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, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	September 30, 2020
	Multi Sector Fixed Income Funds
	Bond Fund
	Core Fixed Income
	Global Core Fixed Income*
	Income
	Long Short Credit Strategies
	Strategic Income

* Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

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.

Goldman Sachs Multi Sector Fixed Income Funds

∎ BOND FUND

∎ CORE FIXED INCOME

∎ GLOBAL CORE FIXED INCOME

∎ INCOME

∎ LONG SHORT CREDIT STRATEGIES

∎ STRATEGIC INCOME

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	14
Financial Statements	119
Financial Highlights	126
Bond Fund	126
Core Fixed Income	134
Global Core Fixed Income	142
Income	149
Long Short Credit Strategies	156
Strategic Income	163
Notes to the Financial Statements	170
Other Information	202

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Bond Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		9.21	%		3.53	%		1.62	%		1.49	%
Class C		8.71			3.53			0.94			0.81
Institutional		9.29			3.53			2.02			1.88
Service		9.02			3.53			1.52			1.38
Investor		9.37			3.53			1.93			1.80
Class R6		9.40			3.53			2.02			1.89
Class R		9.08			3.53			1.44			1.30
Class P		9.40			3.53			2.02			1.89

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

²  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

1

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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

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.

2

FUND BASICS

Core Fixed Income Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		6.73	%		3.53	%		0.73	%		0.64	%
Class C		6.40			3.53			0.01			-0.09
Institutional		6.98			3.53			1.09			0.99
Service		6.71			3.53			0.59			0.49
Investor		6.86			3.53			1.01			0.91
Class R6		6.98			3.53			1.10			1.00
Class R		6.69			3.53			0.51			0.41
Class P		6.98			3.53			1.10			1.00

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

²  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

3

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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 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.

4

FUND BASICS

Global Core Fixed Income Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		7.08	%		3.16	%		0.62	%		0.47	%
Class C		6.73			3.16			-0.10			-0.26
Institutional		7.25			3.16			0.95			0.81
Service		6.94			3.16			0.46			0.32
Investor		7.23			3.16			0.89			0.73
Class R6		7.26			3.16			0.96			0.82
Class P		7.25			3.16			0.96			0.82

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

²  The Bloomberg Barclays Global Aggregate Bond Index (Gross, USD, Hedged), an unmanaged index, provides a broad based measure of the global investment-grade fixed-rate debt markets and covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securities. The Index figures do not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

5

FUND BASICS

CURRENCY ALLOCATION4
	Percentage of Net Assets
	as of 9/30/20			as of 3/31/20
U.S. Dollar		77.1	%		66.3	%
Japanese Yen		12.5			17.1
Euro		10.5			11.9
Chinese Yuan Renminbi		3.4			3.2
British Pound		2.2			4.3
Canadian Dollar		1.6			1.8
Thai Baht		0.9			1.6
South Korean Won		0.9			0.9
Singapore Dollar		0.2			0.2
Indonesian Rupiah		0.1			0.2
Israeli Shekel		0.1			0.1
Russian Ruble		0.1			0.1
Danish Krone		0.0			0.1
Swedish Krona		0.0			0.3

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.

6

FUND BASICS

Income Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		16.31	%		3.53	%		3.38	%		2.24	%
Class C		15.88			3.53			2.78			1.58
Institutional		16.51			3.53			3.87			2.67
Investor		16.46			3.53			3.79			2.59
Class R6		16.51			3.53			3.88			2.68
Class R		16.17			3.53			3.29			2.09
Class P		16.51			3.53			3.86			2.68

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

²  The Bloomberg Barclays U.S. Aggregate Bond Index represents an unmanaged diversified portfolio of fixed income securities, including U.S. Treasuries, investment-grade corporate bonds, and mortgage-backed and asset-backed securities. The Index figure does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

7

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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.

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.

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.

8

FUND BASICS

Long Short Credit Strategies Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		12.55	%		0.52	%		2.90	%		2.57	%
Class C		12.01			0.52			2.26			1.91
Institutional		12.62			0.52			3.34			3.00
Investor		12.56			0.52			3.26			2.92
Class R6		12.61			0.52			3.35			3.01
Class R		12.28			0.52			2.78			2.43
Class P		12.50			0.52			3.35			3.01

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

²  The ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index (the “BofA/Merrill Lynch Index”) tracks the performance of a synthetic asset paying LIBOR to a stated maturity. The BofA/Merrill Lynch Index is based on the assumed purchase at par of a synthetic instrument having exactly its stated maturity and with a coupon equal to that day’s fixing rate. That issue is assumed to be sold the following business day (priced at a yield equal to the current day fixing rate) and rolled into a new instrument. It is not possible to invest directly in an index.

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

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

9

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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.

10

FUND BASICS

TOP TEN INDUSTRY ALLOCATIONS5
As of September 30, 2020	Percentage of Net Assets
Media		12.9	%
Health Care		5.8
Oil Field Services		5.2
Packaging		4.7
Automotive		4.4
Internet		4.1
Commercial Services		3.8
Pipelines		3.6
Technology		3.6
Aerospace and Defense		2.8

⁵  The percentage shown for each investment category reflects the value of investments in that category (excluding Investment Companies) 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.

11

FUND BASICS

Strategic Income Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		13.82	%		0.52	%		3.15	%		3.14	%
Class C		13.28			0.52			2.52			2.51
Institutional		14.01			0.52			3.61			3.60
Investor		13.96			0.52			3.53			3.51
Class R6		14.01			0.52			3.62			3.60
Class R		13.70			0.52			3.02			3.01
Class P		13.91			0.52			3.62			3.61

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

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

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

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

12

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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 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  “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.

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.

13

GOLDMAN SACHS BOND FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 55.2%
Advertising(a)(b) – 0.2%
	Outfront Media Capital LLC/Outfront Media Capital Corp.
$	1,050,000		6.250	%		06/15/25	$	1,081,500
Aerospace & Defense – 1.2%
	Bombardier, Inc.(a)(b)
	150,000		7.500			03/15/25		112,125
	General Dynamics Corp.(a)
	30,000		4.250			04/01/40		37,682
	Howmet Aerospace, Inc.(a)
	1,358,000		6.875			05/01/25		1,500,400
	Northrop Grumman Corp.
	750,000		2.930	(a)		01/15/25		815,865
	225,000		4.750			06/01/43		292,318
	25,000		4.030	(a)		10/15/47		30,488
	Raytheon Technologies Corp.
	475,000		3.950	(a)		08/16/25		539,676
	10,000		5.700			04/15/40		14,061
	200,000		4.050	(a)		05/04/47		240,112
	100,000		4.625	(a)		11/16/48		130,381
	The Boeing Co.(a)
	35,000		3.600			05/01/34		34,052
	50,000		3.750			02/01/50		45,076
	1,000,000		5.805			05/01/50		1,206,240
	TransDigm, Inc.(a)
	50,000		6.500			05/15/25		49,687
	166,000		6.250	(b)		03/15/26		173,470
	575,000		6.375			06/15/26		575,000
	425,000		7.500			03/15/27		439,875
								6,236,508
Agriculture – 0.6%
	Altria Group, Inc.(a)
	775,000		3.800			02/14/24		845,819
	35,000		5.800			02/14/39		44,627
	Archer-Daniels-Midland Co.(a)
	175,000		3.250			03/27/30		199,889
	BAT Capital Corp.(a)
	840,000		3.222			08/15/24		897,565
	25,000		4.758			09/06/49		27,222
	100,000		5.282			04/02/50		117,470
	Reynolds American, Inc.
	700,000		4.850			09/15/23		780,038
								2,912,630
Automotive – 1.2%
	American Honda Finance Corp.
	65,000		2.900			02/16/24		69,445
	BMW US Capital LLC(a)(b)
	30,000		3.625			04/18/29		34,073
	Ford Motor Co.(a)
	27,000		9.000			04/22/25		30,934
	Ford Motor Credit Co. LLC(a)
	330,000		2.979			08/03/22		325,595
	900,000		4.140			02/15/23		904,968
	250,000		4.687			06/09/25		253,017
Corporate Obligations – (continued)
Automotive – (continued)
	General Motors Co.
	425,000		5.400			10/02/23		468,393
	225,000		4.000			04/01/25		241,796
	30,000		6.600	(a)		04/01/36		36,329
	35,000		5.150	(a)		04/01/38		37,366
	50,000		5.950	(a)		04/01/49		58,531
	General Motors Financial Co., Inc.(a)
	300,000		4.300			07/13/25		325,635
	125,000		5.650			01/17/29		145,879
	Hyundai Capital America
	70,000		2.750			09/27/26		72,143
	Meritor, Inc.(a)(b)
	165,000		6.250			06/01/25		172,838
	Nissan Motor Co. Ltd.(b)
	625,000		3.043			09/15/23		633,437
	The Goodyear Tire & Rubber Co.(a)
	1,200,000		5.125			11/15/23		1,197,000
	790,000		9.500			05/31/25		859,125
								5,866,504
Banks – 13.1%
	AIB Group PLC(b)
	1,300,000		4.750			10/12/23		1,409,213
	Banco do Brasil SA(a)(c)
	(10 Year CMT + 4.398%)
	200,000		6.250			10/29/49		187,250
	(10 Year CMT + 6.362%)
	200,000		9.000			06/29/49		216,000
	Banco Santander SA
	800,000		2.746			05/28/25		839,384
	600,000		4.250			04/11/27		677,472
	400,000		3.306			06/27/29		435,340
	Bank of America Corp.
	625,000		4.125			01/22/24		691,994
	425,000		4.200			08/26/24		473,034
	1,300,000		3.248	(a)		10/21/27		1,437,150
	925,000		4.183	(a)		11/25/27		1,060,355
	100,000		6.110			01/29/37		140,936
	5,000		5.875			02/07/42		7,376
	(3M USD LIBOR + 0.940%)
	875,000		3.864	(a)(c)		07/23/24		947,765
	(3M USD LIBOR + 0.990%)
	75,000		2.496	(a)(c)		02/13/31		78,405
	(3M USD LIBOR + 1.070%)
	55,000		3.970	(a)(c)		03/05/29		63,089
	(3M USD LIBOR + 1.190%)
	525,000		2.884	(a)(c)		10/22/30		564,328
	(3M USD LIBOR + 1.310%)
	750,000		4.271	(a)(c)		07/23/29		879,862
	(3M USD LIBOR + 1.575%)
	525,000		3.824	(a)(c)		01/20/28		594,489
	(3M USD LIBOR + 1.990%)
	5,000		4.443	(a)(c)		01/20/48		6,465
	(SOFR + 1.930%)
	50,000		2.676	(a)(c)		06/19/41		50,907

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp. – (continued)
	(SOFR + 2.150%)
$	1,975,000		2.592	% (a)(c)		04/29/31	$	2,089,451
	Barclays PLC(a)(c)
	(3M USD LIBOR + 1.400%)
	1,275,000		4.610			02/15/23		1,334,479
	(3M USD LIBOR + 2.452%)
	825,000		2.852			05/07/26		856,672
	BNP Paribas SA(b)
	1,750,000		3.500			03/01/23		1,858,465
	550,000		3.375			01/09/25		595,908
	(5 year USD Swap + 4.149%)
	200,000		6.625	(a)(c)		12/31/99		211,762
	(SOFR + 2.074%)
	350,000		2.219	(a)(c)		06/09/26		360,892
	BPCE SA(b)
	1,025,000		4.000			09/12/23		1,113,703
	525,000		4.625			09/12/28		623,889
	CIT Bank NA(a) (c) (SOFR + 1.715%)
	600,000		2.969			09/27/25		594,858
	Citigroup, Inc.
	1,450,000		2.700	(a)		10/27/22		1,511,712
	780,000		3.500			05/15/23		830,622
	1,050,000		3.400			05/01/26		1,167,663
	125,000		4.300			11/20/26		142,859
	1,200,000		4.125			07/25/28		1,377,732
	15,000		8.125			07/15/39		26,130
	(3M USD LIBOR + 1.023%)
	570,000		4.044	(a)(c)		06/01/24		616,666
	(3M USD LIBOR + 1.563%)
	60,000		3.887	(a)(c)		01/10/28		67,880
	(SOFR + 1.422%)
	550,000		2.976	(a)(c)		11/05/30		593,081
	(SOFR + 3.914%)
	450,000		4.412	(a)(c)		03/31/31		539,113
	Citizens Financial Group, Inc.(a)
	65,000		2.850			07/27/26		71,741
	Credit Agricole SA(a) (b) (c)
	(5 year USD Swap + 4.319%)
	250,000		6.875			12/31/99		269,228
	(SOFR + 1.676%)
	375,000		1.907			06/16/26		382,249
	Credit Suisse AG
	450,000		2.800			04/08/22		465,930
	300,000		2.950			04/09/25		327,051
	Credit Suisse Group AG(a)(b)
	875,000		4.282			01/09/28		992,827
	(3M USD LIBOR + 1.410%)
	525,000		3.869	(c)		01/12/29		584,976
	Credit Suisse Group Funding Guernsey Ltd.
	307,000		4.550			04/17/26		357,723
	Deutsche Bank AG
	65,000		4.100			01/13/26		69,289
	(SOFR + 2.159%)
	300,000		2.222	(a)(c)		09/18/24		301,947
	Fifth Third Bancorp(a)
	375,000		2.375			01/28/25		397,058
Corporate Obligations – (continued)
Banks – (continued)
	First Horizon National Corp.(a)
	700,000		3.550			05/26/23		735,490
	700,000		4.000			05/26/25		761,089
	HSBC Holdings PLC
	200,000		4.950			03/31/30		241,012
	(3M USD LIBOR + 1.000%)
	450,000		1.270	(a)(c)		05/18/24		449,433
	(3M USD LIBOR + 1.055%)
	625,000		3.262	(a)(c)		03/13/23		646,269
	(3M USD LIBOR + 1.211%)
	600,000		3.803	(a)(c)		03/11/25		645,738
	(SOFR + 1.538%)
	1,050,000		1.645	(a)(c)		04/18/26		1,045,747
	Huntington Bancshares, Inc.(a)
	825,000		4.000			05/15/25		939,147
	ING Groep NV(a)(b)(c)
	(1 Year CMT + 1.100%)
	950,000		1.400			07/01/26		959,690
	Itau Unibanco Holding SA(a)(b)(c)
	(5 Year CMT + 3.222%)
	200,000		4.625			12/31/99		174,200
	JPMorgan Chase & Co.
	425,000		3.625	(a)		12/01/27		474,147
	5,000		6.400			05/15/38		7,652
	(3M USD LIBOR + 0.610%)
	330,000		3.514	(a)(c)		06/18/22		337,088
	(3M USD LIBOR + 0.730%)
	260,000		3.559	(a)(c)		04/23/24		278,543
	(3M USD LIBOR + 0.890%)
	175,000		3.797	(a)(c)		07/23/24		189,679
	(3M USD LIBOR + 0.945%)
	875,000		3.509	(a)(c)		01/23/29		984,961
	(3M USD LIBOR + 1.000%)
	825,000		4.023	(a)(c)		12/05/24		906,741
	(3M USD LIBOR + 1.120%)
	15,000		4.005	(a)(c)		04/23/29		17,375
	(3M USD LIBOR + 1.245%)
	1,000,000		3.960	(a)(c)		01/29/27		1,139,390
	(3M USD LIBOR + 1.360%)
	30,000		3.882	(a)(c)		07/24/38		35,300
	(3M USD LIBOR + 3.800%)
	1,710,000		4.051	(a)(c)		12/29/49		1,688,437
	(SOFR + 1.160%)
	825,000		2.301	(a)(c)		10/15/25		867,751
	(SOFR + 1.455%)
	70,000		1.514	(a)(c)		06/01/24		71,490
	(SOFR + 2.515%)
	275,000		2.956	(a)(c)		05/13/31		294,404
	(SOFR + 3.125%)
	800,000		4.600	(a)(c)		12/31/99		777,328
	(SOFR + 3.790%)
	75,000		4.493	(a)(c)		03/24/31		91,463
	Mitsubishi UFJ Financial Group, Inc.
	60,000		3.741			03/07/29		68,728
	30,000		4.286			07/26/38		36,807
	700,000		3.751			07/18/39		805,952

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, Inc.
$	1,050,000		3.700	%		10/23/24	$	1,163,778
	50,000		4.000			07/23/25		56,503
	425,000		3.950			04/23/27		480,412
	25,000		6.375			07/24/42		38,895
	(3M USD LIBOR + 0.847%)
	350,000		3.737	(a)(c)		04/24/24		376,019
	(3M USD LIBOR + 1.400%)
	1,550,000		1.664	(a)(c)		10/24/23		1,574,924
	(3M USD LIBOR + 1.431%)
	35,000		4.457	(a)(c)		04/22/39		43,828
	(3M USD LIBOR + 1.628%)
	700,000		4.431	(a)(c)		01/23/30		835,177
	(SOFR + 1.143%)
	1,275,000		2.699	(a)(c)		01/22/31		1,361,113
	(SOFR + 1.152%)
	835,000		2.720	(a)(c)		07/22/25		887,213
	(SOFR + 3.120%)
	400,000		3.622	(a)(c)		04/01/31		458,684
	Natwest Group PLC
	826,000		3.875			09/12/23		886,992
	(3M USD LIBOR + 1.480%)
	1,160,000		3.498	(a)(c)		05/15/23		1,201,226
	(5 Year CMT + 2.100%)
	200,000		3.754	(a)(c)		11/01/29		206,500
	(3M USD LIBOR + 1.550%)
	850,000		4.519	(a)(c)		06/25/24		916,572
	(3M USD LIBOR + 1.762%)
	225,000		4.269	(a)(c)		03/22/25		244,528
	Regions Financial Corp.(a)
	138,000		3.800			08/14/23		149,782
	Santander UK PLC
	1,000,000		2.875			06/18/24		1,067,120
	Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,325,000		4.247			01/20/23		1,373,680
	State Street Corp.(a)(c)
	(3M USD LIBOR + 1.030%)
	60,000		4.141			12/03/29		72,499
	(SOFR + 2.650%)
	25,000		3.152	(b)		03/30/31		28,446
	The Bank of Nova Scotia
	50,000		3.400			02/11/24		54,319
	The Huntington National Bank(a)
	250,000		1.800			02/03/23		256,550
	The PNC Financial Services Group, Inc.(a)
	35,000		3.500			01/23/24		38,141
	Truist Bank(a)
	350,000		2.250			03/11/30		360,752
	Truist Financial Corp.(a)
	65,000		3.750			12/06/23		71,196
	US Bancorp(a)
	60,000		3.150			04/27/27		67,652
	Wells Fargo & Co.
	345,000		3.750	(a)		01/24/24		375,198
	2,750,000		3.000			10/23/26		3,001,735
	600,000		4.300			07/22/27		686,736
	75,000		4.150	(a)		01/24/29		88,094
Corporate Obligations – (continued)
Banks – (continued)
	Wells Fargo & Co. – (continued)
	(3M USD LIBOR + 0.750%)
	45,000		2.164	(a)(c)		02/11/26		46,721
	(3M USD LIBOR + 4.240%)
	75,000		5.013	(a)(c)		04/04/51		102,674
	Westpac Banking Corp.(a)(c) (5 Year CMT + 2.000%)
	300,000		4.110			07/24/34		337,575
								66,076,655
Beverages – 1.8%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	385,000		4.700			02/01/36		463,894
	2,050,000		4.900			02/01/46		2,511,701
	Anheuser-Busch InBev Worldwide, Inc.(a)
	55,000		5.450			01/23/39		71,025
	925,000		4.600			04/15/48		1,111,489
	Bacardi Ltd.(a)(b)
	975,000		4.500			01/15/21		976,726
	600,000		5.300			05/15/48		759,744
	Constellation Brands, Inc.(a)
	625,000		4.400			11/15/25		727,175
	225,000		3.700			12/06/26		257,072
	500,000		3.600			02/15/28		562,780
	625,000		3.150			08/01/29		683,556
	Keurig Dr Pepper, Inc.(a)
	750,000		4.057			05/25/23		815,310
	50,000		5.085			05/25/48		67,029
	100,000		3.800			05/01/50		114,552
	Molson Coors Beverage Co.
	20,000		5.000			05/01/42		22,578
	The Coca-Cola Co.
	30,000		3.200			11/01/23		32,612
	35,000		2.950			03/25/25		38,452
								9,215,695
Biotechnology(a)(b) – 0.1%
	Royalty Pharma PLC
	425,000		1.200			09/02/25		423,683
Building Materials(a)(b) – 0.5%
	Carrier Global Corp.
	1,125,000		2.493			02/15/27		1,177,920
	500,000		2.722			02/15/30		522,135
	Cemex SAB de CV
	200,000		5.200			09/17/30		200,730
	Summit Materials LLC/Summit Materials Finance Corp.
	413,000		5.250			01/15/29		430,036
								2,330,821
Chemicals – 1.6%
	Air Products and Chemicals, Inc.(a)
	200,000		2.050			05/15/30		210,660
	50,000		2.800			05/15/50		52,588
	Bluestar Finance Holdings Ltd.(a)(c) (-1x3 Year CMT + 6.651%)
	520,000		3.875			12/31/99		525,200

16 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)
Chemicals – (continued)
	DuPont de Nemours, Inc.(a)
$	425,000		4.205	%		11/15/23	$	467,062
	55,000		5.319			11/15/38		69,840
	50,000		5.419			11/15/48		66,653
	Huntsman International LLC(a)
	350,000		4.500			05/01/29		392,884
	Nutrition & Biosciences, Inc.(a)(b)
	650,000		1.832			10/15/27		652,704
	1,150,000		2.300			11/01/30		1,155,658
	275,000		3.268			11/15/40		277,612
	Sasol Financing USA LLC(a)
	310,000		5.875			03/27/24		297,212
	Syngenta Finance NV(b)
	1,485,000		3.933			04/23/21		1,503,978
	The Sherwin-Williams Co.(a)
	12,000		2.750			06/01/22		12,409
	500,000		3.450			06/01/27		562,805
	475,000		2.950			08/15/29		522,334
	Tronox, Inc.(a)(b)
	1,250,000		6.500			05/01/25		1,300,000
								8,069,599
Commercial Services(a) – 1.1%
	CoStar Group, Inc.(b)
	625,000		2.800			07/15/30		645,497
	Global Payments, Inc.
	375,000		2.650			02/15/25		397,703
	225,000		3.200			08/15/29		245,507
	IHS Markit Ltd.(b)
	550,000		4.000			03/01/26		613,409
	Nielsen Finance LLC/Nielsen Finance Co.(b)
	83,000		5.875			10/01/30		85,905
	PayPal Holdings, Inc.
	1,150,000		1.650			06/01/25		1,190,733
	1,175,000		2.650			10/01/26		1,281,091
	Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
	510,000		3.375			08/31/27		488,962
	United Rentals North America, Inc.
	400,000		3.875			02/15/31		406,000
								5,354,807
Computers(a) – 1.5%
	Amdocs Ltd.
	350,000		2.538			06/15/30		362,820
	Apple, Inc.
	175,000		2.750			01/13/25		189,682
	1,875,000		2.450			08/04/26		2,043,019
	40,000		4.500			02/23/36		53,381
	Dell International LLC/EMC Corp.(b)
	600,000		5.450			06/15/23		657,636
	310,000		6.020			06/15/26		364,591
	175,000		8.100			07/15/36		229,516
	100,000		8.350			07/15/46		132,266
	Hewlett Packard Enterprise Co.
	1,330,000		4.450			10/02/23		1,461,803
	550,000		4.650			10/01/24		620,620
	909,000		4.900			10/15/25		1,042,078
	155,000		6.350			10/15/45		196,239
Corporate Obligations – (continued)
Computers(a) – (continued)
	NetApp, Inc.
	35,000		2.375			06/22/27		36,545
								7,390,196
Cosmetics/Personal Care – 0.0%
	The Procter & Gamble Co.
	45,000		2.800			03/25/27		50,495
Distribution & Wholesale(a)(b) – 0.1%
	Performance Food Group, Inc.
	255,000		6.875			05/01/25		271,575
Diversified Financial Services – 2.3%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,150,000		4.625			07/01/22		1,177,703
	450,000		3.300	(a)		01/23/23		450,040
	400,000		4.875	(a)		01/16/24		412,752
	295,000		6.500	(a)		07/15/25		318,028
	AIG Global Funding(b)
	150,000		2.300			07/01/22		154,665
	Air Lease Corp.
	550,000		2.250			01/15/23		551,067
	425,000		3.375	(a)		07/01/25		433,861
	875,000		3.750	(a)		06/01/26		889,236
	50,000		3.250	(a)		10/01/29		47,423
	Ally Financial, Inc.(a)
	275,000		1.450			10/02/23		274,486
	American Express Co.(a)
	195,000		2.500			08/01/22		201,745
	165,000		2.500			07/30/24		175,341
	30,000		3.000			10/30/24		32,529
	(3M USD LIBOR + 3.285%)
	345,000		3.535	(c)		12/29/49		311,794
	Avolon Holdings Funding Ltd.(a)(b)
	425,000		3.950			07/01/24		406,228
	675,000		2.875			02/15/25		618,158
	Capital One Financial Corp.
	325,000		3.500			06/15/23		347,483
	65,000		3.900	(a)		01/29/24		70,827
	320,000		3.300	(a)		10/30/24		346,579
	GE Capital International Funding Co.
	1,600,000		3.373			11/15/25		1,710,240
	250,000		4.418			11/15/35		263,400
	Global Aircraft Leasing Co. Ltd.(a)(b)(d) (PIK 7.250%, Cash 6.500%)
	932,625		6.500			09/15/24		494,291
	Huarong Finance 2019 Co. Ltd.(a)
	480,000		3.750			05/29/24		501,600
	200,000		3.625			09/30/30		203,247
	Huarong Finance II Co. Ltd.
	200,000		5.500			01/16/25		222,778
	Intercontinental Exchange, Inc.(a)
	350,000		3.000			06/15/50		366,919
	Mastercard, Inc.(a)
	300,000		3.300			03/26/27		343,065
	Nasdaq, Inc.(a)
	100,000		3.250			04/28/50		104,500

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Raymond James Financial, Inc.(a)
$	75,000		4.650	%		04/01/30	$	91,244
	Visa, Inc.(a)
	100,000		2.050			04/15/30		107,019
								11,628,248
Electrical – 2.6%
	AEP Transmission Co. LLC(a)
	50,000		3.650			04/01/50		58,873
	Alliant Energy Finance LLC(a)(b)
	375,000		3.750			06/15/23		402,473
	100,000		4.250			06/15/28		115,524
	Ameren Corp.(a)
	125,000		3.500			01/15/31		142,856
	American Electric Power Co., Inc.(a)
	250,000		2.300			03/01/30		257,713
	Appalachian Power Co.(a)
	30,000		3.700			05/01/50		34,214
	Avangrid, Inc.(a)
	275,000		3.200			04/15/25		302,627
	Berkshire Hathaway Energy Co.(a)
	225,000		3.250			04/15/28		254,113
	400,000		3.700	(b)		07/15/30		469,896
	20,000		4.450			01/15/49		25,593
	Calpine Corp.(a)(b)
	625,000		5.000			02/01/31		634,375
	Dominion Energy, Inc.
	675,000		3.071	(e)		08/15/24		726,341
	225,000		3.375	(a)		04/01/30		253,505
	DTE Energy Co.
	323,000		2.250			11/01/22		333,530
	Exelon Corp.(a)
	325,000		4.050			04/15/30		380,149
	50,000		4.700			04/15/50		63,810
	Exelon Generation Co. LLC(a)
	35,000		3.250			06/01/25		38,334
	FirstEnergy Corp.(a)
	700,000		2.650			03/01/30		710,003
	325,000		2.250			09/01/30		318,279
	25,000		4.850			07/15/47		30,005
	NRG Energy, Inc.(a)(b)
	675,000		3.750			06/15/24		721,872
	Ohio Power Co.(a)
	200,000		2.600			04/01/30		219,454
	Pacific Gas & Electric Co.(a)
	250,000		2.100			08/01/27		242,205
	425,000		2.500			02/01/31		402,598
	125,000		3.300			08/01/40		114,551
	35,000		4.300			03/15/45		34,054
	275,000		3.500			08/01/50		247,239
	Sempra Energy(a)
	35,000		3.550			06/15/24		38,060
	(3M USD LIBOR + 0.500%)
	1,125,000		0.775	(c)		01/15/21		1,125,022
	Southern California Edison Co.(a)
	725,000		3.700			08/01/25		806,186
	450,000		4.200			03/01/29		518,130
Corporate Obligations – (continued)
Electrical – (continued)
	Southern Power Co.(a)
$	60,000		4.950	%		12/15/46	$	66,827
	Southwestern Electric Power Co.(a)
	35,000		2.750			10/01/26		37,660
	Talen Energy Supply LLC(a)(b)
	700,000		7.625			06/01/28		691,250
	The Southern Co.(a)
	1,050,000		3.250			07/01/26		1,170,771
	Vistra Operations Co. LLC(a)(b)
	1,175,000		3.550			07/15/24		1,245,500
								13,233,592
Electrical Components & Equipment(a)(b) – 0.2%
	Energizer Holdings, Inc.
	1,075,000		7.750			01/15/27		1,169,062
Electronics(a)(b) – 0.1%
	Sensata Technologies, Inc.
	276,000		3.750			02/15/31		273,240
Engineering & Construction(a) – 0.2%
	AECOM
	310,000		5.125			03/15/27		333,250
	Mexico City Airport Trust
	200,000		4.250			10/31/26		177,000
	250,000		3.875	(b)		04/30/28		213,008
	310,000		5.500	(b)		07/31/47		251,959
								975,217
Entertainment(a)(b) – 0.4%
	Cinemark USA, Inc.
	665,000		8.750			05/01/25		699,913
	WMG Acquisition Corp.
	1,141,000		3.875			07/15/30		1,172,377
								1,872,290
Environmental(a)(b) – 0.1%
	GFL Environmental, Inc.
	400,000		3.750			08/01/25		400,500
Food & Drug Retailing – 0.7%
	Kraft Heinz Foods Co.(a)(b)
	1,122,000		4.250			03/01/31		1,229,835
	Mars, Inc.(a)(b)
	225,000		2.700			04/01/25		242,861
	Mondelez International, Inc.(a)
	225,000		2.125			04/13/23		233,552
	Post Holdings, Inc.(a)(b)
	450,000		5.750			03/01/27		473,062
	Sysco Corp.(a)
	75,000		6.600			04/01/40		101,732
	275,000		6.600			04/01/50		385,311
	The JM Smucker Co.
	150,000		3.000			03/15/22		155,324
	225,000		2.375	(a)		03/15/30		234,763
	US Foods, Inc.(a)(b)
	374,000		6.250			04/15/25		395,972
								3,452,412

18 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)
Food Service(a)(b) – 0.1%
	Aramark Services, Inc.
$	343,000		6.375	%		05/01/25	$	356,720
Gas(a) – 0.1%
	NiSource, Inc.
	100,000		3.600			05/01/30		113,957
	The East Ohio Gas Co.(b)
	150,000		1.300			06/15/25		153,170
	125,000		2.000			06/15/30		128,750
								395,877
Healthcare Providers & Services – 1.3%
	Boston Scientific Corp.(a)
	65,000		3.450			03/01/24		70,496
	Centene Corp.(a)
	1,050,000		3.000			10/15/30		1,070,590
	DaVita, Inc.(a)(b)
	555,000		3.750			02/15/31		534,881
	DENTSPLY SIRONA, Inc.(a)
	350,000		3.250			06/01/30		380,321
	DH Europe Finance II S.a.r.l.(a)
	700,000		2.200			11/15/24		739,606
	275,000		2.600			11/15/29		298,730
	HCA, Inc.(a)
	30,000		4.500			02/15/27		33,771
	Hologic, Inc.(a)(b)
	450,000		3.250			02/15/29		453,375
	Stryker Corp.(a)
	850,000		1.950			06/15/30		866,277
	Tenet Healthcare Corp.
	500,000		6.750			06/15/23		526,250
	150,000		7.500	(a)(b)		04/01/25		162,000
	Thermo Fisher Scientific, Inc.(a)
	250,000		4.497			03/25/30		308,483
	Zimmer Biomet Holdings, Inc.(a)
	800,000		3.550			03/20/30		894,560
								6,339,340
Household Products(a) – 0.0%
	Kimberly-Clark Corp.
	100,000		3.100			03/26/30		114,369
	10,000		2.875			02/07/50		11,006
								125,375
Insurance – 1.3%
	American International Group, Inc.
	150,000		4.875			06/01/22		160,814
	100,000		4.125			02/15/24		110,836
	1,075,000		3.900	(a)		04/01/26		1,223,328
	375,000		4.200	(a)		04/01/28		435,232
	650,000		3.400	(a)		06/30/30		719,147
	Arch Capital Finance LLC(a)
	1,000,000		4.011			12/15/26		1,159,680
	AXA Equitable Holdings, Inc.(a)
	35,000		5.000			04/20/48		41,219
	Great-West Lifeco Finance 2018 LP(a)(b)
	325,000		4.047			05/17/28		379,307
Corporate Obligations – (continued)
Insurance – (continued)
	Marsh & McLennan Cos., Inc.(a)
	575,000		4.375			03/15/29		695,635
	New York Life Insurance Co.(a)(b)
	275,000		3.750			05/15/50		309,735
	Reinsurance Group of America, Inc.(a)
	65,000		3.900			05/15/29		74,092
	Teachers Insurance & Annuity Association of America(b)
	295,000		4.900			09/15/44		373,736
	Willis North America, Inc.(a)
	205,000		2.950			09/15/29		221,404
	XLIT Ltd.
	775,000		4.450			03/31/25		873,402
								6,777,567
Internet(a) – 0.5%
	Alphabet, Inc.
	65,000		1.998			08/15/26		69,513
	Amazon.com, Inc.
	50,000		3.800			12/05/24		56,270
	440,000		3.875			08/22/37		547,791
	Booking Holdings, Inc.
	175,000		4.100			04/13/25		197,108
	Expedia Group, Inc.(b)
	300,000		3.600			12/15/23		306,375
	125,000		4.625			08/01/27		131,126
	GrubHub Holdings, Inc.(b)
	495,000		5.500			07/01/27		512,944
	Prosus NV(b)
	200,000		4.027			08/03/50		204,250
	TD Ameritrade Holding Corp.
	55,000		3.300			04/01/27		61,660
	Uber Technologies, Inc.(b)
	650,000		7.500			05/15/25		689,000
								2,776,037
Iron/Steel – 0.2%
	ArcelorMittal SA
	325,000		4.250			07/16/29		342,875
	Cleveland-Cliffs, Inc.(a)(b)
	225,000		9.875			10/17/25		251,156
	Steel Dynamics, Inc.(a)
	150,000		2.400			06/15/25		157,035
	Vale Overseas Ltd.
	134,000		6.250			08/10/26		158,455
								909,521
Lodging(a) – 0.4%
	Hilton Domestic Operating Co., Inc.
	1,204,000		4.875			01/15/30		1,240,120
	MGM Resorts International
	545,000		6.750			05/01/25		572,250
	150,000		5.500			04/15/27		156,750
								1,969,120
Machinery – Construction & Mining – 0.0%
	Caterpillar Financial Services Corp.
	35,000		1.450			05/15/25		36,128

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Machinery-Diversified(a) – 0.3%
	Otis Worldwide Corp.
$	175,000		2.293	%		04/05/27	$	186,107
	1,275,000		2.565			02/15/30		1,369,031
								1,555,138
Media – 2.7%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	1,012,000		4.500			02/01/24		1,121,569
	1,900,000		4.908			07/23/25		2,193,360
	25,000		6.384			10/23/35		34,091
	25,000		6.484			10/23/45		33,450
	Comcast Corp.
	550,000		3.700	(a)		04/15/24		607,046
	225,000		3.100	(a)		04/01/25		247,844
	550,000		3.950	(a)		10/15/25		630,718
	256,000		3.300	(a)		02/01/27		288,668
	550,000		3.300	(a)		04/01/27		621,858
	350,000		3.150	(a)		02/15/28		393,134
	375,000		4.150	(a)		10/15/28		451,174
	575,000		4.250	(a)		10/15/30		705,887
	25,000		6.500			11/15/35		37,790
	75,000		3.750	(a)		04/01/40		88,069
	75,000		4.700	(a)		10/15/48		99,515
	Cox Communications, Inc.(a)(b)
	50,000		3.350			09/15/26		55,739
	30,000		3.500			08/15/27		33,528
	CSC Holdings LLC(a)(b)
	243,000		3.375			02/15/31		234,495
	Diamond Sports Group LLC/Diamond Sports Finance Co.(a)(b)
	420,000		5.375			08/15/26		297,150
	Discovery Communications LLC(a)
	15,000		4.900			03/11/26		17,522
	Entercom Media Corp.(a)(b)
	400,000		7.250			11/01/24		341,000
	675,000		6.500			05/01/27		590,625
	Fox Corp.(a)
	300,000		4.030			01/25/24		330,162
	iHeartCommunications, Inc.(a)(b)
	300,000		4.750			01/15/28		282,750
	NBCUniversal Media LLC
	458,000		4.450			01/15/43		575,692
	TEGNA, Inc.(a)(b)
	950,000		4.625			03/15/28		926,250
	The Walt Disney Co.
	1,125,000		4.000			10/01/23		1,227,184
	45,000		6.650			11/15/37		67,743
	50,000		2.750	(a)		09/01/49		48,284
	Time Warner Cable LLC(a)
	30,000		5.875			11/15/40		37,736
	ViacomCBS, Inc.
	60,000		4.750	(a)		05/15/25		68,889
	10,000		6.875			04/30/36		13,670
	Virgin Media Finance PLC(a)(b)
	950,000		5.000			07/15/30		945,250
								13,647,842
Corporate Obligations – (continued)
Mining – 0.5%
	Freeport-McMoRan, Inc.(a)
	950,000		4.625			08/01/30		999,875
	Glencore Finance Canada Ltd.(b)
	650,000		4.250			10/25/22		689,006
	Glencore Funding LLC(a)(b)
	300,000		4.125			03/12/24		324,537
	65,000		4.000			03/27/27		70,918
	Newcrest Finance Pty Ltd.(a)(b)
	150,000		3.250			05/13/30		163,626
	Teck Resources Ltd.(a)(b)
	250,000		3.900			07/15/30		261,558
	Vedanta Holdings Mauritius II Ltd.(a)(b)
	200,000		13.000			08/21/23		206,000
								2,715,520
Miscellaneous Manufacturing – 0.2%
	General Electric Co.
	75,000		2.700			10/09/22		77,954
	250,000		3.100			01/09/23		262,282
	125,000		3.450	(a)		05/01/27		132,099
	210,000		3.625	(a)		05/01/30		217,442
	55,000		6.875			01/10/39		70,220
	375,000		4.350	(a)		05/01/50		381,589
								1,141,586
Office(a)(b) – 0.2%
	Xerox Holdings Corp.
	1,215,000		5.000			08/15/25		1,201,331
Oil Field Services – 1.7%
	BP Capital Markets America, Inc.(a)
	225,000		4.234			11/06/28		266,371
	BP Capital Markets PLC
	65,000		3.814			02/10/24		71,412
	Chevron Corp.(a)
	65,000		2.895			03/03/24		69,771
	Concho Resources, Inc.(a)
	175,000		2.400			02/15/31		167,605
	ConocoPhillips
	25,000		6.500			02/01/39		36,776
	Devon Energy Corp.(a)
	227,000		5.850			12/15/25		254,136
	265,000		5.600			07/15/41		267,669
	EOG Resources, Inc.(a)
	30,000		4.375			04/15/30		35,442
	Exxon Mobil Corp.(a)
	35,000		3.176			03/15/24		37,836
	15,000		2.992			03/19/25		16,426
	Gazprom PJSC Via Gaz Capital SA
	230,000		5.150	(b)		02/11/26		256,378
	240,000		7.288			08/16/37		338,625
	Gazprom PJSC Via Gaz Finance PLC(b)
	280,000		3.250			02/25/30		280,630
	Halliburton Co.(a)
	2,000		3.800			11/15/25		2,166
	Lukoil Securities B.V.(b)
	210,000		3.875			05/06/30		221,943

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Marathon Petroleum Corp.(a)
$	625,000		4.500	%		05/01/23	$	674,575
	175,000		3.800			04/01/28		189,737
	40,000		6.500			03/01/41		48,438
	MEG Energy Corp.(a)(b)
	24,000		7.000			03/31/24		22,320
	825,000		7.125			02/01/27		738,375
	Occidental Petroleum Corp.(a)
	1,500,000		2.900			08/15/24		1,272,975
	300,000		5.550			03/15/26		271,875
	Petrobras Global Finance B.V.
	20,000		5.999			01/27/28		22,146
	20,000		5.093			01/15/30		21,017
	Petroleos de Venezuela SA(f)
	4,280,000		6.000			10/28/22		111,280
	1,110,000		5.375			04/12/27		30,525
	Phillips 66
	375,000		3.700			04/06/23		401,655
	100,000		3.850	(a)		04/09/25		111,133
	Schlumberger Holdings Corp.(a)(b)
	30,000		4.300			05/01/29		33,302
	Shell International Finance B.V.
	30,000		3.875	(a)		11/13/28		35,028
	35,000		6.375			12/15/38		52,170
	Suncor Energy, Inc.
	225,000		2.800			05/15/23		235,937
	450,000		3.100	(a)		05/15/25		484,015
	Valero Energy Corp.
	650,000		2.700			04/15/23		673,543
	350,000		2.850	(a)		04/15/25		367,045
	35,000		6.625			06/15/37		43,817
	WPX Energy, Inc.(a)
	340,000		5.875			06/15/28		355,300
								8,519,394
Packaging(a) – 0.0%
	Ball Corp.
	239,000		2.875			08/15/30		231,730
Pharmaceuticals – 3.4%
	AbbVie, Inc.
	390,000		2.300	(b)		11/21/22		403,451
	725,000		3.750	(a)		11/14/23		790,446
	65,000		3.850	(a)(b)		06/15/24		71,209
	30,000		4.550	(a)(b)		03/15/35		36,603
	650,000		4.050	(a)(b)		11/21/39		744,861
	25,000		4.875	(a)		11/14/48		31,650
	750,000		4.250	(a)(b)		11/21/49		886,215
	AstraZeneca PLC
	45,000		6.450			09/15/37		68,509
	Bausch Health Americas, Inc.(a)(b)
	200,000		9.250			04/01/26		220,000
	Bausch Health Cos., Inc.(a)(b)
	650,000		9.000			12/15/25		706,875
	95,000		5.000			01/30/28		92,387
	95,000		5.250			01/30/30		93,337
	Bayer US Finance II LLC(a)(b)
	950,000		3.875			12/15/23		1,037,039
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Becton Dickinson & Co.(a)
	580,000		3.700			06/06/27		657,511
	372,000		4.685			12/15/44		456,128
	175,000		4.669			06/06/47		216,076
	Bristol-Myers Squibb Co.(a)
	1,345,000		3.875			08/15/25		1,534,470
	300,000		3.900			02/20/28		354,774
	75,000		4.250			10/26/49		98,602
	Cigna Corp.(a)
	1,446,000		3.750			07/15/23		1,564,442
	525,000		2.400			03/15/30		544,105
	45,000		4.800			08/15/38		55,819
	475,000		3.400			03/15/50		495,677
	CVS Health Corp.(a)
	125,000		3.500			07/20/22		131,091
	251,000		3.700			03/09/23		268,904
	950,000		3.375			08/12/24		1,034,835
	195,000		2.625			08/15/24		207,763
	450,000		3.875			07/20/25		507,181
	275,000		4.250			04/01/50		322,223
	GlaxoSmithKline Capital, Inc.
	45,000		6.375			05/15/38		69,297
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(a)(b)
	235,000		7.250			08/15/26		238,819
	Johnson & Johnson(a)
	60,000		3.550			03/01/36		72,630
	McKesson Corp.(a)
	65,000		3.796			03/15/24		71,124
	Merck & Co, Inc.(a)
	35,000		2.450			06/24/50		34,795
	Mylan, Inc.(a)
	60,000		5.400			11/29/43		75,588
	Pfizer, Inc.
	750,000		3.450	(a)		03/15/29		877,560
	200,000		2.625	(a)		04/01/30		222,152
	25,000		4.400			05/15/44		32,895
	Takeda Pharmaceutical Co. Ltd.(a)
	680,000		2.050			03/31/30		691,472
	Wyeth LLC
	45,000		5.950			04/01/37		66,518
	Zoetis, Inc.(a)
	1,175,000		2.000			05/15/30		1,213,258
	50,000		4.450			08/20/48		65,443
								17,363,734
Pipelines – 2.4%
	Antero Midstream Partners LP/Antero Midstream Finance Corp.(a)(b)
	900,000		5.750			03/01/27		742,500
	Cheniere Corpus Christi Holdings LLC(a)
	30,000		5.125			06/30/27		33,354
	Energy Transfer Operating LP(a)
	350,000		4.650			06/01/21		355,474
	875,000		4.200			09/15/23		921,979
	725,000		5.500			06/01/27		797,833
	550,000		5.250			04/15/29		591,492

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	Enterprise Products Operating LLC(a) (c) (3M USD LIBOR + 2.778%)
$	475,000		3.024	%		06/01/67	$	367,883
	EQM Midstream Partners LP(a)
	425,000		4.750			07/15/23		421,813
	325,000		5.500			07/15/28		326,625
	Genesis Energy LP/Genesis Energy Finance Corp.(a)
	400,000		6.500			10/01/25		342,000
	615,000		7.750			02/01/28		528,900
	Kinder Morgan Energy Partners LP(a)
	1,025,000		3.500			09/01/23		1,093,419
	Kinder Morgan, Inc.
	500		7.750			01/15/32		696
	MPLX LP(a)
	50,000		4.250			12/01/27		55,426
	225,000		4.800			02/15/29		256,579
	650,000		2.650			08/15/30		634,114
	200,000		4.500			04/15/38		203,760
	Phillips 66 Partners LP(a)
	30,000		3.750			03/01/28		31,291
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	600,000		3.650			06/01/22		614,370
	425,000		3.850			10/15/23		444,554
	250,000		3.800			09/15/30		242,698
	Sabine Pass Liquefaction LLC(a)
	800,000		6.250			03/15/22		848,176
	300,000		5.625			04/15/23		328,563
	Sunoco Logistics Partners Operations LP(a)
	200,000		4.250			04/01/24		210,490
	35,000		4.000			10/01/27		35,671
	100,000		5.400			10/01/47		94,052
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.(a)
	130,000		6.500			07/15/27		135,850
	The Williams Cos., Inc.(a)
	915,000		3.600			03/15/22		946,503
	65,000		4.300			03/04/24		71,105
	450,000		3.900			01/15/25		491,125
	Western Midstream Operating LP(a)
	100,000		5.450			04/01/44		85,750
	75,000		5.300			03/01/48		60,750
								12,314,795
Real Estate Investment Trust – 2.4%
	Agree LP(a)
	175,000		2.900			10/01/30		180,294
	Alexandria Real Estate Equities, Inc.(a)
	325,000		3.800			04/15/26		371,946
	380,000		3.375			08/15/31		428,537
	American Campus Communities Operating Partnership LP(a)
	800,000		3.750			04/15/23		841,232
	175,000		3.875			01/30/31		190,747
	American Tower Corp.(a)
	925,000		3.375			05/15/24		1,001,747
	500,000		2.100			06/15/30		504,730
	Boston Properties LP(a)
	75,000		4.125			05/15/21		75,979
Corporate Obligations – (continued)
Real Estate Investment Trust – (continued)
	Camden Property Trust(a)
	65,000		3.150			07/01/29		72,093
	Crown Castle International Corp.
	575,000		5.250			01/15/23		632,425
	1,275,000		3.150	(a)		07/15/23		1,355,542
	65,000		3.100	(a)		11/15/29		70,405
	75,000		3.300	(a)		07/01/30		82,139
	50,000		4.150	(a)		07/01/50		57,254
	Duke Realty LP(a)
	300,000		1.750			07/01/30		299,358
	Healthcare Realty Trust, Inc.(a)
	175,000		2.050			03/15/31		172,975
	Healthpeak Properties, Inc.(a)
	65,000		3.500			07/15/29		72,463
	Kilroy Realty LP(a)
	500,000		4.750			12/15/28		581,800
	Mid-America Apartments LP(a)
	325,000		1.700			02/15/31		319,013
	National Retail Properties, Inc.(a)
	235,000		3.900			06/15/24		253,871
	400,000		4.000			11/15/25		442,904
	Regency Centers LP(a)
	700,000		2.950			09/15/29		724,136
	Simon Property Group LP(a)
	370,000		2.750			06/01/23		386,609
	Spirit Realty LP(a)
	725,000		4.000			07/15/29		753,333
	Trust Fibra Uno(a)(b)
	300,000		5.250			12/15/24		323,250
	UDR, Inc.(a)
	150,000		2.100			08/01/32		148,926
	VEREIT Operating Partnership LP(a)
	800,000		4.625			11/01/25		882,688
	200,000		3.400			01/15/28		208,576
	Welltower, Inc.(a)
	65,000		3.625			03/15/24		70,344
	Weyerhaeuser Co.
	50,000		7.375			03/15/32		72,812
	WP Carey, Inc.(a)
	155,000		4.600			04/01/24		171,779
	105,000		4.000			02/01/25		114,519
	425,000		3.850			07/15/29		457,937
								12,322,363
Retailing – 1.0%
	1011778 BC ULC/New Red Finance, Inc.(a)(b)
	447,000		4.000			10/15/30		450,352
	AutoNation, Inc.(a)
	225,000		4.750			06/01/30		265,149
	Burlington Coat Factory Warehouse Corp.(a)(b)
	538,000		6.250			04/15/25		566,245
	Dollar Tree, Inc.(a)
	525,000		4.000			05/15/25		591,649
	Group 1 Automotive, Inc.(a)(b)
	115,000		4.000			08/15/28		112,988
	IRB Holding Corp.(a)(b)
	254,000		7.000			06/15/25		270,828

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Retailing – (continued)
	Lowe’s Cos., Inc.(a)
$	325,000		5.000	%		04/15/40	$	427,466
	McDonald’s Corp.(a)
	75,000		4.450			09/01/48		93,388
	125,000		4.200			04/01/50		152,353
	Ross Stores, Inc.(a)
	30,000		4.700			04/15/27		35,360
	Starbucks Corp.(a)
	850,000		3.800			08/15/25		960,831
	Target Corp.
	65,000		3.500			07/01/24		72,073
	The Home Depot, Inc.(a)
	275,000		3.900			12/06/28		329,172
	Walgreens Boots Alliance, Inc.(a)
	10,000		3.450			06/01/26		10,924
	425,000		4.100			04/15/50		423,733
	Walmart, Inc.(a)
	65,000		3.300			04/22/24		70,857
								4,833,368
Savings & Loans(a)(b)(c) – 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	400,000		3.960			07/18/30		451,584
Semiconductors – 2.2%
	Applied Materials, Inc.(a)
	275,000		1.750			06/01/30		282,937
	15,000		4.350			04/01/47		19,889
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	500,000		3.125			01/15/25		533,590
	53,000		3.500			01/15/28		57,334
	Broadcom, Inc.(a)
	825,000		3.625			10/15/24		900,281
	1,200,000		4.700			04/15/25		1,362,756
	2,331,000		3.459			09/15/26		2,552,748
	Intel Corp.(a)
	5,000		4.600			03/25/40		6,633
	Lam Research Corp.(a)
	375,000		1.900			06/15/30		388,346
	Microchip Technology, Inc.
	525,000		3.922			06/01/21		536,432
	625,000		2.670	(b)		09/01/23		646,506
	NXP B.V./NXP Funding LLC(b)
	1,325,000		3.875			09/01/22		1,399,598
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
	275,000		3.400			05/01/30		300,850
	ON Semiconductor Corp.(a)(b)
	860,000		3.875			09/01/28		872,900
	Qorvo, Inc.(a)
	600,000		4.375			10/15/29		637,500
	725,000		3.375	(b)		04/01/31		736,781
								11,235,081
Software(a) – 0.8%
	Adobe, Inc.
	30,000		3.250			02/01/25		33,263
	450,000		2.150			02/01/27		482,193
	600,000		2.300			02/01/30		647,076
Corporate Obligations – (continued)
Software(a) – (continued)
	Fidelity National Information Services, Inc.
	60,000		4.250			05/15/28		71,545
	Fiserv, Inc.
	300,000		3.800			10/01/23		327,006
	55,000		3.850			06/01/25		62,004
	750,000		3.200			07/01/26		833,167
	Intuit, Inc.
	175,000		1.350			07/15/27		177,520
	125,000		1.650			07/15/30		127,195
	Microsoft Corp.
	45,000		2.875			02/06/24		48,385
	30,000		3.450			08/08/36		36,320
	45,000		4.100			02/06/37		58,382
	Oracle Corp.
	30,000		3.400			07/08/24		32,820
	30,000		3.850			07/15/36		35,311
	30,000		3.800			11/15/37		35,117
	ServiceNow, Inc.
	975,000		1.400			09/01/30		949,377
	VMware, Inc.
	35,000		3.900			08/21/27		38,998
								3,995,679
Technology – Hardware(a) – 0.0%
	QUALCOMM, Inc.
	50,000		4.800			05/20/45		67,140
Telecommunication Services – 3.7%
	AT&T, Inc.(a)
	1,375,000		3.000			06/30/22		1,429,794
	400,000		4.450			04/01/24		447,012
	600,000		4.125			02/17/26		686,976
	40,000		3.800			02/15/27		45,090
	60,000		4.250			03/01/27		69,460
	2,175,000		2.300			06/01/27		2,282,162
	100,000		1.650			02/01/28		100,051
	25,000		4.100			02/15/28		28,907
	625,000		2.750			06/01/31		657,594
	175,000		4.900			08/15/37		211,829
	450,000		3.500			06/01/41		473,508
	225,000		5.450			03/01/47		288,452
	25,000		4.500			03/09/48		28,437
	Bell Canada, Inc.(a)
	55,000		4.464			04/01/48		68,231
	British Telecommunications PLC
	25,000		9.625			12/15/30		40,031
	Level 3 Financing, Inc.(a)(b)
	645,000		4.250			07/01/28		655,481
	Sprint Capital Corp.
	10,000		6.875			11/15/28		12,450
	T-Mobile USA, Inc.(a)(b)
	625,000		3.500			04/15/25		685,675
	375,000		1.500			02/15/26		376,432
	1,050,000		3.750			04/15/27		1,175,327
	1,175,000		2.050			02/15/28		1,202,295
	625,000		3.875			04/15/30		711,399
	525,000		2.550			02/15/31		540,819
	325,000		3.000			02/15/41		320,596

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Telefonica Emisiones SA
$	150,000		5.462	%		02/16/21	$	152,711
	325,000		4.570			04/27/23		356,310
	Verizon Communications, Inc.
	925,000		3.376			02/15/25		1,030,690
	55,000		4.125			03/16/27		64,951
	630,000		4.329			09/21/28		764,568
	575,000		3.150	(a)		03/22/30		648,882
	50,000		4.125			08/15/46		61,906
	925,000		4.862			08/21/46		1,258,675
	180,000		5.012			04/15/49		257,492
	Vodafone Group PLC
	1,175,000		3.750			01/16/24		1,282,912
	30,000		5.000			05/30/38		37,322
								18,454,427
Transportation(a) – 0.1%
	Canadian Pacific Railway Co.
	200,000		2.050			03/05/30		208,812
	CSX Corp.
	65,000		3.250			06/01/27		73,260
	25,000		3.800			04/15/50		29,688
	Union Pacific Corp.
	5,000		3.799			10/01/51		5,905
	United Parcel Service, Inc.
	60,000		3.900			04/01/25		68,282
								385,947
	TOTAL CORPORATE OBLIGATIONS
	(Cost $263,899,096)						$	278,407,573
Mortgage-Backed Obligations – 50.6%
Collateralized Mortgage Obligations – 3.7%
Interest Only(g) – 1.5%
	FHLMC REMIC Series 4314, Class SE(c) (-1x 1M USD LIBOR + 6.050%)
$	604,130		5.898	%		03/15/44	$	105,320
	FHLMC REMIC Series 4320, Class SD(c) (-1x 1M USD LIBOR + 6.100%)
	2,942,417		5.948			07/15/39		603,799
	FHLMC REMIC Series 4583, Class ST(c) (-1x 1M USD LIBOR + 6.000%)
	1,165,809		5.848			05/15/46		201,998
	FHLMC REMIC Series 4905, Class SA(c) (-1x 1M USD LIBOR + 6.100%)
	764,546		5.948			08/25/49		135,679
	FHLMC REMIC Series 4936, Class ES(c) (-1x 1M USD LIBOR + 6.000%)
	234,934		5.848			12/25/49		28,889
	FHLMC REMIC Series 4936, Class PS(c) (-1x 1M USD LIBOR + 6.000%)
	659,378		5.848			12/25/49		79,855
	FHLMC REMIC Series 4980, Class KI
	6,150,138		4.500			06/25/50		795,448
	FHLMC REMIC Series 4989, Class EI
	553,912		4.000			07/25/50		72,696
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
	FHLMC REMIC Series 4998, Class GI
	1,994,963		4.000			08/25/50		275,161
	FHLMC REMIC Series 5009, Class DI
	1,426,243		2.000			09/25/50		120,614
	FHLMC REMIC Series 5020, Class IH(h)
	1,340,000		3.000			08/25/50		141,359
	FHLMC STRIPS Series 304, Class C45
	175,590		3.000			12/15/27		10,141
	FNMA REMIC Series 2011-124, Class SC(c) (-1x 1M USD LIBOR + 6.550%)
	276,352		6.402			12/25/41		49,331
	FNMA REMIC Series 2012-5, Class SA(c) (-1x 1M USD LIBOR + 5.950%)
	415,949		5.802			02/25/42		68,910
	FNMA REMIC Series 2012-88, Class SB(c) (-1x1M USD LIBOR + 6.670%)
	300,103		6.522			07/25/42		53,385
	FNMA REMIC Series 2014-6, Class SA(c) (-1x 1M USD LIBOR + 6.600%)
	330,864		6.452			02/25/44		61,589
	FNMA REMIC Series 2015-34, Class LS(c) (-1x 1M USD LIBOR + 6.100%)
	708,433		5.952			06/25/45		143,001
	FNMA REMIC Series 2016-69, Class BS(c) (-1x1M USD LIBOR + 6.100%)
	1,865,061		5.952			10/25/46		394,449
	FNMA REMIC Series 2017-31, Class SG(c) (-1x 1M USD LIBOR + 6.100%)
	858,457		5.952			05/25/47		162,408
	FNMA REMIC Series 2017-86, Class SB(c) (-1x1M USD LIBOR + 6.150%)
	646,046		6.002			11/25/47		116,932
	FNMA REMIC Series 2018-17, Class CS(c) (-1x 1M USD LIBOR + 3.450%)
	1,485,108		2.500			03/25/48		88,143
	FNMA REMIC Series 2019-41, Class SB(c) (-1x 1M USD LIBOR + 6.050%)
	754,260		5.902			08/25/49		150,223
	FNMA REMIC Series 2020-45, Class AI
	880,420		4.000			07/25/50		108,741
	FNMA REMIC Series 2020-45, Class EI
	656,768		5.000			07/25/50		98,309
	FNMA REMIC Series 2020-49, Class KS(c) (-1x 1M USD LIBOR + 6.100%)
	746,648		5.952			07/25/50		148,803
	FNMA REMIC Series 2020-60, Class KI
	1,953,853		2.000			09/25/50		166,783
	FNMA REMIC Series 2020-62, Class GI
	1,020,659		4.000			06/25/48		157,308
	GNMA REMIC Series 2010-101, Class S(c) (-1x 1M USD LIBOR + 6.000%)
	291,400		5.844			08/20/40		55,082
	GNMA REMIC Series 2010-20, Class SE(c) (-1x 1M USD LIBOR + 6.250%)
	649,631		6.094			02/20/40		128,797

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
	GNMA REMIC Series 2013-134, Class DS(c) (-1x1M USD LIBOR + 6.100%)
$	86,981		5.944	%		09/20/43	$	17,115
	GNMA REMIC Series 2013-152, Class SG(c) (-1x 1M USD LIBOR + 6.150%)
	273,616		5.994			06/20/43		53,951
	GNMA REMIC Series 2013-181, Class SA(c) (-1x 1M USD LIBOR + 6.100%)
	387,939		5.944			11/20/43		79,829
	GNMA REMIC Series 2014-132, Class SL(c) (-1x1M USD LIBOR + 6.100%)
	426,733		5.944			10/20/43		59,681
	GNMA REMIC Series 2014-133, Class BS(c) (-1x1M USD LIBOR + 5.600%)
	225,073		5.444			09/20/44		39,775
	GNMA REMIC Series 2014-162, Class SA(c) (-1x1M USD LIBOR + 5.600%)
	206,012		5.444			11/20/44		33,228
	GNMA REMIC Series 2015-110, Class MS(c) (-1x 1M USD LIBOR + 5.710%)
	1,409,610		5.554			08/20/45		232,600
	GNMA REMIC Series 2015-111, Class IM
	599,220		4.000			08/20/45		64,336
	GNMA REMIC Series 2015-119, Class SN(c) (-1x1M USD LIBOR + 6.250%)
	283,528		6.094			08/20/45		50,546
	GNMA REMIC Series 2015-123, Class SP(c) (-1x 1M USD LIBOR + 6.250%)
	333,507		6.094			09/20/45		62,626
	GNMA REMIC Series 2015-167, Class AS(c) (-1x 1M USD LIBOR + 6.250%)
	213,414		6.094			11/20/45		36,431
	GNMA REMIC Series 2015-168, Class SD(c) (-1x1M USD LIBOR + 6.200%)
	150,920		6.044			11/20/45		29,887
	GNMA REMIC Series 2015-57, Class AS(c) (-1x 1M USD LIBOR + 5.600%)
	1,186,675		5.444			04/20/45		195,387
	GNMA REMIC Series 2016-109, Class IH
	854,496		4.000			10/20/45		93,566
	GNMA REMIC Series 2016-27, Class IA
	410,760		4.000			06/20/45		36,223
	GNMA REMIC Series 2018-105, Class SC(c) (-1x1M USD LIBOR + 6.200%)
	317,140		6.044			08/20/48		48,977
	GNMA REMIC Series 2018-122, Class HS(c) (-1x1M USD LIBOR + 6.200%)
	891,173		6.044			09/20/48		163,476
	GNMA REMIC Series 2018-122, Class SE(c) (-1x 1M USD LIBOR + 6.200%)
	664,564		6.044			09/20/48		106,691
	GNMA REMIC Series 2018-124, Class SN(c) (-1x1M USD LIBOR + 6.200%)
	765,245		6.044			09/20/48		140,179
	GNMA REMIC Series 2018-137, Class SN(c) (-1x 1M USD LIBOR + 6.150%)
	731,546		5.994			10/20/48		115,599
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
	GNMA REMIC Series 2018-139, Class SQ(c) (-1x1M USD LIBOR + 6.150%)
	587,070		5.994			10/20/48		89,887
	GNMA REMIC Series 2018-72, Class IB
	469,992		4.000			04/20/46		59,179
	GNMA REMIC Series 2019-128, Class IO
	1,094,097		4.000			10/20/49		131,565
	GNMA REMIC Series 2019-129, Class AI
	573,268		3.500			10/20/49		66,541
	GNMA REMIC Series 2019-151, Class IA
	2,213,885		3.500			12/20/49		231,687
	GNMA REMIC Series 2019-151, Class NI
	1,609,495		3.500			10/20/49		139,218
	GNMA REMIC Series 2019-20, Class SF(c) (-1x 1M USD LIBOR + 3.790%)
	456,728		3.634			02/20/49		39,239
	GNMA REMIC Series 2019-97, Class SC(c) (-1x1M USD LIBOR + 6.100%)
	672,404		5.944			08/20/49		105,058
	GNMA REMIC Series 2019-98, Class SC(c) (-1x1M USD LIBOR + 6.050%)
	750,509		5.894			08/20/49		115,222
	GNMA REMIC Series 2020-61, Class GI
	1,743,189		5.000			05/20/50		179,870
	GNMA REMIC Series 2020-61, Class SF(c) (-1x1M USD LIBOR + 6.440%)
	431,139		6.284			07/20/43		84,448
								7,625,170
Regular Floater(c) – 0.0%
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	80,366		0.598			07/25/41		81,287
Sequential Fixed Rate – 0.1%
	FNMA REMIC Series 2005-70, Class PA
	41,480		5.500			08/25/35		47,539
	FNMA REMIC Series 2011-52, Class GB
	332,643		5.000			06/25/41		381,908
	FNMA REMIC Series 2012-111, Class B
	27,138		7.000			10/25/42		33,549
	FNMA REMIC Series 2012-153, Class B
	74,705		7.000			07/25/42		94,380
								557,376
Sequential Floating Rate(c) – 2.1%
	Alternative Loan Trust Series 2006-OC8, Class 2A3 (1M USD LIBOR + 0.250%)
	1,799,598		0.398			11/25/36		1,500,409
	Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2(b) (1M USD LIBOR + 2.400%)
	341,234		2.548			04/25/31		339,512
	Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2(b) (1M USD LIBOR + 2.300%)
	615,416		2.448			08/25/31		611,579
	Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2(b) (1M USD LIBOR + 2.050%)
	50,000		2.198			01/25/40		48,669

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(c) – (continued)
	FHLMC STACR Remic Trust Series 2020-DNA1, Class M2(b) (1M USD LIBOR + 1.700%)
$	970,000		1.848	%		01/25/50	$	948,442
	FHLMC STACR Remic Trust Series 2020-DNA2, Class M2(b) (1M USD LIBOR + 1.850%)
	125,000		1.998			02/25/50		121,656
	FHLMC STACR Remic Trust Series 2020-DNA3, Class B1(b) (1M USD LIBOR + 5.100%)
	535,000		5.248			06/25/50		546,028
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1(b) (1M USD LIBOR + 6.000%)
	290,000		6.148			08/25/50		299,053
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2(b) (1M USD LIBOR + 3.750%)
	295,000		3.898			08/25/50		298,047
	FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2(b) (1M USD LIBOR + 3.150%)
	155,000		3.302			09/25/50		155,415
	FNMA Series 2013-C01, Class M2 (1M USD LIBOR + 5.250%)
	109,826		5.398			10/25/23		106,967
	FNMA Series 2014-C01, Class M2 (1M USD LIBOR + 4.400%)
	240,099		4.548			01/25/24		222,777
	GNMA REMIC Series 2019-1, Class SN(a) (-1x1M USD LIBOR + 6.050%)
	218,006		5.894			01/20/49		32,550
	GNMA REMIC Series 2019-4, Class SJ(a) (-1x1M USD LIBOR + 6.050%)
	807,819		5.894			01/20/49		129,030
	GNMA REMIC Series 2019-6, Class SA(a) (-1x1M USD LIBOR + 6.050%)
	210,536		5.894			01/20/49		32,410
	GNMA REMIC Series 2019-69, Class S(a) (-1x1M USD LIBOR + 3.270%)
	1,508,442		3.114			06/20/49		121,756
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	726,510		0.868			08/20/56		935,665
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
	614,558		0.923			11/15/49		789,782
	Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
	1,337,455		1.262			05/25/51		1,726,417
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
	738,141		0.957			03/20/56		951,480
	Tower Bridge Funding No. 1 PLC, Class A (3M GBP LIBOR + 1.000%)
	282,404		1.057			03/20/56		364,387
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(b)
	236,584		3.500			07/25/49		242,286
								10,524,317
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	18,788,150
Mortgage-Backed Obligations – (continued)
Commercial Mortgage-Backed Securities(b) – 0.5%
Sequential Fixed Rate – 0.4%
	Banc of America Commercial Mortgage Trust Series 2016-UBS10, Class D
	500,000		3.000			07/15/49		388,365
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E
	500,000		2.500			11/15/52		323,654
	Citigroup Commercial Mortgage Trust Series 2020-GC46, Class D
	650,000		2.600			02/15/53		499,265
	COMM 2017-COR2 Mortgage Trust Series 2017-COR2, Class D
	350,000		3.000			09/10/50		257,580
	CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E
	387,000		2.500			03/15/53		259,768
	GS Mortgage Securities Trust Series 2019-GC42, Class D
	200,000		2.800			09/01/52		165,872
	Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	150,000		3.250			01/15/60		107,357
								2,001,861
Sequential Floating Rate(c) – 0.1%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A (1M USD LIBOR + 0.900%)
	206,019		1.052			09/15/35		203,915
	BANK 2018-BNK10 Series 2018-BN10, Class D
	200,000		2.600			02/15/61		130,205
	Barclays Commercial Mortgage Trust Series 2017-C1 Class D
	150,000		3.674			02/15/50		114,281
	CSAIL 2018-C14 Commercial Mortgage Trust Series 2018-C14, Class D
	250,000		5.054			11/15/51		211,157
								659,558
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	2,661,419
Federal Agencies – 46.4%
Adjustable Rate FHLMC(c) – 0.0%
$	23,673		3.461	%		09/01/35	$	24,836
FHLMC – 1.2%
	98,178		6.000			08/01/27		109,514
	10,792		5.000			08/01/33		12,365
	2,039		5.000			09/01/33		2,336
	2,582		5.000			10/01/33		2,959
	2,702		5.000			11/01/34		3,112
	158,182		5.000			12/01/34		182,184
	3,863		5.000			07/01/35		4,449
	639		5.000			11/01/35		732
	32,917		5.000			03/01/39		37,606
	5,709		5.000			05/01/39		6,522
	16,755		5.000			04/01/40		19,212
	3,175		5.000			08/01/40		3,640
	39,929		4.000			02/01/41		44,062
	758		5.000			04/01/41		868
	3,391		5.000			06/01/41		3,881
	1,214,264		4.000			03/01/48		1,302,210

26 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)
FHLMC – (continued)
$	1,314,584		4.000	%		04/01/48		$	1,399,576
	2,691,126		4.500			08/01/48			3,010,079
									6,145,307
GNMA – 27.1%
	27,014		5.500			11/15/32			30,254
	17,255		5.500			01/15/33			18,817
	34,297		5.500			02/15/33			38,939
	35,254		5.500			03/15/33			39,968
	38,996		5.500			07/15/33			44,313
	14,875		5.500			08/15/33			16,661
	8,675		5.500			09/15/33			9,689
	19,198		5.500			04/15/34			21,449
	7,817		5.500			05/15/34			8,476
	153,183		5.500			09/15/34			174,892
	157,620		5.500			12/15/34			179,751
	111,551		5.500			01/15/35			127,736
	472		5.500			05/15/36			522
	5,610		4.000			02/20/41			6,197
	8,669		4.000			11/20/41			9,563
	1,432		4.000			01/20/42			1,580
	4,586		4.000			04/20/42			5,059
	2,737		4.000			10/20/42			3,011
	796,120		4.000			08/20/43			874,241
	4,728		4.000			03/20/44			5,183
	5,660		4.000			05/20/44			6,205
	394,451		4.000			11/20/44			432,418
	90,975		4.000			12/20/44			99,732
	25,873		4.000			05/20/45			28,315
	100,645		4.000			07/20/45			109,829
	573,741		4.000			01/20/46			624,662
	928,181		3.500			04/20/47			993,018
	2,867,976		4.500			05/20/48			3,112,909
	4,239,130		4.500			08/20/48			4,585,267
	529,439		5.000			08/20/48			576,845
	1,666,997		4.500			09/20/48			1,803,112
	421,216		5.000			09/20/48			458,932
	3,945,658		5.000			10/20/48			4,290,326
	2,302,411		5.000			11/20/48			2,503,535
	2,857,637		5.000			12/20/48			3,105,476
	5,085,908		4.500			01/20/49			5,484,102
	4,513,338		5.000			01/20/49			4,904,774
	1,903,269		4.000			02/20/49			2,027,730
	2,444,263		4.000			03/20/49			2,601,237
	103,787		4.500			03/20/49			111,775
	516,136		5.000			03/20/49			560,900
	1,825,786		4.000			05/20/49			1,941,328
	142,269		4.500			05/20/49			153,041
	2,843,191		4.500			10/20/49			3,060,527
	1,156,340		4.500			11/20/49			1,241,057
	3,424,563		4.500			12/20/49			3,675,456
	1,000,001		3.500			01/20/50			1,053,321
	49,000,000		2.000			TBA-30yr	(i)		50,865,209
	30,000,000		2.500			TBA-30yr	(i)		31,477,731
	2,000,000		4.500			TBA-30yr	(i)		2,142,929
	1,000,000		5.000			TBA-30yr	(i)		1,084,267
									136,732,266
Mortgage-Backed Obligations – (continued)
UMBS – 6.3%
	1,037		6.000			06/01/21			1,050
	2,799		5.500			09/01/23			2,899
	1,770		5.500			10/01/23			1,834
	1,484		5.500			05/01/25			1,514
	7,487		4.500			02/01/39			8,423
	6,903		4.500			04/01/39			7,765
	7,549		4.500			08/01/39			8,557
	105,079		4.500			12/01/39			119,112
	98,949		4.500			06/01/40			111,099
	38,257		4.500			08/01/41			42,733
	60,123		3.000			12/01/42			65,863
	135,490		3.000			01/01/43			148,426
	37,210		3.000			02/01/43			40,763
	13,354		3.000			03/01/43			14,628
	200,962		3.000			04/01/43			220,400
	33,801		3.000			05/01/43			37,071
	47,585		3.000			06/01/43			52,188
	14,927		3.000			07/01/43			16,371
	39,151		5.000			06/01/44			43,824
	17,967		3.500			03/01/45			19,287
	555,433		3.000			04/01/45			597,179
	1,795,451		4.500			04/01/45			2,043,654
	203,791		4.500			05/01/45			232,090
	1,040,267		4.500			06/01/45			1,158,331
	473,647		4.000			11/01/45			516,917
	154,032		4.000			03/01/46			167,286
	95,311		4.000			06/01/46			103,092
	24,434		4.000			08/01/46			26,429
	165,170		4.000			10/01/46			178,655
	163,741		4.000			06/01/47			179,662
	839,852		4.500			07/01/47			929,444
	357,244		4.500			11/01/47			396,246
	433,820		4.000			12/01/47			477,493
	1,299,343		4.000			01/01/48			1,429,741
	2,577,019		4.000			02/01/48			2,831,542
	1,957,723		4.000			03/01/48			2,148,726
	1,374,000		4.000			06/01/48			1,511,462
	955,343		4.000			08/01/48			1,047,040
	670,895		4.500			09/01/48			749,383
	3,048,724		5.000			11/01/48			3,438,393
	9,418,907		5.000			10/01/49			10,320,451
									31,447,023
UMBS, 30 Year, Single Family(i) – 11.8%
	17,000,000		2.000			TBA-30yr			17,551,220
	24,000,000		3.000			TBA-30yr			25,145,697
	16,000,000		3.500			TBA-30yr			16,869,997
									59,566,914
	TOTAL FEDERAL AGENCIES							$	233,916,346
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $250,498,440)							$	255,365,915

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Agency Debenture(j) – 0.0%
	Israel Government AID Bond
$	40,000		5.500	%		09/18/33	$	60,024
	(Cost $38,557)
Asset-Backed Securities(c) – 7.2%
Collateralized Loan Obligations – 4.6%
	AGL CLO 3 Ltd. Series 2020-3A, Class A(b) (3M USD LIBOR + 1.300%)
$	1,300,000		1.575	%		01/15/33	$	1,285,083
	Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A(b) (3M USD LIBOR + 1.090%)
	2,009,000		1.362			04/20/31		1,976,048
	Crown City CLO I Series 2020-1A, Class A2(b) (3M USD LIBOR + 2.550%)
	1,200,000		2.857			07/20/30		1,203,883
	Crown City CLO I Series 2020-1A, Class B(b) (3M USD LIBOR + 3.030%)
	1,000,000		3.337			07/20/30		987,899
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1(b) (3M USD LIBOR + 1.860%)
	2,350,000		1.999			07/20/31		2,354,893
	KREF Ltd. Series 2018-FL1, Class A(b) (1M USD LIBOR + 1.100%)
	1,950,000		1.251			06/15/36		1,936,234
	Magnetite XXIV Ltd. Series 2019-24A, Class A(b) (3M USD LIBOR + 1.330%)
	2,000,000		1.605			01/15/33		1,995,578
	Marble Point CLO XIV Ltd. Series 2018-2A, Class A1(b) (3M USD LIBOR + 1.330%)
	3,000,000		1.602			01/20/32		2,963,631
	MidOcean Credit CLO Series 2018-8X, Class A2 (3M USD LIBOR + 1.300%)
	500,000		1.553			02/20/31		487,569
	Mill City Mortgage Loan Trust Series 2017-2, Class A3(b)
	325,096		2.913			07/25/59		339,823
	Mountain View CLO LLC Series 2016-1A, Class AR(b) (3M USD LIBOR + 1.360%)
	1,200,000		1.628			04/14/33		1,173,401
	Orec Ltd. Series 2018-CRE1, Class A(b) (1M USD LIBOR + 1.180%)
	1,475,000		1.332			06/15/36		1,453,389
	TCW CLO Ltd. Series 2020-1A, Class C(b) (3M USD LIBOR + 4.300%)
	1,250,000		5.060			04/20/28		1,251,155
	TICP CLO VIII Ltd. Trust Series 2017-8A, Class A1(b) (1M USD LIBOR + 1.230%)
	2,000,000		1.502			10/20/30		1,990,906
	Whitehorse Ltd. Series 2014-9A, Class AR(b) (3M USD LIBOR + 1.160%)
	653,656		1.433			07/17/26		652,042
	Zais CLO Ltd. Series 2020-15A, Class A1(b) (3M USD LIBOR + 2.555%)
	1,275,000		2.917			07/28/30		1,283,685
								23,335,219
Asset-Backed Securities(c) – (continued)
Home Equity – 0.5%
	Bear Stearns Asset Backed Securities Trust Series 2001-3, Class A2 (1M LIBOR + 0.800%)
	5,242		0.948			10/27/32		4,980
	Bear Stearns Asset Backed Securities Trust Series 2002-2, Class A1 (1M USD LIBOR + 0.660%)
	1,369		0.808			10/25/32		1,318
	Credit Suisse First Boston Mortgage Securities Corp. Series 2001-HE17, Class A1(1M USD LIBOR + 0.620%)
	860		0.768			01/25/32		826
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	19,114		7.000			09/25/37		19,447
	Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%)
	257		0.748			11/25/32		217
	Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%)
	1,205,167		0.378			04/25/37		1,107,712
	Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.220%)
	2,868,912		0.368			04/25/37		1,101,171
	Renaissance Home Equity Loan Trust Series 2003-2, Class A (1M USD LIBOR + 0.880%)
	759		1.028			08/25/33		686
								2,236,357
Student Loan – 2.1%
	AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	640,283		0.507			09/26/33		618,407
	Navient Student Loan Trust Series 2016-7A, Class A(b) (1M USD LIBOR + 1.150%)
	956,481		1.298			03/25/66		956,481
	Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	3,240,576		1.198			12/27/66		3,204,183
	PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	1,338,748		1.298			09/25/65		1,333,776
	Scholar Funding Trust Series 2010-A, Class A(b) (3M USD LIBOR + 0.750%)
	374,476		0.997			10/28/41		364,191
	SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%)
	166,414		0.365			01/25/27		164,762
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	953,229		0.385			10/25/28		944,640
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	675,051		0.575			01/25/22		635,162
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	189,818		0.995			04/25/23		184,950
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	436,299		1.895			07/25/22		430,098

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

GOLDMAN SACHS BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(c) – (continued)
Student Loan – (continued)
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
$	745,518		1.945	%		07/25/23	$	740,084
	SLM Student Loan Trust Series 2008-6, Class A4 (3M USD LIBOR + 1.100%)
	957,564		1.345			07/25/23		923,219
								10,499,953
	TOTAL ASSET-BACKED SECURITIES
	(Cost $35,949,023)						$	36,071,529
Foreign Debt Obligations – 1.4%
Sovereign – 1.4%
	Abu Dhabi Government International Bond(b)
$	480,000		3.875	%		04/16/50		584,700
	Dominican Republic(b)
	150,000		4.500			01/30/30		146,953
	310,000		6.400			06/05/49		310,872
	200,000		5.875			01/30/60		188,750
	Republic of Colombia(a)
	530,000		3.125			04/15/31		541,395
	470,000		4.125			05/15/51		489,975
	Republic of Ecuador(b)
	41,572		0.000	(k)		07/31/30		19,331
	124,740		0.500	(e)		07/31/30		84,511
	326,898		0.500	(e)		07/31/35		182,246
	149,820		0.500	(e)		07/31/40		75,285
	Republic of Egypt(b)
	200,000		4.550			11/20/23		199,875
	620,000		8.875			05/29/50		614,575
	Republic of Indonesia
EUR	250,000		2.150	(b)		07/18/24		306,944
$	200,000		3.850			10/15/30		226,750
	Republic of Qatar(b)
	200,000		4.400			04/16/50		257,750
	Republic of Romania
EUR	20,000		2.875			03/11/29		25,486
	500,000		3.624	(b)		05/26/30		662,434
$	130,000		3.000	(b)		02/14/31		133,413
EUR	70,000		2.000	(b)		01/28/32		80,866
	70,000		3.375			01/28/50		83,610
	80,000		3.375	(b)		01/28/50		95,555
$	230,000		4.000	(b)		02/14/51		236,684
	Republic of South Africa
	330,000		4.850			09/30/29		314,222
	200,000		5.750			09/30/49		169,312
	Ukraine Government Bond(b)
	430,000		7.253			03/15/33		394,525
	United Mexican States
	200,000		4.500			04/22/29		224,187
	540,000		4.500	(a)		01/31/50		568,350
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $6,977,260)						$	7,218,556
Municipal Debt Obligations – 1.2%
California(a) – 0.3%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	367,420
	California State GO Bonds Build America Taxable Series 2010
	66		7.950			03/01/36		61
	East Bay Municipal Utility Disrtict Water System RB Build America SubSeries 2010
	900,000		5.874			06/01/40		1,403,631
								1,771,112
Illinois – 0.5%
	Illinois State GO Bonds Build America Series 2010(a)
	115,000		6.630			02/01/35		126,805
	730,000		7.350			07/01/35		827,054
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,460,000		5.100			06/01/33		1,475,461
								2,429,320
New York(a) – 0.3%
	New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B
	800,000		5.175			11/15/49		873,448
	Port Authority of New York & New Jersey Consolidated Bonds – 192 Series 2015
	375,000		4.810			10/15/65		501,454
								1,374,902
Ohio(a) – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		362,167
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $5,079,847)						$	5,937,501
U.S. Treasury Obligations – 0.6%
	United States Treasury Bond(l)
$	1,100,000		3.625	%		02/15/44	$	1,607,203
	United States Treasury Inflation Indexed Note(l)
	1,239,172		0.125			07/15/22		1,270,863
	United States Treasury Notes
	60,000		1.625			09/30/26		64,449
	40,000		0.625			05/15/30		39,856
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $2,432,014)						$	2,982,371

Shares		Description	Value
Exchange Traded Fund(m) – 0.9%
	98,956	Goldman Sachs Access High Yield Corporate Bond ETF	$	4,788,956
	(Cost $4,748,156)

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Dividend Rate	Value
Investment Company(m) – 8.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	45,069,024	0.027%	$	45,069,024
	(Cost $45,069,024)
	TOTAL INVESTMENTS – 126.0%
	(Cost $614,691,417)		$	635,901,449
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (26.0)%			(131,359,003	)
	NET ASSETS – 100.0%		$	504,542,446

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, 2020.
(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, 2020.
(f)	Security is currently in default and/or non-income producing.
(g)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(h)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(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 $145,137,050 which represents approximately 28.8% of the Fund’s net assets as of September 30, 2020.
(j)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $60,023, which represents approximately 0.0% of the Fund’s net assets as of September 30, 2020.
(k)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(l)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(m)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	— Australian Dollar
BRL	— Brazilian Real
CAD	— Canadian Dollar
CHF	— Swiss Franc
CLP	— Chilean Peso
CNH	— Chinese Yuan Renminbi Offshore
CNY	— Chinese Yuan Renminbi
COP	— Colombian Peso
CZK	— Czech Koruna
EUR	— Euro
GBP	— British Pound
IDR	— Indonesian Rupiah
ILS	— Israeli Shekel
INR	— Indian Rupee
JPY	— Japanese Yen
KRW	— South Korean Won
MXN	— Mexican Peso
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
PLN	— Polish Zloty
RUB	— Russian Ruble
SEK	— Swedish Krona
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
CLO	— Collateralized Loan Obligation
CMT	— Constant Maturity Treasury Indexes
ETF	— Exchange Traded Fund
EURO	— Euro Offered Rate
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GMAC	— General Motors Acceptance Corporation
GNMA	— Government National Mortgage Association
GO	— General Obligation
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
SONIA IR	— Sterling Overnight Index Average 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

30 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, 2020, 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	3,147,191	USD	2,205,110		10/01/20	$	49,068
	AUD	3,502,241	USD	2,495,462		12/21/20		13,597
	CAD	584,927	CHF	402,401		12/16/20		1,500
	CAD	3,616,000	USD	2,653,594		10/05/20		62,081
	CAD	2,351,185	USD	1,762,140		12/16/20		4,255
	CLP	1,603,895,417	USD	2,036,415		11/16/20		7,531
	CNH	50,510,203	USD	7,349,191		12/16/20		56,343
	COP	2,744,059,082	USD	714,076		10/05/20		2,760
	COP	1,922,395,895	USD	494,762		11/20/20		6,228
	EUR	362,930	CHF	389,836		12/16/20		2,014
	EUR	381,448	CZK	10,326,566		12/16/20		194
	EUR	384,515	PLN	1,743,853		12/16/20		388
	EUR	1,470,699	SEK	15,309,322		12/16/20		16,266
	EUR	2,715,908	USD	3,175,928		12/16/20		14,053
	GBP	1,616,385	EUR	1,759,122		12/16/20		20,599
	GBP	3,546,050	USD	4,550,887		12/16/20		27,128
	GBP	1,580,603	USD	2,035,988		01/13/21		5,104
	ILS	4,590,938	USD	1,336,717		12/16/20		5,038
	INR	409,432,863	USD	5,469,917		10/28/20		80,633
	JPY	47,153,944	AUD	610,818		12/16/20		10,005
	JPY	164,632,535	USD	1,538,370		10/09/20		22,797
	JPY	584,192,685	USD	5,511,108		12/16/20		34,181
	KRW	523,446,696	USD	446,414		11/02/20		2,506
	MXN	25,116,699	USD	1,110,577		12/16/20		15,286
	NZD	683,088	USD	448,126		12/16/20		3,739
	RUB	42,658,550	USD	540,419		11/17/20		6,291
	TRY	5,790,876	USD	742,249		10/16/20		4,917
	TWD	39,147,446	USD	1,346,382		11/09/20		13,414
	USD	5,207,064	AUD	7,149,383		12/16/20		85,230
	USD	4,646,161	CAD	6,104,515		12/16/20		59,971
	USD	617,527	CHF	564,524		12/10/20		3,305
	USD	2,570,494	CHF	2,327,945		12/16/20		36,937
	USD	1,349,317	CLP	1,046,886,674		11/16/20		15,204
	USD	1,722,884	CLP	1,333,133,251		12/17/20		23,381
	USD	1,761,511	CNH	12,007,623		12/16/20		1,017
	USD	441,162	COP	1,654,202,081		10/05/20		9,031
	USD	526,439	COP	1,989,307,329		11/20/20		8,012
	USD	14,106,828	EUR	11,983,629		11/09/20		45,014
	USD	2,120,989	EUR	1,790,155		12/16/20		18,357
	USD	4,642,903	GBP	3,541,708		12/16/20		70,498
	USD	551,141	IDR	8,121,609,270		11/05/20		6,417
	USD	446,275	ILS	1,522,602		12/16/20		1,277
	USD	897,597	MXN	19,897,878		12/16/20		5,670
	USD	1,282,614	NOK	11,805,138		12/10/20		16,773
	USD	1,441,688	NOK	12,858,795		12/16/20		62,796
	USD	1,583,552	NZD	2,358,171		12/16/20		23,613
	USD	891,257	PLN	3,417,313		12/16/20		6,980
	USD	3,984,817	RUB	301,652,341		11/17/20		118,853
	USD	4,710,408	SEK	41,505,473		12/10/20		71,935

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (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	1,610,786	SEK	14,110,250		12/16/20	$	33,660
	USD	761,817	TRY	5,790,876		10/16/20		14,652
	USD	739,669	TRY	5,658,275		10/19/20		10,297
	USD	1,019,926	TRY	7,677,991		10/23/20		31,440
	USD	408,256	TRY	3,088,052		11/10/20		12,723
	USD	1,251,140	ZAR	21,028,932		12/17/20		7,414
	ZAR	33,361,074	USD	1,943,955		12/17/20		29,141
TOTAL							$	1,317,514

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	609,673	CAD	586,109		12/16/20	$	(3,561	)
	AUD	6,287,194	USD	4,580,188		12/16/20		(76,028	)
	CAD	3,978,830	USD	3,026,827		12/16/20		(37,620	)
	CHF	1,174,236	EUR	1,090,841		12/16/20		(3,303	)
	CHF	1,973,821	USD	2,168,144		12/16/20		(19,989	)
	CNH	15,016,607	USD	2,207,118		12/16/20		(5,463	)
	COP	5,537,216,024	USD	1,508,976		10/05/20		(62,478	)
	CZK	10,011,304	USD	444,519		12/16/20		(10,355	)
	EUR	602,438	GBP	552,068		12/16/20		(5,134	)
	EUR	381,448	HUF	139,838,917		12/16/20		(2,456	)
	EUR	945,971	NOK	10,491,983		12/16/20		(13,998	)
	EUR	381,717	SEK	4,058,756		12/16/20		(5,307	)
	EUR	11,440,204	USD	13,467,123		11/09/20		(42,973	)
	EUR	6,554,179	USD	7,759,689		12/16/20		(61,455	)
	GBP	1,114,837	USD	1,444,723		12/16/20		(5,449	)
	IDR	3,086,907,258	USD	208,533		11/05/20		(1,491	)
	ILS	3,043,874	USD	890,061		12/16/20		(453	)
	JPY	187,462,635	EUR	1,526,123		12/16/20		(13,075	)
	JPY	88,309,254	USD	838,700		12/16/20		(449	)
	KRW	517,590,277	USD	445,403		11/02/20		(1,506	)
	MXN	36,661,284	USD	1,692,783		12/16/20		(49,430	)
	NOK	45,655,957	USD	5,087,404		12/16/20		(191,560	)
	NZD	678,003	EUR	382,189		12/16/20		(399	)
	NZD	444,254	USD	297,223		12/16/20		(3,347	)
	PLN	1,570,847	EUR	352,522		12/16/20		(7,578	)
	PLN	1,565,090	USD	418,153		12/16/20		(13,164	)
	RUB	165,710,439	USD	2,210,290		11/17/20		(86,552	)
	SEK	11,634,763	EUR	1,118,524		12/16/20		(13,330	)
	SEK	39,781,000	USD	4,514,699		12/10/20		(68,946	)
	SEK	15,942,786	USD	1,812,307		12/16/20		(30,356	)
	TRY	5,616,642	USD	772,976		10/23/20		(49,875	)
	TWD	25,641,098	USD	890,638		10/26/20		(1,760	)
	TWD	25,368,346	USD	892,000		11/09/20		(10,824	)
	USD	1,683,159	AUD	2,413,000		10/01/20		(45,155	)
	USD	1,734,346	AUD	2,463,554		12/16/20		(30,551	)
	USD	1,725,219	AUD	2,421,248		12/21/20		(9,401	)
	USD	493,885	CAD	673,007		10/05/20		(11,555	)
	USD	1,139,984	CAD	1,526,758		12/16/20		(7,036	)

32 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)	USD	567,407	CLP	446,025,645		11/16/20	$	(991	)
	USD	2,226,961	CNH	15,279,348		12/16/20		(13,215	)
	USD	1,721,406	COP	6,627,073,025		10/05/20		(9,797	)
	USD	445,375	CZK	10,287,546		12/16/20		(769	)
	USD	530,812	EUR	453,699		11/09/20		(1,566	)
	USD	449,379	EUR	384,335		12/16/20		(2,044	)
	USD	2,196,340	GBP	1,716,584		12/16/20		(19,798	)
	USD	6,914,582	GBP	5,368,014		01/13/21		(17,334	)
	USD	1,341,967	ILS	4,626,631		12/16/20		(10,220	)
	USD	3,495,667	INR	263,728,231		10/28/20		(79,614	)
	USD	1,256,764	JPY	134,495,713		10/09/20		(18,624	)
	USD	4,338,086	JPY	458,367,764		12/16/20		(12,844	)
	USD	2,176,553	KRW	2,554,929,218		11/02/20		(14,609	)
	USD	2,624,326	NOK	24,814,632		12/16/20		(36,631	)
	USD	870,811	NZD	1,331,677		12/16/20		(10,099	)
	USD	1,051,581	RUB	83,153,088		11/17/20		(14,105	)
	USD	548,611	SEK	5,008,572		12/16/20		(11,205	)
	USD	727,022	TRY	5,790,876		12/16/20		(5,666	)
	USD	4,205,328	TWD	121,929,292		11/09/20		(29,915	)
	USD	891,830	ZAR	15,273,571		12/17/20		(11,503	)
	ZAR	7,367,712	USD	446,095		12/17/20		(10,342	)
TOTAL							$	(1,334,253	)

FORWARD SALES CONTRACTS — At September 30, 2020, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
GNMA		4.000	%	TBA-30yr		10/21/20	$	(3,000,000	)	$	(3,187,659	)
UMBS, 30 Year, Single Family		4.500		TBA-30yr		10/14/20		(5,000,000	)		(5,408,983	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		11/12/20		(5,000,000	)		(5,338,087	)
TOTAL (Proceeds Receivable: $13,946,309)										$	(13,934,729	)

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

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		193		12/21/20	$	42,809,812	$	(44,452	)
10 Year U.S. Treasury Notes		325		12/21/20		45,347,656		19,773
20 Year U.S. Treasury Bonds		42		12/21/20		7,403,813		(21,312	)
Total							$	(45,991	)

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Eurodollars		(4	)		12/14/20	$	(997,550	)	$	(18,545	)
Australian 10 Year Government Bonds		(1	)		12/15/20		(107,002	)		(132	)
Ultra 10 Year U.S. Treasury Notes		(71	)		12/21/20		(11,354,453	)		7,787
2 Year U.S. Treasury Notes		(84	)		12/31/20		(18,560,719	)		(5,467	)
5 Year U.S. Treasury Notes		(207	)		12/31/20		(26,088,469	)		(3,950	)
Total									$	(20,307	)
TOTAL FUTURES CONTRACTS									$	(66,298	)

SWAP CONTRACTS — At September 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250(a)	6M WIBOR(b)	12/16/21	PLN	18,330		$	(4,373	)	$	(915	)	$	(3,458	)
Mexico Interbank TIIE 28 Days(c)	4.500%(c)	12/14/22	MXN	44,420			(1,185	)		922			(2,107	)
6M EURO(d)	0.500(e)	12/16/22	EUR	4,180			(1,402	)		(5,642	)		4,240
6M CDOR(d)	1.250(d)	12/16/23	CAD	74,240			1,038,686			1,023,538			15,148
0.750(d)	3M LIBOR(b)	12/16/23	$	57,180			(859,821	)		(865,651	)		5,830
1M BID Average(a)	4.930(a)	01/02/24	BRL	4,840	(f)		(9,015	)		114			(9,129	)
6M CDOR(d)	0.840(d)	06/24/24	CAD	46,640	(f)		44,862			17,624			27,238
1M LIBOR + 0.100%(b)	3M LIBOR(b)	07/25/24	$	24,700			15,090			395			14,695
6M CDOR(d)	0.810(d)	09/30/24	CAD	27,540			2,461			2,475			(14	)
1M BID Average(c)	6.260(c)	01/02/25	BRL	2,665			7,658			(8,273	)		15,931
6M AUDOR(d)	0.553(d)	05/16/25	AUD	41,300	(f)		176,262			(25,477	)		201,739
(0.307)(e)	6M EURO(d)	05/18/25	EUR	30,430	(f)		(113,590	)		28,093			(141,683	)
6M CNY(b)	2.500(b)	06/17/25	CNY	18,280			(17,086	)		26,475			(43,561	)
Mexico Interbank TIIE 28 Days(c)	5.100(c)	12/10/25	MXN	58,960			(5,353	)		26			(5,379	)
3M STIBOR(b)	0.000(e)	12/16/25	SEK	145,560			(62,301	)		(54,639	)		(7,662	)
3M NIBOR(d)	0.750(e)	12/16/25	NOK	257,970			165,319			(4,476	)		169,795
6M WIBOR(d)	0.750(e)	12/16/25	PLN	3,690			10,308			(780	)		11,088
3M LIBOR(b)	1.000(d)	12/16/25	$	2,270			71,496			72,400			(904	)
(0.250)(e)	6M EURO(d)	12/16/25	EUR	39,100			(391,946	)		(401,990	)		10,044
0.500(d)	6M GBP(d)	12/16/25	GBP	5,040			(94,319	)		(92,593	)		(1,726	)
6M AUDOR(d)	0.960(d)	04/21/27	AUD	5,290	(f)		45,486			966			44,520
6M LIBOR(d)	0.500(e)	12/16/27	CHF	16,310			(31,809	)		(64,885	)		33,076
(0.250)(e)	6M EURO(d)	12/16/27	EUR	14,900			(118,331	)		(89,586	)		(28,745	)
6M AUDOR(d)	0.920(d)	09/04/28	AUD	16,600			39,722			(3,828	)		43,550
1.750(d)	3M NZDOR(b)	03/19/30	NZD	3,770	(f)		(112,841	)		(105,089	)		(7,752	)
6M EURO(d)	0.050(e)	05/21/30	EUR	8,440	(f)		62,899			(28,602	)		91,501
3M LIBOR(b)	0.980(d)	05/21/30	$	9,590	(f)		(26,382	)		(13,690	)		(12,692	)
3M LIBOR(b)	1.750(d)	06/18/30		9,990	(f)		342,017			346,124			(4,107	)
0.250(e)	6M EURO(d)	06/18/30	EUR	7,420	(f)		(142,428	)		(205,775	)		63,347
1.140(d)	6M CDOR(d)	06/24/30	CAD	9,630	(f)		8,111			(10,085	)		18,196
0.000(e)	6M EURO(d)	09/08/30	EUR	11,540			(30,368	)		4,493			(34,861	)
6M WIBOR(d)	1.552(e)	09/17/30	PLN	3,580			8,548			14			8,534
6M EURO(d)	0.250(e)	12/16/30	EUR	4,630			(19,244	)		(51,017	)		31,773
6M LIBOR(d)	0.250(e)	12/16/30	CHF	9,630			86,930			53,026			33,904

34 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)
3M NZDOR(b)		0.500%(d)		12/16/30	NZD	1,370		$	(3,005	)	$	(4,725	)	$	1,720
6M AUDOR(d)		1.000(d)		12/16/30	AUD	6,500			84,944			63,481			21,463
1.000(d)		3M LIBOR(b)		12/16/30	$	2,550			(65,252	)		(65,252	)		—
(0.250)(e)		6M EURO(d)		12/16/30	EUR	16,030			66,626			107,807			(41,181	)
1.160(d)		3M LIBOR(b)		05/21/35	$	10,340	(f)		123,619			17,924			105,695
1.364(d)		6M AUDOR(d)		04/21/40	AUD	1,530	(f)		25,371			(660	)		26,031
0.260(e)		6M EURO(d)		05/21/40	EUR	4,010	(f)		8,451			(28,670	)		37,121
3M LIBOR(b)		1.750(d)		06/19/40	$	3,380	(f)		95,810			133,089			(37,279	)
0.750(e)		6M EURO(d)		06/19/40	EUR	3,590	(f)		(206,111	)		(246,952	)		40,841
0.250(e)		6M EURO(d)		12/16/40		130			(6,938	)		(5,205	)		(1,733	)
0.855(d)		3M LIBOR(b)		04/09/45	$	2,560	(f)		49,678			92			49,586
3M LIBOR(b)		0.845(d)		04/10/50		2,580	(f)		(41,814	)		93			(41,907	)
6M CDOR(d)		1.750(d)		06/17/50	CAD	1,070			59,060			31,033			28,027
3M LIBOR(b)		1.750(d)		06/20/50	$	2,390	(f)		85,535			104,844			(19,309	)
0.500(e)		6M EURO(d)		06/20/50	EUR	3,170	(f)		(221,368	)		(252,924	)		31,556
0.250(e)		6M EURO(d)		12/16/50		640			(60,639	)		(46,392	)		(14,247	)
TOTAL								$	78,028		$	(648,725	)	$	726,753

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Payments made monthly.

(d) Payments made semi-annually.

(e) Payments made annually.

(f) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2020.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund			Credit Spread at September 30, 2020(a)			Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000	)%(b)		0.101	%		Barclays Bank PLC		06/20/21	$	80	$	(549	)	$	105		$	(654	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)			0.120			Barclays Bank PLC		12/20/21		690		(7,710	)		(670	)		(7,040	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)			0.101			BofA Securities LLC		12/20/20		830		(1,931	)		216			(2,147	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)			0.101			BofA Securities LLC		06/20/21		670		(4,595	)		1,128			(5,723	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)			0.101			Citibank NA		12/20/20		720		(1,675	)		266			(1,941	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)			0.101			Citibank NA		06/20/21		560		(3,841	)		754			(4,595	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)			0.143			Citibank NA		06/20/22		80		(1,216	)		(415	)		(801	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)			0.101			Deutsche Bank AG (London)		06/20/21		460		(3,155	)		771			(3,926	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)(b)		0.101			JPMorgan Securities, Inc.		12/20/20		6,410		(14,910	)		2,205			(17,115	)

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (continued)

Reference Obligation/ Index	Financing Rate Received (Paid) by the Fund			Credit Spread at September 30, 2020(a)			Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)%(b)		0.101	%		JPMorgan Securities, Inc.		06/20/21	$	10	$	(68	)	$	14		$	(82	)
People’s Republic of China, 7.500%, 10/28/27		(1.000	)(b)		0.143			JPMorgan Securities, Inc.		06/20/22		140		(2,127	)		(527	)		(1,600	)
Protection Sold:
Markit CMBX Series 8		3.000	(c)		11.810			Citibank NA		10/17/57		700		(196,088	)		(193,552	)		(2,536	)
Markit CMBX Series 11		3.000	(c)		7.210			JPMorgan Securities, Inc.		11/18/54		350		(80,063	)		(108,569	)		28,506
Markit CMBX Series 10		3.000	(c)		8.190			MS & Co. Int. PLC		11/17/59		600		(147,340	)		(114,222	)		(33,118	)
Markit CMBX Series 11		3.000(c)			7.210			MS & Co. Int. PLC		11/18/54		1,000		(228,669	)		(284,758	)		56,089
TOTAL													$	(693,937	)	$	(697,254	)	$	3,317

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

(b) Payments made quarterly.

(c) Payments made monthly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received by the Fund(a)	Credit Spread at September 30, 2020(b)	Termination Date	Notional Amount (000s)			Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
ICE CD ITXEB	1.000%	0.595%	12/20/25		EUR	7,650	$	(192,305	)	$	(194,184	)	$	1,879
Protection Sold:
CDX.NA.IG Index 28	1.000	0.829	06/20/22		$	11,100		36,056			131,839			(95,783	)
CDX.NA.IG Index 34	1.000	0.689	06/20/23			12,475		108,046			145,105			(37,059	)
General Electric Co. 2.700%, 10/09/22	1.000	1.265	06/20/24			1,125		(10,526	)		(14,297	)		3,771
General Electric Co. 2.700%, 10/09/22	1.000	1.425	12/20/24			475		(8,143	)		(6,382	)		(1,761	)
ICE CD ITXEX	5.000	3.450	12/20/25		EUR	2,350		201,202			228,565			(27,363	)
Prudential Financial, Inc., 3.500%, 05/15/24	1.000	0.383	06/20/24		$	825		19,226			10,356			8,870
Republic of Indonesia, 5.875%, 03/13/20	1.000	0.832	06/20/24			2,430		15,811			5,575			10,236
State of Qatar, 9.750%, 06/15/30	1.000	0.339	06/20/24			210		5,253			3,415			1,838
State of Qatar, 9.750%, 06/15/30	1.000	0.387	12/20/24			100		2,624			1,781			843
The Boeing Co., 8.750%, 08/15/21	1.000	3.012	06/20/24			500		(34,338	)		8,071			(42,409	)
TOTAL							$	142,906		$	319,844		$	(176,938	)

(a) Payments made quarterly.

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

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)	Counterparty	Termination Date(b)	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
IBOXHY Index	0.000%	Barclays Bank PLC	03/22/21	$	7	$	15,486

(a) Payments made quarterly.

(b) The Fund pays/receives annual coupon payments in accordance with the swap contract(s). On the termination date of the swap contract(s), the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	JPMorgan Securities, Inc.		1.100	%		03/17/2021		20,000,000		$	20,000,000		$	212,396		$	240,000		$	(27,604	)
Written option contracts
Calls
1M IRS	Citibank NA		0.700	%		10/19/2020		(3,780,000	)	$	(3,780,000	)	$	(12,141	)	$	(19,514	)	$	7,373
3M IRS	Citibank NA		0.150			12/01/2020		(1,640,000	)		(1,640,000	)		(21,057	)		(16,898	)		(4,159	)
3M IRS	Citibank NA		0.150			12/02/2020		(1,100,000	)		(1,100,000	)		(14,205	)		(12,509	)		(1,696	)
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(9,300,000	)		(9,300,000	)		(64,957	)		(97,603	)		32,646
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(7,000,000	)		(7,000,000	)		(59,837	)		(77,350	)		17,513
6M IRS	Deutsche Bank AG (London)		0.395			10/02/2020		(8,300,000	)		(8,300,000	)		(1	)		(75,115	)		75,114
1M IRS	JPMorgan Securities, Inc.		0.700			10/26/2020		(3,780,000	)		(3,780,000	)		(14,501	)		(19,467	)		4,966
1M IRS	JPMorgan Securities, Inc.		0.703			10/28/2020		(3,780,000	)		(3,780,000	)		(15,921	)		(18,711	)		2,790
6M IRS	JPMorgan Securities, Inc.		0.350			10/02/2020		(3,430,000	)		(3,430,000	)		(1,317	)		(38,479	)		37,162
6M IRS	JPMorgan Securities, Inc.		0.700			03/17/2021		(20,000,000	)		(20,000,000	)		(78,192	)		(91,300	)		13,108
6M IRS	JPMorgan Securities, Inc.		0.900			03/17/2021		(20,000,000	)		(20,000,000	)		(131,622	)		(160,000	)		28,378
1M IRS	MS & Co. Int. PLC		0.211			10/14/2020		(3,050,000	)		(3,050,000	)		(12,315	)		(16,103	)		3,788
1M IRS	MS & Co. Int. PLC		0.230			10/21/2020		(3,050,000	)		(3,050,000	)		(10,357	)		(15,251	)		4,894
1M IRS	MS & Co. Int. PLC		0.698			10/13/2020		(3,780,000	)		(3,780,000	)		(9,418	)		(23,436	)		14,018
3M IRS	MS & Co. Int. PLC		0.200			12/02/2020		(4,560,000	)		(4,560,000	)		(41,670	)		(41,500	)		(170	)
3M IRS	MS & Co. Int. PLC		0.200			12/03/2020		(3,400,000	)		(3,400,000	)		(31,234	)		(34,267	)		3,033
4M IRS	MS & Co. Int. PLC		0.250			01/14/2021		(4,680,000	)		(4,680,000	)		(38,412	)		(42,306	)		3,894
6M IRS	MS & Co. Int. PLC		0.350			10/02/2020		(3,260,000	)		(3,260,000	)		(1,609	)		(36,376	)		34,767
6M IRS	MS & Co. Int. PLC		0.350			10/21/2020		(7,070,000	)		(7,070,000	)		(23,323	)		(73,259	)		49,936
1M IRS	UBS AG (London)		0.191			10/05/2020		(3,050,000	)		(3,050,000	)		(14,856	)		(17,042	)		2,186
1M IRS	UBS AG (London)		0.234			10/28/2020		(3,050,000	)		(3,050,000	)		(11,538	)		(14,682	)		3,144
2M IRS	UBS AG (London)		0.150			11/30/2020		(5,220,000	)		(5,220,000	)		(66,633	)		(52,794	)		(13,839	)
								(126,280,000	)	$	(126,280,000	)	$	(675,116	)	$	(993,962	)	$	318,846

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

Description	Counterparty	Exercise Price			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
1M IRS	Citibank NA		0.700	%		10/19/2020		(3,780,000	)	$	(3,780,000	)	$	(18,448	)	$	(19,514	)	$	1,066
3M IRS	Citibank NA		0.100			12/01/2020		(1,640,000	)		(1,640,000	)		(1,200	)		(4,688	)		3,488
3M IRS	Citibank NA		0.100			12/02/2020		(1,100,000	)		(1,100,000	)		(837	)		(2,476	)		1,639
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(9,300,000	)		(9,300,000	)		(49,011	)		(97,603	)		48,592
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(7,000,000	)		(7,000,000	)		(23,369	)		(77,350	)		53,981
1M IRS	JPMorgan Securities, Inc.		0.700			10/26/2020		(3,780,000	)		(3,780,000	)		(21,562	)		(19,467	)		(2,095	)
1M IRS	JPMorgan Securities, Inc.		0.703			10/28/2020		(3,780,000	)		(3,780,000	)		(21,996	)		(18,711	)		(3,285	)
1M IRS	MS & Co. Int. PLC		0.211			10/14/2020		(3,050,000	)		(3,050,000	)		(6,449	)		(16,103	)		9,654
1M IRS	MS & Co. Int. PLC		0.230			10/21/2020		(3,050,000	)		(3,050,000	)		(11,976	)		(15,251	)		3,275
1M IRS	MS & Co. Int. PLC		0.698			10/13/2020		(3,780,000	)		(3,780,000	)		(16,011	)		(23,436	)		7,425
4M IRS	MS & Co. Int. PLC		0.000			01/14/2021		(4,680,000	)		(4,680,000	)		(14,170	)		(14,692	)		522
1M IRS	UBS AG (London)		0.191			10/05/2020		(3,050,000	)		(3,050,000	)		(1,001	)		(17,042	)		16,041
1M IRS	UBS AG (London)		0.234			10/28/2020		(3,050,000	)		(3,050,000	)		(15,137	)		(14,682	)		(455	)
2M IRS	UBS AG (London)		0.100			11/30/2020		(5,220,000	)		(5,220,000	)		(3,675	)		(16,770	)		13,095
								(56,260,000	)	$	(56,260,000	)	$	(204,842	)	$	(357,785	)	$	152,943
Total written option contracts								(182,540,000	)	$	(182,540,000	)	$	(879,958	)	$	(1,351,747	)	$	471,789
TOTAL								(162,540,000	)	$	(162,540,000	)	$	(667,562	)	$	(1,111,747	)	$	444,185

Abbreviations:
1M BID Avg	—1 month Brazilian Interbank Deposit Average
1M IRS	—1 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
2M IRS	—2 Month Interest Rate Swaptions
3M IRS	—3 Month Interest Rate Swaptions
4M IRS	—4 Month Interest Rate Swaptions
6M IRS	—6 Month Interest Rate Swaptions
BofA Securities LLC	—Bank of America Securities LLC
CDX.NA.IG Index 28	—CDX North America Investment Grade Index 28
CDX.NA.IG Index 34	—CDX North America Investment Grade Index 34
IBOXHY Index	—Markit iBoxx USD Liquid High Yield Index
ICE CD ITXEB	—iTraxx Europe Index
ICE CD ITXEX	—iTraxx Europe Crossover Index
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 43.9%
Aerospace & Defense – 1.0%
	Northrop Grumman Corp.(a)
$	1,925,000		2.930	%		01/15/25	$	2,094,053
	2,750,000		3.250			01/15/28		3,086,435
	105,000		4.030			10/15/47		128,050
	2,275,000		5.250			05/01/50		3,248,063
	Raytheon Technologies Corp.
	1,775,000		3.950	(a)		08/16/25		2,016,684
	775,000		4.125	(a)		11/16/28		916,918
	800,000		5.700			04/15/40		1,124,872
	350,000		4.050	(a)		05/04/47		420,196
	200,000		4.625	(a)		11/16/48		260,762
	The Boeing Co.(a)
	1,575,000		3.450			11/01/28		1,577,142
	2,625,000		5.805			05/01/50		3,166,380
								18,039,555
Agriculture(a) – 0.4%
	Altria Group, Inc.
	1,775,000		3.800			02/14/24		1,937,199
	Archer-Daniels-Midland Co.
	525,000		3.250			03/27/30		599,665
	BAT Capital Corp.
	1,685,000		3.222			08/15/24		1,800,473
	2,550,000		2.259			03/25/28		2,558,976
	425,000		4.758			09/06/49		462,770
	225,000		5.282			04/02/50		264,308
								7,623,391
Automotive – 0.4%
	Ford Motor Credit Co. LLC
	1,200,000		5.875			08/02/21		1,222,472
	General Motors Co.
	1,425,000		5.400			10/02/23		1,570,493
	550,000		4.000			04/01/25		591,058
	200,000		5.950	(a)		04/01/49		234,124
	General Motors Financial Co., Inc.(a)
	675,000		4.300			07/13/25		732,679
	300,000		5.650			01/17/29		350,109
	Nissan Motor Co. Ltd.(b)
	2,125,000		3.043			09/15/23		2,153,687
								6,854,622
Banks – 10.4%
	Banco Santander SA
	2,400,000		2.746			05/28/25		2,518,152
	400,000		4.250			04/11/27		451,648
	800,000		3.306			06/27/29		870,680
	Bank of America Corp.
	3,050,000		4.125			01/22/24		3,376,929
	4,810,000		4.200			08/26/24		5,353,626
	5,000,000		4.183	(a)		11/25/27		5,731,650
	350,000		6.110			01/29/37		493,276
	(3M USD LIBOR + 0.940%)
	5,550,000		3.864	(a)(c)		07/23/24		6,011,538
	(3M USD LIBOR + 0.990%)
	225,000		2.496	(a)(c)		02/13/31		235,215
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp. – (continued)
	(3M USD LIBOR + 1.190%)
	1,325,000		2.884	(a)(c)		10/22/30		1,424,256
	(3M USD LIBOR + 1.370%)
	1,550,000		3.593	(a)(c)		07/21/28		1,736,899
	(SOFR + 2.150%)
	11,075,000		2.592	(a)(c)		04/29/31		11,716,796
	Barclays PLC(a)(c)
	(3M USD LIBOR + 1.400%)
	2,725,000		4.610			02/15/23		2,852,121
	(3M USD LIBOR + 2.452%)
	2,600,000		2.852			05/07/26		2,699,814
	BNP Paribas SA(b)
	3,825,000		3.500			03/01/23		4,062,073
	900,000		3.375			01/09/25		975,123
	(5 year USD Swap + 4.149%)
	650,000		6.625	(a)(c)		03/25/49		688,227
	(SOFR + 2.074%)
	1,325,000		2.219	(a)(c)		06/09/26		1,366,234
	BPCE SA(b)
	2,250,000		4.000			09/12/23		2,444,715
	1,675,000		1.652	(c)		10/06/26		1,676,909
	1,150,000		4.625			09/12/28		1,366,614
	Capital One NA(a)
	1,700,000		2.650			08/08/22		1,759,177
	CIT Bank NA(a) (c)(SOFR + 1.715%)
	1,500,000		2.969			09/27/25		1,487,145
	CIT Group, Inc.(a)
	224,000		4.750			02/16/24		230,720
	Citigroup, Inc.
	2,575,000		2.700	(a)		10/27/22		2,684,592
	2,595,000		3.500			05/15/23		2,763,415
	2,500,000		4.600			03/09/26		2,854,825
	3,175,000		3.400			05/01/26		3,530,790
	4,925,000		4.125			07/25/28		5,654,442
	(3M USD LIBOR + 1.023%)
	1,795,000		4.044	(a)(c)		06/01/24		1,941,957
	(SOFR + 1.422%)
	1,375,000		2.976	(a)(c)		11/05/30		1,482,704
	(SOFR + 3.914%)
	1,425,000		4.412	(a)(c)		03/31/31		1,707,193
	Citizens Bank NA(a)
	545,000		3.250			02/14/22		564,538
	Credit Agricole SA(b)
	1,050,000		3.250			10/04/24		1,133,244
	(5 year USD Swap + 4.319%)
	600,000		6.875	(a)(c)		09/23/49		646,146
	(SOFR + 1.676%)
	1,275,000		1.907	(a)(c)		06/16/26		1,299,646
	Credit Suisse AG
	1,550,000		2.800			04/08/22		1,604,870
	1,175,000		2.950			04/09/25		1,280,950
	Credit Suisse Group AG(a)(b)
	1,400,000		4.282			01/09/28		1,588,524
	(3M USD LIBOR + 1.410%)
	1,675,000		3.869	(c)		01/12/29		1,866,352

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Credit Suisse Group AG(a)(b) – (continued)
	(SOFR + 3.730%)
$	1,925,000		4.194	% (c)		04/01/31	$	2,223,182
	Credit Suisse Group Funding Guernsey Ltd.
	683,000		4.550			04/17/26		795,845
	Deutsche Bank AG(a) (c) (SOFR + 2.159%)
	1,075,000		2.222			09/18/24		1,081,977
	Fifth Third Bancorp(a)
	1,235,000		2.375			01/28/25		1,307,643
	HSBC Holdings PLC
	600,000		4.950			03/31/30		723,036
	(3M USD LIBOR + 1.000%)
	850,000		1.270	(a)(c)		05/18/24		848,929
	(3M USD LIBOR + 1.055%)
	1,200,000		3.262	(a)(c)		03/13/23		1,240,836
	(3M USD LIBOR + 1.211%)
	1,625,000		3.803	(a)(c)		03/11/25		1,748,874
	(SOFR + 1.538%)
	3,625,000		1.645	(a)(c)		04/18/26		3,610,319
	Huntington Bancshares, Inc.(a)
	1,625,000		4.000			05/15/25		1,849,835
	ING Groep NV(a)(b)(c) (1 Year CMT + 1.100%)
	3,400,000		1.400			07/01/26		3,434,680
	JPMorgan Chase & Co.(a)(c)
	(3M USD LIBOR + 0.610%)
	1,150,000		3.514			06/18/22		1,174,702
	(3M USD LIBOR + 0.730%)
	640,000		3.559			04/23/24		685,645
	(3M USD LIBOR + 0.890%)
	650,000		3.797			07/23/24		704,522
	(3M USD LIBOR + 0.945%)
	1,400,000		3.509			01/23/29		1,575,938
	(3M USD LIBOR + 1.000%)
	7,500,000		4.023			12/05/24		8,243,100
	(3M USD LIBOR + 1.245%)
	2,275,000		3.960			01/29/27		2,592,112
	(3M USD LIBOR + 1.337%)
	2,150,000		3.782			02/01/28		2,433,864
	(3M USD LIBOR + 1.360%)
	800,000		3.882			07/24/38		941,328
	(3M USD LIBOR + 3.800%)
	2,250,000		4.051			11/01/49		2,221,627
	(SOFR + 2.515%)
	925,000		2.956			05/13/31		990,268
	(SOFR + 3.125%)
	2,350,000		4.600			02/01/49		2,283,401
	(SOFR + 3.790%)
	275,000		4.493			03/24/31		335,365
	Mitsubishi UFJ Financial Group, Inc.
	1,700,000		3.751			07/18/39		1,957,312
	Morgan Stanley, Inc.
	550,000		5.500			07/28/21		572,985
	2,200,000		4.875			11/01/22		2,381,918
	3,300,000		3.700			10/23/24		3,657,588
	700,000		4.000			07/23/25		791,042
	4,000,000		3.950			04/23/27		4,521,520
Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, Inc. – (continued)
	(3M USD LIBOR + 0.847%)
	550,000		3.737	(a)(c)		04/24/24		590,887
	(3M USD LIBOR + 1.628%)
	1,150,000		4.431	(a)(c)		01/23/30		1,372,077
	(SOFR + 1.143%)
	8,575,000		2.699	(a)(c)		01/22/31		9,154,155
	(SOFR + 1.152%)
	1,050,000		2.720	(a)(c)		07/22/25		1,115,657
	(SOFR + 3.120%)
	1,325,000		3.622	(a)(c)		04/01/31		1,519,391
	Natwest Group PLC
	1,336,000		3.875			09/12/23		1,434,650
	(5 Year CMT + 2.100%)
	500,000		3.754	(a)(c)		11/01/29		516,250
	(3M USD LIBOR + 1.480%)
	1,883,000		3.498	(a)(c)		05/15/23		1,949,922
	(3M USD LIBOR + 1.550%)
	2,100,000		4.519	(a)(c)		06/25/24		2,264,472
	(3M USD LIBOR + 1.762%)
	400,000		4.269	(a)(c)		03/22/25		434,716
	Regions Financial Corp.(a)
	447,000		3.800			08/14/23		485,165
	Royal Bank of Canada(c) (3M USD LIBOR + 0.390%)
	250,000		0.658			04/30/21		250,525
	Santander UK PLC
	2,325,000		2.875			06/18/24		2,481,054
	Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	3,008,000		4.247			01/20/23		3,118,514
	State Street Corp.(a)(b)(c) (SOFR + 2.650%)
	100,000		3.152			03/30/31		113,782
	The Huntington National Bank(a)
	675,000		1.800			02/03/23		692,685
	Truist Bank(a)
	1,250,000		2.250			03/11/30		1,288,400
	UBS Group AG(b)
	2,550,000		4.125			09/24/25		2,905,750
	Wells Fargo & Co.
	1,135,000		3.750	(a)		01/24/24		1,234,347
	2,700,000		3.000			10/23/26		2,947,158
	4,150,000		4.300			07/22/27		4,749,924
	(3M USD LIBOR + 4.240%)
	325,000		5.013	(a)(c)		04/04/51		444,919
	Westpac Banking Corp.(a)(c) (5 Year CMT + 2.000%)
	700,000		4.110			07/24/34		787,675
								192,915,193
Beverages – 1.6%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	850,000		4.700			02/01/36		1,024,182
	6,675,000		4.900			02/01/46		8,178,344
	Anheuser-Busch InBev Worldwide, Inc.
	2,000,000		4.750	(a)		01/23/29		2,432,740
	400,000		4.950			01/15/42		492,164

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Beverages – (continued)
	Anheuser-Busch InBev Worldwide, Inc. – (continued)
$	3,275,000		4.600	%(a)		04/15/48	$	3,935,273
	475,000		5.550	(a)		01/23/49		638,813
	925,000		4.500	(a)		06/01/50		1,107,234
	Bacardi Ltd.(a)(b)
	1,500,000		5.300			05/15/48		1,899,360
	Constellation Brands, Inc.(a)
	1,375,000		4.400			11/15/25		1,599,785
	625,000		3.700			12/06/26		714,088
	1,075,000		3.600			02/15/28		1,209,977
	1,425,000		3.150			08/01/29		1,558,508
	(3M USD LIBOR + 0.700%)
	2,100,000		0.980	(c)		11/15/21		2,099,622
	Keurig Dr Pepper, Inc.(a)
	1,400,000		4.057			05/25/23		1,521,912
	225,000		5.085			05/25/48		301,628
	350,000		3.800			05/01/50		400,932
								29,114,562
Biotechnology(a)(b) – 0.1%
	Royalty Pharma PLC
	1,475,000		1.200			09/02/25		1,470,427
Building Materials(a)(b) – 0.5%
	Carrier Global Corp.
	3,375,000		2.493			02/15/27		3,533,760
	4,900,000		2.722			02/15/30		5,116,923
								8,650,683
Chemicals – 1.0%
	Air Products and Chemicals, Inc.(a)
	625,000		2.050			05/15/30		658,313
	175,000		2.800			05/15/50		184,058
	Bluestar Finance Holdings Ltd.(a)(c) (-1x3 Year CMT + 6.651%)
	1,200,000		3.875			06/24/49		1,212,000
	CNAC HK Finbridge Co. Ltd.
	200,000		3.875			06/19/29		211,875
	260,000		3.000			09/22/30		256,246
	DuPont de Nemours, Inc.(a)
	925,000		4.205			11/15/23		1,016,547
	975,000		4.493			11/15/25		1,121,026
	75,000		5.419			11/15/48		99,979
	Ecolab, Inc.
	133,000		5.500			12/08/41		190,578
	231,000		3.950	(a)		12/01/47		288,431
	Huntsman International LLC(a)
	850,000		4.500			05/01/29		954,148
	Nutrition & Biosciences, Inc.(a)(b)
	2,300,000		1.832			10/15/27		2,309,568
	4,025,000		2.300			11/01/30		4,044,803
	950,000		3.268			11/15/40		959,025
	Sasol Financing International Ltd.
	400,000		4.500			11/14/22		387,000
	Sasol Financing USA LLC(a)
	200,000		5.875			03/27/24		191,750
	Syngenta Finance NV(b)
	2,590,000		3.933			04/23/21		2,623,100
Corporate Obligations – (continued)
Chemicals – (continued)
	The Sherwin-Williams Co.(a)
	20,000		2.750			06/01/22		20,681
	325,000		3.125			06/01/24		351,390
	1,900,000		3.450			06/01/27		2,138,659
								19,219,177
Commercial Services – 0.9%
	CoStar Group, Inc.(a)(b)
	2,225,000		2.800			07/15/30		2,297,969
	DP World PLC
	100,000		6.850	(b)		07/02/37		124,875
	200,000		5.625			09/25/48		227,875
	Global Payments, Inc.(a)
	875,000		2.650			02/15/25		927,973
	550,000		3.200			08/15/29		600,127
	IHS Markit Ltd.(a)
	2,800,000		4.000	(b)		03/01/26		3,122,812
	1,775,000		4.250			05/01/29		2,058,130
	PayPal Holdings, Inc.(a)
	3,825,000		1.650			06/01/25		3,960,481
	3,000,000		2.650			10/01/26		3,270,870
								16,591,112
Computers(a) – 1.4%
	Amdocs Ltd.
	1,225,000		2.538			06/15/30		1,269,872
	Apple, Inc.
	1,925,000		2.750			01/13/25		2,086,507
	4,050,000		2.450			08/04/26		4,412,920
	Dell International LLC/EMC Corp.(b)
	1,625,000		5.450			06/15/23		1,781,098
	2,200,000		6.020			06/15/26		2,587,420
	1,000,000		8.100			07/15/36		1,311,520
	Hewlett Packard Enterprise Co.
	2,400,000		2.250			04/01/23		2,475,816
	4,325,000		4.450			10/02/23		4,753,607
	1,775,000		4.650			10/01/24		2,002,910
	1,782,000		4.900			10/15/25		2,042,885
	410,000		6.350			10/15/45		519,085
								25,243,640
Diversified Financial Services – 1.7%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,125,000		3.950	(a)		02/01/22		1,138,601
	2,075,000		4.625			07/01/22		2,124,987
	1,450,000		3.300	(a)		01/23/23		1,450,130
	900,000		4.875	(a)		01/16/24		928,692
	965,000		6.500	(a)		07/15/25		1,040,328
	AIG Global Funding(b)
	474,000		2.300			07/01/22		488,741
	Air Lease Corp.(a)
	2,250,000		2.300			02/01/25		2,209,477
	1,625,000		3.375			07/01/25		1,658,881
	2,200,000		3.750			06/01/26		2,235,794
	Ally Financial, Inc.(a)
	975,000		1.450			10/02/23		973,177

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	American Express Co.(a)
$	425,000		3.700	%		11/05/21	$	439,131
	650,000		2.500			08/01/22		672,484
	555,000		2.500			07/30/24		589,782
	700,000		3.625			12/05/24		773,997
	(3M USD LIBOR + 3.285%)
	1,010,000		3.535	(c)		12/15/49		912,787
	Avolon Holdings Funding Ltd.(a)(b)
	975,000		3.950			07/01/24		931,934
	2,125,000		2.875			02/15/25		1,946,054
	Capital One Financial Corp.
	1,050,000		3.500			06/15/23		1,122,639
	1,110,000		3.300	(a)		10/30/24		1,202,197
	GE Capital International Funding Co.
	3,500,000		3.373			11/15/25		3,741,150
	800,000		4.418			11/15/35		842,880
	Huarong Finance 2017 Co. Ltd.
	200,000		4.750			04/27/27		218,500
	200,000		4.250			11/07/27		213,063
	Huarong Finance 2019 Co. Ltd.
	500,000		3.750			05/29/24		522,500
	390,000		3.875	(a)		11/13/29		401,213
	200,000		3.625	(a)		09/30/30		203,247
	Intercontinental Exchange, Inc.(a)
	1,100,000		3.000			06/15/50		1,153,174
	Mastercard, Inc.(a)
	850,000		3.300			03/26/27		972,017
	Nasdaq, Inc.(a)
	350,000		3.250			04/28/50		365,750
	Raymond James Financial, Inc.(a)
	275,000		4.650			04/01/30		334,560
	Visa, Inc.(a)
	325,000		2.050			04/15/30		347,812
								32,155,679
Electrical – 2.1%
	AEP Transmission Co. LLC(a)
	225,000		3.650			04/01/50		264,926
	Alliant Energy Finance LLC(a)(b)
	825,000		3.750			06/15/23		885,440
	225,000		4.250			06/15/28		259,929
	Ameren Corp.(a)
	400,000		3.500			01/15/31		457,140
	American Electric Power Co., Inc.(a)
	850,000		2.300			03/01/30		876,223
	Arizona Public Service Co.(a)
	1,175,000		2.950			09/15/27		1,287,494
	Avangrid, Inc.(a)
	925,000		3.200			04/15/25		1,017,926
	Berkshire Hathaway Energy Co.
	599,000		2.375			01/15/21		602,564
	400,000		3.250	(a)		04/15/28		451,756
	1,275,000		3.700	(a)(b)		07/15/30		1,497,793
	250,000		4.250	(a)(b)		10/15/50		313,520
	Dominion Energy, Inc.
	1,650,000		3.071	(d)		08/15/24		1,775,499
	725,000		3.375	(a)		04/01/30		816,850
Corporate Obligations – (continued)
Electrical – (continued)
	DTE Energy Co.
	1,087,000		2.250			11/01/22		1,122,436
	Duke Energy Corp.(a)
	2,100,000		3.150			08/15/27		2,325,246
	Emera US Finance LP(a)
	950,000		2.700			06/15/21		962,968
	Enel Finance International NV(b)
	1,375,000		2.875			05/25/22		1,420,169
	Entergy Corp.(a)
	1,025,000		2.950			09/01/26		1,131,702
	Exelon Corp.(a)
	1,125,000		3.497			06/01/22		1,176,559
	1,000,000		4.050			04/15/30		1,169,690
	125,000		4.700			04/15/50		159,525
	FirstEnergy Corp.(a)
	2,175,000		2.650			03/01/30		2,206,081
	1,125,000		2.250			09/01/30		1,101,735
	Florida Power & Light Co.(a)
	832,000		4.125			02/01/42		1,035,357
	NRG Energy, Inc.(a)(b)
	1,625,000		3.750			06/15/24		1,737,840
	Ohio Power Co.(a)
	675,000		2.600			04/01/30		740,657
	Pacific Gas & Electric Co.(a)
	850,000		2.100			08/01/27		823,497
	1,475,000		2.500			02/01/31		1,397,253
	500,000		3.300			08/01/40		458,205
	1,025,000		3.500			08/01/50		921,526
	Sempra Energy(a)(c) (3M USD LIBOR + 0.500%)
	1,900,000		0.775			01/15/21		1,900,038
	Southern California Edison Co.(a)
	1,075,000		4.200			03/01/29		1,237,755
	The Southern Co.(a)
	1,730,000		3.250			07/01/26		1,928,985
	Vistra Operations Co. LLC(a)(b)
	3,350,000		3.550			07/15/24		3,551,000
								39,015,284
Engineering & Construction(a) – 0.1%
	Mexico City Airport Trust
	400,000		4.250			10/31/26		354,000
	440,000		3.875	(b)		04/30/28		374,894
	200,000		5.500	(b)		10/31/46		160,812
	420,000		5.500			07/31/47		341,363
	340,000		5.500	(b)		07/31/47		276,342
								1,507,411
Environmental(a) – 0.1%
	Republic Services, Inc.
	1,650,000		2.500			08/15/24		1,756,194
Food & Drug Retailing – 0.5%
	Mars, Inc.(a)(b)
	525,000		2.700			04/01/25		566,674
	925,000		3.200			04/01/30		1,056,637

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
	Mondelez International, Inc.(a)
$	775,000		2.125	%		04/13/23	$	804,458
	Smithfield Foods, Inc.(a)(b)
	2,350,000		2.650			10/03/21		2,364,875
	Sysco Corp.(a)
	225,000		6.600			04/01/40		305,194
	875,000		6.600			04/01/50		1,225,989
	The JM Smucker Co.
	475,000		3.000			03/15/22		491,858
	700,000		2.375	(a)		03/15/30		730,373
	Tyson Foods, Inc.(a)
	1,250,000		3.900			09/28/23		1,364,200
								8,910,258
Gas(a) – 0.2%
	NiSource, Inc.
	2,500,000		3.490			05/15/27		2,787,950
	325,000		3.600			05/01/30		370,360
	The East Ohio Gas Co.(b)
	525,000		1.300			06/15/25		536,093
	525,000		2.000			06/15/30		540,750
								4,235,153
Hand/Machine Tools(a) – 0.1%
	Stanley Black & Decker, Inc.
	1,400,000		4.250			11/15/28		1,697,052
Healthcare Providers & Services(a) – 0.9%
	Centene Corp.
	2,850,000		4.250			12/15/27		2,981,356
	DENTSPLY SIRONA, Inc.
	1,125,000		3.250			06/01/30		1,222,459
	DH Europe Finance II S.a.r.l.
	1,725,000		2.200			11/15/24		1,822,600
	625,000		2.600			11/15/29		678,931
	1,225,000		3.250			11/15/39		1,360,277
	Stryker Corp.
	575,000		2.625			03/15/21		579,761
	475,000		3.375			11/01/25		530,632
	2,825,000		1.950			06/15/30		2,879,099
	Thermo Fisher Scientific, Inc.
	450,000		3.000			04/15/23		475,790
	775,000		4.497			03/25/30		956,296
	400,000		4.100			08/15/47		509,076
	Zimmer Biomet Holdings, Inc.
	2,475,000		3.550			03/20/30		2,767,545
								16,763,822
Household Products(a) – 0.0%
	Kimberly-Clark Corp.
	350,000		3.100			03/26/30		400,292
Insurance – 1.1%
	AIA Group Ltd.(a)(b)
	875,000		3.900			04/06/28		993,965
	American International Group, Inc.
	474,000		4.875			06/01/22		508,171
	300,000		4.125			02/15/24		332,508
Corporate Obligations – (continued)
Insurance – (continued)
	American International Group, Inc. – (continued)
	3,875,000		3.900	(a)		04/01/26		4,409,672
	2,075,000		3.400	(a)		06/30/30		2,295,738
	Arch Capital Finance LLC(a)
	1,200,000		4.011			12/15/26		1,391,616
	Arch Capital Group Ltd.
	1,125,000		7.350			05/01/34		1,704,038
	Berkshire Hathaway Finance Corp.(a)
	2,075,000		1.850			03/12/30		2,157,855
	Great-West Lifeco Finance 2018 LP(a)(b)
	1,125,000		4.047			05/17/28		1,312,988
	Marsh & McLennan Cos., Inc.(a)
	1,325,000		4.375			03/15/29		1,602,985
	New York Life Insurance Co.(a)(b)
	925,000		3.750			05/15/50		1,041,837
	Principal Financial Group, Inc.(a)
	2,250,000		2.125			06/15/30		2,328,592
	Willis North America, Inc.(a)
	700,000		2.950			09/15/29		756,014
								20,835,979
Internet(a) – 0.6%
	Amazon.com, Inc.
	2,300,000		5.200			12/03/25		2,797,605
	1,300,000		4.800			12/05/34		1,790,386
	525,000		3.875			08/22/37		653,615
	Booking Holdings, Inc.
	575,000		4.100			04/13/25		647,640
	Expedia Group, Inc.
	1,025,000		3.600	(b)		12/15/23		1,046,781
	475,000		4.625	(b)		08/01/27		498,280
	825,000		3.800			02/15/28		827,722
	Prosus NV(b)
	420,000		3.680			01/21/30		451,668
	230,000		4.027			08/03/50		234,888
	TD Ameritrade Holding Corp.
	1,950,000		2.950			04/01/22		2,014,954
								10,963,539
Iron/Steel(a) – 0.0%
	Steel Dynamics, Inc.
	490,000		2.400			06/15/25		512,981
Machinery-Diversified(a) – 0.3%
	Otis Worldwide Corp.
	625,000		2.293			04/05/27		664,669
	4,000,000		2.565			02/15/30		4,295,000
								4,959,669
Media – 1.9%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	8,750,000		4.908			07/23/25		10,101,000
	6,675,000		3.750			02/15/28		7,376,542
	Comcast Corp.(a)
	1,275,000		3.700			04/15/24		1,407,243
	725,000		3.100			04/01/25		798,609
	1,300,000		3.950			10/15/25		1,490,788

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	Comcast Corp.(a) – (continued)
$	1,173,000		3.300	%		02/01/27	$	1,322,687
	1,775,000		3.300			04/01/27		2,006,904
	1,550,000		3.150			02/15/28		1,741,022
	1,775,000		4.150			10/15/28		2,135,556
	1,325,000		4.250			10/15/30		1,626,610
	325,000		3.750			04/01/40		381,631
	275,000		4.700			10/15/48		364,889
	Fox Corp.(a)
	700,000		4.030			01/25/24		770,378
	600,000		5.476			01/25/39		800,004
	The Walt Disney Co.
	1,800,000		2.200			01/13/28		1,894,464
	Time Warner Cable LLC(a)
	275,000		5.875			11/15/40		345,914
								34,564,241
Mining – 0.3%
	Glencore Funding LLC(b)
	1,300,000		4.125	(a)		03/12/24		1,406,327
	1,181,000		4.625			04/29/24		1,301,580
	Newcrest Finance Pty Ltd.(a)(b)
	525,000		3.250			05/13/30		572,691
	Newmont Corp.(a)
	2,050,000		2.250			10/01/30		2,118,552
	Teck Resources Ltd.(a)(b)
	900,000		3.900			07/15/30		941,607
								6,340,757
Miscellaneous Manufacturing – 0.3%
	General Electric Co.
	225,000		2.700			10/09/22		233,861
	625,000		3.100			01/09/23		655,706
	450,000		3.450	(a)		05/01/27		475,555
	625,000		3.625	(a)		05/01/30		647,150
	700,000		5.875			01/14/38		815,808
	550,000		4.250	(a)		05/01/40		558,261
	1,925,000		4.350	(a)		05/01/50		1,958,822
								5,345,163
Oil Field Services – 1.2%
	BP Capital Markets America, Inc.(a)
	1,125,000		3.224			04/14/24		1,212,188
	475,000		4.234			11/06/28		562,338
	Concho Resources, Inc.(a)
	650,000		2.400			02/15/31		622,531
	Devon Energy Corp.(a)
	514,000		5.850			12/15/25		575,444
	280,000		5.600			07/15/41		282,820
	Gazprom PJSC Via Gaz Capital SA(b)
	990,000		5.150			02/11/26		1,103,541
	Gazprom PJSC Via Gaz Finance PLC(b)
	1,210,000		3.250			02/25/30		1,212,722
	Lukoil Securities B.V.(b)
	790,000		3.875			05/06/30		834,927
	Marathon Petroleum Corp.(a)
	2,050,000		4.500			05/01/23		2,212,606
	600,000		3.625			09/15/24		642,180
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Marathon Petroleum Corp.(a) – (continued)
	375,000		3.800			04/01/28		406,579
	Newfield Exploration Co.
	1,649,000		5.625			07/01/24		1,595,407
	Occidental Petroleum Corp.(a)
	4,075,000		2.900			08/15/24		3,458,249
	475,000		5.550			03/15/26		430,469
	Phillips 66
	1,325,000		3.700			04/06/23		1,419,181
	375,000		3.850	(a)		04/09/25		416,749
	Suncor Energy, Inc.
	775,000		2.800			05/15/23		812,673
	1,550,000		3.100	(a)		05/15/25		1,667,164
	Valero Energy Corp.
	2,175,000		2.700			04/15/23		2,253,778
	1,150,000		2.850	(a)		04/15/25		1,206,005
								22,927,551
Pharmaceutical(a) – 0.1%
	Takeda Pharmaceutical Co. Ltd.
	2,400,000		2.050			03/31/30		2,440,488
Pharmaceuticals – 3.2%
	AbbVie, Inc.
	2,325,000		3.375			11/14/21		2,399,865
	1,270,000		2.300	(b)		11/21/22		1,313,802
	1,575,000		3.750	(a)		11/14/23		1,717,175
	3,250,000		4.050	(a)(b)		11/21/39		3,724,305
	125,000		4.875	(a)		11/14/48		158,251
	4,900,000		4.250	(a)(b)		11/21/49		5,789,938
	Bayer US Finance II LLC(a)(b)
	850,000		3.875			12/15/23		927,877
	1,475,000		4.250			12/15/25		1,686,264
	Becton Dickinson & Co.(a)
	1,600,000		2.894			06/06/22		1,655,056
	2,200,000		3.363			06/06/24		2,379,168
	1,000,000		3.700			06/06/27		1,133,640
	2,225,000		2.823			05/20/30		2,399,729
	1,100,000		4.669			06/06/47		1,358,192
	Bristol-Myers Squibb Co.(a)
	3,240,000		3.875			08/15/25		3,696,419
	700,000		3.900			02/20/28		827,806
	1,200,000		4.125			06/15/39		1,516,776
	350,000		4.250			10/26/49		460,142
	Cigna Corp.(a)
	5,100,000		4.125			11/15/25		5,841,591
	1,650,000		2.400			03/15/30		1,710,043
	3,475,000		3.400			03/15/50		3,626,267
	CVS Health Corp.(a)
	805,000		3.700			03/09/23		862,421
	650,000		2.625			08/15/24		692,543
	4,050,000		3.875			07/20/25		4,564,633
	675,000		4.780			03/25/38		818,897
	725,000		4.250			04/01/50		849,497
	Elanco Animal Health, Inc.
	1,675,000		4.912			08/27/21		1,718,949
	650,000		5.272	(a)		08/28/23		695,901

44 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)
	Pfizer, Inc.(a)
$	675,000		2.625	%		04/01/30	$	749,763
	Zoetis, Inc.(a)
	3,850,000		2.000			05/15/30		3,975,356
	100,000		4.450			08/20/48		130,886
								59,381,152
Pipelines – 1.9%
	Abu Dhabi Crude Oil Pipeline LLC(b)
	1,190,000		4.600			11/02/47		1,457,378
	Energy Transfer Operating LP(a)
	1,375,000		4.650			06/01/21		1,396,505
	775,000		5.200			02/01/22		802,528
	1,950,000		4.200			09/15/23		2,054,695
	1,700,000		2.900			05/15/25		1,707,310
	50,000		4.950			06/15/28		52,933
	1,225,000		5.250			04/15/29		1,317,414
	575,000		5.300			04/15/47		535,250
	Enterprise Products Operating LLC(a)
	215,000		3.350			03/15/23		227,524
	85,000		3.750			02/15/25		94,561
	(3M USD LIBOR + 2.778%)
	2,460,000		3.024	(c)		06/01/67		1,905,245
	EQM Midstream Partners LP(a)
	925,000		4.750			07/15/23		918,062
	775,000		5.500			07/15/28		778,875
	Kinder Morgan Energy Partners LP(a)
	4,500,000		3.450			02/15/23		4,728,375
	MPLX LP(a)
	2,151,000		3.375			03/15/23		2,266,122
	2,225,000		2.650			08/15/30		2,170,621
	275,000		4.500			04/15/38		280,170
	645,000		5.500			02/15/49		722,716
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	525,000		3.650			06/01/22		537,574
	1,100,000		3.850			10/15/23		1,150,611
	875,000		3.800			09/15/30		849,441
	Sabine Pass Liquefaction LLC(a)
	1,475,000		6.250			03/15/22		1,563,824
	1,650,000		5.625			03/01/25		1,888,029
	1,025,000		5.000			03/15/27		1,153,381
	The Williams Cos., Inc.(a)
	785,000		3.600			03/15/22		812,028
	850,000		3.900			01/15/25		927,681
	800,000		4.000			09/15/25		886,632
	Western Midstream Operating LP(a)
	1,125,000		4.100			02/01/25		1,070,629
	900,000		3.950			06/01/25		848,628
	225,000		5.450			04/01/44		192,938
	165,000		5.300			03/01/48		133,650
								35,431,330
Real Estate Investment Trust(a) – 2.2%
	Agree LP
	600,000		2.900			10/01/30		618,150
Corporate Obligations – (continued)
Real Estate Investment Trust(a) – (continued)
	Alexandria Real Estate Equities, Inc.
	750,000		3.800			04/15/26		858,338
	800,000		3.375			08/15/31		902,184
	American Campus Communities Operating Partnership LP
	2,575,000		3.750			04/15/23		2,707,715
	650,000		3.875			01/30/31		708,487
	American Homes 4 Rent LP
	723,000		4.900			02/15/29		861,259
	American Tower Corp.
	2,100,000		3.375			05/15/24		2,274,237
	1,750,000		2.400			03/15/25		1,852,305
	1,750,000		2.100			06/15/30		1,766,555
	Boston Properties LP
	325,000		4.125			05/15/21		329,241
	Crown Castle International Corp.
	2,150,000		3.150			07/15/23		2,285,815
	225,000		3.300			07/01/30		246,416
	125,000		4.150			07/01/50		143,134
	CubeSmart LP
	1,500,000		4.000			11/15/25		1,678,635
	Digital Realty Trust LP
	1,525,000		2.750			02/01/23		1,595,379
	Duke Realty LP
	1,075,000		1.750			07/01/30		1,072,700
	Essex Portfolio LP
	875,000		3.000			01/15/30		941,789
	Healthcare Realty Trust, Inc.
	625,000		2.050			03/15/31		617,769
	Kilroy Realty LP
	1,500,000		3.800			01/15/23		1,561,275
	1,025,000		4.750			12/15/28		1,192,690
	Mid-America Apartments LP
	1,125,000		1.700			02/15/31		1,104,277
	National Retail Properties, Inc.
	790,000		3.900			06/15/24		853,437
	1,150,000		4.000			11/15/25		1,273,349
	Regency Centers LP
	1,950,000		2.950			09/15/29		2,017,236
	Simon Property Group LP
	1,223,000		2.750			06/01/23		1,277,900
	Spirit Realty LP
	1,900,000		4.000			07/15/29		1,974,252
	1,200,000		3.400			01/15/30		1,192,164
	UDR, Inc.
	475,000		2.100			08/01/32		471,599
	Ventas Realty LP
	975,000		3.500			02/01/25		1,054,404
	VEREIT Operating Partnership LP
	1,675,000		4.625			11/01/25		1,848,128
	400,000		3.950			08/15/27		426,484
	875,000		3.400			01/15/28		912,520
	WP Carey, Inc.
	505,000		4.600			04/01/24		559,666
	445,000		4.000			02/01/25		485,344
	1,000,000		3.850			07/15/29		1,077,500
								40,742,333

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Retailing(a) – 0.9%
	AutoNation, Inc.
$	825,000		4.750	%		06/01/30	$	972,213
	Dollar Tree, Inc.
	975,000		4.000			05/15/25		1,098,776
	1,999,000		4.200			05/15/28		2,349,844
	Lowe’s Cos., Inc.
	1,050,000		5.000			04/15/40		1,381,044
	1,550,000		5.125			04/15/50		2,134,117
	McDonald’s Corp.
	200,000		4.450			09/01/48		249,034
	425,000		4.200			04/01/50		517,999
	Starbucks Corp.
	1,850,000		3.800			08/15/25		2,091,222
	The Home Depot, Inc.
	625,000		3.900			12/06/28		748,119
	Walgreens Boots Alliance, Inc.
	3,050,000		4.100			04/15/50		3,040,911
	Walmart, Inc.
	800,000		4.050			06/29/48		1,041,376
								15,624,655
Savings & Loans(a)(b)(c) – 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	975,000		3.960			07/18/30		1,100,736
Semiconductors – 1.2%
	Applied Materials, Inc.(a)
	975,000		1.750			06/01/30		1,003,139
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	975,000		3.125			01/15/25		1,040,501
	2,775,000		3.875			01/15/27		3,073,257
	161,000		3.500			01/15/28		174,167
	Broadcom, Inc.(a)
	2,350,000		3.625			10/15/24		2,564,438
	3,950,000		4.700			04/15/25		4,485,738
	1,300,000		4.250			04/15/26		1,464,424
	4,565,000		3.459			09/15/26		4,999,268
	Lam Research Corp.(a)
	1,175,000		1.900			06/15/30		1,216,818
	Microchip Technology, Inc.
	1,025,000		3.922			06/01/21		1,047,318
	NXP B.V./NXP Funding LLC(b)
	225,000		4.625			06/01/23		246,332
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
	825,000		3.400			05/01/30		902,550
								22,217,950
Software(a) – 1.0%
	Adobe, Inc.
	1,400,000		2.150			02/01/27		1,500,156
	1,850,000		2.300			02/01/30		1,995,151
	Fiserv, Inc.
	700,000		3.800			10/01/23		763,014
	2,775,000		2.750			07/01/24		2,966,392
	1,825,000		3.200			07/01/26		2,027,374
	1,075,000		4.200			10/01/28		1,271,962
Corporate Obligations – (continued)
Software(a) – (continued)
	Intuit, Inc.
	675,000		1.350			07/15/27		684,720
	450,000		1.650			07/15/30		457,902
	Oracle Corp.
	1,325,000		3.600			04/01/40		1,509,678
	1,425,000		3.850			04/01/60		1,665,127
	ServiceNow, Inc.
	3,400,000		1.400			09/01/30		3,310,648
								18,152,124
Telecommunication Services – 3.6%
	AT&T, Inc.(a)
	2,975,000		3.875			01/15/26		3,370,020
	400,000		4.125			02/17/26		457,984
	1,975,000		4.250			03/01/27		2,286,379
	6,700,000		2.300			06/01/27		7,030,109
	325,000		1.650			02/01/28		325,166
	3,075,000		2.750			06/01/31		3,235,361
	1,165,000		4.900			08/15/37		1,410,174
	1,100,000		4.850			03/01/39		1,319,802
	1,325,000		3.500			06/01/41		1,394,218
	T-Mobile USA, Inc.(a)(b)
	2,025,000		3.500			04/15/25		2,221,587
	1,350,000		1.500			02/15/26		1,355,157
	5,025,000		3.750			04/15/27		5,624,779
	4,175,000		2.050			02/15/28		4,271,985
	2,650,000		3.875			04/15/30		3,016,333
	1,950,000		2.550			02/15/31		2,008,757
	1,200,000		3.000			02/15/41		1,183,740
	Telefonica Emisiones SA
	1,375,000		4.570			04/27/23		1,507,468
	1,200,000		4.665			03/06/38		1,371,540
	Verizon Communications, Inc.
	5,066,000		4.329			09/21/28		6,148,098
	625,000		3.875	(a)		02/08/29		739,713
	2,251,000		4.016	(a)		12/03/29		2,696,495
	1,750,000		3.150	(a)		03/22/30		1,974,858
	500,000		5.250			03/16/37		692,425
	2,175,000		4.812			03/15/39		2,872,827
	25,000		4.125			08/15/46		30,953
	2,750,000		4.862			08/21/46		3,742,007
	1,343,000		5.012			04/15/49		1,921,175
	Vodafone Group PLC
	2,275,000		3.750			01/16/24		2,483,936
								66,693,046
Transportation(a) – 0.4%
	Burlington Northern Santa Fe LLC
	800,000		4.050			06/15/48		994,216
	Canadian Pacific Railway Co.
	575,000		2.050			03/05/30		600,335
	CSX Corp.
	2,250,000		3.800			04/15/50		2,671,942
	United Parcel Service, Inc.
	1,950,000		5.300			04/01/50		2,874,553
								7,141,046

46 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)
Trucking & Leasing(b) – 0.2%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
$	1,225,000		3.375	% (a)		02/01/22	$	1,265,058
	1,425,000		4.250			01/17/23		1,531,960
								2,797,018
	TOTAL CORPORATE OBLIGATIONS
	(Cost $756,233,984)						$	810,335,265
Foreign Debt Obligations – 2.2%
Sovereign – 2.2%
	Abu Dhabi Government International Bond
$	460,000		2.500	%(b)		10/11/22	$	475,525
	420,000		3.125	(b)		10/11/27		465,150
	240,000		4.125	(b)		10/11/47		301,875
	450,000		4.125			10/11/47		566,016
	Japanese Government CPI Linked Bond
JPY	2,062,054,260		0.100			03/10/29		19,536,187
	Kuwait International Government Bond
$	4,120,000		3.500			03/20/27		4,631,137
	Mexico Government International Bond
	450,000		4.500			04/22/29		504,422
	240,000		3.250	(a)		04/16/30		246,240
	Perusahaan Penerbit SBSN
	2,030,000		4.550			03/29/26		2,334,500
	Qatar Government International Bond(b)
	280,000		3.750			04/16/30		324,275
	Republic of Colombia(a)
	350,000		4.500			03/15/29		392,109
	470,000		5.200			05/15/49		567,819
	830,000		4.125			05/15/51		865,275
	Republic of Indonesia
	790,000		3.700	(b)		01/08/22		818,637
	200,000		5.875			01/15/24		230,125
EUR	280,000		2.150	(b)		07/18/24		343,777
$	420,000		4.125	(b)		01/15/25		469,219
	380,000		4.125			01/15/25		424,531
	1,380,000		4.350	(b)		01/08/27		1,580,531
	Republic of Peru(a)
	90,000		2.783			01/23/31		97,380
	Republic of Qatar(b)
	210,000		3.875			04/23/23		225,225
	230,000		4.500			04/23/28		274,563
	340,000		4.400			04/16/50		438,175
	Republic of Romania(b)
EUR	100,000		2.000			01/28/32		115,523
	360,000		3.375			01/28/50		429,996
	State of Israel(e)
	200,000		4.500			04/03/20		272,500
	United Mexican States(a)
$	200,000		4.750			04/27/32		226,438
	United Mexican States
EUR	760,000		1.625			04/08/26		896,074
$	1,350,000		3.750			01/11/28		1,452,094
	640,000		4.500	(a)		01/31/50		673,600
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $38,067,676)						$	40,178,918
Asset-Backed Securities(c) – 6.6%
Collateralized Loan Obligations(b) – 5.1%
	AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	4,100,000		1.575	%		01/15/33	$	4,052,953
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	4,000,000		2.821			04/15/33		3,965,264
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	4,384,378		1.095			01/27/28		4,321,203
	Crown City CLO I Series 2020-1A, Class A2 (3M USD LIBOR + 2.550%)
	4,600,000		2.857			07/20/30		4,614,886
	Crown City CLO I Series 2020-1A, Class B (3M USD LIBOR + 3.030%)
	2,900,000		3.337			07/20/30		2,864,907
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	1,746,301		1.525			07/15/26		1,739,767
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	14,600,000		2.422			04/15/33		14,483,901
	Galaxy XVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.070%)
	6,000,000		1.345			07/15/31		5,939,304
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class B(-1x3M USD LIBOR + 2.950%)
	3,900,000		3.089			07/20/31		3,934,928
	KREF Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.100%)
	4,200,000		1.251			06/15/36		4,170,351
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	6,900,000		1.025			04/15/29		6,803,883
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	786,053		2.913			07/25/59		821,661
	Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	3,500,000		1.628			04/14/33		3,422,419
	OHA Credit Funding 3 Ltd. Series 2019-3A, Class A1 (3M USD LIBOR + 1.320%)
	2,150,000		1.592			07/20/32		2,154,687
	OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (3M USD LIBOR + 1.450%)
	2,000,000		2.756			04/18/33		1,990,152
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	2,450,000		1.332			06/15/36		2,414,103
	Palmer Square CLO Ltd. Series 2019-1A, Class A1 (3M USD LIBOR + 1.340%)
	6,000,000		1.605			11/14/32		5,993,646
	Recette CLO Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	4,462,659		1.192			10/20/27		4,441,364
	TCW CLO Ltd. Series 2020-1A, Class C (3M USD LIBOR + 4.300%)
	4,500,000		5.060			04/20/28		4,504,158

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(c) – (continued)
Collateralized Loan Obligations(b) – (continued)
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
$	6,900,000		2.025	%		04/15/33	$	6,749,000
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	759,942		1.151			05/01/26		758,276
	Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	3,250,000		2.916			07/28/30		3,272,139
								93,412,952
Other(b) – 0.8%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
	5,700,000		1.302			06/15/28		5,628,925
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	3,100,000		1.202			09/15/35		3,077,591
	Dryden Senior Loan Fund Series 2019-76A, Class A1 (3M USD LIBOR + 1.330%)
	6,000,000		1.602			10/20/32		5,962,044
								14,668,560
Student Loan – 0.7%
	Access Group, Inc. Series 2015-1, Class A(b) (1M USD LIBOR + 0.700%)
	1,136,157		0.848			07/25/56		1,112,598
	AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	1,078,028		0.507			09/26/33		1,041,196
	Educational Funding of the South, Inc. Series 2011-1, Class A2 (3M USD LIBOR + 0.650%)
	1,471,805		0.895			04/25/35		1,462,607
	Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	3,292,771		1.300			05/25/34		3,292,763
	Navient Student Loan Trust Series 2016-7A, Class A(b) (1M USD LIBOR + 1.150%)
	1,785,432		1.298			03/25/66		1,785,432
	Nelnet Student Loan Trust Series 2006-1, Class A5 (3M USD LIBOR + 0.110%)
	101,146		0.366			08/23/27		100,797
	Nelnet Student Loan Trust Series 2013-5A, Class A(b) (1M USD LIBOR + 0.630%)
	389,559		0.778			01/25/37		377,737
	PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	2,629,684		1.298			09/25/65		2,619,917
	Scholar Funding Trust Series 2010-A, Class A(b) (3M USD LIBOR + 0.750%)
	998,603		0.997			10/28/41		971,174
	SLC Student Loan Trust Series 2006-2, Class A5 (3M USD LIBOR + 0.100%)
	415,459		0.350			09/15/26		413,310
								13,177,531
	TOTAL ASSET-BACKED SECURITIES
	(Cost $121,981,815)						$	121,259,043
Mortgage-Backed Obligations – 39.8%
Collateralized Mortgage Obligations – 1.1%
Inverse Floaters(c) – 0.0%
	GNMA REMIC Series 2002-13, Class SB (-1x1M USD LIBOR + 37.567%)
$	19,783		36.857	%		02/16/32	$	27,502
Sequential Fixed Rate – 0.4%
	FHLMC REMIC Series 2020-DNA3, Class M2(b)(c) (1M USD LIBOR + 3.000%)
	2,310,000		3.148			06/25/50		2,316,451
	FHLMC REMIC Series 2755, Class ZA
	385,925		5.000			02/15/34		436,092
	FHLMC REMIC Series 4246, Class PT
	171,986		6.500			02/15/36		204,695
	FHLMC REMIC Series 4273, Class PD
	840,555		6.500			11/15/43		1,019,466
	FNMA REMIC Series 2011-52, Class GB
	768,774		5.000			06/25/41		882,631
	FNMA REMIC Series 2011-99, Class DB
	754,711		5.000			10/25/41		864,226
	FNMA REMIC Series 2012-111, Class B
	117,598		7.000			10/25/42		145,379
	FNMA REMIC Series 2012-153, Class B
	423,327		7.000			07/25/42		534,818
								6,403,758
Sequential Floating Rate(c) – 0.7%
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	1,650,369		0.868			08/20/56		2,125,493
	HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
$	188,326		0.636			01/19/36		175,020
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	154,747		0.868			10/25/34		147,518
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	1,328,238		0.923			11/15/49		1,706,948
	Sequoia Mortgage Trust Series 2003-4, Class 1A2 (6M USD LIBOR + 0.660%)
$	338,945		0.975			07/20/33		315,746
	Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
GBP	3,744,873		1.262			05/25/51		4,833,967
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
	1,599,305		0.957			03/20/56		2,061,541
	Tower Bridge Funding No. 1 PLC, Class A (3M GBP LIBOR + 1.000%)
	649,488		1.057			03/20/56		838,036
	Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7 (1 Year CMT + 2.592%)
$	16,993		3.845			02/25/33		16,733
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(b)
	772,841		3.500			07/25/49		791,466
								13,012,468
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	19,443,728

48 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)
Commercial Mortgage-Backed Securities – 0.3%
Sequential Fixed Rate – 0.2%
	BANK Series 2019-BN21, Class A5
$	950,000		2.851	%		10/17/52		$	1,050,337
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(b)
	2,024,000		2.500			11/15/52			1,310,150
	CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E(b)
	1,304,000		2.500			03/15/53			875,289
									3,235,776
Sequential Floating Rate(b)(c) – 0.1%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A (1M USD LIBOR + 0.900%)
	473,844		1.052			09/15/35			469,004
	DBJPM 16-C1 Mortgage Trust Series 2016-C1, Class D
	1,500,000		3.501			05/10/49			1,051,404
	DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D
	1,757,000		3.375			06/10/50			1,527,080
									3,047,488
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES							$	6,283,264
Federal Agencies – 38.4%
Adjustable Rate FNMA(c) – 0.1%
$	2,935		3.009	%		06/01/33		$	3,075
	150,608		2.652			06/01/35			155,907
	737,384		2.902			09/01/34			768,211
	294,892		2.590			07/01/34			308,386
	795,334		3.655			05/01/35			836,482
									2,072,061
FHLMC – 0.6%
	17,608		5.000			05/01/23			19,248
	58,242		4.500			10/01/23			62,896
	20,702		5.500			10/01/25			23,033
	9,452		7.500			12/01/30			11,115
	4,754		7.500			01/01/31			5,586
	8,791		5.000			10/01/33			10,069
	1,892		5.000			04/01/35			2,168
	13,240		5.000			07/01/35			15,250
	75,189		5.000			12/01/35			86,377
	162,022		5.000			01/01/38			185,640
	382,918		5.000			01/01/39			438,832
	107,851		5.000			06/01/39			123,214
	15,945		4.000			06/01/40			17,574
	9,433		5.000			08/01/40			10,816
	2,725		4.500			11/01/40			3,060
	138,498		4.000			02/01/41			152,830
	2,253		5.000			04/01/41			2,579
	10,075		5.000			06/01/41			11,530
	8,814		4.000			11/01/41			9,747
	3,035,660		4.000			03/01/48			3,255,524
	3,286,459		4.000			04/01/48			3,498,940
	2,691,126		4.500			08/01/48			3,010,079
									10,956,107
Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
FNMA – 0.0%
	15,240		8.000			02/01/31			17,831
	14,691		7.000			03/01/31			16,054
									33,885
GNMA – 25.1%
	6,112		6.000			11/15/38			7,261
	50,616		5.000			07/15/40			53,425
	77,688		5.000			01/15/41			84,751
	5,610		4.000			02/20/41			6,197
	8,669		4.000			11/20/41			9,563
	1,432		4.000			01/20/42			1,580
	4,586		4.000			04/20/42			5,059
	2,737		4.000			10/20/42			3,010
	47,449		4.000			08/20/43			52,105
	4,728		4.000			03/20/44			5,183
	5,660		4.000			05/20/44			6,205
	394,451		4.000			11/20/44			432,418
	25,873		4.000			05/20/45			28,315
	3,753,837		4.000			07/20/45			4,096,384
	62,595		4.000			10/20/45			68,307
	1,856,361		3.500			04/20/47			1,986,036
	431,797		4.500			02/20/48			470,023
	1,197,266		4.500			04/20/48			1,299,515
	3,343,416		4.500			05/20/48			3,628,953
	5,287,887		4.500			08/20/48			5,719,658
	3,044,271		5.000			08/20/48			3,316,859
	21,513,108		4.500			09/20/48			23,269,714
	1,264,028		5.000			09/20/48			1,377,211
	3,945,658		5.000			10/20/48			4,290,326
	13,004,740		5.000			11/20/48			14,140,752
	8,999,732		5.000			12/20/48			9,780,267
	7,855,091		4.500			01/20/49			8,470,093
	12,327,006		5.000			01/20/49			13,396,111
	8,247,500		4.000			02/20/49			8,786,830
	7,332,790		4.000			03/20/49			7,803,711
	2,161,587		4.500			03/20/49			2,327,955
	5,651,031		5.000			03/20/49			6,141,137
	6,085,951		4.000			05/20/49			6,471,093
	2,547,737		4.500			05/20/49			2,740,640
	5,617,133		4.500			10/20/49			6,046,513
	3,756,561		4.500			11/20/49			4,031,777
	14,675,738		4.500			12/20/49			15,750,923
	5,000,004		3.500			01/20/50			5,266,605
	171,000,000		2.000			TBA-30yr	(e)		177,505,699
	101,000,000		2.500			TBA-30yr	(e)		105,972,715
	17,000,000		4.500			TBA-30yr	(e)		18,214,898
									463,065,777
UMBS – 4.6%
	6,782		5.000			04/01/23			7,413
	11,834		5.000			05/01/23			12,936
	30,006		5.000			07/01/23			32,822
	16,308		5.500			09/01/23			16,895
	5,311		5.500			10/01/23			5,502
	21,837		5.000			04/01/24			23,909
	15,204		5.000			07/01/24			16,646

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
UMBS – (continued)
$	16,983		5.000	%		12/01/24	$	18,594
	22,796		7.000			08/01/27		25,570
	916		6.500			09/01/27		1,019
	81,601		7.000			03/01/28		92,479
	20,509		5.000			04/01/28		22,618
	1,457		6.500			05/01/28		1,642
	28,774		5.000			02/01/32		31,733
	18,308		4.500			04/01/39		20,593
	7,518		4.500			05/01/39		8,431
	6,670		4.500			07/01/39		7,560
	31,105		4.500			08/01/39		35,259
	278,667		4.500			12/01/39		315,883
	656,183		4.500			05/01/41		736,870
	80,765		4.500			08/01/41		90,214
	26,380		3.000			11/01/42		28,899
	501,303		3.000			12/01/42		544,261
	710,209		3.000			01/01/43		778,015
	103,597		3.000			02/01/43		113,488
	742,222		3.000			03/01/43		813,310
	1,275,077		3.000			04/01/43		1,398,406
	894,504		3.000			05/01/43		981,022
	92,875		3.000			06/01/43		101,859
	750,862		3.000			07/01/43		823,487
	736,370		5.000			05/01/44		830,426
	2,693,178		4.500			04/01/45		3,065,481
	305,686		4.500			05/01/45		348,135
	1,040,267		4.500			06/01/45		1,158,331
	154,032		4.000			03/01/46		167,286
	95,311		4.000			06/01/46		103,092
	24,434		4.000			08/01/46		26,429
	165,170		4.000			10/01/46		178,655
	327,482		4.000			06/01/47		359,324
	4,019,414		4.500			07/01/47		4,448,193
	952,650		4.500			11/01/47		1,056,657
	433,820		4.000			12/01/47		477,493
	1,732,457		4.000			01/01/48		1,906,322
	4,608,999		4.000			02/01/48		5,059,715
	3,551,829		4.000			03/01/48		3,895,839
	242,718		5.000			04/01/48		265,941
	2,748,000		4.000			06/01/48		3,022,924
	3,265,544		4.000			07/01/48		3,582,110
	4,776,717		4.000			08/01/48		5,235,199
	1,341,790		4.500			09/01/48		1,498,766
	8,043,012		5.000			11/01/48		9,071,018
	703,645		5.000			12/01/48		770,995
	963,302		5.000			04/01/49		1,056,133
	318,446		4.500			07/01/49		347,663
	27,723,537		5.000			10/01/49		30,377,133
								85,416,595
UMBS, 30 Year, Single Family(e) – 8.0%
	25,000,000		2.000			TBA-30yr		25,801,312
	26,000,000		3.000			TBA-30yr		27,244,134
	51,000,000		3.500			TBA-30yr		53,773,115
	5,000,000		5.000			TBA-30yr		5,477,752
Mortgage-Backed Obligations – (continued)
Federal Agencies – (continued)
UMBS, 30 Year, Single Family(e) – (continued)
	34,000,000		3.000			TBA-30yr		35,620,304
								147,916,617
	TOTAL FEDERAL AGENCIES						$	709,461,042
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $726,071,271)						$	735,188,034
Agency Debentures – 4.0%
	FHLB
$	6,800,000		2.125	%		06/09/23	$	7,147,208
	3,500,000		3.375			09/08/23		3,817,275
	750,000		3.375			12/08/23		824,138
	2,400,000		5.000			09/28/29		3,196,752
	FHLMC
	31,620,000		0.375			09/23/25		31,535,258
	FNMA
	3,700,000		1.875			09/24/26		4,003,437
	4,200,000		6.250			05/15/29		6,075,762
	Israel Government AID Bond(g)
	1,200,000		5.500			12/04/23		1,392,732
	2,400,000		5.500			04/26/24		2,836,824
	4,700,000		5.500			09/18/33		7,052,820
	Tennessee Valley Authority
	5,400,000		3.875			02/15/21		5,474,574
	TOTAL AGENCY DEBENTURES
	(Cost $68,474,793)						$	73,356,780
Municipal Debt Obligations – 0.9%
California(a) – 0.3%
	California State GO Bonds Build America Taxable Series 2009
$	950,000		7.500	%		04/01/34	$	1,578,853
	1,650,000		7.550			04/01/39		2,886,873
	California State GO Bonds Build America Taxable Series 2010
	173		7.950			03/01/36		160
								4,465,886
Illinois – 0.2%
	Illinois State GO Bonds Build America Series 2010(a)
	160,000		6.630			02/01/35		176,424
	1,595,000		7.350			07/01/35		1,807,055
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,170,000		5.100			06/01/33		1,182,391
								3,165,870
New York – 0.3%
	New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B(a)
	2,670,000		5.175			11/15/49		2,915,133
	Port Authority of New York & New Jersey RB Consolidated Bonds AAA – Series 2020
	3,320,000		1.086			07/01/23		3,367,575
								6,282,708

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations – (continued)
Ohio(a) – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
$	1,700,000		6.270	%		02/15/50	$	2,462,739
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $13,464,064)						$	16,377,203
U.S. Treasury Obligations – 15.4%
	United States Treasury Bonds
$	13,000,000		3.750	%		11/15/43	$	19,311,094
	210,000		3.375	(h)		05/15/44		296,362
	15,240,000		2.875	(h)		11/15/46		20,142,994
	1,820,000		3.375			11/15/48		2,648,100
	78,590,000		2.375			11/15/49		95,953,478
	1,570,000		2.000			02/15/50		1,775,817
	United States Treasury Inflation Indexed Note
	439,343		0.125			07/15/22		450,579
	United States Treasury Notes
	1,500,000		2.875			10/15/21		1,542,656
	69,420,000		2.375			03/15/22		71,678,862
	8,880,000		2.125			05/15/22		9,166,172
	12,140,000		1.625			02/15/26		12,984,109
	39,030,000		1.625			09/30/26		41,923,709
	5,560,000		3.125			11/15/28		6,696,325
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $276,856,778)						$	284,570,257

Shares	Dividend Rate	Value
Investment Company(i) – 9.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
166,329,759	0.027%	$	166,329,759
(Cost $166,329,759)
TOTAL INVESTMENTS – 121.7%
(Cost $2,167,480,140)		$	2,247,595,259
LIABILITIES IN EXCESS OF     OTHER ASSETS – (21.7)%			(400,433,255	)
NET ASSETS – 100.0%		$	1,847,162,004

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, 2020.

