313
	52,281		3.500			09/01/43			55,061
	127,723		3.500			01/01/44			134,514
	50,672		3.500			08/01/44			52,877
	109,446		3.500			09/01/44			114,792
	142,635		3.500			10/01/44			150,888
	56,414		5.000			12/01/44			61,759
	39,799		3.500			01/01/45			42,052
	547,039		4.000			02/01/45			578,245
	168,140		3.500			03/01/45			177,189
	109,606		3.500			04/01/45			114,525
	1,492,373		4.500			04/01/45			1,637,144
	987,024		3.500			05/01/45			1,044,135
	242,298		4.500			05/01/45			265,802
	2,816,829		4.500			06/01/45			2,992,373
	153,426		3.500			07/01/45			160,312
	26,008		3.500			11/01/45			27,175


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

GOLDMAN SACHS U.S. MORTGAGES FUND


Principal Amount		Interest Rate			Maturity Date		Value

Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	650,048		4.000	%		11/01/45	$	686,215
	478,348		3.500			01/01/46		499,817
	829,153		3.500			03/01/46		876,316
	425,664		4.000			03/01/46		448,273
	121,165		3.500			04/01/46		128,138
	819,483		3.500			05/01/46		858,193
	296,142		4.000			06/01/46		311,239
	723,159		4.500			06/01/46		768,000
	728,471		3.000			07/01/46		746,116
	795,371		4.000			07/01/46		835,917
	423,071		3.000			08/01/46		433,318
	944,108		4.000			08/01/46		992,236
	1,444,389		3.000			09/01/46		1,479,374
	508,145		3.000			10/01/46		520,454
	465,463		4.000			10/01/46		489,192
	3,274,611		3.000			11/01/46		3,353,044
	7,875,475		3.000			12/01/46		8,066,228
	3,198,782		3.000			01/01/47		3,276,259
	140,702		3.000			02/01/47		144,110
	1,941,072		4.500			02/01/47		2,089,988
	540,992		3.000			04/01/47		554,182
	2,662,952		3.000			07/01/47		2,727,451
	473,640		4.500			11/01/47		508,634
	5,257,076		4.000			02/01/48		5,552,928
	1,884,559		4.500			05/01/48		2,033,532
	3,767,079		4.000			06/01/48		3,917,904
	3,584,945		3.000			07/01/48		3,671,776
	1,948,451		3.500			08/01/48		2,002,362
	1,952,385		3.500			09/01/48		2,006,405
	3,656,768		4.000			09/01/48		3,803,176
	3,765,270		4.500			10/01/48		4,011,718
	4,806,984		3.500			11/01/48		4,975,721
	11,000,000		4.000			01/01/49		11,632,336
	7,752,923		3.500			02/01/49		7,967,436
	2,736,718		5.000			02/01/49		3,088,089
	1,895,588		4.000			05/01/49		1,971,483
	964,044		3.500			06/01/49		990,718
	1,846,115		3.500			07/01/49		1,937,140
	1,126,477		3.500			08/01/49		1,182,515
	43,553,158		5.000			10/01/49		46,783,471

								165,847,831

UMBS, 30 Year, Single Family^(f) – 23.0%
	24,000,000		2.500			TBA-30yr		23,896,790
	29,000,000		3.000			TBA-30yr		29,437,367
	3,000,000		4.000			TBA-30yr		3,114,465
	26,000,000		4.500			TBA-30yr		27,378,270
	22,000,000		5.000			TBA-30yr		23,576,093

								107,402,985

	TOTAL FEDERAL AGENCIES						$	606,846,970

	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $638,013,692)						$	646,309,445



Asset-Backed Securities – 10.6%
Collateralized Loan Obligations^(b)(e) – 3.9%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
$	1,300,000		3.178	%		06/15/28	$	1,301,215
	Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%)
	800,000		3.194			05/17/31		793,142
	Cedar Funding V CLO Ltd. Series 2016-5A, Class A1R (3M USD LIBOR + 1.100%)
	4,510,000		3.403			07/17/31		4,488,316
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	771,478		3.553			07/15/26		771,875
	Madison Park Funding XII Ltd. Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	917,368		3.538			07/20/26		917,505
	Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%)
	1,500,000		3.100			01/18/28		1,495,238
	Nassau Ltd. Series 2019-IA, Class ANA (3M USD LIBOR + 1.510%)
	1,000,000		4.270			04/15/31		1,001,381
	OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	1,600,000		3.347			04/26/31		1,587,384
	Ready Capital Mortgage Financing LLC Series 2018-FL2, Class A (1M USD LIBOR + 0.850%)
	385,600		2.868			06/25/35		384,609
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%)
	850,000		3.678			01/21/31		830,957
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%)
	550,000		4.078			01/21/31		519,720
	Thacher Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.160%)
	1,884,502		3.438			10/20/26		1,885,961
	York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%)
	2,100,000		3.398			10/22/29		2,095,309

								18,072,612

Credit Card – 0.4%
	Citibank Credit Card Issuance Trust Series 2018-A7, Class A7
	1,750,000		3.960			10/13/30		1,993,046

Home Equity^(b) – 0.0%
	Countrywide Home Equity Loan Trust Series 2004-O, Class 1A (1M USD LIBOR + 0.280%)
	30,758		2.308			02/15/34		30,095

Student Loan^(b) – 6.3%
	Academic Loan Funding Trust Series 2013-1A, Class A^(c)(e) (1M USD LIBOR + 0.800%)
	3,523,523		2.818			12/26/44		3,521,595
	Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%)
	323,414		2.718			12/26/35		322,325


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate			Maturity Date		Value

Asset-Backed Securities – (continued)
Student Loan^(b) – (continued)
	ECMC Group Student Loan Trust Series 2017-1A, Class A^(e) (1M USD LIBOR + 1.200%)
$	2,802,111		3.218	%		12/27/66	$	2,830,360
	ECMC Group Student Loan Trust Series 2018-1A, Class A^(c)(e) (1M USD LIBOR + 0.750%)
	3,619,864		2.768			02/27/68		3,595,578
	ECMC Group Student Loan Trust Series 2018-2A, Class A^(e) (1M USD LIBOR + 0.800%)
	2,084,923		2.818			09/25/68		2,066,003
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1^(e) (1M USD LIBOR + 0.800%)
	280,709		2.818			06/25/26		281,153
	Goal Capital Funding Trust Series 2010-1, Class A^(e) (3M USD LIBOR + 0.700%)
	1,314,098		2.832			08/25/48		1,318,492
	Higher Education Funding I Series 2014-1, Class A^(e) (3M USD LIBOR + 1.050%)
	1,454,598		3.182			05/25/34		1,460,967
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	893,695		3.176			07/25/45		899,366
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-1, Class A3 (3M USD LIBOR + 0.950%)
	674,201		3.269			10/01/37		675,987
	Panhandle-Plains Higher Education Authority, Inc. Series 2011-2, Class A3 (3M USD LIBOR + 0.850%)
	1,100,000		3.169			07/01/32		1,101,373
	PHEAA Student Loan Trust Series 2011-1A, Class A1^(e) (3M USD LIBOR + 1.100%)
	1,729,653		3.206			06/25/38		1,742,170
	PHEAA Student Loan Trust Series 2014-3A, Class A^(e) (1M USD LIBOR + 0.590%)
	3,853,285		2.608			08/25/40		3,827,358
	PHEAA Student Loan Trust Series 2016-1A, Class A^(e) (1M USD LIBOR + 1.150%)
	920,794		3.168			09/25/65		928,135
	PHEAA Student Loan Trust Series 2016-2A, Class A^(e) (1M USD LIBOR + 0.950%)
	1,031,879		2.968			11/25/65		1,034,476
	South Carolina Student Loan Corp. Series 2010-1, Class A3 (3M USD LIBOR + 1.050%)
	1,850,000		3.326			10/27/36		1,863,712
	Utah State Board of Regents Series 2016-1, Class A (1M USD LIBOR + 0.750%)
	1,942,155		2.768			09/25/56		1,941,233

								29,410,283

	TOTAL ASSET-BACKED SECURITIES
	(Cost $49,298,958)						$	49,506,036



Municipal Debt Obligation^(b)(c) – 0.2%
New Hampshire – 0.2%
	New Hampshire Higher Education Loan Corp. Series 2011-1, Class A3 (3M USD LIBOR + 0.850%)
$	1,088,214		3.125	%		10/25/37	$	1,085,835
	(Cost $1,079,363)



U.S. Treasury Obligation^(g)(h) – 0.6%
	United States Treasury Bill
	2,760,000		0.000	%		12/26/19	$	2,748,209
	(Cost $2,746,772)


Shares		Dividend Rate	Value

Investment Company⁽ⁱ⁾ – 1.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	8,013,243	2.032%	$	8,013,243
	(Cost $8,013,243)

	TOTAL INVESTMENTS – 151.8%
	(Cost $699,152,028)		$	707,662,768

	LIABILITIES IN EXCESS OF OTHER ASSETS – (51.8)%			(241,495,496	)

	NET ASSETS – 100.0%		$	466,167,272



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 September 30, 2019.

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

(d)		Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2019.

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

(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 $217,672,932 which represents approximately 46.7% of the Fund’s net assets as of September 30, 2019.

(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.


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

GOLDMAN SACHS U.S. MORTGAGES FUND



Currency Abbreviations:
USD		—U.S. Dollar

Investment Abbreviations:
CLO		—Collateralized Loan Obligation
CMT		—Constant Maturity Treasury Indexes
COF		—Cost of Funds Index
FHLMC		—Federal Home Loan Mortgage Corp.
FNMA		—Federal National Mortgage Association
GNMA		—Government National Mortgage Association
LIBOR		—London Interbank Offered Rate
LLC		—Limited Liability Company
MTA		—Monthly Treasury Average
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 September 30, 2019, the Fund had the following forward sales contracts:


Description	Interest Rate			Maturity Date^(a)	Settlement Date		Principal Amount			Value
FNMA		3.500	%	TBA-30yr		10/10/19	$	(9,000,000	)	$	(9,231,934	)
FNMA		4.000		TBA-30yr		10/10/19		(7,000,000	)		(7,263,530	)
FNMA		5.000		TBA-30yr		10/10/19		(34,000,000	)		(36,419,845	)
GNMA		4.500		TBA-30yr		10/21/19		(8,000,000	)		(8,359,375	)
GNMA		5.000		TBA-30yr		10/21/19		(5,000,000	)		(5,270,703	)

TOTAL (Proceeds Receivable: ($66,538,555))										$	(66,545,387	)

(a)

FUTURES CONTRACTS — At September 30, 2019, 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		31			12/19/19	$	4,414,594		$	(1,083	)
30 Day Federal Funds		50			11/29/19		20,469,346			1,084
5 Year U.S. Treasury Notes		117			12/31/19		13,940,367			(47,919	)

Total									$	(47,918	)
Short position contracts:
Eurodollars		(1	)		06/15/20		(246,112	)		(1,880	)
Ultra Long U.S. Treasury Bonds		(20	)		12/19/19		(3,838,125	)		(98,095	)
2 Year U.S. Treasury Notes		(94	)		12/31/19		(20,257,000	)		(21,874	)
10 Year U.S. Treasury Notes		(320	)		12/19/19		(41,700,000	)		467,896
20 Year U.S. Treasury Bonds		(9	)		12/19/19		(1,460,813	)		(19,418	)

Total									$	326,629

TOTAL FUTURES CONTRACTS									$	278,711


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2019, 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)
12M LIBOR^(a)		1.287%	09/15/21	$	3,390	^(b)	$	(328	)	$	18		$	(346	)
0.000%^(c)		3M LIBOR	07/25/24		9,700			1,819			157			1,662
0.971^(a)		12M LIBOR	06/30/26		1,880	^(b)		32,130			11,384			20,746
3M LIBOR^(c)		1.295^(d)	05/15/29		2,660	^(b)		(57,703	)		(91,491	)		33,788
3M LIBOR^(c)		2.013^(d)	08/02/29		6,300	^(b)		180,056			73,724			106,332
1.485^(c)		3M LIBOR^(d)	05/15/45		3,030	^(b)		140,890			245,432			(104,542	)
2.230^(c)		3M LIBOR^(d)	08/02/52		1,610	^(b)		(186,761	)		(59,064	)		(127,697	)

TOTAL							$	110,103		$	180,160		$	(70,057	)

(a)

Payments made annually.

(b)

Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2019.

(c)

Payments made quarterly.

(d)

Payments made semi-annually.


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2019 (Unaudited)


	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
Assets:
Investments of unaffiliated issuers, at value (cost $1,388,580,618, $2,131,127,616 and $2,128,755,222)	$	1,341,108,742		$	2,152,387,170		$	2,080,761,306
Investments of affiliated issuers, at value (cost $5,911,417, $33,041,610 and $60,572,481)		5,911,417			33,166,017			60,572,481
Investments in securities lending reinvestment vehicle — affiliated issuer, (cost $0, $35,350 and $722,925)		—			35,350			722,925
Cash		22,350,137			34,512,391			42,801,993
Foreign currencies, at value (cost $272,406, $17,261 and $50,799, respectively)		171,698			17,092			49,130
Unrealized gain on swap contracts		737,982			—			—
Unrealized gain on forward foreign currency exchange contracts		5,511,522			34,321			523,055
Variation margin on futures		—			32,216			13,718
Variation margin on swaps		60,372			—			—
Receivables:
Collateral on certain derivative contracts^(a)		99,641,675			6,272,951			1,175,442
Interest and dividends		20,577,233			34,387,961			7,582,885
Investments sold		11,710,086			13,015,162			27,737,786
Fund shares sold		1,864,869			1,533,063			1,001,900
Investments sold on an extended-settlement basis		1,405,192			810,000			5,541,840
Upfront payments made on swap contracts		434,047			—			—
Collateral on Reverse Repurchase agreements		323,000			—			—
Reimbursement from investment adviser		38,063			13,818			—
Securities lending income		—			15			5,376
Due from broker — upfront payment		—			541,460			—
Other assets		69,040			79,108			77,737
Total assets		1,511,915,075			2,276,838,095			2,228,567,574

Liabilities:
Reverse Repurchase Agreement, at value		—			3,802,500			—
Unrealized loss on swap contracts		4,589,967			403			—
Unrealized loss on forward foreign currency exchange contracts		4,419,617			—			—
Variation margin on futures		68,128			—			—
Variation margin on swaps		—			299,937			—
Unrealized loss on unfunded loan commitment		—			—			22,003
Payables:
Fund shares redeemed		2,950,969			4,428,391			3,517,955
Management fees		986,651			1,271,444			993,078
Upfront payments received on swap contracts		834,776			—			—
Investments purchased		728,857			11,069,087			70,033,730
Income distributions		391,445			362,645			56,307
Investments purchased on an extended — settlement basis		230,000			8,210,871			1,135,069
Distribution and Service fees and Transfer Agency fees		82,730			113,403			56,138
Payable upon return of securities loaned		—			35,350			722,925
Accrued expenses		596,659			280,363			414,436
Total liabilities		15,879,799			29,874,394			76,951,641

Net Assets:
Paid-in capital		1,665,496,828			2,648,341,446			2,487,018,178
Total distributable loss		(169,461,552	)		(401,377,745	)		(335,402,245	)
NET ASSETS	$	1,496,035,276		$	2,246,963,701		$	2,151,615,933
Net Assets:
Class A	$	55,998,777		$	155,205,516		$	3,523,741
Class C		18,449,100			13,160,632			1,003,603
Institutional		1,066,436,072			326,579,826			127,832,133
Service		—			7,452,999			—
Investor		98,627,837			17,335,828			1,449,687
Class P		15,327,961			1,649,932,409			1,981,436,597
Class R		—			12,403,543			12,697
Class R6		241,195,529			64,892,948			36,357,475
Total Net Assets	$	1,496,035,276		$	2,246,963,701		$	2,151,615,933
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		4,525,509			24,316,728			375,767
Class C		1,491,768			2,060,412			106,999
Institutional		86,078,655			51,040,761			13,620,397
Service		—			1,169,023			—
Investor		7,958,368			2,711,186			154,231
Class P		1,237,871			257,882,471			210,912,485
Class R		—			1,944,780			1,354
Class R6		19,468,804			10,126,535			3,871,146
Net asset value, offering and redemption price per share:^(b)
Class A		$12.37			$6.38			$9.38
Class C		12.37			6.39			9.38
Institutional		12.39			6.40			9.39
Service		—			6.38			—
Investor		12.39			6.39			9.40
Class P		12.38			6.40			9.39
Class R		—			6.38			9.38
Class R6		12.39			6.41			9.39

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Forwards
Emerging Markets Debt	$	6,506,762	$	73,734,913	$	19,400,000
High Yield		2,213,799		4,059,152		—
High Yield Floating Rate		255,442		—		920,000

(b)

Maximum public offering price per share for Class A Shares of Emerging Markets Debt, High Yield, High Yield Floating Rate Funds is $12.95, $6.68 and $9.60, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value ("NAV") or the original purchase price of the shares.


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

September 30, 2019 (Unaudited)


	Investment Grade Credit Fund		Local Emerging Markets Debt Fund			U.S. Mortgages Fund
Assets:
Investments, at value (cost $445,594,003, $108,488,652 and $691,138,785)	$	475,080,883	$	104,181,237		$	699,649,525
Investments of affiliated issuers, at value (cost $0, $0 and $8,013,243)		—		—			8,013,243
Cash		6,266,405		964,006			7,001,884
Foreign currencies, at value (cost $0, $508,673 and $0, respectively)		—		507,865			—
Unrealized gain on swap contracts		—		782,587			—
Unrealized gain on forward foreign currency exchange contracts		33,258		1,002,132			—
Unrealized gain on non-deliverable bond forwards contracts		—		7,091			—
Variation margin on futures		20,389		—			11,464
Variation margin on swaps		—		—			1,148
Upfront payments made on swap contracts		—		178,695			—
Receivables:
Investments sold		—		1,945,239			1,630
Investments sold on an extended-settlement basis		—		—			273,995,098
Collateral on certain derivative contracts and other investments^(a)		6,954,667		13,398,295			1,375,794
Interest and dividends		4,587,889		1,575,646			1,545,912
Fund shares sold		828,754		1,323			956,229
Reimbursement from investment adviser		31,607		41,781			14,158
Due from broker — upfront payment		—		1,770			—
Other assets		54,461		43,833			56,111
Total assets		493,858,313		124,631,500			992,622,196

Liabilities:
Forward sale contracts, at value (proceeds received $0, $0 and $66,538,555, respectively)		—		—			66,545,387
Unrealized loss on swap contracts		—		374,291			—
Unrealized loss on forward foreign currency exchange contracts		—		1,233,478			—
Variation margin on futures		—		6,289			—
Variation margin on swaps		28,493		9,997			—
Payables:
Collateral on certain derivative contracts		—		250,000	^(b)		—
Investments purchased		10,234		255,458			5,265
Investments purchased on an extended — settlement basis		973,266		—			458,914,328
Fund shares redeemed		226,083		144,518			517,800
Management fees		136,724		83,066			127,483
Income distributions		67,768		7,054			73,029
Distribution and Service fees and Transfer Agency fees		15,750		7,884			34,023
Upfront payments received on swap contracts		—		6,542			—
Accrued expenses		156,963		415,323			237,609
Total liabilities		1,615,281		2,793,900			526,454,924

Net Assets:
Paid-in capital		457,104,985		291,075,261			472,030,715
Total distributable earnings (loss)		35,138,047		(169,237,661	)		(5,863,443	)
NET ASSETS	$	492,243,032	$	121,837,600		$	466,167,272
Net Assets:
Class A	$	8,676,775	$	5,701,471		$	30,847,301
Class C		—		3,074,157			—
Institutional		46,753,025		24,882,623			30,769,900
Separate Account Institutional		233,813,800		—			214,134,629
Investor		3,545,101		6,847,328			166,057,357
Class P		198,491,449		41,950,160			9,004,306
Class R6		962,882		39,381,861			15,353,779
Total Net Assets	$	492,243,032	$	121,837,600		$	466,167,272
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		892,883		974,111			2,941,141
Class C		—		525,987			—
Institutional		4,808,947		4,266,812			2,926,868
Separate Account Institutional		24,044,050		—			20,412,665
Investor		364,589		1,172,967			15,792,850
Class P		20,425,677		7,189,204			856,727
Class R6		99,047		6,750,795			1,459,967
Net asset value, offering and redemption price per share:^(c)
Class A		$9.72		$5.85			$10.49
Class C		—		5.84			—
Institutional		9.72		5.83			10.51
Separate Account Institutional		9.72		—			10.49
Investor		9.72		5.84			10.51
Class P		9.72		5.84			10.51
Class R6		9.72		5.83			10.52

(a)

Segregated for initial margin and/or collateral as follows:


Fund	Futures		Swaps		Forwards		TBA
Investment Grade Credit	$	1,335,058	$	5,619,609	$	—	$	—
Local Emerging Markets Debt		522,008		8,376,287		4,500,000		—
U.S. Mortgages		320,000		365,794		—		690,000

(b)

Segregated for initial margin and/or collateral on Swap transactions of $250,000.

(c)

Maximum public offering price per share for Class A Shares of Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds is $10.10, $6.13 and $10.90, 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.