(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2020.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $449,609,929 which represents approximately 24.3% of the Fund’s net assets as of September 30, 2020.
(f)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $11,282,376, which represents approximately 0.6% of the Fund’s net assets as of September 30, 2020.
(g)	Actual maturity date is April 03, 2120.
(h)	All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(i)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
EUR	— Euro
GBP	— British Pound
JPY	— Japanese Yen
NOK	— Norwegian Krone
NZD	— New Zealand Dollar
SEK	— Swedish Krona
USD	— U.S. Dollar
Investment Abbreviations:
AUDOR	— Australian Dollar Offered Rate
CDOR	— Canadian Dollar Offered Rate
CHFOR	— Swiss Franc Offered Rate
CMT	— Constant Maturity Treasury Indexes
CPI	— Consumer Price Index
EURO	— Euro Offered Rate
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
GO	— General Obligation
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

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, 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	1,887,991	AUD	2,587,445		12/16/20	$	34,339
	GBP	3,084,923	USD	3,956,483		12/16/20		26,205
	SEK	8,488,506	USD	938,000		12/16/20		10,774
Deutsche Bank AG	USD	1,015,023	EUR	862,253		11/09/20		3,239
JPMorgan Securities, Inc.	USD	4,412,102	GBP	3,352,083		12/16/20		84,505
State Street Bank (London)	JPY	91,151,970	USD	865,000		12/16/20		235
	GBP	1,823,000	USD	2,350,627		12/16/20		2,897
	USD	2,385,869	EUR	2,013,515		12/16/20		20,887
UBS AG (London)	JPY	282,796,000	USD	2,664,122		12/16/20		20,242
TOTAL							$	203,323

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
Barclays Bank PLC	EUR	3,132,000	NOK	34,668,139		12/16/20	$	(38,882	)
	USD	1,874,675	NOK	17,612,539		12/16/20		(13,978	)
Citibank NA	USD	6,113,643	NOK	58,411,583		12/16/20		(150,031	)
	USD	3,930,489	NZD	5,998,000		12/16/20		(37,210	)
HSBC Bank PLC	USD	19,913,328	JPY	2,130,307,945		10/09/20		(287,827	)
MS & Co. Int. PLC	AUD	2,335,537	USD	1,700,065		12/16/20		(26,881	)
	CAD	4,795,818	USD	3,667,335		12/16/20		(64,340	)
State Street Bank (London)	NOK	44,502,432	USD	4,965,734		12/16/20		(193,586	)
	USD	1,066,000	CAD	1,426,786		12/16/20		(5,913	)
UBS AG (London)	EUR	11,348,871	USD	13,444,020		12/16/20		(114,164	)
	GBP	755,576	USD	994,984		12/16/20		(19,522	)
	SEK	25,632,412	USD	2,913,782		12/16/20		(48,805	)
	USD	11,933,482	GBP	9,264,349		01/13/21		(29,915	)
TOTAL							$	(1,031,054	)

FORWARD SALES CONTRACTS — At September 30, 2020, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family		2.000	%	TBA-30yr		08/14/20	$	(20,000,000	)	$	(20,683,238	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		09/11/20		(10,000,000	)		(10,625,530	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		09/25/20		(2,000,000	)		(2,135,235	)
UMBS, 30 Year, Single Family		4.500		TBA-30yr		09/08/20		(12,000,000	)		(12,981,559	)
TOTAL (Proceeds Receivable: $46,458,594)										$	(46,425,562	)

(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.

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes	$	98			12/31/20	$	21,654,172		$	3,031
10 Year U.S. Treasury Notes		220			12/21/20		30,696,875			(17,733	)
20 Year U.S. Treasury Bonds		488			12/21/20		86,025,250			(107,891	)
Total									$	(122,593	)
Short position contracts:
Japan 10 Year Government Bonds		(13	)		12/14/20		(18,749,633	)		(23,658	)
Ultra Long U.S. Treasury Bonds		(61	)		12/21/20		(13,530,562	)		40,693
Ultra 10 Year U.S. Treasury Notes		(380	)		12/21/20		(60,770,313	)		46,605
5 Year U.S. Treasury Notes		(145	)		12/31/20		(18,274,531	)		(2,127	)
Total									$	61,513
TOTAL FUTURES CONTRACTS									$	(61,080	)

SWAP CONTRACTS — At September 30, 2020, 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 CDOR(a)	1.250%(a)	12/16/23	CAD	91,330	(b)	$	1,277,790		$	1,263,162		$	14,628
0.750(a)	3M LIBOR%(c)	12/16/23	$	73,460	(b)		(1,104,625	)		(1,111,591	)		6,966
6M CDOR(a)	0.840(a)	06/24/24	CAD	61,850	(b)		59,493			25,575			33,918
1M LIBOR + 0.100%(c)	3M LIBOR(c)	07/25/24	$	23,200			14,173			376			13,797
6M CDOR(a)	0.810(a)	09/30/24	CAD	36,660			3,276			3,295			(19	)
6M AUDOR(a)	0.553(a)	05/16/25	AUD	50,950	(b)		217,447			(31,792	)		249,239
(0.307)(d)	6M EURO(a)	05/18/25	EUR	37,550	(b)		(140,168	)		34,976			(175,144	)
3M STIBOR(c)	0.000(d)	12/16/25	SEK	191,430	(b)		(81,934	)		(71,727	)		(10,207	)
3M NIBOR(a)	0.750(d)	12/16/25	NOK	320,070	(b)		205,116			134,091			71,025
3M LIBOR(c)	1.000(a)	12/16/25	$	1,270	(b)		39,999			40,506			(507	)
(0.250)(d)	6M EURO(a)	12/16/25	EUR	48,050	(b)		(481,663	)		(489,127	)		7,464
0.500(a)	6M GBP(a)	12/16/25	GBP	7,290	(b)		(136,425	)		(133,928	)		(2,497	)
6M AUDOR(a)	0.960(a)	04/21/27	AUD	6,450	(b)		55,461			1,177			54,284
6M CHFOR(a)	(0.500)(d)	12/16/27	CHF	21,640	(b)		(42,204	)		(87,300	)		45,096
(0.250)(d)	6M EURO(a)	12/16/27	EUR	17,500	(b)		(138,980	)		(105,231	)		(33,749	)
6M AUDOR(a)	0.920(a)	09/04/28	AUD	21,790	(b)		52,142			(5,045	)		57,187
1.750(a)	3M NZDOR(c)	03/19/30	NZD	8,640	(b)		(258,605	)		(248,617	)		(9,988	)
6M EURO(a)	0.050(d)	05/21/30	EUR	11,230	(b)		83,691			(34,674	)		118,365
3M LIBOR(c)	0.980(a)	05/21/30	$	11,100	(b)		(30,536	)		(16,145	)		(14,391	)
3M LIBOR(c)	1.750(a)	06/18/30		19,850	(b)		679,585			689,235			(9,650	)
0.250(d)	6M EURO(a)	06/18/30	EUR	13,110	(b)		(251,648	)		(558,582	)		306,934
1.140(a)	6M CDOR(a)	06/24/30	CAD	12,770	(b)		10,755			(13,056	)		23,811
0.000(d)	6M EURO(a)	09/08/30	EUR	15,160	(b)		(39,895	)		5,902			(45,797	)
6M CHFOR(a)	(0.250)(d)	12/16/30	CHF	13,260	(b)		119,698			73,014			46,684
6M EURO(a)	(0.250)(d)	12/16/30	EUR	5,630	(b)		(23,400	)		(61,061	)		37,661
3M NZDOR(c)	0.500(a)	12/16/30	NZD	1,820	(b)		(3,991	)		(6,277	)		2,286
6M AUDOR(a)	1.000(a)	12/16/30	AUD	7,650	(b)		99,971			74,712			25,259

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (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)
1.000(a)		3M LIBOR(c)	12/16/30		$	3,070	(b)	$	(78,558	)	$	(78,558	)	$	—
(0.250)(d)		6M EURO(a)	12/16/30		EUR	21,360	(b)		88,779			137,027			(48,248	)
1.160(a)		3M LIBOR(c)	05/21/35		$	11,970	(b)		143,106			17,080			126,026
1.364(a)		6M AUDOR(a)	04/21/40		AUD	1,870	(b)		31,009			(812	)		31,821
0.260(d)		6M EURO(a)	05/21/40		EUR	5,360	(b)		11,296			(37,651	)		48,947
3M LIBOR(c)		1.750%(a)	06/19/40		$	4,600	(b)		130,392			179,456			(49,064	)
0.750(d)		6M EURO(a)	06/19/40		EUR	4,680	(b)		(268,691	)		(327,658	)		58,967
0.855(a)		3M LIBOR(c)	04/09/45		$	3,190	(b)		61,903			115			61,788
3M LIBOR(c)		0.845(a)	04/10/50			3,200	(b)		(51,862	)		115			(51,977	)
6M CDOR(a)		1.750(a)	06/17/50		CAD	1,070			59,059			30,477			28,582
3M LIBOR(c)		1.750(a)	06/20/50		$	3,190	(b)		114,166			139,987			(25,821	)
0.500(d)		6M EURO(a)	06/20/50		EUR	4,330	(b)		(302,372	)		(337,064	)		34,692
0.250(d)		6M EURO(a)	12/16/50			820	(b)		(77,693	)		(59,439	)		(18,254	)
TOTAL								$	45,057		$	(965,057	)	$	1,010,114

(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, 2020.

(c) Payments made quarterly.

(d) Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)		Credit Spread at September 30, 2020(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 8		3.000%	11.810%		Citibank NA		10/17/57	$	2,450	$	(686,306	)	$	(677,432	)	$	(8,874	)
Markit CMBX Series 10		3.000	8.190		Citibank NA		11/17/59		900		(221,010	)		(158,442	)		(62,568	)
Markit CMBX Series 11		3.000	7.210		JPMorgan Securities, Inc.		11/18/54		1,100		(251,628	)		(341,216	)		89,588
Markit CMBX Series 11		3.000	7.210		MS & Co. Int. PLC		11/18/54		1,100		(251,536	)		(313,234	)		61,698
TOTAL										$	(1,410,480	)	$	(1,490,324	)	$	79,844

(a) Payments made monthly.

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund(a)	Credit Spread at September 30, 2020(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 28	1.000%		0.829	%		06/20/22	$	33,100	$	107,519		$	393,031		$	(285,512	)
CDX.NA.IG Index 34	1.000		0.689			06/20/23		41,800		362,030			486,203			(124,173	)
CDX.NA.IG Index 34	1.000		0.848			06/20/25		29,800		215,663			361,490			(145,827	)
General Electric Co. 2.700%, 10/09/22	1.000		1.265			06/20/24		2,825		(26,432	)		(35,901	)		9,469

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (continued)

Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund(a)		Credit Spread at September 30, 2020(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
General Electric Co. 2.700%, 10/09/22		1.000%		1.425	%		12/20/24	$	1,225	$	(21,002	)	$	(16,460	)	$	(4,542	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.731			12/20/24		1,080		12,513			12,081			432
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.914			12/20/25		3,620		17,011			5,667			11,344
Prudential Financial, Inc., 3.500%, 05/15/24		1.000		0.383			06/20/24		2,950		68,747			37,020			31,727
Republic of Chile, 3.875%, 08/05/20		1.000		0.518			12/20/24		1,000		20,623			17,871			2,752
Republic of Chile, 3.875%, 08/05/20		1.000		0.677			12/20/25		2,110		35,832			30,938			4,894
Republic of Colombia, 10.375%, 01/28/33		1.000		1.118			06/20/24		3,580		(14,449	)		(11,851	)		(2,598	)
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.832			06/20/24		2,160		14,055			9,511			4,544
Republic of Peru, 8.750%, 11/21/33		1.000		0.775			12/20/25		4,500		53,433			39,236			14,197
Republic of the Philippines, 10.625%, 03/16/25		1.000		0.556			12/20/25		4,530		105,391			100,133			5,258
Russian Federation, 7.500%, 03/31/30		1.000		1.058			12/20/24		1,000		(2,116	)		3,349			(5,465	)
State of Qatar, 9.750%, 06/15/30		1.000		0.387			12/20/24		170		4,461			3,032			1,429
State of Qatar, 9.750%, 06/15/30		1.000		0.519			12/20/25		4,350		110,016			101,762			8,254
The Boeing Co., 8.750%, 08/15/21		1.000		3.012			06/20/24		1,225		(84,130	)		19,784			(103,914	)
United Mexican States, 4.150%, 03/28/27		1.000		1.492			12/20/25		4,490		(110,644	)		(149,129	)		38,485
TOTAL										$	868,521		$	1,407,767		$	(539,246	)

(a) Payments made quarterly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
6M IRS	JPMorgan Securities, Inc.		1.100	%		03/17/2021		26,000,000		$	26,000,000		$	276,115		$	312,000		$	(35,885	)
Written option contracts
Calls
1M IRS	Citibank NA		0.700			10/19/2020		(5,070,000	)		(5,070,000	)		(16,285	)		(26,174	)		9,889

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (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 Fund			Unrealized Appreciation/ (Depreciation)
3M IRS	Citibank NA		0.150	%		12/01/2020		(2,110,000	)	$	(2,110,000	)	$	(27,091	)	$	(21,740	)	$	(5,351	)
3M IRS	Citibank NA		0.150			12/02/2020		(1,430,000	)		(1,430,000	)		(18,466	)		(16,262	)		(2,204	)
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(5,200,000	)		(5,200,000	)		(36,320	)		(54,574	)		18,254
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(3,900,000	)		(3,900,000	)		(33,337	)		(43,095	)		9,758
6M IRS	Deutsche Bank AG (London)		0.395			10/02/2020		(9,900,000	)		(9,900,000	)		(1	)		(89,595	)		89,594
1M IRS	JPMorgan Securities, Inc.		0.700			10/26/2020		(5,070,000	)		(5,070,000	)		(19,449	)		(26,110	)		6,661
1M IRS	JPMorgan Securities, Inc.		0.703			10/28/2020		(5,070,000	)		(5,070,000	)		(21,355	)		(25,096	)		3,741
1Y IRS	JPMorgan Securities, Inc.		0.480			05/19/2021		(3,300,000	)		(3,300,000	)		(26,271	)		(33,553	)		7,282
1Y IRS	JPMorgan Securities, Inc.		0.490			05/18/2021		(3,200,000	)		(3,200,000	)		(26,423	)		(32,320	)		5,897
6M IRS	JPMorgan Securities, Inc.		0.350			10/02/2020		(4,140,000	)		(4,140,000	)		(1,590	)		(46,444	)		44,854
6M IRS	JPMorgan Securities, Inc.		0.700			03/17/2021		(26,000,000	)		(26,000,000	)		(101,650	)		(118,690	)		17,040
6M IRS	JPMorgan Securities, Inc.		0.900			03/17/2021		(26,000,000	)		(26,000,000	)		(171,109	)		(208,000	)		36,891
1M IRS	MS & Co. Int. PLC		0.211			10/14/2020		(4,000,000	)		(4,000,000	)		(16,151	)		(21,119	)		4,968
1M IRS	MS & Co. Int. PLC		0.230			10/21/2020		(4,000,000	)		(4,000,000	)		(13,583	)		(20,001	)		6,418
1M IRS	MS & Co. Int. PLC		0.698			10/13/2020		(5,070,000	)		(5,070,000	)		(12,632	)		(31,434	)		18,802
3M IRS	MS & Co. Int. PLC		0.200			12/02/2020		(5,900,000	)		(5,900,000	)		(53,915	)		(53,695	)		(220	)
3M IRS	MS & Co. Int. PLC		0.200			12/03/2020		(4,380,000	)		(4,380,000	)		(40,237	)		(44,144	)		3,907
4M IRS	MS & Co. Int. PLC		0.250			01/14/2021		(6,190,000	)		(6,190,000	)		(50,805	)		(55,955	)		5,150
6M IRS	MS & Co. Int. PLC		0.350			10/02/2020		(3,930,000	)		(3,930,000	)		(1,940	)		(43,853	)		41,913
6M IRS	MS & Co. Int. PLC		0.350			10/21/2020		(8,410,000	)		(8,410,000	)		(27,743	)		(87,144	)		59,401
1M IRS	UBS AG (London)		0.191			10/05/2020		(4,000,000	)		(4,000,000	)		(19,483	)		(22,350	)		2,867
1M IRS	UBS AG (London)		0.234			10/28/2020		(4,000,000	)		(4,000,000	)		(15,132	)		(19,255	)		4,123
2M IRS	UBS AG (London)		0.150			11/30/2020		(6,740,000	)		(6,740,000	)		(86,036	)		(68,167	)		(17,869	)
								(157,010,000	)	$	(157,010,000	)	$	(837,004	)	$	(1,208,770	)	$	371,766
Puts
1M IRS	Citibank NA		0.700			10/19/2020		(5,070,000	)		(5,070,000	)		(24,744	)		(26,174	)		1,430
3M IRS	Citibank NA		0.100			12/01/2020		(2,110,000	)		(2,110,000	)		(1,545	)		(6,032	)		4,487
3M IRS	Citibank NA		0.100			12/02/2020		(1,430,000	)		(1,430,000	)		(1,088	)		(3,218	)		2,130
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(5,200,000	)		(5,200,000	)		(27,404	)		(54,574	)		27,170
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(3,900,000	)		(3,900,000	)		(13,020	)		(43,095	)		30,075
1M IRS	JPMorgan Securities, Inc.		0.700			10/26/2020		(5,070,000	)		(5,070,000	)		(28,920	)		(26,111	)		(2,809	)
1M IRS	JPMorgan Securities, Inc.		0.703			10/28/2020		(5,070,000	)		(5,070,000	)		(29,502	)		(25,097	)		(4,405	)
1Y IRS	JPMorgan Securities, Inc.		0.480			05/19/2021		(3,300,000	)		(3,300,000	)		(15,747	)		(33,553	)		17,806
1Y IRS	JPMorgan Securities, Inc.		0.490			05/18/2021		(3,200,000	)		(3,200,000	)		(14,561	)		(32,320	)		17,759
1M IRS	MS & Co. Int. PLC		0.211			10/14/2020		(4,000,000	)		(4,000,000	)		(8,458	)		(21,119	)		12,661
1M IRS	MS & Co. Int. PLC		0.230			10/21/2020		(4,000,000	)		(4,000,000	)		(15,707	)		(20,001	)		4,294
1M IRS	MS & Co. Int. PLC		0.698			10/13/2020		(5,070,000	)		(5,070,000	)		(21,475	)		(31,434	)		9,959
4M IRS	MS & Co. Int. PLC		0.000			01/14/2021		(6,190,000	)		(6,190,000	)		(18,740	)		(19,431	)		691
1M IRS	UBS AG (London)		0.191			10/05/2020		(4,000,000	)		(4,000,000	)		(1,314	)		(22,350	)		21,036
1M IRS	UBS AG (London)		0.234			10/28/2020		(4,000,000	)		(4,000,000	)		(19,852	)		(19,255	)		(597	)
2M IRS	UBS AG (London)		0.100			11/30/2020		(6,740,000	)		(6,740,000	)		(4,745	)		(21,653	)		16,908
								(68,350,000	)	$	(68,350,000	)	$	(246,822	)	$	(405,417	)	$	158,595
Total written option contracts								(225,360,000	)	$	(225,360,000	)	$	(1,083,826	)	$	(1,614,187	)	$	530,361
TOTAL								(199,360,000	)	$	(199,360,000	)	$	(807,711	)	$	(1,302,187	)	$	494,476

Abbreviations:
CDX.NA.IG Index 28	—CDX North America Investment Grade Index 28
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Sovereign Debt Obligations – 27.4%
British Pound – 1.1%
	United Kingdom Gilt
GBP	1,020,000		1.750	%		07/22/57	$	1,746,513
	United Kingdom Treasury
	1,820,000		3.500			01/22/45		3,774,312
	710,000		3.500			07/22/68		1,959,759
								7,480,584
Canadian Dollar – 1.6%
	British Columbia Province of Canada
CAD	2,600,000		2.850			06/18/25		2,149,650
	2,000,000		4.950			06/18/40		2,267,928
	Ontario Province of Canada
	3,700,000		2.850			06/02/23		2,954,859
	1,700,000		2.600			06/02/25		1,386,837
	2,300,000		4.650			06/02/41		2,523,514
								11,282,788
Chinese Yuan – 3.4%
	Agricultural Development Bank of China
CNY	32,800,000		2.960			04/17/30		4,478,449
	China Development Bank
	26,490,000		3.500			08/13/26		3,865,459
	7,420,000		4.040			04/10/27		1,113,549
	590,000		3.650			05/21/29		85,796
	12,220,000		3.740			07/12/29		1,785,963
	10,700,000		3.450			09/20/29		1,529,655
	China Government Bond
	18,480,000		3.250			06/06/26		2,743,669
	22,460,000		3.250			11/22/28		3,306,492
	8,400,000		3.290			05/23/29		1,243,087
	2,890,000		4.080			10/22/48		442,236
	20,750,000		3.860			07/22/49		3,054,288
								23,648,643
Euro – 4.7%
	French Republic Government Bond OAT
EUR	1,700,000		4.500			04/25/41		3,747,728
	890,000		3.250			05/25/45		1,782,484
	800,000		1.750	(a)		05/25/66		1,412,961
	Italy Buoni Poliennali Del Tesoro(a)
	1,750,000		2.950			09/01/38		2,560,938
	1,000,000		2.800			03/01/67		1,457,883
	Italy Certificati di Credito del Tesoro/CCTS-eu(b) (-1x6M Euribor + 1.850%)
	4,320,000		1.518			01/15/25		5,302,126
	Kingdom of Belgium(a)
	250,000		2.150			06/22/66		491,843
	Portugal Obrigacoes do Tesouro OT(a)
	1,200,000		1.950			06/15/29		1,629,560
	Republic of Austria Government Bond(a)
	450,000		1.500			11/02/86		856,388
	280,000		2.100	(c)		09/20/17		699,288
	280,000		0.850	(d)		06/30/20		404,543
	Republic of Indonesia(a)
	650,000		2.625			06/14/23		804,007
	240,000		2.150			07/18/24		294,666
Foreign Sovereign Debt Obligations – (continued)
Euro – (continued)
	Republic of Romania(a)
EUR	70,000		2.000			01/28/32		80,866
	400,000		3.375			01/28/50		477,773
	Spain Government Bond(a)
	2,075,000		5.900			07/30/26		3,300,430
	3,250,000		1.500			04/30/27		4,217,114
	890,000		1.250			10/31/30		1,147,474
	1,110,000		3.450			07/30/66		2,258,769
								32,926,841
Indonesian Rupiah – 0.1%
	Republic of Indonesia
IDR	12,964,000,000		8.750			05/15/31		966,637
Israeli Shekel – 0.1%
	Israel Government Bond
ILS	2,430,000		2.000			03/31/27		779,724
Japanese Yen – 12.5%
	Government of Japan
JPY	428,350,000		0.100			11/01/21		4,072,544
	1,186,850,000		0.100			09/20/24		11,359,054
	596,200,000		2.500			09/20/34		7,435,187
	367,900,000		0.400			03/20/39		3,509,466
	179,950,000		0.300			12/20/39		1,680,489
	145,000,000		1.400			09/20/45		1,664,328
	26,750,000		0.400			12/20/49		241,104
	Japan Government Forty Year Bond
	576,350,000		0.500			03/20/60		5,231,770
	Japan Government Thirty Year Bond
	63,400,000		0.400			03/20/50		570,471
	3,000,000		0.600			06/20/50		28,478
	Japan Government Twenty Year Bond
	926,800,000		0.400			06/20/40		8,790,122
	Japan Government Two Year Bond
	142,600,000		0.100			07/01/22		1,358,395
	3,166,700,000		0.100			09/01/22		30,170,500
	Japanese Government CPI Linked Bond
	1,246,150,089		0.100			03/10/29		11,806,198
								87,918,106
Russian Ruble – 0.1%
	Russian Federation Bond
RUB	26,160,000		7.050			01/19/28		358,709
Singapore Dollar – 0.2%
	Singapore Government Bond
SGD	2,150,000		2.750			07/01/23		1,678,750
South Korean Won – 0.9%
	Inflation Linked Korea Treasury Bond
KRW	1,823,228,761		1.000			06/10/26		1,585,837
	Korea Treasury Bond
	2,598,070,000		1.875			06/10/29		2,306,909
	2,641,660,000		1.375			12/10/29		2,250,063
								6,142,809

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Sovereign Debt Obligations – (continued)
Thai Baht – 0.9%
	Thailand Government Bond
THB	126,490,000		1.875	%		06/17/22	$	4,079,289
	76,900,000		2.400			12/17/23		2,556,759
								6,636,048
United States Dollar – 1.8%
	Abu Dhabi Government International Bond
$	500,000		3.125	(a)		10/11/27		553,750
	600,000		4.125	(a)		10/11/47		754,687
	1,370,000		4.125			10/11/47		1,723,203
	Republic of Colombia(e)
	210,000		4.125			05/15/51		218,925
	Republic of Indonesia
	970,000		5.875			01/15/24		1,116,106
	200,000		4.125	(a)		01/15/25		223,438
	4,340,000		4.125			01/15/25		4,848,594
	790,000		3.850	(a)		07/18/27		889,244
	Republic of Qatar(a)
	1,820,000		5.103			04/23/48		2,525,819
	United Mexican States(e)
	200,000		4.500			01/31/50		210,500
								13,064,266
	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS
	(Cost $177,545,788)						$	192,883,905
Corporate Obligations – 40.8%
Aerospace & Defense(e) – 0.8%
	Airbus SE
EUR	550,000		2.000			04/07/28	$	693,437
	500,000		2.375			04/07/32		635,802
	550,000		2.375			06/09/40		655,539
	General Dynamics Corp.
$	200,000		4.250			04/01/50		259,986
	Northrop Grumman Corp.
	1,700,000		2.930			01/15/25		1,849,294
	1,100,000		3.250			01/15/28		1,234,574
	150,000		5.250			05/01/50		214,158
	Raytheon Technologies Corp.
	27,000		3.650			08/16/23		29,175
								5,571,965
Agriculture(e) – 0.4%
	Altria Group, Inc.
EUR	200,000		3.125			06/15/31		268,052
	Archer-Daniels-Midland Co.
$	400,000		3.250			03/27/30		456,888
	BAT Capital Corp.
	50,000		3.557			08/15/27		54,013
	1,450,000		2.259			03/25/28		1,455,104
	500,000		5.282			04/02/50		587,350
								2,821,407
Automotive – 0.3%
	General Motors Financial Co., Inc.(e)
	200,000		5.650			01/17/29		233,406
Corporate Obligations – (continued)
Automotive – (continued)
	Nissan Motor Co. Ltd.(a)
	400,000		3.043			09/15/23		405,400
	350,000		3.522	(e)		09/17/25		353,301
	600,000		4.345	(e)		09/17/27		601,824
	Volkswagen Leasing GmbH
EUR	600,000		1.625			08/15/25		730,954
								2,324,885
Banks – 11.6%
	ABN AMRO Bank NV(b)(e) (5 year EUR Swap + 2.450%)
	700,000		2.875			01/18/28		859,190
	AIB Group PLC(a)(b)(e) (3M USD LIBOR + 1.874%)
$	2,250,000		4.263			04/10/25		2,418,367
	Australia & New Zealand Banking Group Ltd.(a)(b)(e) (5 Year CMT + 1.288%)
	750,000		2.950			07/22/30		777,233
	Banco de Sabadell SA
EUR	400,000		0.875			03/05/23		473,379
	Banco Santander SA
$	800,000		2.706			06/27/24		846,080
	400,000		3.306			06/27/29		435,340
	600,000		3.490			05/28/30		655,092
	Bank of America Corp.
	150,000		3.875			08/01/25		170,153
	750,000		5.875			02/07/42		1,106,408
	(3M USD LIBOR + 0.810%)
	2,900,000		3.366	(b)(e)		01/23/26		3,168,830
	(3M USD LIBOR + 3.150%)
	600,000		4.083	(b)(e)		03/20/51		739,494
	(SOFR + 2.150%)
	2,200,000		2.592	(b)(e)		04/29/31		2,327,490
	Barclays PLC(e)
	900,000		3.684			01/10/23		928,665
	(3M USD LIBOR + 1.400%)
	800,000		4.610	(b)		02/15/23		837,320
	(3M USD LIBOR + 2.452%)
	850,000		2.852	(b)		05/07/26		882,632
	BNP Paribas SA
	1,450,000		3.375	(a)		01/09/25		1,571,031
	1,250,000		3.375			01/09/25		1,354,338
	(3M Euribor + 1.800%)
EUR	1,100,000		2.125	(b)(e)		01/23/27		1,398,377
	(5 year EUR Swap + 1.830%)
	300,000		2.625	(b)(e)		10/14/27		363,859
	(5 Year USD Swap + 1.483%)
$	950,000		4.375	(a)(b)(e)		03/01/33		1,054,196
	(5 year USD Swap + 4.149%)
	200,000		6.625	(a)(b)(e)		12/31/99		211,762
	(SOFR + 2.074%)
	550,000		2.219	(a)(b)(e)		06/09/26		567,116
	BPCE SA(a)
	2,350,000		4.000			09/12/23		2,553,369
	1,000,000		1.652			10/06/26		1,001,140
	CaixaBank SA
EUR	400,000		1.125			05/17/24		483,354

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Citigroup, Inc.
$	1,210,000		3.500	%		05/15/23	$	1,288,529
GBP	600,000		2.750	(e)		01/24/24		818,579
	(3M USD LIBOR + 1.023%)
$	830,000		4.044	(b)(e)		06/01/24		897,952
	(SOFR + 2.107%)
	1,600,000		2.572	(b)(e)		06/03/31		1,675,216
	(SOFR + 2.750%)
	1,700,000		3.106	(b)(e)		04/08/26		1,833,110
	(SOFR + 3.914%)
	700,000		4.412	(b)(e)		03/31/31		838,621
	Citizens Bank NA(e)
	250,000		3.250			02/14/22		258,963
	Commerzbank AG
EUR	550,000		4.000			03/23/26		686,453
	Commonwealth Bank of Australia(a)(b)(e) (5 Year CMT + 2.050%)
$	1,000,000		3.610			09/12/34		1,082,870
	Cooperatieve Rabobank UA
EUR	550,000		3.875			07/25/23		710,415
	Credit Agricole SA(a)
$	300,000		3.750			04/24/23		321,528
	(SOFR + 1.676%)
	300,000		1.907	(b)(e)		06/16/26		305,799
	Credit Suisse AG
	1,000,000		2.950			04/09/25		1,090,170
	Credit Suisse Group AG(a)(b)(e)
	(3M USD LIBOR + 1.410%)
	2,800,000		3.869			01/12/29		3,119,872
	(SOFR + 1.560%)
	1,550,000		2.593			09/11/25		1,617,192
	Deutsche Bank AG
	100,000		3.125			01/13/21		100,458
	(SOFR + 2.159%)
	600,000		2.222	(b)(e)		09/18/24		603,894
	Erste Group Bank AG(b)(e) (5 year EUR Swap + 6.204%)
EUR	200,000		6.500			12/31/99		251,490
	Fifth Third Bancorp(e)
$	575,000		2.375			01/28/25		608,822
	HSBC Holdings PLC
	200,000		4.250			08/18/25		216,820
	450,000		4.950			03/31/30		542,277
	(3M USD LIBOR + 1.211%)
	2,150,000		3.803	(b)(e)		03/11/25		2,313,894
	JPMorgan Chase & Co.(e)
	3,200,000		3.625			12/01/27		3,570,048
	(3M USD LIBOR + 0.730%)
	305,000		3.559	(b)		04/23/24		326,753
	(3M USD LIBOR + 0.890%)
	300,000		3.797	(b)		07/23/24		325,164
	(3M USD LIBOR + 1.000%)
	2,050,000		4.023	(b)		12/05/24		2,253,114
	(SOFR + 2.040%)
	750,000		2.522	(b)		04/22/31		798,578
	(SOFR + 2.515%)
	750,000		2.956	(b)		05/13/31		802,920
Corporate Obligations – (continued)
Banks – (continued)
	Kreditanstalt fuer Wiederaufbau(f)
EUR	3,000,000		0.625			01/07/28		3,804,928
	Macquarie Group Ltd.
	350,000		0.625			02/03/27		412,118
	(3M USD LIBOR + 1.372%)
$	300,000		3.763	(a)(b)(e)		11/28/28		326,064
	Morgan Stanley, Inc.
	1,700,000		3.700			10/23/24		1,884,212
	(SOFR + 1.152%)
	900,000		2.720	(b)(e)		07/22/25		956,277
	(SOFR + 3.120%)
	1,100,000		3.622	(b)(e)		04/01/31		1,261,381
	(SOFR + 4.840%)
	925,000		5.597	(b)(e)		03/24/51		1,394,974
	Natwest Group PLC
	200,000		3.875			09/12/23		214,768
	(3M USD LIBOR + 1.480%)
	1,200,000		3.498	(b)(c)		05/15/23		1,242,648
	(3M USD LIBOR + 1.550%)
	425,000		4.519	(b)(c)		06/25/24		458,286
	Regions Financial Corp.(e)
	210,000		3.800			08/14/23		227,930
	Santander UK Group Holdings PLC(b)(e) (1 year CMT + 1.250%)
	1,000,000		1.532			08/21/26		984,770
	Santander UK PLC
	225,000		2.875			06/18/24		240,102
	Societe Generale SA
EUR	1,700,000		1.750			03/22/29		2,126,009
	The Huntington National Bank(e)
$	1,950,000		3.250			05/14/21		1,977,982
	300,000		1.800			02/03/23		307,860
	The PNC Financial Services Group, Inc.(e)
	600,000		3.500			01/23/24		653,838
	Wells Fargo & Co.(b)(e)
	(3M USD LIBOR + 4.240%)
	625,000		5.013			04/04/51		855,613
	(SOFR + 2.000%)
	2,450,000		2.188			04/30/26		2,550,964
	(SOFR + 2.100%)
	2,050,000		2.393			06/02/28		2,139,400
	Westpac Banking Corp.(b)(e) (5 year CMT + 1.350%)
	1,200,000		2.894			02/04/30		1,239,480
								81,703,320
Beverages(e) – 2.5%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	750,000		4.900			02/01/46		918,915
	Anheuser-Busch InBev Worldwide, Inc.
	500,000		4.150			01/23/25		564,870
	2,300,000		4.750			01/23/29		2,797,651
	700,000		4.600			04/15/48		841,127
	Bacardi Ltd.(a)
	1,200,000		4.700			05/15/28		1,396,188

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Beverages(e) – (continued)
	Constellation Brands, Inc.
$	1,500,000		3.200	%		02/15/23	$	1,584,435
	1,500,000		4.400			11/15/25		1,745,220
	1,550,000		2.875			05/01/30		1,667,382
	Diageo Capital PLC
	1,950,000		2.000			04/29/30		2,009,494
	Keurig Dr Pepper, Inc.
	3,250,000		4.417			05/25/25		3,748,452
	50,000		5.085			05/25/48		67,029
	200,000		3.800			05/01/50		229,104
								17,569,867
Biotechnology(e) – 0.2%
	Biogen, Inc.
	1,600,000		2.250			05/01/30		1,634,928
Building Materials(a)(e) – 0.3%
	Carrier Global Corp.
	650,000		2.493			02/15/27		680,576
	900,000		2.722			02/15/30		939,843
	300,000		3.377			04/05/40		313,626
								1,934,045
Chemicals – 0.8%
	Bluestar Finance Holdings Ltd.(b)(e) (-1x3 Year CMT + 6.651%)
	1,080,000		3.875			12/31/99		1,090,800
	DuPont de Nemours, Inc.(e)
	600,000		4.493			11/15/25		689,862
	Nutrition & Biosciences, Inc.(a)(e)
	450,000		1.230			10/01/25		449,501
	200,000		1.832			10/15/27		200,832
	350,000		2.300			11/01/30		351,722
	150,000		3.268			11/15/40		151,425
	400,000		3.468			12/01/50		401,992
	Sasol Financing International Ltd.
	560,000		4.500			11/14/22		541,800
	Syngenta Finance NV(a)(e)
	750,000		4.441			04/24/23		792,277
	600,000		4.892			04/24/25		651,606
	200,000		5.182			04/24/28		220,228
	200,000		5.676			04/24/48		213,618
								5,755,663
Commercial Services – 0.4%
	ASTM SpA
EUR	550,000		3.375			02/13/24		690,683
	DP World Crescent Ltd.
$	200,000		4.848			09/26/28		221,660
	DP World PLC
	390,000		5.625			09/25/48		444,356
	PayPal Holdings, Inc.(e)
	1,000,000		2.300			06/01/30		1,057,460
	500,000		3.250			06/01/50		552,220
								2,966,379
Computers(e) – 0.9%
	Dell International LLC/EMC Corp.(a)
	1,100,000		6.020			06/15/26		1,293,710
	950,000		4.900			10/01/26		1,071,277
Corporate Obligations – (continued)
Computers(e) – (continued)
	Hewlett Packard Enterprise Co.
	1,200,000		4.450			10/02/23		1,318,920
	300,000		4.650			10/01/24		338,520
	1,850,000		4.900			10/15/25		2,120,840
								6,143,267
Diversified Financial Services – 2.1%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,400,000		3.500	(e)		05/26/22		1,413,426
	2,149,000		4.625			07/01/22		2,200,769
	AIG Global Funding(a)
	224,000		2.300			07/01/22		230,966
	Air Lease Corp.(e)
	1,150,000		3.250			03/01/25		1,167,123
	American Express Co.(e)
	255,000		2.500			07/30/24		270,981
	Avolon Holdings Funding Ltd.(a)(e)
	400,000		3.950			07/01/24		382,332
	Capital One Financial Corp.(e)
	505,000		3.300			10/30/24		546,945
	GE Capital Funding LLC(a)(e)
	550,000		4.400			05/15/30		591,239
	GE Capital International Funding Co.
	1,350,000		3.373			11/15/25		1,443,015
	1,350,000		4.418			11/15/35		1,422,360
	Huarong Finance 2019 Co. Ltd.
	380,000		3.750			05/29/24		397,100
	Huarong Finance II Co. Ltd.
	370,000		5.000			11/19/25		410,469
	200,000		4.625			06/03/26		218,438
	200,000		4.875			11/22/26		222,313
	Intercontinental Exchange, Inc.(e)
	1,150,000		1.850			09/15/32		1,146,343
	JAB Holdings B.V.
EUR	1,000,000		1.000			12/20/27		1,168,546
	Nasdaq, Inc.(e)
$	1,350,000		3.250			04/28/50		1,410,750
								14,643,115
Electrical – 1.2%
	AEP Transmission Co. LLC(e)
	150,000		3.650			04/01/50		176,618
	Ameren Corp.(e)
	150,000		2.500			09/15/24		159,225
	Berkshire Hathaway Energy Co.(a)(e)
	25,000		4.250			10/15/50		31,352
	Dominion Energy, Inc.(e)
	2,200,000		3.375			04/01/30		2,478,718
	DTE Energy Co.
	498,000		2.250			11/01/22		514,235
	Duke Energy Carolinas LLC(e)
	700,000		3.200			08/15/49		774,956
	Electricite de France SA(a)(e)
	1,450,000		4.500			09/21/28		1,723,252
	FirstEnergy Corp.(e)
	650,000		2.250			09/01/30		636,558
	innogy Finance B.V.
GBP	250,000		6.125			07/06/39		524,666

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical – (continued)
	Pacific Gas & Electric Co.(e)
$	250,000		2.500	%		02/01/31	$	236,822
	100,000		3.300			08/01/40		91,641
	200,000		3.500			08/01/50		179,810
	Sempra Energy(e)
	700,000		3.400			02/01/28		771,253
								8,299,106
Electrical Components & Equipment(e) – 0.2%
	Emerson Electric Co.
	1,600,000		1.950			10/15/30		1,657,648
Engineering & Construction(e) – 0.3%
	Aeroports de Paris
EUR	900,000		1.000			01/05/29		1,044,273
	Mexico City Airport Trust
$	540,000		3.875	(a)		04/30/28		460,097
	200,000		5.500	(a)		10/31/46		160,812
	430,000		5.500	(a)		07/31/47		349,491
	200,000		5.500			07/31/47		162,554
								2,177,227
Food & Drug Retailing – 0.5%
	General Mills, Inc.(e)
	500,000		2.875			04/15/30		548,200
	Kellogg Co.(e)
	1,600,000		2.100			06/01/30		1,637,648
	Sysco Corp.(e)
	350,000		6.600			04/01/50		490,396
	The JM Smucker Co.
	225,000		3.000			03/15/22		232,985
	The Kroger Co.(e)
	550,000		3.950			01/15/50		642,763
								3,551,992
Gas(e) – 0.1%
	NiSource, Inc.
	400,000		3.600			05/01/30		455,828
	The East Ohio Gas Co.(a)
	200,000		2.000			06/15/30		206,000
	200,000		3.000			06/15/50		207,236
								869,064
Hand/Machine Tools(e) – 0.1%
	Snap-on, Inc.
	900,000		3.100			05/01/50		952,686
Healthcare Providers & Services(e) – 1.0%
	Anthem, Inc.
	1,400,000		2.250			05/15/30		1,438,304
	DH Europe Finance II S.a.r.l.
EUR	300,000		0.450			03/18/28		349,385
	800,000		0.750			09/18/31		925,916
	Medtronic Global Holdings SCA
	400,000		0.250			07/02/25		473,009
	500,000		1.625			03/07/31		653,887
	300,000		2.250			03/07/39		412,733
	150,000		1.500			07/02/39		184,307
Corporate Obligations – (continued)
Healthcare Providers & Services(e) – (continued)
	Stryker Corp.
$	1,700,000		1.950			06/15/30		1,732,555
	Thermo Fisher Scientific, Inc.
	200,000		4.497			03/25/30		246,786
EUR	150,000		0.875			10/01/31		179,684
	400,000		1.875			10/01/49		473,473
								7,070,039
Insurance – 1.3%
	American International Group, Inc.
$	200,000		4.875			06/01/22		214,418
	150,000		4.125			02/15/24		166,254
	2,150,000		3.900	(e)		04/01/26		2,446,657
	Aviva PLC(b)(e)
	(5 Year EUR Swap + 5.130%)
EUR	450,000		6.125			07/05/43		598,818
	(5 Year UK Government Bond + 2.850%)
GBP	450,000		6.125			11/14/36		702,694
	AXA SA(b)(e) (3M Euribor + 3.200%)
EUR	550,000		3.250			05/28/49		723,009
	Chubb INA Holdings, Inc.(e)
	100,000		0.875			06/15/27		120,319
	400,000		1.550			03/15/28		502,728
	550,000		1.400			06/15/31		686,627
	Helvetia Europe SA(b)(e) (-1X 5 year EUR Swap + 3.950%)
	550,000		2.750			09/30/41		674,259
	La Mondiale SAM(e)
	600,000		2.125			06/23/31		700,909
	Legal & General Group PLC(b)(e) (-1X 5 year UK Government Bond + 4.050%)
GBP	500,000		3.750			11/26/49		662,588
	M&G PLC(b)(e) (5 year UK Government Bond + 3.724%)
	100,000		6.340			12/19/63		157,908
	MetLife, Inc.
$	110,000		3.600			04/10/24		121,554
	New York Life Insurance Co.(a)(e)
	450,000		3.750			05/15/50		506,840
								8,985,582
Internet(e) – 0.2%
	Booking Holdings, Inc.
	150,000		4.100			04/13/25		168,950
	Expedia Group, Inc.
	1,150,000		3.250			02/15/30		1,103,436
	Prosus NV(a)
	210,000		3.680			01/21/30		225,834
	200,000		4.027			08/03/50		204,250
								1,702,470
Lodging(e) – 0.2%
	Marriott International, Inc.
	1,500,000		4.650			12/01/28		1,606,845
Machinery-Diversified(e) – 0.2%
	Otis Worldwide Corp.
	900,000		2.565			02/15/30		966,375
	550,000		3.112			02/15/40		587,252
								1,553,627

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – 1.5%
	Charter Communications Operating LLC/Charter Communications Operating Capital(e)
$	900,000		4.500	%		02/01/24	$	997,443
	3,400,000		4.908			07/23/25		3,924,960
	650,000		4.800			03/01/50		743,509
	Comcast Corp.
	1,000,000		3.700	(e)		04/15/24		1,103,720
	750,000		3.950	(e)		10/15/25		860,070
	800,000		5.650			06/15/35		1,135,720
	900,000		3.750	(e)		04/01/40		1,056,825
	350,000		4.700	(e)		10/15/48		464,404
	The Walt Disney Co.(e)
	50,000		4.700			03/23/50		65,764
	Time Warner Cable LLC(e)
	100,000		4.125			02/15/21		100,384
								10,452,799
Mining(a) – 0.4%
	Glencore Funding LLC
	1,400,000		4.125			05/30/23		1,499,890
	650,000		4.125	(e)		03/12/24		703,163
	600,000		4.875	(e)		03/12/29		701,226
								2,904,279
Miscellaneous Manufacturing – 0.2%
	General Electric Co.
	100,000		2.700			10/09/22		103,938
	300,000		3.100			01/09/23		314,739
	300,000		6.750			03/15/32		374,988
	750,000		4.350	(e)		05/01/50		763,178
								1,556,843
Multi-National – 0.8%
	European Investment Bank
EUR	3,400,000		0.875			01/14/28		4,382,211
	770,000		1.000			11/14/42		1,096,344
								5,478,555
Oil Field Services – 0.9%
	BP Capital Markets America, Inc.(e)
$	700,000		3.790			02/06/24		767,368
	BP Capital Markets PLC
	250,000		3.814			02/10/24		274,663
	(-1X 5 year EUR Swap + 3.880%)
EUR	400,000		3.250	(b)(e)		12/31/99		482,707
	(-1X 5 year EUR Swap + 4.120%)
	400,000		3.625	(b)(e)		12/31/99		483,739
	Devon Energy Corp.(e)
$	100,000		5.850			12/15/25		111,954
	Gazprom PJSC Via Gaz Capital SA
	310,000		5.150	(a)		02/11/26		345,553
	210,000		5.150			02/11/26		234,084
	240,000		8.625	(g)		04/28/34		360,375
	310,000		7.288			08/16/37		437,391
	Gazprom PJSC Via Gaz Finance PLC(a)
	400,000		3.250			02/25/30		400,900
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Occidental Petroleum Corp.
	300,000		5.550	%(e)		03/15/26		271,875
	250,000		6.450			09/15/36		212,500
	Phillips 66(e)
	250,000		3.850			04/09/25		277,832
	Suncor Energy, Inc.(e)
	900,000		3.100			05/15/25		968,031
	Total Capital International SA(e)
	350,000		3.461			07/12/49		382,312
								6,011,284
Pharmaceuticals – 3.0%
	AbbVie, Inc.
	620,000		2.300	(a)		11/21/22		641,384
	300,000		3.750	(e)		11/14/23		327,081
	1,350,000		2.600	(a)(e)		11/21/24		1,430,811
	1,350,000		2.950	(a)(e)		11/21/26		1,470,123
	200,000		4.250	(e)		11/14/28		237,708
	1,200,000		3.200	(a)(e)		11/21/29		1,320,312
	550,000		4.050	(a)(e)		11/21/39		630,267
	625,000		4.875	(e)		11/14/48		791,256
	1,700,000		4.250	(a)(e)		11/21/49		2,008,754
	Bayer US Finance II LLC(a)(e)
	750,000		3.875			12/15/23		818,715
	1,000,000		4.250			12/15/25		1,143,230
	Becton Dickinson & Co.(e)
	3,275,000		3.363			06/06/24		3,541,716
	1,000,000		3.700			06/06/27		1,133,640
	Bristol-Myers Squibb Co.(e)
	50,000		4.250			10/26/49		65,735
	Cigna Corp.(e)
	698,000		3.750			07/15/23		755,173
	200,000		2.400			03/15/30		207,278
	600,000		4.900			12/15/48		778,836
	CVS Health Corp.(e)
	389,000		3.700			03/09/23		416,747
	300,000		2.625			08/15/24		319,635
	100,000		5.050			03/25/48		127,219
	600,000		4.250			04/01/50		703,032
	Takeda Pharmaceutical Co. Ltd.(e)
EUR	500,000		1.375			07/09/32		607,739
	500,000		2.000			07/09/40		623,327
	Upjohn Finance B.V.(e)
	800,000		1.908			06/23/32		978,386
								21,078,104
Pipelines – 1.0%
	Abu Dhabi Crude Oil Pipeline LLC(a)
$	1,260,000		4.600			11/02/47		1,543,106
	Energy Transfer Operating LP(e)
	250,000		5.250			04/15/29		268,860
	Enterprise Products Operating LLC(e)
	500,000		3.750			02/15/25		556,240
	100,000		4.150			10/16/28		116,782
	EQM Midstream Partners LP(e)
	225,000		4.750			07/15/23		223,313

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	MPLX LP(e)
$	250,000		4.500	%		04/15/38	$	254,700
	150,000		5.500			02/15/49		168,074
	Sabine Pass Liquefaction LLC(e)
	1,500,000		5.625			03/01/25		1,716,390
	Sunoco Logistics Partners Operations LP(e)
	250,000		5.300			04/01/44		234,022
	The Williams Cos., Inc.(e)
	550,000		3.600			03/15/22		568,936
	450,000		3.900			01/15/25		491,125
	Western Midstream Operating LP(e)
	150,000		4.750			08/15/28		144,644
	382,000		5.050			02/01/30		366,720
	50,000		5.450			04/01/44		42,875
	50,000		5.300			03/01/48		40,500
								6,736,287
Real Estate(e) – 0.2%
	Logicor Financing S.a.r.l.
EUR	600,000		2.250			05/13/25		742,076
	550,000		3.250			11/13/28		731,322
								1,473,398
Real Estate Investment Trust(e) – 1.3%
	Alexandria Real Estate Equities, Inc.
$	500,000		3.375			08/15/31		563,865
	American Tower Corp.
	400,000		3.800			08/15/29		457,852
	900,000		2.900			01/15/30		972,144
	Healthpeak Properties, Inc.
	200,000		3.250			07/15/26		223,144
	National Retail Properties, Inc.
	375,000		3.900			06/15/24		405,112
	Prologis Euro Finance LLC
EUR	800,000		1.000			02/06/35		952,789
	Prologis LP
$	1,000,000		2.250			04/15/30		1,063,100
	Simon Property Group LP
	576,000		2.750			06/01/23		601,857
	Ventas Realty LP/Ventas Capital Corp.
	200,000		3.250			08/15/22		207,964
	VEREIT Operating Partnership LP
	900,000		4.625			11/01/25		993,024
	200,000		3.400			01/15/28		208,576
	WEA Finance LLC/Westfield UK & Europe Finance PLC(a)
	400,000		3.750			09/17/24		420,288
	WP Carey, Inc.
	240,000		4.600			04/01/24		265,980
	170,000		4.000			02/01/25		185,412
	WPC Eurobond B.V.
EUR	1,200,000		1.350			04/15/28		1,423,176
								8,944,283
Retailing(e) – 0.5%
	Dollar Tree, Inc.
$	650,000		4.000			05/15/25		732,517
Corporate Obligations – (continued)
Retailing(e) – (continued)
	Lowe’s Cos., Inc.
	675,000		5.125			04/15/50		929,374
	McDonald’s Corp.
	125,000		4.200			04/01/50		152,353
	Walgreens Boots Alliance, Inc.
	1,350,000		3.200			04/15/30		1,414,044
								3,228,288
Savings & Loans(a)(b)(e) – 0.1%
	Nationwide Building Society
	(3M USD LIBOR + 1.181%)
	200,000		3.622			04/26/23		207,594
	(3M USD LIBOR + 1.855%)
	500,000		3.960			07/18/30		564,480
								772,074
Semiconductors(e) – 1.2%
	Broadcom, Inc.
	1,850,000		3.625			10/15/24		2,018,812
	1,050,000		4.700			04/15/25		1,192,412
	1,850,000		4.250			04/15/26		2,083,988
	2,443,000		3.459			09/15/26		2,675,403
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)
	450,000		3.400			05/01/30		492,300
								8,462,915
Software(e) – 0.6%
	Fidelity National Information Services, Inc.
EUR	400,000		0.750			05/21/23		477,759
GBP	250,000		2.602			05/21/25		349,081
EUR	550,000		0.625			12/03/25		656,951
	Fiserv, Inc.
$	650,000		3.200			07/01/26		722,078
	Intuit, Inc.
	350,000		1.650			07/15/30		356,146
	Oracle Corp.
	550,000		3.600			04/01/50		614,433
	550,000		3.850			04/01/60		642,681
								3,819,129
Supranational(f) – 0.2%
	FMS Wertmanagement
GBP	1,100,000		1.375			03/07/25		1,492,724
Telecommunication Services – 2.9%
	AT&T, Inc.(e)
$	250,000		3.000			06/30/22		259,963
	1,600,000		4.100			02/15/28		1,850,064
EUR	600,000		1.800			09/14/39		697,237
$	100,000		4.350			06/15/45		112,349
	100,000		4.850			07/15/45		119,582
	550,000		5.450			03/01/47		705,106
	600,000		4.500			03/09/48		682,476
	British Telecommunications PLC(e)
	300,000		5.125			12/04/28		362,646
	Deutsche Telekom AG(a)(e)
	200,000		3.625			01/21/50		222,112

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Deutsche Telekom International Finance B.V.(a)(e)
$	500,000		2.485	%		09/19/23	$	522,505
	1,300,000		4.375			06/21/28		1,538,303
	T-Mobile USA, Inc.(a)(e)
	500,000		3.500			04/15/25		548,540
	900,000		3.750			04/15/27		1,007,423
	1,250,000		3.875			04/15/30		1,422,799
	950,000		2.550			02/15/31		978,625
	550,000		3.000			02/15/41		542,548
	Telefonica Emisiones SA(e)
EUR	500,000		1.788			03/12/29		646,002
	Verizon Communications, Inc.
$	350,000		2.625			08/15/26		382,403
	3,084,000		4.329			09/21/28		3,742,742
	650,000		5.012			04/15/49		929,831
	300,000		4.000	(e)		03/22/50		368,421
	Vodafone Group PLC
	1,550,000		3.750			01/16/24		1,692,352
	1,000,000		4.375			05/30/28		1,185,110
								20,519,139
Trading Companies & Distributors(e) – 0.2%
	Blackstone Property Partners Europe Holdings S.a.r.l.
EUR	450,000		2.200			07/24/25		553,312
	600,000		1.750			03/12/29		702,464
								1,255,776
Water(e) – 0.2%
	American Water Capital Corp.
$	1,100,000		2.800			05/01/30		1,204,841
	300,000		3.450			05/01/50		337,758
								1,542,599
	TOTAL CORPORATE OBLIGATIONS
	(Cost $265,931,510)						$	287,223,603
Asset-Backed Securities(b) – 6.8%
Collateralized Loan Obligations(a) – 4.5%
	AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	2,100,000		1.575	%		01/15/33	$	2,075,902
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	2,100,000		2.821			04/15/33		2,081,764
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	3,332,127		1.095			01/27/28		3,284,115
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	5,300,000		2.422			04/15/33		5,257,854
	Madison Park Funding XII Ltd. Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	763,870		1.532			07/20/26		763,723
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,300,000		1.025			04/15/29		5,226,171
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(a) – (continued)
	Magnetite XXIV Ltd. Series 2019-24A, Class A (3M USD LIBOR + 1.330%)
	1,400,000		1.605			01/15/33		1,396,905
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	480,366		2.913			07/25/59		502,126
	Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	1,800,000		1.628			04/14/33		1,760,101
	OFSI Fund VII Ltd. Series 2014-7A, Class AR (3M USD LIBOR + 0.900%)
	81,641		1.172			10/18/26		81,612
	Trinitas CLO II Ltd. Series 2014-2A, Class A1R (3M USD LIBOR + 1.180%)
	138,489		1.455			07/15/26		138,367
	Tryon Park CLO Ltd. Series 2013-1A, Class A1SR (3M USD LIBOR + 0.890%)
	3,700,000		1.165			04/15/29		3,672,317
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	3,475,000		2.025			04/15/33		3,398,953
	Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	2,100,000		1.335			04/15/31		2,065,566
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	354,640		1.151			05/01/26		353,862
								32,059,338
Home Equity – 0.0%
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	41,413		7.000			09/25/37		42,136
Student Loans – 2.3%
	ECMC Group Student Loan Trust Series 2017-1A, Class A(a) (1M USD LIBOR + 1.200%)
	5,010,340		1.348			12/27/66		4,982,603
	Educational Services of America, Inc. Series 2015-2, Class A(a) (1M USD LIBOR + 1.000%)
	759,922		1.148			12/25/56		750,043
	Higher Education Funding I Series 2014-1, Class A(a) (3M USD LIBOR + 1.050%)
	2,707,390		1.300			05/25/34		2,707,382
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	275,509		1.200			02/25/42		270,878
	Navient Student Loan Trust Series 2017-2A, Class A(a) (1M USD LIBOR + 1.050%)
	4,654,646		1.198			12/27/66		4,602,372
	Nelnet Student Loan Trust Series 2011-1A, Class A(a) (1M USD LIBOR + 0.850%)
	175,666		0.998			02/25/48		171,619
	PHEAA Student Loan Trust Series 2016-1A, Class A(a) (1M USD LIBOR + 1.150%)
	2,151,560		1.298			09/25/65		2,143,569

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(b) – (continued)
Student Loans – (continued)
	Scholar Funding Trust Series 2010-A, Class A(a) (3M USD LIBOR + 0.750%)
$	592,921		0.997	%		10/28/41	$	576,635
								16,205,101
	TOTAL ASSET-BACKED SECURITIES
	(Cost $48,750,532)						$	48,306,575
Mortgage-Backed Obligations – 25.8%
Collateralized Mortgage Obligations – 1.9%
Interest Only(h) – 1.2%
	FHLMC REMIC Series 3852, Class SW(b) (-1x 1M USD LIBOR + 6.000%)
$	305,501		5.848	%		05/15/41	$	52,338
	FHLMC REMIC Series 4314, Class SE(b) (-1x 1M USD LIBOR + 6.050%)
	277,407		5.898			03/15/44		48,361
	FHLMC REMIC Series 4320, Class SD(b) (-1x 1M USD LIBOR + 6.100%)
	213,143		5.948			07/15/39		43,738
	FHLMC REMIC Series 4583, Class ST(b) (-1x 1M USD LIBOR + 6.000%)
	950,757		5.848			05/15/46		164,736
	FHLMC REMIC Series 4792, Class SA(b) (-1x 1M USD LIBOR + 6.200%)
	624,298		6.048			05/15/48		78,950
	FHLMC REMIC Series 4936, Class ES(b) (-1x 1M USD LIBOR + 6.000%)
	263,297		5.848			12/25/49		32,377
	FHLMC REMIC Series 4980, Class KI
	2,679,120		4.500			06/25/50		346,512
	FHLMC REMIC Series 4991, Class IE
	1,413,356		5.000			07/25/50		177,885
	FHLMC REMIC Series 4998, Class GI
	1,899,965		4.000			08/25/50		262,058
	FHLMC REMIC Series 5002, Class SJ(b) (-1x 1M USD LIBOR + 6.100%)
	2,271,576		5.948			07/25/50		420,918
	FHLMC REMIC Series 5009, Class DI
	1,346,453		2.000			09/25/50		113,866
	FHLMC REMIC Series 5012, Class DI
	373,774		4.000			09/25/50		50,543
	FHLMC REMIC Series 5020, Class IH(i)
	1,430,000		3.000			08/25/50		150,854
	FHLMC STRIPS Series 304, Class C45
	210,708		3.000			12/15/27		12,169
	FNMA REMIC Series 2011-124, Class SC(b) (-1x 1M USD LIBOR + 6.550%)
	284,480		6.402			12/25/41		50,782
	FNMA REMIC Series 2012-5, Class SA(b) (-1x 1M USD LIBOR + 5.950%)
	415,949		5.802			02/25/42		68,910
	FNMA REMIC Series 2014-6, Class SA(b) (-1x 1M USD LIBOR + 6.600%)
	342,895		6.452			02/25/44		63,829
Mortgage-Backed Obligations – (continued)
Interest Only(h) – (continued)
	FNMA REMIC Series 2015-34, Class LS(b) (-1x 1M USD LIBOR + 6.100%)
	1,220,078		5.952			06/25/45		246,279
	FNMA REMIC Series 2017-31, Class SG(b) (-1x 1M USD LIBOR + 6.100%)
	720,965		5.952			05/25/47		136,397
	FNMA REMIC Series 2017-86, Class SB(b) (-1x 1M USD LIBOR + 6.150%)
	549,140		6.002			11/25/47		99,392
	FNMA REMIC Series 2018-17, Class CS(b) (-1x 1M USD LIBOR + 3.450%)
	2,454,789		2.500			03/25/48		145,694
	FNMA REMIC Series 2018-38, Class SG(b) (-1x 1M USD LIBOR + 6.200%)
	241,759		6.052			06/25/48		31,606
	FNMA REMIC Series 2019-41, Class SB(b) (-1x 1M USD LIBOR + 6.050%)
	1,128,373		5.902			08/25/49		224,734
	FNMA REMIC Series 2020-45, Class AI
	920,920		4.000			07/25/50		113,743
	FNMA REMIC Series 2020-60, Class KI
	2,037,632		2.000			09/25/50		173,934
	FNMA REMIC Series 2020-60, Class NI
	347,125		4.000			09/25/50		57,749
	GNMA REMIC Series 2010-101, Class S(b) (-1x 1M USD LIBOR + 6.000%)
	620,681		5.844			08/20/40		117,324
	GNMA REMIC Series 2010-20, Class SE(b) (-1x 1M USD LIBOR + 6.250%)
	489,921		6.094			02/20/40		97,133
	GNMA REMIC Series 2013-124, Class CS(b) (-1x 1M USD LIBOR + 6.050%)
	514,964		5.894			08/20/43		104,293
	GNMA REMIC Series 2013-134, Class DS(b) (-1x 1M USD LIBOR + 6.100%)
	105,293		5.944			09/20/43		20,719
	GNMA REMIC Series 2013-152, Class SG(b) (-1x 1M USD LIBOR + 6.150%)
	191,097		5.994			06/20/43		37,680
	GNMA REMIC Series 2013-152, Class TS(b) (-1x1M USD LIBOR + 6.100%)
	180,445		5.944			06/20/43		35,018
	GNMA REMIC Series 2013-181, Class SA(b) (-1x 1M USD LIBOR + 6.100%)
	640,334		5.944			11/20/43		131,766
	GNMA REMIC Series 2014-117, Class SJ(b) (-1x 1M USD LIBOR + 5.600%)
	1,480,974		5.444			08/20/44		271,622
	GNMA REMIC Series 2014-132, Class SL(b) (-1x 1M USD LIBOR + 6.100%)
	426,733		5.944			10/20/43		59,681
	GNMA REMIC Series 2014-133, Class BS(b) (-1x 1M USD LIBOR + 5.600%)
	225,073		5.444			09/20/44		39,775

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(h) – (continued)
	GNMA REMIC Series 2014-158, Class SA(b) (-1x 1M USD LIBOR + 5.600%)
$	700,993		5.448	%		10/16/44	$	124,436
	GNMA REMIC Series 2015-110, Class MS(b) (-1x 1M USD LIBOR + 5.710%)
	1,245,702		5.554			08/20/45		205,553
	GNMA REMIC Series 2015-111, Class IM
	590,898		4.000			08/20/45		63,442
	GNMA REMIC Series 2015-123, Class SP(b) (-1x 1M USD LIBOR + 6.250%)
	333,507		6.094			09/20/45		62,626
	GNMA REMIC Series 2015-129, Class IC
	243,559		4.500			09/16/45		36,122
	GNMA REMIC Series 2015-167, Class AS(b) (-1x 1M USD LIBOR + 6.250%)
	213,414		6.094			11/20/45		36,431
	GNMA REMIC Series 2015-168, Class SD(b) (-1x 1M USD LIBOR + 6.200%)
	150,920		6.044			11/20/45		29,887
	GNMA REMIC Series 2015-57, Class AS(b) (-1x 1M USD LIBOR + 5.600%)
	1,010,053		5.444			04/20/45		166,306
	GNMA REMIC Series 2016-1, Class ST(b) (-1x 1M USD LIBOR + 6.200%)
	274,716		6.044			01/20/46		45,888
	GNMA REMIC Series 2016-138, Class GI
	646,173		4.000			10/20/46		78,023
	GNMA REMIC Series 2016-27, Class IA
	350,156		4.000			06/20/45		30,879
	GNMA REMIC Series 2018-105, Class SC(b) (-1x 1M USD LIBOR + 6.200%)
	380,568		6.044			08/20/48		58,773
	GNMA REMIC Series 2018-122, Class SE(b) (-1x 1M USD LIBOR + 6.200%)
	840,153		6.044			09/20/48		134,881
	GNMA REMIC Series 2018-137, Class SN(b) (-1x 1M USD LIBOR + 6.150%)
	924,831		5.994			10/20/48		146,142
	GNMA REMIC Series 2018-139, Class SQ(b) (-1x 1M USD LIBOR + 6.150%)
	583,453		5.994			10/20/48		89,333
	GNMA REMIC Series 2018-147, Class SA(b) (-1x 1M USD LIBOR + 6.200%)
	770,973		6.044			10/20/48		130,195
	GNMA REMIC Series 2018-72, Class IB
	763,737		4.000			04/20/46		96,166
	GNMA REMIC Series 2019-1, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
	441,818		5.894			01/20/49		65,966
	GNMA REMIC Series 2019-110, Class SD(b) (-1x 1M USD LIBOR + 6.100%)
	1,067,857		5.944			09/20/49		171,059
	GNMA REMIC Series 2019-110, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	1,101,891		5.944			09/20/49		158,569
Mortgage-Backed Obligations – (continued)
Interest Only(h) – (continued)
	GNMA REMIC Series 2019-128, Class IO
	757,452		4.000			10/20/49		91,083
	GNMA REMIC Series 2019-129, Class AI
	1,146,536		3.500			10/20/49		133,082
	GNMA REMIC Series 2019-151, Class IA
	3,756,004		3.500			12/20/49		393,073
	GNMA REMIC Series 2019-151, Class NI
	1,709,810		3.500			10/20/49		147,895
	GNMA REMIC Series 2019-20, Class SF(b) (-1x 1M USD LIBOR + 3.790%)
	1,232,336		3.634			02/20/49		105,873
	GNMA REMIC Series 2019-4, Class SJ(b) (-1x 1M USD LIBOR + 6.050%)
	1,045,358		5.894			01/20/49		166,972
	GNMA REMIC Series 2019-69, Class S(b) (-1x 1M USD LIBOR + 3.270%)
	1,315,052		3.114			06/20/49		106,146
	GNMA REMIC Series 2019-78, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	318,072		5.944			06/20/49		49,079
	GNMA REMIC Series 2019-97, Class SC(b) (-1x 1M USD LIBOR + 6.100%)
	861,460		5.944			08/20/49		134,596
	GNMA REMIC Series 2019-98, Class SC(b) (-1x1M USD LIBOR + 6.050%)
	1,125,764		5.894			08/20/49		172,833
	GNMA REMIC Series 2020-61, Class SF(b) (-1x 1M USD LIBOR + 6.440%)
	1,728,004		6.284			07/20/43		338,469
	GNMA REMIC Series 2020-78, Class SD(b) (-1x 1M USD LIBOR + 6.150%)
	488,710		5.994			06/20/50		77,803
								8,130,946
Sequential Fixed Rate – 0.1%
	FNMA REMIC Series 2011-52, Class GB
	332,643		5.000			06/25/41		381,908
	FNMA REMIC Series 2011-99, Class DB
	310,764		5.000			10/25/41		355,858
	FNMA REMIC Series 2012-111, Class B
	36,184		7.000			10/25/42		44,732
	FNMA REMIC Series 2012-153, Class B
	149,410		7.000			07/25/42		188,759
								971,257
Sequential Floating Rate(b) – 0.6%
	Countrywide Alternative Loan Trust Series 2005-38, Class A1(12M MTA + 1.500%)
	64,921		2.519			09/25/35		55,709
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1 (1M USD LIBOR + 0.210%)
	214,264		0.366			03/20/46		181,057
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
	16,364		2.982			04/20/35		16,133

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	759,290		0.868	%		08/20/56		$	977,882
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
$	288,416		3.744			08/19/36			280,080
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	674,031		0.923			11/15/49			866,212
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1 (12M MTA + 1.000%)
$	473,325		2.019			01/25/46			407,491
	Sequoia Mortgage Trust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%)
	51,076		1.785			11/20/34			48,296
	Tower Bridge Funding No. 2 PLC, Class A (3M GBP LIBOR + 0.900%)
GBP	615,117		0.957			03/20/56			792,900
	Tower Bridge Funding No. 1 PLC, Class A (3M GBP LIBOR + 1.000%)
	395,451		1.057			03/20/56			510,251
									4,136,011
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	13,238,214
Commercial Mortgage-Backed Securities – 0.5%
	BANK Series 2017-BNK4, Class C(b)
$	900,000		4.372	%		05/15/50		$	940,873
	BANK Series 2018-BK15, Class D(a)
	290,000		3.000			11/15/61			214,138
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(a)
	400,000		3.000			09/15/50			279,236
	JPMBD Commercial Mortgage Series 2017-C7, Class D(a)
	250,000		3.000			10/15/50			188,733
	Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D(a)
	500,000		3.000			07/15/50			355,900
	Wells Fargo Commercial Mortgage Trust Series 2019-C53, Class B(b)
	1,300,000		3.514			10/15/52			1,424,720
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES							$	3,403,600
Federal Agencies – 23.4%
FHLMC – 0.0%
$	2,328		5.000	%		01/01/33		$	2,662
	214		5.000			06/01/33			245
	3,507		5.000			07/01/33			4,018
	4,592		5.000			08/01/33			5,261
	749		5.000			10/01/33			858
	2,509		5.000			11/01/33			2,874
	1,053		5.000			12/01/33			1,206
	3,396		5.000			02/01/34			3,896
	1,321		5.000			03/01/34			1,522
	2,598		5.000			04/01/34			2,993
	3,623		5.000			05/01/34			4,151
	55,035		5.000			06/01/34			63,093
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	883		5.000			11/01/34			1,017
	14,453		5.000			04/01/35			16,559
	514		5.000			11/01/35			588
	7,280		5.000			02/01/37			8,368
	251		5.000			11/01/37			288
	18,243		5.000			01/01/40			20,942
	11,958		4.000			06/01/40			13,181
	103,873		4.000			02/01/41			114,622
	6,610		4.000			11/01/41			7,311
									275,655
GNMA – 16.5%
	394,451		4.000			11/20/44			432,418
	37,020		4.000			05/20/45			40,513
	911,054		4.000			07/20/45			994,190
	662,491		4.000			01/20/46			721,289
	323,695		4.500			02/20/48			352,351
	105,271		4.500			03/20/48			114,590
	399,089		4.500			04/20/48			433,172
	939,377		4.500			05/20/48			1,019,603
	1,284,585		4.500			08/20/48			1,389,475
	794,158		5.000			08/20/48			865,267
	4,755,053		4.500			09/20/48			5,143,317
	842,432		5.000			09/20/48			917,864
	953,490		5.000			10/20/48			1,036,780
	3,976,301		5.000			11/20/48			4,323,646
	2,022,913		5.000			12/20/48			2,198,357
	5,158,265		4.500			01/20/49			5,562,123
	2,939,962		5.000			01/20/49			3,194,941
	1,903,269		4.000			02/20/49			2,027,730
	1,833,197		4.000			03/20/49			1,950,928
	961,212		4.500			03/20/49			1,035,192
	2,164,786		5.000			03/20/49			2,352,535
	2,434,381		4.000			05/20/49			2,588,437
	1,137,734		4.500			05/20/49			1,223,878
	3,790,890		4.500			10/20/49			4,080,669
	923,002		4.500			12/20/49			990,624
	42,000,000		2.000			TBA-30yr	(j)		43,595,619
	25,000,000		2.500			TBA-30yr	(j)		26,231,130
	1,000,000		4.500			TBA-30yr	(j)		1,071,465
									115,888,103
UMBS – 3.5%
	285,243		5.000			06/01/23			311,783
	55,249		5.000			01/01/24			60,388
	49,235		5.000			01/01/25			53,816
	282,198		4.500			07/01/36			316,899
	27,916		4.500			12/01/36			31,349
	28,097		4.500			05/01/38			31,611
	19,880		4.500			05/01/39			22,303
	11,884		4.500			06/01/39			13,352
	7,549		4.500			08/01/39			8,557
	12,987		4.500			09/01/39			14,601
	16,245		4.500			10/01/39			18,264
	6,684		4.500			03/01/40			7,515
	99,276		4.500			04/01/40			111,466

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	8,324		4.500	%		12/01/40	$	9,346
	95,939		4.500			01/01/41		107,719
	27,802		4.500			04/01/41		31,220
	48,285		4.500			06/01/41		54,222
	39,492		4.500			07/01/41		44,348
	55,921		4.500			08/01/41		62,569
	197,386		4.500			09/01/41		221,658
	139,158		4.500			10/01/41		156,270
	125,138		4.500			11/01/41		140,525
	69,086		4.500			12/01/41		77,581
	87,634		4.500			01/01/42		98,411
	8,839		4.500			03/01/42		10,160
	32,318		4.500			04/01/42		36,405
	81,583		3.000			12/01/42		89,371
	198,374		3.000			01/01/43		217,316
	257,574		3.000			04/01/43		282,487
	520,133		4.500			06/01/45		579,165
	2,581,604		4.500			11/01/47		2,864,262
	5,940,285		4.000			01/01/48		6,512,305
	670,895		4.500			09/01/48		749,383
	484,468		5.000			11/01/48		546,390
	948,259		5.000			09/01/49		1,042,225
	6,575,524		5.000			10/01/49		7,204,909
	2,157,841		5.000			12/01/49		2,369,364
								24,509,515
UMBS, 30 Year, Single Family(j) – 3.4%
	5,000,000		2.000			TBA-30yr		5,160,263
	13,000,000		3.000			TBA-30yr		13,620,700
	1,000,000		5.000			TBA-30yr		1,095,550
	1,000,000		4.000			TBA-30yr		1,066,289
	3,000,000		4.500			TBA-30yr		3,245,390
								24,188,192
	TOTAL FEDERAL AGENCIES						$	164,861,465
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $179,272,490)						$	181,503,279
Agency Debenture – 0.3%
	FHLMC
$	1,160,000		6.750	%		03/15/31	$	1,809,797
	(Cost $1,439,244)

Shares	Dividend Rate			Value
Investment Company(k) – 8.5%
Goldman Sachs Financial Square Government Fund – Institutional Shares
60,264,017		0.027	%	$	60,264,017
(Cost $60,264,017)
TOTAL INVESTMENTS – 109.6%
(Cost $733,203,581)				$	771,991,176
LIABILITIES IN EXCESS OF     OTHER ASSETS – (9.6)%					(67,439,107	)
NET ASSETS – 100.0%				$	704,552,069

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, 2020.
(c)	Actual maturity date is September 20, 2117.
(d)	Actual maturity date is June 30, 2120.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Guaranteed by a foreign government until maturity.
(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, 2020.
(h)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(i)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(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 $95,086,406 which represents approximately 13.5% of the Fund’s net assets as of September 30, 2020.
(k)	Represents an affiliated issuer.

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

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

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

For information on the mutual funds, please call our toll free

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, 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	645,527	USD	460,750		10/01/20	$	1,610
	CAD	629,922	CHF	433,355		12/16/20		1,616
	CAD	2,519,797	USD	1,888,518		12/16/20		4,552
	CLP	1,539,136,962	USD	1,953,759		11/16/20		7,661
	CNH	55,745,670	USD	8,110,859		12/16/20		62,271
	COP	2,924,435,745	USD	761,015		10/05/20		2,942
	COP	2,085,285,269	USD	536,684		11/20/20		6,756
	EUR	389,885	CHF	418,789		12/16/20		2,163
	EUR	405,414	CZK	10,975,356		12/16/20		207
	EUR	409,549	PLN	1,857,385		12/16/20		412
	EUR	1,581,146	SEK	16,459,013		12/16/20		17,489
	EUR	1,976,701	USD	2,316,730		12/16/20		5,009
	GBP	1,733,653	EUR	1,886,718		12/16/20		22,123
	GBP	3,950,027	USD	5,069,182		12/16/20		30,370
	IDR	8,355,289,600	USD	559,556		11/06/20		766
	ILS	4,938,000	USD	1,437,771		12/16/20		5,417
	INR	446,562,688	USD	5,964,902		10/28/20		89,007

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (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)	JPY	50,626,820	AUD	655,805		12/16/20	$	10,741
	JPY	890,955,202	USD	8,447,924		10/09/20		773
	JPY	353,297,875	USD	3,331,239		12/16/20		22,344
	KRW	562,177,056	USD	479,444		11/02/20		2,691
	MXN	26,838,955	USD	1,186,728		12/16/20		16,336
	NZD	728,094	USD	477,651		12/16/20		3,985
	RUB	45,604,255	USD	577,754		11/17/20		6,708
	TRY	6,917,484	USD	886,652		10/16/20		5,873
	TWD	41,953,518	USD	1,442,890		11/09/20		14,377
	USD	4,348,619	AUD	5,969,452		12/16/20		72,090
	USD	3,338,726	CAD	4,393,446		12/16/20		38,025
	USD	2,765,810	CHF	2,504,831		12/16/20		39,744
	USD	1,447,165	CLP	1,122,763,147		11/16/20		16,357
	USD	1,394,355	CLP	1,080,077,915		12/17/20		17,452
	USD	1,885,639	CNH	12,853,768		12/16/20		1,090
	USD	473,246	COP	1,774,507,689		10/05/20		9,688
	USD	571,834	COP	2,160,846,132		11/20/20		8,703
	USD	77,007,220	EUR	65,404,172		11/09/20		260,743
	USD	2,330,350	EUR	1,966,831		12/16/20		20,202
	USD	5,586,691	GBP	4,259,904		12/16/20		87,082
	USD	585,870	IDR	8,633,379,727		11/05/20		6,821
	USD	479,296	ILS	1,635,261		12/16/20		1,371
	USD	8,492,160	JPY	893,549,654		10/09/20		18,861
	USD	962,018	MXN	21,325,207		12/16/20		6,109
	USD	355,667	NZD	524,525		12/16/20		8,692
	USD	958,277	PLN	3,674,282		12/16/20		7,505
	USD	4,288,225	RUB	324,608,553		11/17/20		128,055
	USD	1,542,123	SGD	2,092,415		12/07/20		9,141
	USD	6,643,064	THB	209,339,553		12/16/20		37,282
	USD	910,028	TRY	6,917,484		10/16/20		17,502
	USD	823,696	TRY	6,301,064		10/19/20		11,467
	USD	1,194,591	TRY	8,991,736		10/23/20		36,970
	USD	435,411	TRY	3,293,450		11/10/20		13,569
	USD	1,346,007	ZAR	22,623,564		12/17/20		7,968
	ZAR	36,427,304	USD	2,122,735		12/17/20		31,708
TOTAL							$	1,258,396

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	655,648	CAD	630,307		12/16/20	$	(3,828	)
	AUD	7,066,290	USD	5,147,551		12/16/20		(85,245	)
	CAD	4,494,777	USD	3,420,156		12/16/20		(43,328	)
	CHF	1,263,602	EUR	1,173,858		12/16/20		(3,551	)
	CHF	2,119,866	USD	2,328,567		12/16/20		(21,467	)
	CNH	16,127,701	USD	2,370,424		12/16/20		(5,868	)
	COP	5,965,566,587	USD	1,625,721		10/05/20		(67,324	)
	CZK	10,776,213	USD	478,482		12/16/20		(11,146	)
	EUR	647,938	GBP	593,765		12/16/20		(5,523	)
	EUR	405,414	HUF	148,624,607		12/16/20		(2,610	)

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	EUR	1,011,894	NOK	11,223,592		12/16/20	$	(15,020	)
	EUR	409,696	SEK	4,356,257		12/16/20		(5,696	)
	EUR	1,987,315	USD	2,360,204		11/09/20		(28,252	)
	EUR	5,293,100	USD	6,263,600		12/16/20		(46,571	)
	GBP	1,200,583	USD	1,555,843		12/16/20		(5,870	)
	ILS	3,272,763	USD	956,990		12/16/20		(486	)
	JPY	201,230,388	EUR	1,638,206		12/16/20		(14,036	)
	JPY	94,143,796	USD	894,113		12/16/20		(478	)
	KRW	557,136,505	USD	479,433		11/02/20		(1,621	)
	MXN	41,253,932	USD	1,903,633		12/16/20		(54,414	)
	NOK	55,007,835	USD	6,129,580		12/16/20		(230,902	)
	NZD	720,600	EUR	406,200		12/16/20		(425	)
	NZD	618,174	USD	413,582		12/16/20		(4,657	)
	PLN	1,692,003	EUR	379,711		12/16/20		(8,162	)
	PLN	1,684,670	USD	450,102		12/16/20		(14,170	)
	RUB	178,458,099	USD	2,380,314		11/17/20		(93,203	)
	SEK	12,518,898	EUR	1,203,524		12/16/20		(14,344	)
	SEK	18,426,303	USD	2,094,623		12/16/20		(35,084	)
	TRY	6,051,513	USD	832,899		10/23/20		(53,811	)
	TWD	27,569,217	USD	957,610		10/26/20		(1,893	)
	TWD	27,245,376	USD	958,000		11/09/20		(11,625	)
	USD	1,408,739	AUD	1,998,602		12/16/20		(23,065	)
	USD	11,090,360	CAD	15,111,192		10/05/20		(258,396	)
	USD	669,619	CAD	896,151		12/16/20		(3,640	)
	USD	607,352	CLP	477,426,346		11/16/20		(1,062	)
	USD	24,322,445	CNH	167,180,696		11/23/20		(226,802	)
	USD	2,388,955	CNH	16,391,010		12/16/20		(14,206	)
	USD	1,848,225	COP	7,115,494,643		10/05/20		(10,570	)
	USD	478,866	CZK	11,061,132		12/16/20		(827	)
	USD	479,805	EUR	410,358		12/16/20		(2,182	)
	USD	2,352,853	GBP	1,838,923		12/16/20		(21,228	)
	USD	15,225,679	GBP	11,820,188		01/13/21		(38,168	)
	USD	1,423,876	IDR	21,328,803,338		11/06/20		(6,474	)
	USD	686,220	ILS	2,364,014		12/09/20		(4,571	)
	USD	1,428,965	ILS	4,926,570		12/16/20		(10,883	)
	USD	3,761,635	INR	283,796,544		10/28/20		(85,707	)
	USD	86,713,259	JPY	9,276,497,708		10/09/20		(1,253,354	)
	USD	4,753,800	JPY	502,271,288		12/16/20		(13,874	)
	USD	8,413,068	KRW	9,952,398,251		11/02/20		(122,326	)
	USD	2,379,383	NOK	22,423,338		12/16/20		(25,148	)
	USD	483,709	NZD	739,566		12/16/20		(5,516	)
	USD	1,121,296	RUB	88,665,784		11/17/20		(15,041	)
	USD	868,463	TRY	6,917,484		12/16/20		(6,768	)
	USD	4,635,582	TWD	134,406,723		11/09/20		(33,068	)
	USD	957,818	ZAR	16,403,678		12/17/20		(12,353	)
	ZAR	7,912,857	USD	479,102		12/17/20		(11,107	)
TOTAL							$	(3,096,946	)

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At September 30, 2020, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
GNMA		4.000	%	TBA-30yr		10/21/20	$	(4,000,000	)	$	(4,250,212	)
UMBS, 30 Year, Single Family		2.000		TBA-30yr				(5,000,000	)		(5,170,810	)
TOTAL (Proceeds Receivable: $9,420,703)										$	(9,421,022	)

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

FUTURES CONTRACTS — At September 30, 2020, 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		44			12/15/20	$	3,696,909		$	10,077
Australian 10 Year Government Bonds		31			12/15/20		3,317,080			38,432
Canada 10 Year Government Bonds		64			12/18/20		7,296,639			(3,310	)
Euro Buxl 30 Year Bonds		5			12/08/20		1,305,406			21,213
French 10 Year Government Bonds		64			12/08/20		12,647,450			76,715
Italian 10 Year Government Bonds		30			12/08/20		5,190,904			67,203
Japan 10 Year Government Bonds		9			12/14/20		12,980,515			17,034
Short Euro-BTP		51			12/08/20		6,772,973			19,345
2 Year German Euro-Schatz		265			12/08/20		34,888,412			13,553
10 Year German Euro-Bund		88			12/08/20		13,946,243			13,364
10 Year German Euro-Bund		72			12/08/20		14,732,347			63,454
10 Year U.K. Long Gilt		81			12/29/20		14,225,984			(9,538	)
10 Year U.S. Treasury Notes		167			12/21/20		23,301,719			(5,642	)
20 Year U.S. Treasury Bonds		166			12/21/20		29,262,687			43,906
Total									$	365,806
Short position contracts:
Ultra Long U.S. Treasury Bonds		(1	)		12/21/20		(221,812	)		(227	)
Ultra 10 Year U.S. Treasury Notes		(235	)		12/21/20		(37,581,641	)		(88,044	)
2 Year U.S. Treasury Notes		(84	)		12/31/20		(18,560,719	)		(5,179	)
5 Year U.S. Treasury Notes		(429	)		12/31/20		(54,067,406	)		(44,431	)
Total									$	(137,881	)
TOTAL FUTURES CONTRACTS									$	227,925

SWAP CONTRACTS — At September 30, 2020, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund(a)	Counterparty	Termination Date	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
3M KLIBOR	3.565%	JPMorgan Securities, Inc.	03/14/24		MYR  10,040	$	130,641

(a) Payments made quarterly.

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

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%(a)	6M WIBOR(b)	12/16/21	PLN	33,570	(c)	$	(8,008	)	$	(1,676	)	$	(6,332	)
Mexico Interbank TIIE 28 Days(d)	4.500%(d)	12/14/22	MXN	39,810	(c)		(1,061	)		826			(1,887	)
6M EURIBOR(e)	0.000(e)	12/16/22	EUR	7,590	(c)		(2,545	)		(10,241	)		7,696
6M CDOR(e)	1.250(e)	12/16/23	CAD	72,760	(c)		1,017,979			1,006,325			11,654
0.750(e)	3M LIBOR(a)	12/16/23	$	59,720	(c)		(898,016	)		(903,678	)		5,662
1M BID Average(a)	4.930(a)	01/02/24	BRL	13,460	(c)		(25,068	)		1,922			(26,990	)
6M CDOR(e)	0.840(e)	06/24/24	CAD	50,320	(c)		48,402			24,510			23,892
1M LIBOR + 0.100%(b)	3M LIBOR(b)	07/25/24	$	28,200			17,227			452			16,775
6M CDOR(e)	0.810(e)	09/30/24	CAD	28,780			2,572			2,587			(15	)
1M BID Average(d)	6.260(d)	01/02/25	BRL	1,775			5,100			(12,232	)		17,332
6M EURO(e)	0.080(f)	01/15/25	EUR	4,960			134,529			24,632			109,897
0.080(f)	6M EURO(e)	01/15/25		4,960			4,183			(206	)		4,389
6M AUDOR(e)	0.553(e)	05/16/25	AUD	45,750	(c)		195,254			(28,048	)		223,302
(0.307)(f)	6M EURO(e)	05/18/25	EUR	33,710	(c)		(125,834	)		30,973			(156,807	)
6M CNY(b)	2.500(b)	06/17/25	CNY	54,170			(53,712	)		123,367			(177,079	)
Mexico IB TIIE 28 Days(d)	5.100(d)	12/10/25	MXN	4,010	(c)		(364	)		2			(366	)
6M LIBOR(e)	0.000(f)	12/16/25	CHF	3,750	(c)		17,206			10,781			6,425
3M STIBOR(b)	0.000(f)	12/16/25	SEK	155,670	(c)		(66,628	)		(58,453	)		(8,175	)
3M NIBOR(e)	0.750(f)	12/16/25	NOK	265,260	(c)		169,991			111,129			58,862
6M WIBOR(e)	0.750(f)	12/16/25	PLN	6,750	(c)		18,858			(1,427	)		20,285
3M LIBOR(b)	1.000(e)	12/16/25	$	1,730	(c)		54,488			55,634			(1,146	)
(0.250)(f)	6M EURO(e)	12/16/25	EUR	42,810	(c)		(429,136	)		(434,260	)		5,124
0.500(e)	6M GBP(e)	12/16/25	GBP	4,390	(c)		(82,154	)		(80,651	)		(1,503	)
6M AUDOR(e)	0.960(e)	04/21/27	AUD	5,860	(c)		50,388			1,072			49,316
6M LIBOR(e)	0.000(f)	12/16/27	CHF	17,030	(c)		(33,213	)		(67,102	)		33,889
(0.250)(d)	6M EURO(e)	12/16/27	EUR	11,610	(c)		(92,203	)		(69,813	)		(22,390	)
6M CDOR(e)	2.750(e)	06/21/28	CAD	8,010	(c)		474,391			(52,196	)		526,587
1.500(f)	6M EURO(e)	06/21/28	EUR	5,050	(c)		(534,137	)		(59,157	)		(474,980	)
6M AUDOR(e)	0.920(e)	09/04/28	AUD	17,970	(c)		43,001			3,937			39,064
1.750(e)	3M NZDOR(b)	03/19/30	NZD	7,060	(c)		(211,314	)		(202,806	)		(8,508	)
6M EURO(e)	0.050(f)	05/21/30	EUR	8,860	(c)		66,029			(37,589	)		103,618
3M LIBOR(b)	0.980(e)	05/21/30	$	9,850	(c)		(27,097	)		(14,475	)		(12,622	)
3M LIBOR(b)	1.750(e)	06/18/30		15,390	(c)		526,892			533,951			(7,059	)
0.250(f)	6M EURO(e)	06/18/30	EUR	10,980	(c)		(210,762	)		(466,628	)		255,866
1.140(e)	6M CDOR(e)	06/24/30	CAD	10,390	(c)		8,750			(11,692	)		20,442
0.000(f)	6M EURO(e)	09/08/30	EUR	12,420	(c)		(32,684	)		(20,729	)		(11,955	)
3M KWCDC(b)	1.000(b)	09/16/30	KRW	2,402,600			3,159			(3,711	)		6,870
6M LIBOR(e)	0.000(f)	12/16/30	CHF	12,540	(c)		113,198			68,821			44,377
6M AUDOR(e)	1.000(e)	12/16/30	AUD	6,630	(c)		86,643			64,751			21,892
1.000(e)	3M LIBOR(e)	12/16/30	$	2,660	(c)		(68,067	)		(68,067	)		—
(0.250)(f)	6M EURO(e)	12/16/30	EUR	14,960	(c)		62,179			52,536			9,643
0.750(e)	6M GBP(e)	12/16/30	GBP	1,460	(c)		(65,499	)		(61,125	)		(4,374	)
1.160(e)	3M LIBOR(a)	05/21/35	$	10,630	(c)		127,086			17,904			109,182
0.000(f)	6M EURO(e)	12/16/35	EUR	770	(c)		(5,348	)		1,190			(6,538	)
1.364(e)	6M AUDOR(e)	04/21/40	AUD	1,700	(c)		28,190			(731	)		28,921
0.260(f)	6M EURO(e)	05/21/40	EUR	4,210	(c)		8,872			(32,292	)		41,164
3M LIBOR(b)	1.750(e)	06/19/40	$	3,630	(c)		102,897			141,967			(39,070	)
0.750(f)	6M EURO(e)	06/19/40	EUR	3,840	(c)		(220,465	)		(268,100	)		47,635
6M GBP(e)	0.750(e)	12/16/40	GBP	1,070	(c)		50,562			42,304			8,258
0.250(f)	6M EURO(e)	12/16/40	EUR	540	(c)		(28,819	)		(21,954	)		(6,865	)
0.855(e)	3M LIBOR(b)	04/09/45	$	2,520	(c)		48,902			91			48,811

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (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)
3M LIBOR(b)		0.845%(e)	04/10/50	$	2,520	(c)	$	(40,842	)	$	91		$	(40,933	)
6M CDOR(e)		1.750(e)	06/17/50	CAD	890			49,124			25,083			24,041
3M LIBOR(b)		1.750(e)	06/20/50	$	2,470	(c)		88,398			108,449			(20,051	)
0.500%(f)		6M EURO(e)	06/20/50	EUR	3,380	(c)		(236,032	)		(269,841	)		33,809
6M GBP(e)		0.750(e)	12/16/50	GBP	1,120	(c)		76,614			61,183			15,431
0.250(f)		6M EURO(e)	12/16/50	EUR	740	(c)		(70,114	)		(53,640	)		(16,474	)
TOTAL							$	131,942		$	(796,050	)	$	927,992

(a) Payments made at termination.

(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, 2020.

(d) Payments made monthly.

(e) Payments made semi-annually.

(f) Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund		Credit Spread at September 30, 2020(a)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%(b)	0.120%		Barclays Bank PLC		12/20/21	$	460	$	(5,140	)	$	(447	)	$	(4,693	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)	0.101		Citibank NA		12/20/20		13,280		(30,891	)		4,411			(35,302	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)	0.101		Deutsche Bank AG (London)		06/20/21		100		(686	)		(3	)		(683	)
Protection Sold:
Markit CMBX Series 11		3.000(c)	7.210		Morgan Stanley & Co. International PLC		11/18/54		1,800		(396,187	)		(397,087	)		900
TOTAL										$	(432,904	)	$	(393,126	)	$	(39,778	)

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

(b) Payments made quarterly.

(c) Payments made monthly.

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

GOLDMAN SACHS GLOBAL CORE FIXED 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, 2020(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 28		1.000%	0.829%		06/20/22	$	22,525	$	73,177		$	280,349		$	(207,172	)
CDX.NA.IG Index 34		1.000	0.689		06/20/23		18,450		160,122			201,501			(41,379	)
CDX.NA.IG Index 34		1.000	0.848		06/20/25		14,100		101,864			143,364			(41,500	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	0.664		06/20/24		1,130		14,450			4,015			10,435
Republic of Chile, 3.875%, 08/05/20		1.000	0.518		12/20/24		1,000		20,623			21,372			(749	)
Republic of Colombia, 10.375%, 01/28/33		1.000	1.118		06/20/24		2,950		(11,907	)		(8,128	)		(3,779	)
Republic of Indonesia, 5.875%, 03/13/20		1.000	0.832		06/20/24		110		716			(186	)		902
Republic of Peru, 8.750%, 11/21/33		1.000	0.548		06/20/24		20		343			365			(22	)
Russian Federation, 7.500%, 03/31/30		1.000	1.058		12/20/24		1,580		(3,347	)		7,941			(11,288	)
Unibail-Rodamco-Westfield SE, 2.375%, 02/25/21		1.000	1.829		06/20/24	EUR	1,200		(42,079	)		18,656			(60,735	)
United Mexican States, 4.150%, 03/28/27		1.000	1.120		06/20/24	$	320		(1,318	)		(3,525	)		2,207
TOTAL								$	312,644		$	665,724		$	(353,080	)

(a) Payments made quarterly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Puts
6M IRS	JPMorgan Securities, Inc.		1.100	%		03/17/2021		21,000,000		$	21,000,000		$	223,016		$	252,000		$	(28,984	)
Written option contracts
Calls
1M IRS	Citibank NA		0.700			10/19/2020		(3,970,000	)		(3,970,000	)		(12,751	)		(20,495	)		7,744
3M IRS	Citibank NA		0.150			12/01/2020		(1,730,000	)		(1,730,000	)		(22,212	)		(17,825	)		(4,387	)
3M IRS	Citibank NA		0.150			12/02/2020		(1,170,000	)		(1,170,000	)		(15,109	)		(13,305	)		(1,804	)
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(4,700,000	)		(4,700,000	)		(32,828	)		(49,327	)		16,499
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(3,500,000	)		(3,500,000	)		(29,918	)		(38,675	)		8,757
6M IRS	Deutsche Bank AG (London)		0.395			10/02/2020		(9,900,000	)		(9,900,000	)		(1	)		(89,595	)		89,594
1M IRS	JPMorgan Securities, Inc.		0.700			10/26/2020		(3,970,000	)		(3,970,000	)		(15,229	)		(20,445	)		5,216
1M IRS	JPMorgan Securities, Inc.		0.703			10/28/2020		(3,970,000	)		(3,970,000	)		(16,721	)		(19,651	)		2,930
1Y IRS	JPMorgan Securities, Inc.		0.490			05/18/2021		(4,700,000	)		(4,700,000	)		(38,809	)		(47,470	)		8,661
6M IRS	JPMorgan Securities, Inc.		0.350			10/02/2020		(4,800,000	)		(4,800,000	)		(1,843	)		(53,848	)		52,005
6M IRS	JPMorgan Securities, Inc.		0.700			03/17/2021		(21,000,000	)		(21,000,000	)		(82,102	)		(95,865	)		13,763
6M IRS	JPMorgan Securities, Inc.		0.900			03/17/2021		(21,000,000	)		(21,000,000	)		(138,203	)		(168,000	)		29,797
1M IRS	MS & Co. Int. PLC		0.211			10/14/2020		(3,320,000	)		(3,320,000	)		(13,406	)		(17,529	)		4,123
1M IRS	MS & Co. Int. PLC		0.230			10/21/2020		(3,320,000	)		(3,320,000	)		(11,274	)		(16,601	)		5,327
1M IRS	MS & Co. Int. PLC		0.698			10/13/2020		(3,970,000	)		(3,970,000	)		(9,892	)		(24,614	)		14,722
3M IRS	MS & Co. Int. PLC		0.200			12/02/2020		(4,820,000	)		(4,820,000	)		(44,046	)		(43,866	)		(180	)

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTERINTEREST RATE SWAPTIONS (continued)

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
3M IRS	MS & Co. Int. PLC		0.200	%		12/03/2020		(3,600,000	)	$	(3,600,000	)	$	(33,071	)	$	(36,282	)	$	3,211
4M IRS	MS & Co. Int. PLC		0.250			01/14/2021		(4,930,000	)		(4,930,000	)		(40,464	)		(44,566	)		4,102
6M IRS	MS & Co. Int. PLC		0.350			10/02/2020		(1,960,000	)		(1,960,000	)		(921	)		(22,182	)		21,261
6M IRS	MS & Co. Int. PLC		0.350			10/21/2020		(7,950,000	)		(7,950,000	)		(26,225	)		(82,377	)		56,152
1M IRS	UBS AG (London)		0.191			10/05/2020		(3,320,000	)		(3,320,000	)		(16,171	)		(18,551	)		2,380
1M IRS	UBS AG (London)		0.234			10/28/2020		(3,320,000	)		(3,320,000	)		(12,560	)		(15,982	)		3,422
2M IRS	UBS AG (London)		0.150			11/30/2020		(5,520,000	)		(5,520,000	)		(70,463	)		(55,828	)		(14,635	)
								(130,440,000	)	$	(130,440,000	)	$	(684,219	)	$	(1,012,879	)	$	328,660
Puts
1M IRS	Citibank NA		0.700			10/19/2020		(3,970,000	)		(3,970,000	)		(19,375	)		(20,495	)		1,120
3M IRS	Citibank NA		0.100			12/01/2020		(1,730,000	)		(1,730,000	)		(1,267	)		(4,946	)		3,679
3M IRS	Citibank NA		0.100			12/02/2020		(1,170,000	)		(1,170,000	)		(890	)		(2,633	)		1,743
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(4,700,000	)		(4,700,000	)		(24,770	)		(49,327	)		24,557
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(3,500,000	)		(3,500,000	)		(11,684	)		(38,675	)		26,991
1M IRS	JPMorgan Securities, Inc.		0.700			10/26/2020		(3,970,000	)		(3,970,000	)		(22,645	)		(20,445	)		(2,200	)
1M IRS	JPMorgan Securities, Inc.		0.703			10/28/2020		(3,970,000	)		(3,970,000	)		(23,101	)		(19,651	)		(3,450	)
1Y IRS	JPMorgan Securities, Inc.		0.490			05/18/2021		(4,700,000	)		(4,700,000	)		(21,387	)		(47,470	)		26,083
1M IRS	MS & Co. Int. PLC		0.211			10/14/2020		(3,320,000	)		(3,320,000	)		(7,020	)		(17,529	)		10,509
1M IRS	MS & Co. Int. PLC		0.230			10/21/2020		(3,320,000	)		(3,320,000	)		(13,036	)		(16,601	)		3,565
1M IRS	MS & Co. Int. PLC		0.698			10/13/2020		(3,970,000	)		(3,970,000	)		(16,816	)		(24,614	)		7,798
4M IRS	MS & Co. Int. PLC		0.000			01/14/2021		(4,930,000	)		(4,930,000	)		(14,925	)		(15,476	)		551
1M IRS	UBS AG (London)		0.191			10/05/2020		(3,320,000	)		(3,320,000	)		(1,091	)		(18,551	)		17,460
1M IRS	UBS AG (London)		0.234			10/28/2020		(3,320,000	)		(3,320,000	)		(16,477	)		(15,982	)		(495	)
2M IRS	UBS AG (London)		0.100			11/30/2020		(5,520,000	)		(5,520,000	)		(3,887	)		(17,734	)		13,847
								(55,410,000	)	$	(55,410,000	)	$	(198,371	)	$	(330,129	)	$	131,758
Total written option contracts								(185,850,000	)	$	(185,850,000	)	$	(882,590	)	$	(1,343,008	)	$	460,418
TOTAL								(164,850,000	)	$	(164,850,000	)	$	(659,574	)	$	(1,091,008	)	$	431,434

Abbreviations:
1M IRS	—1 Month Interest Rate Swaptions
2M IRS	—2 Month Interest Rate Swaptions
4M IRS	—4 Month Interest Rate Swaptions
6M IRS	—6 Month Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
CDX.NA.IG Index 28	—CDX North America Investment Grade Index 28
CDX.NA.IG Index 34	—CDX North America Investment Grade Index 34
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 2.0%
Chemicals(b) – 0.1%
	Starfruit Finco B.V. (1M LIBOR + 3.000%)
$	69,637		3.151	%		10/01/25	$	67,325
Commercial Services(b) – 0.2%
	Trico Group LLC (2M LIBOR + 7.500%)
	129,188		8.500			02/02/24		127,088
Computers(b) – 0.1%
	Redstone Buyer LLC (3M LIBOR + 5.000%)
	75,000		6.000			09/01/27		74,625
Diversified Manufacturing – 0.2%
	AI Aqua Merger Sub, Inc.(b)
	(1M LIBOR + 3.250%)
	19,897		4.250			12/13/23		19,399
	(6M LIBOR + 3.250%)
	29,847		4.322			12/13/23		28,951
	Camelot U.S. Acquisition 1 Co.(c)
	75,000		0.000			10/30/26		74,594
								122,944
Entertainment – 0.3%
	AMC Entertainment Holdings, Inc.(b)(c) (3M LIBOR + 3.000%)
	189,519		0.000			04/22/26		120,997
	Playtika Holding Corp.(b)(6M LIBOR + 6.000%)
	62,563		7.000			12/10/24		62,539
								183,536
Healthcare Providers & Services(b) – 0.3%
	Conservice Midco LLC (3M LIBOR + 4.250%)
	200,000		4.470			05/13/27		197,500
	Envision Healthcare Corp. (1M LIBOR + 3.750%)
	49,621		3.897			10/10/25		35,683
								233,183
Pipelines(b) – 0.1%
	Centurion Pipeline Co. LLC (1M LIBOR + 4.250%)
	90,000		4.145			09/28/25		87,750
Technology – Software/Services(b) – 0.6%
	AppLovin Corp. (1M LIBOR + 4.000%)
	24,875		4.147			08/15/25		24,440
	Cardtronics USA, Inc. (1M LIBOR + 4.000%)
	24,938		5.000			06/29/27		24,813
	Epicor Software Corp.
	(1M LIBOR + 4.250%)
	125,000		5.250			07/30/27		124,705
	(1M LIBOR + 7.750%)
	50,000		8.750			07/31/28		51,250
	GlobalLogic Holdings, Inc. (1M LIBOR + 3.750%)
	100,000		4.500			08/13/27		99,000
	Mitchell International, Inc.
	150,000		4.750			11/29/24		146,907
								471,115
Telecommunication Services(b) – 0.1%
	Hoya Midco LLC(6M LIBOR + 3.500%)
	114,906		4.500			06/30/24		98,245
Bank Loans(a) – (continued)
Telecommunication Services(b) – (continued)
	Intelsat Jackson Holdings SA (3M LIBOR + 5.500%)
	5,227		6.500			07/13/22		5,309
								103,554
	TOTAL BANK LOANS
	(Cost $1,467,500)						$	1,471,120
Corporate Obligations – 78.0%
Advertising(d)(e) – 0.2%
	Terrier Media Buyer, Inc.
$	127,000		8.875	%		12/15/27	$	127,636
Aerospace & Defense – 1.2%
	Bombardier, Inc.(d)(e)
	85,000		7.500			12/01/24		64,600
	Howmet Aerospace, Inc.
	11,000		6.875	(d)		05/01/25		12,153
	220,000		5.950			02/01/37		235,752
	The Boeing Co.(d)
	90,000		5.150			05/01/30		101,603
	90,000		5.805			05/01/50		108,562
	TransDigm, Inc.(d)
	180,000		6.500			05/15/25		178,875
	13,000		6.250	(e)		03/15/26		13,585
	70,000		6.375			06/15/26		70,000
	130,000		5.500			11/15/27		124,800
								909,930
Agriculture – 0.3%
	MHP Lux SA
	200,000		6.950			04/03/26		200,875
Airlines(d)(e) – 0.1%
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
	58,000		6.500			06/20/27		60,320
Automotive – 2.2%
	Adient US LLC(d)(e)
	113,000		7.000			05/15/26		120,627
	Clarios Global LP/Clarios US Finance Co.(d)(e)
	60,000		6.250			05/15/26		63,000
	Dana, Inc.(d)
	55,000		5.625			06/15/28		56,856
	Dealer Tire LLC/DT Issuer LLC(d)(e)
	129,000		8.000			02/01/28		130,935
	Ford Motor Co.
	100,000		9.000	(d)		04/22/25		114,570
	130,000		4.750			01/15/43		117,650
	Ford Motor Credit Co. LLC(d)
	275,000		5.125			06/16/25		283,598
	General Motors Co.
	25,000		5.400			10/02/23		27,553
	General Motors Financial Co., Inc.(d)
	50,000		3.250			01/05/23		51,679
	75,000		5.650			01/17/29		87,527

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Automotive – (continued)
	Harley-Davidson Financial Services, Inc.(d)(e)
$	88,000		3.350	%		06/08/25	$	91,942
	Meritor, Inc.(d)(e)
	91,000		6.250			06/01/25		95,323
	Nissan Motor Co. Ltd.(e)
	200,000		3.043			09/15/23		202,700
	The Goodyear Tire & Rubber Co.(d)
	153,000		5.125			11/15/23		152,617
								1,596,577
Banks – 13.9%
	Banco de Bogota SA
	700,000		6.250			05/12/26		758,625
	Banco do Brasil SA(b)(d) (10 Year CMT + 4.398%)
	400,000		6.250			04/15/49		374,500
	Banco Mercantil del Norte SA(b)(d) (10 Year CMT + 5.353%)
	400,000		7.625			01/10/49		396,760
	Bank of America Corp.
	125,000		4.200			08/26/24		139,128
	175,000		3.248	(d)		10/21/27		193,462
	275,000		4.183	(d)		11/25/27		315,241
	(3M USD LIBOR + 1.310%)
	100,000		4.271	(b)(d)		07/23/29		117,315
	(3M USD LIBOR + 1.190%)
	125,000		2.884	(b)(d)		10/22/30		134,364
	(SOFR + 2.150%)
	100,000		2.592	(b)(d)		04/29/31		105,795
	(SOFR + 1.530%)
	200,000		1.898	(b)(d)		07/23/31		199,536
	Barclays PLC(b)(d) (3M USD LIBOR + 2.452%)
	225,000		2.852			05/07/26		233,638
	BBVA Bancomer SA(b)(d) (5 Year CMT + 2.650%)
	200,000		5.125			01/18/33		191,875
	BNP Paribas SA(e)
	200,000		3.375			01/09/25		216,694
	CIT Group, Inc.(b)(d) (SOFR + 3.827%)
	573,000		3.929			06/19/24		574,432
	Citigroup, Inc.
	125,000		3.400			05/01/26		139,008
	125,000		4.300			11/20/26		142,859
	200,000		4.125			07/25/28		229,622
	(SOFR + 1.422%)
	100,000		2.976	(b)(d)		11/05/30		107,833
	(SOFR + 3.914%)
	75,000		4.412	(b)(d)		03/31/31		89,852
	Credit Bank of Moscow Via CBOM Finance PLC(e)
	200,000		4.700			01/29/25		201,562
	Credit Suisse Group AG(b)(d)(e) (5 Year CMT + 4.889%)
	200,000		5.250			02/11/49		200,000
	Credit Suisse Group Funding Guernsey Ltd.
	250,000		4.550			04/17/26		291,305
	Deutsche Bank AG(b)(d) (SOFR + 2.159%)
	150,000		2.222			09/18/24		150,973
	First Horizon National Corp.(d)
	25,000		4.000			05/26/25		27,182
Corporate Obligations – (continued)
Banks – (continued)
	HSBC Holdings PLC(b)(d) (SOFR + 1.538%)
	200,000		1.645			04/18/26		199,190
	Huntington Bancshares, Inc.(d)
	50,000		2.625			08/06/24		53,240
	ING Groep NV(b)(d)(e) (1 Year CMT + 1.100%)
	200,000		1.400			07/01/26		202,040
	Itau Unibanco Holding SA(b)(d) (5 Year CMT + 3.981%)
	200,000		6.125			12/12/49		192,756
	JPMorgan Chase & Co.(d)
	(SOFR + 1.160%)
	200,000		2.301	(b)		10/15/25		210,364
	(3M USD LIBOR + 1.245%)
	50,000		3.960	(b)		01/29/27		56,970
	500,000		3.625			12/01/27		557,820
	(3M USD LIBOR + 0.945%)
	225,000		3.509	(b)		01/23/29		253,276
	(SOFR + 3.125%)
	150,000		4.600	(b)		02/01/49		145,749
	(3M USD LIBOR + 3.800%)
	40,000		4.051	(b)		08/01/49		39,496
	Morgan Stanley, Inc.
	(SOFR + 1.152%)
	175,000		2.720	(b)(d)		07/22/25		185,943
	125,000		3.950			04/23/27		141,298
	(3M USD LIBOR + 1.628%)
	100,000		4.431	(b)(d)		01/23/30		119,311
	(SOFR + 1.143%)
	375,000		2.699	(b)(d)		01/22/31		400,327
	OTP Bank Nyrt(b)(d) (-1X5M EURIBOR ICE Swap + 3.200%)
EUR	200,000		2.875			07/15/29		229,287
	Royal Bank of Scotland Group PLC(b)(d)
	(3M USD LIBOR + 1.550%)
$	250,000		4.519			06/25/24		269,580
	(3M USD LIBOR + 1.762%)
	225,000		4.269			03/22/25		244,528
	Truist Financial Corp.(b)(d) (10 Year CMT + 4.349%)
	316,000		5.100			03/01/49		340,793
	Turkiye Vakiflar Bankasi TAO
	210,000		6.000			11/01/22		201,403
	UniCredit SpA(b)(d)(e) (5 Year CMT + 4.750%)
	200,000		5.459			06/30/35		203,052
	Wells Fargo & Co.
	25,000		3.000			10/23/26		27,289
	125,000		4.300			07/22/27		143,070
	125,000		4.150	(d)		01/24/29		146,822
	Yapi ve Kredi Bankasi A/S(b)(d)(e) (5 Year USD Swap + 11.245%)
	200,000		13.875			01/15/49		210,000
								10,305,165
Beverages(d) – 1.4%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	175,000		3.650			02/01/26		195,967
	150,000		4.700			02/01/36		180,738
	Anheuser-Busch InBev Worldwide, Inc.
	125,000		4.750			01/23/29		152,046
	150,000		4.600			04/15/48		180,242

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

GOLDMAN SACHS INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Beverages(d) – (continued)
	Constellation Brands, Inc.
$	175,000		3.700	%		12/06/26	$	199,944
	100,000		3.150			08/01/29		109,369
	Keurig Dr Pepper, Inc.
	26,000		3.200			05/01/30		29,122
								1,047,428
Biotechnology(d)(e) – 0.1%
	Royalty Pharma PLC
	50,000		1.200			09/02/25		49,845
Building Materials(d)(e) – 1.5%
	Builders FirstSource, Inc.
	95,000		5.000			03/01/30		98,325
	Carrier Global Corp.
	100,000		2.722			02/15/30		104,427
	Cornerstone Building Brands, Inc.
	297,000		6.125			01/15/29		299,599
	JELD-WEN, Inc.
	200,000		4.875			12/15/27		204,000
	Standard Industries, Inc.
	344,000		4.375			07/15/30		352,827
	Summit Materials LLC/Summit Materials Finance Corp.
	57,000		5.250			01/15/29		59,351
								1,118,529
Chemicals(d) – 2.7%
	Avient Corp.(e)
	122,000		5.750			05/15/25		129,320
	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V.(e)
	150,000		4.750			06/15/27		154,125
	Element Solutions, Inc.(e)
	52,000		3.875			09/01/28		50,960
	Hexion, Inc.(e)
	160,000		7.875			07/15/27		160,200
	Kraton Polymers LLC/Kraton Polymers Capital Corp.(e)
	50,000		7.000			04/15/25		51,000
	Minerals Technologies, Inc.(e)
	129,000		5.000			07/01/28		132,547
	Nutrition & Biosciences, Inc.(e)
	175,000		1.832			10/15/27		175,728
	175,000		2.300			11/01/30		175,861
	OCI NV(e)
	200,000		5.250			11/01/24		205,500
	Sasol Financing USA LLC
	200,000		6.500			09/27/28		187,500
	The Sherwin-Williams Co.
	125,000		3.125			06/01/24		135,150
	175,000		2.950			08/15/29		192,439
	WR Grace & Co-Conn(e)
	240,000		4.875			06/15/27		247,800
								1,998,130
Commercial Services – 2.6%
	CoStar Group, Inc.(d)(e)
	75,000		2.800			07/15/30		77,460
Corporate Obligations – (continued)
Commercial Services – (continued)
	DP World PLC
	200,000		5.625			09/25/48		227,875
	Global Payments, Inc.(d)
	75,000		3.200			08/15/29		81,836
	IHS Markit Ltd.(d)
	50,000		3.625			05/01/24		54,090
	75,000		4.250			05/01/29		86,812
	Jaguar Holding Co. II/PPD Development LP(d)(e)
	50,000		4.625			06/15/25		51,500
	124,000		5.000			06/15/28		129,270
	Mersin Uluslararasi Liman Isletmeciligi A/S(d)
	400,000		5.375			11/15/24		404,375
	MPH Acquisition Holdings LLC(d)(e)
	129,000		7.125			06/01/24		132,547
	PayPal Holdings, Inc.(d)
	200,000		2.650			10/01/26		218,058
	Prime Security Services Borrower LLC/Prime Finance, Inc.(d)(e)
	85,000		3.375			08/31/27		81,494
	Quanta Services, Inc.(d)
	61,000		2.900			10/01/30		62,288
	Refinitiv US Holdings, Inc.(d)(e)
	90,000		8.250			11/15/26		98,662
	Techem Verwaltungsgesellschaft 674 MBH(d)
EUR	200,000		6.000			07/30/26		238,467
								1,944,734
Computers(d) – 1.6%
	Amdocs Ltd.
$	75,000		2.538			06/15/30		77,747
	Booz Allen Hamilton, Inc.(e)
	148,000		3.875			09/01/28		152,070
	Dell International LLC/EMC Corp.(e)
	240,000		4.000			07/15/24		259,325
	250,000		6.020			06/15/26		294,025
	Hewlett Packard Enterprise Co.
	225,000		4.900			10/15/25		257,940
	100,000		1.750			04/01/26		100,640
	25,000		6.350			10/15/45		31,652
								1,173,399
Distribution & Wholesale(d)(e)(f) – 0.2%
	Core & Main Holdings LP (PIK 9.375%, Cash 8.625%)
	147,000		8.625			09/15/24		148,103
Diversified Financial Services(d) – 3.5%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	150,000		4.875			01/16/24		154,782
	175,000		6.500			07/15/25		188,660
	AG Issuer LLC(e)
	228,000		6.250			03/01/28		226,860
	Air Lease Corp.
	220,000		3.750			06/01/26		223,579
	Ally Financial, Inc.
	50,000		1.450			10/02/23		49,907
	American Express Co.(b) (3M USD LIBOR + 3.285%)
	25,000		3.535			09/15/49		22,594

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Diversified Financial Services(d) – (continued)
	Avolon Holdings Funding Ltd.(e)
$	60,000		3.950	%		07/01/24	$	57,350
	100,000		2.875			02/15/25		91,579
	Global Aircraft Leasing Co. Ltd.(e)(f) (PIK 7.250%, Cash 6.500%)
	88,081		6.500			09/15/24		46,683
	Nationstar Mortgage Holdings, Inc.(e)
	295,000		5.500			08/15/28		295,000
	Navient Corp.
	315,000		5.000			03/15/27		295,312
	NFP Corp.(e)
	662,000		6.875			08/15/28		668,620
	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.(e)
	299,000		3.875			03/01/31		295,451
								2,616,377
Electrical(d) – 1.2%
	American Electric Power Co., Inc.
	25,000		2.300			03/01/30		25,771
	FirstEnergy Corp.
	75,000		2.650			03/01/30		76,072
	Pacific Gas & Electric Co.
	25,000		2.100			08/01/27		24,221
	50,000		2.500			02/01/31		47,365
	25,000		3.300			08/01/40		22,910
	50,000		3.500			08/01/50		44,953
	Pattern Energy Operations LP/Pattern Energy Operations, Inc.(e)
	105,000		4.500			08/15/28		108,937
	Pike Corp.(e)
	240,000		5.500			09/01/28		240,300
	Sempra Energy
	50,000		3.400			02/01/28		55,089
	The Southern Co.
	120,000		3.250			07/01/26		133,802
	Vistra Operations Co. LLC(e)
	50,000		3.550			07/15/24		53,000
	60,000		4.300			07/15/29		65,401
								897,821
Electrical Components & Equipment(d)(e) – 0.6%
	Energizer Holdings, Inc.
	153,000		6.375			07/15/26		163,710
	250,000		4.750			06/15/28		258,750
								422,460
Electronics(d)(e) – 0.2%
	Sensata Technologies, Inc.
	114,000		3.750			02/15/31		112,860
Engineering & Construction(d) – 1.1%
	IHS Netherlands Holdco B.V.
	200,000		7.125			03/18/25		203,937
	200,000		8.000			09/18/27		204,906
	KBR, Inc.(e)
	71,000		4.750			09/30/28		71,444
	Mexico City Airport Trust
	400,000		5.500			10/31/46		321,625
								801,912
Corporate Obligations – (continued)
Entertainment(e) – 1.5%
	Lions Gate Capital Holdings LLC(d)
	130,000		5.875			11/01/24		127,400
	Live Nation Entertainment, Inc.
	150,000		2.000			02/15/25		138,421
	50,000		6.500	(d)		05/15/27		53,813
	Motion Bondco DAC(d)
	400,000		6.625			11/15/27		345,000
	SeaWorld Parks & Entertainment, Inc.(d)
	210,000		9.500			08/01/25		216,825
	Six Flags Entertainment Corp.(d)
	260,000		5.500			04/15/27		245,700
								1,127,159
Environmental(d)(e) – 0.3%
	GFL Environmental, Inc.
	117,000		7.000			06/01/26		123,289
	Waste Pro USA, Inc.
	119,000		5.500			02/15/26		120,487
								243,776
Food & Drug Retailing – 1.3%
	BRF SA(d)
	200,000		4.875			01/24/30		204,917
	Kraft Heinz Foods Co.
	115,000		5.000	(d)		07/15/35		132,404
	330,000		6.875			01/26/39		440,061
	101,000		5.500	(d)(e)		06/01/50		115,341
	Post Holdings, Inc.(d)(e)
	22,000		4.625			04/15/30		22,633
	Sysco Corp.(d)
	25,000		6.600			04/01/50		35,028
								950,384
Food Service(d)(e) – 0.0%
	Aramark Services, Inc.
	16,000		6.375			05/01/25		16,640
Gaming(d) – 0.5%
	Boyd Gaming Corp.
	281,000		4.750			12/01/27		274,326
	Station Casinos LLC(e)
	128,000		4.500			02/15/28		118,400
								392,726
Gas(d) – 0.1%
	NiSource, Inc.
	50,000		3.490			05/15/27		55,759
Healthcare Providers & Services – 1.6%
	Acadia Healthcare Co, Inc.(d)(e)
	410,000		5.000			04/15/29		413,587
	CHS/Community Health Systems, Inc.(d)(e)
	40,000		8.000			03/15/26		39,300
	DaVita, Inc.(d)(e)
	215,000		3.750			02/15/31		207,206
	DENTSPLY SIRONA, Inc.(d)
	50,000		3.250			06/01/30		54,332

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

GOLDMAN SACHS INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	DH Europe Finance II S.a.r.l.(d)
$	50,000		2.600	%		11/15/29	$	54,315
	HCA, Inc.
	50,000		5.375			02/01/25		54,750
	Stryker Corp.(d)
	50,000		1.950			06/15/30		50,958
	Tenet Healthcare Corp.
	131,000		6.750			06/15/23		137,877
	96,000		6.125	(d)(e)		10/01/28		93,360
	Thermo Fisher Scientific, Inc.(d)
	50,000		4.497			03/25/30		61,696
	Zimmer Biomet Holdings, Inc.(d)
	50,000		3.550			03/20/30		55,910
								1,223,291
Home Builders(d) – 0.3%
	Mattamy Group Corp.(e)
	42,000		4.625			03/01/30		42,473
	Taylor Morrison Communities, Inc.(e)
	63,000		5.125			08/01/30		67,410
	TRI Pointe Group, Inc.
	86,000		5.700			06/15/28		94,170
								204,053
Household Products(d)(e) – 0.4%
	Kronos Acquisition Holdings, Inc.
	269,000		9.000			08/15/23		273,035
Housewares(d) – 0.1%
	Newell Brands, Inc.
	38,000		4.700			04/01/26		40,470
Insurance(d) – 0.9%
	Acrisure LLC/Acrisure Finance, Inc.(e)
	60,000		8.125			02/15/24		62,550
	60,000		10.125			08/01/26		66,300
	American International Group, Inc.
	50,000		3.900			04/01/26		56,899
	100,000		4.200			04/01/28		116,062
	75,000		3.400			06/30/30		82,979
	Arch Capital Finance LLC
	55,000		4.011			12/15/26		63,782
	Equitable Holdings, Inc.
	60,000		4.350			04/20/28		68,263
	HUB International Ltd.(e)
	60,000		7.000			05/01/26		62,175
	NMI Holdings, Inc.(e)
	106,000		7.375			06/01/25		112,890
								691,900
Internet(d) – 1.9%
	ANGI Group LLC(e)
	85,000		3.875			08/15/28		84,150
	Booking Holdings, Inc.
	90,000		4.100			04/13/25		101,370
	72,000		4.625			04/13/30		86,226
Corporate Obligations – (continued)
Internet(d) – (continued)
	Expedia Group, Inc.(e)
	30,000		6.250			05/01/25		33,034
	67,000		4.625			08/01/27		70,284
	Match Group Holdings II LLC(e)
	3,000		4.125			08/01/30		3,030
	Prosus NV
	400,000		3.680			01/21/30		430,160
	Twitter, Inc.(e)
	60,000		3.875			12/15/27		62,625
	Uber Technologies, Inc.(e)
	275,000		7.500			11/01/23		285,656
	155,000		7.500			05/15/25		164,300
	110,000		6.250			01/15/28		113,025
								1,433,860
Iron/Steel(d) – 0.7%
	Cleveland-Cliffs, Inc.
	155,000		4.875	(e)		01/15/24		153,062
	126,000		5.750			03/01/25		116,865
	Metinvest B.V.
	200,000		8.500			04/23/26		200,500
	Steel Dynamics, Inc.
	10,000		2.400			06/15/25		10,469
	Vale Overseas Ltd.
	60,000		3.750			07/08/30		61,635
								542,531
Leisure Time(d)(e) – 0.4%
	Sabre GLBL, Inc.
	251,000		9.250			04/15/25		276,100
Lodging(d) – 1.3%
	Fortune Star BVI Ltd.
	400,000		6.750			07/02/23		412,500
	Hilton Domestic Operating Co., Inc.
	150,000		4.875			01/15/30		154,500
	Marriott International, Inc.
	45,000		4.625			06/15/30		48,195
	Marriott Ownership Resorts, Inc.
	254,000		4.750			01/15/28		239,395
	Wyndham Destinations, Inc.(e)
	28,000		6.625			07/31/26		29,295
	90,000		4.625			03/01/30		86,400
								970,285
Machinery-Diversified(d) – 0.4%
	Husky III Holding Ltd.(e)(f)
	30,000		13.000			02/15/25		30,562
	Otis Worldwide Corp.
	100,000		2.565			02/15/30		107,375
	Titan Acquisition Ltd./Titan Co-Borrower LLC(e)
	171,000		7.750			04/15/26		170,145
								308,082
Media – 5.0%
	Charter Communications Operating LLC/Charter Communications Operating Capital(d)
	975,000		4.908			07/23/25		1,125,540

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	Comcast Corp.(d)
$	100,000		4.150	%		10/15/28	$	120,313
	125,000		4.250			10/15/30		153,454
	DISH DBS Corp.
	253,000		7.750			07/01/26		277,035
	180,000		7.375			07/01/28		185,400
	Entercom Media Corp.(d)(e)
	269,000		6.500			05/01/27		235,375
	GCI LLC(d)(e)
	295,000		4.750			10/15/28		299,425
	Gray Television, Inc.(d)(e)
	180,000		7.000			05/15/27		194,850
	iHeartCommunications, Inc.(d)
	55,000		8.375			05/01/27		54,175
	Radiate Holdco LLC/Radiate Finance, Inc.(d)(e)
	223,000		6.500			09/15/28		228,575
	Scripps Escrow, Inc.(d)(e)
	115,000		5.875			07/15/27		111,550
	TEGNA, Inc.(d)(e)
	50,000		4.625			03/15/28		48,750
	Virgin Media Finance PLC(d)(e)
EUR	400,000		3.750			07/15/30		447,876
	Virgin Media Vendor Financing Notes III DAC(d)(e)
GBP	100,000		4.875			07/15/28		129,944
	Ziggo Bond Co. B.V.(d)(e)
EUR	100,000		3.375			02/28/30		111,371
								3,723,633
Mining(d) – 1.2%
	Arconic Corp.(e)
$	52,000		6.125			02/15/28		53,300
	Constellium SE(e)
	250,000		5.625			06/15/28		255,000
	Freeport-McMoRan, Inc.
	200,000		5.400			11/14/34		222,000
	Glencore Funding LLC(e)
	125,000		4.125			03/12/24		135,223
	Hudbay Minerals, Inc.(e)
	105,000		6.125			04/01/29		103,425
	Novelis Corp.(e)
	100,000		4.750			01/30/30		97,750
	Teck Resources Ltd.(e)
	25,000		3.900			07/15/30		26,156
								892,854
Miscellaneous Manufacturing – 0.5%
	General Electric Co.
	50,000		3.375			03/11/24		53,853
	250,000		3.625	(d)		05/01/30		258,860
	50,000		5.875			01/14/38		58,272
								370,985
Office(d)(e) – 0.1%
	Xerox Holdings Corp.
	55,000		5.000			08/15/25		54,381
Corporate Obligations – (continued)
Oil Field Services – 2.6%
	Antero Resources Corp.(d)
	220,000		5.125			12/01/22		180,400
	BP Capital Markets PLC(d)
	150,000		3.279			09/19/27		166,537
	Cenovus Energy, Inc.
	80,000		5.375	(d)		07/15/25		77,242
	85,000		6.750			11/15/39		85,218
	Devon Energy Corp.(d)
	55,000		5.850			12/15/25		61,575
	25,000		5.600			07/15/41		25,252
	DNO ASA(d)(e)
	100,000		8.750			05/31/23		92,000
	EQT Corp.(d)
	215,000		7.875			02/01/25		238,392
	Laredo Petroleum, Inc.(d)
	40,000		9.500			01/15/25		23,600
	Leviathan Bond Ltd.(d)(e)
	170,000		5.750			06/30/23		175,100
	Marathon Petroleum Corp.(d)
	50,000		3.800			04/01/28		54,210
	Nabors Industries, Inc.(d)
	60,000		5.750			02/01/25		20,250
	Occidental Petroleum Corp.(d)
	55,000		2.700			02/15/23		50,325
	95,000		8.000			07/15/25		95,000
	200,000		5.550			03/15/26		181,250
	100,000		6.625			09/01/30		92,125
	SEPLAT Petroleum Development Co. PLC(d)
	200,000		9.250			04/01/23		199,875
	Suncor Energy, Inc.(d)
	25,000		3.100			05/15/25		26,890
	Transocean, Inc.(d)(e)
	40,000		8.000			02/01/27		11,200
	USA Compression Partners LP/USA Compression Finance Corp.(d)
	83,000		6.875			04/01/26		81,962
	Valero Energy Corp.
	25,000		2.700			04/15/23		25,906
								1,964,309
Packaging(e) – 0.9%
	Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC(d)
	228,000		6.000			09/15/28		231,135
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu(d)
	88,000		4.000			10/15/27		88,550
	Sealed Air Corp.
	113,000		6.875			07/15/33		144,640
	Trivium Packaging Finance B.V.(d)
	200,000		8.500			08/15/27		212,750
								677,075
Pharmaceuticals(d) – 2.7%
	AbbVie, Inc.(e)
	175,000		3.200			11/21/29		192,545
	150,000		4.250			11/21/49		177,243

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

GOLDMAN SACHS INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pharmaceuticals(d) – (continued)
	AdaptHealth LLC(e)
$	65,000		6.125	%		08/01/28	$	67,275
	Bausch Health Cos., Inc.(e)
	175,000		9.000			12/15/25		190,312
	35,000		5.000			01/30/28		34,038
	Becton Dickinson & Co.
	175,000		3.700			06/06/27		198,387
	25,000		2.823			05/20/30		26,963
	75,000		4.685			12/15/44		91,961
	Bristol-Myers Squibb Co.
	150,000		3.900			02/20/28		177,387
	Cigna Corp.
	300,000		2.400			03/15/30		310,917
	CVS Health Corp.
	125,000		3.375			08/12/24		136,163
	100,000		3.875			07/20/25		112,707
	Herbalife Nutrition Ltd./HLF Financing, Inc.(e)
	107,000		7.875			09/01/25		114,624
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(e)
	152,000		7.250			08/15/26		154,470
	Zoetis, Inc.
	50,000		2.000			05/15/30		51,628
								2,036,620
Pipelines(d) – 3.3%
	Antero Midstream Partners LP/Antero Midstream Finance Corp.
	60,000		5.375			09/15/24		51,000
	DCP Midstream Operating LP
	115,000		5.625			07/15/27		117,013
	Energy Transfer Operating LP
	60,000		4.050			03/15/25		63,029
	175,000		5.250			04/15/29		188,202
	EnLink Midstream Partners LP
	40,000		4.400			04/01/24		36,000
	Genesis Energy LP/Genesis Energy Finance Corp.
	176,000		7.750			02/01/28		151,360
	Global Partners LP/GLP Finance Corp.(e)
	145,000		6.875			01/15/29		146,087
	MPLX LP
	135,000		4.000			03/15/28		146,866
	75,000		2.650			08/15/30		73,167
	NuStar Logistics LP
	145,000		6.000			06/01/26		145,725
	185,000		6.375			10/01/30		191,475
	ONEOK, Inc.
	50,000		6.350			01/15/31		58,071
	Plains All American Pipeline LP/PAA Finance Corp.
	60,000		3.850			10/15/23		62,761
	150,000		3.800			09/15/30		145,618
	Sabine Pass Liquefaction LLC
	265,000		5.625			04/15/23		290,231
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(e)
	60,000		4.750			10/01/23		56,850
	150,000		5.500			09/15/24		141,000
Corporate Obligations – (continued)
Pipelines(d) – (continued)
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	95,000		5.375			02/01/27		95,475
	160,000		4.875	(e)		02/01/31		154,400
	The Williams Cos., Inc.
	60,000		4.550			06/24/24		66,462
	Western Midstream Operating LP
	50,000		4.100			02/01/25		47,584
								2,428,376
Real Estate(d)(e) – 0.5%
	Realogy Group LLC/Realogy Co-Issuer Corp.
	90,000		4.875			06/01/23		89,325
	31,000		7.625			06/15/25		32,318
	140,000		9.375			04/01/27		144,900
	The Howard Hughes Corp.
	83,000		5.375			08/01/28		82,377
								348,920
Real Estate Investment Trust(d) – 1.3%
	Agree LP
	25,000		2.900			10/01/30		25,756
	Alexandria Real Estate Equities, Inc.
	115,000		3.800			04/15/26		131,612
	American Campus Communities Operating Partnership LP
	75,000		3.875			01/30/31		81,748
	American Tower Corp.
	125,000		3.375			05/15/24		135,371
	Crown Castle International Corp.
	50,000		3.300			07/01/30		54,759
	Duke Realty LP
	25,000		1.750			07/01/30		24,947
	Regency Centers LP
	60,000		2.950			09/15/29		62,069
	Service Properties Trust
	89,000		7.500			09/15/25		94,660
	144,000		4.750			10/01/26		128,315
	36,000		4.950			10/01/29		30,770
	Spirit Realty LP
	60,000		4.000			07/15/29		62,345
	VEREIT Operating Partnership LP
	55,000		4.875			06/01/26		61,308
	25,000		3.400			01/15/28		26,072
	WP Carey, Inc.
	60,000		3.850			07/15/29		64,650
								984,382
Retailing – 3.4%
	1011778 BC ULC/New Red Finance, Inc.(d)(e)
	441,000		4.000			10/15/30		444,308
	AutoNation, Inc.(d)
	50,000		4.750			06/01/30		58,922
	Beacon Roofing Supply, Inc.(d)(e)
	205,000		4.875			11/01/25		199,875
	Burlington Coat Factory Warehouse Corp.(d)(e)
	92,000		6.250			04/15/25		96,830

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Retailing – (continued)
	Burlington Stores, Inc.(e)
$	79,000		2.250	%		04/15/25	$	93,949
	Carvana Co.(d)(e)
	215,000		5.875			10/01/28		212,313
	Dollar Tree, Inc.(d)
	75,000		4.000			05/15/25		84,521
	eG Global Finance PLC(d)
EUR	250,000		4.375			02/07/25		276,985
	Group 1 Automotive, Inc.(d)(e)
$	70,000		4.000			08/15/28		68,775
	IRB Holding Corp.(d)(e)
	29,000		7.000			06/15/25		30,921
	343,000		6.750			02/15/26		343,000
	Ken Garff Automotive LLC(d)(e)
	190,000		4.875			09/15/28		186,913
	L Brands, Inc.(d)(e)
	88,000		6.875			07/01/25		94,490
	Specialty Building Products Holdings LLC/SBP Finance Corp.(d)(e)
	215,000		6.375			09/30/26		218,225
	Yum! Brands, Inc.(d)(e)
	2,000		7.750			04/01/25		2,210
	88,000		4.750			01/15/30		95,040
								2,507,277
Semiconductors(d) – 2.6%
	Amkor Technology, Inc.(e)
	145,000		6.625			09/15/27		155,875
	AMS AG(e)
EUR	200,000		6.000			07/31/25		246,993
$	203,000		7.000			07/31/25		213,901
	Broadcom Corp./Broadcom Cayman Finance Ltd.
	185,000		3.625			01/15/24		198,601
	300,000		3.500			01/15/28		324,534
	Broadcom, Inc.
	375,000		3.459			09/15/26		410,674
	Lam Research Corp.
	75,000		1.900			06/15/30		77,669
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(e)
	90,000		3.875			06/18/26		100,832
	100,000		3.400			05/01/30		109,400
	Qorvo, Inc.
	100,000		4.375			10/15/29		106,250
								1,944,729
Software(d) – 0.9%
	Black Knight InfoServ LLC(e)
	100,000		3.625			09/01/28		100,000
	BY Crown Parent LLC/BY Bond Finance, Inc.(e)
	25,000		4.250			01/31/26		25,406
	Castle US Holding Corp.(e)
	127,000		9.500			02/15/28		120,650
	Fiserv, Inc.
	115,000		3.200			07/01/26		127,753
	Intuit, Inc.
	25,000		1.350			07/15/27		25,360
	25,000		1.650			07/15/30		25,439
Corporate Obligations – (continued)
Software(d) – (continued)
	ServiceNow, Inc.
	125,000		1.400			09/01/30		121,715
	Solera LLC/Solera Finance, Inc.(e)
	90,000		10.500			03/01/24		93,825
								640,148
Telecommunication Services – 6.1%
	Altice France SA(d)(e)
EUR	100,000		2.125			02/15/25		110,503
	AT&T, Inc.(d)
$	125,000		4.125			02/17/26		143,120
	50,000		4.250			03/01/27		57,883
	300,000		2.300			06/01/27		314,781
	75,000		1.650			02/01/28		75,038
	100,000		4.900			08/15/37		121,045
	Avaya, Inc.(d)(e)
	440,000		6.125			09/15/28		448,624
	CommScope, Inc.(d)(e)
	85,000		7.125			07/01/28		87,125
	Intelsat Jackson Holdings SA(d)(g)
	180,000		5.500			08/01/23		110,700
	MTN Mauritius Investments Ltd.
	400,000		6.500			10/13/26		443,250
	PPF Telecom Group B.V.(d)
EUR	400,000		2.125			01/31/25		456,594
	Sprint Capital Corp.
$	125,000		8.750			03/15/32		183,750
	T-Mobile USA, Inc.(d)(e)
	25,000		1.500			02/15/26		25,096
	150,000		3.750			04/15/27		167,904
	150,000		2.050			02/15/28		153,484
	125,000		3.875			04/15/30		142,280
	125,000		2.550			02/15/31		128,767
	48,000		4.500			04/15/50		57,283
	Telecom Italia SpA(d)
EUR	175,000		2.875			01/28/26		211,453
	Telesat Canada/Telesat LLC(d)(e)
$	95,000		6.500			10/15/27		95,713
	Verizon Communications, Inc.
	50,000		3.376			02/15/25		55,713
	275,000		4.329			09/21/28		333,740
	275,000		3.150	(d)		03/22/30		310,335
	Vmed O2 UK Financing I PLC(d)(e)
	292,000		4.250			01/31/31		296,380
								4,503,561
Toys/Games/Hobbies(d)(e) – 0.1%
	Mattel, Inc.
	38,000		5.875			12/15/27		40,850
Transportation – 0.5%
	MV24 Capital B.V.
	390,056		6.748			06/01/34		393,164
	XPO Logistics, Inc.(d)(e)
	3,000		6.250			05/01/25		3,195
								396,359
	TOTAL CORPORATE OBLIGATIONS
	(Cost $57,460,576)						$	57,823,611

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

GOLDMAN SACHS INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 16.8%
Collateralized Mortgage Obligations – 1.3%
Interest Only(h) – 1.3%
	FHLMC REMIC Series 4991, Class IE
$	1,077,616		5.000	%		07/25/50	$	135,629
	FHLMC REMIC Series 5002, Class SJ(b) (-1x 1M USD LIBOR + 6.100%)
	661,892		5.948			07/25/50		122,647
	FNMA REMIC Series 2017-86, Class SB(b) (-1x 1M USD LIBOR + 6.150%)
	313,950		6.002			11/25/47		56,824
	FNMA REMIC Series 2020-45, Class AI
	458,699		4.000			07/25/50		56,654
	FNMA REMIC Series 2020-60, Class KI
	498,686		2.000			09/25/50		42,568
	GNMA REMIC Series 2015-112, Class SB(b) (-1x 1M USD LIBOR + 5.740%)
	811,039		5.584			08/20/45		134,394
	GNMA REMIC Series 2018-124, Class SN(b) (1M USD LIBOR + 6.200%)
	315,622		6.044			09/20/48		57,817
	GNMA REMIC Series 2019-52, Class SK(b) (-1X 1M USD LIBOR + 6.050%)
	353,605		5.894			04/20/49		44,512
	GNMA REMIC Series 2020-61, Class GI
	592,661		5.000			05/20/50		61,153
	GNMA REMIC Series 2020-61, Class SF(b) (-1x 1M USD LIBOR + 6.440%)
	635,498		6.284			07/20/43		124,477
	GNMA REMIC Series 2020-78, Class SD(b) (-1x 1M USD LIBOR + 6.150%)
	669,533		5.994			06/20/50		106,591
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	943,266
Federal Agencies(i) – 15.5%
GNMA – 12.6%
$	7,000,000		2.000	%		TBA-30yr	$	7,267,596
	1,000,000		2.500			TBA-30yr		1,050,070
	1,000,000		4.500			TBA-30yr		1,071,465
								9,389,131
UMBS, 30 Year, Single Family – 2.9%
	1,000,000		2.000			TBA - 30yr		1,032,053
	1,000,000		5.000			TBA - 30yr		1,095,550
								2,127,603
	TOTAL FEDERAL AGENCIES						$	11,516,734
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $12,422,446)						$	12,460,000
Foreign Debt Obligations – 9.7%
Sovereign – 9.7%
	Abu Dhabi Government International Bond(e)
$	200,000		3.875	%		04/16/50	$	243,625
	Arab Republic Of Egypt
EUR	200,000		4.750			04/16/26		222,546
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Dominican Republic
$	640,000		5.500			01/27/25		680,000
	Finance Department Government of Sharjah(e)
	200,000		4.000			07/28/50		204,000
	Jamaica Government International Bond
	200,000		7.875			07/28/45		253,062
	Kingdom of Bahrain(e)
	200,000		7.375			05/14/30		219,437
	Mexico Government International Bond
	540,000		4.500			04/22/29		605,306
	Perusahaan Penerbit SBSN Indonesia III
	350,000		4.150			03/29/27		393,859
	Republic of Angola(e)
	200,000		8.250			05/09/28		158,625
	Republic of Argentina(d)
	13,920		1.000			07/09/29		6,313
	455,900		0.125	(j)		07/09/30		189,199
	Republic of Belarus Ministry of Finance(e)
	200,000		5.875			02/24/26		185,700
	Republic of Colombia(d)
	200,000		4.500			03/15/29		224,062
	200,000		4.125			05/15/51		208,500
	Republic of Ecuador(e)
	34,036		0.000	(k)		07/31/30		15,827
	120,000		0.500	(j)		07/31/30		81,300
	198,120		0.500	(j)		07/31/35		110,452
	46,400		0.500	(j)		07/31/40		23,316
	Republic of Egypt(e)
	200,000		8.875			05/29/50		198,250
	Republic of Egypt
EUR	180,000		4.750			04/11/25		205,105
	Republic of Lebanon(g)
$	10,000		6.200			02/26/25		1,513
	10,000		6.750			11/29/27		1,500
	20,000		6.850			05/25/29		2,950
	110,000		6.650			02/26/30		15,950
	10,000		8.250			05/17/34		1,425
	Republic Of Nigeria
	400,000		7.625			11/21/25		416,375
	Republic of Paraguay
	200,000		4.700			03/27/27		226,750
	200,000		4.950	(d)		04/28/31		231,000
	Republic of Romania
EUR	90,000		2.875			03/11/29		114,688
	Republic of South Africa
$	300,000		4.665			01/17/24		306,656
	Republic Of Turkey
	200,000		7.250			12/23/23		205,500
	200,000		6.125			10/24/28		190,063
	200,000		7.625			04/26/29		206,250
	Russian Federation Bond
	200,000		4.750			05/27/26		229,000

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Ukraine Government Bond
$	190,000		7.750	%		09/01/23	$	193,040
	200,000		7.750			09/01/24		200,750
	200,000		7.750			09/01/26		199,187
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $7,212,729)						$	7,171,081

Shares	Dividend Rate		Value
Investment Company(l) – 2.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,953,273		0.027%	$	1,953,273
(Cost $1,953,273)
TOTAL INVESTMENTS – 109.1%
(Cost $80,516,524)			$	80,879,085
LIABILITIES IN EXCESS OF     OTHER ASSETS – (9.1)%				(6,756,337	)
NET ASSETS – 100.0%			$	74,122,748

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, 2020. 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, 2020.
(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)	Pay-in-kind securities.

(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 $11,516,734 which represents approximately 15.5% of the Fund’s net assets as of September 30, 2020.
(j)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2020.
(k)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(l)	Represents an affiliated issuer.

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
USD	—U.S. Dollar
Investment Abbreviations:
BP	—British Pound Offered Rate
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTN	—Medium Term Note
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
WR	—Withdrawn Rating

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

GOLDMAN SACHS INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS – At September 30, 2020, 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)
Intelsat Jackson Holdings SA, due 07/13/22	$	5,227	$	5,309	$	82

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, 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
JPMorgan Securities, Inc.		USD	3,959,118		EUR	3,361,277		11/09/20	$	14,934

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	EUR	874,171	USD	1,034,608		11/09/20		(8,840	)
	USD	128,811	GBP	100,000		01/13/21		(323	)
TOTAL							$	(9,163	)

FUTURES CONTRACTS — At September 30, 2020, 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		5			12/21/20	$	1,109,063		$	312
2 Year U.S. Treasury Notes		8			12/31/20		1,767,687			561
10 Year U.S. Treasury Notes		28			12/21/20		3,906,875			399
20 Year U.S. Treasury Bonds		11			12/21/20		1,939,094			4,423
Total									$	5,695
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(18	)		12/21/20		(2,878,594	)		887
5 Year U.S. Treasury Notes		(24	)		12/31/20		(3,024,750	)		(203	)
10 Year German Euro-Bund		(1	)		12/08/20		(204,616	)		(1,069	)
Total									$	(385	)
TOTAL FUTURES CONTRACTS									$	5,310

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
(0.250)%(b)		6M EURO(c)	12/16/24	EUR	250	$	(2,354	)	$	(2,240	)	$	(114	)
(0.250)(b)		6M EURO(c)	12/16/25		500		(5,012	)		(4,627	)		(385	)
(0.250)(b)		6M EURO(c)	12/16/30		400		1,662			3,586			(1,924	)
6M EURO(c)		0.250%(b)	12/16/40		40		2,135			1,644			491
0.250(b)		6M EURO(c)	12/16/50		20		(1,895	)		(1,450	)		(445	)
TOTAL						$	(5,464	)	$	(3,087	)	$	(2,377	)

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2020.

(b) Payments made annually.

(c) 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, 2020(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 34		5.000%	3.803		06/20/25	$	46	$	2,365	$	(1,723	)	$	4,088
CDX.NA.IG Index 28		1.000	0.829		06/20/22		625		2,030		7,426			(5,396	)
CDX.NA.IG Index 33		1.000	0.811		12/20/24		2,900		23,530		55,836			(32,306	)
CDX.NA.IG Index 34		1.000	0.848		06/20/25		4,925		35,713		65,861			(30,148	)
CDX.NA.IG Index 34		1.000	0.689		06/20/23		675		5,846		7,854			(2,008	)
TOTAL								$	69,484	$	135,254		$	(65,770	)

(a) Payments made quarterly.

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

Abbreviations:
CDX.NA.HY Index 34	—CDX North America High Yield Index 34
CDX.NA.IG Index 28	—CDX North America Investment Grade Index 28
CDX.NA.IG Index 33	—CDX North America Investment Grade Index 33
CDX.NA.IG Index 34	—CDX North America Investment Grade Index 34

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Secured Debt Obligations – 34.9%
Bank Loans(a) – 23.9%
Advertising(b) – 0.4%
	Terrier Media Buyer, Inc. (B+/B1) (1M LIBOR + 4.250%)
$	471,438		4.397	%		12/17/26	$	459,147
Aerospace & Defense(b) – 1.0%
	TransDigm, Inc. (B+/Ba3) (1M LIBOR + 2.250%)
	1,119,305		2.397			12/09/25		1,056,344
Automotive – 1.7%
	Adient US LLC (B+/Ba3)(b) (1M LIBOR + 4.250%)
	537,340		4.397			05/06/24		530,511
	GT Polaris, Inc. (NR/NR)(c)
	100,000		0.000			08/04/27		99,156
	Navistar International Corp. (BB-/Ba2)(b) (1M LIBOR + 3.500%)
	1,224,551		3.660			11/06/24		1,212,306
								1,841,973
Chemicals(b) – 0.9%
	Consolidated Energy Finance SA (BB-/Ba3) (1M LIBOR + 2.500%)
	297,957		2.656			05/07/25		270,769
	Illuminate Buyer LLC (B+/B1) (1 Week LIBOR + 4.000%)
	525,000		4.147			06/16/27		520,080
	INEOS Enterprises Holdings US Finco LLC (BB/B1) (3M LIBOR + 3.500%)
	169,223		4.500			08/28/26		167,814
								958,663
Commercial Services – 1.7%
	Camelot U.S. Acquisition 1 Co. (NR/B2)(c)
	100,000		0.000			10/30/26		99,458
	Garda World Security Corp. (B/B1)(b) (1M LIBOR + 4.750%)
	382,008		4.900			10/30/26		379,048
	Milano Acquisition Corp. (NR/NR)(c)
	300,000		0.000			08/13/27		296,250
	Prime Security Services Borrower LLC (BB-/Ba3)(b) (1M LIBOR + 3.250%)
	515,211		4.250			09/23/26		509,967
	Sabert Corp. (B/B2)(b) (1M LIBOR + 4.500%)
	270,640		5.500			12/10/26		265,679
	Trico Group LLC (B/B3)(b) (2M LIBOR + 7.500%)
	327,938		8.500			02/02/24		322,608
								1,873,010
Consumer Cyclical Services(b) – 1.2%
	AI Aqua Merger Sub, Inc. (B/B2)(d)
	(3M LIBOR + 4.250%)
	416,790		5.342			12/13/23		410,538
	(1M LIBOR + 3.250%)
	133,194		4.250			12/13/23		129,865
	Allied Universal Holding Co. LLC (B-/B3) (1M LIBOR + 4.250%)
	549,845		4.397			07/10/26		543,170
	The Hertz Corp. (NR/WR) (1M LIBOR + 2.750%)
	270,276		3.500			06/30/23		257,986
								1,341,559
Diversified Manufacturing(b) – 0.6%
	Apex Tool Group LLC (CCC+/B3) (1M LIBOR + 5.250%)
	678,687		6.500			08/01/24		642,038
Secured Debt Obligations – (continued)
Energy-Oil & Gas Services & Equipment(b) – 0.5%
	Apergy Corp. (BBB-/Ba2) (3M LIBOR + 5.000%)
	543,125		6.000			05/28/27		539,730
Entertainment(b)(d) – 0.5%
	Allen Media LLC (BB-/Ba3) (3M LIBOR + 5.500%)
	387,989		5.720			02/10/27		375,499
	AMC Entertainment Holdings, Inc. (CCC/Caa2) (3M LIBOR + 3.000%)
	198,990		3.220			04/22/26		127,043
								502,542
Environmental(b) – 0.3%
	Core & Main LP (B/B2) (1M LIBOR + 2.750%)
	288,038		3.750			08/01/24		281,647
Food(c) – 0.1%
	Shearer’s Foods, Inc. (NR/NR)
	100,000		0.000			09/23/27		99,188
Gaming(b) – 1.0%
	Caesars Resort Collection LLC (B+/B1) (1M LIBOR + 2.750%)
	1,105,990		2.897			12/23/24		1,033,460
Health Care(b) – 0.2%
	Athenahealth, Inc. (B/B2) (3M LIBOR + 4.500%)
	255,022		4.750			02/11/26		250,559
Health Care – Services(b) – 0.7%
	Kindred Healthcare LLC (B+/B3) (1M LIBOR + 5.000%)
	759,500		5.188			07/02/25		744,310
Insurance(b) – 1.1%
	HUB International Ltd. (B/B2) (3M LIBOR + 3.000%)
	1,178,895		3.264			04/25/25		1,137,858
Media – Cable – 0.8%
	CSC Holdings LLC (BB/Ba3)(b) (1M LIBOR + 2.250%)
	305,059		2.402			07/17/25		294,598
	Vertical Midco GmbH (NR/NR)(c)
	550,000		0.000			07/30/27		544,797
								839,395
Media – Non Cable(b) – 2.4%
	Cumulus Media New Holdings, Inc. (B/B2) (3M LIBOR + 3.750%)
	51,107		4.750			03/31/26		48,552
	Entercom Media Corp. (BB-/Ba3) (1M LIBOR + 2.500%)
	321,259		2.645			11/18/24		301,581
	iHeartCommunications, Inc. (B+/B1)
	(1M LIBOR + 3.000%)
	159,948		3.147			05/01/26		151,426
	(1M LIBOR + 4.000%)
	324,188		4.750			05/01/26		311,489
	Lions Gate Capital Holdings LLC (B+/Ba2) (1M LIBOR + 2.250%)
	767,839		2.397			03/24/25		739,045
	Nexstar Broadcasting, Inc. (BB/Ba3) (1M LIBOR + 2.750%)
	1,035,497		2.905			09/18/26		1,011,338
								2,563,431

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Secured Debt Obligations – (continued)
Packaging – 2.6%
	BWAY Holding Co. (B/B3)(b) (3M LIBOR + 3.250%)
$	1,353,015		3.523	%		04/03/24	$	1,267,612
	Flex Acquisition Co., Inc. (B/B2)(b) (3M LIBOR + 3.000%)
	545,425		4.000			12/29/23		532,471
	Reynolds Group Holdings Inc. (B+/B1)(c)
	150,000		0.000			02/03/26		147,150
	Reynolds Group Holdings, Inc. (B+/B1)(b) (3M LIBOR + 1.750%)
	394,508		2.897			02/05/23		389,233
	Trident TPI Holdings, Inc. (B-/B2)(b) (3M LIBOR + 3.000%)
	512,701		4.000			10/17/24		499,243
								2,835,709
Pharmaceuticals(b) – 0.3%
	Valeant Pharmaceuticals International, Inc. (BB/Ba2) (1M LIBOR + 3.000%)
	313,336		3.151			06/02/25		306,744
Pipelines(b)(d) – 0.2%
	Centurion Pipeline Co. LLC (BB+/B1) (1M LIBOR + 4.250%)
	170,000		4.145			09/28/25		165,750
Publishing(c) – 0.1%
	Nielsen Finance LLC (NR/NR)
	74,813		0.000			06/04/25		74,663
Real Estate Investment Trust(b) – 0.2%
	Redstone Buyer LLC (B/B1) (3M LIBOR + 5.000%)
	200,000		6.000			09/01/27		199,000
Semiconductors(c) – 0.1%
	Allegro Microsystems, Inc. (NR/NR)
	100,000		0.000			09/24/27		99,250
Software(b) – 0.1%
	Banff Merger Sub, Inc. (B-/B2) (1M LIBOR + 4.250%)
	149,241		4.397			10/02/25		144,526
Technology(b) – 0.2%
	Datto, Inc. (B/B2) (1M LIBOR + 4.250%)
	239,183		4.397			04/02/26		238,585
Technolgy- Software(b) – 3.3%
	Cardtronics USA, Inc. (BB+/Ba2) (1M LIBOR + 4.000%)
	99,750		5.000			06/29/27		99,251
	Castle US Holding Corp. (B-/B2) (3M LIBOR + 3.750%)
	298,750		3.970			01/29/27		286,534
	CommScope, Inc. (B/Ba3) (1M LIBOR + 3.250%)
	867,230		3.397			04/06/26		843,538
	DCert Buyer, Inc. (B-/B2) (1M LIBOR + 4.000%)
	595,010		4.147			10/16/26		586,644
	Epicor Software Corp. (B-/B2) (1M LIBOR + 4.250%)
	550,000		5.250			07/30/27		548,702
	GlobalLogic Holdings, Inc. (B/B2) (1M LIBOR + 3.750%)
	175,000		4.500			08/13/27		173,250
	Mitchell International, Inc. (B-/B2) (1M LIBOR + 4.250%)
	450,000		4.750			11/29/24		440,721
	The Ultimate Software Group, Inc. (B/B1) (3M LIBOR + 4.000%)
	75,000		4.750			05/04/26		74,729
	VS Buyer LLC (B-/B1) (1M LIBOR + 3.250%)
	547,250		3.397			02/28/27		536,759
								3,590,128
Secured Debt Obligations – (continued)
Telecommunications(b) – 1.3%
	MH Sub I LLC (B/B2) (1M LIBOR + 3.750%)
$	89,775		4.750	%		09/13/24	$	88,569
	Perforce Software, Inc. (B-/B2) (1M LIBOR + 3.750%)
	737,844		3.897			07/01/26		723,087
	PUG LLC (B-/B3) (1M LIBOR + 3.500%)
	678,870		3.647			02/12/27		596,272
								1,407,928
Telecommunications-Wirelines(b) – 0.4%
	CenturyLink, Inc. (BBB-/Ba3) (1M LIBOR + 2.250%)
	251,844		2.397			03/15/27		241,546
	Zayo Group Holdings, Inc. (B/B1) (1M LIBOR + 3.000%)
	248,750		3.147			03/09/27		241,066
								482,612
	TOTAL BANK LOANS						$	25,709,749
Other Secured Debt Obligations(e) – 11.0%
Aerospace & Defense(f) – 0.1%
	Spirit AeroSystems, Inc. (B/B1)
$	61,000		7.500	%		04/15/25	$	61,763
Airlines(f) – 0.2%
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (NR/Baa3)
	206,000		6.500			06/20/27		214,240
Commercial Services(f) – 0.5%
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (B-/B3)
	297,000		6.625			07/15/26		315,562
	APX Group, Inc. (B-/B3)
	233,000		6.750			02/15/27		240,573
								556,135
Entertainment(f) – 0.2%
	AMC Entertainment Holdings, Inc. (B-/Caa2)
	254,000		10.500			04/15/25		189,230
Environmental(f) – 0.0%
	GFL Environmental, Inc. (BB-/Ba3)
	40,000		5.125			12/15/26		41,600
Food(f) – 0.1%
	US Foods, Inc. (BB-/B3)
	131,000		6.250			04/15/25		138,696
Health Care – Services – 1.7%
	LifePoint Health, Inc. (B/B1)(f)
	300,000		6.750			04/15/25		315,750
	Tenet Healthcare Corp. (NR/B1)(f)
	156,000		4.625			09/01/24		156,780
	Tenet Healthcare Corp. (BB-/B1)
	557,000		4.625			07/15/24		559,785
	350,000		7.500	(f)		04/01/25		378,000
	454,000		4.875	(f)		01/01/26		460,810
								1,871,125

90 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)
Internet(f) – 0.3%
	Cablevision Lightpath LLC (B+/B1)
$	272,000		3.875	%		09/15/27	$	272,000
Leisure Time(f) – 0.4%
	Carnival Corp. (BB+/B1)
	192,000		10.500			02/01/26		212,640
	180,000		9.875			08/01/27		190,350
								402,990
Media(f) – 0.7%
	Diamond Sports Group LLC/Diamond Sports Finance Co. (BB-/Ba3)
	525,000		5.375			08/15/26		371,437
	UPC Holding B.V. (B/B3)
	200,000		5.500			01/15/28		206,500
	Vertical US New Co., Inc. (B/B1)
	200,000		5.250			07/15/27		207,750
								785,687
Metals & Mining(f) – 1.3%
	Cleveland-Cliffs, Inc. (B/Ba3)
	185,000		4.875			01/15/24		182,687
	319,000		9.875			10/17/25		356,084
	500,000		6.750			03/15/26		508,750
	Mauser Packaging Solutions Holding Co. (B/B3)
	345,000		5.500			04/15/24		345,000
								1,392,521
Oil, Gas & Consumable Fuels(f) – 0.7%
	Transocean Sentry Ltd. (CCC+/Caa1)
	1,127,000		5.375			05/15/23		766,360
Packaging(f) – 0.7%
	LABL Escrow Issuer LLC (B/B2)
	504,000		6.750			07/15/26		529,200
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)
	186,000		4.000			10/15/27		187,163
								716,363
Pharmaceuticals(f) – 0.1%
	Bausch Health Cos., Inc. (BB/Ba2)
	125,000		5.500			11/01/25		127,969
Pipelines(f) – 0.4%
	Cheniere Energy, Inc. (BB/Ba3)
	385,000		4.625			10/15/28		395,106
Real Estate Investment Trust(f) – 0.1%
	Realogy Group LLC/Realogy Co.-Issuer Corp. (CCC+/B3)
	97,000		7.625			06/15/25		101,123
Retailing(f) – 1.3%
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	251,000		5.000			10/15/25		256,648
	383,000		4.375			01/15/28		391,617
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	240,000		4.000			10/15/30		241,800
	1011778 BC ULC/New Red Finance, Inc. (BB+/Ba2)
	50,000		5.750			04/15/25		53,125
Secured Debt Obligations – (continued)
Retailing(f) – (continued)
	IRB Holding Corp. (B/B3)
	272,000		7.000			06/15/25		290,020
	Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B3)
	183,000		6.375			09/30/26		185,745
								1,418,955
Software(f) – 1.4%
	Camelot Finance SA (B/B2)
	1,098,000		4.500			11/01/26		1,118,587
	Logan Merger Sub, Inc. (B-/B1)
	380,000		5.500			09/01/27		385,225
								1,503,812
Telecommunications-Wirelines(f) – 0.8%
	Altice France SA (B/B2)
	791,000		7.375			05/01/26		826,595
	TOTAL OTHER SECURED DEBT OBLIGATIONS						$	11,782,270
	TOTAL SECURED DEBT OBLIGATIONS
	(Cost $38,071,891)						$	37,492,019
Unsecured Debt Obligations – 54.4%
Advertising(e)(f) – 1.0%
	Lamar Media Corp. (BB-/B1)
$	250,000		4.000	%		02/15/30	$	250,000
	Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)
	100,000		6.250			06/15/25		103,000
	574,000		4.625			03/15/30		552,475
	Terrier Media Buyer, Inc. (CCC+/Caa1)
	201,000		8.875			12/15/27		202,005
								1,107,480
Aero Leasing(e)(f) – 0.7%
	Avolon Holdings Funding, Ltd. (BBB-/Baa3)
	749,000		4.375			05/01/26		708,996
Aerospace & Defense – 1.7%
	Bombardier, Inc. (CCC/Caa3)(f)
	75,000		8.750			12/01/21		75,750
	471,000		6.000	(e)		10/15/22		435,675
	TransDigm UK Holdings PLC (B-/B3)(e)
	625,000		6.875			05/15/26		628,125
	TransDigm, Inc. (B-/B3)(e)
	71,000		5.500			11/15/27		68,160
	Triumph Group, Inc. (CCC-/Ca)(e)
	476,000		5.250			06/01/22		396,270
	428,000		7.750			08/15/25		272,850
								1,876,830
Auto Components(e)(f) – 1.1%
	Ashtead Capital, Inc. (BBB-/Baa3)
	486,000		5.250			08/01/26		512,730
	681,000		4.375			08/15/27		708,710
								1,221,440

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Unsecured Debt Obligations – (continued)
Automotive – 2.7%
	Adient Global Holdings Ltd. (B/B3)(e)(f)
$	559,000		4.875	%		08/15/26	$	532,448
	Dana, Inc. (BB-/B2)(e)
	175,000		5.625			06/15/28		180,906
	Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)(e)(f)
	230,000		8.000			02/01/28		233,450
	Delphi Technologies PLC (BB-/B3)(f)
	145,000		5.000			10/01/25		166,025
	Ford Motor Co. (BB+/Ba2)(e)
	89,000		9.000			04/22/25		101,967
	284,000		4.063			11/01/24		283,561
	250,000		5.125			06/16/25		257,817
	375,000		4.125			08/17/27		364,740
	Lithia Motors, Inc. (BB/Ba2)(f)
	70,000		4.375			01/15/31		70,000
	Meritor, Inc. (BB-/B1)(e)(f)
	196,000		6.250			06/01/25		205,310
	Navistar International Corp. (CCC+/B3)(e)(f)
	262,000		6.625			11/01/25		269,205
	Tesla, Inc. (B+/B3)(e)(f)
	258,000		5.300			08/15/25		267,353
								2,932,782
Building Materials(e) – 1.4%
	Builders FirstSource, Inc. (B+/B3)(f)
	203,000		5.000			03/01/30		210,105
	Cornerstone Building Brands, Inc. (B-/Caa1)(f)
	223,000		6.125			01/15/29		224,951
	Griffon Corp. (B+/B2)
	317,000		5.750			03/01/28		330,473
	Standard Industries, Inc. (BBB-/Ba2)(f)
	191,000		5.000			02/15/27		198,640
	Summit Materials LLC/Summit Materials Finance Corp. (BB/B2)(f)
	546,000		5.250			01/15/29		568,522
								1,532,691
Chemicals(e) – 0.9%
	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)(f)
	183,000		4.750			06/15/27		188,033
	Element Solutions, Inc. (BB-/B2)(f)
	119,000		3.875			09/01/28		116,620
	Valvoline, Inc. (BB-/Ba3)
	210,000		4.375			08/15/25		216,037
	WR Grace & Co-Conn (BB-/Ba3)(f)
	414,000		4.875			06/15/27		427,455
								948,145
Commercial Services(e)(f) – 1.6%
	Gartner, Inc. (BB/Ba3)
	250,000		4.500			07/01/28		260,938
	190,000		3.750			10/01/30		192,138
	Nielsen Finance LLC/Nielsen Finance Co. (BB-/B2)
	356,000		5.000			04/15/22		356,000
	260,000		5.625			10/01/28		266,500
	30,000		5.875			10/01/30		31,050
Unsecured Debt Obligations – (continued)
Commercial Services(e)(f) – (continued)
	Ritchie Bros Auctioneers, Inc. (BB+/Ba3)
	253,000		5.375			01/15/25		260,906
	The Nielsen Co. Luxembourg S.a.r.l. (BB-/B2)
	297,000		5.000			02/01/25		300,712
								1,668,244
Computers(e)(f) – 0.8%
	Booz Allen Hamilton, Inc. (BB-/Ba2)
	678,000		3.875			09/01/28		696,645
	Science Applications International Corp. (BB-/B1)
	150,000		4.875			04/01/28		152,250
								848,895
Distribution & Wholesale(e)(f) – 0.2%
	Core & Main LP (CCC+/Caa2)
	179,000		6.125			08/15/25		180,790
Diversified Financial Services(e) – 1.3%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust (BBB/Baa3)
	150,000		6.500			07/15/25		161,709
	Global Aircraft Leasing Co. Ltd. (NR/Ba2)(f)(g) (PIK 7.250%, Cash 6.500%)
	194,815		6.500			09/15/24		103,252
	Nationstar Mortgage Holdings, Inc. (B/B2)(f)
	240,000		5.500			08/15/28		240,000
	NFP Corp. (CCC+/Caa2)(f)
	179,000		6.875			08/15/28		180,790
	OneMain Finance Corp. (BB-/Ba3)
	264,000		8.875			06/01/25		292,050
	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. (BB/Ba1)(f)
	286,000		3.625			03/01/29		283,283
	109,000		3.875			03/01/31		107,706
								1,368,790
Electrical(e)(f) – 0.9%
	Clearway Energy Operating LLC (BB/Ba2)
	246,000		4.750			03/15/28		254,610
	Pattern Energy Operations LP/Pattern Energy Operations, Inc. (BB-/Ba3)
	154,000		4.500			08/15/28		159,775
	Pike Corp. (CCC+/B3)
	510,000		5.500			09/01/28		510,637
								925,022
Electrical Components & Equipment(e)(f) – 0.5%
	Energizer Holdings, Inc. (B+/B2)
	310,000		4.375			03/31/29		313,487
	Wesco Distribution, Inc. (BB-/B2)
	204,000		7.125			06/15/25		222,105
								535,592
Electronics(f) – 0.2%
	Sensata Technologies B.V. (BB+/Ba3)
	179,000		4.875			10/15/23		187,279
Engineering & Construction(e) – 1.0%
	AECOM (BB/Ba3)
	84,000		5.875			10/15/24		90,720
	446,000		5.125			03/15/27		479,450

92 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)
Engineering & Construction(e) – (continued)
	KBR, Inc. (B+/B1)(f)
$	351,000		4.750	%		09/30/28	$	353,194
	MasTec, Inc. (BB/Ba3)(f)
	112,000		4.500			08/15/28		113,400
								1,036,764
Entertainment(e)(f) – 0.1%
	Caesars Resort Collection LLC/CRC Finco, Inc. (CCC+/Caa1)
	82,000		5.250			10/15/25		78,925
Environmental(e)(f) – 0.5%
	GFL Environmental, Inc. (B-/B3)
	204,000		7.000			06/01/26		214,965
	Stericycle, Inc. (BB-/NR)
	339,000		5.375			07/15/24		352,136
								567,101
Food & Drug Retailing(e)(f) – 1.0%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (BB-/B2)
	401,000		4.625			01/15/27		409,020
	325,000		4.875			02/15/30		339,219
	Post Holdings, Inc. (B+/B2)
	360,000		4.625			04/15/30		370,350
								1,118,589
Forest Products & Paper(e)(f) – 0.1%
	Clearwater Paper Corp. (BB-/Ba3)
	135,000		4.750			08/15/28		135,675
Gaming(e)(f) – 0.3%
	Boyd Gaming Corp. (B-/Caa1)
	250,000		8.625			06/01/25		274,063
Healthcare Providers & Services(e) – 3.1%
	Centene Corp. (BBB-/Ba1)
	787,000		4.750			01/15/25		807,659
	424,000		4.250			12/15/27		443,542
	Charles River Laboratories International, Inc. (BB/Ba3)(f)
	553,000		5.500			04/01/26		582,032
	290,000		4.250			05/01/28		304,138
	DaVita, Inc. (B+/Ba3)(f)
	405,000		3.750			02/15/31		390,319
	Encompass Health Corp. (B+/B1)
	360,000		4.500			02/01/28		361,800
	HCA, Inc. (BB-/Ba2)
	399,000		3.500			09/01/30		406,980
	Surgery Center Holdings, Inc. (CCC/Caa2)(f)
	86,000		6.750			07/01/25		84,280
								3,380,750
Home Builders(e) – 0.9%
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (B+/B1)(f)
	372,000		4.875			02/15/30		349,680
	Mattamy Group Corp. (BB/B1)(f)
	298,000		4.625			03/01/30		301,352
Unsecured Debt Obligations – (continued)
Home Builders(e) – (continued)
	Taylor Morrison Communities, Inc. (BB/Ba3)(f)
	132,000		5.125			08/01/30		141,240
	TRI Pointe Group, Inc. (BB-/Ba3)
	83,000		5.250			06/01/27		88,810
	68,000		5.700			06/15/28		74,460
								955,542
Household Products(e)(f) – 0.2%
	Prestige Brands, Inc. (B+/B3)
	191,000		5.125			01/15/28		197,685
Insurance(e)(f) – 1.2%
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	630,000		7.000			11/15/25		617,400
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (CCC+/Caa2)
	645,000		6.750			10/15/27		675,637
								1,293,037
Internet – 3.8%
	GrubHub Holdings, Inc. (BB-/B1)(e)(f)
	715,000		5.500			07/01/27		740,919
	Match Group Holdings II LLC (BB/Ba3)(e)(f)
	241,000		5.000			12/15/27		254,255
	492,000		4.625			06/01/28		505,530
	248,000		5.625			02/15/29		266,600
	653,000		4.125			08/01/30		659,530
	Netflix, Inc. (BB/Ba3)
	204,000		3.625	(e)(f)		06/15/25		212,160
	425,000		5.875			11/15/28		504,687
	50,000		4.875	(e)(f)		06/15/30		57,000
	Twitter, Inc. (BB+/Ba2)(e)(f)
	277,000		3.875			12/15/27		289,119
	Uber Technologies, Inc. (CCC+/B3)(e)(f)
	350,000		7.500			05/15/25		371,000
	270,000		6.250			01/15/28		277,425
								4,138,225
Lodging(e) – 0.2%
	Marriott International, Inc. (BBB-/Baa3)
	157,000		4.625			06/15/30		168,149
Machinery – Construction & Mining(e)(f) – 0.2%
	BWX Technologies, Inc. (BB/Ba3)
	210,000		4.125			06/30/28		216,038
Media – 9.0%
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(e)(f)
	1,330,000		4.750			03/01/30		1,403,150
	700,000		4.500			08/15/30		735,000
	425,000		4.250			02/01/31		437,750
	CSC Holdings LLC (B/B3)(e)(f)
	1,141,000		5.750			01/15/30		1,212,312
	682,000		4.625			12/01/30		683,705
	DISH DBS Corp. (B-/NR)
	450,000		7.375			07/01/28		463,500
	GCI LLC (B/B3)(e)
	491,000		6.625	(f)		06/15/24		526,598
	731,000		6.875			04/15/25		752,930
	387,000		4.750	(f)		10/15/28		392,805

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Unsecured Debt Obligations – (continued)
Media – (continued)
	Nexstar Broadcasting, Inc. (B/B3)(e)(f)
$	404,000		4.750	%		11/01/28	$	412,080
	Sinclair Television Group, Inc. (B/B1)(e)(f)
	300,000		5.875			03/15/26		295,500
	Sirius XM Radio, Inc. (BB/Ba3)(e)(f)
	238,000		5.500			07/01/29		255,850
	416,000		4.125			07/01/30		423,800
	TEGNA, Inc. (BB-/Ba3)(e)(f)
	79,000		4.750			03/15/26		80,580
	450,000		4.625			03/15/28		438,750
	1,030,000		5.000			09/15/29		1,011,975
	Ziggo Bond Co. B.V. (B-/B3)(e)(f)
	200,000		5.125			02/28/30		202,000
								9,728,285
Mining(e)(f) – 0.5%
	Alcoa Nederland Holding B.V. (BB+/Ba1)
	350,000		5.500			12/15/27		364,000
	Hudbay Minerals, Inc. (B/B3)
	200,000		6.125			04/01/29		197,000
								561,000
Oil Field Services(e) – 5.2%
	Archrock Partners LP/Archrock Partners Finance Corp. (B+/B2)(f)
	393,000		6.250			04/01/28		369,420
	Cenovus Energy, Inc. (BBB-/Ba2)
	385,000		5.375			07/15/25		371,725
	CNX Resources Corp. (BB-/B3)(f)
	417,000		7.250			03/14/27		425,340
	CrownRock LP/CrownRock Finance, Inc. (BB-/B2)(f)
	821,000		5.625			10/15/25		771,740
	Ensign Drilling, Inc. (CCC+/Caa1)(f)
	224,000		9.250			04/15/24		85,120
	Gulfport Energy Corp. (CCC+/Caa2)
	300,000		6.625			05/01/23		187,500
	Indigo Natural Resources LLC (BB-/B3)(f)
	193,000		6.875			02/15/26		187,693
	Laredo Petroleum, Inc. (B-/Caa1)
	245,000		10.125			01/15/28		142,100
	Nabors Industries, Ltd. (CCC+/Ba3)(f)
	895,000		7.500			01/15/28		429,600
	Noble Holding International Ltd. (NR/WR)(f)(h)
	541,000		7.875			02/01/26		129,164
	Occidental Petroleum Corp. (BB+/Ba2)
	290,000		8.000			07/15/25		290,000
	375,000		6.625			09/01/30		345,469
	Parsley Energy LLC/Parsley Finance Corp. (BB/Ba3)(f)
	697,000		5.375			01/15/25		691,772
	WPX Energy, Inc. (BB-/B1)
	253,000		5.250			09/15/24		263,752
	152,000		5.250			10/15/27		154,280
	395,000		5.875			06/15/28		412,775
	326,000		4.500			01/15/30		321,925
								5,579,375
Unsecured Debt Obligations – (continued)
Packaging(e) – 1.4%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B/Caa1)(f)
	702,000		5.250			08/15/27		715,162
	Silgan Holdings, Inc. (BB/Ba3)
	234,000		4.125			02/01/28		238,095
	Trident TPI Holdings, Inc. (CCC+/Caa2)(f)
	526,000		9.250			08/01/24		557,560
								1,510,817
Pharmaceuticals – 2.3%
	AdaptHealth LLC (B+/B1)(e)(f)
	165,000		6.125			08/01/28		170,775
	Bausch Health Cos., Inc. (B/B3)(e)(f)
	94,000		5.500			03/01/23		93,647
	55,000		5.875			05/15/23		54,725
	148,000		6.250			02/15/29		152,070
	Teva Pharmaceutical Finance Co. B.V. (BB-/Ba2)
	826,000		2.950			12/18/22		799,155
	Teva Pharmaceutical Finance Netherlands III B.V. (BB-/Ba2)
	1,212,000		2.800			07/21/23		1,157,460
								2,427,832
Pipelines(e) – 3.0%
	Buckeye Partners LP (BB/B1)(f)
	424,000		4.500			03/01/28		408,630
	Cheniere Energy Partners LP (BB/Ba2)
	669,000		4.500			10/01/29		684,889
	Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. (BB-/B1)(f)
	178,000		5.625			05/01/27		158,420
	EnLink Midstream LLC (BB+/Ba2)
	360,000		5.375			06/01/29		291,600
	EQM Midstream Partners LP (BB-/Ba3)(f)
	190,000		6.500			07/01/27		200,925
	Global Partners LP/GLP Finance Corp. (B+/B2)
	25,000		7.000			06/15/23		25,469
	245,000		6.875	(f)		01/15/29		246,837
	Hess Midstream Operations LP (BB+/Ba3)(f)
	326,000		5.125			06/15/28		325,185
	NuStar Logistics LP (NR/Ba3)
	240,000		5.750			10/01/25		247,200
	Rattler Midstream LP (BBB-/Ba3)(f)
	330,000		5.625			07/15/25		332,604
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)(f)
	295,000		4.875			02/01/31		284,675
								3,206,434
Real Estate(e)(f) – 0.1%
	The Howard Hughes Corp. (BB-/Ba3)
	158,000		5.375			08/01/28		156,815
Real Estate Investment Trust(e) – 1.4%
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)(f)
	189,000		4.625			06/15/25		192,780

94 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)
Real Estate Investment Trust(e) – (continued)
	SBA Communications Corp. (BB-/B1)
$	787,000		4.000	%		10/01/22	$	791,919
	Service Properties Trust (BB/Baa3)
	73,000		7.500			09/15/25		77,643
	VICI Properties LP/VICI Note Co., Inc. (BB/Ba3)(f)
	94,000		3.500			02/15/25		93,412
	80,000		3.750			02/15/27		78,600
	250,000		4.125			08/15/30		245,312
								1,479,666
Retailing(e) – 0.7%
	Asbury Automotive Group, Inc. (BB/B1)(f)
	185,000		4.500			03/01/28		185,925
	30,000		4.750			03/01/30		30,150
	Carvana Co. (CCC+/Caa2)(f)
	190,000		5.875			10/01/28		187,625
	Group 1 Automotive, Inc. (BB+/Ba2)(f)
	125,000		4.000			08/15/28		122,813
	Ken Garff Automotive LLC (B/B1)(f)
	130,000		4.875			09/15/28		127,887
	Yum! Brands, Inc. (B+/B1)
	99,000		3.625			03/15/31		99,000
								753,400
Semiconductors(e)(f) – 0.3%
	Microchip Technology, Inc. (NR/Ba2)
	122,000		4.250			09/01/25		126,575
	Qorvo, Inc. (BB+/Ba1)
	210,000		3.375			04/01/31		213,413
								339,988
Software(e)(f) – 0.5%
	Castle US Holding Corp. (CCC/Caa2)
	64,000		9.500			02/15/28		60,800
	Fair Isaac Corp. (BB+/Ba2)
	118,000		4.000			06/15/28		121,245
	Open Text Corp. (BB/Ba2)
	255,000		3.875			02/15/28		258,187
	PTC, Inc. (BB-/Ba3)
	136,000		4.000			02/15/28		138,720
								578,952
Telecommunication Services(e) – 1.9%
	CenturyLink, Inc. (B+/B2)(f)
	195,000		5.125			12/15/26		199,144
	CommScope, Inc. (B-/B3)(f)
	248,000		8.250			03/01/27		257,920
	QualityTech LP/QTS Finance Corp. (BB/Ba3)(f)
	130,000		3.875			10/01/28		130,812
	Sprint Corp. (BB/B1)
	396,000		7.625			03/01/26		477,180
	T-Mobile USA, Inc. (BB/Ba3)
	175,000		6.000			04/15/24		178,719
	ViaSat, Inc. (B/Caa1)(f)
	824,000		5.625			09/15/25		807,520
								2,051,295
Unsecured Debt Obligations – (continued)
Transportation(e)(f) – 0.5%
	Cargo Aircraft Management, Inc. (B+/Ba3)
	342,000		4.750			02/01/28		345,420
	XPO Logistics, Inc. (BB-/Ba3)
	141,000		6.750			08/15/24		149,284
								494,704
	TOTAL UNSECURED DEBT OBLIGATIONS
	(Cost $58,289,908)						$	58,472,082
U.S. Treasury Obligation(i) – 1.8%
	United States Treasury Bills
	2,000,000		0.000	%		03/04/21	$	1,999,059
	(Cost $1,999,154)

Shares	Description	Value
Common Stock* - 0.0%
Oil, Gas & Consumable Fuels - 0.0%
1,141,924	Prairie Provident Resources, Inc.	$	12,864
(Cost $2,946,424)

Shares	Dividend Rate	Value
Investment Company(j) – 7.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
7,850,806	0.027%	$	7,850,806
(Cost $7,850,806)
TOTAL INVESTMENTS – 98.4%
(Cost $109,158,183)		$	105,826,830
OTHER ASSETS IN EXCESS     OF LIABILITIES – 1.6%			1,688,034
NET ASSETS – 100.0%		$	107,514,864

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, 2020. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

(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, 2020.
(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Pay-in-kind securities.
(h)	Security is currently in default and/or non-income producing.