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2019 (Unaudited)


	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
Investment income:

Interest (net of foreign withholding taxes of $2,625, $393 and $0, respectively)	$	41,563,722		$	70,042,204		$	64,875,679

Dividends — affiliated issuers		195,743			834,238			470,249

Dividends — unaffiliated issuers		—			412,892			1,633,491

Securities lending income — affiliated issuer		—			5,042			67,794

Total investment income		41,759,465			71,294,376			67,047,213

Expenses:

Management fees		6,174,066			7,785,412			6,258,662

Transfer Agency fees^(a)		375,495			457,962			341,183

Custody, accounting and administrative services		198,194			118,856			396,968

Distribution and Service fees^(a)		175,461			304,912			9,988

Printing and mailing costs		108,317			57,193			45,270

Professional fees		87,081			64,927			68,891

Registration fees		71,947			136,217			187,582

Trustee fees		9,861			10,394			10,717

Service Share fees — Service Plan		—			11,464			—

Service Share fees — Shareholder Administration Plan		—			11,464			—

Prime Broker Fees		17,708			—			794

Other		43,264			43,219			61,697

Total expenses		7,261,394			9,002,020			7,381,752

Less — expense reductions		(356,563	)		(280,319	)		(33,938	)

Net expenses		6,904,831			8,721,701			7,347,814

NET INVESTMENT INCOME		34,854,634			62,572,675			59,699,399

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		(10,917,544	)		(34,314,888	)		(21,566,395	)

Investment — affiliated issuers		—			54,723			—

Purchased options		(105,004	)		(72,681	)		—

Futures contracts		32,585,318			5,665,667			(1,600,589	)

Swap contracts		(9,504,675	)		2,512,846			151,232

Forward foreign currency exchange contracts		4,385,911			101,051			2,506,456

Foreign currency transactions		(1,404,034	)		(28,797	)		258,301

Net change in unrealized gain (loss) on:

Investments — unaffiliated issuers		14,017,224			53,280,685			26,300,868

Investments — affiliated issuers		—			104,443			—

Purchased options		(64,106	)		(44,474	)		—

Futures contracts		(9,341,875	)		(1,467,356	)		623,176

Unfunded Loan Commitment		—			—			20,683

Swap contracts		3,845,671			(572,636	)		—

Forward foreign currency exchange contracts		(1,871,251	)		34,321			(113,995	)

Foreign currency translation		(80,174	)		(171	)		(182,995	)

Net realized and unrealized gain		21,545,461			25,252,733			6,396,742

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	56,400,095		$	87,825,408		$	66,096,141

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


Distribution and Service Fees						Transfer Agency Fees
Class A		Class C		Class R		Class A		Class C		Institutional		Service		Investor		Class P		Class R		Class R6
$	74,668	$	100,793	$	—	$	38,827	$	13,103	$	214,832	$	—	$	65,408	$	2,278	$	—	$	41,047
	199,813		73,436		31,663		103,903		9,547		70,010		1,834		11,699		242,144		8,232		10,593
	4,538		5,383		67		2,359		700		20,579		—		1,052		311,236		17		5,240


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Six Months Ended September 30, 2019 (Unaudited)


	Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund
Investment income:

Interest (net of foreign withholding taxes of $1,131, $27,048 and $0, respectively)	$	9,028,031		$	4,449,028		$	6,737,645

Dividends — affiliated issuers		6,994			53,628			294,351

Total investment income		9,035,025			4,502,656			7,031,996

Expenses:

Management fees		832,142			631,233			770,068

Transfer Agency fees^(a)		82,292			33,141			163,124

Custody, accounting and administrative services		61,414			174,197			123,083

Professional fees		55,567			84,247			55,809

Registration fees		52,456			53,492			51,593

Printing and mailing costs		19,307			20,486			25,473

Distribution and Service fees^(a)		12,706			25,620			39,074

Trustee fees		8,725			8,485			8,724

Prime Broker Fees		—			5,984			—

Other		13,788			12,528			11,860

Total expenses		1,138,397			1,049,413			1,248,808

Less — expense reductions		(202,051	)		(302,126	)		(130,920	)

Net expenses		936,346			747,287			1,117,888

NET INVESTMENT INCOME		8,098,679			3,755,369			5,914,108

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		4,772,754			(6,699,935	)		3,863,175

Purchased options		(15,461	)		(11,504	)		55,099

Futures contracts		4,692,610			(293,680	)		1,149,161

Written options		—			—			(149,553	)

Swap contracts		624,648			1,156,486			(272,018	)

Non-deliverable bond forward contracts		—			21,214			—

Forward foreign currency exchange contracts		226,745			(1,122,406	)		—

Foreign currency transactions		(6,680	)		(240,178	)		—

Net change in unrealized gain (loss) on:

Investments- unaffiliated issuers		20,419,097			8,846,580			5,541,055

Purchased options		(9,514	)		(7,098	)		(33,091	)

Futures contracts		(956,843	)		107,542			(295,771	)

Non-deliverable bond forward contracts		—			(15,098	)		—

Written options		—			—			23,004

Swap contracts		(272,973	)		846,207			(86,787	)

Forward foreign currency exchange contracts		(22,242	)		70,129			—

Foreign currency translation		(2,652	)		62,356			—

Net realized and unrealized gain		29,449,489			2,720,615			9,794,274

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	37,548,168		$	6,475,984		$	15,708,382

(a)

Class specific Distribution and/or Service and Transfer Agency fees were as follows:


Distribution and Service Fees				Transfer Agent Fees
Class A		Class C		Class A		Separate Account Institutional		Class C		Institutional		Investor		Class P		Class R6
$	12,706	$	—	$	6,607	$	34,750	$	—	$	8,424	$	2,184	$	30,206		121
	7,149		18,471		3,719		—		2,401		5,865		4,285		6,912		9,959
	39,074		—		20,318		32,125		—		5,355		101,672		1,296		2,358


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets


	Emerging Markets Debt Fund						High Yield Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019			For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	34,854,634		$	109,488,459		$	62,572,675		$	135,370,058

Net realized gain (loss)		15,039,972			(97,682,596	)		(26,082,079	)		(30,346,717	)

Net change in unrealized gain (loss)		6,505,489			(43,186,477	)		51,334,812			22,861,660

Net increase (decrease) in net assets resulting from operations		56,400,095			(31,380,614	)		87,825,408			127,885,001

Distributions to shareholders:

From distributable earnings:

Class A Shares		(1,235,554	)		(3,251,779	)		(4,363,138	)		(9,137,033	)

Class C Shares		(341,329	)		(940,950	)		(345,877	)		(1,074,945	)

Institutional Shares		(23,982,034	)		(68,693,948	)		(10,040,802	)		(54,311,318	)

Service Shares		—			—			(240,425	)		(559,792	)

Investor Shares		(2,206,566	)		(5,704,684	)		(513,771	)		(1,227,007	)

Class P Shares^(a)		(340,028	)		(652,733	)		(46,397,865	)		(64,282,628	)

Class R Shares		—			—			(329,759	)		(669,342	)

Class R6 Shares		(6,119,925	)		(17,083,867	)		(2,030,460	)		(5,644,007	)

Return of capital:

Class A Shares		—			(281,102	)		—			—

Class C Shares		—			(81,341	)		—			—

Institutional Shares		—			(5,938,301	)		—			—

Investor Shares		—			(493,146	)		—			—

Class P Shares^(a)		—			(56,426	)		—			—

Class R6 Shares		—			(1,476,828	)		—			—

Total distributions to shareholders		(34,225,436	)		(104,655,105	)		(64,262,097	)		(136,906,072	)

From share transactions:

Proceeds from sales of shares		205,293,693			1,078,015,155			221,028,717			2,198,026,602

Reinvestment of distributions		31,845,599			95,153,618			61,888,932			129,653,823

Cost of shares redeemed		(384,615,609	)^(b)		(2,010,668,188	)^(b)		(305,590,872	)^(c)		(3,068,907,774	)^(c)

Net decrease in net assets resulting from share transactions		(147,476,317	)		(837,499,415	)		(22,673,223	)		(741,227,349	)

TOTAL INCREASE (DECREASE)		(125,301,658	)		(973,535,134	)		890,088			(750,248,420	)

Net assets:
Beginning of period		1,621,336,934			2,594,872,068			2,246,073,613			2,996,322,033

End of period	$	1,496,035,276		$	1,621,336,934		$	2,246,963,701		$	2,246,073,613

(a)

Class P Shares commenced operations on April 20, 2018.

(b)

Net of $37,513 and $53,625, of redemption fees for Emerging Markets Debt Fund for the six months ended September 30, 2019 and the fiscal year ended March 31, 2019, respectively.

(c)

Net of $38,477 and $150,501 of redemption fees for the High Yield Fund for the six months ended September 30, 2019 and the fiscal year ended March 31, 2019, respectively.


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	High Yield Floating Rate Fund						Investment Grade Credit Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019			For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	59,699,399		$	179,497,100		$	8,098,679		$	13,794,679

Net realized gain (loss)		(20,250,995	)		(94,651,201	)		10,294,616			(2,507,915	)

Net change in unrealized gain (loss)		26,647,737			(41,751,030	)		19,154,873			10,231,003

Net increase in net assets resulting from operations		66,096,141			43,094,869			37,548,168			21,517,767

Distributions to shareholders:

From distributable earnings:

Class A Shares		(91,664	)		(198,718	)		(159,148	)		(271,279	)

Class C Shares		(23,166	)		(59,269	)		—			—

Institutional Shares		(2,764,353	)		(51,349,191	)		(733,582	)		(2,380,003	)

Separate Account Institutional		—			—			(4,048,901	)		(8,328,590	)

Investor Shares		(42,975	)		(173,791	)		(57,030	)		(145,640	)

Class P Shares^(a)		(56,068,397	)		(122,306,692	)		(3,521,382	)		(2,907,036	)

Class R Shares		(655	)		(3,012	)		—			—

Class R6 Shares		(941,148	)		(5,832,268	)		(14,108	)		(5,356	)

Return of capital:

Total distributions to shareholders		(59,932,358	)		(179,922,941	)		(8,534,151	)		(14,037,904	)

From share transactions:

Proceeds from sales of shares		164,927,769			4,483,776,377			41,695,563			258,238,698

Reinvestment of distributions		59,555,591			176,798,534			8,084,121			13,107,711

Cost of shares redeemed		(416,596,870	)		(6,315,994,378	)		(64,192,501	)		(213,136,398	)

Net increase (decrease) in net assets resulting from share transactions		(192,113,510	)		(1,655,419,467	)		(14,412,817	)		58,210,011

TOTAL INCREASE (DECREASE)		(185,949,727	)		(1,792,247,539	)		14,601,200			65,689,874

Net assets:
Beginning of period		2,337,565,660			4,129,813,199			477,641,832			411,951,958

End of period	$	2,151,615,933		$	2,337,565,660		$	492,243,032		$	477,641,832

(a)

Class P Shares commenced operations on April 20, 2018.


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)


	Local Emerging Markets Debt Fund						U.S. Mortgages Fund
	For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019			For the Six Months Ended September 30, 2019 (Unaudited)			For the Fiscal Year Ended March 31, 2019
From operations:

Net investment income	$	3,755,369		$	16,559,215		$	5,914,108		$	12,763,801

Net realized gain (loss)		(7,190,003	)		(43,520,843	)		4,645,864			(2,395,804	)

Net change in unrealized gain (loss)		9,910,618			(20,382,979	)		5,148,410			7,548,226

Net increase (decrease) in net assets resulting from operations		6,475,984			(47,344,607	)		15,708,382			17,916,223

Distributions to shareholders:

From distributable earnings:

Class A Shares		(120,326	)		—			(459,889	)		(1,009,234	)

Class C Shares		(64,624	)		—			—			—

Institutional Shares		(661,940	)		—			(439,676	)		(1,253,097	)

Separate Account Institutional		—			—			(3,528,081	)		(7,022,677	)

Investor Shares		(146,681	)		—			(2,497,651	)		(4,678,056	)

Class P Shares^(a)		(1,047,315	)		—			(142,274	)		(206,554	)

Class R6 Shares		(1,526,704	)		—			(258,652	)		(227,280	)

Return of capital:

Class A Shares		—			(297,854	)		—			—

Class C Shares		—			(231,191	)		—			—

Institutional Shares		—			(6,123,840	)		—			—

Investor Shares		—			(438,209	)		—			—

Class P Shares^(a)		—			(2,303,744	)		—			—

Class R6 Shares		—			(5,408,241	)		—			—

Total distributions to shareholders		(3,567,590	)		(14,803,079	)		(7,326,223	)		(14,396,898	)

From share transactions:

Proceeds from sales of shares		12,648,398			251,065,221			63,394,517			189,959,043

Reinvestment of distributions		3,485,916			14,423,675			6,857,112			13,289,593

Cost of shares redeemed		(90,804,101	)^(b)		(337,480,402	)^(b)		(69,211,603	)		(236,651,245	)

Net increase (decrease) in net assets resulting from share transactions		(74,669,787	)		(71,991,506	)		1,040,026			(33,402,609	)

TOTAL INCREASE (DECREASE)		(71,761,393	)		(134,139,192	)		9,422,185			(29,883,284	)

Net assets:
Beginning of period		193,598,993			327,738,185			456,745,087			486,628,371

End of period	$	121,837,600		$	193,598,993		$	466,167,272		$	456,745,087

(a)

Class P Shares commenced operations on April 20, 2018.

(b)

Net of $69 and $5,621 of redemption fees for the Local Emerging Markets Debt Fund for the six months ended September 30, 2019 and the fiscal year ended March 31, 2019, respectively.


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Debt Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	12.20		$	12.67		$	12.73		$	12.25		$	12.33		$	12.40

Net investment income^(a)		0.26			0.58			0.56			0.60			0.61			0.52

Net realized and unrealized gain (loss)		0.17			(0.51	)		(0.08	)		0.46			(0.09	)		(0.07	)

Total from investment operations		0.43			0.07			0.48			1.06			0.52			0.45

Distributions to shareholders from net investment income		(0.26	)		(0.50	)		(0.54	)		(0.58	)		(0.60	)		(0.52	)

Distributions to shareholders from return of capital		—			(0.04	)		—			—			—			—

Total distributions		(0.26	)		(0.54	)		(0.54	)		(0.58	)		(0.60	)		(0.52	)

Net asset value, end of period	$	12.37		$	12.20		$	12.67		$	12.73		$	12.25		$	12.33

Total return^(b)		3.59	%		0.77	%		3.75	%		8.79	%		4.43	%		3.60	%

Net assets, end of period (in 000s)	$	55,999		$	61,408		$	105,098		$	103,548		$	109,830		$	94,832

Ratio of net expenses to average net assets		1.20	%^(c)		1.20	%		1.20	%		1.23	%		1.23	%		1.24	%

Ratio of total expenses to average net assets		1.25	%^(c)		1.24	%		1.23	%		1.24	%		1.27	%		1.25	%

Ratio of net investment income to average net assets		4.22	%^(c)		4.84	%		4.32	%		4.73	%		5.02	%		4.17	%

Portfolio turnover rate^(d)		46	%		80	%		70	%		89	%		99	%		113	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Debt Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	12.19		$	12.67		$	12.72		$	12.24		$	12.33		$	12.39

Net investment income^(a)		0.21			0.48			0.46			0.50			0.51			0.43

Net realized and unrealized gain (loss)		0.18			(0.51	)		(0.07	)		0.47			(0.09	)		(0.07	)

Total from investment operations		0.39			(0.03	)		0.39			0.97			0.42			0.36

Distributions to shareholders from net investment income		(0.21	)		(0.41	)		(0.44	)		(0.49	)		(0.51	)		(0.42	)

Distributions to shareholders from return of capital		—			(0.04	)		—			—			—			—

Total distributions		(0.21	)		(0.45	)		(0.44	)		(0.49	)		(0.51	)		(0.42	)

Net asset value, end of period	$	12.37		$	12.19		$	12.67		$	12.72		$	12.24		$	12.33

Total return^(b)		3.21	%		(0.06	)%		3.07	%		7.98	%		3.57	%		2.92	%

Net assets, end of period (in 000s)	$	18,449		$	21,871		$	34,848		$	32,597		$	27,645		$	30,935

Ratio of net expenses to average net assets		1.95	%^(c)		1.95	%		1.95	%		1.98	%		1.98	%		1.99	%

Ratio of total expenses to average net assets		2.00	%^(c)		1.99	%		1.98	%		1.99	%		2.02	%		2.00	%

Ratio of net investment income to average net assets		3.47	%^(c)		4.08	%		3.60	%		3.94	%		4.26	%		3.42	%

Portfolio turnover rate^(d)		46	%		80	%		70	%		89	%		99	%		113	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Debt Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	12.21		$	12.69		$	12.74		$	12.26		$	12.35		$	12.41

Net investment income^(a)		0.28			0.62			0.60			0.63			0.64			0.57

Net realized and unrealized gain (loss)		0.18			(0.52	)		(0.07	)		0.47			(0.08	)		(0.07	)

Total from investment operations		0.46			0.10			0.53			1.10			0.56			0.50

Distributions to shareholders from net investment income		(0.28	)		(0.53	)		(0.58	)		(0.62	)		(0.65	)		(0.56	)

Distributions to shareholders from return of capital		—			(0.05	)		—			—			—			—

Total distributions		(0.28	)		(0.58	)		(0.58	)		(0.62	)		(0.65	)		(0.56	)

Net asset value, end of period	$	12.39		$	12.21		$	12.69		$	12.74		$	12.26		$	12.35

Total return^(b)		3.76	%		1.04	%		4.18	%		9.15	%		4.70	%		4.04	%

Net assets, end of period (in 000s)	$	1,066,436		$	1,087,407		$	1,984,662		$	1,656,148		$	895,309		$	1,566,532

Ratio of net expenses to average net assets		0.86	%^(c)		0.86	%		0.86	%		0.89	%		0.89	%		0.90	%

Ratio of total expenses to average net assets		0.91	%^(c)		0.90	%		0.89	%		0.90	%		0.93	%		0.91	%

Ratio of net investment income to average net assets		4.55	%^(c)		5.18	%		4.65	%		4.95	%		5.30	%		4.52	%

Portfolio turnover rate^(d)		46	%		80	%		70	%		89	%		99	%		113	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Debt Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	12.21		$	12.69		$	12.74		$	12.26		$	12.35		$	12.41

Net investment income^(a)		0.28			0.61			0.58			0.61			0.64			0.56

Net realized and unrealized gain (loss)		0.17			(0.52	)		(0.06	)		0.48			(0.09	)		(0.07	)

Total from investment operations		0.45			0.09			0.52			1.09			0.55			0.49

Distributions to shareholders from net investment income		(0.27	)		(0.52	)		(0.57	)		(0.61	)		(0.64	)		(0.55	)

Distributions to shareholders from return of capital		—			(0.05	)		—			—			—			—

Total distributions		(0.27	)		(0.57	)		(0.57	)		(0.61	)		(0.64	)		(0.55	)

Net asset value, end of period	$	12.39		$	12.21		$	12.69		$	12.74		$	12.26		$	12.35

Total return^(b)		3.72	%		0.95	%		4.09	%		9.05	%		4.60	%		3.94	%

Net assets, end of period (in 000s)	$	98,628		$	103,473		$	175,664		$	85,556		$	16,927		$	14,423

Ratio of net expenses to average net assets		0.94	%^(c)		0.95	%		0.95	%		0.98	%		0.98	%		0.99	%

Ratio of total expenses to average net assets		1.00	%^(c)		0.99	%		0.98	%		0.99	%		1.02	%		1.00	%

Ratio of net investment income to average net assets		4.47	%^(c)		5.09	%		4.51	%		4.79	%		5.26	%		4.41	%

Portfolio turnover rate^(d)		46	%		80	%		70	%		89	%		99	%		113	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Debt Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019^(a)
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	12.20		$	12.59

Net investment income^(b)		0.28			0.55

Net realized and unrealized gain (loss)		0.18			(0.40	)

Total from investment operations		0.46			0.15

Distributions to shareholders from net investment income		(0.28	)		(0.50	)

Distributions to shareholders from return of capital		—			(0.04	)

Total distributions		(0.28	)		(0.54	)

Net asset value, end of period	$	12.38		$	12.20

Total return^(c)		3.77	%		1.46	%

Net assets, end of period (in 000s)	$	15,328		$	14,908

Ratio of net expenses to average net assets^(d)		0.85	%		0.85	%

Ratio of total expenses to average net assets^(d)		0.90	%		0.91	%

Ratio of net investment income to average net assets^(d)		4.56	%		5.00	%

Portfolio turnover rate^(e)		46	%		80	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Emerging Markets Debt Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	12.21		$	12.69		$	12.74		$	12.26		$	12.18

Net investment income^(b)		0.28			0.60			0.60			0.60			0.46

Net realized and unrealized gain (loss)		0.18			(0.50	)		(0.07	)		0.51			0.06

Total from investment operations		0.46			0.10			0.53			1.11			0.52

Distributions to shareholders from net investment income		(0.28	)		(0.53	)		(0.58	)		(0.63	)		(0.44	)

Distributions to shareholders from return of capital		—			(0.05	)		—			—			—

Total distributions		(0.28	)		(0.58	)		(0.58	)		(0.63	)		(0.44	)

Net asset value, end of period	$	12.39		$	12.21		$	12.69		$	12.74		$	12.26

Total return^(c)		3.77	%		1.05	%		4.20	%		9.17	%		4.41	%

Net assets, end of period (in 000s)		$241,196		$	332,270		$	294,599		$	28,593		$	458

Ratio of net expenses to average net assets		0.85	%^(d)		0.85	%		0.84	%		0.87	%		0.87	%^(d)

Ratio of total expenses to average net assets		0.90	%^(d)		0.90	%		0.89	%		0.88	%		0.92	%^(d)

Ratio of net investment income to average net assets		4.56	%^(d)		5.10	%		4.67	%		4.76	%		5.84	%^(d)

Portfolio turnover rate^(e)		46	%		80	%		70	%		89	%		99	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	6.32		$	6.34		$	6.57		$	6.02		$	6.80		$	7.23

Net investment income (loss)^(a)		0.17			0.33			0.33			0.34			0.35			0.37

Net realized and unrealized gain (loss)		0.06			(0.01	)		(0.24	)		0.55			(0.77	)		(0.28	)

Total from investment operations		0.23			0.32			0.09			0.89			(0.42	)		0.09

Distributions to shareholders from net investment income		(0.17	)		(0.34	)		(0.32	)		(0.34	)		(0.34	)		(0.38	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.14	)

Distributions to shareholders from return of capital		—			—			—			—			(0.02	)		—	^(b)

Total distributions		(0.17	)		(0.34	)		(0.32	)		(0.34	)		(0.36	)		(0.52	)

Net asset value, end of period	$	6.38		$	6.32		$	6.34		$	6.57		$	6.02		$	6.80

Total return^(c)		3.73	%		5.20	%		1.37	%		15.06	%		(6.33	)%		1.21	%

Net assets, end of period (in 000s)	$	155,206		$	163,355		$	179,807		$	232,572		$	340,534		$	483,328

Ratio of net expenses to average net assets		1.03	%^(d)		1.04	%		1.05	%		1.07	%		1.05	%		1.06	%

Ratio of total expenses to average net assets		1.11	%^(d)		1.11	%		1.08	%		1.07	%		1.06	%		1.06	%

Ratio of net investment income to average net assets		5.33	%^(d)		5.31	%		5.00	%		5.34	%		5.49	%		5.30	%

Portfolio turnover rate^(e)		43	%		59	%		69	%		93	%		46	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	6.32		$	6.34		$	6.57		$	6.03		$	6.81		$	7.24

Net investment income^(a)		0.15			0.29			0.28			0.29			0.30			0.32

Net realized and unrealized gain (loss)		0.07			(0.02	)		(0.23	)		0.54			(0.77	)		(0.29	)

Total from investment operations		0.22			0.27			0.05			0.83			(0.47	)		0.03

Distributions to shareholders from net investment income		(0.15	)		(0.29	)		(0.28	)		(0.29	)		(0.30	)		(0.32	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.14	)

Distributions to shareholders from return of capital		—			—			—			—			(0.01	)		—	^(b)

Total distributions		(0.15	)		(0.29	)		(0.28	)		(0.29	)		(0.31	)		(0.46	)

Net asset value, end of period	$	6.39		$	6.32		$	6.34		$	6.57		$	6.03		$	6.81

Total return^(c)		3.51	%		4.41	%		0.64	%		14.02	%		(7.01	)%		0.46	%

Net assets, end of period (in 000s)	$	13,161		$	15,532		$	33,221		$	46,396		$	51,973		$	71,577

Ratio of net expenses to average net assets		1.78	%^(d)		1.79	%		1.80	%		1.82	%		1.80	%		1.81	%

Ratio of total expenses to average net assets		1.86	%^(d)		1.85	%		1.83	%		1.82	%		1.81	%		1.81	%

Ratio of net investment income to average net assets		4.58	%^(d)		4.53	%		4.26	%		4.59	%		4.76	%		4.54	%

Portfolio turnover rate^(e)		43	%		59	%		69	%		93	%		46	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	6.33		$	6.35		$	6.58		$	6.04		$	6.82		$	7.25

Net investment income^(a)		0.18			0.35			0.35			0.36			0.38			0.40

Net realized and unrealized gain (loss)		0.07			(0.01	)		(0.23	)		0.54			(0.78	)		(0.29	)

Total from investment operations		0.25			0.34			0.12			0.90			(0.40	)		0.11

Distributions to shareholders from net investment income		(0.18	)		(0.36	)		(0.35	)		(0.36	)		(0.36	)		(0.40	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.14	)

Distributions to shareholders from return of capital		—			—			—			—			(0.02	)		—	^(b)

Total distributions		(0.18	)		(0.36	)		(0.35	)		(0.36	)		(0.38	)		0.54

Net asset value, end of period	$	6.40		$	6.33		$	6.35		$	6.58		$	6.04		$	6.82

Total return^(c)		4.04	%		5.50	%		1.72	%		15.24	%		(5.98	)%		1.56	%

Net assets, end of period (in 000s)	$	326,580		$	338,503		$	2,488,697		$	3,410,302		$	3,221,934		$	4,975,618

Ratio of net expenses to average net assets		0.75	%^(d)		0.75	%		0.73	%		0.73	%		0.71	%		0.72	%

Ratio of total expenses to average net assets		0.77	%^(d)		0.76	%		0.74	%		0.73	%		0.72	%		0.72	%

Ratio of net investment income to average net assets		5.61	%^(d)		5.52	%		5.32	%		5.67	%		5.84	%		5.62	%

Portfolio turnover rate^(e)		43	%		59	%		69	%		93	%		46	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Fund
	Service Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	6.31		$	6.33		$	6.56		$	6.02		$	6.79		$	7.23

Net investment income^(a)		0.16			0.32			0.31			0.33			0.34			0.36

Net realized and unrealized gain (loss)		0.08			(0.02	)		(0.23	)		0.54			(0.76	)		(0.30	)

Total from investment operations		0.24			0.30			(0.08	)		0.87			(0.42	)		0.06

Distributions to shareholders from net investment income		(0.17	)		(0.32	)		(0.31	)		(0.33	)		(0.33	)		(0.36	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.14	)

Distributions to shareholders from return of capital		—			—			—			—			(0.02	)		—	^(b)

Total distributions		(0.17	)		(0.32	)		(0.31	)		(0.33	)		(0.35	)		(0.50	)

Net asset value, end of period	$	6.38		$	6.31		$	6.33		$	6.56		$	6.02		$	6.79

Total return^(c)		3.78	%		4.97	%		1.20	%		14.70	%		(6.35	)%		0.90	%

Net assets, end of period (in 000s)	$	7,453		$	10,858		$	11,172		$	12,089		$	14,710		$	17,506

Ratio of net expenses to average net assets		1.25	%^(d)		1.25	%		1.23	%		1.23	%		1.21	%		1.22	%

Ratio of total expenses to average net assets		1.27	%^(d)		1.27	%		1.24	%		1.23	%		1.22	%		1.22	%

Ratio of net investment income to average net assets		5.11	%^(d)		5.10	%		4.81	%		5.17	%		5.35	%		5.12	%

Portfolio turnover rate^(e)		43	%		59	%		69	%		93	%		46	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	6.33		$	6.35		$	6.58		$	6.03		$	6.81		$	7.25

Net investment income^(a)		0.18			0.35			0.34			0.36			0.37			0.39

Net realized and unrealized gain (loss)		0.06			(0.02	)		(0.23	)		0.55			(0.78	)		(0.30	)

Total from investment operations		0.24			0.33			0.11			0.91			(0.41	)		0.09

Distributions to shareholders from net investment income		(0.18	)		(0.35	)		(0.34	)		(0.36	)		(0.35	)		(0.39	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.14	)

Distributions to shareholders from return of capital		—			—			—			—			(0.02	)		—	^(b)

Total distributions		(0.18	)		(0.35	)		(0.34	)		(0.36	)		(0.37	)		(0.53	)

Net asset value, end of period	$	6.39		$	6.33		$	6.35		$	6.58		$	6.03		$	6.81

Total return^(c)		3.86	%		5.46	%		1.65	%		15.33	%		(6.08	)%		1.32	%

Net assets, end of period (in 000s)	$	17,336		$	18,830		$	25,259		$	33,482		$	9,302		$	13,971

Ratio of net expenses to average net assets		0.78	%^(d)		0.79	%		0.80	%		0.82	%		0.80	%		0.81	%

Ratio of total expenses to average net assets		0.86	%^(d)		0.86	%		0.83	%		0.82	%		0.81	%		0.81	%

Ratio of net investment income to average net assets		5.58	%^(d)		5.56	%		5.25	%		5.64	%		5.76	%		5.54	%

Portfolio turnover rate^(e)		43	%		59	%		69	%		93	%		46	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	6.33		$	6.42

Net investment income^(b)		0.18			0.33

Net realized and unrealized gain (loss)		0.07			(0.08	)

Total from investment operations		0.25			0.25

Distributions to shareholders from net investment income		(0.18	)		(0.34	)

Net asset value, end of period	$	6.40		$	6.33

Total return^(c)		4.05	%		4.00	%

Net assets, end of period (in 000s)	$	1,649,932		$	1,604,685

Ratio of net expenses to average net assets^(d)		0.74	%		0.74	%

Ratio of total expenses to average net assets^(d)		0.76	%		0.77	%

Ratio of net investment income to average net assets^(d)		5.62	%		5.67	%

Portfolio turnover rate^(e)		43	%		59	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Fund
	Class R Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	6.31		$	6.33		$	6.56		$	6.02		$	6.80		$	7.23

Net investment income^(a)		0.16			0.32			0.31			0.32			0.34			0.35

Net realized and unrealized gain (loss)		0.08			(0.02	)		(0.23	)		0.54			(0.78	)		(0.28	)

Total from investment operations		0.24			0.30			0.08			0.86			(0.44	)		0.07

Distributions to shareholders from net investment income		(0.17	)		(0.32	)		(0.31	)		(0.32	)		(0.33	)		(0.36	)

Distributions to shareholders from net realized gains		—			—			—			—			—			(0.14	)

Distributions to shareholders from return of capital		—			—			—			—			(0.01	)		—	^(b)

Total distributions		(0.17	)		(0.32	)		(0.31	)		(0.32	)		(0.34	)		(0.50	)

Net asset value, end of period	$	6.38		$	6.31		$	6.33		$	6.56		$	6.02		$	6.80

Total return^(c)		3.77	%		4.93	%		1.13	%		14.60	%		(6.57	)%		0.95	%

Net assets, end of period (in 000s)	$	12,404		$	12,560		$	14,068		$	14,817		$	15,296		$	17,417

Ratio of net expenses to average net assets		1.28	%^(d)		1.29	%		1.30	%		1.32	%		1.30	%		1.31	%

Ratio of total expenses to average net assets		1.36	%^(d)		1.36	%		1.33	%		1.32	%		1.31	%		1.31	%

Ratio of net investment income to average net assets		5.08	%^(d)		5.06	%		4.74	%		5.08	%		5.26	%		5.03	%

Portfolio turnover rate^(e)		43	%		59	%		69	%		93	%		46	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	6.34		$	6.36		$	6.59		$	6.05		$	6.65

Net investment income^(b)		0.18			0.35			0.35			0.36			0.24

Net realized and unrealized gain (loss)		0.07			(0.01	)		(0.23	)		0.54			(0.59	)

Total from investment operations		0.25			0.34			0.12			0.90			(0.35	)

Distributions to shareholders from net investment income		(0.18	)		(0.36	)		(0.35	)		(0.36	)		(0.24	)

Distributions to shareholders from return of capital		—			—			—			—			(0.01	)

Total distributions		(0.18	)		(0.36	)		(0.35	)		(0.36	)		(0.25	)

Net asset value, end of period	$	6.41		$	6.34		$	6.36		$	6.59		$	6.05

Total return^(c)		4.04	%		5.51	%		1.74	%		15.25	%		(5.29	)%

Net assets, end of period (in 000s)	$	64,893		$	81,751		$	244,099		$	202,273		$	162,768

Ratio of net expenses to average net assets		0.74	%^(d)		0.74	%		0.71	%		0.71	%		0.70	%^(d)

Ratio of total expenses to average net assets		0.76	%^(d)		0.75	%		0.71	%		0.71	%		0.71	%^(d)

Ratio of net investment income to average net assets		5.62	%^(d)		5.58	%		5.33	%		5.69	%		6.02	%^(d)

Portfolio turnover rate^(e)		43	%		59	%		69	%		93	%		46	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Floating Rate Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.36		$	9.65		$	9.72		$	9.46		$	9.92		$	10.07

Net investment income (loss)^(a)		0.24			0.44			0.37			0.37			0.37			0.34

Net realized and unrealized gain (loss)		0.02			(0.29	)		(0.07	)		0.26			(0.46	)		(0.14	)

Total from investment operations		0.26			0.15			0.30			0.63			(0.09	)		0.20

Distributions to shareholders from net investment income		(0.24	)		(0.44	)		(0.37	)		(0.36	)		(0.37	)		(0.35	)

Distributions to shareholders from net realized gains		—			—			—			—			—			0.00	^(b)

Distributions to shareholders from return of capital		—			—			—	^(b)		(0.01	)		—			—

Total distributions		(0.24	)		(0.44	)		(0.37	)		(0.37	)		(0.37	)		(0.35	)

Net asset value, end of period	$	9.38		$	9.36		$	9.65		$	9.72		$	9.46		$	9.92

Total return^(c)		2.77	%		1.57	%		3.00	%		6.87	%		(0.89	)%		2.01	%

Net assets, end of period (in 000s)	$	3,524		$	3,802		$	4,259		$	7,030		$	6,668		$	6,193

Ratio of net expenses to average net assets		1.01	%^(d)		0.97	%		0.94	%		0.95	%		0.95	%		0.94	%

Ratio of total expenses to average net assets		1.01	%^(d)		0.97	%		0.96	%		0.96	%		0.96	%		0.95	%

Ratio of net investment income to average net assets		5.03	%^(d)		4.57	%		3.83	%		3.83	%		3.80	%		3.38	%

Portfolio turnover rate^(e)		19	%		69	%		44	%		55	%		42	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Floating Rate Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.36		$	9.65		$	9.72		$	9.46		$	9.92		$	10.08

Net investment income^(a)		0.20			0.36			0.30			0.30			0.30			0.27

Net realized and unrealized gain (loss)		0.02			(0.28	)		(0.08	)		0.26			(0.46	)		(0.15	)

Total from investment operations		0.22			0.08			0.22			0.56			(0.16	)		0.12

Distributions to shareholders from net investment income		(0.20	)		(0.37	)		(0.29	)		(0.29	)		(0.30	)		(0.28	)

Distributions to shareholders from net realized gains		—			—			—			—			—			0.00	^(b)

Distributions to shareholders from return of capital		—			—			—	^(b)		(0.01	)		—			—

Total distributions		(0.20	)		(0.37	)		(0.29	)		(0.30	)		(0.30	)		(0.28	)

Net asset value, end of period	$	9.38		$	9.36		$	9.65		$	9.72		$	9.46		$	9.92

Total return^(c)		2.39	%		0.81	%		2.23	%		6.07	%		(1.63	)%		1.15	%

Net assets, end of period (in 000s)	$	1,004		$	1,126		$	2,443		$	2,610		$	1,760		$	1,936

Ratio of net expenses to average net assets		1.76	%^(d)		1.71%			1.69	%		1.70	%		1.70	%		1.69	%

Ratio of total expenses to average net assets		1.76	%^(d)		1.72%			1.71	%		1.71	%		1.72	%		1.70	%

Ratio of net investment income to average net assets		4.28	%^(d)		3.74	%		3.06	%		3.06	%		3.09	%		2.71	%

Portfolio turnover rate^(e)		19	%		69	%		44	%		55	%		42	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Floating Rate Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.36		$	9.66		$	9.73		$	9.47		$	9.93		$	10.09

Net investment income^(a)		0.25			0.43			0.40			0.40			0.40			0.38

Net realized and unrealized gain (loss)		0.03			(0.26	)		(0.07	)		0.27			(0.46	)		(0.16	)

Total from investment operations		0.28			0.17			0.33			0.67			(0.06	)		0.22

Distributions to shareholders from net investment income		(0.25	)		(0.47	)		(0.39	)		(0.40	)		(0.40	)		(0.38	)

Distributions to shareholders from net realized gains		—			—			—			—			—			0.00	^(b)

Distributions to shareholders from return of capital		—			—			(0.01	)		(0.01	)		—			—

Total distributions		(0.25	)		(0.47	)		(0.40	)		(0.41	)		(0.40	)		(0.38	)

Net asset value, end of period	$	9.39		$	9.36		$	9.66		$	9.73		$	9.47		$	9.93

Total return^(c)		3.05	%		1.81	%		3.45	%		7.12	%		(0.55	)%		2.26	%

Net assets, end of period (in 000s)	$	127,832		$	89,465		$	3,906,449		$	3,896,724		$	3,217,752		$	4,087,016

Ratio of net expenses to average net assets		0.67	%^(d)		0.61	%		0.60	%		0.61	%		0.61	%		0.60	%

Ratio of total expenses to average net assets		0.67	%^(d)		0.62	%		0.62	%		0.62	%		0.63	%		0.61	%

Ratio of net investment income to average net assets		5.35	%^(d)		4.51	%		4.16	%		4.16	%		4.17	%		3.81	%

Portfolio turnover rate^(e)		19	%		69	%		44	%		55	%		42	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Floating Rate Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.38		$	9.67		$	9.73		$	9.48		$	9.94		$	10.09

Net investment income^(a)		0.25			0.45			0.40			0.39			0.39			0.37

Net realized and unrealized gain (loss)		0.02			(0.28	)		(0.07	)		0.26			(0.45	)		(0.14	)

Total from investment operations		0.27			0.17			0.33			0.65			(0.06	)		0.23

Distributions to shareholders from net investment income		(0.25	)		(0.46	)		(0.39	)		(0.39	)		(0.40	)		(0.38	)

Distributions to shareholders from net realized gains		—			—			—			—			—			0.00	^(b)

Distributions to shareholders from return of capital		—			—			—	^(b)		(0.01	)		—			—

Total distributions		(0.25	)		(0.46	)		(0.39	)		(0.40	)		(0.40	)		(0.38	)

Net asset value, end of period	$	9.40		$	9.38		$	9.67		$	9.73		$	9.48		$	9.94

Total return^(c)		2.90	%		1.83	%		3.36	%		7.02	%		(0.64	)%		2.27	%

Net assets, end of period (in 000s)	$	1,450		$	1,431		$	5,599		$	4,125		$	1,237		$	811

Ratio of net expenses to average net assets		0.76	%^(d)		0.71	%		0.69	%		0.70	%		0.70	%		0.70	%

Ratio of total expenses to average net assets		0.76	%^(d)		0.72	%		0.70	%		0.71	%		0.72	%		0.71	%

Ratio of net investment income to average net assets		5.29	%^(d)		4.69	%		4.07	%		4.00	%		4.10	%		3.72	%

Portfolio turnover rate^(e)		19	%		69	%		44	%		55	%		42	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Floating Rate Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.37		$	9.69

Net investment income^(b)		0.25			0.45

Net realized and unrealized gain (loss)		0.02			(0.33	)

Total from investment operations		0.27			0.12

Distributions to shareholders from net investment income		(0.25	)		(0.44	)

Net asset value, end of period	$	9.39		$	9.37

Total return^(c)		2.95	%		1.32	%

Net assets, end of period (in 000s)	$	1,981,437		$	2,215,089

Ratio of net expenses to average net assets^(d)		0.66	%		0.62	%

Ratio of total expenses to average net assets^(d)		0.66	%		0.63	%

Ratio of net investment income to average net assets^(d)		5.39	%		5.04	%

Portfolio turnover rate^(e)		19	%		69	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Floating Rate Fund
	Class R Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.36		$	9.65		$	9.73		$	9.46		$	9.92		$	10.08

Net investment income^(a)		0.23			0.42			0.34			0.35			0.35			0.32

Net realized and unrealized gain (loss)		0.02			(0.30	)		(0.08	)		0.27			(0.46	)		(0.15	)

Total from investment operations		0.25			0.12			0.26			0.62			(0.11	)		0.17

Distributions to shareholders from net investment income		(0.23	)		(0.41	)		(0.34	)		(0.34	)		(0.35	)		(0.33	)

Distributions to shareholders from net realized gains		—			—			—			—			—			0.00	^(b)

Distributions to shareholders from return of capital		—			—			—	^(b)		(0.01	)		—			—

Total distributions		(0.23	)		(0.41	)		(0.34	)		(0.35	)		(0.35	)		(0.33	)

Net asset value, end of period	$	9.38		$	9.36		$	9.65		$	9.73		$	9.46		$	9.92

Total return^(c)		2.66	%		1.31	%		2.74	%		6.61	%		(1.13	)%		1.67	%

Net assets, end of period (in 000s)	$	13		$	100		$	79		$	12		$	11		$	11

Ratio of net expenses to average net assets		1.25	%^(d)		1.22	%		1.19	%		1.19	%		1.19	%		1.16	%

Ratio of total expenses to average net assets		1.25	%^(d)		1.23	%		1.21	%		1.20	%		1.20	%		1.17	%

Ratio of net investment income to average net assets		4.90	%^(d)		4.40	%		3.54	%		3.59	%		3.60	%		3.23	%

Portfolio turnover rate^(e)		19	%		69	%		44	%		55	%		42	%		55	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs High Yield Floating Rate Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019			Period Ended March 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	9.37		$	9.67		$	9.69