(i)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(j)	Represents an affiliated issuer.
	Security ratings disclosed, if any, are obtained from Standard & Poor’s/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2020, 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)
1.000	3M LIBOR	12/16/27	$3,803	$	(125,420	)	$	(132,148	)	$	6,728

(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, 2020.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at September 30, 2020(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.HY Index 35	(5.000)%		4.072		12/20/25		27,500	$	(1,193,195	)	$	(1,077,447	)	$	(115,748	)

(a) Payments made quarterly.

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

Abbreviations:
CDX.NA.HY Index 35	—CDX North America High Yield Index 35

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a)(b) – 2.2%
Building Materials – 0.2%
	CPG International, Inc. (3M LIBOR + 3.750%)
$	1,580,669		4.750	%		05/05/24	$	1,573,951
Chemicals – 0.4%
	Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,310,750		3.410			05/15/24		2,208,222
	Starfruit Finco B.V. (1M LIBOR + 3.000%)
	1,679,395		3.151			10/01/25		1,623,623
								3,831,845
Entertainment – 0.1%
	AMC Entertainment Holdings, Inc. (3M LIBOR + 3.000%)
	2,393,924		3.220			04/22/26		1,528,377
Food & Drug Retailers – 0.0%
	B&G Foods, Inc. (1M LIBOR + 2.500%)
	454,208		2.647			10/10/26		452,364
Health Care – Services – 0.4%
	MPH Acquisition Holdings LLC (3M LIBOR + 2.750%)
	1,977,046		3.750			06/07/23		1,943,160
	Sotera Health Holdings LLC (3M LIBOR + 4.500%)
	1,974,809		5.500			12/11/26		1,964,935
								3,908,095
Media – Broadcasting & Radio – 0.1%
	Getty Images, Inc. (1M LIBOR + 4.500%)
	923,327		4.688			02/19/26		858,694
Media – Cable – 0.2%
	CSC Holdings LLC (1M LIBOR + 2.250%)
	1,969,466		2.402			07/17/25		1,901,933
Media – Non Cable – 0.0%
	Terrier Media Buyer, Inc. (1M LIBOR + 4.250%)
	496,250		4.397			12/17/26		483,313
Real Estate Investment Trust – 0.2%
	Brookfield Residential Properties, Inc. (1M LIBOR + 3.000%)
	2,050,000		3.147			08/28/23		1,756,850
Services Cyclical – Business Services – 0.3%
	Travelport Finance (Luxembourg) S.a.r.l.
	(3M LIBOR + 5.000%)
	2,136,420		5.225			09/23/27		1,318,171
	(3M LIBOR + 7.000%)
	1,956,837		5.250			02/28/25		1,877,350
								3,195,521
Services Cyclical – Consumer Services – 0.2%
	Asurion LLC (1M LIBOR + 3.000%)
	2,681,228		3.147			08/04/22		2,647,149
Technology – Software/Services – 0.1%
	The Ultimate Software Group, Inc. (1M LIBOR + 3.750%)
	915,750		3.897			05/04/26		906,849
Telecommunication Services – 0.0%
	Intelsat Jackson Holdings SA (3M LIBOR + 5.500%)
	275,583		6.500			07/13/22		279,945
	TOTAL BANK LOANS
	(Cost $24,698,386)						$	23,324,886
Corporate Obligations – 52.8%
Advertising(c)(d) – 0.1%
	Outfront Media Capital LLC/Outfront Media Capital Corp.
$	665,000		5.000	%		08/15/27	$	648,375
	Terrier Media Buyer, Inc.
	800,000		8.875			12/15/27		804,000
								1,452,375
Aerospace & Defense(d) – 0.3%
	TransDigm, Inc.
	1,685,000		6.500			05/15/25		1,674,469
	1,250,000		5.500			11/15/27		1,200,000
	Triumph Group, Inc.
	450,000		7.750			08/15/25		286,875
								3,161,344
Agriculture(d) – 0.2%
	Archer-Daniels-Midland Co.
	800,000		3.250			03/27/30		913,776
	BAT Capital Corp.
	1,500,000		4.906			04/02/30		1,763,340
								2,677,116
Airlines(c)(d) – 0.1%
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.
	870,000		6.500			06/20/27		904,800
Automotive – 1.2%
	Adient US LLC(c)(d)
	980,000		7.000			05/15/26		1,046,150
	American Axle & Manufacturing, Inc.(d)
	550,000		6.250			04/01/25		543,125
	465,000		6.250			03/15/26		448,725
	460,000		6.500			04/01/27		445,050
	Clarios Global LP/Clarios US Finance Co.(c)(d)
	1,570,000		8.500			05/15/27		1,628,875
	Dana, Inc.(d)
	515,000		5.375			11/15/27		527,875
	Ford Motor Co.
	1,597,000		8.500			04/21/23		1,740,248
	1,666,000		9.000	(d)		04/22/25		1,908,739
	Ford Motor Credit Co. LLC
	542,000		3.813			10/12/21		542,647
	Navistar International Corp.(c)(d)
	460,000		6.625			11/01/25		472,650
	Nissan Motor Co. Ltd.(c)(d)
	2,325,000		3.522			09/17/25		2,346,925
	Tesla, Inc.(c)(d)
	1,085,000		5.300			08/15/25		1,124,331
								12,775,340
Banks – 7.2%
	Banco do Brasil SA(b)(d)
	(10 Year CMT + 4.398%)
	1,900,000		6.250			10/29/49		1,778,875
	(10 Year CMT + 6.362%)
	630,000		9.000			06/29/49		680,400

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp.
$	245,000		4.200	%		08/26/24	$	272,690
	(3M USD LIBOR + 0.990%)
	3,750,000		2.496	(b)(d)		02/13/31		3,920,250
	(SOFR + 2.150%)
	4,775,000		2.592	(b)(d)		04/29/31		5,051,711
	BNP Paribas SA(c)
	5,700,000		3.375			01/09/25		6,175,779
	BPCE SA(c)
	675,000		4.875			04/01/26		770,546
	CIT Bank NA(b)(d) (SOFR + 1.715%)
	1,850,000		2.969			09/27/25		1,834,146
	Citigroup, Inc.
	1,890,000		3.500			05/15/23		2,012,661
	6,250,000		3.200	(d)		10/21/26		6,891,375
	(SOFR + 3.914%)
	3,925,000		4.412	(b)(d)		03/31/31		4,702,268
	Credit Suisse Group AG(b)(c)(d)
	(5 Year CMT + 4.889%)
	1,625,000		5.250			12/31/99		1,625,000
	(SOFR + 3.730%)
	2,450,000		4.194			04/01/31		2,829,505
	HSBC Holdings PLC
	800,000		4.950			03/31/30		964,048
	ING Groep NV(c)
	4,000,000		4.625			01/06/26		4,691,440
	Itau Unibanco Holding SA(b)(c)(d) (5 Year CMT + 3.222%)
	860,000		4.625			12/31/99		749,060
	JPMorgan Chase & Co.(b)(d)
	(SOFR + 1.160%)
	3,950,000		2.301			10/15/25		4,154,689
	(SOFR + 3.790%)
	425,000		4.493			03/24/31		518,292
	Morgan Stanley, Inc.(b)(d)
	(SOFR + 1.143%)
	2,975,000		2.699			01/22/31		3,175,931
	(SOFR + 1.152%)
	7,225,000		2.720			07/22/25		7,676,779
	(SOFR + 3.120%)
	1,975,000		3.622			04/01/31		2,264,752
	Natwest Group PLC(b)(d)
	(5 Year CMT + 2.100%)
	675,000		3.754			11/01/29		696,938
	(3M USD LIBOR + 1.762%)
	1,975,000		4.269			03/22/25		2,146,410
	QNB Finance Ltd.
	230,000		3.500			03/28/24		244,088
	Societe Generale SA(b)(d) (5 Year USD Swap + 3.929%)
	450,000		6.750			12/31/99		470,250
	State Street Corp.(b)(c)(d) (SOFR + 2.650%)
	175,000		3.152			03/30/31		199,119
	Truist Bank(b)(d) (5 Year CMT + 1.150%)
	4,025,000		2.636			09/17/29		4,166,559
	Turkiye Vakiflar Bankasi TAO
	200,000		8.125			03/28/24		200,500
	270,000		5.250	(c)		02/05/25		242,156
Corporate Obligations – (continued)
Banks – (continued)
	UBS Group AG(c)
	5,050,000		4.125			09/24/25		5,754,525
	Wells Fargo & Co.(d)
	865,000		3.750			01/24/24		940,713
	(3M USD LIBOR + 4.240%)
	475,000		5.013	(b)		04/04/51		650,266
								78,451,721
Beverages – 0.5%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(d)
	3,225,000		4.900			02/01/46		3,951,335
	Anheuser-Busch InBev Worldwide, Inc.
	600,000		4.950			01/15/42		738,246
	Keurig Dr Pepper, Inc.(d)
	325,000		5.085			05/25/48		435,685
	475,000		3.800			05/01/50		544,122
								5,669,388
Building Materials(d) – 0.4%
	Cemex SAB de CV(c)
	200,000		7.375			06/05/27		215,500
	350,000		5.200			09/17/30		351,278
	Cornerstone Building Brands, Inc.(c)
	1,760,000		8.000			04/15/26		1,843,600
	Griffon Corp.
	527,000		5.750			03/01/28		549,397
	JELD-WEN, Inc.(c)
	560,000		4.875			12/15/27		571,200
	Summit Materials LLC/Summit Materials Finance Corp.(c)
	520,000		6.500			03/15/27		551,200
	738,000		5.250			01/15/29		768,442
								4,850,617
Chemicals – 1.8%
	Bluestar Finance Holdings Ltd.(b)(d) (-1x3 Year CMT + 6.651%)
	3,700,000		3.875			12/31/99		3,737,000
	CNAC HK Finbridge Co. Ltd.
	370,000		3.375			06/19/24		384,800
	210,000		3.875			06/19/29		222,469
	DuPont de Nemours, Inc.(d)
	3,425,000		4.493			11/15/25		3,937,962
	Kraton Polymers LLC/Kraton Polymers Capital Corp.(c)(d)
	1,555,000		7.000			04/15/25		1,586,100
	Nouryon Holding B.V.(c)(d)
	1,330,000		8.000			10/01/26		1,409,800
	OCI NV(c)(d)
	975,000		5.250			11/01/24		1,001,812
	Sasol Financing International Ltd.
	4,008,000		4.500			11/14/22		3,877,740
	The Chemours Co.(d)
	1,055,000		6.625			05/15/23		1,066,869
	490,000		7.000			05/15/25		493,062
	550,000		5.375			05/15/27		547,250
	Tronox Finance PLC(c)(d)
	470,000		5.750			10/01/25		461,188

98 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)
Chemicals – (continued)
	Tronox, Inc.(c)(d)
$	465,000		6.500	%		04/15/26	$	465,000
								19,191,052
Commercial Services – 1.2%
	Allied Universal Holdco LLC/Allied Universal Finance Corp.(c)(d)
	1,500,000		6.625			07/15/26		1,593,750
	1,345,000		9.750			07/15/27		1,459,325
	DP World Crescent Ltd.
	200,000		4.848			09/26/28		221,660
	200,000		3.875			07/18/29		206,750
	DP World PLC
	200,000		5.625			09/25/48		227,875
	Herc Holdings, Inc.(c)(d)
	2,330,000		5.500			07/15/27		2,399,900
	MPH Acquisition Holdings LLC(c)(d)
	495,000		7.125			06/01/24		508,613
	Prime Security Services Borrower LLC/Prime Finance, Inc.(c)(d)
	1,210,000		6.250			01/15/28		1,234,200
	Sabre GLBL, Inc.(c)(d)
	1,062,000		9.250			04/15/25		1,168,200
	Service Corp. International(d)
	780,000		3.375			08/15/30		780,000
	The Nielsen Co. Luxembourg S.a.r.l.(c)(d)
	1,485,000		5.000			02/01/25		1,503,562
	United Rentals North America, Inc.(d)
	1,070,000		3.875			02/15/31		1,086,050
	Verscend Escrow Corp.(c)(d)
	970,000		9.750			08/15/26		1,052,450
								13,442,335
Computers(d) – 1.7%
	Banff Merger Sub, Inc.(c)
	485,000		9.750			09/01/26		512,888
	Booz Allen Hamilton, Inc.(c)
	1,355,000		3.875			09/01/28		1,392,262
	Dell International LLC/EMC Corp.(c)
	5,625,000		6.020			06/15/26		6,615,562
	Hewlett Packard Enterprise Co.
	3,325,000		4.450			10/02/23		3,654,507
	1,375,000		4.650			10/01/24		1,551,550
	3,725,000		4.900			10/15/25		4,270,340
	Presidio Holdings, Inc.(c)
	315,000		8.250			02/01/28		328,388
								18,325,497
Distribution & Wholesale(c)(d) – 0.8%
	Core & Main Holdings LP(e) (PIK 9.375%, Cash 8.625%)
	1,900,000		8.625			09/15/24		1,914,250
	Core & Main LP
	912,000		6.125			08/15/25		921,120
	Performance Food Group, Inc.
	358,000		6.875			05/01/25		381,270
	1,900,000		5.500			10/15/27		1,957,000
	Resideo Funding, Inc.
	1,650,000		6.125			11/01/26		1,636,242
Corporate Obligations – (continued)
Distribution & Wholesale(c)(d) – (continued)
	Univar Solutions USA, Inc.
	550,000		5.125			12/01/27		561,000
	Wolverine Escrow LLC
	460,000		8.500			11/15/24		378,350
	460,000		9.000			11/15/26		378,350
								8,127,582
Diversified Financial Services – 2.4%
	AerCap Holdings NV(b)(d) (5 Year CMT + 4.535%)
	985,000		5.875			10/10/79		755,988
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust(d)
	1,675,000		3.950			02/01/22		1,695,251
	Air Lease Corp.
	575,000		3.500			01/15/22		589,864
	2,425,000		2.250			01/15/23		2,429,704
	Avolon Holdings Funding, Ltd.(c)(d)
	1,500,000		3.250			02/15/27		1,333,125
	Capital One Financial Corp.
	775,000		3.500			06/15/23		828,615
	810,000		3.300	(d)		10/30/24		877,279
	Global Aircraft Leasing Co. Ltd.(c)(d)(e) (PIK 7.250%, Cash 6.500%)
	3,290,093		6.500			09/15/24		1,743,749
	Huarong Finance 2017 Co. Ltd.
	250,000		4.250			11/07/27		266,328
	Huarong Finance 2019 Co. Ltd.(d)
	220,000		3.875			11/13/29		226,325
	420,000		3.375			02/24/30		417,375
	Huarong Finance II Co. Ltd.
	1,370,000		5.500			01/16/25		1,526,027
	450,000		4.625			06/03/26		491,484
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.(d)
	1,475,000		4.750			09/15/24		1,489,750
	1,245,000		5.250			05/15/27		1,293,244
	LPL Holdings, Inc.(c)(d)
	825,000		4.625			11/15/27		835,313
	Nationstar Mortgage Holdings, Inc.(c)(d)
	2,016,000		5.500			08/15/28		2,016,000
	Navient Corp.
	400,000		6.750			06/25/25		405,000
	2,680,000		5.625			08/01/33		2,254,550
	OneMain Finance Corp.(d)
	2,755,000		5.375			11/15/29		2,858,312
	Quicken Loans LLC/Quicken Loans Co-Issuer, Inc.(c)(d)
	1,324,000		3.875			03/01/31		1,308,284
	Raymond James Financial, Inc.(d)
	400,000		4.650			04/01/30		486,632
								26,128,199
Electrical(d) – 2.1%
	AEP Transmission Co. LLC
	575,000		3.650			04/01/50		677,034
	Ameren Corp.
	1,425,000		3.500			01/15/31		1,628,561
	Avangrid, Inc.
	1,375,000		3.200			04/15/25		1,513,132

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical(d) – (continued)
	Berkshire Hathaway Energy Co.(c)
$	1,000,000		3.700	%		07/15/30	$	1,174,740
	1,000,000		4.250			10/15/50		1,254,080
	Calpine Corp.(c)
	235,000		4.500			02/15/28		240,581
	1,915,000		4.625			02/01/29		1,915,000
	Dominion Energy, Inc.
	2,700,000		3.375			04/01/30		3,042,063
	Exelon Corp.
	3,900,000		4.050			04/15/30		4,561,791
	350,000		4.700			04/15/50		446,670
	Pacific Gas & Electric Co.
	550,000		2.100			08/01/27		532,851
	925,000		2.500			02/01/31		876,243
	Talen Energy Supply LLC(c)
	1,125,000		6.625			01/15/28		1,082,813
	Vistra Operations Co. LLC(c)
	3,336,000		3.550			07/15/24		3,536,160
								22,481,719
Electrical Components & Equipment(c)(d) – 0.1%
	Energizer Holdings, Inc.
	500,000		7.750			01/15/27		543,750
	230,000		4.750			06/15/28		238,050
								781,800
Engineering & Construction(d) – 0.5%
	KBR, Inc.(c)
	1,257,000		4.750			09/30/28		1,264,856
	Mexico City Airport Trust
	200,000		4.250			10/31/26		177,000
	320,000		4.250	(c)		10/31/26		283,200
	310,000		3.875	(c)		04/30/28		264,130
	468,000		5.500			10/31/46		376,301
	690,000		5.500	(c)		10/31/46		554,803
	2,985,000		5.500			07/31/47		2,426,119
	520,000		5.500	(c)		07/31/47		422,640
								5,769,049
Entertainment(c)(d) – 0.4%
	Cedar Fair LP/Canada’s Wonderland Co/Magnum Management Corp./Millennium Op
	703,000		5.500			05/01/25		718,818
	Lions Gate Capital Holdings LLC
	470,000		6.375			02/01/24		465,300
	565,000		5.875			11/01/24		553,700
	Live Nation Entertainment, Inc.
	1,400,000		6.500			05/15/27		1,506,750
	Motion Bondco DAC
	1,010,000		6.625			11/15/27		871,125
								4,115,693
Environmental(c)(d) – 0.6%
	GFL Environmental, Inc.
	1,465,000		7.000			06/01/26		1,543,744
	115,000		5.125			12/15/26		119,600
	930,000		8.500			05/01/27		1,009,050
Corporate Obligations – (continued)
Environmental(c)(d) – (continued)
	Stericycle, Inc.
	1,000,000		5.375			07/15/24		1,038,750
	Waste Pro USA, Inc.
	2,825,000		5.500			02/15/26		2,860,312
								6,571,456
Food & Drug Retailing(d) – 1.4%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC(c)
	500,000		7.500			03/15/26		548,750
	875,000		4.625			01/15/27		892,500
	870,000		5.875			02/15/28		928,725
	577,000		4.875			02/15/30		602,244
	B&G Foods, Inc.
	2,005,000		5.250			04/01/25		2,057,631
	475,000		5.250			09/15/27		494,000
	Kraft Heinz Foods Co.
	734,000		4.375			06/01/46		750,105
	1,970,000		4.875	(c)		10/01/49		2,071,780
	Lamb Weston Holdings, Inc.(c)
	1,195,000		4.875			05/15/28		1,290,600
	Post Holdings, Inc.(c)
	775,000		5.500			12/15/29		829,250
	Sysco Corp.
	650,000		6.600			04/01/40		881,673
	1,600,000		6.600			04/01/50		2,241,808
	The JM Smucker Co.
	1,350,000		2.375			03/15/30		1,408,577
								14,997,643
Forest Products&Paper(d) – 0.2%
	Mercer International, Inc.
	1,000,000		7.375			01/15/25		1,012,500
	1,040,000		5.500			01/15/26		988,000
								2,000,500
Gaming(c)(d) – 0.2%
	Station Casinos LLC
	2,153,000		4.500			02/15/28		1,991,525
Gas(d) – 0.1%
	NiSource, Inc.
	525,000		3.600			05/01/30		598,274
Healthcare Providers & Services(d) – 1.8%
	Acadia Healthcare Co., Inc.
	535,000		6.500			03/01/24		549,713
	Alcon Finance Corp.(c)
	5,575,000		3.000			09/23/29		6,036,220
	Centene Corp.
	1,550,000		4.750			01/15/25		1,592,144
	850,000		3.375			02/15/30		880,438
	CHS/Community Health Systems, Inc.
	470,000		6.250			03/31/23		459,425
	450,000		8.625	(c)		01/15/24		447,750
	465,000		8.000	(c)		03/15/26		456,863

100 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)
Healthcare Providers & Services(d) – (continued)
	DaVita, Inc.(c)
$	2,425,000		3.750	%		02/15/31	$	2,337,094
	Encompass Health Corp.
	1,100,000		4.500			02/01/28		1,105,500
	Envision Healthcare Corp.(c)
	1,175,000		8.750			10/15/26		564,000
	Polaris Intermediate Corp.(c)(e) (PIK 9.250%, Cash 8.500%)
	550,000		8.500			12/01/22		557,562
	RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.(c)
	420,000		9.750			12/01/26		445,200
	Select Medical Corp.(c)
	1,200,000		6.250			08/15/26		1,248,000
	Tenet Healthcare Corp.(c)
	1,568,000		6.125			10/01/28		1,524,880
	Thermo Fisher Scientific, Inc.
	575,000		4.497			03/25/30		709,510
	West Street Merger Sub, Inc.(c)
	1,095,000		6.375			09/01/25		1,114,162
								20,028,461
Insurance(d) – 1.4%
	Acrisure LLC/Acrisure Finance, Inc.(c)
	440,000		8.125			02/15/24		458,700
	2,555,000		7.000			11/15/25		2,503,900
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(c)
	1,700,000		6.750			10/15/27		1,780,750
	American International Group, Inc.
	825,000		3.900			04/01/26		938,834
	Arch Capital Finance LLC
	2,253,000		4.011			12/15/26		2,612,759
	GTCR AP Finance, Inc.(c)
	1,375,000		8.000			05/15/27		1,457,500
	HUB International Ltd.(c)
	2,610,000		7.000			05/01/26		2,704,612
	USI, Inc.(c)
	2,250,000		6.875			05/01/25		2,286,563
								14,743,618
Internet – 1.3%
	Booking Holdings, Inc.(d)
	1,025,000		4.100			04/13/25		1,154,488
	GrubHub Holdings, Inc.(c)(d)
	2,530,000		5.500			07/01/27		2,621,713
	Match Group Holdings II LLC(c)(d)
	2,597,000		4.625			06/01/28		2,668,417
	Netflix, Inc.
	2,820,000		5.500			02/15/22		2,953,950
	Prosus NV(c)(d)
	850,000		3.680			01/21/30		914,090
	600,000		4.027			08/03/50		612,750
	Twitter, Inc.(c)(d)
	920,000		3.875			12/15/27		960,250
	Uber Technologies, Inc.(c)(d)
	2,150,000		7.500			11/01/23		2,233,313
	430,000		8.000			11/01/26		457,950
								14,576,921
Corporate Obligations – (continued)
Iron/Steel(d) – 0.1%
	Cleveland-Cliffs, Inc.
	585,000		5.875			06/01/27		544,050
Leisure Time(c)(d) – 0.0%
	Viking Cruises Ltd.
	520,000		5.875			09/15/27		404,300
Lodging(d) – 0.3%
	Fortune Star BVI Ltd.
	200,000		5.250			03/23/22		200,250
	Hilton Domestic Operating Co., Inc.
	110,000		5.375	(c)		05/01/25		113,850
	261,000		5.750	(c)		05/01/28		275,029
	2,897,000		4.875			01/15/30		2,983,910
								3,573,039
Machinery – Construction & Mining(c)(d) – 0.1%
	The Manitowoc Co., Inc.
	565,000		9.000			04/01/26		584,775
Machinery-Diversified(c)(d) – 0.1%
	Titan Acquisition Ltd./Titan Co-Borrower LLC
	1,120,000		7.750			04/15/26		1,114,400
Media – 3.4%
	Altice Financing SA(c)(d)
	1,535,000		7.500			05/15/26		1,623,262
	CCO Holdings LLC/CCO Holdings Capital Corp.(c)(d)
	2,395,000		4.250			02/01/31		2,466,850
	Charter Communications Operating LLC/Charter Communications Operating Capital(d)
	7,325,000		4.908			07/23/25		8,455,980
	Comcast Corp.(d)
	450,000		3.400			04/01/30		518,612
	330,000		4.950			10/15/58		472,115
	CSC Holdings LLC(c)(d)
	1,000,000		5.750			01/15/30		1,062,500
	1,320,000		3.375			02/15/31		1,273,800
	Cumulus Media New Holdings, Inc.(c)(d)
	1,415,000		6.750			07/01/26		1,308,875
	Diamond Sports Group LLC/Diamond Sports Finance Co.(c)(d)
	875,000		5.375			08/15/26		619,063
	2,340,000		6.625			08/15/27		1,216,800
	DISH DBS Corp.
	1,540,000		5.875			07/15/22		1,601,600
	470,000		5.875			11/15/24		481,750
	450,000		7.750			07/01/26		492,750
	1,140,000		7.375			07/01/28		1,174,200
	Entercom Media Corp.(c)(d)
	2,705,000		7.250			11/01/24		2,306,012
	iHeartCommunications, Inc.(d)
	430,000		8.375			05/01/27		423,550
	1,300,000		5.250	(c)		08/15/27		1,267,500
	Nexstar Broadcasting, Inc.(c)(d)
	1,350,000		5.625			07/15/27		1,415,812
	Scripps Escrow, Inc.(c)(d)
	1,555,000		5.875			07/15/27		1,508,350
	Sinclair Television Group, Inc.(c)(d)
	470,000		5.500			03/01/30		435,925

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	Sirius XM Radio, Inc.(c)(d)
$	1,310,000		4.625	%		07/15/24	$	1,352,575
	Univision Communications, Inc.(c)(d)
	485,000		5.125			02/15/25		457,113
	UPC Holding B.V.(c)(d)
	465,000		5.500			01/15/28		480,113
	Virgin Media Secured Finance PLC(c)(d)
	2,575,000		5.500			05/15/29		2,761,687
	Ziggo Bond Co. B.V.(d)
EUR	500,000		3.375	(c)		02/28/30		556,855
	1,030,000		3.375			02/28/30		1,147,121
$	400,000		5.125	(c)		02/28/30		404,000
								37,284,770
Mining(d) – 0.7%
	Alcoa Nederland Holding B.V.(c)
	1,120,000		5.500			12/15/27		1,164,800
	Constellium SE(c)
	485,000		5.625			06/15/28		494,700
	First Quantum Minerals Ltd.(c)
	2,121,000		7.250			04/01/23		2,096,662
	Glencore Funding LLC(c)
	1,600,000		4.125			03/12/24		1,730,864
	Novelis Corp.(c)
	950,000		4.750			01/30/30		928,625
	Vedanta Holdings Mauritius II Ltd.(c)
	590,000		13.000			08/21/23		607,700
	Vedanta Resources Ltd.
	200,000		6.125			08/09/24		140,000
								7,163,351
Miscellaneous Manufacturing(d) – 0.6%
	Bombardier, Inc.(c)
	2,661,000		7.500			12/01/24		2,022,360
	General Electric Co.
	950,000		3.450			05/01/27		1,003,951
	1,350,000		3.625			05/01/30		1,397,844
	1,175,000		4.250			05/01/40		1,192,648
	1,225,000		4.350			05/01/50		1,246,523
								6,863,326
Oil Field Services – 1.8%
	Apache Corp.(d)
	555,000		4.625			11/15/25		527,250
	Cenovus Energy, Inc.(d)
	1,890,000		5.375			07/15/25		1,824,833
	Gazprom PJSC Via Gaz Capital SA(c)
	4,280,000		5.150			02/11/26		4,770,862
	Gazprom PJSC Via Gaz Finance PLC(c)
	240,000		3.250			02/25/30		240,540
	Lukoil Securities B.V.(c)
	1,290,000		3.875			05/06/30		1,363,362
	MEG Energy Corp.(c)(d)
	345,000		7.000			03/31/24		320,850
	490,000		7.125			02/01/27		438,550
	Nabors Industries Ltd.(c)(d)
	520,000		7.250			01/15/26		258,700
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Nabors Industries, Inc.
	62,000		4.625			09/15/21		47,740
	Occidental Petroleum Corp.(d)
	1,410,000		8.000			07/15/25		1,410,000
	1,100,000		6.625			09/01/30		1,013,375
	Petrobras Global Finance B.V.
	200,000		5.999			01/27/28		221,460
	42,000		5.093			01/15/30		44,136
	Petroleos de Venezuela SA(f)
	137,050,000		6.000			10/28/22		3,563,300
	Phillips 66(d)
	350,000		3.850			04/09/25		388,966
	USA Compression Partners LP/USA Compression Finance Corp.(d)
	545,000		6.875			04/01/26		538,188
	Valero Energy Corp.
	1,900,000		2.700			04/15/23		1,968,818
	1,025,000		2.850	(d)		04/15/25		1,074,917
								20,015,847
Packaging(d) – 1.1%
	ARD Finance SA(e)
	(PIK 5.750%, Cash 5.000%)
EUR	575,000		5.000			06/30/27		656,556
	(PIK 7.250%, Cash 6.500%)
$	2,400,000		6.500	(c)		06/30/27		2,388,000
	Berry Global, Inc.(c)
	1,495,000		4.500			02/15/26		1,508,081
	Flex Acquisition Co., Inc.(c)
	1,095,000		6.875			01/15/25		1,092,263
	480,000		7.875			07/15/26		487,200
	LABL Escrow Issuer LLC(c)
	450,000		6.750			07/15/26		472,500
	465,000		10.500			07/15/27		492,900
	Mauser Packaging Solutions Holding Co.(c)
	2,010,000		7.250			04/15/25		1,891,913
	Sealed Air Corp.(c)
	500,000		4.000			12/01/27		521,875
	Trivium Packaging Finance B.V.(c)
	875,000		5.500			08/15/26		900,156
	1,775,000		8.500			08/15/27		1,888,156
								12,299,600
Pharmaceuticals(d) – 1.5%
	AbbVie, Inc.
	8,725,000		3.200	(c)		11/21/29		9,599,768
	175,000		4.875			11/14/48		221,552
	300,000		4.250	(c)		11/21/49		354,486
	Bausch Health Cos., Inc.(c)
	1,050,000		5.250			01/30/30		1,031,625
	Cigna Corp.
	2,225,000		2.400			03/15/30		2,305,968
	CVS Health Corp.
	975,000		4.250			04/01/50		1,142,427
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(c)
	535,000		7.250			08/15/26		543,694

102 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)
Pharmaceuticals(d) – (continued)
	Par Pharmaceutical, Inc.(c)
$	480,000		7.500	%		04/01/27	$	502,800
	Zoetis, Inc.
	150,000		4.450			08/20/48		196,329
								15,898,649
Pipelines(d) – 2.6%
	Buckeye Partners LP
	1,145,000		4.350			10/15/24		1,124,962
	1,962,000		3.950			12/01/26		1,829,565
	Cheniere Energy Partners LP
	2,000,000		4.500			10/01/29		2,047,500
	Energy Transfer Operating LP
	6,075,000		3.600			02/01/23		6,255,184
	EQM Midstream Partners LP
	1,055,000		4.750			07/15/23		1,047,087
	Genesis Energy LP/Genesis Energy Finance Corp.
	595,000		6.000			05/15/23		539,963
	2,620,000		7.750			02/01/28		2,253,200
	Global Partners LP/GLP Finance Corp.
	445,000		7.000			08/01/27		452,788
	Plains All American Pipeline LP/PAA Finance Corp.
	4,925,000		3.600			11/01/24		5,071,765
	Sabine Pass Liquefaction LLC
	800,000		5.625			04/15/23		876,168
	5,550,000		5.625			03/01/25		6,350,643
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	320,000		5.000			01/15/28		312,000
								28,160,825
Real Estate Investment Trust(d) – 2.1%
	Crown Castle International Corp.
	875,000		3.300			07/01/30		958,282
	525,000		4.150			07/01/50		601,162
	Easy Tactic Ltd.
	200,000		8.625			02/27/24		171,688
	Iron Mountain, Inc.(c)
	2,085,000		5.250			07/15/30		2,173,612
	3,230,000		4.500			02/15/31		3,205,775
	Kaisa Group Holdings Ltd.
	230,000		11.250			04/16/25		225,055
	MPT Operating Partnership LP/MPT Finance Corp.
	2,270,000		4.625			08/01/29		2,358,507
	National Retail Properties, Inc.
	560,000		3.900			06/15/24		604,968
	Realogy Group LLC/Realogy Co-Issuer Corp.(c)
	1,585,000		9.375			04/01/27		1,640,475
	SBA Communications Corp.
	2,935,000		4.000			10/01/22		2,953,344
	Simon Property Group LP
	899,000		2.750			06/01/23		939,356
	Spirit Realty LP
	3,750,000		3.200			01/15/27		3,726,825
	Starwood Property Trust, Inc.
	1,550,000		5.000			12/15/21		1,530,625
Corporate Obligations – (continued)
Real Estate Investment Trust(d) – (continued)
	Sunac China Holdings Ltd.
	240,000		8.350			04/19/23		244,425
	VICI Properties LP/VICI Note Co., Inc.(c)
	718,000		3.500			02/15/25		713,512
	WP Carey, Inc.
	370,000		4.600			04/01/24		410,053
	345,000		4.000			02/01/25		376,278
	Yuzhou Group Holdings Co. Ltd.
	200,000		7.700			02/20/25		201,000
								23,034,942
Retailing(d) – 1.9%
	Asbury Automotive Group, Inc.(c)
	123,000		4.500			03/01/28		123,615
	Beacon Roofing Supply, Inc.(c)
	1,635,000		4.875			11/01/25		1,594,125
	Burlington Coat Factory Warehouse Corp.(c)
	2,670,000		6.250			04/15/25		2,810,175
	eG Global Finance PLC(c)
	1,413,000		6.750			02/07/25		1,443,026
	1,000,000		8.500			10/30/25		1,043,750
	Group 1 Automotive, Inc.(c)
	631,000		4.000			08/15/28		619,957
	IRB Holding Corp.(c)
	1,237,000		7.000			06/15/25		1,318,951
	Lowe’s Cos., Inc.
	875,000		5.000			04/15/40		1,150,870
	Penske Automotive Group, Inc.
	1,750,000		3.500			09/01/25		1,741,250
	PetSmart, Inc.(c)
	485,000		7.125			03/15/23		489,244
	565,000		5.875			06/01/25		575,594
	485,000		8.875			06/01/25		500,763
	Staples, Inc.(c)
	460,000		7.500			04/15/26		425,500
	1,555,000		10.750			04/15/27		1,245,944
	Walgreens Boots Alliance, Inc.
	5,350,000		4.100			04/15/50		5,334,057
	Yum! Brands, Inc.(c)
	72,000		7.750			04/01/25		79,560
								20,496,381
Semiconductors(d) – 1.5%
	Broadcom Corp./Broadcom Cayman Finance Ltd.
	3,072,000		3.875			01/15/27		3,402,179
	116,000		3.500			01/15/28		125,486
	Broadcom, Inc.
	9,100,000		4.250			04/15/26		10,250,968
	275,000		4.750			04/15/29		319,520
	NXP B.V./NXP Funding LLC(c)
	1,975,000		4.875			03/01/24		2,210,025
								16,308,178
Software(d) – 1.3%
	Camelot Finance SA(c)
	2,750,000		4.500			11/01/26		2,801,562

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Software(d) – (continued)
	Castle US Holding Corp.(c)
$	1,085,000		9.500	%		02/15/28	$	1,030,750
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.(c)
	2,902,000		5.750			03/01/25		2,923,765
	Fidelity National Information Services, Inc.
EUR	1,600,000		0.750			05/21/23		1,911,037
	2,100,000		1.500			05/21/27		2,620,411
	PTC, Inc.(c)
$	672,000		3.625			02/15/25		682,080
	Solera LLC/Solera Finance, Inc.(c)
	1,000,000		10.500			03/01/24		1,042,500
	The Dun & Bradstreet Corp.(c)
	249,000		10.250			02/15/27		282,615
	Veritas US, Inc./Veritas Bermuda Ltd.(c)
	475,000		7.500			02/01/23		476,188
								13,770,908
Telecommunication Services – 4.6%
	Altice France Holding SA(c)(d)
	1,865,000		10.500			05/15/27		2,063,156
	Altice France SA(c)(d)
	420,000		8.125			02/01/27		457,800
	460,000		5.500			01/15/28		464,600
	AT&T, Inc.(d)
	5,750,000		4.125			02/17/26		6,583,520
	1,025,000		1.650			02/01/28		1,025,523
	3,850,000		4.350			03/01/29		4,522,403
	1,250,000		2.250			02/01/32		1,252,500
	CenturyLink, Inc.
	1,680,000		5.800			03/15/22		1,745,100
	445,000		5.625	(d)		04/01/25		474,481
	465,000		5.125	(c)(d)		12/15/26		474,881
	Digicel International Finance Ltd./Digicel Holdings Bermuda Ltd.(c)(d)
	1,089,262		8.750			05/25/24		1,097,432
	434,839		8.000			12/31/26		339,174
	(PIK 7.000%, Cash 6.000%)
	551,716		13.000	(e)		12/31/25		497,751
	Intelsat Jackson Holdings SA(c)(d)(f)
	2,900,000		8.000			02/15/24		2,936,250
	SoftBank Group Corp.(d)
	2,175,000		4.750			09/19/24		2,221,219
	Sprint Capital Corp.
	1,610,000		8.750			03/15/32		2,366,700
	T-Mobile USA, Inc.(c)(d)
	2,575,000		3.500			04/15/25		2,824,981
	5,000,000		3.750			04/15/27		5,596,795
	Telecom Italia Capital SA
	950,000		7.200			07/18/36		1,199,375
	315,000		7.721			06/04/38		416,588
	Verizon Communications, Inc.
	6,300,000		4.125			03/16/27		7,439,859
	1,612,000		4.329			09/21/28		1,956,323
	925,000		3.150	(d)		03/22/30		1,043,853
	525,000		5.012			04/15/49		751,018
	475,000		4.000	(d)		03/22/50		583,333
								50,334,615
Corporate Obligations – (continued)
Toys/Games/Hobbies(c)(d) – 0.1%
	Mattel, Inc.
	1,310,000		5.875			12/15/27		1,408,250
Transportation(d) – 0.5%
	CSX Corp.
	5,100,000		2.400			02/15/30		5,451,696
Water(b)(d) – 0.5%
	Thames Water Utilities Finance PLC(-1x3M GBP LIBOR + 7.970%)
	GBP 3,975,000		5.750			09/13/30		5,412,574
	TOTAL CORPORATE OBLIGATIONS
	(Cost $597,049,307)						$	573,938,501
Mortgage-Backed Obligations – 61.4%
Collateralized Mortgage Obligations – 11.0%
Interest Only(g) – 4.5%
	FHLMC REMIC Series 3753, Class SK(b) (-1x1M USD LIBOR + 6.050%)
$	3,126,661		5.898	%		11/15/38	$	74,077
	FHLMC REMIC Series 3852, Class SW(b) (-1x1M USD LIBOR + 6.000%)
	2,421,096		5.848			05/15/41		414,779
	FHLMC REMIC Series 4468, Class SY(b) (-1x1M USD LIBOR + 6.100%)
	8,483,682		5.948			05/15/45		1,770,326
	FHLMC REMIC Series 4989, Class EI
	2,021,778		4.000			07/25/50		265,340
	FHLMC REMIC Series 4991, Class IE
	19,076,691		5.000			07/25/50		2,400,994
	FHLMC REMIC Series 5002, Class SJ(b) (-1x1M USD LIBOR + 6.100%)
	13,789,416		5.948			07/25/50		2,555,146
	FHLMC REMIC Series 5009, Class DI
	6,572,685		2.000			09/25/50		555,836
	FHLMC REMIC Series 5012, Class DI
	4,050,190		4.000			09/25/50		547,685
	FHLMC REMIC Series 5020, Class IH(h)
	980,000		3.000			08/25/50		103,382
	FHLMC STRIPS Series 304, Class C45
	14,226,035		3.000			12/15/27		821,569
	FNMA REMIC Series 2011-100, Class S(b) (-1x1M USD LIBOR + 6.450%)
	6,152,651		6.302			10/25/41		1,010,457
	FNMA REMIC Series 2012-88, Class SB(b) (-1x1M USD LIBOR + 6.670%)
	6,002,055		6.522			07/25/42		1,067,692
	FNMA REMIC Series 2017-104, Class SB(b) (-1x1M USD LIBOR + 6.150%)
	2,305,047		6.002			01/25/48		387,061
	FNMA REMIC Series 2017-69, Class SG(b) (-1x1M USD LIBOR + 6.150%)
	3,067,731		6.002			09/25/47		559,313
	FNMA REMIC Series 2017-86, Class SB(b) (-1x1M USD LIBOR + 6.150%)
	2,584,186		6.002			11/25/47		467,729

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
	FNMA REMIC Series 2020-45, Class EI
$	3,204,884		5.000	%		07/25/50	$	479,729
	FNMA REMIC Series 2020-60, Class KI
	12,267,682		2.000			09/25/50		1,047,182
	FNMA REMIC Series 2020-60, Class NI
	3,761,429		4.000			09/25/50		625,764
	GNMA REMIC Series 2010-35, Class DS(b) (-1x1M USD LIBOR + 5.680%)
	6,100,068		5.524			03/20/40		1,071,184
	GNMA REMIC Series 2010-85, Class SN(b) (-1x1M USD LIBOR + 5.940%)
	8,100,574		5.784			07/20/40		1,781,121
	GNMA REMIC Series 2013-103, Class DS(b) (-1x1M USD LIBOR + 6.150%)
	7,395,927		5.994			07/20/43		1,476,998
	GNMA REMIC Series 2013-117, Class PS(b) (-1x1M USD LIBOR + 6.150%)
	10,152,740		5.994			04/20/43		1,612,789
	GNMA REMIC Series 2013-134, Class DS(b) (-1x1M USD LIBOR + 6.100%)
	64,091		5.944			09/20/43		12,611
	GNMA REMIC Series 2013-152, Class TS(b) (-1x1M USD LIBOR + 6.100%)
	180,445		5.944			06/20/43		35,018
	GNMA REMIC Series 2014-11, Class NI
	4,659,634		4.500			12/16/42		340,612
	GNMA REMIC Series 2014-132, Class SL(b) (-1x1M USD LIBOR + 6.100%)
	12,189,756		5.944			10/20/43		1,704,812
	GNMA REMIC Series 2014-133, Class BS(b) (-1x1M USD LIBOR + 5.600%)
	6,474,116		5.444			09/20/44		1,144,107
	GNMA REMIC Series 2014-180, Class PI
	6,618,896		4.000			08/20/44		789,300
	GNMA REMIC Series 2015-111, Class SM(b) (-1x1M USD LIBOR + 6.200%)
	7,997,124		6.044			08/20/45		1,427,601
	GNMA REMIC Series 2015-126, Class LS(b) (-1x1M USD LIBOR + 6.200%)
	5,155,965		6.044			09/20/45		920,414
	GNMA REMIC Series 2015-129, Class IC
	2,435,594		4.500			09/16/45		361,219
	GNMA REMIC Series 2015-133, Class SA(b) (-1x1M USD LIBOR + 5.700%)
	2,819,070		5.544			09/20/45		460,207
	GNMA REMIC Series 2015-133, Class SB(b) (-1x1M USD LIBOR + 5.700%)
	4,072,959		5.544			09/20/45		636,239
	GNMA REMIC Series 2015-144, Class QS(b) (-1x1M USD LIBOR + 5.700%)
	8,886,836		5.544			10/20/45		1,574,149
	GNMA REMIC Series 2015-168, Class SD(b) (-1x1M USD LIBOR + 6.200%)
	14,956,130		6.044			11/20/45		2,961,761
	GNMA REMIC Series 2015-95, Class GI
	24,303,050		4.500			07/16/45		4,272,695
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
	GNMA REMIC Series 2016-6, Class S(b) (-1x1M USD LIBOR + 5.650%)
	10,833,169		5.494			01/20/46		1,942,987
	GNMA REMIC Series 2017-112, Class SJ(b) (-1x1M USD LIBOR + 5.660%)
	2,536,737		5.504			07/20/47		389,746
	GNMA REMIC Series 2018-105, Class SC(b) (-1x1M USD LIBOR + 6.200%)
	2,219,981		6.044			08/20/48		342,840
	GNMA REMIC Series 2018-122, Class HS(b) (-1x1M USD LIBOR + 6.200%)
	1,771,247		6.044			09/20/48		324,915
	GNMA REMIC Series 2018-124, Class SN(b) (-1x1M USD LIBOR + 6.200%)
	3,294,369		6.044			09/20/48		603,470
	GNMA REMIC Series 2018-139, Class SQ(b) (-1x1M USD LIBOR + 6.150%)
	3,239,132		5.994			10/20/48		495,945
	GNMA REMIC Series 2018-147, Class SA(b) (-1x1M USD LIBOR + 6.200%)
	2,398,857		6.044			10/20/48		405,096
	GNMA REMIC Series 2018-79, Class SD(b) (-1x1M USD LIBOR + 6.200%)
	1,219,236		6.044			06/20/48		198,640
	GNMA REMIC Series 2019-151, Class NI
	8,023,063		3.500			10/20/49		693,977
	GNMA REMIC Series 2019-97, Class SC(b) (-1x1M USD LIBOR + 6.100%)
	2,587,691		5.944			08/20/49		404,306
	GNMA REMIC Series 2020-61, Class SF(b) (-1x1M USD LIBOR + 6.440%)
	9,927,399		6.284			07/20/43		1,944,506
	GNMA REMIC Series 2020-78, Class SD(b) (-1x1M USD LIBOR + 6.150%)
	15,441,295		5.994			06/20/50		2,458,274
	GNMA Series 2018-7, Class DS(b) (-1x1M USD LIBOR + 5.700%)
	2,742,945		5.544			01/20/48		454,508
								48,396,108
Regular Floater(b) – 0.4%
	FHLMC REMIC Series 3231, Class FB (1M USD LIBOR + 0.350%)
	284,674		0.502			10/15/36		286,616
	FHLMC REMIC Series 3314, Class FC (1M USD LIBOR + 0.400%)
	174,243		0.552			12/15/36		175,697
	FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
	259,151		0.752			09/15/37		263,389
	FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	143,449		1.002			06/15/39		146,027
	FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%)
	424,551		0.522			03/15/41		427,669

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – (continued)
	FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%)
$	535,084		0.548	%		06/25/36	$	539,728
	FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%)
	601,435		0.548			08/25/36		606,430
	FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%)
	617,422		0.548			08/25/36		622,723
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	774,129		0.498			04/25/37		778,405
	FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%)
	217,042		0.598			08/25/37		219,265
	FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%)
	72,030		1.248			10/25/39		73,691
								4,139,640
Sequential Fixed Rate – 0.4%
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	346,552		5.500			02/25/36		319,226
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	566,516		6.000			06/25/36		538,312
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	1,046,768		6.500			07/25/36		975,901
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	881,533		6.000			08/25/36		770,713
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	2,823,302		6.000			10/25/37		2,172,435
								4,776,587
Sequential Floating Rate(b) – 5.7%
	Banc of America Funding Trust Series 2006-H, Class 6A1 (1M USD LIBOR + 0.190%)
	8,443,691		0.346			10/20/36		7,352,213
	Banc of America Funding Trust Series 2007-2, Class 2A1
	29,436		4.112			03/25/37		29,982
	Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2(c) (1M USD LIBOR + 2.300%)
	2,573,605		2.448			08/25/31		2,557,560
	Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2(c) (1M USD LIBOR + 2.150%)
	232,033		2.298			09/25/31		231,422
	Connecticut Avenue Securities Trust Series 2019-R06, Class 2B1(c) (1M USD LIBOR + 3.750%)
	1,140,000		3.898			09/25/39		961,371
	Connecticut Avenue Securities Trust Series 2019-R07, Class 1B1(c) (1M USD LIBOR + 3.400%)
	570,000		3.548			10/25/39		484,566
	Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%)
	420,290		0.648			07/25/35		293,856
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%)
	525,649		0.948			12/25/35		428,728
	Countrywide Alternative Loan Trust Series 2006-0C8, Class 2A2B (1M USD LIBOR + 0.170%)
	325,858		0.318			11/25/36		346,611
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1M USD LIBOR + 0.500%)
	2,807,053		0.648			08/25/37		2,089,063
	FHLMC STACR REMIC Trust Series 2019-DNA3, Class B1(c) (1M USD LIBOR + 3.250%)
	1,335,000		3.398			07/25/49		1,235,534
	FHLMC STACR Remic Trust Series 2020-DNA1, Class M2(c) (1M USD LIBOR + 1.700%)
	3,712,000		1.848			01/25/50		3,629,501
	FHLMC STACR Remic Trust Series 2020-DNA2, Class M2(c) (1M USD LIBOR + 1.850%)
	1,635,000		1.998			02/25/50		1,591,260
	FHLMC STACR Remic Trust Series 2020-DNA3, Class B1(c) (1M USD LIBOR + 5.100%)
	1,205,000		5.248			06/25/50		1,229,839
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1(c) (1M USD LIBOR + 6.000%)
	644,000		6.148			08/25/50		664,104
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2(c) (1M USD LIBOR + 3.750%)
	655,000		3.898			08/25/50		661,765
	FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2(c) (1M USD LIBOR + 3.150%)
	335,000		3.302			09/25/50		335,897
	FHLMC STACR Series 2019-HQA3, Class B1(c) (1M USD LIBOR + 3.000%)
	1,350,000		3.148			09/25/49		1,224,515
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA2, Class M3 (1M USD LIBOR + 3.900%)
	417,954		4.048			12/25/27		424,568
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-DNA3, Class M3 (1M USD LIBOR + 4.700%)
	1,310,318		4.848			04/25/28		1,364,909
	FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA1, Class M3 (1M USD LIBOR + 5.550%)
	1,975,855		5.725			07/25/28		2,085,949
	FHLMC Structured Agency Credit Risk Debt Notes Series 2016-DNA2, Class M3 (1M USD LIBOR + 4.650%)
	1,781,285		4.798			10/25/28		1,848,252
	FHLMC Structured Agency Credit Risk Debt Notes Trust Series 2016-DNA3, Class M3 (1M USD LIBOR + 5.000%)
	282,019		5.148			12/25/28		294,450
	FNMA Connecticut Avenue Securities Series 2018-C01, Class 1M2 (1M USD LIBOR + 2.250%)
	2,085,727		2.398			07/25/30		2,059,891
	FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%)
	1,490,290		6.898			08/25/28		1,578,930

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
$	2,353,203		5.448	%		10/25/28	$	2,475,807
	FNMA Series 2013-C01, Class M2 (1M USD LIBOR + 5.250%)
	246,278		5.398			10/25/23		239,867
	FNMA Series 2014-C01, Class M2 (1M USD LIBOR + 4.400%)
	542,160		4.548			01/25/24		503,045
	FNMA Series 2018-C01, Class 1B1 (1M USD LIBOR + 3.550%)
	835,000		3.698			07/25/30		775,406
	Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1 (1M USD LIBOR + 0.260%)
	2,698,012		0.408			06/25/35		2,343,224
	Lehman XS Trust Series 2007-5H, Class 3A4
	3,467,414		2.767			05/25/37		3,199,328
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	4,797,516		0.923			11/15/49		6,165,393
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1(12M MTA + 0.800%)
$	1,220,214		1.819			12/25/46		2,015,217
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A(12M MTA + 0.850%)
	360,546		1.869			12/25/46		638,535
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1 (1M LIBOR + 0.200%)
	957,847		0.348			05/25/47		1,028,635
	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A (1M USD LIBOR + 0.240%)
	1,123,623		0.388			12/25/36		1,036,925
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1(12M MTA + 1.000%)
	2,644,701		2.019			01/25/46		2,276,854
	Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1 (1M USD LIBOR + 0.270%)
	1,643,657		0.418			02/25/46		1,090,023
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1(12M MTA + 0.800%)
	3,063,787		1.819			09/25/46		2,729,799
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.205%)
	122,741		0.353			09/25/46		115,899
								61,638,693
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	118,951,028
Commercial Mortgage-Backed Securities – 1.8%
Sequential Fixed Rate – 1.3%
	Banc of America Commercial Mortgage Trust Series 2016-UBS10, Class D(c)
$	1,100,000		3.000	%		07/15/49	$	854,403
	BANK Series 2018-BK15, Class D(c)
	780,000		3.000			11/15/61		575,958
	BANK Series 2018-BN13, Class D(c)
	750,000		3.000			08/15/61		505,720
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(c)
	1,200,000		2.500			11/15/52		776,769
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(c)
	1,000,000		3.000			09/15/50		698,090
	Citigroup Commercial Mortgage Trust Series 2020-GC46, Class D(c)
	1,500,000		2.600			02/15/53		1,152,150
	COMM 2017-COR2 Mortgage Trust Series 2017-COR2, Class D(c)
	800,000		3.000			09/10/50		588,755
	COMM 2017-COR2 Mortgage Trust Series 2019-GC44, Class D(c)
	300,000		2.500			08/15/57		226,979
	CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E(c)
	878,000		2.500			03/15/53		589,343
	CSMC Trust Series 2014-USA, Class E(c)
	3,550,000		4.373			09/15/37		2,556,250
	GS Mortgage Securities Trust Series 2019-GC42, Class D(c)
	250,000		2.800			09/01/52		207,340
	JPMBD Commercial Mortgage Series 2017-C7, Class D(c)
	660,000		3.000			10/15/50		498,256
	Morgan Stanley Capital I Trust Series 2018-L1, Class D(c)
	900,000		3.000			10/15/51		762,321
	Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D(c)
	756,000		3.250			01/15/60		541,082
	Wells Fargo Commercial Mortgage Trust Series 2020-C55, Class D(c)
	800,000		2.500			02/15/53		641,056
	WF-RBS Commercial Mortgage Trust Series 2012-C6, Class B
	2,500,000		4.697			04/15/45		2,570,958
								13,745,430
Sequential Floating Rate(b) – 0.5%
	BANK 2018-BNK10 Series 2018-BN10, Class D(c)
	500,000		2.600			02/15/61		325,514
	Barclays Commercial Mortgage Trust Series 2017-C1 Class D(c)
	550,000		3.674			02/15/50		419,029
	CSAIL 2018-C14 Commercial Mortgage Trust Series 2018-C14, Class D(c)
	650,000		5.054			11/15/51		549,007
	DBJPM 16-C1 Mortgage Trust Series 2016-C1, Class D(c)
	1,000,000		3.501			05/10/49		700,936
	DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D(c)
	1,100,000		3.375			06/10/50		956,055
	GNMA REMIC Series 2018-67, Class PS(d) (-1x1M USD LIBOR + 6.200%)
	4,871,828		6.044			05/20/48		794,695
	GNMA REMIC Series 2019-1, Class SN(d) (-1x1M USD LIBOR + 6.050%)
	3,353,946		5.894			01/20/49		500,766
	GNMA REMIC Series 2019-4, Class SJ(d) (-1x1M USD LIBOR + 6.050%)
	5,377,506		5.894			01/20/49		858,932

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	GNMA REMIC Series 2019-6, Class SA(d) (-1x1M USD LIBOR + 6.050%)
$	1,031,964		5.894	%		01/20/49		$	158,863
	GNMA REMIC Series 2019-69, Class S(d) (-1x1M USD LIBOR + 3.270%)
	2,765,873		3.114			06/20/49			223,251
	GNMA REMIC Series 2019-78, Class SE(d) (-1x1M USD LIBOR + 6.100%)
	2,147,513		5.944			06/20/49			331,362
									5,818,410
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES							$	19,563,840
Federal Agencies – 48.6%
FHLMC – 0.1%
$	14,149		5.000	%		01/01/33		$	16,182
	356		5.000			03/01/33			408
	7,663		5.000			04/01/33			8,780
	784		5.000			05/01/33			898
	2,717		5.000			06/01/33			3,112
	21,316		5.000			07/01/33			24,423
	31,727		5.000			08/01/33			36,334
	3,590		5.000			09/01/33			4,101
	6,615		5.000			10/01/33			7,579
	15,248		5.000			11/01/33			17,469
	7,493		5.000			12/01/33			8,586
	6,365		5.000			01/01/34			7,293
	22,425		5.000			02/01/34			25,723
	9,570		5.000			03/01/34			11,014
	18,491		5.000			04/01/34			21,297
	23,822		5.000			05/01/34			27,304
	334,536		5.000			06/01/34			383,516
	6,505		5.000			11/01/34			7,492
	87,851		5.000			04/01/35			100,657
	3,122		5.000			11/01/35			3,577
									715,745
GNMA – 37.1%
	17,211,014		5.000			12/20/48			18,703,703
	14,008,220		4.500			01/20/49			15,104,971
	138,000,000		2.000			TBA - 30yr	(i)		143,253,848
	166,000,000		2.500			TBA - 30yr	(i)		174,174,778
	48,000,000		4.500			TBA - 30yr	(i)		51,430,301
									402,667,601
UMBS – 0.0%
	8,535		5.500			05/01/25			8,707
	32,107		4.500			08/01/37			35,893
	7,045		4.500			04/01/39			7,913
	11,162		4.000			08/01/39			12,302
	5,793		4.000			09/01/39			6,385
	35,229		4.500			10/01/39			39,625
	4,371		4.500			05/01/41			4,894
	18,279		4.500			06/01/41			20,463
	25,716		4.500			08/01/41			28,780
	6,239		4.500			10/01/41			6,984
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	2,927		4.500			11/01/42			3,257
	30,752		4.500			12/01/43			34,503
									209,706
UMBS, 30 Year, Single Family(i) – 11.4%
	42,000,000		2.000			TBA - 30yr			43,346,205
	74,000,000		5.000			TBA - 30yr			81,070,722
									124,416,927
	TOTAL FEDERAL AGENCIES							$	528,009,979
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $656,878,920)							$	666,524,847
Asset-Backed Securities(b) – 17.1%
Collateralized Loan Obligations(c) – 9.7%
	ACIS CLO Ltd. Series 2014-4A, Class A (3M USD LIBOR + 1.420%)
$	11,182,881		1.671	%		05/01/26		$	11,164,463
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	4,800,000		2.821			04/15/33			4,758,317
	Crown City CLO I Series 2020-1A, Class A2 (3M USD LIBOR + 2.550%)
	2,750,000		2.857			07/20/30			2,758,899
	Crown City CLO I Series 2020-1A, Class B (3M USD LIBOR + 3.030%)
	1,800,000		3.337			07/20/30			1,778,218
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	9,000,000		2.422			04/15/33			8,928,432
	Greywolf CLO III Ltd. Series 2020-3RA, Class BR (3M USD LIBOR + 2.450%)
	6,000,000		2.708			04/15/33			5,769,924
	Halsey Point CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	25,900,000		1.622			01/20/33			25,660,684
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	5,800,000		1.999			07/20/31			5,812,075
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class B (3M USD LIBOR + 2.950%)
	5,400,000		3.089			07/20/31			5,448,362
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class C (3M USD LIBOR + 3.530%)
	2,800,000		3.669			07/20/31			2,810,783
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	1,159,671		2.913			07/25/59			1,212,204
	OCP CLO Ltd. Series 2014-5A, Class A2R (3M USD LIBOR + 1.400%)
	2,950,000		1.645			04/26/31			2,882,731
	OCP CLO Ltd. Series 2014-5A, Class BR (3M USD LIBOR + 1.800%)
	2,200,000		2.045			04/26/31			2,091,740

108 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) – 17.1%
Collateralized Loan Obligations(c) – (continued)
	OCP CLO Ltd. Series 2015-8A, Class A2AR (3M USD LIBOR + 1.450%)
$	850,000		1.723	%		04/17/27	$	846,978
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	3,947,000		1.332			06/15/36		3,889,170
	OZLM XV Ltd. Series 2016-15A, Class A2AR (3M USD LIBOR + 1.750%)
	1,500,000		2.022			04/20/33		1,477,681
	TCW CLO Ltd. Series 2020-1A, Class C (3M USD LIBOR + 4.300%)
	4,250,000		5.060			04/20/28		4,253,927
	TICP CLO VII Ltd. Series 2017-7A, Class BR (3M USD LIBOR + 1.700%)
	2,300,000		1.975			04/15/33		2,269,040
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	6,200,000		2.025			04/15/33		6,064,319
	Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	3,900,000		1.335			04/15/31		3,836,052
	Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	2,225,000		2.917			07/28/30		2,240,157
								105,954,156
Home Equity – 0.3%
	Lehman XS Trust Series 2007-3, Class 1BA2(6M USD LIBOR + 0.500%)
	144,974		0.810			03/25/37		131,798
	Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.170%)
	777,202		0.318			11/25/36		230,168
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1 (1M USD LIBOR + 0.215%)
	3,358,359		0.363			03/25/37		2,737,524
								3,099,490
Student Loan – 7.1%
	Access Group, Inc. Series 2015-1, Class A(c) (1M USD LIBOR + 0.700%)
	17,780,852		0.848			07/25/56		17,412,165
	Scholar Funding Trust Series 2010-A, Class A(c) (3M USD LIBOR + 0.750%)
	18,703,011		0.997			10/28/41		18,189,288
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	10,355,636		0.995			04/25/23		10,090,038
	SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%)
	11,149,958		1.245			10/25/21		10,743,909
	SLM Student Loan Trust Series 2008-6, Class A4 (3M USD LIBOR + 1.100%)
	15,450,985		1.345			07/25/23		14,896,804
Asset-Backed Securities(b) – 17.1%
Student Loan – (continued)
	South Texas Higher Education Authority, Inc. Series 2013-1, Class A1 (1M USD LIBOR + 0.600%)
	5,594,780		0.757			12/03/29		5,385,169
								76,717,373
	TOTAL ASSET-BACKED SECURITIES (Cost $186,989,454)						$	185,771,019
Foreign Debt Obligations – 1.9%
Sovereign – 1.9%
	Dominican Republic
DOP	30,000,000		18.500	%		02/04/28	$	744,065
$	700,000		4.500	(c)		01/30/30		685,781
	2,110,000		5.875	(c)		01/30/60		1,991,313
	Qatar Government International Bond(c)
	470,000		3.750			04/16/30		544,319
	Republic of Egypt(c)
	2,790,000		4.550			11/20/23		2,788,256
	Republic of Indonesia
	5,310,000		4.450			02/11/24		5,874,187
	Republic of Qatar(c)
	480,000		4.400			04/16/50		618,600
	Republic of Romania
EUR	1,620,000		3.624	(c)		05/26/30		2,146,287
$	480,000		3.000	(c)		02/14/31		492,600
EUR	230,000		2.000	(c)		01/28/32		265,703
	200,000		3.375	(c)		01/28/50		238,887
	120,000		3.375			01/28/50		143,332
$	1,660,000		4.000	(c)		02/14/51		1,708,244
	Republic of South Africa
	670,000		5.750			09/30/49		567,197
	Republic of Turkey
	390,000		5.250			03/13/30		346,247
	Ukraine Government Bond(c)
EUR	1,550,000		4.375			01/27/30		1,481,097
$	380,000		7.253			03/15/33		348,650
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $20,291,277)						$	20,984,765
Municipal Debt Obligations – 0.9%
Illinois – 0.9%
	Illinois State GO Bonds Build America Series 2010(d)
$	4,470,000		7.350	%		07/01/35	$	5,064,287
	Illinois State GO Bonds Taxable-Pension Series 2003
	4,280,000		5.100			06/01/33		4,325,325
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $9,158,538)						$	9,389,612

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations(j) – 0.1%
	United States Treasury Bond
$	10,000		2.750	%		11/15/47	$	12,994
	United States Treasury Note
	1,270,000		2.750			02/28/25		1,409,799
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $1,275,122)						$	1,422,793

Units	Expiration Date		Value
Warrant(f) – 0.0%
True Religion Warrant
2,355		10/27/22	$	—
True Religion Warrant 2
8,897		10/27/22		—
TOTAL WARRANT
(Cost $—)			$	—
Shares	Description		Value
Exchange Traded Fund(k) – 2.0%
439,970		Goldman Sachs Access High Yield Corporate Bond ETF	$	21,292,260
(Cost $21,288,603)

Shares		Dividend Rate			Value
Investment Company(k) – 1.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	12,347,706		0.027	%	$	12,347,706
	(Cost $12,347,706)
	TOTAL INVESTMENTS – 139.5%
	(Cost $1,529,977,313)				$	1,514,996,389
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (39.5)%					(428,743,458	)
	NET ASSETS – 100.0%				$	1,086,252,931

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, 2020. 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, 2020.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	Pay-in-kind securities.
(f)	Security is currently in default and/or non-income producing.
(g)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(h)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(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 $493,275,854 which represents approximately 45.4% of the Fund’s net assets as of September 30, 2020.
(j)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(k)	Represents an affiliated issuer.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

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

Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
CDO	—Collateralized Debt Obligation
CDOR	—Canadian Dollar Offered Rate
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
ETF	—Exchange Traded Fund
EURO	—Euro Offered Rate
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
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
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

UNFUNDED LOAN COMMITMENTS – At September 30, 2020, 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)
Intelsat Jackson Holdings SA, due 07/13/22	$	275,583	$	279,945	$	4,362

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, 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	3,784,639	USD	2,701,312		10/01/20	$	9,440
	CAD	1,452,820	CHF	999,467		12/16/20		3,729
	CAD	9,548,885	USD	7,022,446		10/05/20		148,925
	CAD	5,760,109	USD	4,317,036		12/16/20		10,410
	CLP	3,805,978,808	USD	4,832,065		11/16/20		18,137
	CNH	126,253,354	USD	18,369,607		12/16/20		140,978
	COP	6,681,685,616	USD	1,738,749		10/05/20		6,721
	COP	4,447,259,578	USD	1,144,578		11/20/20		14,408
	EUR	898,181	CHF	964,766		12/16/20		4,983
	EUR	927,658	CZK	25,113,560		12/16/20		474
	EUR	937,256	PLN	4,250,641		12/16/20		944
	EUR	3,633,339	SEK	37,821,379		12/16/20		40,191
	EUR	10,385,840	USD	12,123,387		12/16/20		75,337

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (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)	GBP	3,986,783	EUR	4,338,736		12/16/20	$	50,928
	GBP	18,164,096	USD	23,302,936		12/16/20		147,222
	GBP	1,960,774	USD	2,525,688		01/13/21		6,332
	ILS	11,332,945	USD	3,299,772		12/16/20		12,415
	INR	1,035,069,504	USD	13,824,698		10/28/20		207,412
	JPY	116,688,646	AUD	1,511,550		12/16/20		24,757
	JPY	2,551,577,816	USD	24,077,671		12/16/20		142,485
	KRW	1,295,706,625	USD	1,105,024		11/02/20		6,202
	MXN	61,291,795	USD	2,710,119		12/16/20		37,303
	NZD	1,664,214	USD	1,091,774		12/16/20		9,110
	PLN	22,657,000	USD	5,832,012		10/07/20		29,553
	RUB	104,288,845	USD	1,321,202		11/17/20		15,359
	TWD	97,950,603	USD	3,368,756		11/09/20		33,583
	USD	24,827,866	AUD	34,078,742		12/16/20		413,770
	USD	18,273,613	CAD	23,981,781		12/16/20		256,621
	USD	6,370,022	CHF	5,768,957		12/16/20		91,533
	USD	3,319,105	CLP	2,575,008,923		11/16/20		37,608
	USD	3,212,419	CLP	2,488,270,654		12/17/20		40,326
	USD	4,325,300	CNH	29,484,107		12/16/20		2,500
	USD	1,100,899	COP	4,127,986,048		10/05/20		22,537
	USD	1,323,622	COP	5,001,702,078		11/20/20		20,144
	USD	17,255,059	EUR	14,641,661		11/09/20		74,261
	USD	14,707,239	EUR	12,412,512		12/16/20		128,079
	USD	29,033,620	GBP	22,094,329		12/16/20		509,463
	USD	1,371,484	IDR	20,210,182,335		11/05/20		15,967
	USD	1,102,680	ILS	3,762,123		12/16/20		3,155
	USD	2,787,484	MXN	60,388,330		12/10/20		78,677
	USD	2,206,029	MXN	48,900,499		12/16/20		14,050
	USD	10,508,040	NOK	93,723,960		12/16/20		457,699
	USD	9,242,764	NZD	13,784,252		12/16/20		124,429
	USD	2,193,634	PLN	8,410,962		12/16/20		17,180
	USD	9,888,312	RUB	748,415,086		11/17/20		296,656
	USD	11,540,305	SEK	101,091,389		12/16/20		241,153
	USD	1,914,760	TRY	14,647,413		10/19/20		26,654
	USD	5,161,616	TRY	38,797,944		10/23/20		166,660
	USD	1,012,214	TRY	7,656,386		11/10/20		31,544
	USD	3,095,627	ZAR	52,031,284		12/17/20		18,309
	ZAR	81,430,173	USD	4,745,028		12/17/20		71,048
TOTAL							$	4,357,361

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	1,509,190	CAD	1,450,860		12/16/20	$	(8,812	)
	AUD	25,286,444	USD	18,415,415		12/16/20		(300,147	)
	CAD	10,492,820	USD	7,984,724		12/16/20		(101,695	)
	CHF	2,904,414	EUR	2,698,129		12/16/20		(8,156	)
	CHF	4,871,713	USD	5,351,344		12/16/20		(49,345	)
	CNH	37,110,611	USD	5,454,461		12/16/20		(13,505	)
	COP	13,728,156,048	USD	3,741,176		10/05/20		(154,942	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	CZK	24,814,536	USD	1,101,808		12/16/20	$	(25,666	)
	EUR	1,491,347	GBP	1,366,657		12/16/20		(12,711	)
	EUR	927,658	HUF	340,079,459		12/16/20		(5,971	)
	EUR	2,313,473	NOK	25,660,144		12/16/20		(34,326	)
	EUR	935,306	SEK	9,945,016		12/16/20		(13,004	)
	EUR	4,857,334	USD	5,750,323		11/09/20		(50,637	)
	EUR	30,257,096	USD	35,832,885		12/16/20		(294,308	)
	GBP	2,762,346	USD	3,579,742		12/16/20		(13,505	)
	IDR	24,649,309,088	USD	1,665,156		11/05/20		(11,904	)
	ILS	7,539,651	USD	2,204,673		12/16/20		(1,122	)
	JPY	459,744,617	EUR	3,742,755		12/16/20		(32,064	)
	JPY	215,086,932	USD	2,042,747		12/16/20		(1,093	)
	KRW	1,275,947,264	USD	1,097,992		11/02/20		(3,712	)
	MXN	58,873,000	USD	2,717,884		12/10/20		(77,049	)
	MXN	105,765,330	USD	4,873,538		12/16/20		(132,576	)
	NOK	237,555,233	USD	26,553,457		12/16/20		(1,079,596	)
	NZD	1,648,860	EUR	929,459		12/16/20		(972	)
	NZD	1,269,260	USD	849,183		12/16/20		(9,563	)
	PLN	3,889,517	EUR	872,867		12/16/20		(18,762	)
	PLN	3,879,313	USD	1,036,455		12/16/20		(32,629	)
	RUB	412,540,189	USD	5,502,721		11/17/20		(215,624	)
	SEK	28,767,920	EUR	2,765,653		12/16/20		(32,968	)
	SEK	43,806,837	USD	4,979,773		12/16/20		(83,410	)
	TRY	19,100,914	USD	2,596,600		10/23/20		(137,495	)
	TWD	63,109,908	USD	2,192,108		10/26/20		(4,332	)
	TWD	62,567,670	USD	2,200,000		11/09/20		(26,696	)
	USD	6,083,664	AUD	8,651,519		12/16/20		(114,305	)
	USD	6,997,181	CAD	9,534,023		10/05/20		(163,028	)
	USD	5,052,573	CAD	6,769,478		12/16/20		(33,188	)
	USD	1,386,947	CLP	1,090,248,045		11/16/20		(2,425	)
	USD	5,480,893	CNH	37,605,526		12/16/20		(32,625	)
	USD	4,229,927	COP	16,281,855,614		10/05/20		(23,416	)
	USD	1,096,193	CZK	25,320,525		12/16/20		(1,893	)
	USD	1,095,360	EUR	936,817		12/16/20		(4,982	)
	USD	5,389,257	GBP	4,212,083		12/16/20		(48,615	)
	USD	13,388,274	GBP	10,393,751		01/13/21		(33,562	)
	USD	3,269,922	ILS	11,273,574		12/16/20		(24,911	)
	USD	8,745,153	INR	659,776,976		10/28/20		(199,235	)
	USD	10,882,239	JPY	1,149,794,717		12/16/20		(31,872	)
	USD	5,358,300	KRW	6,289,941,338		11/02/20		(36,090	)
	USD	14,164,672	NOK	133,870,777		12/16/20		(190,750	)
	USD	3,966,377	NZD	6,066,107		12/16/20		(46,376	)
	USD	5,595,458	PLN	21,738,000		10/07/20		(28,354	)
	USD	2,561,277	RUB	202,531,310		11/17/20		(34,356	)
	USD	3,742,596	SEK	34,168,217		12/16/20		(76,442	)
	USD	10,752,477	TWD	311,764,963		11/09/20		(76,757	)
	USD	2,187,586	ZAR	37,464,767		12/17/20		(28,217	)
	ZAR	29,089,145	USD	1,770,759		12/07/20		(48,095	)
	ZAR	18,237,565	USD	1,104,236		12/17/20		(25,601	)
TOTAL							$	(4,293,392	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACT — At September 30, 2020, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family (Proceeds Receivable: $(6,252,188))		2.000	%		TBA - 30yr		10/14/20	$	(6,000,000	)	$	(6,204,971	)

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

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year U.S. Treasury Notes		1,033			12/21/20	$	144,135,781		$	33,104
20 Year U.S. Treasury Bonds		191			12/21/20		33,669,719			97,807
Total									$	130,911
Short position contracts:
Australian 10 Year Government Bonds		(11	)		12/15/20		(1,177,028	)		(496	)
Eurodollars		(3	)		12/14/20		(748,163	)		(13,909	)
Ultra Long U.S. Treasury Bonds		(145	)		12/21/20		(32,162,813	)		(28,711	)
Ultra 10 Year U.S. Treasury Notes		(533	)		12/21/20		(85,238,359	)		35,493
2 Year U.S. Treasury Notes		(1,753	)		12/31/20		(387,344,524	)		(193,638	)
5 Year U.S. Treasury Notes		(3,013	)		12/31/20		(379,732,156	)		(330,907	)
Total									$	(532,168	)
TOTAL FUTURES CONTRACTS									$	(401,257	)

SWAP CONTRACTS — At September 30, 2020, 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 LIBOR(a)	1.000%(b)	12/16/27	CHF	95,300	(c)	$	(185,861	)	$	(375,502	)	$	189,641
6M LIBOR(a)	1.000(b)	12/16/22	EUR	36,540	(c)		(12,253	)		(49,299	)		37,046
6M LIBOR(a)	1.000(b)	12/16/30		109,830	(c)		484,535			(30,238	)		514,773
3M STIBOR(d)	0.000(b)	12/16/25	SEK	868,030	(c)		(371,526	)		(326,237	)		(45,289	)
6M EURO(a)	0.050(b)	05/21/30	EUR	67,850	(c)		505,649			(287,491	)		793,140
3M NZDOR(d)	0.500(a)	12/16/30	NZD	8,050	(c)		(17,657	)		(27,764	)		10,107
6M AUDOR(a)	0.553(a)	05/16/25	AUD	245,910	(c)		1,049,506			(734,874	)		1,784,380
3M NIBOR(a)	0.750(b)	12/16/25	NOK	1,646,270	(c)		1,055,007			250,145			804,862
6M WIBOR(a)	0.750(b)	12/16/25	PLN	32,430	(c)		90,601			(6,856	)		97,457
6M CDOR(a)	0.810(a)	09/30/24	CAD	125,250			11,194			11,258			(64	)
6M CDOR(a)	0.840(a)	06/24/24		395,080	(c)		380,022			164,656			215,366
3M LIBOR(d)	0.845(a)	04/10/50	$	20,530	(c)		(332,730	)		739			(333,469	)
6M AUDOR(a)	0.920(a)	09/04/28	AUD	98,400	(c)		235,463			(22,757	)		258,220
6M AUDOR(a)	0.960(a)	04/21/27		46,700	(c)		401,557			8,540			393,017
3M LIBOR(d)	0.980(a)	05/21/30	$	77,240	(c)		(212,487	)		(114,156	)		(98,331	)
3M LIBOR(d)	1.000(a)	12/16/25		3,110	(c)		97,952			99,191			(1,239	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6M AUDOR(a)		1.000%(a)	12/16/30	AUD	39,520	(c)	$	516,458		$	385,965		$	130,493
6M CDOR(a)		1.250(a)	12/16/23	CAD	448,970	(c)		6,281,500			6,115,302			166,198
6M WIBOR(a)		1.552(b)	09/17/30	PLN	21,640	(c)		51,672			87			51,585
3M LIBOR(d)		1.750(a)	06/20/50	$	13,950	(c)		499,254			612,761			(113,507	)
3M LIBOR(d)		1.750(a)	06/18/30		57,930	(c)		1,983,291			2,003,434			(20,143	)
3M LIBOR(d)		1.750(a)	06/19/40		20,120	(c)		570,326			792,549			(222,223	)
6M CDOR(a)		1.750(a)	06/17/50	CAD	6,300			347,733			181,400			166,333
6M CNY(d)		2.500(d)	06/17/25	CNY	133,380			(124,669	)		204,155			(328,824	)
1M LIBOR + 0.090(d)		3M LIBOR	07/25/24	$	312,900			191,151			4,941			186,210
0.750%(a)		3M LIBOR(d)	12/16/23		331,710	(c)		(4,987,956	)		(5,019,409	)		31,453
0.855(a)		3M LIBOR(d)	04/09/45		20,420	(c)		396,258			735			395,523
1.000(a)		3M LIBOR(d)	12/16/30		23,150	(c)		(670,755	)		(592,383	)		(78,372	)
1.160(a)		3M LIBOR(d)	05/21/35		83,320	(c)		996,124			138,872			857,252
1.250(a)		3M LIBOR(d)	12/16/50		4,330	(c)		(136,171	)		(201,801	)		65,630
1.750(a)		3M NZDOR(d)	03/19/30	NZD	22,820	(c)		(683,029	)		(636,226	)		(46,803	)
Mexico IB TIIE 28 Days(e)		4.500(e)	12/14/22	MXN	397,370	(c)		(10,594	)		8,250			(18,844	)
1M BID Average(e)		4.930(e)	01/02/24	BRL	46,210	(c)		(86,063	)		7,138			(93,201	)
Mexico IB TIIE 28 Days(e)		5.100(e)	12/10/25	MXN	453,380	(c)		(41,166	)		198			(41,364	)
1M BID Average(e)		6.260(e)	01/02/25	BRL	18,695			53,717			(88,235	)		141,952
1.364(a)		6M AUDOR(a)	04/21/40	AUD	13,540	(c)		224,523			(5,869	)		230,392
1.140(a)		6M CDOR(a)	06/24/30	CAD	81,570	(c)		68,696			(84,100	)		152,796
(0.250)(b)		6M EURO(a)	12/16/25	EUR	245,930	(c)		(2,465,255	)		(2,533,491	)		68,236
(0.250)(b)		6M EURO(a)	12/16/27		88,370	(c)		(701,809	)		(531,344	)		(170,465	)
(0.250)(b)		6M EURO(a)	12/16/30		109,070	(c)		453,332			706,827			(253,495	)
(0.307)(b)		6M EURO(a)	05/18/25		181,170	(c)		(676,279	)		(211,081	)		(465,198	)
(0.500)(b)		6M EURO(a)	12/16/23		8,460	(c)		8,210			13,111			(4,901	)
0.000(b)		6M EURO(a)	09/08/30		68,450	(c)		(180,130	)		26,665			(206,795	)
0.250(b)		6M EURO(a)	06/18/30		45,320	(c)		(869,922	)		(1,245,581	)		375,659
0.250(b)		6M EURO(a)	12/16/50		4,080	(c)		(386,573	)		(295,747	)		(90,826	)
0.250(b)		6M EURO(a)	12/16/40		810	(c)		(43,229	)		(32,433	)		(10,796	)
0.260(b)		6M EURO(a)	05/21/40		32,980	(c)		69,504			(248,934	)		318,438
0.500(b)		6M EURO(a)	06/20/50		18,420	(c)		(1,286,304	)		(1,475,817	)		189,513
0.750(b)		6M EURO(a)	06/19/40		21,540	(c)		(1,236,668	)		(1,497,732	)		261,064
1.250(b)		6M EURO(a)	12/19/28		5,260			(435,517	)		(65,043	)		(370,474	)
0.500(a)		6M GBP(a)	12/16/25	GBP	36,550	(c)		(683,995	)		(671,480	)		(12,515	)
0.250(f)		6M WIBOR(d)	12/16/21	PLN	161,390	(c)		(38,500	)		(8,058	)		(30,442	)
TOTAL							$	146,137		$	(5,683,019	)	$	5,829,156

(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, 2020.

(d) Payments made quarterly.

(e) Payments made monthly.

(f) Payments made at maturity.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund		Credit Spread at September 30, 2020(a)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27(b)		(1.000)%	0.101%		Barclays Bank PLC		06/20/21	$	10,330	$	(70,851	)	$	6,720		$	(77,571	)
People’s Republic of China, 7.500%, 10/28/27(b)		(1.000)	0.101		Citibank NA		06/20/21		2,060		(14,129	)		2,878			(17,007	)
People’s Republic of China, 7.500%, 10/28/27(b)		(1.000)	0.101		Deutsche Bank AG (London)		06/20/21		11,160		(76,544	)		6,076			(82,620	)
People’s Republic of China, 7.500%, 10/28/27(b)		(1.000)	0.101		JPMorgan Securities, Inc.		06/20/21		3,640		(24,966	)		2,716			(27,682	)
People’s Republic of China, 7.500%, 10/28/27(b)		(1.000)	0.101		UBS AG (London)		06/20/21		5,910		(40,535	)		4,278			(44,813	)
Protection Sold:
Markit CMBX Series 8(c)		3.000	11.810		Citibank NA		10/17/57		2,250		(630,281	)		(622,131	)		(8,150	)
Markit CMBX Series 10(c)		3.000	8.190		MS & Co. Int. PLC		11/17/59		1,950		(478,856	)		(371,221	)		(107,635	)
Markit CMBX Series 11(c)		3.000	7.210		MS & Co. Int. PLC		11/18/54		3,000		(686,007	)		(854,274	)		168,267
TOTAL										$	(2,022,169	)	$	(1,824,958	)	$	(197,211	)

(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 monthly.

(c) Payments made quarterly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund(a)		Credit Spread at September 30, 2020(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
ICE CD ITXEB		(1.000)%	0.595%		12/20/25	EUR	16,950	$	(426,087	)	$	(430,249	)	$	4,162
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.254		12/20/23	$	5,890		(144,036	)		(44,260	)		(99,776	)
Protection Sold:
ICE CD ITXEX		5.000	3.450		12/20/25	EUR	5,150		440,934			500,899			(59,965	)
CDX.NA.HY Index 34		5.000	3.803		06/20/25	$	62,408		3,207,336			(1,839,015	)		5,046,351
CDX.NA.IG Index 34		1.000	0.848		06/20/25		53,700		389,123			831,387			(442,264	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000	0.731		12/20/24		3,250		37,654			36,673			981
Republic of Colombia, 10.375%, 01/28/33		1.000	0.977		12/20/23		12,040		12,513			(152,951	)		165,464
Republic of Indonesia, 5.875%, 03/13/20		1.000	0.832		06/20/24		8,760		56,999			42,533			14,466
Russian Federation, 7.500%, 03/31/30		1.000	1.058		12/20/24		1,340		(2,836	)		4,058			(6,894	)
State of Qatar, 9.750%, 06/15/30		1.000	0.339		06/20/24		1,330		33,269			21,519			11,750
State of Qatar, 9.750%, 06/15/30		1.000	0.387		12/20/24		520		13,645			9,277			4,368
TOTAL								$	3,618,514		$	(1,020,129	)	$	4,638,643

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

(a) Payments made quarterly.

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

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund	Counterparty	Termination Date	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
IBOXHY Index	0.000%	Barclays Bank PLC	03/22/21		31	$	65,219

(a) Payments made quarterly.

(b) The Fund pays/receives annual coupon payments in accordance with the swap contract. On the termination date of the swap contract, the Fund will either receive from or pay to the counterparty an amount equal to the net of the accrued financing fees and the value of the reference security subtracted from the original notional cost (notional multiplied by the price change of the reference security, converted to U.S. Dollars).

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS – At September 30, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	JPMorgan Securities, Inc.		1.100%		03/17/2021		92,000,000		$	92,000,000		$	977,022		$	1,104,000		$	(126,978	)
Written option contracts
Calls
1M IRS	Citibank NA		0.700		10/19/2020		(30,590,000	)		(30,590,000	)		(98,255	)		(157,921	)		59,666
1M IRS	JPMorgan Securities, Inc.		0.700		10/26/2020		(30,590,000	)		(30,590,000	)		(117,347	)		(157,539	)		40,192
1M IRS	JPMorgan Securities, Inc.		0.703		10/28/2020		(30,590,000	)		(30,590,000	)		(128,846	)		(151,421	)		22,575
1M IRS	MS & Co. Int. PLC		0.211		10/14/2020		(25,550,000	)		(25,550,000	)		(103,166	)		(134,896	)		31,730
1M IRS	MS & Co. Int. PLC		0.230		10/21/2020		(25,550,000	)		(25,550,000	)		(86,762	)		(127,759	)		40,997
1M IRS	MS & Co. Int. PLC		0.698		10/13/2020		(30,590,000	)		(30,590,000	)		(76,218	)		(189,658	)		113,440
1M IRS	UBS AG (London)		0.191		10/05/2020		(25,550,000	)		(25,550,000	)		(124,446	)		(142,763	)		18,317
1M IRS	UBS AG (London)		0.234		10/28/2020		(25,550,000	)		(25,550,000	)		(96,660	)		(122,995	)		26,335
1Y IRS	Deutsche Bank AG (London)		0.448		05/12/2021		(32,000,000	)		(32,000,000	)		(223,510	)		(335,840	)		112,330
1Y IRS	Deutsche Bank AG (London)		0.506		04/06/2021		(24,000,000	)		(24,000,000	)		(205,154	)		(265,200	)		60,046
1Y IRS	JPMorgan Securities, Inc.		0.480		05/19/2021		(21,600,000	)		(21,600,000	)		(171,953	)		(219,618	)		47,665
1Y IRS	JPMorgan Securities, Inc.		0.490		05/18/2021		(22,200,000	)		(22,200,000	)		(183,310	)		(224,220	)		40,910
2M IRS	UBS AG (London)		0.150		11/30/2020		(24,400,000	)		(24,400,000	)		(311,464	)		(246,775	)		(64,689	)
3M IRS	Citibank NA		0.150		12/01/2020		(7,630,000	)		(7,630,000	)		(97,963	)		(78,615	)		(19,348	)
3M IRS	Citibank NA		0.150		12/02/2020		(5,190,000	)		(5,190,000	)		(67,021	)		(59,019	)		(8,002	)
3M IRS	MS & Co. Int. PLC		0.200		12/02/2020		(21,340,000	)		(21,340,000	)		(195,009	)		(194,213	)		(796	)
3M IRS	MS & Co. Int. PLC		0.200		12/03/2020		(15,880,000	)		(15,880,000	)		(145,882	)		(160,046	)		14,164
4M IRS	MS & Co. Int. PLC		0.250		01/14/2021		(21,340,000	)		(21,340,000	)		(175,151	)		(192,905	)		17,754
6M IRS	Deutsche Bank AG (London)		0.395		10/02/2020		(43,000,000	)		(43,000,000	)		(4	)		(389,150	)		389,146
6M IRS	JPMorgan Securities, Inc.		0.350		10/02/2020		(20,840,000	)		(20,840,000	)		(8,003	)		(233,791	)		225,788
6M IRS	JPMorgan Securities, Inc.		0.700		03/17/2021		(92,000,000	)		(92,000,000	)		(359,683	)		(419,980	)		60,297
6M IRS	JPMorgan Securities, Inc.		0.900		03/17/2021		(92,000,000	)		(92,000,000	)		(605,461	)		(736,000	)		130,539
6M IRS	MS & Co. Int. PLC		0.350		10/02/2020		(9,270,000	)		(9,270,000	)		(4,462	)		(104,202	)		99,740
6M IRS	MS & Co. Int. PLC		0.350		10/21/2020		(35,130,000	)		(35,130,000	)		(115,886	)		(364,013	)		248,127
							(712,380,000	)	$	(712,380,000	)	$	(3,701,616	)	$	(5,408,539	)	$	1,706,923

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (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 Fund			Unrealized Appreciation/ (Depreciation)
Puts
1M IRS	Citibank NA		0.700	%		10/19/2020		(30,590,000	)	$	(30,590,000	)	$	(149,292	)	$	(157,921	)	$	8,629
1M IRS	JPMorgan Securities, Inc.		0.700			10/26/2020		(30,590,000	)		(30,590,000	)		(174,489	)		(157,539	)		(16,950	)
1M IRS	JPMorgan Securities, Inc.		0.703			10/28/2020		(30,590,000	)		(30,590,000	)		(178,003	)		(151,420	)		(26,583	)
1M IRS	MS & Co. Int. PLC		0.211			10/14/2020		(25,550,000	)		(25,550,000	)		(54,022	)		(134,896	)		80,874
1M IRS	MS & Co. Int. PLC		0.230			10/21/2020		(25,550,000	)		(25,550,000	)		(100,326	)		(127,759	)		27,433
1M IRS	MS & Co. Int. PLC		0.698			10/13/2020		(30,590,000	)		(30,590,000	)		(129,573	)		(189,658	)		60,085
1M IRS	UBS AG (London)		0.191			10/05/2020		(25,550,000	)		(25,550,000	)		(8,390	)		(142,763	)		134,373
1M IRS	UBS AG (London)		0.234			10/28/2020		(25,550,000	)		(25,550,000	)		(126,808	)		(122,995	)		(3,813	)
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(32,000,000	)		(32,000,000	)		(168,640	)		(335,840	)		167,200
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(24,000,000	)		(24,000,000	)		(80,122	)		(265,200	)		185,078
1Y IRS	JPMorgan Securities, Inc.		0.480			05/19/2021		(21,600,000	)		(21,600,000	)		(103,073	)		(219,618	)		116,545
1Y IRS	JPMorgan Securities, Inc.		0.490			05/18/2021		(22,200,000	)		(22,200,000	)		(101,019	)		(224,220	)		123,201
2M IRS	UBS AG (London)		0.100			11/30/2020		(24,400,000	)		(24,400,000	)		(17,179	)		(78,387	)		61,208
3M IRS	Citibank NA		0.100			12/01/2020		(7,630,000	)		(7,630,000	)		(5,586	)		(21,812	)		16,226
3M IRS	Citibank NA		0.100			12/02/2020		(5,190,000	)		(5,190,000	)		(3,947	)		(11,681	)		7,734
4M IRS	MS & Co. Int. PLC		0.000			01/14/2021		(21,340,000	)		(21,340,000	)		(64,607	)		(66,990	)		2,383
								(382,920,000	)	$	(382,920,000	)	$	(1,465,076	)	$	(2,408,699	)	$	943,623
Total written option contracts								(1,095,300,000	)	$	(1,095,300,000	)	$	(5,166,692	)	$	(7,817,238	)	$	2,650,546
TOTAL								(1,003,300,000	)	$	(1,003,300,000	)	$	(4,189,670	)	$	(6,713,238	)	$	2,523,568

Abbreviations:
1M BID Avg	—1 Month Brazilian Interbank Deposit Average
1Y IRS	—1 Year Interest Rate Swaptions
3M IRS	—3 Month Interest Rate Swaptions
4M IRS	—4 Month Interest Rate Swaptions
6M IRS	—6 Month Interest Rate Swaptions
CDX.NA.HY Index 34	—CDX North America High Yield Index 34
CDX.NA.IG Index 34	—CDX North America Investment Grade Index 34
CS International (London)	—Credit Suisse International (London)
IBOXHY	—Markit iBoxx USD Liquid High Yield Index
ICE CD ITXEB	—iTraxx Europe Index
ICE CD ITXEX	—iTraxx Europe Crossover Index
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2020 (Unaudited)

	Bond Fund		Core Fixed Income Fund		Global Core Fixed Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $564,874,237, $2,001,150,381 and $672,939,564, respectively)	$	586,043,469	$	2,081,265,500	$	711,727,159
Investments of affiliated issuers, at value (cost $49,817,181, $166,329,759 and $60,264,017, respectively)		49,857,980		166,329,759		60,264,017
Purchased options, at value (premium paid $240,000, $312,000 and $252,000, respectively)		212,396		276,115		223,016
Cash		7,259,122		27,995,355		10,052,599
Foreign currencies, at value (cost $83,287, $97,309 and $1,817,487, respectively)		101,501		113,566		1,050,397
Unrealized gain on swap contracts		100,081		151,286		131,541
Unrealized gain on forward foreign currency exchange contracts		1,317,514		203,323		1,258,396
Variation margin on futures contracts		—		—		52,096
Receivables:
Investments sold on an extended-settlement basis		108,516,266		309,414,520		75,502,581
Collateral on certain derivative contracts(a)		8,963,750		12,956,095		17,065,697
Interest		3,439,684		10,825,667		4,096,256
Fund shares sold		432,371		13,267,413		489,427
Due from broker — upfront payment		316,755		420,594		738,152
Due from broker		234,731		—		—
Reimbursement from investment adviser		50,541		47,354		67,256
Upfront payments made on swap contracts		5,459		—		4,411
Investments sold		—		—		1,341,960
Other assets		55,442		115,245		44,619
Total assets		766,907,062		2,623,381,792		884,109,580
Liabilities:
Unrealized loss on swap contracts		81,278		71,442		40,678
Unrealized loss on forward foreign currency exchange contracts		1,334,253		1,031,054		3,096,946
Variation margin on futures contracts		514,064		141,592		—
Variation margin on swaps contracts		431,227		313,131		311,777
Written option contracts, at value (premium received $1,351,747, $1,614,187 and $1,343,008, respectively)		879,958		1,083,826		882,590
Payables:
Investments purchased on an extended — settlement basis		242,729,393		719,895,940		162,645,365
Forward sale contracts, at value (proceeds received $13,946,309, $46,458,594 and $9,420,703, respectively)		13,934,729		46,425,562		9,421,022
Fund shares redeemed		956,111		4,379,956		791,534
Upfront payments received on swap contracts		702,713		1,490,324		397,537
Management fees		164,909		463,944		361,900
Distribution and Service fees and Transfer Agency fees		72,113		123,153		41,162
Investments purchased		66,822		3,604		1,107,033
Income distributions		49,164		109,734		29,352
Collateral on certain derivative contracts(b)		—		370,000		—
Due to Broker		—		—		26,186
Accrued expenses		447,882		316,526		404,429
Total liabilities		262,364,616		776,219,788		179,557,511
Net Assets:
Paid-in capital		471,387,851		1,720,794,602		641,914,396
Total distributable earnings (loss)		33,154,595		126,367,402		62,637,673
NET ASSETS	$	504,542,446	$	1,847,162,004	$	704,552,069
Net Assets:
Class A	$	90,666,411	$	152,979,850	$	50,009,101
Class C		13,365,511		11,808,208		5,978,946
Institutional		147,149,598		426,539,499		262,968,370
Service		122,537		1,288,102		759,450
Investor		55,260,163		292,422,938		66,468,511
Class R6		99,650,929		167,872,725		309,311,838
Class R		5,378,258		4,977,519		—
Class P		92,949,039		789,273,163		9,055,853
Total Net Assets	$	504,542,446	$	1,847,162,004	$	704,552,069
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,140,481		13,414,348		3,699,085
Class C		1,201,356		1,030,171		445,953
Institutional		13,215,545		37,244,730		19,485,110
Service		11,003		112,433		56,583
Investor		4,978,893		25,620,009		4,934,856
Class R6		8,952,409		14,644,134		22,912,905
Class R		483,334		436,207		—
Class P		8,351,034		68,815,944		670,383
Net asset value, offering and redemption price per share:(c)
Class A		$11.14		$11.40		$13.52
Class C		11.13		11.46		13.41
Institutional		11.13		11.45		13.50
Service		11.14		11.46		13.42
Investor		11.10		11.41		13.47
Class R6		11.13		11.46		13.50
Class R		11.13		11.41		—
Class P		11.13		11.47		13.51

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

Fund	Forward Foreign Currencies		Futures		Swaps		TBA
Bond	$	1,870,000	$	268,253	$	6,825,497	$	—
Core Fixed Income		—		—		12,676,095		280,000
Global Core Fixed Income		8,180,000		1,871,795		7,013,902		—

(b) Includes segregated cash for initial margin and/or collateral on TBA transactions of $370,000 for the Core Fixed Income Fund.

(c) Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income, Global Core Fixed Income Funds is $11.57, $11.84 and $14.05, 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. 119

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

September 30, 2020 (Unaudited)

	Income Fund		Long Short Credit Strategies Fund			Strategic Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $78,563,251, $101,294,808 and $1,496,341,004, respectively)	$	78,925,812	$	97,976,024		$	1,481,356,423
Investments of affiliated issuers, at value (cost $1,953,273, $7,850,806 and $33,636,309, respectively)		1,953,273		7,850,806			33,639,966
Purchased options, at value (premium paid $0, $0 and $1,104,000, respectively)		—		—			977,022
Cash		1,116,525		1,180,356			16,856,724
Foreign currencies, at value (cost $0, $0 and $302,664, respectively)		—		—			336,019
Unrealized gain on swap contracts		—		—			233,486
Unrealized gain on forward foreign currency exchange contracts		14,934		—			4,357,361
Variation margin on swaps contracts		1,870		—			—
Receivables:
Upfront payments made on swap contracts		—		—			22,668
Deferred offering costs		147,179		—			—
Investments sold on an extended-settlement basis		7,229,902		189,146			335,269,121
Collateral on certain derivative contracts(a)		463,015		1,981,933			50,151,693
Interest		809,280		1,024,621			9,909,581
Fund shares sold		10,950,000		66			601,250
Due from broker — upfront payment		—		—			1,778,720
Reimbursement from investment adviser		60,310		29,680			8,078
Investments sold		191,434		920,834			2,326,096
Unfunded Loan Commitment		82		—			4,362
Other assets		27,593		31,120			36,001
Total assets		101,891,209		111,184,586			1,937,864,571
Liabilities:
Forward sale contracts, at value (proceeds received $0, $0 and $6,252,188, respectively)		—		—			6,204,971
Unrealized loss on swap contracts		—		—			365,478
Unrealized loss on forward foreign currency exchange contracts		9,163		—			4,293,392
Variation margin on futures contracts		27,292		—			16,776
Variation margin on swaps contracts		—		58,239			1,643,686
Written option contracts, at value (premium received $0, $0 and $7,817,238, respectively)		—		—			5,166,692
Payables:
Investments purchased on an extended — settlement basis		20,804,161		2,094,297			823,131,010
Investments purchased		6,611,583		1,187,254			5,425,190
Offering expense		98,962		—			—
Management fees		27,882		87,552			532,594
Fund shares redeemed		6,636		24,991			1,383,638
Distribution and Service fees and Transfer Agency fees		1,925		3,824			140,146
Due to Broker		—		—			612,800
Income distributions		—		133			48
Upfront payments received on swap contracts		—		—			1,847,626
Accrued expenses		180,857		213,432			847,593
Total liabilities		27,768,461		3,669,722			851,611,640
Net Assets:
Paid-in capital		73,526,097		144,063,816			3,087,774,963
Total distributable earnings (loss)		596,651		(36,548,952	)		(2,001,522,032	)
NET ASSETS	$	74,122,748	$	107,514,864		$	1,086,252,931
Net Assets:
Class A	$	492,456	$	1,417,094		$	133,825,648
Class C		91,691		441,972			73,735,631
Institutional		23,079,914		16,015,815			598,328,365
Investor		52,354		2,356,821			21,546,470
Class R6		52,396		2,660,972			7,176,814
Class R		52,140		26,697			2,932,280
Class P		50,301,797		84,595,493			248,707,723
Total Net Assets	$	74,122,748	$	107,514,864		$	1,086,252,931
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		48,570		160,931			14,127,452
Class C		9,044		50,235			7,801,048
Institutional		2,276,855		1,821,050			63,122,853
Investor		5,165		267,802			2,273,350
Class R6		5,169		302,502			757,393
Class R		5,144		3,034			310,062
Class P		4,961,278		9,629,893			26,286,015
Net asset value, offering and redemption price per share:(b)
Class A		$10.14		$8.81			$9.47
Class C		10.14		8.80			9.45
Institutional		10.14		8.79			9.48
Investor		10.14		8.80			9.48
Class R6		10.14		8.80			9.48
Class R		10.14		8.80			9.46
Class P		10.14		8.78			9.46

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

Fund	Forward Foreign Currencies		Futures		Swaps		TBA
Income	$	—	$	120,602	$	342,413	$	—
Long Short Credit Strategies		—		—		1,981,933		—
Strategic Income		5,430,000		829,535		43,572,158		320,000

(b) Maximum public offering price per share for Class A Shares of the Income, Long Short Credit Strategies and Strategic Income Funds is $10.14, $9.15 and $9.84, 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.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2020 (Unaudited)

	Bond Fund			Core Fixed Income Fund			Global Core Fixed Income Fund
Investment income:
Interest (net of foreign withholding taxes of $20, $0 and $5,128, respectively)	$	7,098,685		$	17,526,080		$	7,433,933
Dividends — affiliated issuers		44,482			110,149			4,513
Total investment income		7,143,167			17,636,229			7,438,446
Expenses:
Management fees		969,444			3,123,606			2,208,032
Distribution and Service fees(a)		189,986			235,592			86,761
Transfer Agency fees(a)		148,459			427,676			162,657
Custody, accounting and administrative services		131,532			126,158			157,883
Professional fees		94,502			85,440			89,901
Registration fees		79,876			118,215			72,605
Printing and mailing costs		33,792			48,005			67,475
Trustee fees		10,037			10,906			10,260
Prime Broker Fees		5,082			—			7,432
Service Share fees — Service Plan		93			1,560			571
Service Share fees — Shareholder Administration Plan		93			1,560			571
Other		16,666			33,883			20,973
Total expenses		1,679,562			4,212,601			2,885,121
Less — expense reductions		(371,663	)		(889,893	)		(441,079	)
Net expenses		1,307,899			3,322,708			2,444,042
NET INVESTMENT INCOME		5,835,268			14,313,521			4,994,404
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		8,041,669			24,266,270			10,166,063
Purchased options		(130,548	)		(223,396	)		(152,406	)
Futures contracts		3,196,412			5,086,771			2,674,005
Written options		1,456,341			1,870,832			1,687,123
Swap contracts		634,814			535,904			1,791,014
Forward foreign currency exchange contracts		635,256			952,494			(4,331,981	)
Foreign currency transactions		(45,988	)		83,723			1,551,006
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		23,259,266			60,446,315			32,418,161
Investments — affiliated issuers		40,799			—			—
Purchased options		84,592			78,962			103,406
Futures contracts		(3,209,156	)		(6,371,401	)		(443,060	)
Written options		451,068			520,906			440,243
Swap contracts		347,771			1,548,818			46,546
Forward foreign currency exchange contracts		(75,357	)		(1,673,567	)		(3,219,166	)
Foreign currency translation		(8,924	)		(8,551	)		(903,511	)
Net realized and unrealized gain		34,678,015			87,114,080			41,827,443
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	40,513,283		$	101,427,601		$	46,821,847

(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 R6		Class R		Class P
Bond	$	110,787	$	65,344	$	13,855	$	55,340	$	8,163	$	28,494	$	15	$	25,742	$	13,961	$	3,462	$	13,282
Core Fixed Income		172,957		50,498		12,137		86,285		6,290		68,794		250		124,345		24,421		3,034		114,257
Global Core Fixed Income		55,832		30,929		—		27,864		3,867		51,555		91		31,251		46,692		—		1,337

The accompanying notes are an integral part of these financial statements. 121

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Six Months Ended September 30, 2020 (Unaudited)

	Income Fund			Long Short Credit Strategies Fund			Strategic Income Fund
Investment income:
Interest (net of foreign withholding taxes of $0, $0 and $35, respectively)	$	954,423		$	2,493,935		$	23,565,457
Dividends — affiliated issuers		784			2,924			158,025
Dividends — unaffiliated issuers		—			—			10,602
Total investment income		955,207			2,496,859			23,734,084
Expenses:
Management fees		118,858			511,845			3,187,925
Professional fees		118,034			78,302			111,208
Printing and mailing costs		105,408			24,972			56,077
Amortization of offering costs		91,361			—			—
Custody, accounting and administrative services		39,136			55,027			186,020
Registration fees		11,263			68,469			95,747
Trustee fees		9,641			9,713			10,720
Transfer Agency fees(a)		7,871			18,131			301,404
Distribution and Service fees(a)		747			4,417			589,653
Prime Broker Fees		—			—			22,062
Other		7,115			5,251			17,718
Total expenses		509,434			776,127			4,578,534
Less — expense reductions		(371,545	)		(197,679	)		(199,099	)
Net expenses		137,889			578,448			4,379,435
NET INVESTMENT INCOME		817,318			1,918,411			19,354,649
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		389,888			410,127			22,049,531
Purchased options		—			—			(981,026	)
Futures contracts		97,724			—			2,887,883
Written options		—			—			10,095,566
Swap contracts		(34,036	)		(484,783	)		1,986,643
Forward foreign currency exchange contracts		(132,885	)		—			(965,187	)
Foreign currency transactions		13,575			—			110,530
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		3,247,762			9,905,477			71,390,851
Investments — affiliated issuers		—			—			3,657
Purchased options		—			—			696,351
Futures contracts		(50,520	)		—			748,253
Unfunded Loan Commitment		82			—			4,362
Written options		—			—			2,826,252
Swap contracts		39,094			(94,342	)		7,082,260
Forward foreign currency exchange contracts		17,344			—			1,233,676
Foreign currency translation		(304	)		(3	)		(139,546	)
Net realized and unrealized gain		3,587,724			9,736,476			119,030,056
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,405,042		$	11,654,887		$	138,384,705

(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		Investor		Class R6		Class R		Class P
Income	$	239	$	382	$	126	$	119	$	47	$	4,857	$	32	$	7	$	32	$	2,777
Long Short Credit Strategies		1,554		2,798		65		773		350		3,177		1,469		376		16		11,970
Strategic Income		154,517		427,580		7,556		77,111		53,565		117,066		14,468		1,094		1,890		36,210

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Bond Fund						Core Fixed Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020			For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	5,835,268		$	11,642,970		$	14,313,521		$	28,485,168
Net realized gain		13,787,956			21,201,915			32,572,598			46,919,258
Net change in unrealized gain (loss)		20,890,059			(7,139,211	)		54,541,482			3,732,044
Net increase in net assets resulting from operations		40,513,283			25,705,674			101,427,601			79,136,470
Distributions to shareholders:
From distributable earnings:
Class A Shares		(1,205,939	)		(2,433,447	)		(1,402,886	)		(3,249,602	)
Class C Shares		(128,732	)		(185,799	)		(64,078	)		(177,099	)
Institutional Shares		(2,177,389	)		(4,472,781	)		(4,058,889	)		(8,532,589	)
Service Shares		(955	)		(1,015	)		(11,630	)		(30,865	)
Investor Shares		(611,811	)		(1,006,504	)		(2,252,008	)		(1,740,445	)
Class R6 Shares		(1,424,755	)		(2,493,166	)		(1,935,515	)		(6,095,880	)
Class R Shares		(68,427	)		(248,890	)		(43,488	)		(145,994	)
Class P Shares		(1,355,261	)		(2,828,261	)		(9,047,153	)		(22,136,637	)
Total distributions to shareholders		(6,973,269	)		(13,669,863	)		(18,815,647	)		(42,109,111	)
From share transactions:
Proceeds from sales of shares		109,774,531			133,640,576			535,576,623			734,273,516
Reinvestment of distributions		6,726,640			13,110,709			18,054,200			41,111,691
Cost of shares redeemed		(73,318,018	)		(192,751,023	)		(201,391,184	)		(484,022,906	)
Net increase (decrease) in net assets resulting from share transactions		43,183,153			(45,999,738	)		352,239,639			291,362,301
TOTAL INCREASE (DECREASE)		76,723,167			(33,963,927	)		434,851,593			328,389,660
Net assets:
Beginning of period		427,819,279			461,783,206			1,412,310,411			1,083,920,751
End of period	$	504,542,446		$	427,819,279		$	1,847,162,004		$	1,412,310,411

The accompanying notes are an integral part of these financial statements. 123

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	Global Core Fixed Income Fund						Income Fund(a)
	For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020			For the Six Months Ended September 30, 2020 (Unaudited)			For the Period Ended March 31, 2020
From operations:
Net investment income	$	4,994,404		$	8,951,293		$	817,318		$	304,130
Net realized gain		13,384,824			32,686,240			334,266			8,205
Net change in unrealized gain (loss)		28,442,619			(7,552,876	)		3,253,458			(2,948,131	)
Net increase (decrease) in net assets resulting from operations		46,821,847			34,084,657			4,405,042			(2,635,796	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(330,403	)		(1,559,422	)		(3,560	)		(1,422	)
Class C Shares		(22,602	)		(150,935	)		(1,127	)		(521	)
Institutional Shares		(2,304,066	)		(7,916,411	)		(489,505	)		(317,318	)
Service Shares		(2,861	)		(20,104	)		—			—
Investor Shares		(433,000	)		(1,656,079	)		(995	)		(627	)
Class R6 Shares		(2,799,929	)		(9,122,934	)		(1,020	)		(643	)
Class R Shares		—			—			(867	)		(546	)
Class P Shares		(80,027	)		(247,987	)		(352,337	)		(3,382	)
Total distributions to shareholders		(5,972,888	)		(20,673,872	)		(849,411	)		(324,459	)
From share transactions:
Proceeds from sales of shares		83,759,933			227,403,940			57,398,129			26,050,439
Reinvestment of distributions		5,811,219			20,078,335			849,411			324,457
Cost of shares redeemed		(93,153,020	)		(210,120,151	)		(11,094,989	)		(75	)
Net increase (decrease) in net assets resulting from share transactions		(3,581,868	)		37,362,124			47,152,551			26,374,821
TOTAL INCREASE		37,267,091			50,772,909			50,708,182			23,414,566
Net assets:
Beginning of period		667,284,978			616,512,069			23,414,566			—
End of period	$	704,552,069		$	667,284,978		$	74,122,748		$	23,414,566

(a) Commenced operations on December 3, 2019.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	Long Short Credit Strategies Fund						Strategic Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020			For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	1,918,411		$	4,487,180		$	19,354,649		$	44,044,654
Net realized gain (loss)		(74,656	)		(1,219,106	)		35,183,940			(61,141,707	)
Net change in unrealized gain (loss)		9,811,132			(7,813,247	)		83,846,116			(40,970,008	)
Net increase (decrease) in net assets resulting from operations		11,654,887			(4,545,173	)		138,384,705			(58,067,061	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(15,803	)		(76,787	)		(2,402,984	)		(11	)
Class C Shares		(5,266	)		(24,766	)		(1,276,444	)		(5	)
Institutional Shares		(232,695	)		(940,220	)		(12,166,375	)		(59	)
Investor Shares		(33,553	)		(131,291	)		(466,794	)		(4	)
Class R6 Shares		(36,608	)		(101,272	)		(151,275	)		(1	)
Class R Shares		(305	)		(1,058	)		(54,225	)		—
Class P Shares		(1,168,959	)		(3,781,933	)		(5,071,648	)		(22	)
Return of capital:
Class A Shares		—			—			—			(4,959,068	)
Class C Shares		—			—			—			(2,745,797	)
Institutional Shares		—			—			—			(26,378,884	)
Investor Shares		—			—			—			(1,944,099	)
Class R6 Shares		—			—			—			(254,375	)
Class R Shares		—			—			—			(124,892	)
Class P Shares		—			—			—			(10,249,840	)
Total distributions to shareholders		(1,493,189	)		(5,057,327	)		(21,589,745	)		(46,657,057	)
From share transactions:
Proceeds from sales of shares		9,142,393			21,448,351			109,832,247			195,430,419
Reinvestment of distributions		1,492,105			5,053,589			19,499,983			41,855,613
Cost of shares redeemed		(10,056,890	)		(40,269,305	)		(200,004,900	)		(859,812,535	)
Net increase (decrease) in net assets resulting from share transactions		577,608			(13,767,365	)		(70,672,670	)		(622,526,503	)
TOTAL INCREASE (DECREASE)		10,739,306			(23,369,865	)		46,122,290			(727,250,621	)
Net assets:
Beginning of period		96,775,558			120,145,423			1,040,130,641			1,767,381,262
End of period	$	107,514,864		$	96,775,558		$	1,086,252,931		$	1,040,130,641

The accompanying notes are an integral part of these financial statements. 125

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.33		$	10.06		$	9.95		$	10.14		$	10.28		$	10.44
Net investment income(a)		0.12			0.24			0.25			0.21			0.19			0.21
Net realized and unrealized gain (loss)		0.84			0.32			0.12			(0.19	)		(0.07	)		(0.03	)
Total from investment operations		0.96			0.56			0.37			0.02			0.12			0.18
Distributions to shareholders from net investment income		(0.15	)		(0.29	)		(0.24	)		(0.18	)		(0.25	)		(0.34	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)		—	(b)
Distributions to shareholders from return of capital		—			—			(0.02	)		(0.03	)		—			—
Total distributions		(0.15	)		(0.29	)		(0.26	)		(0.21	)		(0.26	)		(0.34	)
Net asset value, end of period	$	11.14		$	10.33		$	10.06		$	9.95		$	10.14		$	10.28
Total return(c)		9.21	%		5.66	%		3.84	%		0.22	%		1.15	%		1.83	%
Net assets, end of period (in 000s)	$	90,666		$	84,503		$	85,671		$	101,231		$	117,249		$	129,351
Ratio of net expenses to average net assets		0.79	%(d)		0.79	%		0.80	%		0.79	%		0.78	%		0.78	%
Ratio of total expenses to average net assets		0.94	%(d)		0.95	%		1.00	%		0.93	%		0.97	%		1.00	%
Ratio of net investment income to average net assets		2.24	%(d)		2.34	%		2.59	%		2.03	%		1.87	%		2.00	%
Portfolio turnover rate(e)		362	%		742	%		429	%		372	%		517	%		588	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

126 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.32		$	10.05		$	9.95		$	10.14		$	10.27		$	10.44
Net investment income(a)		0.08			0.16			0.18			0.13			0.11			0.13
Net realized and unrealized gain (loss)		0.84			0.32			0.11			(0.18	)		(0.05	)		(0.03	)
Total from investment operations		0.92			0.48			0.29			(0.05	)		0.06			0.10
Distributions to shareholders from net investment income		(0.11	)		(0.21	)		(0.17	)		(0.12	)		(0.18	)		(0.27	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)		—	(b)
Distributions to shareholders from return of capital		—			—			(0.02	)		(0.02	)		—			—
Total distributions		(0.11	)		(0.21	)		(0.19	)		(0.14	)		(0.19	)		(0.27	)
Net asset value, end of period	$	11.13		$	10.32		$	10.05		$	9.95		$	10.14		$	10.27
Total return(c)		8.71	%		4.88	%		2.97	%		(0.53	)%		0.50	%		0.98	%
Net assets, end of period (in 000s)	$	13,366		$	12,468		$	8,217		$	14,476		$	19,081		$	17,254
Ratio of net expenses to average net assets		1.53	%(d)		1.54	%		1.55	%		1.54	%		1.53	%		1.53	%
Ratio of total expenses to average net assets		1.69	%(d)		1.70	%		1.74	%		1.68	%		1.72	%		1.75	%
Ratio of net investment income to average net assets		1.49	%(d)		1.53	%		1.82	%		1.29	%		1.10	%		1.25	%
Portfolio turnover rate(e)		362	%		742	%		429	%		372	%		517	%		588	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 127

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.33		$	10.05		$	9.95		$	10.14		$	10.28		$	10.44
Net investment income(a)		0.14			0.28			0.28			0.24			0.23			0.24
Net realized and unrealized gain (loss)		0.83			0.32			0.12			(0.18	)		(0.07	)		(0.02	)
Total from investment operations		0.97			0.60			0.40			0.06			0.16			0.22
Distributions to shareholders from net investment income		(0.17	)		(0.32	)		(0.28	)		(0.21	)		(0.29	)		(0.38	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)		—	(b)
Distributions to shareholders from return of capital		—			—			(0.02	)		(0.04	)		—			—
Total distributions		(0.17	)		(0.32	)		(0.30	)		(0.25	)		(0.30	)		(0.38	)
Net asset value, end of period	$	11.13		$	10.33		$	10.05		$	9.95		$	10.14		$	10.28
Total return(c)		9.29	%		6.01	%		4.19	%		0.56	%		1.50	%		2.18	%
Net assets, end of period (in 000s)	$	147,150		$	133,067		$	155,541		$	314,928		$	329,358		$	279,435
Ratio of net expenses to average net assets		0.45	%(d)		0.45	%		0.46	%		0.45	%		0.44	%		0.44	%
Ratio of total expenses to average net assets		0.61	%(d)		0.62	%		0.64	%		0.59	%		0.63	%		0.66	%
Ratio of net investment income to average net assets		2.57	%(d)		2.69	%		2.89	%		2.37	%		2.19	%		2.33	%
Portfolio turnover rate(e)		362	%		742	%		429	%		372	%		517	%		588	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

128 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.33		$	10.05		$	9.95		$	10.14		$	10.28		$	10.44
Net investment income(a)		0.11			0.24			0.22			0.19			0.17			0.18
Net realized and unrealized gain (loss)		0.84			0.31			0.13			(0.18	)		(0.06	)		(0.01	)
Total from investment operations		0.95			0.55			0.35			0.01			0.11			0.17
Distributions to shareholders from net investment income		(0.14	)		(0.27	)		(0.23	)		(0.17	)		(0.24	)		(0.33	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)		—	(b)
Distributions to shareholders from return of capital		—			—			(0.02	)		(0.03	)		—			—
Total distributions		(0.14	)		(0.27	)		(0.25	)		(0.20	)		(0.25	)		(0.33	)
Net asset value, end of period	$	11.14		$	10.33		$	10.05		$	9.95		$	10.14		$	10.28
Total return(c)		9.02	%		5.49	%		3.67	%		0.06	%		0.99	%		1.68	%
Net assets, end of period (in 000s)	$	123		$	45		$	66		$	410		$	1,293		$	1,119
Ratio of net expenses to average net assets		0.95	%(d)		0.95	%		0.96	%		0.95	%		0.94	%		0.94	%
Ratio of total expenses to average net assets		1.10	%(d)		1.12	%		1.11	%		1.09	%		1.13	%		1.17	%
Ratio of net investment income to average net assets		2.06	%(d)		2.29	%		2.28	%		1.87	%		1.69	%		1.74	%
Portfolio turnover rate(e)		362	%		742	%		429	%		372	%		517	%		588	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 129

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.30		$	10.02		$	9.92		$	10.11		$	10.25		$	10.40
Net investment income(a)		0.14			0.27			0.28			0.23			0.22			0.23
Net realized and unrealized gain (loss)		0.82			0.32			0.11			(0.18	)		(0.07	)		(0.01	)
Total from investment operations		0.96			0.59			0.39			0.05			0.15			0.22
Distributions to shareholders from net investment income		(0.16	)		(0.31	)		(0.27	)		(0.20	)		(0.28	)		(0.37	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)		—	(b)
Distributions to shareholders from return of capital		—			—			(0.02	)		(0.04	)		—			—
Total distributions		(0.16	)		(0.31	)		(0.29	)		(0.24	)		(0.29	)		(0.37	)
Net asset value, end of period	$	11.10		$	10.30		$	10.02		$	9.92		$	10.11		$	10.25
Total return(c)		9.37	%		5.82	%		4.10	%		0.47	%		1.40	%		2.18	%
Net assets, end of period (in 000s)	$	55,260		$	26,436		$	33,495		$	36,267		$	44,207		$	39,939
Ratio of net expenses to average net assets		0.53	%(d)		0.54	%		0.55	%		0.54	%		0.53	%		0.53	%
Ratio of total expenses to average net assets		0.69	%(d)		0.70	%		0.75	%		0.68	%		0.72	%		0.75	%
Ratio of net investment income to average net assets		2.48	%(d)		2.61	%		2.85	%		2.27	%		2.12	%		2.23	%
Portfolio turnover rate(e)		362	%		742	%		429	%		372	%		517	%		588	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

130 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, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.33		$	10.05		$	9.95		$	10.14		$	10.28		$	10.33
Net investment income(b)		0.14			0.28			0.29			0.24			0.23			0.16
Net realized and unrealized gain (loss)		0.83			0.32			0.11			(0.18	)		(0.07	)		0.08
Total from investment operations		0.97			0.60			0.40			0.06			0.16			0.24
Distributions to shareholders from net investment income		(0.17	)		(0.32	)		(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		(0.17	)		(0.32	)		(0.30	)		(0.25	)		(0.30	)		(0.29	)
Net asset value, end of period	$	11.13		$	10.33		$	10.05		$	9.95		$	10.14		$	10.28
Total return(d)		9.40	%		6.03	%		4.10	%		0.58	%		1.51	%		2.42	%
Net assets, end of period (in 000s)	$	99,651		$	84,920		$	71,648		$	70,350		$	51,028		$	10
Ratio of net expenses to average net assets		0.44	%(e)		0.44	%		0.45	%		0.44	%		0.43	%		0.47	%(e)
Ratio of total expenses to average net assets		0.60	%(e)		0.60	%		0.65	%		0.58	%		0.60	%		0.69	%(e)
Ratio of net investment income to average net assets		2.58	%(e)		2.67	%		2.95	%		2.37	%		2.24	%		2.37	%(e)
Portfolio turnover rate(f)		362	%		742	%		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) 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.

(e) Annualized.

(f) 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. 131

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.32		$	10.05		$	9.94		$	10.13		$	10.27		$	10.43
Net investment income(a)		0.11			0.23			0.23			0.18			0.16			0.18
Net realized and unrealized gain (loss)		0.84			0.30			0.12			(0.18	)		(0.06	)		(0.02	)
Total from investment operations		0.95			0.53			0.35			—			0.10			0.16
Distributions to shareholders from net investment income		(0.14	)		(0.26	)		(0.22	)		(0.16	)		(0.23	)		(0.32	)
Distributions to shareholders from net realized gains		—			—			—			—			(0.01	)		—	(b)
Distributions to shareholders from return of capital		—			—			(0.02	)		(0.03	)		—			—
Total distributions		(0.14	)		(0.26	)		(0.24	)		(0.19	)		(0.24	)		(0.32	)
Net asset value, end of period	$	11.13		$	10.32		$	10.05		$	9.94		$	10.13		$	10.27
Total return(c)		9.08	%		5.40	%		3.58	%		(0.03	)%		0.90	%		1.58	%
Net assets, end of period (in 000s)	$	5,378		$	5,316		$	19,263		$	22,970		$	25,639		$	9,241
Ratio of net expenses to average net assets		1.04	%(d)		1.04	%		1.05	%		1.04	%		1.03	%		1.03	%
Ratio of total expenses to average net assets		1.19	%(d)		1.22	%		1.25	%		1.18	%		1.22	%		1.26	%
Ratio of net investment income to average net assets		1.99	%(d)		2.24	%		2.34	%		1.78	%		1.58	%		1.77	%
Portfolio turnover rate(e)		362	%		742	%		429	%		372	%		517	%		588	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

132 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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	10.33		$	10.05		$	9.87
Net investment income(b)		0.14			0.28			0.27
Net realized and unrealized gain		0.83			0.32			0.19
Total from investment operations		0.97			0.60			0.46
Distributions to shareholders from net investment income		(0.17	)		(0.32	)		(0.26	)
Distributions to shareholders from return of capital		—			—			(0.02	)
Total distributions		(0.17	)		(0.32	)		(0.28	)
Net asset value, end of period	$	11.13		$	10.33		$	10.05
Total return(c)		9.40	%		6.03	%		4.72	%
Net assets, end of period (in 000s)	$	92,949		$	81,064		$	87,881
Ratio of net expenses to average net assets		0.44	%(d)		0.44	%		0.44	%(d)
Ratio of total expenses to average net assets		0.60	%(d)		0.60	%		0.67	%(d)
Ratio of net investment income to average net assets		2.58	%(d)		2.69	%		3.00	%(d)
Portfolio turnover rate(e)		362	%		742	%		429	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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. 133

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.79		$	10.41		$	10.23		$	10.40		$	10.53		$	10.64
Net investment income(a)		0.08			0.22			0.25			0.19			0.19			0.21
Net realized and unrealized gain (loss)		0.65			0.51			0.19			(0.13	)		(0.09	)		(0.07	)
Total from investment operations		0.73			0.73			0.44			0.06			0.10			0.14
Distributions to shareholders from net investment income		(0.12	)		(0.27	)		(0.26	)		(0.23	)		(0.23	)		(0.25	)
Distributions to shareholders from net realized gains		—			(0.08	)		—			—			—			—
Total distributions		(0.12	)		(0.35	)		(0.26	)		(0.23	)		(0.23	)		(0.25	)
Net asset value, end of period	$	11.40		$	10.79		$	10.41		$	10.23		$	10.40		$	10.53
Total return(b)		6.73	%		7.07	%		4.40	%		0.56	%		0.94	%		1.35	%
Net assets, end of period (in 000s)	$	152,980		$	125,490		$	57,754		$	62,399		$	148,548		$	142,299
Ratio of net expenses to average net assets		0.70	%(c)		0.74	%		0.79	%		0.79	%		0.79	%		0.78	%
Ratio of total expenses to average net assets		0.81	%(c)		0.84	%		0.86	%		0.84	%		0.84	%		0.85	%
Ratio of net investment income to average net assets		1.47	%(c)		2.07	%		2.45	%		1.82	%		1.77	%		1.98	%
Portfolio turnover rate(d)		338	%		693	%		396	%		273	%		363	%		450	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

134 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.84		$	10.46		$	10.29		$	10.46		$	10.59		$	10.69
Net investment income(a)		0.04			0.15			0.17			0.11			0.11			0.13
Net realized and unrealized gain (loss)		0.65			0.50			0.19			(0.13	)		(0.09	)		(0.06	)
Total from investment operations		0.69			0.65			0.36			(0.02	)		0.02			0.07
Distributions to shareholders from net investment income		(0.07	)		(0.19	)		(0.19	)		(0.15	)		(0.15	)		(0.17	)
Distributions to shareholders from net realized gains		—			(0.08	)		—			—			—			—
Total distributions		(0.07	)		(0.27	)		(0.19	)		(0.15	)		(0.15	)		(0.17	)
Net asset value, end of period	$	11.46		$	10.84		$	10.46		$	10.29		$	10.46		$	10.59
Total return(b)		6.40	%		6.25	%		3.52	%		(0.18	)%		0.20	%		0.69	%
Net assets, end of period (in 000s)	$	11,808		$	8,331		$	6,585		$	9,817		$	15,714		$	18,124
Ratio of net expenses to average net assets		1.45	%(c)		1.50	%		1.54	%		1.54	%		1.54	%		1.53	%
Ratio of total expenses to average net assets		1.56	%(c)		1.60	%		1.61	%		1.59	%		1.59	%		1.60	%
Ratio of net investment income to average net assets		0.72	%(c)		1.37	%		1.67	%		1.09	%		1.02	%		1.23	%
Portfolio turnover rate(d)		338	%		693	%		396	%		273	%		363	%		450	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 135

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.83		$	10.45		$	10.27		$	10.45		$	10.57		$	10.68
Net investment income(a)		0.10			0.26			0.27			0.23			0.22			0.24
Net realized and unrealized gain (loss)		0.65			0.51			0.21			(0.14	)		(0.07	)		(0.06	)
Total from investment operations		0.75			0.77			0.48			0.09			0.15			0.18
Distributions to shareholders from net investment income		(0.13	)		(0.31	)		(0.30	)		(0.27	)		(0.27	)		(0.29	)
Distributions to shareholders from net realized gains		—			(0.08	)		—			—			—			—
Total distributions		(0.13	)		(0.39	)		(0.30	)		(0.27	)		(0.27	)		(0.29	)
Net asset value, end of period	$	11.45		$	10.83		$	10.45		$	10.27		$	10.45		$	10.57
Total return(b)		6.98	%		7.41	%		4.75	%		0.81	%		1.38	%		1.69	%
Net assets, end of period (in 000s)	$	426,539		$	292,906		$	181,702		$	850,477		$	776,135		$	697,260
Ratio of net expenses to average net assets		0.37	%(c)		0.41	%		0.45	%		0.45	%		0.44	%		0.44	%
Ratio of total expenses to average net assets		0.48	%(c)		0.51	%		0.51	%		0.50	%		0.50	%		0.51	%
Ratio of net investment income to average net assets		1.81	%(c)		2.46	%		2.66	%		2.20	%		2.11	%		2.31	%
Portfolio turnover rate(d)		338	%		693	%		396	%		273	%		363	%		450	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

136 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.83		$	10.46		$	10.28		$	10.45		$	10.58		$	10.69
Net investment income(a)		0.07			0.21			0.23			0.18			0.17			0.19
Net realized and unrealized gain (loss)		0.67			0.50			0.20			(0.14	)		(0.09	)		(0.07	)
Total from investment operations		0.74			0.71			0.43			0.04			0.08			0.12
Distributions to shareholders from net investment income		(0.11	)		(0.26	)		(0.25	)		(0.21	)		(0.21	)		(0.23	)
Distributions to shareholders from net realized gains		—			(0.08	)		—			—			—			—
Total distributions		(0.11	)		(0.34	)		(0.25	)		(0.21	)		(0.21	)		(0.23	)
Net asset value, end of period	$	11.46		$	10.83		$	10.46		$	10.28		$	10.45		$	10.58
Total return(b)		6.71	%		6.87	%		4.23	%		0.41	%		0.79	%		1.19	%
Net assets, end of period (in 000s)	$	1,288		$	1,141		$	855		$	1,035		$	1,522		$	1,578
Ratio of net expenses to average net assets		0.87	%(c)		0.91	%		0.95	%		0.95	%		0.94	%		0.94	%
Ratio of total expenses to average net assets		0.98	%(c)		1.01	%		1.02	%		1.00	%		1.00	%		1.01	%
Ratio of net investment income to average net assets		1.31	%(c)		1.95	%		2.28	%		1.68	%		1.61	%		1.82	%
Portfolio turnover rate(d)		338	%		693	%		396	%		273	%		363	%		450	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 137

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.80		$	10.42		$	10.24		$	10.41		$	10.54		$	10.65
Net investment income(a)		0.10			0.24			0.27			0.22			0.21			0.23
Net realized and unrealized gain (loss)		0.64			0.52			0.20			(0.13	)		(0.08	)		(0.06	)
Total from investment operations		0.74			0.76			0.47			0.09			0.13			0.17
Distributions to shareholders from net investment income		(0.13	)		(0.30	)		(0.29	)		(0.26	)		(0.26	)		(0.28	)
Distributions to shareholders from net realized gains		—			(0.08	)		—			—			—			—
Total distributions		(0.13	)		(0.38	)		(0.29	)		(0.26	)		(0.26	)		(0.28	)
Net asset value, end of period	$	11.41		$	10.80		$	10.42		$	10.24		$	10.41		$	10.54
Total return(b)		6.86	%		7.33	%		4.66	%		0.81	%		1.19	%		1.60	%
Net assets, end of period (in 000s)	$	292,423		$	122,100		$	17,645		$	45,129		$	38,620		$	5,058
Ratio of net expenses to average net assets		0.45	%(c)		0.48	%		0.54	%		0.54	%		0.53	%		0.53	%
Ratio of total expenses to average net assets		0.56	%(c)		0.59	%		0.60	%		0.59	%		0.59	%		0.60	%
Ratio of net investment income to average net assets		1.70	%(c)		2.27	%		2.66	%		2.11	%		2.01	%		2.23	%
Portfolio turnover rate(d)		338	%		693	%		396	%		273	%		363	%		450	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

138 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, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.84		$	10.46		$	10.28		$	10.45		$	10.57		$	10.52
Net investment income(b)		0.10			0.27			0.29			0.26			0.23			0.16
Net realized and unrealized gain (loss)		0.66			0.50			0.19			(0.16	)		(0.08	)		0.08
Total from investment operations		0.76			0.77			0.48			0.10			0.15			0.24
Distributions to shareholders from net investment income		(0.14	)		(0.31	)		(0.30	)		(0.27	)		(0.27	)		(0.19	)
Distributions to shareholders from net realized gains		—			(0.08	)		—			—			—			—
Total distributions		(0.14	)		(0.39	)		(0.30	)		(0.27	)		(0.27	)		(0.19	)
Net asset value, end of period	$	11.46		$	10.84		$	10.46		$	10.28		$	10.45		$	10.57
Total Return(c)		6.98	%		7.41	%		4.76	%		0.92	%		1.40	%		2.34	%
Net assets, end of period (in 000s)	$	167,873		$	152,821		$	219,927		$	8,482		$	56,117		$	57,091
Ratio of net expenses to average net assets		0.36	%(d)		0.40	%		0.44	%		0.43	%		0.42	%		0.43	%(d)
Ratio of total expenses to average net assets		0.47	%(d)		0.50	%		0.51	%		0.47	%		0.48	%		0.49	%(d)
Ratio of net investment income to average net assets		1.82	%(d)		2.51	%		2.84	%		2.50	%		2.13	%		2.36	%(d)
Portfolio turnover rate(e)		338	%		693	%		396	%		273	%		363	%		450	%

(a) Commenced operations on July 31, 2015.

(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. 139

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.79		$	10.42		$	10.24		$	10.41		$	10.54		$	10.65
Net investment income(a)		0.07			0.20			0.22			0.17			0.16			0.19
Net realized and unrealized gain (loss)		0.65			0.50			0.20			(0.14	)		(0.09	)		(0.08	)
Total from investment operations		0.72			0.70			0.42			0.03			0.07			0.11
Distributions to shareholders from net investment income		(0.10	)		(0.25	)		(0.24	)		(0.20	)		(0.20	)		(0.22	)
Distributions to shareholders from net realized gains		—			(0.08	)		—			—			—			—
Total distributions		(0.10	)		(0.33	)		(0.24	)		(0.20	)		(0.20	)		(0.22	)
Net asset value, end of period	$	11.41		$	10.79		$	10.42		$	10.24		$	10.41		$	10.54
Total return(b)		6.69	%		6.70	%		4.14	%		0.31	%		0.69	%		1.09	%
Net assets, end of period (in 000s)	$	4,978		$	4,774		$	4,444		$	4,637		$	944		$	9,524
Ratio of net expenses to average net assets		0.95	%(c)		1.00	%		1.04	%		1.04	%		1.03	%		1.03	%
Ratio of total expenses to average net assets		1.06	%(c)		1.10	%		1.11	%		1.09	%		1.10	%		1.11	%
Ratio of net investment income to average net assets		1.23	%(c)		1.88	%		2.20	%		1.63	%		1.50	%		1.79	%
Portfolio turnover rate(d)		338	%		693	%		396	%		273	%		363	%		450	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

140 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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	10.85		$	10.47		$	10.20
Net investment income(b)		0.10			0.27			0.28
Net realized and unrealized gain		0.66			0.50			0.27
Total from investment operations		0.76			0.77			0.55
Distributions to shareholders from net investment income		(0.14	)		(0.31	)		(0.28	)
Distributions to shareholders from net realized gains		—			(0.08	)		—
Total distributions		(0.14	)		(0.39	)		(0.28	)
Net asset value, end of period	$	11.47		$	10.85		$	10.47
Total return(c)		6.98	%		7.41	%		5.50	%
Net assets, end of period (in 000s)	$	789,273		$	704,747		$	595,010
Ratio of net expenses to average net assets		0.36	%(d)		0.40	%		0.44	%(d)
Ratio of total expenses to average net assets		0.47	%(d)		0.50	%		0.52	%(d)
Ratio of net investment income to average net assets		1.82	%(d)		2.47	%		2.91	%(d)
Portfolio turnover rate(e)		338	%		693	%		396	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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. 141

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Core Fixed Income Fund
	Class A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.72		$	12.47		$	12.17		$	12.21		$	12.24		$	12.76
Net investment income(a)		0.08			0.14			0.17			0.09			0.09			0.13
Net realized and unrealized gain		0.82			0.47			0.31			0.08			0.05			0.07
Total from investment operations		0.90			0.61			0.48			0.17			0.14			0.20
Distributions to shareholders from net investment income		(0.10	)		(0.20	)		(0.18	)		(0.21	)		(0.12	)		(0.71	)
Distributions to shareholders from net realized gains		—			(0.16	)		—			—			(0.05	)		(0.01	)
Total distributions		(0.10	)		(0.36	)		(0.18	)		(0.21	)		(0.17	)		(0.72	)
Net asset value, end of period	$	13.52		$	12.72		$	12.47		$	12.17		$	12.21		$	12.24
Total return(b)		7.08	%		4.88	%		3.99	%		1.38	%		1.14	%		1.67	%
Net assets, end of period (in 000s)	$	50,009		$	42,358		$	63,453		$	78,752		$	136,317		$	111,852
Ratio of net expenses to average net assets		1.00	%(c)		1.01	%		1.03	%		1.03	%		1.03	%		1.03	%
Ratio of total expenses to average net assets		1.15	%(c)		1.13	%		1.20	%		1.14	%		1.13	%		1.15	%
Ratio of net investment income to average net assets		1.19	%(c)		1.08	%		1.39	%		0.76	%		0.71	%		1.06	%
Portfolio turnover rate(d)		264	%		610	%		302	%		172	%		289	%		261	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Core Fixed Income Fund
	Class C Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.61		$	12.37		$	12.07		$	12.11		$	12.14		$	12.67
Net investment income(a)		0.03			0.04			0.08			0.01			—	(b)		0.04
Net realized and unrealized gain		0.82			0.46			0.31			0.07			0.05			0.05
Total from investment operations		0.85			0.50			0.39			0.08			0.05			0.09
Distributions to shareholders from net investment income		(0.05	)		(0.10	)		(0.09	)		(0.12	)		(0.03	)		(0.61	)
Distributions to shareholders from net realized gains		—			(0.16	)		—			—			(0.05	)		(0.01	)
Total distributions		(0.05	)		(0.26	)		(0.09	)		(0.12	)		(0.08	)		(0.62	)
Net asset value, end of period	$	13.41		$	12.61		$	12.37		$	12.07		$	12.11		$	12.14
Total return(c)		6.73	%		4.06	%		3.24	%		0.68	%		0.42	%		0.83	%
Net assets, end of period (in 000s)	$	5,979		$	6,300		$	8,725		$	12,984		$	20,808		$	12,653
Ratio of net expenses to average net assets		1.75	%(d)		1.76	%		1.78	%		1.74	%		1.74	%		1.77	%
Ratio of total expenses to average net assets		1.90	%(d)		1.88	%		1.94	%		1.89	%		1.88	%		1.90	%
Ratio of net investment income (loss) to average net assets		0.44	%(d)		0.33	%		0.63	%		0.05	%		(0.03	)%		0.31	%
Portfolio turnover rate(e)		264	%		610	%		302	%		172	%		289	%		261	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 143

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Core Fixed Income Fund
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.70		$	12.45		$	12.15		$	12.19		$	12.22		$	12.74
Net investment income(a)		0.10			0.18			0.21			0.13			0.13			0.17
Net realized and unrealized gain		0.82			0.47			0.31			0.08			0.05			0.07
Total from investment operations		0.92			0.65			0.52			0.21			0.18			0.24
Distributions to shareholders from net investment income		(0.12	)		(0.24	)		(0.22	)		(0.25	)		(0.16	)		(0.75	)
Distributions to shareholders from net realized gains		—			(0.16	)		—			—			(0.05	)		(0.01	)
Total distributions		(0.12	)		(0.40	)		(0.22	)		(0.25	)		(0.21	)		(0.76	)
Net asset value, end of period	$	13.50		$	12.70		$	12.45		$	12.15		$	12.19		$	12.22
Total return(b)		7.25	%		5.22	%		4.34	%		1.72	%		1.48	%		2.00	%
Net assets, end of period (in 000s)	$	262,968		$	250,976		$	252,456		$	321,021		$	627,253		$	639,915
Ratio of net expenses to average net assets		0.69	%(c)		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Ratio of total expenses to average net assets		0.82	%(c)		0.79	%		0.86	%		0.80	%		0.79	%		0.81	%
Ratio of net investment income to average net assets		1.50	%(c)		1.37	%		1.73	%		1.08	%		1.05	%		1.41	%
Portfolio turnover rate(d)		264	%		610	%		302	%		172	%		289	%		261	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Core Fixed Income Fund
	Service Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.62		$	12.38		$	12.09		$	12.12		$	12.16		$	12.71
Net investment income(a)		0.06			0.13			0.15			0.07			0.07			0.09
Net realized and unrealized gain		0.83			0.44			0.30			0.09			0.04			0.05
Total from investment operations		0.89			0.57			0.45			0.16			0.11			0.14
Distributions to shareholders from net investment income		(0.09	)		(0.17	)		(0.16	)		(0.19	)		(0.10	)		(0.68	)
Distributions to shareholders from net realized gains		—			(0.16	)		—			—			(0.05	)		(0.01	)
Total distributions		(0.09	)		(0.33	)		(0.16	)		(0.19	)		(0.15	)		(0.69	)
Net asset value, end of period	$	13.42		$	12.62		$	12.38		$	12.09		$	12.12		$	12.16
Total return(b)		6.94	%		4.71	%		3.75	%		1.31	%		0.90	%		1.23	%
Net assets, end of period (in 000s)	$	759		$	196		$	1,930		$	1,799		$	2,772		$	2,280
Ratio of net expenses to average net assets		1.18	%(c)		1.19	%		1.19	%		1.19	%		1.19	%		1.18	%
Ratio of total expenses to average net assets		1.31	%(c)		1.30	%		1.36	%		1.30	%		1.29	%		1.29	%
Ratio of net investment income to average net assets		0.97	%(c)		1.02	%		1.24	%		0.60	%		0.56	%		0.75	%
Portfolio turnover rate(d)		264	%		610	%		302	%		172	%		289	%		261	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 145

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Core Fixed Income Fund
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	12.67		$	12.43		$	12.13		$	12.17		$	12.20		$	12.72
Net investment income(a)		0.10			0.17			0.20			0.12			0.11			0.16
Net realized and unrealized gain		0.81			0.46			0.31			0.08			0.06			0.07
Total from investment operations		0.91			0.63			0.51			0.20			0.17			0.23
Distributions to shareholders from net investment income		(0.11	)		(0.23	)		(0.21	)		(0.24	)		(0.15	)		(0.74	)
Distributions to shareholders from net realized gains		—			(0.16	)		—			—			(0.05	)		(0.01	)
Total distributions		(0.11	)		(0.39	)		(0.21	)		(0.24	)		(0.20	)		(0.75	)
Net asset value, end of period	$	13.47		$	12.67		$	12.43		$	12.13		$	12.17		$	12.20
Total return(b)		7.23	%		5.07	%		4.25	%		1.63	%		1.39	%		1.95	%
Net assets, end of period (in 000s)	$	66,469		$	47,717		$	53,615		$	62,988		$	97,332		$	31,548
Ratio of net expenses to average net assets		0.75	%(c)		0.76	%		0.78	%		0.78	%		0.78	%		0.78	%
Ratio of total expenses to average net assets		0.90	%(c)		0.88	%		0.95	%		0.89	%		0.88	%		0.90	%
Ratio of net investment income to average net assets		1.44	%(c)		1.31	%		1.64	%		1.00	%		0.90	%		1.26	%
Portfolio turnover rate(d)		264	%		610	%		302	%		172	%		289	%		261	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Core Fixed Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.70		$	12.45		$	12.16		$	12.19		$	12.22		$	12.55
Net investment income(b)		0.10			0.17			0.21			0.15			0.11			0.09
Net realized and unrealized gain		0.82			0.48			0.30			0.07			0.07			0.26
Total from investment operations		0.92			0.65			0.51			0.22			0.18			0.35
Distributions to shareholders from net investment income		(0.12	)		(0.24	)		(0.22	)		(0.25	)		(0.16	)		(0.67	)
Distributions to shareholders from net realized gains		—			(0.16	)		—			—			(0.05	)		(0.01	)
Total distributions		(0.12	)		(0.40	)		(0.22	)		(0.25	)		(0.21	)		(0.68	)
Net asset value, end of period	$	13.50		$	12.70		$	12.45		$	12.16		$	12.19		$	12.22
Total return(c)		7.26	%		5.22	%		4.35	%		1.73	%		1.50	%		2.92	%
Net assets, end of period (in 000s)	$	309,312		$	311,837		$	228,163		$	268,413		$	5,468		$	520
Ratio of net expenses to average net assets		0.68	%(d)		0.68	%		0.68	%		0.68	%		0.67	%		0.68	%(d)
Ratio of total expenses to average net assets		0.81	%(d)		0.78	%		0.85	%		0.78	%		0.77	%		0.79	%(d)
Ratio of net investment income to average net assets		1.51	%(d)		1.36	%		1.74	%		1.25	%		0.92	%		1.10	%(d)
Portfolio turnover rate(e)		264	%		610	%		302	%		172	%		289	%		261	%

(a) Commenced operations on July 31, 2015.

(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. 147

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Global Core Fixed Income Fund
	Class P Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	12.71		$	12.46		$	12.10
Net investment income(b)		0.10			0.18			0.21
Net realized and unrealized gain		0.82			0.47			0.36
Total from investment operations		0.92			0.65			0.57
Distributions to shareholders from net investment income		(0.12	)		(0.24	)		(0.21	)
Distributions to shareholders from net realized gains		—			(0.16	)		—
Total distributions		(0.12	)		(0.40	)		(0.21	)
Net asset value, end of period	$	13.51		$	12.71		$	12.46
Total return(c)		7.25	%		5.22	%		4.77	%
Net assets, end of period (in 000s)	$	9,056		$	7,900		$	8,170
Ratio of net expenses to average net assets		0.68	%(d)		0.68	%		0.69	%(d)
Ratio of total expenses to average net assets		0.80	%(d)		0.78	%		0.87	%(d)
Ratio of net investment income to average net assets		1.51	%(d)		1.38	%		1.82	%(d)
Portfolio turnover rate(e)		264	%		610	%		302	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to 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.

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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Fund
	Class A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	8.88		$	10.00
Net investment income(b)		0.17			0.11
Net realized and unrealized gain (loss)		1.27			(1.11	)
Total from investment operations		1.44			(1.00	)
Distributions to shareholders from net investment income		(0.18	)		(0.12	)
Net asset value, end of period	$	10.14		$	8.88
Total return(c)		16.31	%		(10.14	)%
Net assets, end of period (in 000s)	$	492		$	142
Ratio of net expenses to average net assets(d)		0.98	%		0.98	%
Ratio of total expenses to average net assets(d)		2.64	%		2.58	%
Ratio of net investment income to average net assets(d)		3.48	%		3.44	%
Portfolio turnover rate(e)		224	%		110	%

(a) Commenced operations on December 3, 2019.

(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. 149

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Fund
	Class C Shares
	Six Months Ended September 30, 2020 (Unaudited)			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	8.88		$	10.00
Net investment income(b)		0.14			0.09
Net realized and unrealized gain (loss)		1.27			(1.12	)
Total from investment operations		1.41			(1.03	)
Distributions to shareholders from net investment income		(0.15	)		(0.09	)
Net asset value, end of period	$	10.14		$	8.88
Total return(c)		15.88	%		(10.35	)%
Net assets, end of period (in 000s)	$	92		$	65
Ratio of net expenses to average net assets(d)		1.73	%		1.73	%
Ratio of total expenses to average net assets(d)		3.66	%		3.40	%
Ratio of net investment income to average net assets(d)		2.79	%		2.67	%
Portfolio turnover rate(e)		224	%		110	%

(a) Commenced operations on December 3, 2019.

(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.

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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Fund
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	8.88		$	10.00
Net investment income(b)		0.19			0.12
Net realized and unrealized gain (loss)		1.27			(1.11	)
Total from investment operations		1.46			(0.99	)
Distributions to shareholders from net investment income		(0.20	)		(0.13	)
Net asset value, end of period	$	10.14		$	8.88
Total return(c)		16.51	%		(10.03	)%
Net assets, end of period (in 000s)	$	23,080		$	22,264
Ratio of net expenses to average net assets(d)		0.64	%		0.64	%
Ratio of total expenses to average net assets(d)		2.39	%		2.53	%
Ratio of net investment income to average net assets(d)		3.86	%		3.72	%
Portfolio turnover rate(e)		224	%		110	%

(a) Commenced operations on December 3, 2019.

(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. 151

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Fund
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	8.88		$	10.00
Net investment income(b)		0.19			0.12
Net realized and unrealized gain (loss)		1.26			(1.12	)
Total from investment operations		1.45			(1.00	)
Distributions to shareholders from net investment income		(0.19	)		(0.12	)
Net asset value, end of period	$	10.14		$	8.88
Total return(c)		16.46	%		(10.06	)%
Net assets, end of period (in 000s)	$	52		$	45
Ratio of net expenses to average net assets(d)		0.73	%		0.73	%
Ratio of total expenses to average net assets(d)		2.46	%		2.62	%
Ratio of net investment income to average net assets(d)		3.78	%		3.63	%
Portfolio turnover rate(e)		224	%		110	%

(a) Commenced operations on December 3, 2019.

(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.

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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2020 (Unaudited)			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	8.88		$	10.00
Net investment income(b)		0.19			0.12
Net realized and unrealized gain (loss)		1.27			(1.11	)
Total from investment operations		1.46			(0.99	)
Distributions to shareholders from net investment income		(0.20	)		(0.13	)
Net asset value, end of period	$	10.14		$	8.88
Total return(c)		16.51	%		(10.03	)%
Net assets, end of period (in 000s)	$	52		$	45
Ratio of net expenses to average net assets(d)		0.63	%		0.63	%
Ratio of total expenses to average net assets(d)		2.36	%		2.52	%
Ratio of net investment income to average net assets(d)		3.88	%		3.73	%
Portfolio turnover rate(e)		224	%		110	%

(a) Commenced operations on December 3, 2019.

(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. 153

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Fund
	Class R Shares
	Six Months Ended September 30, 2020 (Unaudited)			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	8.88		$	10.00
Net investment income(b)		0.16			0.10
Net realized and unrealized gain (loss)		1.27			(1.11	)
Total from investment operations		1.43			(1.01	)
Distributions to shareholders from net investment income		(0.17	)		(0.11	)
Net asset value, end of period	$	10.14		$	8.88
Total return(c)		16.17	%		(10.21	)%
Net assets, end of period (in 000s)	$	52		$	45
Ratio of net expenses to average net assets(d)		1.23	%		1.23	%
Ratio of total expenses to average net assets(d)		2.96	%		3.12	%
Ratio of net investment income to average net assets(d)		3.28	%		3.13	%
Portfolio turnover rate(e)		224	%		110	%

(a) Commenced operations on December 3, 2019.

(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.

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

GOLDMAN SACHS INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Income Fund
	Class P Shares
	Six Months Ended September 30, 2020 (Unaudited)			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	8.88		$	10.00
Net investment income(b)		0.19			0.12
Net realized and unrealized gain (loss)		1.27			(1.11	)
Total from investment operations		1.46			(0.99	)
Distributions to shareholders from net investment income		(0.20	)		(0.13	)
Net asset value, end of period	$	10.14		$	8.88
Total return(c)		16.51	%		(10.03	)%
Net assets, end of period (in 000s)	$	50,302		$	809
Ratio of net expenses to average net assets(d)		0.62	%		0.60	%
Ratio of total expenses to average net assets(d)		1.81	%		0.63	%
Ratio of net investment income to average net assets(d)		3.68	%		3.76	%
Portfolio turnover rate(e)		224	%		110	%

(a) Commenced operations on December 3, 2019.

(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. 155

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 A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.93		$	8.71		$	9.19		$	9.45		$	9.47		$	9.79
Net investment income(a)		0.15			0.33			0.38			0.32			0.33			0.32
Net realized and unrealized gain (loss)		0.84			(0.73	)		(0.34	)		(0.24	)		(0.03	)		(0.30	)
Total from investment operations		0.99			(0.40	)		0.04			0.08			0.30			0.02
Distributions to shareholders from net investment income		(0.11	)		(0.38	)		(0.52	)		(0.34	)		(0.32	)		(0.34	)
Net asset value, end of period	$	8.81		$	7.93		$	8.71		$	9.19		$	9.45		$	9.47
Total return(b)		12.55	%		(4.90	)%		0.61	%		0.86	%		3.20	%		0.19	%
Net assets, end of period (in 000s)	$	1,417		$	978		$	3,169		$	6,984		$	12,673		$	8,358
Ratio of net expenses to average net assets		1.46	%(c)		1.47	%		1.47	%		1.43	%		1.45	%		1.49	%
Ratio of total expenses to average net assets		1.84	%(c)		1.84	%		1.74	%		1.54	%		1.62	%		1.57	%
Ratio of net investment income to average net assets		3.41	%(c)		3.74	%		4.15	%		3.40	%		3.43	%		3.34	%
Portfolio turnover rate(d)		64	%		164	%		220	%		267	%		266	%		173	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

156 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 C Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.93		$	8.70		$	9.19		$	9.45		$	9.47		$	9.79
Net investment income(a)		0.12			0.26			0.31			0.25			0.26			0.25
Net realized and unrealized gain (loss)		0.83			(0.72	)		(0.34	)		(0.24	)		(0.03	)		(0.31	)
Total from investment operations		0.95			(0.46	)		(0.03	)		0.01			0.23			(0.06	)
Distributions to shareholders from net investment income		(0.08	)		(0.31	)		(0.46	)		(0.27	)		(0.25	)		(0.26	)
Net asset value, end of period	$	8.80		$	7.93		$	8.70		$	9.19		$	9.45		$	9.47
Total return(b)		12.01	%		(5.50	)%		(0.25	)%		0.12	%		2.43	%		(0.55	)%
Net assets, end of period (in 000s)	$	442		$	543		$	1,092		$	1,545		$	2,692		$	1,773
Ratio of net expenses to average net assets		2.21	%(c)		2.22	%		2.22	%		2.18	%		2.20	%		2.23	%
Ratio of total expenses to average net assets		2.60	%(c)		2.60	%		2.52	%		2.29	%		2.37	%		2.32	%
Ratio of net investment income to average net assets		2.71	%(c)		3.00	%		3.39	%		2.65	%		2.68	%		2.61	%
Portfolio turnover rate(d)		64	%		164	%		220	%		267	%		266	%		173	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 157

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.92		$	8.70		$	9.18		$	9.44		$	9.46		$	9.78
Net investment income(a)		0.16			0.35			0.41			0.35			0.36			0.35
Net realized and unrealized gain (loss)		0.84			(0.72	)		(0.34	)		(0.23	)		(0.03	)		(0.30	)
Total from investment operations		1.00			(0.37	)		0.07			0.12			0.33			0.05
Distributions to shareholders from net investment income		(0.13	)		(0.41	)		(0.55	)		(0.38	)		(0.35	)		(0.37	)
Net asset value, end of period	$	8.79		$	7.92		$	8.70		$	9.18		$	9.44		$	9.46
Total return(b)		12.62	%		(4.59	)%		0.84	%		1.32	%		3.55	%		0.53	%
Net assets, end of period (in 000s)	$	16,016		$	14,592		$	22,611		$	199,256		$	189,429		$	173,758
Ratio of net expenses to average net assets		1.13	%(c)		1.13	%		1.13	%		1.09	%		1.11	%		1.15	%
Ratio of total expenses to average net assets		1.51	%(c)		1.50	%		1.30	%		1.19	%		1.28	%		1.23	%
Ratio of net investment income to average net assets		3.77	%(c)		4.07	%		4.45	%		3.74	%		3.77	%		3.68	%
Portfolio turnover rate(d)		64	%		164	%		220	%		267	%		266	%		173	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

158 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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.93		$	8.70		$	9.19		$	9.45		$	9.47		$	9.79
Net investment income(a)		0.16			0.35			0.40			0.35			0.35			0.35
Net realized and unrealized gain (loss)		0.83			(0.72	)		(0.34	)		(0.24	)		(0.03	)		(0.31	)
Total from investment operations		0.99			(0.37	)		0.06			0.11			0.32			0.04
Distributions to shareholders from net investment income		(0.12	)		(0.40	)		(0.55	)		(0.37	)		(0.34	)		(0.36	)
Net asset value, end of period	$	8.80		$	7.93		$	8.70		$	9.19		$	9.45		$	9.47
Total return(b)		12.56	%		(4.56	)%		0.75	%		1.12	%		3.45	%		0.44	%
Net assets, end of period (in 000s)	$	2,357		$	2,187		$	4,261		$	7,357		$	9,347		$	5,067
Ratio of net expenses to average net assets		1.21	%(c)		1.22	%		1.22	%		1.18	%		1.20	%		1.23	%
Ratio of total expenses to average net assets		1.60	%(c)		1.59	%		1.50	%		1.28	%		1.38	%		1.32	%
Ratio of net investment income to average net assets		3.70	%(c)		3.99	%		4.41	%		3.66	%		3.69	%		3.61	%
Portfolio turnover rate(d)		64	%		164	%		220	%		267	%		266	%		173	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 159

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, 2020 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	7.93		$	8.70		$	9.18		$	9.48
Net investment income(b)		0.16			0.35			0.40			0.13
Net realized and unrealized gain (loss)		0.84			(0.71	)		(0.33	)		(0.20	)
Total from investment operations		1.00			(0.36	)		0.07			(0.07	)
Distributions to shareholders from net investment income		(0.13	)		(0.41	)		(0.55	)		(0.23	)
Net asset value, end of period	$	8.80		$	7.93		$	8.70		$	9.18
Total return(c)		12.61	%		(4.46	)%		0.85	%		(0.62	)%
Net assets, end of period (in 000s)	$	2,661		$	2,218		$	1,823		$	3,612
Ratio of net expenses to average net assets		1.12	%(d)		1.12	%		1.12	%		1.11	%(d)
Ratio of total expenses to average net assets		1.50	%(d)		1.50	%		1.43	%		1.05	%(d)
Ratio of net investment income to average net assets		3.77	%(d)		4.07	%		4.49	%		4.27	%(d)
Portfolio turnover rate(e)		64	%		164	%		220	%		267	%

(a) Commenced operations on November 30, 2017.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to 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.

160 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 R Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.93		$	8.70		$	9.19		$	9.45		$	9.47		$	9.78
Net investment income(a)		0.14			0.30			0.35			0.30			0.30			0.30
Net realized and unrealized gain (loss)		0.83			(0.71	)		(0.34	)		(0.24	)		(0.02	)		(0.30	)
Total from investment operations		0.97			(0.41	)		0.01			0.06			0.28			—
Distributions to shareholders from net investment income		(0.10	)		(0.36	)		(0.50	)		(0.32	)		(0.30	)		(0.31	)
Net asset value, end of period	$	8.80		$	7.93		$	8.70		$	9.19		$	9.45		$	9.47
Total return(b)		12.28	%		(5.03	)%		0.24	%		0.61	%		2.94	%		0.04	%
Net assets, end of period (in 000s)	$	27		$	24		$	26		$	36		$	35		$	33
Ratio of net expenses to average net assets		1.71	%(c)		1.72	%		1.72	%		1.68	%		1.70	%		1.74	%
Ratio of total expenses to average net assets		2.09	%(c)		2.09	%		2.01	%		1.78	%		1.87	%		1.83	%
Ratio of net investment income to average net assets		3.19	%(c)		3.48	%		3.88	%		3.15	%		3.18	%		3.08	%
Portfolio turnover rate(d)		64	%		164	%		220	%		267	%		266	%		173	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 161

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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	7.92		$	8.69		$	9.25
Net investment income(b)		0.16			0.35			0.38
Net realized and unrealized gain (loss)		0.83			(0.71	)		(0.40	)
Total from investment operations		0.99			(0.36	)		(0.02	)
Distributions to shareholders from net investment income		(0.13	)		(0.41	)		(0.54	)
Net asset value, end of period	$	8.78		$	7.92		$	8.69
Total return(c)		12.50	%		(4.47	)%		(0.07	)%
Net assets, end of period (in 000s)	$	84,595		$	76,234		$	87,163
Ratio of net expenses to average net assets		1.12	%(d)		1.12	%		1.12	%(d)
Ratio of total expenses to average net assets		1.50	%(d)		1.49	%		1.52	%(d)
Ratio of net investment income to average net assets		3.78	%(d)		4.08	%		4.55	%(d)
Portfolio turnover rate(e)		64	%		164	%		220	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to 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.

162 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.48		$	9.28		$	9.54		$	9.70		$	9.41		$	10.06
Net investment income(a)		0.16			0.26			0.35			0.17			0.19			0.28
Net realized and unrealized gain (loss)		1.01			(0.78	)		(0.31	)		(0.25	)		0.26			(0.52	)
Total from investment operations		1.17			(0.52	)		0.04			(0.08	)		0.45			(0.24	)
Distributions to shareholders from net investment income		(0.18	)		—	(b)		(0.05	)		(0.05	)		(0.11	)		(0.41	)
Distributions to shareholders from return of capital		—			(0.28	)		(0.25	)		(0.03	)		(0.05	)		—
Total distributions		(0.18	)		(0.28	)		(0.30	)		(0.08	)		(0.16	)		(0.41	)
Net asset value, end of period	$	9.47		$	8.48		$	9.28		$	9.54		$	9.70		$	9.41
Total return(c)		13.82	%		(5.64	)%		0.46	%		(0.86	)%		4.84	%		(2.49	)%
Net assets, end of period (in 000s)	$	133,826		$	115,257		$	202,337		$	311,146		$	646,435		$	1,383,885
Ratio of net expenses to average net assets		1.03	%(d)		1.01	%		0.99	%		0.95	%		0.92	%		0.90	%
Ratio of total expenses to average net assets		1.06	%(d)		1.04	%		1.01	%		0.95	%		0.93	%		0.91	%
Ratio of net investment income to average net assets		3.41	%(d)		2.84	%		3.72	%		1.81	%		1.96	%		2.83	%
Portfolio turnover rate(e)		383	%		491	%		169	%		128	%		184	%		212	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 163

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.46		$	9.25		$	9.52		$	9.71		$	9.41		$	10.06
Net investment income(a)		0.12			0.19			0.28			0.10			0.12			0.21
Net realized and unrealized gain (loss)		1.01			(0.77	)		(0.32	)		(0.26	)		0.28			(0.52	)
Total from investment operations		1.13			(0.58	)		(0.04	)		(0.16	)		0.40			(0.31	)
Distributions to shareholders from net investment income		(0.14	)		—	(b)		(0.04	)		(0.02	)		(0.07	)		(0.34	)
Distributions to shareholders from return of capital		—			(0.21	)		(0.19	)		(0.01	)		(0.03	)		—
Total distributions		(0.14	)		(0.21	)		(0.23	)		(0.03	)		(0.10	)		(0.34	)
Net asset value, end of period	$	9.45		$	8.46		$	9.25		$	9.52		$	9.71		$	9.41
Total return(c)		13.28	%		(6.27	)%		(0.41	)%		(1.60	)%		4.25	%		(3.21	)%
Net assets, end of period (in 000s)	$	73,736		$	89,308		$	150,514		$	252,929		$	448,657		$	710,230
Ratio of net expenses to average net assets		1.78	%(d)		1.77	%		1.74	%		1.70	%		1.60	%		1.65	%
Ratio of total expenses to average net assets		1.82	%(d)		1.79	%		1.76	%		1.70	%		1.68	%		1.66	%
Ratio of net investment income to average net assets		2.67	%(d)		2.10	%		2.97	%		1.01	%		1.26	%		2.08	%
Portfolio turnover rate(e)		383	%		491	%		169	%		128	%		184	%		212	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

164 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.49		$	9.28		$	9.55		$	9.70		$	9.41		$	10.06
Net investment income(a)		0.17			0.29			0.38			0.20			0.22			0.31
Net realized and unrealized gain (loss)		1.01			(0.76	)		(0.32	)		(0.25	)		0.26			(0.52	)
Total from investment operations		1.18			(0.47	)		0.06			(0.05	)		0.48			(0.21	)
Distributions to shareholders from net investment income		(0.19	)		(0.01	)		(0.06	)		(0.07	)		(0.13	)		(0.44	)
Distributions to shareholders from return of capital		—			(0.31	)		(0.27	)		(0.03	)		(0.06	)		—
Total distributions		(0.19	)		(0.32	)		(0.33	)		(0.10	)		(0.19	)		(0.44	)
Net asset value, end of period	$	9.48		$	8.49		$	9.28		$	9.55		$	9.70		$	9.41
Total return(b)		14.01	%		(5.31	)%		0.71	%		(0.49	)%		5.19	%		(2.16	)%
Net assets, end of period (in 000s)	$	598,328		$	564,586		$	950,665		$	3,849,088		$	6,435,385		$	11,261,977
Ratio of net expenses to average net assets		0.69	%(c)		0.68	%		0.65	%		0.61	%		0.58	%		0.56	%
Ratio of total expenses to average net assets		0.73	%(c)		0.70	%		0.66	%		0.61	%		0.59	%		0.57	%
Ratio of net investment income to average net assets		3.74	%(c)		3.18	%		4.10	%		2.08	%		2.31	%		3.17	%
Portfolio turnover rate(d)		383	%		491	%		169	%		128	%		184	%		212	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 165

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.48		$	9.28		$	9.55		$	9.70		$	9.41		$	10.06
Net investment income(a)		0.17			0.29			0.37			0.19			0.21			0.31
Net realized and unrealized gain (loss)		1.02			(0.78	)		(0.32	)		(0.24	)		0.26			(0.53	)
Total from investment operations		1.19			(0.49	)		0.05			(0.05	)		0.47			(0.22	)
Distributions to shareholders from net investment income		(0.19	)		(0.01	)		(0.05	)		(0.07	)		(0.13	)		(0.43	)
Distributions to shareholders from return of capital		—			(0.30	)		(0.27	)		(0.03	)		(0.05	)		—
Total distributions		(0.19	)		(0.31	)		(0.32	)		(0.10	)		(0.18	)		(0.43	)
Net asset value, end of period	$	9.48		$	8.48		$	9.28		$	9.55		$	9.70		$	9.41
Total return(b)		13.96	%		(5.40	)%		0.61	%		(0.56	)%		5.10	%		(2.24	)%
Net assets, end of period (in 000s)	$	21,546		$	25,179		$	96,019		$	189,884		$	345,997		$	332,917
Ratio of net expenses to average net assets		0.78	%(c)		0.76	%		0.74	%		0.70	%		0.67	%		0.65	%
Ratio of total expenses to average net assets		0.82	%(c)		0.79	%		0.76	%		0.70	%		0.68	%		0.66	%
Ratio of net investment income to average net assets		3.68	%(c)		3.15	%		3.98	%		2.01	%		2.23	%		3.09	%
Portfolio turnover rate(d)		383	%		491	%		169	%		128	%		184	%		212	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

166 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, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.48		$	9.28		$	9.55		$	9.70		$	9.41		$	10.04
Net investment income(b)		0.17			0.29			0.35			0.21			0.21			0.20
Net realized and unrealized gain (loss)		1.02			(0.77	)		(0.29	)		(0.26	)		0.27			(0.50	)
Total from investment operations		1.19			(0.48	)		0.06			(0.05	)		0.48			(0.30	)
Distributions to shareholders from net investment income		(0.19	)		(0.01	)		(0.10	)		(0.06	)		(0.13	)		(0.33	)
Distributions to shareholders from return of capital		—			(0.31	)		(0.23	)		(0.04	)		(0.06	)		—
Total distributions		(0.19	)		(0.32	)		(0.33	)		(0.10	)		(0.19	)		(0.33	)
Net asset value, end of period	$	9.48		$	8.48		$	9.28		$	9.55		$	9.70		$	9.41
Total return(c)		14.01	%		(5.30	)%		0.70	%		(0.48	)%		5.21	%		(3.05	)%
Net assets, end of period (in 000s)	$	7,177		$	6,779		$	25,882		$	24,628		$	66,431		$	19,708
Ratio of net expenses to average net assets		0.68	%(d)		0.67	%		0.64	%		0.60	%		0.56	%		0.53	%(d)
Ratio of total expenses to average net assets		0.72	%(d)		0.69	%		0.66	%		0.60	%		0.57	%		0.55	%(d)
Ratio of net investment income to average net assets		3.74	%(d)		3.16	%		3.73	%		2.14	%		2.18	%		3.19	%(d)
Portfolio turnover rate(e)		383	%		491	%		169	%		128	%		184	%		212	%

(a) Commenced operations on July 31, 2015.

(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. 167

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, 2020 (Unaudited)			Year Ended March 31,
				2020				2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.47		$	9.26		$		9.53		$	9.70		$	9.40		$	10.05
Net investment income(a)		0.15			0.24				0.32			0.14			0.16			0.25
Net realized and unrealized gain (loss)		1.01			(0.77	)			(0.31	)		(0.25	)		0.28			(0.52	)
Total from investment operations		1.16			(0.53	)			0.01			(0.11	)		0.44			(0.27	)
Distributions to shareholders from net investment income		(0.17	)		—				(0.05	)		(0.04	)		(0.10	)		(0.38	)
Distributions to shareholders from return of capital		—			(0.26	)			(0.23	)		(0.02	)		(0.04	)		—
Total distributions		(0.17	)		(0.26	)			(0.28	)		(0.06	)		(0.14	)		(0.38	)
Net asset value, end of period	$	9.46		$	8.47		$		9.26		$	9.53		$	9.70		$	9.40
Total return(b)		13.70	%		(5.89	)%			0.10	%		(1.12	)%		4.71	%		(2.73	)%
Net assets, end of period (in 000s)	$	2,932		$	3,056			$	4,986		$	7,361		$	9,577		$	9,399
Ratio of net expenses to average net assets		1.28	%(c)		1.27	%			1.24	%		1.20	%		1.14	%		1.15	%
Ratio of total expenses to average net assets		1.32	%(c)		1.29	%			1.26	%		1.20	%		1.18	%		1.16	%
Ratio of net investment income to average net assets		3.17	%(c)		2.59	%			3.46	%		1.46	%		1.66	%		2.58	%
Portfolio turnover rate(d)		383	%		491	%			169	%		128	%		184	%		212	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

168 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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	8.47		$	9.27		$	9.62
Net investment income(b)		0.17			0.29			0.33
Net realized and unrealized gain (loss)		1.01			(0.77	)		(0.35	)
Total from investment operations		1.18			(0.48	)		(0.02	)
Distributions to shareholders from net investment income		(0.19	)		(0.01	)		(0.06	)
Distributions to shareholders from return of capital		—			(0.31	)		(0.27	)
Total distributions		(0.19	)		(0.32	)		(0.33	)
Net asset value, end of period	$	9.46		$	8.47		$	9.27
Total return(c)		13.91	%		(5.31	)%		(0.12	)%
Net assets, end of period (in 000s)	$	248,708		$	235,966		$	336,979
Ratio of net expenses to average net assets		0.68	%(d)		0.67	%		0.64	%(d)
Ratio of total expenses to average net assets		0.72	%(d)		0.69	%		0.68	%(d)
Ratio of net investment income to average net assets		3.76	%(d)		3.18	%		3.84	%(d)
Portfolio turnover rate(e)		383	%		491	%		169	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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. 169

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2020 (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, R6, R and P	Diversified
Global Core Fixed Income*	A, C, Institutional, Service, Investor, R6 and P	Diversified
Income, Long Short Credit Strategies and Strategic Income	A, C, Institutional, Investor, R6, R and P	Diversified

* Effective April 30, 2020, the Goldman Sachs Global Income Fund changed its name to the Goldman Sachs Global Core Fixed Income Fund.

Class A Shares are sold with a front-end sales charge of up to 3.75%. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as investment adviser to each of the Bond, Core Fixed Income, Income, Long Short Credit Strategies and Strategic Income Funds pursuant to management agreements with the Trust. Goldman Sachs Asset Management International (“GSAMI”), an affiliate of GSAM and Goldman Sachs, serves as investment adviser pursuant to a management agreement with the Trust on behalf of the Global Core Fixed Income Fund (the management agreements with GSAM and GSAMI are collectively referred to herein as the “Agreements”).

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall

170

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class-specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D.  Offering and Organization Costs — Offering costs paid in connection with the initial offering of shares of the Income Fund are being amortized on a straight-line basis over 12 months from the date of commencement of operations.

E.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Bond	Daily/Monthly	Annually
Core Fixed Income	Daily/Monthly	Annually
Global Core Fixed Income	Daily/Monthly	Annually
Income	Daily/Monthly	Annually
Long Short Credit Strategies	Daily/Monthly	Annually
Strategic Income	Monthly/Monthly	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

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

171

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM and GSAMI day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Fund’s investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM and GSAMI regularly perform price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). 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 a Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The Income and Strategic Income Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including 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.

172

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

ii.  Inverse Floaters — The interest rate on inverse floating rate securities (“inverse floaters”) resets in the opposite direction from the market rate of interest to which the inverse floaters are indexed. An inverse floater may be considered to be leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

iii.  Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iv.  Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

v.  Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss. Structured notes that are exchange traded are generally classified as Level 1 of the fair value hierarchy.

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

vii.  When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

173

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

is believed by GSAM and GSAMI to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under 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.

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

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

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A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

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

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

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

A 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 a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM and GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what they believe to be the fair value of the securities at the time of determining 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, 2020:

BOND
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	278,407,573		$	—
Mortgage-Backed Obligations		—		255,224,556			141,359
U.S. Treasury Obligations and/or Other U.S. Government Agencies		2,982,371		60,024			—
Asset-Backed Securities		—		36,071,529			—
Foreign Debt Obligations		—		7,218,556			—
Municipal Debt Obligations		—		5,937,501			—
Exchange Traded Fund		4,788,956		—			—
Investment Company		45,069,024		—			—
Total	$	52,840,351	$	582,919,739		$	141,359
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(13,934,729	)	$	—

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

BOND (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,317,514		$	—
Futures Contracts(a)		27,560			—			—
Interest Rate Swap Contracts(a)		—			1,186,189			—
Credit Default Swap Contracts(a)		—			112,032			—
Total Return Swap Contracts(a)		—			15,486			—
Purchased Option Contracts		—			212,396			—
Total	$	27,560		$	2,843,617		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,334,253	)	$	—
Futures Contracts(a)		(93,858	)		—			—
Interest Rate Swap Contracts(a)		—			(459,436	)		—
Credit Default Swap Contracts(a)		—			(285,653	)		—
Written Option Contracts		—			(879,958	)		—
Total	$	(93,858	)	$	(2,959,300	)	$	—
CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	810,335,266		$	—
Foreign Debt Obligations		19,536,187			20,642,731			—
Asset-Backed Securities		—			121,259,043			—
Mortgage-Backed Obligations		—			735,188,034			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		284,570,257			73,356,780			—
Municipal Debt Obligations		—			16,377,203			—
Investment Company		166,329,758			—			—
Total	$	470,436,202		$	1,777,159,057		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(46,425,562	)	$	—

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

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Notes to Financial Statements (continued)

September 30, 2020 (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)	$	—		$	203,323		$	—
Futures Contracts(a)		90,329			—			—
Interest Rate Swap Contracts(a)		—			1,505,427			—
Credit Default Swap Contracts(a)		—			284,071			—
Purchased Option Contracts		—			276,115			—
Total	$	90,329		$	2,268,936		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,031,054	)	$	—
Futures Contracts(a)		(151,409	)		—			—
Interest Rate Swap Contracts(a)		—			(495,313	)		—
Credit Default Swap Contracts(a)		—			(743,473	)		—
Written Option Contracts		—			(1,083,826	)		—
Total	$	(151,409	)	$	(3,353,666	)	$	—
GLOBAL CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	122,945,598		$	69,938,307		$	—
Corporate Obligations		—			287,223,603			—
Asset-Backed Securities		—			48,306,575			—
Mortgage-Backed Obligations		—			181,352,425			150,854
U.S. Government Agencies		—			1,809,797			—
Investment Company		60,264,017			—			—
Total	$	183,209,615		$	588,630,707		$	150,854
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(9,421,022	)	$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GLOBAL CORE FIXED INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	1,258,396		$	—
Futures Contracts(a)		384,296			—			—
Interest Rate Swap Contracts(a)		—			2,110,752			—
Credit Default Swap Contracts(a)		—			14,444			—
Purchased Option Contracts		—			223,016			—
Total	$	384,296		$	3,606,608		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(3,096,946	)	$	—
Futures Contracts(a)		(156,371	)		—			—
Interest Rate Swap Contracts(a)		—			(1,052,119	)		—
Credit Default Swap Contracts(a)		—			(407,302	)		—
Written Option Contracts		—			(882,590	)		—
Total	$	(156,371	)	$	(5,438,957	)	$	—
INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	1,471,120		$	—
Corporate Obligations		—			57,823,611			—
Mortgage-Backed Obligations		—			12,460,000			—
Foreign Debt Obligations		—			7,171,081			—
Unfunded Loan Commitment(a)		—			82			—
Investment Company		1,953,273			—			—
Total	$	1,953,273		$	78,925,894		$	—

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

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	14,934		$	—
Futures Contracts		6,582			—			—
Interest Rate Swap Contracts		—			491			—
Credit Default Swap Contracts		—			4,088			—
Total	$	6,582		$	19,513		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(9,163	)	$	—
Futures Contracts		(1,272	)		—			—
Interest Rate Swap Contracts		—			(2,868	)		—
Credit Default Swap Contracts		—			(69,858	)		—
Total	$	(1,272	)	$	(81,889	)	$	—
LONG SHORT CREDIT STRATEGIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	25,299,211		$	410,538
Other Secured Obligations		—			11,782,270			—
Unsecured Debt Obligations		—			58,472,082			—
U.S Treasury Obligations		1,999,059			—			—
Common Stock and/or Other Equity Investments
North America		12,864			—			—
Investment Company		7,850,806			—			—
Total	$	9,862,729		$	95,553,563		$	410,538
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—		$	6,728		$	—
Liabilities(a)
Interest Rate Swap Contracts	$	—		$	(115,748	)	$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

STRATEGIC INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	23,324,886		$	—
Corporate Obligations		—			573,251,998			—
Mortgage-Backed Obligations		—			666,421,465			103,382
U.S. Treasury Obligations and/or Other U.S. Government Agencies		1,422,793			—			—
Asset-Backed Securities		—			185,771,019			—
Foreign Debt Obligations		—			19,671,268			—
Municipal Debt Obligations		—			9,389,612			—
Unfunded Loan Committment		—			4,362			—
Exchange Traded Fund		21,292,260			—			—
Investment Company		12,347,706			—			—
Total	$	35,062,759		$	1,479,834,610		$	103,382
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(6,204,971	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	4,357,361		$	—
Futures Contracts(a)		166,404			—			—
Interest Rate Swap Contracts(a)		—			8,886,736			—
Credit Default Swap Contracts(a)		—			5,415,809			—
Total Return Swap Contracts(a)		—			65,219			—
Purchased Option Contracts		—			977,022			—
Total	$	166,404		$	19,702,147		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(4,293,392	)	$	—
Futures Contracts(a)		(567,661	)		—			—
Interest Rate Swap Contracts(a)		—			(3,057,580	)		—
Credit Default Swap Contracts(a)		—			(974,377	)		—
Written Option Contracts		—			(5,166,692	)		—
Total	$	(567,661	)	$	(13,492,041	)	$	—

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

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

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

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, 2020. 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 futures contracts; Variation margin on swap contracts; Purchased options, at value	$	1,426,145	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(1,433,252)	(a)
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts		127,518	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts		(285,653)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,317,514		Payable for unrealized loss on forward foreign currency exchange contracts		(1,334,253)
Total		$	2,871,177			$	(3,053,158)
CORE FIXED 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	$	1,871,871	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(798,131)	(a)
Credit	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts		284,071	(a)	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts		(743,473)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		203,323		Payable for unrealized loss on forward foreign currency exchange contracts.		(1,031,054)
Total		$	2,359,265			$	(2,572,658)
GLOBAL CORE FIXED INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	2,718,064	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(2,091,080)	(a)
Credit	Variation margin on swap contracts		14,444	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts		(407,302	)(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		1,258,396		Payable for unrealized loss on forward foreign currency exchange contracts.		(3,096,946)
Total		$	3,990,904			$	(5,595,328)

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

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4. INVESTMENTS IN DERIVATIVES (continued)

(b) Aggregate of amounts include $81,278, $71,442 and $40,678 for the Bond, Core Fixed Income, and Global Core Fixed 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.

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;	$	7,073	(a)	Variation margin on futures contracts; Variation margin on swap contracts;	$	(4,140)	(a)
Credit	Variation margin on swap contracts;		4,088		Variation margin on swap contracts;		(69,858)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		14,934		Payable for unrealized loss on forward foreign currency exchange contracts.		(9,163)
Total		$	26,095			$	(83,161)
LONG SHORT CREDIT STRATEGIES
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts	$	6,728	(a)	—		—
Credit	—		—		Payable for unrealized gain on swap contracts		(115,748)	(a)
Total		$	6,728			$	(115,748)
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	$	9,053,140	(a)	Variation margin on futures contracts; Variation margin on swap contracts	$	(3,625,241)	(a)
Credit	Receivable for unrealized loss on swap contracts; Variation margin on swap contracts		5,481,028	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts		(975,946	)(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		4,357,361		Payable for unrealized loss on forward foreign currency exchange contracts.		(4,293,392)
Total		$	18,891,529			$	(8,894,579)

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

(b) Aggregate of amounts include $365,478 for the Strategic Income Fund, which represent 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.

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Notes to Financial Statements (continued)

September 30, 2020 (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, 2020. 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 options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	5,104,521		$	(2,651,108	)		841
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		52,498			325,383			29
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		635,256			(75,357	)		545
Total		$	5,792,275		$	(2,401,082	)		1,415
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 futures contracts, swap contracts, purchased and written options /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased and written options	$	6,728,303		$	(5,469,540	)		1,438
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		541,808			1,246,825			16
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		952,494			(1,673,567	)		45
Total		$	8,222,605		$	(5,896,282	)		1,499
GLOBAL 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, futures contracts, swap contracts and written options /Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options	$	5,357,499		$	(630,508)			1,889
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		642,237			777,643			14
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(4,331,981	)		(3,219,166	)		549
Total		$	1,667,755		$	(3,072,031	)		2,452

(a) Average number of contracts is based on the average of month end balances for the six months ended September 30, 2020.

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4. INVESTMENTS IN DERIVATIVES (continued)

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 swap contracts/Net change in unrealized gain (loss) on swap contracts	$	57,750		$	(47,699	)		67
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		5,938			36,273			4
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(132,885	)		17,344			6
Total		$	(69,197	)	$	5,918			77
LONG SHORT CREDIT STRATEGIES
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) on swap contracts /Net change in unrealized gain (loss) on swap contracts	$	( 290,396	)	$	254,065			1
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		(194,387	)		(348,407	)		1
Total		$	(484,783)		$	(94,342	)		2
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, futures contracts, swap contracts and written options /Net change in unrealized gain (loss) on purchased options, futures contracts, swap contracts and written options	$	14,710,538		$	5,372,566			5,951
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on purchased options and swap contracts		(721,472	)		5,978,982			20
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(965,187	)		1,233,676			555
Total		$	13,023,879		$	12,585,224.			6,526

(a) Average number of contracts is based on the average of month end balances for the six months ended September 30, 2020.

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.

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that GSAM and GSAMI believe to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of September 30, 2020:

Strategic Income Fund
	Derivative Assets(1)								Derivative Liabilities(1)												Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total
Barclays Bank PLC	$	—	$	65,219	$	—	$	65,219	$	(77,571	)	$	—		$	—		$	(77,571	)	$	(12,352	)	$	12,352	$	—
Citibank NA		—		—		—		—		(25,157	)		—			(422,064	)		(447,221	)		(447,221	)		447,221		—
Deutsche Bank AG (London)		—		—		—		—		(82,620	)		—			(677,430	)		(760,050	)		(760,050	)		760,050		—
JPMorgan Securities, Inc.		977,022		—		—		977,022		(27,682	)		—			(2,131,187	)		(2,158,869	)		(1,181,847	)		1,180,000		(1,847	)
MS & Co. Int. PLC		—		168,267		4,357,361		4,525,628		(107,635	)		(4,293,392	)		(1,251,065	)		(5,652,092	)		(1,126,464	)		1,126,464		—
UBS AG (London)		—		—		—		—		(44,813	)		—			(684,946	)		(729,759	)		(729,759	)		729,759		—
Total	$	977,022	$	233,486	$	4,357,361	$	5,567,869	$	(365,478	)	$	(4,293,392	)	$	(5,166,692	)	$	(9,825,562	)	$	(4,257,693	)	$	4,255,846	$	(1,847	)

(1) Gross amounts available for offset but not netted in the Statement of Assets and Liabilities.

(2) Net amount represents the net amount due (to) from counterparty in the event of a default based on the contractual set-off rights under the agreement. Net amount excludes any over-collateralized amounts.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreement, GSAM and GSAMI manage the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM and GSAMI are entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2020, contractual and effective net management fees with GSAM and GSAMI 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#
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			0.39			0.31	*
Global Core Fixed Income		0.65			0.59			0.56			0.55			0.54			0.65			0.64	**
Income		0.55			0.50			0.47			0.46			0.45			0.55			0.54
Long Short Credit Strategies		1.00			0.90			0.86			0.84			0.82			1.00			0.99
Strategic Income		0.60			0.54			0.51			0.50			0.49			0.60			0.59

# Effective Net Management Rate includes impact of management fee waivers of underlying funds, if any.

* The Investment Adviser agreed to waive a portion of the Management Fee so that the net management fee will not exceed 0.33% as an annual percentage rate of the Fund’s average net assets. This management fee waiver arrangement will remain in effect through at least July 29, 2021, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

** Effective July 29, 2020, the Investment Adviser agreed to waive a portion of the Management Fee equal to 0.01% of the Fund’s average daily net assets. This management fee waiver arrangement will remain in effect through at least July 29, 2021, and prior to such date, GSAMI may not terminate the arrangement without the approval of the Board of Trustees.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund and in shares of the Goldman Sachs Access High Yield Corporate Bond ETF, which are affiliated Underlying Funds. GSAM and GSAMI have agreed to waive a portion of their management fee payable by the Funds in an amount equal to the management fee they earn as investment advisers to the affiliated Underlying Funds in which the Funds invest. For the six months ended September 30, 2020, GSAM waived $14,563, $136,540, $1,256, $4,054 and $10,044 of the Fund’s management fee for the Bond, Core Fixed Income, Income, Long Short Credit Strategies and Strategic Income Funds, respectively. For the six months ended September 30, 2020, GSAMI waived $10,768 of the Fund’s management fee for the Global Core Fixed Income Fund.

B.  Distribution and/or Service (12b-1) Plans — The Trust, on behalf of Class A and Class R Shares of each applicable Fund, has adopted Distribution and Service Plans subject to Rule 12b-1 under the Act. Under the Distribution and Service Plans, Goldman Sachs, which serves as distributor (the “Distributor”), is entitled to a fee accrued daily and paid monthly for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class A or Class R Shares of the Funds, as applicable, as set forth below.

The Trust, on behalf of Class C Shares of each applicable Fund, has adopted a Distribution Plan subject to Rule 12b-1 under the Act. Under the Distribution Plan, Goldman Sachs as Distributor is entitled to a fee accrued daily and paid monthly for distribution services, which may then be paid by Goldman Sachs to authorized dealers. These fees are equal to an annual percentage rate of the average daily net assets attributable to Class C Shares of the Funds, as set forth below.

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, 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.

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, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Bond	$	5,724	$	7
Core Fixed Income		3,861		332
Global Core Fixed Income		426		—
Income		1,710		—
Long Short Credit Strategies		1		—
Strategic Income		321		1

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

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional and Service Shares. Prior to July 1 2020, Goldman Sachs had charged 0.13% of the average daily net assets of Class A, Class C, Investor and Class R Shares.

Effective July 29, 2020, Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Global Core Fixed Income Fund. This arrangement will remain in effect through at least July 29, 2021, and prior to such date Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to July 29, 2020, Goldman Sachs had agreed to waive 0.03% of its transfer agency fee as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Global Core Fixed Income Fund.

F.  Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Global Core Fixed Income, Income, Long Short Credit Strategies and Strategic Income Funds are 0.004%, 0.014%, 0.004%, 0.054%, 0.094% and 0.054%, respectively. These Other Expense limitations will remain in place through at least July 29, 2021 for the Funds, and prior to such date GSAM and GSAMI may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

Goldman Sachs may voluntarily waive a portion of any payments under a Fund’s Distribution and Service Plan, Service Plan and Transfer Agency Agreement, and these waivers are in addition to what is stipulated in any contractual fee waiver arrangements (as applicable). These temporary waivers may be modified or terminated at any time at the option of Goldman Sachs without shareholder approval.

For the six months ended September 30, 2020, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waivers		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Bond	$	14,563	$	154	$	356,946	$	371,663
Core Fixed Income		580,676		286		308,931		889,893
Global Core Fixed Income		22,959		12,609		405,511		441,079
Income		1,256		—		370,289		371,545
Long Short Credit Strategies		4,054		4		193,621		197,679
Strategic Income		10,044		273		188,782		199,099

G.  Line of Credit Facility — As of September 30, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended September 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — For the six months ended September 30, 2020, Goldman Sachs earned $18,846, $38,130 and $126,075 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, 2020, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:

Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio
Global Core Fixed Income		24	%		16	%

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of September 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R
Bond		—	%		—	%		—	%		15	%		—	%		—	%		—	%
Income		11			56			99			N/A			100			100			100
Long Short Credit Strategies		—			6			—			N/A			—			—			100

The following table provides information about the Funds’ investments in the Goldman Sachs Financial Square Government Fund and Goldman Sachs Access High Yield Corporate Bond ETF as of and for the six months ended September 30, 2020:

Fund	Underlying Fund	Market Value as of March 31, 2020		Purchases at Cost		Proceeds from Sales			Change in Unrealized Gain/(Loss)		Market Value as of September 30, 2020		Shares as of September 30, 2020		Dividend Income
Bond	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	1,970,018	$	144,122,724	$	(101,023,718	)	$	—	$	45,069,024		45,069,024	$	10,391
	Goldman Sachs Access High Yield Corporate Bond ETF		—		4,748,156		—			40,800		4,788,956		98,956		34,091
Core Fixed Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		131,413,400		564,134,620		(529,218,261	)		—		166,329,759		166,329,759		110,149
Global Core Fixed Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		14,122,305		118,585,700		(72,443,988	)		—		60,264,017		60,264,017		4,513
Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		455,147		50,471,584		(48,973,458	)		—		1,953,273		1,953,273		784
Long Short Credit Strategies	Goldman Sachs Financial Square Government Fund — Institutional Shares		3,233,586		38,747,173		(34,129,953	)		—		7,850,806		7,850,806		2,924
Strategic Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		99,264,768		134,290,162		(221,207,224	)		—		12,347,706		12,347,706		6,451
	Goldman Sachs Access High Yield Corporate Bond ETF		—		21,288,603		—			3,657		21,292,260		439,970		151,574

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GOLDMAN SACHS MULTI SECTOR 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, 2020, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities of (Excluding U.S. Government and Agency Obligations)
Bond	$	1,922,614,764	$	150,363,224	$	1,921,705,524	$	121,283,427
Core Fixed Income		609,585,535		320,999,720		459,787,314		140,095,691
Global Core Fixed Income		62,814,398		670,828,965		75,058,185		714,369,799
Income		4,724,088		59,619,015		3,845,472		19,497,026
Long Short Credit Strategies		—		58,959,244		—		62,948,602
Strategic Income		47,581,268		281,951,849		102,764,795		220,770,617

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2020, the Funds’ capital loss carryforwards and certain timing differences on a tax basis were as follows:

	Bond			Core Fixed Income			Global Core Fixed Income			Income		Long Short Credit Strategies			Strategic Income
Capital loss carryforwards:
Perpetual Short-Term	$	—		$	—		$	—		$	—	$	(27,895,437	)	$	(1,224,334,736	)
Perpetual Long-Term		—			—			—			—		(7,537,443	)		(791,274,613	)
Total capital loss carryforwards	$	—		$	—		$	—		$	—	$	(35,432,880	)	$	(2,015,609,349	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral, Straddle Loss Deferral/Distributions Payable)	$	(901,258	)	$	(3,643,087	)	$	(5,673,525	)	$	—	$	(449,787)		$	(16,983,731)

As of September 30, 2020, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Bond			Core Fixed Income			Global Core Fixed Income			Income			Long Short Credit Strategies			Strategic Income
Tax Cost	$	618,333,139		$	2,174,728,525		$	736,066,655		$	80,574,202		$	108,312,568		$	1,530,690,418
Gross unrealized gain		25,680,790			84,704,352			40,369,065			1,307,548			3,222,721			45,085,971
Gross unrealized loss		(8,112,480	)		(11,837,618	)		(4,444,544	)		(1,002,665	)		(5,708,459	)		(60,780,000	)
Net unrealized gains (losses)	$	17,568,310		$	72,866,734		$	35,924,521		$	304,883		$	(2,485,738)		$	(15,694,029	)

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

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, net mark to market gains/(losses) on foreign currency contracts, differences in the tax treatment of underlying fund investments, swap transactions, 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 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 a Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Funds, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Funds from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Funds may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Funds’ performance and/or NAV.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or 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 Funds also invest 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

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8. OTHER RISKS (continued)

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 markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, including an exchange-traded fund (“ETF”), a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

8. OTHER RISKS (continued)

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Sector Risk — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM and GSAMI believe the risk of loss under these arrangements to be remote.

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10. OTHER MATTERS

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. GSAM and GSAMI expect that the adoption of this guidance will not have a material impact on the Funds’ financial statements.

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK,Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM and GSAMI have concluded that there is no impact requiring adjustment or disclosure in the financial statements.

195

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Bond Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		917,088		$	10,139,897			1,642,597		$	17,073,250
Reinvestment of distributions		100,545			1,107,382			216,053			2,248,816
Shares redeemed		(1,054,041	)		(11,539,089	)		(2,199,693	)		(22,767,209	)
		(36,408	)		(291,810	)		(341,043	)		(3,445,143	)
Class C Shares
Shares sold		201,020			2,202,728			642,365			6,770,290
Reinvestment of distributions		10,525			115,800			15,061			156,695
Shares redeemed		(217,992	)		(2,386,890	)		(267,376	)		(2,755,334	)
		(6,447	)		(68,362	)		390,050			4,171,651
Institutional Shares
Shares sold		3,321,702			36,413,546			5,315,319			55,087,881
Reinvestment of distributions		188,673			2,077,362			410,967			4,273,510
Shares redeemed		(3,174,645	)		(34,769,114	)		(8,315,942	)		(85,754,042	)
		335,730			3,721,794			(2,589,656	)		(26,392,651	)
Service Shares
Shares sold		7,171			79,374			4,092			40,890
Reinvestment of distributions		86			955			96			993
Shares redeemed		(575	)		(6,425	)		(6,387	)		(65,597	)
		6,682			73,904			(2,199	)		(23,714	)
Investor Shares
Shares sold		2,969,171			32,525,952			879,029			9,065,470
Reinvestment of distributions		55,595			611,795			96,623			1,001,319
Shares redeemed		(613,084	)		(6,653,556	)		(1,750,074	)		(18,144,447	)
		2,411,682			26,484,191			(774,422	)		(8,077,658	)
Class R6 Shares
Shares sold		1,428,722			15,719,182			2,500,038			25,986,782
Reinvestment of distributions		126,873			1,397,496			235,029			2,446,728
Shares redeemed		(825,139	)		(9,049,216	)		(1,640,760	)		(16,931,826	)
		730,456			8,067,462			1,094,307			11,501,684
Class R Shares
Shares sold		38,234			417,629			164,868			1,699,008
Reinvestment of distributions		5,508			60,600			14,874			154,369
Shares redeemed		(75,245	)		(825,853	)		(1,582,541	)		(16,271,278	)
		(31,503	)		(347,624	)		(1,402,799	)		(14,417,901	)
Class P Shares
Shares sold		1,120,064			12,276,223			1,725,921			17,917,005
Reinvestment of distributions		123,043			1,355,250			271,881			2,828,279
Shares redeemed		(741,416	)		(8,087,875	)		(2,891,893	)		(30,061,290	)
		501,691			5,543,598			(894,091	)		(9,316,006	)
NET INCREASE (DECREASE)		3,911,883		$	43,183,153			(4,519,853	)	$	(45,999,738	)

196

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Core Fixed Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,487,618		$	28,267,766			7,667,253		$	83,079,471
Reinvestment of distributions		120,046			1,360,242			290,646			3,130,966
Shares redeemed		(828,219	)		(9,304,957	)		(1,870,447	)		(20,039,210	)
		1,779,445			20,323,051			6,087,452			66,171,227
Class C Shares
Shares sold		396,909			4,520,313			464,600			5,032,931
Reinvestment of distributions		5,164			58,816			15,463			167,034
Shares redeemed		(140,376	)		(1,602,958	)		(341,038	)		(3,651,813	)
		261,697			2,976,171			139,025			1,548,152
Institutional Shares
Shares sold		19,873,461			225,971,840			23,150,088			249,400,464
Reinvestment of distributions		297,078			3,381,584			716,370			7,742,021
Shares redeemed		(9,969,006	)		(112,895,007	)		(14,209,082	)		(153,251,003	)
		10,201,533			116,458,417			9,657,376			103,891,482
Service Shares
Shares sold		13,028			148,687			54,975			593,528
Reinvestment of distributions		295			3,357			759			8,202
Shares redeemed		(6,174	)		(70,761	)		(32,184	)		(349,532	)
		7,149			81,283			23,550			252,198
Investor Shares
Shares sold		16,092,786			182,431,936			11,701,150			126,091,507
Reinvestment of distributions		198,083			2,251,329			161,102			1,740,263
Shares redeemed		(1,981,415	)		(22,372,435	)		(2,245,559	)		(24,045,896	)
		14,309,454			162,310,830			9,616,693			103,785,874
Class R6 Shares
Shares sold		477,142			5,462,645			1,366,681			14,881,214
Reinvestment of distributions		167,564			1,908,451			560,447			6,045,546
Shares redeemed		(96,315	)		(1,105,584	)		(8,852,238	)		(94,724,310	)
		548,391			6,265,512			(6,925,110	)		(73,797,550	)
Class R Shares
Shares sold		72,019			817,014			118,143			1,260,132
Reinvestment of distributions		3,818			43,268			13,210			142,070
Shares redeemed		(82,000	)		(927,846	)		(115,620	)		(1,240,039	)
		(6,163	)		(67,564	)		15,733			162,163
Class P Shares
Shares sold		7,750,877			87,956,422			23,462,615			253,934,269
Reinvestment of distributions		793,804			9,047,153			2,046,617			22,135,589
Shares redeemed		(4,698,927	)		(53,111,636	)		(17,380,102	)		(186,721,103	)
		3,845,754			43,891,939			8,129,130			89,348,755
NET INCREASE		30,947,260		$	352,239,639			26,743,849		$	291,362,301

197

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Global Core Fixed Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		712,907		$	9,589,971			666,723		$	8,497,208
Reinvestment of distributions		21,624			289,531			110,121			1,412,741
Shares redeemed		(366,215	)		(4,842,668	)		(2,533,357	)		(32,655,064	)
		368,316			5,036,834			(1,756,513	)		(22,745,115	)
Class C Shares
Shares sold		24,016			317,907			26,962			342,382
Reinvestment of distributions		1,513			20,073			10,626			135,038
Shares redeemed		(79,136	)		(1,042,391	)		(243,329	)		(3,085,869	)
		(53,607	)		(704,411	)		(205,741	)		(2,608,449	)
Institutional Shares
Shares sold		3,216,714			42,950,626			6,987,029			89,805,795
Reinvestment of distributions		165,357			2,210,213			591,182			7,577,752
Shares redeemed		(3,666,422	)		(48,514,889	)		(8,083,603	)		(103,264,071	)
		(284,351	)		(3,354,050	)		(505,392	)		(5,880,524	)
Service Shares
Shares sold		69,584			936,454			18,748			236,371
Reinvestment of distributions		214			2,861			1,542			19,596
Shares redeemed		(28,772	)		(385,324	)		(160,555	)		(2,058,013	)
		41,026			553,991			(140,265	)		(1,802,046	)
Investor Shares
Shares sold		1,792,871			24,049,512			1,474,799			18,984,120
Reinvestment of distributions		32,452			432,980			129,436			1,656,005
Shares redeemed		(656,646	)		(8,615,093	)		(2,151,570	)		(27,543,366	)
		1,168,677			15,867,399			(547,335	)		(6,903,241	)
Class R6 Shares
Shares sold		379,411			5,054,038			8,646,077			108,986,025
Reinvestment of distributions		207,698			2,775,534			703,794			9,029,216
Shares redeemed		(2,231,206	)		(29,444,233	)		(3,112,453	)		(40,279,123	)
		(1,644,097	)		(21,614,661	)		6,237,418			77,736,118
Class P Shares
Shares sold		65,648			861,425			43,061			552,039
Reinvestment of distributions		5,983			80,027			19,333			247,987
Shares redeemed		(23,007	)		(308,422	)		(96,274	)		(1,234,645	)
		48,624			633,030			(33,880	)		(434,619	)
NET INCREASE (DECREASE)		(355,412	)	$	(3,581,868	)		3,048,292		$	37,362,124

198

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Period Ended March 31, 2020(a)
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		34,615		$	351,225			15,828		$	160,010
Reinvestment of distributions		359			3,560			147			1,422
Shares redeemed		(2,378	)		(23,563	)		(1	)		(10	)
		32,596			331,222			15,974			161,422
Class C Shares
Shares sold		1,614			16,602			7,263			72,854
Reinvestment of distributions		114			1,127			54			519
Shares redeemed		—			—			(1	)		(10	)
		1,728			17,729			7,316			73,363
Institutional Shares
Shares sold		16,245			162,114			2,474,927			24,750,010
Reinvestment of distributions		49,476			489,505			32,481			317,318
Shares redeemed		(296,273	)		(3,030,630	)		(1	)		(10	)
		(230,552	)		(2,379,011	)		2,507,407			25,067,318
Investor Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		101			995			64			627
Shares redeemed		—			—			(1	)		(10	)
		101			995			5,064			50,627
Class R6 Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		103			1,020			66			643
Shares redeemed		—			—			(1	)		(10	)
		103			1,020			5,066			50,643
Class R Shares
Shares sold		—			—			5,001			50,010
Reinvestment of distributions		88			867			56			546
Shares redeemed		—			—			(1	)		(10	)
		88			867			5,056			50,546
Class P Shares
Shares sold		5,623,480			56,868,188			90,702			917,535
Reinvestment of distributions		34,731			352,337			373			3,382
Shares redeemed		(788,007	)		(8,040,796	)		(1	)		(15	)
		4,870,204			49,179,729			91,074			920,902
NET INCREASE		4,674,268		$	47,152,551			2,636,957		$	26,374,821

(a) Commenced operations on December 3, 2019.

199

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Long Short Credit Strategies Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		54,643		$	475,311			23,827		$	197,226
Reinvestment of distributions		1,829			15,803			8,826			76,779
Shares redeemed		(18,810	)		(164,701	)		(273,369	)		(2,386,800	)
		37,662			326,413			(240,716	)		(2,112,795	)
Class C Shares
Reinvestment of distributions		612			5,259			2,854			24,766
Shares redeemed		(18,922	)		(165,976	)		(59,794	)		(520,159	)
		(18,310	)		(160,717	)		(56,940	)		(495,393	)
Institutional Shares
Shares sold		197,272			1,676,811			450,237			3,873,625
Reinvestment of distributions		26,881			231,620			107,988			936,741
Shares redeemed		(244,416	)		(2,060,488	)		(1,316,869	)		(11,386,187	)
		(20,263	)		(152,057	)		(758,644	)		(6,575,821	)
Investor Shares
Shares sold		10,371			90,271			108,883			935,802
Reinvestment of distributions		3,895			33,553			15,097			131,139
Shares redeemed		(22,316	)		(194,179	)		(337,766	)		(2,944,855	)
		(8,050	)		(70,355	)		(213,786	)		(1,877,914	)
Class R6 Shares
Shares sold		18,454			160,000			58,520			510,000
Reinvestment of distributions		4,245			36,608			11,701			101,272
		22,699			196,608			70,221			611,272
Class R Shares
Shares sold		—			—			194			1,698
Reinvestment of distributions		35			305			122			1,057
Shares redeemed		—			—			(328	)		(2,872	)
		35			305			(12	)		(117	)
Class P Shares
Shares sold		774,538			6,740,000			1,822,359			15,930,000
Reinvestment of distributions		135,834			1,168,957			437,178			3,781,835
Shares redeemed		(911,463	)		(7,471,546	)		(2,662,165	)		(23,028,432	)
		(1,091	)		437,411			(402,628	)		(3,316,597	)
NET INCREASE (DECREASE)		12,682		$	577,608			(1,602,505	)	$	(13,767,365	)

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Strategic Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,343,610		$	21,967,768			4,333,774		$	40,120,028
Reinvestment of distributions		224,837			2,077,307			490,074			4,515,940
Shares redeemed		(2,031,707	)		(18,621,102	)		(13,041,523	)		(120,215,951	)
		536,740			5,423,973			(8,217,675	)		(75,579,983	)
Class C Shares
Shares sold		55,400			506,998			186,533			1,721,726
Reinvestment of distributions		125,551			1,155,741			254,409			2,339,261
Shares redeemed		(2,936,802	)		(27,205,610	)		(6,147,862	)		(56,597,035	)
		(2,755,851	)		(25,542,871	)		(5,706,920	)		(52,536,048	)
Institutional Shares
Shares sold		6,138,985			57,338,194			13,004,783			120,397,728
Reinvestment of distributions		1,141,438			10,555,827			2,438,400			22,475,357
Shares redeemed		(10,693,096	)		(97,603,072	)		(51,302,131	)		(472,312,676	)
		(3,412,673	)		(29,709,051	)		(35,858,948	)		(329,439,591	)
Investor Shares
Shares sold		95,365			889,451			987,962			9,169,309
Reinvestment of distributions		50,568			466,734			210,455			1,942,886
Shares redeemed		(840,210	)		(7,619,322	)		(8,575,241	)		(79,296,601	)
		(694,277	)		(6,263,137	)		(7,376,824	)		(68,184,406	)
Class R6 Shares
Shares sold		72,035			669,127			363,532			3,359,548
Reinvestment of distributions		13,897			128,364			25,852			237,989
Shares redeemed		(127,618	)		(1,194,405	)		(2,378,604	)		(22,071,301	)
		(41,686	)		(396,914	)		(1,989,220	)		(18,473,764	)
Class R Shares
Shares sold		31,033			282,533			88,099			812,563
Reinvestment of distributions		4,814			44,362			10,258			94,318
Shares redeemed		(86,729	)		(787,700	)		(275,684	)		(2,518,416	)
		(50,882	)		(460,805	)		(177,327	)		(1,611,535	)
Class P Shares
Shares sold		3,014,921			28,178,176			2,141,649			19,849,517
Reinvestment of distributions		549,551			5,071,648			1,114,643			10,249,862
Shares redeemed		(5,133,983	)		(46,973,689	)		(11,755,858	)		(106,800,555	)
		(1,569,511	)		(13,723,865	)		(8,499,566	)		(76,701,176	)
NET DECREASE		(7,988,140	)	$	(70,672,670	)		(67,826,480	)	$	(622,526,503	)

201

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020 through September 30, 2020, which represents a period of 183 days of a 365 day year . This projection assumes that annualized expense ratios were in effect during the period.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Bond Fund							Core Fixed Income Fund							Global Core Fixed Income Fund
Share Class	Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*
Class A
Actual	$	1,000.00	$	1,092.10		$	4.14	$	1,000.00	$	1,067.30		$	3.63	$	1,000.00	$	1,070.80		$	5.19
Hypothetical 5% return		1,000.00		1,021.56	+		4.00		1,000.00		1,021.56	+		3.55		1,000.00		1,021.56	+		5.06
Class C
Actual		1,000.00		1,087.10			8.01		1,000.00		1,064.00			7.50		1,000.00		1,067.30			9.07
Hypothetical 5% return		1,000.00		1,017.40	+		7.74		1,000.00		1,017.80	+		7.33		1,000.00		1,016.29	+		8.85
Institutional
Actual		1,000.00		1,092.90			2.36		1,000.00		1,069.80			1.92		1,000.00		1,072.50			3.58
Hypothetical 5% return		1,000.00		1,022.81	+		2.28		1,000.00		1,023.21	+		1.88		1,000.00		1,021.61	+		3.50
Service
Actual		1,000.00		1,090.20			4.98		1,000.00		1,067.10			4.51		1,000.00		1,069.40			6.12
Hypothetical 5% return		1,000.00		1,020.71	+		4.81		1,000.00		1,020.71	+		4.41		1,000.00		1,020.71	+		5.97
Investor
Actual		1,000.00		1,093.70			2.78		1,000.00		1,068.60			2.33		1,000.00		1,072.30			3.90
Hypothetical 5% return		1,000.00		1,022.41	+		2.69		1,000.00		1,022.81	+		2.28		1,000.00		1,021.31	+		3.80
Class R6
Actual		1,000.00		1,094.00			2.31		1,000.00		1,069.80			1.87		1,000.00		1,072.60			3.53
Hypothetical 5% return		1,000.00		1,022.86	+		2.23		1,000.00		1,023.26	+		1.83		1,000.00		1,021.66	+		3.45
Class R
Actual		1,000.00		1,090.80			5.45		1,000.00		1,066.90			4.92		—		—			—
Hypothetical 5% return		1,000.00		1,020.31	+		5.27		1,000.00		1,020.31	+		4.81		—		—			—
Class P
Actual		1,000.00		1,094.00			2.31		1,000.00		1,069.80			1.87		1,000.00		1,072.50			3.53
Hypothetical 5% return		1,000.00		1,023.26	+		2.23		1,000.00		1,023.26	+		1.83		1,000.00		1,023.26	+		3.45

* 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, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Bond		0.79	%		1.53	%		0.45	%		0.95	%		0.53	%		0.44	%		1.04	%		0.44	%
Core Fixed Income		0.70			1.45			0.37			0.87			0.45			0.36			0.95			0.36
Global Core Fixed Income		1.00			1.75			0.69			1.18			0.75			0.68			N/A			0.68

+ 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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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS (CONTINUED)

Fund Expenses — Six Month Period Ended September 30, 2020 (Unaudited) (continued)

	Goldman Sachs Income Fund							Long Short Credit Strategies Fund							Strategic Income Fund
Share Class	Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*
Class A
Actual	$	1,000.00	$	1,163.10		$	5.31	$	1,000.00	$	1,125.50		$	7.78	$	1,000.00	$	1,138.20		$	5.52
Hypothetical 5% return		1,000.00		1,021.56	+		4.96		1,000.00		1,021.56	+		7.38		1,000.00		1,021.56	+		5.22
Class C
Actual		1,000.00		1,158.80			9.36		1,000.00		1,120.10			11.75		1,000.00		1,132.80			9.52
Hypothetical 5% return		1,000.00		1,016.39	+		8.74		1,000.00		1,013.99	+		11.16		1,000.00		1,016.14	+		9.00
Institutional
Actual		1,000.00		1,165.10			3.47		1,000.00		1,126.20			6.02		1,000.00		1,140.10			3.70
Hypothetical 5% return		1,000.00		1,021.86	+		3.24		1,000.00		1,019.40	+		5.72		1,000.00		1,021.61	+		3.50
Investor
Actual		1,000.00		1,164.60			3.96		1,000.00		1,125.60			6.45		1,000.00		1,139.60			4.18
Hypothetical 5% return		1,000.00		1,021.41	+		3.70		1,000.00		1,019.00	+		6.12		1,000.00		1,021.16	+		3.95
Class R6
Actual		1,000.00		1,165.10			3.42		1,000.00		1,126.10			5.97		1,000.00		1,140.10			3.65
Hypothetical 5% return		1,000.00		1,021.91	+		3.19		1,000.00		1,019.45	+		5.67		1,000.00		1,021.66	+		3.45
Class R
Actual		1,000.00		1,161.70			6.67		1,000.00		1,122.80			9.10		1,000.00		1,137.00			6.86
Hypothetical 5% return		1,000.00		1,020.31	+		6.23		1,000.00		1,020.31	+		8.64		1,000.00		1,020.31	+		6.48
Class P
Actual		1,000.00		1,165.10			3.37		1,000.00		1,125.00			5.97		1,000.00		1,139.10			3.65
Hypothetical 5% return		1,000.00		1,023.26	+		3.14		1,000.00		1,023.26	+		5.67		1,000.00		1,023.26	+		3.45

* 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, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Income		0.98	%		1.73	%		0.64	%		0.73	%		0.63	%		1.23	%		0.62	%
Long Short Credit Strategies		1.46			2.21			1.13			1.21			1.12			1.71			1.12
Strategic Income		1.03			1.78			0.69			0.78			0.68			1.28			0.68

+ 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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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 Core Fixed Income Fund, Goldman Sachs Income Fund, Goldman Sachs Long Short Credit Strategies 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, Income, Long Short Credit Strategies and Strategic Income Funds with Goldman Sachs Asset Management, L.P. (“GSAM”) and on behalf of the Global Core Fixed 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, 2021 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 16-17, 2020 (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 two 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) 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) 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) 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 (except for the Income Fund, which commenced operations on December 3, 2019); 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;

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GOLDMAN SACHS MULTI SECTOR 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 (with the exception of the Income Fund, which commenced operations in 2019) to the Investment Adviser and its affiliates;

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

(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 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 market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Advisers and their affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Advisers’ business continuity planning and remote operations in the current environment. 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.

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GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

Investment Performance

The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund (with the exception of the Income Fund) to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2019, and updated performance information prepared by the Investment Advisers using the peer group identified by the Outside Data Provider as of March 31, 2020. 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 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 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, 2020. They noted that the Core Fixed Income 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, 2020. They observed that the Global Core Fixed Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees noted that in February 2020, the Global Core Fixed Income Fund had been repositioned from the Global Income Fund, which involved changes to the Fund’s investment objective and principal investment strategy. The Trustees also noted that the Global Core Fixed Income Fund had experienced certain portfolio management changes in 2019 and in the first half of 2020. The Trustees considered that the Long Short Credit Strategies 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 Long Short Credit Strategies Fund’s Institutional Shares (when viewed together with its predecessor for the applicable periods) had placed in the top half of the Fund’s peer group for the one- and five-year periods and in the third quartile for the three- and ten-year periods; had underperformed the Fund’s LIBOR-based benchmark index by 6.96%, 2.87%, and 1.13%, respectively, for the one-, three-, and five-year periods and outperformed the Fund’s benchmark by 1.75% for the ten-year period; and had outperformed the average performance of a group of competitor funds, as determined by the Investment Adviser, for the one-year period and had underperformed for the three- and five-year periods ended March 31, 2020. However, they noted that the Long Short Credit Strategies 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. The Trustees observed that the Strategic Income Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group for the one-year period and the fourth quartile for the three- and five-year periods; had underperformed the Fund’s LIBOR-based benchmark index by 7.68%, 3.76%, and 1.90%, respectively, for the one-, three-, and five-year periods; and had underperformed the Fund’s Competitor Fund Average for the one-, three-, and five-year periods ended March 31, 2020.

The Trustees noted that the Income Fund had launched on December 3, 2019 and did not yet have a meaningful performance history.

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.

206

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

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 Core Fixed Income Fund that would have the effect of decreasing expenses 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.

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 each Fund’s contribution to the Investment Advisers’ revenues and pre-tax profit margins (except for the Income Fund, which commenced operations on December 3, 2019). 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 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 (with the exception of the Income Fund) was provided for 2019 and 2018, 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 Core Fixed Income Fund			Income Fund			Long Short Credit Strategies Fund			Strategic Income Fund
First $1 billion		0.41	%		0.40	%		0.65	%		0.55	%		1.00	%		0.60	%
Next $1 billion		0.37			0.36			0.59			0.50			0.90			0.54
Next $3 billion		0.35			0.34			0.56			0.47			0.86			0.51
Next $3 billion		0.34			0.33			0.55			0.46			0.84			0.50
Over $8 billion		0.34			0.32			0.54			0.45			0.82			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”);

207

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

(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; (h) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (i) the investment in exchange traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (j) 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 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, 2021.

208

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 $1.86 trillion in assets under supervision as of September 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁵

∎ Income Builder Fund

∎ Defensive Equity Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁶

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁷

∎ 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 Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ 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

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

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

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
	GOLDMAN SACHS ASSET MANAGEMENT INTERNATIONAL Investment Adviser
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Funds management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how a Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available (i) without charge, upon request by calling 1-800-526-7384 (for Retail Shareholders) or 1-800-621-2550 (for Institutional Shareholders); and (ii) on the Securities and Exchange Commission (“SEC”) web site at http://www.sec.gov.

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

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

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of September 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

This material is 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.

© 2020 Goldman Sachs. All rights reserved. 220298-OTU-11/2020 MSFISAR-20

Goldman Sachs Funds

Semi-Annual Report	September 30, 2020
	Municipal Funds
	Dynamic Municipal Income
	High Yield Municipal
	Municipal Income Completion
	Short Duration Tax-Free

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 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.

Goldman Sachs Municipal Funds

∎ DYNAMIC MUNICIPAL INCOME

∎ HIGH YIELD MUNICIPAL

∎ MUNICIPAL INCOME COMPLETION

∎ SHORT DURATION TAX-FREE

Fund Basics	1
Schedules of Investments	9
Financial Statements	169
Financial Highlights	173
Dynamic Municipal Income	173
High Yield Municipal	180
Municipal Income Completion	186
Short Duration Tax-Free	187
Notes to the Financial Statements	194
Other Information	212

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Dynamic Municipal Income Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		5.34	%		3.80	%		1.58	%		1.56	%		2.67	%
Class C		4.88			3.80			0.89			0.87			1.50
Institutional		5.52			3.80			1.97			1.95			3.33
Service		5.16			3.80			1.47			1.45			2.48
Investor		5.47			3.80			1.89			1.87			3.19
Class R6		5.52			3.80			1.97			1.96			3.33
Class P		5.52			3.80			1.98			1.96			3.34

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

²  The Bloomberg Barclays Municipal Bond 1-10 Year Blend Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

⁴  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 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.

1

FUND BASICS

SECTOR ALLOCATION⁵

Percentage of Market Value

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.

2

FUND BASICS

High Yield Municipal Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	Fund Total Return (based on NAV)1			Goldman Sachs High Yield Municipal Fund Composite Index2			Bloomberg Barclays Municipal High Yield Bond Index3			Bloomberg Barclays Municipal Bond Index4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5			30-Day Taxable Equivalent Yield6
Class A		6.42	%		6.26	%		7.78	%		3.99	%		2.42	%		2.39	%		4.09	%
Class C		6.03			6.26			7.78			3.99			1.79			1.76			3.02
Institutional		6.59			6.26			7.78			3.99			2.85			2.83			4.81
Investor		6.55			6.26			7.78			3.99			2.79			2.75			4.71
Class R6		6.70			6.26			7.78			3.99			2.86			2.84			4.83
Class P		6.60			6.26			7.78			3.99			2.86			2.84			4.83

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

²  The Goldman Sachs High Yield Municipal Fund Composite Index is comprised of the Bloomberg Barclays Municipal High Yield Bond Index (60%) (with dividends reinvested) and the Bloomberg Barclays Municipal Bond Index (40%) (with dividends reinvested).

³  The Bloomberg Barclays Municipal High Yield Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody’s Investors Service with a remaining maturity of at least one year. The Bloomberg Barclays Municipal High Yield Bond Index does not include any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The Bloomberg Barclays Municipal Bond Index is an unmanaged broad-based total return index composed of approximately 40,000 investment grade, fixed rate, and tax-exempt issues, with a remaining maturity of at least one year. The Bloomberg Barclays Municipal Bond Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁵  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

⁶  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 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.

3

FUND BASICS

SECTOR ALLOCATION⁷

Percentage of Market Value

⁷  The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value. The above graph depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments. Figures above may not sum to 100% due to rounding and/or exclusion of other assets and liabilities.

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.

4

FUND BASICS

Municipal Income Completion Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		7.88	%		3.80	%		2.80	%		2.05	%		4.73	%

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

²  The Bloomberg Barclays Municipal Bond 1-10 Year Blend Index is an unmanaged 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.

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

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.

5

FUND BASICS

FUND COMPOSITION⁵

Percentage of Net Assets

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.

6

FUND BASICS

Short Duration Tax-Free Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		2.30	%		2.50	%		0.57	%		0.52	%		0.96	%
Class C		2.10			2.50			0.18			-0.21			0.30
Institutional		2.45			2.50			0.87			0.86			1.47
Service		2.20			2.50			0.38			0.36			0.64
Investor		2.43			2.50			0.85			0.78			1.44
Class R6		2.46			2.50			0.88			0.87			1.49
Class P		2.46			2.50			0.88			0.87			1.49

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

²  The Bloomberg Barclays Municipal Bond 1-3 Year Blend Index (with dividends reinvested), an unmanaged index, represents investment grade municipal bonds with maturities greater than one year and less than 4 years, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

⁴  The 30-Day Taxable Equivalent Yield of the Fund is calculated by dividing the current 30-Day Standardized Subsidized Yield by 1 minus the highest 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.

7

FUND BASICS

SECTOR ALLOCATION⁵

Percentage of Market Value

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.

8

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 98.4%
Alabama – 1.1%
	Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A-/A1)
$	5,000,000	4.000%		09/15/2033	$	5,517,150
	Alabama State Port Authority RB for Docks Facilities Series 2010 (A-/NR)(a)
	2,500,000	5.750		10/01/2020		2,500,000
	Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (AA/A2)
	425,000	5.000		08/01/2025		504,186
	485,000	5.000		08/01/2026		588,232
	550,000	5.000		08/01/2027		680,322
	485,000	5.000		08/01/2028		608,656
	485,000	5.000		08/01/2029		617,599
	425,000	5.000		08/01/2030		549,007
	Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)
	100,000	5.000		11/15/2021		100,334
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B-/Caa2)
	4,600,000	5.750		10/01/2049		4,142,484
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	1,000,000	5.000		10/01/2024		1,140,520
	1,000,000	5.000		10/01/2025		1,170,660
	2,225,000	5.000		10/01/2030		2,575,927
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	740,000	5.000		10/01/2044		814,888
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)(b)
	4,275,000	0.000		10/01/2046		4,185,866
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,000,000	5.000		10/01/2021		1,043,580
	13,500,000	6.000		10/01/2042		15,679,575
	10,615,000	6.500		10/01/2053		12,483,983
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 F (BBB/NR)(b)
	14,875,000	0.000		10/01/2050		14,666,304
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(c)(d)
	225,000	2.000		10/01/2024		234,695
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 C (BBB/Baa2)(c)(d)
	225,000	2.000		10/01/2024		234,695
	Selma Industrial Development Board RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(c)(d)
	1,750,000	2.000		10/01/2024		1,825,408
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A/A3)
	3,820,000	4.000		06/01/2024		4,252,882
	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%), 0.954		06/01/2024		9,969,300
	UAB Medicine Finance Authority RB Series 2019 B (AA-/Aa3)
	1,350,000	4.000		09/01/2036		1,586,237
	2,030,000	4.000		09/01/2037		2,376,825
	1,350,000	4.000		09/01/2038		1,569,470
						91,618,785
Alaska – 0.4%
	Alaska Municipal Bond Bank Authority RB Refunding Series 2020 ONE (A+/A1)
	1,200,000	5.000		12/01/2026		1,478,376
	3,430,000	5.000		12/01/2027		4,307,394
	2,175,000	5.000		12/01/2028		2,771,494
	2,235,000	5.000		12/01/2029		2,898,415
	1,540,000	5.000		12/01/2030		2,028,904
	Alaska Municipal Bond Bank Authority RB Series 2017 THREE (A+/NR)
	1,240,000	5.000		12/01/2027		1,547,557
	Northern Tobacco Securitization Corp. RB Refunding Asset-Backed Bonds Series 2006 A (NR/B3)
	2,600,000	5.000		06/01/2046		2,612,870
	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		6,310,282
	State of Alaska GO Unlimited Bonds Series 2016 A (AA-/Aa3)
	5,460,000	5.000		08/01/2027		6,615,063
						30,570,355
Arizona – 1.4%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(c)
	19,150,000	(3 Mo. LIBOR + 0.81%), 1.008		01/01/2037		17,857,566
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (AA-/NR)
	425,000	3.375		07/01/2041		433,640
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	1,400,000	5.000		11/01/2044		1,675,296
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BB+/NR)
	570,000	5.000		01/01/2043		508,144
	3,250,000	4.500		01/01/2049		2,579,070
	2,095,000	5.000		01/01/2054		1,786,595
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BB/NR)
	1,565,000	5.000		01/01/2037		1,372,818
	1,105,000	5.000		01/01/2038		960,344
	300,000	5.000		01/01/2043		251,127
	2,125,000	5.000		01/01/2049		1,731,280
	600,000	5.125		01/01/2054		489,534

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa2)
$	365,000		5.000	%		05/01/2024	$	383,509
	300,000		5.000			05/01/2029		318,111
	650,000		5.000			05/01/2031		681,506
	Chandler Industrial Development Authority RB for Intel Corp. Series 2007 (AMT) (A+/A1)(c)(d)
	10,000,000		2.700			08/14/2023		10,542,400
	Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)(c)(d)
	7,300,000		5.000			06/03/2024		8,424,857
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A/A1)
	1,375,000		3.000			07/01/2049		1,397,880
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A/A1)
	1,110,000		5.000			07/01/2023		1,231,922
	1,115,000		5.000			07/01/2024		1,278,158
	1,215,000		5.000			07/01/2025		1,432,995
	915,000		4.000			07/01/2044		999,885
	2,980,000		5.000			07/01/2044		3,519,201
	2,290,000		3.250			07/01/2049		2,317,114
	1,375,000		5.000			07/01/2049		1,612,380
	City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car Facility Charge Series 2019 B (BBB+/A2)
	3,005,000		2.163			07/01/2022		3,052,359
	1,950,000		2.226			07/01/2023		1,996,995
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (AAA/Aa2)
	7,000,000		5.000			07/01/2030		8,689,520
	Entertainment Center Community Facilities District RB Series 2017 (AA+/NR)
	5,019,000		4.000			07/01/2037		5,128,364
	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		397,600
	385,000		4.100			07/01/2034		375,098
	1,141,000		4.750			07/01/2043		1,102,422
	Glendale City Subordinate RB Refunding Series 2017 (AA/A1)
	2,500,000		5.000			07/01/2028		3,108,200
	Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (A-/NR)
	5,000,000		5.000			11/15/2042		5,644,550
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (BB/NR)(f)
	300,000		4.000			07/01/2030		310,977
	600,000		5.000			07/01/2040		635,250
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)
	200,000		4.000			07/01/2025		227,058
	200,000		4.000			07/01/2026		230,324
	200,000		4.000			07/01/2027		233,402
Municipal Bonds – (continued)
Arizona – (continued)
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2) – (continued)
	325,000		4.000			07/01/2028		381,842
	250,000		4.000			07/01/2029		296,523
	500,000		4.000			07/01/2034		558,595
	700,000		5.000			07/01/2039		844,431
	Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)(f)
	500,000		4.750			05/01/2030		519,440
	225,000		5.500			05/01/2040		233,530
	Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (BBB+/A3)
	8,985,000		5.000			12/01/2037		12,122,742
	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		4,058,200
								113,932,754
Arkansas – 0.4%
	Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (A/NR)
	2,790,000		5.000			12/01/2047		3,381,397
	4,630,000		3.200			12/01/2049		4,763,066
	Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/NR)
	1,120,000		5.000			06/01/2021		1,143,599
	520,000		5.000			06/01/2022		545,563
	700,000		5.000			06/01/2023		749,714
	1,030,000		5.000			06/01/2024		1,120,516
	1,215,000		5.000			06/01/2025		1,338,699
	1,705,000		5.000			06/01/2026		1,896,744
	1,770,000		5.000			06/01/2027		1,983,586
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)
	550,000		5.000			08/01/2026		665,000
	500,000		5.000			08/01/2028		596,660
	Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa2)
	5,395,000		3.000			02/01/2023		5,657,737
	5,185,000		3.000			02/01/2024		5,432,013
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	3,335,000		3.000			02/01/2023		3,364,381
								32,638,675
California – 8.8%
	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		670,090
	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		966,621
	660,000		4.000			09/01/2025		727,406
	475,000		4.000			09/01/2026		521,374
	530,000		4.000			09/01/2027		578,930

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)
	Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR) – (continued)
$	520,000		4.000	%		09/01/2028	$	565,209
	425,000		4.000			09/01/2029		459,748
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	1,000,000		5.000			05/01/2040		1,197,310
	Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR)
	190,000		4.000			09/01/2021		195,649
	195,000		4.000			09/01/2022		206,634
	205,000		4.000			09/01/2023		222,655
	210,000		4.000			09/01/2024		232,840
	220,000		4.000			09/01/2025		248,393
	230,000		4.000			09/01/2026		262,014
	235,000		4.000			09/01/2027		265,719
	255,000		4.000			09/01/2029		285,475
	275,000		4.000			09/01/2031		302,995
	290,000		4.000			09/01/2032		318,037
	300,000		5.000			09/01/2033		343,137
	215,000		5.000			09/01/2034		245,278
	330,000		5.000			09/01/2035		375,533
	345,000		3.000			09/01/2036		348,647
	360,000		3.000			09/01/2037		362,761
	370,000		3.000			09/01/2038		371,384
	380,000		3.000			09/01/2039		380,695
	1,160,000		5.000			09/01/2044		1,295,337
	1,475,000		5.000			09/01/2049		1,640,215
	Beaumont Community Facilities District No. 93-1 Special Tax for Improvement Area No 8F Series 2020 (NR/NR)
	1,505,000		4.000			09/01/2045		1,622,179
	California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR)
	500,000		5.000			06/01/2050		554,625
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/NR)
	950,000		4.000			06/01/2049		1,054,642
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/NR)
	275,000		5.000			06/01/2049		313,167
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(e)
	2,375,000		0.000			06/01/2055		516,515
	California County Tobacco Securitization Agency RB Refunding Series 2020 A (BBB+/NR)
	825,000		4.000			06/01/2049		919,380
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (BBB-/NR)
	595,000		5.000			06/01/2049		689,837
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)(e)
	12,130,000		0.000			06/01/2055		2,158,412
Municipal Bonds – (continued)
California – (continued)
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)(e)
	45,220,000		0.000			06/01/2055		4,621,032
	California Educational Facilities Authority RB for Stanford University Series 2010 U-1 (AAA/Aaa)
	5,000,000		5.250			04/01/2040		7,779,600
	California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (AAA/Aaa)
	3,500,000		5.000			05/01/2045		5,477,080
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	500,000		5.000			02/01/2042		586,125
	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		468,907
	350,000		5.000			11/15/2029		435,246
	565,000		5.000			11/15/2030		698,939
	1,010,000		5.000			11/15/2042		1,203,587
	12,000,000		5.000			11/15/2056		14,116,080
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,300,000		5.000			02/01/2034		1,527,006
	1,150,000		5.000			02/01/2035		1,347,558
	450,000		5.000			02/01/2042		518,000
	1,450,000		5.000			02/01/2047		1,656,552
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB-/NR)
	2,285,000		5.000			06/30/2028		2,790,762
	1,635,000		5.000			12/31/2028		1,989,664
	6,195,000		5.000			12/31/2043		7,073,265
	California Municipal Finance Authority RB for United Airlines, Inc. Project Series 2019 (AMT) (B+/NR)
	1,690,000		4.000			07/15/2029		1,667,743
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	200,000		5.000			10/01/2026		234,368
	200,000		5.000			10/01/2027		237,944
	150,000		5.000			10/01/2028		180,355
	225,000		5.000			10/01/2029		269,447
	125,000		5.000			10/01/2030		148,826
	225,000		5.000			10/01/2031		266,488
	225,000		5.000			10/01/2032		264,782
	California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)(f)
	430,000		5.000			10/01/2034		488,678
	1,125,000		5.000			10/01/2039		1,256,254
	1,035,000		5.000			10/01/2049		1,134,525
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	900,000		5.000			12/31/2037		1,043,676
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	400,000		5.000			06/01/2035		425,708

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	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	$	4,508,101
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(f)
	2,000,000		6.750			12/01/2028		1,943,700
	14,195,000		7.500			12/01/2040		13,763,472
	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		1,318,038
	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		3,690,505
	California Pollution Control Financing Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2015 A-1 (AMT) (A-/NR)
	10,000,000		3.375			07/01/2025		11,029,800
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (BBB/Baa3)(f)
	13,845,000		5.000			07/01/2030		14,564,109
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB/Baa3)(f)
	280,000		5.000			07/01/2022		296,431
	360,000		5.000			07/01/2023		392,252
	445,000		5.000			07/01/2024		497,568
	1,330,000		5.000			07/01/2029		1,587,674
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(f)
	1,000,000		5.000			06/15/2040		1,051,620
	California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (BB+/NR)(f)
	215,000		3.000			10/01/2030		219,767
	500,000		5.000			10/01/2040		561,935
	California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (BB+/NR)(f)
	680,000		4.000			07/01/2030		724,227
	750,000		5.000			07/01/2040		815,640
	California State Various Purpose GO Bonds Series 2010 (AA-/Aa2)
	305,000		6.000			03/01/2033		306,382
	California State Various Purpose GO Bonds Series 2010 (NR/NR)
	115,000		6.000			03/01/2033		115,539
	California State Various Purpose GO Bonds Series 2017 (AA-/Aa2)
	1,250,000		5.000			08/01/2046		1,509,800
	California State Various Purpose GO Refunding Bonds Series 2020 (AA-/Aa2)
	16,170,000		4.000			11/01/2037		19,495,522
	17,175,000		4.000			11/01/2038		20,632,499
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	400,000		4.250			09/01/2022		421,996
Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR) – (continued)
	230,000		5.000			09/01/2030		257,871
	250,000		5.000			09/01/2037		275,240
	California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)(f)
	1,375,000		7.250			09/01/2050		1,422,052
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	875,000		5.000			09/02/2034		1,029,271
	595,000		5.000			09/02/2039		682,441
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	2,630,000		5.000			09/02/2033		3,118,759
	875,000		5.000			09/02/2038		1,018,929
	350,000		5.000			09/02/2043		402,493
	1,040,000		5.000			09/02/2048		1,185,049
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR)
	4,225,000		5.000			09/02/2029		4,971,304
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR)
	645,000		4.000			09/02/2023		688,473
	670,000		4.000			09/02/2024		726,012
	1,500,000		5.000			09/02/2034		1,759,290
	California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)(f)
	750,000		3.000			06/01/2029		704,445
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)
	365,000		5.000			08/01/2028		455,312
	300,000		5.000			08/01/2029		371,955
	315,000		5.000			08/01/2030		388,912
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (BB+/NR)(f)
	500,000		5.000			07/01/2024		504,815
	900,000		5.000			07/01/2029		900,972
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	150,000		5.000			04/01/2030		177,826
	70,000		5.000			04/01/2031		82,370
	385,000		4.000			04/01/2032		422,703
	455,000		4.000			04/01/2034		494,253
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (BB-/NR)(f)
	1,725,000		5.000			12/01/2031		1,933,639

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)
	California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR)
$	1,710,000		4.000	%		09/02/2028	$	1,860,737
	1,250,000		5.000			09/02/2040		1,427,400
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
	1,300,000		5.000			09/02/2038		1,516,866
	1,500,000		5.000			09/02/2048		1,709,205
	California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR)
	115,000		4.000			09/02/2021		117,745
	180,000		4.000			09/02/2022		188,363
	345,000		4.000			09/02/2023		368,456
	355,000		4.000			09/02/2024		385,661
	1,015,000		4.000			09/02/2029		1,123,453
	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		1,080,134
	1,000,000		5.000			05/15/2047		1,101,560
	800,000		5.000			05/15/2050		879,752
	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		1,840,965
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)(e)
	22,510,000		0.000			06/01/2046		3,175,711
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	230,000		4.000			09/01/2026		261,876
	245,000		4.000			09/01/2027		283,259
	250,000		4.000			09/01/2028		292,145
	165,000		3.000			09/01/2037		163,340
	170,000		3.000			09/01/2038		165,398
	175,000		3.000			09/01/2039		172,008
	180,000		3.000			09/01/2040		175,010
	620,000		3.125			09/01/2044		604,909
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA/Aa1)(e)
	3,500,000		0.000			06/01/2034		2,646,315
	City of Azusa Community Facilities District No. 2005-1 Special Tax Series 2019 (AGM) (AA/NR)
	1,280,000		5.000			09/01/2044		1,540,800
	1,925,000		5.000			09/01/2049		2,296,352
	City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR)
	1,125,000		4.000			09/01/2029		1,267,785
	1,275,000		4.000			09/01/2032		1,435,459
	1,030,000		4.000			09/01/2037		1,131,970
	485,000		4.000			09/01/2040		527,229
Municipal Bonds – (continued)
California – (continued)
	City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)(f)
	1,000,000		5.000			09/01/2035		1,158,980
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	305,000		4.000			09/01/2028		353,480
	330,000		4.000			09/01/2030		378,431
	440,000		4.000			09/01/2032		497,464
	450,000		4.000			09/01/2034		501,655
	465,000		4.000			09/01/2036		515,401
	150,000		3.000			09/01/2038		151,158
	160,000		3.000			09/01/2039		160,541
	190,000		4.000			09/01/2040		208,700
	City of Oroville RB for Oroville Hospital Series 2019 (BB/NR)
	1,140,000		5.000			04/01/2024		1,220,815
	1,325,000		5.000			04/01/2027		1,461,329
	1,000,000		5.000			04/01/2029		1,112,650
	1,250,000		5.000			04/01/2030		1,382,287
	1,500,000		5.000			04/01/2031		1,649,280
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000		5.000			09/01/2026		116,382
	100,000		5.000			09/01/2027		115,898
	100,000		5.000			09/01/2028		115,321
	100,000		5.000			09/01/2029		114,688
	140,000		5.000			09/01/2031		158,644
	250,000		5.000			09/01/2032		282,122
	230,000		5.000			09/01/2033		258,729
	150,000		5.000			09/01/2034		168,449
	150,000		5.000			09/01/2035		167,880
	700,000		5.000			09/01/2036		780,080
	275,000		5.000			09/01/2037		305,434
	250,000		5.000			09/01/2038		276,900
	500,000		5.000			09/01/2039		552,815
	City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR)
	325,000		3.000			09/01/2029		328,848
	815,000		5.000			09/01/2034		926,280
	445,000		5.000			09/01/2039		499,152
	City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	55,000		3.000			09/01/2022		56,655
	70,000		4.000			09/01/2024		75,932
	95,000		4.000			09/01/2026		105,105
	65,000		5.000			09/01/2030		76,615
	190,000		4.000			09/01/2032		208,373
	225,000		4.000			09/01/2034		245,059
	265,000		4.000			09/01/2036		285,914
	305,000		4.000			09/01/2038		326,664
	330,000		4.000			09/01/2040		352,011
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(f)
	570,000		4.000			09/01/2028		630,870

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate				Maturity Date			Value
Municipal Bonds – (continued)
California – (continued)
	City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR)
$	600,000		5.000	%			09/01/2035		$	690,564
	1,000,000		5.000				09/01/2040			1,134,540
	City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR)
	1,420,000		4.000				09/01/2044			1,533,501
	City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR)
	320,000		2.000				09/01/2024			329,139
	330,000		2.250				09/01/2026			342,643
	350,000		2.375				09/01/2028			360,780
	380,000		2.750				09/01/2031			384,784
	405,000		3.000				09/01/2033			414,016
	415,000		3.000				09/01/2034			424,275
	270,000		3.000				09/01/2035			273,534
	900,000		3.125				09/01/2037			913,194
	740,000		3.125				09/01/2039			747,163
	810,000		3.250				09/01/2041			815,273
	City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)
	345,000		5.000				09/01/2044			394,418
	465,000		5.000				09/01/2049			529,537
	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			96,468
	700,000		3.250				09/01/2041			706,188
	600,000		3.500				09/01/2049			607,908
	940,000		4.000				09/01/2049			1,001,081
	Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	275,000		3.125				08/01/2035			295,589
	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			515,110
	725,000		5.000				09/01/2039			819,214
	County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A/A2)
	1,225,000		5.000				07/01/2039			1,455,239
	County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR)
	1,365,000		4.000				09/01/2045			1,456,247
	Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
	1,405,000		5.000				09/01/2027			1,621,749
	East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)
	395,000		3.125				09/01/2044			388,613
	1,630,000		3.125				09/01/2049			1,574,808
	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			1,401,517
Municipal Bonds – (continued)
California – (continued)
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)(b)
	3,000,000	0.000			01/15/2032			3,554,970
	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			1,267,625
	Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A+/NR)
	500,000	5.000			09/01/2032			540,700
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)(e)
	43,000,000	0.000			06/01/2047			9,116,000
	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			1,932,750
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/Aa3)
	13,395,000	5.000			06/01/2045			15,406,527
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BB-/NR)
	15,280,000	3.500			06/01/2036			15,489,642
	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			26,845,341
	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			2,515,347
	10,080,000	5.250			06/01/2047			10,410,120
	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			14,896,216
	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			4,049,598
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (A-/NR)
	1,310,000	3.678			06/01/2038			1,393,578
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	650,000	5.000			09/01/2025			777,419
	650,000	5.000			09/01/2026			796,881
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	480,000	5.000			09/01/2025			574,094
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	430,000	5.000			09/01/2026			527,167
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	180,000	4.000			09/01/2025			204,151
	175,000	4.000			09/01/2026			201,283

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)
California – (continued)
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (AA/NR)
$	350,000	5.000 %		09/01/2030	$	452,445
	310,000	5.000		09/01/2032		395,021
	360,000	5.000		09/01/2034		453,607
	460,000	5.000		09/01/2036		572,134
	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		862,428
	2,500,000	5.000		09/01/2048		2,768,825
	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		3,346,110
	Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (AA-/Aa2)
	2,335,000	5.000		05/15/2034		2,841,508
	Los Angeles Department of Airports Subordinated RB Series 2016 B (AMT) (A+/Aa3)
	1,000,000	5.000		05/15/2029		1,193,300
	Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (A+/Aa3)
	7,000,000	5.250		05/15/2048		8,368,920
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (A+/Aa3)
	5,000,000	5.000		05/15/2030		6,151,950
	1,000,000	5.000		05/15/2035		1,205,830
	Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (A+/Aa3)
	6,000,000	5.000		05/15/2030		7,621,260
	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		56,258,029
	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		1,383,220
	4,500,000	0.000		08/01/2038		3,016,395
	4,500,000	0.000		08/01/2039		2,916,270
	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		1,144,328
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)(e)
	2,510,000	0.000		08/01/2035		1,869,147
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	1,750,000	6.500		11/01/2039		2,765,525
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	3,455,000	6.125		11/01/2029		4,381,044
	2,000,000	6.500		11/01/2039		3,160,600
	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		5,459,900
Municipal Bonds – (continued)
California – (continued)
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A3)(g)
	5,125,000	(3 Mo. LIBOR + 0.72%), 0.918		07/01/2027		5,073,443
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,335,000	5.000		11/01/2047		12,983,449
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)
	6,450,000	7.000		08/01/2038		9,244,463
	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		1,785,166
	4,150,000	0.000		08/01/2032		3,334,899
	3,500,000	0.000		08/01/2033		2,724,715
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A1)
	4,000,000	5.000		05/01/2031		4,280,040
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	590,000	4.000		09/01/2023		638,150
	320,000	4.000		09/01/2024		353,638
	400,000	4.000		09/01/2025		450,404
	1,490,000	4.000		09/01/2026		1,701,029
	305,000	4.000		09/01/2027		346,245
	500,000	4.000		09/01/2028		561,950
	1,780,000	4.000		09/01/2029		1,983,276
	River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	4,310,000	5.000		09/01/2027		4,635,836
	1,000,000	5.375		09/01/2031		1,073,410
	485,000	5.250		09/01/2034		517,068
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	195,000	4.000		09/01/2027		219,868
	205,000	4.000		09/01/2028		231,617
	210,000	4.000		09/01/2029		237,842
	220,000	4.000		09/01/2030		247,859
	545,000	4.000		09/01/2034		603,506
	500,000	4.000		09/01/2037		548,955
	370,000	4.000		09/01/2040		402,878
	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		887,505
	1,075,000	5.000		09/01/2026		1,297,364
	1,000,000	5.000		09/01/2027		1,231,650
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)
	35,000	4.000		09/01/2021		35,920
	50,000	4.000		09/01/2022		52,640
	85,000	4.000		09/01/2023		91,404
	80,000	4.000		09/01/2024		87,478
	150,000	4.000		09/01/2025		167,161

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (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)
$	275,000	5.000 %		09/01/2026	$	324,002
	210,000	5.000		09/01/2027		251,019
	160,000	5.000		09/01/2028		189,296
	170,000	5.000		09/01/2029		200,153
	110,000	5.000		09/01/2030		128,796
	100,000	5.000		09/01/2031		116,187
	185,000	5.000		09/01/2032		213,566
	165,000	5.000		09/01/2033		189,570
	175,000	4.000		09/01/2034		190,563
	150,000	4.000		09/01/2035		162,851
	125,000	3.000		09/01/2036		121,134
	470,000	5.000		09/01/2039		529,375
	250,000	3.250		09/01/2041		242,033
	400,000	5.000		09/01/2045		444,352
	1,000,000	5.000		09/01/2049		1,107,460
	Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (AA/NR)
	1,000,000	5.000		07/01/2029		1,139,560
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa2)(g)
	13,150,000	(3 Mo. LIBOR + 0.53%), 0.695		12/01/2035		11,377,906
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)(g)
	2,375,000	(3 Mo. LIBOR + 0.55%), 0.715		06/01/2034		2,084,348
	San Diego County Regional Airport Authority RB Refunding Series 2013 B (AMT) (A/A1)
	3,465,000	5.000		07/01/2023		3,851,625
	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		3,268,800
	San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (AA-/Aa2)
	3,500,000	4.000		07/01/2042		3,724,210
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2011 C (AMT) (ETM) (A/A1)(a)
	3,800,000	5.000		05/01/2021		3,904,424
	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		5,080,885
	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		2,240,380
	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		11,096,200
Municipal Bonds – (continued)
California – (continued)
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 D (AMT) (A/A1)
	10,000,000	5.000		05/01/2048		11,624,300
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (AMT) (A/NR)
	1,290,000	5.000		05/01/2027		1,597,407
	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		11,188,089
	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		1,201,420
	San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR)
	500,000	5.000		09/01/2036		578,840
	1,550,000	5.000		09/01/2044		1,761,947
	2,275,000	5.000		09/01/2049		2,570,705
	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		1,442,012
	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		1,143,410
	State of California GO Bonds for Bid Group A Series 2019 (AA-/Aa2)
	15,000,000	2.375		10/01/2026		16,287,450
	Stockton Public Financing Authority Wastewater RB Series 2019 (A/NR)
	5,000,000	1.400		06/01/2022		5,022,150
	Stockton Unified School District GO Refunding Bonds Series 2016 (A+/A1)
	2,735,000	5.000		08/01/2025		3,297,617
	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		1,656,782
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A/NR)
	885,000	5.000		06/01/2026		1,086,559
	1,180,000	5.000		06/01/2027		1,486,139
	920,000	5.000		06/01/2028		1,183,801
	1,780,000	5.000		06/01/2029		2,337,549
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A-/NR)
	1,745,000	5.000		06/01/2032		2,273,054
	870,000	5.000		06/01/2034		1,121,830
	435,000	5.000		06/01/2035		558,453
	870,000	5.000		06/01/2036		1,110,903
	870,000	5.000		06/01/2039		1,099,167

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)
California – (continued)
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB-/NR)
$	3,100,000		5.000 %		06/01/2048	$	3,647,770
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)(e)
	7,975,000		0.000		06/01/2054		1,362,768
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (A-/NR)
	1,265,000		5.000		10/01/2028		1,622,325
	580,000		5.000		10/01/2029		755,734
	490,000		5.000		10/01/2030		641,302
	1,025,000		5.000		10/01/2031		1,333,299
	880,000		5.000		10/01/2033		1,129,894
	615,000		5.000		10/01/2035		783,787
	705,000		5.000		10/01/2036		894,433
	880,000		5.000		10/01/2037		1,112,505
	880,000		5.000		10/01/2038		1,108,782
	880,000		5.000		10/01/2039		1,105,280
	970,000		5.000		10/01/2040		1,214,644
	950,000		5.000		10/01/2045		1,174,115
	995,000		5.000		10/01/2049		1,223,074
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (BBB+/NR)
	1,895,000		2.400		10/01/2049		1,896,687
	University of California RB Refunding Series 2013 AL-2 (AA/Aa2)(c)(d)
	9,600,000		0.120		10/01/2020		9,600,000
	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		1,131,349
	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		884,944
							717,546,953
Colorado – 4.1%
	Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/Aa2)
	6,910,000		5.250		12/01/2040		8,522,932
	Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR)(a)
	325,000		5.250		12/01/2026		420,413
	Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)(b)(f)
	1,855,000		0.000		12/01/2049		1,369,565
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,078,000		4.500		12/01/2029		2,113,243
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (AA/NR)
	14,305,000		5.000		03/01/2043		17,440,084
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (NR/NR)(a)
	9,555,000		5.000		03/01/2028		12,696,875
Municipal Bonds – (continued)
Colorado – (continued)
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)
	525,000		5.000		12/01/2037		545,769
	Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)(f)
	1,120,000		5.000		12/01/2040		1,157,845
	Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	735,000		5.000		12/01/2035		772,198
	500,000		5.125		12/01/2048		518,575
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	1,000,000		5.250		12/01/2038		1,029,800
	Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (AA+/Aa2)
	3,510,000		6.000		12/15/2029		4,793,396
	10,805,000		6.000		12/15/2030		14,679,565
	City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR)
	1,035,000		5.000		12/01/2049		1,050,494
	Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (NR/Ba1)(f)
	1,500,000		5.000		10/01/2029		1,624,605
	2,500,000		5.000		10/01/2039		2,624,800
	Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (NR/Baa3)
	415,000		4.000		11/01/2029		437,833
	400,000		5.000		11/01/2039		428,168
	700,000		5.000		11/01/2049		742,308
	Colorado Educational & Cultural Facilities Authority RB Refunding for West Ridge Academy Charter School Project Series 2019 A (NR/Aa3)
	325,000		5.000		06/01/2049		351,107
	350,000		5.000		06/01/2054		377,675
	Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (NR/Baa1)
	1,000,000		4.000		09/01/2045		1,091,660
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (AA/Aa2)
	3,900,000		4.000		11/15/2043		4,454,658
	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		7,519,320
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	1,000,000		5.000		08/01/2030		1,263,400
	855,000		5.000		08/01/2035		1,053,275
	2,010,000		4.000		08/01/2044		2,219,100
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	855,000		5.000		08/01/2035		1,053,274

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate				Maturity Date			Value
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1) – (continued)
$	2,140,000		5.000	%			08/01/2036		$	2,625,095
	855,000		5.000				08/01/2037			1,045,169
	1,285,000		5.000				08/01/2038			1,565,837
	2,570,000		5.000				08/01/2039			3,122,319
	3,495,000		4.000				08/01/2049			3,822,167
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)(c)(d)
	2,000,000		5.000				08/01/2025			2,323,800
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)(c)(d)
	4,285,000		5.000				08/01/2026			5,107,206
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (A-/NR)(a)
	1,150,000		5.000				06/01/2027			1,485,259
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	1,730,000		4.000				11/01/2039			1,971,750
	7,435,000		5.000				11/01/2039			9,135,236
	8,285,000		5.000				11/01/2044			10,072,737
	1,950,000		5.000				11/01/2049			2,354,294
	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			1,402,560
	Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (A+/NR)
	1,250,000		2.496				11/01/2024			1,281,038
	2,730,000		2.678				11/01/2025			2,823,748
	Copper Ridge Metropolitan District RB Series 2019 (NR/NR)
	3,210,000		4.000				12/01/2029			3,036,917
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	460,000		3.500				12/01/2021			462,553
	500,000		4.500				12/01/2027			516,620
	Cottonwood Highlands Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000				12/01/2049			914,724
	Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,255,000		5.000				12/01/2039			1,286,036
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)(f)
	2,730,000		5.000				12/01/2029			2,800,844
	3,105,000		5.500				12/01/2039			3,177,191
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A/A2)
	11,500,000		5.250				12/01/2048			13,745,720
	Denver City & County Airport RB Refunding Series 2019 D (A+/A1)(c)(d)
	7,960,000		5.000				11/15/2022			8,683,325
Municipal Bonds – (continued)
Colorado – (continued)
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000	5.500			11/15/2029			5,640,950
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (B/NR)
	23,495,000	5.000			10/01/2032			23,608,011
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(f)
	4,995,000	5.000			12/01/2025			5,814,629
	5,145,000	5.000			12/01/2026			6,085,815
	5,285,000	5.000			12/01/2027			6,355,794
	Denver Convention Center Hotel Authority RB Refunding Series 2016 (BBB-/Baa2)
	640,000	5.000			12/01/2030			689,747
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	765,000	5.000			12/01/2024			869,782
	205,000	5.000			12/01/2025			238,638
	Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)
	880,000	5.000			12/01/2030			1,079,153
	1,230,000	5.000			12/01/2031			1,499,173
	3,500,000	5.000			12/01/2032			4,220,685
	Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)(f)
	5,655,000	5.250			12/01/2039			5,819,391
	E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (AA/A2)(e)
	1,500,000	0.000			09/01/2035			1,116,015
	E-470 Public Highway Authority RB Refunding Series 2020 A (A/A2)
	1,545,000	5.000			09/01/2026			1,927,264
	880,000	5.000			09/01/2027			1,126,435
	880,000	5.000			09/01/2028			1,149,289
	1,145,000	5.000			09/01/2034			1,517,114
	1,100,000	5.000			09/01/2035			1,450,735
	1,235,000	5.000			09/01/2036			1,621,110
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A2)(e)
	1,350,000	0.000			09/01/2030			1,146,784
	E-470 Public Highway Authority RB Series 2010 A (A/A2)(e)
	6,000,000	0.000			09/01/2040			3,651,840
	E-470 Public Highway Authority Senior RB Series 2017 B (A/A2)(c)
	2,000,000	(1 Mo. LIBOR + 1.05%), 1.151			09/01/2021			2,005,640
	First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)
	522,000	3.000			12/01/2029			533,447
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	900,000	5.000			12/01/2039			935,775
	Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR)(f)
	1,070,000	5.500			12/01/2050			1,128,711

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)
Colorado – (continued)
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
$	1,375,000		5.000 %		12/01/2039	$	1,423,593
	1,000,000		5.000		12/01/2049		1,020,380
	Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,185,000		5.750		12/01/2050		1,247,082
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,380,000		5.000		12/01/2039		1,415,411
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	500,000		5.500		12/01/2048		515,355
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR)
	100,000		4.000		12/01/2020		100,509
	215,000		4.000		12/01/2022		226,750
	160,000		4.000		12/01/2023		172,384
	175,000		4.000		12/01/2024		191,502
	100,000		4.000		12/01/2025		110,802
	215,000		4.000		12/01/2026		240,116
	290,000		4.000		12/01/2029		324,719
	205,000		4.000		12/01/2030		228,749
	225,000		4.000		12/01/2031		249,694
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	490,000		4.375		12/01/2031		494,454
	500,000		5.000		12/01/2046		507,850
	Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)
	925,000		5.000		12/01/2040		956,099
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000		5.000		12/01/2049		663,241
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.625		12/01/2048		1,041,330
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	2,000,000		6.250		11/15/2028		2,559,780
	Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	5,000,000		5.000		12/01/2039		5,110,050
	Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000		12/01/2049		919,503
	Regional Transportation District Sales Tax Revenue RB Series 2016 A (AA+/Aa2)
	19,445,000		5.000		11/01/2046		22,941,600
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	850,000		5.000		12/01/2049		869,763
	Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)
	2,875,000		5.000		12/01/2039		2,951,389
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	524,000		4.500		12/01/2028		535,130
Municipal Bonds – (continued)
Colorado – (continued)
	Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)
	1,240,000		5.000		12/01/2049		1,263,610
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	75,000		5.000		12/01/2025		90,062
	125,000		5.000		12/01/2026		153,412
	150,000		5.000		12/01/2027		187,554
	235,000		5.000		12/01/2028		298,206
	175,000		5.000		12/01/2029		225,907
	300,000		4.000		12/01/2030		354,063
	300,000		4.000		12/01/2031		351,834
	375,000		4.000		12/01/2032		436,673
	220,000		4.000		12/01/2034		254,107
	325,000		4.000		12/01/2039		368,397
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500		12/01/2048		519,775
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (NR/Ba1)
	165,000		3.000		12/01/2022		165,701
	1,000,000		5.000		12/01/2037		1,069,500
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (NR/Ba1)
	40,000		3.000		12/01/2022		40,168
	100,000		3.500		12/01/2027		102,233
	115,000		5.000		12/01/2037		122,993
	325,000		5.000		12/01/2047		342,157
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	1,000,000		5.000		12/01/2037		1,025,580
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa1)
	350,000		5.000		12/01/2032		413,742
	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		1,033,050
	6,920,000		5.000		12/01/2047		7,012,936
	The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,000,000		4.150		12/01/2030		1,015,820
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)
	195,000		5.000		12/01/2026		240,236
	205,000		5.000		12/01/2027		258,239
	210,000		5.000		12/01/2028		269,457
	210,000		5.000		12/01/2029		274,428
	215,000		5.000		12/01/2030		279,147
	230,000		5.000		12/01/2031		296,785
	250,000		5.000		12/01/2032		320,355
	255,000		5.000		12/01/2033		325,161
	285,000		5.000		12/01/2034		362,312
	100,000		5.000		12/01/2035		126,562
	695,000		5.000		12/01/2050		845,898

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (AA/NR)
$	100,000		5.000	%		12/15/2021	$	105,029
	105,000		5.000			12/15/2022		114,597
	115,000		5.000			12/15/2023		130,097
	130,000		5.000			12/15/2024		151,940
	125,000		5.000			12/15/2025		149,505
	135,000		5.000			12/15/2026		160,674
	125,000		5.000			12/15/2027		148,144
	125,000		5.000			12/15/2028		147,444
	125,000		5.000			12/15/2029		146,936
	125,000		5.000			12/15/2030		146,457
	135,000		5.000			12/15/2031		157,676
	160,000		5.000			12/15/2032		186,226
	1,045,000		3.250			12/15/2050		1,113,552
	Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)
	595,000		5.000			12/01/2049		626,035
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	1,250,000		5.375			12/01/2048		1,295,963
	Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)
	600,000		5.000			12/01/2039		617,994
								331,207,573
Connecticut – 1.7%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	450,000		5.000			08/01/2026		521,037
	965,000		5.000			08/01/2027		1,134,396
	1,165,000		5.000			08/01/2028		1,385,325
	750,000		5.500			08/01/2029		912,743
	350,000		5.500			08/01/2030		423,542
	525,000		5.500			08/01/2031		632,042
	500,000		5.500			08/01/2032		598,320
	405,000		5.500			08/01/2033		482,302
	City of New Haven GO Refunding Bonds Series 2019 B (AGM) (AA/A2)
	1,350,000		5.000			02/01/2024		1,520,006
	1,400,000		5.000			02/01/2026		1,666,574
	600,000		5.000			02/01/2027		727,800
	1,050,000		5.000			02/01/2028		1,297,884
	Connecticut State GO Bonds Series 2018 C (A/A1)
	680,000		5.000			06/15/2028		880,818
	Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	5,000,000		5.000			04/15/2028		6,455,050
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (BB+/NR)(f)
	400,000		5.000			01/01/2030		440,004
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-1 (BB+/NR)(f)
	650,000		3.250			01/01/2027		654,043
Municipal Bonds – (continued)
Connecticut – (continued)
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-2 (BB+/NR)(f)
	550,000		2.750			01/01/2026		552,513
	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		2,381,188
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	390,000		5.000			07/01/2025		429,530
	575,000		5.000			07/01/2026		638,250
	440,000		5.000			07/01/2027		492,875
	530,000		5.000			07/01/2028		597,644
	485,000		5.000			07/01/2029		550,291
	875,000		5.000			07/01/2030		983,780
	645,000		5.000			07/01/2031		719,497
	575,000		5.000			07/01/2032		636,329
	475,000		5.000			07/01/2033		520,937
	450,000		5.000			07/01/2034		491,954
	870,000		4.000			07/01/2039		868,417
	Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)(f)
	3,675,000		4.750			10/01/2048		3,564,272
	Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (AA/Aa3)
	5,540,000		5.000			11/01/2026		6,903,893
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (CCC+/NR)(f)
	3,750,000		7.000			02/01/2045		3,643,013
	State of Connecticut GO Bonds Series 2018 (A/A1)
	1,770,000		5.000			06/15/2027		2,243,227
	755,000		5.000			06/15/2029		971,413
	State of Connecticut GO Bonds Series 2018 C (A/A1)
	165,000		5.000			06/15/2032		208,022
	State of Connecticut GO Unlimited Bonds Series 2019 A (A/A1)
	1,500,000		5.000			04/15/2025		1,793,850
	6,395,000		5.000			04/15/2026		7,866,362
	1,350,000		5.000			04/15/2028		1,742,863
	1,000,000		5.000			04/15/2035		1,268,380
	1,000,000		5.000			04/15/2036		1,263,100
	1,000,000		5.000			04/15/2039		1,248,110
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bonds Series 2010 B (A+/A1)
	3,220,000		4.576			11/01/2022		3,432,198
	State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2013 A (A+/A1)
	1,035,000		5.000			10/01/2029		1,168,215
	State of Connecticut State Revolving Fund RB Series 2017 A (AAA/Aaa)
	9,655,000		5.000			05/01/2036		11,934,545
	State of Connecticut State Revolving Fund RB Series 2019 A (AAA/Aaa)
	6,910,000		5.000			02/01/2032		9,108,002
	4,000,000		5.000			02/01/2033		5,239,960

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)
Connecticut – (continued)
	State of Connecticut State Revolving Fund RB Series 2019 A (AAA/Aaa) – (continued)
$	14,215,000		5.000	%		02/01/2036	$	18,371,892
	8,640,000		5.000			02/01/2037		11,116,570
	6,295,000		5.000			02/01/2039		8,038,778
	University of Connecticut RB Refunding Series 2010 A (A+/A1)
	2,775,000		5.000			02/15/2021		2,785,434
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	325,000		5.000			11/01/2025		373,763
	325,000		5.000			11/01/2026		380,383
	325,000		5.000			11/01/2027		385,902
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	645,000		5.000			11/01/2024		725,548
	240,000		5.000			11/01/2026		280,898
								135,653,684
Delaware – 0.1%
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	700,000		5.000			06/01/2025		808,472
	760,000		5.000			06/01/2026		896,846
	725,000		5.000			06/01/2027		872,646
	600,000		5.000			06/01/2029		731,226
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)
	460,000		4.000			08/01/2029		501,115
	615,000		5.000			08/01/2039		695,159
	Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (BBB+/NR)
	530,000		4.000			09/01/2030		609,569
	1,550,000		5.000			09/01/2040		1,840,578
	University of Delaware RB Series 2015 (AA+/Aa1)(a)
	1,805,000		5.000			05/01/2025		2,194,321
								9,149,932
District of Columbia – 1.0%
	District of Columbia GO Refunding Bonds Series 2017 A (AA+/Aaa)
	10,000,000		5.000			06/01/2035		12,500,700
	1,300,000		4.000			06/01/2037		1,508,455
	District of Columbia RB for International School Series 2019 (BBB/NR)
	860,000		5.000			07/01/2039		989,034
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	1,275,000		4.000			07/01/2039		1,379,193
	550,000		4.000			07/01/2044		587,361
	District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A+/A2)
	1,000,000		2.246			04/01/2027		1,019,090
	1,000,000		2.412			04/01/2028		1,021,860
	1,250,000		2.532			04/01/2029		1,286,588
	1,150,000		2.582			04/01/2030		1,187,329
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/Baa1)
	485,000		6.500			05/15/2033		532,787
Municipal Bonds – (continued)
District of Columbia – (continued)
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2012 C (AA+/Aa2)
	5,000,000		5.000			10/01/2030		5,446,450
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (AA+/Aa2)(c)(d)
	6,390,000		1.750			10/01/2024		6,635,248
	Metropolitan Washington Airports Authority Dulles Toll Road RB Refunding First Senior Lien for Dulles Metrorail and Capital Improvement Project Series 2019 A (A/A2)
	1,060,000		5.000			10/01/2031		1,339,766
	850,000		5.000			10/01/2033		1,060,876
	850,000		5.000			10/01/2034		1,057,562
	850,000		5.000			10/01/2035		1,053,354
	1,375,000		5.000			10/01/2036		1,697,314
	850,000		5.000			10/01/2037		1,046,027
	850,000		5.000			10/01/2038		1,043,001
	1,275,000		5.000			10/01/2039		1,560,230
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2)
	695,000		4.000			10/01/2044		765,848
	925,000		5.000			10/01/2047		1,101,573
	1,390,000		4.000			10/01/2049		1,520,757
	2,710,000		4.000			10/01/2053		2,953,494
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)
	2,130,000		3.000			10/01/2050		2,138,328
	3,260,000		4.000			10/01/2053		3,582,773
	Metropolitan Washington Airports Authority RB Refunding Series 2010 B (AMT) (A+/Aa3)
	3,000,000		5.000			10/01/2022		3,000,000
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (A+/Aa3)
	3,400,000		5.000			10/01/2029		3,662,548
	Metropolitan Washington Airports Authority RB Refunding Series 2015 B (AMT) (A+/Aa3)
	3,620,000		5.000			10/01/2020		3,620,000
	Metropolitan Washington Airports Authority RB Refunding Series 2017 A (AMT) (A+/Aa3)
	9,155,000		5.000			10/01/2024		10,698,167
	Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (A+/Aa3)
	6,375,000		5.000			10/01/2034		7,793,119
								84,788,832
Florida – 10.6%
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (AA/NR)
	7,245,000		3.250			05/01/2036		7,461,118
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR)
	1,165,000		4.000			05/01/2025		1,191,795
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	145,000		4.000			05/01/2024		147,820
	215,000		4.500			05/01/2029		227,724

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
$	635,000		2.875	%		05/01/2025	$	642,468
	3,400,000		3.250			05/01/2031		3,438,930
	1,420,000		3.625			05/01/2040		1,426,532
	1,725,000		4.000			05/01/2051		1,749,236
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	375,000		3.500			05/01/2024		383,115
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	360,000		2.500			05/01/2024		373,774
	370,000		3.000			05/01/2025		393,846
	380,000		3.000			05/01/2026		406,091
	395,000		3.125			05/01/2027		418,992
	Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	270,000		4.250			05/01/2027		273,000
	365,000		4.750			05/01/2036		369,986
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	590,000		4.125			05/01/2023		597,363
	Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR)
	480,000		3.600			05/01/2029		489,562
	500,000		4.000			05/01/2036		513,895
	Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)
	290,000		3.125			11/01/2024		293,877
	1,045,000		3.500			11/01/2030		1,069,829
	1,805,000		4.000			11/01/2040		1,837,689
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(f)
	410,000		4.200			05/01/2024		417,905
	630,000		4.550			05/01/2029		667,516
	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		172,200
	200,000		3.700			11/01/2029		208,226
	695,000		4.125			11/01/2039		720,020
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	175,000		5.000			05/01/2028		184,651
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	505,000		5.375			05/01/2028		541,678
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	170,000		2.250			05/01/2022		173,864
	175,000		2.500			05/01/2023		182,466
	180,000		2.500			05/01/2024		189,144
Municipal Bonds – (continued)
Florida – (continued)
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR) – (continued)
	185,000		3.000			05/01/2025		199,992
	190,000		3.000			05/01/2026		207,279
	1,070,000		3.625			05/01/2031		1,174,132
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(f)
	125,000		3.625			06/01/2024		127,601
	450,000		4.000			06/01/2030		475,632
	Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR)(f)
	410,000		2.500			05/01/2025		410,484
	285,000		3.000			05/01/2030		284,760
	775,000		4.000			05/01/2040		804,830
	Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR)(f)
	800,000		2.500			05/01/2025		800,816
	250,000		3.000			05/01/2030		249,790
	840,000		4.000			05/01/2040		872,332
	Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR)(f)
	205,000		2.500			05/01/2025		205,242
	145,000		3.000			05/01/2030		144,878
	385,000		4.000			05/01/2040		399,819
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	215,000		5.000			11/01/2031		228,139
	100,000		5.250			11/01/2046		106,306
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(f)
	305,000		4.000			11/01/2024		312,314
	370,000		4.500			11/01/2029		401,141
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	85,000		4.500			11/01/2025		88,638
	180,000		5.000			11/01/2036		198,324
	315,000		5.000			11/01/2048		343,596
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	530,000		4.250			05/01/2029		589,901
	465,000		4.500			05/01/2035		509,584
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (BBB/NR)
	735,000		4.500			05/01/2025		767,480
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	135,000		2.500			05/01/2023		140,337
	140,000		2.750			05/01/2024		148,187
	90,000		3.000			05/01/2025		96,877
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	315,000		3.500			05/01/2023		335,463
	325,000		3.500			05/01/2024		351,946

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)
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR) – (continued)
$	340,000		3.500	%		05/01/2025	$	374,156
	350,000		3.500			05/01/2026		389,025
	365,000		3.500			05/01/2027		407,902
	Bellagio Community Development District Special Assessment Bonds Series 2016 (BBB/NR)
	155,000		2.500			11/01/2022		156,401
	160,000		2.750			11/01/2023		162,696
	170,000		3.000			11/01/2025		174,204
	Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR)(h)
	830,000		2.650			05/01/2025		828,406
	1,075,000		3.250			05/01/2030		1,074,979
	Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	125,000		3.000			06/15/2025		125,921
	465,000		3.250			06/15/2030		466,642
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	315,000		3.500			06/15/2024		321,212
	1,000,000		4.000			06/15/2032		1,050,670
	Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	400,000		2.875			05/01/2025		405,040
	1,130,000		3.250			05/01/2031		1,139,673
	500,000		3.625			05/01/2040		501,800
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	250,000		3.250			12/15/2024		252,923
	1,280,000		3.500			12/15/2030		1,300,083
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)
	20,590,000		5.875			07/01/2054		14,413,000
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)(f)
	26,290,000		5.250			12/01/2058		25,946,390
	Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (NR/Ba1)(f)
	425,000		3.000			12/15/2029		403,236
	645,000		5.000			12/15/2039		691,298
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (NR/Ba2)(f)
	900,000		4.000			12/01/2028		896,859
	475,000		5.250			12/01/2043		474,406
	Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)(f)
	880,000		4.500			01/01/2035		870,822
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)
	558,000		4.250			05/01/2031		617,974
	Central Florida Expressway Authority RB Senior Lien Series 2019 A (A+/A1)
	1,100,000		5.000			07/01/2024		1,282,622
	1,250,000		5.000			07/01/2025		1,507,712
Municipal Bonds – (continued)
Florida – (continued)
	Central Florida Expressway Authority RB Senior Lien Series 2019 B (A+/A1)
	5,000,000		5.000			07/01/2024		5,830,100
	1,850,000		5.000			07/01/2025		2,231,414
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	110,000		3.500			11/01/2025		119,772
	115,000		3.500			11/01/2026		127,551
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	235,000		2.500			05/01/2023		243,128
	245,000		2.500			05/01/2024		254,636
	250,000		3.000			05/01/2025		266,685
	255,000		3.000			05/01/2026		273,916
	600,000		4.250			05/01/2037		649,434
	Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)
	127,000		3.875			11/01/2024		130,098
	189,000		4.200			11/01/2029		200,506
	750,000		5.000			11/01/2049		803,070
	Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	150,000		3.000			05/01/2025		151,565
	655,000		3.375			05/01/2031		660,777
	630,000		3.750			05/01/2040		635,090
	Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR)
	300,000		3.250			05/01/2025		303,204
	360,000		3.750			05/01/2030		371,124
	975,000		4.250			05/01/2040		1,009,934
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(f)
	1,350,000		5.500			10/01/2036		1,467,315
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)(f)
	1,000,000		5.000			10/01/2029		1,116,470
	1,000,000		5.000			10/01/2034		1,117,440
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,000,000		4.000			10/01/2034		1,117,940
	City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A-/A2)
	900,000		4.000			07/01/2038		1,028,457
	750,000		5.000			07/01/2040		923,498
	1,420,000		4.000			07/01/2045		1,589,662
	1,660,000		5.000			07/01/2050		2,018,958
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BBB-/NR)
	415,000		5.000			01/01/2037		450,138
	1,485,000		5.000			01/01/2047		1,585,134
	1,395,000		5.000			01/01/2052		1,479,007
	City of West Palm Beach Utility System RB Series 2017 A (AA+/Aa2)
	15,000,000		5.000			10/01/2042		18,279,900

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)(b)
$	5,000,000		0.000	%		05/01/2038	$	5,416,000
	Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)(f)
	200,000		3.625			06/15/2024		204,990
	295,000		4.000			06/15/2029		314,086
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	720,000		5.375			05/01/2036		720,749
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	880,000		2.375			05/01/2023		907,430
	900,000		2.500			05/01/2024		938,286
	925,000		2.750			05/01/2025		982,442
	915,000		3.000			05/01/2026		989,490
	980,000		3.200			05/01/2027		1,061,742
	1,015,000		3.250			05/01/2028		1,087,806
	1,500,000		3.750			05/01/2046		1,564,890
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	215,000		3.200			12/15/2024		216,731
	500,000		3.500			12/15/2029		510,685
	325,000		4.000			12/15/2039		332,709
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	265,000		2.750			05/01/2025		266,240
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(f)
	320,000		3.750			11/01/2023		324,950
	545,000		4.500			11/01/2028		579,651
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	129,000		3.000			05/01/2023		135,436
	133,000		3.250			05/01/2024		142,089
	138,000		3.500			05/01/2025		149,552
	143,000		3.625			05/01/2026		158,199
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)
	190,000		2.875			05/01/2021		192,724
	195,000		3.000			05/01/2022		201,505
	205,000		3.250			05/01/2023		217,284
	210,000		3.375			05/01/2024		226,187
	220,000		3.500			05/01/2025		242,306
	215,000		4.125			05/01/2035		234,870
	County of Broward RB for Airport System Series 2012 Q-1 (A/A1)(a)
	855,000		5.000			10/01/2022		937,123
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	2,810,000		5.000			09/01/2033		3,408,951
Municipal Bonds – (continued)
Florida – (continued)
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1) – (continued)
	2,955,000		5.000			09/01/2034		3,548,305
	3,005,000		5.000			09/01/2035		3,593,259
	1,610,000		4.000			09/01/2036		1,742,889
	3,520,000		4.000			09/01/2038		3,785,021
	County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A/A2)
	7,500,000		2.600			06/01/2023		7,924,875
	County of Escambia RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(c)(d)
	400,000		2.000			10/01/2024		417,236
	County of Lake RB for Waterman Communities, Inc. Series 2020 B-3 (NR/NR)(h)
	2,000,000		3.375			08/15/2026		2,000,080
	County of Miami-Dade Aviation RB Series 2019 A (AMT) (A-/NR)
	4,500,000		4.000			10/01/2044		4,928,625
	12,720,000		5.000			10/01/2044		15,160,332
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	390,000		5.000			10/01/2026		470,090
	475,000		5.000			10/01/2027		586,953
	500,000		5.000			10/01/2028		631,255
	450,000		5.000			10/01/2029		576,243
	770,000		5.000			10/01/2030		976,060
	365,000		5.000			10/01/2031		459,641
	415,000		5.000			10/01/2032		519,435
	350,000		5.000			10/01/2033		436,282
	265,000		5.000			10/01/2034		329,045
	435,000		5.000			10/01/2035		537,795
	600,000		5.000			10/01/2036		738,948
	525,000		5.000			10/01/2037		644,306
	805,000		5.000			10/01/2038		984,611
	1,000,000		5.000			10/01/2039		1,220,160
	2,000,000		5.000			10/01/2044		2,413,160
	1,160,000		5.000			10/01/2049		1,393,404
	1,390,000		4.000			10/01/2054		1,531,558
	County of Osceola Transportation RB Refunding Series 2019 A-2 (BBB+/NR)(e)
	155,000		0.000			10/01/2025		139,993
	275,000		0.000			10/01/2026		241,381
	360,000		0.000			10/01/2027		306,925
	500,000		0.000			10/01/2028		412,100
	700,000		0.000			10/01/2029		558,124
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)(f)
	550,000		3.875			11/01/2024		557,953
	740,000		4.250			11/01/2030		769,874
	Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (BBB/NR)
	1,595,000		4.000			05/01/2024		1,632,307
	Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)
	750,000		2.625			06/15/2025		748,425

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)
Florida – (continued)
	Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR) – (continued)
$	660,000		3.000	%		06/15/2031	$	648,609
	475,000		4.000			06/15/2040		485,730
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	245,000		3.750			11/01/2023		248,411
	730,000		4.500			11/01/2028		770,960
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	2,755,000		5.400			05/01/2039		2,951,817
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	1,670,000		5.300			05/01/2039		1,799,592
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	2,835,000		4.600			05/01/2028		2,980,492
	745,000		4.250			12/15/2028		787,472
	2,395,000		4.750			12/15/2038		2,658,642
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	690,000		3.750			05/01/2034		766,631
	960,000		4.000			05/01/2037		1,059,024
	Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)(f)
	240,000		3.000			05/01/2025		242,774
	440,000		3.625			05/01/2031		451,119
	East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)
	200,000		3.750			11/01/2024		204,364
	East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR)
	280,000		4.125			11/01/2029		295,806
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM-CR) (AA/A2)
	3,070,000		4.000			08/15/2045		3,412,643
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	2,640,000		5.000			08/15/2031		3,291,209
	3,080,000		5.000			08/15/2032		3,812,177
	2,595,000		5.000			08/15/2033		3,193,770
	2,125,000		5.000			08/15/2034		2,607,226
	2,760,000		5.000			08/15/2035		3,371,782
	3,960,000		5.000			08/15/2036		4,816,271
	5,280,000		5.000			08/15/2037		6,398,621
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR)
	1,025,000		3.250			11/01/2025		1,043,880
	375,000		3.625			11/01/2030		390,450
Municipal Bonds – (continued)
Florida – (continued)
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)
	250,000		3.250			11/01/2025		254,602
	250,000		3.625			11/01/2030		260,295
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(f)
	335,000		4.125			11/01/2024		339,831
	445,000		4.250			11/01/2029		465,385
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	900,000		3.250			05/01/2023		916,299
	1,975,000		4.250			05/01/2029		2,173,744
	3,210,000		5.000			05/01/2035		3,710,311
	Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)
	355,000		3.500			05/01/2030		362,448
	165,000		4.000			05/01/2040		168,424
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (AA/NR)
	1,450,000		2.750			11/01/2035		1,450,957
	Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)(f)
	1,505,000		4.000			06/01/2030		1,509,319
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)(f)
	425,000		4.000			12/15/2029		470,407
	425,000		5.000			12/15/2034		495,461
	490,000		5.000			12/15/2039		563,108
	Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)(f)
	420,000		4.000			06/01/2030		421,361
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A-/Baa1)
	250,000		5.000			04/01/2026		297,695
	265,000		5.000			04/01/2027		321,456
	280,000		5.000			04/01/2028		343,711
	220,000		5.000			04/01/2029		272,725
	Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)(f)
	470,000		4.000			09/15/2030		488,212
	1,050,000		5.000			09/15/2040		1,119,731
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)(c)(d)(f)
	1,825,000		6.250			01/01/2024		1,597,203
	9,090,000		6.375			01/01/2026		7,862,850
	25,550,000		6.500			01/01/2029		22,101,517
	Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (BBB-/NR)
	450,000		5.000			10/01/2020		450,000
	250,000		5.000			10/01/2022		261,555
	250,000		5.000			10/01/2023		266,597
	350,000		5.000			10/01/2024		379,341

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)(f)
$	2,000,000		4.500	%		06/01/2033	$	1,958,300
	250,000		4.750			06/01/2038		244,142
	4,500,000		5.000			06/01/2048		4,420,260
	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		2,145,360
	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		1,832,974
	Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (BBB+/NR)
	2,750,000		5.000			03/01/2047		2,901,332
	Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR)
	1,540,000		4.875			11/01/2037		1,623,083
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	200,000		4.000			11/01/2028		207,746
	1,065,000		5.000			11/01/2038		1,159,359
	840,000		5.000			11/01/2047		913,198
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	505,000		3.350			11/01/2024		512,090
	1,000,000		3.700			11/01/2029		1,045,910
	2,025,000		4.125			11/01/2039		2,106,527
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	465,000		3.750			11/01/2039		470,352
	Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)(f)
	700,000		2.625			05/01/2025		699,839
	500,000		3.250			05/01/2030		501,335
	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		871,139
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	830,000		3.250			05/01/2025		831,386
	1,360,000		4.000			05/01/2030		1,391,525
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	355,000		3.750			11/01/2024		361,873
	600,000		4.125			11/01/2029		628,014
	1,305,000		4.750			11/01/2039		1,392,317
	2,100,000		5.000			11/01/2050		2,255,001
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
	920,000		5.000			11/15/2036		929,393
Municipal Bonds – (continued)
Florida – (continued)
	Greater Orlando Aviation Authority Airport Facilities RB Series 2019 A (AMT) (AA-/Aa3)
	4,605,000		5.000			10/01/2022		4,993,202
	14,000,000		5.000			10/01/2023		15,739,640
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A+/A1)
	1,290,000		5.000			10/01/2047		1,485,461
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AA-/Aa3)
	2,375,000		5.000			10/01/2021		2,479,239
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	290,000		3.000			11/01/2024		292,386
	1,095,000		3.500			11/01/2030		1,123,952
	2,400,000		4.375			11/01/2049		2,509,752
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	100,000		3.375			05/01/2021		100,454
	550,000		3.875			05/01/2026		567,286
	Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR)(h)
	425,000		2.625			05/01/2025		424,188
	510,000		3.250			05/01/2030		509,990
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,235,000		3.100			05/01/2024		1,252,479
	1,965,000		3.300			05/01/2029		2,031,027
	370,000		3.700			05/01/2033		384,600
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	400,000		3.100			05/01/2024		405,636
	1,200,000		3.300			05/01/2029		1,240,332
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)(f)
	265,000		4.000			05/01/2024		293,381
	265,000		4.000			05/01/2025		298,891
	140,000		4.000			05/01/2026		159,757
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	100,000		3.250			11/01/2024		101,180
	400,000		3.500			11/01/2030		409,748
	1,000,000		3.875			11/01/2039		1,021,120
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	125,000		3.625			11/01/2030		128,295
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	1,050,000		5.000			05/01/2034		1,184,389
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	215,000		4.000			05/01/2024		235,636
	225,000		4.000			05/01/2025		251,743
	235,000		4.000			05/01/2026		267,350
	240,000		4.000			05/01/2027		276,809
	250,000		4.000			05/01/2028		286,333

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)
Florida – (continued)
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
$	585,000		3.375	%		05/01/2023	$	617,602
	605,000		3.500			05/01/2024		652,946
	630,000		3.625			05/01/2025		689,415
	650,000		3.750			05/01/2026		705,341
	1,015,000		4.200			05/01/2031		1,109,243
	1,000,000		4.350			05/01/2036		1,079,980
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (AA/NR)
	265,000		2.500			05/01/2027		280,858
	350,000		2.500			05/01/2028		368,827
	360,000		2.500			05/01/2029		376,556
	365,000		2.500			05/01/2030		379,746
	375,000		2.500			05/01/2031		386,475
	300,000		3.000			05/01/2032		320,010
	300,000		3.000			05/01/2033		317,601
	245,000		3.000			05/01/2034		257,218
	255,000		3.000			05/01/2035		265,733
	200,000		3.000			05/01/2036		207,412
	Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR)
	290,000		2.875			05/01/2025		291,792
	200,000		3.250			05/01/2031		202,048
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	140,000		3.250			05/01/2031		141,442
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)(f)
	280,000		4.000			12/15/2024		285,230
	550,000		4.250			12/15/2029		579,189
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,225,000		4.250			05/01/2031		1,379,852
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)
	100,000		3.375			11/01/2025		101,117
	375,000		3.875			11/01/2031		392,212
	500,000		4.200			11/01/2039		521,080
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)
	150,000		4.250			11/01/2022		152,241
	370,000		4.875			11/01/2027		395,885
	865,000		5.375			11/01/2037		943,758
	790,000		5.500			11/01/2047		855,942
	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		80,247
	335,000		5.500			11/01/2047		362,962
Municipal Bonds – (continued)
Florida – (continued)
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	790,000		4.000			11/01/2028		850,640
	700,000		4.500			11/01/2038		762,790
	2,300,000		5.000			11/01/2048		2,563,465
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)(f)
	1,630,000		3.000			05/01/2025		1,643,203
	1,020,000		3.500			05/01/2031		1,042,583
	Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR)
	110,000		4.000			11/01/2025		112,173
	165,000		4.500			11/01/2031		173,118
	170,000		5.000			11/01/2041		182,417
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(f)
	210,000		4.000			11/01/2024		214,120
	245,000		5.000			11/01/2039		263,493
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)(f)
	1,175,000		4.500			05/01/2038		1,243,537
	1,855,000		4.625			05/01/2048		1,961,941
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	265,000		2.625			05/01/2025		265,164
	155,000		3.000			05/01/2030		154,614
	Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR)
	1,000,000		4.625			05/01/2037		1,061,040
	Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	740,000		2.750			06/15/2025		747,163
	485,000		3.125			06/15/2030		494,768
	375,000		4.000			06/15/2040		393,765
	Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR)
	515,000		3.500			05/01/2030		522,473
	475,000		4.000			05/01/2035		490,247
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	430,000		3.125			05/01/2025		436,884
	370,000		3.400			05/01/2030		377,448
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(f)
	670,000		2.500			05/01/2025		669,993
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	155,000		3.000			05/01/2024		156,311
	225,000		3.250			05/01/2029		227,295
	200,000		3.850			05/01/2039		202,920
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	190,000		3.600			05/01/2024		193,517
	285,000		3.800			05/01/2029		298,355

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (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)(f)
$	215,000		3.650	%			05/01/2022		$	217,288
	520,000		4.300				05/01/2027			545,069
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(f)
	300,000		2.900				05/01/2024			301,866
	570,000		3.200				05/01/2029			574,891
	455,000		4.000				05/01/2049			460,728
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	340,000		3.600				05/01/2024			346,307
	505,000		3.800				05/01/2029			528,720
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
	1,225,000		4.250				05/01/2025			1,268,696
	1,610,000		4.875				05/01/2035			1,701,448
	915,000		4.875				05/01/2045			958,371
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	195,000		4.000				05/01/2022			197,915
	940,000		4.625				05/01/2027			1,002,745
	1,000,000		5.250				05/01/2037			1,092,820
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1A Series 2018 (NR/NR)
	435,000		3.900				05/01/2023			443,539
	535,000		4.250				05/01/2028			560,782
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR)
	1,285,000		4.350				05/01/2024			1,317,600
	1,970,000		4.750				05/01/2029			2,127,600
	2,250,000		5.300				05/01/2039			2,457,180
	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			191,607
	225,000		4.250				05/01/2026			235,116
	6,865,000		5.000				05/01/2036			7,383,651
	4,830,000		5.125				05/01/2046			5,188,579
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	500,000		2.000				05/01/2028			516,415
	500,000		2.000				05/01/2029			510,070
	Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)
	435,000		3.500				05/01/2024			443,939
	275,000		3.875				05/01/2029			290,645
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	205,000		3.625				11/01/2023			207,599
	560,000		4.125				11/01/2028			587,524
	250,000		4.750				11/01/2048			263,890
Municipal Bonds – (continued)
Florida – (continued)
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (BBB/NR)
	200,000	3.000			05/01/2021			202,426
	445,000	3.000			05/01/2022			453,419
	460,000	3.000			05/01/2023			472,678
	375,000	3.000			05/01/2024			387,630
	490,000	3.000			05/01/2025			508,723
	500,000	3.000			05/01/2026			521,160
	520,000	3.000			05/01/2027			542,105
	535,000	3.000			05/01/2028			556,368
	550,000	3.000			05/01/2029			571,978
	1,605,000	3.000			05/01/2035			1,607,632
	Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)
	545,000	3.125			05/01/2024			549,780
	535,000	3.375			05/01/2030			547,374
	925,000	4.000			05/01/2038			961,584
	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			366,264
	340,000	3.500			05/01/2026			381,211
	500,000	4.000			05/01/2036			558,060
	Lee Memorial Health System Hospital RB Refunding Series 2019 A-2 (NR/A2)(c)(d)
	11,700,000	5.000			04/01/2026			13,573,989
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	1,430,000	5.000			05/01/2038			1,543,042
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	770,000	5.375			05/01/2030			732,047
	LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)
	840,000	3.000			05/01/2025			844,234
	980,000	3.400			05/01/2030			996,660
	1,420,000	4.000			05/01/2040			1,456,380
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	235,000	3.800			05/01/2024			238,534
	290,000	4.000			05/01/2029			300,408
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	490,000	3.250			06/15/2024			495,194
	885,000	3.625			06/15/2030			914,249
	McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	1,000,000	4.750			11/01/2029			1,112,170
	Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (A/NR)
	750,000	4.450			05/01/2030			823,710

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
$	155,000		3.500 %		05/01/2023	$	159,913
	Miami RB Refunding for Miami Tunnel Project Series 2012 (NR/Aa3)(f)
	1,040,000		5.000		03/01/2030		1,152,102
	Miami RB Refunding for Miami Tunnel Project Series 2012 (NR/NR)(a)(f)
	8,460,000		5.000		03/01/2023		9,419,956
	Miami RB Refunding Parking System Series 2019 (BAM) (AA/A2)
	1,000,000		4.000		10/01/2037		1,166,590
	900,000		4.000		10/01/2038		1,046,484
	Miami Special Obligation Non-Ad Valorem RB Refunding Series 2011 A (AGM) (AA/Aa3)(a)
	2,700,000		6.000		02/01/2021		2,752,434
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	250,000		4.000		11/01/2023		254,207
	1,000,000		4.750		11/01/2027		1,073,480
	850,000		5.125		11/01/2039		924,265
	2,350,000		5.250		11/01/2049		2,549,092
	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%), 0.910		11/01/2021		7,937,619
	Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	300,000		3.125		12/15/2024		302,679
	675,000		3.375		12/15/2030		683,451
	1,500,000		4.000		12/15/2039		1,546,965
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	1,555,000		5.250		11/01/2035		1,672,916
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)(f)
	125,000		3.500		05/01/2026		135,645
	130,000		3.500		05/01/2027		142,048
	135,000		3.500		05/01/2028		147,295
	140,000		3.500		05/01/2029		154,088
	700,000		3.500		05/01/2038		736,295
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)(f)
	75,000		3.125		05/01/2025		75,481
	45,000		3.500		05/01/2031		45,717
	North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (AA/NR)
	655,000		5.000		10/01/2030		870,646
	575,000		5.000		10/01/2031		759,822
	1,025,000		5.000		10/01/2033		1,337,656
	1,205,000		5.000		10/01/2034		1,568,295
	1,000,000		5.000		10/01/2036		1,290,140
	1,975,000		5.000		10/01/2037		2,533,629
	2,075,000		5.000		10/01/2038		2,643,425
Municipal Bonds – (continued)
Florida – (continued)
	North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (AA/NR) – (continued)
	2,180,000		5.000		10/01/2039		2,768,753
	2,630,000		5.000		10/01/2044		3,290,183
	North Sumter County Utility Dependent District RB Series 2010 (AGM) (AA/A2)
	1,250,000		5.375		10/01/2040		1,250,000
	Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (A+/NR)
	1,150,000		4.450		05/01/2031		1,272,993
	Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR)(h)
	270,000		2.500		06/15/2025		270,135
	300,000		3.000		06/15/2030		299,244
	315,000		4.000		06/15/2040		327,008
	Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	590,000		3.700		05/01/2024		606,851
	825,000		4.100		05/01/2029		895,067
	Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	295,000		3.250		05/01/2025		299,776
	350,000		3.500		05/01/2030		357,357
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	3,285,000		5.875		11/01/2037		3,743,816
	3,500,000		6.000		11/01/2047		4,004,315
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	370,000		4.375		11/01/2023		378,347
	640,000		4.875		11/01/2028		691,245
	Palm Beach County Health Facilities Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 B (A-/NR)
	250,000		4.000		11/15/2041		274,875
	1,000,000		5.000		11/15/2042		1,179,280
	Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (BBB/NR)
	2,300,000		4.000		05/15/2053		2,214,670
	1,825,000		5.000		05/15/2053		1,940,267
	Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)
	205,000		3.400		05/01/2025		206,486
	245,000		3.750		05/01/2030		249,538
	965,000		4.150		05/01/2040		988,507
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	230,000		3.500		11/01/2027		259,403
	240,000		3.500		11/01/2028		274,020
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	215,000		3.500		11/01/2025		239,992
	225,000		3.500		11/01/2026		253,307
	585,000		4.000		11/01/2033		670,679
	Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)(f)
	785,000		4.000		05/01/2050		831,794

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
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	$	531,705
	530,000		2.750			05/01/2023		555,567
	350,000		3.750			05/01/2031		384,031
	1,045,000		4.000			05/01/2036		1,143,199
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	145,000		3.500			05/01/2021		146,021
	300,000		4.000			05/01/2027		315,378
	3,500,000		5.000			05/01/2039		3,847,060
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	235,000		4.500			05/01/2024		240,819
	465,000		4.750			05/01/2030		498,661
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	350,000		4.250			05/01/2031		406,861
	1,030,000		4.500			05/01/2038		1,184,294
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	265,000		4.000			05/01/2026		291,455
	275,000		4.000			05/01/2027		306,771
	285,000		4.125			05/01/2028		322,058
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	445,000		4.000			05/01/2024		483,306
	480,000		4.000			05/01/2026		537,043
	520,000		4.000			05/01/2028		592,046
	1,335,000		4.500			05/01/2031		1,577,890
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000		4.500			11/01/2033		1,371,031
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (AA/NR)
	545,000		2.000			05/01/2028		548,079
	555,000		2.000			05/01/2029		551,259
	565,000		2.125			05/01/2030		559,243
	1,000,000		2.625			05/01/2034		993,340
	995,000		2.800			05/01/2037		985,647
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)(f)
	590,000		2.750			05/01/2025		591,180
	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		2,987,064
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
	170,000		3.250			05/01/2031		169,723
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
	100,000		2.875			05/01/2025		100,703
Municipal Bonds – (continued)
Florida – (continued)
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	2,055,000		2.800			05/01/2025		2,058,555
	3,265,000		3.200			05/01/2031		3,248,969
	1,875,000		3.500			05/01/2037		1,844,888
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	275,000		4.750			11/01/2029		292,375
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	100,000		3.250			11/01/2024		101,200
	555,000		3.500			11/01/2030		563,214
	Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)(f)
	120,000		4.100			05/01/2024		122,255
	185,000		4.500			05/01/2029		196,017
	Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)
	535,000		4.250			11/01/2025		551,211
	Reedy Creek Improvement District Refundig GO Bonds Series 2020 A (AA-/Aa3)
	3,020,000		1.769			06/01/2025		3,135,304
	3,230,000		1.869			06/01/2026		3,360,912
	3,070,000		1.969			06/01/2027		3,196,975
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	750,000		5.000			05/01/2025		816,728
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	250,000		3.750			05/01/2024		253,577
	425,000		4.000			05/01/2030		439,493
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	195,000		3.500			05/01/2024		198,541
	485,000		4.000			05/01/2030		509,691
	730,000		4.500			05/01/2040		772,968
	730,000		4.750			05/01/2050		774,859
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	2,390,000		4.000			05/01/2031		2,655,218
	890,000		4.000			05/01/2035		966,220
	River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	605,000		2.750			05/01/2025		606,603
	525,000		3.250			05/01/2031		528,371
	Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR)(h)
	565,000		2.500			06/15/2025		565,141
	320,000		3.000			06/15/2030		317,594
	290,000		4.000			06/15/2040		299,648
	Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	705,000		2.375			05/01/2035		710,541
	1,425,000		2.625			05/01/2040		1,451,534

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)
Florida – (continued)
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)
$	560,000		3.375	%		06/15/2024	$	570,220
	1,000,000		3.750			06/15/2031		1,054,300
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)
	305,000		4.000			11/01/2024		310,246
	740,000		4.500			11/01/2029		781,255
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	250,000		4.000			11/01/2023		253,315
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,210,000		3.625			05/01/2024		1,249,555
	1,895,000		4.000			05/01/2029		2,076,977
	5,000,000		4.750			05/01/2039		5,627,100
	Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR)
	350,000		3.125			11/01/2025		354,302
	505,000		3.625			11/01/2031		518,049
	300,000		4.125			11/01/2040		309,873
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	420,000		3.000			05/01/2023		438,324
	435,000		3.250			05/01/2024		464,415
	445,000		3.450			05/01/2025		482,914
	465,000		3.625			05/01/2026		510,514
	990,000		4.125			05/01/2036		1,079,437
	South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)(f)
	585,000		4.250			11/01/2024		596,261
	730,000		4.500			11/01/2029		771,603
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	390,000		4.000			05/01/2024		398,943
	590,000		4.625			05/01/2029		633,554
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	350,000		2.500			11/01/2023		363,706
	355,000		2.750			11/01/2024		374,507
	370,000		3.000			11/01/2025		394,642
	585,000		4.250			11/01/2037		641,230
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)
	1,000,000		5.125			05/01/2033		1,052,310
	Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)
	165,000		2.875			05/01/2024		165,962
	300,000		3.250			05/01/2029		305,751
	Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR)
	410,000		3.375			05/01/2025		414,490
	250,000		4.000			05/01/2030		259,525
	445,000		4.300			05/01/2040		462,355
	320,000		4.500			05/01/2046		331,718
Municipal Bonds – (continued)
Florida – (continued)
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	265,000		2.500			05/01/2023		276,236
	270,000		2.500			05/01/2024		285,573
	280,000		3.000			05/01/2025		304,391
	290,000		3.000			05/01/2026		318,342
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	325,000		3.500			06/15/2024		331,669
	500,000		4.000			06/15/2030		532,505
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)
	300,000		3.125			12/15/2025		304,563
	500,000		3.625			12/15/2030		518,820
	870,000		4.000			12/15/2039		893,586
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	375,000		3.000			05/01/2025		376,706
	500,000		3.300			05/01/2031		501,055
	825,000		3.750			05/01/2040		829,612
	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		416,140
	725,000		2.875			05/01/2033		757,654
	1,455,000		3.000			05/01/2038		1,507,962
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,190,000		3.500			05/01/2029		1,227,283
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	190,000		2.500			05/01/2023		197,856
	190,000		2.500			05/01/2024		199,447
	200,000		3.000			05/01/2025		214,266
	205,000		3.000			05/01/2026		222,031
	1,135,000		3.500			05/01/2031		1,232,281
	1,370,000		4.000			05/01/2036		1,494,218
	Tampa Bay Water Utility System RB Refunding Series 2015 A (AA+/Aa1)
	10,160,000		4.000			10/01/2028		11,736,730
	4,225,000		4.000			10/01/2029		4,867,285
	Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A+/A2)
	1,950,000		5.000			07/01/2048		2,333,097
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	1,115,000		4.800			05/01/2036		1,173,827
	The Lee County School Board COPS Series 2020 A (AA-/Aa3)
	800,000		5.000			08/01/2026		997,848
	825,000		5.000			08/01/2027		1,051,982
	690,000		5.000			08/01/2028		894,834

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	The Miami-Dade County School Board COPS Series 2010 A (A+/Aa3)
$	10,000,000		6.235	%		06/15/2027	$	12,401,100
	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		221,170
	210,000		3.125			05/01/2028		227,739
	230,000		3.375			05/01/2032		246,454
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	345,000		3.500			05/01/2032		389,960
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)(f)
	550,000		5.200			05/01/2028		585,442
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		4.625			05/01/2028		320,907
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)
	4,705,000		3.000			05/01/2033		5,174,182
	5,295,000		3.000			05/01/2037		5,792,942
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	565,000		3.500			05/01/2024		581,701
	765,000		3.850			05/01/2029		822,727
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (AA/NR)
	2,025,000		3.000			05/01/2033		2,226,933
	4,925,000		3.000			05/01/2040		5,337,370
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)(f)
	2,180,000		3.450			05/01/2024		2,242,195
	3,210,000		3.750			05/01/2029		3,430,142
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	1,065,000		4.375			11/01/2023		1,087,663
	2,005,000		5.000			11/01/2029		2,172,418
	100,000		5.375			11/01/2039		112,863
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	505,000		4.250			06/15/2028		540,704
	Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	375,000		3.125			12/15/2025		382,830
	735,000		3.625			12/15/2031		776,579
	450,000		4.000			12/15/2040		472,297
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	750,000		5.000			04/01/2030		903,810
	650,000		5.000			04/01/2031		779,213
	550,000		5.000			04/01/2033		652,240
Municipal Bonds – (continued)
Florida – (continued)
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (NR/Baa1)
	5,000,000		5.000			04/01/2048		5,684,200
	Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (AAA/Aaa)
	2,000,000		4.000			07/01/2043		2,302,100
	7,000,000		4.000			07/01/2047		8,003,590
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	135,000		3.500			05/01/2024		136,376
	360,000		4.000			05/01/2030		374,126
	595,000		4.375			05/01/2039		625,660
	Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)(f)
	335,000		4.375			11/01/2024		341,600
	500,000		5.250			11/01/2039		540,010
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	310,000		3.875			05/01/2024		313,990
	495,000		4.125			05/01/2029		509,949
	Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR)
	1,220,000		4.875			05/01/2032		1,294,347
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)(f)
	3,955,000		4.625			11/01/2038		4,161,293
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	250,000		4.000			11/01/2024		255,245
	495,000		4.500			11/01/2029		528,714
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	2,000,000		4.750			11/01/2047		2,113,460
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	405,000		3.000			11/01/2024		410,601
	700,000		3.375			11/01/2030		718,242
	100,000		4.000			11/01/2050		101,675
	TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)
	90,000		3.625			11/01/2020		90,067
	530,000		4.375			11/01/2025		550,018
	Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (A/NR)
	1,000,000		4.250			05/01/2031		1,098,240
	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		356,325
	360,000		2.250			05/01/2023		372,222
	365,000		2.500			05/01/2024		383,673
	375,000		2.625			05/01/2025		400,699
	390,000		3.000			05/01/2026		427,896
	400,000		3.125			05/01/2027		438,940
	415,000		3.250			05/01/2028		452,354

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)
Florida – (continued)
	Two Creeks Community Development District RB Refunding for Capital Improvement Subordinate Lien Series 2016 A-2 (NR/NR)
$	230,000		4.200	%		05/01/2026	$	236,546
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
	500,000		3.000			12/15/2024		506,545
	1,000,000		3.375			12/15/2030		1,026,940
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(f)
	1,370,000		5.000			12/15/2032		1,609,311
	2,000,000		5.000			12/15/2037		2,330,400
	4,470,000		5.000			12/15/2047		5,119,089
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	300,000		2.500			05/01/2027		325,593
	310,000		2.500			05/01/2028		337,485
	315,000		2.625			05/01/2029		346,736
	1,060,000		3.000			05/01/2034		1,173,706
	2,130,000		3.125			05/01/2038		2,343,596
	1,725,000		3.250			05/01/2040		1,903,365
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(f)
	450,000		3.000			05/01/2025		452,795
	525,000		3.500			05/01/2031		532,460
	875,000		4.000			05/01/2040		890,111
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(f)
	410,000		4.000			05/01/2024		417,556
	1,000,000		4.625			05/01/2029		1,046,950
	1,000,000		5.000			05/01/2038		1,067,740
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
	325,000		4.000			11/01/2024		331,870
	395,000		4.500			11/01/2029		424,744
	Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR)
	300,000		4.000			11/01/2024		306,309
	375,000		4.500			11/01/2029		403,279
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,560,000		3.750			05/01/2026		1,595,287
	1,000,000		4.250			05/01/2037		1,028,490
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(f)
	345,000		3.250			05/01/2024		368,577
	360,000		3.500			05/01/2025		391,968
	370,000		3.625			05/01/2026		409,535
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	525,000		4.750			11/01/2025		542,829
	Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)
	250,000		3.250			05/01/2031		250,342
	235,000		4.000			05/01/2040		239,402
Municipal Bonds – (continued)
Florida – (continued)
	Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)
	250,000		2.875			05/01/2025		251,337
	250,000		3.250			05/01/2031		250,343
	1,050,000		4.000			05/01/2040		1,069,656
	Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)
	190,000		2.875			05/01/2025		191,024
	250,000		3.250			05/01/2031		250,342
	815,000		4.000			05/01/2040		830,257
	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		535,545
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	380,000		2.000			05/01/2027		385,875
	385,000		2.000			05/01/2028		385,824
	395,000		2.000			05/01/2029		390,801
	150,000		2.125			05/01/2030		148,087
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	415,000		3.125			05/01/2025		422,765
	500,000		3.500			05/01/2030		516,495
	930,000		3.750			05/01/2037		953,575
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(f)
	995,000		3.250			05/01/2023		1,013,716
	995,000		3.800			05/01/2028		1,060,879
	1,985,000		4.000			05/01/2033		2,135,403
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	1,445,000		2.625			05/01/2024		1,464,190
	1,250,000		3.000			05/01/2029		1,292,550
	1,500,000		3.375			05/01/2034		1,559,670
	3,965,000		3.550			05/01/2039		4,098,977
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(f)(h)
	2,305,000		1.875			05/01/2025		2,310,186
	2,950,000		2.625			05/01/2030		2,970,149
	3,400,000		3.000			05/01/2035		3,422,882
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	340,000		4.000			05/01/2026		388,967
	340,000		4.000			05/01/2027		393,067
	345,000		4.000			05/01/2028		395,836
	360,000		4.000			05/01/2029		409,989
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (AA/NR)
	1,920,000		3.500			05/01/2032		2,125,075
	2,245,000		4.000			05/01/2037		2,475,135
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	160,000		3.750			05/01/2024		162,240
	240,000		4.000			05/01/2029		248,590

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

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)
$	220,000		2.750	%			11/01/2024		$	231,282
	225,000		3.000				11/01/2025			239,418
	230,000		3.200				11/01/2026			246,017
	1,400,000		4.125				11/01/2046			1,480,080
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	725,000		5.500				05/01/2034			771,871
	925,000		5.750				05/01/2044			990,259
	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			2,328,966
	Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)(f)
	500,000		5.125				11/01/2038			529,150
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	2,365,000		5.500				11/01/2045			2,505,457
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	300,000		3.250				11/01/2024			304,599
	375,000		3.625				11/01/2029			390,990
	1,000,000		4.000				11/01/2039			1,032,580
	West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)(f)
	365,000		2.650				05/01/2025			368,154
	630,000		3.000				05/01/2031			634,240
	1,725,000		4.000				05/01/2040			1,781,373
	1,595,000		4.000				05/01/2051			1,629,388
	West Villages Improvement District Unit of Development No. 3 Special Assessment Refunding Bonds Series 2017 (NR/NR)
	2,580,000		5.000				05/01/2032			2,812,974
	1,960,000		4.500				05/01/2034			2,056,334
	3,395,000		5.000				05/01/2037			3,632,514
	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			512,185
	750,000		4.250				05/01/2029			799,253
	Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR)
	240,000		3.625				05/01/2024			244,437
	355,000		3.900				05/01/2029			373,471
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)(f)
	475,000		3.500				05/01/2024			480,724
	810,000		3.750				05/01/2029			839,508
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(f)
	490,000		3.500				06/15/2024			500,329
	1,285,000		3.750				06/15/2030			1,357,680
	3,350,000		4.250				06/15/2039			3,574,483
Municipal Bonds – (continued)
Florida – (continued)
	Willows Community Development District Special Assessment RB Series 2019 (NR/NR)
	250,000	3.875			05/01/2024			255,645
	500,000	4.370			05/01/2029			533,925
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	200,000	4.250			11/01/2029			211,226
	680,000	4.875			11/01/2039			725,710
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	135,000	4.875			05/01/2036			141,198
	250,000	5.000			05/01/2047			261,040
	Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (BBB+/NR)
	1,450,000	4.500			05/01/2036			1,545,570
								859,595,231
Georgia – 1.9%
	Atlanta Airport RB Refunding Series 2012 C (A+/Aa3)
	1,250,000	5.000			01/01/2027			1,314,000
	Bartow County Development Authority RB for Georgia Power Co. Series 2013 (A-/Baa1)(c)(d)
	5,250,000	1.550			08/19/2022			5,314,470
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/Baa1)(c)(d)
	3,000,000	2.150			06/13/2024			3,131,880
	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			3,526,530
	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			1,658,192
	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			2,668,450
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Vogtle Series 2017 F (A-/Baa1)(c)(d)
	9,475,000	3.000			02/01/2023			9,890,384
	Burke County Development Authority Pollution Control RB Refunding for Georgia Power Co. Series 2012 (A-/Baa1)(c)(d)
	5,100,000	1.550			08/19/2022			5,162,628
	City of Atlanta RB for Water & Wastewater Series 2018 B (AA-/Aa2)
	4,750,000	3.500			11/01/2043			5,263,380
	County of Fulton RB Refunding for Water & Sewerage Series 2013 A (AA/Aa2)
	7,585,000	4.000			01/01/2035			8,031,150
	Fayette County Hospital Authority RB Refunding for Piedmont Healthcare, Inc. Obligated Group Series 2019 A (AA-/A1)(c)(d)
	1,050,000	5.000			07/01/2024			1,198,313

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)
Georgia – (continued)
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BB/NR)
$	625,000	5.000 %			03/01/2027		$	634,381
	Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (BBB+/Baa1)
	775,000	4.000			08/01/2035			880,253
	500,000	4.000			08/01/2036			565,205
	750,000	4.000			08/01/2037			844,507
	745,000	4.000			08/01/2038			835,905
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)(c)(d)
	14,250,000	4.000			09/01/2023			15,587,220
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	2,500,000	5.000			05/15/2025			2,929,300
	3,000,000	5.000			05/15/2026			3,585,180
	3,000,000	5.000			05/15/2027			3,639,390
	2,455,000	5.000			05/15/2028			3,024,806
	2,800,000	5.000			05/15/2029			3,497,228
	4,875,000	5.000			05/15/2049			6,949,605
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa1)(c)(d)
	14,050,000	4.000			12/02/2024			15,938,882
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)(g)
	5,200,000	(3 Mo. LIBOR + 0.65%), 0.848			10/01/2033			5,035,576
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa1)
	2,210,000	5.000			01/01/2023			2,420,591
	4,155,000	5.000			01/01/2024			4,720,288
	4,360,000	5.000			01/01/2025			5,120,515
	4,575,000	5.000			01/01/2026			5,520,973
	4,805,000	5.000			01/01/2027			5,941,238
	5,040,000	5.000			01/01/2028			6,371,114
	5,295,000	5.000			01/01/2029			6,731,533
	1,080,000	5.000			01/01/2034			1,336,608
	Municipal Electric Authority RB Refunding Series 2019 A (A-/A2)
	830,000	5.000			01/01/2024			945,793
	900,000	5.000			01/01/2025			1,059,876
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)(f)
	1,275,000	4.000			01/01/2038			1,375,547
	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			1,997,322
	Savannah Economic Development Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(c)(d)
	400,000	2.000			10/01/2024			417,236
								155,065,449
Municipal Bonds – (continued)
Guam – 0.5%
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	3,000,000		5.000			11/15/2022			3,188,730
	Guam Government Business Privilege Tax RB Series 2012 B-1 (BB/NR)
	2,980,000		5.000			01/01/2029			3,067,970
	Guam Government GO Bonds Series 2019 (AMT) (BB-/Ba1)
	2,695,000		5.000			11/15/2031			2,825,249
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	2,755,000		5.000			12/01/2025			3,118,054
	2,255,000		5.000			12/01/2026			2,583,824
	2,000,000		5.000			12/01/2027			2,284,540
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,500,000		5.000			10/01/2024			1,617,570
	2,790,000		5.000			10/01/2030			2,978,046
	Guam Power Authority RB Series 2014 A (AGM) (AA/A2)
	325,000		5.000			10/01/2039			359,853
	250,000		5.000			10/01/2044			274,982
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)(a)
	1,450,000		5.500			07/01/2023			1,656,987
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	1,030,000		5.000			01/01/2046			1,157,854
	Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (A-/Baa2)
	3,975,000		5.000			01/01/2050			4,794,566
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	350,000		5.000			07/01/2025			409,259
	560,000		5.000			07/01/2026			669,334
	350,000		5.000			07/01/2027			426,132
	370,000		5.000			07/01/2028			446,697
	725,000		5.000			07/01/2029			869,667
	700,000		5.000			07/01/2030			835,415
	700,000		5.000			07/01/2031			831,530
	700,000		5.000			07/01/2032			827,120
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	400,000		5.000			07/01/2029			472,148
	600,000		5.000			07/01/2031			700,068
	250,000		5.000			07/01/2033			288,145
	225,000		5.000			07/01/2034			258,410
	425,000		5.000			07/01/2036			484,904
									37,427,054
Hawaii – 0.3%
	City & County Honolulu RB for Wastewater System Series 2018 A (AA/Aa2)
	3,000,000		4.000			07/01/2042			3,484,920
	City & County Honolulu RB for Wastewater System Series 2019 A (AA/Aa2)
	500,000		5.000			07/01/2021			518,180
	430,000		5.000			07/01/2022			466,455
	200,000		5.000			07/01/2023			226,112

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Hawaii – (continued)
	City & County Honolulu RB Refunding for Wastewater System Series 2019 B (AA/Aa2)
$	680,000		5.000	%		07/01/2021	$	704,725
	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		5,360,268
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa2)
	9,055,000		3.200			07/01/2039		9,225,687
	Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR)
	30,000		4.000			05/15/2026		32,377
	75,000		5.000			05/15/2029		86,933
	35,000		5.000			05/15/2030		40,252
	150,000		5.000			05/15/2031		171,164
	180,000		5.000			05/15/2032		203,364
	60,000		3.000			05/15/2033		56,842
	100,000		3.000			05/15/2034		93,892
	150,000		3.000			05/15/2035		139,510
	670,000		3.250			05/15/2039		621,968
	575,000		5.000			05/15/2044		625,290
								22,057,939
Idaho – 0.0%
	Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (BBB-/Baa3)
	2,000,000		2.750			10/01/2024		2,034,180
Illinois – 12.5%
	Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (AA/NR)
	7,200,000		5.000			01/01/2035		8,924,976
	Carol Stream Park District GO Refunding Bonds Series 2016 (BAM) (AA/A1)
	3,510,000		5.000			01/01/2037		4,186,131
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)
	300,000		5.000			01/01/2029		386,196
	175,000		5.000			01/01/2030		224,026
	665,000		5.000			01/01/2031		846,818
	1,875,000		5.000			01/01/2032		2,375,362
	765,000		5.000			01/01/2033		963,747
	1,115,000		5.000			01/01/2034		1,398,400
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)(e)
	350,000		0.000			01/01/2026		333,879
	165,000		0.000			01/01/2027		154,303
	240,000		0.000			01/01/2028		219,499
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB-/B1)
	555,000		5.382			12/01/2023		562,226
	2,250,000		5.482			12/01/2024		2,287,620
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	3,550,000		6.000			04/01/2046		4,105,185
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
	760,000		5.000			04/01/2034		831,911
	575,000		5.000			04/01/2035		627,336
	525,000		5.000			04/01/2036		572,628
	490,000		5.000			04/01/2037		533,096
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)(e)
	2,225,000		0.000			12/01/2026		1,882,862
	1,020,000		0.000			12/01/2027		830,769
	3,055,000		0.000			12/01/2029		2,282,207
	2,660,000		0.000			12/01/2030		1,912,487
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)(e)
	965,000		0.000			12/01/2027		785,973
	990,000		0.000			12/01/2028		772,071
	460,000		0.000			12/01/2030		330,731
	Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (BBB+/Ba1)(e)
	670,000		0.000			01/01/2031		444,304
	Chicago Illinois Board of Education GO Bonds Series 2015 C (BB-/NR)
	2,500,000		6.000			12/01/2035		2,757,825
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)(e)
	4,705,000		0.000			12/01/2031		3,245,838
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)
	4,725,000		5.500			12/01/2026		5,387,965
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (BB-/Baa2)(e)
	3,485,000		0.000			12/01/2023		3,251,296
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/B1)
	2,500,000		5.500			12/01/2026		2,864,800
	6,330,000		5.500			12/01/2027		7,340,838
	3,000,000		5.500			12/01/2028		3,508,890
	2,000,000		5.500			12/01/2029		2,350,980
	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		1,058,000
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (BB-/B1)
	5,225,000		5.000			12/01/2042		5,303,845
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/B1)
	2,300,000		6.038			12/01/2029		2,372,887
	2,500,000		6.138			12/01/2039		2,520,225
	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		6,095,766

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)
Illinois – (continued)
	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	$	8,328,555
	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		2,166,202
	2,190,000		5.000			12/01/2026		2,657,280
	2,375,000		5.000			12/01/2027		2,940,298
	7,445,000		5.000			12/01/2028		9,349,803
	700,000		5.000			12/01/2030		866,201
	1,800,000		5.000			12/01/2031		2,215,008
	1,000,000		5.000			12/01/2032		1,222,850
	2,000,000		5.000			12/01/2033		2,434,880
	600,000		5.000			12/01/2034		728,466
	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		6,190,100
	5,230,000		5.000			12/01/2028		6,568,095
	5,500,000		5.000			12/01/2029		6,845,740
	4,690,000		5.000			12/01/2030		5,803,547
	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		2,660,250
	4,000,000		5.000			12/01/2028		4,535,880
	5,000,000		5.000			12/01/2029		5,672,500
	5,000,000		5.000			12/01/2030		5,616,050
	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		1,725,480
	2,000,000		0.000			12/01/2026		1,659,880
	300,000		0.000			12/01/2027		237,882
	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		129,362
	750,000		5.000			12/01/2022		793,973
	1,200,000		5.000			12/01/2023		1,296,480
	1,250,000		5.000			12/01/2024		1,371,438
	1,200,000		5.000			12/01/2025		1,336,128
	1,000,000		5.000			12/01/2026		1,123,920
	1,000,000		5.000			12/01/2027		1,128,130
	1,000,000		5.000			12/01/2028		1,133,970
	1,000,000		5.000			12/01/2029		1,134,500
	1,000,000		5.000			12/01/2030		1,123,210
	1,000,000		5.000			12/01/2031		1,116,490
	1,000,000		5.000			12/01/2032		1,109,040
	1,000,000		5.000			12/01/2033		1,103,850
	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		1,160,573
Municipal Bonds – (continued)
Illinois – (continued)
	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		851,896
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)(e)
	750,000		0.000			01/01/2032		471,945
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	330,000		5.500			01/01/2037		345,754
	3,020,000		5.500			01/01/2040		3,149,407
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	1,500,000		5.250			01/01/2033		1,547,430
	630,000		5.000			01/01/2034		644,030
	11,590,000		5.000			01/01/2036		11,813,571
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	650,000		5.000			01/01/2040		651,852
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	2,905,000		5.000			01/01/2034		2,935,415
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	1,130,000		7.517			01/01/2040		1,321,603
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	1,320,000		5.500			01/01/2039		1,378,595
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	13,893,000		7.375			01/01/2033		16,244,251
	Chicago Illinois GO Bonds Series 2019 (BBB+/NR)
	3,760,000		5.000			01/01/2028		4,063,169
	4,890,000		5.000			01/01/2029		5,287,850
	2,720,000		5.000			01/01/2031		2,884,451
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	3,000,000		5.500			01/01/2049		3,218,250
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	2,385,000		5.432			01/01/2042		2,294,275
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	2,575,000		5.000			01/01/2024		2,704,703
	4,435,000		5.000			01/01/2025		4,705,491
	5,600,000		5.000			01/01/2038		5,715,360
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A-/A3)
	2,500,000		5.500			01/01/2029		2,729,575
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
	7,030,000		5.000			01/01/2039		8,452,169
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (A/NR)
	2,595,000		5.000			01/01/2023		2,833,117
	4,760,000		5.000			01/01/2024		5,376,420
	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		10,431,325
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (A/NR)
	8,045,000		5.250			01/01/2035		9,555,610
	Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (BBB-/NR)(a)
	1,105,000		5.000			01/01/2025		1,323,492

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
$	475,000		5.250	%		01/01/2042	$	574,270
	1,330,000		4.000			01/01/2052		1,441,255
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	1,560,000		5.000			11/01/2028		1,884,090
	1,780,000		5.000			11/01/2029		2,139,524
	1,000,000		5.000			11/01/2030		1,196,500
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	1,645,000		5.000			11/01/2026		2,008,479
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)
	15,475,000		5.000			11/01/2042		16,430,117
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	2,745,000		5.000			01/01/2025		2,912,418
	3,330,000		5.000			01/01/2027		3,580,882
	10,115,000		5.000			01/01/2028		10,930,572
	8,480,000		5.000			01/01/2029		9,169,933
	9,315,000		5.000			01/01/2030		10,086,375
	430,000		5.000			01/01/2031		458,599
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (AA/A2)
	265,000		5.432			01/01/2042		317,883
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (AA/A2)
	5,650,000		6.314			01/01/2044		7,448,903
	City of Peoria GO Refunding Bonds Series 2019 (AGM) (AA/A2)
	880,000		5.000			01/01/2029		1,123,857
	1,470,000		5.000			01/01/2031		1,862,607
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (NR/Aa2)
	155,000		4.000			01/01/2025		177,958
	195,000		4.000			01/01/2026		228,856
	115,000		4.000			01/01/2027		137,568
	200,000		4.000			01/01/2028		243,154
	200,000		4.000			01/01/2029		240,506
	145,000		4.000			01/01/2030		172,820
	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		13,406,666
	Cook County Illinois GO Refunding Bonds Series 2010 A (A+/A2)
	4,000,000		5.250			11/15/2033		4,016,080
	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		930,325
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	1,500,000		4.000			11/15/2047		1,720,950
	DeKalb Kane & LaSalle Counties Etc. Community College District No. 523 Kishwaukee GO Refunding Bonds Series 2020 (AA-/NR)
	500,000		2.163			02/01/2026		506,710
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB for Columbia College Chicago Series 2019 (BBB+/NR)
	605,000		5.000			12/01/2034		688,890
	775,000		5.000			12/01/2039		866,070
	1,000,000		5.000			12/01/2044		1,102,710
	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		2,628,459
	1,420,000		4.000			12/01/2037		1,599,801
	4,230,000		4.000			12/01/2042		4,702,533
	Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (NR/Aa2)
	500,000		4.000			12/01/2038		559,695
	400,000		4.000			12/01/2040		446,064
	1,085,000		4.000			12/01/2042		1,203,178
	Illinois Finance Authority RB for DuPage County Community High School District No. 99 Downers Grove Series 2020 A (AA+/NR)
	815,000		4.000			12/15/2031		1,000,738
	1,300,000		4.000			12/15/2032		1,576,224
	3,740,000		4.000			12/15/2033		4,476,855
	1,700,000		4.000			12/15/2034		2,038,011
	1,395,000		4.000			12/15/2035		1,658,153
	2,750,000		3.000			12/15/2036		3,015,348
	2,000,000		3.000			12/15/2037		2,185,040
	Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (AA+/Aa2)
	19,555,000		4.000			07/15/2047		21,629,394
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(f)
	5,600,000		6.125			04/01/2049		5,754,728
	Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (A/NR)
	4,000,000		4.250			01/01/2044		4,469,920
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,425,000		4.000			05/15/2027		1,492,317
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	750,000		5.000			09/01/2026		839,767
	500,000		5.000			09/01/2027		565,340
	500,000		5.000			09/01/2028		569,215
	1,600,000		5.000			09/01/2030		1,819,120
	1,000,000		5.000			09/01/2031		1,130,330
	1,000,000		5.000			09/01/2032		1,123,760
	1,035,000		5.000			09/01/2033		1,156,333
	1,150,000		5.000			09/01/2034		1,280,146
	Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (AA-/Aa2)
	2,100,000		5.000			10/01/2041		2,543,142
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	5,275,000		5.000			01/01/2027		6,317,762
	3,350,000		5.000			01/01/2028		4,083,884
	3,515,000		5.000			01/01/2029		4,347,247
	2,195,000		5.000			01/01/2030		2,743,092
	11,130,000		5.000			01/01/2036		13,402,078
	5,290,000		4.000			01/01/2038		5,762,820

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)
Illinois – (continued)
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
$	10,685,000		5.000	%		01/01/2026	$	12,546,968
	8,170,000		5.000			01/01/2027		9,785,046
	15,355,000		5.000			01/01/2028		18,718,820
	11,790,000		5.000			01/01/2029		14,581,518
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	4,160,000		5.000			06/15/2027		4,638,192
	Illinois State GO Bonds for Build America Bonds Series 2010-5 (BBB-/Baa3)
	1,780,000		7.350			07/01/2035		2,016,651
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	39,035,000		5.100			06/01/2033		39,448,381
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,000,000		5.500			07/01/2024		5,325,750
	4,000,000		5.500			07/01/2025		4,258,160
	3,165,000		5.500			07/01/2027		3,345,658
	5,500,000		5.250			07/01/2028		5,753,990
	9,490,000		5.500			07/01/2038		9,817,595
	Illinois State GO Bonds Series 2016 (BBB-/Baa3)
	4,415,000		5.000			11/01/2021		4,549,569
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	375,000		4.500			12/01/2041		372,866
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	26,930,000		5.000			11/01/2029		28,694,992
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	25,805,000		5.000			11/01/2021		26,499,154
	53,550,000		5.000			11/01/2024		57,060,738
	27,000,000		5.000			11/01/2025		29,025,540
	9,450,000		5.000			11/01/2026		10,203,921
	24,005,000		5.000			11/01/2028		25,808,736
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	16,380,000		5.000			05/01/2031		17,660,589
	1,760,000		5.000			05/01/2042		1,814,947
	1,760,000		5.000			05/01/2043		1,811,022
	Illinois State GO Bonds Series 2019 A (BBB-/Baa3)
	8,000,000		5.000			11/01/2024		8,601,360
	Illinois State GO Bonds Series 2019 C (BBB-/Baa3)
	9,175,000		4.000			11/01/2042		8,544,402
	Illinois State GO Bonds Series 2020 (BBB-/Baa3)
	1,525,000		5.500			05/01/2039		1,669,906
	4,100,000		5.750			05/01/2045		4,501,841
	Illinois State GO Refunding Bonds Series 2012 (BBB-/Baa3)
	8,355,000		5.000			08/01/2021		8,554,601
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	3,960,000		4.000			02/01/2030		4,259,139
	1,185,000		4.000			02/01/2031		1,269,360
	Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)
	2,235,000		5.000			11/01/2020		2,239,559
	Illinois State GO Refunding Bonds Series 2018 B (BBB-/Baa3)
	2,340,000		5.000			10/01/2031		2,522,848
	Illinois State Sales Tax RB Junior Obligation Series 2016 A (BBB/NR)
	1,605,000		5.000			06/15/2022		1,694,736
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB/NR)
	675,000		4.000			06/15/2021		686,502
	2,875,000		5.000			06/15/2022		3,035,741
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)
	3,185,000		4.000			06/15/2021		3,239,272
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 B (AA-/A1)
	2,745,000		5.000			01/01/2025		3,237,673
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 C (AA-/A1)
	14,015,000		5.000			01/01/2026		17,009,024
	Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (AA/A1)
	360,000		5.000			12/01/2025		425,923
	410,000		5.000			12/01/2026		492,914
	405,000		4.000			12/01/2028		470,732
	Kendall Kane & Will Counties Community Unit School District No. 308 GO Bonds Series 2011 A (NR/A2)
	4,600,000		5.000			02/01/2029		4,660,352
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)(e)
	5,600,000		0.000			12/15/2032		3,757,264
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/Baa2)(e)
	2,690,000		0.000			12/15/2031		1,889,698
	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		1,666,976
	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		506,147
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BBB/NR)
	5,390,000		5.000			12/15/2028		5,625,004
	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		2,308,060
	300,000		5.000			12/15/2032		339,081
	600,000		5.000			12/15/2033		675,606
	500,000		5.000			12/15/2034		561,580
	1,260,000		0.000			12/15/2037		874,629
	3,500,000		0.000			12/15/2042		2,395,190
	3,850,000		0.000			12/15/2047		2,605,565
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)
	11,975,000		4.000			06/15/2050		12,134,866
	1,160,000		5.000			06/15/2050		1,285,547

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate				Maturity Date			Value
Municipal Bonds – (continued)
Illinois – (continued)
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)(a)
$	1,125,000		6.000	%			06/01/2021		$	1,168,808
	Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (AA/NR)
	4,430,000		5.000				07/01/2029			5,485,093
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)(e)
	6,055,000		0.000				12/01/2025			5,654,462
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	4,000,000		3.500				03/01/2030			4,329,840
	State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)
	1,100,000		6.630				02/01/2035			1,212,915
	State of Illinois GO Bonds Series 2012 A (BBB-/Baa3)
	300,000		5.000				01/01/2034			303,204
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	570,000		5.000				02/01/2024			606,617
	State of Illinois GO Bonds Series 2016 (BBB-/Baa3)
	2,820,000		4.000				06/01/2032			2,797,130
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	3,455,000		5.000				12/01/2027			3,814,113
	875,000		4.250				12/01/2040			846,457
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	925,000		3.250				11/01/2026			910,922
	State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)
	3,800,000		5.000				02/01/2028			4,145,762
	State of Illinois GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	500,000		5.000				10/01/2028			551,825
	State of Illinois GO Unlimited Bonds Series 2016 (BBB-/Baa3)
	2,360,000		5.000				11/01/2020			2,365,499
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)
	1,500,000		4.000				12/01/2033			1,472,310
	5,000,000		4.250				12/01/2037			4,953,000
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)
	5,100,000		5.000				10/01/2027			5,626,626
	State of Illinois RB Refunding Series 2016 C (BAM) (AA/NR)
	5,580,000		4.000				06/15/2028			6,224,490
	Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)(f)
	375,000		4.000				01/01/2031			377,666
	335,000		5.000				01/01/2045			341,452
	Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR)
	945,000		5.000				01/01/2024			965,252
	2,690,000		5.000				01/01/2030			2,752,058
	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			967,470
	Village of Romeoville GO Refunding Bonds Series 2019 (AA/Aa2)
	3,055,000		5.000				12/30/2027			3,917,793
	3,235,000		5.000				12/30/2028			4,213,102
Municipal Bonds – (continued)
Illinois – (continued)
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB/NR)
	210,000	4.125			10/01/2041			216,571
	420,000	4.125			10/01/2046			430,928
	Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (AA/Baa2)
	650,000	4.000			01/01/2034			715,020
								1,016,223,222
Indiana – 0.5%
	City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (AA/NR)
	1,845,000	2.000			09/01/2038			1,743,322
	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			3,271,200
	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			14,059,900
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)
	540,000	5.000			09/15/2034			619,791
	680,000	5.000			09/15/2039			767,169
	445,000	4.000			09/15/2044			455,297
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (A-/NR)(c)(d)
	2,300,000	2.100			11/01/2026			2,428,662
	Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (NR/Ba1)
	185,000	4.000			07/01/2030			194,947
	300,000	5.000			07/01/2040			325,203
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (BBB-/Ba1)
	2,930,000	3.000			11/01/2030			2,915,819
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (BBB-/Ba1)
	2,110,000	3.000			11/01/2030			2,099,788
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (BBB-/Ba1)
	2,350,000	3.000			11/01/2030			2,338,626
	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%), 0.660			11/01/2023			3,938,030
	Indianapolis Local Public Improvement Bond Bank RB Refunding Series 2019 D (AMT) (A/A1)
	2,275,000	5.000			01/01/2029			2,851,144
	Purdue University RB Series 2007 A (AAA/Aaa)
	3,035,000	5.250			07/01/2029			4,030,844
								42,039,742
Iowa – 0.1%
	City of Davenport GO Corporate Bonds Series 2019 IA (AA/Aa3)
	1,060,000	4.000			06/01/2031			1,243,486