Net investment income^(b)		0.25			0.45			0.13

Net realized and unrealized gain (loss)		0.02			(0.28	)		(0.02	)

Total from investment operations		0.27			0.17			0.11

Distributions to shareholders from net investment income		(0.25	)		(0.47	)		(0.13	)

Distributions to shareholders from return of capital		—			—			(0.00	)^(c)

Total distributions		(0.25	)		(0.47	)		(0.13	)

Net asset value, end of period	$	9.39		$	9.37		$	9.67

Total return^(d)		2.95	%		1.82	%		1.17	%

Net assets, end of period (in 000s)	$	36,357		$	26,552		$	210,985

Ratio of net expenses to average net assets		0.66	%^(e)		0.60	%		0.58	%^(e)

Ratio of total expenses to average net assets		0.66	%^(e)		0.61	%		0.59	%^(e)

Ratio of net investment income to average net assets		5.37	%^(e)		4.69	%		4.12	%^(e)

Portfolio turnover rate^(f)		19	%		69	%		44	%

(a)

Commenced operations on November 30, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Investment Grade Credit Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.16		$	9.01		$	9.06		$	9.08		$	9.47		$	9.39

Net investment income (loss)^(a)		0.14			0.28			0.26			0.27			0.30			0.29

Net realized and unrealized gain (loss)		0.57			0.16			(0.05	)		(0.02	)		(0.36	)		0.26

Total from investment operations		0.71			0.44			0.21			0.25			(0.06	)		0.55

Distributions to shareholders from net investment income		(0.15	)		(0.29	)		(0.26	)		(0.27	)		(0.29	)		(0.29	)

Distributions to shareholders from net realized gains		—			—			—			—			(0.04	)		(0.18	)

Total distributions		(0.15	)		(0.29	)		(0.26	)		(0.27	)		(0.33	)		(0.47	)

Net asset value, end of period	$	9.72		$	9.16		$	9.01		$	9.06		$	9.08		$	9.47

Total return^(b)		7.66	%		5.14	%		2.34	%		2.75	%		(0.53	)%		5.94	%

Net assets, end of period (in 000s)	$	8,677		$	7,895		$	10,198		$	32,514		$	28,037		$	29,522

Ratio of net expenses to average net assets		0.72	%^(c)		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%

Ratio of total expenses to average net assets		0.81	%^(c)		0.84	%		0.84	%		0.87	%		0.86	%		0.86	%

Ratio of net investment income to average net assets		2.99	%^(c)		3.19	%		2.85	%		2.93	%		3.28	%		3.07	%

Portfolio turnover rate^(d)		35	%		82	%		82	%		63	%		79	%		84	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Investment Grade Credit Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.17		$	9.01		$	9.06		$	9.08		$	9.48		$	9.39

Net investment income^(a)		0.16			0.31			0.29			0.30			0.33			0.32

Net realized and unrealized gain (loss)		0.55			0.17			(0.04	)		(0.02	)		(0.37	)		0.27

Total from investment operations		0.71			0.48			0.25			0.28			(0.04	)		0.59

Distributions to shareholders from net investment income		(0.16	)		(0.32	)		(0.30	)		(0.30	)		(0.32	)		(0.32	)

Distributions to shareholders from net realized gains		—			—			—			—			(0.04	)		(0.18	)

Total distributions		(0.16	)		(0.32	)		(0.30	)		(0.30	)		(0.36	)		(0.50	)

Net asset value, end of period	$	9.72		$	9.17		$	9.01		$	9.06		$	9.08		$	9.48

Total return^(b)		7.85	%		5.50	%		2.69	%		3.10	%		(0.29	)%		6.41	%

Net assets, end of period (in 000s)	$	46,753		$	40,548		$	163,229		$	142,218		$	156,202		$	177,283

Ratio of net expenses to average net assets		0.38	%^(c)		0.38	%		0.38	%		0.38	%		0.38	%		0.38	%

Ratio of total expenses to average net assets		0.47	%^(c)		0.48	%		0.48	%		0.53	%		0.52	%		0.52	%

Ratio of net investment income to average net assets		3.34	%^(c)		3.49	%		3.18	%		3.28	%		3.62	%		3.41	%

Portfolio turnover rate^(d)		35	%		82	%		82	%		63	%		79	%		84	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Investment Grade Credit Fund
	Separate Account Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.17		$	9.02		$	9.07		$	9.09		$	9.48		$	9.39

Net investment income^(a)		0.16			0.31			0.29			0.30			0.33			0.32

Net realized and unrealized gain (loss)		0.55			0.16			(0.04	)		(0.02	)		(0.36	)		0.27

Total from investment operations		0.71			0.47			0.25			0.28			(0.03	)		0.59

Distributions to shareholders from net investment income		(0.16	)		(0.32	)		(0.30	)		(0.30	)		(0.32	)		(0.32	)

Distributions to shareholders from net realized gains		—			—			—			—			(0.04	)		(0.18	)

Total distributions		(0.16	)		(0.32	)		(0.30	)		(0.30	)		(0.36	)		(0.50	)

Net asset value, end of period	$	9.72		$	9.17		$	9.02		$	9.07		$	9.09		$	9.48

Total return^(b)		7.96	%		5.39	%		2.69	%		3.10	%		(0.18	) %		6.41	%

Net assets, end of period (in 000s)	$	233,814		$	228,692		$	233,908		$	249,971		$	239,713		$	259,668

Ratio of net expenses to average net assets		0.37	%^(c)		0.37	%		0.38	%		0.38	%		0.38	%		0.38	%

Ratio of total expenses to average net assets		0.46	%^(c)		0.49	%		0.48	%		0.53	%		0.52	%		0.52	%

Ratio of net investment income to average net assets		3.35	%^(c)		3.55	%		3.19	%		3.28	%		3.62	%		3.40	%

Portfolio turnover rate^(d)		35	%		82	%		82	%		63	%		79	%		84	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Investment Grade Credit Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	9.17		$	9.02		$	9.07		$	9.09		$	9.48		$	9.39

Net investment income^(a)		0.15			0.31			0.28			0.29			0.32			0.31

Net realized and unrealized gain (loss)		0.56			0.15			(0.04	)		(0.02	)		(0.35	)		0.27

Total from investment operations		0.71			0.46			0.24			0.27			(0.03	)		0.58

Distributions to shareholders from net investment income		(0.16	)		(0.31	)		(0.29	)		(0.29	)		(0.32	)		(0.31	)

Distributions to shareholders from net realized gains		—			—			—			—			(0.04	)		(0.18	)

Total distributions		(0.16	)		(0.31	)		(0.29	)		(0.29	)		(0.36	)		(0.49	)

Net asset value, end of period	$	9.72		$	9.17		$	9.02		$	9.07		$	9.09		$	9.48

Total return^(b)		7.80	%		5.28	%		2.60	%		3.01	%		(0.27	)%		6.32	%

Net assets, end of period (in 000s)	$	3,545		$	3,164		$	4,600		$	4,062		$	1,080		$	1,075

Ratio of net expenses to average net assets		0.47	%^(c)		0.47	%		0.47	%		0.47	%		0.47	%		0.47	%

Ratio of total expenses to average net assets		0.56	%^(c)		0.58	%		0.57	%		0.61	%		0.61	%		0.61	%

Ratio of net investment income to average net assets		3.25	%^(c)		3.45	%		3.10	%		3.18	%		3.53	%		3.31	%

Portfolio turnover rate^(d)		35	%		82	%		82	%		63	%		79	%		84	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Investment Grade Credit Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	9.16		$	8.93

Net investment income^(b)		0.16			0.30

Net realized and unrealized gain		0.56			0.23

Total from investment operations		0.72			0.53

Distributions to shareholders from net investment income		(0.16	)		(0.30	)

Net asset value, end of period	$	9.72		$	9.16

Total return^(c)		7.97	%		6.12	%

Net assets, end of period (in 000s)	$	198,491		$	196,668

Ratio of net expenses to average net assets^(d)		0.37	%		0.37	%

Ratio of total expenses to average net assets^(d)		0.46	%		0.51	%

Ratio of net investment income to average net assets^(d)		3.35	%		3.57	%

Portfolio turnover rate^(e)		35	%		82	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Investment Grade Credit Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	9.17		$	9.02		$	9.07		$	9.08		$	9.13

Net investment income^(b)		0.16			0.33			0.29			0.30			0.22

Net realized and unrealized gain (loss)		0.55			0.14			(0.04	)		(0.01	)		(0.02	)

Total from investment operations		0.71			0.47			0.25			0.29			0.20

Distributions to shareholders from net investment income		(0.16	)		(0.32	)		(0.30	)		(0.30	)		(0.21	)

Distributions to shareholders from net realized gains		—			—			—			—			(0.04	)

Total distributions		(0.16	)		(0.32	)		(0.30	)		(0.30	)		(0.25	)

Net asset value, end of period	$	9.72		$	9.17		$	9.02		$	9.07		$	9.08

Total return^(c)		7.85	%		5.39	%		2.70	%		3.23	%		2.28	%

Net assets, end of period (in 000s)	$	963		$	675		$	17		$	12		$	10

Ratio of net expenses to average net assets		0.37	%^(d)		0.37	%		0.37	%		0.38	%		0.38	%^(d)

Ratio of total expenses to average net assets		0.46	%^(d)		0.54	%		0.46	%		0.51	%		0.53	%^(d)

Ratio of net investment income to average net assets		3.34	%^(d)		3.63	%		3.20	%		3.28	%		3.61	%^(d)

Portfolio turnover rate^(e)		35	%		82	%		82	%		63	%		79	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Local Emerging Markets Debt Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	5.76		$	6.89		$	6.38		$	6.36		$	6.96		$	8.43

Net investment income ^(a)		0.13			0.34			0.36			0.33			0.34			0.37

Net realized and unrealized gain (loss)		0.08			(1.17	)		0.52			0.04			(0.60	)		(1.41	)

Total from investment operations		0.21			(0.83	)		0.88			0.37			(0.26	)		(1.04	)

Distributions to shareholders from net investment income		(0.12	)		—			—			—			—			—

Distributions to shareholders from return of capital		—			(0.30	)		(0.37	)		(0.35	)		(0.34	)		(0.43	)

Total distributions		(0.12	)		(0.30	)		(0.37	)		(0.35	)		(0.34	)		(0.43	)

Net asset value, end of period	$	5.85		$	5.76		$	6.89		$	6.38		$	6.36		$	6.96

Total return^(b)		3.72	%		(12.08	)%		13.93	%		6.21	%		(3.54	)%		(12.92	)%

Net assets, end of period (in 000s)	$	5,701		$	5,465		$	8,880		$	11,295		$	140,623		$	140,301

Ratio of net expenses to average net assets		1.22	%^(c)		1.21	%		1.22	%		1.24	%		1.25	%		1.25	%

Ratio of total expenses to average net assets		1.64	%^(c)		1.53	%		1.44	%		1.48	%		1.40	%		1.36	%

Ratio of net investment income to average net assets		4.44	%^(c)		5.75	%		5.47	%		5.17	%		5.31	%		4.76	%

Portfolio turnover rate^(d)		39	%		117	%		112	%		111	%		100	%		145	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Local Emerging Markets Debt Fund
	Class C Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	5.75		$	6.88		$	6.38		$	6.37		$	6.98		$	8.44

Net investment income^(a)		0.11			0.29			0.32			0.27			0.29			0.33

Net realized and unrealized gain (loss)		0.08			(1.17	)		0.50			0.04			(0.61	)		(1.42	)

Total from investment operations		0.19			(0.88	)		0.82			0.31			(0.32	)		(1.09	)

Distributions to shareholders from net investment income		(0.10	)		—			—			—			—			—

Distributions to shareholders from return of capital		—			(0.25	)		(0.32	)		(0.30	)		(0.29	)		(0.37	)

Total distributions		(0.10	)		(0.25	)		(0.32	)		(0.30	)		(0.29	)		(0.37	)

Net asset value, end of period	$	5.84		$	5.75		$	6.88		$	6.38		$	6.37		$	6.98

Total return^(b)		3.52	%		(12.76	)%		13.10	%		5.08	%		(4.38	)%		(13.43	)%

Net assets, end of period (in 000s)	$	3,074		$	4,457		$	7,115		$	6,202		$	6,574		$	9,734

Ratio of net expenses to average net assets		1.97	%^(c)		1.96	%		1.96	%		1.98	%		2.00	%		2.01	%

Ratio of total expenses to average net assets		2.39	%^(c)		2.27	%		2.18	%		2.21	%		2.15	%		2.14	%

Ratio of net investment income to average net assets		3.75	%^(c)		4.99	%		4.77	%		4.27	%		4.58	%		4.04	%

Portfolio turnover rate^(d)		39	%		117	%		112	%		111	%		100	%		145	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Local Emerging Markets Debt Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	5.74		$	6.87		$	6.37		$	6.36		$	6.97		$	8.43

Net investment income^(a)		0.14			0.38			0.38			0.34			0.37			0.41

Net realized and unrealized gain (loss)		0.08			(1.20	)		0.50			0.04			(0.62	)		(1.41	)

Total from investment operations		0.22			(0.82	)		0.88			0.38			(0.25	)		(1.00	)

Distributions to shareholders from net investment income		(0.13	)		—			—			—			—			—

Distributions to shareholders from return of capital		—			(0.31	)		(0.38	)		(0.37	)		(0.36	)		(0.46	)

Total distributions		(0.13	)		(0.31	)		(0.38	)		(0.37	)		(0.36	)		(0.46	)

Net asset value, end of period	$	5.83		$	5.74		$	6.87		$	6.37		$	6.36		$	6.97

Total return^(b)		3.89	%		(11.86	)%		14.29	%		6.20	%		(3.35	)%		(12.50	)%

Net assets, end of period (in 000s)	$	24,883		$	32,419		$	245,127		$	332,212		$	403,203		$	1,234,553

Ratio of net expenses to average net assets		0.92	%^(c)		0.91	%		0.92	%		0.91	%		0.91	%		0.92	%

Ratio of total expenses to average net assets		1.30	%^(c)		1.10	%		1.10	%		1.12	%		1.06	%		1.05	%

Ratio of net investment income to average net assets		4.75	%^(c)		6.33	%		5.80	%		5.35	%		5.67	%		5.11	%

Portfolio turnover rate^(d)		39	%		117	%		112	%		111	%		100	%		145	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Local Emerging Markets Debt Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	5.74		$	6.87		$	6.37		$	6.35		$	6.96		$	8.43

Net investment income^(a)		0.14			0.35			0.38			0.33			0.34			0.41

Net realized and unrealized gain (loss)		0.09			(1.17	)		0.50			0.06			(0.59	)		(1.43	)

Total from investment operations		0.23			(0.82	)		0.88			0.39			(0.25	)		(1.02	)

Distributions to shareholders from net investment income		(0.13	)		—			—			—			—			—

Distributions to shareholders from return of capital		—			(0.31	)		(0.38	)		(0.37	)		(0.36	)		(0.45	)

Total distributions		(0.13	)		(0.31	)		(0.38	)		(0.37	)		(0.36	)		(0.45	)

Net asset value, end of period	$	5.84		$	5.74		$	6.87		$	6.37		$	6.35		$	6.96

Total return^(b)		4.04	%		(11.91	)%		14.24	%		6.30	%		(3.45	)%		(12.70	)%

Net assets, end of period (in 000s)	$	6,847		$	6,057		$	10,263		$	5,489		$	9,741		$	3,386

Ratio of net expenses to average net assets		0.97	%^(c)		0.96	%		0.97	%		0.98	%		0.99	%		1.01	%

Ratio of total expenses to average net assets		1.39	%^(c)		1.25	%		1.16	%		1.21	%		1.14	%		1.14	%

Ratio of net investment income to average net assets		4.69	%^(c)		6.03	%		5.78	%		5.28	%		5.55	%		5.06	%

Portfolio turnover rate^(d)		39	%		117	%		112	%		111	%		100	%		145	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Local Emerging Markets Debt Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	5.74		$	6.75

Net investment income^(b)		0.14			0.31

Net realized and unrealized gain (loss)		0.09			(1.03	)

Total from investment operations		0.23			(0.72	)

Distributions to shareholders from net investment income		(0.13	)		—

Distributions to shareholders from return of capital		—			(0.29	)

Total distributions		(0.13	)		(0.29	)

Net asset value, end of period	$	5.84		$	5.74

Total return^(c)		4.07	%		(10.66	)%

Net assets, end of period (in 000s)	$	41,950		$	52,263

Ratio of net expenses to average net assets^(d)		0.91	%		0.90	%

Ratio of total expenses to average net assets^(d)		1.29	%		1.24	%

Ratio of net investment income to average net assets^(d)		4.79	%		5.75	%

Portfolio turnover rate^(e)		39	%		117	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs Local Emerging Markets Debt Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31, 2019			Period Ended March 31, 2018^(a)
Per Share Data

Net asset value, beginning of period	$	5.74		$	6.87		$	6.48

Net investment income^(b)		0.14			0.34			0.14

Net realized and unrealized gain (loss)		0.08			(1.16	)		0.37

Total from investment operations		0.22			(0.82	)		0.51

Distributions to shareholders from net investment income		(0.13	)		—			—

Distributions to shareholders from return of capital		—			(0.31	)		(0.12	)

Total distributions		(0.13	)		(0.31	)		(0.12	)

Net asset value, end of period	$	5.83		$	5.74		$	6.87

Total return^(c)		3.89	%		(11.86	)%		7.88	%

Net assets, end of period (in 000s)	$	39,382		$	92,937		$	56,354

Ratio of net expenses to average net assets		0.91	%^(d)		0.90	%		0.90	%^(d)

Ratio of total expenses to average net assets		1.28	%^(d)		1.18	%		0.87	%^(d)

Ratio of net investment income to average net assets		4.87	%^(d)		5.91	%		6.04	%^(d)

Portfolio turnover rate^(e)		39	%		117	%		112	%

(a)

Commenced operations on November 30, 2017.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Mortgages Fund
	Class A Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.29		$	10.21		$	10.45		$	10.68		$	10.74		$	10.45

Net investment income^(a)		0.12			0.24			0.15			0.12			0.17			0.17

Net realized and unrealized gain (loss)		0.23			0.12			(0.16	)		(0.11	)		0.03			0.35

Total from investment operations		0.35			0.36			(0.01	)		0.01			0.20			0.52

Distributions to shareholders from net investment income		(0.15	)		(0.28	)		(0.23	)		(0.24	)		(0.26	)		(0.23	)

Distributions to shareholders from return of capital		—			—			—	^(b)		—			—	^(b)		—

Total distributions		(0.15	)		(0.28	)		(0.23	)		(0.24	)		(0.26	)		(0.23	)

Net asset value, end of period	$	10.49		$	10.29		$	10.21		$	10.45		$	10.68		$	10.74

Total return^(c)		3.45	%		3.60	%		(0.10	)%		0.10	%		1.89	%		5.01	%

Net assets, end of period (in 000s)	$	30,847		$	31,394		$	24,967		$	47,235		$	36,465		$	31,690

Ratio of net expenses to average net assets		0.78	%^(d)		0.78	%		0.77	%		0.77	%		0.75	%		0.71	%

Ratio of total expenses to average net assets		0.84	%^(d)		0.86	%		0.87	%		0.93	%		0.96	%		0.95	%

Ratio of net investment income to average net assets		2.32	%^(d)		2.37	%		1.40	%		1.10	%		1.58	%		1.60	%

Portfolio turnover rate^(e)		667	%		963	%		1,149	%		863	%		956	%		1,367	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Mortgages Fund
	Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.32		$	10.23		$	10.47		$	10.71		$	10.77		$	10.47

Net investment income^(a)		0.14			0.27			0.19			0.15			0.20			0.19

Net realized and unrealized gain (loss)		0.22			0.14			(0.16	)		(0.11	)		0.04			0.38

Total from investment operations		0.36			0.41			0.03			0.04			0.24			0.57

Distributions to shareholders from net investment income		(0.17	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)		(0.27	)

Distributions to shareholders from return of capital		—			—			—	^(b)		—			—	^(b)		—

Total distributions		(0.17	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)		(0.27	)

Net asset value, end of period	$	10.51		$	10.32		$	10.23		$	10.47		$	10.71		$	10.77

Total return^(c)		3.52	%		4.05	%		0.24	%		0.35	%		2.23	%		5.46	%

Net assets, end of period (in 000s)	$	30,770		$	34,027		$	80,298		$	63,035		$	60,513		$	45,891

Ratio of net expenses to average net assets		0.45	%^(d)		0.44	%		0.43	%		0.43	%		0.41	%		0.37	%

Ratio of total expenses to average net assets		0.50	%^(d)		0.51	%		0.52	%		0.59	%		0.62	%		0.67	%

Ratio of net investment income to average net assets		2.65	%^(d)		2.68	%		1.78	%		1.45	%		1.89	%		1.82	%

Portfolio turnover rate^(e)		667	%		963	%		1,149	%		863	%		956	%		1,367	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Mortgages Fund
	Separate Account Institutional Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.30		$	10.21		$	10.45		$	10.69		$	10.75		$	10.45

Net investment income^(a)		0.14			0.28			0.18			0.15			0.20			0.20

Net realized and unrealized gain (loss)		0.22			0.13			(0.15	)		(0.11	)		0.04			0.37

Total from investment operations		0.36			0.41			0.03			0.04			0.24			0.57

Distributions to shareholders from net investment income		(0.17	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)		(0.27	)

Distributions to shareholders from return of capital		—			—			—	^(b)		—			—	^(b)		—

Total distributions		(0.17	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)		(0.27	)

Net asset value, end of period	$	10.49		$	10.30		$	10.21		$	10.45		$	10.69		$	10.75

Total return^(c)		3.53	%		4.07	%		0.24	%		0.35	%		2.23	%		5.46	%

Net assets, end of period (in 000s)	$	214,135		$	215,647		$	221,303		$	217,648		$	210,773		$	195,609

Ratio of net expenses to average net assets		0.44	%^(d)		0.44	%		0.43	%		0.43	%		0.41	%		0.37	%

Ratio of total expenses to average net assets		0.49	%^(d)		0.51	%		0.52	%		0.59	%		0.62	%		0.63	%

Ratio of net investment income to average net assets		2.67	%^(d)		2.77	%		1.77	%		1.45	%		1.91	%		1.86	%

Portfolio turnover rate^(e)		667	%		963	%		1,149	%		863	%		956	%		1,367	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


`	Goldman Sachs U.S. Mortgages Fund
	Investor Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			2016			2015
Per Share Data

Net asset value, beginning of period	$	10.32		$	10.23		$	10.47		$	10.71		$	10.77		$	10.48

Net investment income^(a)		0.13			0.27			0.18			0.13			0.17			0.18

Net realized and unrealized gain (loss)		0.23			0.13			(0.16	)		(0.10	)		0.06			0.37

Total from investment operations		0.36			0.40			0.02			0.03			0.23			0.55

Distributions to shareholders from net investment income		(0.17	)		(0.31	)		(0.26	)		(0.27	)		(0.29	)		(0.26	)

Distributions to shareholders from return of capital		—			—			—	^(b)		—			—	^(b)		—

Total distributions		(0.17	)		(0.31	)		(0.26	)		(0.27	)		(0.29	)		(0.26	)

Net asset value, end of period	$	10.51		$	10.32		$	10.23		$	10.47		$	10.71		$	10.77

Total return^(c)		3.47	%		3.96	%		0.15	%		0.25	%		2.14	%		5.26	%

Net assets, end of period (in 000s)	$	166,057		$	152,715		$	154,957		$	143,018		$	6,582		$	1,768

Ratio of net expenses to average net assets		0.54	%^(d)		0.54	%		0.52	%		0.50	%		0.51	%		0.46	%

Ratio of total expenses to average net assets		0.59	%^(d)		0.61	%		0.61	%		0.62	%		0.71	%		0.71	%

Ratio of net investment income to average net assets		2.57	%^(d)		2.67	%		1.68	%		1.26	%		1.63	%		1.68	%

Portfolio turnover rate^(e)		667	%		963	%		1,149	%		863	%		956	%		1,367	%

(a)

Calculated based on the average shares outstanding methodology.