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)
Iowa – (continued)
	Coralville Iowa COPS Series 2016 E (BB/NR)
$	500,000		4.000 %		06/01/2021	$	497,875
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (BB-/NR)
	1,945,000		3.125		12/01/2022		1,971,238
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (BBB/NR)
	1,700,000		4.000		05/15/2055		1,629,195
	2,300,000		5.000		05/15/2055		2,441,680
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-2 (BBB/NR)
	1,750,000		2.875		05/15/2049		1,757,105
							9,540,579
Kansas – 0.1%
	City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)
	450,000		4.000		05/15/2021		450,639
	1,300,000		4.000		05/15/2023		1,303,484
	1,015,000		4.000		05/15/2024		1,016,320
	1,060,000		5.000		05/15/2025		1,103,354
	1,165,000		5.000		05/15/2027		1,220,372
							5,094,169
Kentucky – 1.6%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)(g)
	9,505,000		(3 Mo. LIBOR + 0.53%), 0.698		11/01/2027		9,359,288
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	1,200,000		4.000		06/01/2037		1,333,548
	400,000		4.000		06/01/2045		436,308
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)
	1,030,000		4.000		06/01/2037		1,144,629
	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		1,053,275
	855,000		5.000		08/01/2036		1,048,811
	Kentucky Public Energy Authority Gas Supply RB Series 2018 B (NR/A1)(c)(d)
	25,000,000		4.000		01/01/2025		28,018,000
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A3)(c)(d)
	22,955,000		4.000		06/01/2025		26,003,653
	Kentucky Public Energy Authority RB Series 2020 A (NR/A1)(c)(d)
	10,800,000		4.000		06/01/2026		12,492,684
	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		9,845,432
Municipal Bonds – (continued)
Kentucky – (continued)
	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		2,222,760
	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		3,112,894
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	1,500,000		4.000		10/01/2039		1,704,405
	1,100,000		4.000		10/01/2040		1,246,212
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 C (A/NR)(c)(d)
	8,500,000		5.000		10/01/2026		10,376,715
	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		2,409,039
	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		11,631,600
	University of Kentucky General Receipts Refunding Bonds Series 2015 A (AA/Aa2)
	3,260,000		4.000		04/01/2026		3,728,625
	University of Louisville RB Series 2020 A (AGM) (AA/A1)
	1,080,000		5.000		09/01/2025		1,299,791
	1,135,000		5.000		09/01/2026		1,396,606
	1,195,000		5.000		09/01/2027		1,503,131
	1,255,000		5.000		09/01/2028		1,603,890
							132,971,296
Louisiana – 1.6%
	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		521,347
	770,000		4.000		12/01/2021		783,768
	815,000		4.000		12/01/2022		840,827
	1,135,000		4.000		12/01/2023		1,184,475
	1,150,000		4.000		12/01/2024		1,212,319
	1,385,000		5.000		12/01/2025		1,537,558
	1,455,000		5.000		12/01/2026		1,632,626
	1,530,000		5.000		12/01/2027		1,732,740
	1,605,000		5.000		12/01/2028		1,828,528
	1,000,000		5.000		12/01/2029		1,146,410
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)(f)
	1,200,000		3.625		06/01/2024		1,213,764
	2,540,000		3.750		06/01/2030		2,576,728
	5,070,000		4.375		06/01/2048		5,159,790
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Ragin Cajun Facilities, Inc. Series 2017 (AGM) (AA/NR)
	1,230,000		5.000		10/01/2026		1,504,474
	2,750,000		5.000		10/01/2027		3,427,765

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Louisiana – (continued)
	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	$	15,138,090
	Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (A+/A1)(a)
	6,250,000		4.375			02/01/2024		7,104,563
	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		958,887
	670,000		5.000			10/01/2023		758,165
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (A+/NR)
	1,295,000		4.000			06/01/2050		1,451,760
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (AA/NR)
	3,530,000		3.000			06/01/2050		3,605,366
	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		952,398
	900,000		4.000			07/01/2049		948,195
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	6,600,000		3.375			09/01/2028		6,678,540
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	1,625,000		3.500			06/01/2030		1,655,176
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (NR/A3)
	3,695,000		4.000			05/15/2042		4,037,785
	3,000,000		5.000			05/15/2046		3,493,560
	New Orleans Aviation Board GARB Series 2015 B (AMT) (A-/A2)
	3,750,000		5.000			01/01/2034		4,219,950
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A2)
	1,000,000		5.000			01/01/2048		1,122,260
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB-/Baa3)(c)(d)
	11,300,000		2.000			04/01/2023		11,335,708
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB-/Baa3)(c)(d)
	15,505,000		2.100			07/01/2024		15,588,417
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-3 (BBB-/Baa3)(c)(d)
	21,235,000		2.200			07/01/2026		21,303,164
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (A/A2)(a)
	500,000		5.000			04/01/2023		555,370
								127,210,473
Municipal Bonds – (continued)
Maine – 0.4%
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (BBB+/Baa1)
	505,000		3.000			01/01/2025		541,158
	800,000		3.000			01/01/2026		864,080
	800,000		3.000			01/01/2027		866,536
	300,000		5.000			01/01/2028		369,624
	225,000		5.000			01/01/2029		281,000
	270,000		5.000			01/01/2030		341,844
	370,000		5.000			01/01/2031		465,090
	810,000		5.000			01/01/2032		1,011,779
	690,000		5.000			01/01/2033		856,035
	620,000		5.000			01/01/2034		765,589
	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		251,532
	305,000		5.000			12/01/2021		318,234
	400,000		5.000			12/01/2022		431,960
	500,000		5.000			12/01/2023		557,550
	500,000		5.000			12/01/2024		573,930
	450,000		5.000			12/01/2025		529,448
	1,530,000		5.000			12/01/2026		1,834,439
	1,500,000		5.000			12/01/2027		1,828,545
	1,000,000		5.000			12/01/2028		1,221,800
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A+/A1)
	1,955,000		4.000			07/01/2045		2,219,218
	2,355,000		4.000			07/01/2050		2,659,360
	Maine Turnpike Authority RB Refunding Series 2015 (AA-/Aa3)
	1,575,000		5.000			07/01/2026		1,899,718
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	9,765,000		5.000			06/01/2024		11,453,564
								32,142,033
Maryland – 0.8%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	425,000		4.000			09/01/2027		439,633
	650,000		4.500			09/01/2033		669,838
	City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (AA+/Aa2)
	1,725,000		4.000			08/01/2027		2,114,867
	City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)(f)
	100,000		2.600			06/01/2021		99,867
	100,000		2.650			06/01/2022		99,675
	150,000		2.700			06/01/2023		149,157
	100,000		2.750			06/01/2024		99,171
	160,000		3.000			06/01/2024		158,952
	125,000		2.800			06/01/2025		123,701
	135,000		2.850			06/01/2026		133,533
	175,000		2.950			06/01/2027		172,802
	190,000		3.050			06/01/2028		185,415
	200,000		3.150			06/01/2029		194,948
	300,000		3.375			06/01/2029		293,583
	200,000		3.200			06/01/2030		193,672
	200,000		3.250			06/01/2031		192,808
	250,000		3.300			06/01/2032		238,075
	270,000		3.350			06/01/2033		255,779

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)
Maryland – (continued)
	City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)
$	880,000		3.000	%			07/01/2024		$	878,425
	950,000		4.000				07/01/2029			968,933
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (A/NR)
	440,000		4.000				01/01/2038			479,284
	525,000		4.000				01/01/2039			571,872
	570,000		4.000				01/01/2040			617,629
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	615,000		4.000				01/01/2032			695,362
	530,000		4.000				01/01/2033			595,922
	600,000		4.000				01/01/2034			671,622
	540,000		4.000				01/01/2035			602,781
	595,000		4.000				01/01/2036			662,699
	660,000		4.000				01/01/2037			731,828
	615,000		4.000				01/01/2038			680,411
	880,000		4.000				01/01/2039			970,895
	880,000		4.000				01/01/2040			968,739
	County of Montgomery Public Improvement GO Bonds Series 2013 A (AAA/Aaa)(a)
	13,475,000		4.000				11/01/2023			15,046,724
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (ASSURED GTY) (AA/NR)
	555,000		5.700				07/01/2029			557,353
	Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR)
	1,410,000		3.750				07/01/2039			1,315,981
	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			1,082,170
	Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)
	6,620,000		1.700				09/01/2022			6,759,616
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (A-/Baa1)
	800,000		3.250				07/01/2039			799,584
	350,000		4.000				07/01/2040			390,579
	750,000		4.000				07/01/2045			824,685
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/NR)
	305,000		4.000				10/01/2026			337,858
	425,000		4.000				10/01/2027			472,808
	440,000		4.000				10/01/2028			488,457
	355,000		4.000				10/01/2029			394,238
	475,000		4.000				10/01/2030			528,808
	795,000		3.000				10/01/2034			779,036
	475,000		4.000				10/01/2040			509,723
	State of Maryland Department of Transportation RB Series 2015 (AAA/Aa1)
	15,780,000		4.000				02/01/2030			16,973,126
										63,172,624
Municipal Bonds – (continued)
Massachusetts – 1.2%
	Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/NR)
	7,265,000	5.000			12/01/2041			7,622,801
	Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (AAA/Aaa)
	5,000,000	5.000			07/15/2036			7,386,850
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)(f)
	1,600,000	4.000			11/15/2023			1,618,224
	1,200,000	5.000			11/15/2028			1,300,764
	Massachusetts Development Finance Agency RB for Wellesley College Series 2012 J (AA+/Aa1)
	7,000,000	5.000			07/01/2042			7,388,850
	Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (A-/NR)
	225,000	4.000			12/01/2042			231,631
	245,000	5.000			12/01/2042			271,070
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (BB+/NR)(f)
	125,000	5.000			07/15/2021			128,354
	115,000	5.000			07/15/2022			121,708
	125,000	5.000			07/15/2024			139,026
	125,000	5.000			07/15/2025			141,650
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (AA/NR)
	350,000	5.000			10/01/2026			429,467
	495,000	5.000			10/01/2027			621,517
	500,000	5.000			10/01/2028			639,485
	425,000	5.000			10/01/2029			553,771
	325,000	5.000			10/01/2030			430,609
	450,000	5.000			10/01/2031			592,420
	400,000	5.000			10/01/2032			522,488
	500,000	5.000			10/01/2033			649,365
	450,000	5.000			10/01/2034			582,701
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	825,000	5.000			07/01/2038			962,263
	1,850,000	5.000			07/01/2039			2,154,677
	Massachusetts School Building Authority RB Series 2018 B (AA/Aa3)
	10,735,000	4.000			02/15/2039			11,636,096
	Massachusetts School Building Authority RB Taxable Refunding Series 2019 B (AA/Aa3)
	2,195,000	2.078			10/15/2023			2,282,339
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(g)
	1,970,000	(3 Mo. LIBOR + 0.57%), 0.738			05/01/2037			1,915,865
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(g)
	1,735,000	(3 Mo. LIBOR + 0.57%), 0.738			05/01/2037			1,687,322
	Massachusetts State GO Bonds Consolidated Loan Series 2018 D (AA/Aa1)
	4,030,000	4.000			05/01/2039			4,703,212

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts State GO Bonds Series 2017 F (AA/Aa1)
$	8,665,000		5.000 %		11/01/2043	$	10,633,948
	Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A+/A2)
	8,500,000		5.000		01/01/2026		10,364,645
	10,000,000		5.000		01/01/2027		12,419,300
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)(c)(d)
	5,525,000		5.000		01/01/2023		6,077,555
							96,209,973
Michigan – 2.3%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(d)
	25,718,183		4.000		04/01/2034		20,838,158
	City of Detroit Financial Recovery GO Bonds Series 2014 B-2 (NR/NR)(d)
	331,114		4.000		04/01/2034		268,285
	City of Grand Rapids RB Refunding for Sanitary Sewerage System Series 2020 (AA/Aa2)
	1,000,000		5.000		01/01/2045		1,271,310
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	1,075,000		5.000		07/01/2026		1,237,454
	1,130,000		5.000		07/01/2027		1,297,602
	1,000,000		5.000		07/01/2028		1,145,140
	1,000,000		5.000		07/01/2029		1,143,160
	3,435,000		5.000		07/01/2033		3,895,565
	3,330,000		5.000		07/01/2036		3,756,939
	Ecorse Public School District GO Refunding Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	6,200,000		2.192		05/01/2026		6,649,004
	15,160,000		2.302		05/01/2027		16,464,366
	Great Lakes Water Authority Sewage Disposal System RB Refunding for Second Lien Series 2016 C (A+/A2)
	3,000,000		5.000		07/01/2035		3,609,600
	Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (AA-/A1)
	8,300,000		5.250		07/01/2033		10,209,498
	17,775,000		5.250		07/01/2034		21,808,681
	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		2,255,557
	3,700,000		4.000		11/15/2050		4,138,376
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	8,250,000		4.000		02/15/2047		9,264,338
	17,000,000		4.000		02/15/2050		18,911,650
	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		1,035,770
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 D-4 (AA-/A1)
	1,000,000		5.000		07/01/2034		1,142,360
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewer Series 2014 D-1 (NATL-RE) (A+/A2)
	650,000		5.000		07/01/2036		740,993
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A1)
	325,000		5.000		07/01/2032		373,204
	250,000		5.000		07/01/2033		286,385
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Second Lien Series 2015 C (A+/A2)
	1,945,000		5.000		07/01/2033		2,284,111
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A1)
	400,000		5.000		07/01/2035		455,996
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A1)
	1,000,000		5.000		07/01/2029		1,187,070
	Michigan Finance Authority RB Refunding for Kettering University Series 2020 (A-/NR)
	450,000		4.000		09/01/2045		488,664
	475,000		4.000		09/01/2050		512,506
	Michigan Finance Authority RB Senior Lien Series 2014 C-1 (NR/NR)(a)
	1,000,000		5.000		07/01/2022		1,083,310
	Michigan Finance Authority RB Senior Lien Series 2014 C-2 (AMT) (NR/NR)(a)
	5,015,000		5.000		07/01/2022		5,419,008
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
	15,000,000		4.250		12/31/2038		17,072,700
	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		1,120,162
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC-/NR)(e)
	9,500,000		0.000		06/01/2052		712,500
	Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,000,000		5.000		05/01/2023		2,243,900
	2,125,000		5.000		05/01/2024		2,479,556
	Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (AA/NR)
	2,485,000		4.000		11/01/2026		2,946,514
	2,585,000		4.000		11/01/2027		3,120,871
	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		1,377,046
	1,215,000		5.000		05/01/2026		1,502,323
	3,705,000		5.000		05/01/2027		4,581,158

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)
Michigan – (continued)
	Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (AA/NR)
$	580,000		2.019	%		05/01/2025	$	593,688
	1,000,000		2.138			05/01/2026		1,029,690
	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		2,311,049
	Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A-/A1)
	400,000		5.000			12/01/2033		473,300
	1,065,000		5.000			12/01/2034		1,257,083
	650,000		5.000			12/01/2035		764,485
	800,000		5.000			12/01/2036		937,704
	880,000		5.000			12/01/2037		1,028,632
								188,726,421
Minnesota – 0.3%
	City of Minneapolis GO Green Bonds Series 2019 (AAA/NR)
	2,390,000		2.000			12/01/2029		2,513,778
	2,940,000		2.000			12/01/2030		3,064,627
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	3,300,000		5.000			05/01/2048		3,975,081
	1,325,000		4.000			05/01/2049		1,468,921
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)
	1,560,000		4.250			02/15/2048		1,692,272
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	390,000		3.000			03/01/2021		389,637
	610,000		3.000			03/01/2022		607,566
	630,000		3.000			03/01/2023		624,916
	650,000		3.250			03/01/2024		646,458
	Duluth Independent School District No. 709 COPS Refunding Series 2019 B (SD CRED PROG) (NR/Aa2)
	300,000		5.000			02/01/2021		304,239
	320,000		5.000			02/01/2022		338,144
	380,000		5.000			02/01/2023		417,430
	400,000		5.000			02/01/2024		455,588
	375,000		5.000			02/01/2025		441,394
	1,105,000		5.000			02/01/2027		1,372,067
	350,000		5.000			02/01/2028		444,273
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	500,000		5.000			05/01/2047		531,000
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	165,000		4.000			12/01/2026		181,957
	165,000		4.000			12/01/2027		182,792
	205,000		4.000			12/01/2028		227,595
	125,000		4.000			12/01/2029		139,640
	250,000		4.000			12/01/2030		275,955
	170,000		4.000			12/01/2031		186,048
	Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (AAA/Aa1)
	1,680,000		3.000			10/01/2029		1,910,966
Municipal Bonds – (continued)
Minnesota – (continued)
	University of Minnesota GO Bonds Series 2013 A (AA/Aa1)
	3,185,000		4.000			02/01/2029		3,414,193
								25,806,537
Mississippi – 0.3%
	Mississippi Business Finance Corp. RB for Chevron USA, Inc. Series 2009 B (AA/Aa2)(c)(d)
	11,100,000		0.100			10/01/2020		11,100,000
	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		4,176,362
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	5,950,000		2.500			04/01/2022		5,990,460
	Mississippi State GO Bonds Series 2015 F (AA/Aa2)
	1,000,000		4.000			11/01/2035		1,127,470
	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		2,858,166
								25,252,458
Missouri – 1.1%
	Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)
	400,000		3.000			11/01/2020		400,012
	350,000		3.000			11/01/2021		349,664
	350,000		4.000			11/01/2022		354,669
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(f)
	1,000,000		4.500			12/01/2029		1,018,750
	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		5,286,246
	4,410,000		5.000			03/01/2031		5,510,339
	4,630,000		5.000			03/01/2032		5,742,311
	4,865,000		5.000			03/01/2033		5,997,670
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A-/A2)
	2,000,000		5.000			03/01/2033		2,481,380
	3,200,000		5.000			03/01/2034		3,954,560
	Metropolitan St. Louis Sewer District RB Refunding Series 2017 A (AAA/Aa1)
	19,880,000		5.000			05/01/2047		24,208,472
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	830,000		5.000			09/01/2038		959,455
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)
	320,000		5.000			09/01/2025		370,534
	860,000		5.000			09/01/2027		1,031,673
	1,355,000		5.000			09/01/2028		1,646,393
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	420,000		4.000			02/15/2037		483,655
	675,000		4.000			02/15/2038		774,819
	500,000		4.000			02/15/2039		572,205
	1,850,000		4.000			02/15/2044		2,081,620
	5,000,000		4.000			02/15/2049		5,584,750

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate				Maturity Date			Value
Municipal Bonds – (continued)
Missouri – (continued)
	Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (AA/NR)
$	275,000		5.000	%			10/01/2030		$	339,322
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	210,000		5.000				10/01/2026			249,619
	210,000		5.000				10/01/2029			260,791
	150,000		5.000				10/01/2032			182,710
	240,000		4.000				10/01/2034			269,693
	125,000		4.000				10/01/2035			139,836
	150,000		4.000				10/01/2036			167,067
	170,000		4.000				10/01/2037			188,690
	145,000		4.000				10/01/2038			160,418
	110,000		4.000				10/01/2039			121,321
	Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for Union Electric Co. Project Series 1992 (A/A2)
	4,270,000		1.600				12/01/2022			4,322,905
	Springfield Public Utility RB Refunding Series 2015 (AA+/NR)
	15,750,000		3.250				08/01/2027			17,601,728
										92,813,277
Montana – 0.0%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	575,000		5.000				07/01/2029			725,506
Nebraska – 0.3%
	Central Plains Energy Project RB Refunding Series 2019 (AA/Aa2)(c)(d)
	12,675,000		4.000				08/01/2025			14,567,885
	Nebraska Educational Health Cultural & Social Services Finance Authority RB Refunding for Immanuel Retirement Communities Obligated Group Series 2019 A (AA/NR)
	415,000		4.000				01/01/2033			470,079
	1,000,000		4.000				01/01/2034			1,129,390
	1,000,000		4.000				01/01/2035			1,126,060
	1,250,000		4.000				01/01/2036			1,402,312
	1,185,000		4.000				01/01/2037			1,324,048
	1,500,000		4.000				01/01/2038			1,672,440
	2,000,000		4.000				01/01/2039			2,225,440
										23,917,654
Nevada – 0.9%
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	135,000		3.000				06/01/2021			135,501
	235,000		3.000				06/01/2022			236,668
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)
	100,000		3.000				06/01/2021			100,463
	395,000		3.250				06/01/2022			400,305
	200,000		3.500				06/01/2025			206,252
	185,000		3.500				06/01/2026			191,048
	200,000		3.500				06/01/2027			206,606
	150,000		3.500				06/01/2028			154,164
	170,000		3.500				06/01/2029			174,087
Municipal Bonds – (continued)
Nevada – (continued)
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR) – (continued)
	175,000	3.250			06/01/2030			174,275
	310,000	3.250			06/01/2031			307,232
	415,000	3.500			06/01/2032			414,199
	470,000	3.500			06/01/2033			465,709
	1,000,000	3.500			06/01/2034			986,060
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	250,000	4.250			06/01/2034			253,260
	300,000	4.500			06/01/2039			307,611
	250,000	4.625			06/01/2043			257,128
	400,000	4.625			06/01/2049			408,848
	City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (NR/Ba2)(f)
	625,000	2.500			06/15/2024			621,050
	1,505,000	2.750			06/15/2028			1,475,186
	Clark County School District Building GO Bonds Series 2018 A (A+/A1)
	7,335,000	5.000			06/15/2033			9,008,700
	Clark County School District Building GO Bonds Series 2019 B (AGM) (AA/A1)
	8,540,000	5.000			06/15/2030			11,038,889
	Clark County School District GO Bonds Series 2018 A (A+/A1)
	5,000,000	5.000			06/15/2030			6,241,850
	11,180,000	5.000			06/15/2031			13,883,324
	Clark County School District GO Bonds Series 2020 A (AGM) (AA/A1)
	880,000	5.000			06/15/2027			1,104,198
	880,000	5.000			06/15/2028			1,127,122
	880,000	5.000			06/15/2029			1,148,998
	770,000	5.000			06/15/2030			1,019,472
	705,000	5.000			06/15/2031			927,421
	795,000	5.000			06/15/2032			1,038,262
	725,000	5.000			06/15/2033			940,985
	835,000	5.000			06/15/2034			1,079,780
	880,000	5.000			06/15/2035			1,128,714
	835,000	4.000			06/15/2036			984,156
	900,000	4.000			06/15/2037			1,056,519
	855,000	4.000			06/15/2038			1,000,119
	950,000	4.000			06/15/2039			1,107,510
	700,000	4.000			06/15/2040			813,449
	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			1,336,631
	Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (A/Aa3)
	1,250,000	5.000			07/01/2026			1,441,813
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (A/Aa3)
	715,000	5.000			07/01/2026			824,717
	Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (A/Aa3)
	605,000	5.000			07/01/2035			710,306

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)
Nevada – (continued)
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
$	2,685,000	5.000 %		07/01/2043	$	3,107,055
	Las Vegas Convention & Visitors Authority RB Series 2019 B (A/Aa3)
	1,050,000	5.000		07/01/2027		1,229,256
	State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (AA+/Aa1)
	5,000,000	5.000		11/01/2026		6,046,100
						76,820,998
New Hampshire – 0.8%
	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		2,818,215
	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%), 0.860		10/01/2021		7,400,814
	New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)
	8,965,000	5.000		08/01/2032		10,963,298
	3,880,000	5.000		08/01/2033		4,722,736
	4,075,000	5.000		08/01/2034		4,947,091
	4,290,000	5.000		08/01/2035		5,190,128
	4,505,000	5.000		08/01/2036		5,430,462
	4,735,000	5.000		08/01/2037		5,690,807
	4,980,000	5.000		08/01/2038		5,969,028
	5,235,000	5.000		08/01/2039		6,258,600
	5,505,000	5.000		08/01/2040		6,565,373
						65,956,552
New Jersey – 5.7%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	300,000	5.000		03/01/2024		342,996
	250,000	5.000		03/01/2026		304,000
	Borough of Stone Harbor GO Bonds Series 2018 (AA+/NR)
	1,345,000	4.000		11/01/2026		1,564,060
	County of Cape May GO Bonds Series 2019 (NR/Aa1)
	1,975,000	4.000		10/01/2025		2,314,917
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)(e)
	2,560,000	0.000		11/01/2021		2,541,824
	Hawthorne School District GO Bonds Series 2019 (BAM) (SCH BD RES FD) (AA/NR)
	1,100,000	3.000		09/01/2034		1,179,112
	1,350,000	3.000		09/01/2035		1,438,708
	1,350,000	3.000		09/01/2036		1,430,325
	1,350,000	3.000		09/01/2037		1,424,412
	1,350,000	3.000		09/01/2038		1,419,566
	1,100,000	3.000		09/01/2039		1,154,131
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (B/NR)
	500,000	5.000		07/01/2032		487,395
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,000,000	5.500		06/15/2033		4,647,680
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (BBB+/Baa1)
	5,805,000	5.000		06/15/2028		6,948,294
	10,295,000	5.000		06/15/2029		12,278,332
	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		4,679,909
	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		1,504,087
	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		1,603,992
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB+/Baa1)
	2,680,000	5.500		09/01/2024		3,076,854
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB+/Baa1)
	9,340,000	5.000		06/15/2029		11,139,351
	New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (A/NR)
	785,000	3.000		06/01/2032		811,580
	1,545,000	5.000		06/01/2032		1,855,051
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB+/Baa1)
	22,075,000	7.425		02/15/2029		27,468,143
	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		6,061,754
	New Jersey Educational Facilities Authority RB for Princeton University Series 2014 A (AAA/Aaa)
	8,220,000	5.000		07/01/2026		9,655,048
	New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (BB+/Ba1)
	1,600,000	4.000		07/01/2042		1,381,584
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	1,090,000	5.000		07/01/2034		1,314,714
	1,130,000	5.000		07/01/2035		1,357,300
	1,095,000	5.000		07/01/2036		1,310,343
	2,200,000	5.000		07/01/2037		2,624,776
	1,980,000	5.000		07/01/2038		2,354,279
	1,610,000	5.000		07/01/2045		1,878,854
	New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (AAA/Aaa)
	2,675,000	5.000		07/01/2033		3,388,315

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	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	$	1,260,338
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-1 (AA-/A1)(c)(d)
	10,910,000	5.000		07/01/2024		12,630,507
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-5 (A+/A2)(c)
	5,000,000	(1 Mo. LIBOR + 0.46%), 0.569		01/01/2021		4,999,000
	New Jersey State Turnpike Authority RB Series 2014 A (A+/A2)
	8,095,000	5.000		01/01/2027		9,311,840
	New Jersey State Turnpike Authority RB Series 2015 E (A+/A2)
	8,945,000	5.000		01/01/2032		10,351,065
	5,000,000	5.000		01/01/2045		5,685,750
	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		14,546,339
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(e)
	9,995,000	0.000		12/15/2026		8,577,309
	3,190,000	0.000		12/15/2029		2,433,906
	1,325,000	0.000		12/15/2031		927,726
	5,000,000	0.000		12/15/2036		2,789,450
	1,495,000	0.000		12/15/2037		797,119
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	755,000	5.000		06/15/2046		814,184
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB+/Baa1)
	9,075,000	5.500		12/15/2021		9,574,307
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (AA/A2)
	20,730,000	5.250		12/15/2022		22,593,212
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(e)
	7,530,000	0.000		12/15/2027		6,323,016
	18,565,000	0.000		12/15/2031		13,288,641
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2011 B (AMBAC) (BBB+/Baa1)
	1,705,000	5.250		12/15/2022		1,849,567
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)(e)
	25,925,000	0.000		12/15/2036		14,463,298
	42,640,000	0.000		12/15/2037		22,735,222
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)(e)
	10,000,000	0.000		12/15/2038		5,083,600
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 B (BBB+/Baa1)
	4,350,000	5.250		06/15/2036		4,440,263
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB+/Baa1)
	1,390,000	4.000		12/15/2039		1,459,889
	1,620,000	5.000		12/15/2039		1,832,868
	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		2,636,523
	1,825,000	5.000		06/15/2031		2,090,610
	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		3,127,232
	2,000,000	5.000		12/15/2032		2,321,420
	3,345,000	5.000		12/15/2033		3,862,271
	7,775,000	5.000		12/15/2034		8,953,146
	2,770,000	5.000		12/15/2035		3,176,193
	3,455,000	5.000		12/15/2036		3,941,671
	2,410,000	4.250		12/15/2038		2,587,593
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (BBB+/Baa1)
	7,000,000	5.000		06/15/2029		8,348,550
	6,155,000	5.000		06/15/2030		7,257,914
	2,215,000	5.000		06/15/2031		2,599,524
	3,000,000	5.000		06/15/2032		3,492,030
	5,000,000	5.000		06/15/2033		5,783,750
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB+/Baa1)
	3,060,000	5.000		06/15/2034		3,529,312
	10,000,000	5.000		06/15/2037		11,368,100
	3,000,000	5.250		06/15/2043		3,395,280
	10,000,000	4.500		06/15/2049		10,651,400
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB+/Baa1)
	16,590,000	4.000		06/15/2044		17,200,844
	New Jersey Transportation Trust Fund Authority Transportation RB Refunding Series 2018 A (BBB+/Baa1)
	2,000,000	5.000		12/15/2028		2,408,460
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (BBB+/Baa1)(e)
	8,320,000	0.000		12/15/2032		5,562,170
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)
	3,195,000	5.500		12/15/2022		3,499,484
	South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (BBB-/Baa1)
	1,670,000	4.000		01/01/2023		1,744,633
	730,000	4.000		01/01/2024		760,543
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	1,000,000	5.000		01/01/2037		1,097,530
	South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (AA/A2)
	1,000,000	5.000		11/01/2029		1,303,910

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (AA/A2) – (continued)
$	1,500,000	5.000 %		11/01/2030	$	1,931,475
	1,000,000	5.000		11/01/2031		1,281,880
	1,000,000	5.000		11/01/2032		1,271,890
	725,000	5.000		11/01/2033		915,371
	The Camden County Improvement Authority RB Refunding for Rowan University Foundation, Inc. Series 2020 A (BAM) (AA/A2)
	5,025,000	5.000		07/01/2029		6,561,796
	5,310,000	5.000		07/01/2031		7,007,501
	Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (BBB+/NR)
	2,200,000	5.000		06/01/2046		2,559,678
	2,250,000	5.250		06/01/2046		2,656,665
	Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)
	2,000,000	5.000		06/01/2046		2,260,280
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	1,460,000	3.200		06/01/2027		1,492,412
	Township of Rockaway GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa1)
	1,535,000	2.000		07/15/2022		1,586,192
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(f)
	6,455,000	6.750		12/01/2041		6,426,856
	Union County Utilities Authority RB Refunding for Covanta Union LLC Series 2011 A (AMT) (AA+/NR)
	4,750,000	5.250		12/01/2031		4,996,525
						465,358,716
New Mexico – 0.1%
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB/Baa2)(c)(d)
	2,445,000	1.875		10/01/2021		2,472,775
	Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B (BBB/Baa2)(c)(d)
	4,250,000	1.875		10/01/2021		4,298,280
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (A-/NR)
	175,000	5.000		09/01/2027		212,205
	200,000	5.000		09/01/2029		249,760
	450,000	5.000		09/01/2030		569,354
	300,000	5.000		09/01/2031		377,163
	350,000	5.000		09/01/2032		436,688
						8,616,225
New York – 7.2%
	City of New Rochelle RB for Iona College Project Series 2015 A (BBB/Baa2)
	325,000	5.000		07/01/2025		369,421
	335,000	5.000		07/01/2026		377,585
	425,000	5.000		07/01/2027		476,162
Municipal Bonds – (continued)
New York – (continued)
	Essex County Industrial Development Agency RB Refunding for International Paper Co. Series 2019 A (AMT) (BBB/Baa2)(c)(d)
	500,000	2.100		10/01/2024		523,505
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (AAA/Aaa)(g)
	7,111,215	(1 Mo. LIBOR + 0.50%), 0.645		01/25/2033		7,081,384
	Long Island Power Authority RB Refunding Series 2014 C (A/A2)(c)
	9,000,000	(1 Mo. LIBOR + 0.75%), 0.859		10/01/2023		8,994,870
	Long Island Power Authority RB Series 2019 B (A/A2)(c)(d)
	12,825,000	1.650		09/01/2024		13,226,166
	Metropolitan Transportation Authority RB Anticipation Notes Series 2018 B Subseries 2018 B-2B (SP-2/NR)
	5,000,000	5.000		05/15/2021		5,066,000
	Metropolitan Transportation Authority RB Anticipation Notes Series 2019 B-1 (SP-2/NR)
	54,680,000	5.000		05/15/2022		56,239,474
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020A-2S (SP-2/MIG2)
	4,305,000	4.000		02/01/2022		4,350,289
	Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (NR/A3)(c)(d)
	2,500,000	5.000		05/15/2030		2,738,225
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (BBB+/A3)
	625,000	5.000		11/15/2027		660,012
	850,000	5.000		11/15/2028		895,424
	Metropolitan Transportation Authority RB Green Bond Series 2020 A-1 (AGM) (AA/A2)
	4,380,000	4.000		11/15/2042		4,785,632
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (BBB+/A3)
	5,175,000	4.750		11/15/2045		5,386,295
	3,250,000	5.000		11/15/2050		3,445,943
	1,800,000	5.250		11/15/2055		1,936,962
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (BBB+/A3)
	1,340,000	5.000		11/15/2027		1,426,819
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (BBB+/A3)
	2,465,000	4.000		11/15/2032		2,436,110
	Metropolitan Transportation Authority RB Refunding Series 2002 D-1 (BBB+/A3)
	4,545,000	5.000		11/01/2025		4,677,714
	Metropolitan Transportation Authority RB Refunding Series 2016 B (BBB+/A3)
	520,000	5.000		11/15/2027		551,434
	Metropolitan Transportation Authority RB Refunding Series 2016 D (BBB+/A3)
	735,000	5.000		11/15/2029		773,109
	755,000	5.250		11/15/2031		807,435
	Metropolitan Transportation Authority RB Refunding Series 2017 D (BBB+/A3)
	1,075,000	5.000		11/15/2027		1,149,229

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (BBB+/A3)(c)
$	7,555,000		(1 Mo. LIBOR + 0.55%), 0.654 %		11/01/2022	$	7,146,879
	Metropolitan Transportation Authority RB Series 2011 B (BBB+/WR)(c)
	7,510,000		(1 Mo. LIBOR + 0.55%), 0.654		11/01/2022		7,104,310
	Metropolitan Transportation Authority RB Series 2016 C-1 (BBB+/A3)
	580,000		5.000		11/15/2028		613,443
	Metropolitan Transportation Authority RB Subseries 2015 A-1 (BBB+/A3)
	475,000		5.000		11/15/2025		503,467
	New York City GO Bonds Fiscal 2012 Series I (AA/Aa1)
	3,000,000		5.000		08/01/2029		3,243,420
	New York City GO Bonds Series 2018 E-1 (AA/Aa2)
	4,725,000		5.000		03/01/2044		5,595,250
	New York City GO Bonds Subseries 2014 I-2 (AA/Aa2)(c)(d)
	39,930,000		0.130		10/01/2020		39,930,000
	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		3,656,835
	New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (ASSURED GTY) (AA/NR)
	1,425,000		2.250		10/01/2029		1,461,580
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (AA/A2)(h)
	1,875,000		4.000		03/01/2045		2,128,162
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (NR/A2)(h)
	2,125,000		4.000		03/01/2045		2,372,307
	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		6,487,981
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 A-4 (AAA/Aa1)(c)(d)
	17,270,000		0.130		10/01/2020		17,270,000
	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		16,596,141
	17,020,000		2.640		11/01/2024		18,302,287
	11,900,000		2.740		11/01/2025		13,013,364
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-4 (AAA/Aa1)(c)(d)
	30,000,000		0.120		10/02/2020		30,000,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-3 (AAA/Aa1)
	10,000,000		4.000		05/01/2044		11,282,900
	New York City Water & Sewer System RB Refunding Series 2020 FF (AA+/Aa1)
	5,645,000		4.000		06/15/2041		6,633,044
Municipal Bonds – (continued)
New York – (continued)
	New York Convention Center Development Corp. RB Refunding Series 2015 (NR/Aa3)
	1,300,000		5.000		11/15/2030		1,487,538
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(e)
	143,440,000		0.000		06/01/2060		4,856,878
	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		5,018,596
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(f)
	7,455,000		5.000		11/15/2044		7,642,419
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)
	855,000		2.625		09/15/2069		860,763
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (NR/Baa2)
	1,070,000		2.800		09/15/2069		1,034,444
	New York State Dormitory Authority Columbia University RB Series 2011 A (AAA/Aaa)
	12,125,000		5.000		10/01/2041		12,392,599
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (AA+/Aa1)
	1,420,000		5.000		02/15/2027		1,766,508
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AA+/Aa2)
	6,235,000		5.000		02/15/2027		7,756,465
	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		10,085,897
	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		6,532,159
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa1)
	5,275,000		5.000		03/15/2026		6,526,968
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (NR/Baa1)
	1,400,000		5.000		07/01/2033		1,614,508
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)
	100,000		3.560		07/01/2026		104,730
	100,000		3.670		07/01/2027		105,145
	40,000		3.760		07/01/2028		42,154
	200,000		3.820		07/01/2029		210,468
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (BBB-/NR)
	1,070,000		5.000		07/01/2027		1,255,410
	1,130,000		5.000		07/01/2028		1,341,807
	1,185,000		5.000		07/01/2029		1,421,574
	745,000		5.000		07/01/2030		898,045
	100,000		4.000		07/01/2031		110,621

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (BBB/Baa2)
$	540,000		5.000	%		07/01/2032	$	662,639
	465,000		5.000			07/01/2034		565,603
	1,005,000		5.000			07/01/2035		1,213,296
	440,000		5.000			07/01/2036		528,964
	545,000		4.000			07/01/2040		600,187
	590,000		5.000			07/01/2041		695,698
	2,315,000		4.000			07/01/2045		2,507,840
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB/Baa3)
	530,000		4.000			09/01/2036		588,310
	500,000		4.000			09/01/2037		552,975
	575,000		4.000			09/01/2038		633,765
	615,000		4.000			09/01/2039		675,676
	750,000		4.000			09/01/2040		821,475
	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		1,152,155
	1,005,000		5.000			05/01/2023		1,113,801
	New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR)(a)
	5,000		5.000			03/15/2024		5,822
	New York State Dormitory Authority RB Series 2020 B (AA-/Aa2)
	1,100,000		3.000			04/01/2042		1,114,300
	1,550,000		3.000			04/01/2048		1,554,169
	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		468,762
	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		0.158			07/24/2020		5,350,000
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2014 (AMT) (B/B2)(c)(d)(f)
	1,440,000		2.875			12/03/2029		1,415,405
	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		5,750,100
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa1)
	16,750,000		2.860			03/15/2024		17,870,910
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa1)
	11,875,000		2.980			03/15/2025		12,872,025
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	1,170,000		5.000			01/01/2029		1,278,213
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	9,545,000		5.000			01/01/2023		9,951,999
	1,850,000		5.000			01/01/2027		2,024,363
	7,000,000		5.000			01/01/2033		7,492,660
	5,000,000		5.000			01/01/2034		5,332,450
	14,460,000		4.000			01/01/2036		14,334,776
Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (BB+/Baa3)
	2,450,000		4.000			10/01/2030		2,502,724
	4,255,000		5.000			10/01/2035		4,590,677
	2,250,000		5.000			10/01/2040		2,395,710
	6,205,000		4.375			10/01/2045		6,227,462
	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		1,569,630
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/A2)
	11,375,000		5.250			01/01/2050		12,215,726
	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		750,848
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (B-/NR)
	3,640,000		5.000			08/01/2021		3,655,288
	2,390,000		5.000			08/01/2026		2,395,593
	2,250,000		5.000			08/01/2031		2,243,138
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (B-/NR)
	6,300,000		5.250			08/01/2031		6,496,938
	5,675,000		5.375			08/01/2036		5,882,478
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/A2)
	2,075,000		5.000			07/01/2046		2,210,456
	Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (AA/NR)
	420,000		4.000			12/01/2032		501,866
	505,000		4.000			12/01/2033		600,399
	420,000		4.000			12/01/2034		497,784
	420,000		4.000			12/01/2035		495,512
	525,000		4.000			12/01/2036		616,702
	425,000		4.000			12/01/2037		497,488
	420,000		4.000			12/01/2038		490,010
	1,260,000		3.000			12/01/2039		1,312,328
	840,000		3.000			12/01/2040		872,088
	1,680,000		4.000			12/01/2049		1,893,814
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	345,000		4.000			07/01/2039		346,667
	4,225,000		3.000			07/01/2044		3,480,597
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 186 (AMT) (A+/Aa3)
	10,000,000		5.000			10/15/2044		11,295,300
	Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (A+/Aa3)
	2,500,000		5.000			09/01/2033		3,124,100
	2,000,000		5.000			09/01/2034		2,492,080

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (A+/Aa3)
$	2,000,000		4.000	%		07/15/2045	$	2,214,100
	1,500,000		4.000			07/15/2050		1,649,325
	Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (BBB+/A3)
	600,000		5.000			09/01/2038		721,074
	820,000		5.000			09/01/2039		982,254
	805,000		4.000			09/01/2040		882,336
	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		1,087,580
	1,000,000		5.000			11/01/2024		1,112,370
	Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)
	200,000		4.000			10/15/2029		205,352
								584,418,397
North Carolina – 1.0%
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(c)(d)
	375,000		2.000			10/01/2024		391,159
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(c)(d)
	400,000		2.000			10/01/2024		417,236
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (BBB/Baa2)(c)(d)
	1,750,000		2.100			10/01/2024		1,832,267
	County of Mecklenburg GO Bonds for Public Improvement Series 2018 (AAA/Aaa)
	5,250,000		5.000			03/01/2029		6,877,710
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)(a)
	38,115,000		5.000			04/01/2022		40,842,891
	North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (BBB-/NR)
	1,310,000		5.000			12/31/2037		1,407,530
	North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR)
	500,000		5.000			10/01/2040		548,090
	North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (AA-/A2)
	5,995,000		3.000			07/01/2045		6,164,059
	North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR)
	590,000		3.000			07/01/2026		584,442
	1,785,000		3.000			07/01/2027		1,759,171
	1,040,000		4.000			07/01/2030		1,084,429
	1,080,000		5.000			07/01/2031		1,193,162
	1,110,000		5.000			07/01/2032		1,221,999
	1,375,000		5.000			07/01/2033		1,504,635
Municipal Bonds – (continued)
North Carolina – (continued)
	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		616,974
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (AA/NR)
	3,000,000		3.000			01/01/2042		3,159,060
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (BBB/NR)
	4,500,000		5.000			01/01/2043		5,414,670
	5,000,000		5.000			01/01/2044		6,003,650
								81,023,134
Ohio – 2.2%
	American Municipal Power, Inc. RB for Hydroelectric Projects Series 2010 C (A/A2)
	2,290,000		6.973			02/15/2024		2,680,124
	American Municipal Power, Inc. RB Refunding for Combined Hydroelectric Project Series 2020 A (A/A2)
	1,585,000		5.000			02/15/2028		2,045,728
	1,235,000		5.000			02/15/2029		1,621,666
	American Municipal Power, Inc. RB Refunding for Prairie State Energy Campus Project Series 2019 B (A/A1)
	6,090,000		5.000			02/15/2025		7,278,098
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	440,000		5.000			06/01/2034		569,932
	690,000		4.000			06/01/2037		810,419
	920,000		4.000			06/01/2038		1,075,829
	895,000		4.000			06/01/2039		1,043,015
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (BBB+/NR)
	5,070,000		3.000			06/01/2048		4,920,993
	3,835,000		4.000			06/01/2048		4,191,578
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	33,175,000		5.000			06/01/2055		35,290,570
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)(e)
	35,885,000		0.000			06/01/2057		5,054,043
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	275,000		5.000			11/01/2020		275,358
	285,000		5.000			11/01/2021		289,882
	400,000		5.000			11/01/2022		412,332
	420,000		5.000			11/01/2023		438,110
	City of Cleveland RB Refunding for Airport System Series 2019 A (A/A2)
	12,500,000		2.592			01/01/2026		12,879,875
	City of Cleveland RB Refunding for Airport System Series 2019 B (AMT) (A/A2)
	1,000,000		5.000			01/01/2021		1,009,730
	805,000		5.000			01/01/2022		843,978

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Ohio – (continued)
	City of Cleveland RB Refunding for Airport System Series 2019 B (AMT) (A/A2) – (continued)
$	1,235,000		5.000	%		01/01/2023	$	1,345,421
	1,365,000		5.000			01/01/2024		1,538,028
	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		418,032
	625,000		4.000			09/01/2045		651,275
	850,000		5.000			09/01/2049		896,367
	County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A+/A2)
	5,000,000		5.000			08/01/2049		5,971,750
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	10,000,000		8.223			02/15/2040		13,988,200
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	2,865,000		5.500			02/15/2057		3,309,648
	Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)
	2,000,000		3.750			12/01/2038		1,891,120
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)
	250,000		5.000			12/01/2025		256,735
	325,000		5.000			12/01/2026		333,343
	325,000		5.000			12/01/2027		332,738
	425,000		5.000			12/01/2028		431,269
	400,000		5.000			12/01/2029		401,204
	680,000		5.000			12/01/2030		678,749
	800,000		5.000			12/01/2031		790,968
	660,000		5.000			12/01/2032		652,001
	1,170,000		5.000			12/01/2033		1,154,532
	1,200,000		5.000			12/01/2035		1,182,732
	650,000		5.000			12/01/2037		640,568
	1,630,000		5.000			12/01/2038		1,605,061
	Kent State University Taxable Refunding RB Series 2020 B (A+/Aa3)
	1,500,000		2.321			05/01/2027		1,594,320
	1,500,000		2.447			05/01/2028		1,583,505
	Lakewood City School District GO Refunding Bonds Series 2014 C (AA/Aa2)
	3,215,000		5.000			12/01/2027		3,825,496
	Miami University RB Refunding Series 2011 (AA/Aa3)
	2,550,000		5.000			09/01/2036		2,653,530
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(f)
	700,000		4.500			01/15/2048		748,363
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (NR/Ba1)
	925,000		2.875			02/01/2026		943,038
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BBB-/Ba1)
	2,305,000		2.875			02/01/2026		2,349,948
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 A (BBB+/ Baa2)(c)(d)
	2,500,000		2.400			10/01/2029		2,586,975
Municipal Bonds – (continued)
Ohio – (continued)
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 B (AMT) (BBB+/Baa2)(c)(d)
	3,500,000		2.600			10/01/2029		3,601,570
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 C (AMT) (BBB+/NR)(c)(d)
	8,000,000		2.100			10/01/2024		8,288,160
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (NR/Ba1)
	3,130,000		3.250			09/01/2029		3,216,451
	Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A/A3)
	680,000		5.000			05/01/2027		848,382
	1,535,000		5.000			05/01/2028		1,946,334
	1,075,000		5.000			05/01/2029		1,384,235
	2,270,000		5.000			05/01/2030		2,966,209
	1,260,000		5.000			05/01/2032		1,621,922
	1,045,000		5.000			05/01/2034		1,329,219
	695,000		4.000			05/01/2037		801,773
	1,115,000		4.000			05/01/2038		1,280,711
	Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)(f)
	925,000		5.000			12/01/2033		1,006,391
	1,795,000		5.000			12/01/2038		1,921,476
	2,725,000		5.000			12/01/2048		2,864,329
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	2,800,000		3.250			11/01/2022		2,938,880
	Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(f)(h)
	4,375,000		7.000			12/01/2042		4,384,494
								177,886,712
Oklahoma – 0.3%
	Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)
	4,250,000		5.000			06/01/2024		4,892,303
	Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (A-/Baa1)
	925,000		4.000			09/01/2045		1,000,785
	840,000		5.000			09/01/2045		987,924
	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		4,042,725
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	2,150,000		5.000			08/15/2029		2,606,617
	5,000,000		5.250			08/15/2048		5,807,450
	Oklahoma Turnpike Authority RB Second Senior Series 2017 C (AA-/Aa3)
	1,400,000		4.000			01/01/2042		1,580,460
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B-/NR)(c)(d)
	3,285,000		5.000			06/01/2025		3,311,806
								24,230,070

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate				Maturity Date			Value
Municipal Bonds – (continued)
Oregon – 1.0%
	Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis GO Refunding Bonds Series 2018 A (SCH BD GTY) (AA+/Aa1)
$	3,790,000		5.000	%			06/15/2026		$	4,749,742
	Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR)
	240,000		5.125				11/15/2040			254,436
	120,000		5.250				11/15/2050			126,997
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	1,385,000		3.500				03/01/2029			1,309,310
	1,540,000		3.750				03/01/2032			1,432,508
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (A+/NR)
	500,000		5.000				08/15/2025			603,860
	300,000		5.000				08/15/2026			370,872
	400,000		5.000				08/15/2027			504,444
	500,000		5.000				08/15/2028			640,650
	500,000		5.000				08/15/2029			651,470
	600,000		5.000				08/15/2030			795,288
	1,775,000		5.000				08/15/2045			2,194,752
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (AGM) (AA/NR)
	4,725,000		4.000				08/15/2045			5,418,441
	Multnomah County Oregon Hospital Facilities Authority RB Refunding for Adventist Health System & West Obligated Group Series 2019 (A/NR)(c)(d)
	7,715,000		5.000				03/01/2025			8,922,243
	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			10,586,300
	Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (AA-/Aa2)
	8,895,000		5.000				07/01/2047			10,643,579
	Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (BBB+/ NR)
	270,000		5.000				10/01/2028			338,108
	525,000		5.000				10/01/2029			667,296
	225,000		5.000				10/01/2035			280,631
	Port of Portland RB for International Airport Series 2019 25-B (AMT) (A+/NR)
	2,665,000		5.000				07/01/2032			3,311,103
	2,365,000		5.000				07/01/2033			2,919,876
	1,000,000		5.000				07/01/2034			1,229,720
	1,000,000		5.000				07/01/2035			1,224,970
	Portland Oregon Community College District GO Bonds Series 2013 (AA+/Aa1)
	2,050,000		5.000				06/15/2026			2,310,412
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	7,090,000		4.000				04/01/2029			8,241,983
	Portland Oregon Water System RB Refunding Second Lien Series 2020 A (NR/Aa1)
	2,355,000		5.000				05/01/2026			2,947,094
Municipal Bonds – (continued)
Oregon – (continued)
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)(f)
	190,000	5.000			11/01/2034			231,492
	500,000	5.000			11/01/2036			602,460
	Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (NR/Aa1)
	4,155,000	5.000			06/15/2029			5,298,705
								78,808,742
Pennsylvania – 3.8%
	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			4,958,360
	18,400,000	4.000			04/01/2044			20,305,504
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A/A2)
	3,050,000	4.000			07/15/2035			3,513,935
	3,180,000	4.000			07/15/2036			3,647,810
	Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B-/Caa2)
	1,850,000	4.875			11/01/2024			1,760,478
	1,350,000	5.125			05/01/2030			1,234,508
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)(f)
	2,420,000	5.000			05/01/2027			2,702,269
	1,600,000	5.000			05/01/2032			1,702,192
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)(f)
	600,000	5.000			05/01/2023			632,322
	750,000	5.000			05/01/2028			832,747
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	100,000	5.000			10/01/2031			109,545
	390,000	5.000			10/01/2032			425,365
	410,000	5.000			10/01/2033			445,559
	Coatesville School District GO Bonds Series 2020 (NR/NR)
	1,850,000	5.000			11/13/2020			1,853,718
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	1,000,000	5.000			08/01/2025			1,198,330
	Commonwealth Financing Authority Taxable RB Series 2005 A (NATL-RE) (A/A1)
	540,000	5.380			06/01/2021			554,607
	Commonwealth Financing Authority Taxable RB Series 2006 C (AGM) (AA/A1)
	2,305,000	5.114			06/01/2021			2,362,533
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	24,905,000	4.000			06/01/2039			28,256,715
	Commonwealth of Pennsylvania COPS Series 2018 A (A/A2)
	1,250,000	4.000			07/01/2046			1,400,713

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/Aa3)
$	3,925,000	5.000 %		08/15/2025	$	4,795,173
	Delaware County Authority RB for Villanova University Series 2015 (AA-/A1)
	4,945,000	5.000		08/01/2045		5,596,504
	Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (BBB-/Ba1)
	1,090,000	3.950		07/01/2024		1,102,862
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)
	750,000	5.000		12/01/2038		802,320
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA-/A1)(g)
	15,800,000	(3 Mo. LIBOR + 0.77%), 0.938		05/01/2037		14,106,082
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)
	725,000	4.000		06/01/2044		823,513
	1,300,000	5.000		06/01/2044		1,589,835
	3,325,000	4.000		06/01/2049		3,749,303
	2,350,000	5.000		06/01/2049		2,853,535
	Lancaster County Hospital Authority RB for Brethren Village Project Series 2017 (BB+/NR)
	900,000	5.000		07/01/2022		925,416
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (BB+/NR)
	900,000	5.000		03/01/2040		928,647
	Lancaster School District GO Refunding Bonds Series 2019 B (AGM) (ST AID WITHHLDG) (AA/NR)
	295,000	4.000		06/01/2021		302,171
	500,000	4.000		06/01/2022		530,335
	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		938,663
	850,000	4.000		09/01/2038		935,620
	850,000	4.000		09/01/2039		932,748
	Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (A-/NR)
	600,000	4.000		11/15/2043		657,240
	North Penn Water Authority RB Refunding Series 2019 (NR/Aa3)(g)
	640,000	(SIFMA Municipal Swap Index Yield + 0.16%), 0.270		11/01/2020		639,866
	1,400,000	(SIFMA Municipal Swap Index Yield + 0.26%), 0.370		11/01/2021		1,396,682
	1,600,000	(SIFMA Municipal Swap Index Yield + 0.46%), 0.570		11/01/2023		1,590,304
	Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (BB+/NR)
	1,000,000	5.000		11/01/2039		1,036,900
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)
	230,000	5.000		05/01/2021		233,450
	155,000	5.000		05/01/2022		161,236
	50,000	5.000		05/01/2023		53,188
	100,000	5.000		05/01/2024		108,198
	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		2,507,625
	Pennsylvania Economic Development Financing Authority RB for CarbonLite P LLC Project Series 2019 (AMT) (NR/NR)(f)
	1,750,000	5.250		06/01/2026		1,731,328
	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		6,645,983
	Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (BBB/NR)
	750,000	5.000		06/30/2042		837,120
	Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A+/A1)
	8,250,000	3.000		04/01/2039		8,930,873
	Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A/A2)
	350,000	4.000		03/01/2037		400,341
	675,000	5.000		03/01/2038		827,091
	500,000	5.000		03/01/2039		610,855
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (ASSURED GTY) (AA/WR)(g)
	1,255,000	(3 Mo. LIBOR + 0.60%), 0.798		07/01/2027		1,232,749
	Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (AA/A2)
	2,500,000	4.000		05/01/2040		2,878,350
	4,120,000	5.000		05/01/2046		5,077,776
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (AA/Aa3)
	4,000,000	5.000		09/15/2025		4,911,480
	Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (A+/Aa3)
	6,675,000	5.000		08/15/2023		7,580,330
	Pennsylvania Turnpike Commission RB Refunding Series 2020 (A-/A3)
	1,000,000	2.412		12/01/2027		1,037,800
	Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)(a)
	1,720,000	5.500		12/01/2023		2,007,360
	Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)
	30,675,000	5.250		12/01/2044		38,730,562
	Pennsylvania Turnpike Commission RB Series 2018 B (A+/A1)(g)
	6,050,000	(SIFMA Municipal Swap Index Yield + 0.70%), 0.810		12/01/2023		6,083,396

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Turnpike Commission RB Series 2019 A (A-/A3)
$	4,250,000	5.000 %		12/01/2036	$	5,291,420
	4,250,000	5.000		12/01/2038		5,256,485
	21,160,000	5.000		12/01/2044		25,739,870
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A-/A3)
	3,500,000	5.500		12/01/2042		4,213,860
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	10,000,000	5.250		06/01/2047		11,824,600
	Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)
	350,000	4.000		06/15/2029		360,850
	1,000,000	5.000		06/15/2039		1,043,780
	Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (BBB-/NR)
	450,000	5.000		08/01/2030		536,809
	290,000	5.000		08/01/2040		333,567
	Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligated Group Series 2012 A (BBB-/Ba1)
	1,760,000	5.625		07/01/2042		1,856,290
	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		5,270,130
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)(c)
	2,500,000	(1 Mo. LIBOR + 0.64%), 0.765		12/01/2020		2,500,000
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)
	850,000	5.000		09/01/2034		1,098,514
	1,755,000	5.000		09/01/2035		2,258,492
	1,700,000	5.000		09/01/2036		2,178,312
	1,700,000	5.000		09/01/2037		2,170,798
	Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (AA/NR)
	2,125,000	4.000		09/01/2034		2,516,893
	425,000	4.000		09/01/2035		501,194
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	180,000	5.000		11/15/2021		180,261
	450,000	5.000		11/15/2028		437,976
	State Public School Building Authority RB Refunding for Philadelphia School District Project Series 2016 A (AGM) (ST AID WITHHLDG) (AA/A2)
	2,525,000	5.000		06/01/2031		3,057,119
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,156,287
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	130,000	4.000		10/01/2020		130,000
	375,000	4.000		10/01/2021		376,200
	200,000	4.000		10/01/2023		201,122
Municipal Bonds – (continued)
Pennsylvania – (continued)
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR) – (continued)
	750,000	4.000		10/01/2029		737,753
	425,000	5.000		10/01/2039		424,868
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (BBB+/NR)
	530,000	5.000		02/01/2025		582,920
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B (BBB+/NR)(c)(d)
	6,385,000	5.000		02/01/2025		6,924,979
						305,879,369
Puerto Rico – 4.9%
	Commonwealth of Puerto Rico GO Bonds Public Improvement Series 1999 (NR/WR)*
	125,000	5.250		07/01/2018		89,844
	Commonwealth of Puerto Rico GO Bonds Public Improvement Series 2006 B (NR/WR)*
	390,000	5.250		07/01/2016		281,287
	500,000	5.250		07/01/2017		360,625
	Commonwealth of Puerto Rico GO Refunding Bonds for Public Improvement Series 2009 B (NR/Ca)*
	2,000,000	6.000		07/01/2039		1,440,000
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (NR/Ca)
	2,040,000	6.125		07/01/2024		2,149,650
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (NR/Ca)
	515,000	4.250		07/01/2025		514,356
	1,000,000	5.000		07/01/2033		1,015,000
	6,100,000	5.125		07/01/2037		6,191,500
	1,060,000	5.750		07/01/2037		1,087,825
	18,900,000	5.250		07/01/2042		19,183,500
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)*
	65,795,000	8.000		07/01/2035		41,779,825
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (NR/Ca)*
	3,955,000	5.000		07/01/2041		2,491,650
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	2,450,000	6.000		07/01/2027		2,513,749
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	930,000	5.250		07/01/2041		1,032,216
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	6,500,000	5.250		07/01/2038		6,779,500
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	3,425,000	5.250		07/01/2033		3,785,173
	165,000	5.250		07/01/2034		182,681
	4,475,000	5.250		07/01/2036		4,938,342
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	40,000	5.500		07/01/2031		45,098

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)(e)
$	520,000	0.000 %		07/01/2028	$	369,044
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)
	1,085,000	5.500		07/01/2023		1,153,832
	545,000	5.500		07/01/2024		586,796
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(g)
	21,915,000	(3 Mo. LIBOR + 0.52%), 0.718		07/01/2029		19,312,594
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (NR/Baa2)
	350,000	5.250		07/01/2029		360,846
	215,000	5.250		07/01/2030		221,549
	1,150,000	5.250		07/01/2032		1,185,294
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)*
	1,000,000	5.250		07/01/2019		706,250
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)*
	8,215,000	6.750		07/01/2036		5,945,606
	Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1 (NR/NR)*
	590,915	10.000		01/01/2021		462,391
	Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)*
	590,915	10.000		07/01/2021		462,391
	Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)*
	196,972	10.000		01/01/2022		154,131
	Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)*
	196,972	10.000		07/01/2022		154,131
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (ASSURED GTY) (AA/A3)
	60,000	5.250		07/01/2041		66,595
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	7,175,000	5.250		07/01/2035		7,353,227
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	600,000	5.250		07/01/2032		663,402
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	90,000	5.500		07/01/2029		100,637
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (ASSURED GTY) (AA/A3)
	165,000	5.500		07/01/2031		186,031
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	2,165,000	5.500		07/01/2029		2,420,881
	2,230,000	5.250		07/01/2034		2,468,967
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (FGIC) (AA/A3)
	180,000	5.250		07/01/2039		199,640
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
	295,000	5.500		07/01/2026		327,730
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	2,705,000	5.250		07/01/2030		2,893,593
	2,970,000	5.250		07/01/2031		3,161,862
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	355,000	5.250		07/01/2034		393,042
	23,140,000	5.250		07/01/2036		25,521,106
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	1,240,000	5.250		07/01/2032		1,278,056
	1,760,000	5.250		07/01/2033		1,812,888
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	5,265,000	4.750		07/01/2038		5,299,433
	Puerto Rico Highway & Transportation Authority RB Series 2007 N (AMBAC) (NR/C)
	160,000	5.500		07/01/2026		174,728
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)(e)
	1,750,000	0.000		07/01/2037		819,752
	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		3,439,616
	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		439,500
	16,610,000	0.000		07/01/2027		14,099,897
	3,658,000	0.000		07/01/2029		2,878,553
	25,338,000	0.000		07/01/2031		18,496,233
	16,923,000	0.000		07/01/2033		11,326,395
	12,009,000	0.000		07/01/2046		3,390,261
	31,842,000	0.000		07/01/2051		6,507,550
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	75,394,000	4.329		07/01/2040		76,839,303
	143,000	4.536		07/01/2053		146,708
	7,274,000	4.784		07/01/2058		7,585,691
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	19,288,000	4.500		07/01/2034		20,123,942
	1,555,000	4.550		07/01/2040		1,607,512
	10,419,000	4.750		07/01/2053		10,835,864
	37,352,000	5.000		07/01/2058		39,484,426
						399,279,697
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		578,985

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
South Carolina – 0.5%
	Clemson University Athletic Facilities RB Series 2015 (NR/Aa3)
$	1,385,000		4.000 %		05/01/2025	$	1,597,625
	1,570,000		4.000		05/01/2026		1,801,245
	Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (AA/Aa1)
	2,495,000		5.000		02/01/2031		3,241,479
	Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (AA/Aa1)
	4,530,000		5.000		03/01/2031		5,630,065
	1,615,000		4.000		03/01/2032		1,898,013
	South Carolina Ports Authority RB Series 2018 (AMT) (A+/A1)
	3,750,000		5.000		07/01/2037		4,544,850
	South Carolina Public Service Authority RB Series 2016 D (A/A2)
	5,505,000		2.388		12/01/2023		5,776,672
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)
	875,000		3.056		12/01/2023		936,399
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2013 B (A/Aa3)(c)
	12,505,000		(1 Mo. LIBOR + 0.45%), 0.554		10/01/2022		12,440,599
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
	500,000		5.000		04/15/2032		642,705
	500,000		5.000		04/15/2033		638,580
	500,000		5.000		04/15/2034		635,995
	450,000		5.000		04/15/2035		570,222
	425,000		4.000		04/15/2036		494,900
	550,000		4.000		04/15/2037		637,835
	525,000		4.000		04/15/2038		606,690
	700,000		4.000		04/15/2039		806,869
	750,000		4.000		04/15/2040		861,067
							43,761,810
South Dakota – 0.1%
	Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
	630,000		5.000		01/01/2024		720,518
	1,075,000		5.000		01/01/2025		1,270,919
	730,000		5.000		01/01/2026		888,461
	South Dakota Health & Educational Facilities Authority RB Refunding for Avera Health Obligated Group Series 2019 A (AA-/A1)(c)(d)
	3,525,000		5.000		07/01/2024		3,920,188
							6,800,086
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		1,373,568
	500,000		4.000		08/01/2036		569,040
	City of Johnson GO Refunding Bonds Series 2019 B (NR/Aa2)
	1,225,000		4.000		06/01/2037		1,453,744
Municipal Bonds – (continued)
Tennessee – (continued)
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	6,020,000		5.000		07/01/2034		6,483,540
	1,800,000		4.000		07/01/2040		1,990,044
	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		463,360
	700,000		5.000		07/01/2046		802,865
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (BBB-/NR)
	90,000		3.000		10/01/2024		90,721
	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		3,057,540
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(f)
	650,000		4.500		06/01/2028		677,651
	Tennergy Corporation Tenn Gas Supply RB Series 2019 A (AA/Aa2)(c)(d)
	11,325,000		5.000		10/01/2024		13,208,008
							30,170,081
Texas – 7.9%
	Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (BBB-/NR)
	1,355,000		5.000		01/01/2029		1,382,845
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)
	250,000		5.000		01/01/2040		288,075
	435,000		5.000		01/01/2046		497,675
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A-/Baa1)
	530,000		5.000		01/01/2026		645,047
	595,000		5.000		01/01/2027		738,948
	620,000		5.000		01/01/2028		782,763
	650,000		5.000		01/01/2029		830,707
	690,000		5.000		01/01/2030		893,985
	1,010,000		5.000		01/01/2032		1,288,982
	1,115,000		5.000		01/01/2034		1,415,303
	585,000		5.000		01/01/2035		741,885
	610,000		5.000		01/01/2036		770,131
	645,000		5.000		01/01/2037		809,681
	675,000		5.000		01/01/2038		845,741
	1,420,000		5.000		01/01/2039		1,773,452
	City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)(f)
	250,000		5.750		09/01/2029		272,795
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	1,700,000		5.000		11/15/2032		2,129,386
	2,000,000		5.000		11/15/2033		2,488,940

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Austin RB Refunding for Airport System Series 2019 (AMT) (A/A1)
$	1,510,000		5.000	%		11/15/2022	$	1,646,881
	1,950,000		5.000			11/15/2023		2,205,450
	4,845,000		5.000			11/15/2024		5,660,656
	1,150,000		5.000			11/15/2025		1,381,277
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(f)
	1,225,000		4.000			11/01/2023		1,254,228
	1,975,000		4.500			11/01/2024		2,019,596
	2,815,000		4.000			11/01/2028		2,946,066
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)(f)
	265,000		2.500			09/01/2025		265,156
	140,000		3.125			09/01/2030		140,191
	355,000		4.000			09/01/2040		366,743
	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		274,153
	575,000		4.800			09/01/2037		625,617
	650,000		5.250			09/01/2046		713,102
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)(f)
	110,000		4.375			09/01/2023		113,997
	300,000		5.375			09/01/2038		346,197
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)
	199,000		4.625			09/01/2023		207,290
	370,000		5.000			09/01/2028		417,923
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)(f)
	170,000		3.125			08/15/2024		172,977
	340,000		3.500			08/15/2029		358,061
	1,905,000		4.000			08/15/2039		2,001,259
	1,825,000		4.250			08/15/2049		1,919,261
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)
	150,000		4.000			08/15/2025		168,759
	155,000		4.000			08/15/2026		176,661
	160,000		4.000			08/15/2027		184,546
	165,000		4.000			08/15/2028		191,557
	170,000		4.000			08/15/2029		198,676
	925,000		3.000			08/15/2034		971,786
	City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (AA+/Aa1)
	8,245,000		5.000			02/15/2024		9,561,726
	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		454,189
	1,350,000		4.625			09/01/2037		1,473,282
Municipal Bonds – (continued)
Texas – (continued)
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)
	125,000		3.250			09/01/2022		126,944
	570,000		4.500			09/01/2027		626,407
	1,800,000		4.500			09/01/2037		1,950,498
	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		469,162
	440,000		4.000			09/01/2025		492,994
	460,000		4.000			09/01/2026		520,973
	480,000		4.000			09/01/2027		548,875
	City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)(f)
	150,000		3.250			09/01/2024		153,275
	290,000		3.625			09/01/2029		307,014
	785,000		4.125			09/01/2039		832,147
	City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR)
	1,110,000		3.000			10/01/2025		1,127,183
	645,000		3.000			10/01/2030		646,367
	440,000		3.250			10/01/2033		441,122
	City of Houston GO Bonds Refunding Series 2019 A (AA/Aa3)
	13,745,000		5.000			03/01/2029		18,195,494
	City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A/NR)(a)
	4,800,000		5.000			07/01/2022		5,182,272
	City of Houston RB Refunding for Airport System Subordinated Lien Series 2012 B (A/NR)(a)
	23,250,000		5.000			07/01/2022		25,165,567
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	130,000		5.000			08/15/2024		137,151
	130,000		5.000			08/15/2025		138,187
	150,000		5.000			08/15/2026		160,251
	100,000		5.000			08/15/2027		106,941
	125,000		5.000			08/15/2028		133,125
	150,000		5.000			08/15/2029		159,348
	200,000		5.000			08/15/2030		210,998
	280,000		5.000			08/15/2032		291,362
	300,000		5.000			08/15/2034		309,873
	175,000		5.000			08/15/2035		179,785
	250,000		5.000			08/15/2036		255,778
	250,000		5.000			08/15/2037		254,745
	300,000		5.000			08/15/2038		304,758
	300,000		5.000			08/15/2039		303,876
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)(f)
	785,000		3.875			09/01/2024		810,191
	1,180,000		4.750			09/01/2044		1,277,314
	City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)(f)
	425,000		4.250			09/01/2029		455,341
	1,000,000		4.875			09/01/2044		1,091,900

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR)
$	620,000		2.750	%		09/01/2025	$	625,400
	430,000		3.125			09/01/2030		434,756
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)(f)
	175,000		3.500			09/15/2024		180,217
	250,000		3.750			09/15/2029		268,455
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)(f)
	205,000		4.375			09/15/2029		221,109
	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		1,520,460
	City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)(f)(h)
	600,000		2.500			09/01/2025		600,486
	330,000		3.125			09/01/2030		330,690
	845,000		4.000			09/01/2040		872,910
	City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)(f)
	245,000		3.750			09/15/2025		252,512
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)(f)
	200,000		3.500			09/15/2024		206,080
	280,000		3.750			09/15/2029		302,215
	City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)(f)
	200,000		5.000			09/15/2024		207,370
	400,000		5.250			09/15/2029		431,192
	City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)(f)
	530,000		4.250			09/15/2024		546,695
	490,000		5.125			09/15/2024		504,960
	795,000		4.500			09/15/2029		863,863
	775,000		5.375			09/15/2029		838,891
	City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)(f)
	375,000		4.500			09/01/2025		384,821
	200,000		4.875			09/01/2025		205,826
	465,000		4.875			09/01/2030		488,864
	265,000		5.250			09/01/2030		280,057
	475,000		5.250			09/01/2040		497,439
	310,000		5.625			09/01/2040		324,741
	845,000		4.125			09/01/2049		905,316
	City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)(f)
	100,000		3.125			09/01/2024		102,520
	145,000		3.500			09/01/2029		156,638
	380,000		4.000			09/01/2039		412,684
Municipal Bonds – (continued)
Texas – (continued)
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)(f)
	250,000		4.000			09/01/2028		271,708
	1,610,000		4.500			09/01/2048		1,707,147
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)(f)
	151,000		3.500			09/01/2024		155,115
	326,000		3.750			09/01/2029		348,722
	862,000		4.250			09/01/2039		920,771
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(f)
	180,000		3.375			09/01/2030		184,111
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	280,000		4.000			09/01/2024		289,859
	415,000		4.250			09/01/2029		453,010
	655,000		4.875			09/01/2039		725,019
	1,000,000		5.000			09/01/2049		1,097,910
	City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)(f)
	185,000		3.750			09/01/2024		189,845
	365,000		4.000			09/01/2029		384,838
	580,000		5.000			09/01/2029		617,526
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(f)
	305,000		3.250			09/01/2030		316,303
	City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)(f)
	225,000		3.625			09/15/2030		229,475
	210,000		4.375			09/15/2030		213,060
	500,000		4.125			09/15/2040		509,055
	400,000		4.875			09/15/2040		406,348
	City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)(f)
	250,000		3.750			09/15/2024		257,900
	370,000		4.125			09/15/2029		403,485
	1,050,000		4.625			09/15/2039		1,133,066
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 C (AA-/Aa2)(c)(d)
	30,610,000		1.750			12/01/2024		31,879,091
	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		2,936,948
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2015 A (AA-/Aa2)(c)(d)
	26,495,000		1.750			12/01/2024		27,794,050
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2019 (AA/Aa1)
	1,505,000		4.000			02/01/2028		1,860,872
	2,000,000		4.000			02/01/2029		2,508,600
	2,000,000		4.000			02/01/2030		2,532,780
	City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR)
	470,000		4.375			09/01/2025		478,465
	600,000		4.875			09/01/2030		622,152
	735,000		5.375			09/01/2040		761,717

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate				Maturity Date			Value
Municipal Bonds – (continued)
Texas – (continued)
	Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (NR/Aaa)
$	445,000		5.000	%			04/01/2025		$	533,916
	400,000		5.000				04/01/2026			494,208
	550,000		5.000				04/01/2027			695,508
	635,000		5.000				04/01/2028			819,163
	465,000		5.000				04/01/2029			611,349
	365,000		5.000				04/01/2030			489,669
	700,000		4.000				04/01/2031			863,534
	575,000		4.000				04/01/2035			686,740
	1,345,000		4.000				04/01/2037			1,587,113
	Clifton Higher Education Finance Corp. RB Refunding for IDEA Public Schools Series 2017 (PSF-GTD) (AAA/NR)
	4,370,000		4.000				08/15/2036			5,044,160
	3,875,000		4.000				08/15/2037			4,462,760
	Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (NR/Aaa)
	1,970,000		5.000				02/01/2025			2,361,557
	2,095,000		5.000				02/01/2026			2,593,799
	Dallas Area Rapid Transit RB Refunding Series 2016 A (AA+/Aa2)
	8,325,000		5.000				12/01/2048			9,932,058
	Dallas-Fort Worth International Airport Joint Improvement RB Series 2012 D (AMT) (A/A1)(a)
	21,430,000		5.000				11/01/2021			22,513,286
	Dallas-Fort Worth International Airport Joint RB Improvement Bonds Series 2014 B (AMT) (A/NR)
	1,700,000		5.000				11/01/2022			1,849,855
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A/NR)
	2,500,000		5.250				11/01/2030			2,799,550
	Denton Independent School District GO Bonds 2014 B (PSF-GTD) (AAA/NR)(c)(d)
	4,000,000		2.000				08/01/2024			4,228,120
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(f)
	125,000		3.750				08/15/2024			125,341
	235,000		4.000				08/15/2029			234,643
	775,000		4.500				08/15/2035			765,041
	575,000		5.000				08/15/2044			576,449
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(f)
	395,000		5.000				09/01/2027			414,663
	225,000		5.000				09/01/2032			230,537
	330,000		5.125				09/01/2037			333,640
	Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (AA+/NR)
	18,225,000		5.000				10/01/2037			22,878,571
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)(b)
	2,950,000		0.000				10/01/2046			3,339,370
	4,075,000		0.000				10/01/2047			4,618,116
	Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (AA/NR)
	400,000		4.000				09/01/2026			461,060
Municipal Bonds – (continued)
Texas – (continued)
	Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (AA/NR) – (continued)
	470,000	5.000			09/01/2027			577,489
	500,000	5.000			09/01/2028			620,310
	745,000	5.000			09/01/2029			937,299
	465,000	4.000			09/01/2031			546,384
	415,000	4.000			09/01/2033			479,325
	650,000	4.000			09/01/2034			748,332
	580,000	4.000			09/01/2036			663,062
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A+/A1)(c)(d)
	8,000,000	5.000			12/01/2024			9,442,400
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A+/A1)
	4,700,000	5.000			12/01/2024			5,530,631
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-3 (A+/A1)(c)(d)
	6,500,000	5.000			12/01/2026			8,133,320
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)(g)
	6,770,000	(SIFMA Municipal Swap Index Yield + 0.95%), 1.060			06/01/2023			6,814,614
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (AA-/A1)
	1,400,000	5.000			05/15/2030			1,787,352
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(g)
	19,920,000	(3 Mo. LIBOR + 0.67%), 0.858			08/15/2035			18,330,185
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)(f)
	745,000	4.000			09/01/2029			786,012
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	95,000	3.000			09/01/2024			101,895
	100,000	3.500			09/01/2025			110,281
	100,000	3.500			09/01/2026			110,924
	105,000	3.500			09/01/2027			116,162
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (B/NR)
	2,495,000	5.000			07/15/2028			2,576,060
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (BB-/NR)
	830,000	5.000			07/01/2027			861,922
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (BB-/NR)
	2,480,000	5.000			07/15/2027			2,575,282
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (BB-/NR)
	2,600,000	5.000			07/15/2027			2,699,892

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A/A1)
$	360,000	5.000 %		07/01/2031	$	450,097
	325,000	5.000		07/01/2032		403,361
	Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A/A1)
	2,000,000	5.000		07/01/2029		2,543,480
	2,175,000	5.000		07/01/2030		2,739,173
	2,185,000	5.000		07/01/2031		2,731,840
	Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)
	3,425,000	4.000		02/15/2042		3,926,899
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(f)
	1,315,000	5.000		09/01/2038		1,457,954
	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		11,849,183
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (A/NR)
	2,000,000	5.000		05/15/2030		2,617,260
	1,520,000	5.000		05/15/2031		1,974,571
	Lower Neches Valley Authority Industrial Development Corp. RB Refunding for Exxon Capital Ventures, Inc. Series 2012 (AA/Aa1)(c)(d)
	10,600,000	0.090		10/01/2020		10,600,000
	Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (AAA/Aaa)
	1,250,000	4.000		02/15/2040		1,465,512
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 2001 A (A-/Baa2)
	6,350,000	2.600		11/01/2029		6,729,603
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)(f)
	5,575,000	4.625		10/01/2031		5,896,176
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,370,000	5.000		09/15/2032		1,534,112
	710,000	5.000		09/15/2033		791,849
	750,000	5.000		09/15/2034		834,705
	790,000	5.000		09/15/2035		876,592
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BB+/NR)(f)
	335,000	4.000		08/15/2029		352,668
	610,000	5.000		08/15/2039		650,449
	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		755,713
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station I, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2014 A (B-/NR)
	1,000,000	5.000		04/01/2039		897,410
Municipal Bonds – (continued)
Texas – (continued)
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (B/B2)
	645,000	4.000		04/01/2022		638,453
	320,000	4.000		04/01/2023		314,189
	275,000	4.000		04/01/2024		267,476
	365,000	4.000		04/01/2025		350,177
	375,000	4.000		04/01/2026		355,440
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (NR/WR)(a)
	250,000	5.000		04/01/2025		299,228
	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		1,367,050
	North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A+/A1)
	2,750,000	5.000		01/01/2038		3,368,118
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	2,000,000	5.000		01/01/2032		2,417,080
	1,500,000	5.000		01/01/2048		1,747,755
	North Texas Tollway Authority RB Special Project System Series 2011 A (AA/NR)(a)
	1,000,000	5.500		09/01/2021		1,048,840
	1,000,000	6.000		09/01/2021		1,053,210
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	550,000	5.000		01/01/2022		582,224
	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		7,239,960
	Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)(c)(d)
	3,280,000	1.500		08/15/2024		3,402,016
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)(f)
	3,470,000	3.625		01/01/2035		3,433,669
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)(f)
	3,690,000	6.000		01/01/2025		3,663,137
	Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (AAA/Aaa)
	4,630,000	4.000		08/01/2032		5,705,734
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)(f)
	250,000	3.250		09/15/2024		254,137
	355,000	3.625		09/15/2029		373,510
	1,250,000	4.125		09/15/2039		1,308,963
	Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (AA/NR)
	285,000	5.000		09/01/2027		349,969
	335,000	5.000		09/01/2029		421,470

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate		Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (AA/NR) – (continued)
$	395,000		4.000 %		09/01/2032	$	458,978
	395,000		4.000		09/01/2034		453,247
	615,000		4.000		09/01/2036		699,581
	1,040,000		2.625		09/01/2038		1,020,302
	1,230,000		2.750		09/01/2039		1,219,164
	1,200,000		2.750		09/01/2040		1,182,024
	State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (AAA/Aaa)
	3,005,000		4.000		08/01/2025		3,522,762
	5,905,000		5.000		08/01/2026		7,384,557
	4,590,000		5.000		08/01/2027		5,866,846
	5,010,000		5.000		08/01/2028		6,519,162
	6,835,000		5.000		08/01/2029		8,926,852
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	2,100,000		5.000		05/15/2021		2,130,450
	2,730,000		5.000		05/15/2022		2,829,208
	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		16,906,256
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(g)
	5,665,000		(3 Mo. LIBOR + 0.70%), 0.868		12/15/2026		5,622,739
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)
	4,750,000		6.250		12/15/2026		5,602,388
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)(g)
	2,795,000		(SIFMA Municipal Swap Index Yield + 0.55%), 0.660		09/15/2027		2,788,432
	Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (BBB/Baa2)
	7,200,000		5.000		12/31/2030		9,127,080
	10,000,000		5.000		12/31/2031		12,596,800
	3,040,000		5.000		12/31/2032		3,800,487
	4,000,000		5.000		12/31/2033		4,980,960
	5,000,000		5.000		12/31/2034		6,201,600
	4,000,000		5.000		12/31/2035		4,939,200
	4,030,000		5.000		12/31/2036		4,959,358
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)
	9,840,000		5.000		12/31/2055		10,473,302
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)
	7,215,000		5.000		06/30/2058		8,269,544
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (A-/Baa1)
	1,380,000		5.000		08/15/2042		1,538,797
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)(f)
	135,000		4.750		09/01/2023		140,921
	360,000		5.250		09/01/2028		410,670
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(f)
	265,000		4.500		09/01/2027		283,558
	United Independent School District GO Refunding Bonds Series 2020 (PSF-GTD) (AAA/Aaa)(e)
	500,000		0.000		08/15/2026		477,980
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	8,500,000		3.250		02/15/2041		8,949,565
	University of Texas System Revenue Financing System RB Refunding Series 2017 C (AAA/Aaa)
	5,865,000		5.000		08/15/2026		7,403,917
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	315,000		2.375		12/01/2025		314,068
	308,000		2.875		12/01/2030		307,997
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR)
	342,000		4.000		12/01/2023		352,951
	520,000		4.250		12/01/2029		544,877
	1,159,000		4.625		12/01/2035		1,210,483
	1,604,000		5.000		12/01/2045		1,676,372
							640,763,693
Utah – 0.8%
	Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (AAA/Aaa)
	1,625,000		5.000		06/15/2022		1,758,981
	2,175,000		5.000		06/15/2023		2,457,598
	2,355,000		5.000		06/15/2024		2,769,150
	2,400,000		5.000		06/15/2025		2,926,824
	2,750,000		5.000		06/15/2027		3,555,668
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)(f)
	3,875,000		5.250		02/01/2040		3,802,537
	Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A+/A2)
	18,635,000		5.000		07/01/2037		22,216,647
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	2,650,000		5.000		07/01/2047		3,038,808
	Salt Lake City RB for International Airport Series 2018 A (AMT) (A+/A2)
	5,000,000		5.000		07/01/2029		6,208,800
	5,500,000		5.000		07/01/2030		6,777,045
	Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (AA/NR)
	700,000		5.000		04/15/2039		852,075
	625,000		5.000		04/15/2044		750,850
	1,150,000		5.000		04/15/2049		1,371,755

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Utah – (continued)
	Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (AA/Aa2)
$	3,065,000		4.000	%		06/15/2034	$	3,410,395
								61,897,133
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		778,093
	585,000		5.000			05/01/2026		613,981
								1,392,074
Virgin Islands – 0.2%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	350,000		5.000			10/01/2020		350,000
	1,410,000		5.000			10/01/2029		1,394,194
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	700,000		5.000			10/01/2032		685,153
	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		4,245,275
	Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (AA/A2)(f)
	5,000,000		5.000			10/01/2034		5,600,300
								12,274,922
Virginia – 1.6%
	Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)
	19,500,000		5.000			11/01/2023		21,872,175
	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		1,762,934
	County of Arlington GO Bonds for Public Improvement Series 2019 (AAA/Aaa)
	6,990,000		5.000			06/15/2030		9,443,140
	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		1,279,462
	Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (BBB-/NR)
	3,000,000		5.000			01/01/2040		3,175,320
	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		1,033,700
	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		1,887,222
	Peninsula Ports Authority RB Refunding for Dominion Terminal Associates Series 2003 (BBB/Baa2)(c)(d)
	2,250,000		1.700			10/01/2022		2,272,455
Municipal Bonds – (continued)
Virginia – (continued)
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR)
	305,000		5.000			04/01/2026		347,740
	305,000		5.000			04/01/2027		352,214
	350,000		5.000			04/01/2028		408,219
	405,000		5.000			04/01/2029		475,353
	305,000		5.000			04/01/2030		359,601
	650,000		5.000			04/01/2031		759,174
	265,000		5.000			04/01/2032		306,973
	570,000		5.000			04/01/2033		655,585
	345,000		5.000			04/01/2034		394,580
	775,000		5.000			04/01/2035		883,143
	375,000		5.000			04/01/2036		425,096
	905,000		5.000			04/01/2037		1,021,863
	410,000		4.000			04/01/2039		420,324
	265,000		4.000			04/01/2040		271,042
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)
	9,355,000		6.706			06/01/2046		9,655,576
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)(e)
	122,865,000		0.000			06/01/2047		24,370,273
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC-/NR)(e)
	13,500,000		0.000			06/01/2047		2,550,825
	Virginia Commonwealth Transportation Board RB Capital Project Series 2012 (AA+/Aa1)
	760,000		4.000			05/15/2037		795,857
	Virginia Housing Development Authority RB for Rental Housing Series 2019 E (AA+/Aa1)
	4,345,000		1.400			12/01/2023		4,350,475
	Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (A/WR)(a)
	4,750,000		5.000			07/01/2025		5,749,020
	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		2,901,391
	2,835,000		5.000			12/31/2056		3,171,401
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	4,950,000		5.000			12/31/2049		5,543,703
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB-/NR)
	17,500,000		5.000			01/01/2040		18,059,300
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB-/NR)
	1,265,000		5.000			01/01/2044		1,303,013
	355,000		5.000			07/01/2049		365,214
	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		785,152
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)(c)(d)(f)
	300,000		5.000			07/01/2038		305,367

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Virginia – (continued)
	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	$	3,316,352
								133,030,234
Washington – 1.7%
	City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (AAA/Aaa)
	5,000,000		5.000			06/01/2026		6,071,150
	City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (AA/Aa2)
	3,340,000		4.000			01/01/2033		3,966,751
	6,715,000		4.000			01/01/2034		7,928,468
	11,655,000		4.000			01/01/2043		13,354,182
	City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (AA+/Aa1)
	13,715,000		4.000			05/01/2044		14,890,376
	City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (AA+/Aa1)
	6,555,000		4.000			07/01/2035		7,656,437
	King County Junior Lien Sewer RB Series 2012 (AA/Aa2)(c)(d)
	5,900,000		2.600			12/01/2021		5,947,672
	Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (BB/NR)
	3,710,000		5.000			04/01/2030		3,809,317
	Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A+/A1)
	9,295,000		5.000			04/01/2038		11,220,645
	Port of Seattle Wash RB Refunding Series 2011 B (AMT) (AA-/Aa2)
	2,485,000		5.000			09/01/2022		2,578,436
	State of Washington GO Bonds Various Purpose Series 2014 D (AA+/Aaa)
	15,055,000		5.000			02/01/2026		17,422,248
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)
	2,500,000		5.000			07/01/2029		2,689,125
	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		1,208,280
	1,715,000		5.000			08/01/2037		2,096,450
	1,715,000		5.000			08/01/2038		2,089,813
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	1,300,000		5.000			08/01/2035		1,601,470
	2,930,000		5.000			08/01/2036		3,594,172
	1,000,000		5.000			08/01/2039		1,214,910
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)(c)(d)
	5,400,000		5.000			08/01/2024		6,093,252
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)(c)(d)
	1,265,000		5.000			08/01/2025		1,469,803
Municipal Bonds – (continued)
Washington – (continued)
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-3 (BBB+/Baa1)(c)(d)
	4,310,000		5.000			08/01/2026		5,137,003
	Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (A/NR)
	1,000,000		4.000			05/01/2045		1,098,470
	Washington State Convention Center Public Facilities District RB Series 2018 (BBB+/A1)
	320,000		5.000			07/01/2029		378,214
	6,825,000		5.000			07/01/2048		7,614,721
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)(f)
	745,000		5.000			01/01/2034		806,716
	1,400,000		5.000			01/01/2039		1,493,170
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (AA+/Aaa)(e)
	6,855,000		0.000			06/01/2028		6,302,076
								139,733,327
West Virginia – 0.6%
	County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (BBB-/NR)
	770,000		3.000			03/01/2035		723,915
	2,165,000		3.000			03/01/2037		1,993,857
	2,175,000		3.250			03/01/2041		1,993,975
	State of West Virginia GO Bonds for State Road Series 2019 A (AA-/Aa2)
	6,145,000		5.000			06/01/2035		7,991,695
	State of West Virginia GO Bonds Series 2018 B (AA-/Aa2)
	8,740,000		5.000			06/01/2035		11,144,199
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (BB-/B1)(c)(d)
	1,575,000		5.000			07/01/2025		1,622,219
	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		940,201
	910,000		5.000			01/01/2034		1,104,885
	1,095,000		5.000			01/01/2035		1,323,822
	2,330,000		5.000			01/01/2036		2,801,639
	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		2,850,125
	2,645,000		5.000			09/01/2030		3,221,742
	2,100,000		5.000			09/01/2031		2,543,121
	1,700,000		5.000			09/01/2032		2,044,488
	West Virginia University RB Refunding Series 2020 A (AA-/Aa3)
	10,125,000		1.549			10/01/2025		10,307,250
								52,607,133

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Wisconsin – 1.0%
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
$	1,000,000		4.300	%		11/01/2030	$	1,092,110
	Public Finance Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 A (A-/NR)
	2,000,000		5.000			11/15/2041		2,362,880
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	220,000		4.000			07/01/2026		252,828
	220,000		4.000			07/01/2027		256,588
	220,000		4.000			07/01/2028		258,478
	220,000		4.000			07/01/2029		256,736
	265,000		4.000			07/01/2030		303,510
	355,000		4.000			07/01/2031		404,405
	420,000		4.000			07/01/2032		473,924
	175,000		4.000			07/01/2033		196,455
	130,000		4.000			07/01/2034		145,111
	155,000		4.000			07/01/2035		172,400
	220,000		4.000			07/01/2036		243,747
	220,000		4.000			07/01/2037		242,957
	265,000		4.000			07/01/2038		291,802
	265,000		4.000			07/01/2039		290,999
	265,000		4.000			07/01/2040		290,239
	Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (NR/Ba1)(f)
	470,000		4.000			06/15/2030		487,212
	815,000		5.000			06/15/2040		876,565
	Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)(f)
	1,650,000		4.000			03/01/2030		1,675,740
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)*(f)
	24,345		5.500			12/01/2048		12,172
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)*(f)
	51,733		7.250			12/01/2048		25,866
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	500,000		5.200			12/01/2037		558,540
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)(f)
	425,000		3.000			04/01/2025		421,464
	500,000		5.000			04/01/2030		548,240
	510,000		5.000			04/01/2040		546,638
	Public Finance Authority RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)(f)
	1,180,000		4.500			01/01/2035		1,167,693
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A/A3)
	790,000		5.000			01/01/2026		948,411
	635,000		5.000			01/01/2028		789,737
	750,000		5.000			01/01/2029		947,182
	1,000,000		5.000			01/01/2030		1,283,720
	1,400,000		5.000			01/01/2032		1,774,402
	950,000		5.000			01/01/2033		1,195,870
	900,000		5.000			01/01/2036		1,118,988
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A/A3) – (continued)
	500,000		5.000			01/01/2037		619,075
	1,400,000		5.000			01/01/2039		1,721,958
	500,000		5.000			01/01/2040		613,110
	Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)(f)
	370,000		5.000			06/01/2029		399,974
	710,000		5.000			06/01/2039		735,574
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
	1,000,000		4.000			01/01/2030		1,043,990
	8,955,000		4.000			01/01/2046		8,516,653
	Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)(f)
	580,000		4.000			09/01/2029		569,316
	770,000		5.000			09/01/2039		782,705
	Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 B (AGM) (AA/NR)(h)
	5,000,000		3.090			06/01/2050		4,955,200
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)(f)
	2,770,000		6.125			10/01/2049		2,562,305
	Public Finance Authority RB Refunding for Waste Management, Inc. Project Series 2016 A-2 (AMT) (A-/NR)
	2,000,000		2.875			05/01/2027		2,132,300
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)
	425,000		5.000			11/15/2044		461,010
	570,000		5.000			11/15/2049		615,435
	Public Finance Authority Senior Airport Facilities RB Refunding for Transportation Infrastructure Properties LLC Obligated Group Series 2012 B (AMT) (BBB+/NR)
	6,000,000		5.250			07/01/2028		6,278,940
	Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (NR/Baa3)(e)
	13,850,000		0.000			12/15/2027		10,458,274
	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		10,092,600
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	350,000		4.000			03/15/2030		387,545
	345,000		4.000			03/15/2040		369,940
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	1,185,000		3.000			02/01/2042		1,162,710
	390,000		4.000			02/01/2045		410,362
	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		279,012
	225,000		4.000			09/15/2022		231,347
	250,000		4.000			09/15/2023		260,100
	365,000		4.000			09/15/2024		378,903
								77,951,947

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Wyoming – 0.3%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)
$	22,700,000		3.625	%		07/15/2039	$	24,476,502
	TOTAL MUNICIPAL BONDS
	(Cost $7,661,271,542)						$	7,998,849,899
Corporate Bonds – 0.2%
Consumer Services – 0.1%
	Howard University Series 2020
$	1,250,000		2.516	%		10/01/2025	$	1,327,643
	1,840,000		2.657			10/01/2026		1,983,438
	1,500,000		2.757			10/01/2027		1,608,040
	1,545,000		2.845			10/01/2028		1,605,564
								6,524,685
Health Care Equipment & Services – 0.1%
	CommonSpirit Health
	470,000		4.350			11/01/2042		510,998
	Prime Healthcare Foundation, Inc. Series B
	4,975,000		7.000			12/01/2027		5,871,698
								6,382,696
Real Estate(i) – 0.0%
	Benloch Ranch Improvement Association No. 1 Series 2020
	5,825,000		9.750			12/01/2039		5,850,513
	TOTAL CORPORATE BONDS
	(Cost $17,289,116)						$	18,757,894
	TOTAL INVESTMENTS – 98.6%
	(Cost $7,678,560,658)						$	8,017,607,793
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%							111,862,332
	NET ASSETS – 100.0%						$	8,129,470,125

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	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, 2020.
(d)	Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2020. 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)	Exempt from registration under Rule 144A of the Securities Act of 1933.

(g)	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, 2020.
(h)	When-issued security.
(i)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AGC	—Insured by Assured Guaranty Corp.
AGC-ICC	—Agency Insured Custody Certificate
AGM	—Insured by Assured Guaranty Municipal Corp.
AGM-CR	—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ASSURED GTY	—Insured by Assured Guaranty
BAM	—Build America Mutual Assurance Co.
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
GARB	—General Airport Revenue Bond
GO	—General Obligation
IDA	—Industrial Development Authority
LIBOR	—London Interbank Offered Rate
Mo.	—Month
MUN GOVT GTD	—Municipal Government Guaranteed
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC	—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
PSF-GTD	—Guaranteed by Permanent School Fund
Q-SBLF	—Qualified School Board Loan Fund
RB	—Revenue Bond
RMKT	—Remarketed
SCH BD GTY	—School Bond Guaranty
SCH BD RES FD	—School Bond Reserve Fund
SCSDE	—South Carolina State Department of Education
SD CRED PROG	—School District Credit Program
SIFMA	—The Securities Industry and Financial Markets Association
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
USD	—United States Dollar
WR	—Withdrawn Rating

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2020, 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, 2020(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%	0.411%		Bank of America NA		03/20/2023	USD	1,000	$	14,719	$	(12,235	)	$	26,954
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023	1.000	0.411		JPMorgan Chase Bank NA		03/20/2023		1,000		14,719		(12,235	)		26,954
TOTAL									$	29,438	$	(24,470	)	$	53,908

(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.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 98.2%
Alabama – 1.9%
	Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 A (NR/NR)(a)
$	5,720,000	6.000%		07/01/2045	$	5,697,463
	Central Etowah County Solid Waste Disposal Authority RB for Evergreen Environmental Partners LLC Series 2020 B (NR/NR)(a)
	2,880,000	8.000		07/01/2028		2,872,339
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B-/Caa2)
	17,275,000	5.750		10/01/2049		15,556,829
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	2,625,000	5.000		10/01/2030		3,039,015
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	2,205,000	5.500		10/01/2053		2,450,747
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)(b)
	5,750,000	0.000		10/01/2038		5,675,595
	6,000,000	0.000		10/01/2042		5,893,980
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	8,300,000	6.000		10/01/2042		9,640,035
	19,850,000	7.000		10/01/2051		23,632,219
	81,815,000	6.500		10/01/2053		96,220,167
						170,678,389
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		6,311,086
	Northern Tobacco Securitization Corp. RB Refunding Capital Appreciation Asset-Backed Bonds 1st Subordinate Series 2006 B (NR/NR)(c)
	6,780,000	0.000		06/01/2046		1,145,481
						7,456,567
Arizona – 1.7%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (A-/A3)
	4,500,000	4.500		03/01/2030		4,658,580
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(d)
	63,640,000	(3 Mo. LIBOR + 0.81%), 1.008		01/01/2037		59,344,936
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (AA-/NR)
	665,000	4.000		07/01/2047		712,388
	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		1,657,845
Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2020 A (A/NR)
	1,975,000	4.000		11/01/2045		2,237,122
	2,350,000	4.000		11/01/2050		2,648,708
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BB+/NR)
	1,000,000	5.000		01/01/2043		891,480
	5,250,000	4.500		01/01/2049		4,166,190
	3,300,000	5.000		01/01/2054		2,814,207
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BB/NR)
	275,000	5.000		01/01/2037		241,230
	200,000	5.000		01/01/2038		173,818
	650,000	5.000		01/01/2043		544,109
	3,450,000	5.000		01/01/2049		2,810,784
	1,100,000	5.125		01/01/2054		897,479
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa2)
	1,000,000	5.000		05/01/2038		1,014,740
	2,780,000	5.000		05/01/2043		2,814,889
	2,500,000	5.000		05/01/2048		2,527,750
	2,000,000	5.000		05/01/2051		2,014,200
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A/A1)
	1,625,000	3.000		07/01/2049		1,652,040
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 B (AMT) (A/A1)
	1,085,000	4.000		07/01/2044		1,185,655
	3,540,000	5.000		07/01/2044		4,180,528
	2,710,000	3.250		07/01/2049		2,742,086
	1,625,000	5.000		07/01/2049		1,905,540
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000	6.250		12/01/2042		1,267,638
	1,325,000	6.250		12/01/2046		1,342,344
	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		631,190
	600,000	4.100		07/01/2034		584,568
	1,909,000	4.750		07/01/2043		1,844,457
	La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)(a)
	3,100,000	6.000		08/01/2028		3,029,816
	16,130,000	6.250		08/01/2040		14,922,669
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (BB/NR)(a)
	700,000	5.000		07/01/2050		730,177
	700,000	5.000		07/01/2054		727,083
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)
	1,500,000	5.000		07/01/2049		1,771,740
	1,650,000	5.000		07/01/2054		1,944,162

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Arizona – (continued)
	Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)(a)
$	250,000		5.500	%		05/01/2040	$	259,478
	950,000		5.750			05/01/2050		985,720
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (A-/A3)
	5,350,000		4.500			06/01/2030		5,571,169
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A-/A3)
	3,390,000		4.000			09/01/2029		3,552,551
	Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR)
	1,520,000		5.000			12/01/2050		1,497,884
	1,900,000		5.000			12/01/2054		1,860,252
	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		911,361
	1,000,000		5.000			07/01/2042		1,058,460
	University Medical Center Corp. RB Series 2011 (NR/WR)(e)
	3,500,000		6.000			07/01/2021		3,652,845
								151,981,868
Arkansas – 0.2%
	Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (A/NR)
	7,235,000		5.000			12/01/2047		8,768,603
	5,370,000		3.200			12/01/2049		5,524,334
								14,292,937
California – 12.0%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE) (AA-/Aa2)(c)
	1,600,000		0.000			08/01/2026		1,505,408
	Alameda County Oakland Unified School District GO Bonds Election of 2012 Series 2015 A (A-/A1)
	3,000,000		5.000			08/01/2040		3,463,860
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)(c)
	4,995,000		0.000			08/01/2037		3,347,100
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)(c)
	1,850,000		0.000			08/01/2036		1,213,748
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	465,000		5.000			05/01/2040		556,749
	1,000,000		5.000			05/01/2043		1,189,540
	Beaumont Community Facilities District No. 93-1 Special Tax for Improvement Area No 8F Series 2020 (NR/NR)
	2,750,000		4.000			09/01/2050		2,945,992
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)(c)
	1,055,000		0.000			08/01/2025		1,016,777
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BBB-/NR)
	2,755,000		5.250			05/01/2048		2,854,125
	2,850,000		5.250			05/01/2053		2,943,366
Municipal Bonds – (continued)
California – (continued)
	California County Tobacco Securitization Agency RB Refunding for Merced County Tobacco Funding Corp. Series 2020 B (NR/NR)
	1,350,000		5.000			06/01/2050		1,497,488
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/NR)
	900,000		5.000			06/01/2049		1,024,911
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(c)
	7,375,000		0.000			06/01/2055		1,603,915
	California County Tobacco Securitization Agency RB Refunding Series 2020 A (BBB+/NR)
	875,000		4.000			06/01/2049		975,100
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (BBB-/NR)
	620,000		5.000			06/01/2049		718,822
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)(c)
	32,690,000		0.000			06/01/2055		5,816,859
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)(c)
	145,220,000		0.000			06/01/2055		14,840,032
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	1,500,000		5.000			02/01/2042		1,758,375
	4,000,000		5.000			02/01/2047		4,653,640
	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		9,528,354
	California Infrastructure & Economic Development Bank RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)(a)
	1,000,000		5.000			01/01/2055		1,031,070
	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		1,632,848
	950,000		5.000			05/15/2052		1,105,515
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,800,000		5.000			02/01/2042		2,071,998
	17,675,000		5.000			02/01/2047		20,192,804
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB-/NR)
	7,605,000		5.000			12/31/2043		8,683,161
	California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR)(a)
	1,135,000		5.000			07/01/2052		1,223,224
	California Municipal Finance Authority RB for United Airlines, Inc. Project Series 2019 (AMT) (B+/NR)
	6,105,000		4.000			07/15/2029		6,024,597

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)
California – (continued)
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
$	250,000		5.000	%		10/01/2034	$	292,112
	250,000		5.000			10/01/2036		289,648
	300,000		5.000			10/01/2037		345,363
	300,000		5.000			10/01/2038		344,376
	California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)(a)
	1,090,000		5.000			10/01/2049		1,194,815
	1,740,000		5.000			10/01/2054		1,900,219
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	6,625,000		5.000			12/31/2037		7,682,615
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(a)
	7,550,000		6.750			12/01/2028		7,337,468
	45,930,000		7.500			12/01/2040		44,533,728
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB/Baa3)(a)
	15,850,000		5.000			11/21/2045		18,200,079
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(a)
	1,540,000		5.000			06/15/2050		1,605,743
	1,030,000		5.000			06/15/2055		1,070,932
	California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (BB+/NR)(a)
	3,300,000		5.000			10/01/2050		3,664,551
	California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (BB+/NR)(a)
	750,000		5.000			07/01/2050		806,775
	1,000,000		5.000			07/01/2058		1,069,540
	California State Various Purpose GO Bonds Series 2020 (AA-/Aa2)
	20,000,000		3.000			11/01/2050		21,140,200
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	1,335,000		5.000			09/01/2030		1,496,775
	1,425,000		5.000			09/01/2037		1,568,868
	California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)(a)
	2,880,000		7.250			09/01/2050		2,978,554
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	850,000		4.000			09/02/2044		889,423
	685,000		5.000			09/02/2049		771,043
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	1,495,000		5.000			09/02/2038		1,740,913
	575,000		5.000			09/02/2043		661,238
	1,785,000		5.000			09/02/2048		2,033,954
Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)
	1,345,000		5.000			09/02/2039		1,570,032
	895,000		5.000			09/02/2044		1,033,913
	945,000		5.000			09/02/2048		1,086,561
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR)
	950,000		5.000			09/02/2039		1,090,410
	1,080,000		5.000			09/02/2044		1,219,676
	1,570,000		5.000			09/02/2049		1,764,633
	California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)(a)
	375,000		5.000			06/01/2034		393,244
	475,000		5.000			06/01/2039		490,480
	1,340,000		5.000			06/01/2051		1,360,194
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875			11/01/2043		1,968,656
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (BB-/NR)(a)
	9,000,000		5.500			12/01/2058		10,071,810
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (A-/NR)
	500,000		5.000			08/01/2038		596,675
	3,000,000		4.000			08/01/2045		3,121,680
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (BB+/NR)(a)
	2,350,000		5.250			07/01/2039		2,279,453
	3,125,000		5.250			07/01/2049		3,031,312
	1,450,000		5.250			07/01/2052		1,406,529
	California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)(a)
	1,270,000		3.000			11/01/2022		1,271,207
	935,000		5.000			11/01/2032		1,001,656
	1,875,000		5.000			11/01/2041		1,956,656
	California Statewide Communities Development Authority RB Refunding for Enloe Medical Center Series 2015 (CA MTG INS) (AA-/NR)
	2,875,000		5.000			08/15/2038		3,397,445
	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		1,340,688
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (BB-/NR)
	7,460,000		5.500			12/01/2054		8,068,512
	California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR)
	1,230,000		4.000			09/02/2050		1,264,551
	945,000		5.000			09/02/2050		1,062,085

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
$	2,220,000		5.000	%		09/02/2038	$	2,590,340
	2,500,000		5.000			09/02/2048		2,848,675
	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		4,154,362
	5,750,000		5.000			05/15/2047		6,333,970
	5,640,000		5.000			05/15/2050		6,202,252
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (CCC/NR)(c)
	35,600,000		0.000			06/01/2046		5,022,448
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE) (NR/Baa2)(c)
	7,000,000		0.000			09/01/2033		5,252,100
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	190,000		3.000			09/01/2037		188,089
	195,000		3.000			09/01/2038		189,721
	205,000		3.000			09/01/2039		201,494
	210,000		3.000			09/01/2040		204,179
	715,000		3.125			09/01/2044		697,597
	City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR)
	865,000		4.000			09/01/2045		931,155
	City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR)
	515,000		4.000			09/01/2040		559,841
	1,500,000		4.000			09/01/2045		1,605,450
	3,000,000		4.000			09/01/2050		3,194,730
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (A+/NR)(e)
	750,000		6.500			12/01/2021		804,712
	City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)(a)
	2,850,000		5.000			09/01/2050		3,185,331
	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		3,302,700
	City of Oakland GO Bonds Series 2020 B-1 (AA/Aa1)
	4,750,000		3.000			01/15/2050		5,070,530
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	950,000		4.000			09/01/2050		1,037,162
	City of Oroville RB for Oroville Hospital Series 2019 (BB/NR)
	1,900,000		5.250			04/01/2034		2,112,933
	3,565,000		5.250			04/01/2039		3,898,541
	14,580,000		5.250			04/01/2049		15,687,643
	13,840,000		5.250			04/01/2054		14,731,850
	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		646,482
Municipal Bonds – (continued)
California – (continued)
	City of Roseville Special Tax for SVSP Westpark-Federico Community Facilities District No. 1 Series 2019 (NR/NR)
	500,000		5.000			09/01/2044		555,595
	700,000		5.000			09/01/2049		775,222
	City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	325,000		4.000			09/01/2035		352,319
	375,000		4.000			09/01/2040		400,013
	425,000		4.000			09/01/2045		448,209
	950,000		4.000			09/01/2050		998,479
	City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	475,000		4.000			09/01/2045		500,940
	640,000		4.000			09/01/2050		672,659
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(a)
	280,000		5.000			09/01/2032		316,103
	700,000		5.000			09/01/2037		782,033
	1,745,000		5.000			09/01/2047		1,926,026
	City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR)
	1,100,000		4.000			09/01/2045		1,136,586
	1,500,000		4.000			09/01/2050		1,542,135
	City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)
	405,000		5.000			09/01/2044		463,012
	535,000		5.000			09/01/2049		609,253
	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		1,370,138
	200,000		4.000			09/01/2045		212,428
	1,420,000		5.000			09/01/2049		1,578,145
	County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR)
	695,000		3.000			09/01/2050		649,332
	1,875,000		4.000			09/01/2050		1,986,112
	Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL-RE) (A-/Baa2)(c)
	1,305,000		0.000			08/01/2027		1,200,483
	Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
	2,285,000		5.000			09/01/2037		2,647,698
	6,680,000		5.000			09/01/2047		7,599,903
	East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)
	455,000		3.125			09/01/2044		447,643
	El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL-RE) (A-/Baa2)(c)
	5,400,000		0.000			08/01/2032		4,243,860
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (XLCA) (AA-/WR)(c)
	4,180,000		0.000			04/01/2029		3,703,773

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)
California – (continued)
	Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL-RE) (AA-/Aa3)(c)
$	3,460,000		0.000	%		10/01/2032	$	2,786,476
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (AA/A2)(c)
	12,000,000		0.000			01/15/2035		8,116,440
	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		40,439,156
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)(b)
	1,000,000		0.000			01/15/2032		1,184,990
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)(c)
	77,260,000		0.000			06/01/2047		16,379,120
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC-/NR)(c)
	147,670,000		0.000			06/01/2047		30,443,647
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2015 A (ST APPROP) (A+/Aa3)
	2,130,000		5.000			06/01/2045		2,449,862
	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		9,174,832
	5,400,000		5.250			06/01/2047		5,576,850
	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		3,608,080
	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		28,735,076
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)(c)
	100,945,000		0.000			06/01/2036		36,373,512
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (CCC/NR)(c)
	51,235,000		0.000			06/01/2047		8,727,370
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (CCC/NR)(c)
	260,660,000		0.000			06/01/2057		20,920,572
	Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (AA/NR)
	1,150,000		5.000			09/01/2051		1,346,040
	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		1,916,722
	1,925,000		5.000			03/01/2057		2,212,941
Municipal Bonds – (continued)
California – (continued)
	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		3,021,370
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	215,000		6.625			08/01/2024		215,987
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa3)(c)
	49,925,000		0.000			08/01/2050		20,600,054
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A/NR)
	1,625,000		6.750			09/01/2026		1,710,702
	1,500,000		7.000			09/01/2031		1,571,610
	875,000		7.250			09/01/2038		915,399
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)(c)
	3,760,000		0.000			08/01/2035		2,799,997
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	14,850,000		6.500			11/01/2039		23,467,455
	M-S-R Energy Authority Gas RB Series 2009 B (BBB+/NR)
	2,000,000		6.500			11/01/2039		3,160,600
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	9,870,000		6.125			11/01/2029		12,515,456
	21,765,000		6.500			11/01/2039		34,395,230
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)(b)
	7,000,000		0.000			08/01/2030		7,733,110
	New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (ASSURED GTY) (AA/Aa3)(c)
	860,000		0.000			08/01/2025		828,842
	1,105,000		0.000			08/01/2026		1,046,324
	5,550,000		0.000			08/01/2030		4,765,952
	7,855,000		0.000			08/01/2032		6,364,200
	7,000,000		0.000			08/01/2034		5,350,240
	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		3,286,296
	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		305,627
	200,000		5.000			08/15/2028		247,632
	2,900,000		5.000			08/15/2047		3,337,813
	Orange County Community Facilities District Special Tax RB Series 2020 A (NR/NR)
	1,015,000		4.000			08/15/2040		1,108,623
	940,000		4.000			08/15/2050		1,008,216
	Oxnard School District GO Bonds Election of 2016 Series 2016 B (BAM) (AA/NR)(f)
	7,800,000		2.000			08/01/2021		8,632,806
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,500,000		5.000			11/01/2047		13,172,445

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)
$	10,750,000	7.000 %		08/01/2038	$	15,407,438
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE) (AA/Aa2)(c)
	1,840,000	0.000		08/01/2025		1,770,779
	Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (AA-/Aa3)(c)
	1,300,000	0.000		08/01/2040		818,649
	Rancho Cordova Community Facilities District No. 2003-1 Special Tax Refunding for Sunridge Anatolia Series 2016 (NR/NR)
	500,000	4.000		09/01/2030		552,495
	650,000	4.000		09/01/2031		712,991
	900,000	3.000		09/01/2032		921,852
	820,000	3.000		09/01/2033		836,638
	750,000	3.000		09/01/2034		762,795
	Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR)
	400,000	5.000		09/01/2049		441,616
	Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (AA/Aa3)(c)
	6,200,000	0.000		08/01/2036		4,050,212
	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		5,189,937
	880,000	5.250		09/01/2034		938,186
	6,815,000	5.500		09/01/2045		7,224,241
	River Islands Public Financing Authority Special Tax for Community Facilities District No. 2003-1 Series 2015 B (NR/NR)
	22,500,000	5.500		09/01/2045		23,851,125
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)(c)
	2,220,000	0.000		10/01/2033		1,704,649
	2,220,000	0.000		10/01/2035		1,599,577
	1,840,000	0.000		10/01/2037		1,238,964
	5,100,000	0.000		10/01/2038		3,317,856
	8,425,000	0.000		10/01/2039		5,301,094
	13,395,000	0.000		10/01/2040		8,130,631
	7,275,000	0.000		10/01/2041		4,247,509
	6,360,000	0.000		10/01/2042		3,591,174
	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		1,301,587
	1,950,000	6.750		10/01/2030		2,076,769
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (A/NR)
	2,000,000	5.750		06/01/2048		2,168,380
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	395,000	4.000		09/01/2045		424,858
	835,000	4.000		09/01/2050		893,592
Municipal Bonds – (continued)
California – (continued)
	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		933,625
	1,865,000	5.000		09/01/2033		2,186,843
	2,250,000	5.000		09/01/2035		2,615,513
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)
	1,000,000	5.000		09/01/2049		1,107,460
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa2)(d)
	6,405,000	(3 Mo. LIBOR + 0.53%), 0.695		12/01/2035		5,541,862
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)(d)
	3,920,000	(3 Mo. LIBOR + 0.55%), 0.715		06/01/2034		3,440,270
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE) (A+/A1)(c)
	1,420,000	0.000		08/01/2025		1,365,273
	San Diego County Regional Airport Authority RB Refunding Series 2019 B (AMT) (A-/NR)
	1,000,000	4.000		07/01/2044		1,101,750
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)(c)
	10,000,000	0.000		07/01/2030		8,636,100
	3,005,000	0.000		07/01/2031		2,529,308
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 A (AMT) (A/A1)
	7,145,000	5.000		05/01/2049		8,461,824
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 E (AMT) (A/A1)
	1,450,000	4.000		05/01/2050		1,586,996
	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		510,915
	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		444,170
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (NR/Baa3)
	1,370,000	4.000		08/01/2032		1,526,988
	1,560,000	4.000		08/01/2033		1,726,764
	1,680,000	4.000		08/01/2034		1,850,218
	1,810,000	4.000		08/01/2035		1,986,041
	1,945,000	4.000		08/01/2036		2,125,846
	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		3,430,230
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE) (A+/Aa2)(c)
	1,580,000	0.000		08/01/2024		1,550,944
	1,595,000	0.000		08/01/2025		1,545,379

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)
California – (continued)
	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	$	2,106,200
	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		2,112,080
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000		5.000			07/01/2042		2,051,840
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (NR/NR)(c)
	88,700,000		0.000			06/01/2056		9,709,102
	State of California GO Bonds RMKT 10/01/12 Series 2004 A-5 (AA+/Aa1)(f)(g)
	16,310,000		0.100			10/01/2020		16,310,000
	Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements Series 2012 B (NR/NR)
	4,000,000		5.250			09/01/2042		4,246,160
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (BBB+/NR)
	4,740,000		5.000			06/01/2048		5,743,885
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB-/NR)
	3,700,000		5.000			06/01/2048		4,353,790
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)(c)
	9,510,000		0.000			06/01/2054		1,625,069
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (A-/NR)
	995,000		5.000			10/01/2045		1,229,730
	1,045,000		5.000			10/01/2049		1,284,535
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (BBB+/NR)
	1,995,000		2.400			10/01/2049		1,996,776
	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		842,490
	1,000,000		5.000			09/01/2045		1,115,500
	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		1,615,965
	University of California RB Refunding Series 2013 AL-4 (AA/Aa2)(f)(g)
	25,000,000		0.080			10/01/2020		25,000,000
	West Hollywood Community Development Commission Tax Allocation for East Side Redevelopment Project Series 2011 A (A-/NR)
	1,000,000		7.250			09/01/2031		1,063,080
	5,000,000		7.500			09/01/2042		5,309,050
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)
	1,400,000		5.000			09/01/2047		1,548,652
	William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (AA/Aa2)(c)
	8,360,000		0.000			08/01/2034		6,416,049
	Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)(b)
	19,135,000		0.000			08/01/2042		19,283,296
								1,061,255,588
Colorado – 5.1%
	Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	750,000		5.000			12/01/2037		764,490
	1,065,000		5.125			12/01/2047		1,077,663
	Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,480,000		5.000			12/01/2040		1,521,247
	2,610,000		5.000			12/01/2050		2,639,467
	Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)
	4,000,000		7.750			12/15/2050		4,011,800
	Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)(a)(b)
	1,930,000		0.000			12/01/2049		1,424,938
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,375,000		5.125			12/01/2046		2,410,839
	Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR)(a)
	1,185,000		5.250			12/01/2049		1,214,957
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)
	670,000		7.000			12/15/2047		680,693
	Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)(a)
	1,300,000		5.000			12/01/2049		1,329,653
	Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,500,000		5.125			12/01/2048		2,592,875
	Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)
	1,000,000		6.375			12/15/2047		1,027,410
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	2,250,000		5.375			12/01/2048		2,307,307
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,750,000		6.000			12/01/2037		1,827,017
	4,000,000		6.125			12/01/2047		4,180,080
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	2,000,000		6.125			12/01/2047		2,090,040
	Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)
	500,000		7.375			12/15/2047		512,055

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
$	790,000		4.375	%		12/01/2032	$	803,225
	Colorado Crossing Metropolitan District No. 2 Limited Property Tax Supported RB Series 2017 (NR/NR)
	7,390,000		7.500			12/01/2047		7,607,044
	Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (NR/Ba1)(a)
	4,000,000		5.000			10/01/2049		4,143,200
	Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (NR/Baa3)
	2,750,000		5.000			11/01/2054		2,911,837
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (A-/NR)
	3,500,000		4.500			12/01/2033		3,506,265
	3,500,000		5.000			12/01/2033		3,703,595
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (A-/NR)
	3,000,000		5.750			12/01/2036		3,313,020
	Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (NR/Baa1)
	2,650,000		4.000			09/01/2050		2,871,169
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (NR/WR)(e)
	3,000,000		5.625			06/01/2023		3,429,570
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	1,570,000		4.000			08/01/2039		1,769,202
	2,115,000		4.000			08/01/2044		2,335,023
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	7,170,000		5.000			08/01/2044		8,576,252
	2,135,000		3.250			08/01/2049		2,089,503
	4,620,000		4.000			08/01/2049		5,052,478
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (A-/NR)(e)
	4,410,000		5.000			06/01/2027		5,695,647
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	2,045,000		4.000			11/01/2039		2,330,769
	8,790,000		5.000			11/01/2039		10,800,097
	4,790,000		5.000			11/01/2044		5,823,586
	2,300,000		5.000			11/01/2049		2,776,859
	Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (BBB/NR)
	965,000		5.000			12/31/2047		1,043,927
	965,000		5.000			12/31/2051		1,041,746
	2,980,000		5.000			12/31/2056		3,203,411
	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		12,885,077
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Springs Urban Renewal Authority RB for Canyon Creek Project Series 2018 A (NR/NR)
	3,000,000		5.750			12/01/2047		3,095,670
	Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,760,000		5.000			12/01/2049		1,826,810
	Copper Ridge Metropolitan District RB Series 2019 (NR/NR)
	4,240,000		5.000			12/01/2039		4,009,683
	1,750,000		5.000			12/01/2043		1,633,888
	Copperleaf Metropolitan District No. 2 GO Refunding Series 2019 B (NR/NR)
	510,000		5.000			12/15/2049		519,455
	Copperleaf Metropolitan District No. 2 Limited Tax Convertible to Unlimited Tax GO Refunding Series 2015 (NR/NR)
	500,000		5.250			12/01/2030		515,840
	2,000,000		5.750			12/01/2045		2,058,560
	Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A (NR/NR)
	500,000		5.000			12/01/2037		513,230
	700,000		5.125			12/01/2047		714,098
	Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)
	506,000		7.625			12/15/2047		518,989
	Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.250			12/01/2048		2,050,620
	Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)
	820,000		7.500			12/15/2048		843,009
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	1,000,000		5.125			12/01/2037		1,025,010
	2,100,000		5.250			12/01/2047		2,142,525
	Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)
	3,835,000		5.000			12/01/2049		3,887,731
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)(a)
	4,165,000		5.500			12/01/2039		4,261,836
	10,900,000		5.750			12/01/2049		11,172,064
	Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)(a)
	2,370,000		8.000			12/15/2049		2,400,692
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (B/NR)
	17,970,000		5.000			10/01/2032		18,056,436
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(a)
	5,555,000		5.000			12/01/2028		6,629,781
	7,200,000		5.000			12/01/2034		8,333,496
	4,800,000		4.000			12/01/2035		5,175,552
	4,800,000		4.000			12/01/2036		5,157,648
	Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)
	2,470,000		5.375			08/01/2047		2,542,075

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)
Colorado – (continued)
	Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)
$	1,269,000		8.000	%		08/01/2047	$	1,296,220
	Denver Convention Center Hotel Authority RB Refunding Series 2016 (BBB-/Baa2)
	665,000		5.000			12/01/2030		716,690
	2,500,000		5.000			12/01/2032		2,688,325
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	425,000		5.000			12/01/2032		503,893
	1,825,000		4.000			12/01/2038		1,965,835
	1,690,000		5.000			12/01/2048		1,923,710
	Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)
	1,185,000		4.000			12/01/2038		1,286,223
	1,900,000		4.000			12/01/2039		2,055,933
	950,000		4.000			12/01/2040		1,024,793
	Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR)
	3,800,000		5.000			06/01/2049		3,844,840
	E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE) (A/A2)(c)
	3,000,000		0.000			09/01/2039		1,416,480
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)(c)
	15,000,000		0.000			09/01/2028		13,450,050
	4,100,000		0.000			09/01/2034		3,084,553
	E-470 Public Highway Authority RB Series 2010 A (A/A2)(c)
	20,000,000		0.000			09/01/2040		12,172,800
	First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)
	1,580,000		5.000			08/01/2049		1,663,835
	First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR)
	515,000		6.750			08/01/2049		542,357
	Fitzsimons Village Metropolitan District No. 1 GO Refunding Bonds Series 2020 A (NR/NR)
	1,045,000		5.000			12/01/2049		1,054,624
	Flying Horse Metropolitan District No. 2 GO Refunding Bonds Series 2020 A (AGM) (AA/A2)
	2,185,000		4.000			12/01/2050		2,530,208
	Forest Trace Metropolitan District No. 3 GO Unlimited Bonds Series 2016 A (NR/NR)(e)
	1,000,000		5.000			12/01/2021		1,085,580
	Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR)
	4,500,000		5.750			12/01/2048		4,686,480
	Haskins Station Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000		5.000			12/01/2039		665,099
	925,000		5.000			12/01/2049		932,678
	High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL-RE) (NR/Baa2)
	3,930,000		4.000			12/01/2047		4,312,153
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.000			12/01/2049		1,031,190
Municipal Bonds – (continued)
Colorado – (continued)
	Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (NR/Ba2)
	580,000		4.125			12/01/2040		588,973
	900,000		4.375			12/01/2047		916,263
	Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,980,000		5.000			12/01/2050		1,994,711
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	4,190,000		5.000			12/01/2049		4,275,392
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR)
	683,000		7.750			12/15/2049		699,010
	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		1,283,988
	Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,180,000		5.750			12/01/2050		1,206,137
	Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/NR)
	525,000		4.875			12/01/2040		528,061
	750,000		5.125			12/01/2050		755,805
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	2,665,000		5.000			12/01/2049		2,692,849
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)
	1,473,000		7.375			12/15/2049		1,457,445
	Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR)
	980,000		5.000			12/01/2049		990,241
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	1,260,000		5.500			12/01/2048		1,298,695
	North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)
	3,270,000		5.625			12/01/2037		3,423,134
	5,380,000		5.750			12/01/2047		5,604,346
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR)
	330,000		4.000			12/01/2032		363,082
	320,000		4.000			12/01/2033		348,442
	190,000		4.000			12/01/2034		207,049
	550,000		4.000			12/01/2036		593,186
	215,000		4.000			12/01/2038		230,151
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	2,095,000		4.375			12/01/2031		2,114,044
	1,825,000		5.000			12/01/2046		1,853,652
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR)
	4,711,000		7.250			12/15/2049		4,734,885
	Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,500,000		5.125			12/01/2049		1,528,275

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR)
$	2,140,000		5.000	%		12/01/2040	$	2,167,820
	3,335,000		5.250			12/01/2050		3,378,655
	Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR)
	1,924,000		7.750			12/15/2050		1,943,644
	Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)
	1,200,000		5.000			12/01/2050		1,220,340
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)(a)
	1,000,000		5.000			12/01/2040		1,019,040
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	800,000		5.000			12/01/2049		816,296
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,000,000		5.625			12/01/2048		2,082,660
	Prairie Center Metropolitan District No. 3 Limited Property Tax Supported RB Refunding Series 2017 A (NR/NR)(a)
	3,000,000		5.000			12/15/2041		3,065,550
	Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR)
	900,000		4.125			12/15/2036		906,192
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	4,200,000		6.500			11/15/2038		6,645,366
	Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	9,930,000		5.000			12/01/2049		10,030,591
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,150,000		5.000			12/01/2049		1,176,738
	Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR)(a)
	1,055,000		5.000			12/01/2050		1,087,905
	Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)
	3,450,000		5.000			12/01/2039		3,541,667
	5,695,000		5.000			12/01/2049		5,773,306
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	550,000		5.125			12/01/2037		570,015
	1,000,000		5.125			12/01/2043		1,026,180
	Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)
	635,000		7.250			12/15/2035		653,625
	Settler’s Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR)(a)
	1,000,000		5.000			12/01/2040		1,021,840
	1,625,000		5.125			12/01/2050		1,650,578
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	1,500,000		5.500			12/01/2046		1,547,925
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	750,000		4.500			12/01/2031		763,350
Municipal Bonds – (continued)
Colorado – (continued)
	Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)
	1,460,000		5.000			12/01/2049		1,487,798
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	375,000		4.000			12/01/2039		425,074
	750,000		4.000			12/01/2044		838,388
	2,210,000		3.000			12/01/2049		2,268,653
	South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR)
	2,208,000		8.000			12/15/2048		2,265,165
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500			12/01/2048		519,775
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	2,550,000		5.125			12/01/2047		2,595,441
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/Baa1)
	650,000		5.000			12/01/2039		750,880
	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		9,087,072
	18,750,000		5.000			12/01/2047		19,001,812
	Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.625			12/01/2047		2,079,460
	Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (NR/Baa3)
	8,000,000		6.000			12/01/2050		9,476,560
	The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,100,000		5.000			12/01/2040		1,146,321
	1,750,000		5.000			12/01/2049		1,803,060
	Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,730,000		5.750			12/01/2050		1,804,926
	Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)
	880,000		5.250			12/01/2037		908,908
	2,400,000		5.375			12/01/2047		2,466,264
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)
	805,000		5.000			12/01/2050		979,782
	Vauxmont Metropolitan District Limited Tax Convertible to Unlimited Tax GO Refunding Bonds Series 2019 (AGM) (AA/NR)
	1,205,000		3.250			12/15/2050		1,284,048
	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		1,509,838
	Vista Ridge Metropolitan District GO Refunding Bonds Limited Tax Subseries 2006 B (NR/NR)(e)
	1,725,000		9.500			12/01/2021		1,933,967
	Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)
	880,000		5.000			12/01/2047		895,963

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)
Colorado – (continued)
	Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)
$	1,490,000		7.375	%		12/15/2047	$	1,530,781
	Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		1,031,260
	2,500,000		5.000			12/01/2047		2,545,350
	Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR)(a)
	980,000		5.000			12/01/2050		1,020,435
	Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR)
	181,000		7.750			12/15/2050		187,561
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	3,470,000		5.375			12/01/2048		3,597,592
	Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.000			12/01/2049		1,021,040
	Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,500,000		6.500			12/01/2047		1,620,315
								454,204,868
Connecticut – 0.6%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	900,000		5.500			08/01/2034		1,068,876
	500,000		5.500			08/01/2035		591,700
	420,000		5.500			08/01/2036		495,163
	400,000		5.500			08/01/2037		470,136
	410,000		5.500			08/01/2038		480,541
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (BB+/NR)(a)
	1,150,000		5.000			01/01/2045		1,219,437
	1,650,000		5.000			01/01/2055		1,735,701
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)(f)(g)
	20,535,000		0.050			10/01/2020		20,535,000
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/ NR)
	1,015,000		4.000			07/01/2039		1,013,152
	3,500,000		4.000			07/01/2044		3,396,995
	3,500,000		4.000			07/01/2049		3,341,940
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (CCC+/NR)(a)
	20,200,000		7.000			02/01/2045		19,623,694
	State of Connecticut GO Bonds Series 2018 C (A/A1)
	450,000		5.000			06/15/2032		567,333
	State of Connecticut GO Unlimited Bonds Series 2019 A (A/A1)
	500,000		4.000			04/15/2037		579,400
	Town of Hamden GO Refunding Bonds Series 2013 (AGM) (AA/A2)
	500,000		5.000			08/15/2023		553,085
								55,672,153
Municipal Bonds – (continued)
Delaware – 0.3%
	Bridgeville Delaware Special Obligation Special Tax for Heritage Shores Special Development District Series 2005 A (NR/NR)
	4,424,000		5.450			07/01/2035		4,325,035
	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		4,291,622
	Delaware Economic Development Authority RB for Indian River Power LLC Project Series 2010 (NR/Baa2)
	2,050,000		5.375			10/01/2045		2,055,473
	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		6,816,499
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)
	855,000		5.000			08/01/2049		947,828
	795,000		5.000			08/01/2054		879,238
	Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (BBB+/NR)
	1,900,000		5.000			09/01/2050		2,213,215
								21,528,910
District of Columbia – 1.1%
	District of Columbia RB for International School Series 2019 (BBB/NR)
	1,275,000		5.000			07/01/2049		1,432,883
	1,140,000		5.000			07/01/2054		1,278,077
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	655,000		4.000			07/01/2044		699,494
	1,300,000		4.000			07/01/2049		1,380,379
	Metropolitan Washington Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2009 C (ASSURED GTY) (AA/A3)
	25,000,000		6.500			10/01/2041		31,392,500
	Metropolitan Washington Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (A-/Baa1)
	37,100,000		6.500			10/01/2044		47,811,141
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2)
	815,000		4.000			10/01/2044		898,081
	1,075,000		5.000			10/01/2047		1,280,207
	1,610,000		4.000			10/01/2049		1,761,452
	2,955,000		4.000			10/01/2053		3,220,507
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)
	2,470,000		3.000			10/01/2050		2,479,658
	4,095,000		4.000			10/01/2053		4,500,446
								98,134,825
Florida – 14.5%
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR)
	3,725,000		4.750			05/01/2036		3,988,283

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
$	630,000		5.000	%		05/01/2039	$	674,881
	1,035,000		5.100			05/01/2049		1,107,657
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,580,000		3.625			05/01/2040		1,587,268
	5,755,000		4.000			05/01/2051		5,835,858
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	500,000		3.750			05/01/2029		521,850
	Amelia National Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)
	3,025,000		6.300			05/01/2035		3,087,224
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	1,725,000		3.500			05/01/2031		1,827,706
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	3,970,000		3.500			05/01/2032		4,442,311
	6,700,000		3.700			05/01/2036		7,471,840
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	745,000		4.625			05/01/2028		775,568
	1,815,000		5.000			05/01/2036		1,940,271
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B (NR/NR)
	3,925,000		6.900			05/01/2025		3,970,608
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)
	3,560,000		6.900			05/01/2036		3,593,286
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)
	930,000		6.900			05/01/2036		932,260
	Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)
	530,000		4.000			11/01/2040		539,598
	3,320,000		4.000			11/01/2050		3,361,500
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(a)
	1,845,000		5.100			05/01/2039		1,975,884
	3,080,000		5.200			05/01/2049		3,295,292
	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		687,898
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	750,000		5.750			05/01/2048		857,422
Municipal Bonds – (continued)
Florida – (continued)
	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		2,185,997
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(a)
	900,000		4.500			06/01/2039		955,206
	1,630,000		4.625			06/01/2049		1,713,652
	Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR)(a)
	550,000		4.000			05/01/2051		561,423
	Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR)(a)
	1,000,000		4.000			05/01/2050		1,020,770
	Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR)(a)
	390,000		4.000			05/01/2051		398,100
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	185,000		4.250			11/01/2021		187,655
	915,000		4.750			11/01/2026		972,169
	705,000		5.000			11/01/2031		748,082
	6,020,000		5.250			11/01/2046		6,399,621
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(a)
	935,000		5.000			11/01/2049		1,020,403
	750,000		5.125			11/01/2049		825,675
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	320,000		4.500			11/01/2025		333,696
	975,000		5.000			11/01/2036		1,074,255
	1,075,000		5.000			11/01/2048		1,172,589
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	1,855,000		4.250			05/01/2029		2,064,652
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (BBB/NR)
	920,000		5.000			05/01/2035		976,368
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	950,000		3.750			05/01/2031		1,060,409
	1,100,000		4.000			05/01/2037		1,187,626
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	1,610,000		4.250			05/01/2031		1,810,638
	2,810,000		4.250			05/01/2037		3,100,976
	Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)(a)
	2,620,000		6.375			11/01/2049		2,796,457
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)
	595,000		6.000			11/01/2027		684,417
	490,000		3.750			11/01/2031		502,446

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)
Florida – (continued)
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR) – (continued)
$	2,980,000		6.500	%		11/01/2043	$	3,712,901
	1,495,000		4.125			11/01/2046		1,505,315
	Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR)(h)
	1,045,000		4.000			05/01/2040		1,061,584
	1,630,000		4.000			05/01/2051		1,629,968
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	770,000		6.125			11/01/2033		915,730
	1,000,000		6.500			11/01/2043		1,226,590
	Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	105,000		3.500			05/01/2021		105,412
	500,000		4.100			05/01/2026		520,615
	1,755,000		4.700			05/01/2036		1,825,639
	3,200,000		4.875			05/01/2047		3,320,864
	Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	325,000		3.750			06/15/2040		327,626
	950,000		4.000			06/15/2050		955,434
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	900,000		4.250			06/15/2039		938,547
	2,650,000		4.500			06/15/2049		2,774,232
	Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	565,000		3.625			05/01/2040		567,034
	1,590,000		4.000			05/01/2050		1,602,561
	Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)
	7,020,000		5.750			05/01/2035		7,767,911
	Brookstone Community Development District Special Assessment RB Series 2018 (NR/NR)(a)
	385,000		3.875			11/01/2023		389,705
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,000,000		4.000			12/15/2039		1,016,140
	1,350,000		4.000			12/15/2049		1,361,637
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)
	31,915,000		5.875			07/01/2054		22,340,500
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)(a)
	58,380,000		5.250			12/01/2058		57,616,973
	Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (NR/Ba1)(a)
	1,155,000		5.000			12/15/2049		1,215,279
	1,075,000		5.000			12/15/2054		1,126,192
	Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (NR/Baa3)
	275,000		5.000			08/01/2040		318,576
	750,000		5.000			08/01/2055		850,298
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (NR/Ba2)(a)
	525,000		5.250			12/01/2043		524,344
Municipal Bonds – (continued)
Florida – (continued)
	Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)
	290,000		4.000			05/01/2024		294,843
	500,000		5.125			05/01/2038		526,530
	1,000,000		5.250			05/01/2049		1,052,160
	Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)
	375,000		4.125			12/15/2027		394,523
	500,000		4.500			12/15/2032		534,545
	975,000		4.700			12/15/2037		1,044,176
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A/NR)
	200,000		3.500			11/01/2020		200,536
	210,000		3.750			11/01/2021		217,856
	215,000		3.875			11/01/2022		226,152
	25,000		4.000			11/01/2023		26,367
	1,705,000		4.500			11/01/2031		1,789,926
	Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	675,000		3.750			05/01/2040		680,454
	750,000		4.000			05/01/2050		753,600
	Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR)
	1,510,000		4.375			05/01/2050		1,553,443
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(a)
	900,000		5.500			10/01/2036		978,210
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)(a)
	5,400,000		5.000			10/01/2049		5,916,564
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,750,000		4.000			10/01/2034		1,956,395
	City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (A/NR)
	2,000,000		4.000			11/01/2045		2,197,620
	5,000,000		5.000			11/01/2050		5,968,900
	City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A-/A2)
	1,495,000		4.000			07/01/2045		1,673,622
	1,740,000		5.000			07/01/2050		2,116,258
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BBB-/NR)
	480,000		5.000			01/01/2037		520,642
	1,725,000		5.000			01/01/2047		1,841,317
	1,615,000		5.000			01/01/2052		1,712,255
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)(b)
	25,620,000		0.000			05/01/2046		27,513,830
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,250,000		5.000			05/01/2026		2,579,422

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)(a)
$	500,000		4.750	%		06/15/2039	$	543,620
	1,000,000		5.000			06/15/2049		1,084,720
	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		3,192,543
	1,500,000		3.625			05/01/2035		1,594,365
	1,750,000		3.750			05/01/2046		1,825,705
	Concorde Estates Community Development District RB for Capital Improvement Series 2017 B (NR/NR)(c)
	1,130,000		0.000			11/01/2027		703,323
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 A (NR/NR)*
	3,305,000		5.850			05/01/2035		33
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2004 B (NR/NR)*
	3,980,000		5.000			05/01/2011		40
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,195,000		5.850			05/01/2035		2,771,471
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	1,450,000		5.850			05/01/2035		1,090,153
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)*(c)
	2,939,931		0.000			11/01/2017		1,558,163
	Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
	220,000		3.875			11/01/2024		224,571
	270,000		4.000			11/01/2029		285,285
	500,000		4.750			11/01/2038		545,455
	1,000,000		5.000			11/01/2049		1,085,970
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	425,000		4.000			12/15/2039		435,081
	1,000,000		4.250			12/15/2049		1,029,930
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	535,000		4.000			05/01/2040		551,863
	760,000		4.000			05/01/2050		769,447
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(a)
	3,355,000		5.125			11/01/2050		3,743,945
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	782,000		4.000			05/01/2031		871,085
	1,407,000		4.250			05/01/2038		1,547,869
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (A-/NR)
	960,000		3.750			05/01/2029		1,038,154
Municipal Bonds – (continued)
Florida – (continued)
	County of Broward RB for Airport System Series 2019 A (AMT) (A/A1)
	4,505,000		4.000			10/01/2049		4,936,264
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	2,060,000		4.000			09/01/2044		2,183,209
	County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR)(h)
	4,000,000		5.750			08/15/2050		4,081,080
	2,000,000		5.750			08/15/2055		2,025,340
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	1,340,000		5.000			10/01/2049		1,609,622
	1,610,000		4.000			10/01/2054		1,773,962
	Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (BBB/NR)
	500,000		4.000			05/01/2038		544,805
	1,175,000		4.125			05/01/2048		1,273,723
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)(a)
	1,570,000		4.700			11/01/2039		1,669,083
	2,500,000		4.750			11/01/2049		2,647,300
	Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)(a)
	1,175,000		3.800			05/01/2050		1,177,785
	Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)
	525,000		4.000			06/15/2040		536,860
	1,500,000		4.000			06/15/2050		1,509,540
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	3,170,000		5.125			11/01/2048		3,461,228
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,670,000		5.400			05/01/2039		1,789,305
	2,655,000		5.500			05/01/2044		2,858,452
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	2,655,000		5.400			05/01/2049		2,858,054
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,000,000		4.750			12/15/2038		1,110,080
	2,995,000		5.000			12/15/2048		3,313,428
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	3,090,000		3.750			05/01/2034		3,433,176
	4,275,000		4.000			05/01/2037		4,715,966
	Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)(a)
	950,000		4.125			05/01/2040		985,796
	3,785,000		4.125			05/01/2051		3,899,875
	East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,000,000		5.000			11/01/2048		1,053,250

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)
Florida – (continued)
	East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR)
$	500,000		4.750	%		11/01/2039	$	536,175
	920,000		5.000			11/01/2049		987,270
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM) (AA/A2)
	4,745,000		3.000			08/15/2050		4,854,562
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (AGM-CR) (AA/A2)
	3,240,000		4.000			08/15/2045		3,601,616
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	7,640,000		4.000			08/15/2045		8,353,270
	6,690,000		4.000			08/15/2050		7,284,674
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR)
	985,000		4.000			11/01/2040		1,014,491
	3,560,000		4.125			11/01/2050		3,645,297
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)
	400,000		4.000			11/01/2040		411,976
	2,775,000		4.125			11/01/2050		2,841,489
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	905,000		6.375			11/01/2026		1,001,681
	3,245,000		7.000			11/01/2045		3,867,359
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR)
	900,000		5.250			11/01/2035		949,212
	1,360,000		5.375			11/01/2046		1,434,909
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(a)
	1,245,000		5.000			11/01/2039		1,339,844
	1,800,000		5.125			11/01/2049		1,930,194
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	2,570,000		5.000			05/01/2035		2,970,560
	Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)
	185,000		4.000			05/01/2040		188,839
	500,000		4.200			05/01/2050		510,440
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,475,000		4.375			05/01/2034		1,553,367
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (AA/NR)
	1,250,000		3.000			11/01/2041		1,237,963
	Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)(a)
	1,650,000		5.000			06/01/2040		1,707,354
	2,595,000		5.000			06/01/2055		2,647,860
Municipal Bonds – (continued)
Florida – (continued)
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)(a)
	4,650,000		5.000			12/15/2049		5,236,690
	Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)(a)
	830,000		5.000			06/01/2040		856,054
	1,850,000		5.000			06/01/2050		1,884,058
	Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)(a)
	2,085,000		5.000			09/15/2050		2,206,535
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)(a)(f)(g)
	3,000,000		6.250			01/01/2024		2,625,540
	14,940,000		6.375			01/01/2026		12,923,100
	42,000,000		6.500			01/01/2029		36,331,260
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)(a)
	1,750,000		4.750			06/01/2038		1,708,998
	3,000,000		5.000			06/01/2048		2,946,840
	Florida Higher Educational Facilities Financial Authority RB Refunding for St. Leo University, Inc. Obligated Group Series 2019 (BBB-/NR)
	2,580,000		5.000			03/01/2044		2,750,357
	5,805,000		5.000			03/01/2049		6,157,828
	Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (BBB+/ NR)
	6,060,000		5.000			03/01/2047		6,393,482
	Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (A-/NR)(e)
	600,000		5.000			04/01/2022		642,468
	5,830,000		5.250			04/01/2022		6,264,452
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	725,000		5.000			11/01/2047		788,177
	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		1,040,260
	4,580,000		4.375			11/01/2049		4,785,871
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	700,000		4.000			05/01/2031		770,658
	1,000,000		4.125			05/01/2038		1,076,280
	Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (BBB/NR)
	1,855,000		3.250			11/01/2049		1,860,713
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	250,000		4.000			11/01/2049		252,845
	Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)(a)
	1,280,000		4.000			05/01/2040		1,304,486
	1,190,000		4.000			05/01/2051		1,193,737
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	1,100,000		4.250			05/01/2040		1,101,826
	1,375,000		4.500			05/01/2052		1,383,016

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
$	3,165,000		5.000	%		11/15/2026	$	3,242,764
	5,000,000		5.000			11/15/2036		5,051,050
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A+/A1)
	3,540,000		5.000			10/01/2047		4,076,381
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	3,000,000		4.375			11/01/2049		3,137,190
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	1,520,000		4.500			05/01/2036		1,598,767
	2,295,000		4.625			05/01/2046		2,385,239
	Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR)(h)
	540,000		4.000			05/01/2040		548,559
	860,000		4.000			05/01/2051		859,974
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	925,000		3.750			05/01/2034		961,760
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	2,140,000		3.875			05/01/2039		2,227,997
	1,400,000		4.100			05/01/2048		1,460,494
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)(a)
	1,725,000		4.000			05/01/2031		1,933,898
	1,335,000		4.250			05/01/2035		1,485,161
	1,810,000		4.250			05/01/2039		1,994,149
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	640,000		3.875			11/01/2039		653,517
	1,150,000		4.000			11/01/2051		1,163,961
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	200,000		4.000			11/01/2039		203,844
	500,000		4.250			11/01/2051		512,475
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	755,000		5.000			05/01/2034		851,632
	2,170,000		5.125			05/01/2045		2,442,335
	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		543,365
	500,000		5.150			05/01/2034		540,415
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	1,895,000		5.700			05/01/2036		1,898,563
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	2,205,000		4.200			05/01/2031		2,409,734
	2,000,000		4.350			05/01/2036		2,159,960
Municipal Bonds – (continued)
Florida – (continued)
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	475,000		3.625			05/01/2040		477,479
	665,000		4.000			05/01/2050		667,584
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)(a)
	1,000,000		4.875			12/15/2038		1,067,550
	1,000,000		5.000			12/15/2048		1,067,570
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,000,000		4.250			05/01/2031		1,126,410
	2,150,000		4.250			05/01/2036		2,358,765
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)
	1,000,000		4.375			11/01/2050		1,043,600
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	2,295,000		5.000			11/01/2048		2,557,892
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)(a)
	1,065,000		4.000			05/01/2040		1,091,359
	2,375,000		4.000			05/01/2050		2,414,496
	Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR)
	180,000		5.000			11/01/2041		193,147
	520,000		5.000			11/01/2050		554,414
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(a)
	470,000		5.125			11/01/2049		503,257
	Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	2,500,000		4.125			05/01/2035		2,619,200
	Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	990,000		5.000			11/01/2047		1,050,647
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	290,000		3.500			05/01/2040		288,770
	470,000		3.750			05/01/2050		471,119
	Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR)
	2,000,000		5.000			05/01/2048		2,145,220
	Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,340,000		4.000			06/15/2040		1,407,054
	1,060,000		4.000			06/15/2050		1,090,888
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	600,000		4.000			05/01/2040		617,856
	1,900,000		4.000			05/01/2050		1,925,650

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)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR)
$	525,000		3.200	%		05/01/2030	$	527,110
	525,000		3.750			05/01/2040		527,935
	670,000		3.900			05/01/2050		671,045
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(a)
	1,085,000		3.625			05/01/2040		1,082,711
	2,500,000		3.875			05/01/2051		2,507,900
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	250,000		3.850			05/01/2039		253,650
	575,000		4.000			05/01/2049		582,498
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	2,000,000		6.700			05/01/2033		2,139,180
	4,765,000		7.000			05/01/2043		5,125,425
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)
	6,320,000		5.600			05/01/2044		7,077,326
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	530,000		4.400			05/01/2039		559,208
	1,615,000		4.500			05/01/2049		1,695,831
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(a)
	1,000,000		5.000			05/01/2037		1,072,270
	2,370,000		5.125			05/01/2047		2,529,904
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(a)
	575,000		3.750			05/01/2039		579,468
	555,000		4.000			05/01/2049		561,987
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	985,000		4.400			05/01/2039		1,043,282
	1,120,000		4.500			05/01/2049		1,176,056
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre & NW Sector Project Series 2011 (NR/NR)(e)
	19,180,000		8.000			05/01/2021		20,037,154
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	305,000		4.000			05/01/2022		309,559
	1,125,000		4.625			05/01/2027		1,200,094
	2,500,000		5.250			05/01/2037		2,732,050
	5,820,000		5.375			05/01/2047		6,341,996
	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		1,251,868
	2,545,000		5.100			05/01/2048		2,705,997
	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		4,139,647
Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	410,000		4.000			05/01/2021		413,469
	1,325,000		4.250			05/01/2026		1,384,572
	5,630,000		5.000			05/01/2036		6,055,346
	13,945,000		5.125			05/01/2046		14,980,277
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	1,735,000		2.500			05/01/2033		1,756,653
	1,685,000		2.625			05/01/2037		1,692,582
	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		1,255,920
	2,250,000		4.875			05/01/2049		2,434,118
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (BBB/NR)
	1,930,000		3.000			05/01/2035		1,933,165
	1,990,000		3.000			05/01/2038		1,968,488
	Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)
	645,000		3.375			05/01/2030		659,919
	895,000		4.000			05/01/2038		930,397
	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		2,706,652
	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		1,626,745
	1,860,000		4.000			05/01/2036		2,075,983
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	985,000		5.125			05/01/2048		1,046,592
	1,775,000		5.125			05/01/2049		1,884,056
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	3,495,000		5.400			05/01/2030		3,061,795
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	1,685,000		5.375			05/01/2030		1,601,946
	LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)
	3,800,000		4.000			05/01/2050		3,841,268
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	865,000		4.625			05/01/2039		918,742
	1,350,000		4.750			05/01/2050		1,430,744
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,765,000		4.000			06/15/2039		1,807,978
	2,930,000		4.375			06/15/2049		3,033,927

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
$	1,940,000		5.000	%		05/01/2032	$	2,028,076
	McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	2,800,000		5.125			11/01/2038		3,227,308
	4,750,000		5.250			11/01/2049		5,463,878
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2005 (NR/NR)*
	880,000		5.250			05/01/2015		21,120
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2007 B (NR/NR)*
	1,380,000		6.150			11/01/2014		33,120
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-1 (NR/NR)
	370,000		6.000			05/01/2036		380,501
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)
	730,000		6.250			05/01/2038		755,521
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)
	565,000		7.250			05/01/2035		613,104
	Meadow Pointe IV Community Development District Special Assessment for Capital Improvement Series 2005 (NR/NR)*
	1,075,000		5.250			05/01/2015		25,800
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	1,000,000		4.750			05/01/2037		1,094,770
	1,700,000		5.000			05/01/2048		1,845,775
	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		1,650,915
	Miami RB Refunding for Miami Tunnel Project Series 2012 (NR/Aa3)(a)
	1,165,000		5.000			03/01/2030		1,290,575
	Miami RB Refunding for Miami Tunnel Project Series 2012 (NR/NR)(a)(e)
	10,595,000		5.000			03/01/2023		11,797,215
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	600,000		4.000			11/01/2023		610,098
	600,000		4.750			11/01/2027		644,088
	4,000,000		5.125			11/01/2039		4,349,480
	4,135,000		5.250			11/01/2049		4,485,317
	Miami-Dade County Educational Facilities Authority RB for University of Miami Series 2018 A (A-/A3)
	10,085,000		4.000			04/01/2053		10,809,910
	Midtown Miami Community Development District Special Assessment RB Refunding for Parking Garage Project Series 2014 A (NR/NR)
	3,440,000		5.000			05/01/2029		3,602,299
	3,515,000		5.000			05/01/2037		3,634,264
	Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)
	2,035,000		5.000			05/01/2028		2,174,601
	1,220,000		5.000			05/01/2035		1,283,855
Municipal Bonds – (continued)
Florida – (continued)
	Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	2,000,000		4.000			12/15/2049		2,036,720
	Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (AA/NR)
	1,820,000		3.500			05/01/2036		1,948,710
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	740,000		5.250			11/01/2035		796,114
	1,240,000		5.625			11/01/2045		1,341,308
	Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,185,000		5.125			11/01/2048		1,254,915
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)(a)
	815,000		3.500			05/01/2038		857,258
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)(a)
	55,000		3.500			05/01/2031		55,877
	150,000		4.000			05/01/2038		153,696
	New River Community Development District Special Assessment Series 2006 B (NR/NR)*
	3,260,000		5.000			05/01/2013		33
	North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (A/NR)
	3,000,000		5.000			10/01/2049		3,636,060
	6,580,000		5.000			10/01/2054		7,945,021
	Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR)(h)
	345,000		4.000			06/15/2040		358,151
	955,000		4.000			06/15/2050		975,695
	Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	2,200,000		4.850			05/01/2039		2,448,226
	3,625,000		5.000			05/01/2049		4,033,465
	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		1,772,753
	1,765,000		5.000			04/01/2025		1,857,980
	1,005,000		5.000			04/01/2026		1,056,828
	Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	840,000		4.000			05/01/2040		858,312
	905,000		4.000			05/01/2050		910,041
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,680,000		5.375			11/01/2038		1,864,514
	3,300,000		5.500			11/01/2049		3,657,786
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2010 A-1 (NR/NR)
	855,000		6.125			05/01/2035		864,499
	Overoaks Community Development District Special Assessment for Capital Improvement Series 2010 A-2 (NR/NR)
	1,170,000		6.125			05/01/2035		1,184,391

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Palm Beach County Health Facilities Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 B (BBB/NR)
$	2,700,000		4.000	%		05/15/2053	$	2,599,830
	2,175,000		5.000			05/15/2053		2,312,373
	Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)
	1,175,000		4.300			05/01/2050		1,203,400
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	400,000		4.000			11/01/2038		449,672
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	3,290,000		4.200			11/01/2048		3,636,141
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	3,155,000		3.750			05/01/2031		3,461,760
	2,040,000		4.000			05/01/2036		2,231,699
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	700,000		4.000			05/01/2027		735,882
	2,380,000		5.000			05/01/2039		2,616,001
	Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (AA/NR)
	530,000		4.125			05/01/2035		578,983
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	1,855,000		5.250			05/01/2039		2,022,543
	5,095,000		5.375			05/01/2050		5,487,570
	Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR)
	890,000		5.500			11/01/2032		982,702
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	2,285,000		4.700			05/01/2049		2,612,121
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	800,000		4.375			05/01/2031		917,520
	1,065,000		4.500			05/01/2034		1,207,114
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	3,200,000		4.375			05/01/2036		3,655,104
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)(a)
	655,000		3.300			05/01/2030		658,511
	695,000		3.750			05/01/2037		699,441
	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		2,533,324
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
	555,000		3.625			05/01/2040		549,211
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	1,920,000		3.500			05/01/2037		1,889,165
Municipal Bonds – (continued)
Florida – (continued)
	Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB/NR)
	2,800,000		4.750			05/01/2033		2,961,952
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	1,045,000		5.375			11/01/2049		1,126,155
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	250,000		4.000			11/01/2039		255,167
	1,205,000		4.000			11/01/2050		1,209,531
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 1 (NR/NR)
	910,000		6.600			05/01/2033		916,780
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 2 (NR/NR)
	625,000		6.600			05/01/2036		625,850
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 3 (NR/NR)
	2,260,000		6.600			05/01/2033		2,276,837
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	3,070,000		5.000			05/01/2025		3,343,138
	6,830,000		5.000			05/01/2033		7,608,347
	Reunion East Community Development District Special Assessment Series 2002 A-2 (NR/NR)*
	2,170,000		7.200			05/01/2022		22
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	470,000		4.500			05/01/2039		489,688
	1,520,000		4.625			05/01/2050		1,583,886
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	975,000		4.500			05/01/2040		1,032,389
	980,000		4.750			05/01/2050		1,040,221
	River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	1,030,000		3.625			05/01/2040		1,027,827
	1,000,000		3.875			05/01/2051		1,004,830
	River Hall Community Development District Special Assessment for Capital Improvement Series 2011 A (NR/NR)
	4,310,000		5.450			05/01/2036		4,335,084
	Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR)(h)
	320,000		4.000			06/15/2040		330,646
	780,000		4.000			06/15/2050		793,151
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
	1,410,000		4.125			06/15/2039		1,494,036
	2,280,000		4.250			06/15/2049		2,396,736
	Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(a)
	375,000		2.625			05/01/2025		375,754
	375,000		3.125			05/01/2030		376,770
	980,000		3.625			05/01/2040		985,988
	950,000		3.750			05/01/2050		951,624

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
$	2,200,000		5.250	%		11/01/2039	$	2,409,264
	2,825,000		5.375			11/01/2049		3,076,143
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	3,800,000		5.250			11/01/2049		4,096,324
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	4,000,000		5.000			05/01/2049		4,514,000
	Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR)
	310,000		4.125			11/01/2040		320,202
	950,000		4.250			11/01/2050		975,869
	South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)(a)
	2,100,000		5.125			11/01/2039		2,255,988
	3,480,000		5.250			11/01/2049		3,720,851
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,310,000		5.000			05/01/2038		1,414,197
	2,505,000		5.375			05/01/2049		2,737,990
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,345,000		4.250			11/01/2037		1,474,282
	330,000		4.125			11/01/2040		352,453
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)
	795,000		3.500			05/01/2032		835,187
	495,000		3.625			05/01/2035		519,008
	1,715,000		3.750			05/01/2038		1,795,416
	South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR)
	380,000		4.350			05/01/2026		397,427
	485,000		4.875			05/01/2035		519,978
	95,000		5.000			05/01/2038		102,288
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,010,000		5.250			05/01/2034		2,142,640
	Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)
	375,000		3.600			05/01/2034		382,778
	600,000		4.000			05/01/2043		614,448
	Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR)
	465,000		4.300			05/01/2040		483,135
	340,000		4.500			05/01/2046		352,451
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,560,000		5.800			05/01/2035		2,923,365
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	2,640,000		5.800			05/01/2035		2,006,110
Municipal Bonds – (continued)
Florida – (continued)
	Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR)
	285,000		3.750			05/01/2024		291,193
	425,000		4.375			05/01/2029		454,631
	1,000,000		5.000			05/01/2039		1,083,800
	1,750,000		5.250			05/01/2049		1,920,100
	Spring Lake Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(a)
	1,250,000		5.125			11/01/2037		1,351,137
	1,790,000		5.250			11/01/2047		1,937,049
	Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)
	1,145,000		4.800			05/01/2035		999,871
	St. Johns County Industrial Development Authority RB Refunding Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (A-/NR)
	7,475,000		4.000			08/01/2055		7,976,797
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)*
	418,112		5.500			11/01/2010		263,411
	Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	2,150,000		5.000			05/01/2034		2,247,782
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,100,000		4.500			06/15/2039		1,180,322
	2,600,000		4.625			06/15/2049		2,757,560
	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		2,034,568
	3,500,000		5.500			11/01/2044		4,113,305
	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		2,687,826
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)
	420,000		4.000			12/15/2039		431,386
	860,000		4.125			12/15/2049		879,479
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)(a)
	400,000		3.750			06/15/2029		416,364
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	950,000		3.750			05/01/2040		955,310
	1,290,000		4.000			05/01/2050		1,299,430
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,670,000		4.000			05/01/2038		1,753,467

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
$	175,000		3.250	%		05/01/2021	$	175,397
	965,000		3.750			05/01/2026		981,511
	1,550,000		4.000			05/01/2033		1,584,999
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,370,000		5.250			11/01/2034		1,425,170
	2,350,000		6.000			11/01/2044		2,523,359
	Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A+/A2)
	2,050,000		5.000			07/01/2048		2,452,743
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	390,000		4.250			05/01/2026		407,409
	1,110,000		4.800			05/01/2036		1,168,564
	1,715,000		5.000			05/01/2046		1,809,788
	Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,000,000		4.000			06/15/2040		1,038,290
	1,000,000		4.000			06/15/2050		1,021,770
	Tison’s Landing Community Development District Special Assessment RB Refunding & Improvement Bonds Senior Series 2016 A-1 (A+/NR)
	695,000		3.375			05/01/2032		744,720
	1,345,000		3.600			05/01/2037		1,438,868
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,640,000		3.500			05/01/2032		1,853,725
	1,775,000		3.750			05/01/2040		1,988,994
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)(a)
	375,000		5.625			05/01/2040		407,441
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		5.125			05/01/2039		333,102
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,165,000		4.250			05/01/2037		1,255,404
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)(a)
	8,960,000		4.400			05/01/2040		9,677,158
	Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)
	345,000		5.750			11/01/2027		382,812
	1,965,000		6.250			11/01/2044		2,302,253
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	2,840,000		5.375			11/01/2039		3,205,309
	5,750,000		5.500			11/01/2049		6,462,828
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,560,000		4.625			06/15/2038		1,687,296
	2,445,000		4.750			06/15/2048		2,637,984
Municipal Bonds – (continued)
Florida – (continued)
	Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	550,000		4.000			12/15/2040		577,253
	1,145,000		4.125			12/15/2049		1,193,605
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (NR/Baa1)
	13,300,000		5.000			04/01/2048		15,119,972
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	1,085,000		4.625			05/01/2050		1,146,465
	Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)(a)
	1,000,000		5.375			11/01/2049		1,078,760
	Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)
	1,410,000		5.250			11/01/2027		1,496,405
	2,745,000		6.125			11/01/2046		3,098,446
	Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)(a)
	785,000		4.700			11/01/2029		831,480
	1,525,000		5.125			11/01/2038		1,673,001
	2,175,000		5.375			11/01/2048		2,385,344
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	1,000,000		4.625			05/01/2039		1,035,430
	2,000,000		4.750			05/01/2050		2,066,980
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)(a)
	4,630,000		4.750			11/01/2048		4,874,233
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	1,200,000		5.000			11/01/2039		1,297,800
	1,850,000		5.125			11/01/2049		1,998,500
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	385,000		3.500			11/01/2021		387,510
	1,340,000		4.000			11/01/2027		1,410,283
	3,160,000		4.625			11/01/2037		3,361,450
	2,790,000		4.750			11/01/2047		2,948,277
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	1,695,000		4.000			11/01/2040		1,753,867
	900,000		4.000			11/01/2050		915,075
	TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)
	170,000		4.250			11/01/2021		171,608
	2,430,000		5.625			11/01/2045		2,690,861
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (A/NR)
	2,255,000		4.375			05/01/2035		2,464,151
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	1,700,000		3.500			05/01/2032		1,849,651
	2,545,000		3.625			05/01/2037		2,749,516

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	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	$	643,069
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
	2,300,000		3.750			12/15/2039		2,355,982
	3,505,000		4.000			12/15/2049		3,594,483
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(a)
	1,165,000		3.250			12/15/2022		1,179,586
	2,000,000		4.000			12/15/2028		2,133,960
	1,000,000		5.000			12/15/2032		1,174,680
	1,705,000		5.000			12/15/2037		1,986,666
	5,330,000		5.000			12/15/2047		6,103,969
	Union Park East Community Development District Capital Improvement RB for Assessment Area One Series 2017 A-1 (NR/NR)(a)
	2,425,000		5.500			11/01/2047		2,689,786
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	2,800,000		3.375			05/01/2045		3,076,724
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(a)
	1,400,000		4.000			05/01/2051		1,409,954
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	495,000		5.500			05/01/2034		510,454
	750,000		6.125			05/01/2042		781,207
	Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	465,000		6.000			11/01/2027		523,869
	2,050,000		6.500			11/01/2043		2,662,233
	Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	665,000		6.375			11/01/2027		723,653
	2,300,000		7.125			11/01/2044		2,622,851
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(a)
	270,000		4.000			05/01/2024		274,976
	4,655,000		5.125			05/01/2049		4,967,537
	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		1,092,910
	1,700,000		5.125			11/01/2049		1,860,718
	Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR)
	980,000		5.000			11/01/2039		1,071,052
	1,600,000		5.125			11/01/2049		1,751,264
	Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR)
	2,155,000		5.875			11/01/2032		2,178,252
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	375,000		3.375			05/01/2021		376,526
	2,450,000		3.750			05/01/2026		2,505,419
Municipal Bonds – (continued)
Florida – (continued)
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR) – (continued)
	4,360,000		4.000			05/01/2031		4,485,132
	1,700,000		4.125			05/01/2034		1,751,663
	1,000,000		4.250			05/01/2037		1,028,490
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(a)
	1,985,000		4.000			05/01/2031		2,209,841
	2,940,000		4.000			05/01/2037		3,188,989
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	745,000		5.125			11/01/2035		821,556
	1,000,000		5.250			11/01/2046		1,090,470
	Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)
	265,000		4.000			05/01/2040		269,963
	1,700,000		4.000			05/01/2050		1,717,102
	Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)
	370,000		4.000			05/01/2040		376,926
	2,015,000		4.000			05/01/2050		2,035,231
	Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)
	265,000		4.000			05/01/2040		269,961
	1,740,000		4.000			05/01/2050		1,757,469
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	1,625,000		2.600			05/01/2034		1,607,743
	1,100,000		2.750			05/01/2038		1,073,622
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	1,000,000		3.750			05/01/2037		1,025,350
	Village Community Development District No. 09 Special Assessment RB Series 2011 (NR/NR)
	4,245,000		7.000			05/01/2041		4,383,939
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	2,500,000		5.000			05/01/2032		2,618,875
	5,815,000		5.125			05/01/2043		6,108,309
	Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
	4,300,000		6.000			05/01/2044		4,722,819
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(a)
	995,000		4.250			05/01/2043		1,066,192
	13,690,000		4.375			05/01/2050		14,669,520
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	10,000,000		3.700			05/01/2050		10,274,000
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(a)(h)
	4,235,000		3.250			05/01/2040		4,260,368
	9,410,000		3.500			05/01/2051		9,447,169
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,485,000		4.000			05/01/2033		1,548,499

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate				Maturity Date			Value
Municipal Bonds – (continued)
Florida – (continued)
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
$	1,180,000		4.000	%			05/01/2034		$	1,230,457
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	1,800,000		5.500				05/01/2042			1,870,902
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	955,000		4.625				05/01/2039			1,014,363
	1,455,000		4.875				05/01/2050			1,558,669
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	1,000,000		3.750				11/01/2031			1,072,700
	1,000,000		4.000				11/01/2036			1,069,600
	1,300,000		4.125				11/01/2046			1,374,360
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	2,860,000		5.500				05/01/2034			3,044,899
	3,825,000		5.750				05/01/2044			4,094,854
	Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR)
	4,040,000		5.250				05/01/2049			4,250,726
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	14,000		5.350				05/01/2039			14,006
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)
	210,000		6.600				05/01/2039			212,048
	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			3,485,939
	Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	440,000		4.000				11/01/2024			447,185
	1,640,000		5.125				11/01/2038			1,735,612
	2,800,000		5.250				11/01/2049			2,960,468
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	1,210,000		5.125				11/01/2035			1,279,406
	1,950,000		5.500				11/01/2045			2,065,810
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	1,215,000		4.250				11/01/2049			1,255,678
	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			2,518,589
	3,790,000		5.000				05/01/2050			4,111,581
	Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)(a)
	515,000		5.000				05/01/2038			557,354
	600,000		5.200				05/01/2048			650,292
	Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR)
	990,000		4.625				05/01/2039			1,051,538
	1,590,000		4.850				05/01/2049			1,695,624
Municipal Bonds – (continued)
Florida – (continued)
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)(a)
	800,000	4.100			05/01/2037			831,680
	795,000	4.125			05/01/2038			826,148
	Westside Community Development District Special Assessment RB Series 2019 (NR/NR)
	1,200,000	5.000			05/01/2039			1,300,560
	2,000,000	5.200			05/01/2050			2,185,000
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
	2,375,000	4.250			06/15/2039			2,534,149
	3,525,000	4.375			06/15/2049			3,706,220
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	970,000	5.000			11/01/2049			1,029,073
	Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)
	75,000	4.000			11/01/2020			75,079
	400,000	4.375			11/01/2025			423,216
	1,770,000	5.000			11/01/2045			1,872,270
	Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	390,000	5.375			05/01/2035			417,472
	3,045,000	5.625			05/01/2045			3,270,025
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	780,000	4.875			05/01/2036			815,810
	1,445,000	5.000			05/01/2047			1,508,811
								1,281,077,972
Georgia – 1.8%
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 A-1 (A+/A1)
	1,500,000	5.250			07/01/2040			1,648,740
	Atlanta Development Authority RB for New Downtown Atlanta Stadium Project Senior Lien Series 2015 B (A/A2)
	1,000,000	4.000			07/01/2040			1,029,490
	Clayton County Development Authority Special Facilities RB for Delta Airlines, Inc. Series 2009 A (BB-/Baa3)
	10,920,420	8.750			06/01/2029			10,963,446
	Fulton County Development Authority RB for Tuff Caub LLC Project Series 2007 A (NR/NR)
	1,555,000	5.250			11/01/2028			1,556,011
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BB/NR)
	900,000	5.125			03/01/2052			807,309
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	6,650,000	5.000			05/15/2043			7,824,057
	24,875,000	5.000			05/15/2049			35,460,805
	Milledgeville & Baldwin County Development Authority Student Housing RB Refunding for Georgia College & State University Foundation Property V, LLC Project Series 2007 (AMBAC) (A+/WR)(d)
	49,820,000	(3 Mo. LIBOR + 0.65%), 0.848			10/01/2033			48,244,692