(b)

Amount is less than $0.005 per share.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Mortgages Fund
	Class P Shares
	Six Months Ended September 30, 2019 (Unaudited)			Period Ended March 31, 2019^(a)
Per Share Data

Net asset value, beginning of period	$	10.32		$	10.16

Net investment income^(b)		0.14			0.28

Net realized and unrealized gain		0.22			0.18

Total from investment operations		0.36			0.46

Distributions to shareholders from net investment income		(0.17	)		(0.30	)

Net asset value, end of period	$	10.51		$	10.32

Total return^(c)		3.53	%		4.57	%

Net assets, end of period (in 000s)	$	9,004		$	8,575

Ratio of net expenses to average net assets^(d)		0.43	%		0.44	%

Ratio of total expenses to average net assets^(d)		0.49	%		0.52	%

Ratio of net investment income to average net assets^(d)		2.67	%		2.89	%

Portfolio turnover rate^(e)		667	%		963	%

(a)

Commenced operations on April 20, 2018.

(b)

Calculated based on the average shares outstanding methodology.

(c)

(d)

Annualized.

(e)


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

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period


	Goldman Sachs U.S. Mortgages Fund
	Class R6 Shares
	Six Months Ended September 30, 2019 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2016^(a)
	Six Months Ended September 30, 2019 (Unaudited)			2019			2018			2017			Period Ended March 31, 2016^(a)
Per Share Data

Net asset value, beginning of period	$	10.32		$	10.23		$	10.48		$	10.71		$	10.67

Net investment income^(b)		0.14			0.29			0.19			0.19			0.13

Net realized and unrealized gain (loss)		0.23			0.12			(0.17	)		(0.14	)		0.11

Total from investment operations		0.37			0.41			0.02			0.05			0.24

Distributions to shareholders from net investment income		(0.17	)		(0.32	)		(0.27	)		(0.28	)		(0.20	)

Distributions to shareholders from return of capital		—			—			—	^(c)		—			—	^(c)

Total distributions		(0.17	)		(0.32	)		(0.27	)		(0.28	)		(0.20	)

Net asset value, end of period	$	10.52		$	10.32		$	10.23		$	10.48		$	10.71

Total return^(d)		3.62	%		4.06	%		0.16	%		0.46	%		2.24	%

Net assets, end of period (in 000s)	$	15,354		$	14,387		$	5,104		$	2,606		$	10

Ratio of net expenses to average net assets		0.43	%^(e)		0.44	%		0.42	%		0.41	%		0.44	%^(e)

Ratio of total expenses to average net assets		0.49	%^(e)		0.52	%		0.51	%		0.53	%		0.64	%^(e)

Ratio of net investment income to average net assets		2.67	%^(e)		2.88	%		1.80	%		1.79	%		1.77	%^(e)

Portfolio turnover rate^(f)		667	%		963	%		1,149	%		863	%		956	%

(a)

Commenced operations on July 31, 2015.

(b)

Calculated based on the average shares outstanding methodology.

(c)

Amount is less than $0.005 per share.

(d)

(e)

Annualized.

(f)


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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2019 (Unaudited)

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, Local Emerging Markets Debt	A, C, Institutional, Investor, P and R6	Non-diversified
High Yield	A, C, Institutional, Service, Investor, P, R and R6	Diversified
High Yield Floating Rate	A, C, Institutional, Investor, P, R and R6	Diversified
Investment Grade Credit, U.S. Mortgages	A, Institutional, Investor, Separate Account Institutional, P and R6	Diversified

Class A Shares of the Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 2.25%, 3.75%, 4.50% and 3.75%, respectively. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Separate Account Institutional, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. 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 and/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 swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall 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.

121

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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
Emerging Markets Debt	Daily/Monthly	Annually
High Yield	Daily/Monthly	Annually
High Yield Floating Rate	Daily/Monthly	Annually
Investment Grade Credit	Daily/Monthly	Annually
Local Emerging Markets Debt	Daily/Monthly	Annually
U.S. Mortgages	Daily/Monthly	Annually

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F. Foreign Currency Translation — The accounting records and reporting currency of 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.

122

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

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:

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares

123

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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.

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.

124

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

125

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

126

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 a Master Repurchase Agreement (“MRA”). The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

When a Fund enters into a reverse repurchase agreement, it is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that the Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to a Fund.

B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments. GSAM did not develop the unobservable inputs for valuation of Level 3 Assets and Liabilities.

127

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

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 September 30, 2019:



EMERGING MARKETS DEBT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Sovereign Debt Obligations	$	—		$	979,767,058		$	—

Corporate Obligations		—			355,129,112			—

Municipal Debt Obligations		—			6,212,572			—

Investment Company		5,911,417			—			—

Total	$	5,911,417		$	1,341,108,742		$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	5,511,522		$	—

Futures Contracts		7,268			—			—

Interest Rate Swap Contracts		—			1,708,412			—

Credit Default Swap Contracts		—			3,373,389			—

Total	$	7,268		$	10,593,323		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	(4,419,617	)	$	—

Futures Contracts		(4,345,507	)		—			—

Interest Rate Swap Contracts		—			(1,487,493	)		—

Credit Default Swap Contracts		—			(4,941,858	)		—

Total	$	(4,345,507	)	$	(10,848,968	)	$	—

(a)

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



HIGH YIELD

Investment Type	Level 1		Level 2		Level 3

Assets

Fixed Income

Bank Loans	$	—	$	68,403,913	$	—

Corporate Obligations		—		2,046,891,397		—

Common Stock and/or Other Equity Investments

North America		—		2,049,520		—

Investment Company		25,418,475		—		—

Exchange Traded Funds		42,789,882		—		—

Securities Lending Reinvestment Vehicle		35,350		—		—

Total	$	68,243,707	$	2,117,344,830	$	—

128

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



Investment Type	Level 1			Level 2			Level 3

Liabilities

Reverse Repurchase Agreements	$	—		$	(3,802,500	)	$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	34,321		$	—

Futures Contracts		476,470			—			—

Credit Default Swap Contracts		—			104,118			—

Total	$	476,470		$	138,439		$	—

Liabilities^(a)

Futures Contracts	$	(1,986,179	)	$	—		$	—

(a)

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



HIGH YIELD FLOATING RATE

Investment Type	Level 1			Level 2		Level 3

Assets

Fixed Income

Bank Loans	$	—		$	1,947,651,929	$	25,121,832

Corporate Obligations		—			46,399,635		—

Unfunded Loan Committments		—			1,896,659		—

Common Stock and/or Other Equity Investments

North America		2,878,900			—		16,275

Warrants		—			—		40,687

Exchange Traded Funds		58,652,048			—		—

Investment Company		60,572,481			—		—

Securities Lending Reinvestment Vehicle		722,925			—		—

Total	$	122,826,354		$	1,995,948,223	$	25,178,794

Derivative Type	Level 1			Level 2		Level 3

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	523,055	$	—

Futures Contracts		278,959			—		—

Total	$	278,959		$	523,055	$	—

Liabilities^(a)

Futures Contracts	$	(11,573	)	$	—	$	—

129

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



The following is a reconciliation of Level 3 investments for the six months ended September 30, 2019:

	Bank Loans			Common Stock			Warrant

Beginning Balance as of April 1, 2019	$	16,921,844		$	—		$	—

Realized gain (loss)		(264,592	)		—			—

Net change in unrealized gain (loss) relating to instruments still held at reporting date		139,200			(191,230	)		40,687

Purchases		1,486,503			207,505			—

Sales		(9,314,352	)		—			—

Amortization		47,969			—			—

Transfers into Level 3		29,440,854			—			—

Transfers out of Level 3		(13,335,594	)		—			—

Ending Balance as of September 30, 2019	$	25,121,832		$	16,275		$	40,687

INVESTMENT GRADE CREDIT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Corporate Obligations	$	—		$	449,642,774		$	—

Foreign Debt Obligations		—			20,773,694			—

Municipal Debt Obligations		—			4,664,415			—

Total	$	—		$	475,080,883		$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	33,258		$	—

Futures Contracts		700,991			—			—

Interest Rate Swap Contracts		—			313,423			—

Credit Default Swap Contracts		—			394,870			—

Total	$	700,991		$	741,551		$	—

Liabilities^(a)

Futures Contracts	$	(921,667	)	$	—		$	—

Interest Rate Swap Contracts		—			(732,018	)		—

Credit Default Swap Contracts		—			(2,675	)		—

Total	$	(921,667	)	$	(734,693	)	$	—

(a)

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

130

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



LOCAL EMERGING MARKETS DEBT

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Sovereign Debt Obligations	$	—		$	84,596,429		$	—

Corporate Obligations		—			4,857,857			—

Structured Notes		—			13,261,135			—

Municipal Debt Obligations		—			268,474			—

U.S. Treasury Obligations		1,197,342			—			—

Total	$	1,197,342		$	102,983,895		$	—

Derivative Type

Assets^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	1,002,132		$	—

Futures Contracts		195,542			—			—

Interest Rate Swap Contracts		—			1,979 ,729			—

Credit Default Swap Contracts		—			63,215			—

Non Deliverable Bond Forwards Contracts		—			7,091			—

Total	$	195,542		$	3,052,167		$	—

Liabilities^(a)

Forward Foreign Currency Exchange Contracts	$	—		$	(1,233,478	)	$	—

Futures Contracts		(284,440	)		—			—

Interest Rate Swap Contracts		—			(650,848	)		—

Credit Default Swap Contracts		—			(165,600	)		—

Total	$	(284,440	)	$	(2,049,926	)	$	—

(a)

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

131

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)



U.S. MORTGAGES

Investment Type	Level 1			Level 2			Level 3

Assets

Fixed Income

Mortgage-Backed Obligations	$	—		$	646,309,445		$	—

Asset-Backed Securities		—			49,506,036			—

Municipal Debt Obligation		—			1,085,835			—

U.S. Treasury Obligations		2,748,209			—			—

Investment Company		8,013,243			—			—

Total	$	10,761,452		$	696,901,316		$	—

Liabilities

Fixed Income

Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(66,545,387	)	$	—

Derivative Type

Assets^(a)

Futures Contracts	$	468,980		$	—		$	—

Interest Rate Swap Contracts		—			162,528			—

Total	$	468,980		$	162,528		$	—

Liabilities^(a)

Futures Contracts	$	(190,269	)	$	—		$	—

Interest Rate Swap Contracts		—			(232,585	)		—

Total	$	(190,269	)	$	(232,585	)	$	—

(a)

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

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

4. INVESTMENTS IN DERIVATIVES

132

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



EMERGING MARKETS DEBT
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	$	1,715,680	^(a)	Variation margin on swap contracts; Variation margin on futures contracts	$	(5,833,000)	^(a)
Credit	Variation margin on swap contracts; Unrealized gain on swap contracts		3,373,389	^(a)	Variation margin on swap contracts; Unrealized loss on swap contracts		(4,941,858)	^(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		5,511,522		Payable for unrealized loss on forward foreign currency exchange contracts		(4,419,617)
Total		$	10,600,591			$	(15,194,475)

HIGH YIELD
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts;	$	476,470	^(a)	Variation margin on futures contracts;	$	(1,986,179)	^(a)
Credit	Variation margin on swap contracts		104,118	^(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		34,321		—		—
Total		$	614,909			$	(1,986,179)

HIGH YIELD FLOATING RATE
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	278,959	^(a)	Variation margin on futures contracts	$	(11,573)	^(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		523,055		—		—
Total		$	802,014			$	(11,573)

(a)

(b)

Aggregate of amounts include $4,589,967 for the Emerging Markets Debt Fund, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

133

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

INVESTMENT GRADE CREDIT

Risk

Statement of Assets

and Liabilities

Assets

Statement of Assets
and Liabilities

Liabilities

Interest rate

Variation margin on futures contracts;

Variation margin on swap contracts

1,014,414

^(a)

Variation margin on futures contracts; Variation margin on swap contracts

(1,653,685)

^(a)

Credit

Variation margin on swap contracts

394,870

^(a)

Variation margin on swap contracts

(2,675)

Currency

Receivable for unrealized gain on forward

foreign currency exchange contracts.

33,258

—

Total

1,442,542

(1,656,360)

LOCAL EMERGING MARKETS DEBT

Risk

Statement of Assets

and Liabilities

Assets

Statement of Assets

and Liabilities

Liabilities

Interest rate

Receivable for unrealized gain on swap contracts; Receivable for unrealized gain on non-deliverable bond forward contracts: Variation margin on swap contracts; Variation margin on futures contracts;

2,182,362

^(a)

Payable for unrealized loss on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts

(935,288)

^(a)(b)

Credit

Receivable for unrealized gain on swap contracts; Variation margin on swap contracts

63,215

^(a)

Payable for unrealized loss on swap contracts

(165,600)

^(a)(b)

Currency

Receivable for unrealized gain on forward

foreign currency exchange contracts

1,002,132

Payable for unrealized loss on forward foreign currency exchange contracts

(1,233,478)

Total

3,247,709

(2,334,366)

U.S. MORTGAGES

Risk

Statement of Assets

and Liabilities

Assets

Statement of Assets

and Liabilities

Liabilities

Interest rate

Variation margin on swap contracts;

Variation margin on futures contracts;

631,508

^(a)

Variation margin on swap contracts;

Variation margin on futures contracts;

(422,854)

^(a)

(a)

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

(b)

Aggregate of amounts include $374,291 for the Local Emerging Markets Debt Funds, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

134

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)



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 purchased options contracts, futures contracts and swap contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts and swap contracts	$	24,309,243		$	(7,951,288	)		3,801
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(1,333,604	)		2,390,978			89
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		4,385,911			(1,871,251	)		210
Total		$	27,361,550		$	(7,431,561	)		4,100

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 purchased options contracts and futures contracts/Net change in unrealized gain (loss) on purchased options contracts and futures contracts	$	5,592,986		$	(1,511,830	)		2,632
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		2,512,846			(572,636	)		1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		101,051			34,321			1
Total		$	8,206,883		$	(2,050,145	)		2,634

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 futures contracts/Net change in unrealized gain (loss) futures contracts	$	(1,600,589	)	$	623,176			211
Credit	Net realized gain (loss) from swap contracts		151,232			—			1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		2,506,456			(113,995	)		3
Total		$	1,057,099		$	509,181			215

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2019.



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, swap contracts /Net change in unrealized gain (loss) on purchased options, futures contracts and swap contracts	$	$4,868,453	$	(1,398,188)			869
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		433,344		158,858			9
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		226,745		(22,242	)		2
Total		$	$5,528,542	$	(1,261,572)			880

135

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

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) on futures contracts, nondeliverable bond forward contracts; swap contracts and purchased options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, nondeliverable bond forward contracts and swap contracts	$	1,054,558		$	719,138			375
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		(182,042	)		212,415			19
Currency	Net realized gain (loss) on forward foreign currency exchange/Net change in unrealized gain (loss) on forward foreign currency exchange contracts.		(1,122,406	)		70,129			242
Total		$	(249,890)		$	1,001,682			636

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 contracts, futures contracts, swap contracts and written options/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options	$	782,689		$	(392,645	)		486

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2019.

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.

136

GOLDMAN SACHS SINGLE 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 September 30, 2019:



Emerging Markets Debt 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⁾
Barclays Bank PLC	$	—	$	22,652	$	—	$	22,652	$	(852,244	)	$	—		$	—	$	(852,244	)	$	(829,592	)	$	829,592	$	—
BofA Securities LLC		—		—		—		—		(370,712	)		—			—		(370,712	)		(370,712	)		370,712		—
Citibank NA		—		227,016		—		227,016		(1,340,933	)		—			—		(1,340,933	)		(1,113,917	)		1,113,917		—
Deutsche Bank AG (London)		—		435,012		—		435,012		(853,357	)		—			—		(853,357	)		(418,345	)		418,345		—
JPMorgan Securities, Inc.		—		53,302		—		53,302		(859,965	)		—			—		(859,965	)		(806,663	)		806,663		—
MS & Co. Int. PLC		—		—		5,511,522		5,511,522		—			(4,419,617	)		—		(4,419,617	)		1,091,905			—		1,091,905
UBS AG (London)		—		—		—		—		(312,756	)		—			—		(312,756	)		(312,756	)		312,756		—

Total	$	—	$	737,982	$	5,511,522	$	6,249,504	$	(4,589,967	)	$	(4,419,617	)	$	—	$	(9,009,584	)	$	(2,760,080	)	$	3,851,985	$	1,091,905

(1)

Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2)



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	$	329,885	$	—		$	329,885	$	—		$	—		$	—		$	329,885		$	—	$	329,885
BofA Securities LLC		9,723		7,091	*		16,814		(34,305	)		—			(34,305	)		(17,491	)		—		(17,491	)
Citibank NA		115,740		—			115,740		(121,883	)		—			(121,883	)		(6,143	)		—		(6,143	)
CS International (London)		—		—			—		(75,424	)		—			(75,424	)		(75,424	)		75,424		—
Deutsche Bank AG (London)		43,676		—			43,676		—			—			—			43,676			—		43,676
JPMorgan Securities, Inc.		60,231		—			60,231		(4,703	)		—			(4,703	)		55,528			—		55,528
MS & Co. Int. PLC		223,332		1,002,132			1,225,464		(133,267	)		(1,233,478	)		(1,366,745	)		(141,281	)		141,281		—
UBS AG (London)		—		—			—		(4,709	)		—			(4,709	)		(4,709	)		—		(4,709	)

Total	$	782,587	$	1,009,223		$	1,791,810	$	(374,291	)	$	(1,233,478	)	$	(1,607,769	)	$	184,041		$	216,705	$	400,746

Includes non-deliverable bond forward contracts of $7,091.

(1)

Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2)

137

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

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 six months ended September 30, 2019, contractual and effective net management fees 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			Effective Net Management Rate^
Emerging Markets Debt		0.80	%		0.80	%		0.72	%		0.68	%		0.67	%		0.80	%		0.80	%
High Yield		0.70			0.70			0.63			0.60			0.59			0.69			0.69
High Yield Floating Rate		0.60			0.54			0.51			0.50			0.49			0.56			0.56
Investment Grade Credit		0.34			0.31			0.29			0.28			0.28			0.34			0.34
Local Emerging Markets Debt		0.80			0.80			0.72			0.68			0.67			0.80			0.80
U.S. Mortgages		0.34			0.31			0.29			0.28			0.28			0.34			0.33

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.

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, and Goldman Sachs Access High Yield Corporate Bond ETF which are affiliated Underlying Funds. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the six months ended September 30, 2019, the management fee waived by GSAM for each Fund was as follows:


Fund Name	Management Fee Waived
Emerging Markets Debt	$	13,426
High Yield		57,106
High Yield Floating Rate		33,914
Investment Grade Credit		546
Local Emerging Markets Debt		3,829
U.S. Mortgages		21,424

138

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)


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

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

C. Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front end sales charge. For the six months ended September 30, 2019 , Goldman Sachs retained the following amounts:


	Front End Sales Charge		Contingent Deferred Sales Charge
Fund Name	Class A		Class C
Emerging Markets Debt	$	3,278	$	—
High Yield		7,550		13
High Yield Floating Rate		39		—
Investment Grade Credit		238		—
Local Emerging Markets Debt		69		—
U.S. Mortgages		385		—

D. Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service and/or Shareholder Administration Plans to allow Class C and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and/or shareholder administration services to their customers who are beneficial owners of such shares. The Service and/or Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% the average daily net assets attributable to Class C and/or Service Shares of the Funds.

E. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.13% of the average daily net assets of Class A, Class C, Investor and Class R Shares, and 0.03% of the average daily net assets of Class P and Class R6 Shares; 0.04% of the average daily net assets of Institutional and Service Shares, and 0.03% of the average daily net assets with respect to the Investment Grade Credit and U.S. Mortgages Funds’ Separate Account Institutional Shares.

139

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Effective July 30, 2019, Goldman Sachs has agreed to waive a portion of the transfer agency fees equal to 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Debt Fund. 0.04% of the average daily net assets attributable to Class A, Class C and Investor Shares of the Local Emerging Markets Debt Fund and 0.06% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund through at least July 29, 2020, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees.

F. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are 0.024%, 0.024%, 0.104%, 0.004%, 0.074% and 0.074%, respectively. These Other Expense limitations will remain in place through at least July 29, 2020, 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 six months ended September 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:


Fund Name	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Emerging Markets Debt	$	13,426	$	9,695	$	333,442	$	356,563
High Yield		57,106		62,327		160,886		280,319
High Yield Floating Rate		33,914		24		—		33,938
Investment Grade Credit		546		41		201,464		202,051
Local Emerging Markets Debt		3,829		3,249		295,048		302,126
U.S. Mortgages		21,424		557		108,939		130,920

H. Other Transactions with Affiliates — For the six months ended September 30, 2019 , Goldman Sachs earned $54,178, $12,995, $4,113 and $10,693 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Emerging Markets Debt, Investment Grade Credit, Local Emerging Markets Debt, and U.S. Mortgages Funds, respectively.

140

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of September 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the Local Emerging Market Debts Fund:


Goldman Sachs balanced Strategy Portfolio		Goldman Sachs Satellite Strategies Portfolio		Goldman Sachs Trust Growth and Income Portfolio
	7%		14%		8%

As of September 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of 100% of Class R Shares of the High Yield Floating Rate Fund.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund and Goldman Sachs Access High Yield Corporate Bond ETF for the six months ended September 30, 2019:


Fund	Underlying Fund	Beginning Value as of March 31, 2019		Purchases at Cost		Proceeds from Sales			Net Realized Gain/(Loss)		Change in Unrealized Gain/ (Loss)		Ending Value as of September 30, 2019		Shares as of September 30, 2019		Dividend Income
Emerging Markets Debt Fund	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	14,750,424	$	244,253,741	$	(253,092,748	)	$	—	$	—	$	5,911,417		5,911,417	$	195,743
High Yield	Goldman Sachs Financial Square Government Fund — Institutional Shares		87,368,040		505,938,060		(567,887,625	)		—		—		25,418,475		25,418,475		530,883
	Goldman Sachs Access High Yield Corporate Bond ETF		22,474,864		22,634,555		(37,521,043	)		54,723		104,443		7,747,542		157,000		303,355
High Yield Floating Rate	Goldman Sachs Financial Square Government Fund — Institutional Shares		17,476,345		413,995,154		(370,899,018	)		—		—		60,572,481		60,572,481		470,249
Investment Grade Credit	Goldman Sachs Financial Square Government Fund — Institutional Shares		6,402,136		19,795,693		(26,197,829	)		—		—		—		—		6,994
Local Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares		13,273,080		37,205,599		(50,478,679	)		—		—		—		—		53,628

U.S. Mortgages	Goldman Sachs Financial Square Government Fund — Institutional Shares		18,368,741		227,128,054		(237,483,552	)		—		—		8,013,243		8,013,243		294,351

141

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2019, 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	$	315,865,317	$	327,443,276	$	316,080,324	$	499,629,941
High Yield		—		933,522,871		—		948,917,611
High Yield Floating Rate		—		421,854,697		—		604,715,014
Investment Grade Credit		34,485,931		133,249,953		38,093,126		142,783,856
Local Emerging Markets Debt		20,252,188		30,861,105		22,290,156		95,560,549
U.S. Mortgages		3,684,448,059		2,357,700		3,536,414,520		13,430,354

The table below summarizes the reverse repurchase agreement activity for the six months ended September 30, 2019:


Fund	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
High Yield Fund	$	7,765,249		(0.001	)%		169

The following table sets forth the High Yield Fund’s different types of investments pledged as collateral and the remaining contractual maturities of the reverse repurchase agreements as of September 30, 2019:


	Remaining Contractual Maturity of the Agreements As of September 30, 2019
	Overnight and Continuous		< 30 days		Between 30 and 90 days		> 90 days		Total

Reverse Repurchase Agreements
	$	—	$	—	$	—	$	3,802,500	$	3,802,500

Total Borrowings	$	—	$	—	$	—	$	3,802,500	$	3,802,500
Gross amount of recognized liabilities for reverse repurchase agreements									$	3,802,500


7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the High Yield and High Yield Floating Rate Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore

142

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

7. SECURITIES LENDING (continued)

withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The High Yield and High Yield Floating Rate Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds’ master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws. The Funds’ loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds’ overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of September 30, 2019, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the High Yield and High Yield Floating Rate Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the six months ended September 30, 2019, are reported under Investment Income on the Statements of Operations.

The table below details securities lending activity with affiliates of Goldman Sachs:


	For the Six Months Ended September 30, 2019				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of September 30, 2019
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
High Yield	$	560	$	—	$	—
High Yield Floating Rate		7,532		300		—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended September 30, 2019.


Fund	Beginning value as of March 31, 2019		Purchases at Cost		Proceeds from Sales			Ending value as of September 30, 2019		Shares as of September 30, 2019
High Yield	$	—	$	46,283,270	$	(46,247,920	)	$	35,350		35,350
High Yield Floating Rate		—		84,192,200		(83,469,275	)		722,925		722,925

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2019, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:


	Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Capital loss carryforwards:
Perpetual Short-Term	$	(19,106,151	)	$	(126,066,850	)	$	(61,948,807	)	$	(3,385,957	)	$	(103,240,568	)	$	(11,779,895	)
Perpetual Long-Term		(49,906,731	)		(245,492,135	)		(122,814,422	)		—			(40,334,463	)		(5,400,046	)
Total capital loss carryforwards	$	(69,012,882	)	$	(371,558,985	)	$	(184,763,229	)	$	(3,385,957	)	$	(143,575,031	)	$	(17,179,941	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral/Straddle Deferral/Distributions Payable)		(46,223,999	)		(23,286,943	)		(79,735,217	)		(194,796	)		(10,178,053	)		(84,444	)

As of September 30, 2019, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


	Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Tax Cost	$	1,412,173,382		$	2,165,618,127		$	2,195,503,060		$	446,581,903		$	113,479,403		$	699,739,661
Gross unrealized gain		64,537,462			72,442,904			7,809,254			30,073,502			3,795,610			9,478,566
Gross unrealized loss		(129,690,685	)		(52,472,494	)		(61,255,602	)		(1,574,522	)		(13,093,776	)		(1,555,459	)
Net unrealized gains (losses)		(65,153,223	)	$	19,970,410			(53,446,348	)		28,498,980			(9,298,166	)		7,923,107

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, material modification of debt securities, and foreign currency transactions.


9. OTHER RISKS

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

144

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

9. OTHER RISKS (continued)

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 (including repatriation restrictions), confiscation of assets and property, 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.

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 changing interest rates may have unpredictable effects on the markets and the Funds’ investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including exchange-traded funds (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

9. OTHER RISKS (continued)

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

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with he Fund‘s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrowerThere 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; 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.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

9. OTHER RISKS (continued)

Non-Diversification Risk — Each of the Emerging Markets Debt Fund and 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.

10. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

11. OTHER MATTERS

Upon evaluation, GSAM has concluded that the change in accounting principle does not materially impact the financial statement amounts.

12. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

147

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:


	Emerging Markets Debt Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		825,032		$	10,169,348			2,722,191		$	32,457,682
Reinvestment of distributions		87,654			1,083,470			268,756			3,189,475
Shares redeemed		(1,422,584	)		(17,580,085	)		(6,247,982	)		(74,037,140	)
		(509,898	)		(6,327,267	)		(3,257,035	)		(38,389,983	)
Class C Shares
Shares sold		57,881			718,202			297,761			3,534,487
Reinvestment of distributions		24,973			308,297			78,280			927,445
Shares redeemed		(385,433	)		(4,762,177	)		(1,332,626	)		(15,727,504	)
		(302,579	)		(3,735,678	)		(956,585	)		(11,265,572	)
Institutional Shares
Shares sold		13,213,017			163,212,421			48,986,873			583,523,166
Reinvestment of distributions		1,776,934			21,987,267			5,576,022			66,175,612
Shares redeemed		(17,967,857	)		(221,811,769	)		(121,909,237	)		(1,439,663,635	)
		(2,977,906	)		(36,612,081	)		(67,346,342	)		(789,964,857	)
Investor Shares
Shares sold		1,310,254			16,157,099			5,447,874			64,907,118
Reinvestment of distributions		178,256			2,206,516			521,732			6,195,712
Shares redeemed		(2,002,046	)		(24,718,405	)		(11,341,527	)		(134,594,033	)
		(513,536	)		(6,354,790	)		(5,371,921	)		(63,491,203	)
Class P Shares^(a)
Shares sold		20,704			260,509			2,722,879			32,277,122
Reinvestment of distributions		27,487			340,028			60,452			709,159
Shares redeemed		(31,896	)		(398,548	)		(1,561,755	)		(17,767,201	)
		16,295			201,989			1,221,576			15,219,080
Class R6 Shares
Shares sold		1,208,925			14,776,114			30,713,944			361,315,580
Reinvestment of distributions		478,961			5,920,021			1,520,598			17,956,215
Shares redeemed		(9,431,854	)		(115,344,625	)		(28,241,290	)		(328,878,675	)
		(7,743,968	)		(94,648,490	)		3,993,252			50,393,120

NET DECREASE		(12,031,592	)	$	(147,476,317	)		(71,717,055	)	$	(837,499,415	)

(a)

Class P Shares commenced operations on April 20, 2018.

148

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Yield Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		1,284,361		$	8,169,689			3,584,667		$	22,672,202
Reinvestment of distributions		651,345			4,147,840			1,394,920			8,742,759
Shares redeemed		(3,477,272	)		(22,148,404	)		(7,496,027	)		(46,974,100	)
		(1,541,566	)		(9,830,875	)		(2,516,440	)		(15,559,139	)
Class C Shares
Shares sold		219,820			1,396,689			311,557			1,957,141
Reinvestment of distributions		46,734			297,791			149,733			942,353
Shares redeemed		(662,927	)		(4,224,377	)		(3,242,780	)		(20,575,932	)
		(396,373	)		(2,529,897	)		(2,781,490	)		(17,676,438	)
Institutional Shares
Shares sold		11,297,255			71,675,308			9,607,002			60,580,335
Reinvestment of distributions		1,247,469			7,964,456			7,535,413			47,682,035
Shares redeemed		(14,954,463	)		(95,678,718	)		(355,459,541	)		(2,259,275,214	)
		(2,409,739	)		(16,038,954	)		(338,317,126	)		(2,151,012,844	)
Service Shares
Shares sold		132,096			839,496			167,551			1,052,114
Reinvestment of distributions		36,366			231,233			87,311			546,854
Shares redeemed		(720,133	)		(4,591,158	)		(299,201	)		(1,875,001	)
		(551,671	)		(3,520,429	)		(44,339	)		(276,033	)
Investor Shares
Shares sold		256,874			1,639,733			554,794			3,496,809
Reinvestment of distributions		80,533			513,759			195,110			1,225,968
Shares redeemed		(601,505	)		(3,833,097	)		(1,753,410	)		(11,038,459	)
		(264,098	)		(1,679,605	)		(1,003,506	)		(6,315,682	)
Class P Shares^(a)
Shares sold		20,982,515			133,906,533			325,017,697			2,058,421,639
Reinvestment of distributions		7,268,673			46,398,388			10,270,012			64,282,625
Shares redeemed		(23,773,554	)		(151,493,193	)		(81,882,872	)		(508,780,556	)
		4,477,634			28,811,728			253,404,837			1,613,923,708
Class R Shares
Shares sold		109,726			697,452			300,416			1,883,012
Reinvestment of distributions		51,760			329,365			106,771			668,679
Shares redeemed		(206,284	)		(1,313,731	)		(639,313	)		(3,999,648	)
		(44,798	)		(286,914	)		(232,126	)		(1,447,957	)
Class R6 Shares
Shares sold		424,315			2,703,817			7,604,069			47,963,350
Reinvestment of distributions		313,817			2,006,100			881,531			5,562,550
Shares redeemed		(3,499,877	)		(22,308,194	)		(33,975,941	)		(216,388,864	)
		(2,761,745	)		(17,598,277	)		(25,490,341	)		(162,862,964	)

NET DECREASE		(3,492,356	)	$	(22,673,223	)		(116,980,531	)	$	(741,227,349	)

(a)

Class P Shares commenced operations on April 20, 2018.

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	High Yield Floating Rate Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		8,341		$	78,197			163,073		$	1,564,661
Reinvestment of distributions		9,282			87,333			20,065			190,230
Shares redeemed		(48,247	)		(454,613	)		(218,065	)		(2,075,540	)
		(30,624	)		(289,083	)		(34,927	)		(320,649	)
Class C Shares
Shares sold		5,564			52,714			18,938			180,149
Reinvestment of distributions		2,451			23,073			6,193			58,848
Shares redeemed		(21,384	)		(201,580	)		(157,857	)		(1,512,452	)
		(13,369	)		(125,793	)		(132,726	)		(1,273,455	)
Institutional Shares
Shares sold		5,972,654			56,258,321			13,849,723			133,619,768
Reinvestment of distributions		254,064			2,391,281			5,066,105			48,710,317
Shares redeemed		(2,161,136	)		(20,342,306	)		(413,718,507	)		(3,971,537,480	)
		4,065,582			38,307,296			(394,802,679	)		(3,789,207,395	)
Investor Shares
Shares sold		53,833			510,202			180,658			1,743,065
Reinvestment of distributions		4,558			42,975			18,173			173,667
Shares redeemed		(56,783	)		(534,744	)		(625,226	)		(5,986,741	)
		1,608			18,433			(426,395	)		(4,070,009	)
Class P Shares^(a)
Shares sold		9,833,086			92,878,256			452,886,026			4,346,179,100
Reinvestment of distributions		5,948,230			56,069,126			12,916,410			122,306,690
Shares redeemed		(41,198,485	)		(388,724,169	)		(229,472,782	)		(2,146,387,804	)
		(25,417,169	)		(239,776,787	)		236,329,654			2,322,097,986
Class R Shares
Shares sold		8			79			4,256			39,634
Reinvestment of distributions		70			655			318			3,012
Shares redeemed		(9,424	)		(89,458	)		(2,008	)		(19,408	)
		(9,346	)		(88,724	)		2,566			23,238
Class R6 Shares
Shares sold		1,599,943			15,150,000			46,784			450,000
Reinvestment of distributions		99,967			941,148			558,244			5,355,770
Shares redeemed		(662,515	)		(6,250,000	)		(19,597,508	)		(188,474,953	)
		1,037,395			9,841,148			(18,992,480	)		(182,669,183	)

NET DECREASE		(20,365,923	)	$	(192,113,510	)		(178,056,987	)	$	(1,655,419,467	)

(a)

Class P Shares commenced operations on April 20, 2018.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Investment Grade Credit Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		646,420		$	6,089,578			153,109		$	1,359,815
Reinvestment of distributions		16,363			155,721			29,795			264,751
Shares redeemed		(631,414	)		(6,067,116	)		(453,055	)		(4,024,123	)
		31,369			178,183			(270,151	)		(2,399,557	)
Separate Account Institutional Shares
Shares sold		1,452,392			13,811,254			4,272,442			37,936,564
Reinvestment of distributions		379,144			3,602,686			833,082			7,406,051
Shares redeemed		(2,724,400	)		(25,923,287	)		(6,110,608	)		(53,992,894	)
		(892,864	)		(8,509,347	)		(1,005,084	)		(8,650,279	)
Institutional Shares
Shares sold		889,948			8,484,579			1,660,280			14,692,569
Reinvestment of distributions		77,161			733,194			267,431			2,378,877
Shares redeemed		(580,693	)		(5,488,112	)		(15,612,411	)		(138,700,624	)
		386,416			3,729,661			(13,684,700	)		(121,629,178	)
Investor Shares
Shares sold		42,355			398,880			190,417			1,674,867
Reinvestment of distributions		6,001			57,029			16,407			145,640
Shares redeemed		(28,802	)		(270,546	)		(371,953	)		(3,267,167	)
		19,554			185,363			(165,129	)		(1,446,660	)
Class P Shares^(a)
Shares sold		1,351,823			12,638,298			22,620,383			201,934,850
Reinvestment of distributions		370,994			3,521,394			326,376			2,907,036
Shares redeemed		(2,757,579	)		(26,396,877	)		(1,486,320	)		(13,137,446	)
		(1,034,762	)		(10,237,185	)		21,460,439			191,704,440
Class R6 Shares
Shares sold		28,803			272,974			72,673			640,033
Reinvestment of distributions		1,481			14,097			593			5,356
Shares redeemed		(4,844	)		(46,563	)		(1,570	)		(14,144	)
		25,440			240,508			71,696			631,245

NET INCREASE (DECREASE)		(1,464,847	)	$	(14,412,817	)		6,407,071		$	58,210,011

(a)

Class P Shares commenced operations on April 20, 2018.

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Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)


	Local Emerging Markets Debt Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		188,902		$	1,112,801			347,675		$	2,111,977
Reinvestment of distributions		20,208			118,679			49,392			290,520
Shares redeemed		(184,263	)		(1,090,882	)		(736,659	)		(4,431,759	)
		24,847			140,598			(339,592	)		(2,029,262	)
Class C Shares
Shares sold		17,302			101,502			127,824			748,798
Reinvestment of distributions		10,669			62,463			38,134			223,287
Shares redeemed		(277,156	)		(1,622,589	)		(424,991	)		(2,448,605	)
		(249,185	)		(1,458,624	)		(259,033	)		(1,476,520	)
Institutional Shares
Shares sold		888,021			5,148,798			8,912,187			54,899,592
Reinvestment of distributions		104,061			608,642			1,003,785			5,964,730
Shares redeemed		(2,376,572	)		(13,836,795	)		(39,939,321	)		(231,901,827	)
		(1,384,490	)		(8,079,355	)		(30,023,349	)		(171,037,505	)
Investor Shares
Shares sold		426,760			2,515,540			1,172,391			7,113,081
Reinvestment of distributions		25,047			146,681			74,920			438,176
Shares redeemed		(333,524	)		(1,953,431	)		(1,686,136	)		(9,800,633	)
		118,283			708,790			(438,825	)		(2,249,376	)
Class P Shares^(a)
Shares sold		332,618			2,024,757			12,309,214			72,115,909
Reinvestment of distributions		179,101			1,047,315			405,898			2,303,744
Shares redeemed		(2,425,893	)		(14,055,137	)		(3,611,734	)		(20,502,961	)
		(1,914,174	)		(10,983,065	)		9,103,378			53,916,692
Class R6 Shares
Shares sold		304,284			1,745,000			19,238,105			114,075,864
Reinvestment of distributions		256,965			1,502,136			904,051			5,203,218
Shares redeemed		(10,005,540	)		(58,245,267	)		(12,153,460	)		(68,394,617	)
		(9,444,291	)		(54,998,131	)		7,988,696			50,884,465

NET DECREASE		(12,849,010	)	$	(74,669,787	)		(13,968,725	)	$	(71,991,506	)

(a)

Class P Shares commenced operations on April 20, 2018.