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa1)
$	2,200,000		5.000	%		01/01/2034	$	2,722,720
	6,000,000		5.000			01/01/2039		7,308,180
	29,610,000		5.000			01/01/2049		35,407,638
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)(a)
	3,500,000		4.000			01/01/2038		3,776,010
								156,749,098
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		1,613,805
	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		2,513,250
	3,355,000		6.875			12/01/2040		3,373,620
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	500,000		5.000			12/01/2031		563,570
	4,515,000		5.000			12/01/2046		4,927,490
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (AGM) (AA/A2)
	7,300,000		6.125			10/01/2043		7,975,469
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (BBB+/Baa2)
	2,560,000		6.375			10/01/2043		2,706,381
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)(e)
	14,455,000		5.500			07/01/2023		16,518,451
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	9,675,000		5.000			01/01/2046		10,875,958
	Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (A-/Baa2)
	4,170,000		5.000			01/01/2050		5,029,771
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	1,165,000		5.000			07/01/2033		1,370,436
	960,000		5.000			07/01/2035		1,122,883
	1,920,000		5.000			07/01/2036		2,238,202
	1,365,000		5.000			07/01/2037		1,586,744
	Port Authority of Guam RB Series 2018 A (A/Baa2)
	2,500,000		5.000			07/01/2048		2,838,650
								65,254,680
Hawaii – 0.2%
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa2)
	12,170,000		3.200			07/01/2039		12,399,405
	Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR)
	675,000		5.000			05/15/2044		734,036
	2,750,000		5.000			05/15/2049		2,979,982
								16,113,423
Municipal Bonds – (continued)
Illinois – 12.0%
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB-/B1)
	1,400,000		5.382			12/01/2023		1,418,228
	5,440,000		5.482			12/01/2024		5,530,957
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A/NR)
	16,000,000		6.000			04/01/2046		18,502,240
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A/NR)
	1,700,000		5.000			04/01/2042		1,839,519
	1,625,000		5.000			04/01/2046		1,748,435
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)(c)
	4,415,000		0.000			12/01/2027		3,595,929
	685,000		0.000			12/01/2028		535,074
	9,125,000		0.000			12/01/2029		6,816,740
	6,905,000		0.000			12/01/2030		4,964,557
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)(c)
	125,000		0.000			12/01/2029		93,380
	775,000		0.000			12/01/2030		557,209
	Chicago Illinois Board of Education GO Bonds Series 2017 A (BB-/NR)(a)
	5,500,000		7.000			12/01/2046		6,785,130
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)(c)
	22,095,000		0.000			12/01/2031		15,242,678
	Chicago Illinois Board of Education GO Refunding Bonds for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)
	5,000,000		5.500			12/01/2026		5,701,550
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/B1)
	8,965,000		5.500			12/01/2029		10,538,268
	Chicago Illinois Board of Education GO Refunding Bonds Series 2010 F (BB-/B1)
	1,305,000		5.000			12/01/2031		1,308,276
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB-/NR)
	20,025,000		5.250			12/01/2035		21,361,068
	10,410,000		5.250			12/01/2039		11,013,780
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2011 A (BB-/B1)
	525,000		5.500			12/01/2039		534,823
	1,445,000		5.000			12/01/2041		1,459,132
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (BB-/B1)
	2,300,000		5.500			12/01/2030		2,722,349
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB-/B1)
	9,750,000		6.038			12/01/2029		10,058,978

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (BB-/B1)
$	9,025,000		4.000	%		12/01/2035	$	9,066,966
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB-/NR)
	54,375,000		7.000			12/01/2044		64,235,906
	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		71,345,032
	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		1,867,020
	1,250,000		5.000			12/01/2030		1,546,787
	1,025,000		5.000			12/01/2031		1,261,324
	1,000,000		5.000			12/01/2032		1,222,850
	1,250,000		5.000			12/01/2034		1,517,638
	1,000,000		5.000			12/01/2035		1,209,230
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)
	6,535,000		5.000			12/01/2029		8,133,984
	1,000,000		5.000			12/01/2030		1,237,430
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)(c)
	11,415,000		0.000			01/01/2032		7,183,003
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	1,800,000		5.500			01/01/2037		1,885,932
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	8,375,000		5.250			01/01/2033		8,639,817
	6,295,000		5.000			01/01/2034		6,435,190
	10,500,000		5.000			01/01/2036		10,702,545
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	6,670,000		5.250			01/01/2035		6,689,010
	3,025,000		5.000			01/01/2040		3,033,621
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	18,325,000		5.000			01/01/2033		18,530,423
	7,095,000		5.000			01/01/2034		7,169,285
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	3,145,000		7.517			01/01/2040		3,678,266
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	4,180,000		5.500			01/01/2039		4,365,550
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	14,603,000		7.375			01/01/2033		17,074,412
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	20,015,000		5.000			01/01/2044		20,306,218
	17,105,000		5.500			01/01/2049		18,349,389
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (BBB+/Ba1)
	3,775,000		5.500			01/01/2042		3,931,813
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (BBB+/Ba1)
	2,500,000		5.500			01/01/2042		2,603,850
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	6,615,000		5.432			01/01/2042		6,363,365
	Chicago Illinois GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	7,230,000		5.000			01/01/2035		7,382,047
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	14,455,000		5.000			01/01/2038		14,752,773
	Chicago Illinois GO Refunding Bonds Series 2017 A (BBB+/NR)
	2,660,000		6.000			01/01/2038		2,905,066
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
	11,630,000		4.000			01/01/2044		12,841,032
	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		1,709,685
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	1,950,000		5.250			01/01/2042		2,357,531
	5,460,000		4.000			01/01/2052		5,916,729
	Chicago Park District GO Bonds Limited Tax Series 2018 A (AA-/NR)
	2,585,000		4.000			01/01/2041		2,720,454
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	2,685,000		5.500			01/01/2037		2,813,182
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	485,000		5.000			01/01/2031		517,257
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (AA/A2)
	735,000		5.432			01/01/2042		881,677
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (AA/A2)
	7,350,000		6.314			01/01/2044		9,690,167
	Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR)
	1,936,000		5.800			03/01/2037		1,590,579
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	2,500,000		4.000			11/15/2047		2,868,250
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
	1,256,000		5.625			03/01/2036		1,257,419
	Illinois Finance Authority RB for 2018 Blue Island LLC Series 2018 A-1 (NR/NR)*
	1,400,000		5.000			12/01/2053		840,000
	Illinois Finance Authority RB for BHF Chicago Housing Group C LLC Project Series 2018 A-1 (NR/NR)*
	1,500,000		5.100			12/01/2043		412,500
	2,150,000		5.250			12/01/2053		591,250
	Illinois Finance Authority RB for Christian Homes, Inc. Series 2010 (BBB-/NR)
	745,000		6.125			05/15/2027		746,877

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB for Columbia College Chicago Series 2019 (BBB+/NR)
$	715,000		5.000	%		12/01/2034	$	814,142
	920,000		5.000			12/01/2039		1,028,109
	1,175,000		5.000			12/01/2044		1,295,684
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(a)
	10,175,000		6.125			04/01/2049		10,456,135
	Illinois Finance Authority RB for University of Illinois Series 2020 (BBB+/NR)
	950,000		4.000			10/01/2040		1,040,801
	950,000		4.000			10/01/2050		1,019,616
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,645,000		4.000			05/15/2027		1,722,710
	2,825,000		5.000			05/15/2037		3,016,535
	1,055,000		5.000			05/15/2047		1,107,634
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	1,500,000		4.000			09/01/2035		1,540,755
	1,725,000		5.000			09/01/2036		1,906,315
	2,000,000		4.000			09/01/2037		2,040,580
	1,620,000		5.000			09/01/2038		1,779,910
	2,000,000		4.000			09/01/2039		2,028,440
	1,500,000		5.000			09/01/2040		1,638,540
	1,500,000		4.000			09/01/2041		1,513,410
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa2)
	500,000		5.000			09/01/2036		562,450
	3,470,000		5.000			09/01/2046		3,831,053
	Illinois Finance Authority RB Refunding for Navistar International Corp. Series 2020 (CCC/B3)(a)(f)(g)
	4,740,000		4.750			08/01/2030		4,814,181
	Illinois Finance Authority RB Series 2013 A (BBB-/NR)
	3,935,000		5.250			05/15/2047		4,043,173
	Illinois Finance Authority RB Series 2013 A (NR/NR)(e)
	565,000		5.250			05/15/2023		637,439
	Illinois Finance Authority Recovery Zone Facility RB for Navistar International Corp. Project Series 2010 (BB-/B1)
	15,650,000		6.750			10/15/2040		15,686,934
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	1,560,000		4.000			01/01/2038		1,699,433
	1,260,000		4.000			01/01/2039		1,368,120
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	50,750,000		5.100			06/01/2033		51,287,443
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	500,000		5.000			03/01/2031		509,415
	750,000		5.000			03/01/2037		760,207
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	5,050,000		5.500			07/01/2038		5,224,326
	Illinois State GO Bonds Series 2014 (AGM-CR) (AA/A2)
	20,000,000		5.000			02/01/2039		21,294,000
	Illinois State GO Bonds Series 2014 (BBB-/Baa3)
	2,525,000		5.000			05/01/2029		2,644,508
	10,000,000		5.000			05/01/2030		10,431,200
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Bonds Series 2014 (BBB-/Baa3) – (continued)
	5,000,000		5.000			05/01/2031		5,198,500
	5,000,000		5.000			05/01/2039		5,100,150
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	9,500,000		5.000			12/01/2035		9,946,405
	1,770,000		4.500			12/01/2041		1,759,929
	4,730,000		5.000			12/01/2042		4,864,757
	Illinois State GO Bonds Series 2017 C (BBB-/Baa3)
	59,670,000		5.000			11/01/2029		63,580,772
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	5,845,000		5.000			11/01/2025		6,283,492
	16,695,000		5.000			11/01/2026		18,026,927
	57,825,000		5.000			11/01/2027		62,730,873
	24,325,000		5.000			11/01/2028		26,152,780
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	350,000		5.000			05/01/2032		374,321
	1,940,000		5.000			05/01/2033		2,059,174
	5,280,000		5.000			05/01/2042		5,444,842
	5,280,000		5.000			05/01/2043		5,433,067
	Illinois State GO Bonds Series 2019 A (BBB-/Baa3)
	2,000,000		5.000			11/01/2024		2,150,340
	Illinois State GO Bonds Series 2019 C (BBB-/Baa3)
	10,825,000		4.000			11/01/2042		10,080,998
	Illinois State GO Bonds Series 2020 (BBB-/Baa3)
	1,575,000		5.500			05/01/2039		1,724,656
	4,250,000		5.750			05/01/2045		4,666,543
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	20,175,000		4.000			02/01/2030		21,699,020
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	1,862,000		6.250			03/01/2034		1,862,689
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB/Baa2)(c)
	15,690,000		0.000			12/15/2032		10,527,049
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL-RE) (NR/NR)(c)(e)
	530,000		0.000			06/15/2030		465,584
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB/NR)(c)
	9,370,000		0.000			06/15/2030		7,015,787
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (AA/A2)(c)
	3,200,000		0.000			06/15/2044		1,391,264
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (BBB/NR)(c)
	66,700,000		0.000			12/15/2056		13,364,679
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (AA/A2)(c)
	18,400,000		0.000			12/15/2056		4,844,720
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)(c)
	70,000,000		0.000			12/15/2054		15,317,400

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)
$	11,460,000	4.000 %		06/15/2050	$	11,612,991
	1,340,000	5.000		06/15/2050		1,485,028
	Plano Special Service Area No. 5 Special Tax for Lakewood Springs Club Unit 6 Series 2006 (NR/NR)*
	2,322,000	6.000		03/01/2036		1,892,430
	Quad Cities Regional Economic Development Authority RB for Augustana College Series 2012 (NR/Baa1)
	840,000	4.750		10/01/2029		872,206
	1,010,000	4.750		10/01/2032		1,043,966
	Regional Transportation Authority Illinois GO Bonds Series 2016 A (AA/A2)
	7,730,000	4.000		06/01/2046		8,340,129
	Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)(e)
	5,000,000	7.625		11/01/2023		6,103,150
	State of Illinois GO Bonds Series 2010-1 (BBB-/Baa3)
	630,000	6.630		02/01/2035		694,670
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	9,500,000	4.250		12/01/2040		9,190,110
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	4,910,000	3.250		11/01/2026		4,835,270
	State of Illinois GO Refunding Bonds Series 2018 A (BBB-/ Baa3)
	3,000,000	5.000		10/01/2027		3,309,780
	8,230,000	5.000		10/01/2028		9,083,039
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB-/Baa3)
	2,750,000	4.000		12/01/2033		2,699,235
	7,950,000	4.250		12/01/2037		7,875,270
	Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)(a)
	380,000	5.000		01/01/2045		387,319
	900,000	5.000		01/01/2055		910,035
	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		1,810,206
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB/NR)
	540,000	4.125		10/01/2041		556,896
	1,080,000	4.125		10/01/2046		1,108,102
						1,059,328,379
Indiana – 0.3%
	Gary/Chicago International Airport Authority Airport Development Zone RB Series 2014 (AMT) (BBB+/NR)
	1,300,000	5.000		02/01/2029		1,438,151
	1,250,000	5.250		02/01/2034		1,369,438
	1,500,000	5.000		02/01/2039		1,617,240
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)
	400,000	4.000		09/15/2049		406,972
	Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (NR/Ba1)
	7,100,000	5.000		06/01/2039		7,332,028
Municipal Bonds – (continued)
Indiana – (continued)
	Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (NR/Ba1)
	865,000	5.000		07/01/2055		922,678
	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		6,639,062
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (BBB-/Ba1)
	3,110,000	3.000		11/01/2030		3,094,948
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (BBB-/Ba1)
	2,250,000	3.000		11/01/2030		2,239,110
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (BBB-/Ba1)
	2,500,000	3.000		11/01/2030		2,487,900
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (NR/WR)*
	7,520,823	6.500		11/15/2031		2,256
						27,549,783
Iowa – 0.1%
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (BB-/NR)
	3,285,000	3.125		12/01/2022		3,329,315
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (BBB/NR)
	2,050,000	4.000		05/15/2055		1,964,617
	2,700,000	5.000		05/15/2055		2,866,320
						8,160,252
Kansas – 0.1%
	City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)
	1,155,000	5.000		05/15/2028		1,211,595
	1,215,000	5.000		05/15/2029		1,274,766
	2,850,000	5.000		05/15/2034		2,899,761
	1,190,000	5.000		05/15/2050		1,140,305
						6,526,427
Kentucky – 0.4%
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)(d)
	7,865,000	(3 Mo. LIBOR + 0.53%), 0.698		11/01/2027		7,744,430
	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		995,787
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	3,300,000	4.000		06/01/2037		3,667,257
	2,925,000	4.000		06/01/2045		3,190,502
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 B (AGM) (AA/A2)
	1,000,000	4.000		06/01/2037		1,111,290

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky Economic Development Finance Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
$	2,300,000		5.000	%		08/01/2049	$	2,731,779
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A3)(f)(g)
	1,275,000		4.000			06/01/2025		1,444,333
	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		5,542,050
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	6,000,000		3.000			10/01/2043		6,137,880
								32,565,308
Louisiana – 1.5%
	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		2,359,111
	2,375,000		5.000			12/01/2039		2,580,271
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)(a)
	1,900,000		4.125			06/01/2039		1,926,486
	2,300,000		4.375			06/01/2048		2,340,733
	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		5,016,900
	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		3,100,656
	4,850,000		4.000			10/01/2041		5,360,511
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (A+/NR)
	1,380,000		4.000			06/01/2050		1,547,049
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (AA/NR)
	3,760,000		3.000			06/01/2050		3,840,276
	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		5,942,915
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (NR/A3)
	12,725,000		4.000			05/15/2042		13,905,498
	21,250,000		5.000			05/15/2046		24,746,050
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A-/A2)
	32,395,000		5.000			01/01/2045		35,964,929
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A2)
	4,850,000		5.000			01/01/2048		5,442,961
Municipal Bonds – (continued)
Louisiana – (continued)
	Parish of St. James RB for NuStar Logistics LP Series 2008 (BB-/Ba3)(a)(f)(g)
	1,400,000		6.100			06/01/2030		1,653,358
	Parish of St. James RB for NuStar Logistics LP Series 2010 (BB-/WR)(a)
	2,375,000		6.350			07/01/2040		2,820,645
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB-/Baa3)(f)(g)
	235,000		2.000			04/01/2023		235,743
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-3 (BBB-/Baa3)(f)(g)
	950,000		2.200			07/01/2026		953,049
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-2 (BBB-/Baa3)(f)(g)
	13,250,000		2.375			07/01/2026		13,417,348
	Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (AA/A2)
	2,000,000		5.000			04/01/2048		2,363,600
								135,518,089
Maine – 0.3%
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (BBB+/Baa1)
	1,000,000		4.000			01/01/2035		1,125,460
	1,355,000		4.000			01/01/2036		1,518,047
	850,000		4.000			01/01/2037		948,235
	1,030,000		4.000			01/01/2038		1,145,030
	800,000		4.000			01/01/2039		886,424
	1,400,000		4.000			01/01/2040		1,546,412
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A+/A1)
	4,000,000		5.000			07/01/2043		4,792,320
	5,250,000		5.000			07/01/2048		6,244,403
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A+/A1)
	2,080,000		4.000			07/01/2045		2,361,112
	2,505,000		4.000			07/01/2050		2,828,746
								23,396,189
Maryland – 0.4%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	2,950,000		4.500			09/01/2033		3,040,034
	1,500,000		5.000			09/01/2038		1,573,140
	City of Baltimore Tax Allocation for Harbor Point Special Taxing District Project Series 2019 B (NR/NR)(a)
	325,000		3.550			06/01/2034		308,717
	200,000		3.700			06/01/2039		187,884
	300,000		3.875			06/01/2046		277,866
	City of Baltimore Tax Allocation Refunding Senior Lien for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)(a)
	290,000		3.400			06/01/2034		273,859
	310,000		3.450			06/01/2035		291,868
	550,000		3.500			06/01/2039		514,057
	1,650,000		3.625			06/01/2046		1,512,720

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Maryland – (continued)
	City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)
$	1,450,000	5.000 %		07/01/2036	$	1,524,892
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (A/NR)
	1,660,000	4.000		01/01/2045		1,779,255
	2,370,000	4.000		01/01/2050		2,530,425
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	4,980,000	4.000		01/01/2045		5,442,692
	5,690,000	4.000		01/01/2050		6,198,003
	County of Prince George’s Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)(a)
	1,885,000	5.250		07/01/2048		1,985,678
	Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (BB/NR)
	2,375,000	5.000		06/01/2058		2,493,513
	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		3,277,713
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Frederick Health, Inc. Obligated Group Series 2020 (A-/Baa1)
	1,000,000	4.000		07/01/2050		1,093,890
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/NR)
	840,000	3.000		10/01/2034		823,133
	500,000	4.000		10/01/2040		536,550
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB+/Baa1)
	2,100,000	5.000		07/01/2031		2,206,911
						37,872,800
Massachusetts – 0.3%
	Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (AA/Aa1)
	10,130,000	3.000		04/01/2044		10,520,208
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)(a)
	1,000,000	5.000		11/15/2033		1,061,580
	900,000	5.000		11/15/2038		939,618
	2,350,000	5.125		11/15/2046		2,432,696
	Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (BBB+/Baa1)
	1,950,000	5.000		10/01/2036		2,180,100
	Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (A-/NR)
	260,000	4.000		12/01/2042		267,662
	280,000	5.000		12/01/2042		309,795
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (BB+/NR)(a)
	1,000,000	5.000		07/15/2046		1,139,390
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (AA/NR)
	2,125,000	4.000		10/01/2045		2,411,471
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	2,125,000	5.000		07/01/2044		2,435,611
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(d)
	5,390,000	(3 Mo. LIBOR + 0.57%), 0.738		05/01/2037		5,241,883
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(d)
	1,040,000	(3 Mo. LIBOR + 0.57%), 0.738		05/01/2037		1,011,421
						29,951,435
Michigan – 2.5%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(f)
	53,570,536	4.000		04/01/2034		43,405,527
	City of Detroit Financial Recovery GO Bonds Series 2014 B-2 (NR/NR)(f)
	971,333	4.000		04/01/2034		787,023
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	3,495,000	5.000		07/01/2037		3,940,368
	15,335,000	5.000		07/01/2048		17,081,350
	Detroit Michigan School District GO Bonds for School Building and Site Improvement Series 2002 A (FGIC) (Q-SBLF) (AA/Aa1)
	3,000,000	6.000		05/01/2021		3,099,120
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A1)(d)
	4,675,000	(3 Mo. LIBOR + 0.60%), 0.798		07/01/2032		4,458,033
	Detroit Michigan Water & Sewerage Department Sewage Disposal System RB Refunding Senior Lien Series 2012 A (AA-/A1)(e)
	2,000,000	5.250		07/01/2022		2,177,180
	Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (BBB-/NR)
	3,200,000	5.000		05/15/2037		3,539,456
	1,400,000	5.000		05/15/2044		1,518,972
	Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (A/NR)
	1,425,000	5.000		11/01/2045		1,697,403
	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		3,413,816
	5,975,000	4.000		11/15/2050		6,682,918
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	10,275,000	4.000		02/15/2047		11,538,311
	24,000,000	4.000		02/15/2050		26,698,800
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Sewage Disposal System Local Project Senior Lien Series 2014 C-3 (AGM) (AA/A1)
	2,175,000	5.000		07/01/2032		2,497,596
	1,750,000	5.000		07/01/2033		2,004,695

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

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 Sewage Disposal System Second Lien Series 2015 C (A+/A2)
$	355,000		5.000	%		07/01/2033	$	416,894
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2014 D-1 (AGM) (AA/A1)
	2,600,000		5.000			07/01/2035		2,963,974
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-1 (AA-/A1)
	1,250,000		5.000			07/01/2034		1,469,200
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Local Project Senior Lien Series 2015 D-2 (A+/A2)
	2,100,000		5.000			07/01/2034		2,461,914
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A1)
	750,000		5.000			07/01/2035		879,255
	Michigan Finance Authority RB Refunding for Kettering University Series 2020 (A-/NR)
	475,000		4.000			09/01/2045		515,812
	500,000		4.000			09/01/2050		539,480
	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		25,759,692
	7,065,000		4.500			06/30/2048		8,007,824
	Michigan Strategic Fund RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (BBB-/NR)
	1,875,000		5.000			05/15/2037		2,073,900
	1,400,000		5.000			05/15/2044		1,518,972
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC-/NR)(c)
	238,600,000		0.000			06/01/2052		23,802,736
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 C (CCC-/NR)(c)
	180,100,000		0.000			06/01/2052		13,507,500
	Star International Academy RB Refunding Series 2020 (NR/NR)
	2,000,000		5.000			03/01/2030		2,268,780
	3,480,000		5.000			03/01/2033		3,890,640
								224,617,141
Minnesota – 0.6%
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	5,725,000		5.000			05/01/2048		6,896,163
	2,300,000		4.000			05/01/2049		2,549,826
	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		2,639,475
	3,750,000		6.000			06/15/2039		3,956,213
Municipal Bonds – (continued)
Minnesota – (continued)
	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		3,541,839
	23,575,000		5.250			02/15/2053		27,871,308
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	640,000		3.250			03/01/2025		633,497
	660,000		4.000			03/01/2026		673,517
	755,000		4.000			03/01/2029		763,071
	1,260,000		4.000			03/01/2032		1,257,682
	685,000		4.200			03/01/2034		686,891
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BBB-/NR)
	2,400,000		5.000			05/01/2047		2,548,800
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	425,000		4.000			12/01/2034		457,806
	650,000		4.000			12/01/2040		685,704
								55,161,792
Missouri – 0.5%
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 A (NR/NR)(a)(f)
	481,938		5.000			04/01/2023		73,761
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 B (NR/NR)(a)(f)
	2,433,245		5.000			04/01/2023		372,408
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Ba1)
	1,925,000		5.000			03/01/2036		2,080,174
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(a)
	4,750,000		5.250			12/01/2048		4,827,093
	Kansas City Missouri Industrial Development Authority Senior Sales Tax RB Refunding and Improvement Bonds for Ward Parkway Center Community Improvement District Series 2016 A (NR/NR)(a)
	1,000,000		5.000			04/01/2036		1,001,760
	1,150,000		5.000			04/01/2046		1,109,842
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	2,430,000		5.000			09/01/2043		2,774,039
	2,470,000		5.000			09/01/2048		2,799,523
	Missouri Health & Educational Facilities Authority RB for The Washington University Series 1994 D (AA+/Aa1)(f)(g)
	13,800,000		0.100			10/01/2020		13,800,000
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)
	1,495,000		5.000			09/01/2030		1,818,294
	1,065,000		5.000			09/01/2031		1,287,819
	1,230,000		5.000			09/01/2033		1,463,823

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Missouri – (continued)
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
$	8,000,000		4.000	%		02/15/2054	$	8,898,400
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	400,000		3.000			10/01/2044		402,980
	500,000		3.125			10/01/2049		506,495
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,900,000		4.750			11/15/2047		1,688,074
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)*
	1,250,000		5.750			04/01/2027		325,000
								45,229,485
Nevada – 0.3%
	City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
	615,000		4.000			06/01/2021		622,152
	335,000		5.000			06/01/2022		349,559
	290,000		5.000			06/01/2023		309,413
	200,000		4.250			06/01/2024		211,160
	165,000		5.000			06/01/2024		179,472
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	310,000		4.250			06/01/2037		313,394
	450,000		4.375			06/01/2042		453,213
	520,000		4.500			06/01/2047		525,944
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)
	500,000		4.000			06/01/2039		510,345
	1,400,000		4.000			06/01/2044		1,412,096
	1,375,000		4.000			06/01/2049		1,379,345
	City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR)
	950,000		5.000			12/01/2049		1,004,853
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	350,000		4.250			06/01/2034		354,564
	465,000		4.500			06/01/2039		476,797
	345,000		4.625			06/01/2043		354,836
	600,000		4.625			06/01/2049		613,272
	City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (NR/Ba2)(a)
	725,000		2.500			06/15/2024		720,418
	1,745,000		2.750			06/15/2028		1,710,432
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	1,675,000		5.100			03/01/2021		1,657,613
	870,000		5.100			03/01/2022		839,454
	2,335,000		5.125			03/01/2025		2,101,080
	Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR)
	2,200,000		4.000			09/01/2035		2,201,958
Municipal Bonds – (continued)
Nevada – (continued)
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (A/Aa3)
	700,000		5.000			07/01/2030		814,240
	Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (A/Aa3)
	635,000		5.000			07/01/2035		745,528
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
	2,795,000		5.000			07/01/2043		3,234,346
	Las Vegas Convention & Visitors Authority RB Series 2019 B (A/Aa3)
	1,325,000		5.000			07/01/2029		1,603,330
								24,698,814
New Hampshire – 1.1%
	New Hampshire Business Finance Authority RB for Casella Waste Systems, Inc. Series 2013 (B/B2)(a)
	1,800,000		2.950			04/01/2029		1,781,298
	New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B/B1)(a)(f)(g)
	2,820,000		3.625			07/02/2040		2,788,867
	New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B/B1)(a)(f)(g)
	4,890,000		3.750			07/02/2040		4,835,917
	New Hampshire Health and Education Facilities Authority RB for Dartmouth-Hitchcock Obligation Group Series 2020 A (A/NR)
	10,000,000		5.000			08/01/2059		14,507,900
	New Hampshire Health and Education Facilities Authority RB Refunding for Dartmouth-Hitchcock Obligation Group Series 2017 A (A/NR)
	6,595,000		5.000			08/01/2033		8,027,434
	6,930,000		5.000			08/01/2034		8,413,089
	7,290,000		5.000			08/01/2035		8,819,588
	7,660,000		5.000			08/01/2036		9,233,594
	8,055,000		5.000			08/01/2037		9,680,982
	8,470,000		5.000			08/01/2038		10,152,142
	8,900,000		5.000			08/01/2039		10,640,217
	9,360,000		5.000			08/01/2040		11,162,923
								100,043,951
New Jersey – 7.0%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	750,000		5.000			03/01/2032		908,047
	1,010,000		5.000			03/01/2037		1,201,294
	1,205,000		5.000			03/01/2042		1,416,478
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB+/Baa2)
	2,500,000		5.000			06/15/2026		2,573,400
	1,000,000		5.000			06/15/2028		1,024,270
	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		1,050,520
	1,000,000		5.000			06/15/2037		1,051,030
	1,000,000		5.125			06/15/2043		1,050,600

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BBB+/Baa2)
$	3,500,000		4.000	%		07/01/2032	$	3,713,220
	New Jersey Economic Development Authority Private Activity RB for Goethals Bridge Replacement Project Series 2013 (AMT) (BBB/NR)
	1,000,000		5.375			01/01/2043		1,097,290
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (B/NR)
	500,000		5.000			07/01/2037		471,570
	1,150,000		5.000			07/01/2047		1,024,224
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB+/Baa1)
	4,500,000		5.000			06/15/2041		4,969,350
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB+/Baa1)
	25,180,000		7.425			02/15/2029		31,331,726
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1998 (B/Ba3)
	7,500,000		5.500			04/01/2028		7,499,325
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (B+/Ba3)
	8,500,000		5.250			09/15/2029		8,691,250
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 A (AMT) (B+/Ba3)
	5,000,000		5.625			11/15/2030		5,184,450
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (B+/Ba3)
	5,000,000		5.625			11/15/2030		5,184,450
	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		2,721,199
	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		5,554,000
	New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (BB+/Ba1)
	3,450,000		4.000			07/01/2042		2,979,041
	New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (AA/A2)
	1,110,000		3.250			07/01/2049		1,140,458
	1,000,000		4.000			07/01/2050		1,117,310
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	3,350,000		3.000			07/01/2050		3,175,431
	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		1,187,700
	1,000,000		5.000			07/01/2029		1,181,670
	900,000		5.000			07/01/2030		1,054,512
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Health Care Facilities Financing Authority RB Refunding for University Hospital Series 2015 A (AGM) (AA/A2)
	9,700,000		4.125			07/01/2038		10,298,199
	5,600,000		5.000			07/01/2046		6,196,680
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(c)
	134,205,000		0.000			12/15/2035		80,752,491
	63,415,000		0.000			12/15/2036		36,406,551
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB+/Baa1)(c)
	41,545,000		0.000			12/15/2035		24,261,865
	46,515,000		0.000			12/15/2038		23,646,365
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(c)
	12,000,000		0.000			12/15/2026		10,297,920
	9,240,000		0.000			12/15/2029		7,049,935
	1,900,000		0.000			12/15/2034		1,163,826
	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		3,835,784
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	26,100,000		5.000			06/15/2038		28,248,552
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	2,525,000		5.250			06/15/2041		2,768,587
	5,075,000		5.000			06/15/2045		5,478,412
	1,750,000		5.000			06/15/2046		1,887,182
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (AA/A2)(c)
	11,150,000		0.000			12/15/2033		7,653,694
	25,400,000		0.000			12/15/2034		16,848,836
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(c)
	5,000,000		0.000			12/15/2027		4,198,550
	23,445,000		0.000			12/15/2030		17,485,047
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB+/Baa1)(c)
	52,985,000		0.000			12/15/2036		29,559,802
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)(c)
	2,625,000		0.000			12/15/2033		1,677,559
	1,565,000		0.000			12/15/2036		873,098
	36,240,000		0.000			12/15/2038		18,422,966
	16,135,000		0.000			12/15/2039		7,814,180
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB+/Baa1)
	1,610,000		4.000			12/15/2039		1,690,951
	1,880,000		5.000			12/15/2039		2,127,032

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	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	$	6,637,360
	4,600,000		5.000			06/15/2031		5,269,484
	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		6,588,180
	7,180,000		5.000			12/15/2033		8,290,315
	6,070,000		5.000			12/15/2035		6,960,105
	7,585,000		5.000			12/15/2036		8,653,423
	5,275,000		4.250			12/15/2038		5,663,715
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB+/Baa1)
	5,675,000		5.000			06/15/2034		6,545,375
	20,000,000		5.250			06/15/2043		22,635,200
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB+/Baa1)
	8,010,000		4.000			06/15/2044		8,304,928
	6,000,000		5.000			06/15/2044		6,668,460
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	25,675,000		5.000			01/01/2048		27,621,165
	Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (BBB+/NR)
	2,650,000		5.000			06/01/2046		3,083,249
	2,750,000		5.250			06/01/2046		3,247,035
	Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)
	29,360,000		5.000			06/01/2046		33,180,910
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(a)
	8,045,000		6.750			12/01/2041		8,009,924
								617,556,707
New Mexico – 0.1%
	City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (BB+/NR)
	500,000		5.000			05/15/2044		524,965
	1,000,000		5.000			05/15/2049		1,044,800
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (A-/NR)
	450,000		4.000			09/01/2033		518,454
	375,000		4.000			09/01/2034		427,091
	300,000		4.000			09/01/2035		337,257
	1,125,000		4.000			09/01/2040		1,236,128
								4,088,695
New York – 5.1%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (AA/Ba1)
	1,240,000		3.000			07/15/2043		1,253,095
	Brooklyn Arena Local Development Corp. RB Refunding for Brooklyn Events Center LLC 2016 A (NR/Ba1)
	2,750,000		5.000			07/15/2025		3,074,005
	2,575,000		5.000			07/15/2026		2,927,131
	2,125,000		5.000			07/15/2028		2,418,930
	3,105,000		5.000			07/15/2042		3,391,250
Municipal Bonds – (continued)
New York – (continued)
	Broome County Local Development Corp. RB Refunding for United Health Services Hospitals Obligated Group Series 2020 (AGM) (AA/NR)
	2,820,000		4.000			04/01/2050		3,156,680
	Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (BBB/NR)
	645,000		5.000			07/01/2030		745,472
	865,000		5.000			07/01/2033		984,344
	815,000		5.000			07/01/2035		922,751
	640,000		5.000			07/01/2036		723,443
	455,000		5.000			07/01/2038		511,302
	Metropolitan Transportation Authority RB 2013 B (BBB+/A3)
	800,000		5.000			11/15/2038		817,448
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-1 (SP-2/MIG2)
	4,750,000		5.000			02/01/2023		4,897,155
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020A-2S (SP-2/MIG2)
	4,470,000		4.000			02/01/2022		4,517,024
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (BBB+/A3)
	645,000		5.000			11/15/2027		681,133
	880,000		5.000			11/15/2028		927,027
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (BBB+/A3)
	7,810,000		4.750			11/15/2045		8,128,882
	5,835,000		5.000			11/15/2050		6,186,792
	3,430,000		5.250			11/15/2055		3,690,989
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-1 (BBB+/A3)
	23,425,000		5.000			11/15/2044		24,975,735
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (BBB+/A3)
	46,815,000		4.000			11/15/2050		45,221,417
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 B (BBB+/A3)
	1,655,000		5.000			11/15/2025		1,763,982
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (BBB+/A3)
	2,555,000		4.000			11/15/2032		2,525,055
	950,000		4.000			11/15/2035		935,133
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (BBB+/A3)(c)
	300,000		0.000			11/15/2040		128,265
	Metropolitan Transportation Authority RB Refunding Series 2016 B (BBB+/A3)
	545,000		5.000			11/15/2027		577,945
	Metropolitan Transportation Authority RB Refunding Series 2016 D (BBB+/A3)
	740,000		5.000			11/15/2029		778,369
	Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (BBB+/A3)
	3,635,000		5.000			11/15/2029		3,795,703
	Metropolitan Transportation Authority RB Series 2013 A (BBB+/A3)
	4,320,000		5.000			11/15/2043		4,409,683

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Series 2013 E (BBB+/A3)
$	2,120,000		5.000	%		11/15/2038	$	2,174,527
	Metropolitan Transportation Authority RB Series 2014 A-1 (BBB+/A3)
	505,000		5.250			11/15/2039		521,519
	1,895,000		5.000			11/15/2044		1,941,806
	Metropolitan Transportation Authority RB Series 2016 C-1 (BBB+/A3)
	595,000		5.000			11/15/2028		629,308
	Metropolitan Transportation Authority RB Subseries 2014 D-1 (BBB+/A3)
	2,115,000		5.000			11/15/2039		2,183,886
	Metropolitan Transportation Authority RB Subseries 2015 A-1 (BBB+/A3)
	490,000		5.000			11/15/2025		519,366
	New York City GO Bonds Series 2018 E-1 (AA/Aa2)
	5,000,000		5.000			03/01/2044		5,920,900
	New York City GO Bonds Subseries 2015 F-6 (AA/Aa2)(f)(g)
	29,310,000		0.130			10/01/2020		29,310,000
	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		2,091,960
	New York City Industrial Development Agency PILOT RB for Queens Baseball Stadium Project Series 2009 (ASSURED GTY) (AA/Baa3)
	930,000		6.125			01/01/2029		934,473
	3,000,000		6.375			01/01/2039		3,014,190
	5,000,000		6.500			01/01/2046		5,024,400
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (AA/A2)(h)
	1,875,000		3.000			03/01/2049		1,888,313
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (NR/A2)(h)
	1,975,000		3.000			03/01/2049		1,941,524
	New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (BBB/Baa2)
	1,000,000		5.000			08/01/2040		1,094,180
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-4 (AAA/Aa1)(f)(g)
	10,000,000		0.120			10/02/2020		10,000,000
	New York City Water & Sewer System RB Series 2020 GG-1 (AA+/Aa1)
	10,000,000		4.000			06/15/2050		11,548,500
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(c)
	152,105,000		0.000			06/01/2060		5,150,275
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(a)
	13,200,000		5.000			11/15/2044		13,531,848
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)
	1,145,000		2.625			09/15/2069		1,152,717
Municipal Bonds – (continued)
New York – (continued)
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (NR/Baa2)
	1,430,000		2.800			09/15/2069		1,382,481
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)
	150,000		3.560			07/01/2026		157,095
	150,000		3.670			07/01/2027		157,717
	60,000		3.760			07/01/2028		63,232
	300,000		3.820			07/01/2029		315,702
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (BBB-/NR)
	615,000		4.000			07/01/2031		680,319
	870,000		4.000			07/01/2032		951,493
	925,000		4.000			07/01/2033		1,000,202
	845,000		4.000			07/01/2035		899,731
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (AGM) (AA/A2)
	6,645,000		3.000			09/01/2050		6,826,741
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB/Baa3)
	6,485,000		4.000			09/01/2045		7,008,923
	6,170,000		4.000			09/01/2050		6,625,778
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2014 (AMT) (B/B2)(a) (f) (g)
	1,685,000		2.875			12/03/2029		1,656,220
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (B/B2)(f)(g)
	1,750,000		2.750			09/02/2025		1,762,985
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	5,565,000		4.000			01/01/2036		5,516,807
	10,000,000		5.000			01/01/2036		10,600,800
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	1,245,000		5.000			01/01/2029		1,360,150
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (NR/Baa3)
	7,050,000		5.000			01/01/2030		7,663,773
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (BB+/Baa3)
	5,445,000		4.000			10/01/2030		5,562,176
	6,725,000		5.000			10/01/2035		7,255,535
	7,750,000		5.000			10/01/2040		8,251,890
	13,430,000		4.375			10/01/2045		13,478,617
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (AGM) (AA/A2)
	5,010,000		4.000			07/01/2035		5,320,871
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/A2)
	2,500,000		4.000			07/01/2041		2,551,600
	10,000,000		4.000			07/01/2046		10,149,700
	21,200,000		5.250			01/01/2050		22,766,892

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
$	9,480,000		4.000	%		07/01/2033	$	9,801,277
	5,025,000		5.000			07/01/2034		5,450,919
	4,540,000		5.000			07/01/2041		4,869,786
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (B-/NR)
	5,600,000		5.000			08/01/2026		5,613,104
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (B-/NR)
	6,850,000		5.250			08/01/2031		7,064,131
	5,990,000		5.375			08/01/2036		6,208,994
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/A2)
	12,250,000		5.000			07/01/2046		13,049,680
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa2)
	1,565,000		5.750			06/15/2035		1,711,437
	Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (AA/NR)
	490,000		4.000			12/01/2032		585,511
	590,000		4.000			12/01/2033		701,457
	490,000		4.000			12/01/2034		580,748
	505,000		4.000			12/01/2035		595,794
	610,000		4.000			12/01/2036		716,549
	740,000		4.000			12/01/2037		866,214
	490,000		4.000			12/01/2038		571,678
	1,470,000		3.000			12/01/2039		1,531,049
	980,000		3.000			12/01/2040		1,017,436
	1,960,000		4.000			12/01/2049		2,209,449
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	405,000		4.000			07/01/2039		406,956
	4,835,000		3.000			07/01/2044		3,983,122
	Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (A+/Aa3)
	4,735,000		4.000			07/15/2055		5,189,323
	5,685,000		4.000			07/15/2060		6,249,805
	Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (BBB+/A3)
	700,000		5.000			09/01/2038		841,253
	955,000		5.000			09/01/2039		1,143,966
	945,000		4.000			09/01/2040		1,035,786
	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		4,601,800
	Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)
	475,000		5.000			10/15/2039		504,792
	610,000		5.000			10/15/2049		637,035
	530,000		5.000			10/15/2054		551,486
								453,897,799
Municipal Bonds – (continued)
North Carolina – 0.8%
	North Carolina Department of Transportation RB for I-77 Mobility Partners LLC Series 2015 (AMT) (BBB-/NR)
	1,370,000		5.000			12/31/2037		1,471,997
	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		3,844,422
	1,000,000		5.000			03/01/2037		1,012,480
	1,000,000		5.000			03/01/2042		1,009,880
	North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR)
	950,000		5.000			10/01/2045		1,030,094
	1,310,000		5.000			10/01/2050		1,409,246
	North Carolina Medical Care Commission RB for Rex Hospital, Inc. Obligated Group Series 2020 A (AA-/A2)
	6,325,000		3.000			07/01/2045		6,503,365
	North Carolina Medical Care Commission RB Refunding for The Presbyterian Home at Charlotte, Inc. Series 2019 A (NR/NR)
	1,500,000		4.000			07/01/2039		1,448,025
	1,650,000		5.000			07/01/2039		1,774,459
	1,035,000		4.000			07/01/2044		977,247
	1,160,000		5.000			07/01/2044		1,237,778
	2,000,000		5.000			07/01/2049		2,117,500
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	1,000,000		4.500			09/01/2030		1,002,510
	2,000,000		5.000			09/01/2037		2,025,420
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (AA/NR)
	8,500,000		5.000			01/01/2049		10,438,935
	4,250,000		4.000			01/01/2055		4,783,503
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (BBB/NR)
	16,000,000		5.000			01/01/2049		19,075,040
	5,450,000		4.000			01/01/2055		5,959,520
								67,121,421
Ohio – 2.9%
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	770,000		4.000			06/01/2037		904,380
	1,025,000		4.000			06/01/2038		1,198,615
	1,000,000		4.000			06/01/2039		1,165,380
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (BBB+/NR)
	10,630,000		3.000			06/01/2048		10,317,585
	4,185,000		4.000			06/01/2048		4,574,121
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	45,075,000		5.000			06/01/2055		47,949,433
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)(c)
	81,590,000		0.000			06/01/2057		11,491,136

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Ohio – (continued)
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
$	2,400,000		5.250	%		11/01/2037	$	2,503,584
	2,700,000		5.250			11/01/2047		2,767,203
	2,320,000		5.250			11/01/2050		2,373,569
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (B/Ba3)
	22,490,000		5.375			09/15/2027		22,511,590
	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		574,794
	825,000		4.000			09/01/2045		859,683
	1,075,000		5.000			09/01/2049		1,133,641
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	29,500,000		8.223			02/15/2040		41,265,190
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	6,250,000		5.000			02/15/2037		7,183,562
	7,500,000		5.000			02/15/2042		8,464,200
	7,500,000		4.750			02/15/2047		8,301,900
	1,500,000		5.000			02/15/2057		1,670,850
	1,000,000		5.500			02/15/2057		1,155,200
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)
	7,500,000		5.000			12/01/2051		7,357,875
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	2,000,000		5.000			01/01/2042		2,045,480
	1,610,000		5.000			01/01/2046		1,643,134
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)
	8,000,000		5.000			02/15/2048		8,249,920
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(a)
	2,275,000		3.750			01/15/2028		2,484,891
	2,880,000		4.250			01/15/2038		3,096,346
	18,110,000		4.500			01/15/2048		19,361,220
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (NR/Ba1)
	4,140,000		3.250			09/01/2029		4,254,347
	Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)(a)
	1,075,000		5.000			12/01/2033		1,169,589
	2,085,000		5.000			12/01/2038		2,231,909
	5,000,000		5.000			12/01/2048		5,255,650
	Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A/A2)
	6,650,000		3.000			01/15/2045		6,783,931
	Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(a)(h)
	10,000,000		7.000			12/01/2042		10,021,700
								252,321,608
Municipal Bonds – (continued)
Oklahoma – 0.8%
	Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (A-/Baa1)
	1,075,000		4.000			09/01/2045		1,163,075
	1,000,000		5.000			09/01/2045		1,176,100
	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		2,634,264
	2,500,000		4.125			08/15/2057		2,760,275
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	15,000,000		5.500			08/15/2052		17,497,350
	9,500,000		5.500			08/15/2057		11,059,140
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	2,680,000		5.500			12/01/2035		2,704,200
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	24,300,000		5.500			12/01/2035		24,519,429
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B-/NR)(f)(g)
	9,070,000		5.000			06/01/2025		9,144,011
								72,657,844
Oregon – 0.2%
	Clackamas County Hospital Facility Authority RB Refunding for Rose Villa, Inc. Obligated Group Series 2020 A (NR/NR)
	130,000		5.250			11/15/2050		137,580
	225,000		5.375			11/15/2055		239,121
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (A+/NR)
	1,875,000		5.000			08/15/2045		2,318,400
	3,850,000		4.000			08/15/2050		4,316,851
	2,850,000		5.000			08/15/2050		3,500,769
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (AGM) (AA/NR)
	5,000,000		4.000			08/15/2045		5,733,800
	Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (BBB+/NR)
	1,750,000		5.000			10/01/2040		2,136,243
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)(a)
	860,000		5.000			11/01/2039		1,026,797
								19,409,561
Pennsylvania – 3.0%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB-/NR)
	1,500,000		5.000			09/01/2030		1,537,170
	1,000,000		5.000			09/01/2035		1,018,230
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	32,000,000		4.000			04/01/2044		35,313,920

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B-/Caa2)
$	3,900,000	4.875 %		11/01/2024	$	3,711,279
	2,500,000	5.125		05/01/2030		2,286,125
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)(a)
	2,000,000	5.000		05/01/2027		2,233,280
	1,400,000	5.000		05/01/2032		1,489,418
	6,950,000	5.000		05/01/2042		7,250,309
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)(a)
	250,000	5.000		05/01/2028		277,583
	1,000,000	5.000		05/01/2033		1,065,030
	2,750,000	5.000		05/01/2042		2,884,200
	Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa3)
	18,000,000	5.000		05/01/2042		18,647,280
	Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (BBB+/WR)
	950,000	5.000		11/01/2029		1,066,460
	950,000	5.000		11/01/2030		1,060,989
	1,425,000	5.000		11/01/2034		1,565,135
	1,690,000	5.000		11/01/2047		1,803,230
	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		1,240,252
	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		511,705
	1,000,000	5.000		08/01/2045		1,013,720
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB+/NR)
	1,000,000	5.000		12/01/2042		1,062,990
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	1,900,000	5.000		06/01/2034		2,361,548
	1,900,000	5.000		06/01/2035		2,355,183
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	6,000,000	4.000		06/01/2039		6,807,480
	County of Allegheny GO Notes Refunding Series 2007 C-59B (AGM) (AA/Aa3)(d)
	740,000	(3 Mo. LIBOR + 0.55%), 0.718		11/01/2026		731,867
	Cumberland County Municipal Authority RB for Diakon Lutheran Social Ministries Project Series 2015 (BBB+/NR)
	1,500,000	5.000		01/01/2038		1,580,730
	Doylestown Hospital Authority RB Series 2019 A (BBB-/Ba1)
	1,250,000	4.000		07/01/2045		1,311,713
	2,375,000	5.000		07/01/2049		2,623,591
	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		1,157,200
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR) – (continued)
	900,000	5.000		12/01/2048		940,365
	1,750,000	5.000		12/01/2053		1,809,080
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA-/A1)(d)
	52,950,000	(3 Mo. LIBOR + 0.77%), 0.938		05/01/2037		47,273,231
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)
	1,300,000	4.000		06/01/2044		1,476,644
	2,300,000	5.000		06/01/2044		2,812,785
	5,700,000	4.000		06/01/2049		6,427,377
	4,225,000	5.000		06/01/2049		5,130,291
	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		1,426,880
	1,500,000	5.000		04/01/2033		1,518,975
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (BB+/NR)
	750,000	5.000		03/01/2045		767,025
	1,000,000	5.000		03/01/2050		1,018,520
	Montgomery County Industrial Development Authority RB ACTS Retirement-Life Communities, Inc. Obligated Group Series 2020 C (A-/NR)
	2,365,000	5.000		11/15/2045		2,775,422
	Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (BB+/NR)
	1,900,000	5.000		11/01/2044		1,948,735
	2,100,000	5.000		11/01/2049		2,142,945
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)
	945,000	5.000		05/01/2044		1,022,055
	1,245,000	5.000		05/01/2049		1,341,513
	Pennsylvania Economic Development Financing Authority RB for CarbonLite P LLC Project Series 2019 (AMT) (NR/NR)(a)
	5,725,000	5.750		06/01/2036		5,597,447
	Pennsylvania Economic Development Financing Authority Special Facilities RB for US Airways Group, Inc. Project Series 2010 B (B-/Caa1)
	2,460,000	8.000		05/01/2029		2,466,396
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (ASSURED GTY) (AA/WR)(d)
	9,705,000	(3 Mo. LIBOR + 0.60%), 0.798		07/01/2027		9,532,930
	10,750,000	(3 Mo. LIBOR + 0.65%), 0.848		07/01/2039		9,759,710
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BBB-/NR)
	4,000,000	5.000		05/01/2042		4,063,360

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (AA/A2)
$	4,380,000	5.000 %		05/01/2046	$	5,398,218
	3,145,000	4.000		05/01/2050		3,545,862
	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		378,052
	400,000	5.000		07/01/2035		408,376
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	3,875,000	5.250		06/01/2047		4,582,033
	Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)
	2,225,000	5.000		06/15/2050		2,291,772
	Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (BBB-/NR)
	310,000	5.000		08/01/2040		356,571
	975,000	5.000		08/01/2050		1,110,642
	Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligated Group Series 2012 A (BBB-/Ba1)
	2,000,000	5.625		07/01/2042		2,109,420
	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		585,570
	2,000,000	5.000		07/01/2029		2,328,700
	3,000,000	5.000		07/01/2030		3,483,510
	2,615,000	5.000		07/01/2031		3,018,861
	1,000,000	5.000		07/01/2032		1,148,350
	4,425,000	5.000		07/01/2033		5,058,925
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	1,020,000	5.000		11/15/2021		1,021,479
	2,450,000	5.000		11/15/2028		2,384,536
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,156,287
	2,325,000	5.000		01/01/2038		2,413,373
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	475,000	5.000		10/01/2039		474,853
	1,125,000	5.000		10/01/2049		1,101,386
	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		1,037,710
	1,000,000	5.000		07/01/2035		1,021,250
						263,635,039
Puerto Rico – 7.0%
	Commonwealth of Puerto Rico Public Improvement GO Unlimited Refunding Bonds Series 2011 E (NR/Ca)*
	2,000,000	6.000		07/01/2029		1,390,000
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (NR/Ca)
	7,495,000	6.000		07/01/2044		7,569,950
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (NR/Ca)
	535,000	4.250		07/01/2025		534,331
	115,000	4.500		07/01/2027		114,856
	420,000	5.000		07/01/2030		427,350
	1,150,000	5.000		07/01/2033		1,167,250
	8,710,000	5.125		07/01/2037		8,840,650
	24,605,000	5.250		07/01/2042		24,974,075
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 A (NR/Ca)*
	115,000	5.250		07/01/2030		82,369
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)*
	81,230,000	8.000		07/01/2035		51,581,050
	Puerto Rico Commonwealth GO Refunding Bonds for Public Improvement Series 2012 A (NR/Ca)*
	5,185,000	5.500		07/01/2039		3,435,062
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	360,000	5.250		07/01/2041		399,568
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	28,730,000	5.250		07/01/2038		29,965,390
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	1,860,000	5.250		07/01/2033		2,055,597
	680,000	5.250		07/01/2034		752,869
	6,070,000	5.250		07/01/2036		6,698,488
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (NR/C)*
	215,000	5.000		07/01/2028		31,712
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)
	1,560,000	5.500		07/01/2023		1,658,966
	2,050,000	5.500		07/01/2027		2,231,774
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (NR/Ca)*
	4,000,000	5.250		07/01/2032		2,865,000
	4,035,000	5.250		07/01/2037		2,890,069
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2011 C (NR/Ca)*
	155,000	6.000		07/01/2035		102,494
	205,000	6.500		07/01/2040		138,375
	Puerto Rico Electric Power Authority RB Refunding Series 2005 SS-RSA-1 (D/NR)*
	130,000	4.625		07/01/2030		91,650
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(d)
	52,372,000	(3 Mo. LIBOR + 0.52%), 0.718		07/01/2029		46,152,825
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (NR/Baa2)
	1,250,000	5.250		07/01/2032		1,288,363
	435,000	5.250		07/01/2035		446,597
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (D/NR)*
	80,000	3.500		07/01/2020		55,100
	155,000	3.625		07/01/2021		106,756
	60,000	3.750		07/01/2022		41,325
	390,000	3.875		07/01/2023		268,613

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (NR/NR)*
$	215,000		3.300	%		07/01/2019	$	147,812
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (NR/Ca)*
	1,000		5.000			07/01/2024		661
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (D/NR)*
	260,000		4.250			07/01/2020		182,650
	25,000		5.250			07/01/2020		17,750
	80,000		4.375			07/01/2021		56,200
	100,000		4.375			07/01/2022		70,250
	65,000		5.000			07/01/2022		46,150
	190,000		4.500			07/01/2023		133,950
	125,000		5.000			07/01/2024		88,750
	90,000		4.625			07/01/2025		63,450
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)*
	65,000		3.700			07/01/2017		44,688
	1,230,000		5.000			07/01/2017		870,225
	145,000		4.250			07/01/2018		100,231
	3,130,000		5.000			07/01/2019		2,214,475
	Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1 (D/NR)*
	1,295,000		5.000			07/01/2032		919,450
	1,385,000		5.000			07/01/2037		983,350
	Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1 (NR/NR)*
	300,000		4.200			07/01/2019		207,375
	Puerto Rico Electric Power Authority RB Series 2008 WW-RSA- 1 (D/NR)*
	2,000,000		5.500			07/01/2020		1,425,000
	3,765,000		5.250			07/01/2033		2,673,150
	Puerto Rico Electric Power Authority RB Series 2010 AAA (NR/Ca)*
	4,000		5.250			07/01/2027		2,645
	4,000		5.250			07/01/2028		2,645
	Puerto Rico Electric Power Authority RB Series 2010 AAA-RSA- 1 (D/NR)*
	130,000		5.250			07/01/2023		92,300
	1,485,000		5.250			07/01/2027		1,054,350
	2,115,000		5.250			07/01/2028		1,501,650
	Puerto Rico Electric Power Authority RB Series 2010 BBB-RSA- 1 (D/NR)*
	90,000		5.400			07/01/2028		62,887
	Puerto Rico Electric Power Authority RB Series 2010 CCC-RSA- 1 (D/NR)*
	80,000		5.000			07/01/2022		56,800
	90,000		4.250			07/01/2023		63,225
	60,000		4.500			07/01/2023		42,300
	50,000		4.600			07/01/2024		35,250
	210,000		4.625			07/01/2025		148,050
	900,000		5.000			07/01/2025		639,000
	25,000		5.000			07/01/2026		17,750
	40,000		4.800			07/01/2027		28,200
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2010 EEE-RSA-1 (D/NR)*
	1,175,000		5.950			07/01/2030		828,375
	4,620,000		6.050			07/01/2032		3,274,425
	115,000		6.250			07/01/2040		81,650
	Puerto Rico Electric Power Authority RB Series 2010 XX-RSA-1 (D/NR)*
	20,000		4.875			07/01/2027		14,100
	7,590,000		5.250			07/01/2040		5,388,900
	Puerto Rico Electric Power Authority RB Series 2010 YY-RSA-1 (D/NR)*
	2,130,000		6.125			07/01/2040		1,512,300
	Puerto Rico Electric Power Authority RB Series 2012 A-RSA-1 (D/NR)*
	1,905,000		4.800			07/01/2029		1,343,025
	14,720,000		5.000			07/01/2042		10,451,200
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)*
	715,000		7.250			07/01/2030		520,163
	5,210,000		7.000			07/01/2033		3,777,250
	6,190,000		7.000			07/01/2040		4,487,750
	Puerto Rico Electric Power Authority RB Series 2016 A4-RSA-1 (NR/NR)*
	747,236		10.000			07/01/2019		584,712
	Puerto Rico Electric Power Authority RB Series 2016 B4-RSA-1 (NR/NR)*
	747,235		10.000			07/01/2019		584,711
	Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1 (NR/NR)*
	5,036,850		10.000			01/01/2021		3,941,335
	Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)*
	5,036,850		10.000			07/01/2021		3,941,335
	Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)*
	1,678,950		10.000			01/01/2022		1,313,778
	Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)*
	1,678,950		10.000			07/01/2022		1,313,778
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (ASSURED GTY) (AA/A3)
	2,000,000		5.250			07/01/2041		2,219,820
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	2,395,000		5.250			07/01/2035		2,454,492
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	470,000		5.250			07/01/2032		519,665
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	100,000		5.500			07/01/2029		111,819
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (ASSURED GTY) (AA/A3)
	185,000		5.500			07/01/2031		208,580
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	2,455,000		5.500			07/01/2029		2,745,156

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
$	330,000		5.500	%		07/01/2026	$	366,614
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/C)
	3,825,000		5.250			07/01/2031		4,072,095
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	320,000		5.250			07/01/2034		354,291
	27,260,000		5.250			07/01/2036		30,065,054
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	1,570,000		5.250			07/01/2033		1,617,179
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	4,920,000		4.750			07/01/2038		4,952,177
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)(c)
	4,785,000		0.000			07/01/2034		2,582,991
	3,850,000		0.000			07/01/2035		1,980,671
	2,250,000		0.000			07/01/2037		1,053,968
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 P (COMWLTH GTD) (NR/Ca)*
	1,000,000		6.125			07/01/2023		811,250
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(c)
	4,313,000		0.000			07/01/2031		3,148,404
	10,295,000		0.000			07/01/2033		6,890,340
	77,325,000		0.000			07/01/2046		21,829,621
	121,370,000		0.000			07/01/2051		24,804,387
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	124,951,000		4.329			07/01/2040		127,346,311
	562,000		4.536			07/01/2053		576,572
	12,699,000		4.784			07/01/2058		13,243,152
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	3,939,000		4.500			07/01/2034		4,109,716
	3,447,000		4.550			07/01/2040		3,563,405
	25,341,000		4.750			07/01/2053		26,354,894
	71,774,000		5.000			07/01/2058		75,871,578
								619,564,082
Rhode Island – 0.2%
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC-/NR)(c)
	124,220,000		0.000			06/01/2052		18,108,792
South Carolina – 0.2%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	3,099,000		6.875			11/01/2035		3,103,896
	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		2,682,785
Municipal Bonds – (continued)
South Carolina – (continued)
	South Carolina Public Service Authority RB Tax-Exempt Series 2015 E (A/A2)
	7,790,000		5.250			12/01/2055		8,992,854
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
	2,250,000		4.000			04/15/2045		2,547,293
	2,000,000		3.000			04/15/2049		2,035,020
								19,361,848
Tennessee – 0.2%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)
	2,200,000		4.000			08/01/2044		2,428,866
	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		2,256,687
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	5,230,000		4.000			07/01/2040		5,782,183
	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		1,566,615
	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		2,896,000
	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		356,252
	230,000		5.000			10/01/2034		256,128
	375,000		5.000			10/01/2039		409,920
	450,000		5.000			10/01/2048		484,650
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(a)
	850,000		5.125			06/01/2036		892,016
	Shelby County Health Educational & Housing Facilities Board RB Refunding for The Village at Germantown Residential Care Facility Mortgage Series 2012 (BBB-/NR)
	2,000,000		5.375			12/01/2047		2,046,760
								19,376,077
Texas – 4.7%
	Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)(a)
	650,000		4.250			09/01/2023		673,777
	500,000		4.625			09/01/2028		559,695
	2,160,000		5.125			09/01/2038		2,453,458
	2,580,000		5.250			09/01/2047		2,902,964
	Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (BBB-/NR)
	1,480,000		5.000			01/01/2029		1,510,414

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	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	$	2,142,972
	2,435,000		5.000			12/01/2040		2,561,376
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 A (A-/Baa1)
	3,900,000		5.000			01/01/2045		4,421,313
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/Baa1)
	1,600,000		5.000			01/01/2040		1,843,680
	2,465,000		5.000			01/01/2046		2,820,157
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A-/Baa1)
	2,575,000		5.000			01/01/2045		3,143,534
	City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)(a)
	2,190,000		6.500			09/01/2048		2,487,928
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(a)
	6,000,000		5.125			11/01/2033		6,375,120
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)(a)
	970,000		4.000			09/01/2050		985,879
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)(a)
	400,000		5.500			09/01/2046		457,248
	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		1,296,529
	1,700,000		5.750			09/01/2047		1,946,738
	City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)(a)
	2,380,000		4.250			09/01/2049		2,483,601
	City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#4 Project Series 2020 (NR/NR)(a)
	1,800,000		4.125			09/01/2050		1,802,862
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)
	3,815,000		7.500			09/01/2045		4,069,117
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighorhood Improvement Area #1 Project Series 2015 (NR/NR)
	1,760,000		6.250			09/01/2045		1,837,229
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)(a)
	1,360,000		4.250			08/15/2049		1,430,244
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Series 2018 (NR/NR)(a)
	910,000		4.350			08/15/2039		928,164
	1,920,000		4.500			08/15/2048		1,958,227
Municipal Bonds – (continued)
Texas – (continued)
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)
	2,050,000		3.250			08/15/2043		2,138,806
	City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	4,345,000		5.000			09/01/2047		4,764,770
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)
	1,390,000		4.500			09/01/2037		1,506,218
	2,435,000		5.000			09/01/2044		2,678,062
	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		2,528,567
	4,715,000		4.500			09/01/2038		5,218,798
	City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)(a)
	2,450,000		4.375			09/01/2049		2,596,363
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	1,500,000		5.000			08/15/2043		1,504,470
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)(a)
	1,405,000		4.625			09/01/2039		1,533,993
	900,000		4.750			09/01/2044		974,223
	City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)(a)
	1,225,000		4.875			09/01/2044		1,337,578
	City of Lago Vista Tessera on Lake Travis Public Improvement District Special Assessment Refunding Bond Series 2010 (NR/NR)
	990,000		3.750			09/01/2042		1,000,613
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)(a)
	580,000		4.250			09/15/2039		614,093
	2,415,000		4.500			09/15/2049		2,551,568
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)(a)
	850,000		5.000			09/15/2049		914,744
	City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)(a)(h)
	1,890,000		4.000			09/01/2054		1,909,977
	City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)(a)
	295,000		4.500			09/15/2040		317,040
	525,000		4.625			09/15/2049		561,503
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)(a)
	785,000		4.250			09/15/2039		851,898
	3,000,000		4.375			09/15/2049		3,214,440

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)(a)
$	1,155,000	5.750 %		09/15/2039	$	1,245,390
	2,055,000	6.000		09/15/2049		2,212,557
	City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)(a)
	2,405,000	5.875		09/15/2039		2,601,777
	5,200,000	5.125		09/15/2048		5,643,976
	3,830,000	6.125		09/15/2048		4,143,103
	City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)(a)
	550,000	5.250		09/01/2040		575,982
	355,000	5.625		09/01/2040		371,880
	560,000	4.125		09/01/2049		599,973
	1,510,000	5.375		09/01/2050		1,580,215
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)(a)
	1,355,000	4.125		09/01/2048		1,414,674
	1,465,000	4.500		09/01/2048		1,553,398
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2018 (NR/NR)(a)
	2,465,000	4.875		09/01/2048		2,688,403
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)(a)
	1,050,000	4.375		09/01/2049		1,123,122
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(a)
	126,000	3.875		09/01/2040		129,395
	175,000	4.125		09/01/2050		180,094
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	400,000	4.875		09/01/2039		442,760
	835,000	5.000		09/01/2049		916,755
	City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)(a)
	2,205,000	4.500		09/01/2039		2,336,705
	1,185,000	5.500		09/01/2039		1,297,587
	1,490,000	4.750		09/01/2049		1,577,642
	2,140,000	5.750		09/01/2049		2,341,138
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(a)
	750,000	3.750		09/01/2040		777,165
	1,250,000	4.000		09/01/2050		1,310,575
	City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)(a)
	110,000	4.375		09/15/2030		111,603
	500,000	4.125		09/15/2040		509,055
	1,520,000	4.375		09/15/2050		1,547,481
	600,000	5.125		09/15/2050		609,912
	City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)(a)
	1,760,000	4.750		09/15/2049		1,887,970
	City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR)
	765,000	5.375		09/01/2040		792,808
	1,800,000	5.625		09/01/2050		1,876,284
Municipal Bonds – (continued)
Texas – (continued)
	City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)
	240,000	4.500		09/01/2023		248,021
	780,000	5.000		09/01/2028		870,090
	1,935,000	5.600		09/01/2038		2,197,967
	2,470,000	5.700		09/01/2047		2,773,711
	Dallas County Flood Control District No. 1 Unlimited Tax GO Refunding Bonds Series 2015 (NR/NR)(a)
	3,250,000	5.000		04/01/2032		3,384,972
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(a)
	195,000	3.750		08/15/2024		195,532
	350,000	4.000		08/15/2029		349,468
	1,150,000	4.500		08/15/2035		1,135,223
	875,000	5.000		08/15/2044		877,205
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 A (NR/Baa2)
	1,545,000	4.750		05/01/2038		1,600,836
	Fort Bend County Industrial Development Corp. RB for NRG Energy, Inc. Project Series 2012 B (NR/Baa2)
	5,685,000	4.750		11/01/2042		5,857,710
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(a)
	1,575,000	5.000		09/01/2027		1,653,404
	895,000	5.000		09/01/2032		917,026
	1,315,000	5.125		09/01/2037		1,329,504
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)(b)
	15,140,000	0.000		10/01/2046		17,138,329
	11,100,000	0.000		10/01/2047		12,579,408
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(d)
	23,855,000	(3 Mo. LIBOR + 0.67%), 0.858		08/15/2035		21,951,132
	Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL-RE) (BB/Baa2)(c)
	2,000,000	0.000		11/15/2036		867,860
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)(a)
	1,340,000	4.500		09/01/2039		1,425,385
	1,800,000	4.750		09/01/2049		1,911,852
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	595,000	3.750		09/01/2032		648,467
	510,000	3.875		09/01/2037		553,365
	930,000	4.000		09/01/2047		1,001,191
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (B/NR)
	15,835,000	5.000		07/15/2028		16,349,473
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (BB-/NR)
	875,000	5.000		07/01/2027		908,653
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (BB-/NR)
	2,750,000	5.000		07/15/2027		2,855,655

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (BB-/NR)
$	2,780,000	5.000 %		07/15/2027	$	2,886,808
	Houston Airport System Special Facilities RB for Continental Airlines, Inc. Terminal Improvement Projects Series 2011 A (AMT) (B/Ba3)
	10,000,000	6.625		07/15/2038		10,160,200
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (B/Ba3)
	9,250,000	5.000		07/01/2029		9,400,497
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (B/NR)
	10,500,000	5.000		07/15/2035		10,544,415
	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		2,013,043
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(a)
	390,000	4.500		09/01/2023		406,009
	785,000	5.000		09/01/2028		883,408
	1,170,000	5.375		09/01/2038		1,305,896
	1,930,000	5.125		09/01/2047		2,119,912
	1,500,000	5.500		09/01/2047		1,658,790
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)(a)
	19,675,000	4.625		10/01/2031		20,808,477
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,850,000	5.000		09/15/2043		2,020,921
	2,800,000	5.000		09/15/2048		3,044,188
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BB+/NR)(a)
	1,465,000	5.000		08/15/2051		1,544,066
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (B/B2)
	335,000	5.000		04/01/2031		321,493
	300,000	5.000		04/01/2036		280,098
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (NR/WR)(e)
	1,000,000	5.000		04/01/2025		1,196,910
	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		1,286,997
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	8,500,000	5.000		01/01/2048		9,903,945
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)(a)
	9,995,000	4.000		01/01/2050		10,006,094
Municipal Bonds – (continued)
Texas – (continued)
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)(a)
	4,125,000	6.000		01/01/2025		4,094,970
	Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)
	175,000	5.750		09/15/2036		177,917
	460,000	6.000		09/15/2046		464,113
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)(a)
	825,000	4.125		09/15/2039		863,915
	3,275,000	4.375		09/15/2049		3,428,892
	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		7,704,785
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(d)
	6,520,000	(3 Mo. LIBOR + 0.70%), 0.868		12/15/2026		6,471,361
	Texas Private Activity Bonds Surface Transportation Corp. RB Refunding for NTE Mobility Partners LLC Series 2019 A (BBB/Baa2)
	5,000,000	4.000		12/31/2037		5,628,350
	3,750,000	4.000		12/31/2038		4,207,350
	3,000,000	4.000		12/31/2039		3,355,380
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)
	3,900,000	5.000		12/31/2050		4,158,219
	3,900,000	5.000		12/31/2055		4,151,004
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (NR/Baa3)
	5,000,000	6.750		06/30/2043		5,673,450
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)
	24,790,000	5.000		06/30/2058		28,413,306
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (A-/Baa1)
	2,850,000	5.000		08/15/2042		3,177,950
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases #2-3 Project Series 2018 (NR/NR)(a)
	1,353,000	5.875		09/01/2047		1,550,254
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(a)
	1,400,000	5.000		09/01/2047		1,525,244
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	390,000	3.125		12/01/2035		390,020
	457,000	3.375		12/01/2040		457,091
	786,000	3.500		12/01/2047		785,937

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (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)
$	127,000		4.000	%		12/01/2021	$	129,911
	500,000		4.000			12/01/2027		536,590
	1,545,000		4.750			12/01/2035		1,666,097
								418,595,041
Utah – 0.3%
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR)
	8,150,000		7.100			08/15/2023		8,476,326
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)(a)
	10,250,000		5.500			02/01/2050		9,982,783
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR)(a)
	1,954,000		7.875			08/15/2050		1,915,291
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A+/A2)
	6,000,000		5.000			07/01/2047		6,880,320
								27,254,720
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		976,950
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		10,707,979
	7,910,000		5.000			10/01/2029		7,821,329
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	6,080,000		5.000			10/01/2032		5,951,043
	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		8,897,013
	Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM-CR) (AA/A2)
	3,515,000		5.000			10/01/2039		3,909,067
	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		1,907,680
								39,194,111
Virginia – 1.5%
	Alexandria City IDA for Residential Care Facilities Mortgage RB for Goodwin House, Inc. Series 2015 (BBB+/NR)
	2,700,000		5.000			10/01/2045		2,874,015
	Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (BBB-/NR)
	5,000,000		5.000			01/01/2050		5,231,250
	5,000,000		5.000			01/01/2059		5,171,200
Municipal Bonds – (continued)
Virginia – (continued)
	Mosaic District Community Development Authority RB Series 2011 A (NR/NR)
	990,000		6.250			03/01/2021		1,002,840
	2,000,000		6.625			03/01/2026		2,027,500
	7,000,000		6.875			03/01/2036		7,089,950
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR)
	710,000		4.000			04/01/2045		716,284
	880,000		5.000			04/01/2049		968,792
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)
	11,560,000		6.706			06/01/2046		11,931,423
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)(c)
	236,845,000		0.000			06/01/2047		46,978,206
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC-/NR)(c)
	34,250,000		0.000			06/01/2047		6,471,538
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	1,375,000		5.000			12/31/2047		1,546,284
	26,545,000		5.000			12/31/2056		29,694,829
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (NR/Baa3)
	520,000		5.000			12/31/2052		582,681
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB-/NR)
	4,250,000		5.000			01/01/2044		4,377,712
	3,370,000		5.000			07/01/2049		3,466,955
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)(a)(f)(g)
	1,000,000		5.000			07/01/2038		1,017,890
								131,149,349
Washington – 1.4%
	Port of Seattle Industrial Development Corp. RB Refunding for Delta Air Lines, Inc. Series 2012 (AMT) (BB/NR)
	7,355,000		5.000			04/01/2030		7,551,893
	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		4,501,497
	Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (A/NR)
	1,125,000		4.000			05/01/2050		1,226,295
	Washington State Convention Center Public Facilities District RB Series 2018 (BBB/A3)
	5,500,000		5.000			07/01/2058		6,063,090
	Washington State Convention Center Public Facilities District RB Series 2018 (BBB+/A1)
	16,450,000		5.000			07/01/2048		18,353,430
	37,700,000		4.000			07/01/2058		38,967,097
	35,975,000		5.000			07/01/2058		39,915,701

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Washington – (continued)
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)(a)
$	1,350,000		5.000	%		01/01/2049	$	1,411,911
	3,800,000		5.000			01/01/2055		3,941,512
								121,932,426
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		897,843
	2,685,000		3.000			03/01/2037		2,472,751
	2,685,000		3.250			03/01/2041		2,461,527
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (BB-/B1)(f)(g)
	3,250,000		5.000			07/01/2025		3,347,435
	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		4,784,818
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	6,120,000		5.000			01/01/2043		7,183,105
	13,000,000		4.125			01/01/2047		13,945,490
	West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (NR/Baa1)
	1,650,000		5.000			09/01/2038		1,938,882
	1,525,000		5.000			09/01/2039		1,786,660
								38,818,511
Wisconsin – 0.9%
	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		1,048,815
	2,350,000		4.125			07/01/2049		2,552,782
	1,300,000		5.000			07/01/2054		1,500,070
	1,600,000		5.000			07/01/2058		1,844,736
	Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)(a)
	305,000		4.000			06/15/2029		310,752
	385,000		5.000			06/15/2039		397,100
	495,000		5.000			06/15/2049		504,549
	430,000		5.000			06/15/2054		437,220
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	5,900,000		4.300			11/01/2030		6,443,449
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	760,000		4.000			07/01/2045		822,890
	950,000		4.000			07/01/2050		1,022,855
	1,185,000		4.000			07/01/2055		1,271,612
	1,520,000		4.000			07/01/2059		1,630,823
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (NR/Ba1)(a)
	1,300,000		5.000			06/15/2054		1,373,606
	Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (BB-/NR)
	520,000		4.000			07/01/2030		523,422
	700,000		5.000			07/01/2040		732,893
	1,875,000		5.000			07/01/2055		1,929,450
	Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)(a)
	3,100,000		5.250			03/01/2045		3,291,363
	7,110,000		5.250			03/01/2055		7,492,945
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)*(a)
	41,995		5.500			12/01/2048		20,997
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)*(a)
	85,207		7.250			12/01/2048		42,604
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	2,600,000		5.200			12/01/2037		2,904,408
	1,525,000		5.350			12/01/2045		1,691,713
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)(a)
	565,000		5.000			04/01/2040		605,590
	2,000,000		5.000			04/01/2050		2,111,420
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A/A3)
	1,425,000		4.000			01/01/2045		1,581,636
	1,900,000		3.000			01/01/2050		1,844,957
	Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)(a)
	1,950,000		5.000			06/01/2050		1,998,711
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
	12,080,000		4.000			01/01/2052		11,205,046
	Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)(a)
	1,450,000		5.000			09/01/2049		1,449,898
	1,360,000		5.000			09/01/2054		1,348,957
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)(a)
	3,205,000		6.125			10/01/2049		2,964,689
	Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (BB/NR)(a)
	1,020,000		5.000			10/01/2034		1,085,321
	350,000		5.000			10/01/2039		367,321
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)
	575,000		5.000			11/15/2044		623,720
	765,000		5.000			11/15/2049		825,978
	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		3,355,137

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Wisconsin – (continued)
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
$	385,000		4.000	%		03/15/2040	$	412,832
	1,115,000		5.000			03/15/2050		1,292,920
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	1,315,000		3.000			02/01/2042		1,290,265
	435,000		4.000			02/01/2045		457,711
								74,613,163
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		34,870,928
	TOTAL MUNICIPAL BONDS
	(Cost $8,108,878,223)						$	8,679,525,795
Corporate Bonds – 0.4%
Health Care Equipment & Services – 0.2%
	CommonSpirit Health
$	1,293,000		4.350	%		11/01/2042	$	1,405,787
	Prime Healthcare Foundation, Inc. Series B
	16,525,000		7.000			12/01/2027		19,503,479
								20,909,266
Real Estate(i) – 0.2%
	Benloch Ranch Improvement Association No. 1 Series 2020
	12,165,000		9.750			12/01/2039		12,218,283
	TOTAL CORPORATE BONDS
	(Cost $29,603,275)						$	33,127,549
	TOTAL INVESTMENTS – 98.6%
	(Cost $8,138,481,498)						$	8,712,653,344
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.4%							121,881,478
	NET ASSETS – 100.0%						$	8,834,534,822

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Zero coupon bond until next reset date.
(c)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(d)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2020.
(e)	Pre-refunded security. Maturity date disclosed is pre-refunding date.

(f)	Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(g)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2020.
(h)	When-issued security.
(i)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AGC	—Insured by Assured Guaranty Corp.
AGC-ICC	—Agency Insured Custody Certificate
AGM	—Insured by Assured Guaranty Municipal Corp.
AGM-CR	—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ASSURED GTY	—Insured by Assured Guaranty
BAM	—Build America Mutual Assurance Co.
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
CA MTG INS	—Insured by California Mortgage Insurance
COMWLTH GTD	—Commonwealth Guaranteed
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
GO	—General Obligation
IDA	—Industrial Development Authority
LIBOR	—London Interbank Offered Rate
Mo.	—Month
MUN GOVT GTD	—Municipal Government Guaranteed
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NATL-RE-IBC	—Insured by National Public Finance Guarantee Corp. - Insured Bond Certificates
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
PILOT	—Payment in Lieu of Taxes
Q-SBLF	—Qualified School Board Loan Fund
RB	—Revenue Bond
RMKT	—Remarketed
SD CRED PROG	—School District Credit Program
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
USD	—United States Dollar
WR	—Withdrawn Rating
XLCA	—Insured by XL Capital Assurance, Inc.

114 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, 2020, 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, 2020(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%		0.411%		Bank of America NA		03/20/2023		USD  4,000	$	58,877		$	(48,940	)	$	107,817
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.700		0.286		JPMorgan Chase Bank NA		06/20/2021		10,000		107,529			—			107,529
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000		0.411				03/20/2023		9,000		132,472			(110,115	)		242,587
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000		0.446				09/20/2023		15,000		248,116			(207,364	)		455,480
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		1.830		1.971				06/20/2021		10,000		(4,927	)		—			(4,927	)
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000		0.459		Morgan Stanley Co., Inc.		12/20/2023		10,000		174,322			(91,226	)		265,548
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		1.000		2.739				12/20/2023		10,000		(479,072	)		(246,926	)		(232,146	)
TOTAL											$	237,317		$	(704,571	)	$	941,888

(a) Payments received quarterly.

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

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 95.0%
Alabama – 1.6%
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B-/Caa2)
$	100,000	5.750%		10/01/2049	$	90,054
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	125,000	5.000		10/01/2030		144,715
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	200,000	5.500		10/01/2053		222,290
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	30,000	6.500		10/01/2053		35,282
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 F (BBB/NR)(a)
	125,000	0.000		10/01/2050		123,246
						615,587
Alaska – 0.2%
	Northern Tobacco Securitization Corp. RB Refunding Asset- Backed Bonds Series 2006 A (NR/B3)
	75,000	5.000		06/01/2046		75,371
Arizona – 2.9%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(b)
	470,000	(3 Mo. LIBOR + 0.81%), 1.008		01/01/2037		438,280
	Arizona Industrial Development Authority RB for Candeo Schools Obligated Group Project Series 2020 A (SD CRED PROG) (AA-/NR)
	25,000	3.375		07/01/2041		25,508
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	99,000	4.750		07/01/2043		95,653
	Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (A-/NR)
	140,000	5.000		11/15/2042		158,047
	Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (BBB+/A3)
	305,000	5.000		12/01/2037		411,512
						1,129,000
Arkansas – 0.1%
	Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (NR/NR)
	50,000	5.000		06/01/2027		56,033
California – 7.2%
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)(c)
	200,000	0.000		08/01/2036		131,216
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (NR/NR)
	50,000	4.000		06/01/2049		55,507
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (NR/NR)
	25,000	5.000		06/01/2049		28,470
Municipal Bonds – (continued)
California – (continued)
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(c)
	250,000	0.000		06/01/2055		54,370
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (BB+/NR)(c)
	400,000	0.000		06/01/2055		40,876
	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		86,973
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(d)
	55,000	5.000		06/15/2040		57,839
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)
	50,000	5.000		09/02/2048		57,490
	City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR)
	185,000	4.000		09/01/2033		206,221
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	25,000	3.000		09/01/2039		25,084
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000	5.000		09/01/2030		113,960
	City of Roseville Special Tax The Ranch at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	250,000	4.000		09/01/2033		272,975
	City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	25,000	4.000		09/01/2040		26,668
	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		63,600
	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		90,082
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (A+/Aa3)
	60,000	5.000		05/15/2030		73,823
	Modesto Irrigation District Financing Authority RB for Domestic Water Project Series 2007 F (NATL-RE) (AA-/Baa2)(b)
	25,000	(3 Mo. LIBOR + 0.63%), 0.795		09/01/2037		22,499
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)(c)
	50,000	0.000		08/01/2033		38,925
	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		127,133

116 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)
California – (continued)
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)(b)
$	100,000	(3 Mo. LIBOR + 0.55%), 0.715 %			06/01/2034		$	87,762
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)(c)
	300,000	0.000			07/01/2031			252,510
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 E (AMT) (A/A1)
	500,000	4.000			05/01/2050			547,240
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2016 A (A/A1)
	150,000	5.000			05/01/2022			160,885
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (NR/Baa3)
	100,000	4.000			08/01/2032			111,459
	William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)
	25,000	5.000			09/01/2047			27,655
								2,761,222
Colorado – 3.5%
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 A (AA/Aa2)
	100,000	4.000			11/15/2043			114,222
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	400,000	4.000			08/01/2039			450,752
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A/A2)
	75,000	5.250			12/01/2048			89,646
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (B/NR)
	100,000	5.000			10/01/2032			100,481
	Denver Health & Hospital Authority RB Refunding Series 2019 A (BBB/NR)
	335,000	5.000			12/01/2033			402,023
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)(c)
	20,000	0.000			09/01/2034			15,047
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A2)(c)
	110,000	0.000			09/01/2030			93,442
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	65,000	5.000			12/01/2026			79,774
								1,345,387
Connecticut – 0.1%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	25,000	5.500			08/01/2029			30,425
Municipal Bonds – (continued)
Florida – 19.9%
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.250	%		05/01/2031			101,145
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	55,000		3.750			05/01/2029			57,403
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(d)
	80,000		3.625			06/01/2024			81,665
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)
	50,000		6.000			11/01/2027			57,514
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)
	100,000		5.875			07/01/2054			70,000
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)(d)
	250,000		5.250			12/01/2058			246,732
	Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (NR/Baa3)
	200,000		4.000			08/01/2030			225,702
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (NR/Ba2)(d)
	100,000		4.000			12/01/2028			99,651
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	30,000		4.250			05/01/2037			32,472
	City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (A/NR)
	145,000		4.000			11/01/2039			162,733
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	100,000		3.500			12/15/2029			102,137
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	170,000		3.125			05/01/2030			170,870
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	40,000		5.000			09/01/2035			47,830
	Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)(d)
	265,000		2.700			05/01/2025			265,397
	310,000		3.125			05/01/2030			311,147
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	225,000		4.000			08/15/2045			246,006
	100,000		4.000			08/15/2050			108,889
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(d)
	100,000		5.000			11/01/2039			107,618
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	200,000		5.000			05/01/2035			231,172

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)(d)
$	100,000		4.000	%		06/01/2030	$	100,287
	Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)(d)
	100,000		4.000			06/01/2030		100,324
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University Inc Series 2020 A (A-/Baa1)
	100,000		5.000			04/01/2028		122,754
	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		86,500
	Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (BBB+/NR)
	150,000		5.000			03/01/2047		158,254
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	125,000		3.700			11/01/2029		130,739
	Grand Oaks Community Development District Special Assessment Bonds Assesstment Area 2 Series 2020 (NR/NR)
	100,000		4.000			05/01/2030		102,318
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	50,000		3.750			11/01/2024		50,968
	50,000		4.750			11/01/2039		53,345
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	100,000		3.500			11/01/2030		102,644
	50,000		4.375			11/01/2049		52,287
	Herons Glen Recreation District Special Assessment Refunding Boonds Series 2020 (BAM) (AA/NR)
	60,000		3.000			05/01/2036		62,224
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	100,000		2.875			05/01/2025		100,607
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	95,000		5.000			11/01/2048		105,882
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)(d)
	25,000		3.500			05/01/2031		25,553
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.500			05/01/2040		99,576
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	85,000		3.400			05/01/2030		86,711
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR)
	100,000		3.200			05/01/2030		100,402
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(d)
	200,000		2.500			05/01/2025		199,998
Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	125,000		3.250	%		05/01/2029		126,275
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(d)
	100,000		4.000			05/01/2049		101,259
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	60,000		2.000			05/01/2028		61,970
	70,000		2.000			05/01/2029		71,410
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(d)
	100,000		4.750			11/01/2048		105,556
	Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)
	75,000		4.000			05/01/2038		77,966
	Miami RB Refunding Parking System Series 2019 (BAM) (AA/A2)
	100,000		4.000			10/01/2038		116,276
	Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)(d)
	60,000		3.250			05/01/2024		61,140
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	100,000		4.000			05/01/2036		109,397
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (AA/NR)
	210,000		2.625			05/01/2034		208,601
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)(d)
	100,000		2.750			05/01/2025		100,200
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	125,000		3.500			05/01/2037		122,993
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	100,000		3.500			11/01/2030		101,480
	Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	100,000		2.625			05/01/2040		101,862
	Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(d)
	90,000		2.625			05/01/2025		90,181
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	25,000		4.000			11/01/2031		27,600
	St. Johns County Industrial Development Authority RB Refunding Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (A-/NR)
	150,000		4.000			08/01/2055		160,070
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	50,000		4.500			06/15/2039		53,651

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)(d)
$	60,000		3.750	%		06/15/2029	$	62,455
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	80,000		3.750			05/01/2040		80,447
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	50,000		4.000			05/01/2033		51,129
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	100,000		3.375			11/01/2030		102,606
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	85,000		3.375			05/01/2045		93,401
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	50,000		4.125			05/01/2034		51,520
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	100,000		3.750			05/01/2037		102,535
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	100,000		2.625			05/01/2024		101,328
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(d)(g)
	50,000		1.875			05/01/2025		50,112
	50,000		2.625			05/01/2030		50,342
	50,000		3.000			05/01/2035		50,337
	West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)(d)
	125,000		4.000			05/01/2040		129,085
	100,000		4.000			05/01/2051		102,156
	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		53,816
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(d)
	150,000		4.250			06/15/2039		160,052
	Willow Walk Community Development District Special Assessment Series 2017 (NR/NR)
	75,000		3.500			05/01/2023		76,202
								7,682,866
Georgia – 0.3%
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	75,000		5.000			05/15/2049		106,917
Guam – 0.4%
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	55,000		5.000			11/15/2022		58,460
Municipal Bonds – (continued)
Guam – (continued)
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	75,000		5.000			07/01/2037		87,184
								145,644
Illinois – 18.2%
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)(c)
	245,000		0.000			12/01/2029		183,025
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB-/Baa2)(c)
	45,000		0.000			12/01/2031		31,044
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB-/B1)
	30,000		5.500			12/01/2026		34,378
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)(c)
	295,000		0.000			12/01/2025		258,824
	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		118,135
	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		116,892
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	455,000		5.000			12/01/2026		552,083
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	530,000		5.250			01/01/2035		531,510
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	75,000		5.000			01/01/2033		75,841
	Chicago Illinois GO Refunding Bonds Series 2017 A (BBB+/NR)
	375,000		6.000			01/01/2038		409,549
	Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)
	70,000		5.000			01/01/2039		79,785
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)
	50,000		5.000			11/01/2042		53,086
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	200,000		5.500			01/01/2037		209,548
	Cook County Illinois GO Refunding Bonds Series 2010 A (A+/A2)
	175,000		5.250			11/15/2033		175,703
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(d)
	100,000		6.125			04/01/2049		102,763
	Illinois Finance Authority RB for University of Illinois Series 2020 (BBB+/NR)
	305,000		5.000			10/01/2033		382,113

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
$	100,000	4.000 %		01/01/2038	$	108,938
	Illinois State GO Bonds Pension Funding Series 2003 (BBB-/Baa3)
	155,000	5.100		06/01/2033		156,641
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	35,000	4.500		12/01/2041		34,801
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	100,000	5.000		11/01/2021		102,690
	600,000	5.000		11/01/2028		645,084
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	750,000	5.000		05/01/2032		802,118
	Illinois State GO Bonds Series 2020 (BBB-/Baa3)
	50,000	5.500		05/01/2039		54,751
	290,000	5.750		05/01/2045		318,423
	Illinois State GO Refunding Bonds Series 2018 B (BBB-/Baa3)
	350,000	5.000		10/01/2031		377,349
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB/NR)
	260,000	5.000		06/15/2022		274,537
	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		60,385
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BBB/NR)
	45,000	5.000		12/15/2028		46,962
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB/NR)(c)
	35,000	0.000		12/15/2054		7,659
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB/NR)
	65,000	4.000		06/15/2050		65,868
	Springfield Electric RB Refunding Senior Lien Series 2015 (A/A3)
	60,000	5.000		03/01/2021		61,145
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	580,000	4.250		12/01/2040		561,080
	State of Illinois GO Bonds Series 2017 D (BBB-/Baa3)
	30,000	3.250		11/01/2026		29,543
						7,022,253
Indiana – 0.8%
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (A-/NR)(e)(f)
	35,000	2.100		11/01/2026		36,958
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (BBB-/Ba1)
	100,000	3.000		11/01/2030		99,516
	Indiana Municipal Power Agency RB Refunding Series 2016 A (A+/A1)
	135,000	5.000		01/01/2042		157,773
						294,247
Municipal Bonds – (continued)
Kentucky – 1.1%
	County of Trimble RB for Louisville Gas and Electric Co. Series 2016 A (AMT) (A/A1)(e)(f)
	250,000	1.300		09/01/2027		249,137
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (AGM) (AA/A2)
	75,000	4.000		06/01/2045		81,808
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	100,000	4.000		10/01/2040		113,292
						444,237
Louisiana – 1.2%
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A2)
	200,000	5.000		01/01/2048		224,452
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (BBB-/Baa3)(e)(f)
	250,000	2.125		07/01/2024		251,570
						476,022
Massachusetts – 0.4%
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (BB+/NR)(d)
	120,000	5.000		07/15/2023		130,520
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(b)
	30,000	(3 Mo. LIBOR + 0.57%), 0.738		05/01/2037		29,176
						159,696
Michigan – 2.4%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(f)
	255,000	4.000		04/01/2034		206,614
	Grand Rapids Charter Township Economic Development Corp. RB Refunding for United Methodist Retirement Communities, Inc. Obligated Group Series 2020 (BBB-/NR)
	100,000	5.000		05/15/2037		110,608
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	100,000	5.000		11/15/2048		121,922
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	220,000	4.000		02/15/2047		247,049
	Star International Academy RB Refunding Series 2020 (NR/NR)
	100,000	5.000		03/01/2030		113,439
	100,000	5.000		03/01/2033		111,800
						911,432
Minnesota – 0.1%
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	25,000	4.000		03/01/2032		24,954

120 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)
Mississippi – 0.3%
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
$	60,000		2.500	%		04/01/2022	$	60,408
	Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (BBB/Baa2)(e)(f)
	75,000		1.600			06/16/2025		77,203
								137,611
Nebraska – 0.1%
	Central Plains Energy Project RB Refunding Series 2019 (AA/Aa2)(e)(f)
	25,000		4.000			08/01/2025		28,734
New Hampshire – 0.1%
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (A-/Baa1)(e)(f)
	40,000		2.800			10/02/2023		41,829
New Jersey – 4.6%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	40,000		5.000			03/01/2032		48,429
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BBB+/Baa2)
	100,000		4.000			07/01/2032		106,092
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB+/Baa1)
	50,000		7.425			02/15/2029		62,216
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	25,000		5.000			07/01/2035		30,029
	100,000		5.000			07/01/2045		116,699
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(c)
	120,000		0.000			12/15/2032		80,224
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2012 AA (BBB+/Baa1)
	125,000		4.000			06/15/2029		127,947
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	20,000		5.000			06/15/2046		21,568
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(c)
	190,000		0.000			12/15/2027		159,545
	240,000		0.000			12/15/2030		178,989
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB+/Baa1)(c)
	155,000		0.000			12/15/2033		99,056
	235,000		0.000			12/15/2038		119,464
	40,000		0.000			12/15/2039		19,372
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB+/Baa1)
	90,000		4.000			12/15/2031		96,885
	140,000		5.000			12/15/2032		162,499
	215,000		5.000			12/15/2033		248,248
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (BBB+/Baa1)(c)
	110,000		0.000			12/15/2032		73,538
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	20,000		5.000			01/01/2037		21,951
								1,772,751
New York – 7.5%
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (BBB+/A3)
	75,000		4.750			11/15/2045		78,062
	75,000		5.000			11/15/2050		79,522
	75,000		5.250			11/15/2055		80,707
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-1 (BBB+/A3)
	100,000		5.000			11/15/2044		106,620
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (BBB+/A3)
	185,000		4.000			11/15/2050		178,703
	Metropolitan Transportation Authority RB Refunding Series 2016 D (BBB+/A3)
	175,000		5.250			11/15/2031		187,154
	Metropolitan Transportation Authority RB Refunding Series 2017 D (BBB+/A3)
	250,000		5.000			11/15/2032		264,250
	Metropolitan Transportation Authority RB Series 2012 B (BBB+/A3)
	200,000		4.000			11/15/2029		196,494
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (AA/A2)(g)
	50,000		4.000			03/01/2045		56,751
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (NR/A2)(g)
	50,000		4.000			03/01/2045		55,819
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(c)
	1,000,000		0.000			06/01/2060		33,860
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)
	100,000		3.500			02/15/2048		103,690
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (BBB-/NR)
	100,000		4.000			07/01/2031		110,621
	New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (BBB/Baa2)
	200,000		5.000			07/01/2035		241,452
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB/Baa3)
	250,000		4.000			09/01/2037		276,487
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	25,000		5.000			01/01/2023		26,066
	150,000		5.000			01/01/2027		164,138
	200,000		5.000			01/01/2028		220,058
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	15,000		5.000			01/01/2029		16,387

The accompanying notes are an integral part of these financial statements. 121

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (BB+/Baa3)
$	30,000		4.000	%		10/01/2030	$	30,646
	20,000		5.000			10/01/2035		21,578
	25,000		5.000			10/01/2040		26,619
	65,000		4.375			10/01/2045		65,235
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (B-/NR)
	15,000		5.375			08/01/2036		15,548
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	135,000		3.000			07/01/2044		111,214
	Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (A+/Aa3)
	110,000		5.000			09/01/2034		137,064
								2,884,745
North Carolina – 0.9%
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (BBB/NR)(e)(f)
	75,000		1.375			06/16/2025		76,428
	North Carolina Turnpike Authority RB Refunding Series 2018 (AGM) (AA/NR)
	225,000		5.000			01/01/2035		281,052
								357,480
Ohio – 2.1%
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	50,000		4.000			06/01/2039		58,269
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	525,000		5.000			06/01/2055		558,480
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	20,000		5.000			02/15/2042		22,571
	20,000		5.500			02/15/2057		23,104
	Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)
	170,000		3.750			12/01/2038		160,745
								823,169
Oklahoma – 0.4%
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	35,000		5.000			08/15/2038		40,624
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B-/NR)(e)(f)
	100,000		5.000			06/01/2025		100,816
								141,440
Municipal Bonds – (continued)
Oregon – 0.5%
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (A+/NR)
	175,000		4.000			08/15/2050		196,221
Pennsylvania – 1.3%
	Coatesville School District GO Bonds Series 2020 (NR/NR)
	100,000		5.000			11/13/2020		100,201
	Lancaster County Hospital Authority RB Refunding for St. Anne’s Retirement Community Obligated Group Series 2020 (BB+/NR)
	100,000		5.000			03/01/2040		103,183
	Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)
	80,000		5.250			12/01/2044		101,009
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	95,000		5.000			07/01/2033		108,610
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	100,000		5.000			10/01/2049		97,901
								510,904
Puerto Rico – 8.3%
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (NR/Ca)
	25,000		4.250			07/01/2025		24,969
	130,000		5.125			07/01/2037		131,950
	50,000		5.750			07/01/2037		51,313
	85,000		5.250			07/01/2042		86,275
	Puerto Rico Commonwealth GO Bonds for Public Improvement Series 2006 B (NR/Ca)*
	50,000		5.000			07/01/2035		35,562
	Puerto Rico Commonwealth GO Bonds Series 2014 A (NR/Ca)*
	100,000		8.000			07/01/2035		63,500
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	200,000		6.000			07/01/2027		205,204
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/C)
	390,000		5.250			07/01/2038		406,770
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	100,000		5.250			07/01/2036		110,354
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/C)(c)
	105,000		0.000			07/01/2028		74,519
	Puerto Rico Commonwealth Public Improvement GO Bonds Series 2007 A (NR/Ca)*
	30,000		5.250			07/01/2032		21,487
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (D/NR)*
	145,000		4.250			07/01/2020		101,863
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	115,000		5.250			07/01/2032		127,152
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
	435,000		5.500			07/01/2026		483,263

122 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 Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/C)(c)
$	120,000		0.000	%		07/01/2029	$	81,017
	100,000		0.000			07/01/2037		46,843
	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		16,620
	27,000		0.000			07/01/2027		22,920
	24,000		0.000			07/01/2029		18,886
	25,000		0.000			07/01/2033		16,732
	157,000		0.000			07/01/2046		44,322
	375,000		0.000			07/01/2051		76,639
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	295,000		4.329			07/01/2040		300,655
	15,000		4.536			07/01/2053		15,389
	25,000		4.784			07/01/2058		26,071
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	245,000		4.500			07/01/2034		255,618
	20,000		4.550			07/01/2040		20,675
	20,000		4.750			07/01/2053		20,800
	283,000		5.000			07/01/2058		299,157
								3,186,525
South Carolina – 0.8%
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
	75,000		5.000			04/15/2035		95,037
	175,000		4.000			04/15/2036		203,782
								298,819
Texas – 4.8%
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (BB-/NR)
	35,000		5.000			01/01/2023		34,287
	City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (AA/NR)
	50,000		2.500			09/15/2035		49,292
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(d)
	152,000		2.875			09/01/2025		153,707
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	100,000		4.875			09/01/2039		110,690
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(d)
	255,000		2.750			09/01/2025		259,011
	100,000		3.750			09/01/2040		103,622
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A/A1)
	20,000		5.000			11/01/2023		20,079
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(d)
	100,000		5.000			08/15/2044		100,252
Municipal Bonds – (continued)
Texas – (continued)
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Series 2019 A (AA-/A1)
	175,000		5.000			05/15/2030		223,419
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (B/NR)
	100,000		5.000			07/15/2028		103,240
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (BB-/NR)
	100,000		5.000			07/15/2027		103,842
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (A/NR)
	35,000		5.000			05/15/2030		45,802
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)(d)
	100,000		4.625			10/01/2031		105,761
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Blueridge Transportation Group, LLC SH 288 Toll Lanes Project Series 2016 (AMT) (BBB-/Baa3)
	200,000		5.000			12/31/2055		212,872
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)
	150,000		5.000			06/30/2058		171,924
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	50,000		2.875			12/01/2030		50,000
								1,847,800
Virginia – 0.9%
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)(c)
	300,000		0.000			06/01/2047		59,505
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	50,000		5.000			12/31/2049		55,997
	Virginia Small Business Financing Authority Private Activity Tax Exempt Senior Lien RB for Transform 66 P3 Project Series 2017 (AMT) (BBB/Baa3)
	200,000		5.000			12/31/2056		223,732
								339,234
Washington – 0.6%
	Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A+/A1)
	200,000		5.000			04/01/2038		241,434
West Virginia – 0.3%
	West Virginia GO Bonds Bid Group 2 Series 2019 A (AA-/Aa2)
	100,000		5.000			12/01/2043		127,530
Wisconsin – 1.1%
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB-/Baa3)
	190,000		4.300			11/01/2030		207,501
	Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)(d)
	100,000		4.000			03/01/2030		101,560

The accompanying notes are an integral part of these financial statements. 123

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)(d)
$	100,000		5.000	%		04/01/2040	$	107,184
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)(d)
	25,000		6.125			10/01/2049		23,125
								439,370
	TOTAL MUNICIPAL BONDS
	(Cost $36,113,333)						$	36,656,889
Corporate Bond(h) – 0.3%
Real Estate – 0.3%
	Benloch Ranch Improvement Association No. 1 Series 2020
$	100,000		9.750	%		12/01/2039	$	100,438
	TOTAL CORPORATE BOND
	(Cost $100,000)						$	100,438
	TOTAL INVESTMENTS – 95.3%
	(Cost $36,213,333)						$	36,757,327
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.7%							1,805,286
	NET ASSETS – 100.0%						$	38,562,613

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Zero coupon bond until next reset date.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2020.
(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, 2020.
(f)	Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2020. 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)	When-issued security.
(h)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

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.
COPS	—Certificates of Participation
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
Mo.	—Month
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NR	—Not Rated
RB	—Revenue Bond
RMKT	—Remarketed
SD CRED PROG	—School District Credit Program
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 99.1%
Alabama – 0.8%
	Alabama Public School & College Authority RB Refunding for Capital Improvement Series 2015 A (AA/Aa1)
$	3,385,000	5.000%		05/01/2023	$	3,798,715
	Black Belt Energy Gas District RB Project 4 Series 2019 A-1 (A/A3)(a)(b)
	20,035,000	4.000		12/01/2025		22,970,929
	Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (AA/A2)
	280,000	5.000		08/01/2021		289,999
	190,000	5.000		08/01/2022		204,615
	225,000	5.000		08/01/2023		251,381
	485,000	5.000		08/01/2024		559,404
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	75,000	4.000		10/01/2020		75,000
	85,000	4.000		10/01/2021		87,275
	85,000	4.000		10/01/2022		89,527
	Industrial Development Board of the City of Mobile Alabama RB for Alabama Power Co. Series 2007 A (A/A1)(a)(b)
	3,335,000	1.000		06/26/2025		3,344,471
	Jacksonville State University RB Refunding Series 2020 (A-/A2)
	650,000	3.000		12/01/2021		667,985
	475,000	3.000		12/01/2022		498,047
	315,000	3.000		12/01/2023		336,137
	275,000	4.000		12/01/2024		309,317
	375,000	4.000		12/01/2025		430,669
	550,000	4.000		12/01/2026		642,400
	Jefferson County RB Refunding Warrants Series 2017 (AA/NR)
	3,025,000	5.000		09/15/2021		3,161,639
	1,225,000	5.000		09/15/2022		1,338,031
	2,000,000	5.000		09/15/2023		2,266,940
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,300,000	5.000		10/01/2021		1,356,654
	1,745,000	5.000		10/01/2022		1,895,698
	3,125,000	6.500		10/01/2053		3,675,219
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(a)(b)
	225,000	2.000		10/01/2024		234,695
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 C (BBB/Baa2)(a)(b)
	675,000	2.000		10/01/2024		704,086
	Selma Industrial Development Board RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(a)(b)
	1,875,000	2.000		10/01/2024		1,955,794
	Selma Industrial Development Board RB Refunding for International Paper Co. Series 2020 A (BBB/Baa2)(a)(b)
	6,500,000	1.375		06/16/2025		6,623,760
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A3)(a)
		(1 Mo. LIBOR + 0.85%),
	25,100,000	0.954		06/01/2024		25,022,943
	Troy University RB Refunding Series 2019 A (BAM) (AA/A1)
	400,000	4.000		11/01/2021		415,776
	850,000	4.000		11/01/2022		909,236
						84,116,342
Municipal Bonds – (continued)
Alaska – 0.5%
	Alaska Municipal Bond Bank Authority RB Refunding Series 2020 ONE (A+/A1)
	640,000	5.000		12/01/2022		701,241
	1,240,000	5.000		12/01/2023		1,411,740
	1,775,000	5.000		12/01/2024		2,088,696
	1,500,000	5.000		12/01/2025		1,812,165
	Borough of North Slope GO Bonds for General Purpose Series 2018 A (AA/Aa2)
	1,060,000	5.000		06/30/2021		1,098,075
	1,110,000	5.000		06/30/2023		1,146,808
	Borough of North Slope GO Bonds for General Purpose Series 2019 A (AA/Aa2)
	16,555,000	5.000		06/30/2021		17,149,655
	6,775,000	5.000		06/30/2022		7,342,271
	10,225,000	5.000		06/30/2023		11,489,526
	Borough of North Slope GO Bonds for Schools Series 2019 B (AA/Aa2)
	990,000	5.000		06/30/2023		1,112,433
	Municipality of Anchorage GO Refunding Bonds Series 2018 D (AAA/NR)
	5,025,000	4.000		09/01/2022		5,390,569
	Northern Tobacco Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/A1)
	490,000	4.625		06/01/2023		490,147
	State of Alaska International Airports System RB Refunding Series 2010 A (AMT) (A+/A1)
	1,470,000	5.000		10/01/2023		1,473,308
						52,706,634
Arizona – 1.6%
	Arizona Department of Transportation State Highway RB Series 2013 A (AA+/Aa2)
	14,290,000	5.000		07/01/2023		15,470,354
	Arizona Department of Transportation State Highway Taxable RB Refunding Series 2020 (AA+/Aa1)
	9,000,000	1.958		07/01/2024		9,393,390
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(c)
		(3 Mo. LIBOR + 0.81%),
	62,700,000	1.008		01/01/2037		58,468,377
	Arizona Health Facilities Authority Hospital RB for CommonSpirit Health Obligated Group Series 2011 B-1 (BBB+/Baa1)
	5,000,000	5.250		03/01/2039		5,085,800
	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		170,639
	250,000	5.000		11/01/2021		262,330
	250,000	5.000		11/01/2022		272,965
	755,000	5.000		11/01/2023		855,475
	1,055,000	5.000		11/01/2024		1,234,340
	340,000	5.000		11/01/2025		410,227

The accompanying notes are an integral part of these financial statements. 125

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (BB+/NR)
$	675,000	5.000 %		01/01/2022	$	678,355
	600,000	5.000		01/01/2023		604,518
	575,000	5.000		01/01/2024		579,755
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (BB/NR)
	485,000	5.000		01/01/2022		483,919
	505,000	5.000		01/01/2023		502,419
	560,000	5.000		01/01/2024		554,674
	Arizona Transportation Board Excise Tax RB Refunding for Regional Area Road Series 2016 (AA+/Aa1)
	5,820,000	5.000		07/01/2021		6,030,684
	Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)(a)(b)
	10,365,000	5.000		06/03/2024		11,962,143
	City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car Facility Charge Series 2019 B (BBB+/A2)
	3,000,000	2.107		07/01/2021		3,018,270
	3,150,000	2.163		07/01/2022		3,199,644
	2,050,000	2.226		07/01/2023		2,099,405
	County of Pinal RB Refunding Series 2014 (AA-/NR)
	2,465,000	5.000		08/01/2021		2,563,970
	Glendale City GO Refunding Bonds Series 2015 (AGM) (AA/A1)
	3,400,000	4.000		07/01/2021		3,496,934
	1,665,000	5.000		07/01/2022		1,805,859
	Maricopa County Community College District GO Refunding Bonds Series 2016 (AAA/Aaa)
	9,505,000	5.000		07/01/2021		9,850,602
	16,400,000	5.000		07/01/2023		18,502,480
	Maricopa County Industrial Development Authority RB Refunding for Legacy Traditional School Obligated Group Series 2019 A (SD CRED PROG) (AA-/Ba2)
	125,000	4.000		07/01/2023		135,847
	135,000	4.000		07/01/2024		150,383
	Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2003 A (BBB/Baa2)(a)(b)
	3,750,000	1.050		06/01/2022		3,762,300
						161,606,058
Arkansas – 0.1%
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)
	250,000	5.000		08/01/2021		258,460
	250,000	5.000		08/01/2022		268,612
	235,000	5.000		08/01/2023		261,783
	400,000	5.000		08/01/2024		460,544
	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		1,306,629
	1,950,000	3.000		02/01/2022		2,019,595
	1,510,000	3.000		02/01/2023		1,596,644
Municipal Bonds – (continued)
Arkansas – (continued)
	Little Rock Arkansas Sewer RB Refunding Series 2015 (NR/Aa3)
	1,075,000	3.000		10/01/2020		1,075,000
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	6,050,000	3.000		02/01/2021		6,106,326
						13,353,593
California – 7.3%
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (AMBAC) (BBB+/Baa2)(d)
	255,000	0.000		10/01/2020		255,000
	Alameda Corridor Transportation Authority RB for Capital Appreciation Refunding Subordinate Lien Series 2004 A (ETM) (AMBAC) (NR/Aaa)(d)(e)
	12,325,000	0.000		10/01/2020		12,325,000
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	500,000	5.000		05/01/2021		513,530
	335,000	5.000		05/01/2022		359,586
	300,000	5.000		05/01/2023		334,935
	265,000	5.000		05/01/2024		306,748
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (AA/Aa3)(a)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.90%), 1.010		05/01/2023		10,067,100
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/WR)(a)
	7,000,000	(SIFMA Municipal Swap Index Yield + 0.90%), 1.010		05/01/2023		7,046,970
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2001 A (AA/NR)(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 1.25%), 1.360		04/01/2027		15,102,450
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2017 C (AA/Aa3)(a)(b)
	11,175,000	2.100		04/01/2022		11,385,313
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BBB-/NR)
	255,000	5.000		05/01/2021		259,105
	1,000,000	5.000		05/01/2023		1,045,230
	535,000	5.000		05/01/2024		566,576
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (A/NR)
	300,000	3.000		06/01/2021		305,328
	425,000	5.000		06/01/2024		493,841
	450,000	5.000		06/01/2026		554,450
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (BBB+/NR)
	400,000	1.375		06/01/2030		399,996

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California County Tobacco Securitization Agency RB Refunding Senior Series 2020 A (A/NR)
$	500,000	3.000 %		06/01/2021	$	508,880
	400,000	4.000		06/01/2022		423,992
	400,000	4.000		06/01/2023		437,668
	750,000	5.000		06/01/2024		871,485
	700,000	5.000		06/01/2025		840,371
	California County Tobacco Securitization Agency RB Refunding Senior Series 2020 A (BBB+/NR)
	1,000,000	1.750		06/01/2030		1,007,960
	California Health Facilities Financing Authority RB for Kaiser Foundation Hospitals Series 2017 (AA-/NR)(a)(b)
	7,695,000	5.000		11/01/2022		8,449,033
	California Health Facilities Financing Authority RB Refunding for Sutter Health Obligated Group Series 2011 D (A+/A1)
	1,810,000	5.250		08/15/2031		1,882,255
	California Infrastructure & Economic Development Bank RB for DesertXpress Enterprises LLC Series 2020 A (AMT) (NR/Aaa)(a)(b)(f)
	30,000,000	0.450		07/01/2021		30,000,000
	California Infrastructure & Economic Development Bank RB Refunding for The J. Paul Getty Trust Project Series 2013 A-1 (AAA/Aaa)(a)
		(1 Mo. LIBOR + 0.33%),
	20,000,000	0.439		04/01/2022		20,022,000
	California Municipal Finance Authority RB for Waste Management, Inc. Series 2009 A (A-/NR)(a) (b) (f)
	1,800,000	1.300		02/03/2025		1,819,782
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	325,000	5.000		10/01/2020		325,000
	250,000	5.000		10/01/2021		258,680
	250,000	5.000		10/01/2022		267,000
	225,000	5.000		10/01/2023		247,120
	275,000	5.000		10/01/2024		309,870
	275,000	5.000		10/01/2025		316,910
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	100,000	4.000		06/01/2022		102,988
	California Pollution Control Financing Authority RB for American Water Capital Corp. Project Series 2020 (A/Baa1)(a)(b)
	2,490,000	0.600		09/01/2023		2,486,116
	California Pollution Control Financing Authority RB for Republic Services, Inc. Series 2017 (AMT) (BBB+/NR)(a)(b)(f)
	15,250,000	0.600		10/15/2020		15,252,135
	California Pollution Control Financing Authority RB Refunding for Republic Services, Inc. Series 2010 (AMT) (BBB+/NR)(a)(b)(f)
	15,000,000	0.500		11/02/2020		15,003,450
	California State University RB Taxable Bonds Series 2020 D (AA-/Aa2)
	320,000	0.349		11/01/2022		320,109
	3,455,000	0.475		11/01/2023		3,456,416
	2,870,000	0.685		11/01/2024		2,871,607
	8,555,000	0.885		11/01/2025		8,563,812
Municipal Bonds – (continued)
California – (continued)
	California State University RB Taxable Bonds Series 2020 E (AA-/Aa2)
	800,000	0.475		11/01/2023		800,328
	1,105,000	0.685		11/01/2024		1,105,619
	1,360,000	0.885		11/01/2025		1,361,401
	California State Various Purpose GO Bonds RMKT 11/15/17 Series 2013 B (AA-/Aa2)(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.38%), 0.490		12/01/2022		14,997,450
	California State Various Purpose GO Bonds Series 2014 (AA-/Aa2)
	6,850,000	5.000		05/01/2044		7,829,413
	California State Various Purpose GO Bonds Series 2020 (AA-/Aa2)
	5,000,000	5.000		11/01/2024		5,949,900
	5,565,000	5.000		11/01/2025		6,854,744
	8,500,000	5.000		11/01/2026		10,777,150
	California State Various Purpose GO Refunding Bonds Series 2020 (AA-/Aa2)
	11,655,000	4.000		11/01/2024		13,396,956
	2,000,000	3.000		11/01/2025		2,262,480
	7,000,000	5.000		11/01/2025		8,622,320
	14,275,000	4.000		11/01/2026		17,245,913
	2,755,000	5.000		11/01/2026		3,493,065
	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		1,577,028
	California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (BBB+/NR)
	300,000	5.000		01/01/2021		303,012
	500,000	5.000		01/01/2022		525,040
	500,000	5.000		01/01/2023		544,590
	California Statewide Communities Development Authority RB Refunding for Irvine East Campus Apartments, CHF-Irvine LLC Series 2016 (NR/Baa1)
	1,250,000	5.000		05/15/2021		1,275,912
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	195,000	3.000		09/01/2021		198,915
	205,000	3.000		09/01/2022		212,831
	210,000	3.000		09/01/2023		221,945
	215,000	3.000		09/01/2024		230,093
	225,000	4.000		09/01/2025		254,383
	Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (AA-/NR)(d)
	2,515,000	0.000		08/01/2023		2,492,918
	City of Montebello RB Series 2020 (AGM) (AA/NR)
	1,000,000	1.936		06/01/2021		1,007,950
	1,000,000	2.403		06/01/2024		1,054,870
	1,000,000	2.503		06/01/2025		1,071,610
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	170,000	4.000		09/01/2024		188,489
	250,000	4.000		09/01/2026		286,323

The accompanying notes are an integral part of these financial statements. 127

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

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 2017 A-1 (A/NR)
$	5,000,000	5.000 %		06/01/2021	$	5,150,950
	6,000,000	5.000		06/01/2022		6,439,500
	6,000,000	5.000		06/01/2023		6,684,720
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BB-/NR)
	12,400,000	3.500		06/01/2036		12,570,128
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (A-/NR)
	3,630,000	3.678		06/01/2038		3,861,594
	Irvine City Limited Obligation Improvement Bonds Reassessment District No. 15-2 Series 2015 (NR/NR)
	775,000	5.000		09/02/2021		805,760
	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		1,907,612
	1,135,000	5.000		09/01/2023		1,273,629
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	600,000	4.000		09/01/2023		651,312
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	520,000	4.000		09/01/2023		564,470
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	255,000	3.000		09/01/2022		264,198
	415,000	4.000		09/01/2023		450,491
	Lake Elsinore Public Financing Authority Local Agency RB Refunding Series 2015 (NR/NR)
	785,000	5.000		09/01/2021		813,488
	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		35,451,135
	Los Angeles Unified School District GO Bonds Series KRY 2010 CA (A+/Aa3)
	29,145,000	5.250		07/01/2028		29,309,086
	Los Angeles Unified School District GO Refunding Bonds 2014 C (A+/Aa3)
	4,520,000	5.000		07/01/2027		5,281,439
	Municipal Improvement Corp. of Los Angeles RB Refunding for City of Los Angeles Series 2020 C (AA-/NR)
	1,670,000	0.890		11/01/2024		1,683,343
	2,735,000	1.040		11/01/2025		2,765,660
	Natomas Unified School District GO Refunding Bonds Series 2013 (BAM) (AA/A1)
	650,000	4.000		09/01/2021		672,964
	Newport Mesa Unified School District GO Bonds Series 2011 (AA+/Aaa)(d)(e)
	11,625,000	0.000		08/01/2021		1,928,123
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A3)(c)
		(3 Mo. LIBOR + 0.72%),
	9,945,000	0.918		07/01/2027		9,844,953
	Pittsburg Successor Agency Redevelopment Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	2,900,000	5.000		09/01/2025		3,523,007
Municipal Bonds – (continued)
California – (continued)
	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		400,512
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	180,000	4.000		09/01/2022		189,259
	195,000	4.000		09/01/2024		213,695
	205,000	4.000		09/01/2025		227,939
	210,000	4.000		09/01/2026		235,568
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	675,000	5.000		09/01/2021		700,441
	800,000	5.000		09/01/2022		860,184
	1,835,000	5.000		09/01/2023		2,045,034
	Sacramento City Unified School District GO RB Refunding Series 2012 (BBB/A3)
	26,940,000	4.000		07/01/2029		28,039,152
	Sacramento City Unified School District GO RB Refunding Series 2014 (BBB/NR)
	1,000,000	5.000		07/01/2021		1,033,280
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2007 B (NATL-RE) (AA/Aa2)(c)
		(3 Mo. LIBOR + 0.53%),
	54,485,000	0.695		12/01/2035		47,142,601
	Sacramento County Sanitation District Financing Authority RB Refunding for Sacramento County Regional Series 2020 B (AA/Aa2)
	4,400,000	0.872		12/01/2024		4,437,136
	4,900,000	1.042		12/01/2025		4,942,091
	Sacramento Municipal Utility District RB Series 2019 A (AA-/NR)(a)(b)
	22,130,000	5.000		10/17/2023		24,629,141
	San Diego Community College District GO Bonds for Election of 2006 Series 2013 (AAA/Aaa)(g)
	42,470,000	0.000		08/01/2041		23,570,850
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2011 C (AMT) (A/A1)(e)
	1,500,000	5.000		05/01/2021		1,541,220
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2012 A (AMT) (A/A1)
	6,900,000	5.000		05/01/2026		7,380,654
	10,000,000	5.000		05/01/2027		10,681,800
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (NR/Baa3)
	350,000	4.000		08/01/2021		358,866
	360,000	4.000		08/01/2022		379,274
	385,000	4.000		08/01/2023		414,329
	855,000	4.000		08/01/2024		937,781
	930,000	4.000		08/01/2025		1,030,812
	1,020,000	3.000		08/01/2026		1,084,658

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	San Jose City Financing Authority Taxable RB Refunding for Civic Center Refunding Project 2020 A (AA/Aa2)
$	970,000		0.541	%		06/01/2022	$	970,223
	990,000		0.642			06/01/2023		990,129
	725,000		0.844			06/01/2024		724,898
	735,000		0.994			06/01/2025		734,787
	Sequoia Union High School District GO Refunding Bonds Series 2020 (NR/Aaa)
	160,000		1.600			07/01/2023		164,754
	Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (A/NR)
	240,000		4.000			07/01/2021		245,873
	230,000		4.000			07/01/2022		242,455
	260,000		4.000			07/01/2023		281,304
	240,000		4.000			07/01/2024		265,382
	300,000		4.000			07/01/2025		337,767
	320,000		4.000			07/01/2026		364,704
	State of California GO Bonds for General Obligation High Speed Train Series 2017 A (AA-/Aa2)
	12,400,000		2.367			04/01/2022		12,758,856
	State of California GO Bonds RMKT 10/01/12 Series 2004 B-2 (AA+/Aa1)(a)(b)
	20,975,000		0.120			10/01/2020		20,975,000
	State of California GO Unlimited Various Purpose Bonds Series 2019 A (AA-/Aa2)
	29,705,000		2.350			04/01/2022		30,557,236
	State of California Various Purpose GO Bonds for Bid Group A Series 2018 (AA-/Aa2)
	52,000,000		5.000			10/01/2022		57,005,520
	Stockton Public Financing Authority Wastewater RB Series 2019 (A/NR)
	8,950,000		1.400			06/01/2022		8,989,649
	Tobacco Securitization Authority Northern California Tobacco Settlement RB Asset-Backed Bonds Series 2005 A-1 (BBB/Baa1)
	690,000		4.750			06/01/2023		691,125
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A/NR)
	2,500,000		5.000			06/01/2021		2,574,625
	2,000,000		5.000			06/01/2022		2,146,500
	1,750,000		5.000			06/01/2024		2,022,878
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB+/NR)
	580,000		2.250			06/01/2029		627,067
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (A-/NR)
	650,000		5.000			10/01/2020		650,000
	1,200,000		5.000			10/01/2026		1,491,372
	University of California RB Series 2020 BF (AA/Aa2)
	500,000		0.628			05/15/2023		502,110
	785,000		0.833			05/15/2024		792,222
								724,988,720
Municipal Bonds – (continued)
Colorado – 2.2%
	City of Aurora COPS Refunding Series 2019 (AA/Aa1)
	1,000,000		5.000			12/01/2020		1,007,830
	450,000		5.000			12/01/2021		474,935
	375,000		5.000			12/01/2022		413,025
	275,000		5.000			12/01/2023		315,425
	875,000		5.000			12/01/2024		1,041,556
	City of Boulder Water & Sewer RB Refunding Series 2012 (AAA/Aa1)
	1,000,000		5.000			12/01/2020		1,007,990
	City of Colorado Springs Utilities System RB Refunding Series 2018 A-1 (AA+/Aa2)
	1,520,000		5.000			11/15/2024		1,816,126
	1,000,000		5.000			11/15/2025		1,237,210
	Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Catholic Health Initiatives Project Series 2013 A (BBB+/Baa1)(e)
	13,360,000		5.250			01/01/2023		14,830,402
	Colorado Health Facilities Authority RB Refunding for Boulder Community Health Obligated Group Series 2020 (A-/A3)
	100,000		5.000			10/01/2021		104,440
	450,000		5.000			10/01/2022		489,249
	300,000		5.000			10/01/2024		349,665
	450,000		5.000			10/01/2027		562,275
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	3,965,000		5.000			08/01/2025		4,683,220
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	4,320,000		5.000			08/01/2025		5,102,525
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)(a)(b)
	8,275,000		5.000			08/01/2025		9,614,722
	Colorado Health Facilities Authority RB Refunding for Covenant Retirement Communities, Inc. Series 2015 A (A-/NR)
	1,000,000		5.000			12/01/2020		1,006,230
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (ETM) (A-/NR)(e)
	700,000		5.000			06/01/2021		722,232
	500,000		5.000			06/01/2022		539,235
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	3,025,000		5.000			11/01/2020		3,036,132
	2,245,000		5.000			11/01/2021		2,355,476
	1,825,000		5.000			11/01/2022		1,994,634
	1,730,000		5.000			11/01/2023		1,963,637
	1,275,000		5.000			11/01/2024		1,495,677
	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		1,018,789
	810,000		5.000			01/01/2023		890,822
	1,500,000		5.000			01/01/2024		1,712,385

The accompanying notes are an integral part of these financial statements. 129

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (A+/NR)
$	1,000,000		2.075	%		11/01/2020	$	1,000,440
	800,000		2.185			11/01/2021		805,384
	1,275,000		2.237			11/01/2022		1,290,172
	1,250,000		2.396			11/01/2023		1,273,663
	Denver City & County Airport RB Refunding Series 2019 D (A+/A1)(a)(b)
	8,345,000		5.000			11/15/2022		9,103,310
	Denver City & County School District No. 1 GO Bonds Series 2012 B (ST AID WITHHLDG) (AA+/Aa2)(e)
	24,395,000		5.000			12/01/2022		26,905,245
	Denver City & County School District No. 1 GO Refunding Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa2)(e)
	4,060,000		5.000			12/01/2021		4,288,416
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(f)
	2,415,000		5.000			12/01/2020		2,429,321
	4,110,000		5.000			12/01/2021		4,280,647
	4,315,000		5.000			12/01/2022		4,641,473
	4,530,000		5.000			12/01/2023		5,021,596
	4,760,000		5.000			12/01/2024		5,411,977
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	110,000		5.000			12/01/2020		110,652
	220,000		5.000			12/01/2021		229,135
	300,000		5.000			12/01/2022		322,698
	E-470 Public Highway Authority RB Refunding Series 2020 A (A/A2)
	150,000		5.000			09/01/2023		170,137
	450,000		5.000			09/01/2024		528,962
	300,000		5.000			09/01/2025		363,960
	2,800,000		5.000			09/01/2040		3,188,416
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)(d)
	20,115,000		0.000			09/01/2028		18,036,517
	Jefferson County School District R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA/Aa2)(e)
	5,925,000		4.000			12/15/2022		6,422,345
	12,040,000		5.000			12/15/2022		13,315,156
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	25,000		5.000			12/01/2021		26,274
	50,000		5.000			12/01/2022		54,637
	150,000		5.000			12/01/2024		175,230
	State of Colorado COPS Series 2020 A (AA-/Aa2)
	1,375,000		5.000			12/15/2023		1,583,299
	1,440,000		5.000			12/15/2024		1,719,777
	3,530,000		5.000			12/15/2025		4,360,115
	University of Colorado Hospital Authority RB Refunding for University of Colorado Health Obligated Group Series 2019 C (AA/Aa3)(a)(b)
	17,870,000		5.000			11/15/2024		20,706,862
	University of Colorado Hospital Authority RB Series 2017 C-2 (AA/Aa3)(a)(b)
	7,240,000		5.000			03/01/2022		7,514,903
Municipal Bonds – (continued)
Colorado – (continued)
	University of Colorado RB Green Bonds Series 2019 C (AA+/Aa1)(a)(b)
	15,705,000		2.000			10/15/2024		16,601,127
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)
	150,000		5.000			12/01/2021		157,318
	165,000		5.000			12/01/2022		179,853
	195,000		5.000			12/01/2023		220,366
	200,000		5.000			12/01/2024		233,552
	180,000		5.000			12/01/2025		216,452
								222,675,231
Connecticut – 2.9%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	1,250,000		5.000			08/01/2021		1,287,750
	1,000,000		5.000			08/01/2023		1,089,000
	945,000		5.000			08/01/2024		1,054,006
	600,000		5.000			08/01/2025		682,908
	City of New Haven GO Bonds Series 2019 A (AGM) (AA/A2)
	1,500,000		5.000			08/01/2023		1,664,265
	City of New Haven GO Bonds Series 2019 A (BBB+/Baa1)
	1,300,000		5.000			08/01/2021		1,339,260
	City of New Haven GO Refunding Bonds Series 2019 B (BBB+/Baa1)
	600,000		5.000			02/01/2021		607,224
	City of Waterbury GO Refunding Bonds Series 2020 C (AA-/NR)
	765,000		1.895			09/01/2024		796,870
	Connecticut State GO Bonds Series 2013 A (A/A1)
	5,355,000		5.000			10/15/2023		6,115,356
	Connecticut State GO Bonds Series 2013 E (A/A1)
	10,000,000		5.000			08/15/2031		11,072,300
	Connecticut State GO Bonds Series 2015 F (A/A1)
	6,615,000		5.000			11/15/2021		6,969,829
	5,685,000		5.000			11/15/2022		6,254,921
	4,545,000		5.000			11/15/2023		5,207,206
	Connecticut State GO Bonds Series 2017 A (A/A1)
	1,705,000		5.000			04/15/2022		1,830,181
	Connecticut State GO Refunding Bonds Series 2010 D (A/A1)
	7,500,000		5.000			10/01/2022		7,528,875
	Connecticut State GO Refunding Bonds Series 2017 B (A/A1)
	18,110,000		3.000			04/15/2022		18,884,565
	Connecticut State GO Refunding Bonds Series 2020 B (A/A1)
	1,000,000		3.000			01/15/2021		1,008,000
	Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)(a)(b)
	2,880,000		1.800			07/01/2024		2,994,682
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)(a)(b)
	15,035,000		0.050			10/01/2020		15,035,000
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2010 A-3 (AAA/Aaa)(a)(b)
	11,260,000		1.800			02/09/2021		11,324,295
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2017 C-1 (AAA/Aaa)(a)(b)
	23,840,000		5.000			02/01/2028		31,059,944

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Connecticut – (continued)
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2019 U-1 (AAA/Aaa)(a)(b)
$	14,100,000		2.000	%		02/08/2022	$	14,445,873
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	100,000		5.000			07/01/2021		101,925
	400,000		5.000			07/01/2022		417,748
	415,000		5.000			07/01/2023		443,166
	375,000		5.000			07/01/2024		407,340
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)(a)(b)
	49,750,000		5.000			02/01/2023		55,300,110
	New Haven GO Refunding Bonds Series 2015 B (ETM) (BAM) (AA/Baa1)(e)
	6,265,000		5.000			08/15/2021		6,526,626
	State of Connecticut GO Bonds Series 2020 A (A/A1)
	1,995,000		3.000			07/01/2021		2,033,743
	4,715,000		2.500			07/01/2022		4,882,382
	3,490,000		2.000			07/01/2023		3,627,820
	7,115,000		1.998			07/01/2024		7,452,678
	4,000,000		2.098			07/01/2025		4,247,760
	State of Connecticut Special Tax Obligation Bonds Series 2020 A (A+/NR)
	500,000		4.000			05/01/2021		510,990
	400,000		5.000			05/01/2022		430,152
	1,025,000		5.000			05/01/2024		1,194,022
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bonds Series 2010 B (A+/A1)
	3,780,000		4.576			11/01/2022		4,029,102
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purposes Series 2012 A (A+/A1)
	5,000,000		5.000			01/01/2026		5,504,800
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purposes Series 2016 A (A+/A1)
	4,175,000		5.000			09/01/2025		5,080,933
	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		5,192,495
	Town of Rocky Hill GO Bonds Series 2020 (NR/NR)
	9,450,000		1.500			07/28/2021		9,533,160
	Town of Windham GO Bonds Series 2020 B (SP-1+/NR)(h)
	5,650,000		2.000			09/30/2021		5,745,542
	University of Connecticut GO Bonds Series 2015 A (A+/A1)
	8,640,000		5.000			02/15/2021		8,788,781
	University of Connecticut RB Series 2011 A (A+/A1)
	3,000,000		5.000			02/15/2027		3,049,170
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	400,000		4.000			11/01/2020		400,924
	400,000		4.000			11/01/2021		412,336
	415,000		5.000			11/01/2022		443,195
	400,000		5.000			11/01/2023		438,552
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	390,000		4.000			11/01/2020		390,901
	790,000		5.000			11/01/2022		843,673
								285,682,336
Municipal Bonds – (continued)
Delaware – 0.2%
	Delaware Economic Development Authority Gas Facilities RB Refunding for Delmarva Power & Light Co. Project Series 2020 (A/A2)(a)(b)
	5,425,000		1.050			07/01/2025		5,462,975
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	475,000		5.000			06/01/2023		519,189
	305,000		5.000			06/01/2024		343,198
	Delaware State GO Bonds Series 2018 A (AAA/Aaa)
	3,250,000		5.000			02/01/2021		3,302,292
	3,500,000		5.000			02/01/2022		3,726,520
	1,750,000		5.000			02/01/2023		1,947,838
	Delaware State Health Facilities Authority RB Refunding for Christiana Care Health System Obligated Group Series 2020 (AA+/Aa2)
	870,000		1.640			10/01/2020		870,000
	530,000		1.680			10/01/2021		533,859
	560,000		1.730			10/01/2022		569,279
	660,000		1.790			10/01/2023		673,226
								17,948,376
District of Columbia – 0.7%
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	230,000		4.000			07/01/2021		234,027
	200,000		5.000			07/01/2023		219,904
	District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A+/A2)
	350,000		1.438			04/01/2022		351,516
	520,000		1.558			04/01/2023		523,645
	560,000		1.667			04/01/2024		565,286
	735,000		1.817			04/01/2025		743,872
	800,000		2.136			04/01/2026		815,184
	District of Columbia RB Refunding Series 2019 A (AAA/Aa1)
	5,000,000		5.000			03/01/2024		5,816,000
	District of Columbia RB Refunding Series 2019 C (AAA/Aa1)
	10,000,000		5.000			10/01/2022		10,969,000
	15,745,000		5.000			10/01/2023		18,014,484
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (AA+/Aa2)(a)(b)
	7,250,000		1.750			10/01/2024		7,528,255
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (A+/Aa3)
	4,100,000		5.000			10/01/2029		4,416,602
	Metropolitan Washington Airports Authority RB Refunding Series 2014 A (AMT) (A+/Aa3)
	3,890,000		5.000			10/01/2044		4,375,239
	Metropolitan Washington Airports Authority RB Refunding Series 2015 B (AMT) (A+/Aa3)
	4,750,000		5.000			10/01/2020		4,750,000
	Metropolitan Washington Airports Authority RB Series 2011 C (A+/Aa3)
	6,835,000		5.000			10/01/2027		7,108,400
	2,000,000		5.000			10/01/2028		2,078,980
								68,510,394

The accompanying notes are an integral part of these financial statements. 131

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – 3.4%
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (AA/NR)
$	815,000		4.000	%		05/01/2021	$	828,920
	855,000		5.000			05/01/2022		906,129
	900,000		5.000			05/01/2023		988,434
	945,000		5.000			05/01/2024		1,068,682
	995,000		5.000			05/01/2025		1,155,911
	1,045,000		5.000			05/01/2026		1,236,716
	1,100,000		5.000			05/01/2027		1,319,758
	1,155,000		5.000			05/01/2028		1,402,158
	1,200,000		2.375			05/01/2029		1,227,096
	1,230,000		2.625			05/01/2030		1,273,444
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	335,000		2.250			05/01/2021		337,807
	340,000		2.250			05/01/2022		345,359
	350,000		2.500			05/01/2023		359,940
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,100,000		2.125			05/01/2021		1,108,679
	1,125,000		2.250			05/01/2022		1,154,509
	1,150,000		2.500			05/01/2023		1,205,085
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	170,000		2.000			05/01/2021		171,566
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	570,000		3.000			05/01/2021		578,419
	460,000		3.125			05/01/2022		476,615
	460,000		3.250			05/01/2023		487,200
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	130,000		2.250			05/01/2021		131,400
	130,000		2.250			05/01/2022		132,727
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (BBB-/NR)
	295,000		3.500			05/01/2021		299,950
	305,000		3.500			05/01/2022		316,779
	Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR)
	2,500,000		4.700			11/01/2029		2,646,825
	Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (A-/NR)
	185,000		2.100			05/01/2021		186,681
	185,000		2.375			05/01/2022		188,626
	190,000		2.500			05/01/2023		197,264
	Broward County School Board COPS Series 2017 C (A+/Aa3)
	2,190,000		5.000			07/01/2023		2,451,508
	Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (AA/A2)
	1,115,000		2.125			09/01/2022		1,147,736
	1,005,000		2.250			09/01/2023		1,053,009
Municipal Bonds – (continued)
Florida – (continued)
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)
	85,000		3.500			05/01/2021		86,541
	83,000		3.500			05/01/2022		86,593
	87,000		3.500			05/01/2023		93,090
	40,000		4.000			05/01/2024		44,239
	Central Florida Expressway Authority RB Senior Lien Series 2019 A (A+/A1)
	625,000		5.000			07/01/2021		646,231
	430,000		5.000			07/01/2022		464,009
	1,240,000		5.000			07/01/2023		1,393,140
	Central Florida Expressway Authority RB Senior Lien Series 2019 B (A+/A1)
	1,100,000		5.000			07/01/2021		1,137,367
	750,000		5.000			07/01/2022		809,317
	2,225,000		5.000			07/01/2023		2,499,788
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	95,000		3.000			11/01/2020		95,159
	95,000		3.000			11/01/2021		97,057
	100,000		3.000			11/01/2022		103,596
	105,000		3.000			11/01/2023		110,206
	105,000		3.500			11/01/2024		113,320
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	225,000		2.250			05/01/2021		226,913
	City of Gainesville Taxable RB Series 2020 (AA-/Aa3)
	360,000		0.541			10/01/2021		360,098
	270,000		0.641			10/01/2022		270,108
	185,000		0.817			10/01/2023		185,540
	265,000		0.997			10/01/2024		266,778
	500,000		1.117			10/01/2025		504,630
	City of Jacksonville Taxable RB Refunding Series 2020 C (AA/NR)
	705,000		0.393			10/01/2021		704,781
	995,000		0.493			10/01/2022		994,642
	330,000		0.594			10/01/2023		329,762
	650,000		0.819			10/01/2024		649,311
	690,000		0.939			10/01/2025		689,062
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	840,000		2.000			05/01/2021		845,922
	860,000		2.125			05/01/2022		872,547
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	122,000		2.625			05/01/2021		123,408
	126,000		2.750			05/01/2022		129,208
	Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (A-/NR)
	160,000		3.000			05/01/2024		169,598

132 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)
	County of Broward RB for Airport System Series 2019 A (AMT) (A/A1)
$	3,000,000		5.000	%		10/01/2020	$	3,000,000
	1,110,000		5.000			10/01/2021		1,159,850
	740,000		5.000			10/01/2022		802,227
	625,000		5.000			10/01/2023		702,662
	945,000		5.000			10/01/2024		1,097,391
	County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A/A1)
	920,000		5.000			10/01/2020		920,000
	265,000		5.000			10/01/2021		276,901
	285,000		5.000			10/01/2022		308,966
	215,000		5.000			10/01/2023		241,716
	355,000		5.000			10/01/2024		412,247
	County of Escambia RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(a)(b)
	425,000		2.000			10/01/2024		443,313
	County of Escambia Solid Waste Disposal System RB for Gulf Power Company First Series 2009 (A+/A2)(a)(b)
	14,400,000		1.800			11/19/2020		14,424,192
	County of Hillsborough Utility RB Refunding Series 2019 (AA+/Aaa)
	1,615,000		5.000			08/01/2022		1,758,444
	3,750,000		5.000			08/01/2023		4,261,013
	County of Miami-Dade Aviation RB Refunding Series 2012 A (AMT) (A-/A2)(e)
	8,930,000		5.000			10/01/2022		9,759,508
	County of Miami-Dade Aviation RB Refunding Series 2012 A (AMT) (A-/A2)
	2,500,000		5.000			10/01/2025		2,699,250
	County of Miami-Dade Aviation RB Refunding Series 2014 A (AMT) (A-/A2)
	20,000,000		5.000			10/01/2034		22,461,800
	County of Miami-Dade Florida Transit System RB Refunding Series 2019 (AA/NR)
	3,490,000		5.000			07/01/2024		4,056,671
	County of Miami-Dade RB for Water & Sewer System Series 2010 (AA-/Aa3)(e)
	12,845,000		5.000			10/01/2020		12,845,000
	County of Miami-Dade Transit System Taxable RB Refunding Series 2020 B (AA/NR)
	5,065,000		0.550			07/01/2023		5,055,427
	7,300,000		0.750			07/01/2024		7,275,253
	5,045,000		0.900			07/01/2025		5,022,449
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	300,000		5.000			10/01/2021		311,328
	250,000		5.000			10/01/2022		268,072
	640,000		5.000			10/01/2023		708,685
	780,000		5.000			10/01/2024		890,581
	275,000		5.000			10/01/2025		323,323
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	1,495,000		2.125			05/01/2021		1,507,050
Municipal Bonds – (continued)
Florida – (continued)
	Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (BBB/NR)
	120,000		3.000			05/01/2021		121,645
	125,000		3.000			05/01/2022		128,531
	130,000		3.000			05/01/2023		136,316
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	2,725,000		4.250			05/01/2029		2,999,217
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (AA/NR)
	255,000		2.000			11/01/2021		258,450
	260,000		2.000			11/01/2022		266,027
	265,000		2.000			11/01/2023		273,255
	270,000		2.000			11/01/2024		279,879
	275,000		2.000			11/01/2025		285,277
	280,000		2.000			11/01/2026		288,293
	290,000		2.000			11/01/2027		295,116
	295,000		2.000			11/01/2028		295,850
	300,000		2.000			11/01/2029		297,513
	305,000		2.125			11/01/2030		302,227
	Florida Department of Management Services COPS Refunding Series 2018 A (AA+/Aa1)
	10,000,000		5.000			11/01/2022		10,944,800
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)(f)
	300,000		2.625			12/15/2024		306,420
	Florida Development Finance Corp. RB for Virgin Trains USA Florida LLC Series 2019 B (AMT) (NR/Aaa)(b)(e)
	20,000,000		0.550			01/28/2021		20,000,000
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A-/Baa1)
	400,000		5.000			04/01/2021		408,076
	350,000		5.000			04/01/2022		371,133
	350,000		5.000			04/01/2023		383,863
	500,000		5.000			04/01/2024		566,620
	200,000		5.000			04/01/2025		233,070
	Florida State GO Refunding Bonds Series 2015 F (AAA/Aaa)
	5,015,000		5.000			06/01/2028		6,076,425
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	230,000		2.000			05/01/2021		232,052
	235,000		2.500			05/01/2022		240,849
	245,000		2.500			05/01/2023		254,748
	245,000		2.500			05/01/2024		256,388
	255,000		2.750			05/01/2025		271,305
	260,000		3.000			05/01/2026		281,746
	Fort Lauderdale RB Refunding Series 2020 (AAA/Aa2)
	18,650,000		1.150			01/01/2026		18,860,372
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (AA-/Aa3)
	855,000		5.000			10/01/2021		892,526
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)(f)
	235,000		3.500			05/01/2021		239,206
	245,000		3.500			05/01/2022		254,854
	250,000		3.500			05/01/2023		267,035

The accompanying notes are an integral part of these financial statements. 133

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
$	190,000	4.000 %		05/01/2021	$	193,570
	200,000	4.000		05/01/2022		209,030
	205,000	4.000		05/01/2023		219,781
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (AA/NR)
	305,000	2.500		05/01/2021		308,389
	225,000	2.500		05/01/2022		231,426
	230,000	2.500		05/01/2023		239,991
	200,000	2.500		05/01/2024		210,812
	175,000	2.500		05/01/2025		185,855
	200,000	2.500		05/01/2026		213,826
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	290,000	2.250		05/01/2021		292,549
	295,000	2.250		05/01/2022		300,021
	305,000	2.500		05/01/2023		316,026
	315,000	2.750		05/01/2024		331,373
	320,000	3.000		05/01/2025		343,120
	Hillsborough County Aviation Authority RB for Tampa International Airport Series 2015 A (AMT) (AA-/Aa3)
	10,000,000	5.000		10/01/2040		11,251,500
	JEA Water & Sewer System RB Refunding Series 2020 A (AA+/Aa3)
	895,000	5.000		10/01/2023		1,021,401
	Lake Frances Community Development District Special Assessment Refunding Series 2018 (BBB-/NR)
	75,000	3.000		05/01/2021		76,108
	79,000	3.000		05/01/2022		81,585
	82,000	3.000		05/01/2023		86,413
	81,000	3.000		05/01/2024		86,830
	84,000	3.000		05/01/2025		91,160
	Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (BBB+/NR)
	250,000	3.000		05/01/2021		253,063
	135,000	3.000		05/01/2022		138,492
	270,000	3.000		05/01/2023		282,061
	355,000	3.000		05/01/2024		374,759
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	275,000	5.000		05/01/2021		281,869
	435,000	5.000		05/01/2022		463,849
	460,000	5.000		05/01/2023		508,926
	485,000	5.000		05/01/2024		554,161
	335,000	5.000		05/01/2025		394,235
	355,000	4.500		05/01/2026		418,577
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	290,000	3.500		05/01/2021		294,985
	300,000	3.500		05/01/2022		312,018
	305,000	3.500		05/01/2023		325,377
	320,000	3.500		05/01/2024		349,245
Municipal Bonds – (continued)
Florida – (continued)
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (AA-/Aa3)(f)
	2,635,000	5.000		03/01/2021		2,683,616
	2,770,000	5.000		03/01/2022		2,944,177
	Miami-Dade County Industrial Development Authority Solid Waste Disposal RB Refunding for Waste Management, Inc. Project Series 2018 A (AMT) (A-/NR)(a)
	15,065,000	(SIFMA Municipal Swap Index Yield + 0.80%), 0.910		11/01/2021		15,069,971
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)(f)
	105,000	3.500		05/01/2021		106,349
	110,000	3.500		05/01/2022		113,091
	115,000	3.500		05/01/2023		120,425
	120,000	3.500		05/01/2024		127,169
	125,000	3.500		05/01/2025		134,317
	North Broward Hospital District RB Refunding for Broward Health Series 2017 B (BBB+/Baa2)
	1,000,000	5.000		01/01/2021		1,010,090
	1,000,000	5.000		01/01/2022		1,050,850
	Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (A+/NR)
	185,000	3.750		05/01/2024		199,587
	Orlando Utilities Commission, Utility System RB Refunding Series 2017 A (AA/Aa2)(a)(b)
	7,340,000	3.000		10/01/2020		7,340,000
	7,000,000	5.000		10/01/2020		7,000,000
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	185,000	3.000		11/01/2020		185,351
	195,000	3.000		11/01/2022		203,738
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	190,000	3.000		11/01/2021		194,758
	205,000	3.000		11/01/2023		217,335
	210,000	3.000		11/01/2024		226,743
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	85,000	3.500		05/01/2021		86,122
	85,000	3.500		05/01/2022		87,483
	90,000	3.500		05/01/2023		94,689
	95,000	3.500		05/01/2024		101,357
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	235,000	3.500		05/01/2023		245,476
	245,000	3.500		05/01/2024		259,724
	255,000	3.500		05/01/2025		273,312
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	395,000	4.000		05/01/2021		401,423
	410,000	4.000		05/01/2022		425,818
	425,000	4.000		05/01/2023		452,506

134 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)
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (AA/NR)
$	455,000		3.000	%		05/01/2021	$	460,838
	500,000		3.000			05/01/2024		532,525
	515,000		2.000			05/01/2025		531,042
	520,000		2.000			05/01/2026		534,009
	535,000		2.000			05/01/2027		544,277
	Polk County School District COPS Refunding Series 2020 B (NR/Aa3)
	1,695,000		5.000			01/01/2025		2,004,693
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	375,000		2.000			05/01/2021		378,499
	385,000		2.500			05/01/2022		395,380
	395,000		2.500			05/01/2023		412,056
	405,000		2.500			05/01/2024		425,870
	415,000		2.750			05/01/2025		444,021
	425,000		3.000			05/01/2026		463,649
	Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR)(h)
	250,000		3.000			05/01/2021		251,987
	760,000		3.000			05/01/2022		774,402
	400,000		3.000			05/01/2023		409,920
	380,000		3.000			05/01/2024		389,751
	240,000		3.000			05/01/2025		245,213
	School District of Broward County COPS Series 2012 A (NR/NR)(e)
	7,310,000		5.000			07/01/2022		7,912,271
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	395,000		2.625			05/01/2021		399,143
	405,000		2.875			05/01/2022		414,368
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	330,000		2.250			11/01/2020		330,393
	330,000		2.250			11/01/2021		334,957
	335,000		2.250			11/01/2022		342,460
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)
	100,000		2.000			05/01/2021		100,851
	100,000		2.125			05/01/2022		101,365
	100,000		2.375			05/01/2023		102,601
	100,000		2.500			05/01/2024		103,294
	100,000		2.750			05/01/2025		105,072
	100,000		3.000			05/01/2026		106,756
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)
	375,000		4.375			05/01/2021		382,792
	390,000		4.500			05/01/2022		410,023
	State Board of Administration Finance Corp. Taxable RB Series 2020 A (AA/Aa3)
	8,200,000		1.258			07/01/2025		8,325,870
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	255,000		2.250			05/01/2021		256,959
	260,000		2.250			05/01/2022		265,743
Municipal Bonds – (continued)
Florida – (continued)
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	180,000		2.250			05/01/2021		181,886
	185,000		2.250			05/01/2022		188,763
	The Lee County School Board COPS Series 2020 A (AA-/Aa3)
	195,000		5.000			08/01/2021		202,747
	360,000		5.000			08/01/2022		391,417
	595,000		5.000			08/01/2023		673,362
	420,000		5.000			08/01/2024		493,277
	520,000		5.000			08/01/2025		631,946
	The Miami-Dade County School Board GO Bonds Series 2014 A (AA-/Aa2)
	2,920,000		5.000			03/15/2029		3,356,978
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	990,000		2.125			05/01/2021		999,425
	1,015,000		2.250			05/01/2022		1,043,085
	1,040,000		2.500			05/01/2023		1,089,275
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
	115,000		3.750			05/01/2021		117,238
	125,000		3.875			05/01/2022		130,761
	125,000		4.000			05/01/2023		130,894
	135,000		4.125			05/01/2024		142,166
	140,000		4.150			05/01/2025		147,130
	145,000		4.250			05/01/2026		152,195
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	345,000		2.250			05/01/2021		348,395
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(f)
	315,000		2.750			05/01/2021		318,881
	325,000		3.000			05/01/2022		334,545
	335,000		3.100			05/01/2023		351,512
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	475,000		2.000			05/01/2023		486,998
	490,000		2.000			05/01/2024		504,911
	500,000		2.000			05/01/2025		515,800
	795,000		2.000			05/01/2026		815,559
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	460,000		4.500			05/01/2023		477,287
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	335,000		4.000			05/01/2021		341,332
	360,000		4.000			05/01/2022		377,125
	380,000		4.000			05/01/2023		408,910
	405,000		4.000			05/01/2024		446,266
	325,000		4.000			05/01/2025		365,326

The accompanying notes are an integral part of these financial statements. 135

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Village Community Development District No. 8 Special Assessment RB Phase II Series 2020 (AGM) (AA/NR)
$	675,000		5.000	%		05/01/2021	$	691,706
	660,000		5.000			05/01/2022		703,124
	695,000		5.000			05/01/2023		767,600
	735,000		5.000			05/01/2024		838,135
	770,000		5.000			05/01/2025		902,756
	810,000		5.000			05/01/2026		970,097
	Village Community Development District No. 8 Special Assessment RB Phase III Series 2020 (AGM) (AA/NR)
	600,000		5.000			05/01/2021		614,850
	585,000		5.000			05/01/2022		623,125
	615,000		5.000			05/01/2023		679,741
	650,000		5.000			05/01/2024		741,949
	680,000		5.000			05/01/2025		798,238
	715,000		5.000			05/01/2026		857,600
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	200,000		2.250			11/01/2020		200,220
	205,000		2.250			11/01/2021		207,790
	210,000		2.250			11/01/2022		213,849
	215,000		2.500			11/01/2023		222,295
	Volusia County School Board COPS Series 2019 (NR/Aa3)
	1,350,000		5.000			08/01/2021		1,403,636
	1,105,000		5.000			08/01/2022		1,201,433
	1,250,000		5.000			08/01/2023		1,401,800
	Waters Edge Community Development District Capital Improvement RB Refunding Senior Lien Series 2015 A-1 (BBB+/NR)
	400,000		2.625			05/01/2021		404,992
								334,450,534
Georgia – 3.4%
	Bartow County Development Authority RB for Georgia Power Co. Series 2013 (A-/Baa1)(a)(b)
	6,360,000		1.550			08/19/2022		6,438,101
	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		1,621,665
	1,585,000		5.000			07/01/2023		1,784,472
	1,500,000		5.000			07/01/2024		1,754,520
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/Baa1)(a)(b)
	3,975,000		2.150			06/13/2024		4,149,741
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fourth Series 1994 (A-/Baa1)(a)(b)
	2,115,000		2.250			05/25/2023		2,191,923
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)(a)(b)
	4,000,000		2.925			03/12/2024		4,269,520
	Burke County Development Authority Pollution Control RB for Georgia Power Company Series 1994 (A-/Baa1)(a)(b)
	80,000		2.150			06/13/2024		83,517
Municipal Bonds – (continued)
Georgia – (continued)
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Series 2013 A (BBB+/Baa1)(a)(b)
	2,000,000		1.500			02/03/2025		2,011,760
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Vogtle Series 2017 F (A-/Baa1)(a)(b)
	29,150,000		3.000			02/01/2023		30,427,936
	Burke County Development Authority Pollution Control RB Refunding for Georgia Power Co. Series 2012 (A-/Baa1)(a)(b)
	6,045,000		1.550			08/19/2022		6,119,233
	Carroll County School District GO Bonds Series 2020 (ST AID WITHHLDG) (NR/Aa1)(h)
	200,000		5.000			04/01/2024		232,376
	220,000		5.000			04/01/2025		265,230
	City of Atlanta Department of Aviation RB Refunding Series 2020 A (NR/Aa3)(h)
	1,950,000		5.000			07/01/2024		2,279,414
	4,900,000		5.000			07/01/2025		5,929,735
	5,500,000		5.000			07/01/2026		6,844,695
	City of Atlanta Department of Aviation RB Refunding Series 2020 B (AMT) (NR/Aa3)(h)
	1,280,000		5.000			07/01/2024		1,482,816
	2,000,000		5.000			07/01/2025		2,391,280
	2,410,000		5.000			07/01/2026		2,953,551
	City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (BBB/A3)
	575,000		5.000			12/01/2021		602,709
	500,000		5.000			12/01/2022		545,120
	500,000		5.000			12/01/2023		564,870
	Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2020 A (A/A2)
	150,000		5.000			04/01/2023		166,677
	200,000		5.000			04/01/2025		237,704
	Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2021 (A/A2)(h)
	700,000		5.000			04/01/2022		737,142
	600,000		5.000			04/01/2023		655,536
	650,000		5.000			04/01/2024		734,819
	950,000		5.000			04/01/2025		1,107,358
	County of DeKalb Water & Sewerage RB Series 2011 (A+/Aa3)
	12,775,000		5.250			10/01/2041		13,295,454
	County of Forsyth GO Sales Tax Bonds Series 2019 (AAA/Aaa)
	8,025,000		5.000			09/01/2024		9,522,545
	De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (AA+/Aa1)
	25,000,000		4.000			10/01/2021		25,963,750
	18,845,000		4.000			10/01/2022		20,295,311
	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		1,125,850
	Fayette County Hospital Authority RB Refunding for Piedmont Healthcare, Inc. Obligated Group Series 2019 A (AA-/A1)(a)(b)
	1,100,000		5.000			07/01/2024		1,255,375
	Georgia State GO Refunding Bonds Series 2011 E-2 (AAA/Aaa)
	9,265,000		5.000			09/01/2021		9,677,848

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	Georgia State Road & Tollway Authority RB Refunding Series 2011 B (AAA/Aaa)
$	5,445,000	5.000 %		10/01/2021	$	5,710,280
	Henry County School District GO Bonds Series 2018 (ST AID WITHHLDG) (AA+/Aa1)
	3,250,000	5.000		08/01/2021		3,380,780
	5,340,000	5.000		08/01/2022		5,812,216
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)(a)(b)
	38,000,000	4.000		09/01/2023		41,565,920
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	750,000	5.000		05/15/2021		769,515
	1,000,000	5.000		05/15/2022		1,067,490
	1,500,000	5.000		05/15/2023		1,660,635
	1,500,000	5.000		05/15/2024		1,712,580
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa1)(a)(b)
	19,350,000	4.000		12/02/2024		21,951,414
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Refunding Series 2018 A (AA+/Aa2)
	25,580,000	3.000		07/01/2022		26,842,373
	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)
		(3 Mo. LIBOR + 0.60%),
	17,325,000	0.798		10/01/2024		17,309,754
	Municipal Electric Authority RB Refunding Series 2019 A (A-/A2)
	600,000	5.000		01/01/2021		606,750
	1,090,000	5.000		01/01/2022		1,151,749
	900,000	5.000		01/01/2023		987,885
	Private Colleges & Universities Authority RB Refunding for Emory University Series 2020 B (AA/Aa2)
	12,240,000	5.000		09/01/2025		15,036,350
	Richmond County Development Authority RB Subordinate Series 1991 C (ETM) (NR/Aaa)(d)(e)
	10,130,000	0.000		12/01/2021		10,086,542
	Savannah Economic Development Authority Pollution Control RB Refunding for International Paper Company Series 2019 B (BBB/Baa2)
	6,090,000	1.900		08/01/2024		6,318,801
	Savannah Economic Development Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(a)(b)
	425,000	2.000		10/01/2024		443,313
						332,133,900
Guam – 0.2%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2019 A (AMT) (BBB+/Baa2)
	1,000,000	5.000		10/01/2022		1,029,640
	825,000	5.000		10/01/2023		860,491
	A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (BBB+/Baa2)
	3,350,000	3.133		10/01/2024		3,328,460
	2,000,000	3.319		10/01/2025		1,984,720
Municipal Bonds – (continued)
Guam – (continued)
	Guam Government Privilege Special Tax Refunding Bonds Series 2015 D (BB/NR)
	3,775,000	5.000		11/15/2021		3,902,180
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,535,000	5.000		10/01/2030		1,638,459
	Guam Power Authority RB Series 2010 A (BBB/Baa2)(e)
	7,495,000	5.500		10/01/2020		7,495,000
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	310,000	5.000		07/01/2021		319,061
	500,000	5.000		07/01/2022		533,660
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	400,000	5.000		07/01/2021		411,692
	400,000	5.000		07/01/2022		426,928
	500,000	5.000		07/01/2023		551,905
	400,000	5.000		07/01/2024		455,208
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	800,000	5.000		07/01/2022		841,144
	500,000	5.000		07/01/2023		539,330
						24,317,878
Hawaii – 0.4%
	City & County Honolulu RB for Wastewater System Series 2019 A (AA/Aa2)
	500,000	5.000		07/01/2021		518,180
	500,000	5.000		07/01/2022		542,390
	200,000	5.000		07/01/2023		226,112
	City & County Honolulu RB Refunding for Wastewater System Series 2019 B (AA/Aa2)
	720,000	5.000		07/01/2021		746,179
	Hawaii State GO Bonds Series 2011 DZ (NR/NR)(e)
	3,185,000	5.000		12/01/2021		3,362,246
	Hawaii State GO Bonds Series 2013 EH (NR/NR)(e)
	6,125,000	5.000		08/01/2023		6,928,355
	Hawaii State GO Refunding Bonds Series 2016 FH (AA+/Aa2)
	7,545,000	3.000		10/01/2021		7,758,448
	Honolulu City & County GO Bonds Series 2012 A (AA+/Aa1)(e)
	3,620,000	5.000		11/01/2022		3,982,181
	Honolulu City & County GO Bonds Series 2012 B (AA+/Aa1)
	3,060,000	5.000		11/01/2022		3,367,285
	Honolulu City & County GO Bonds Series 2017 A (AA+/Aa1)
	4,370,000	5.000		09/01/2021		4,564,290
	State of Hawaii Airports System Revenue COPS Series 2013 (AMT) (A/A2)
	3,065,000	5.000		08/01/2023		3,391,576
						35,387,242
Idaho – 0.0%
	Idaho Health Facilities Authority RB Refunding for Trinity Health Corp. Obligated Group Series 2015 D (AA-/Aa3)
	1,170,000	5.500		12/01/2026		1,429,822

The accompanying notes are an integral part of these financial statements. 137

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – 6.9%
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)(d)
$	100,000		0.000	%		01/01/2022	$	99,450
	100,000		0.000			01/01/2023		98,757
	385,000		0.000			01/01/2024		376,961
	480,000		0.000			01/01/2025		464,722
	Champaign County Community Unit School District No. 4 Champaign GO Refunding Bonds Series 2020 B (AA/NR)
	700,000		5.000			01/01/2021		708,120
	770,000		5.000			01/01/2022		815,014
	550,000		5.000			01/01/2023		607,624
	270,000		5.000			01/01/2024		309,925
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)(d)
	460,000		0.000			12/01/2026		389,266
	360,000		0.000			12/01/2029		268,934
	Chicago Illinois Board of Education GO Bonds Series 1999 A (FGIC) (NATL-RE-IBC) (BB-/Baa2)
	1,820,000		5.250			12/01/2020		1,833,614
	Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL-RE) (BB-/Baa2)(d)
	9,230,000		0.000			12/01/2024		8,368,564
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL-RE) (BB-/Baa2)(d)
	525,000		0.000			12/01/2025		460,619
	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		541,855
	5,000,000		5.000			12/01/2023		5,603,650
	7,675,000		5.000			12/01/2024		8,867,158
	2,500,000		5.000			12/01/2025		2,967,400
	1,270,000		5.000			12/01/2026		1,540,980
	Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (BBB+/Ba1)(d)
	4,645,000		0.000			01/01/2023		4,336,897
	Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL-RE) (BBB+/Baa2)
	10,130,000		5.500			01/01/2023		10,661,825
	Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (BBB+/Ba1)
	4,995,000		5.000			01/01/2023		5,191,753
	Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)
	2,125,000		5.000			01/01/2022		2,186,306
	Chicago Illinois GO Bonds Series 2019 (BBB+/NR)
	3,775,000		5.000			01/01/2027		4,059,408
	Chicago Illinois GO Refunding Bonds Series 2012 C (BBB+/Ba1)
	14,455,000		5.000			01/01/2022		15,298,160
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	2,030,000		5.000			01/01/2021		2,054,055
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2014 B (A-/A3)
	4,925,000		5.000			01/01/2027		5,540,871
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois O’Hare International Airport RB Refunding for General Airport Senior Lien Series 2013 B (A/A2)
	1,025,000		5.000			01/01/2023		1,130,678
	1,595,000		5.000			01/01/2024		1,760,210
	Chicago Illinois O’Hare International Airport RB Refunding for General Airport Senior Lien Series 2020 D (A/NR)(h)
	1,750,000		0.959			01/01/2023		1,751,277
	1,500,000		1.168			01/01/2024		1,500,915
	7,800,000		1.368			01/01/2025		7,805,226
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 B (A/NR)
	4,300,000		5.000			01/01/2021		4,345,967
	Chicago Illinois O’Hare International Airport RB Refunding Series 2015 A (AMT) (A/NR)
	7,010,000		5.000			01/01/2034		8,002,336
	Chicago Illinois Sales Tax RB Series 2011 A (NR/WR)(e)
	5,000,000		5.250			01/01/2022		5,316,950
	Chicago Illinois Sales Tax Refunding RMKT 06/09/15 Series 2002 (ETM) (BBB-/NR)(e)
	1,250,000		5.000			01/01/2021		1,265,137
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Project Series 2008 C (A/NR)
	1,000,000		5.000			01/01/2021		1,010,790
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (A/NR)
	2,050,000		5.000			01/01/2021		2,072,119
	1,450,000		5.000			01/01/2022		1,528,764
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (A/NR)
	600,000		5.000			01/01/2021		606,474
	1,660,000		5.000			01/01/2022		1,750,171
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	2,525,000		5.000			11/01/2020		2,533,888
	6,000,000		5.000			11/01/2021		6,282,540
	Chicago Illinois Waterworks RB Refunding Second Lien Project Series 2017-2 (A/NR)
	1,400,000		5.000			11/01/2020		1,404,928
	1,000,000		5.000			11/01/2021		1,047,090
	Chicago O’Hare International Airport Customer Facility Charge RB Series 2013 (BBB/Baa1)
	1,025,000		5.750			01/01/2038		1,090,426
	Chicago O’Hare International Airport Passenger Facility Charge RB Refunding Series 2012 A (A/A2)
	1,195,000		5.000			01/01/2026		1,263,426
	Chicago O’Hare International Airport Passenger Facility Charge RB Refunding Series 2012 B (AMT) (A/A2)
	5,000,000		5.000			01/01/2026		5,258,550
	2,980,000		4.000			01/01/2027		3,077,565
	5,790,000		5.000			01/01/2030		6,068,615
	Chicago Park District GO Refunding Bonds Series 2020 F-2 (AA-/NR)(h)
	350,000		5.000			01/01/2025		401,747
	475,000		5.000			01/01/2026		557,603

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Transit Authority Sales Tax Receipts Fund RB Refunding Series 2020 B (AA/NR)
$	1,215,000		1.708	%		12/01/2022	$	1,228,815
	1,405,000		1.838			12/01/2023		1,428,562
	1,605,000		2.064			12/01/2024		1,640,984
	1,660,000		2.214			12/01/2025		1,706,015
	City of Chicago GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	500,000		5.000			01/01/2024		525,185
	City of Chicago GO Refunding Bonds Series 2016 C (BBB+/NR)
	5,450,000		5.000			01/01/2022		5,607,232
	10,040,000		5.000			01/01/2023		10,435,476
	City of Chicago GO Refunding Bonds Series 2016 C (ETM) (NR/NR)(e)
	10,550,000		5.000			01/01/2022		11,172,239
	5,015,000		5.000			01/01/2023		5,544,885
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	4,675,000		5.000			01/01/2026		4,998,837
	Cook County Community Consolidated School District No. 59 Elk Grove GO Bonds Series 2020 (AAA/NR)
	1,200,000		4.000			03/01/2023		1,308,792
	1,600,000		4.000			03/01/2024		1,802,048
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (NR/Aa2)
	550,000		4.000			01/01/2021		555,021
	200,000		4.000			01/01/2022		209,204
	580,000		4.000			01/01/2023		628,059
	190,000		4.000			01/01/2024		212,105
	Cook County Illinois GO Refunding Bonds Series 2012 C (A+/A2)
	1,000,000		4.000			11/15/2020		1,003,950
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	675,000		4.000			12/01/2020		678,895
	710,000		4.000			12/01/2021		738,968
	800,000		4.000			12/01/2022		859,368
	Cook Kane Lake & McHenry Counties Community College District No. 512 GO Refunding Bonds for William Rainey Harper College Series 2017 B (NR/Aaa)
	9,000,000		5.000			12/01/2022		9,912,600
	DeKalb Kane & LaSalle Counties Etc. Community College District No. 523 Kishwaukee GO Refunding Bonds Series 2020 (AA-/NR)
	500,000		1.960			02/01/2024		503,665
	Illinois Development Finance Authority RB for United Community & Housing Development Corp. Series 1991 A (ETM) (AA+/NR)(d)(e)
	19,705,000		0.000			07/15/2023		19,481,348
	Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (BBB/NR)
	400,000		4.000			12/01/2020		401,044
	425,000		4.000			12/01/2021		432,845
	300,000		5.000			12/01/2022		317,286
	450,000		5.000			12/01/2023		486,486
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB for OSF Healthcare System Obligated Group Series 2020 B-1 (A/A3)(a)(b)(h)
	3,500,000		5.000			11/15/2024		4,029,760
	Illinois Finance Authority RB for OSF Healthcare System Obligated Group Series 2020 B-2 (A/A3)(a)(b)(h)
	4,500,000		5.000			11/15/2026		5,470,110
	Illinois Finance Authority RB for Trinity Health Credit Group Series 2011 L (AA-/Aa3)(e)
	7,050,000		5.000			12/01/2021		7,442,332
	Illinois Finance Authority RB for University of Illinois Series 2020 (BBB+/NR)
	250,000		5.000			10/01/2024		287,655
	250,000		5.000			10/01/2025		295,577
	500,000		5.000			10/01/2026		603,200
	Illinois Finance Authority RB Refunding for American Water Capital Corp. Project Series 2020 (A/Baa1)(a)(b)
	1,890,000		0.700			09/01/2023		1,888,148
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,125,000		3.250			05/15/2022		1,134,157
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	1,000,000		5.000			09/01/2021		1,024,440
	1,000,000		5.000			09/01/2024		1,089,130
	600,000		5.000			09/01/2025		663,384
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa2)
	500,000		4.000			09/01/2021		510,930
	Illinois Finance Authority RB Refunding for Northwestern Memorial Healthcare Series 2017 B (AA+/Aa2)(a)(b)
	8,385,000		5.000			12/15/2022		9,228,783
	Illinois Finance Authority RB Refunding for Swedish Covenant Health Obligated Group Series 2016 A (AA-/NR)(e)
	7,375,000		5.250			08/15/2026		9,418,318
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	2,240,000		5.000			01/01/2025		2,572,035
	3,055,000		5.000			01/01/2026		3,587,365
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2017 A (AA-/NR)
	500,000		5.000			01/01/2021		504,000
	1,000,000		5.000			01/01/2022		1,040,150
	1,500,000		5.000			01/01/2023		1,624,320
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	4,180,000		5.000			01/01/2025		4,799,601
	Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (BB+/WR)(d)
	10,665,000		0.000			06/15/2023		9,956,737
	3,235,000		0.000			06/15/2025		2,853,497
	Illinois State GO Bonds Series 2012 (BBB-/Baa3)
	1,585,000		5.000			03/01/2021		1,603,735
	Illinois State GO Bonds Series 2013 (BBB-/Baa3)
	4,045,000		5.500			07/01/2024		4,308,532
	2,200,000		5.500			07/01/2026		2,332,088
	3,385,000		5.500			07/01/2027		3,578,216