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13. SUMMARY OF SHARE TRANSACTIONS (continued)


	U.S. Mortgages Fund

	For the Six Months Ended September 30, 2019 (Unaudited)						For the Fiscal Year Ended March 31, 2019

	Shares			Dollars			Shares			Dollars

Class A Shares
Shares sold		320,501		$	3,329,772			3,562,249		$	36,167,495
Reinvestment of distributions		40,496			421,737			77,894			790,440
Shares redeemed		(469,684	)		(4,882,555	)		(3,036,646	)		(30,663,173	)
		(108,687	)		(1,131,046	)		603,497			6,294,762
Separate Account Institutional
Shares sold		1,663,857			17,337,255			4,010,474			40,545,758
Reinvestment of distributions		298,072			3,104,525			611,699			6,206,919
Shares redeemed		(2,494,598	)		(25,940,211	)		(5,356,831	)		(54,137,598	)
		(532,669	)		(5,498,431	)		(734,658	)		(7,384,921	)
Institutional Shares
Shares sold		748,829			7,833,476			2,459,139			25,076,453
Reinvestment of distributions		41,414			432,473			116,111			1,181,298
Shares redeemed		(1,161,245	)		(11,989,262	)		(7,126,351	)		(72,695,244	)
		(371,002	)		(3,723,313	)		(4,551,101	)		(46,437,493	)
Investor Shares
Shares sold		2,958,417			30,831,980			6,669,415			67,722,904
Reinvestment of distributions		239,136			2,497,451			459,929			4,677,124
Shares redeemed		(2,202,736	)		(22,872,060	)		(7,476,266	)		(75,860,432	)
		994,817			10,457,371			(346,922	)		(3,460,404	)
Class P Shares^(a)
Shares sold		54,686			572,100			861,600			8,764,111
Reinvestment of distributions		13,632			142,276			20,321			206,554
Shares redeemed		(42,892	)		(443,717	)		(50,620	)		(512,132	)
		25,426			270,659			831,301			8,458,533
Class R6 Shares
Shares sold		336,249			3,489,934			1,146,544			11,682,322
Reinvestment of distributions		24,763			258,650			22,296			227,258
Shares redeemed		(294,974	)		(3,083,798	)		(273,585	)		(2,782,666	)
		66,038			664,786			895,255			9,126,914

NET INCREASE (DECREASE)		73,923		$	1,040,026			(3,302,628	)	$	(33,402,609	)

(a)

Class P Shares commenced operations on April 20, 2018.

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Fund Expenses — Six Month Period Ended September 30, 2019 (Unaudited)

As a shareholder of Class A, Class C, Institutional, Service, Separate Account Institutional, Investor, Class P, 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 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 P, 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 April 1, 2019 through September 30, 2019, which represents a period of 183 out of 365 days.

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


	Emerging Markets Debt Fund							High Yield Fund							High Yield Floating Rate Fund
Share Class	Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*
Class A
Actual	$	1,000.00	$	1,035.90		$	6.11	$	1,000.00	$	1,037.30		$	5.25	$	1,000.00	$	1,027.70		$	5.12
Hypothetical 5% return		1,000.00		1,019.85	+		6.06		1,000.00		1,019.85	+		5.20		1,000.00		1,019.85	+		5.10
Class C
Actual		1,000.00		1,032.10			9.91		1,000.00		1,035.10			9.06		1,000.00		1,023.90			8.91
Hypothetical 5% return		1,000.00		1,015.25	+		9.82		1,000.00		1,016.10	+		8.97		1,000.00		1,016.20	+		8.87
Institutional
Actual		1,000.00		1,037.60			4.38		1,000.00		1,040.40			3.83		1,000.00		1,030.50			3.40
Hypothetical 5% return		1,000.00		1,020.70	+		4.34		1,000.00		1,021.25	+		3.79		1,000.00		1,021.65	+		3.39
Service
Actual		—		—			—		1,000.00		1,037.80			6.37		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,018.75	+		6.31		—		—			—
Investor
Actual		1,000.00		1,037.20			4.79		1,000.00		1,038.60			3.98		1,000.00		1,029.00			3.86
Hypothetical 5% return		1,000.00		1,020.30	+		4.75		1,000.00		1,021.10	+		3.94		1,000.00		1,021.20	+		3.84
Class P
Actual		1,000.00		1,037.70			4.33		1,000.00		1,040.50			3.77		1,000.00		1,029.50			3.35
Hypothethical 5% return		1,000.00		1,021.30	+		4.29		1,000.00		1,021.30	+		3.74		1,000.00		1,021.30	+		3.34
Class R
Actual		—		—			—		1,000.00		1,037.70			6.52		1,000.00		1,026.60			6.33
Hypothetical 5% return		—		—			—		1,000.00		1,018.60	+		6.46		1,000.00		1,018.60	+		6.31
Class R6
Actual		1,000.00		1,037.70			4.33		1,000.00		1,040.40			3.77		1,000.00		1,029.50			3.35
Hypothetical 5% return		1,000.00		1,020.75	+		4.29		1,000.00		1,021.30	+		3.74		1,000.00		1,021.70	+		3.34


Fund	Class A			Class C			Institutional			Service			Investor			Class P			Class R			Class R6
Emerging Markets Debt+		1.20	%		1.95	%		0.86	%		—			0.94	%		0.85	%		—			0.85	%
High Yield+		1.03			1.78			0.75			1.25	%		0.78			0.74			1.28	%		0.74
High Yield Floating Rate+		1.01			1.76			0.67			—			0.76			0.66			1.25			0.66

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

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Fund Expenses — Six Month Period Ended September 30, 2019 (Unaudited) (continued)


	Investment Grade Credit Fund							Local Emerging Markets Debt Fund							U.S. Mortgages Fund
Share Class	Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*		Beginning Account Value 4/1/19		Ending Account Value 9/30/19			Expenses Paid for the 6 months ended 9/30/19*
Class A
Actual	$	1,000.00	$	1,076.60		$	3.74	$	1,000.00	$	1,037.20		$	6.21	$	1,000.00	$	1,034.50		$	3.97
Hypothetical 5% return		1,000.00		1,021.40	+		3.64		1,000.00		1,021.40	+		6.16		1,000.00		1,021.40	+		3.94
Class C
Actual		—		—			—		1,000.00		1,035.20			10.02		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,015.15	+		9.92		—		—			—
Institutional
Actual		1,000.00		1,078.50			1.97		1,000.00		1,038.90			4.69		1,000.00		1,035.20			2.24
Hypothetical 5% return		1,000.00		1,023.10	+		1.92		1,000.00		1,020.40	+		4.65		1,000.00		1,022.80	+		2.23
Separate Account Institutional
Actual		1,000.00		1,079.60			1.92		—		—			—		1,000.00		1,035.30			2.19
Hypothetical 5% return		1,000.00		1,023.15	+		1.87		—		—	+		—		1,000.00		1,022.85	+		2.17
Investor
Actual		1,000.00		1,078.00			2.44		1,000.00		1,040.40			4.95		1,000.00		1,034.70			2.70
Hypothetical 5% return		1,000.00		1,022.65	+		2.38		1,000.00		1,020.15	+		4.90		1,000.00		1,022.35	+		2.68
Class P
Actual		1,000.00		1,079.70			1.92		1,000.00		1,040.70			4.64		1,000.00		1,035.30			2.19
Hypothethical 5% return		1,000.00		1,023.15	+		1.87		1,000.00		1,023.15	+		4.60		1,000.00		1,023.15	+		2.17
Class R6
Actual		1,000.00		1,078.50			1.92		1,000.00		1,038.90			4.64		1,000.00		1,036.20			2.19
Hypothetical 5% return		1,000.00		1,023.15	+		1.87		1,000.00		1,020.45	+		4.60		1,000.00		1,022.85	+		2.17


Fund	Class A			Class C			Institutional			Separate Account Institutional			Investor			Class P			Class R6
Investment Grade Credit+		0.72	%		—	%		0.38	%		0.37	%		0.47	%		0.37	%		0.37	%
Local Emerging Markets Debt+		1.22			1.97			0.92			—			0.97			0.91			0.91
U.S. Mortgages+		0.78			—			0.45			0.44			0.54			0.43			0.43

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.

155

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Emerging Markets Debt Fund, Goldman Sachs High Yield Fund, Goldman Sachs High Yield Floating Rate Fund, Goldman Sachs Investment Grade Credit Fund, Goldman Sachs Local Emerging Markets Debt Fund, and Goldman Sachs U.S. Mortgages Fund (the “Funds”) are investment portfolios of Goldman Sachs Trust (the “Trust”). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust’s investment management agreement (the “Management Agreement”) with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”) on behalf of the Funds.

(a)

the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

(i)

the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

(ii)

(iii)

trends in employee headcount;

(iv)

the Investment Adviser’s financial resources and ability to hire and retain talented personnel and strengthen its operations; and

(v)

the parent company’s support of the Investment Adviser and its mutual fund business, as expressed by the firm’s senior management;

(b)

information on the investment performance of the Fund, including comparisons to the performance of similar mutual funds, as provided by a third-party mutual fund data provider engaged as part of the contract review process (the “Outside Data Provider”), a benchmark performance index, and (in the case of the Emerging Markets Debt, High Yield and Local Emerging Markets Debt Funds) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and information on general investment outlooks in the markets in which the Fund invests;

(c)

(d)

the terms of the Management Agreement and other agreements with affiliated service providers entered into by the Trust on behalf of the Fund;

(e)

fee and expense information for the Fund, including:

(i)

the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

(ii)

the Fund’s expense trends over time; and

(iii)

(f)

with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

(g)

the undertakings of the Investment Adviser and its affiliates to implement fee waivers and/or expense limitations;

(h)

information relating to the profitability of the Management Agreement and the transfer agency and distribution and service arrangements of the Fund to the Investment Adviser and its affiliates;

156

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

(i)

whether the Fund’s existing management fee schedule adequately addressed any economies of scale;

(j)

(k)

a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

(l)

information regarding portfolio trading and how the Investment Adviser carries out its duty to seek best execution;

(m)

portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

(n)

(o)

The Trustees also received an overview of the Funds’ distribution arrangements. They received information regarding the Funds’ assets, share purchase and redemption activity, and payment of distribution, service, and shareholder administration fees, as applicable. Information was also provided to the Trustees relating to revenue sharing payments made by and services provided by the Investment Adviser and its affiliates to intermediaries that promote the sale, distribution, and/or servicing of Fund shares. The Independent Trustees also discussed the broad range of other investment choices that are available to Fund investors, including the availability of comparable funds managed by other advisers.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other mutual funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of mutual fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2018, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2019. The information on each Fund’s investment performance was provided for the one-, three-, five-, and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they

157

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Emerging Markets Debt, High Yield and Local Emerging Markets Debt Funds’ performance to that of composites of accounts with comparable investment strategies managed by the Investment Adviser.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser’s senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser’s periodic reports with respect to the Funds’ risk profiles, and how the Investment Adviser’s approach to risk monitoring and management influences portfolio management.

The Trustees noted that the Emerging Markets Debt Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods and in the third quartile for the one- and three-year periods, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2019. The Trustees observed that the High Yield Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and ten-year periods and in the third quartile for the five-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. They observed that the High Yield Floating Rate Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the three- and five-year periods and the fourth quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2019. They also noted that the High Yield Floating Rate Fund had experienced certain portfolio management changes in 2018. The Trustees observed that the Investment Grade Credit Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, and ten-year periods and in the third quartile for the five-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and ten-year periods and underperformed for the five-year period ended March 31, 2019. They noted that the Local Emerging Markets Debt Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the three- and ten-year periods and in the fourth quartile for the one- and five-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2019. The Trustees noted that the U.S. Mortgages Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-, three-, five-, and ten-year periods, and had outperformed the Fund’s benchmark index for the ten-year period and underperformed for the one-, three-, and five-year periods ended March 31, 2019. They also noted that the U.S. Mortgages Fund had experienced certain portfolio management changes in 2018.

Costs of Services Provided and Competitive Information

The Trustees considered the contractual terms of the Management Agreement and the fee rates payable by each Fund thereunder. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and administrative services that were directed to the needs and operations of the Funds as registered mutual funds.

In addition, the Trustees considered the Investment Adviser’s undertakings to implement fee waivers and/or expense limitations. The Trustees also noted that certain changes were being made to existing fee waiver or expense limitation arrangements of the Emerging Markets Debt Fund that would have the effect of decreasing expenses of Class A, Class C, and Investor Shares of the Fund, with such changes taking effect in connection with the Fund’s next annual registration statement update. They also considered, to the extent that the Investment Adviser manages other types of accounts having investment objectives and policies similar to those of the Funds, comparative fee information for services provided by the Investment Adviser to those accounts, and information that indicated that services provided to the Funds differed in various significant respects from the services provided to other types of accounts which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

Profitability

Economies of Scale

The Trustees considered the information that had been provided regarding whether there have been economies of scale with respect to the management of the Funds. The Trustees also considered the breakpoints in the fee rate payable under the Management Agreement for each of the Funds at the following annual percentage rates of the average daily net assets of the Funds:


	Emerging Markets Debt Fund			High Yield Fund			Local Emerging Markets Debt Fund

First $2 billion		0.80	%		0.70	%		0.80	%

Next $3 billion		0.72			0.63			0.72

Next $3 billion		0.68			0.60			0.68

Over $8 billion		0.67			0.59			0.67

	High Yield Floating Rate Fund			Investment Grade Credit Fund			U.S. Mortgages Fund

First $1 billion		0.60	%		0.34	%		0.34	%

Next $1 billion		0.54			0.31			0.31

Next $3 billion		0.51			0.29			0.29

Next $3 billion		0.50			0.28			0.28

Over $8 billion		0.49			0.28			0.28

The Trustees noted that the breakpoints were designed to share potential economies of scale, if any, with the Funds and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the Funds; the Funds’ recent share purchase and redemption activity; the information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates and their realized profits; information comparing fee rates charged by the Investment Adviser with fee rates charged to other funds in the peer groups; and the Investment Adviser’s undertaking to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the transfer agency fees paid by the Emerging Markets Debt, High Yield and Local Emerging Markets Debt Funds’ Class A, Class C, Investor and Class R Shares, as applicable. Upon reviewing these matters at the Annual Meeting, the Trustees concluded that the fee breakpoints represented a means of assuring that benefits of scalability, if any, would be passed along to shareholders at the specified asset levels. They also noted that the Investment Adviser had passed along savings to shareholders of the Emerging Markets Debt, High Yield and High Yield Floating Rate Funds, which each had asset levels above at least the first breakpoint during the prior fiscal year.

Other Benefits to the Investment Adviser and Its Affiliates

159

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

relationship with the Funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds’ third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

Other Benefits to the Funds and Their Shareholders

Conclusion

In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business judgment, that the management fees paid by each of the Funds were reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser’s costs and each Fund’s current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser’s continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2020.

160

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

∎

Financial Square Money Market Fund²

∎

Financial Square Prime Obligations Fund²

∎

Financial Square Treasury Instruments Fund¹

∎

Financial Square Treasury Obligations Fund¹

∎

Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎

Investor Money Market Fund³

∎

Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎

Enhanced Income Fund

∎

High Quality Floating Rate Fund

∎

Short-Term Conservative Income Fund

∎

Short Duration Government Fund

∎

Short Duration Income Fund

∎

Government Income Fund

∎

Inflation Protected Securities Fund

Multi-Sector

∎

Bond Fund

∎

Core Fixed Income Fund

∎

Global Income Fund

∎

Strategic Income Fund

Municipal and Tax-Free

∎

High Yield Municipal Fund

∎

Dynamic Municipal Income Fund

∎

Short Duration Tax-Free Fund

∎

Municipal Income Completion Fund

Single Sector

∎

Investment Grade Credit Fund

∎

U.S. Mortgages Fund

∎

High Yield Fund

∎

High Yield Floating Rate Fund

∎

Emerging Markets Debt Fund

∎

Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap 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 Cap Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

∎

Technology Opportunities Fund

∎

Growth Opportunities Fund

∎

Rising Dividend Growth Fund

∎

Blue Chip Fund

∎

Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

∎

International Tax-Managed Equity Fund

∎

U.S. Equity Dividend and Premium Fund

∎

International Equity Dividend and Premium Fund

Equity Insights

∎

Small Cap Equity Insights Fund

∎

U.S. Equity Insights Fund

∎

Small Cap Growth Insights Fund

∎

Large Cap Growth Insights Fund

∎

Large Cap Value Insights Fund

∎

Small Cap Value Insights Fund

∎

International Small Cap Insights Fund

∎

International Equity Insights Fund

∎

Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

∎

Asia Equity Fund

∎

Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund⁵

∎

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 Fund

∎

Absolute Return Tracker Fund

∎

Managed Futures Strategy Fund

∎

MLP Energy Infrastructure Fund

∎

MLP & Energy Fund

∎

Multi-Manager Alternatives 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

∎

Dynamic Global Equity Fund⁴

∎

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

⁴

Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

⁵

Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

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 James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

Goldman Sachs & Co. LLC (‘‘Goldman Sachs’’) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

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

Fund holdings and allocations shown are as of September 30, 2019 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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

A summary prospectus, if available, or a Prospectus for the Funds containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a Fund’s objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Funds.

Goldman Sachs Funds

LOGO



Semi-Annual Report				September 30, 2019

				Municipal Income Completion Fund

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of the Fund directly with the Fund’s transfer agent, you can inform the transfer agent that you wish to receive paper copies of reports by calling toll-free 800-621-2550. If you hold shares of the Fund through a financial intermediary, please contact your financial intermediary to make this election. Your election to receive reports in paper will apply to all Goldman Sachs Funds held in your account if you invest through your financial intermediary or all Goldman Sachs Funds held with the Fund’s transfer agent if you invest directly with the transfer agent.

LOGO

Goldman Sachs Municipal Income Completion Fund


TABLE OF CONTENTS

Fund Basics			1

Schedule of Investments			3

Financial Statement			6

Financial Highlights			9

Notes to the Financial Statements			10

Other Information			18



NOT FDIC-INSURED	May Lose Value	No Bank Guarantee

FUND BASICS

Municipal Income Completion Fund

as of September 30, 2019


PERFORMANCE REVIEW

April 1,2019–September 30, 2019	Fund Total Return (based on NAV)¹			Bloomberg Barclays Municipal Bond 1-10 Year Blend Index²			30-Day Standardized Subsidized Yield³			30-Day Standardized Unsubsidized Yield³			30-Day Taxable Equivalent Yield

Separate Account Institutional Shares		4.22	%		2.47	%		3.31	%		-3.89	%		5.59	%

The Bloomberg Barclays Municipal Bond 1-10 Year Blend Index is an unmanaged broadbased 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.

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 2019 federal income tax rate of 40.8%.

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.

FUND BASICS

FUND COMPOSITION⁵

Percentage of Net Assets

LOGO

⁵

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments

September 30, 2019 (Unaudited)


Principal Amount		Interest Rate		Maturity Date			Value

Municipal Bonds – 96.1%
Alabama – 1.2%
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)^(a)
$	55,000	0.000%			10/01/2046		$	53,333
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	10,000	6.500			10/01/2053			12,049

								65,382

Alaska – 1.4%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (NR/B3)
	75,000	5.000			06/01/2046			75,118

Arizona – 3.4%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)^(b)
	75,000	(3 Mo. LIBOR + 0.81%), 2.216			01/01/2037			73,419
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	100,000	4.750			07/01/2043			103,763

								177,182

California – 11.1%
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB+/NR)
	75,000	5.000			12/31/2037			90,142
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR)
	50,000	5.000			09/02/2048			58,756
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000	5.000			09/01/2030			115,987
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC+/NR)^(c)
	300,000	0.000			06/01/2047			50,685
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)^(c)
	250,000	0.000			06/01/2036			84,385
	Modesto Irrigation District RB for Domestic Water Project Series 2007 F (NATL-RE) (AA-/Baa2)^(b)
	25,000	(3 Mo. LIBOR + 0.63%), 2.060			09/01/2037			24,486
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	125,000	3.000			09/01/2034			126,010
	William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)
	25,000	5.000			09/01/2047			28,638

								579,089


Municipal Bonds – (continued)
Florida – 15.8%
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)^(d)
	100,000		3.625			06/01/2024			101,062
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)^(d)
	100,000		5.250			12/01/2058			105,038
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)^(d)
	100,000		5.000			11/01/2039			104,260
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)^(d)(e)(f)
	100,000		6.375			01/01/2026			92,908
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	50,000		3.750			11/01/2024			50,798
	50,000		4.750			11/01/2039			51,989
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	100,000		4.000			05/01/2036			108,424
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	50,000		4.500			06/15/2039			52,155
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	50,000		4.000			05/01/2033			51,073
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	50,000		4.125			05/01/2034			51,230
	West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)
	50,000		4.750			05/01/2039			51,829

									820,766

Georgia – 2.0%
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	75,000		5.000			05/15/2049			103,471

Guam – 2.3%
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	30,000		5.000			11/15/2022			32,582
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	75,000		5.000			07/01/2037			87,083

									119,665

Illinois – 16.6%
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)
	100,000		7.000			12/01/2044			121,448


The accompanying notes are an integral part of these financial statements.		3

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2019 (Unaudited)


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 (BB-/NR)
$	100,000	6.500 %			12/01/2046		$	121,121
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)
	50,000	5.000			11/01/2042			53,649
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	200,000	5.500			01/01/2037			223,454
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	155,000	5.100			06/01/2033			167,887
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	100,000	5.000			11/01/2027			114,448
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)^(c)
	90,000	0.000			12/15/2032			60,857

								862,864

Kentucky – 1.5%
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	75,000	4.000			06/01/2045			80,272

Massachusetts – 0.6%
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)^(b)
	30,000	(3 Mo. LIBOR + 0.57%), 2.080			05/01/2037			29,526

Michigan – 4.1%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)^(f)
	105,000	4.000			04/01/2034			91,367
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	100,000	5.000			11/15/2048			121,629

								212,996

Minnesota – 0.5%
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	25,000	4.000			03/01/2032			26,719

New Jersey – 6.7%
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	20,000	5.000			06/15/2046			22,131
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)^(c)
	100,000	0.000			12/15/2038			52,806
	40,000	0.000			12/15/2039			20,348


Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	75,000		4.000			12/15/2031			81,653
	70,000		5.000			12/15/2032			82,879
	75,000		5.000			12/15/2033			88,589

									348,406

New York – 1.7%
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BBB-/Baa3)
	75,000		5.000			01/01/2036			89,465

Ohio – 2.2%
	Buckeye Ohio Tobacco Settlement Financing Authority RB Asset-Backed Bonds for Capital Appreciation 1st Subordinate Series 2007 B (BBB+/NR)^(c)
	750,000		0.000			06/01/2047			45,330
	Buckeye Ohio Tobacco Settlement Financing Authority RB Senior Turbo Asset-Backed Bonds Series 2007 A-2 (B-/Ca)
	70,000		5.125			06/01/2024			70,000

									115,330

Oklahoma – 2.2%
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (BB-/NR)^(e)(f)
	100,000		5.000			06/01/2025			112,865

Pennsylvania – 1.7%
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	75,000		5.000			07/01/2033			87,778

Puerto Rico – 12.7%
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 B (NR/Ca)^(g)
	50,000		5.000			07/01/2035			37,250
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)^(g)
	100,000		8.000			07/01/2035			60,125
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	100,000		5.250			07/01/2038			108,786
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)^(c)
	75,000		0.000			07/01/2028			50,981
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (NR/Ca)^(g)
	30,000		5.250			07/01/2032			22,387
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (D/NR)^(g)
	145,000		4.250			07/01/2020			114,550
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)^(c)
	100,000		0.000			07/01/2037			40,708


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND


Principal Amount		Interest Rate			Maturity Date		Value

Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)^(c)
$	18,000		0.000	%		07/01/2024	$	15,707
	20,000		0.000			07/01/2027		15,916
	20,000		0.000			07/01/2029		14,843
	25,000		0.000			07/01/2033		15,738
	25,000		0.000			07/01/2046		6,630
	25,000		0.000			07/01/2051		4,846
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	15,000		4.329			07/01/2040		15,225
	15,000		4.536			07/01/2053		15,300
	15,000		4.784			07/01/2058		15,564
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	20,000		4.500			07/01/2034		21,365
	20,000		4.550			07/01/2040		20,621
	20,000		4.750			07/01/2053		20,750
	40,000		5.000			07/01/2058		42,169

								659,461

Texas – 8.4%
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	100,000		4.875			09/01/2039		104,229
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)^(d)
	100,000		5.000			08/15/2044		104,961
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (BB/NR)
	100,000		5.000			07/15/2028		119,989
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)^(d)
	100,000		4.625			10/01/2031		108,603

								437,782

	TOTAL INVESTMENTS – 96.1%
	(Cost $4,746,908)						$	5,004,137

	OTHER ASSETS IN EXCESS OF LIABILITIES – 3.9%							204,711

	NET ASSETS – 100.0%						$	5,208,848



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)		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 September 30, 2019.