The accompanying notes are an integral part of these financial statements. 139

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Bonds Series 2014 (BBB-/Baa3)
$	3,255,000		5.000	%		05/01/2024	$	3,474,224
	Illinois State GO Bonds Series 2016 (BBB-/Baa3)
	5,000,000		5.000			01/01/2024		5,317,350
	Illinois State GO Bonds Series 2017 A (BBB-/Baa3)
	8,600,000		5.000			12/01/2020		8,640,678
	Illinois State GO Bonds Series 2017 B (BBB-/Baa3)
	4,750,000		5.000			12/01/2020		4,772,468
	9,000,000		5.000			12/01/2021		9,291,960
	Illinois State GO Bonds Series 2017 D (BBB-/Baa3)
	33,615,000		5.000			11/01/2021		34,519,243
	49,395,000		5.000			11/01/2022		51,433,038
	38,115,000		5.000			11/01/2023		40,203,321
	4,850,000		5.000			11/01/2025		5,213,847
	21,510,000		5.000			11/01/2026		23,226,068
	Illinois State GO Bonds Series 2018 A (BBB-/Baa3)
	13,400,000		5.000			05/01/2021		13,619,760
	Illinois State GO Bonds Series 2018 B (BBB-/Baa3)
	5,000,000		5.000			05/01/2021		5,082,000
	Illinois State GO Bonds Series 2019 A (BBB-/Baa3)
	4,000,000		5.000			11/01/2024		4,300,680
	Illinois State GO Bonds Series 2020 (BBB-/Baa3)
	2,000,000		5.125			05/01/2022		2,087,480
	2,000,000		5.375			05/01/2023		2,126,180
	2,100,000		5.500			05/01/2024		2,276,841
	Illinois State GO Refunding Bonds Series 2013 A (BBB-/Baa3)
	2,000,000		5.000			04/01/2021		2,028,340
	Illinois State GO Refunding Bonds Series 2017 D (BBB-/Baa3)
	26,400,000		5.000			11/01/2020		26,453,856
	Illinois State GO Refunding Bonds Series 2018 A (BBB-/Baa3)
	2,000,000		5.000			10/01/2024		2,147,920
	Illinois State Sales Tax RB for Build Junior Obligation Series 2013 IL (BBB/NR)
	12,500,000		5.000			06/15/2021		12,800,000
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 D (BBB/NR)
	550,000		4.000			06/15/2021		559,372
	Illinois State Toll Highway Authority RB Refunding Senior Series 2018 A (AA-/A1)
	2,250,000		5.000			01/01/2023		2,475,562
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 C (AA-/A1)
	9,395,000		5.000			01/01/2025		11,081,215
	Kane County School District No. 129 West Aurora GO Refunding Bonds Series 2015 (AGM) (AA/Aa3)
	425,000		5.000			02/01/2022		449,272
	Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (AA/A1)
	435,000		2.000			12/01/2020		436,053
	510,000		3.000			12/01/2021		524,596
	440,000		4.000			12/01/2022		468,327
	520,000		5.000			12/01/2023		583,643
	Kendall Kane & Will Counties Community Unit School District No. 308 GO Bonds Series 2008 (AGM) (NR/A2)(d)
	13,695,000		0.000			02/01/2021		13,670,212
Municipal Bonds – (continued)
Illinois – (continued)
	McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2013 (AA/NR)
	1,500,000		5.625			01/15/2031		1,598,550
	Metropolitan Water Reclamation District of Greater Chicago GO Capital Improvement Bonds Series 2011 B (AA+/Aa2)
	2,000,000		5.000			12/01/2023		2,107,880
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2010 (BBB+/NR)(e)
	17,325,000		5.500			06/01/2021		17,944,542
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2017 (A/NR)
	5,015,000		5.000			06/01/2022		5,379,942
	Springfield Electric RB Refunding Senior Lien Series 2015 (A/A3)
	2,315,000		5.000			03/01/2021		2,359,170
	State of Illinois GO Bonds Series 2010 A (BBB-/Baa3)
	3,740,000		4.000			01/01/2021		3,757,391
	State of Illinois GO Bonds Series 2014 (BBB-/Baa3)
	3,300,000		5.000			02/01/2023		3,460,380
	State of Illinois GO Bonds Series 2016 (BBB-/Baa3)
	15,000,000		5.000			06/01/2023		15,811,650
	State of Illinois GO Bonds Series 2017 A (BBB-/Baa3)
	10,490,000		5.000			12/01/2023		11,141,429
	State of Illinois GO Refunding Bonds Series 2016 (BBB-/Baa3)
	2,360,000		5.000			02/01/2023		2,474,696
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB-/Baa3)
	2,000,000		5.000			10/01/2025		2,174,700
	University of Illinois Board Trustees COPS RB Refunding Series 2016 A (A-/A1)
	5,000,000		5.000			08/15/2021		5,180,650
	Western Illinois University RB Refunding Series 2020 (BAM) (AA/NR)
	1,100,000		4.000			04/01/2021		1,117,380
	1,000,000		4.000			04/01/2023		1,075,260
	Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (AA/Baa2)
	315,000		4.000			01/01/2021		316,739
	950,000		4.000			01/01/2022		976,324
								684,291,583
Indiana – 0.9%
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2017 (AMT) (A-/A1)(a)(b)
	1,250,000		5.000			11/01/2024		1,463,100
	City of Whiting Environmental Facilities RB Refunding for BP Products North America, Inc. Project Series 2019 A (AMT) (A-/A1)(a)(b)
	11,990,000		5.000			06/05/2026		14,658,974
	Indiana Bond Bank Advance Funding RB Series 2020 A (SP-1/NR)
	8,635,000		3.000			01/11/2021		8,695,790
	Indiana Finance Authority Educational Facilities RB for Indiana University Health, Inc. Obligated Group Series 2011 H (AA/Aa2)(a)(b)
	10,590,000		1.650			07/01/2022		10,761,134

140 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 Finance Authority Educational Facilities RB Refunding for Indiana University Health, Inc. Obligated Group Series 2015 B (AA/Aa2)(a)(b)
$	8,065,000	1.650 %		07/01/2022	$	8,195,330
	Indiana Finance Authority RB CWA Authority, Inc. Series 2015 A (AA/NR)
	16,825,000	5.000		10/01/2045		19,263,447
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)(a)
	7,625,000	(SIFMA Municipal Swap Index Yield + 0.55%), 0.660		11/01/2023		7,621,188
	Ivy Tech Community College of Indiana RB Refunding Series 2020 W (AA/NR)
	435,000	5.000		07/01/2024		510,229
	250,000	5.000		07/01/2025		303,505
	Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (AA+/NR)
	465,000	3.000		01/15/2021		468,841
	340,000	5.000		07/15/2021		353,059
	405,000	3.000		01/15/2022		420,038
	290,000	5.000		07/15/2022		315,242
	300,000	5.000		01/15/2023		331,893
	375,000	3.000		07/15/2023		399,495
	Rockport City PCRB Refunding for Indiana Michigan Power Co. Project Series 2009 B (A-/A3)
	10,000,000	3.050		06/01/2025		10,944,600
						84,705,865
Iowa – 0.1%
	Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (AA-/A1)
	650,000	5.000		02/15/2021		660,706
	640,000	5.000		02/15/2022		678,982
	605,000	5.000		02/15/2023		668,277
	Iowa Finance Authority State Revolving RB Series 2011 (AAA/Aaa)(e)
	5,000,000	5.000		08/01/2021		5,201,650
						7,209,615
Kansas – 0.8%
	City of Olathe GO Bonds Series 2020 A (SP-1+/NR)
	17,000,000	3.000		08/01/2021		17,375,870
	Kansas City Wyandotte County Unified School District No. 500 GO Bonds Series 2016 A (AA-/Aa3)(e)
	30,210,000	5.500		09/01/2026		39,062,436
	Sedgwick County Kansas Unified School District No. 259 GO Refunding and Improvement Bonds Series 2015 A (NR/Aa2)
	3,105,000	4.000		10/01/2021		3,224,077
	State of Kansas Department of Transportation RB Refunding Series 2015 A (AA/Aa2)
	15,840,000	2.750		09/01/2023		16,901,122
	Wyandotte County-Kansas City Unified Government Utility System RB Refunding Series 2020 B (A/A2)
	75,000	0.689		09/01/2021		75,031
	130,000	0.789		09/01/2022		130,121
Municipal Bonds – (continued)
Kansas – (continued)
	Wyandotte County-Kansas City Unified Government Utility System RB Refunding Series 2020 B (A/A2) – (continued)
	265,000	0.909		09/01/2023		265,559
	775,000	1.129		09/01/2024		780,572
	780,000	1.249		09/01/2025		787,784
						78,602,572
Kentucky – 1.9%
	City of Owensboro Electric Light & Power System RB Refunding Series 2019 (A-/A3)
	650,000	5.000		01/01/2021		657,475
	1,140,000	5.000		01/01/2022		1,206,052
	800,000	4.000		01/01/2023		860,104
	1,400,000	5.000		01/01/2024		1,595,314
	2,700,000	4.000		01/01/2025		3,059,694
	County of Owen RB Refunding for American Water/Kentucky-American Water Co. Obligated Group Project Series 2020 (A/Baa1)(a)(b)
	1,665,000	0.700		09/01/2023		1,662,419
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 A (NATL-RE) (A-/A1)(c)
		(3 Mo. LIBOR + 0.53%),
	15,085,000	0.698		11/01/2027		14,853,747
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2007 B (NATL-RE) (A-/A1)(c)
		(3 Mo. LIBOR + 0.55%),
	2,000,000	0.718		11/01/2025		1,972,400
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (BB+/Baa3)
	1,100,000	5.000		06/01/2021		1,121,043
	2,470,000	5.000		06/01/2022		2,586,880
	1,000,000	5.000		06/01/2023		1,074,510
	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		809,081
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)(a)(b)
	13,000,000	4.000		04/01/2024		14,351,870
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A3)
	775,000	4.000		04/01/2021		788,299
	1,210,000	4.000		04/01/2022		1,272,061
	Kentucky Public Energy Authority Gas Supply RB Series 2018 B (NR/A3)(a)(b)
	540,000	4.000		04/01/2024		596,155
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)(a)(b)
	3,275,000	4.000		06/01/2025		3,706,809
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3)
	1,085,000	4.000		12/01/2020		1,091,152
	1,080,000	4.000		06/01/2021		1,104,721
	1,515,000	4.000		12/01/2021		1,575,691
	1,765,000	4.000		06/01/2022		1,865,481
	2,420,000	4.000		12/01/2022		2,598,499

The accompanying notes are an integral part of these financial statements. 141

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A3) – (continued)
$	3,765,000		4.000	%		06/01/2023	$	4,101,968
	7,385,000		4.000			12/01/2023		8,164,339
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (NR/A1)(a)(b)
	7,255,000		4.000			01/01/2025		8,130,824
	Kentucky Public Energy Authority Gas Supply RB Series 2019 C (A/A3)(a)(b)
	20,000,000		4.000			02/01/2028		23,500,600
	Kentucky Public Energy Authority RB Series 2020 A (NR/A1)(a)(b)
	10,470,000		4.000			06/01/2026		12,110,963
	Kentucky State Property & Building Commission RB Refunding Project No. 100 Series 2011 A (A-/A1)
	2,065,000		5.000			08/01/2021		2,144,378
	Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A-/A1)
	5,070,000		5.000			11/01/2022		5,555,706
	Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (A-/Aa3)
	2,000,000		5.000			07/01/2030		2,123,140
	Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (A-/Aa3)(e)
	3,560,000		5.000			07/01/2022		3,856,584
	Kentucky State Turnpike Authority Economic Development Road RB Refunding for Revitalization Projects Series 2014 A (A-/Aa3)
	2,995,000		5.000			07/01/2023		3,335,232
	Kentucky Turnpike Authority RB Refunding for Kentucky Transportation Cabinet Series 2016 A (A-/Aa3)
	1,000,000		5.000			07/01/2021		1,033,210
	Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Co. Series 2007 A (A/A1)(a)(b)
	7,250,000		1.650			06/01/2021		7,294,587
	Louisville & Jefferson County Metropolitan Government Environmental Facilities RB Refunding for Louisville Gas & Electric Co. Series 2007 B (A/A1)(a)(b)
	3,000,000		1.650			06/01/2021		3,018,450
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 B (A/NR)(a)(b)
	19,530,000		5.000			10/01/2023		21,986,679
	Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2001 A (A/A1)
	3,800,000		0.900			09/01/2026		3,793,654
	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		3,484,971
	Louisville Water Co. RB Refunding Series 2019 (AAA/Aaa)
	9,390,000		5.000			11/15/2023		10,789,767
								184,834,509
Louisiana – 2.8%
	Consolidated Government of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB Refunding Series 2020 (A+/NR)
	1,500,000		5.000			08/01/2021		1,557,015
Municipal Bonds – (continued)
Louisiana – (continued)
	Consolidated Government of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB Refunding Series 2020 (AGM) (AA/NR)
	425,000		5.000			08/01/2022		460,781
	600,000		5.000			08/01/2023		676,842
	1,000,000		5.000			08/01/2024		1,168,640
	1,100,000		5.000			08/01/2025		1,328,030
	East Baton Rouge Sewerage Commission RB Refunding Series 2019 A (AA-/NR)
	440,000		5.000			02/01/2021		447,005
	215,000		5.000			02/01/2022		228,764
	135,000		5.000			02/01/2023		149,893
	465,000		5.000			02/01/2024		537,610
	East Baton Rouge Sewerage Commission RB Refunding Series 2019 B (AA-/NR)
	1,125,000		5.000			02/01/2021		1,142,910
	1,395,000		5.000			02/01/2022		1,484,308
	1,530,000		5.000			02/01/2023		1,698,790
	1,570,000		5.000			02/01/2024		1,815,155
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for East Baton Rouge Sewerage Commission Series 2020 B (A+/NR)(a)(b)
	35,000,000		0.875			02/01/2025		34,729,100
	Louisiana Local Government Environmental Facilities and Community Development Authority RB Refunding for Ragin’ Cajun Facilities, Inc. – Student Housing & Parking Project Series 2017 (AGM) (AA/NR)
	740,000		2.250			10/01/2021		753,535
	850,000		5.000			10/01/2021		889,049
	800,000		2.500			10/01/2022		833,064
	950,000		5.000			10/01/2022		1,035,053
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 A (A/A2)
	10,000,000		3.375			09/01/2028		10,119,000
	Louisiana Public Facilities Authority RB Refunding for Energy LLC Project Series 2016 B (A/A2)
	14,000,000		3.500			06/01/2030		14,259,980
	Louisiana Stadium & Exposition District RB Series 2020 (AA-/NR)
	15,000,000		5.000			07/03/2023		15,868,050
	Louisiana State GO Bonds Series 2012 A (AA-/Aa3)
	5,040,000		5.000			08/01/2022		5,485,687
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB-/Baa3)(a)(b)
	12,160,000		2.000			04/01/2023		12,198,426
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB-/Baa3)(a)(b)
	23,150,000		2.100			07/01/2024		23,274,547
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (BBB-/Baa3)(a)(b)
	12,250,000		2.125			07/01/2024		12,326,930
	State of Louisiana Gasoline & Fuels Tax RB Refunding First Lien Series 2015 A (AA-/Aa2)
	120,000,000		4.000			05/01/2041		133,966,800

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Louisiana – (continued)
	State of Louisiana Gasoline & Fuels Tax RB Refunding Series 2020 A-2 (AA-/Aa2)
$	250,000		0.443	%		05/01/2021	$	250,002
	800,000		0.543			05/01/2022		800,088
	450,000		0.614			05/01/2023		450,113
	265,000		0.769			05/01/2024		265,143
	425,000		0.869			05/01/2025		424,711
								280,625,021
Maine – 0.3%
	Maine Governmental Facilities Authority Lease Rental RB Series 2015 B (AA-/Aa3)
	1,985,000		4.000			10/01/2020		1,985,000
	1,345,000		4.000			10/01/2021		1,396,164
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	8,545,000		5.000			06/01/2021		8,821,089
	8,000,000		5.000			06/01/2022		8,645,920
	4,290,000		5.000			06/01/2023		4,838,305
								25,686,478
Maryland – 1.5%
	Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (BB-/NR)
	500,000		5.000			09/01/2021		482,700
	500,000		5.000			09/01/2022		476,105
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2012 (AAA/Aaa)
	2,000,000		5.000			08/01/2022		2,177,640
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2017 (AAA/Aaa)
	2,825,000		5.000			03/01/2023		3,156,344
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	650,000		4.000			01/01/2021		654,322
	835,000		4.000			01/01/2022		862,154
	815,000		4.000			01/01/2023		861,333
	1,050,000		4.000			01/01/2024		1,134,956
	2,805,000		4.000			01/01/2025		3,096,103
	County of Montgomery GO Bonds for Consolidated Public Improvement Series 2013 A (AAA/Aaa)(e)
	14,350,000		5.000			11/01/2023		16,464,329
	County of Montgomery GO Refunding Bonds for Consolidated Public Improvement Series 2017 D (AAA/Aaa)
	8,200,000		3.000			11/01/2022		8,690,606
	County of Prince George’s Public Improvement GO Bonds Series 2014 A (AAA/Aaa)
	3,530,000		4.000			09/01/2032		3,920,383
	1,360,000		4.000			09/01/2033		1,505,329
	Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR)
	685,000		2.625			07/01/2024		675,944
	Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)
	8,315,000		1.700			09/01/2022		8,490,363
Municipal Bonds – (continued)
Maryland – (continued)
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (NR/NR)
	120,000		4.000			10/01/2020		120,000
	100,000		4.000			10/01/2021		102,516
	165,000		4.000			10/01/2022		172,720
	340,000		4.000			10/01/2023		363,107
	350,000		4.000			10/01/2024		380,205
	390,000		4.000			10/01/2025		429,503
	Maryland Health & Higher Educational Facilities Authority RB Refunding for University of Maryland Medical System Obligated Group Series 2020 B-1 (A/A2)(a)(b)
	4,325,000		5.000			07/01/2025		5,089,314
	Maryland Health & Higher Educational Facilities Authority RB Refunding for University of Maryland Medical System Obligated Group Series 2020 B-2 (A/A2)(a)(b)
	7,000,000		5.000			07/01/2027		8,688,750
	Maryland State Economic Development Corporation Student Housing RB Refunding for University of Maryland College Park Projects Series 2016 (AGM) (AA/A2)
	675,000		4.000			06/01/2021		687,771
	Maryland State GO Bonds for State & Local Facilities Loan Tax Exempt Second Series 2013 A (AAA/Aaa)(e)
	15,820,000		5.000			08/01/2021		16,458,021
	Maryland State Transportation Authority RB Series 2020 (AA-/Aa2)
	900,000		5.000			07/01/2025		1,097,838
	1,325,000		5.000			07/01/2026		1,665,207
	State of Maryland Department of Transportation Second Issue RB Series 2013 (AAA/Aa1)
	10,265,000		4.000			12/01/2026		10,681,759
	State of Maryland Department of Transportation Second Issue RB Series 2018 (AAA/Aa1)
	14,645,000		5.000			10/01/2025		18,042,054
	State of Maryland Department of Transportation Third Issue RB Series 2015 (AAA/Aa1)
	9,855,000		4.000			12/15/2026		10,985,763
	State of Maryland GO State and Local Facilities Loan Second Series A Tax Exempt Bonds 2013 (AAA/Aaa)(e)
	19,935,000		4.000			08/01/2021		20,573,518
	University Maryland System Auxiliary Facility & Tuition RB Series 2018 A (AA+/Aa1)
	1,595,000		5.000			04/01/2022		1,710,893
	1,075,000		5.000			04/01/2023		1,202,506
								151,100,056
Massachusetts – 3.2%
	City of Lawrence GO Bonds Series 2020 (ST AID WITHHLDG) (SP-1+/NR)
	3,600,000		1.500			09/01/2021		3,638,196
	City of Quincy GO Bonds Series 2020 (SP-1+/NR)
	55,206,000		2.000			07/09/2021		55,963,978
	City of Worcester Municipal Purpose Loan GO Bonds Series 2018 A (AA-/Aa3)
	4,105,000		5.000			01/15/2021		4,161,936
	Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/NR)
	9,315,000		5.000			12/01/2041		9,773,764

The accompanying notes are an integral part of these financial statements. 143

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Clean Water Trust RB State Revolving Green Bonds Series 2017 (AAA/Aaa)
$	3,795,000	5.000 %		02/01/2023	$	4,223,076
	Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group RB Refunding Series 2019 K (A/A3)
	730,000	4.000		07/01/2021		749,031
	750,000	4.000		07/01/2022		793,710
	750,000	5.000		07/01/2023		836,288
	500,000	5.000		07/01/2024		577,160
	Massachusetts Development Finance Agency RB for Waste Management of Massachusetts, Inc. Series 2002 (AMT) (A-/NR)(a)(b)(f)
	4,250,000	2.450		05/03/2021		4,295,942
	Massachusetts Development Finance Agency RB Refunding for Northeastern University Series 2020 A (NR/A1)
	1,575,000	5.000		10/01/2024		1,867,178
	920,000	5.000		10/01/2025		1,128,785
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (AA/NR)
	200,000	5.000		10/01/2021		208,696
	275,000	5.000		10/01/2022		298,067
	300,000	5.000		10/01/2023		337,089
	350,000	5.000		10/01/2024		406,592
	300,000	5.000		10/01/2025		359,199
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	460,000	5.000		07/01/2021		473,446
	875,000	5.000		07/01/2022		934,194
	725,000	5.000		07/01/2023		799,428
	Massachusetts Health & Educational Facilities Authority RB for President & Fellows of Harvard College Series 1999 R (AAA/Aaa)(a)(b)
	18,390,000	0.050		10/01/2020		18,390,000
	Massachusetts Housing Finance Agency RB Refunding Series 2020 216 (GNMA) (FNMA) (FHLMC) (AA+/Aa1)(a)(b)
	5,250,000	1.850		06/01/2025		5,459,213
	Massachusetts School Building Authority RB Taxable Refunding Series 2019 B (AA/Aa3)
	2,305,000	2.078		10/15/2023		2,396,716
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(c)
		(3 Mo. LIBOR + 0.57%),
	7,665,000	0.738		05/01/2037		7,454,366
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(c)
		(3 Mo. LIBOR + 0.57%),
	11,560,000	0.738		05/01/2037		11,242,331
	Massachusetts State GO Bonds Series 2014 F (AA/Aa1)
	58,940,000	4.000		11/01/2031		62,791,729
	Massachusetts State GO Bonds Series 2015 (AA/Aa1)
	1,450,000	3.500		05/01/2036		1,537,870
	Massachusetts State GO Refunding Bonds Series 2007 A (AA/Aa1)(c)
		(3 Mo. LIBOR + 0.55%),
	38,250,000	0.718		11/01/2025		38,187,270
	Massachusetts State GO Refunding Bonds Series 2020 A (AA/Aa1)(a)(b)
	26,000,000	5.000		06/01/2023		29,256,240
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A+/A2)
	1,195,000	5.000		01/01/2021		1,209,196
	875,000	5.000		01/01/2022		927,404
	1,300,000	5.000		01/01/2023		1,433,107
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Refunding Series 2019 A (AA/Aa2)(a)(b)
	1,205,000	5.000		01/01/2023		1,325,512
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)(a)(b)
	40,050,000	5.000		01/01/2023		44,055,401
						317,492,110
Michigan – 1.8%
	Allen Park Public School District GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)
	3,660,000	5.000		05/01/2021		3,759,040
	Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)
	1,385,000	5.000		11/01/2022		1,521,326
	Chippewa Valley Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/Aa1)
	255,000	0.478		05/01/2023		255,023
	375,000	0.640		05/01/2024		375,083
	1,520,000	0.790		05/01/2025		1,520,395
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	800,000	5.000		07/01/2022		861,808
	900,000	5.000		07/01/2023		1,007,469
	13,450,000	5.000		07/01/2048		14,981,686
	Detroit Downtown Development Authority Subordinate General RB Refunding for Development Area No. 1 Projects Series 2018 B (AGM) (AA/NR)
	1,500,000	5.000		07/01/2021		1,549,230
	1,500,000	5.000		07/01/2022		1,615,890
	1,500,000	5.000		07/01/2023		1,679,115
	500,000	5.000		07/01/2024		579,170
	550,000	5.000		07/01/2025		633,776
	Detroit Michigan School District GO Refunding Bonds for School Building and Site Improvement Series 2012 A (Q-SBLF) (AA/Aa1)
	7,420,000	5.000		05/01/2023		7,962,550
	1,000,000	5.000		05/01/2031		1,069,820
	Great Lakes Water Authority Sewage Disposal System RB Refunding for Second Lien Series 2020 B (A+/A2)
	375,000	1.442		07/01/2021		375,188
	260,000	1.492		07/01/2022		260,465
	Great Lakes Water Authority Sewage Disposal System RB Refunding Series 2020 A (AA-/A1)
	115,000	1.503		07/01/2023		116,283
	370,000	1.604		07/01/2024		375,702
	200,000	1.654		07/01/2025		203,464
	Michigan Finance Authority Hospital RB Refunding for Beaumont Health Credit Group Series 2015 A (A+/A1)
	3,810,000	5.000		08/01/2021		3,950,932

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Hospital RB Refunding for Henry Ford Health System Series 2016 (A/A2)
$	500,000	5.000 %		11/15/2021	$	524,330
	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)
	1,510,000	5.000		04/01/2021		1,542,707
	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		500,000
	500,000	3.600		10/01/2021		505,530
	500,000	3.800		10/01/2022		512,770
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Sewage Disposal System RB Refunding Local Project Bonds Senior Lien Series 2014 C-3 (AGM) (AA/A1)
	5,175,000	5.000		07/01/2021		5,359,540
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Senior Lien Series 2014 D-1 (AGM) (AA/A1)
	10,000,000	5.000		07/01/2021		10,356,600
	9,225,000	5.000		07/01/2022		9,991,782
	5,000,000	5.000		07/01/2023		5,643,950
	Michigan Finance Authority Local Government Loan Program RB for Detroit Water and Sewerage Department Water Supply System RB Refunding Local Project Bonds Series 2015 D-1 (AA-/A1)
	750,000	5.000		07/01/2021		776,745
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2011 (AA-/Aa3)(e)
	9,850,000	5.000		12/01/2021		10,404,161
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2015 (AA-/Aa3)(e)
	9,745,000	5.000		06/01/2022		10,509,690
	Michigan Finance Authority RB Refunding for Trinity Health Corp Obligated Group Series 2017 A (AA-/Aa3)
	1,950,000	5.000		12/01/2023		2,226,685
	Michigan Municipal Bonds Authority RB for Clean Water Revolving Pooled Project Series 2010 (AAA/NR)(e)
	4,850,000	5.000		10/01/2020		4,850,000
	Michigan State Building Authority RB Refunding Series 2020 (AA-/Aa2)
	1,110,000	0.461		10/15/2022		1,112,231
	750,000	0.602		04/15/2023		751,680
	920,000	0.652		10/15/2023		922,548
	1,810,000	0.816		10/15/2024		1,816,281
	2,880,000	0.916		10/15/2025		2,890,685
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/01/17 Series 2010 F-2 (AA+/Aa2)(a)(b)
	2,600,000	1.900		04/01/2021		2,620,774
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan State Hospital Finance Authority RB Refunding for Ascension Health Senior Credit Group RMKT 03/15/17 Series 2010 F-5 (AA+/Aa2)(a)(b)
	4,400,000	2.400		03/15/2023		4,617,624
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (NR/Baa2)
	2,210,000	5.000		12/31/2023		2,466,073
	2,635,000	5.000		06/30/2024		2,980,817
	3,500,000	5.000		12/31/2024		4,014,115
	Michigan Strategic Fund RB for Waste Management of Michigan, Inc. Series 2001 (A-/NR)(a)(b)
	11,700,000	2.850		08/02/2021		11,918,439
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project RMKT 09/01/16 Series 2008 ET-2 (A/Aa3)(a)(b)
	2,000,000	1.450		09/01/2021		2,009,260
	Michigan Strategic Fund RB Refunding for The Detroit Edison Company Pollution Control Bonds Project Series 1995 CC (A/Aa3)(a)(b)
	4,000,000	1.450		09/01/2021		4,018,520
	Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,380,000	5.000		05/01/2023		2,670,241
	2,730,000	5.000		05/01/2024		3,185,501
	Star International Academy RB Refunding Series 2020 (NR/NR)
	665,000	4.000		03/01/2023		692,956
	690,000	4.000		03/01/2024		727,343
	720,000	4.000		03/01/2025		766,246
	745,000	4.000		03/01/2026		798,014
	775,000	4.000		03/01/2027		832,869
	University of Michigan General RB RMKT 02/26/18 Series 2012 E (AAA/Aaa)(a)
	3,930,000	(SIFMA Municipal Swap Index Yield + 0.27%), 0.370		04/01/2022		3,932,162
	Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (AA/NR)
	500,000	1.810		05/01/2023		507,800
	515,000	1.889		05/01/2024		525,691
	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		1,025,750
	1,000,000	5.000		05/01/2022		1,070,090
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2018 C (A-/A1)
	895,000	4.000		12/01/2020		900,495
	600,000	5.000		12/01/2021		633,030
	500,000	5.000		12/01/2022		545,010
	Wayne State University RB Series 2020 A (A+/Aa3)
	500,000	0.897		11/15/2021		502,750
	745,000	1.097		11/15/2022		754,156
	500,000	1.219		11/15/2023		510,590
	700,000	1.322		11/15/2024		718,984
	Western Michigan University RB Refunding Series 2019 A (A/Aa3)
	1,490,000	5.000		11/15/2022		1,621,761
	160,000	5.000		11/15/2023		180,325
						173,598,716

The accompanying notes are an integral part of these financial statements. 145

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Minnesota – 0.9%
	Circle Pines Minnesota Independent School District No. 012 GO Bonds Series 2015 A (SD CRED PROG) (AAA/NR)(d)
$	700,000		0.000	%		02/01/2021	$	699,489
	City of Rochester RB for Mayo Clinic Series 2011 C (AA/WR)(a)(b)
	10,795,000		4.500			11/15/2021		11,285,093
	Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (NR/Baa1)
	500,000		4.000			05/01/2021		508,070
	500,000		4.000			05/01/2022		521,530
	575,000		5.000			05/01/2023		628,722
	Minneapolis-St. Paul Metropolitan Airports Commission RB Refunding Series 2019 B (AMT) (A/NR)
	2,810,000		5.000			01/01/2024		3,161,390
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	75,000		3.000			12/01/2020		75,167
	75,000		3.000			12/01/2021		76,179
	100,000		3.000			12/01/2022		103,061
	100,000		3.000			12/01/2023		104,094
	100,000		4.000			12/01/2024		108,840
	180,000		4.000			12/01/2025		197,671
	Minnesota Rural Water Finance Authority, Inc. RB Series 2020 (NR/MIG1)
	5,500,000		1.000			08/01/2021		5,512,320
	Minnesota State Trunk Highway GO Bonds Series 2020 F (AAA/Aa1)
	2,450,000		2.500			08/01/2026		2,727,046
	Minnesota State Trunk Highway GO Refunding Bonds Series 2020 G (AAA/Aa1)
	6,560,000		0.400			08/01/2022		6,576,925
	5,275,000		0.400			08/01/2023		5,279,114
	Minnesota State Various Purpose GO Refunding Bonds Series 2015 A (AAA/Aa1)
	9,800,000		5.000			08/01/2021		10,195,234
	Minnesota State Various Purpose GO Refunding Bonds Series 2016 D (AAA/Aa1)
	6,305,000		5.000			08/01/2021		6,559,281
	Minnesota State Various Purpose GO Refunding Bonds Series 2020 F (AAA/Aa1)
	12,850,000		1.000			08/01/2022		13,023,860
	13,730,000		1.000			08/01/2023		13,972,335
	State of Minnesota State Trunk Highway GO Bonds Series 2015 B (AAA/Aa1)
	3,240,000		5.000			08/01/2022		3,527,129
								84,842,550
Mississippi – 1.6%
	County of Jackson RB for Chevron Corp. Series 1993 (AA/Aa2)(a)(b)
	35,070,000		0.100			10/01/2020		35,070,000
	Mississippi Business Finance Corp. RB for Chevron USA, Inc. Series 2007 B (AA/Aa2)(a)(b)
	31,380,000		0.100			10/01/2020		31,380,000
	Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)(a)(b)
	7,725,000		2.750			12/09/2021		7,830,678
Municipal Bonds – (continued)
Mississippi – (continued)
	Mississippi Business Finance Corp. RB for Waste Management, Inc. Series 2002 (AMT) (A-/NR)(a)(b)
	1,000,000		2.200			06/03/2024		1,044,970
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	9,100,000		2.500			04/01/2022		9,161,880
	Mississippi Hospital Equipment & Facilities Authority RB Refunding for Baptist Memorial Health Care Obligated Group Series 2020 A-1 (BBB+/NR)(a)(b)
	7,750,000		5.000			09/01/2025		8,971,633
	Mississippi Hospital Equipment & Facilities Authority RB Refunding for Baptist Memorial Health Care Obligated Group Series 2020 A-2 (BBB+/NR)(a)(b)
	10,500,000		0.650			09/01/2021		10,501,890
	State of Minnesota GO Bonds for Capital Improvement Series 2011 A (AA/Aa2)(e)
	21,415,000		5.000			10/01/2021		22,447,417
	Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)(a)(b)
	6,800,000		2.900			09/01/2023		7,198,344
	Warren County RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)(a)(b)
	1,425,000		2.900			09/01/2023		1,508,476
	Warren County RB Refunding for International Paper Company, Series 2020 A (BBB/Baa2)(a)(b)
	9,085,000		1.375			06/16/2025		9,257,978
	Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (BBB/Baa2)(a)(b)
	1,175,000		1.600			06/16/2025		1,209,510
	Warren County RB Refunding for International Paper Company, Series 2020 C (BBB/Baa2)(a)(b)
	9,300,000		1.375			06/16/2025		9,477,072
								155,059,848
Missouri – 0.4%
	Cape Girardeau County IDA Health Facilities RB Refunding for South Eastern Health Series 2017 A (BBB-/Ba1)
	400,000		5.000			03/01/2021		404,996
	Missouri Health & Educational Facilities Authority RB for The Washington University Series 2000 C (AA+/Aa1)(a)(b)
	15,500,000		0.100			10/01/2020		15,500,000
	Missouri Health & Educational Facilities Authority RB Refunding for J.B. Wright & Trenton Trust Obligated Group Series 2019 (BBB-/NR)
	570,000		5.000			09/01/2023		626,424
	600,000		5.000			09/01/2024		677,820
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	1,055,000		5.000			02/15/2021		1,072,376
	640,000		5.000			02/15/2022		678,982
	525,000		5.000			02/15/2023		579,910
	400,000		5.000			02/15/2024		457,344
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	105,000		5.000			10/01/2024		119,404
	125,000		5.000			10/01/2025		145,480

146 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)
Missouri – (continued)
	Missouri State Environmental Improvement & Energy Resources Authority RB Refunding for Union Electric Co. Project Series 1992 (A/A2)
$	5,300,000		1.600	%		12/01/2022	$	5,365,667
	Southeast Missouri State University RB Refunding Series 2020 (A/NR)
	585,000		5.000			04/01/2022		621,042
	1,200,000		5.000			04/01/2023		1,318,608
	1,405,000		5.000			04/01/2024		1,592,722
	1,410,000		5.000			04/01/2025		1,641,127
	2,795,000		5.000			04/01/2026		3,321,718
	St. Louis County Rockwood School District GO Refunding Bonds Series 2017 (AAA/NR)
	3,995,000		5.000			02/01/2021		4,059,280
								38,182,900
Montana – 0.1%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	210,000		4.000			07/01/2021		216,019
	310,000		5.000			07/01/2022		336,111
	Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A-/A3)
	8,790,000		2.000			08/01/2023		9,069,082
	Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (NR/Aa2)
	470,000		5.000			12/01/2022		518,198
	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		793,163
	500,000		5.000			01/01/2023		549,890
								11,482,463
Nebraska – 0.3%
	Central Plains Energy Project RB Refunding Series 2019 (AA/Aa2)(a)(b)
	12,400,000		4.000			08/01/2025		14,251,816
	City of Lincoln Electric System RB Refunding Series 2012 (AA/NR)
	2,615,000		5.000			09/01/2021		2,731,263
	County of Washington RB Refunding for Cargill, Inc. Series 2012 (AMT) (A/NR)(a)(b)
	4,700,000		0.900			09/01/2025		4,692,715
	Douglas County Hospital Authority No. 2 RB for Children’s Hospital Obligated Group Series 2020 B (AA-/A1)(a)(b)
	2,100,000		5.000			11/15/2025		2,519,097
	Douglas County Hospital Authority No. 2 RB Refunding for Children’s Hospital Obligated Group Series 2020 A (AA-/A1)
	100,000		5.000			11/15/2021		104,982
	110,000		5.000			11/15/2023		125,031
	175,000		5.000			11/15/2025		212,146
	Lincoln County Hospital Authority No. 1 RB Refunding for Great Plains Regional Medical Center Project Series 2012 (A/NR)
	690,000		4.000			11/01/2020		692,056
	Nebraska Public Power District RB Series 2012 A (A+/A1)
	2,000,000		4.000			01/01/2021		2,019,020
								27,348,126
Municipal Bonds – (continued)
Nevada – 0.7%
	City of North Las Vegas GO Refunding Bonds for Wastewater Reclamation Series 2019 (BAM) (AA/A2)
	1,000,000		5.000			06/01/2021		1,031,080
	1,970,000		5.000			06/01/2024		2,275,468
	Clark County School District Building GO Bonds Series 2016 B (A+/A1)
	1,190,000		5.000			06/15/2022		1,281,951
	Clark County School District Building GO Bonds Series 2017 A (A+/A1)
	3,645,000		5.000			06/15/2022		3,926,649
	Clark County School District GO Bonds Series 2020 A (AGM) (A+/A1)
	600,000		3.000			06/15/2022		626,028
	Clark County School District GO Bonds Series 2020 A (AGM) (AA/A1)
	250,000		3.000			06/15/2023		266,000
	275,000		3.000			06/15/2024		298,521
	325,000		3.000			06/15/2025		359,102
	550,000		5.000			06/15/2026		673,651
	Clark County Water Reclamation District GO Refunding Bonds for Water Reclamation Series 2016 (AAA/Aa1)
	3,640,000		5.000			07/01/2022		3,948,599
	County of Clark GO Bonds Series 2013 (AA+/Aa1)
	19,840,000		5.000			11/01/2036		22,337,459
	County of Clark Passenger Facility Charge RB Refunding Series 2017 B (AMT) (A+/Aa3)
	5,000,000		5.000			07/01/2023		5,543,450
	County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A-/A1)
	12,000,000		1.450			12/01/2024		12,335,160
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (A/Aa3)
	700,000		5.000			07/01/2025		793,639
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
	200,000		5.000			07/01/2024		221,856
	Las Vegas Valley Nevada Water District GO Refunding Bonds Series 2018 B (AA/Aa1)
	9,010,000		5.000			06/01/2021		9,299,852
	State of Nevada GO Bonds for Capital Improvements & Cultural Affairs Series 2014 A (AA+/Aa1)
	2,590,000		5.000			04/01/2021		2,651,875
	Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 B (A+/A2)(a)(b)
	2,160,000		3.000			06/01/2022		2,248,431
	Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 C (AMT) (NR/A2)(a)(b)
	2,000,000		0.625			04/15/2022		2,000,000
								72,118,771

The accompanying notes are an integral part of these financial statements. 147

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New Hampshire – 0.5%
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2018 A (AMT) (A-/NR)(a)
$	31,000,000	(SIFMA Municipal Swap Index Yield + 0.75%), 0.860 %		10/01/2021	$	31,003,410
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-1 (AMT) (A-/NR)(a)(b)
	1,250,000	2.150		07/01/2024		1,297,125
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-2 (AMT) (A-/NR)(a)(b)
	5,000,000	2.150		07/01/2024		5,188,500
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-3 (AMT) (A-/NR)(a)(b)
	5,000,000	2.150		07/01/2024		5,188,500
	New Hampshire Business Finance Authority RB Refunding for Waste Management, Inc. Series 2019 A-4 (AMT) (A-/NR)(a)(b)
	3,000,000	2.150		07/01/2024		3,113,100
						45,790,635
New Jersey – 5.2%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	500,000	5.000		03/01/2023		551,350
	Borough of Fair Lawn GO Bonds Series 2020 (NR/NR)
	5,000,000	1.500		09/10/2021		5,058,750
	Burlington County Bridge Commission RB for County of Burlington NJ Series 2019 C-1 (NR/MIG1)
	3,250,000	3.000		11/20/2020		3,260,400
	Burlington County Bridge Commission RB for County of Burlington NJ Series 2020 A&B (NR/MIG1)
	30,000,000	3.500		04/15/2021		30,311,100
	Casino Reinvestment Development Authority, Inc. RB Series 2014 (AGM-CR) (AA/A2)
	1,470,000	5.000		11/01/2020		1,474,822
	City of Long Branch GO Bonds Series 2020 B (NR/MIG1)
	14,445,000	2.000		10/01/2020		14,445,000
	City of Newark GO Bonds Series 2020 (NR/NR)
	3,500,000	3.500		07/27/2021		3,581,060
	City of Newark GO Refunding Bonds Series 2020 A (AGM) (ST AID WITHHLDG) (AA/A2)
	1,000,000	5.000		10/01/2023		1,129,350
	800,000	5.000		10/01/2024		932,784
	650,000	5.000		10/01/2025		781,436
	750,000	5.000		10/01/2026		923,228
	City of Newark GO Refunding Bonds Series 2020 A (ST AID WITHHLDG) (NR/Baa1)
	115,000	5.000		10/01/2021		119,787
	750,000	5.000		10/01/2022		812,130
	City of Newark GO Refunding Bonds Series 2020 B (AGM) (SCH BD RES FD) (AA/A2)
	525,000	5.000		10/01/2023		592,909
	650,000	5.000		10/01/2024		757,887
	600,000	5.000		10/01/2025		721,326
	City of Newark GO Refunding Bonds Series 2020 B (SCH BD RES FD) (NR/A3)
	250,000	5.000		10/01/2021		260,613
	580,000	5.000		10/01/2022		628,650
Municipal Bonds – (continued)
New Jersey – (continued)
	County of Cape May GO Bonds Series 2019 (NR/Aa1)
	830,000	4.000		10/01/2021		862,088
	2,450,000	4.000		10/01/2022		2,639,066
	2,655,000	4.000		10/01/2024		3,037,639
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)(d)
	5,750,000	0.000		11/01/2021		5,709,175
	Hudson County New Jersey GO Refunding Bonds Series 2015 (AGM) (AA/Aa3)
	1,025,000	4.000		02/15/2021		1,038,725
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (B/NR)
	180,000	4.000		07/01/2021		181,407
	220,000	4.000		01/01/2022		222,853
	225,000	4.000		07/01/2022		221,634
	270,000	4.000		01/01/2023		264,592
	275,000	4.000		07/01/2023		268,348
	320,000	4.000		01/01/2024		310,496
	325,000	4.000		07/01/2024		313,999
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2014 UU (BBB+/Baa1)
	10,070,000	5.000		06/15/2040		10,858,280
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 A (A+/A1)
	1,375,000	1.000		06/01/2023		1,378,685
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 B (AMT) (A+/A1)(a)(b)
	8,645,000	1.200		06/01/2023		8,773,205
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 C (AMT) (A+/A1)
	2,550,000	1.150		06/01/2023		2,587,842
	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		1,869,718
	1,000,000	4.000		06/01/2022		1,047,330
	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		1,886,456
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2005 N-1 (AMBAC) (BBB+/Baa1)
	12,350,000	5.500		09/01/2024		14,178,788
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2013 I (ST APPROP) (BBB+/Baa1)(c)
	13,315,000	(SIFMA Municipal Swap Index Yield + 1.25%), 1.360		09/01/2025		13,057,222

148 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 Economic Development Authority RB Refunding for School Facilities Construction Series 2015 XX (BBB+/Baa1)
$	22,710,000	5.000 %		06/15/2021	$	23,352,466
	6,900,000	5.000		06/15/2025		7,916,646
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB+/Baa1)
	2,345,000	5.000		06/15/2023		2,567,447
	6,500,000	5.000		06/15/2024		7,295,600
	New Jersey Educational Facilities Authority RB Refunding for Stevens Institute of Technology Series 2017 A (BBB+/NR)
	485,000	5.000		07/01/2021		497,814
	440,000	5.000		07/01/2022		466,923
	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		775,538
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-1 (AA-/A1)(a)(b)
	13,480,000	5.000		07/01/2024		15,605,796
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-2 (AA-/A1)(a)(b)
	6,825,000	5.000		07/01/2025		8,164,338
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	1,000,000	5.000		07/01/2021		1,029,990
	1,240,000	5.000		07/01/2022		1,325,448
	New Jersey State Turnpike Authority RB Refunding Series 2005 A (AGM) (AA/A2)
	1,615,000	5.250		01/01/2026		1,992,845
	New Jersey State Turnpike Authority RB Refunding Series 2014 C (A+/A2)
	3,560,000	5.000		01/01/2022		3,764,451
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-1 (ETM) (A+/A2)(c)(e)
		(1 Mo. LIBOR + 0.34%),
	1,290,000	0.449		01/01/2021		1,289,484
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-2 (A+/A2)(c)
		(1 Mo. LIBOR + 0.48%),
	5,000,000	0.589		01/01/2022		4,989,250
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A+/A2)(c)
		(1 Mo. LIBOR + 0.60%),
	15,565,000	0.709		01/01/2023		15,526,243
	New Jersey State Turnpike Authority RB Refunding Series 2017 D-1 (A+/A2)(c)
		(1 Mo. LIBOR + 0.70%),
	5,000,000	0.809		01/01/2024		4,992,150
	New Jersey State Turnpike Authority RB Series 2014 A (A+/A2)
	8,635,000	5.000		01/01/2027		9,933,013
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB+/Baa1)(d)
	28,505,000	0.000		12/15/2028		22,668,886
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB+/Baa1)
	10,000,000	5.000		06/15/2021		10,282,900
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB+/Baa1)
	1,000,000	5.000		06/15/2021		1,028,290
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB+/Baa1)
	11,050,000	5.500		12/15/2021		11,657,971
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (AGM-CR) (AA/A2)
	25,080,000	5.250		12/15/2022		27,334,190
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 A (BBB+/Baa1)
	15,795,000	5.250		12/15/2020		15,932,259
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BBB+/Baa1)(d)
	11,890,000	0.000		12/15/2025		10,635,248
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB+/Baa1)(d)
	33,905,000	0.000		12/15/2027		28,470,368
	320,000	0.000		12/15/2031		229,053
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (BBB+/Baa1)
	3,385,000	5.000		12/15/2023		3,762,089
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2011 A (BBB+/Baa1)(e)
	5,185,000	5.000		06/15/2021		5,363,053
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB+/Baa1)
	8,080,000	5.000		12/15/2024		9,187,364
	12,030,000	5.000		12/15/2025		13,949,266
	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		2,222,800
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	5,215,000	5.000		06/15/2021		5,352,050
	5,000,000	5.000		06/15/2022		5,315,700
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (BBB+/Baa1)
	27,745,000	5.250		12/15/2023		31,061,360
	New Jersey Transportation Trust Fund Authority RB Series 2004 A (NATL-RE) (BBB+/Baa1)
	4,920,000	5.750		06/15/2023		5,485,603
	New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (A+/Baa1)
	11,250,000	5.000		06/15/2023		12,364,763
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2011 B (BBB+/Baa1)(e)
	5,150,000	5.250		06/15/2021		5,335,915

The accompanying notes are an integral part of these financial statements. 149

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)
$	30,330,000	5.500 %		12/15/2022	$	33,220,449
	Plainsboro Township GO General Improvement Bonds Series 2016 (AAA/NR)
	1,000,000	2.000		08/01/2022		1,034,180
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB/NR)
	4,175,000	3.200		06/01/2027		4,267,685
	Toms River Board of Education GO Bonds Series 2019 (SCH BD RES FD) (AA-/NR)
	2,695,000	2.000		07/15/2022		2,778,006
						517,475,020
New Mexico – 0.9%
	City of Albuquerque General Purpose GO Bonds Series 2018 A (AAA/Aa3)
	6,480,000	5.000		07/01/2021		6,714,122
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB/Baa2)(a)(b)
	6,645,000	1.875		10/01/2021		6,720,487
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 B (BBB/Baa2)(a)(b)
	50,000	2.125		06/01/2022		51,078
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 C (BBB/Baa2)(a)(b)
	10,000,000	1.150		06/01/2024		10,057,600
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 D (BBB/Baa2)(a)(b)
	14,750,000	1.100		06/01/2023		14,819,915
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 E (BBB/Baa2)(a)(b)
	11,500,000	1.150		06/01/2024		11,566,240
	Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B (BBB/Baa2)(a)(b)
	15,425,000	1.875		10/01/2021		15,600,228
	Farmington New Mexico PCRB Refunding for Public Service Co. of New Mexico San Juan Project RMKT 06/01/17 Series 2017 B (BBB/Baa2)(a)(b)
	3,750,000	2.125		06/01/2022		3,830,850
	New Mexico Finance Authority RB Refunding for State Transportation Commission Series 2012 (AA+/Aa1)
	4,055,000	5.000		06/15/2022		4,389,335
	New Mexico Finance Authority RB Refunding for State Transportation Senior Lien Series 2010 B (AA+/Aa1)
	3,600,000	5.000		06/15/2021		3,722,832
	New Mexico State GO Refunding Bonds Series 2017 B (AA/Aa2)
	9,485,000	5.000		03/01/2021		9,673,657
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (A-/NR)
	100,000	4.000		09/01/2023		107,653
	100,000	4.000		09/01/2024		109,788
	175,000	4.000		09/01/2025		195,725
	150,000	5.000		09/01/2026		178,490
						87,738,000
Municipal Bonds – (continued)
New York – 15.6%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (NR/Ba1)
	1,250,000	5.000		07/15/2021		1,270,500
	500,000	5.000		07/15/2022		524,735
	500,000	5.000		07/15/2023		537,335
	Broome County Local Development Corp. RB Refunding for United Health Services Hospitals Obligated Group Series 2020 (AGM) (AA/NR)
	500,000	5.000		04/01/2024		576,670
	520,000	5.000		04/01/2025		620,064
	500,000	5.000		04/01/2026		612,905
	City of Middletown GO Bonds Series 2020 (NR/NR)
	6,925,000	1.500		08/26/2021		7,002,352
	City of New York GO Bonds Fiscal 2014 Series D Subseries D-3 (AA/Aa1)(a)(b)
	42,105,000	5.000		02/01/2024		46,998,864
	City of New York GO Bonds Series 2012 B (AA/Aa1)
	6,675,000	5.000		08/01/2023		7,246,046
	City of Rochester GO Bonds Series 2020 (NR/NR)
	59,305,000	3.000		06/30/2021		60,377,828
	55,895,000	2.000		08/04/2021		56,584,185
	City of Syracuse GO Bonds Series 2020 (NR/NR)
	50,000,000	2.000		07/30/2021		50,683,500
	County of Nassau GO Bonds for General Improvement Series 2017 B (A+/A2)
	2,535,000	5.000		04/01/2021		2,592,747
	2,345,000	5.000		04/01/2022		2,505,140
	County of Nassau GO Bonds for General Improvement Series 2018 B (AGM) (AA/A2)
	1,000,000	5.000		07/01/2022		1,082,210
	County of Nassau GO Bonds Series 2020 C (SP-1+/NR)
	19,195,000	4.000		03/15/2021		19,515,365
	Eastport-South Manor Central School District GO Bonds Series 2020 (ST AID WITHHDLG) (NR/NR)
	15,200,000	1.500		04/15/2021		15,289,832
	Greece Central School District GO Bonds Series 2020 (ST AID WITHHLDG) (NR/NR)
	23,000,000	1.500		06/29/2021		23,192,970
	Hermon-DeKalb Central School District GO Bonds Series 2020 (ST AID WITHHLDG) (NR/NR)
	5,000,000	1.500		08/20/2021		5,052,150
	Long Island Power Authority RB Refunding Series 2014 C (A/A2)(a)
		(1 Mo. LIBOR + 0.75%),
	34,000,000	0.859		10/01/2023		33,980,620
	Long Island Power Authority RB Refunding Series 2015 C (A/A2)(a)
		(1 Mo. LIBOR + 0.75%),
	28,500,000	0.859		10/01/2023		28,484,040
	Long Island Power Authority RB Refunding Series 2020 B (A/A2)(a)(b)
	8,000,000	0.850		09/01/2025		8,039,840
	Long Island Power Authority RB Series 2012 B (A/A2)
	10,000,000	5.000		09/01/2027		10,788,000

150 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)
	Long Island Power Authority RB Series 2019 B (A/A2)(a)(b)
$	13,675,000	1.650 %		09/01/2024	$	14,102,754
	Metropolitan Transportation Authority Dedicated Tax Fund Bonds Anticipation Notes Series 2019 A (SP-1+/NR)
	31,125,000	5.000		03/01/2022		32,502,592
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-1 (SP-2/MIG2)
	41,005,000	5.000		02/01/2023		42,275,335
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020A-2S (SP-2/MIG2)
	10,390,000	4.000		02/01/2022		10,499,303
	Metropolitan Transportation Authority RB Green Bond Subseries 2019 A-1 (BBB+/A3)(a)(b)
	56,070,000	5.000		11/15/2024		58,682,862
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (BBB+/A3)(a)
		(1 Mo. LIBOR + 0.55%),
	26,780,000	0.654		11/01/2022		25,333,344
	Metropolitan Transportation Authority RB Series 2011 B (BBB+/WR)(a)
		(1 Mo. LIBOR + 0.55%),
	26,625,000	0.654		11/01/2022		25,186,718
	Metropolitan Transportation Authority RB Series 2018 A-1 (BBB+/A3)(a)(b)
	2,395,000	5.000		11/15/2020		2,399,527
	Metropolitan Transportation Authority RB Series 2018 B-2A (SP-2/NR)
	14,325,000	5.000		05/15/2021		14,514,090
	Metropolitan Transportation Authority RB Subseries 2014 D-2 (BBB+/A3)(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.45%), 0.560		11/15/2022		14,255,250
	New York City GO Bonds Fiscal 2008 Series J Subseries J-3 (AA/WR)
	19,380,000	5.000		08/01/2022		21,078,851
	New York City GO Bonds Fiscal 2019 Series A (AA/Aa2)
	10,000,000	5.000		08/01/2022		10,876,600
	New York City GO Bonds Subseries 2006 C-4 (AGM) (AA/Aa1)(b)
	300,000	0.400		01/01/2032		300,000
	New York City GO Bonds Subseries 2012 A-1 (AA/Aa1)
	10,210,000	5.000		10/01/2028		11,115,219
	New York City GO Refunding Bonds Fiscal 2018 Series A (AA/Aa1)
	4,175,000	5.000		08/01/2026		5,191,320
	New York City GO Refunding Bonds Series 2015 A (AA/Aa1)
	8,670,000	5.000		08/01/2021		9,015,933
	New York City GO Refunding Bonds Subseries 2021 A-1 (AA/Aa1)
	11,845,000	5.000		08/01/2024		13,862,204
	6,255,000	5.000		08/01/2025		7,568,237
Municipal Bonds – (continued)
New York – (continued)
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)(a)(b)
	6,500,000	2.750		12/29/2023		6,791,265
	New York City Housing Development Corp. RB Green Bond Series 2020 A-3 (AA+/Aa2)(a)(b)
	10,500,000	1.125		11/01/2024		10,577,175
	New York City Housing Development Corp. RB Green Bonds Series 2018 L-1 (AA+/Aa2)(a)(b)
	510,000	2.750		12/29/2023		532,853
	New York City Housing Development Corp. RB Series 2020 D-2 (AA+/Aa2)(a)(b)
	2,000,000	0.700		11/01/2024		1,997,520
	New York City Housing Development Corp. RB Series 2020 G (A-1+/Aa2)(a)(b)
	15,000,000	0.200		03/01/2021		14,997,450
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2007 C-3 (AGM) (AAA/Aa1)(a)(b)
	250,000	0.400		10/11/2020		250,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2014 D-1 (AAA/Aa1)
	4,600,000	5.000		02/01/2028		5,257,248
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2015 B-1 (AAA/Aa1)
	3,825,000	5.000		08/01/2030		4,443,158
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2015 B-4 (AAA/Aa1)(a)(b)
	49,665,000	0.130		10/01/2020		49,665,000
	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		24,933,891
	25,580,000	2.640		11/01/2024		27,507,197
	17,885,000	2.740		11/01/2025		19,558,321
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-4 (AAA/Aa1)
	7,800,000	1.940		05/01/2024		8,126,274
	33,155,000	2.010		05/01/2025		34,964,600
	New York City Water & Sewer System RB Series 2013 AA-2 (AA+/Aa1)(a)(b)
	24,895,000	0.130		10/01/2020		24,895,000
	New York City Water & Sewer System RB Series 2013 DD (AA+/Aa1)
	10,000,000	5.000		06/15/2035		11,201,100
	New York Housing Development Corp. Multi-Family Mortgage RB for Sustainable Neighborhood Bonds Series 2017 Class G-2 (AA+/Aa2)(a)(b)
	5,180,000	2.000		12/31/2021		5,183,056
	New York State Dormitory Authority RB for New York State University Series 2013 A (A+/Aa3)
	2,450,000	5.000		07/01/2025		2,729,079
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-1 (A-/A3)(a)(b)
	10,380,000	5.000		05/01/2022		10,882,703

The accompanying notes are an integral part of these financial statements. 151

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)(a)(b)
$	7,230,000		5.000	%		05/01/2024	$	8,185,011
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa1)
	62,305,000		5.000			03/15/2023		69,501,851
	New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph’s College Series 2020 A (BBB-/NR)
	925,000		5.000			07/01/2024		1,033,197
	970,000		5.000			07/01/2025		1,105,383
	1,025,000		5.000			07/01/2026		1,187,514
	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		1,248,168
	1,215,000		5.000			05/01/2023		1,346,536
	New York State Dormitory Authority Sales Tax RB Refunding Series 2014 A (AA+/Aa1)
	5,570,000		5.000			03/15/2029		6,420,093
	New York State Dormitory Authority Sales Tax RB Refunding Series 2015 A (AA+/Aa1)
	1,030,000		5.000			03/15/2021		1,052,598
	New York State Dormitory Authority Sales Tax RB Refunding Series 2018 E Group 1 (AA+/Aa1)
	31,875,000		5.000			03/15/2023		35,556,881
	New York State Dormitory Authority School District Financing RB Series 2020 A (AGM) (AA/Aa3)
	550,000		5.000			10/01/2022		603,295
	675,000		5.000			10/01/2023		769,459
	800,000		5.000			10/01/2024		945,608
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa1)
	730,000		4.900			03/15/2023		805,168
	New York State Dormitory Authority State Personal Income Tax RB for General Purpose Series 2019 A (AA+/Aa1)
	34,040,000		5.000			03/15/2025		40,918,463
	New York State Dormitory Authority State Personal Income Tax RB Refunding for General Purpose Series 2012 A (AA+/Aa1)
	5,050,000		5.000			12/15/2029		5,530,053
	New York State Dormitory Authority State Personal Income Tax RB Refunding for General Purpose Series 2017 A (AA+/Aa1)
	2,150,000		5.000			02/15/2026		2,655,293
	New York State Dormitory Authority State Personal Income Tax Subordinate RB for General Purpose Series 2020 B (SP-1+/MIG1)
	11,155,000		5.000			03/31/2021		11,423,055
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/A3)(b)
	27,750,000		0.158			07/24/2020		27,750,000
	New York State Energy Research & Development Authority RB Refunding for New York State Electric & Gas Corp. Projects Series 2004 C (A-/A3)(a)(b)
	17,000,000		2.625			07/03/2023		17,513,230
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2014 A (AA+/Aa1)
	1,115,000		5.000			03/15/2027		1,285,171
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		1,011,490
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa1)
	10,175,000		2.670			03/15/2023		10,643,661
	28,250,000		2.860			03/15/2024		30,140,490
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa1)
	20,015,000		2.980			03/15/2025		21,695,459
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	5,000,000		5.000			01/01/2022		5,135,850
	5,300,000		5.000			01/01/2023		5,525,992
	13,975,000		5.000			01/01/2024		14,808,609
	8,000,000		5.000			01/01/2025		8,597,840
	3,425,000		5.000			01/01/2026		3,720,303
	3,000,000		5.000			01/01/2028		3,300,870
	New York Transportation Development Corp. Special Facility RB Refunding for Terminal One Group Association L.P. Project Series 2015 (AMT) (BBB+/Baa3)
	2,310,000		5.000			01/01/2021		2,327,417
	Oyster Bay GO Refunding Bonds Series 2020 (BAM) (AA/Baa1)
	500,000		4.000			11/01/2023		554,225
	475,000		4.000			11/01/2024		541,220
	750,000		4.000			11/01/2025		874,192
	800,000		4.000			11/01/2026		948,576
	675,000		4.000			11/01/2027		812,876
	Oyster Bay GO Refunding Bonds Series 2020 (BBB+/Baa1)
	840,000		2.000			11/01/2021		853,095
	820,000		4.000			11/01/2022		877,679
	Oyster Bay Public Improvement GO Refunding Bonds Series 2018 (NR/Baa1)
	9,385,000		4.000			02/15/2021		9,479,695
	Port Authority of New York & New Jersey Consolidated RB Series 169 (A+/Aa3)
	1,250,000		5.000			10/15/2024		1,306,987
	Port Authority of New York & New Jersey Consolidated RB Series 177 (A+/Aa3)
	2,715,000		4.000			07/15/2031		2,882,027
	Port Authority of New York & New Jersey Consolidated RB Series 186 (AMT) (A+/Aa3)
	5,295,000		5.000			10/15/2021		5,544,342
	8,345,000		5.000			10/15/2033		9,474,913
	Port Authority of New York & New Jersey Consolidated RB Series 193 (AMT) (A+/Aa3)
	2,280,000		5.000			10/15/2021		2,387,365
	Port Authority of New York & New Jersey Consolidated RB Series 2018 (AMT) (A+/Aa3)
	2,505,000		5.000			09/15/2025		3,019,677
	Port Authority of New York & New Jersey Consolidated RB Series 202 (AMT) (A+/Aa3)
	2,000,000		5.000			10/15/2021		2,094,180
	Port Authority of New York & New Jersey Consolidated RB Series AAA (A+/Aa3)
	50,320,000		1.086			07/01/2023		51,041,086

152 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)
	Rocky Point Union Free School District GO Bonds Series 2020 (ST AID WITHHDLG) (NR/NR)
$	3,200,000		1.500	%		06/25/2021	$	3,224,576
	Sales Tax Asset Receivable Corp. RB Refunding for Fiscal 2015 Series A (AA+/Aa1)
	1,365,000		5.000			10/15/2029		1,611,451
	Southwestern Central School District GO Bonds Series 2020 B (ST AID WITHHLDG) (NR/NR)
	5,650,000		1.500			06/24/2021		5,691,980
	Suffolk County New York GO Bonds for Public Improvement Series 2016 B (BAM) (AA/NR)
	5,105,000		2.000			10/15/2020		5,108,114
	5,200,000		2.000			10/15/2021		5,282,680
	Suffolk County New York GO Bonds for Public Improvement Series 2018 A (AGM) (AA/NR)
	4,955,000		5.000			06/01/2021		5,103,898
	5,005,000		5.000			06/01/2022		5,370,765
	Suffolk County New York GO Bonds Series 2019 A (BAM) (AA/NR)
	3,160,000		5.000			04/01/2023		3,509,654
	Suffolk County New York GO Refunding Serial Bonds Series 2017 A (AGM) (AA/NR)
	7,035,000		4.000			02/01/2023		7,599,699
	Suffolk County New York GO Refunding Serial Bonds Series 2017 B (AGM) (AA/NR)
	6,360,000		4.000			10/15/2023		7,003,823
	Triborough Bridge & Tunnel Authority RB Refunding Series 2012 B (AA-/Aa3)
	7,125,000		5.000			11/15/2028		7,800,949
	Triborough Bridge & Tunnel Authority RB Refunding Series 2018 B (AA-/Aa3)
	7,590,000		5.000			11/15/2025		9,222,305
	Triborough Bridge & Tunnel Authority RB Series 2012 A (AA-/Aa3)
	5,000,000		4.000			11/15/2036		5,234,000
	Triborough Bridge & Tunnel Authority RB Series 2014 A (AA-/Aa3)
	20,135,000		5.000			11/15/2039		22,988,532
	Triborough Bridge & Tunnel Authority RB Series 2018 D (AA-/Aa3)(a)
			(SOFR + 0.50	%),
	25,000,000		0.554			11/15/2038		25,000,000
	TSASC Inc., Tobacco Settlement RB Senior Series 2017 A (A/NR)
	1,000,000		5.000			06/01/2021		1,026,250
	Utility Debt Securitization Authority Restructuring RB Series 2013 (AAA/Aaa)
	9,740,000		5.000			12/15/2030		11,161,553
	2,500,000		5.000			12/15/2041		2,838,300
	Utility Debt Securitization Authority Restructuring RB Series 2016 B (AAA/WR)
	1,025,000		5.000			12/15/2023		1,084,686
								1,539,110,285
Municipal Bonds – (continued)
North Carolina – 1.2%
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(a)(b)
	425,000		2.000			10/01/2024		443,313
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(a)(b)
	450,000		2.000			10/01/2024		469,391
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (BBB/NR)(a)(b)
	4,550,000		1.375			06/16/2025		4,636,632
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)(e)
	71,475,000		5.000			04/01/2022		76,590,466
	North Carolina Capital Facilities Finance Agency RB Refunding for Duke University Project Series 2014 B (AA+/Aa1)(e)
	35,000,000		5.000			04/01/2022		37,504,950
								119,644,752
North Dakota – 0.1%
	City of Williston RB Refunding for Airport Series 2018 (A+/NR)
	600,000		5.000			11/01/2020		602,256
	805,000		5.000			11/01/2021		845,516
	1,815,000		5.000			11/01/2022		1,990,075
	1,655,000		5.000			11/01/2023		1,886,700
	2,000,000		4.000			11/01/2024		2,212,360
	City of Williston RB Refunding for Airport Series 2018 (A+/NR)
	4,155,000		4.500			11/01/2026		4,616,662
								12,153,569
Ohio – 2.1%
	Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (A-/Baa2)(h)
	125,000		5.000			11/15/2025		148,542
	175,000		5.000			11/15/2026		212,622
	American Municipal Power, Inc. RB for Hydroelectric Projects Series 2010 C (A/A2)
	2,720,000		6.973			02/15/2024		3,183,379
	American Municipal Power, Inc. RB Refunding for Combined Hydroelectric Project Series 2020 A (A/A2)
	925,000		5.000			02/15/2025		1,105,458
	American Municipal Power, Inc. RB Refunding for Prairie State Energy Campus Project Series 2019 B (A/A1)
	3,180,000		5.000			02/15/2023		3,532,566
	1,330,000		5.000			02/15/2024		1,535,113
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (A/NR)
	7,045,000		1.580			06/01/2021		7,071,348
	6,000,000		1.630			06/01/2022		6,050,580
	6,345,000		1.650			06/01/2023		6,415,112
	5,935,000		1.709			06/01/2024		6,024,144
	7,500,000		1.809			06/01/2025		7,641,225

The accompanying notes are an integral part of these financial statements. 153

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Ohio – (continued)
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-1 Class 2 (BBB+/NR)
$	3,005,000		1.850	%		06/01/2029	$	3,032,646
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2018 A (AAA/Aaa)
	5,000,000		5.000			04/01/2023		5,602,400
	Cleveland Airport Various Purpose GO Refunding Bonds Series 2015 (AA+/A1)
	1,455,000		5.000			12/01/2020		1,466,233
	Cleveland GO Bonds Series 2020 A (AA+/A1)
	125,000		2.000			12/01/2022		129,730
	160,000		3.000			12/01/2023		173,720
	200,000		3.000			12/01/2024		221,128
	380,000		3.000			12/01/2025		427,340
	600,000		3.000			12/01/2026		682,050
	County of Montgomery Ohio Hospital Facilities RB Refunding for Miami Valley Hospital Series 2019 A (A/Baa1)
	1,950,000		5.000			11/15/2024		2,218,769
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	1,750,000		5.000			02/15/2023		1,900,552
	3,000,000		5.000			02/15/2024		3,360,690
	1,500,000		5.000			02/15/2025		1,727,925
	Hamilton County Sewer System RB Refunding Series 2019 A (AA+/Aa2)
	3,000,000		4.000			12/01/2021		3,134,970
	6,450,000		5.000			12/01/2024		7,707,298
	Hillsdale Local School District COPS Series 2020 (BAM) (AA/A2)
	675,000		4.000			12/01/2023		746,908
	1,245,000		4.000			12/01/2024		1,414,021
	1,120,000		4.000			12/01/2025		1,300,958
	Kent State University Taxable Refunding RB Series 2020 B (A+/Aa3)
	875,000		1.875			05/01/2023		905,249
	875,000		1.960			05/01/2024		916,020
	1,325,000		2.060			05/01/2025		1,403,983
	Miami Oxford University RB Refunding Series 2020 A (AA/Aa3)
	300,000		5.000			09/01/2021		313,197
	340,000		5.000			09/01/2022		371,022
	575,000		5.000			09/01/2023		654,356
	395,000		5.000			09/01/2024		467,012
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (NR/Ba1)
	1,075,000		2.875			02/01/2026		1,095,963
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BBB-/Ba1)
	2,695,000		2.875			02/01/2026		2,747,553
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2005 A (AMT) (BBB+/NR)(a)(b)
	3,750,000		2.100			10/01/2024		3,886,388
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 D (BBB+/NR)(a)(b)
	5,000,000		1.900			10/01/2024		5,178,900
Municipal Bonds – (continued)
Ohio – (continued)
	Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A/A3)
	425,000		5.000			05/01/2023		472,281
	985,000		5.000			05/01/2024		1,134,109
	650,000		5.000			05/01/2026		793,345
	Ohio State GO Refunding Bonds for Higher Education Series 2014 B (AA+/Aa1)
	7,470,000		5.000			08/01/2023		8,485,621
	Ohio State Highway Capital Improvement GO Bonds Series 2012 Q (AAA/Aa1)(e)
	1,685,000		5.000			05/01/2022		1,813,683
	Ohio State Infrastructure Improvement GO Bonds Series 2013 A (AA+/Aa1)
	6,505,000		4.000			02/01/2030		6,860,238
	Ohio State RB for Department of Transportation Series 2019-1 (AA/Aa2)
	1,000,000		5.000			12/15/2022		1,105,530
	1,295,000		5.000			12/15/2023		1,492,073
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 C (A/A2)(a)(b)
	15,120,000		5.000			09/15/2021		15,669,914
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2018 D (A/A2)(a)(b)
	11,775,000		5.000			09/15/2023		13,253,940
	Ohio State RB for University Hospitals Health System, Inc. Obligated Group Series 2020 B (A/A2)(a)(b)
	5,335,000		5.000			01/15/2025		6,243,764
	Ohio State RB Refunding for Administrative Building Fund Series 2020 A (AA/Aa2)
	6,000,000		1.562			10/01/2021		6,045,060
	1,125,000		1.678			10/01/2024		1,158,120
	Ohio State RB Refunding for Adult Correctional Building Funds Series 2020 A (AA/Aa2)
	5,220,000		1.562			10/01/2021		5,279,038
	4,000,000		1.592			10/01/2022		4,088,240
	4,535,000		1.610			10/01/2023		4,676,538
	3,625,000		1.678			10/01/2024		3,782,615
	Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (A/Baa1)
	140,000		5.000			11/15/2024		160,383
	280,000		5.000			11/15/2025		327,902
	Ohio State Third Frontier Research & Development GO Bonds Series 2013 A (AA+/Aa1)(e)
	7,400,000		4.000			05/01/2021		7,567,462
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	8,250,000		3.250			11/01/2022		8,659,200
	Ohio Water Development Authority RB for Water Pollution Control Loan Fund Series 2014 (AAA/Aaa)
	6,085,000		5.000			06/01/2021		6,282,397
	Revere Local School District School Facilities Improvement GO Unlimited Bonds Series 2017 a (NR/Aa1)(e)
	1,240,000		5.000			06/01/2022		1,339,473
	University of Toledo General Receipts RB Series 2011 B (A/A2)(e)
	355,000		5.000			06/01/2021		366,396

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Ohio – (continued)
	Winton Woods City School District Class Room Facilities GO Unlimited Bonds Series 2017 A (SD CRED PROG) (AA/Aa2)(e)
$	2,805,000		5.000	%		05/01/2022	$	3,019,218
								206,183,610
Oklahoma – 0.7%
	City of Tulsa GO Bonds Series 2020 (AA/Aa1)
	5,300,000		5.000			03/01/2023		5,916,178
	Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)
	1,400,000		5.000			06/01/2021		1,441,412
	2,005,000		5.000			06/01/2022		2,149,440
	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		2,911,948
	Oklahoma County Independent School District No. 12 Edmond GO Bonds Series 2020 (AA+/NR)
	7,700,000		2.000			03/01/2023		8,001,070
	Oklahoma County Independent School District No. 89 Oklahoma City GO Bonds Series 2020 A (AA/NR)
	16,520,000		1.250			07/01/2024		16,910,863
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	525,000		5.000			08/15/2022		559,446
	500,000		5.000			08/15/2023		549,510
	500,000		5.000			08/15/2024		564,985
	Oklahoma Development Finance Authority RB for Gilcrease Developers LLC Series 2020 A (AMT) (NR/Baa2)
	17,390,000		1.625			07/06/2023		17,364,089
	Oklahoma Turnpike Authority RB Refunding Second Senior Series 2017 D (AA-/Aa3)
	2,790,000		4.000			01/01/2023		3,027,094
	Tulsa County Independent School District No. 1 GO Bonds Series 2020 B (AA/NR)
	7,300,000		2.000			08/01/2024		7,707,778
								67,103,813
Oregon – 0.6%
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	995,000		4.000			03/01/2021		996,453
	385,000		5.000			03/01/2023		396,446
	200,000		5.000			03/01/2024		207,610
	200,000		5.000			03/01/2025		208,340
	Lane County Oregon Springfield School District No. 19 GO Refunding Bonds Series 2015 (SCH BD GTY) (AA+/Aa1)(d)
	3,780,000		0.000			06/15/2021		3,771,533
	Oregon Health & Science University RB Refunding for Oregon Health & Science University Obligated Group Series 2019 A (AA-/Aa3)
	600,000		5.000			07/01/2021		620,892
	850,000		5.000			07/01/2022		918,944
	950,000		5.000			07/01/2023		1,067,610
Municipal Bonds – (continued)
Oregon – (continued)
	Oregon State Business Development Commission RB for Intel Corp. Project Series 2010 232 (A+/A1)(a)(b)
	13,050,000		2.400			08/14/2023		13,723,119
	Oregon State Facilities Authority RB Refunding for Samaritan Health Services, Inc. Obligated Group Series 2020 A (BBB+/NR)
	400,000		5.000			10/01/2024		460,420
	125,000		5.000			10/01/2026		151,360
	Port of Portland Airport Taxable RB Series 27 B (A+/NR)
	875,000		0.800			07/01/2022		875,035
	1,100,000		1.000			07/01/2023		1,099,714
	1,155,000		1.200			07/01/2024		1,154,480
	1,000,000		1.300			07/01/2025		999,230
	Portland Community College District GO Unlimited Bonds Series 2013 (AA+/Aa1)
	6,930,000		5.000			06/15/2025		7,814,337
	Portland Oregon Community College District GO Bonds Series 2018 (AA+/Aa1)
	12,520,000		4.000			06/15/2021		12,860,168
	Portland Oregon Community College District GO Refunding Bonds Series 2016 (AA+/Aa1)
	2,000,000		5.000			06/15/2021		2,068,400
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aaa)
	2,130,000		5.000			04/01/2022		2,284,106
	Portland Oregon Water System RB Refunding Second Lien Series 2020 A (NR/Aa1)
	2,135,000		5.000			05/01/2024		2,498,740
	State of Oregon Department of Transportation RB Senior Lien Series 2020 B (AAA/Aa1)
	1,125,000		0.414			11/15/2023		1,125,022
	1,520,000		0.566			11/15/2024		1,519,529
	4,145,000		0.686			11/15/2025		4,142,513
								60,964,001
Pennsylvania – 4.0%
	Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (AA/NR)
	1,375,000		5.000			10/01/2021		1,440,299
	1,950,000		5.000			10/01/2022		2,134,821
	Allegheny County Hospital Development Authority RB Refunding for Allegheny Health Network Obligated Group Series 2018 A (A/NR)
	3,170,000		5.000			04/01/2022		3,375,606
	2,250,000		5.000			04/01/2023		2,484,158
	4,000,000		5.000			04/01/2024		4,571,480
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A/A2)
	1,820,000		5.000			07/15/2021		1,885,192
	1,900,000		5.000			07/15/2022		2,050,404
	1,490,000		5.000			07/15/2023		1,674,358
	Allentown City School District GO Bonds Series 2020 (ST AID WITHHLDG) (NR/NR)
	3,200,000		2.375			03/31/2021		3,200,160

The accompanying notes are an integral part of these financial statements. 155

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Bethlehem Area School District Authority School RB Refunding for Bethlehem Area School District Refunding Project Series 2018 (ST AID WITHHLDG) (NR/A1)(a)
$	5,985,000	(1 Mo. LIBOR + 0.48%), 0.586%		11/01/2021	$	5,942,447
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	545,000	5.000		10/01/2022		572,909
	760,000	5.000		10/01/2023		816,362
	Butler County Hospital Authority RB for Health System Project Series 2015 A (A+/Baa2)
	1,000,000	4.000		07/01/2021		1,018,870
	City of Philadelphia Airport RB Refunding Series 2011 A (AMT) (A-/A2)
	3,600,000	5.000		06/15/2023		3,708,288
	2,610,000	5.000		06/15/2027		2,684,202
	City of Philadelphia GO Bonds Series 2016 F (ST AID WITHHLDG) (A+/A2)
	4,000,000	5.000		09/01/2021		4,157,880
	City of Philadelphia GO Bonds Series 2019 A (ST AID WITHHLDG) (A+/A2)
	645,000	5.000		09/01/2022		699,051
	845,000	5.000		09/01/2023		951,867
	City of Philadelphia GO Bonds Series 2020 (ST AID WITHHLDG) (A+/A2)
	8,880,000	5.000		09/01/2021		9,230,494
	5,000,000	5.000		09/01/2022		5,419,000
	8,000,000	5.000		09/01/2023		9,011,760
	City of Philadelphia RB Series 2020 (SP-1+/NR)
	6,415,000	4.000		06/30/2021		6,594,428
	City of Philadelphia Water & Wastewater RB Series 2020 A (A+/A1)
	600,000	5.000		11/01/2025		737,358
	605,000	5.000		11/01/2026		760,479
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	1,025,000	5.000		08/01/2022		1,107,174
	Coatesville School District GO Refunding Bonds Series 2017 (ETM) (AGM) (ST AID WITHHLDG) (AA/A2)(e)
	1,270,000	5.000		08/01/2021		1,320,673
	100,000	5.000		08/01/2022		108,631
	Commonwealth Financing Authority Taxable RB Series 2005 A (NATL-RE) (A/A1)
	645,000	5.380		06/01/2021		662,447
	Commonwealth Financing Authority Taxable RB Series 2006 C (AGM) (AA/A1)
	2,770,000	5.114		06/01/2021		2,839,139
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	2,270,000	5.000		06/01/2023		2,537,542
	1,615,000	5.000		06/01/2024		1,873,061
	Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/Aa3)
	3,295,000	5.000		08/15/2025		4,025,502
Municipal Bonds – (continued)
Pennsylvania – (continued)
	County of Beaver GO Refunding Bonds Series 2017 (BAM) (AA/NR)
	1,000,000	5.000		04/15/2025		1,180,650
	County of Lehigh Purpose Authority RB Refunding for Lehigh Valley Health Network Obligated Group Series 2019 A (A+/A2)
	765,000	5.000		07/01/2022		824,249
	925,000	5.000		07/01/2023		1,036,805
	1,710,000	5.000		07/01/2024		1,980,761
	Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (A-/NR)
	2,150,000	2.074		11/01/2025		2,155,117
	2,195,000	2.345		11/01/2026		2,206,743
	Delaware River Port Authority RB Refunding Series 2018 B (A+/A1)
	5,520,000	5.000		01/01/2021		5,581,824
	5,000,000	5.000		01/01/2022		5,281,950
	General Authority of Southcentral Pennsylvania WellSpan Health Obligation Group RB Refunding Series 2019 B (AA-/Aa3)(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.60%), 0.710		06/01/2024		15,000,000
	Lancaster School District GO Refunding Bonds Series 2019 B (AGM) (ST AID WITHHLDG) (AA/NR)
	300,000	4.000		06/01/2021		307,293
	540,000	4.000		06/01/2022		572,762
	Lehigh County Industrial Development Authority PCRB Refunding for PPL Electric Utilities Corp. Project RMKT 08/15/17 Series 2016 B (A/A1)(a)(b)
	9,000,000	1.800		08/15/2022		9,115,830
	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		650,880
	550,000	5.000		09/01/2023		619,388
	635,000	5.000		09/01/2024		736,492
	Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)(a)(b)
	12,265,000	2.800		12/01/2021		12,618,109
	Pennsylvania Economic Development Financing Authority RB for Waste Management, Inc. Series 2017 A (AMT) (A-/NR)(a)(b)
	7,500,000	0.700		08/02/2021		7,506,225
	Pennsylvania Economic Development Financing Authority RB Refunding City of Philadelphia Water & Wastewater Series 2020 (BBB+/Baa2)
	150,000	3.000		01/01/2021		150,726
	365,000	3.000		01/01/2022		373,654
	370,000	3.000		01/01/2023		385,244
	430,000	3.000		01/01/2024		454,420
	505,000	3.000		01/01/2025		539,855
	615,000	4.000		01/01/2026		694,593
	Pennsylvania Economic Development Financing Authority RB Refunding for PPL Electric Utilities Corp. Series 2008 (A/A1)
	25,180,000	0.400		10/01/2023		25,182,770

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Economic Development Financing Authority RB Refunding for Republic Services, Inc. Project Series 2019 A (AMT) (BBB+/NR)(a)(b)
$	4,000,000	0.600 %		10/15/2020	$	4,000,560
	Pennsylvania Economic Development Financing Authority RB Refunding for Republic Services, Inc. Project Series 2019 B-1 (AMT) (BBB+/NR)(a)(b)
	4,250,000	0.600		10/15/2020		4,250,595
	Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (AA/A2)
	300,000	5.000		05/01/2021		307,992
	400,000	5.000		05/01/2022		428,564
	500,000	5.000		05/01/2023		557,950
	300,000	5.000		05/01/2024		347,379
	350,000	5.000		05/01/2025		418,824
	Pennsylvania State Commonwealth GO Bonds First Series 2011 (A+/Aa3)
	28,895,000	4.000		11/15/2027		30,019,304
	Pennsylvania State Commonwealth GO Bonds First Series 2013 (A+/Aa3)
	23,100,000	4.000		04/01/2032		24,837,582
	5,195,000	4.000		04/01/2033		5,574,703
	Pennsylvania State Commonwealth GO Bonds First Series 2020 (A+/Aa3)
	12,655,000	5.000		05/01/2026		15,749,780
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)
	6,635,000	5.000		09/15/2024		7,850,134
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2017 (A+/Aa3)
	33,465,000	5.000		01/01/2023		37,034,712
	Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2016 (A+/Aa3)
	4,575,000	5.000		01/15/2022		4,855,676
	Pennsylvania State GO Bonds First Refunding Series 2015 (AGM-CR) (AA/Aa3)
	5,000,000	5.000		08/15/2022		5,441,700
	Pennsylvania Turnpike Commission RB Refunding Series 2017 A-2 (A+/A1)
	1,825,000	5.000		12/01/2024		2,175,728
	Pennsylvania Turnpike Commission RB Refunding Series 2020 (A-/A3)
	1,500,000	1.812		12/01/2020		1,503,330
	895,000	2.013		12/01/2024		909,597
	Pennsylvania Turnpike Commission RB Refunding Subordinate Series 2016 A (AA/Aa3)
	1,000,000	5.000		12/01/2022		1,103,690
	Pennsylvania Turnpike Commission RB Series 2018 B (A+/A1)(c)
	11,750,000	(SIFMA Municipal Swap Index Yield + 0.70%), 0.810		12/01/2023		11,814,860
	Pennsylvania Turnpike Commission RB Series 2020 B (A+/A1)(h)
	475,000	5.000		12/01/2023		545,490
	450,000	5.000		12/01/2024		536,193
	350,000	5.000		12/01/2025		430,986
	350,000	5.000		12/01/2026		443,398
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Turnpike Commission RB Subordinate Series 2015 B (A/A3)(e)
	1,400,000	5.000		12/01/2020		1,411,256
	Philadelphia Authority for Industrial Development RB Refunding for St. Joseph’s University Series 2020 (A-/NR)
	425,000	3.000		11/01/2020		425,769
	250,000	4.000		11/01/2021		258,727
	250,000	4.000		11/01/2022		266,670
	535,000	4.000		11/01/2024		602,421
	Philadelphia Hospitals and Higher Education Facilities Authority RB Refunding for Temple University Health System Obligation Group Series 2017 (BBB-/Ba1)
	4,000,000	5.000		07/01/2022		4,243,320
	1,750,000	5.000		07/01/2023		1,912,732
	Pittsburgh & Allegheny County Sports & Exhibition Authority RB for Parking System Series 2017 (A/NR)
	365,000	4.000		12/15/2020		367,698
	640,000	4.000		12/15/2021		667,219
	280,000	5.000		12/15/2022		307,524
	Pittsburgh & Allegheny County Sports & Exhibition Authority RB Refunding for Allegheny Regional Asset District Series 2020 (AGM) (AA/A1)
	1,785,000	4.000		02/01/2023		1,936,547
	1,300,000	4.000		02/01/2025		1,491,711
	1,930,000	5.000		02/01/2026		2,365,543
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)(a)
	10,000,000	(1 Mo. LIBOR + 0.64%), 0.765		12/01/2020		10,000,000
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (A/A3)
	500,000	5.000		09/01/2021		521,665
	250,000	5.000		09/01/2022		272,457
	270,000	5.000		09/01/2023		306,418
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)
	275,000	5.000		09/01/2024		324,076
	Scranton School District GO Refunding Bonds Series 2017 A (ST AID WITHHLDG) (A+/A2)
	680,000	5.000		06/01/2021		699,421
	Southeastern Pennsylvania Transportation Authority RB Series 2020 (AA-/A3)
	550,000	5.000		06/01/2021		566,940
	700,000	5.000		06/01/2022		753,585
	1,000,000	5.000		06/01/2023		1,119,560
	1,000,000	5.000		06/01/2024		1,161,770
	1,310,000	5.000		06/01/2025		1,573,140
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (BBB+/NR)
	450,000	5.000		02/01/2021		454,212
	545,000	5.000		02/01/2022		564,375
	1,400,000	5.000		02/01/2023		1,482,320
	450,000	5.000		02/01/2024		485,937
	Westmoreland County Municipal Authority RB Series 2013 (A+/A1)(e)
	1,990,000	5.000		08/15/2023		2,260,700

The accompanying notes are an integral part of these financial statements. 157

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	York Suburban School District GO Refunding Bonds Series 2019 A (BAM) (ST AID WITHHLDG) (AA/NR)
$	1,075,000	4.000 %		02/15/2022	$	1,130,384
	2,745,000	4.000		02/15/2023		2,973,686
	2,070,000	4.000		02/15/2024		2,308,216
						391,107,108
Puerto Rico – 1.3%
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2002 A (FGIC) (NR/WR)*
	581,950	5.500		07/01/2017		498,731
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(c)
	54,710,000	(3 Mo. LIBOR + 0.52%), 0.718		07/01/2029		48,213,188
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	25,000	5.250		07/01/2032		27,642
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2002 C (COMWLTH GTD) (CC/WR)*
	654,385	5.500		07/01/2016		503,877
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/Ca)(b)
	1,000,000	10.000		07/01/2035		1,061,610
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (COMWLTH GTD) (NR/Ca)*(a)
	10,835,000	10.000		07/01/2034		9,074,312
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(d)
	24,024,000	0.000		07/01/2024		22,181,840
	30,735,000	0.000		07/01/2027		26,090,327
	15,117,000	0.000		07/01/2029		11,895,870
	484,000	0.000		07/01/2031		353,310
	544,000	0.000		07/01/2033		364,094
	4,705,000	0.000		07/01/2046		1,328,268
	3,833,000	0.000		07/01/2051		783,350
	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		1,897,695
	56,000	4.536		07/01/2053		57,452
	747,000	4.784		07/01/2058		779,009
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	362,000	4.500		07/01/2034		377,689
	183,000	4.550		07/01/2040		189,180
	1,345,000	4.750		07/01/2053		1,398,813
	3,400,000	5.000		07/01/2058		3,594,106
						130,670,363
Rhode Island – 0.2%
	Narragansett Bay Commission Wastewater System RB Refunding Series 2020 A (AA-/NR)
	780,000	1.440		09/01/2023		797,410
	800,000	1.497		09/01/2024		820,464
Municipal Bonds – (continued)
Rhode Island – (continued)
	Providence Public Building Authority RB for Capital Improvement Program Project Series 2017 A (BBB/Baa2)
	1,210,000	5.000		09/15/2021		1,259,549
	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		5,031,598
	4,970,000	5.000		09/01/2022		5,423,463
	Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (MUN GOVT GTD) (NR/Aa3)
	820,000	5.000		05/15/2021		842,894
	1,415,000	5.000		05/15/2022		1,517,800
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 B (BBB+/NR)
	2,995,000	2.250		06/01/2041		3,083,562
						18,776,740
South Carolina – 1.1%
	Berkeley County School District GO Unlimited Bonds Series 2014 A (SCSDE) (AA/Aa1)
	4,950,000	3.000		03/01/2026		5,341,594
	Charleston County School District GO Bonds Series 2018 (SCSDE) (NR/Aa1)
	2,180,000	5.000		03/01/2021		2,224,014
	5,575,000	5.000		03/01/2022		5,958,393
	4,015,000	5.000		03/01/2023		4,478,692
	City of Charleston RB for Waterworks & Sewer System Capital Improvement Series 2006 B (AAA/Aaa)(a)
	10,000,000	(1 Mo. LIBOR + 0.37%), 0.474		01/01/2022		9,980,600
	County of Charleston GO Bonds for Transportation Sales Tax Series 2011 (ST AID WITHHLDG) (AAA/Aaa)(e)
	4,925,000	4.000		11/01/2021		5,129,092
	County of Charleston GO Refunding Bonds for Transportation Sales Tax Series 2013 (AAA/Aaa)
	10,005,000	5.000		11/01/2021		10,530,963
	Laurens County Water & Sewer Commission RB Series 2020 (NR/MIG1)
	3,035,000	1.375		02/01/2022		3,055,911
	South Carolina Public Service Authority RB Series 2016 D (A/A2)
	6,756,000	2.388		12/01/2023		7,089,409
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)
	1,050,000	3.056		12/01/2023		1,123,679
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2013 B (A/Aa3)(a)
		(1 Mo. LIBOR + 0.45%),
	53,960,000	0.554		10/01/2022		53,682,106
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
	730,000	5.000		04/15/2023		809,650
	835,000	5.000		04/15/2024		957,094
	925,000	5.000		04/15/2025		1,093,008
	1,010,000	5.000		04/15/2026		1,225,877
	700,000	5.000		04/15/2027		867,433
						113,547,515

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
South Dakota – 0.1%
	Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
$	1,055,000		5.000	%		01/01/2021	$	1,067,428
	570,000		5.000			01/01/2022		603,841
	South Dakota Health & Educational Facilities Authority RB Refunding for Avera Health Obligated Group Series 2019 A (AA-/A1)(a)(b)
	3,700,000		5.000			07/01/2024		4,114,807
								5,786,076
Tennessee – 1.0%
	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		1,181,140
	City of Memphis RB Refunding for Sanitary Sewerage System Series 2018 (AA+/Aa2)
	2,980,000		5.000			10/01/2020		2,980,000
	City of Murfreesboro GO Bonds Series 2018 (AA/Aa1)
	2,720,000		5.000			06/01/2021		2,806,768
	2,400,000		5.000			06/01/2022		2,591,256
	County of Rutherford GO Bonds for School Series 2017 (AA+/Aa1)
	3,070,000		5.000			04/01/2022		3,293,557
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/Baa1)
	3,500,000		5.000			07/01/2021		3,597,510
	Hamilton County GO Bonds Series 2018 A (AAA/Aaa)
	7,860,000		5.000			04/01/2022		8,431,108
	Knox County Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2017 (BBB/NR)
	750,000		4.000			04/01/2021		760,080
	1,420,000		5.000			04/01/2022		1,497,873
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2013 A (AA/Aa2)
	9,625,000		5.000			01/01/2023		10,665,559
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2015 C (AA/Aa2)
	5,500,000		5.000			07/01/2023		6,224,570
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2018 (AA/Aa2)
	22,625,000		5.000			07/01/2022		24,534,776
	17,965,000		5.000			07/01/2023		20,331,709
	Metropolitan Government of Nashville & Davidson County GO Refunding Bonds Series 2010 D (AA/Aa2)
	6,960,000		5.000			07/01/2022		6,977,748
								95,873,654
Texas – 8.8%
	Alamo Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)
	6,475,000		3.000			08/15/2022		6,810,599
	Alvin Independent School District GO Bonds RMKT 08/17/20 Series 2014 B (PSF-GTD) (AAA/Aaa)(a)(b)
	4,250,000		0.450			08/15/2023		4,246,005
Municipal Bonds – (continued)
Texas – (continued)
	Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (AAA/NR)
	375,000		5.000			08/15/2021		390,090
	350,000		5.000			08/15/2022		379,200
	325,000		5.000			08/15/2023		365,888
	325,000		5.000			08/15/2024		378,830
	400,000		5.000			08/15/2025		485,876
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (BB-/NR)
	500,000		5.000			01/01/2021		494,275
	465,000		5.000			01/01/2022		456,928
	750,000		5.000			01/01/2023		734,730
	Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (NR/Aa1)
	200,000		3.750			02/01/2035		208,334
	Board of Regents of the University of Texas System RB Refunding Series 2017 C (AAA/Aaa)
	10,465,000		5.000			08/15/2023		11,919,949
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 B (A-/Baa1)(a)(b)
	7,500,000		5.000			01/07/2021		7,521,000
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A-/Baa1)
	150,000		5.000			01/01/2021		151,690
	75,000		5.000			01/01/2022		79,200
	100,000		5.000			01/01/2023		110,096
	120,000		5.000			01/01/2024		137,200
	250,000		5.000			01/01/2025		295,445
	240,000		5.000			01/01/2026		292,097
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 C (A-/Baa1)
	600,000		1.345			01/01/2024		598,410
	600,000		1.445			01/01/2025		597,870
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 D (BBB+/Baa2)
	200,000		1.307			01/01/2022		199,930
	170,000		1.486			01/01/2023		169,925
	1,000,000		1.645			01/01/2024		998,940
	1,000,000		1.795			01/01/2025		998,500
	Central Texas Regional Mobility Authority RB Senior Lien Series 2011 (A-/Baa1)(e)
	5,455,000		6.000			01/01/2021		5,533,552
	Central Texas Regional Mobility Authority Subordinate Lien RB Series 2018 (BBB+/Baa2)
	3,500,000		4.000			01/01/2022		3,582,425
	Central Texas Turnpike System RB Refunding Series 2015 C (A-/Baa1)
	1,515,000		5.000			08/15/2028		1,743,341
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	1,000,000		5.000			11/15/2023		1,131,000
	City of Austin TX Water & Wastewater System RB Refunding Series 2011 (AA/Aa2)
	20,000,000		5.000			11/15/2041		20,938,400

The accompanying notes are an integral part of these financial statements. 159

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Special Assessment Bonds for The Lake at Mustang Ranch Public Improvement District Phase#1 Project Series 2020 (BAM) (AA/NR)
$	280,000	4.000 %		09/01/2023	$	304,113
	305,000	4.000		09/01/2025		343,589
	320,000	4.000		09/01/2026		364,934
	335,000	4.000		09/01/2027		384,242
	350,000	4.000		09/01/2028		402,017
	City of Fate Special Assessment Refunding for Williamsburg Public Improvement District No. 1 Project Series 2019 (BAM) (AA/NR)
	135,000	4.000		08/15/2023		146,335
	140,000	4.000		08/15/2024		155,127
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)(d)
	70,000	0.000		09/01/2021		68,343
	70,000	0.000		09/01/2022		66,422
	70,000	0.000		09/01/2023		64,422
	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		438,903
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)(d)
	685,000	0.000		09/01/2021		678,664
	685,000	0.000		09/01/2022		668,327
	City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A/NR)(e)
	2,700,000	5.000		07/01/2022		2,915,028
	City of Houston RB Refunding for Combined Utility System Series 2018 C (AA/Aa2)(a)
	12,500,000	(1 Mo. LIBOR + 0.36%), 0.466		08/01/2021		12,470,000
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	50,000	5.000		08/15/2021		50,747
	65,000	5.000		08/15/2022		67,009
	75,000	5.000		08/15/2023		78,329
	City of Lubbock GO Bonds Series 2013 (AA+/Aa2)
	7,360,000	4.000		02/15/2033		7,916,931
	City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (AA/NR)
	285,000	4.000		09/15/2025		321,434
	295,000	4.000		09/15/2026		335,684
	305,000	4.000		09/15/2027		351,055
	320,000	4.000		09/15/2028		370,960
	340,000	4.000		09/15/2030		388,263
	City of San Antonio GO Refunding Bonds Series 2013 (AAA/Aaa)(e)
	3,175,000	5.000		02/01/2022		3,379,153
	City of San Antonio RB for Electric & Gas Systems Junior Lien Series 2015 D (AA-/Aa2)(a)(b)
	18,500,000	3.000		12/01/2020		18,578,625
Municipal Bonds – (continued)
Texas – (continued)
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 C (AA-/Aa2)(a)(b)
	36,630,000	1.750		12/01/2024		38,148,680
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (AA-/Aa2)(a)(b)
	5,200,000	2.750		12/01/2022		5,454,332
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2015 A (AA-/Aa2)(a)(b)
	27,875,000	1.750		12/01/2024		29,241,711
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2020 (AA-/Aa2)(a)(b)
	10,750,000	1.750		12/01/2025		11,226,870
	City of San Antonio Water System Junior Lien RB Refunding Series 2014 B (AA/Aa2)(a)(b)
	5,750,000	2.000		11/01/2022		5,926,697
	City of Southlake GO Refunding Bonds Series 2019 (AAA/NR)
	4,020,000	5.000		02/15/2021		4,092,280
	Clear Creek Independent School District GO Bonds RMKT 08/14/20 Series 2013 B (PSF-GTD) (AAA/NR)(a)(b)
	15,000,000	0.500		08/15/2023		14,994,450
	Clifton Higher Education Finance Corp. RB for YES Prep Public Schools, Inc. Series 2020 (PSF-GTD) (NR/Aaa)
	310,000	5.000		04/01/2023		345,696
	400,000	5.000		04/01/2024		463,452
	Colorado River Municipal Water District RB Series 2011 (AA-/Aa3)(e)
	2,000,000	5.000		01/01/2021		2,024,220
	County of Collin GO Refunding Bonds Series 2020 (AAA/Aaa)
	560,000	0.867		02/15/2024		564,155
	750,000	0.967		02/15/2025		759,255
	County of Fort Bend GO Refunding Bonds Series 2015 B (AA+/Aa1)
	3,740,000	5.000		03/01/2023		4,167,108
	Dallas Area Rapid Transit RB Refunding Series 2020 B (AA+/Aa2)
	1,175,000	5.000		12/01/2021		1,241,105
	1,200,000	5.000		12/01/2022		1,324,428
	4,000,000	5.000		12/01/2023		4,600,320
	Dallas Independent School District GO Bonds Series 2019 B (PSF-GTD) (AAA/Aaa)
	11,365,000	5.000		02/15/2024		13,192,492
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2012 B (A/A1)
	5,005,000	5.000		11/01/2023		5,024,770
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2013 D (A/A1)
	3,385,000	5.250		11/01/2025		3,554,588
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 D (AMT) (A/NR)
	3,660,000	5.000		11/01/2023		4,126,687
	Dallas-Fort Worth International Airport RB Refunding Series 2020 A (A/A1)
	1,500,000	5.000		11/01/2023		1,706,025
	2,135,000	5.000		11/01/2024		2,513,962
	1,000,000	5.000		11/01/2025		1,214,330
	2,500,000	5.000		11/01/2026		3,117,150

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Dallas-Fort Worth International Airport RB Refunding Series 2020 B (A/A1)
$	3,625,000	5.000 %		11/01/2021	$	3,810,274
	3,000,000	5.000		11/01/2022		3,282,120
	1,600,000	5.000		11/01/2023		1,819,760
	2,000,000	5.000		11/01/2024		2,355,000
	2,500,000	5.000		11/01/2025		3,035,825
	Dallas-Fort Worth International Airport RB Refunding Series 2020 C (A/A1)
	2,690,000	1.329		11/01/2025		2,701,190
	Deer Park Independent School District GO Bonds RMKT 10/01/20 Series 2018 (PSF-GTD) (AAA/Aaa)(a)(b)
	7,000,000	0.280		10/01/2021		7,000,700
	Denton Independent School District GO Bonds 2014 B (PSF-GTD) (AAA/NR)(a)(b)
	5,000,000	2.000		08/01/2024		5,285,150
	Dickinson Independent School District GO Refunding Bonds Series 2013 (PSF-GTD) (AAA/Aaa)(a)(b)
	5,000,000	1.350		08/02/2021		5,044,900
	Ector County Hospital District GO Refunding Bonds Series 2020 (BBB-/Baa2)
	300,000	5.000		09/15/2021		310,824
	400,000	5.000		09/15/2022		428,920
	425,000	5.000		09/15/2023		470,080
	450,000	5.000		09/15/2024		512,032
	450,000	5.000		09/15/2025		525,267
	620,000	5.000		09/15/2026		736,734
	El Paso Independent School District GO Bonds Series 2020 (NR/Aa2)(a)(b)
	7,000,000	2.500		08/01/2021		7,129,430
	Fort Bend Independent School District GO Bonds Series 2019 A (PSF-GTD) (AAA/NR)(a)(b)
	4,225,000	1.950		08/01/2022		4,353,736
	Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (AAA/NR)(a)(b)
	7,800,000	0.875		08/01/2025		7,862,712
	Georgetown Independent School District GO Bonds RMKT 08/01/20 Series 2016 B (PSF-GTD) (AAA/Aaa)(a)(b)
	5,500,000	2.000		08/01/2023		5,759,820
	Goose Creek Consolidated Independent School District GO Bonds RMKT 08/14/20 Series 2014 B (PSF-GTD) (AAA/NR)(a)(b)
	7,500,000	0.450		08/15/2022		7,523,775
	Grand Parkway Transportation Corp. RB Series 2013 (BBB/NR)
	7,110,000	5.000		02/01/2023		7,798,177
	Gulf Coast Authority RB for Waste Management, Inc. Series 2003 B (AMT) (A-/NR)(a)(b)
	2,500,000	2.450		05/03/2021		2,527,025
	Gulf Coast Industrial Development Authority RB for Exxon Mobil Corp. Series 2012 (AA/Aa1)(a)(b)
	39,200,000	0.090		10/01/2020		39,200,000
	Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (AA/NR)
	270,000	4.000		09/01/2022		286,694
	300,000	4.000		09/01/2024		334,458
Municipal Bonds – (continued)
Texas – (continued)
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-1 (A+/A1)(a)(b)
	7,500,000	5.000		12/01/2022		8,247,225
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A+/A1)(a)(b)
	7,750,000	5.000		12/01/2024		9,147,325
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A+/A1)
	860,000	5.000		12/01/2020		866,295
	1,800,000	5.000		12/01/2021		1,893,222
	2,000,000	5.000		12/01/2022		2,193,660
	2,500,000	5.000		12/01/2023		2,846,250
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-1 (A+/A1)(a)(b)
	3,500,000	5.000		12/01/2022		3,858,330
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-2 (A+/A1)(a)(b)
	3,000,000	5.000		12/01/2024		3,538,320
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-3 (A+/A1)(a)(b)
	2,200,000	5.000		12/01/2026		2,752,816
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)(c)
	5,685,000	(SIFMA Municipal Swap Index Yield + 1.05%), 1.160		06/01/2024		5,756,802
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children’s Hospital Obligated Group Series 2019 B (AA/Aa2)(a)(b)
	5,055,000	5.000		10/01/2024		5,939,878
	Harris County Flood Control District GO Bonds Series 2020 A (AAA/Aaa)
	1,500,000	4.000		10/01/2024		1,723,260
	1,500,000	5.000		10/01/2025		1,847,940
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa2)(c)
	35,255,000	(3 Mo. LIBOR + 0.67%), 0.858		08/15/2035		32,441,298
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	90,000	3.000		09/01/2021		91,957
	90,000	3.000		09/01/2022		93,543
	95,000	3.000		09/01/2023		100,122
	Houston Airport System RB Refunding Series 2020 C (A/A1)(h)
	825,000	0.883		07/01/2022		825,074
	4,580,000	1.054		07/01/2023		4,585,405
	13,060,000	1.272		07/01/2024		13,107,016

The accompanying notes are an integral part of these financial statements. 161

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Houston Independent School District GO Bonds RMKT 06/01/20 Series 2014 A (PSF-GTD) (AAA/Aaa)(a)(b)
$	10,000,000		4.000	%		06/01/2023	$	10,934,000
	Houston Independent School District GO Refunding Bonds Series 2012 (PSF-GTD) (AAA/Aaa)(a)(b)
	6,000,000		4.000			06/01/2023		6,552,000
	Houston Independent School District Limited Tax Schoolhouse GO Bonds Series 2013 B (PSF-GTD) (NR/Aaa)(a)(b)
	4,935,000		2.400			06/01/2021		5,004,682
	Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	310,000		3.000			09/01/2021		316,972
	330,000		3.000			09/01/2022		345,434
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)(d)(e)
	30,275,000		0.000			08/15/2024		10,394,200
	Leander Independent School District Unlimited Tax GO Refunding Bonds Series 2016 (PSF-GTD) (AAA/NR)(d)
	5,000,000		0.000			08/16/2021		4,991,300
	Lower Colorado River Authority LCRA RB Refunding for Transmission Services Corp. Project Series 2011A (A/A1)
	3,195,000		5.000			05/15/2027		3,286,537
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2011A (A/A1)
	3,130,000		5.000			05/15/2023		3,219,581
	Lower Neches Valley Authority Industrial Development Corp. RB for Exxon Capital Ventures, Inc. Series 2010 (AA/Aa1)(a)(b)
	31,585,000		0.090			10/01/2020		31,585,000
	Mansfield Independent School District GO Bonds Series 2012 (PSF-GTD) (NR/Aaa)(a)(b)
	8,250,000		2.500			08/01/2021		8,402,542
	Matagorda County Texas Navigation District No. 1 PCRB Refunding for Central Power & Light Co. Project Series 1996 (AMT) (A-/Baa2)(a)(b)
	3,375,000		0.900			09/01/2023		3,361,095
	Metropolitan Transit Authority of Harris County Sales and Use Tax Contractual Obligations RB Series 2018 (AAA/Aa2)
	3,020,000		5.000			11/01/2022		3,312,608
	1,110,000		5.000			11/01/2023		1,267,231
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (BB+/Ba1)
	810,000		4.000			04/01/2021		793,986
	855,000		4.000			04/01/2022		837,755
	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)
	400,000		4.000			04/01/2021		405,176
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Station II, LLC – Texas A&M University Collegiate Housing Corpus Christi Project Series 2016 A (B/B2)
	620,000		4.000			04/01/2021		618,072
Municipal Bonds – (continued)
Texas – (continued)
	North East Independent School District Unlimited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)(a)(b)
	5,000,000		2.375			08/01/2022		5,191,100
	North Texas Tollway Authority RB Refunding First Tier Series 2010 (A+/A1)(e)
	5,070,000		6.000			01/01/2021		5,143,667
	North Texas Tollway Authority RB Refunding First Tier Series 2012 B (A+/A1)
	7,845,000		5.000			01/01/2032		8,238,584
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	1,215,000		5.000			01/01/2024		1,338,529
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	1,555,000		5.000			01/01/2022		1,646,107
	Northside Independent School District GO Bonds Series 2016 (PSF-GTD) (AAA/Aaa)(a)(b)
	2,510,000		2.000			06/01/2021		2,538,790
	Northside Independent School District GO Bonds Series 2020 (PSF-GTD) (AAA/Aaa)(a)(b)
	30,000,000		0.700			06/01/2025		29,963,400
	Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)(a)(b)
	3,845,000		1.500			08/15/2024		3,988,034
	Pflugerville Independent School District Unlimited Tax School Building GO Bonds Series 2019 B (PSF-GTD) (AAA/Aaa)(a)(b)
	7,500,000		2.500			08/15/2023		7,910,700
	Round Rock Independent School District GO Refunding Bonds Series 2019 B (AAA/Aaa)
	2,485,000		4.000			08/01/2023		2,749,752
	Round Rock Independent School District Unlimited Tax GO Bonds for School Building RMKT 08/01/16 Series 2015 (PSF-GTD) (AAA/Aaa)(a)(b)
	16,495,000		1.500			08/01/2021		16,561,970
	San Antonio Water System Junior Lien RB Series 2019 A (AA/Aa2)(a)(b)
	15,000,000		2.625			05/01/2024		16,018,950
	San Antonio Water System RB Refunding Series 2015 B (AA/Aa2)
	8,855,000		5.000			05/15/2039		10,542,674
	Southwest Houston Redevelopment Authority RB for City of Houston TX Reinvestment Zone No. 20 Series 2020 (AGM) (AA/NR)
	300,000		5.000			09/01/2025		354,846
	State of Texas RB Anticipation Notes Series 2020 (SP-1+/NR)
	82,500,000		4.000			08/26/2021		85,326,450
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for CHRISTUS Health Obligation Group Series 2018 A (A+/A1)
	2,200,000		5.000			07/01/2021		2,273,216
	1,795,000		5.000			07/01/2022		1,934,023
	Tarrant Regional Water District RB Refunding for Water Control & Improvement District Series 2015 (AAA/NR)
	6,025,000		5.000			03/01/2021		6,146,344

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(c)
$	11,000,000	(3 Mo. LIBOR + 0.70%), 0.868%		12/15/2026	$	10,917,940
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)(c)
	9,560,000	(SIFMA Municipal Swap Index Yield + 0.55%), 0.660		09/15/2027		9,537,534
	Texas Transportation Commission Central Turnpike System RB First Tier Series 2002 A (AMBAC) (A/A3)(d)
	6,950,000	0.000		08/15/2023		6,811,487
	Texas Transportation Commission Highway Improvement GO Bonds Series 2016 (AAA/Aaa)
	6,925,000	5.000		04/01/2022		7,427,132
	Texas University System Financing RB Refunding Series 2017 A (AA/Aa2)
	1,800,000	5.000		03/15/2021		1,839,330
	Tomball Independent School District GO Bonds Series 2014 B-1 (PSF-GTD) (AAA/Aaa)(a)(b)
	2,675,000	0.450		08/15/2023		2,676,311
	Tomball Independent School District GO Bonds Series 2014 B-3 (PSF-GTD) (AAA/Aaa)(a)(b)
	11,650,000	1.350		08/15/2022		11,882,301
	Travis County Water Control & Improvement District No. 17 GO Refunding Bonds Series 2020 (BAM) (AA/NR)
	300,000	3.000		05/01/2022		311,985
	325,000	3.000		05/01/2023		346,102
	405,000	3.000		05/01/2024		439,826
	305,000	4.000		05/01/2025		350,631
	285,000	4.000		05/01/2026		333,236
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	6,355,000	5.000		02/15/2022		6,769,219
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	37,000	4.000		12/01/2021		37,848
						867,409,674
Utah – 0.3%
	University of Utah RB General Series 2015 B (AA+/Aa1)
	5,125,000	5.000		08/01/2023		5,823,384
	University of Utah RB General Series 2016 B-1 (AA+/Aa1)
	2,415,000	5.000		08/01/2023		2,744,092
	Utah County RB IHC Health Services, Inc. Obligated Group Series 2020 B-1 (AA+/Aa1)(a)(b)
	5,715,000	5.000		08/01/2024		6,689,122
	Utah County RB IHC Health Services, Inc. Obligated Group Series 2020 B-2 (AA+/Aa1)(a)(b)
	6,000,000	5.000		08/01/2026		7,492,740
	Washington County School District Board of Education GO Refunding Bonds Series 2019 (SCH BD GTY) (AAA/Aaa)
	2,510,000	5.000		03/01/2022		2,681,508
						25,430,846
Municipal Bonds – (continued)
Vermont – 0.0%
	Vermont Educational & Health Buildings Financing Agency RB Refunding for The University of Vermont Medical Center Project Series 2016 A (A/A3)
	400,000	4.000		12/01/2020		402,140
	365,000	5.000		12/01/2021		383,027
						785,167
Virgin Islands – 0.0%
	Virgin Islands Public Finance Authority Grant Anticipation RB for Federal Highway Grant Anticipation Revenue Loan Note Series 2015 (A/NR)(f)
	2,015,000	5.000		09/01/2021		2,081,173
	Virgin Islands Public Finance Authority Gross Receipts Taxes Loan NT RB Series 2012 A (AGM-CR) (AA/A2)
	235,000	4.000		10/01/2022		243,683
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (B/NR)
	280,000	4.000		10/01/2022		270,443
						2,595,299
Virginia – 2.9%
	Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)
	22,680,000	5.000		11/01/2023		25,439,022
	Chesapeake Economic Development Authority RB Refunding for Virginia Electric & Power Co. Series 2008 A (BBB+/A2)(a)(b)
	2,250,000	1.900		06/01/2023		2,333,295
	City of Alexandria GO Refunding Bonds Series 2017 D (ST AID WITHHLDG) (AAA/Aaa)
	355,000	5.000		07/01/2022		385,097
	County of Arlington GO Bonds for Public Improvement Series 2013 A (AAA/Aaa)(e)
	2,930,000	4.000		08/01/2021		3,023,848
	County of Arlington GO Bonds Series C (ST AID WITHHLDG) (AAA/Aaa)(e)
	9,665,000	5.000		02/15/2021		9,838,003
	County of Fairfax RB for Sewer Series 2012 (AAA/Aaa)(e)
	9,220,000	4.500		07/15/2021		9,536,430
	Fairfax County GO Bonds for Virginia Public Improvement Series 2018 A (ST AID WITHHLDG) (AAA/Aaa)
	10,285,000	4.000		10/01/2021		10,681,487
	Fairfax County GO Refunding Bonds for Virginia Public Improvement Series 2016 A (ST AID WITHHLDG) (NR/Aaa)(e)
	8,450,000	5.000		10/01/2021		8,857,374
	Fairfax County GO Taxable Refunding Bonds Series 2020 B (ST AID WITHHLDG) (AAA/Aaa)
	1,095,000	0.545		10/01/2024		1,097,552
	2,830,000	0.645		10/01/2025		2,840,867
	Fairfax County Industrial Development Authority RB Refunding for Inova Health System Obligated Group Series 2018 B-1 (AA+/Aa2)(a)(b)
	24,350,000	5.000		05/15/2021		24,915,894
	Franklin County Industrial Development Authority RB for Virginia Public Facility Series 2018 (AA/A1)
	5,000,000	3.000		10/15/2023		5,010,200

The accompanying notes are an integral part of these financial statements. 163

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Virginia – (continued)
	Halifax County Industrial Development Authority RB for Virginia Electric and Power Co. Series 2010 A (BBB+/A2)(a)(b)
$	2,250,000		0.450	%		04/01/2022	$	2,250,000
	Hampton Roads Transportation Accountability Commission RB Series 2019 A (A+/Aa3)
	34,380,000		5.000			07/01/2022		37,212,568
	Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A+/A1)
	8,365,000		2.000			11/01/2023		8,500,848
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 A (BBB+/A2)(a)(b)
	1,325,000		1.900			06/01/2023		1,369,653
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 C (BBB+/A2)(a)(b)
	2,550,000		1.800			04/01/2022		2,601,306
	Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (NR/NR)(a)(b)
	2,500,000		0.750			09/02/2025		2,498,525
	Peninsula Ports Authority RB Refunding for Dominion Terminal Associates Series 2003 (BBB/Baa2)(a)(b)
	2,400,000		1.700			10/01/2022		2,423,952
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR)
	210,000		5.000			04/01/2021		213,280
	215,000		5.000			04/01/2022		224,890
	250,000		5.000			04/01/2023		269,045
	270,000		5.000			04/01/2024		297,367
	270,000		5.000			04/01/2025		303,421
	University of Virginia RB Green Bonds Series 2015 A-2 (AAA/Aaa)
	20,705,000		5.000			04/01/2045		24,211,185
	Virginia College Building Authority Education Facilities RB Series 2014 A (AA+/Aa1)(e)
	7,880,000		4.000			02/01/2024		8,873,510
	Virginia Commonwealth Transportation Board Federal Transportation Grant Anticipation RB Series 2013 A (AA+/Aa1)(e)
	5,225,000		5.000			03/15/2023		5,841,080
	Virginia Commonwealth Transportation Board RB Capital Project Series 2012 (AA+/Aa1)
	810,000		4.000			05/15/2037		848,216
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2011 (AA+/Aa1)(e)
	4,070,000		5.250			05/15/2021		4,199,752
	Virginia Commonwealth Transportation Board RB For Transportation Capital Project Series 2012 (AA+/Aa1)(e)
	9,365,000		5.000			05/15/2022		10,097,811
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2017 (AA+/Aa1)
	1,230,000		5.000			05/15/2022		1,326,038
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2016 C (AA+/Aa1)
	2,310,000		5.000			05/15/2023		2,599,743
Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Housing Development Authority RB for Rental Housing Series 2018 E (AA+/Aa1)
	5,660,000		2.500			12/01/2022		5,665,886
	Virginia Housing Development Authority RB for Rental Housing Series 2019 E (AA+/Aa1)
	4,500,000		1.400			12/01/2023		4,505,670
	Virginia Public School Authority RB Series 2019 VII (AA+/Aa1)
	10,890,000		5.000			04/15/2021		11,173,576
	Virginia Resources Authority Infrastructure and State Moral Obligation RB for Pooled Financing Program Series 2014 C (AAA/NR)
	3,760,000		5.000			11/01/2021		3,956,798
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2012 (BBB-/NR)
	1,525,000		5.000			07/01/2034		1,578,726
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB-/NR)
	15,000,000		5.000			07/01/2034		15,528,450
	Virginia State Public Building Authority RB for Public Facilities Series 2011 A (AA+/Aa1)(e)
	5,375,000		5.000			08/01/2021		5,591,774
	Wise County Industrial Development Authority RB for Virginia Electric and Power Co. Series 2009 A (BBB+/A2)(a)(b)
	12,500,000		0.750			09/02/2025		12,480,625
	Wise County Industrial Development Authority RB for Virginia Electric and Power Co. Series 2010 A (BBB+/A2)(a)(b)
	6,805,000		1.200			05/31/2024		6,923,815
	York County Economic Development Authority Pollution Control RB Refunding for Virginia Electric & Power Co. Project Series 2009 A (BBB+/A2)(a)(b)
	4,250,000		1.900			06/01/2023		4,404,530
								291,931,109
Washington – 1.6%
	City of Seattle RB for Municipal Light & Power Series 2015 A (AA/Aa2)
	5,545,000		5.000			05/01/2021		5,701,979
	King County Housing Authority RB Refunding Series 2020 (AA/NR)
	300,000		3.000			06/01/2021		304,902
	250,000		3.000			06/01/2022		259,970
	200,000		3.000			06/01/2023		212,348
	225,000		3.000			06/01/2024		242,791
	280,000		3.000			06/01/2025		306,482
	King County Junior Lien Sewer RB Refunding Series 2020 A (AA/Aa2)(a)(b)
	15,845,000		0.625			01/01/2024		15,899,032
	King County Junior Lien Sewer RB Series 2012 (AA/Aa2)(a)(b)
	11,600,000		2.600			12/01/2021		11,693,728
	King County School District No. 405 GO Bonds Series 2011 (SCH BD GTY) (AA+/Aaa)(e)
	5,010,000		5.000			06/01/2021		5,170,821
	King County School District No. 415 GO Bonds Series 2019 (SCH BD GTY) (NR/Aaa)
	1,595,000		4.000			12/01/2020		1,605,144

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Washington – (continued)
	King County Sewer RB Series 2014 A (AGM) (AA+/Aa1)
$	29,000,000		5.000	%		01/01/2047	$	33,359,280
	Port of Seattle GO Refunding Bonds Series 2015 (AAA/Aaa)
	5,000,000		5.000			06/01/2027		5,838,600
	State of Washington GO Bonds Various Purpose Series 2011 B (AA+/Aaa)(e)
	5,000,000		5.000			02/01/2021		5,080,950
	University of Washington RB Series 2019 A (AA+/Aaa)(a)(b)
	15,000,000		5.000			05/01/2022		15,770,100
	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		1,535,482
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	3,260,000		5.000			08/01/2025		3,850,516
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)(a)(b)
	12,295,000		5.000			08/01/2024		13,873,432
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)(a)(b)
	9,165,000		5.000			08/01/2025		10,648,814
	Washington State Local Agency Real and Personal Property COPS Series 2019 D (NR/Aa1)
	3,855,000		5.000			07/01/2024		4,529,586
	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		1,736,797
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2013 B (AA+/Aaa)
	5,000,000		5.000			07/01/2024		5,420,350
	Washington State Various Purpose GO Bonds Series 2011 B (AA+/Aaa)(e)
	10,000,000		5.250			02/01/2021		10,170,200
	Washington State Various Purpose GO Refunding Bonds Series R-2013C (AA+/Aaa)
	6,500,000		5.000			07/01/2025		7,352,475
								160,563,779
West Virginia – 0.8%
	State of West Virginia GO Bonds for State Road Series 2019 A (AA-/Aa2)
	7,830,000		5.000			06/01/2023		8,824,018
	8,640,000		5.000			06/01/2025		10,499,933
	8,860,000		5.000			12/01/2025		10,946,176
	West Virginia Economic Development Authority RB for Appalachian Power Co. Project Series 2009 A (A-/Baa1)(a)(b)
	2,900,000		2.625			06/01/2022		2,982,447
	West Virginia Economic Development Authority RB for Appalachian Power Co. Project Series 2011 A (AMT) (A-/Baa1)(a)(b)
	5,650,000		1.000			09/01/2025		5,619,264
Municipal Bonds – (continued)
West Virginia – (continued)
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	570,000		5.000			01/01/2021		575,689
	540,000		5.000			01/01/2022		566,908
	550,000		5.000			01/01/2023		598,790
	West Virginia University RB Refunding Series 2020 A (AA-/Aa3)
	8,895,000		1.365			10/01/2022		8,964,203
	10,495,000		1.391			10/01/2023		10,610,130
	19,755,000		1.449			10/01/2024		20,050,140
								80,237,698
Wisconsin – 2.2%
	City of Milwaukee GO Refunding Bonds Series 2017 (A/NR)
	6,045,000		5.000			04/01/2023		6,731,470
	City of Milwaukee GO Refunding Bonds Series 2018 (A/NR)
	12,770,000		5.000			02/01/2023		14,125,025
	County of Dane GO Bonds Series 2019 A (AAA/NR)
	2,165,000		2.000			06/01/2022		2,227,503
	County of Dane GO Bonds Series 2020 A (AAA/NR)(h)
	5,930,000		0.050			04/01/2021		5,925,730
	5,935,000		0.050			04/01/2022		5,916,542
	5,935,000		0.050			04/01/2023		5,890,488
	4,950,000		2.000			04/01/2024		5,222,696
	3,290,000		2.000			04/01/2026		3,542,935
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	160,000		4.000			07/01/2024		176,921
	265,000		4.000			07/01/2025		299,408
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A/A3)
	200,000		5.000			01/01/2021		202,158
	200,000		5.000			01/01/2022		210,736
	300,000		5.000			01/01/2023		328,302
	300,000		5.000			01/01/2024		340,296
	300,000		5.000			01/01/2025		350,958
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
	1,925,000		4.000			01/01/2026		2,050,491
	2,000,000		4.000			01/01/2027		2,141,340
	1,720,000		4.000			01/01/2028		1,803,764
	1,790,000		4.000			01/01/2029		1,874,488
	Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 A (A+/NR)(h)
	300,000		5.000			06/01/2022		322,704
	325,000		5.000			06/01/2023		363,763
	350,000		5.000			06/01/2024		405,926
	375,000		5.000			06/01/2025		448,988
	300,000		5.000			06/01/2026		367,845
	Public Finance Authority RB Refunding for Waste Management, Inc. Series 2016 (AMT) (A-/NR)(a)(b)
	7,000,000		2.000			06/01/2021		7,064,820
	Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (NR/Baa3)(d)
	14,465,000		0.000			12/15/2027		10,922,666

The accompanying notes are an integral part of these financial statements. 165

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Wisconsin – (continued)
	State of Wisconsin Environmental Improvement Fund RB Series 2018 A (AAA/NR)
$	7,905,000	5.000 %		06/01/2022	$	8,544,673
	State of Wisconsin GO Unlimited Bonds Series 2011 B (AA/Aa1)(e)
	7,170,000	5.000		05/01/2021		7,371,692
	State of Wisconsin GO Unlimited Bonds Series 2014 A (AA/Aa1)(e)
	11,145,000	5.000		05/01/2022		11,996,144
	State of Wisconsin GO Unlimited Refunding Bonds Series 2017 (AA/Aa1)
	5,420,000	5.000		11/01/2021		5,704,929
	Western Technical College District GO Refunding Bonds Series 2017 G (AA+/NR)
	1,685,000	5.000		04/01/2023		1,883,965
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	115,000	4.000		03/15/2022		119,912
	115,000	4.000		03/15/2023		121,036
	120,000	4.000		03/15/2024		128,536
	125,000	4.000		03/15/2025		136,055
	Wisconsin Health & Educational Facilities Authority RB Refunding for Advocate Aurora Health Obligated Group Series 2018 C-4 (AA/Aa3)(a)
	4,000,000	(SIFMA Municipal Swap Index Yield + 0.65%), 0.760		07/31/2024		4,005,160
	Wisconsin Health & Educational Facilities Authority RB Refunding for Ascension Health Credit Group Series 2019 A (AA+/Aa2)
	4,500,000	5.000		11/15/2020		4,524,840
	1,875,000	5.000		11/15/2021		1,971,675
	930,000	5.000		11/15/2022		1,021,977
	4,455,000	5.000		11/15/2023		5,095,094
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	425,000	4.000		02/01/2021		428,298
	285,000	4.000		02/01/2022		293,849
	290,000	4.000		02/01/2023		305,312
	Wisconsin Health & Educational Facilities Authority RB Refunding for Marshfield Clinic Health System Obligated Group Series 2020 B-1 (A-/NR)(a)(b)
	8,500,000	5.000		02/15/2025		9,767,180
	Wisconsin State GO Bonds Series 2014 B (AA/Aa1)
	2,575,000	5.000		05/01/2021		2,647,744
	Wisconsin State GO Bonds Series 2015 A (AA/Aa1)(e)
	40,860,000	5.000		05/01/2023		45,871,887
	Wisconsin State GO Bonds Series 2018 A (AA/Aa1)
	16,090,000	5.000		05/01/2021		16,544,543
	9,495,000	5.000		05/01/2023		10,679,121
	Wisconsin State RB Refunding Series 2020 A (AA/Aa2)
	775,000	1.720		05/01/2022		789,787
	820,000	1.749		05/01/2023		843,567
						220,054,939
	TOTAL MUNICIPAL BONDS
	(Cost $9,633,328,212)				$	9,797,421,895
Corporate Bonds – 0.2%
Consumer Services – 0.2%
	Emory University Series 2020
$	9,000,000	1.566%		09/01/2025	$	9,279,806
	Howard University Series 2020
	1,000,000	2.638		10/01/2021		994,353
	1,500,000	2.738		10/01/2022		1,553,115
	1,500,000	2.801		10/01/2023		1,575,979
	2,030,000	2.416		10/01/2024		2,147,473
						15,550,726
Media & Entertainment – 0.0%
	Smithsonian Institution
	740,000	0.845		09/01/2021		742,447
	825,000	0.895		09/01/2022		830,341
	800,000	0.974		09/01/2023		808,009
	1,000,000	1.118		09/01/2024		1,014,088
	1,000,000	1.218		09/01/2025		1,017,619
						4,412,504
	TOTAL CORPORATE BONDS
	(Cost $19,665,466)				$	19,963,230
U.S. Treasury Obligations – 1.0%
	U.S. Treasury Notes
$	50,000,000	0.250%		07/31/2025	$	49,949,219
	50,000,000	0.375		07/31/2027		49,726,562
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $99,478,883)				$	99,675,781
	TOTAL INVESTMENTS – 100.3%
	(Cost $9,752,472,561)				$	9,917,060,906
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%					(25,627,883	)
	NET ASSETS – 100.0%				$	9,891,433,023

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2020.
(b)	Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2020.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Zero coupon bond until next reset date.
(h)	When-issued security.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Security ratings disclosed, if any, are issued by either Standard & Poor’s, Moody’s Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
AGM	—Insured by Assured Guaranty Municipal Corp.
AGM-CR	—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
BAM	—Build America Mutual Assurance Co.
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
COMWLTH GTD	—Commonwealth Guaranteed
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
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
WR	—Withdrawn Rating

The accompanying notes are an integral part of these financial statements. 167

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2020, 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, 2020(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	%		0.411%		Bank of America NA		03/20/2023		USD  5,000	$	73,596	$	(61,175	)	$	134,771
California State Various Purpose GO Bonds Series 2003, 5.250%, 02/01/2021		1.000			0.411		JPMorgan Chase Bank NA		03/20/2023		10,000		147,191		(122,350	)		269,541
TOTAL												$	220,787	$	(183,525	)	$	404,312

(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.

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

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Assets and Liabilities

September 30, 2020 (Unaudited)

	Dynamic Municipal Income Fund		High Yield Municipal Fund		Municipal Income Completion Fund		Short Duration Tax-Free Fund
Assets:
Investments in unaffiliated issuers, at value (cost $7,678,560,658, $8,138,481,498, $36,213,333 and $9,752,472,561)	$	8,017,607,793	$	8,712,653,344	$	36,757,327	$	9,917,060,906
Cash		67,401,661		70,318,736		2,798,744		73,602,950
Receivables:
Interest		88,228,616		105,215,799		382,515		88,282,386
Fund shares sold		12,540,569		15,665,655		—		48,669,429
Reimbursement from investment adviser		131,147		119,431		21,742		109,238
Unrealized gain on swap contracts		53,908		1,178,961		—		404,312
Other assets		226,389		172,098		—		259,241
Total assets		8,186,190,083		8,905,324,024		39,960,328		10,128,388,462
Liabilities:
Unrealized loss on swap contracts		—		237,073		—		—
Payables:
Investments purchased on an extended-settlement basis		33,325,489		41,765,259		262,065		166,307,036
Fund shares redeemed		15,294,404		18,615,306		—		26,421,261
Investments purchased		3,180,652		4,066,193		985,480		39,296,102
Management fees		2,320,774		3,616,350		—		2,674,887
Income distribution		1,616,835		829,318		—		1,316,064
Distribution and Service fees and Transfer Agency fees		835,990		441,368		—		330,060
Upfront payments received on swap contracts		24,470		704,571		—		183,525
Collateral on certain derivative contracts(a)		—		280,000		—		250,000
Accrued expenses and other liabilities		121,344		233,764		150,170		176,504
Total liabilities		56,719,958		70,789,202		1,397,715		236,955,439
Net Assets:
Paid-in capital		8,046,614,092		8,508,761,195		38,434,486		9,746,824,816
Total distributable earnings		82,856,033		325,773,627		128,127		144,608,207
NET ASSETS	$	8,129,470,125	$	8,834,534,822	$	38,562,613	$	9,891,433,023
Net Assets:
Class A	$	1,430,465,242	$	468,973,168	$	—	$	228,577,553
Class C		148,423,142		78,925,729		—		14,476,965
Institutional		3,665,108,293		1,132,428,432		—		2,054,048,092
Separate Account Institutional		—		—		38,562,613		—
Service		198,125		—		—		182,591
Investor		1,028,856,810		389,727,666		—		136,316,937
Class R6		82,001,492		2,022,199		—		6,737,955
Class P		1,774,417,021		6,762,457,628		—		7,451,092,930
Total Net Assets	$	8,129,470,125	$	8,834,534,822	$	38,562,613	$	9,891,433,023
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		88,098,115		46,709,637		—		21,136,660
Class C		9,137,372		7,858,664		—		1,340,197
Institutional		225,840,429		112,765,415		—		190,229,106
Separate Account Institutional		—		—		3,765,446		—
Service		12,144		—		—		16,905
Investor		63,436,774		38,774,125		—		12,622,274
Class R6		5,050,870		201,424		—		624,274
Class P		109,279,927		673,996,351		—		690,311,884
Net asset value, offering and redemption price per share:(b)
Class A		$16.24		$10.04		$ —		$10.81
Class C		16.24		10.04		—		10.80
Institutional		16.23		10.04		—		10.80
Separate Account Institutional		—		—		10.24		—
Service		16.31		—		—		10.80
Investor		16.22		10.05		—		10.80
Class R6		16.24		10.04		—		10.79
Class P		16.24		10.03		—		10.79

(a) Segregated for collateral on net transactions as follows:

Fund	Swaps
High Yield Municipal	$	(280,000	)
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 $16.87, $10.51 and $10.97, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge assessed on the amount equal to the lesser of the current NAV or the original purchase price of the shares.

The accompanying notes are an integral part of these financial statements. 169

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Operations

For the Six Months Ended September 30, 2020 (Unaudited)

	Dynamic Municipal Income Fund			High Yield Municipal Fund			Municipal Income Completion Fund			Short Duration Tax-Free Fund
Investment income:
Interest	$	116,314,119		$	172,910,553		$	392,860		$	83,144,859
Expenses:
Management fees		13,486,335			20,591,538			—			14,194,051
Transfer Agency fees(a)		2,505,676			1,684,272			2,347			1,492,162
Distribution and Service fees(a)		2,428,840			949,240			—			295,891
Registration fees		688,989			296,246			17,595			296,529
Custody, accounting and administrative services		426,228			449,995			27,578			410,335
Printing and mailing costs		61,774			64,228			15,531			45,693
Legal fees		35,730			35,730			29,204			35,735
Audit fees		27,592			27,592			31,131			28,264
Trustee fees		16,853			17,570			9,524			17,074
Service share fees — Service and Shareholder Administration Plan		492			—			—			452
Other		20,929			32,368			6,358			22,392
Total expenses		19,699,438			24,148,779			139,268			16,838,578
Less — expense reductions		(1,172,743	)		(884,943	)		(139,268	)		(798,642	)
Net expenses		18,526,695			23,263,836			—			16,039,936
NET INVESTMENT INCOME		97,787,424			149,646,717			392,860			67,104,923
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(20,313,173	)		(15,838,122	)		(143,584	)		(12,316,653	)
Swap contracts		(18,262,020	)		(19,291,159	)		(35,867	)		113,917
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		327,347,956			384,002,674			1,235,539			137,045,742
Swap contracts		16,575,358			17,346,948			33,817			(157,565	)
Net realized and unrealized gain		305,348,121			366,220,341			1,089,905			124,685,441
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	403,135,545		$	515,867,058		$	1,482,765		$	191,790,364

(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		Separate Account Institutional		Service		Investor		Class R6		Class P
Dynamic Municipal Income	$	1,703,846	$	724,994	$	850,606	$	90,525	$	687,683	$	—	$	40	$	610,970	$	11,370	$	254,482
High Yield Municipal		546,888		402,352		272,798		50,252		199,484		—		—		215,410		227		946,101
Municipal Income Completion		—		—		—		—		—		2,347		—		—		—		—
Short Duration Tax-Free		215,720		80,171		107,173		10,039		352,871		—		36		76,924		947		944,172

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

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Changes in Net Assets

	Dynamic Municipal Income Fund						High Yield Municipal Fund
	For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020			For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	97,787,424		$	168,716,537		$	149,646,717		$	324,754,557
Net realized loss		(38,575,193	)		(203,060,536	)		(35,129,281	)		(119,789,308	)
Net change in unrealized gain (loss)		343,923,314			(128,589,076	)		401,349,622			(269,938,986	)
Net increase (decrease) in net assets resulting from operations		403,135,545			(162,933,075	)		515,867,058			(64,973,737	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(15,223,961	)		(26,767,203	)		(7,193,223	)		(15,028,985	)
Class C Shares		(1,076,000	)		(1,836,214	)		(1,022,857	)		(1,996,031	)
Institutional Shares		(44,152,872	)		(80,218,287	)		(17,906,417	)		(35,707,014	)
Service Shares		(2,035	)		(4,678	)		—			—
Investor Shares		(12,161,650	)		(18,862,838	)		(6,108,489	)		(10,962,178	)
Class R6 Shares		(976,366	)		(1,636,966	)		(26,733	)		(430	)
Class P Shares		(21,882,686	)		(39,740,810	)		(113,788,650	)		(244,330,086	)
Total distributions to shareholders		(95,475,570	)		(169,066,996	)		(146,046,369	)		(308,024,724	)
From share transactions:
Proceeds from sales of shares		1,773,049,779			5,369,651,711			1,474,650,298			3,022,075,670
Reinvestment of distributions		85,655,377			150,907,107			141,143,045			298,380,974
Cost of shares redeemed		(1,373,100,048	)		(2,284,389,837	)		(1,014,009,530	)		(2,387,191,975	)(a)
Net increase in net assets resulting from share transactions		485,605,108			3,236,168,981			601,783,813			933,264,669
TOTAL INCREASE		793,265,083			2,904,168,910			971,604,502			560,266,208
Net Assets:
Beginning of period		7,336,205,042			4,432,036,132			7,862,930,320			7,302,664,112
End of period	$	8,129,470,125		$	7,336,205,042		$	8,834,534,822		$	7,862,930,320

(a) Net of $196,736 of redemption fees.

The accompanying notes are an integral part of these financial statements. 171

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Changes in Net Assets (continued)

	Municipal Income Completion Fund						Short Duration Tax-Free Fund
	For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020(a)			For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	392,860		$	210,824		$	67,104,923		$	128,480,326
Net realized gain (loss)		(179,451	)		(246,463	)		(12,202,736	)		4,534,361
Net change in unrealized gain (loss)		1,269,356			(725,362	)		136,888,177			(50,221,844	)
Net increase (decrease) in net assets resulting from operations		1,482,765			(761,001	)		191,790,364			82,792,843
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			—			(1,003,127	)		(1,816,735	)
Class C Shares		—			—			(63,772	)		(167,468	)
Institutional Shares		—			—			(13,038,989	)		(28,233,445	)
Separate Account Institutional		(384,988	)		(208,649	)		—			—
Service Shares		—			—			(892	)		(2,752	)
Investor Shares		—			—			(882,697	)		(1,384,410	)
Class R6 Shares		—			—			(47,093	)		(97,487	)
Class P Shares		—			—			(46,644,308	)		(97,647,520	)
Total distributions to shareholders		(384,988	)		(208,649	)		(61,680,878	)		(129,349,817	)
From share transactions:
Proceeds from sales of shares		26,255,449			18,858,469			4,085,953,883			4,519,198,773
Reinvestment of distributions		378,057			208,649			53,839,546			114,038,179
Cost of shares redeemed		(6,819,704	)		(446,434	)		(1,866,962,340	)		(3,758,256,134	)
Net increase in net assets resulting from share transactions		19,813,802			18,620,684			2,272,831,089			874,980,818
TOTAL INCREASE		20,911,579			17,651,034			2,402,940,575			828,423,844
Net Assets:
Beginning of period		17,651,034			—			7,488,492,448			6,660,068,604
End of period	$	38,562,613		$	17,651,034		$	9,891,433,023		$	7,488,492,448

(a) Commenced operations on April 1, 2019.

172 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.59		$	16.02		$	15.59		$	15.46		$	15.69		$	15.81
Net investment income(a)		0.18			0.37			0.44			0.47			0.52			0.56
Net realized and unrealized gain (loss)		0.65			(0.43	)		0.42			0.11			(0.25	)		(0.14	)
Total from investment operations		0.83			(0.06	)		0.86			0.58			0.27			0.42
Distributions to shareholders from net investment income		(0.18	)		(0.37	)		(0.43	)		(0.45	)		(0.50	)		(0.54	)
Net asset value, end of period	$	16.24		$	15.59		$	16.02		$	15.59		$	15.46		$	15.69
Total return(b)		5.34	%		(0.43	)%		5.62	%		3.81	%		1.73	%		2.70	%
Net assets, end of period (in 000s)	$	1,430,465		$	1,330,377		$	769,894		$	315,142		$	218,699		$	177,985
Ratio of net expenses to average net assets		0.73	%(c)		0.73	%		0.74	%		0.76	%		0.78	%		0.78	%
Ratio of total expenses to average net assets		0.76	%(c)		0.76	%		0.78	%		0.85	%		0.98	%		0.99	%
Ratio of net investment income to average net assets		2.29	%(c)		2.25	%		2.78	%		2.98	%		3.34	%		3.62	%
Portfolio turnover rate(d)		5	%		23	%		16	%		12	%		28	%		15	%

(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 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. 173

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.60		$	16.03		$	15.60		$	15.47		$	15.69		$	15.82
Net investment income(a)		0.12			0.24			0.32			0.35			0.41			0.45
Net realized and unrealized gain (loss)		0.64			(0.42	)		0.42			0.12			(0.25	)		(0.16	)
Total from investment operations		0.76			(0.18	)		0.74			0.47			0.16			0.29
Distributions to shareholders from net investment income		(0.12	)		(0.25	)		(0.31	)		(0.34	)		(0.38	)		(0.42	)
Net asset value, end of period	$	16.24		$	15.60		$	16.03		$	15.60		$	15.47		$	15.69
Total return(b)		4.88	%		(1.17	)%		4.83	%		3.03	%		1.04	%		1.86	%
Net assets, end of period (in 000s)	$	148,423		$	141,952		$	83,931		$	47,379		$	42,353		$	30,116
Ratio of net expenses to average net assets		1.47	%(c)		1.48	%		1.49	%		1.51	%		1.53	%		1.54	%
Ratio of total expenses to average net assets		1.50	%(c)		1.51	%		1.53	%		1.60	%		1.73	%		1.75	%
Ratio of net investment income to average net assets		1.54	%(c)		1.50	%		2.04	%		2.23	%		2.59	%		2.87	%
Portfolio turnover rate(d)		5	%		23	%		16	%		12	%		28	%		15	%

(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 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.

174 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.58		$	16.02		$	15.59		$	15.46		$	15.68		$	15.81
Net investment income(a)		0.21			0.42			0.49			0.52			0.58			0.62
Net realized and unrealized gain (loss)		0.64			(0.43	)		0.43			0.12			(0.25	)		(0.16	)
Total from investment operations		0.85			(0.01	)		0.92			0.64			0.33			0.46
Distributions to shareholders from net investment income		(0.20	)		(0.43	)		(0.49	)		(0.51	)		(0.55	)		(0.59	)
Net asset value, end of period	$	16.23		$	15.58		$	16.02		$	15.59		$	15.46		$	15.68
Total return(b)		5.52	%		(0.16	)%		5.97	%		4.17	%		2.13	%		2.98	%
Net assets, end of period (in 000s)	$	3,665,108		$	3,206,615		$	1,858,949		$	1,296,146		$	774,777		$	486,485
Ratio of net expenses to average net assets		0.39	%(c)		0.39	%		0.40	%		0.42	%		0.44	%		0.44	%
Ratio of total expenses to average net assets		0.42	%(c)		0.42	%		0.44	%		0.51	%		0.64	%		0.65	%
Ratio of net investment income to average net assets		2.62	%(c)		2.59	%		3.14	%		3.32	%		3.67	%		3.96	%
Portfolio turnover rate(d)		5	%		23	%		16	%		12	%		28	%		15	%

(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 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. 175

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.67		$	16.10		$	15.66		$	15.54		$	15.77		$	15.89
Net investment income(a)		0.17			0.34			0.42			0.44			0.50			0.54
Net realized and unrealized gain (loss)		0.64			(0.42	)		0.43			0.11			(0.25	)		(0.15	)
Total from investment operations		0.81			(0.08	)		0.85			0.55			0.25			0.39
Distributions to shareholders from net investment income		(0.17	)		(0.35	)		(0.41	)		(0.43	)		(0.48	)		(0.51	)
Net asset value, end of period	$	16.31		$	15.67		$	16.10		$	15.66		$	15.54		$	15.77
Total return(b)		5.16	%		(0.58	)%		5.50	%		3.58	%		1.57	%		2.53	%
Net assets, end of period (in 000s)	$	198		$	203		$	38		$	36		$	36		$	36
Ratio of net expenses to average net assets		0.89	%(c)		0.89	%		0.90	%		0.92	%		0.94	%		0.94	%
Ratio of total expenses to average net assets		0.92	%(c)		0.92	%		0.93	%		1.01	%		1.14	%		1.16	%
Ratio of net investment income to average net assets		2.12	%(c)		2.09	%		2.65	%		2.83	%		3.19	%		3.46	%
Portfolio turnover rate(d)		5	%		23	%		16	%		12	%		28	%		15	%

(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 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.

176 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.57		$	16.00		$	15.57		$	15.45		$	15.67		$	15.79
Net investment income(b)		0.20			0.41			0.48			0.50			0.56			0.60
Net realized and unrealized gain (loss)		0.65			(0.43	)		0.42			0.11			(0.24	)		(0.15	)
Total from investment operations		0.85			(0.02	)		0.90			0.61			0.32			0.45
Distributions to shareholders from net investment income		(0.20	)		(0.41	)		(0.47	)		(0.49	)		(0.54	)		(0.57	)
Net asset value, end of period	$	16.22		$	15.57		$	16.00		$	15.57		$	15.45		$	15.67
Total return(c)		5.47	%		(0.19	)%		5.88	%		4.01	%		2.03	%		2.95	%
Net assets, end of period (in 000s)	$	1,028,857		$	904,160		$	480,724		$	160,475		$	65,306		$	9,684
Ratio of net expenses to average net assets		0.48	%(d)		0.48	%		0.49	%		0.51	%		0.53	%		0.53	%
Ratio of total expenses to average net assets		0.51	%(d)		0.51	%		0.53	%		0.59	%		0.73	%		0.74	%
Ratio of net investment income to average net assets		2.54	%(d)		2.50	%		3.03	%		3.22	%		3.57	%		3.87	%
Portfolio turnover rate(e)		5	%		23	%		16	%		12	%		28	%		15	%

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

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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. 177

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, 2020 (Unaudited)			Year Ended March 31,						November 30, 2017* to March 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	15.59		$	16.02		$	15.59		$	15.56
Net investment income(a)		0.21			0.42			0.49			0.17
Net realized and unrealized gain (loss)		0.65			(0.42	)		0.43			0.03
Total from investment operations		0.86			—	(b)		0.92			0.20
Distributions to shareholders from net investment income		(0.21	)		(0.43	)		(0.49	)		(0.17	)
Net asset value, end of period	$	16.24		$	15.59		$	16.02		$	15.59
Total return(c)		5.52	%		(0.08	)%		5.98	%		1.27	%
Net assets, end of period (in 000s)	$	82,001		$	69,532		$	44,934		$	10
Ratio of net expenses to average net assets		0.38	%(d)		0.38	%		0.39	%		0.40	%(d)
Ratio of total expenses to average net assets		0.41	%(d)		0.41	%		0.42	%		0.43	%(d)
Ratio of net investment income to average net assets		2.63	%(d)		2.61	%		3.11	%		3.28	%(d)
Portfolio turnover rate(e)		5	%		23	%		16	%		12	%

* Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

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

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

(d) Annualized.

(e) The 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.

178 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 P Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020			April 20, 2018* to March 31, 2019
Per Share Data
Net asset value, beginning of period	$	15.59		$	16.02		$	15.65
Net investment income(a)		0.21			0.43			0.46
Net realized and unrealized gain (loss)		0.65			(0.43	)		0.36
Total from investment operations		0.86			—	(b)		0.82
Distributions to shareholders from net investment income		(0.21	)		(0.43	)		(0.45	)
Net asset value, end of period	$	16.24		$	15.59		$	16.02
Total return(c)		5.52	%		(0.08	)%		5.35	%
Net assets, end of period (in 000s)	$	1,774,417		$	1,683,366		$	1,193,566
Ratio of net expenses to average net assets		0.38	%(d)		0.38	%		0.39	%(d)
Ratio of total expenses to average net assets		0.41	%(d)		0.41	%		0.43	%(d)
Ratio of net investment income to average net assets		2.63	%(d)		2.61	%		3.11	%(d)
Portfolio turnover rate(e)		5	%		23	%		16	%

* Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

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

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

(d) Annualized.

(e) The 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. 179

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.59		$	9.91		$	9.55		$	9.35		$	9.36		$	9.34
Net investment income(a)		0.17			0.37			0.38			0.38			0.47			0.46
Net realized and unrealized gain (loss)		0.44			(0.34	)		0.35			0.18			(0.06	)		(0.02	)
Total from investment operations		0.61			0.03			0.73			0.56			0.41			0.44
Distributions to shareholders from net investment income		(0.16	)		(0.35	)		(0.37	)		(0.36	)		(0.42	)		(0.42	)
Net asset value, end of period	$	10.04		$	9.59		$	9.91		$	9.55		$	9.35		$	9.36
Total return(b)		6.42	%		0.13	%		7.79	%		6.10	%		4.48	%		4.89	%
Net assets, end of period (in 000s)	$	468,973		$	419,784		$	377,942		$	250,436		$	234,550		$	262,193
Ratio of net expenses to average net assets		0.86	%(c)		0.85	%		0.85	%		0.85	%		0.85	%		0.86	%
Ratio of total expenses to average net assets		0.90	%(c)		0.91	%		0.92	%		0.92	%		0.92	%		0.93	%
Ratio of net investment income to average net assets		3.37	%(c)		3.61	%		3.97	%		4.00	%		4.93	%		4.98	%
Portfolio turnover rate(d)		6	%		20	%		16	%		16	%		31	%		11	%

(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 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.

180 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.59		$	9.91		$	9.55		$	9.35		$	9.36		$	9.34
Net investment income(a)		0.13			0.29			0.31			0.31			0.40			0.39
Net realized and unrealized gain (loss)		0.44			(0.34	)		0.35			0.18			(0.06	)		(0.02	)
Total from investment operations		0.57			(0.05	)		0.66			0.49			0.34			0.37
Distributions to shareholders from net investment income		(0.12	)		(0.27	)		(0.30	)		(0.29	)		(0.35	)		(0.35	)
Net asset value, end of period	$	10.04		$	9.59		$	9.91		$	9.55		$	9.35		$	9.36
Total return(b)		6.03	%		(0.62	)%		6.99	%		5.30	%		3.70	%		4.11	%
Net assets, end of period (in 000s)	$	78,926		$	77,387		$	60,899		$	59,381		$	66,772		$	73,498
Ratio of net expenses to average net assets		1.60	%(c)		1.60	%		1.60	%		1.60	%		1.60	%		1.62	%
Ratio of total expenses to average net assets		1.65	%(c)		1.66	%		1.67	%		1.67	%		1.67	%		1.68	%
Ratio of net investment income to average net assets		2.62	%(c)		2.85	%		3.22	%		3.25	%		4.18	%		4.24	%
Portfolio turnover rate(d)		6	%		20	%		16	%		16	%		31	%		11	%

(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 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. 181

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.59		$	9.91		$	9.55		$	9.36		$	9.36		$	9.34
Net investment income(a)		0.18			0.40			0.41			0.41			0.49			0.48
Net realized and unrealized gain (loss)		0.45			(0.34	)		0.35			0.17			(0.04	)		(0.01	)
Total from investment operations		0.63			0.06			0.76			0.58			0.45			0.47
Distributions to shareholders from net investment income		(0.18	)		(0.38	)		(0.40	)		(0.39	)		(0.45	)		(0.45	)
Net asset value, end of period	$	10.04		$	9.59		$	9.91		$	9.55		$	9.36		$	9.36
Total return(b)		6.59	%		0.43	%		8.10	%		6.29	%		4.88	%		5.19	%
Net assets, end of period (in 000s)	$	1,132,428		$	894,702		$	699,635		$	5,026,846		$	4,284,703		$	3,754,010
Ratio of net expenses to average net assets		0.55	%(c)		0.55	%		0.56	%		0.56	%		0.56	%		0.57	%
Ratio of total expenses to average net assets		0.57	%(c)		0.57	%		0.58	%		0.58	%		0.58	%		0.59	%
Ratio of net investment income to average net assets		3.67	%(c)		3.91	%		4.27	%		4.29	%		5.23	%		5.25	%
Portfolio turnover rate(d)		6	%		20	%		16	%		16	%		31	%		11	%

(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 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.

182 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.60		$	9.92		$	9.56		$	9.37		$	9.37		$	9.35
Net investment income(b)		0.18			0.39			0.41			0.41			0.50			0.48
Net realized and unrealized gain (loss)		0.44			(0.34	)		0.34			0.17			(0.05	)		(0.01	)
Total from investment operations		0.62			0.05			0.75			0.58			0.45			0.47
Distributions to shareholders from net investment income		(0.17	)		(0.37	)		(0.39	)		(0.39	)		(0.45	)		(0.45	)
Net asset value, end of period	$	10.05		$	9.60		$	9.92		$	9.56		$	9.37		$	9.37
Total return(c)		6.55	%		0.38	%		8.05	%		6.26	%		4.81	%		5.15	%
Net assets, end of period (in 000s)	$	389,728		$	331,991		$	202,256		$	85,209		$	42,152		$	20,741
Ratio of net expenses to average net assets		0.61	%(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.61	%
Ratio of total expenses to average net assets		0.65	%(d)		0.66	%		0.66	%		0.67	%		0.67	%		0.68	%
Ratio of net investment income to average net assets		3.61	%(d)		3.85	%		4.21	%		4.26	%		5.25	%		5.22	%
Portfolio turnover rate(e)		6	%		20	%		16	%		16	%		31	%		11	%

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

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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. 183

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, 2020 (Unaudited)			Year Ended March 31,						November 30, 2017* to March 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	9.58		$	9.91		$	9.55		$	9.46
Net investment income(a)		0.18			0.40			0.41			0.14
Net realized and unrealized gain (loss)		0.46			(0.35	)		0.35			0.08
Total from investment operations		0.64			0.05			0.76			0.22
Distributions to shareholders from net investment income		(0.18	)		(0.38	)		(0.40	)		(0.13	)
Net asset value, end of period	$	10.04		$	9.58		$	9.91		$	9.55
Total return(b)		6.70	%		0.32	%		8.09	%		2.33	%
Net assets, end of period (in 000s)	$	2,022		$	11		$	11		$	10
Ratio of net expenses to average net assets		0.54	%(c)		0.54	%		0.55	%		0.57	%(c)
Ratio of total expenses to average net assets		0.56	%(c)		0.57	%		0.55	%		0.60	%(c)
Ratio of net investment income to average net assets		3.61	%(c)		3.92	%		4.28	%		4.36	%(c)
Portfolio turnover rate(d)		6	%		20	%		16	%		16	%

* Commencement of operations.

(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 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.

184 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 P Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020			April 20, 2018* to March 31, 2019
Per Share Data
Net asset value, beginning of period	$	9.58		$	9.90		$	9.60
Net investment income(a)		0.18			0.40			0.39
Net realized and unrealized gain (loss)		0.45			(0.34	)		0.28
Total from investment operations		0.63			0.06			0.67
Distributions to shareholders from net investment income		(0.18	)		(0.38	)		(0.37	)
Net asset value, end of period	$	10.03		$	9.58		$	9.90
Total return(b)		6.60	%		0.44	%		7.14	%
Net assets, end of period (in 000s)	$	6,762,458		$	6,139,055		$	5,961,922
Ratio of net expenses to average net assets		0.54	%(c)		0.54	%		0.55	%(c)
Ratio of total expenses to average net assets		0.56	%(c)		0.56	%		0.57	%(c)
Ratio of net investment income to average net assets		3.69	%(c)		3.93	%		4.27	%(c)
Portfolio turnover rate(d)		6	%		20	%		16	%

 * Commencement of operations.

(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 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. 185

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Municipal Income Completion Fund
	Separate Account Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			April 1, 2019* to March 31, 2020
Per Share Data
Net asset value, beginning of period	$	9.65		$	10.00
Net investment income(a)		0.17			0.35
Net realized and unrealized gain (loss)		0.59			(0.34	)
Total from investment operations		0.76			0.01
Distributions to shareholders from net investment income		(0.17	)		(0.36	)
Net asset value, end of period	$	10.24		$	9.65
Total return(b)		7.88	%		(0.10	)%
Net assets, end of period (in 000s)	$	38,563		$	17,651
Ratio of net expenses to average net assets		—	%		—	%
Ratio of total expenses to average net assets		1.18	%(c)		6.51	%
Ratio of net investment income to average net assets		3.34	%(c)		3.40	%
Portfolio turnover rate(d)		12	%		7	%

 * Commencement of operations.

(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 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.

186 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 A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.63		$	10.66		$	10.48		$	10.52		$	10.56		$	10.59
Net investment income(a)		0.07			0.16			0.16			0.12			0.12			0.10
Net realized and unrealized gain (loss)		0.17			(0.03	)		0.17			(0.04	)		(0.05	)		(0.04	)
Total from investment operations		0.24			0.13			0.33			0.08			0.07			0.06
Distributions to shareholders from net investment income		(0.06	)		(0.16	)		(0.15	)		(0.12	)		(0.11	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			—			—			—	(b)		—	(b)
Total distributions		(0.06	)		(0.16	)		(0.15	)		(0.12	)		(0.11	)		(0.09	)
Net asset value, end of period	$	10.81		$	10.63		$	10.66		$	10.48		$	10.52		$	10.56
Total return(c)		2.30	%		1.18	%		3.20	%		0.74	%		0.63	%		0.62	%
Net assets, end of period (in 000s)	$	228,578		$	134,986		$	119,675		$	97,703		$	124,586		$	147,949
Ratio of net expenses to average net assets		0.68	%(d)		0.68	%		0.69	%		0.68	%		0.70	%		0.73	%
Ratio of total expenses to average net assets		0.73	%(d)		0.74	%		0.75	%		0.75	%		0.76	%		0.76	%
Ratio of net investment income to average net assets		1.29	%(d)		1.45	%		1.51	%		1.18	%		1.09	%		0.98	%
Portfolio turnover rate(e)		13	%		29	%		44	%		35	%		40	%		24	%

(a) Calculated based on the average shares outstanding methodology.

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

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

(d) Annualized.

(e) The 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. 187

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.62		$	10.65		$	10.47		$	10.51		$	10.55		$	10.58
Net investment income(a)		0.05			0.11			0.12			0.09			0.07			0.06
Net realized and unrealized gain (loss)		0.17			(0.03	)		0.17			(0.05	)		(0.05	)		(0.04	)
Total from investment operations		0.22			0.08			0.29			0.04			0.02			0.02
Distributions to shareholders from net investment income		(0.04	)		(0.11	)		(0.11	)		(0.08	)		(0.06	)		(0.05	)
Distributions to shareholders from net realized gains		—			—			—			—			—	(b)		—	(b)
Total distributions		(0.04	)		(0.11	)		(0.11	)		(0.08	)		(0.06	)		(0.05	)
Net asset value, end of period	$	10.80		$	10.62		$	10.65		$	10.47		$	10.51		$	10.55
Total return(c)		2.10	%		0.78	%		2.80	%		0.34	%		0.23	%		0.22	%
Net assets, end of period (in 000s)	$	14,477		$	17,180		$	15,681		$	19,813		$	23,220		$	33,787
Ratio of net expenses to average net assets		1.08	%(d)		1.08	%		1.09	%		1.08	%		1.10	%		1.13	%
Ratio of total expenses to average net assets		1.48	%(d)		1.50	%		1.50	%		1.50	%		1.51	%		1.51	%
Ratio of net investment income to average net assets		0.92	%(d)		1.04	%		1.10	%		0.81	%		0.69	%		0.58	%
Portfolio turnover rate(e)		13	%		29	%		44	%		35	%		40	%		24	%

(a) Calculated based on the average shares outstanding methodology.

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

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

(d) Annualized.

(e) The 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.

188 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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.62		$	10.64		$	10.47		$	10.50		$	10.54		$	10.58
Net investment income(a)		0.09			0.19			0.19			0.16			0.15			0.14
Net realized and unrealized gain (loss)		0.17			(0.02	)		0.16			(0.04	)		(0.05	)		(0.05	)
Total from investment operations		0.26			0.17			0.35			0.12			0.10			0.09
Distributions to shareholders from net investment income		(0.08	)		(0.19	)		(0.18	)		(0.15	)		(0.14	)		(0.13	)
Distributions to shareholders from net realized gains		—			—			—			—			—	(b)		—	(b)
Total distributions		(0.08	)		(0.19	)		(0.18	)		(0.15	)		(0.14	)		(0.13	)
Net asset value, end of period	$	10.80		$	10.62		$	10.64		$	10.47		$	10.50		$	10.54
Total return(c)		2.45	%		1.58	%		3.42	%		1.15	%		0.94	%		0.86	%
Net assets, end of period (in 000s)	$	2,054,048		$	1,646,398		$	1,488,011		$	4,936,410		$	4,448,309		$	4,316,949
Ratio of net expenses to average net assets		0.38	%(d)		0.38	%		0.38	%		0.38	%		0.39	%		0.39	%
Ratio of total expenses to average net assets		0.40	%(d)		0.40	%		0.41	%		0.41	%		0.42	%		0.42	%
Ratio of net investment income to average net assets		1.60	%(d)		1.75	%		1.77	%		1.52	%		1.41	%		1.32	%
Portfolio turnover rate(e)		13	%		29	%		44	%		35	%		40	%		24	%

(a) Calculated based on the average shares outstanding methodology.

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

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

(d) Annualized.

(e) The 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. 189

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.62		$	10.64		$	10.47		$	10.50		$	10.54		$	10.58
Net investment income(a)		0.06			0.14			0.14			0.11			0.10			0.09
Net realized and unrealized gain (loss)		0.17			(0.02	)		0.16			(0.04	)		(0.05	)		(0.05	)
Total from investment operations		0.23			0.12			0.30			0.07			0.05			0.04
Distributions to shareholders from net investment income		(0.05	)		(0.14	)		(0.13	)		(0.10	)		(0.09	)		(0.08	)
Distributions to shareholders from net realized gains		—			—			—			—			—	(b)		—	(b)
Total distributions		(0.05	)		(0.14	)		(0.13	)		(0.10	)		(0.09	)		(0.08	)
Net asset value, end of period	$	10.80		$	10.62		$	10.64		$	10.47		$	10.50		$	10.54
Total return(c)		2.20	%		1.07	%		2.90	%		0.65	%		0.44	%		0.36	%
Net assets, end of period (in 000s)	$	183		$	179		$	293		$	287		$	263		$	161
Ratio of net expenses to average net assets		0.88	%(d)		0.88	%		0.89	%		0.88	%		0.89	%		0.89	%
Ratio of total expenses to average net assets		0.90	%(d)		0.91	%		0.91	%		0.91	%		0.92	%		0.92	%
Ratio of net investment income to average net assets		1.11	%(d)		1.27	%		1.31	%		1.03	%		0.91	%		0.82	%
Portfolio turnover rate(e)		13	%		29	%		44	%		35	%		40	%		24	%

(a) Calculated based on the average shares outstanding methodology.

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

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

(d) Annualized.

(e) The 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.

190 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
	Investor Shares(a)
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.62		$	10.64		$	10.47		$	10.51		$	10.55		$	10.58
Net investment income(b)		0.08			0.18			0.19			0.16			0.14			0.13
Net realized and unrealized gain (loss)		0.18			(0.02	)		0.16			(0.05	)		(0.05	)		(0.04	)
Total from investment operations		0.26			0.16			0.35			0.11			0.09			0.09
Distributions to shareholders from net investment income		(0.08	)		(0.18	)		(0.18	)		(0.15	)		(0.13	)		(0.12	)
Distributions to shareholders from net realized gains		—			—			—			—			—	(c)		—	(c)
Total distributions		(0.08	)		(0.18	)		(0.18	)		(0.15	)		(0.13	)		(0.12	)
Net asset value, end of period	$	10.80		$	10.62		$	10.64		$	10.47		$	10.51		$	10.55
Total return(d)		2.43	%		1.53	%		3.37	%		1.01	%		0.88	%		0.87	%
Net assets, end of period (in 000s)	$	136,317		$	111,743		$	65,719		$	21,605		$	10,002		$	3,526
Ratio of net expenses to average net assets		0.43	%(e)		0.43	%		0.44	%		0.43	%		0.45	%		0.48	%
Ratio of total expenses to average net assets		0.48	%(e)		0.49	%		0.50	%		0.50	%		0.51	%		0.51	%
Ratio of net investment income to average net assets		1.56	%(e)		1.69	%		1.79	%		1.48	%		1.37	%		1.23	%
Portfolio turnover rate(f)		13	%		29	%		44	%		35	%		40	%		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) 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.

(e) Annualized.

(f) 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. 191

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, 2020 (Unaudited)			Year Ended March 31,						November 30, 2017* to March 31, 2018
				2020			2019
Per Share Data
Net asset value, beginning of period	$	10.61		$	10.64		$	10.46		$	10.45
Net investment income(a)		0.09			0.19			0.21			0.06
Net realized and unrealized gain (loss)		0.17			(0.03	)		0.15			—	(b)
Total from investment operations		0.26			0.16			0.36			0.06
Distributions to shareholders from net investment income		(0.08	)		(0.19	)		(0.18	)		(0.05	)
Net asset value, end of period	$	10.79		$	10.61		$	10.64		$	10.46
Total return(c)		2.46	%		1.50	%		3.51	%		0.61	%
Net assets, end of period (in 000s)	$	6,738		$	5,992		$	5,014		$	10
Ratio of net expenses to average net assets		0.37	%(d)		0.37	%		0.38	%		0.36	%(d)
Ratio of total expenses to average net assets		0.39	%(d)		0.39	%		0.40	%		0.38	%(d)
Ratio of net investment income to average net assets		1.62	%(d)		1.75	%		1.96	%		1.64	%(d)
Portfolio turnover rate(e)		13	%		29	%		44	%		35	%

 * Commencement of operations.

(a) Calculated based on the average shares outstanding methodology.

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

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

(d) Annualized.

(e) The 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.

192 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, 2020 (Unaudited)			Year Ended March 31, 2020			April 20, 2018* to March 31, 2019
Per Share Data
Net asset value, beginning of period	$	10.61		$	10.64		$	10.46
Net investment income(a)		0.09			0.19			0.18
Net realized and unrealized gain (loss)		0.17			(0.03	)		0.17
Total from investment operations		0.26			0.16			0.35
Distributions to shareholders from net investment income		(0.08	)		(0.19	)		(0.17	)
Net asset value, end of period	$	10.79		$	10.61		$	10.64
Total return(b)		2.46	%		1.50	%		3.42	%
Net assets, end of period (in 000s)	$	7,451,093		$	5,572,014		$	4,965,675
Ratio of net expenses to average net assets		0.37	%(c)		0.37	%		0.38	%(c)
Ratio of total expenses to average net assets		0.39	%(c)		0.39	%		0.40	%(c)
Ratio of net investment income to average net assets		1.61	%(c)		1.75	%		1.86	%(c)
Portfolio turnover rate(d)		13	%		29	%		44	%

 * Commencement of operations.

(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 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. 193

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements

September 30, 2020 (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, R6 and P	Diversified
High Yield Municipal	A, C, Institutional, Investor, R6 and P	Diversified
Municipal Income Completion	Separate Account Institutional	Diversified

Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a front-end sales charge of up to 3.75%, 4.50% and 1.50%, respectively. Class C Shares of Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, 1.00% and 0.65%, respectively, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Investor, Class R6, Class P and Separate Account Institutional Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations.

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.

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.

194

GOLDMAN SACHS MUNICIPAL FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

D.  Redemption Fees — Prior to March 16, 2020, a 2% redemption fee was imposed on the redemption of shares (including by exchange) of the High Yield Municipal Fund held for 60 calendar days or less. For this purpose, the High Yield Municipal Fund utilized a first-in first-out method so that shares held longest were treated as being redeemed first and shares held shortest were treated as being redeemed last. Redemption fees were reimbursed to the Fund and were reflected as a reduction in share redemptions. Redemption fees were credited to Paid-in Capital and are allocated to each share class of the Fund on a pro-rata basis. Effective March 16, 2020 redemption fees for Goldman Sachs High Yield Municipal Fund are no longer imposed.

E.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income distributions, if any, are declared daily and paid monthly, and capital gains distributions, if any, are declared and paid at least annually.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s 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.

195

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 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.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

i.  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

196

GOLDMAN SACHS MUNICIPAL FUNDS

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, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

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

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

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

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

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. 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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Notes to Financial Statements (continued)

September 30, 2020 (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, 2020:

DYNAMIC MUNICIPAL INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—	$	7,998,849,899	$	—
Corporate Bonds		—		12,907,381		5,850,513
Total	$	—	$	8,011,757,280	$	5,850,513
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—	$	53,908	$	—
HIGH YIELD MUNICIPAL
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—	$	8,679,525,795	$	—
Corporate Bonds		—		20,909,266		12,218,283
Total	$	—	$	8,700,435,061	$	12,218,283
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—	$	1,178,961	$	—
Liabilities(a)
Credit Default Swap Contracts	$	—	$	(237,073)	$	—
MUNICIPAL INCOME COMPLETION
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—	$	36,656,889	$	—
Corporate Bond		—		—		100,438
Total	$	—	$	36,656,889	$	100,438

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION TAX-FREE
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—	$	9,797,421,895	$	—
Corporate Bonds		—		19,963,230		—
U.S. Treasury Obligations		99,675,781		—		—
Total	$	99,675,781	$	9,817,385,125	$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—	$	404,312	$	—

(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, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure:

DYNAMIC MUNICIPAL INCOME
Risk	Statements of Assets and Liabilities	Assets		Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	53,908	—	$	—
HIGH YIELD MUNICIPAL
Risk	Statements of Assets and Liabilities	Assets		Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	1,178,961	Payable for unrealized loss on swap contracts	$	(237,073)
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	$	404,312	—	$	—

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Notes to Financial Statements (continued)

September 30, 2020 (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, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

DYNAMIC MUNICIPAL INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	15,253		$	(21,009	)		2
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(18,277,273	)		16,596,367			1
Total		$	(18,262,020	)	$	16,575,358			3
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	$	548,075		$	(757,359	)		7
Interest Rate	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(19,839,234	)		18,104,307			1
Total		$	(19,291,159	)	$	17,346,948			8
MUNICIPAL INCOME COMPLETION
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 swap contracts/Net unrealized gain (loss) on swap contracts	$	(35,867	)	$	33,817			1
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	$	113,917		$	(157,565	)		2

(a) Average number of contracts is based on the average of month end balances for the six months ended September 30, 2020.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

With the exception of the Municipal Income Completion Fund, as compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets. The Municipal Income Completion Fund does not pay a management fee to GSAM. However, the Fund is used exclusively to implement municipal investment strategies for separately managed account clients of GSAM that participate in certain “wrap-fee” programs.

For the six months ended September 30, 2020, 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	%		0.35	%		0.35	%
High Yield Municipal		0.55			0.55			0.50			0.48			0.47			0.50			0.50
Short Duration Tax-Free		0.39			0.35			0.33			0.33			0.32			0.34			0.34

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.

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			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, 2020, Goldman Sachs agreed to waive a portion of the distribution and/or service fees equal to 0.35% as an annual percentage rate of the average daily net assets attributable to Class C Shares of the Short Duration Tax-Free Fund. This arrangement will remain in place through at least July 29, 2021. Prior to such date, Goldman Sachs may not terminate this arrangement without the approval of the Trustees.

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Notes to Financial Statements (continued)

September 30, 2020 (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, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge		Contingent Deferred Sales Charge
Fund	Class A		Class C
Dynamic Municipal Income	$	19,569	$	2
High Yield Municipal		18,821		—
Short Duration Tax-Free		7,668		—

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: 0.12% of the average daily net assets of Class A, Class C and Investor Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; 0.04% of the average daily net assets of Institutional and Service Shares; and 0.02% of the average daily net assets of Separate Account Institutional Shares. Prior to July 1, 2020, the annual rate was 0.13% of the average daily net assets of Class A, Class C and Investor Shares. Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.02% and 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal and Short Duration Tax-Free Funds, respectively. Goldman Sachs also agreed to reduce or limit its transfer agency fee to 0.00% as an annual percentage rate of the average daily net assets attributable to Separate Account Institutional Shares of the Municipal Income Completion Fund. These arrangements will remain in effect through at least July 29, 2021, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Trustees. Prior to July 29, 2020, Goldman Sachs agreed to waive a portion of the transfer agency fee equal to 0.03% and 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the High Yield Municipal Fund and Short Duration Tax-Free Funds, respectively.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets is 0.004% for Dynamic Municipal Income, High Yield Municipal Income, Short Duration Tax-Free Funds and 0.00% for Municipal Income Completion Fund. These Other Expense limitations will remain in place through at least July 29, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

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GOLDMAN SACHS MUNICIPAL FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2020, 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	$	—	$	—		$	1,123,668	$	49,075	$	1,172,743
High Yield Municipal		—		106,579	(a)		759,842		18,522		884,943
Municipal Income Completion		—		2,347			136,921		—		139,268
Short Duration Tax-Free		28,060		53,775	(a)		688,007		28,800		798,642

(a) Applicable to Class A, C and Investor Shares.