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

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

(e)		Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2019.

(f)		Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2019. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(g)		Security is currently in default.



Investment Abbreviations:
AGM		—Insured by Assured Guaranty Municipal Corp.
AMBAC		—Insured by American Municipal Bond Assurance Corp.
AMT		—Alternative Minimum Tax
COPS		—Certificates of Participation
GO		—General Obligation
LIBOR		—London Interbank Offered Rate
Mo.		—Month
NATL-RE		—Insured by National Public Finance Guarantee Corp.
NR		—Not Rated
RB		—Revenue Bond
USD		—United States Dollar

SWAP CONTRACTS — At September 30, 2019, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


Payments Made by the Fund^(a)	Payments Received by the Fund	Termination Date	Notional Amount (000’s)^(b)		Value			Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)

1.750%	3 Month LIBOR	12/18/2049	USD	640	$	(6,162	)	$	14,348	$	(20,510	)

(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 September 30, 2019.


The accompanying notes are an integral part of these financial statements.		5

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Statement of Assets and Liabilities

September 30, 2019 (Unaudited)



Assets:

Investments in unaffiliated issuers, at value (cost $4,746,908)	$	5,004,137

Cash		78,473

Receivables:

Collateral on certain derivative contracts^(a)		91,293

Interest		57,704

Reimbursement from investment adviser		31,216

Deferred offering costs		94,257

Other assets		21,774

Total assets		5,378,854

Liabilities:

Variation margin on swaps		659

Payables:

Offering cost		129,739

Custody fees		18,868

Audit fees		17,613

Accrued expenses		3,127

Total liabilities		170,006

Net Assets:

Paid-in capital		5,090,586

Total distributable earnings (loss)		118,262

NET ASSETS	$	5,208,848

Net Assets:

Separate Account Institutional Shares	$	5,208,848

Total Net Assets	$	5,208,848

Shares outstanding $0.001 par value (unlimited shares authorized):

Separate Account Institutional Shares		508,878

Net asset value, offering and redemption price per share:

Separate Account Institutional Shares		$10.24

(a)

Includes amount segregated for collateral on swap transactions.


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Statement of Operation

For the Six Months Ended September 30, 2019^(a) (Unaudited)



Investment income:

Interest	$	92,059

Expenses:

Amortization of offering costs		93,743

Custody, accounting and administrative services		24,932

Audit fees		19,945

Printing and mailing costs		12,465

Organization costs		12,000

Legal fees		9,972

Trustee fees		8,477

Registration fees		7,208

Transfer Agency fees		511

Other		5,290

Total expenses		194,543

Less — expense reductions		(194,543	)

Net expenses		—

NET INVESTMENT INCOME		92,059

Realized and unrealized gain (loss):

Net realized gain (loss) from:

Investments — unaffiliated issuers		4,571

Swap contracts		(124,501	)

Net unrealized gain (loss) on:

Investments — unaffiliated issuers		257,229

Swap contracts		(20,510	)

Net realized and unrealized gain		116,789

NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	208,848

(a)

Commenced operations on April 1, 2019.


The accompanying notes are an integral part of these financial statements.		7

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Statement of Change in Net Assets


	For the Six Months Ended September 30, 2019 (unaudited)
From operations:

Net investment income	$	92,059

Net realized loss		(119,930	)

Net unrealized gain		236,719

Net increase in net assets resulting from operations		208,848

Distributions to shareholders:

From distributable earnings:

Separate Account Institutional Shares^(a)		(90,586	)

Total distributions to shareholders		(90,586	)

From share transactions:

Proceeds from sales of shares		5,000,000

Reinvestment of distributions		90,586

Net increase in net assets resulting from share transactions		5,090,586

TOTAL INCREASE		5,208,848

Net Assets:

Beginning of period		—

End of period	$	5,208,848

(a)

Commenced operations on April 1, 2019.


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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Financial Highlights

Selected Data for a Share Outstanding Throughout The Period


	Goldman Sachs Municipal Income Completion Fund
	Separate Account Institutional Shares
	April 1, 2019* to September 30, 2019 (Unaudited)
Per Share Data

Net asset value, beginning of period	$	10.00

Net investment income^(a)		0.18

Net realized and unrealized gain		0.24

Total from investment operations		0.42

Distributions to shareholders from net investment income		(0.18	)

Net asset value, end of period	$	10.24

Total return^(b)		4.22	%

Net assets, end of period (in 000s)	$	5,209

Ratio of net expenses to average net assets		—	%^(c)

Ratio of total expenses to average net assets		6.97	%^(c)

Ratio of net investment income to average net assets		3.59	%^(c)

Portfolio turnover rate^(d)		4	%

Commencement of operations.

(a)

Calculated based on the average shares outstanding methodology.

(b)

(c)

Annualized.

(d)


The accompanying notes are an integral part of these financial statements.		9

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Notes to Financial Statements

September 30, 2019 (Unaudited)

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 Trust includes the Goldman Sachs Municipal Income Completion Fund (the “Fund”). The Fund is a diversified portfolio under the Act offering one class of shares — Separate Account Institutional Shares. The Fund commenced operations on April 1, 2019.

2. SIGNIFICANT ACCOUNTING POLICIES

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

C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

D. Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund were expensed on the first day of operations.

E. 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 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 at least annually.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

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

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

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

i. 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 the 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 the Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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 the Fund, if any, is noted in the Schedule of Investments.

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.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments and derivatives classified in the fair value hierarchy as of September 30, 2019:



MUNICIPAL INCOME COMPLETION

Investment Type	Level 1		Level 2			Level 3

Assets

Fixed Income

Municipal Debt Obligations	$	—	$	5,004,137		$	—

Derivative Type

Liabilities^(a)

Interest Rate Swap Contracts	$	—	$	(20,510	)	$	—

(a)

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

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

4. INVESTMENTS IN DERIVATIVES

The following table sets forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of September 30, 2019. 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 table 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:


Risk	Statements of Assets and Liabilities	Assets		Statements of Assets and Liabilities	Liabilities^(a)
Interest Rate	—	$	—	Variation margin on swaps contracts	$	(20,510)

(a)

Includes unrealized gain (loss) on futures contracts and centrally cleared swap contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of September 30, 2019 is reported within the Statement of Assets and Liabilities.

The following table sets forth, by certain risk types, the Fund’s gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2019. 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 unrealized gain (loss)” on the Statement of Operations:


Risk	Statements of Operations	Net Realized Gain (Loss)			Net 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	$	(124,501	)	$	(20,510	)		1

(a)

Average number of contracts is based on the average of month end balances for the six months ended September 30, 2019.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees. The Fund does not pay a management fee to GSAM. However, the Fund is used exclusively to implement municipal investment strategies for separately managed account clients of GSAM that participate in certain “wrap-fee” programs.

B. 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: 0.02% of the average daily net assets of Separate Account Institutional Shares. Goldman Sachs has agreed to reduce or limit its transfer agency fee to 0.00% of the Separate Account Institutional Shares average daily net assets. This arrangement will remain in effect through at least July 29, 2020, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Trustees.

C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or 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 limitations as an annual percentage rate of average daily net assets for the Fund is 0.00%. These Other Expense limitations will remain in place through at least July 29, 2020, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and 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” limitations described above.

For the six months ended September 30, 2019, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Transfer Agency
Waivers/Credits

Other Expense

Reimbursement

Custody Fee
Credits

Total Expense
Reductions

$511

$194,032

1,103

195,646

D. Line of Credit Facility — As of September 30, 2019, the Fund participated in a $580,000,000 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 six months ended September 30, 2019, the Fund did not have any borrowings under the facility. Prior to April 30, 2019 the facility was $770,000,000.

E. Other Transactions with Affiliates — As of September 30, 2019, The Goldman Sachs Group, Inc. was the beneficial owner of approximately 100% of the Separate Account Institutional Shares of the Fund.

The Fund 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 six months ended September 30, 2019, purchase and sale transactions and related net realized gain (loss) for the Fund with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:


Purchases	Sales	Net Realized Gain (Loss)
$1,868,475	$136,496	$2,306

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2019, were $4,993,499 and $169,944 respectively.

7. TAX INFORMATION

As of September 30, 2019, the Fund’s aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:


Tax cost	$	4,746,908
Gross unrealized gain		267,853
Gross unrealized loss		(10,624	)
Net unrealized gain	$	257,229

8. OTHER RISKS

The Fund’s risks include, but are not limited to, the following:

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 changing rates may have 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.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Notes to Financial Statements (continued)

September 30, 2019 (Unaudited)

8. OTHER RISKS (continued)

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 or otherwise maintains a larger cash position than it ordinarily would.

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 or without significant dilution to remaining investor’s interests 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. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on the Fund’s liquidity.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds).

State/Territory Specific Risk — The 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 the Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — The Fund 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 taxexempt 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 the Fund’s net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels. Additionally, the Fund 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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

10. OTHER MATTERS

11. SUBSEQUENT EVENTS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:


	For the Six Months Ended September 30, 2019

	Shares		Dollars

Separate Account Institutional Shares^(a)
Shares sold		500,000	$	5,000,000
Reinvestment of distributions		8,878		90,586

NET INCREASE		508,878	$	5,090,586

(a)

Commenced operations on April 1, 2019.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND



Fund Expenses — Six Month Period Ended September 30, 2019 (Unaudited)

As a shareholder of Seprate account Institutional Shares of the Fund you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Seprate account Institutional Shares of the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratio 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.


	Municipal Income Completion Fund
Share Class	Beginning Account Value 4/01/19		Ending Account Value 9/30/19			Expenses Paid for the 6 Months Ended 9/30/19*
Separate Account Institutional^(a)
Actual	$	1,000	$	1,042.20		$	—
Hypothetical 5% return		1,000		1,025.00	+		—

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

Expenses are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the six months ended September 30, 2019. 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 ratio for the period was —% for the Seperate Account Institutional Shares.

(a)

Commenced operations on April 1, 2019.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs Municipal Income Completion Fund (the “Fund”) is a newly-organized investment portfolio of Goldman Sachs Trust (the “Trust”) that commenced investment operations on April 1, 2019. At a meeting held on February 12-13, 2019 (the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement, including information regarding the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees and expenses to be paid by the Fund; a comparison of the Fund’s anticipated expenses with those paid by other similar mutual funds; the Investment Adviser’s proposal to waive and/or reimburse the Fund’s expenses (with certain customary exceptions, such as taxes, brokerage fees, and extraordinary expenses); and potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with the Fund. Various information was also provided at a prior meeting at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the Meeting and information received at prior meetings of the Trustees, as well as on their knowledge of the Investment Adviser resulting from their meetings and other interactions over time.

Nature, Extent, and Quality of the Services to Be Provided under the Management Agreement

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided to the Fund by the Investment Adviser and its affiliates. The Trustees also considered information about the Fund’s structure, investment objective, strategies, and other characteristics. The Trustees considered the experience and capabilities of the investment team and noted that the Fund’s portfolio managers were currently managing other series of the Trust. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and other resources to the Fund. In this regard, the Trustees noted that, although the Fund was new (and therefore had no performance data to evaluate), the Investment Adviser had experience managing other funds and accounts that employ similar investment strategies. The Trustees concluded that the Investment Adviser’s management of the Fund likely would benefit the Fund and its shareholders.

Costs of Services to Be Provided and Profitability

The Trustees considered the contractual terms of the Management Agreement. In this regard, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which included both advisory and administrative services that were directed to the needs and operations of the Fund as a registered mutual fund.

The Trustees considered that the Fund would be used exclusively to implement investment strategies for separately managed account (“SMA”) clients of the Investment Adviser that participate in certain “wrap-fee” programs, including programs sponsored by investment advisers and broker-dealers not affiliated with the Investment Adviser. The Trustees noted that the Fund would not pay the Investment Adviser a management fee under the terms of the Management Agreement, but that the Investment Adviser would receive fees for managing the SMAs that invest in the Fund.

In addition, the Trustees reviewed information on the Fund’s projected total operating expense ratios (both gross and net of expense limitations), and those were compared to similar information for comparable mutual funds used in “wrap fee” programs and that are advised by other, unaffiliated investment management firms, as well as the peer group and category medians. The comparisons of the Fund’s fee rates and total operating expense ratios were prepared by a third-party provider of mutual fund data. The Trustees believed that this information was useful in evaluating the reasonableness of the total expenses expected to be paid by the Fund.

The Trustees considered that the Investment Adviser and Transfer Agent would waive and/or reimburse the Fund’s expenses (with certain customary exceptions, such as taxes, brokerage fees, and extraordinary expenses). In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)

The Trustees noted the competitive nature of the fund marketplace, and that many of the Fund’s shareholders would be investing in the Fund in part because of the Fund’s relationship with the Investment Adviser. They also noted that shareholders would be able to redeem their Fund shares through their “wrap fee” program if they are dissatisfied with the performance of the Fund.

Economies of Scale

Because the Fund would not pay a management fee to the Investment Adviser under the Management Agreement and the Investment Adviser would waive and/or reimburse the Fund’s expenses, the Trustees did not place emphasis on the extent to which economies of scale would be shared with the Fund and its shareholders if the Fund’s assets exceeded specified levels.

Other Benefits to the Investment Adviser and Its Affiliates

The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their relationship with the Fund, including: (a) fees received by the Investment Adviser for managing SMAs that invest in the Fund; (b) futures commissions earned by Goldman Sachs & Co. LLC (“Goldman Sachs”) for executing securities and futures transactions on behalf of the Fund; (c) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (d) the Investment Adviser’s ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (e) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (f) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a result of the relationship with the Fund; and (g) the possibility that the working relationship between the Investment Adviser and the Fund’s third-party service providers and “wrap-fee” program sponsors may cause those organizations to be open to doing business with other areas of Goldman Sachs.

Conclusion

In connection with their consideration of the Management Agreement for the Fund at the Meeting, the Trustees gave weight to various factors, including that the Fund would not pay a management fee under the Management Agreement, but did not identify any particular factor as controlling their decision. The Trustees unanimously concluded that the Investment Adviser’s management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved with respect to the Fund.

FUNDS PROFILE

Goldman Sachs Funds

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

Money Market

Financial Square Funds^SM

∎

Financial Square Treasury Solutions Fund¹

∎

Financial Square Government Fund¹

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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

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Municipal Income Completion 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

Fixed Income Alternatives

∎

Long Short Credit Strategies Fund

Fundamental Equity

∎

Equity Income Fund

∎

Small Cap Growth Fund

∎

Small Cap Value Fund

∎

Small/Mid Cap Value Fund

∎

Mid Cap Value Fund

∎

Large Cap Value Fund

∎

Focused Value Fund

∎

Capital Growth Fund

∎

Strategic Growth Fund

∎

Small/Mid Cap Growth Fund

∎

Flexible Cap Fund

∎

Concentrated Growth Fund

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Technology Opportunities Fund

∎

Growth Opportunities Fund

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Rising Dividend Growth Fund

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Blue Chip Fund

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Income Builder Fund

Tax-Advantaged Equity

∎

U.S. Tax-Managed Equity Fund

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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

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Large Cap Growth Insights Fund

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Large Cap Value Insights Fund

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Small Cap Value Insights Fund

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International Small Cap Insights Fund

∎

International Equity Insights Fund

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Emerging Markets Equity Insights Fund

Fundamental Equity International

∎

International Equity Income Fund

∎

International Equity ESG Fund

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Asia Equity Fund

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Emerging Markets Equity Fund

∎

Imprint Emerging Markets Opportunities Fund⁵

∎

ESG Emerging Markets Equity Fund

Alternative

∎

Real Estate Securities Fund

∎

International Real Estate Securities Fund

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Commodity Strategy Fund

∎

Global Real Estate Securities Fund

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Alternative Premia Fund

∎

Absolute Return Tracker Fund

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Managed Futures Strategy Fund

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MLP Energy Infrastructure Fund

∎

MLP & Energy Fund

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Multi-Manager Alternatives Fund

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Global Infrastructure Fund

Total Portfolio Solutions

∎

Global Managed Beta Fund

∎

Multi-Manager Non-Core Fixed Income Fund

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Multi-Manager U.S. Dynamic Equity Fund

∎

Multi-Manager Global Equity Fund

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Multi-Manager International Equity Fund

∎

Tactical Tilt Overlay Fund

∎

Balanced Strategy Portfolio

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Multi-Manager U.S. Small Cap Equity Fund

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Multi-Manager Real Assets Strategy Fund

∎

Growth and Income Strategy Portfolio

∎

Growth Strategy Portfolio

∎

Dynamic Global Equity Fund⁴

∎

Satellite Strategies Portfolio

∎

Enhanced Dividend Global Equity Portfolio

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Tax-Advantaged Global Equity Portfolio

∎

Strategic Factor Allocation Fund

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Target Date 2020 Portfolio

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Target Date 2025 Portfolio

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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

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GQG Partners International Opportunities Fund

⁴

Effective after the close of business on February 28, 2019, the Goldman Sachs Equity Growth Strategy Portfolio was renamed the Goldman Sachs Dynamic Global Equity Fund.

⁵

Effective after the close of business on August 30, 2019, the Goldman Sachs N-11 Equity Fund was renamed the Goldman Sachs Imprint Emerging Markets Opportunities Fund.

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 James A. McNamara Roy W. Templin Gregory G. Weaver		OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary

GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent		GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

A description of the policies and procedures that the Fund use 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”) web site at http://www.sec.gov.

The Fund will file its portfolio holdings information for each month in a fiscal quarter within 60 days after the end of the relevant fiscal quarter on Form N-PORT. Portfolio holdings information for the third month of each fiscal quarter will be made available on the SEC’s web site at http://www.sec.gov. Portfolio holdings information may be obtained upon request and without charge by calling 1-800-621-2550.

Goldman Sachs & Co. LLC is the distributor of the Goldman Sachs Funds.

ITEM 2.

CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) 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 13(a)(1) of this report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

The information required by this Item is only required in an annual report on this Form N-CSR.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

SCHEDULE OF INVESTMENTS.

Schedule of Investments is included as part of the Report to Shareholders filed under Item 1.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13.

EXHIBITS.


(a)(1)	Goldman Sachs Trust’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 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.

(a)(3)	Not applicable to open-end investment companies.

(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.

(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

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


		Goldman Sachs Trust

By:		/s/ James A. McNamara


		James A. McNamara
		President/Chief Executive Officer
		Goldman Sachs Trust

Date:		November 26, 2019

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:		November 26, 2019

By:		/s/ Joseph F. DiMaria


		Joseph F. DiMaria
		Principal Financial Officer
		Goldman Sachs Trust

Date:		November 26, 2019