G.  Line of Credit Facility — As of September 30, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended September 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020 the facility was $580,000,000.

H.  Other Transactions with Affiliates — As of September 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Separate Account Institutional
Municipal Income Completion		14	%

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, 2020, the purchase and sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:

Fund	Purchases		Sales		Net Realized Gain (Loss)
Dynamic Municipal Income	$	108,924,801	$	73,190,355	$	(6,073,183	)
High Yield Municipal		24,053,430		155,385,083		(3,541,289	)
Municipal Income Completion		—		217,625		(33,585	)
Short Duration Tax-Free		122,269,262		38,198,423		(2,037,354	)

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Notes to Financial Statements (continued)

September 30, 2020 (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, 2020, 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	$	—	$	1,013,527,799	$	50,129	$	363,911,899
High Yield Municipal		—		1,102,403,135		—		450,695,826
Municipal Income Completion		—		24,161,953		—		2,623,078
Short Duration Tax-Free		99,478,883		3,223,678,209		—		1,054,459,724

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2020, the Funds’ capital loss carryforwards and certain timing differences, on a tax-basis were as follows:

	Dynamic Municipal Income			High Yield Municipal			Municipal Income Completion			Short Duration Tax-Free
Capital loss carryforwards:
Perpetual Short-term	$	(107,248,540	)	$	(141,054,449	)	$	(123,463	)	$	(10,859,998	)
Perpetual Long-term		(12,483,768	)		(171,810,258	)		—			(24,368,002	)
Total capital loss carryforwards	$	(119,732,308	)	$	(312,864,707	)	$	(123,463	)	$	(35,228,000	)
Timing differences (Post October Loss Deferral, Defaulted Bond Income and Distribution Payable)	$	(118,823,680	)	$	(78,458,231	)	$	(130,655	)	$	(2,053,873	)

As of September 30, 2020, the Funds’ aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Dynamic Municipal Income			High Yield Municipal			Municipal Income Completion			Short Duration Tax-Free
Tax cost	$	7,674,215,045		$	8,095,922,043		$	36,202,954		$	9,739,927,691
Gross unrealized gain		398,605,898			751,148,510			990,214			203,906,908
Gross unrealized loss		(55,213,150	)		(134,417,209	)		(435,841	)		(26,773,693	)
Net unrealized gain	$	343,392,748		$	616,731,301		$	554,373		$	177,133,215

The difference between GAAP-basis and tax-basis unrealized gains (losses), is attributable primarily to wash sales, 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.

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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.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates. In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things,

205

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

8. OTHER RISKS (continued)

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.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at

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10. OTHER MATTERS (continued)

https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

Contingencies —Dynamic Municipal Income Fund and High Yield Municipal Fund are among the defendants in an adversary proceeding filed in August 2019 against current and former holders of General Obligation (“GO”) and other bonds issued by the Commonwealth of Puerto Rico seeking to clawback payments made to bondholders on the grounds that the bonds allegedly violated the Puerto Rico Constitution and were void from the outset. The complaint seeks approximately $389,000 and $4,384,000 from Dynamic Municipal Income Fund and High Yield Municipal Fund, respectively. On February 9, 2020, the Financial Oversight and Management Board for Puerto Rico, as representative of the Commonwealth of Puerto Rico (the “Commonwealth”), the Puerto Rico Public Buildings Authority (“PBA”), and the Employee Retirement System of the Government of the Commonwealth of Puerto Rico (“ERS”) entered into a Plan Support Agreement (the “PSA”) with certain holders of GO Bond Claims and/or CW Guarantee Bond Claims (each as defined in the PSA) and holders of PBA Bond Claims (as defined in the PSA). The Government of the Commonwealth of Puerto Rico is not a party to the PSA and does not support it on its current terms. Pursuant to the PSA, the Oversight Board and certain creditors agreed to settle the GO clawback litigation. The settlement will be implemented by an amended Plan of Adjustment, filed February 28, 2020. Pursuant to the settlement, current GO bondholders will receive cash and new bonds, ultimately resulting in recovery of approximately 28% on average less than they are entitled under the existing bonds. Former GO bondholders will be dismissed from the clawback litigation. The settlement must be approved by 70% of current bondholders and requires court approval. In addition, the Plan requires certain legislation to be passed by Puerto Rico, which the government of Puerto Rico does not currently support. As a result of the COVID-19 pandemic, there are currently no deadlines to implement the settlement. GSAM has determined that the risk of loss is reasonably possible but not probable.

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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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Dynamic Municipal Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		13,763,171		$	219,842,416			57,557,014		$	937,851,015
Reinvestment of distributions		847,746			13,536,704			1,472,195			24,001,344
Shares redeemed		(11,837,902	)		(187,350,471	)		(21,753,051	)		(347,171,442	)
		2,773,015			46,028,649			37,276,158			614,680,917
Class C Shares
Shares sold		1,095,393			17,508,456			4,980,688			81,202,614
Reinvestment of distributions		53,964			861,754			91,235			1,487,502
Shares redeemed		(1,112,670	)		(17,763,308	)		(1,207,274	)		(19,446,234	)
		36,687			606,902			3,864,649			63,243,882
Institutional Shares
Shares sold		58,404,195			923,808,822			171,519,064			2,788,853,875
Reinvestment of distributions		2,273,500			36,299,526			4,000,710			65,223,134
Shares redeemed		(40,601,841	)		(640,038,408	)		(85,827,643	)		(1,337,688,885	)
		20,075,854			320,069,940			89,692,131			1,516,388,124
Service Shares
Shares sold		—			—			16,380			266,000
Reinvestment of distributions		53			870			23			374
Shares redeemed		(854	)		(13,172	)		(5,809	)		(97,076	)
		(801	)		(12,302	)		10,594			169,298
Investor Shares
Shares sold		18,351,260			291,057,700			44,096,686			715,530,362
Reinvestment of distributions		762,165			12,160,931			1,158,129			18,860,480
Shares redeemed		(13,732,382	)		(218,515,465	)		(17,235,460	)		(273,201,701	)
		5,381,043			84,703,166			28,019,355			461,189,141
Class R6 Shares
Shares sold		1,203,928			19,053,447			2,621,422			42,622,609
Reinvestment of distributions		58,566			935,540			97,773			1,593,496
Shares redeemed		(671,738	)		(10,550,880	)		(1,063,735	)		(17,003,223	)
		590,756			9,438,107			1,655,460			27,212,882
Class P Shares
Shares sold		18,990,046			301,778,938			49,161,324			803,325,236
Reinvestment of distributions		1,369,165			21,860,052			2,438,428			39,740,777
Shares redeemed		(19,042,994	)		(298,868,344	)		(18,124,961	)		(289,781,276	)
		1,316,217			24,770,646			33,474,791			553,284,737
NET INCREASE		30,172,771		$	485,605,108			193,993,138		$	3,236,168,981

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	High Yield Municipal Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		9,134,954		$	89,821,648			20,048,614		$	203,934,397
Reinvestment of distributions		662,787			6,500,167			1,344,897			13,709,617
Shares redeemed		(6,881,923	)		(66,574,236	)		(15,753,635	)		(157,972,186	)
		2,915,818			29,747,579			5,639,876			59,671,828
Class C Shares
Shares sold		1,143,237			11,022,021			3,852,316			39,248,209
Reinvestment of distributions		92,558			907,510			166,648			1,698,764
Shares redeemed		(1,448,169	)		(14,285,781	)		(2,093,824	)		(20,935,940	)
		(212,374	)		(2,356,250	)		1,925,140			20,011,033
Institutional Shares
Shares sold		40,002,107			390,077,641			66,322,633			672,981,874
Reinvestment of distributions		1,410,032			13,858,950			2,735,106			27,914,867
Shares redeemed		(21,965,400	)		(212,136,874	)		(46,355,759	)		(459,573,926	)
		19,446,739			191,799,717			22,701,980			241,322,815
Investor Shares
Shares sold		15,508,224			150,930,336			26,698,692			270,270,268
Reinvestment of distributions		620,217			6,096,093			1,063,104			10,856,437
Shares redeemed		(11,953,300	)		(113,941,423	)		(13,558,636	)		(134,755,390	)
		4,175,141			43,085,006			14,203,160			146,371,315
Class R6 Shares
Shares sold		211,186			1,986,688			1			—
Reinvestment of distributions		55			545			42			430
Shares redeemed		(10,976	)		(110,512	)		—			—
		200,265			1,876,721			43			430
Class P Shares
Shares sold		85,037,285			830,811,964			180,400,900			1,835,640,922
Reinvestment of distributions		11,609,175			113,779,780			23,975,829			244,200,859
Shares redeemed		(63,529,486	)		(606,960,704	)		(165,742,054	)		(1,613,954,533	)
		33,116,974			337,631,040			38,634,675			465,887,248
NET INCREASE		59,642,563		$	601,783,813			83,104,874		$	933,264,669

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Municipal Income Completion Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020(a)
	Shares			Dollars			Shares			Dollars
Separate Account Institutional Shares
Shares sold		2,575,503		$	26,255,449			1,854,905		$	18,858,469
Reinvestment of distributions		37,518			378,057			20,490			208,649
Shares redeemed		(677,462	)		(6,819,704	)		(45,508	)		(446,434	)
NET INCREASE		1,935,559		$	19,813,802			1,829,887		$	18,620,684

(a) Commenced operations on April 1, 2019.

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11. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Tax-Free Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		11,674,011		$	125,816,562			6,838,917		$	73,149,091
Reinvestment of distributions		73,730			793,484			131,143			1,408,383
Shares redeemed		(3,304,848	)		(35,544,631	)		(5,504,477	)		(58,897,750	)
		8,442,893			91,065,415			1,465,583			15,659,724
Class C Shares
Shares sold		181,924			1,955,098			794,027			8,509,972
Reinvestment of distributions		4,362			46,836			10,360			111,126
Shares redeemed		(463,608	)		(4,990,602	)		(659,751	)		(7,062,914	)
		(277,322	)		(2,988,668	)		144,636			1,558,184
Institutional Shares
Shares sold		76,390,989			820,742,139			92,654,961			992,727,589
Reinvestment of distributions		505,619			5,427,858			1,248,309			13,391,743
Shares redeemed		(41,724,216	)		(446,089,861	)		(78,657,196	)		(840,566,418	)
		35,172,392			380,080,136			15,246,074			165,552,914
Service Shares
Shares sold		—			—			1,400			15,000
Reinvestment of distributions		83			892			199			2,140
Shares redeemed		(16	)		(180	)		(12,330	)		(132,545	)
		67			712			(10,731	)		(115,405	)
Investor Shares
Shares sold		4,981,263			53,439,641			7,306,701			77,891,482
Reinvestment of distributions		82,178			882,681			129,044			1,384,410
Shares redeemed		(2,963,281	)		(31,797,964	)		(3,087,493	)		(32,958,887	)
		2,100,160			22,524,358			4,348,252			46,317,005
Class R6 Shares
Shares sold		142,839			1,528,984			271,987			2,910,376
Reinvestment of distributions		4,095			43,965			8,663			92,857
Shares redeemed		(87,223	)		(932,379	)		(187,418	)		(1,998,716	)
		59,711			640,570			93,232			1,004,517
Class P Shares
Shares sold		286,780,150			3,082,471,459			313,452,531			3,363,995,263
Reinvestment of distributions		4,343,773			46,643,830			9,108,513			97,647,520
Shares redeemed		(125,790,988	)		(1,347,606,723	)		(264,320,452	)		(2,816,638,904	)
		165,332,935			1,781,508,566			58,240,592			645,003,879
NET INCREASE		210,830,836		$	2,272,831,089			79,527,638		$	874,980,818

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Fund Expenses — Six Month Period Ended September 30, 2020 (Unaudited)

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

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, 2020 through September 30, 2020, which represents a period of 183 days of a 365 day year.

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

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Dynamic Municipal Income Fund							High Yield Municipal Fund							Municipal Income Completion Fund							Short Duration Tax-Free Fund
Share Class	Beginning Account Value 4/01/20		Ending Account Value 9/30/20			Expenses Paid for the 6 Months Ended 9/30/20*		Beginning Account Value 4/01/20		Ending Account Value 9/30/20			Expenses Paid for the 6 Months Ended 9/30/20*		Beginning Account Value 4/01/20		Ending Account Value 9/30/20			Expenses Paid for the 6 Months Ended9/30/20*		Beginning Account Value 4/01/20		Ending Account Value 9/30/20			Expenses Paid for the 6 Months Ended 9/30/20*
Class A
Actual	$	1,000	$	1,053.40		$	3.76	$	1,000	$	1,064.20		$	4.45		N/A		N/A			N/A	$	1,000	$	1,023.00		$	3.45
Hypothetical 5% return		1,000		1,021.41	+		3.70		1,000		1,020.76	+		4.36		N/A		N/A			N/A		1,000		1,021.66	+		3.45
Class C
Actual		1,000		1,048.80			7.55		1,000		1,060.30			8.26		N/A		N/A			N/A		1,000		1,021.00			5.47
Hypothetical 5% return		1,000		1,017.70	+		7.44		1,000		1,017.05	+		8.09		N/A		N/A			N/A		1,000		1,019.65	+		5.47
Institutional
Actual		1,000		1,055.20			2.01		1,000		1,065.90			2.85		N/A		N/A			N/A		1,000		1,024.50			1.93
Hypothetical 5% return		1,000		1,023.11	+		1.98		1,000		1,022.31	+		2.79		N/A		N/A			N/A		1,000		1,023.16	+		1.93
Separate Account Institutional
Actual		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,078.80			—		N/A		N/A			N/A
Hypothetical 5% return		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,025.07	+		—		N/A		N/A			N/A
Service
Actual		1,000		1,051.60			4.58		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,022.00			4.46
Hypothetical 5% return		1,000		1,020.61	+		4.51		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,020.66	+		4.46
Investor
Actual		1,000		1,054.70			2.47		1,000		1,065.50			3.16		N/A		N/A			N/A		1,000		1,024.30			2.18
Hypothetical 5% return		1,000		1,022.66	+		2.43		1,000		1,022.01	+		3.09		N/A		N/A			N/A		1,000		1,022.91	+		2.18
Class R6
Actual	$	1,000	$	1,055.20		$	1.96	$	1,000	$	1,067.00		$	2.80		N/A		N/A			N/A	$	1,000	$	1,024.60		$	1.88
Hypothetical 5% return		1,000		1,023.16	+		1.93		1,000		1,022.36	+		2.74		N/A		N/A			N/A		1,000		1,023.21	+		1.88
Class P
Actual		1,000		1,055.20			1.96		1,000		1,066.00			2.80		N/A		N/A			N/A		1,000		1,024.60			1.88
Hypothetical 5% return		1,000		1,023.16	+		1.93		1,000		1,022.36	+		2.74		N/A		N/A			N/A		1,000		1,023.21	+		1.88

+ 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, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Separate Account Institutional		Service			Investor			Class R6			Class P
Dynamic Municipal Income		0.73	%		1.47	%		0.39	%		N/A		0.89	%		0.48	%		0.38	%		0.38	%
High Yield Municipal		0.86			1.60			0.55			N/A		N/A			0.61			0.54			0.54
Municipal Income Completion		N/A			N/A			N/A			—		N/A			N/A			N/A			N/A
Short Duration Tax-Free		0.68			1.08			0.38			N/A		0.88			0.43			0.37			0.37

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Statement Regarding Basis for Approval of Management Agreements (Unaudited)

Background

The Goldman Sachs Dynamic Municipal Income Fund, Goldman Sachs High Yield Municipal Fund, Goldman Sachs Municipal Income Completion Fund, and Goldman Sachs Short Duration Tax-Free Fund (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 Management Agreements were most recently approved for continuation until June 30, 2021 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 16-17, 2020 (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 two 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) 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) 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”), and a benchmark performance index; and information on general investment outlooks in the markets in which the Fund invests;

(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 (except for the Municipal Income Completion Fund, which commenced operations on April 1, 2019); 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 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 (with the exception of the Municipal Income Completion Fund, which commenced operations in 2019) to the Investment Adviser and its affiliates;

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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) 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 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 market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. 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, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Fund’s investment performance was provided for the one-, three-, five-,

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

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.

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 for the three-, five-, and ten-year periods and in the fourth quartile for the one-year period, and had outperformed the Fund’s benchmark index for the three-, five-, and ten-year periods and had underperformed for the one-year period ended March 31, 2020. They noted that the High Yield Municipal 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 three-, five-, and ten-year periods and had underperformed for the one-year period ended March 31, 2020. The Trustees noted that the Short Duration Tax-Free 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 three-, five-, and ten-year periods and had underperformed for the one-year period ended March 31, 2020. They noted that each Fund had experienced certain portfolio management changes in the first half of 2020.

The Trustees noted that the Municipal Income Completion Fund had launched April 1, 2019 and did not yet have meaningful performance history.

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.

The Trustees also considered that the Municipal Income Completion 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 Municipal Income Completion 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 Municipal Income Completion Fund.

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, as applicable, 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. 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 (except for the Municipal Income Completion Fund), 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.

In light of the Municipal Income Completion Fund’s recent launch, there was not yet meaningful profitability data to evaluate for the Fund but the Trustees considered the Investment Adviser’s representations that (i) such data would be provided after the Fund had a longer operating history, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially. In addition, the Investment Adviser has agreed to waive and/or reimburse the Fund’s expenses (with certain customary exceptions, such as taxes, brokerage fees, and extraordinary expenses).

In addition, the Trustees noted that shareholders are able to redeem their shares of the Dynamic Municipal Income Fund, High Yield Municipal Fund, and Short Duration Tax-Free Fund at any time if shareholders believe that the Fund fees and expenses are

215

GOLDMAN SACHS MUNICIPAL FUNDS

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

too high. The Trustees also noted that shareholders can also redeem their shares (and in the case of the Municipal Income Completion Fund, redeem shares through their “wrap fee” program) if they are dissatisfied with the performance of the Fund.

Profitability

The Trustees reviewed each Fund’s contribution to the Investment Adviser’s revenues and pre-tax profit margins (except for the Municipal Income Completion Fund, which commenced operations on April 1, 2019). 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 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s 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 Agreement for each of the Dynamic Municipal Income Fund, High Yield Municipal Fund, and Short Duration Tax-Free Fund 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 (except the Municipal Income Completion Fund) and their shareholders as assets under management reach those asset levels. The Trustees considered the amounts of assets in the relevant Funds; the relevant 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 relevant 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 Dynamic Municipal Income Fund, High Yield Municipal Fund, and Short Duration Tax-Free Fund, which each had asset levels above at least the first breakpoint during the prior fiscal year.

With respect to the Municipal Income Completion Fund, 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 because the Fund does not pay a management fee to the Investment Adviser and the Investment Adviser waives and/or reimburses the Fund’s expenses.

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

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GOLDMAN SACHS MUNICIPAL 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

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.

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, 2021.

217

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 $1.86 trillion in assets under supervision as of September 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap Growth Fund

∎ Small Cap Value Fund

∎ Small/Mid Cap Value Fund

∎ Mid Cap Value Fund

∎ Large Cap Value Fund

∎ Focused Value Fund

∎ Capital Growth Fund

∎ Strategic Growth Fund

∎ Small/Mid Cap Growth Fund

∎ Flexible Cap Fund

∎ Concentrated Growth Fund

∎ Technology Opportunities Fund

∎ Growth Opportunities Fund

∎ Rising Dividend Growth Fund

∎ U.S. Equity ESG Fund⁵

∎ Income Builder Fund

∎ Defensive Equity Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁶

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁷

∎ 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 Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ 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

¹ You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵Effective after the close of business on August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business on November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio.

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

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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.

Fund holdings and allocations shown are as of September 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

This material is 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.

© 2020 Goldman Sachs. All rights reserved. 221936-OTU-1301883 TFFISAR-20

Goldman Sachs Funds

Semi-Annual Report	September 30, 2020
	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

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, 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.

Goldman Sachs Short Duration and Government Fixed Income Funds

∎ ENHANCED INCOME

∎ GOVERNMENT INCOME

∎ HIGH QUALITY FLOATING RATE

∎ INFLATION PROTECTED SECURITIES

∎ SHORT DURATION GOVERNMENT

∎ SHORT DURATION INCOME

∎ SHORT-TERM CONSERVATIVE INCOME

TABLE OF CONTENTS
Fund Basics	1
Schedules of Investments	15
Financial Statements	65
Financial Highlights	75
Enhanced Income	75
Government Income	81
High Quality Floating Rate	89
Inflation Protected Securities	95
Short Duration Government	102
Short Duration Income	109
Short-Term Conservative Income	116
Notes to Financial Statements	123
Other Information	151

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Enhanced Income Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	Fund Total Return (based on NAV)1			Enhanced Income Fund Composite2			ICE BofAML Six-Month U.S. Treasury Bill Index3			ICE BofAML One-Year U.S. Treasury Note Index3			30-Day Standardized Subsidized Yield4			30-Day Standardized Unsubsidized Yield4
Class A		4.31	%		0.06	%		0.06	%		0.05	%		0.32	%		0.27	%
Administration		4.30			0.06			0.06			0.05			0.30			0.25
Institutional		4.44			0.06			0.06			0.05			0.54			0.49
Investor		4.40			0.06			0.06			0.05			0.46			0.41
Class R6		4.45			0.06			0.06			0.05			0.55			0.50
Class P		4.45			0.06			0.06			0.05			0.55			0.50

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

²  The Enhanced Income Fund 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.

³  The ICE BofAML Six-Month U.S. Treasury Bill Index measures the performance of Treasury Bills with time to maturity of less than 6 months. The ICE BofAML One-Year U.S. Treasury Note Index is an unmanaged index that tracks the performance of the direct sovereign debt of the U.S. Government having a maturity of at least one year. The ICE BofAML Six-Month U.S. Treasury Bill Index and ICE 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.

⁴  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

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

1

FUND BASICS

FUND COMPOSITION⁵

Percentage of Net Assets

⁵  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.

⁶  “Agency Debentures” include agency securities offered by companies such as Federal National Mortgage Association (“FNMA”) and Federal Home Loan Mortgage Corp. (“FHLMC”), which operate under a government charter. While they are required to report to a government regulator, their assets are not explicitly guaranteed by the government and they otherwise operate like any other publicly traded company.

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

2

FUND BASICS

Government Income Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. Government/ Mortgage Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		1.50	%		0.71	%		0.35	%		0.15	%
Class C		1.05			0.71			-0.38			-0.58
Institutional		1.65			0.71			0.67			0.48
Service		1.40			0.71			0.17			-0.01
Investor		1.62			0.71			0.11			-0.09
Class R		1.60			0.71			0.68			0.49
Class R6		1.60			0.71			0.68			0.49
Class P		1.66			0.71			0.68			0.49

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

²  The Bloomberg Barclays U.S. Government/Mortgage Index an unmanaged index, measures the performance of U.S. government bonds and mortgage-related securities. The Bloomberg Barclays U.S. Government/Mortgage Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

3

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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 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  “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 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.

4

FUND BASICS

High Quality Floating Rate Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		3.38	%		0.06	%		0.14	%		-0.03	%
Institutional		3.50			0.06			0.37			0.20
Service		3.24			0.06			-0.15			-0.29
Investor		3.59			0.06			0.29			0.12
Class R6		3.51			0.06			0.38			0.21
Class P		3.62			0.06			0.38			0.21

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

²  The ICE 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.

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

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

5

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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 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  “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.

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.

6

FUND BASICS

Inflation Protected Securities Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	Fund Total Return (based on NAV)1			Bloomberg Barclays U.S. TIPS Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		6.96	%		7.40	%		3.31	%		3.24	%
Class C		6.60			7.40			2.69			2.62
Institutional		7.12			7.40			3.78			3.71
Investor		7.13			7.40			3.69			3.62
Class R6		7.14			7.40			3.79			3.72
Class R		6.81			7.40			3.19			3.12
Class P		7.13			7.40			3.78			3.72

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

²  The Bloomberg Barclays U.S. TIPS Index represents securities that protect against adverse inflation and provide a minimum level of real return. To be included in this index, bonds must have cash flows linked to an inflation index, be sovereign issues denominated in U.S. currency, and have more than one year to maturity, and, as a portion of the index, total a minimum amount outstanding of 100 million U.S. dollars. The Bloomberg Barclays U.S. TIPS Index does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical. The Fund invests in US TIPS bonds and similar inflation protected securities, and the 30-Day Standardized Yield of the Fund, as quoted above, includes the positive or negative income effect on those bonds of changes in the rate of inflation. When inflation factors increase, we expect the Fund’s 30-Day Standardized Yield to be higher than if the effects of inflation were excluded, and when the inflation factors decrease, we expect the Fund’s 30-Day Standardized Yield to be lower than if the effects of inflation were excluded. Relatively small changes in the rate of inflation can have significant positive or negative impacts on the 30-Day Standardized Yield of the Fund. To the extent the Yield shown above includes the positive effect of a rise in inflation, it may not be repeated.

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

7

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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 Additional Investment Information section of the Schedule of Investments.

⁵  “U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 8.12 and 8.22 years, respectively, at September 30, 2020 and March 31, 2020.

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

8

FUND BASICS

Short Duration Government Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		1.02	%		0.15	%		-0.03	%		-0.11	%
Class C		0.82			0.15			-0.42			-0.84
Institutional		1.19			0.15			0.30			0.22
Service		0.94			0.15			-0.20			-0.27
Investor		1.15			0.15			0.22			0.14
Class R6		1.20			0.15			0.31			0.23
Class P		1.20			0.15			0.30			0.23

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

²  The ICE 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 ICE 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 ICE 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.

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

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

9

FUND BASICS

FUND COMPOSITION⁴

Percentage of Net Assets

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.

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.

10

FUND BASICS

Short Duration Income Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		6.70	%		3.52	%		6.56	%		0.54	%		1.00	%		0.95	%
Class C		6.38			3.52			6.56			0.54			0.63			0.23
Institutional		6.76			3.52			6.56			0.54			1.35			1.30
Investor		6.83			3.52			6.56			0.54			1.27			1.22
Class R6		6.88			3.52			6.56			0.54			1.36			1.31
Class R		6.56			3.52			6.56			0.54			0.78			0.72
Class P		6.88			3.52			6.56			0.54			1.37			1.31

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

²  The Goldman Sachs Short Duration Income Fund Composite Index is comprised of the Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index (50%) and the Bloomberg Barclays U.S. 1-5 Year Government Bond Index (50%).

³  The Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index provides a broad based measure of the global investment grade corporate sector with final maturities ranging between one and five years. The corporate sectors include industrial, utility and finance, for U.S. and non-U.S. corporations. The Bloomberg Barclays U.S. 1-5 Year Corporate Bond Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The Bloomberg Barclays U.S. 1-5 Year Government Bond Index provides a broad based measure of securities issued by the U.S. government with final maturities ranging from one to five years. This includes public obligations of the U.S. Treasury, U.S. government agencies, quasi-federal corporations and corporate or foreign debt guaranteed by the U.S. government. The Bloomberg Barclays U.S. 1-5 Year Government Bond Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁵  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standardized Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

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

11

FUND BASICS

FUND COMPOSITION⁶

Percentage of Net Assets

⁶  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Short-term investments represent commercial 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.

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

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.

12

FUND BASICS

Short-Term Conservative Income

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		2.32	%		0.47	%		0.06	%		0.16	%		0.07	%
Administration		2.44			0.47			0.06			0.38			0.28
Preferred		2.41			0.47			0.06			0.32			0.30
Institutional		2.54			0.47			0.06			0.38			0.29
Investor		2.50			0.47			0.06			0.30			0.21
Class R6		2.45			0.47			0.06			0.39			0.30
Class P		2.55			0.47			0.06			0.40			0.30

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

²  The Bloomberg Barclays Index, an unmanaged index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds, and investment grade U.S. corporate bonds.

³  ICE BofAML 3-6 Month US Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90 to 180-day maturity. The Bank of America Merrill Lynch 3-6 Month U.S. Treasury Bill Index, an unmanaged index, does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

⁴  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public offering price (“POP”) per share on the last day of the period. This number is then annualized. The 30-Day Standardized Subsidized Yield reflects fee waivers and/or expense reimbursements recorded by the Fund during the period. Without waivers and/or reimbursements, yields would be reduced. This yield does not necessarily reflect income actually earned and distributed by the Fund and, therefore, may not be correlated with the dividends or other distributions paid to shareholders. The 30-Day Standardized Unsubsidized Yield does not adjust for any fee waivers and/ or expense reimbursements in effect. If the Fund does not incur any fee waivers and/or expense reimbursements during the period, the 30-Day Standard Subsidized Yield and 30-Day Standardized Unsubsidized Yield will be identical.

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

13

FUND BASICS

FUND COMPOSITION⁵

Percentage of Net Assets

⁵  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.

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.

14

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 63.1%
Aerospace & Defense – 0.8%
	General Dynamics Corp.
$	1,700,000		3.000	%		05/11/21	$	1,728,356
	900,000		2.250	(a)		11/15/22		932,094
	Northrop Grumman Corp.
	1,188,000		3.500			03/15/21		1,205,380
								3,865,830
Agriculture – 0.8%
	Altria Group, Inc.
	1,525,000		3.490			02/14/22		1,585,283
	Archer-Daniels-Midland Co.(a)
	600,000		2.750			03/27/25		651,636
	BAT Capital Corp.(a)
	1,175,000		2.764			08/15/22		1,216,936
	Cargill, Inc.(b)
	500,000		1.375			07/23/23		510,740
								3,964,595
Apparel – 0.2%
	NIKE, Inc.(a)
	725,000		2.400			03/27/25		779,527
	Ralph Lauren Corp.
	275,000		1.700			06/15/22		280,159
								1,059,686
Automotive – 1.5%
	Daimler Finance North America LLC(b)
	775,000		3.350			05/04/21		787,454
	(3M USD LIBOR + 0.550%)
	800,000		0.799	(c)		05/04/21		800,272
	PACCAR Financial Corp.
	400,000		2.650			04/06/23		421,944
	Volkswagen Group of America Finance LLC(b)
	1,025,000		2.900			05/13/22		1,059,717
	(3M USD LIBOR + 0.770%)
	4,000,000		1.024	(c)		11/13/20		4,002,840
								7,072,227
Banks – 19.0%
	ABN AMRO Bank NV(b)
	2,100,000		2.650			01/19/21		2,114,910
	600,000		3.400			08/27/21		617,046
	Banco Santander SA
	1,400,000		2.706			06/27/24		1,480,640
	Bank of America Corp.(a)(c)
	(3M USD LIBOR + 0.630%)
	850,000		3.499			05/17/22		865,912
	(3M USD LIBOR + 0.790%)
	4,125,000		3.004			12/20/23		4,330,755
	(3M USD LIBOR + 0.940%)
	1,300,000		3.864			07/23/24		1,408,108
	Bank of America NA(a)(c) (3M USD LIBOR + 0.650%)
	500,000		3.335			01/25/23		518,835
	Bank of Montreal
	750,000		2.050			11/01/22		775,373
	Banque Federative du Credit Mutuel SA(b)
	1,700,000		2.125			11/21/22		1,755,233
Corporate Obligations – (continued)
Banks – (continued)
	Barclays Bank PLC(a)
	725,000		1.700			05/12/22		737,202
	BNP Paribas SA(b)
	900,000		2.950			05/23/22		931,770
	1,375,000		3.500			03/01/23		1,460,222
	BPCE SA
	1,725,000		2.650			02/03/21		1,738,645
	Canadian Imperial Bank of Commerce
	1,175,000		0.950			06/23/23		1,185,575
	CIT Group, Inc.(a)
	75,000		4.750			02/16/24		77,250
	Citigroup, Inc.(a)
	4,575,000		2.750			04/25/22		4,727,576
	925,000		2.700			10/27/22		964,368
	Citizens Bank NA(a)
	1,200,000		3.250			02/14/22		1,243,020
	900,000		2.250			04/28/25		957,321
	Cooperatieve Rabobank UA
	550,000		3.125			04/26/21		558,855
	(3M USD LIBOR + 0.430%)
	450,000		0.675	(c)		04/26/21		450,959
	Credit Suisse AG
	825,000		2.800			04/08/22		854,205
	Credit Suisse Group Funding Guernsey Ltd.
	4,575,000		3.450			04/16/21		4,644,631
	Danske Bank A/S(a)(b)
	1,175,000		1.226			06/22/24		1,185,081
	Fifth Third Bancorp(a)
	325,000		1.625			05/05/23		333,249
	Fifth Third Bank NA(a)
	1,125,000		1.800			01/30/23		1,155,926
	First Horizon National Corp.(a)
	1,000,000		3.550			05/26/23		1,050,700
	ING Bank NV(b)
	1,725,000		2.750			03/22/21		1,745,200
	ING Groep NV
	900,000		4.100			10/02/23		988,848
	JPMorgan Chase & Co.(a)(c)
	(3M USD LIBOR + 0.610%)
	2,150,000		0.843			06/18/22		2,156,450
	(3M USD LIBOR + 0.610%)
	1,900,000		3.514			06/18/22		1,940,812
	(3M USD LIBOR + 0.695%)
	1,775,000		3.207			04/01/23		1,843,923
	(SOFR + 0.600%)
	850,000		0.653			09/16/24		849,567
	(SOFR + 1.455%)
	1,025,000		1.514			06/01/24		1,046,812
	KeyBank NA
	675,000		2.400			06/09/22		696,769
	725,000		1.250			03/10/23		737,376
	Lloyds Banking Group PLC(a)(c)(1 Year CMT + 1.100%)
	1,200,000		1.326			06/15/23		1,207,452
	Macquarie Bank Ltd.(b)
	1,225,000		2.100			10/17/22		1,263,771

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Mitsubishi UFJ Financial Group, Inc.
$	1,000,000		2.623	%		07/18/22	$	1,036,010
	1,550,000		3.761			07/26/23		1,677,813
	Mizuho Financial Group, Inc.(a)(c) (3M USD LIBOR + 0.990%)
	1,275,000		1.241			07/10/24		1,285,149
	Morgan Stanley, Inc.
	1,400,000		3.125			01/23/23		1,480,234
	(3M USD LIBOR + 0.847%)
	1,125,000		3.737	(a)(c)		04/24/24		1,208,632
	(3M USD LIBOR + 1.180%)
	4,575,000		1.452	(a)(c)		01/20/22		4,587,581
	MUFG Union Bank NA(a)
	1,325,000		3.150			04/01/22		1,375,005
	650,000		2.100			12/09/22		671,041
	NatWest Group PLC
	2,000,000		3.625	(b)		09/29/22		2,100,020
	(1 Year CMT + 2.150%)
	1,200,000		2.359	(a)(c)		05/22/24		1,231,668
	Royal Bank of Canada
	1,125,000		1.950			01/17/23		1,162,665
	Santander UK PLC
	775,000		2.500			01/05/21		779,201
	950,000		2.100			01/13/23		981,284
	Skandinaviska Enskilda Banken AB(b)
	1,175,000		0.550			09/01/23		1,174,601
	Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,200,000		4.247			01/20/23		1,244,088
	State Street Corp.(a)(b)(c) (SOFR + 2.690%)
	450,000		2.825			03/30/23		465,746
	Sumitomo Mitsui Trust Bank Ltd.(b)
	2,250,000		0.800			09/12/23		2,253,847
	The Huntington National Bank(a)
	1,250,000		3.125			04/01/22		1,297,587
	1,050,000		1.800			02/03/23		1,077,510
	Truist Bank(a)
	1,700,000		1.250			03/09/23		1,730,311
	(3M USD LIBOR + 0.500%)
	1,450,000		3.525	(c)		10/26/21		1,453,059
	UBS AG(a)(b)
	1,475,000		1.750			04/21/22		1,503,290
	UBS Group AG(b)
	2,625,000		2.650			02/01/22		2,699,156
	Wells Fargo & Co.
	925,000		2.625			07/22/22		959,475
	(SOFR + 1.600%)
	3,125,000		1.654	(a)(c)		06/02/24		3,183,531
	Westpac Banking Corp.
	650,000		2.000			01/13/23		672,315
								91,891,166
Beverages – 1.3%
	Constellation Brands, Inc.(a)
	975,000		2.700			05/09/22		1,006,697
	1,950,000		3.200			02/15/23		2,059,766
	Keurig Dr Pepper, Inc.(a)
	2,250,000		4.057			05/25/23		2,445,930
Corporate Obligations – (continued)
Beverages – (continued)
	The Coca-Cola Co.
	525,000		2.950			03/25/25		576,786
								6,089,179
Biotechnology – 0.4%
	Gilead Sciences, Inc.(a)
	175,000		0.750			09/29/23		175,299
	(3M USD LIBOR + 0.520%)
	500,000		0.740	(c)		09/29/23		500,440
	Royalty Pharma PLC(b)
	1,200,000		0.750			09/02/23		1,197,516
								1,873,255
Building Materials(a)(b) – 0.5%
	Carrier Global Corp.
	2,400,000		1.923			02/15/23		2,468,352
Chemicals – 0.6%
	Celanese US Holdings LLC(a)
	350,000		3.500			05/08/24		376,639
	Nutrition & Biosciences, Inc.(b)
	700,000		0.697			09/15/22		700,994
	Syngenta Finance NV(b)
	1,485,000		3.933			04/23/21		1,503,978
	The Sherwin-Williams Co.(a)
	64,000		2.750			06/01/22		66,179
								2,647,790
Commercial Services – 1.4%
	Global Payments, Inc.(a)
	1,150,000		3.750			06/01/23		1,232,213
	IHS Markit Ltd.(a)
	2,223,000		5.000	(b)		11/01/22		2,379,499
	475,000		3.625			05/01/24		513,855
	PayPal Holdings, Inc.
	1,800,000		2.200			09/26/22		1,860,570
	775,000		1.350			06/01/23		791,779
								6,777,916
Computers – 1.8%
	Apple, Inc.
	800,000		0.750			05/11/23		808,144
	Dell International LLC/EMC Corp.(a)(b)
	293,000		4.420			06/15/21		299,343
	3,300,000		5.450			06/15/23		3,616,998
	Hewlett Packard Enterprise Co.(a)
	1,400,000		2.250			04/01/23		1,444,226
	2,175,000		4.450			10/02/23		2,390,543
	325,000		4.650			10/01/24		366,730
								8,925,984
Cosmetics/Personal Care – 0.0%
	The Procter & Gamble Co.
	175,000		2.450			03/25/25		189,315
Diversified Financial Services – 4.2%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	725,000		4.450			12/16/21		740,196
	1,500,000		4.125			07/03/23		1,528,665

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)
Diversified Financial Services – (continued)
	AIG Global Funding(b)
$	675,000		3.350	%		06/25/21	$	689,958
	525,000		0.800			07/07/23		527,174
	(3M USD LIBOR + 0.460%)
	525,000		0.685	(c)		06/25/21		526,391
	Air Lease Corp.
	1,425,000		3.500			01/15/22		1,461,836
	500,000		2.250			01/15/23		500,970
	1,150,000		2.750	(a)		01/15/23		1,166,433
	825,000		2.300	(a)		02/01/25		810,142
	American Express Co.(a)
	1,350,000		3.375			05/17/21		1,372,059
	Avolon Holdings Funding Ltd.(a)(b)
	1,550,000		3.625			05/01/22		1,527,091
	675,000		2.875			02/15/25		618,158
	Capital One Financial Corp.(a)
	1,600,000		3.450			04/30/21		1,624,176
	725,000		2.600			05/11/23		758,162
	(3M USD LIBOR + 0.720%)
	1,300,000		0.988	(c)		01/30/23		1,300,598
	Intercontinental Exchange, Inc.
	500,000		0.700			06/15/23		501,680
	(3M USD LIBOR + 0.650%)
	2,225,000		0.903	(a)(c)		06/15/23		2,229,984
	Jefferies Group LLC
	1,200,000		5.125			01/20/23		1,306,260
	The Charles Schwab Corp.(a)
	1,125,000		3.250			05/21/21		1,142,437
	USAA Capital Corp.(b)
	150,000		1.500			05/01/23		153,867
								20,486,237
Electrical – 5.2%
	American Electric Power Co., Inc.
	1,475,000		2.150			11/13/20		1,477,861
	Avangrid, Inc.(a)
	650,000		3.200			04/15/25		715,299
	Berkshire Hathaway Energy Co.(a)(b)
	650,000		4.050			04/15/25		741,267
	CenterPoint Energy, Inc.(a)
	1,850,000		2.500			09/01/22		1,913,399
	Dominion Energy, Inc.
	2,700,000		2.715	(d)		08/15/21		2,749,302
	1,200,000		2.450	(b)		01/15/23		1,248,540
	DTE Energy Co.
	475,000		2.600			06/15/22		490,409
	1,125,000		0.550			11/01/22		1,125,180
	575,000		1.050	(a)		06/01/25		575,799
	FirstEnergy Corp.(a)
	400,000		2.050			03/01/25		406,788
	Florida Power & Light Co.(a)
	375,000		2.850			04/01/25		411,143
	Georgia Power Co.
	1,000,000		2.100			07/30/23		1,043,810
	NextEra Energy Capital Holdings, Inc.
	1,200,000		2.900			04/01/22		1,242,768
Corporate Obligations – (continued)
Electrical – (continued)
	NRG Energy, Inc.(a)(b)
	1,225,000		3.750			06/15/24		1,310,064
	Pacific Gas and Electric Co.(a)
	1,250,000		1.750			06/16/22		1,250,937
	PPL Electric Utilities Corp.(a)(c) (3M USD LIBOR + 0.250%)
	275,000		0.473			09/28/23		274,329
	Public Service Enterprise Group, Inc.(a)
	675,000		2.875			06/15/24		723,695
	675,000		0.800			08/15/25		671,517
	Sempra Energy(a)(c) (3M USD LIBOR + 0.500%)
	1,700,000		0.775			01/15/21		1,700,034
	Southern Power Co.(a)
	1,150,000		2.500			12/15/21		1,177,117
	Vistra Operations Co. LLC(a)(b)
	875,000		3.550			07/15/24		927,500
	WEC Energy Group, Inc.
	1,400,000		3.375			06/15/21		1,428,616
	525,000		3.100			03/08/22		545,848
	725,000		0.550			09/15/23		726,008
	Xcel Energy, Inc.(a)
	425,000		0.500			10/15/23		424,783
								25,302,013
Food & Drug Retailing – 0.8%
	General Mills, Inc.(c) (3M USD LIBOR + 0.540%)
	1,350,000		0.811			04/16/21		1,352,903
	Mondelez International Holdings Netherlands B.V.(b)
	775,000		2.125			09/19/22		798,901
	Mondelez International, Inc.(a)
	525,000		1.500			05/04/25		539,306
	Nestle Holdings, Inc.(a)(b)
	1,200,000		3.100			09/24/21		1,230,504
								3,921,614
Gas(a) – 0.3%
	NiSource, Inc.
	1,025,000		0.950			08/15/25		1,023,616
	The East Ohio Gas Co.(b)
	250,000		1.300			06/15/25		255,283
								1,278,899
Healthcare Providers & Services – 0.8%
	DH Europe Finance II S.a.r.l.
	1,000,000		2.050			11/15/22		1,030,840
	Humana, Inc.
	1,550,000		2.500			12/15/20		1,556,231
	UnitedHealth Group, Inc.
	1,500,000		1.950			10/15/20		1,500,945
								4,088,016
Insurance – 2.2%
	Equitable Financial Life Global Funding(b)
	700,000		1.400			07/07/25		714,973
	Great-West Lifeco US Finance 2020 LP(a)(b)
	425,000		0.904			08/12/25		423,797
	Marsh & McLennan Cos., Inc.
	1,675,000		3.500			12/29/20		1,687,446

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – (continued)
	Metropolitan Life Global Funding I(b)
$	1,625,000		3.375	%		01/11/22	$	1,686,116
	575,000		1.950			01/13/23		593,946
	600,000		0.900			06/08/23		605,754
	New York Life Global Funding(b)
	1,200,000		1.100			05/05/23		1,219,584
	Pacific Life Global Funding II(b)
	875,000		0.500			09/23/23		874,090
	Protective Life Global Funding(b)
	675,000		1.082			06/09/23		683,984
	Reliance Standard Life Global Funding II(b)
	1,600,000		2.625			07/22/22		1,646,560
	275,000		2.150			01/21/23		281,474
								10,417,724
Internet – 0.9%
	Amazon.com, Inc.
	1,300,000		0.400			06/03/23		1,302,743
	TD Ameritrade Holding Corp.(a)(c) (3M USD LIBOR + 0.430%)
	2,950,000		0.681			11/01/21		2,959,941
								4,262,684
Iron/Steel(a) – 0.3%
	Steel Dynamics, Inc.
	1,240,000		2.400			06/15/25		1,298,156
Machinery-Diversified – 0.5%
	John Deere Capital Corp.
	300,000		3.200			01/10/22		311,010
	400,000		1.200			04/06/23		407,876
	Otis Worldwide Corp.(a)(c) (3M USD LIBOR + 0.450%)
	1,525,000		0.754			04/05/23		1,523,856
								2,242,742
Media – 2.8%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	4,525,000		4.464			07/23/22		4,791,161
	Comcast Corp.(c) (3M USD LIBOR + 0.330%)
	1,550,000		0.626			10/01/20		1,550,000
	Fox Corp.
	2,475,000		3.666			01/25/22		2,580,460
	Sky Ltd.(b)
	1,550,000		3.125			11/26/22		1,634,444
	The Walt Disney Co.
	825,000		3.350			03/24/25		915,849
	Time Warner Cable LLC(a)
	1,024,000		4.000			09/01/21		1,045,350
	Time Warner Entertainment Co. LP
	1,000,000		8.375			03/15/23		1,175,510
								13,692,774
Mining(a)(b) – 0.4%
	Glencore Funding LLC
	1,175,000		3.000			10/27/22		1,214,997
	675,000		1.625			09/01/25		669,080
								1,884,077
Corporate Obligations – (continued)
Miscellaneous Manufacturing – 0.3%
	Trane Technologies Global Holding Co. Ltd.
	1,300,000		2.900			02/21/21		1,312,337
Oil Field Services – 2.0%
	BP Capital Markets America, Inc.
	1,025,000		2.937			04/06/23		1,083,374
	BP Capital Markets PLC
	2,550,000		3.561			11/01/21		2,636,215
	Canadian Natural Resources Ltd.(a)
	825,000		2.050			07/15/25		840,799
	Chevron Corp.
	950,000		1.141			05/11/23		968,116
	Exxon Mobil Corp.(a)
	900,000		2.992			03/19/25		985,581
	Newfield Exploration Co.
	1,250,000		5.750			01/30/22		1,253,875
	Schlumberger Finance Canada Ltd.(b)
	850,000		2.200			11/20/20		851,794
	Suncor Energy, Inc.
	1,175,000		2.800			05/15/23		1,232,117
								9,851,871
Pharmaceuticals – 3.9%
	AbbVie, Inc.
	1,225,000		3.375			11/14/21		1,264,445
	2,350,000		2.150	(b)		11/19/21		2,392,676
	1,975,000		2.300	(b)		11/21/22		2,043,118
	Bayer US Finance II LLC(a)(b)(c) (3M USD LIBOR + 0.630%)
	2,225,000		0.855			06/25/21		2,227,448
	Becton Dickinson & Co.(a)
	1,425,000		2.894			06/06/22		1,474,034
	Bristol-Myers Squibb Co.
	1,175,000		2.550			05/14/21		1,191,356
	1,325,000		2.600			05/16/22		1,374,502
	Cigna Corp.
	2,900,000		3.400			09/17/21		2,983,984
	CVS Health Corp.(a)
	2,200,000		2.125			06/01/21		2,221,956
	982,000		3.700			03/09/23		1,052,046
	GlaxoSmithKline Capital PLC(a)
	875,000		0.534			10/01/23		875,665
								19,101,230
Pipelines(a) – 3.2%
	Energy Transfer Operating LP
	1,150,000		5.200			02/01/22		1,190,848
	Enterprise Products Operating LLC
	649,000		3.350			03/15/23		686,804
	Kinder Morgan Energy Partners LP
	2,275,000		3.950			09/01/22		2,396,712
	Kinder Morgan, Inc.(b)
	700,000		5.625			11/15/23		789,411
	MPLX LP
	1,125,000		3.375			03/15/23		1,185,210
	974,000		4.500			07/15/23		1,055,115
	(3M USD LIBOR + 1.100%)
	1,050,000		1.342	(c)		09/09/22		1,049,591

18 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)
Pipelines(a) – (continued)
	Plains All American Pipeline LP/PAA Finance Corp.
$	1,250,000		3.650	%		06/01/22	$	1,279,937
	Sabine Pass Liquefaction LLC
	2,300,000		6.250			03/15/22		2,438,506
	Sunoco Logistics Partners Operations LP
	1,222,000		4.400			04/01/21		1,237,507
	The Williams Cos., Inc.
	950,000		3.600			03/15/22		982,709
	1,100,000		3.700			01/15/23		1,162,227
								15,454,577
Real Estate Investment Trust – 0.6%
	American Tower Corp.
	1,125,000		3.500			01/31/23		1,195,909
	Crown Castle International Corp.
	1,075,000		5.250			01/15/23		1,182,360
	700,000		1.350	(a)		07/15/25		708,967
								3,087,236
Retailing – 0.2%
	Starbucks Corp.
	300,000		1.300			05/07/22		303,939
	The Home Depot, Inc.
	550,000		3.250			03/01/22		573,018
								876,957
Savings & Loans(b) – 0.5%
	Nationwide Building Society
	1,325,000		2.000			01/27/23		1,362,617
	(3M USD LIBOR + 1.181%)
	1,175,000		3.622	(a)(c)		04/26/23		1,219,615
								2,582,232
Semiconductors – 2.0%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	1,550,000		3.000			01/15/22		1,594,175
	Broadcom, Inc.
	1,600,000		3.125			04/15/21		1,620,704
	3,125,000		3.125			10/15/22		3,270,218
	1,475,000		3.625	(a)		10/15/24		1,609,594
	1,125,000		4.700	(a)		04/15/25		1,277,584
	NXP BV / NXP Funding LLC / NXP USA Inc.(a)(b)
	275,000		2.700			05/01/25		290,936
								9,663,211
Software – 1.5%
	Adobe, Inc.
	450,000		1.700			02/01/23		463,959
	Fiserv, Inc.(a)
	825,000		3.800			10/01/23		899,267
	2,025,000		2.750			07/01/24		2,164,664
	Infor, Inc.(a)(b)
	1,225,000		1.450			07/15/23		1,241,635
	Intuit, Inc.
	450,000		0.650			07/15/23		451,899
	500,000		0.950	(a)		07/15/25		504,600
Corporate Obligations – (continued)
Software – (continued)
	Oracle Corp.(a)
	1,400,000		2.500			04/01/25		1,500,086
								7,226,110
Telecommunication Services – 1.8%
	AT&T, Inc.
	1,075,000		3.000	(a)		06/30/22		1,117,839
	300,000		4.050			12/15/23		332,343
	275,000		4.450	(a)		04/01/24		307,321
	T-Mobile USA, Inc.(a)(b)
	2,250,000		3.500			04/15/25		2,468,430
	Verizon Communications, Inc.
	4,375,000		2.946			03/15/22		4,536,962
								8,762,895
Transportation(a) – 0.4%
	Ryder System, Inc.
	875,000		2.875			06/01/22		906,290
	United Parcel Service, Inc.
	1,000,000		3.900			04/01/25		1,138,030
								2,044,320
	TOTAL CORPORATE OBLIGATIONS
	(Cost $298,557,433)						$	305,663,207
Agency Debenture(c) – 1.9%
	Federal Farm Credit Banks Funding Corp.(SOFR + 0.380%)
$	8,900,000		0.450	%		05/08/23		8,944,055
	(Cost $8,900,000)
Asset-Backed Securities – 11.6%
Automotive – 3.0%
	Ally Master Owner Trust Series 2018-1, Class A2
$	5,900,000		2.700	%		01/17/23	$	5,938,891
	Ford Credit Auto Owner Trust Series 2016-2, Class A(b)
	500,000		2.030			12/15/27		505,846
	Ford Credit Floorplan Master Owner Trust Series 2018-3, Class A1
	3,250,000		3.520			10/15/23		3,353,841
	NextGear Floorplan Master Owner Trust Series 2018-1A, Class A1(b)(c) (1M USD LIBOR + 0.640%)
	1,750,000		0.792			02/15/23		1,749,883
	Nissan Master Owner Receivables Trust Series 2017-C, Class A(c) (1M USD LIBOR + 0.320%)
	3,100,000		0.472			10/17/22		3,100,206
								14,648,667
Credit Card – 4.3%
	American Express Credit Account Master Trust Series 2019-2, Class A
	2,050,000		2.670			11/15/24		2,126,189
	Capital One Multi-Asset Execution Trust Series 2016-A5, Class A5
	2,100,000		1.660			06/17/24		2,125,908

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Credit Card – (continued)
	Evergreen Credit Card Trust Series 2019-1, Class A(b)(c) (1M USD LIBOR + 0.480%)
$	6,300,000		0.632	%		01/15/23	$	6,303,342
	Evergreen Credit Card Trust Series 2019-2, Class A(b)
	2,900,000		1.900			09/16/24		2,980,175
	Master Credit Card Trust II Series 2020-1A, Class A(b)
	3,600,000		1.990			09/21/24		3,734,486
	Trillium Credit Card Trust II Series 2019-2A, Class A(b)
	3,450,000		3.038			01/26/24		3,477,760
								20,747,860
Home Equity(c) – 0.0%
	Centex Home Equity Loan Trust Series 2004-D, Class MV3 (1M USD LIBOR + 1.000%)
	48,411		1.148			09/25/34		44,981
	Morgan Stanley ABS Capital I, Inc. Trust Series 2004-HE4, Class M3 (1M USD LIBOR + 2.250%)
	1,416		2.398			05/25/34		1,425
								46,406
Student Loan(c) – 4.3%
	Access Group, Inc. Series 2013-1, Class A(b) (1M USD LIBOR + 0.500%)
	979,136		0.675			02/25/36		954,600
	ECMC Group Student Loan Trust Series 2017-1A, Class A(b) (1M USD LIBOR + 1.200%)
	2,552,438		1.348			12/27/66		2,538,307
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(b) (1M USD LIBOR + 0.800%)
	108,214		0.948			06/25/26		108,086
	Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	1,035,549		0.848			02/25/39		1,011,059
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L(b) (3M LIBOR + 0.110%)
	27,194		0.360			11/25/26		27,195
	Illinois Student Assistance Commission Series 2010-1, Class A3(3M USD LIBOR + 0.900%)
	1,092,264		1.145			07/25/45		1,071,179
	Navient Student Loan Trust Series 2016-7A, Class A(b) (1M USD LIBOR + 1.150%)
	940,540		1.298			03/25/66		940,540
	Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	2,415,702		1.198			12/27/66		2,388,573
	Nelnet Student Loan Trust Series 2012-3A, Class A(b) (1M USD LIBOR + 0.700%)
	3,132,759		0.848			02/25/45		3,032,456
	Northstar Education Finance, Inc. Series 2012-1, Class A(b) (1M USD LIBOR + 0.700%)
	671,307		0.848			12/26/31		658,748
	PHEAA Student Loan Trust Series 2014-3A, Class A(b) (1M USD LIBOR + 0.590%)
	4,609,922		0.738			08/25/40		4,592,928
	SLC Student Loan Center Series 2011-1, Class A(b) (1M USD LIBOR + 1.220%)
	2,053,903		1.368			10/25/27		2,055,933
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
	SLM Student Loan Trust Series 2007-1, Class A5 (3M USD LIBOR + 0.090%)
	1,184,146		0.335			01/26/26		1,181,523
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2(3M USD LIBOR + 0.850%)
	138,639		1.146			10/01/24		138,784
								20,699,911
	TOTAL ASSET-BACKED SECURITIES
	(Cost $55,895,267)						$	56,142,844
U.S. Treasury Obligations – 4.0%
	United States Treasury Inflation Indexed Note
$	5,745,252		0.125	%		07/15/22	$	5,892,183
	United States Treasury Notes
	155,000		1.375			04/30/21		156,132
	210,000		2.875			10/15/21		215,972
	12,060,000		2.875	(e)		10/31/23		13,063,430
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $18,667,355)						$	19,327,717

Shares	Dividend Rate			Value
Investment Companies(f) – 11.1%
Goldman Sachs Financial Square Government Fund – Institutional Shares
53,929,196		0.027	%	$	53,929,196
Goldman Sachs Financial Square Money Market Fund – Institutional Shares
9,094		0.093			9,104
TOTAL INVESTMENT COMPANIES
(Cost $53,938,284)				$	53,938,300
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $435,958,339)				$	444,016,123

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 8.3%
Certificates of Deposit – 6.4%
	Barclays Bank PLC(c) (3M USD LIBOR + 0.450%)
$	5,000,000		0.701	%		08/03/21	$	4,999,998
	Bayerische Landesbank(c) (3M USD LIBOR + 0.470%)
	3,000,000		0.721			02/03/22		3,004,817
	Credit Agricole Corporate & Investment Bank(c) (3M USD LIBOR + 0.480%)
	3,000,000		0.730			09/10/21		3,006,478
	HSBC Bank PLC(b)(c) (1M USD LIBOR + 0.290%)
	4,000,000		0.437			12/30/20		4,002,201

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Lloyds Bank Corporate Markets PLC
$	3,000,000		0.350	%		09/15/21	$	3,000,000
	Nordea Bank AB NY(c) (3M USD LIBOR + 0.320%)
	2,270,000		0.569			05/05/21		2,276,488
	Standard Chartered Bank
	3,500,000		0.529			11/06/20		3,501,088
	Sumitomo Mitsui Banking Corp.(c)
	4,190,000		0.621			07/16/21		4,197,588
	Westpac Banking Corp.(b) (c) (3M USD LIBOR + 0.090%)
	3,000,000		0.346			05/28/21		3,001,572
								30,990,230
Commercial Paper – 1.9%
	Intercontinental Exchange, Inc.(g)
	2,500,000		0.000			11/10/20		2,498,972
	Suncor Energy, Inc.(g)
	1,500,000		0.000			11/02/20		1,499,736
	Svenska Handelsbanken AB
	5,000,000		0.255			09/21/21		5,000,050
								8,998,758
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $39,962,609)						$	39,988,988
	TOTAL INVESTMENTS – 100.0%
	(Cost $475,920,948)						$	484,005,111
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 0.0%							139,655
	NET ASSETS – 100.0%						$	484,144,766

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, 2020.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2020.
(e)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(f)	Represents an affiliated issuer.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
LP	— Limited Partnership
PLC	— Public Limited Company
SOFR	— Secured Overnight Funding Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
5 Year U.S. Treasury Notes		(603	)		12/31/20	$	(75,996,844	)	$	(123,831	)

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 54.4%
Collateralized Mortgage Obligations – 1.1%
Interest Only(a) – 0.0%
	FNMA STRIPS Series 151, Class 2
$	48		9.500	%		07/25/22	$	3
Inverse Floaters(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB (-1x1M USD LIBOR + 37.567%)
	11,842		36.857			02/16/32		16,462
Sequential Fixed Rate – 0.9%
	FHLMC REMIC Series 2329, Class ZA
	270,720		6.500			06/15/31		309,250
	FHLMC REMIC Series 4246, Class PT
	85,993		6.500			02/15/36		102,347
	FHLMC REMIC Series 4273, Class PD
	464,517		6.500			11/15/43		563,389
	FNMA REMIC Series 2011-52, Class GB
	443,523		5.000			06/25/41		509,210
	FNMA REMIC Series 2011-99, Class DB
	435,069		5.000			10/25/41		498,201
	FNMA REMIC Series 2012-111, Class B
	54,276		7.000			10/25/42		67,098
	FNMA REMIC Series 2012-153, Class B
	236,565		7.000			07/25/42		298,869
	GNMA REMIC Series 2002-42, Class KZ
	706,938		6.000			06/16/32		794,656
								3,143,020
Sequential Floating Rate(b) – 0.2%
	Angel Oak Mortgage Trust I LLC Series 2018-2, Class A1(c)
	358,381		3.674			07/27/48		364,416
	FHLMC REMIC Series 1760, Class ZB (10 Year CMT – 0.600%)
	30,280		0.070			05/15/24		29,959
	Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)
	111,197		0.992			11/25/29		104,926
								499,301
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	3,658,786
Commercial Mortgage-Backed Securities – 0.4%
Sequential Fixed Rate – 0.4%
	BANK Series 2019-BN24, Class A3
$	1,400,000		2.960	%		11/15/62	$	1,565,101
Federal Agencies – 52.9%
Adjustable Rate FHLMC(b) – 0.1%
	(1 Year CMT + 2.224%)
	3,344		3.974			11/01/32		3,495
	(1 Year CMT + 2.250%)
	252,814		3.331			09/01/33		262,206
								265,701
Adjustable Rate FNMA(b) – 0.3%
	(12M USD LIBOR + 1.670%)
	17,020		3.670			11/01/32		17,716
	(6M USD LIBOR + 1.413%)
	330,464		2.538			05/01/33		340,141
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
	(1 Year CMT + 2.225%)
	8,805		3.009			06/01/33		9,224
	(12M USD LIBOR + 1.650%)
	276,838		3.502			10/01/33		288,286
	(1 Year CMT + 2.194%)
	187,528		3.851			02/01/35		196,403
	(12M USD LIBOR + 1.500%)
	251,070		3.469			09/01/35		261,500
								1,113,270
Adjustable Rate GNMA(b) – 0.4%
	(1 Year CMT + 1.500%)
	13,307		2.875			06/20/23		13,522
	6,674		3.250			07/20/23		6,776
	6,740		3.250			08/20/23		6,845
	14,547		3.250			09/20/23		14,734
	5,499		3.000			03/20/24		5,596
	48,854		2.875			04/20/24		49,810
	6,651		2.875			05/20/24		6,793
	57,278		2.875			06/20/24		58,403
	33,565		3.250			07/20/24		34,121
	46,875		3.250			08/20/24		47,634
	14,700		3.250			09/20/24		14,927
	19,192		3.125			11/20/24		19,588
	21,827		3.125			12/20/24		22,383
	12,822		3.000			01/20/25		13,106
	7,816		3.000			02/20/25		7,990
	29,949		2.875			05/20/25		30,683
	25,034		3.250			07/20/25		25,570
	10,692		3.000			02/20/26		10,928
	561		3.250			07/20/26		572
	28,656		3.000			01/20/27		29,399
	11,853		3.000			02/20/27		12,142
	91,714		2.875			04/20/27		94,048
	9,538		2.875			05/20/27		9,784
	13,873		2.875			06/20/27		14,234
	5,079		3.125			11/20/27		5,202
	15,389		3.125			12/20/27		15,770
	32,658		3.000			01/20/28		33,495
	10,740		3.000			02/20/28		11,022
	12,018		3.000			03/20/28		12,329
	53,429		3.250			07/20/29		54,742
	32,004		3.250			08/20/29		32,777
	6,636		3.250			09/20/29		6,801
	28,426		3.125			10/20/29		29,201
	42,270		3.125			11/20/29		43,425
	8,146		3.125			12/20/29		8,374
	10,958		3.000			01/20/30		11,278
	4,519		3.000			02/20/30		4,649
	30,896		3.000			03/20/30		31,784
	33,675		2.875			04/20/30		34,698
	89,803		2.875			05/20/30		92,882
	10,241		2.875			06/20/30		10,562
	71,903		3.250			07/20/30		74,313
	15,426		3.250			09/20/30		15,947

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)
	(1 Year CMT + 1.500%) – (continued)
$	24,062		3.125	%		10/20/30		$	24,734
	45,499		3.000			03/20/32			46,914
									1,150,487
FHLMC – 1.1%
	1,856		6.500			07/01/21			1,882
	384		6.500			08/01/22			394
	8,192		9.000			10/01/22			8,228
	29,121		4.500			10/01/23			31,448
	16,851		6.500			07/01/28			17,886
	220,411		4.500			03/01/29			241,298
	3,529		8.000			07/01/30			3,890
	10,806		5.000			08/01/33			12,382
	2,042		5.000			09/01/33			2,339
	4,271		5.000			10/01/33			4,894
	2,706		5.000			11/01/34			3,117
	158,400		5.000			12/01/34			182,436
	7,371		5.000			07/01/35			8,489
	640		5.000			11/01/35			733
	15,038		5.000			12/01/35			17,275
	20,680		5.000			02/01/37			23,694
	1,768		5.000			03/01/38			2,025
	81,664		5.000			07/01/39			94,111
	11,958		4.000			06/01/40			13,181
	5,251		5.000			08/01/40			6,021
	1,514		4.500			11/01/40			1,701
	103,873		4.000			02/01/41			114,622
	1,254		5.000			04/01/41			1,435
	5,609		5.000			06/01/41			6,419
	192,250		5.000			07/01/41			219,113
	6,610		4.000			11/01/41			7,311
	10,611		3.000			05/01/42			11,331
	13,336		3.000			08/01/42			14,241
	14,172		3.000			01/01/43			15,099
	55,578		3.000			02/01/43			59,603
	1,214,264		4.000			03/01/48			1,302,210
	1,314,584		4.000			04/01/48			1,399,576
									3,828,384
FNMA – 0.1%
	3,270		6.500			11/01/28			3,612
	31,838		7.000			07/01/31			38,000
	333,416		5.500			07/01/33			386,661
									428,273
GNMA – 33.3%
	29,151		7.000			12/15/27			32,145
	10,859		6.500			08/15/28			12,018
	62,896		6.000			01/15/29			70,225
	79,096		7.000			10/15/29			88,109
	30,391		5.500			11/15/32			34,035
	512,814		5.500			12/15/32			582,469
	19,412		5.500			01/15/33			21,169
	38,584		5.500			02/15/33			43,806
	39,661		5.500			03/15/33			44,965
	43,871		5.500			07/15/33			49,852
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
	16,734		5.500			08/15/33			18,744
	9,759		5.500			09/15/33			10,901
	21,598		5.500			04/15/34			24,131
	8,794		5.500			05/15/34			9,536
	239,113		5.500			06/15/34			272,836
	172,331		5.500			09/15/34			196,753
	177,322		5.500			12/15/34			202,220
	125,495		5.500			01/15/35			143,703
	67,764		5.000			03/15/38			75,231
	1,460		5.000			11/15/38			1,681
	5,610		4.000			02/20/41			6,197
	8,669		4.000			11/20/41			9,563
	1,432		4.000			01/20/42			1,580
	4,586		4.000			04/20/42			5,059
	2,737		4.000			10/20/42			3,010
	342,186		4.000			08/20/43			375,764
	4,728		4.000			03/20/44			5,183
	5,660		4.000			05/20/44			6,205
	394,451		4.000			11/20/44			432,418
	1,761,409		4.000			06/20/45			1,927,647
	442,187		4.000			01/20/46			481,432
	1,856,361		3.500			04/20/47			1,986,036
	431,797		4.500			02/20/48			470,023
	1,909,428		4.500			05/20/48			2,072,498
	1,048,971		4.500			08/20/48			1,134,622
	264,719		5.000			08/20/48			288,422
	7,353,983		4.500			09/20/48			7,954,456
	2,264,565		5.000			10/20/48			2,462,384
	1,329,991		5.000			11/20/48			1,446,171
	2,539,975		5.000			12/20/48			2,760,264
	2,001,174		4.500			01/20/49			2,157,853
	2,984,502		5.000			01/20/49			3,243,343
	3,172,115		4.000			02/20/49			3,379,550
	1,222,131		4.000			03/20/49			1,300,618
	310,910		4.500			03/20/49			334,839
	2,445,212		5.000			03/20/49			2,657,282
	1,217,190		4.000			05/20/49			1,294,219
	371,377		4.500			05/20/49			399,496
	3,790,890		4.500			10/20/49			4,080,670
	876,438		4.500			12/20/49			940,648
	8,000,006		3.500			01/20/50			8,426,567
	36,000,000		2.000			TBA-30yr	(d)		37,369,096
	21,000,000		2.500			TBA-30yr	(d)		22,036,475
									113,384,119
UMBS – 8.4%
	43,513		5.500			02/01/23			44,672
	63,603		5.000			06/01/23			69,705
	534,584		5.000			08/01/23			584,304
	88,349		5.500			08/01/23			92,383
	1,091		4.500			07/01/36			1,219
	1,715		4.500			04/01/39			1,928
	7,518		4.500			05/01/39			8,431
	3,380		4.000			08/01/39			3,725
	15,098		4.500			08/01/39			17,114
	278,667		4.500			12/01/39			315,883

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	13,542		4.500	%		01/01/41	$	15,205
	102,629		4.500			05/01/41		115,248
	80,765		4.500			08/01/41		90,214
	97,139		4.500			08/01/42		109,232
	14,735		3.000			11/01/42		16,142
	150,771		3.000			12/01/42		165,165
	381,030		3.000			01/01/43		417,407
	69,065		3.000			02/01/43		75,659
	454,224		3.000			03/01/43		497,721
	743,985		3.000			04/01/43		815,946
	499,759		3.000			05/01/43		548,098
	92,875		3.000			06/01/43		101,859
	750,861		3.000			07/01/43		823,487
	1,393,088		4.500			10/01/44		1,551,195
	897,726		4.500			04/01/45		1,021,827
	101,895		4.500			05/01/45		116,045
	520,133		4.500			06/01/45		579,165
	473,647		4.000			11/01/45		516,917
	154,032		4.000			03/01/46		167,286
	12,657		4.500			05/01/46		13,829
	95,311		4.000			06/01/46		103,092
	24,434		4.000			08/01/46		26,429
	145,903		4.500			08/01/46		159,233
	165,170		4.000			10/01/46		178,655
	60,166		4.500			06/01/47		67,750
	1,601,027		4.500			11/01/47		1,776,323
	433,820		4.000			12/01/47		477,493
	433,115		4.000			01/01/48		476,581
	1,487,374		4.000			02/01/48		1,634,996
	1,195,580		4.000			03/01/48		1,310,335
	1,374,000		4.000			06/01/48		1,511,462
	477,672		4.000			08/01/48		523,520
	2,046,931		5.000			11/01/48		2,308,556
	8,344,512		5.000			10/01/49		9,143,219
								28,594,655
UMBS, 30 Year, Single Family(d) – 9.2%
	7,000,000		2.000			TBA-30yr		7,224,368
	15,000,000		3.000			TBA-30yr		15,716,207
	6,000,000		3.500			TBA-30yr		6,326,249
	2,000,000		4.000			TBA-30yr		2,132,578
								31,399,402
	TOTAL FEDERAL AGENCIES						$	180,164,291
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $181,955,228)						$	185,388,178
Agency Debentures – 25.0%
	FFCB
$	3,000,000		3.430	%		12/06/28	$	3,560,130
	720,000		5.270			05/01/29		966,809
	1,150,000		3.290			01/25/30		1,366,453
	FHLB
	3,700,000		2.125			06/09/23		3,888,922
	2,100,000		3.375			09/08/23		2,290,365
Agency Debentures – (continued)
	FHLB – (continued)
	300,000		3.375			12/08/23		329,655
	15,150,000		0.500			04/14/25		15,243,779
	FHLMC
	16,670,000		0.375			04/20/23		16,750,516
	FNMA
	1,400,000		1.875			09/24/26		1,514,814
	2,600,000		6.250			05/15/29		3,761,186
	4,000,000		6.625			11/15/30		6,143,200
	Israel Government AID Bond(e)
	500,000		5.500			12/04/23		580,305
	700,000		5.500			04/26/24		827,407
	New Valley Generation V
	727,495		4.929			01/15/21		735,737
	Tennessee Valley Authority
	6,500,000		3.875			02/15/21		6,589,765
	20,150,000		0.750			05/15/25		20,404,897
	TOTAL AGENCY DEBENTURES
	(Cost $81,701,334)						$	84,953,940
Asset-Backed Securities – 3.9%
Automotive – 1.4%
	Ally Master Owner Trust Series 2018-1, Class A2
$	4,100,000		2.700	%		01/17/23	$	4,127,026
	Chesapeake Funding II LLC Series 2017-2A, Class A1(c)
	187,666		1.990			05/15/29		188,377
	Ford Credit Auto Owner Trust Series 2016-2, Class A(c)
	400,000		2.030			12/15/27		404,677
								4,720,080
Collateralized Loan Obligation(b)(c) – 0.3%
	Towd Point Mortgage Trust Series 2017-4, Class A2
	1,030,153		3.000			06/25/57		1,111,049
Student Loan(b) – 2.2%
	Access Group, Inc. Series 2015-1, Class A(c) (1M USD LIBOR + 0.700%)
	378,719		0.848			07/25/56		370,866
	ECMC Group Student Loan Trust Series 2018-2A, Class A(c) (1M USD LIBOR + 0.800%)
	1,199,038		0.948			09/25/68		1,176,485
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L(c) (3M LIBOR + 0.110%)
	19,350		0.360			11/25/26		19,350
	Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	1,097,590		1.300			05/25/34		1,097,587
	Navient Student Loan Trust Series 2016-7A, Class A(c) (1M USD LIBOR + 1.150%)
	653,596		1.298			03/25/66		653,596
	Navient Student Loan Trust Series 2017-4A, Class A2(c) (1M USD LIBOR + 0.500%)
	682,417		0.648			09/27/66		680,874
	Nelnet Student Loan Trust Series 2013-5A, Class A(c) (1M USD LIBOR + 0.630%)
	209,762		0.778			01/25/37		203,397

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)
	PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
$	1,004,061		1.298	%		09/25/65	$	1,000,332
	Scholar Funding Trust Series 2013-A, Class A(c) (1M USD LIBOR + 0.650%)
	1,425,388		0.795			01/30/45		1,382,865
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	692,267		1.945			07/25/23		687,221
								7,272,573
	TOTAL ASSET-BACKED SECURITIES
	(Cost $13,115,354)						$	13,103,702
Municipal Debt Obligations – 1.1%
Alaska(b) – 0.4%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.000%)
$	1,352,402		0.648	%		08/25/31	$	1,326,197
New Jersey – 0.7%
	New Jersey Economic Development Authority Series A
	2,000,000		7.425			02/15/29		2,488,620
Texas(b)(f) – 0.0%
	Brazos Higher Education Authority, Inc. Series 2005-2, Class I-A12 (3M USD LIBOR + 0.000%)
	25,102		0.385			03/27/23		24,984
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,373,030)						$	3,839,801
U.S. Treasury Obligations – 19.4%
	United States Treasury Bonds
$	900,000		3.125	%		11/15/41	$	1,215,984
	3,500,000		3.750			11/15/43		5,199,141
	3,830,000		3.625			02/15/44		5,595,989
	9,390,000		3.375			05/15/44		13,251,637
	3,320,000		3.125			08/15/44		4,518,313
	6,400,000		2.875	(h)		11/15/46		8,459,000
	5,080,000		2.750			11/15/47		6,600,825
	980,000		3.375			11/15/48		1,425,900
	630,000		2.000			02/15/50		712,589
	840,000		1.375			08/15/50		822,019
	United States Treasury Inflation Indexed Notes
	3,300,704		0.125			07/15/22		3,385,117
	United States Treasury Notes
	3,090,000		1.625			09/30/26		3,319,095
	150,000		0.625			05/15/30		149,461
	United States Treasury Strip Coupon(g)
	6,400,000		0.000			11/15/35		5,375,423
	1,300,000		0.000			05/15/36		1,082,068
	6,000,000		0.000			11/15/37		4,857,087
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $54,421,982)						$	65,969,648

Shares	Dividend Rate	Value
Investment Company(i) – 21.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
71,603,005	0.027%	$	71,603,005
(Cost $71,603,005)
TOTAL INVESTMENTS – 124.8%
(Cost $406,169,933)		$	424,858,274
LIABILITIES IN EXCESS OF     OTHER ASSETS – (24.8)%			(84,349,427	)
NET ASSETS – 100.0%		$	340,508,847

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, 2020.
(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 $90,804,973 which represents approximately 26.7% of the Fund’s net assets as of September 30, 2020.
(e)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $1,407,712, which represents approximately 0.4% of the Fund’s net assets as of September 30, 2020.
(f)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(i)	Represents an affiliated issuer.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CMT	— Constant Maturity Treasury Indexes
FFCB	— Federal Farm Credit Bank
FHLB	— Federal Home Loan Bank
FHLMC	— Federal Home Loan Mortgage Corp.
FNMA	— Federal National Mortgage Association
GNMA	— Government National Mortgage Association
LIBOR	— London Interbank Offered Rate
LLC	— Limited Liability Company
REMIC	— Real Estate Mortgage Investment Conduit
STRIPS	— Separate Trading of Registered Interest and Principal of Securities

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2020, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
GNMA		4.000	%	TBA-30yr		10/21/20	$	(4,000,000	)	$	(4,250,212	)
GNMA		4.500		TBA-30yr		09/09/20		(1,000,000	)		(1,071,465	)
UMBS, 30 Year, Single Family		2.000		TBA-30yr		10/14/20		(5,000,000	)		(5,170,809	)
UMBS, 30 Year, Single Family		4.500		TBA-30yr		10/14/20		(2,000,000	)		(2,163,827	)
UMBS, 30 Year, Single Family		5.000		TBA-30yr		10/14/20		(4,000,000	)		(4,382,201	)
TOTAL (Proceeds Receivable: $17,055,938)										$	(17,038,514	)

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

FUTURES CONTRACTS — At September 30, 2020, 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	$	20,449,775		$	356,813
Ultra 10 Year U.S. Treasury Notes		59			12/21/20		9,435,391			5,637
2 Year U.S. Treasury Notes		73			12/31/20		16,130,148			4,342
10 Year U.S. Treasury Notes		149			12/21/20		20,790,156			(1,047	)
Total									$	365,745
Short position contracts:
Ultra Long U.S. Treasury Bonds		(28	)		12/21/20		(6,210,750	)		1,887
5 Year U.S. Treasury Notes		(3	)		12/31/20		(378,094	)		(44	)
20 Year U.S. Treasury Bonds		(205	)		12/21/20		(36,137,656	)		(112,086	)
Total									$	(110,243	)
TOTAL FUTURES CONTRACTS									$	255,502

SWAP CONTRACTS — At September 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%(a)		3M LIBOR(a)	07/25/24	$	11,100		$	6,781		$	180		$	6,601
3M LIBOR(a)		1.000%(b)	12/16/25		1,270	(c)		39,999			40,505			(506	)
3M LIBOR(a)		0.980(b)	05/21/30		4,980	(c)		(13,700	)		(7,048	)		(6,652	)
1.160(b)		3M LIBOR(a)	05/21/35		5,370	(c)		64,200			9,199			55,001
0.855(b)		3M LIBOR(a)	04/09/45		1,910	(c)		37,065			69			36,996
3M LIBOR(a)		0.845(b)	04/10/50		1,960	(c)		(31,765	)		71			(31,836	)
TOTAL							$	102,580		$	42,976		$	59,604

(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, 2020.

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	JPMorgan Securities, Inc.		1.100	%		03/17/2021		9,000,000		$	9,000,000		$	95,578		$	108,000		$	(12,422	)
Written option contracts
Calls
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(5,700,000	)		(5,700,000	)		(39,813	)		(59,822	)		20,009
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(4,300,000	)		(4,300,000	)		(36,757	)		(47,515	)		10,758
6M IRS	Deutsche Bank AG (London)		0.395			10/02/2020		(4,800,000	)		(4,800,000	)		(1	)		(43,440	)		43,439
6M IRS	JPMorgan Securities, Inc.		0.700			03/17/2021		(9,000,000	)		(9,000,000	)		(35,186	)		(41,085	)		5,899
6M IRS	JPMorgan Securities, Inc.		0.900			03/17/2021		(9,000,000	)		(9,000,000	)		(59,230	)		(72,000	)		12,770
								(32,800,000	)	$	(32,800,000	)	$	(170,987	)	$	(263,862	)	$	92,875
Puts
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(5,700,000	)		(5,700,000	)		(30,039	)		(59,822	)		29,783
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(4,300,000	)		(4,300,000	)		(14,355	)		(47,515	)		33,160
								(10,000,000	)	$	(10,000,000	)	$	(44,394	)	$	(107,337	)	$	62,943
Total written option contracts								(42,800,000	)	$	(42,800,000	)	$	(215,381	)	$	(371,199	)	$	155,818
TOTAL								(33,800,000	)	$	(33,800,000	)	$	(119,803	)	$	(263,199	)	$	143,396

Abbreviations:
1Y IRS	—1 Year Interest Rate Swaptions
6M IRS	—6 Months Interest Rate Swaptions

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 35.2%
Collateralized Mortgage Obligations – 25.5%
Regular Floater(a) – 24.9%
	FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
$	479,869		0.752	%		09/15/37	$	487,717
	FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%)
	86,866		0.452			04/15/37		87,137
	FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	110,688		1.002			06/15/39		112,678
	FHLMC REMIC Series 4316, Class FY (1M USD LIBOR + 0.400%)
	474,456		0.552			11/15/39		474,768
	FHLMC REMIC Series 4477, Class FG (1M USD LIBOR + 0.300%)
	1,951,494		0.456			10/15/40		1,943,719
	FHLMC REMIC Series 4508, Class CF (1M USD LIBOR + 0.400%)
	2,012,347		0.552			09/15/45		2,030,299
	FHLMC REMIC Series 4751, Class FA (1M USD LIBOR + 0.250%)
	6,250,582		0.402			03/15/39		6,269,898
	FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%)
	181,987		0.552			05/15/36		183,161
	FHLMC STRIPS Series 350, Class F2 (1M USD LIBOR + 0.350%)
	7,930,355		0.506			09/15/40		7,968,351
	FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%)
	8,628		0.651			11/17/28		8,653
	FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%)
	139,252		0.648			08/25/36		140,496
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	29,949		0.498			04/25/37		30,114
	FNMA REMIC Series 2007-36, Class F (1M USD LIBOR + 0.230%)
	592,949		0.378			04/25/37		594,127
	FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%)
	295,662		0.988			04/25/48		303,537
	FNMA REMIC Series 2009-66, Class FP (1M USD LIBOR + 0.900%)
	9,713,291		1.048			09/25/39		9,911,436
	FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%)
	431,390		1.298			09/25/39		443,118
	FNMA REMIC Series 2010-123, Class FL (1M USD LIBOR + 0.430%)
	870,061		0.578			11/25/40		877,487
	FNMA REMIC Series 2010-8, Class FE (1M USD LIBOR + 0.790%)
	4,775,484		0.938			02/25/40		4,885,437
Mortgage-Backed Obligations – (continued)
Regular Floater(a) – (continued)
	FNMA REMIC Series 2011-110, Class FE (1M USD LIBOR + 0.400%)
	1,290,384		0.548			04/25/41		1,296,800
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	328,160		0.598			07/25/41		331,922
	FNMA REMIC Series 2012-56, Class FG (1M USD LIBOR + 0.500%)
	427,370		0.648			03/25/39		427,635
	FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%)
	85,280		0.548			09/25/43		86,001
	FNMA REMIC Series 2014-19, Class FA (1M USD LIBOR + 0.400%)
	350,322		0.548			11/25/39		350,513
	FNMA REMIC Series 2014-19, Class FJ (1M USD LIBOR + 0.400%)
	454,708		0.548			11/25/39		455,016
	FNMA REMIC Series 2017-45, Class FA (1M USD LIBOR + 0.320%)
	5,210,508		0.476			06/25/47		5,188,659
	FNMA REMIC Series 2018-72, Class FB (1M USD LIBOR + 0.350%)
	6,466,902		0.498			10/25/58		6,492,955
	NCUA Guaranteed Notes Trust Series 2010-R1, Class 1A (1M LIBOR + 0.450%)
	530,759		0.605			10/07/20		530,874
	NCUA Guaranteed Notes Trust Series 2010-R2, Class 2A (1M LIBOR + 0.470%)
	1,944,265		0.625			11/05/20		1,944,565
								53,857,073
Sequential Fixed Rate – 0.2%
	FHLMC REMIC Series 4248, Class LM
	392,219		6.500			05/15/41		469,869
Sequential Floating Rate(a) – 0.4%
	FHLMC REMIC Series 3588, Class CW
	691,961		4.035			10/15/37		704,492
	FNMA REMIC Series 1997-20, Class F
	28,677		1.788			03/25/27		28,925
								733,417
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	55,060,359
Commercial Mortgage-Backed Securities(a) – 5.3%
Sequential Floating Rate – 5.3%
	FHLMC Multifamily Structured Pass-Through Certificates Series KS02, Class A(1M USD LIBOR + 0.380%)
$	251,515		0.537	%		08/25/23	$	251,600
	FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A(1M USD LIBOR + 0.500%)
	1,705,023		0.657			01/25/26		1,715,356
	FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A(1M USD LIBOR + 0.490%)
	1,475,802		0.647			02/25/26		1,484,813

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)
Sequential Floating Rate – (continued)
	FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%)
$	1,194,190		0.607	%		06/25/23	$	1,197,812
	FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%)
	2,512,903		0.527			04/25/24		2,519,490
	FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%)
	2,710,345		0.527			05/25/24		2,718,132
	FHLMC Multifamily Structured Pass-Through Certificates Series J15L, Class AFL(1M USD LIBOR + 0.350%)
	1,587,276		0.507			08/25/25		1,588,183
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES						$	11,475,386
Federal Agencies – 4.4%
Adjustable Rate FHLMC(a) – 0.9%
	(COF + 1.250%)
$	101		1.932	%		05/01/21	$	101
	(3 Year CMT + 2.556%)
	248,319		4.121			08/01/28		251,016
	(6M CMT + 2.223%)
	51,107		3.410			05/01/29		52,203
	(COF + 1.250%)
	4,899		4.048			06/01/29		5,098
	11,490		1.990			04/01/30		11,405
	(COF + 1.248%)
	8,687		4.365			06/01/30		9,098
	(COF + 1.198%)
	324		2.448			02/01/31		324
	(12M MTA + 2.155%)
	4,473		3.877			06/01/31		4,669
	(12M USD LIBOR + 1.860%)
	415,469		2.735			05/01/34		435,024
	(12M USD LIBOR + 1.750%)
	372,469		3.468			05/01/35		392,533
	(3 Year CMT + 2.108%)
	5,270		6.155			05/01/35		5,568
	(1 Year CMT + 2.265%)
	636,346		2.811			01/01/38		662,959
								1,829,998
Adjustable Rate FNMA(a) – 3.2%
	(1 Year CMT + 2.000%)
	101		6.740			02/01/22		103
	(6M USD LIBOR + 1.750%)
	5,348		3.500			02/01/23		5,406
	(6M USD LIBOR + 1.883%)
	50,962		2.860			01/01/24		51,734
	(6M USD LIBOR + 1.925%)
	44,646		3.045			03/01/24		45,407
	(COF + 1.250%)
	4,439		3.513			06/01/27		4,526
	3,189		4.250			12/01/27		3,333
	3,634		4.495			01/01/28		3,822
	1,672		2.134			06/01/29		1,664
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(a) – (continued)
	3,556		2.200			06/01/29		3,567
	(1 Year CMT + 2.266%)
	323,060		2.961			07/01/33		336,730
	(1 Year CMT + 2.360%)
	122,531		3.366			11/01/34		127,880
	(COF + 1.254%)
	1,862		4.067			05/01/36		1,932
	(12M USD LIBOR + 1.983%)
	605,744		3.908			03/01/37		639,293
	(12M MTA + 1.400%)
	34,387		2.571			06/01/40		35,023
	(12M MTA + 1.200%)
	3,694		2.371			02/01/41		3,748
	(12M USD LIBOR + 1.550%)
	137,760		2.300			09/01/44		142,862
	(1M USD LIBOR + 0.300%)
	5,383,576		0.448			08/25/48		5,404,457
								6,811,487
Adjustable Rate GNMA(a) – 0.3%
	(1 Year CMT + 1.500%)
	357,467		2.875			04/20/33		369,080
	93,983		2.875			05/20/33		97,199
	231,939		3.250			08/20/34		238,972
								705,251
FHLMC – 0.0%
	1,200		7.000			04/01/21		1,201
	2,382		7.000			08/01/21		2,420
	15,852		7.000			05/01/22		16,393
	31,186		7.000			06/01/22		32,113
	428		4.500			05/01/23		442
								52,569
FNMA – 0.0%
	1,276		3.011			05/01/22		1,277
	26,842		3.017			06/01/24		26,882
								28,159
GNMA – 0.0%
	11,831		7.000			04/15/26		13,002
UMBS – 0.0%
	2,856		7.000			07/01/21		2,890
	6,828		7.000			11/01/21		6,961
	5,070		7.000			12/01/21		5,079
	9,987		7.000			01/01/22		10,021
	2,018		7.000			02/01/22		2,067
								27,018
	TOTAL FEDERAL AGENCIES						$	9,467,484
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $75,789,976)						$	76,003,229

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, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(a) – 49.5%
Automotive – 2.9%
	Chesapeake Funding II LLC Series 2017-3A, Class A2(b) (1M USD LIBOR + 0.340%)
$	771,577		0.492	%		08/15/29	$	771,761
	Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2 (1M USD LIBOR + 0.500%)
	1,500,000		0.650			09/15/25		1,500,108
	Nissan Master Owner Receivables Trust Series 2017-C, Class A (1M USD LIBOR + 0.320%)
	4,100,000		0.472			10/17/22		4,100,272
								6,372,141
Collateralized Loan Obligations(b) – 19.7%
	522 Funding CLO I Ltd. Series 2019-4A, Class A (3M USD LIBOR + 1.350%)
	1,600,000		1.622			04/20/30		1,589,946
	Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)
	3,600,000		1.297			01/28/31		3,569,515
	Apex Credit CLO II LLC Series 2017-2A, Class A (3M USD LIBOR + 1.270%)
	2,983,185		1.497			09/20/29		2,939,049
	CBAM CLO Management LLC Series 2017-2A, Class A (3M USD LIBOR + 1.240%)
	3,500,000		1.513			10/17/29		3,484,747
	Cedar Funding VII Clo Ltd. Series 18-7A, Class A1 (3M USD LIBOR + 1.000%)
	3,000,000		1.272			01/20/31		2,956,215
	Dryden 64 CLO Ltd. Series 18-64A, Class A (3M USD LIBOR + 0.970%)
	5,950,000		1.242			04/18/31		5,854,705
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	1,300,000		1.999			07/20/31		1,302,707
	Jamestown CLO X Ltd. Series 2017-10A, Class A1 (3M USD LIBOR + 1.250%)
	4,750,000		1.523			07/17/29		4,713,947
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,200,000		1.025			04/15/29		5,127,564
	OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	2,600,000		1.325			04/26/31		2,565,773
	Pikes Peak Clo 2 Series 18-2A, Class A (3M USD LIBOR + 1.290%)
	6,700,000		1.562			01/18/32		6,624,745
	WhiteHorse X Ltd. Series 2015-10A, Class A1R (3M USD LIBOR + 0.930%)
	1,306,650		1.203			04/17/27		1,297,589
	Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	475,000		2.917			07/28/30		478,236
								42,504,738
Credit Card – 18.3%
	American Express Credit Account Master Trust Series 2017-2, Class A (1M USD LIBOR + 0.450%)
	3,700,000		0.602			09/16/24		3,716,189
Asset-Backed Securities(a) – (continued)
Credit Card – (continued)
	Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M LIBOR + 0.620%)
	8,100,000		0.776			04/22/26		8,153,565
	Citibank Credit Card Issuance Trust Series 2017-A7, Class A7 (1M LIBOR + 0.370%)
	4,300,000		0.524			08/08/24		4,316,843
	Evergreen Credit Card Trust Series 2019-1, Class A(b) (1M USD LIBOR + 0.480%)
	8,700,000		0.632			01/15/23		8,704,615
	Golden Credit Card Trust Series 2017-4A, Class A(b) (1M USD LIBOR + 0.520%)
	11,200,000		0.672			07/15/24		11,237,173
	Golden Credit Card Trust Series 2019-1A, Class A(b) (1M USD LIBOR + 0.450%)
	3,500,000		0.602			12/15/22		3,501,766
								39,630,151
Student Loan – 8.6%
	Academic Loan Funding Trust Series 2013-1A, Class A(b) (1M USD LIBOR + 0.800%)
	1,897,164		0.948			12/26/44		1,809,239
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(b) (1M USD LIBOR + 0.800%)
	127,151		0.948			06/25/26		127,002
	Educational Services of America, Inc. Series 2012-1, Class A1(b) (1M USD LIBOR + 1.150%)
	948,436		1.298			09/25/40		946,470
	Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	1,158,033		0.848			02/25/39		1,130,647
	GCO Education Loan Funding Master Trust II Series 2007-1A, Class A6L(b) (3M LIBOR + 0.110%)
	21,442		0.360			11/25/26		21,442
	Goal Capital Funding Trust Series 2010-1, Class A(b) (3M USD LIBOR + 0.700%)
	31,167		0.950			08/25/48		30,586
	Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	1,207,349		1.300			05/25/34		1,207,346
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	866,279		1.145			07/25/45		849,556
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
	2,959,190		0.905			12/01/31		2,847,078
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	905,243		1.200			02/25/42		890,028
	Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	293,254		1.195			04/25/38		293,284
	Missouri Higher Education Loan Authority Series 2010-2, Class A1 (3M USD LIBOR + 0.850%)
	1,701,176		1.100			08/27/29		1,676,330
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2(1M USD LIBOR + 1.000%)
	1,474,866		1.156			05/20/30		1,476,628

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)
	NCUA Guaranteed Notes Series 2010-A1, Class A (1M LIBOR + 0.350%)
$	139,645		0.506	%		12/07/20	$	139,309
	Northstar Education Finance, Inc. Series 2012-1, Class A(b) (1M USD LIBOR + 0.700%)
	293,215		0.848			12/26/31		287,729
	Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
	1,110,207		1.057			07/01/31		1,104,826
	Scholar Funding Trust Series 2010-A, Class A(b) (3M USD LIBOR + 0.750%)
	686,540		0.997			10/28/41		667,682
	SLC Student Loan Center Series 2011-1, Class A(b) (1M USD LIBOR + 1.220%)
	359,808		1.368			10/25/27		360,164
	SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	462,412		1.125			11/25/42		459,529
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	421,818		0.995			04/25/23		410,999
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	226,318		1.945			07/25/23		224,668
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	105,630		1.146			10/01/24		105,740
	Utah State Board of Regents Series 2015-1, Class A (1M USD LIBOR + 0.600%)
	1,462,112		0.775			02/25/43		1,421,947
								18,488,229
	TOTAL ASSET-BACKED SECURITIES
	(Cost $107,560,547)						$	106,995,259
Municipal Debt Obligations(a) – 3.4%
Alaska – 0.5%
	Alaska State Student Loan Corp. Series 2013, Class A (1M USD LIBOR + 0.000%)
$	1,047,635		0.648	%		08/25/31	$	1,027,335
Rhode Island(c) – 0.1%
	Rhode Island Student Loan Authority RB (Taxable – FFELP Loan Backed) Series 2014-1 (1M USD LIBOR + 0.000%)
	300,939		0.856			10/02/28		297,878
Utah – 2.8%
	Utah State Board of Regents RB (Taxable-Student Loan) Series 2012-1 (1M USD LIBOR + 0.000%)
	5,982,698		0.898			12/26/31		5,933,085
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $7,347,434)						$	7,258,298
U.S. Treasury Obligations(d) – 4.6%
	United States Treasury Bills
$	5,000,000		0.000			11/17/20	$	4,999,380
	5,000,000		0.000			03/25/21		4,997,266
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $9,997,197)						$	9,996,646
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $200,695,154)						$	200,253,432
Short-term Investment – 4.4%
Repurchase Agreements – 4.4%
	Citibank N.A
$	9,500,000		0.080	%		10/01/20	$	9,500,000
	Maturity Value: $9,500,021 Next Reset Date: 10/01/20 Collateralized by various mortgage obligations, 2.500% to 3.000%, due 09/01/50. The aggregate market value of the collateral, including accrued interest, was $9,785,001.
	(Cost $9,500,000)
	TOTAL INVESTMENTS – 97.1%
	(Cost $210,195,154)						$	209,753,432
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.9%							6,229,972
	NET ASSETS – 100.0%						$	215,983,404

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, 2020.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	— U.S. Dollar
Investment Abbreviations:
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds 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
NCUA	—National Credit Union Administration
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

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, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
20 Year U.S. Treasury Bonds		2			12/21/20	$	352,563		$	2,995
Short position contracts:
Ultra Long U.S. Treasury Bonds		(3	)		12/21/20		(665,437	)		(2,108	)
Ultra 10 Year U.S. Treasury Notes		(4	)		12/21/20		(639,687	)		477
2 Year U.S. Treasury Notes		(37	)		12/31/20		(8,175,555	)		(4,801	)
5 Year U.S. Treasury Notes		(54	)		12/31/20		(6,805,688	)		(11,099	)
10 Year U.S. Treasury Notes		(22	)		12/21/20		(3,069,688	)		(6,905	)
Total									$	(24,436	)
TOTAL FUTURES CONTRACTS									$	(21,441	)

SWAP CONTRACTS — At September 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%(a)		3M LIBOR(a)	07/25/24	$	11,600		$	7,086		$	182		$	6,904
3M LIBOR(a)		0.980%(b)	05/21/30		2,650	(c)		(7,290	)		(2,331	)		(4,959	)
1.160(b)		3M LIBOR(a)	05/21/35		2,860	(c)		34,192			(1,064	)		35,256
0.855(b)		3M LIBOR(a)	04/09/45		1,990	(c)		38,617			72			38,545
3M LIBOR(a)		0.845(b)	04/10/50		2,070	(c)		(33,548	)		74			(33,622	)
TOTAL							$	39,057		$	(3,067	)	$	42,124

(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, 2020.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 94.3%
	United States Treasury Bonds
$	560,000		3.375	%		11/15/48	$	814,800
	310,000		2.000			02/15/50		350,639
	United States Treasury Inflation Indexed Bonds
	14,502,697		2.125			02/15/40		22,198,491
	19,018,621		1.375			02/15/44		27,005,254
	18,812,052		0.750			02/15/45		23,900,445
	10,505,300		1.000			02/15/48		14,462,276
	United States Treasury Inflation Indexed Notes
	55,370,136		0.125			04/15/22		56,329,738
	8,899,508		0.125			07/15/22		9,127,107
	32,435,337		0.125			01/15/23		33,422,685
	9,490,754		0.625			04/15/23		9,926,617
	15,407,400		0.500			04/15/24		16,358,609
	19,992,258		0.125			10/15/24		21,209,704
	17,952,447		0.125			04/15/25		19,103,295
	16,081,335		0.625			01/15/26		17,712,722
	38,690,850		0.125			07/15/26		41,942,106
	6,327,396		0.375			01/15/27		6,959,822
	11,543,427		0.375	(a)		07/15/27		12,824,684
	12,497,856		0.500			01/15/28		14,014,344
	18,586,860		0.750			07/15/28		21,404,640
	37,344,944		0.875			01/15/29		43,486,890
	8,000,804		0.250			07/15/29		8,947,604
	3,031,200		0.125			07/15/30		3,367,280
	United States Treasury Notes
	6,950,000		3.125			11/15/28		8,370,406
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $396,448,462)						$	433,240,158

Shares		Dividend Rate	Value
Investment Company(b) – 4.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	18,521,754	0.027%	$	18,521,754
	(Cost $18,521,754)
	TOTAL INVESTMENTS – 98.4%
	(Cost $414,970,216)		$	451,761,912
	OTHER ASSETS IN EXCESS     OF LIABILITIES – 1.6%			7,505,824
	NET ASSETS – 100.0%		$	459,267,736

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 Abbreviation:
USD	—U.S. Dollar
Investment Abbreviation:
LIBOR	—London Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		7			12/21/20	$	1,552,688		$	(9,265	)
Ultra 10 Year U.S. Treasury Notes		124			12/21/20		19,830,312			57,015
5 Year U.S. Treasury Notes		270			12/31/20		34,028,437			47,036
10 Year U.S. Treasury Notes		35			12/21/20		4,883,594			(3,339	)
Total									$	91,447
Short position contracts:
2 Year U.S. Treasury Notes		(8	)		12/31/20		(1,767,687	)		(401	)
20 Year U.S. Treasury Bonds		(115	)		12/21/20		(20,272,344	)		2,657
Total									$	2,256
TOTAL FUTURES CONTRACTS									$	93,703

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.251%(a)		3M LIBOR(a)	02/20/24	$	13,700		$	(536,606	)	$	80		$	(536,686	)
1M LIBOR+0.090%(b)		3M LIBOR(b)	07/25/24		30,700			18,755			496			18,259
2.104(a)		3M LIBOR(a)	12/14/24		10,000			(306,667	)		80			(306,747	)
3M LIBOR(b)		1.000%(c)	12/16/25		1,130	(d)		35,590			36,040			(450	)
2.007(a)		3M LIBOR(a)	02/07/26		6,300			(160,164	)		65			(160,229	)
1.000(c)		3M LIBOR(b)	12/16/27		13,260	(d)		(437,304	)		(439,585	)		2,281
3M LIBOR(a)		2.103(a)	02/07/29		6,300			226,699			80			226,619
3M LIBOR(b)		0.980(c)	05/21/30		10,910	(d)		(30,013	)		(15,489	)		(14,524	)
1.160(c)		3M LIBOR(b)	05/21/35		11,770	(d)		140,715			20,188			120,527
0.855(c)		3M LIBOR(b)	04/09/45		2,680	(d)		52,006			97			51,909
3M LIBOR(b)		0.845(c)	04/10/50		2,680	(d)		(43,435	)		96			(43,531	)
TOTAL							$	(1,040,424	)	$	(397,852	)	$	(642,572	)

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Payments made semi-annually.

(d) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2020.

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	JPMorgan Securities, Inc.		1.100	%		03/17/2021		6,000,000		$	6,000,000		$	63,719		$	72,000		$	(8,281	)
Written option contracts
Calls
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(4,800,000	)		(4,800,000	)		(33,527	)		(50,376	)		16,849
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(3,600,000	)		(3,600,000	)		(30,773	)		(39,780	)		9,007
6M IRS	Deutsche Bank AG (London)		0.395			10/02/2020		(2,400,000	)		(2,400,000	)		—			(21,720	)		21,720
1Y IRS	JPMorgan Securities, Inc.		0.480			05/19/2021		(5,600,000	)		(5,600,000	)		(44,580	)		(56,938	)		12,358
6M IRS	JPMorgan Securities, Inc.		0.700			03/17/2021		(6,000,000	)		(6,000,000	)		(23,458	)		(27,390	)		3,932
6M IRS	JPMorgan Securities, Inc.		0.900			03/17/2021		(6,000,000	)		(6,000,000	)		(39,487	)		(48,000	)		8,513
								(28,400,000	)	$	(28,400,000	)	$	(171,825	)	$	(244,204	)	$	72,379
Puts
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(4,800,000	)		(4,800,000	)		(25,296	)		(50,376	)		25,080
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(3,600,000	)		(3,600,000	)		(12,018	)		(39,780	)		27,762
1Y IRS	JPMorgan Securities, Inc.		0.480			05/19/2021		(5,600,000	)		(5,600,000	)		(26,723	)		(56,938	)		30,215
								(14,000,000	)	$	(14,000,000	)	$	(64,037	)	$	(147,094	)	$	83,057
Total written option contracts								(42,400,000	)	$	(42,400,000	)	$	(235,862	)	$	(391,298	)	$	155,436
TOTAL								(36,400,000	)	$	(36,400,000	)	$	(172,143	)	$	(319,298	)	$	147,155

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 45.3%
Collateralized Mortgage Obligations – 3.5%
Interest Only(a) – 0.0%
	FHLMC REMIC Series 1161, Class U
$	9		1,172.807	%		11/15/21	$	36
Inverse Floaters(b) – 0.0%
	FNMA REMIC Series 1990-134, Class SC (-1x1M USD LIBOR + 21.600%)
	19		21.378			11/25/20		19
Regular Floater(b) – 0.0%
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	257,740		0.498			04/25/37		259,164
Sequential Fixed Rate – 3.5%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A(c)
	833,244		3.250			04/25/38		823,434
	FHLMC REMIC Series 1980, Class Z
	201,703		7.000			07/15/27		229,322
	FHLMC REMIC Series 2019, Class Z
	151,700		6.500			12/15/27		169,961
	FHLMC REMIC Series 2755, Class ZA
	482,406		5.000			02/15/34		545,115
	FHLMC REMIC Series 3530, Class DB
	1,248,002		4.000			05/15/24		1,300,137
	FHLMC REMIC Series 4246, Class PT
	85,993		6.500			02/15/36		102,348
	FHLMC REMIC Series 4273, Class PD
	760,924		6.500			11/15/43		922,885
	FHLMC REMIC Series 4619, Class NA
	2,559,867		3.000			03/15/44		2,747,903
	FHLMC REMIC Series 4663, Class KA
	12,123,264		3.500			11/15/42		12,269,947
	FNMA REMIC Series 2012-111, Class B
	275,904		7.000			10/25/42		341,082
	FNMA REMIC Series 2012-153, Class B
	1,002,289		7.000			07/25/42		1,266,260
	FNMA REMIC Series 2015-30, Class EA
	4,778,535		3.000			05/25/45		5,089,698
	GNMA REMIC Series 2019-35, Class A
	9,599,969		4.000			12/20/48		10,576,672
								36,384,764
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	36,643,983
Commercial Mortgage-Backed Securities – 3.3%
Sequential Fixed Rate – 3.3%
	FHLMC Multifamily Structured Pass Through Certificates Series K716, Class A2
$	15,857,349		3.130	%		06/25/21	$	16,017,581
	FHLMC Multifamily Structured Pass Through Certificates Series K717, Class A2
	18,328,093		2.991			09/25/21		18,589,927
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	34,607,508
Mortgage-Backed Obligations – (continued)
Federal Agencies – 38.5%
Adjustable Rate FHLMC(b) – 0.2%
	(12M USD LIBOR + 1.840%)
	266,037		3.723			11/01/34		279,440
	(1 Year CMT + 2.250%)
	644,140		3.446			06/01/35		673,749
	(12M USD LIBOR + 2.330%)
	46,625		4.129			05/01/36		49,154
	(6M USD LIBOR + 2.055%)
	13,835		2.430			10/01/36		14,458
	(12M USD LIBOR + 2.000%)
	10,497		3.875			11/01/36		11,001
	(12M USD LIBOR + 1.762%)
	119,382		2.946			06/01/42		124,559
	(12M USD LIBOR + 1.613%)
	1,321,374		2.870			11/01/44		1,371,029
								2,523,390
Adjustable Rate FNMA(b) – 0.6%
	(COF + 1.841%)
	19,308		2.523			08/01/29		19,368
	(12M USD LIBOR + 1.755%)
	28,228		2.380			07/01/32		29,298
	(12M USD LIBOR + 1.225%)
	7,824		3.475			01/01/33		8,045
	(12M USD LIBOR + 1.800%)
	361,071		3.066			05/01/33		379,112
	(6M USD LIBOR + 2.250%)
	44,449		3.125			08/01/33		46,193
	(COF + 1.250%)
	407,529		4.600			08/01/33		432,208
	(1 Year CMT + 2.287%)
	328,880		3.901			02/01/34		343,757
	(12M USD LIBOR + 1.695%)
	138,158		2.570			05/01/34		144,693
	(12M USD LIBOR + 1.720%)
	326,978		3.553			05/01/34		343,477
	(1 Year CMT + 2.220%)
	331,143		2.595			06/01/34		346,169
	(12M USD LIBOR + 1.664%)
	117,411		3.573			10/01/34		122,678
	(12M USD LIBOR + 1.668%)
	236,269		3.918			10/01/34		246,752
	(12M USD LIBOR + 1.460%)
	35,071		3.460			02/01/35		36,563
	(12M USD LIBOR + 1.506%)
	102,695		3.506			02/01/35		107,164
	(12M USD LIBOR + 1.628%)
	144,586		3.628			03/01/35		151,547
	(12M USD LIBOR + 1.720%)
	122,322		3.720			03/01/35		128,660
	(12M USD LIBOR + 1.325%)
	320,889		3.220			04/01/35		333,524
	(12M USD LIBOR + 1.720%)
	57,328		3.595			04/01/35		60,425
	(12M USD LIBOR + 1.396%)
	88,060		3.286			05/01/35		91,680

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
	(1 Year CMT + 2.081%)
$	96,979		3.988	%		10/01/35	$	101,071
	(12M USD LIBOR + 1.713%)
	336,249		3.725			03/01/36		352,873
	(12M USD LIBOR + 1.971%)
	645,261		3.721			04/01/36		683,817
	(12M USD LIBOR + 1.895%)
	360,522		2.770			06/01/36		378,072
	(12M MTA + 2.592%)
	153,967		3.808			06/01/36		160,320
	(12M MTA + 2.343%)
	687,249		3.543			07/01/36		713,451
	(12M USD LIBOR + 1.935%)
	86,581		3.889			11/01/36		91,051
	(12M USD LIBOR + 1.935%)
	26,498		4.060			11/01/36		27,793
	(12M USD LIBOR + 1.730%)
	466,317		2.915			07/01/37		490,198
	(12M USD LIBOR + 1.820%)
	3,837		3.945			12/01/46		4,070
								6,374,029
Adjustable Rate GNMA(b) – 0.2%
	(1 Year CMT + 1.500%)
	104,651		2.875			05/20/34		108,218
	230,500		3.250			07/20/34		237,461
	203,075		3.250			08/20/34		209,233
	1,401,780		3.250			09/20/34		1,444,282
	193,674		3.125			10/20/34		200,204
	240,723		3.125			12/20/34		248,180
								2,447,578
FHLMC – 0.6%
	16,293		7.000			04/01/22		16,639
	428		4.500			05/01/23		442
	4,754		7.500			01/01/31		5,586
	28,125		4.500			07/01/33		31,906
	752,423		4.500			08/01/33		853,576
	1,510,731		4.500			09/01/33		1,713,681
	151,536		4.500			10/01/33		171,908
	3,335		4.500			04/01/34		3,785
	3,492		4.500			04/01/35		3,904
	1,327		4.500			07/01/35		1,484
	7,342		4.500			08/01/35		8,208
	31,294		4.500			09/01/35		35,150
	8,046		4.500			10/01/35		8,997
	1,251		4.500			12/01/35		1,420
	995		4.500			05/01/36		1,113
	91,873		4.500			01/01/38		102,732
	2,087		4.500			04/01/38		2,349
	477		4.500			05/01/38		537
	5,601		4.500			06/01/38		6,262
	146,702		4.500			09/01/38		165,523
	3,008		4.500			01/01/39		3,384
	83,290		4.500			02/01/39		93,706
	42,684		4.500			03/01/39		47,998
	8,395		4.500			04/01/39		9,440
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	231,015		4.500			05/01/39		259,775
	679,596		4.500			06/01/39		764,194
	15,898		4.500			07/01/39		17,876
	33,285		4.500			08/01/39		37,428
	48,338		4.500			09/01/39		54,355
	8,692		4.500			10/01/39		9,774
	15,832		4.500			11/01/39		17,803
	31,442		4.500			12/01/39		35,356
	27,119		4.500			01/01/40		30,495
	7,462		4.500			02/01/40		8,385
	20,209		4.500			04/01/40		22,702
	31,678		4.500			05/01/40		35,575
	38,792		4.500			06/01/40		43,563
	33,231		4.500			07/01/40		37,319
	31,149		4.500			08/01/40		34,981
	20,498		4.500			09/01/40		23,020
	7,930		4.500			10/01/40		8,905
	12,619		4.500			02/01/41		14,172
	25,119		4.500			03/01/41		28,213
	65,168		4.500			04/01/41		73,191
	61,344		4.500			05/01/41		68,898
	121,708		4.500			06/01/41		136,695
	9,023		4.500			07/01/41		10,134
	276,738		4.500			08/01/41		310,812
	316,769		4.500			09/01/41		355,738
	18,664		4.500			12/01/41		20,962
	242,924		4.500			03/01/42		272,836
								6,022,887
FNMA – 1.8%
	18,570,410		4.212			07/01/21		18,743,947
	94,549		7.500			10/01/37		111,975
								18,855,922
GNMA – 26.1%
	1,206		6.500			01/15/32		1,320
	6,062		6.500			02/15/32		6,929
	4,719		6.500			08/15/34		5,519
	10,940		6.500			05/15/35		12,860
	2,722		6.500			06/15/35		3,171
	7,482		6.500			07/15/35		8,801
	2,890		6.500			08/15/35		3,412
	6,016		6.500			09/15/35		7,060
	2,307		6.500			10/15/35		2,712
	9,452		6.500			11/15/35		11,119
	6,261		6.500			12/15/35		7,375
	22,830		6.500			01/15/36		26,831
	25,346		6.500			02/15/36		29,816
	17,180		6.500			03/15/36		20,159
	47,964		6.500			04/15/36		56,014
	69,600		6.500			05/15/36		81,808
	58,975		6.500			06/15/36		69,265
	192,171		6.500			07/15/36		225,728
	211,628		6.500			08/15/36		248,239
	406,484		6.500			09/15/36		479,834
	146,489		6.500			10/15/36		172,239
	193,269		6.500			11/15/36		228,552

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)
GNMA – (continued)
$	82,087		6.500	%	12/15/36	$	96,369
	55,334		6.500		01/15/37		65,144
	22,858		6.500		02/15/37		26,838
	10,152		6.500		03/15/37		11,915
	21,559		6.500		04/15/37		25,395
	13,568		6.500		05/15/37		15,188
	12,139		6.500		08/15/37		14,316
	54,379		6.500		09/15/37		63,794
	59,997		6.500		10/15/37		71,356
	21,640		6.500		11/15/37		25,248
	14,019		6.500		05/15/38		16,598
	45,205		6.000		11/15/38		53,702
	2,846		6.500		01/15/39		3,288
	13,550		6.500		02/15/39		16,002
	7,241,254		4.500		08/20/47		7,891,358
	182,588		4.500		02/20/48		198,752
	479,274		4.500		05/20/48		520,205
	2,438,735		4.500		09/20/48		2,637,865
	17,481,599		5.000		09/20/48		19,046,922
	6,948,448		4.500		12/20/48		7,494,637
	20,391,751		5.000		12/20/48		22,160,301
	1,474,419		4.500		01/20/49		1,589,856
	2,223,589		5.000		06/20/49		2,415,049
	302,873		5.000		11/20/49		330,267
	4,303,408		5.000		12/20/49		4,692,641
	43,000,000		2.000		TBA-30yr(d)		44,632,709
	139,000,000		2.500		TBA-30yr(d)		145,843,507
	3,000,000		3.000		TBA-30yr(d)		3,141,281
	9,000,000		5.000		TBA-30yr(d)		9,758,400
							274,567,666
UMBS – 5.0%
	179,165		5.500		09/01/23		185,616
	47,800		5.500		10/01/23		49,522
	289,402		4.500		11/01/36		324,988
	93,348		4.500		02/01/39		105,022
	103,252		4.500		04/01/39		116,086
	7,309		4.500		08/01/39		8,285
	5,738		4.500		05/01/41		6,443
	323,060		4.500		08/01/41		360,855
	108,956		4.500		10/01/41		122,354
	671,019		5.000		05/01/48		735,247
	6,260,122		4.500		07/01/48		6,924,019
	6,738,986		4.500		08/01/48		7,453,669
	6,305,604		4.500		10/01/48		7,043,293
	14,807		5.000		04/01/49		16,231
	346,066		5.000		06/01/49		379,415
	666,302		5.000		07/01/49		732,975
	569,994		5.000		08/01/49		623,609
	23,821,167		5.000		10/01/49		26,101,242
	908,611		5.000		12/01/49		996,028
	325,268		5.000		01/01/50		356,562
	326,092		5.000		06/01/50		358,143
							52,999,604
Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family(d) – 4.0%
	11,000,000		2.000		TBA-30yr		11,375,781
	4,000,000		3.000		TBA-30yr		4,191,015
	7,000,000		4.000		TBA-30yr		7,464,024
	13,000,000		4.500		TBA-30yr		14,063,356
	5,000,000		5.000		TBA-30yr		5,477,751
							42,571,927
	TOTAL FEDERAL AGENCIES					$	406,363,003
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $476,133,749)					$	477,614,494
Agency Debentures – 18.8%
	FHLB
$	1,800,000		5.375	%	08/15/24	$	2,148,210
	44,850,000		0.500		04/14/25		45,127,622
	FHLMC
	50,330,000		0.375		04/20/23		50,573,094
	17,820,000		0.375		09/23/25		17,772,242
	FNMA
	5,200,000		6.250		05/15/29		7,522,372
	16,080,000		7.125		01/15/30		24,908,402
	Tennessee Valley Authority
	49,850,000		0.750		05/15/25		50,480,603
	TOTAL AGENCY DEBENTURES
	(Cost $192,262,855)					$	198,532,545
U.S. Treasury Obligations – 34.2%
	United States Treasury Bonds
$	7,370,000		3.750	%(e)	11/15/43	$	10,947,905
	410,000		3.375		05/15/44		578,612
	10,000		3.000		11/15/45		13,436
	200,000		2.875		11/15/46		264,344
	110,000		3.000		02/15/48		149,480
	1,400,000		3.375		11/15/48		2,037,000
	780,000		2.000		02/15/50		882,253
	United States Treasury Inflation Indexed Note
	18,790,354		0.125		07/15/22		19,270,905
	United States Treasury Notes
	62,560,000		2.500		01/15/22		64,466,125
	71,350,000		2.500		02/15/22		73,666,088
	43,730,000		1.875		02/28/22		44,804,460
	51,710,000		2.375		03/15/22		53,392,595
	46,570,000		1.750		09/30/22		48,070,791
	350,000		2.750		04/30/23		373,433
	380,000		2.875		11/30/23		412,448
	7,100,000		2.625		12/31/23		7,663,008
	620,000		3.000		09/30/25		703,506
	4,500,000		2.625		12/31/25		5,043,164
	630,000		1.375		08/31/26		667,062
	United States Treasury Strip Coupon(f)
	28,900,000		0.000		11/15/35		24,273,396
	2,800,000		0.000		05/15/36		2,330,607
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $344,757,852)					$	360,010,618

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Dividend Rate	Value
Investment Company(g) – 23.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	244,129,220	0.027%	$	244,129,220
	(Cost $244,129,220)
	TOTAL INVESTMENTS – 121.5%
	(Cost $1,257,283,676)		$	1,280,286,877
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (21.5)%			(226,595,500	)
	NET ASSETS – 100.0%		$	1,053,691,377

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, 2020.
(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 $245,947,824 which represents approximately 23.3% of the Fund’s net assets as of September 30, 2020.
(e)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Represents an affiliated issuer.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds Index
FDIC	—Federal Deposit Insurance Corp.
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
MTA	—Monthly Treasury Average
REMIC	—Real Estate Mortgage Investment Conduit

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		222			12/14/20	$	55,364,025		$	1,039,274
2 Year U.S. Treasury Notes		2,694			12/31/20		595,268,767			193,895
Total									$	1,233,169
Short position contracts:
Ultra Long U.S. Treasury Bonds		(66	)		12/21/20		(14,639,625	)		(105,192	)
Ultra 10 Year U.S. Treasury Notes		(109	)		12/21/20		(17,431,484	)		16,534
5 Year U.S. Treasury Notes		(1,637	)		12/31/20		(206,313,156	)		(277,086	)
10 Year U.S. Treasury Notes		(153	)		12/21/20		(21,348,281	)		11,353
20 Year U.S. Treasury Bonds		(378	)		12/21/20		(66,634,313	)		(85,077	)
Total									$	(439,468	)
TOTAL FUTURES CONTRACTS									$	793,701

38 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, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date		Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%(a)		3M LIBOR(a)		07/25/24	$	9,300		$	5,682		$	—		$	5,682
3M LIBOR(a)		0.980%(b)		05/21/30		10,960	(c)		(30,151	)		(15,491	)		(14,660	)
1.160(b)		3M LIBOR(a)		05/21/35		10,970	(c)		131,150			12,971			118,179
0.855(b)		3M LIBOR(a)		04/09/45		2,420	(c)		46,961			87			46,874
3M LIBOR(a)		0.845(b)		04/10/50		2,440	(c)		(39,545	)		88			(39,633	)
TOTAL								$	114,097		$	(2,345	)	$	116,442

(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, 2020.

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 63.8%
Aerospace & Defense(a) – 0.7%
	Bombardier, Inc.(b)
$	125,000		7.500	%		03/15/25	$	93,438
	Howmet Aerospace, Inc.
	1,265,000		6.875			05/01/25		1,397,648
	The Boeing Co.
	6,025,000		4.875			05/01/25		6,568,937
	TransDigm, Inc.
	2,445,000		6.500			07/15/24		2,438,887
	120,000		6.500			05/15/25		119,250
								10,618,160
Agriculture – 1.1%
	Altria Group, Inc.(a)
	2,350,000		3.800			02/14/24		2,564,743
	Archer-Daniels-Midland Co.(a)
	1,250,000		2.750			03/27/25		1,357,575
	BAT Capital Corp.(a)
	4,925,000		2.764			08/15/22		5,100,773
	BAT International Finance PLC(a)
	8,000,000		1.668			03/25/26		8,015,840
	Cargill, Inc.(b)
	1,175,000		1.375			07/23/23		1,200,239
								18,239,170
Apparel – 0.1%
	Ralph Lauren Corp.
	1,450,000		1.700			06/15/22		1,477,202
Automotive – 2.3%
	American Axle & Manufacturing, Inc.(a)
	1,965,000		6.250			04/01/25		1,940,437
	Clarios Global LP/Clarios US Finance Co.(a)(b)
	120,000		8.500			05/15/27		124,500
	Cooper-Standard Automotive, Inc.(a)(b)
	145,000		5.625			11/15/26		94,975
	Ford Motor Co.(a)
	56,000		9.000			04/22/25		64,159
	Ford Motor Credit Co. LLC
	1,500,000		3.813			10/12/21		1,501,789
	1,580,000		2.979	(a)		08/03/22		1,558,912
	600,000		4.140	(a)		02/15/23		603,312
	650,000		3.096			05/04/23		633,820
	285,000		4.375			08/06/23		288,912
	250,000		4.687	(a)		06/09/25		253,016
	General Motors Co.
	900,000		5.400			10/02/23		991,890
	General Motors Financial Co, Inc.
	2,450,000		1.700			08/18/23		2,455,782
	General Motors Financial Co., Inc.
	5,475,000		3.200	(a)		07/06/21		5,551,048
	1,450,000		4.200			11/06/21		1,495,994
	6,500,000		3.550			07/08/22		6,715,215
	846,000		3.700	(a)		05/09/23		884,679
	1,100,000		3.950	(a)		04/13/24		1,165,560
	Nissan Motor Co. Ltd.(a)(b)
	3,125,000		3.522			09/17/25		3,154,469
Corporate Obligations – (continued)
Automotive – (continued)
	The Goodyear Tire & Rubber Co.(a)
	2,140,000		5.125			11/15/23		2,134,650
	Volkswagen Group of America Finance LLC(b)
	2,325,000		2.900			05/13/22		2,403,748
	(3M USD LIBOR + 0.770%)
	4,000,000		1.024	(c)		11/13/20		4,002,840
								38,019,707
Banks – 17.8%
	Banco do Brasil SA
	350,000		4.750			03/20/24		368,375
	Banco Santander SA
	1,800,000		3.848			04/12/23		1,921,446
	2,600,000		2.706			06/27/24		2,749,760
	1,600,000		2.746			05/28/25		1,678,768
	Bank of America Corp.
	3,075,000		2.503	(a)		10/21/22		3,140,436
	4,345,000		4.200			08/26/24		4,836,072
	9,800,000		3.950			04/21/25		10,885,056
	(3M USD LIBOR + 0.790%)
	11,000,000		3.004	(a)(c)		12/20/23		11,548,680
	(3M USD LIBOR + 0.940%)
	1,175,000		3.864	(a)(c)		07/23/24		1,272,713
	(SOFR + 0.910%)
	7,550,000		0.981	(a)(c)		09/25/25		7,542,450
	Banque Federative du Credit Mutuel SA(b)
	2,800,000		3.750			07/20/23		3,035,564
	Barclays Bank PLC
	1,100,000		5.140			10/14/20		1,101,595
	Barclays PLC(a)(c)
	(3M USD LIBOR + 1.380%)
	2,550,000		1.660			05/16/24		2,560,990
	(3M USD LIBOR + 1.610%)
	1,850,000		3.932			05/07/25		1,984,088
	(3M USD LIBOR + 2.452%)
	3,600,000		2.852			05/07/26		3,738,204
	BNP Paribas SA(b)
	1,650,000		3.500			03/01/23		1,752,267
	3,775,000		3.800			01/10/24		4,085,682
	(SOFR + 2.074%)
	3,275,000		2.219	(a)(c)		06/09/26		3,376,918
	BPCE SA(b)
	2,425,000		3.000			05/22/22		2,509,147
	850,000		2.375			01/14/25		886,142
	3,675,000		1.652			10/06/26		3,679,189
	Canadian Imperial Bank of Commerce
	2,625,000		0.950			06/23/23		2,648,625
	CIT Bank NA(a)(c) (SOFR + 1.715%)
	1,050,000		2.969			09/27/25		1,041,002
	CIT Group, Inc.(a)
	125,000		4.750			02/16/24		128,750
	(SOFR + 3.827%)
	2,850,000		3.929	(c)		06/19/24		2,857,125
	Citibank NA(a)
	1,425,000		3.650			01/23/24		1,561,059

40 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)
	Citigroup, Inc.
$	975,000		2.700	%(a)		10/27/22	$	1,016,496
	5,065,000		3.500			05/15/23		5,393,718
	1,525,000		3.875			03/26/25		1,683,646
	1,375,000		4.400			06/10/25		1,547,068
	(3M USD LIBOR + 0.950%)
	3,750,000		2.876	(a)(c)		07/24/23		3,892,425
	(3M USD LIBOR + 1.023%)
	1,045,000		4.044	(a)(c)		06/01/24		1,130,554
	(SOFR + 2.750%)
	7,300,000		3.106	(a)(c)		04/08/26		7,871,590
	(SOFR + 3.234%)
	1,275,000		4.700	(a)(c)		12/31/99		1,231,969
	Citizens Bank NA(a)
	3,200,000		3.250			02/14/22		3,314,720
	2,075,000		2.250			04/28/25		2,207,157
	Comerica Bank
	1,450,000		2.500			07/23/24		1,538,784
	Cooperatieve Rabobank UA(b)
	2,700,000		2.625			07/22/24		2,875,851
	Credit Agricole SA, Class B
	3,700,000		4.375			03/17/25		4,092,644
	Credit Suisse AG
	2,500,000		6.500	(b)		08/08/23		2,835,125
	675,000		2.950			04/09/25		735,865
	Credit Suisse Group AG(a)(b)(c) (SOFR + 2.044%)
	4,600,000		2.193			06/05/26		4,745,176
	Credit Suisse Group Funding Guernsey Ltd.
	1,450,000		3.800			09/15/22		1,534,854
	Danske Bank A/S(a)(b)
	2,625,000		1.226			06/22/24		2,647,522
	Deutsche Bank AG(a)(c) (SOFR + 2.159%)
	1,525,000		2.222			09/18/24		1,534,897
	Fifth Third Bancorp(a)
	1,550,000		1.625			05/05/23		1,589,339
	690,000		2.375			01/28/25		730,586
	First Horizon National Corp.(a)
	1,525,000		3.550			05/26/23		1,602,318
	1,500,000		4.000			05/26/25		1,630,905
	HSBC Holdings PLC(a)(c)
	(3M USD LIBOR + 1.000%)
	1,300,000		1.270			05/18/24		1,298,362
	(SOFR + 1.538%)
	8,675,000		1.645			04/18/26		8,639,866
	ING Groep NV
	1,525,000		4.100			10/02/23		1,675,548
	(1 Year CMT + 1.100%)
	4,750,000		1.400	(a)(b)(c)		07/01/26		4,798,450
	JPMorgan Chase & Co.
	6,000,000		3.200			01/25/23		6,377,280
	(3M USD LIBOR + 0.695%)
	2,050,000		3.207	(a)(c)		04/01/23		2,129,602
	(3M USD LIBOR + 0.730%)
	7,490,000		3.559	(a)(c)		04/23/24		8,024,187
	(3M USD LIBOR + 0.890%)
	350,000		3.797	(a)(c)		07/23/24		379,358
Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 1.000%)
	2,950,000		4.023	%(a)(c)		12/05/24		3,242,286
	(3M USD LIBOR + 3.800%)
	1,230,000		4.051	(a)(c)		12/29/49		1,214,490
	(SOFR + 1.455%)
	4,975,000		1.514	(a)(c)		06/01/24		5,080,868
	(SOFR + 3.125%)
	3,500,000		4.600	(a)(c)		12/31/99		3,400,810
	Lloyds Banking Group PLC
	1,525,000		4.500			11/04/24		1,659,459
	(1 Year CMT + 1.100%)
	3,275,000		1.326	(a)(c)		06/15/23		3,295,338
	(3M USD LIBOR + 1.249%)
	1,375,000		2.858	(a)(c)		03/17/23		1,413,968
	Macquarie Bank Ltd.(b)
	1,825,000		2.100			10/17/22		1,882,761
	Mitsubishi UFJ Financial Group, Inc.
	1,400,000		2.623			07/18/22		1,450,414
	6,950,000		3.407			03/07/24		7,529,004
	3,025,000		1.412			07/17/25		3,065,202
	Mizuho Financial Group, Inc.(a)(c) (3M USD LIBOR + 0.990%)
	4,000,000		1.241			07/10/24		4,031,840
	Morgan Stanley, Inc.
	4,600,000		4.875			11/01/22		4,980,374
	1,250,000		4.100			05/22/23		1,351,475
	2,150,000		3.875			04/29/24		2,371,257
	(3M USD LIBOR + 0.847%)
	5,175,000		3.737	(a)(c)		04/24/24		5,559,709
	(SOFR + 0.700%)
	4,125,000		0.785	(a)(c)		01/20/23		4,186,957
	MUFG Union Bank NA(a)
	2,375,000		3.150			04/01/22		2,464,633
	1,400,000		2.100			12/09/22		1,445,318
	Natwest Group PLC
	3,454,000		6.000			12/19/23		3,859,869
	4,125,000		3.625	(b)		09/29/22		4,331,291
	2,375,000		2.375	(b)		05/21/23		2,441,833
	(1 Year CMT + 2.150%)
	1,325,000		2.359	(a)(c)		05/22/24		1,359,967
	(3M USD LIBOR + 1.550%)
	2,525,000		4.519	(a)(c)		06/25/24		2,722,758
	(3M USD LIBOR + 1.762%)
	1,175,000		4.269	(a)(c)		03/22/25		1,276,978
	Regions Financial Corp.(a)
	2,184,000		3.800			08/14/23		2,370,470
	Santander UK PLC
	3,675,000		2.100			01/13/23		3,796,018
	Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	1,275,000		4.247			01/20/23		1,321,844
	Sumitomo Mitsui Financial Group, Inc.
	1,925,000		1.474			07/08/25		1,958,052
	Sumitomo Mitsui Trust Bank Ltd.(b)
	6,925,000		0.800			09/12/23		6,936,842

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Turkiye Vakiflar Bankasi TAO
$	200,000		8.125	%		03/28/24	$	200,500
	380,000		5.250	(b)		02/05/25		340,813
	UBS Group AG(b)
	1,275,000		2.650			02/01/22		1,311,019
	(1 Year CMT + 1.080%)
	4,225,000		1.364	(a)(c)		01/30/27		4,223,859
	UniCredit SpA(b)
	1,000,000		6.572			01/14/22		1,060,730
	Wells Fargo & Co.
	4,375,000		2.625			07/22/22		4,538,056
	2,080,000		3.750	(a)		01/24/24		2,262,062
	(SOFR + 1.600%)
	3,525,000		1.654	(a)(c)		06/02/24		3,591,023
	(SOFR + 2.000%)
	4,350,000		2.188	(a)(c)		04/30/26		4,529,263
	Wells Fargo Bank NA(a)
	1,400,000		3.550			08/14/23		1,515,360
	(3M USD LIBOR + 0.650%)
	2,000,000		2.082	(c)		09/09/22		2,027,560
								291,198,295
Beverages – 1.0%
	Anheuser-Busch InBev Worldwide, Inc.(a)
	2,258,000		3.500			01/12/24		2,455,237
	Bacardi Ltd.(a)(b)
	2,125,000		4.500			01/15/21		2,128,761
	Constellation Brands, Inc.
	3,025,000		2.650	(a)		11/07/22		3,143,852
	800,000		3.200	(a)		02/15/23		845,032
	1,850,000		4.250			05/01/23		2,016,001
	Diageo Capital PLC(a)
	1,975,000		3.500			09/18/23		2,136,772
	Keurig Dr Pepper, Inc.(a)
	3,900,000		4.057			05/25/23		4,239,612
								16,965,267
Biotechnology – 0.7%
	Bio-Rad Laboratories, Inc.
	3,576,000		4.875			12/15/20		3,604,465
	Gilead Sciences, Inc.(a)
	950,000		0.750			09/29/23		951,624
	(3M USD LIBOR + 0.520%)
	2,925,000		0.740	(c)		09/29/23		2,927,574
	Royalty Pharma PLC(b)
	3,700,000		0.750			09/02/23		3,692,341
								11,176,004
Building Materials(a) – 0.8%
	Carrier Global Corp.(b)
	2,650,000		1.923			02/15/23		2,725,472
	8,475,000		2.242			02/15/25		8,839,001
	Fortune Brands Home & Security, Inc.
	1,650,000		4.000			09/21/23		1,802,988
	JELD-WEN, Inc.(b)
	125,000		4.875			12/15/27		127,500
Corporate Obligations – (continued)
Building Materials(a) – (continued)
	Summit Materials LLC/Summit Materials Finance Corp.(b)
	115,000		6.500			03/15/27		121,900
								13,616,861
Chemicals – 1.7%
	Celanese US Holdings LLC(a)
	900,000		3.500			05/08/24		968,499
	CNAC HK Finbridge Co. Ltd.
	600,000		3.125			06/19/22		612,050
	240,000		4.625			03/14/23		254,112
	230,000		3.375			06/19/24		239,200
	DuPont de Nemours, Inc.
	2,150,000		2.169			05/01/23		2,170,038
	6,800,000		4.205	(a)		11/15/23		7,472,996
	Kraton Polymers LLC/Kraton Polymers Capital Corp.(a)(b)
	120,000		7.000			04/15/25		122,400
	Nutrition & Biosciences, Inc.(b)
	1,075,000		0.697			09/15/22		1,076,527
	5,225,000		1.230	(a)		10/01/25		5,219,200
	Sasol Financing International Ltd.
	400,000		4.500			11/14/22		387,000
	Sasol Financing USA LLC(a)
	450,000		5.875			03/27/24		431,438
	Syngenta Finance NV(b)
	3,055,000		3.933			04/23/21		3,094,043
	The Chemours Co.(a)
	2,010,000		6.625			05/15/23		2,032,612
	The Dow Chemical Co.(a)
	1,125,000		3.150			05/15/24		1,209,802
	The Sherwin-Williams Co.(a)
	35,000		2.750			06/01/22		36,192
	Tronox, Inc.(a)(b)
	1,985,000		6.500			05/01/25		2,064,400
								27,390,509
Commercial Services – 1.5%
	Global Payments, Inc.(a)
	3,800,000		3.750			06/01/23		4,071,662
	IHS Markit Ltd.(a)
	4,343,000		5.000	(b)		11/01/22		4,648,747
	2,475,000		3.625			05/01/24		2,677,455
	PayPal Holdings, Inc.
	2,075,000		2.200			09/26/22		2,144,824
	2,125,000		1.350			06/01/23		2,171,006
	1,625,000		2.400	(a)		10/01/24		1,724,564
	1,875,000		1.650	(a)		06/01/25		1,941,412
	Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
	1,985,000		5.250			04/15/24		2,071,844
	The ADT Security Corp.
	2,050,000		4.125			06/15/23		2,152,500
								23,604,014
Computers(a) – 1.7%
	Dell International LLC/EMC Corp.(b)
	1,480,000		4.420			06/15/21		1,512,042
	6,625,000		5.450			06/15/23		7,261,398
	3,650,000		4.000			07/15/24		3,943,898

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)
Computers(a) – (continued)
	Hewlett Packard Enterprise Co.
$	800,000		4.400	%		10/15/22	$	854,808
	475,000		2.250			04/01/23		490,005
	4,998,000		4.450			10/02/23		5,493,302
	3,100,000		1.450			04/01/24		3,136,890
	700,000		4.650			10/01/24		789,880
	(3M USD LIBOR + 0.720%)
	3,525,000		1.024	(c)		10/05/21		3,524,436
	NetApp, Inc.
	1,300,000		1.875			06/22/25		1,344,837
								28,351,496
Distribution & Wholesale(a)(b) – 0.1%
	Performance Food Group, Inc.
	1,970,000		6.875			05/01/25		2,098,050
Diversified Financial Services – 4.1%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	250,000		4.500			05/15/21		253,878
	1,125,000		3.950	(a)		02/01/22		1,138,601
	1,500,000		4.125	(a)		07/03/23		1,528,665
	640,000		6.500	(a)		07/15/25		689,958
	AIG Global Funding(b)
	299,000		2.300			07/01/22		308,299
	1,125,000		0.800			07/07/23		1,129,658
	Air Lease Corp.
	1,975,000		3.500			01/15/22		2,026,054
	2,375,000		2.250			01/15/23		2,379,607
	3,586,000		2.750	(a)		01/15/23		3,637,244
	1,500,000		2.300	(a)		02/01/25		1,472,985
	1,100,000		3.375	(a)		07/01/25		1,122,935
	Ally Financial, Inc.
	1,975,000		4.125			02/13/22		2,046,594
	1,300,000		4.625			05/19/22		1,365,364
	1,625,000		1.450	(a)		10/02/23		1,621,961
	American Express Co.(a)
	395,000		2.500			08/01/22		408,663
	1,525,000		3.700			08/03/23		1,653,725
	320,000		2.500			07/30/24		340,054
	(3M USD LIBOR + 0.750%)
	1,200,000		1.001	(c)		08/03/23		1,210,656
	(3M USD LIBOR + 3.285%)
	646,000		3.535	(c)		12/29/49		583,823
	Avolon Holdings Funding Ltd.(a)(b)
	1,025,000		3.625			05/01/22		1,009,851
	3,925,000		5.500			01/15/23		3,962,915
	1,075,000		3.950			07/01/24		1,027,517
	2,075,000		2.875			02/15/25		1,900,264
	Capital One Bank USA NA(a)(c) (SOFR + 0.616%)
	3,775,000		2.014			01/27/23		3,839,364
	Capital One Financial Corp.
	1,700,000		2.600	(a)		05/11/23		1,777,758
	600,000		3.500			06/15/23		641,508
	850,000		3.900	(a)		01/29/24		926,194
	620,000		3.300	(a)		10/30/24		671,497
	(3M USD LIBOR + 0.720%)
	1,475,000		0.988	(a)(c)		01/30/23		1,475,679
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	GE Capital Funding LLC(a)(b)
	3,600,000		3.450			05/15/25		3,851,172
	GE Capital International Funding Co. Unlimited Co.
	1,675,000		2.342			11/15/20		1,678,936
	Global Aircraft Leasing Co. Ltd.(a)(b)(d) (PIK 7.250%, Cash 6.500%)
	1,606,187		6.500			09/15/24		851,279
	Huarong Finance 2019 Co. Ltd.
	380,000		3.750			05/29/24		397,100
	Huarong Finance II Co. Ltd.
	270,000		5.500			01/16/25		300,750
	Intercontinental Exchange, Inc.
	1,575,000		0.700			06/15/23		1,580,292
	(3M USD LIBOR + 0.650%)
	6,975,000		0.903	(a)(c)		06/15/23		6,990,624
	International Lease Finance Corp.
	2,125,000		8.625			01/15/22		2,282,292
	Jefferies Group LLC
	3,325,000		5.125			01/20/23		3,619,429
	OneMain Finance Corp.
	1,935,000		5.625			03/15/23		2,012,400
	Park Aerospace Holdings Ltd.(a)(b)
	900,000		5.250			08/15/22		903,249
	The Western Union Co.(a)
	1,025,000		2.850			01/10/25		1,081,088
								67,699,882
Electrical – 3.7%
	Ameren Corp.(a)
	1,250,000		2.500			09/15/24		1,326,875
	Avangrid, Inc.(a)
	1,375,000		3.200			04/15/25		1,513,133
	Berkshire Hathaway Energy Co.(a)(b)
	1,225,000		4.050			04/15/25		1,397,002
	Dominion Energy, Inc.
	2,125,000		2.715	(e)		08/15/21		2,163,802
	5,800,000		2.450	(b)		01/15/23		6,034,610
	525,000		3.071	(e)		08/15/24		564,932
	DTE Energy Co.
	650,000		2.600			06/15/22		671,086
	3,775,000		0.550	(a)		11/01/22		3,775,604
	645,000		2.250			11/01/22		666,027
	3,375,000		1.050	(a)		06/01/25		3,379,691
	Entergy Corp.(a)
	2,800,000		0.900			09/15/25		2,794,792
	FirstEnergy Corp.(a)
	850,000		2.050			03/01/25		864,425
	Florida Power & Light Co.(a)(c) (3M USD LIBOR + 0.380%)
	1,850,000		0.641			07/28/23		1,851,332
	Georgia Power Co.
	1,825,000		2.100			07/30/23		1,904,953
	ITC Holdings Corp.(a)
	4,050,000		2.700			11/15/22		4,223,623
	NextEra Energy Capital Holdings, Inc.(a)
	2,625,000		3.150			04/01/24		2,838,622
	NRG Energy, Inc.(a)(b)
	4,525,000		3.750			06/15/24		4,839,216

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical – (continued)
	Pacific Gas and Electric Co.(a)
$	5,575,000		1.750	%		06/16/22	$	5,579,181
	PPL Electric Utilities Corp.(a)(c) (3M USD LIBOR + 0.250%)
	1,975,000		0.473			09/28/23		1,970,181
	Public Service Enterprise Group, Inc.(a)
	975,000		2.875			06/15/24		1,045,337
	2,075,000		0.800			08/15/25		2,064,293
	Sempra Energy(a)(c) (3M USD LIBOR + 0.500%)
	1,350,000		0.775			01/15/21		1,350,027
	Vistra Operations Co. LLC(a)(b)
	3,325,000		3.550			07/15/24		3,524,500
	WEC Energy Group, Inc.
	2,175,000		0.550			09/15/23		2,178,023
	Xcel Energy, Inc.(a)
	1,475,000		0.500			10/15/23		1,474,248
								59,995,515
Electrical Components & Equipment(a)(b) – 0.1%
	Energizer Holdings, Inc.
	110,000		7.750			01/15/27		119,625
	WESCO Distribution, Inc.
	1,980,000		7.125			06/15/25		2,155,725
								2,275,350
Electronics(a) – 0.1%
	Roper Technologies, Inc.
	975,000		2.350			09/15/24		1,031,121
Entertainment(a)(b) – 0.0%
	Lions Gate Capital Holdings LLC
	125,000		5.875			11/01/24		122,500
Environmental(a)(b) – 0.2%
	GFL Environmental, Inc.
	2,950,000		3.750			08/01/25		2,953,688
Food(a)(b) – 0.1%
	US Foods, Inc.
	2,120,000		5.875			06/15/24		2,120,000
Food & Drug Retailing – 1.2%
	Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC(a)(b)
	3,630,000		3.250			03/15/26		3,593,700
	110,000		7.500			03/15/26		120,725
	B&G Foods, Inc.(a)
	2,050,000		5.250			04/01/25		2,103,813
	General Mills, Inc.
	1,500,000		3.700	(a)		10/17/23		1,635,330
	(3M USD LIBOR + 1.010%)
	2,175,000		1.283	(c)		10/17/23		2,199,577
	Lamb Weston Holdings, Inc.(a)(b)
	1,930,000		4.625			11/01/24		2,012,025
	Mondelez International Holdings Netherlands B.V.(b)
	1,225,000		2.125			09/19/22		1,262,779
	Mondelez International, Inc.(a)
	2,325,000		1.500			05/04/25		2,388,356
	Smithfield Foods, Inc.(a)(b)
	2,350,000		2.650			10/03/21		2,364,875
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
	Sysco Corp.(a)
	1,000,000		5.650			04/01/25		1,181,490
	The JM Smucker Co.
	275,000		3.000			03/15/22		284,760
	Tyson Foods, Inc.(a)
	875,000		3.900			09/28/23		954,940
								20,102,370
Gaming – 0.2%
	MGM Resorts International
	625,000		7.750			03/15/22		657,812
	805,000		6.750	(a)		05/01/25		845,250
	1,181,000		5.750	(a)		06/15/25		1,238,574
								2,741,636
Gas(a) – 0.2%
	NiSource, Inc.
	3,150,000		0.950			08/15/25		3,145,747
	The East Ohio Gas Co.(b)
	575,000		1.300			06/15/25		587,150
								3,732,897
Healthcare Providers & Services – 1.0%
	Acadia Healthcare Co., Inc.(a)
	1,950,000		5.625			02/15/23		1,959,750
	120,000		6.500			03/01/24		123,300
	Centene Corp.(a)
	1,900,000		4.250			12/15/27		1,987,571
	DH Europe Finance II S.a.r.l.(a)
	650,000		2.200			11/15/24		686,777
	HCA, Inc.
	1,089,000		5.875			05/01/23		1,181,565
	1,330,000		5.375			02/01/25		1,456,350
	Hill-Rom Holdings, Inc.(a)(b)
	2,050,000		5.000			02/15/25		2,111,500
	SSM Health Care Corp.(a)
	2,335,000		3.688			06/01/23		2,526,278
	Stryker Corp.(a)
	1,275,000		1.150			06/15/25		1,291,983
	Tenet Healthcare Corp.
	835,000		8.125			04/01/22		928,311
	500,000		6.750			06/15/23		526,250
	1,952,000		5.125	(a)		05/01/25		1,947,120
								16,726,755
Household Products(a) – 0.2%
	Prestige Brands, Inc.(b)
	1,900,000		6.375			03/01/24		1,954,625
	Spectrum Brands, Inc.
	1,900,000		5.750			07/15/25		1,954,625
								3,909,250
Insurance – 0.7%
	American International Group, Inc.
	275,000		4.875			06/01/22		294,825
	1,875,000		4.125			02/15/24		2,078,175
	2,000,000		2.500	(a)		06/30/25		2,135,760

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)
Insurance – (continued)
	Equitable Financial Life Global Funding(b)
$	1,550,000		1.400	%		07/07/25	$	1,583,154
	Great-West Lifeco US Finance 2020 LP(a)(b)
	2,000,000		0.904			08/12/25		1,994,340
	Protective Life Global Funding(b)
	1,725,000		1.082			06/09/23		1,747,960
	Reliance Standard Life Global Funding II(b)
	1,025,000		2.150			01/21/23		1,049,129
								10,883,343
Internet – 0.6%
	Expedia Group, Inc.(a)(b)
	5,450,000		3.600			12/15/23		5,565,813
	Netflix, Inc.
	1,100,000		5.875			02/15/25		1,238,875
	Uber Technologies, Inc.(a)(b)
	2,030,000		7.500			05/15/25		2,151,800
								8,956,488
Iron/Steel(a) – 0.0%
	Cleveland-Cliffs, Inc.
	130,000		5.875			06/01/27		120,900
	Steel Dynamics, Inc.
	345,000		2.400			06/15/25		361,181
								482,081
Leisure Time(a)(b) – 0.0%
	Viking Cruises Ltd.
	115,000		5.875			09/15/27		89,413
Lodging(a) – 0.1%
	Marriott International, Inc.
	1,650,000		3.600			04/15/24		1,695,870
Machinery – Construction & Mining(a)(b) – 0.0%
	The Manitowoc Co., Inc.
	125,000		9.000			04/01/26		129,375
Machinery-Diversified(a) – 0.5%
	Otis Worldwide Corp.
	4,000,000		2.056			04/05/25		4,205,560
	(3M USD LIBOR + 0.450%)
	3,000,000		0.754	(c)		04/05/23		2,997,750
								7,203,310
Media – 2.0%
	CCO Holdings LLC/CCO Holdings Capital Corp.(a)(b)
	4,575,000		4.000			03/01/23		4,609,312
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	1,650,000		4.464			07/23/22		1,747,053
	2,900,000		4.500			02/01/24		3,213,983
	6,600,000		4.908			07/23/25		7,619,040
	(3M USD LIBOR + 1.650%)
	1,275,000		1.901	(c)		02/01/24		1,304,631
	CSC Holdings LLC
	1,150,000		6.750			11/15/21		1,206,062
	Diamond Sports Group LLC/Diamond Sports Finance Co.(a)(b)
	125,000		6.625			08/15/27		65,000
Corporate Obligations – (continued)
Media – (continued)
	DISH DBS Corp.
	2,565,000		6.750			06/01/21		2,629,125
	410,000		5.875			07/15/22		426,400
	Entercom Media Corp.(a)(b)
	120,000		7.250			11/01/24		102,300
	Fox Corp.(a)
	3,150,000		4.030			01/25/24		3,466,701
	Meredith Corp.(a)
	120,000		6.875			02/01/26		99,900
	Scripps Escrow, Inc.(a)(b)
	120,000		5.875			07/15/27		116,400
	The Walt Disney Co.
	1,650,000		3.350			03/24/25		1,831,698
	Time Warner Cable LLC(a)
	1,448,000		4.000			09/01/21		1,478,191
	Time Warner Entertainment Co. LP
	1,701,000		8.375			03/15/23		1,999,543
								31,915,339
Mining(a)(b) – 0.3%
	Glencore Funding LLC
	625,000		3.000			10/27/22		646,275
	4,200,000		1.625			09/01/25		4,163,166
	Vedanta Holdings Mauritius II Ltd.
	480,000		13.000			08/21/23		494,400
								5,303,841
Miscellaneous Manufacturing – 0.2%
	General Electric Co.
	1,000,000		2.700			10/09/22		1,039,380
	Parker-Hannifin Corp.(a)
	625,000		2.700			06/14/24		668,587
	Trane Technologies Global Holding Co. Ltd.
	1,875,000		2.900			02/21/21		1,892,794
								3,600,761
Oil & Gas Services(a) – 0.1%
	Cenovus Energy, Inc.
	2,185,000		3.000			08/15/22		2,131,664
Oil Field Services – 1.9%
	BP Capital Markets America, Inc.
	2,050,000		2.937			04/06/23		2,166,747
	Canadian Natural Resources Ltd.(a)
	1,400,000		2.950			01/15/23		1,456,210
	1,875,000		2.050			07/15/25		1,910,906
	Chevron Corp.(a)
	2,225,000		1.554			05/11/25		2,304,922
	Continental Resources, Inc.(a)
	2,000,000		3.800			06/01/24		1,850,000
	Exxon Mobil Corp.(a)
	1,850,000		2.992			03/19/25		2,025,917
	Gazprom PJSC Via Gaz Capital SA
	670,000		5.999			01/23/21		679,212
	Marathon Petroleum Corp.(a)
	4,338,000		4.500			05/01/23		4,682,090
	4,200,000		4.750			12/15/23		4,611,978

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
	MEG Energy Corp.(a)(b)
$	78,000		7.000	%		03/31/24	$	72,540
	Nabors Industries, Inc.
	14,000		4.625			09/15/21		10,780
	Newfield Exploration Co.
	125,000		5.750			01/30/22		125,388
	Occidental Petroleum Corp.
	1,275,000		2.700			08/15/22		1,190,531
	(3M USD LIBOR + 1.450%)
	2,350,000		1.730	(a)(c)		08/15/22		2,109,125
	Petrobras Global Finance B.V.
	1,130,000		6.250			03/17/24		1,255,713
	Suncor Energy, Inc.
	3,375,000		2.800			05/15/23		3,539,059
	Transocean Sentry Ltd.(a)(b)
	1,900,000		5.375			05/15/23		1,292,000
	USA Compression Partners LP/USA Compression Finance Corp.(a)
	120,000		6.875			04/01/26		118,500
	WPX Energy, Inc.(a)
	120,000		5.250			09/15/24		125,100
								31,526,718
Packaging(a)(b) – 0.1%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc.
	2,035,000		6.000			02/15/25		2,108,769
Pharmaceuticals – 3.3%
	AbbVie, Inc.
	3,875,000		3.375			11/14/21		3,999,775
	5,975,000		5.000	(a)(b)		12/15/21		6,228,280
	5,190,000		2.300	(b)		11/21/22		5,369,003
	7,500,000		2.600	(a)(b)		11/21/24		7,948,950
	Bausch Health Americas, Inc.(a)(b)
	110,000		9.250			04/01/26		121,000
	Bausch Health Cos., Inc.(a)(b)
	262,000		5.875			05/15/23		260,690
	1,875,000		7.000			03/15/24		1,940,625
	735,000		6.125			04/15/25		752,456
	Bayer US Finance II LLC(a)(b)(c) (3M USD LIBOR + 1.010%)
	4,150,000		1.260			12/15/23		4,177,016
	Becton Dickinson & Co.(a)
	4,375,000		2.894			06/06/22		4,525,544
	1,200,000		3.363			06/06/24		1,297,728
	1,800,000		3.734			12/15/24		1,988,514
	Bristol-Myers Squibb Co.(a)
	1,275,000		2.900			07/26/24		1,381,156
	Cigna Corp.(a)
	1,080,000		3.750			07/15/23		1,168,463
	(3M USD LIBOR + 0.650%)
	1,550,000		0.896	(c)		09/17/21		1,550,248
	CVS Health Corp.(a)
	3,948,000		3.700			03/09/23		4,229,611
	365,000		2.625			08/15/24		388,889
	Elanco Animal Health, Inc.
	1,375,000		4.912			08/27/21		1,411,077
	500,000		5.272	(a)		08/28/23		535,309
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	GlaxoSmithKline Capital PLC(a)
	3,275,000		0.534			10/01/23		3,277,489
	Herbalife Nutrition Ltd./HLF Financing, Inc.(a)(b)
	1,150,000		7.875			09/01/25		1,231,938
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(a)(b)
	120,000		7.250			08/15/26		121,950
	McKesson Corp.(a)
	675,000		2.700			12/15/22		701,595
								54,607,306
Pipelines(a) – 4.0%
	Enbridge, Inc.
	2,725,000		2.900			07/15/22		2,825,607
	2,000,000		4.000			10/01/23		2,164,960
	Energy Transfer Operating LP
	10,075,000		3.600			02/01/23		10,373,824
	Energy Transfer Partners LP/Regency Energy Finance Corp.
	150,000		4.500			11/01/23		159,318
	EQM Midstream Partners LP
	3,756,000		4.750			07/15/23		3,727,830
	Genesis Energy LP/Genesis Energy Finance Corp.
	1,285,000		6.000			05/15/23		1,166,138
	Kinder Morgan, Inc.(b)
	1,600,000		5.000			02/15/21		1,619,312
	3,575,000		5.625			11/15/23		4,031,635
	MPLX LP
	2,050,000		3.500			12/01/22		2,140,897
	2,828,000		3.375			03/15/23		2,979,355
	2,530,000		4.500			07/15/23		2,740,698
	1,225,000		4.875			12/01/24		1,372,086
	8,300,000		1.750			03/01/26		8,303,984
	(3M USD LIBOR + 1.100%)
	1,600,000		1.342	(c)		09/09/22		1,599,376
	NGPL PipeCo LLC(b)
	215,000		4.375			08/15/22		223,071
	410,000		4.875			08/15/27		445,014
	Plains All American Pipeline LP/PAA Finance Corp.
	4,125,000		2.850			01/31/23		4,197,889
	Sabine Pass Liquefaction LLC
	4,275,000		6.250			03/15/22		4,532,440
	225,000		5.625			04/15/23		246,422
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	1,950,000		5.125			02/01/25		1,950,000
	Texas Eastern Transmission LP(b)
	1,225,000		4.125			12/01/20		1,225,000
	The Williams Cos., Inc.
	2,025,000		3.600			03/15/22		2,094,721
	3,250,000		3.700			01/15/23		3,433,852
	1,425,000		4.500			11/15/23		1,561,159
	Western Midstream Operating LP
	1,300,000		5.375			06/01/21		1,309,750
								66,424,338
Real Estate(a) – 0.1%
	China Evergrande Group
	230,000		8.250			03/23/22		204,700

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
Corporate Obligations – (continued)
Real Estate(a) – (continued)
	Easy Tactic Ltd.
$	200,000		8.625	%		03/05/24	$	171,625
	Kaisa Group Holdings Ltd.
	200,000		11.250			04/16/25		195,700
	Realogy Group LLC/Realogy Co-Issuer Corp.(b)
	125,000		9.375			04/01/27		129,375
	Sunac China Holdings Ltd.
	200,000		7.000			07/09/25		192,990
	Yuzhou Group Holdings Co. Ltd.
	200,000		7.700			02/20/25		201,000
								1,095,390
Real Estate Investment Trust – 1.7%
	Alexandria Real Estate Equities, Inc.(a)
	375,000		4.000			01/15/24		412,883
	American Tower Corp.
	4,000,000		3.000			06/15/23		4,235,560
	1,325,000		3.375	(a)		05/15/24		1,434,935
	1,150,000		2.400	(a)		03/15/25		1,217,229
	1,400,000		1.300	(a)		09/15/25		1,412,488
	Boston Properties LP(a)
	175,000		4.125			05/15/21		177,284
	Crown Castle International Corp.
	5,211,000		5.250			01/15/23		5,731,423
	1,750,000		1.350	(a)		07/15/25		1,772,417
	National Retail Properties, Inc.(a)
	435,000		3.900			06/15/24		469,931
	Simon Property Group LP(a)
	726,000		2.750			06/01/23		758,590
	SL Green Operating Partnership LP(a)
	2,575,000		3.250			10/15/22		2,627,453
	Ventas Realty LP(a)
	1,375,000		3.500			04/15/24		1,468,637
	VEREIT Operating Partnership LP(a)
	2,600,000		4.600			02/06/24		2,795,494
	VICI Properties LP/VICI Note Co., Inc.(a)(b)
	2,140,000		3.500			02/15/25		2,126,625
	WP Carey, Inc.(a)
	285,000		4.600			04/01/24		315,851
	230,000		4.000			02/01/25		250,852
								27,207,652
Retailing(a) – 0.8%
	1011778 BC ULC/New Red Finance, Inc.(b)
	620,000		4.250			05/15/24		630,075
	1,929,000		5.000			10/15/25		1,972,403
	Alimentation Couche-Tard, Inc.(b)
	425,000		2.700			07/26/22		438,753
	AutoZone, Inc.
	1,700,000		3.125			04/18/24		1,829,897
	Beacon Roofing Supply, Inc.(b)
	1,207,000		4.875			11/01/25		1,176,825
	Nordstrom, Inc.
	2,650,000		4.000			10/15/21		2,653,683
	PetSmart, Inc.(b)
	2,090,000		5.875			06/01/25		2,129,187
Corporate Obligations – (continued)
Retailing(a) – (continued)
	Staples, Inc.(b)
	120,000		10.750			04/15/27		96,150
	Yum! Brands, Inc.(b)
	1,875,000		7.750			04/01/25		2,071,875
								12,998,848
Savings & Loans(b) – 0.3%
	Nationwide Building Society
	2,725,000		2.000			01/27/23		2,802,363
	(3M USD LIBOR + 1.181%)
	2,075,000		3.622	(a)(c)		04/26/23		2,153,788
								4,956,151
Semiconductors – 2.6%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	5,455,000		3.625			01/15/24		5,856,052
	Broadcom, Inc.
	5,375,000		3.125			10/15/22		5,624,776
	11,825,000		2.250			11/15/23		12,290,550
	5,250,000		3.625	(a)		10/15/24		5,729,062
	6,625,000		4.700	(a)		04/15/25		7,523,549
	Microchip Technology, Inc.
	1,125,000		3.922			06/01/21		1,149,496
	1,800,000		2.670	(b)		09/01/23		1,861,938
	NXP B.V./NXP Funding LLC(b)
	1,600,000		3.875			09/01/22		1,690,080
	250,000		2.700	(a)		05/01/25		264,488
								41,989,991
Software(a) – 1.1%
	Fiserv, Inc.
	1,950,000		3.800			10/01/23		2,125,539
	6,300,000		2.750			07/01/24		6,734,511
	Infor, Inc.(b)
	1,025,000		1.450			07/15/23		1,038,920
	1,075,000		1.750			07/15/25		1,106,465
	Intuit, Inc.
	1,100,000		0.950			07/15/25		1,110,120
	Oracle Corp.
	2,825,000		2.500			04/01/25		3,026,959
	PTC, Inc.(b)
	2,085,000		3.625			02/15/25		2,116,275
								17,258,789
Telecommunication Services – 2.3%
	AT&T, Inc.
	975,000		3.000	(a)		06/30/22		1,013,854
	1,800,000		4.050			12/15/23		1,994,058
	1,850,000		4.450	(a)		04/01/24		2,067,430
	CenturyLink, Inc.
	1,810,000		6.450			06/15/21		1,857,512
	CommScope Technologies LLC(a)(b)
	121,000		6.000			06/15/25		122,513
	CommScope, Inc.(a)
	750,000		5.500			03/01/24		769,245
	1,110,000		5.500	(b)		03/01/24		1,140,525

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Level 3 Financing, Inc.(a)
$	1,925,000		5.375	%		05/01/25	$	1,987,562
	Qwest Corp.
	650,000		6.750			12/01/21		685,243
	SoftBank Group Corp.(a)
	200,000		5.125			09/19/27		199,500
	Sprint Communications, Inc.
	770,000		6.000			11/15/22		827,750
	Sprint Corp.
	1,000,000		7.250			09/15/21		1,045,000
	640,000		7.875			09/15/23		733,600
	T-Mobile USA, Inc.(a)
	1,120,000		6.000			04/15/24		1,143,800
	8,050,000		3.500	(b)		04/15/25		8,831,494
	1,575,000		1.500	(b)		02/15/26		1,581,017
	Telecom Italia SpA(b)
	1,125,000		5.303			05/30/24		1,221,543
	Verizon Communications, Inc.
	2,200,000		2.450	(a)		11/01/22		2,281,620
	6,700,000		5.150			09/15/23		7,596,058
								37,099,324
Toys/Games/Hobbies(a)(b) – 0.0%
	Mattel, Inc.
	125,000		5.875			12/15/27		134,375
Transportation(a) – 0.4%
	Ryder System, Inc.
	2,350,000		2.875			06/01/22		2,434,036
	United Parcel Service, Inc.
	1,925,000		3.900			04/01/25		2,190,708
	XPO Logistics, Inc.(b)
	2,100,000		6.500			06/15/22		2,105,250
								6,729,994
Trucking & Leasing(a)(b) – 0.1%
	SMBC Aviation Capital Finance DAC
	1,200,000		3.550			04/15/24		1,257,732
	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,020,441,499)						$	1,043,952,561
Mortgage-Backed Obligations – 20.3%
Collateralized Mortgage Obligations – 1.7%
Interest Only(f) – 1.0%
	FHLMC REMIC Series 3852, Class SW(c) (-1x 1M USD LIBOR + 6.000%)
$	611,002		5.848	%		05/15/41	$	104,676
	FHLMC REMIC Series 4314, Class SE(c) (-1x 1M USD LIBOR + 6.050%)
	493,167		5.898			03/15/44		85,975
	FHLMC REMIC Series 4320, Class SD(c) (-1x 1M USD LIBOR + 6.100%)
	124,767		5.948			07/15/39		25,603
	FHLMC REMIC Series 4468, Class SY(c) (-1x1M USD LIBOR + 6.100%)
	796,379		5.948			05/15/45		166,184
Mortgage-Backed Obligations – (continued)
Interest Only(f) – (continued)
	FHLMC REMIC Series 4583, Class ST(c) (-1x 1M USD LIBOR + 6.000%)
	543,290		5.848			05/15/46		94,135
	FHLMC REMIC Series 4792, Class SA(c) (-1x 1M USD LIBOR + 6.200%)
	707,538		6.048			05/15/48		89,477
	FHLMC REMIC Series 4905, Class SA(c) (-1x 1M USD LIBOR + 6.100%)
	1,146,819		5.948			08/25/49		203,519
	FHLMC REMIC Series 4936, Class ES(c) (-1x 1M USD LIBOR + 6.000%)
	312,319		5.848			12/25/49		38,405
	FHLMC REMIC Series 4936, Class PS(c) (-1x 1M USD LIBOR + 6.000%)
	576,956		5.848			12/25/49		69,873
	FHLMC REMIC Series 4980, Class KI
	18,730,618		4.500			06/25/50		2,422,584
	FHLMC REMIC Series 4991, Class IE
	6,512,627		5.000			07/25/50		819,680
	FHLMC REMIC Series 4998, Class GI
	6,649,876		4.000			08/25/50		917,203
	FHLMC REMIC Series 5009, Class DI
	2,770,000		2.000			09/25/50		234,252
	FHLMC REMIC Series 5015, Class DI
	1,370,018		4.000			09/25/50		185,260
	FHLMC REMIC Series 5020, Class IH(g)
	2,540,000		3.000			08/25/50		267,950
	FHLMC STRIPS Series 304, Class C45
	175,590		3.000			12/15/27		10,141
	FNMA REMIC Series 2010-135, Class AS(c) (-1x1M USD LIBOR + 5.950%)
	160,739		5.802			12/25/40		22,884
	FNMA REMIC Series 2015-34, Class LS(c) (-1x 1M USD LIBOR + 6.100%)
	1,456,223		5.952			06/25/45		293,946
	FNMA REMIC Series 2016-1, Class SJ(c) (-1x1M USD LIBOR + 6.150%)
	795,995		6.002			02/25/46		136,119
	FNMA REMIC Series 2017-31, Class SG(c) (-1x 1M USD LIBOR + 6.100%)
	878,228		5.952			05/25/47		166,149
	FNMA REMIC Series 2017-86, Class SB(c) (-1x 1M USD LIBOR + 6.150%)
	646,046		6.002			11/25/47		116,932
	FNMA REMIC Series 2018-17, Class CS(c) (-1x 1M USD LIBOR + 3.450%)
	2,133,248		2.500			03/25/48		126,610
	FNMA REMIC Series 2020-45, Class AI
	975,506		4.000			07/25/50		120,485
	FNMA REMIC Series 2020-45, Class EI
	960,927		5.000			07/25/50		143,838
	FNMA REMIC Series 2020-49, Class IO
	833,813		4.000			07/25/50		110,928
	FNMA REMIC Series 2020-49, Class KS(c) (-1x 1M USD LIBOR + 6.100%)
	5,599,858		5.952			07/25/50		1,116,020

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
Mortgage-Backed Obligations – (continued)
Interest Only(f) – (continued)
	FNMA REMIC Series 2020-60, Class KI
$	4,336,576		2.000	%		09/25/50	$	370,174
	FNMA REMIC Series 2020-60, Class NI
	1,272,341		4.000			09/25/50		211,671
	FNMA REMIC Series 2020-62, Class GI
	5,288,870		4.000			06/25/48		815,143
	GNMA REMIC Series 2010-101, Class S(c) (-1x 1M USD LIBOR + 6.000%)
	116,560		5.844			08/20/40		22,033
	GNMA REMIC Series 2010-20, Class SE(c) (-1x 1M USD LIBOR + 6.250%)
	86,330		6.094			02/20/40		17,116
	GNMA REMIC Series 2013-124, Class CS(c) (-1x 1M USD LIBOR + 6.050%)
	485,537		5.894			08/20/43		98,333
	GNMA REMIC Series 2013-134, Class DS(c) (-1x 1M USD LIBOR + 6.100%)
	54,935		5.944			09/20/43		10,810
	GNMA REMIC Series 2013-152, Class TS(c) (-1x1M USD LIBOR + 6.100%)
	180,445		5.944			06/20/43		35,018
	GNMA REMIC Series 2014-117, Class SJ(c) (-1x 1M USD LIBOR + 5.600%)
	1,395,120		5.444			08/20/44		255,875
	GNMA REMIC Series 2014-132, Class SL(c) (-1x 1M USD LIBOR + 6.100%)
	487,695		5.944			10/20/43		68,207
	GNMA REMIC Series 2014-133, Class BS(c) (-1x 1M USD LIBOR + 5.600%)
	450,146		5.444			09/20/44		79,550
	GNMA REMIC Series 2014-158, Class SA(c) (-1x 1M USD LIBOR + 5.600%)
	656,786		5.448			10/16/44		116,588
	GNMA REMIC Series 2014-162, Class SA(c) (-1x1M USD LIBOR + 5.600%)
	191,639		5.444			11/20/44		30,910
	GNMA REMIC Series 2015-110, Class MS(c) (-1x 1M USD LIBOR + 5.710%)
	4,244,461		5.554			08/20/45		700,379
	GNMA REMIC Series 2015-111, Class IM
	640,833		4.000			08/20/45		68,803
	GNMA REMIC Series 2015-123, Class SP(c) (-1x 1M USD LIBOR + 6.250%)
	333,507		6.094			09/20/45		62,626
	GNMA REMIC Series 2015-57, Class AS(c) (-1x 1M USD LIBOR + 5.600%)
	772,718		5.444			04/20/45		127,229
	GNMA REMIC Series 2015-95, Class GI
	374,506		4.500			07/16/45		65,842
	GNMA REMIC Series 2016-109, Class IH
	1,711,254		4.000			10/20/45		187,380
	GNMA REMIC Series 2016-27, Class IA
	269,351		4.000			06/20/45		23,753
	GNMA REMIC Series 2017-112, Class SJ(c) (-1x 1M USD LIBOR + 5.660%)
	361,873		5.504			07/20/47		55,598
Mortgage-Backed Obligations – (continued)
Interest Only(f) – (continued)
	GNMA REMIC Series 2018-105, Class SC(c) (-1x 1M USD LIBOR + 6.200%)
	317,140		6.044			08/20/48		48,977
	GNMA REMIC Series 2018-122, Class HS(c) (-1x 1M USD LIBOR + 6.200%)
	809,149		6.044			09/20/48		148,429
	GNMA REMIC Series 2018-122, Class SE(c) (-1x 1M USD LIBOR + 6.200%)
	854,492		6.044			09/20/48		137,183
	GNMA REMIC Series 2018-139, Class SQ(c) (-1x 1M USD LIBOR + 6.150%)
	987,893		5.994			10/20/48		151,257
	GNMA REMIC Series 2018-147, Class SA(c) (-1x 1M USD LIBOR + 6.200%)
	1,890,459		6.044			10/20/48		319,243
	GNMA REMIC Series 2018-72, Class IB
	293,745		4.000			04/20/46		36,987
	GNMA REMIC Series 2019-1, Class SN(c) (-1x 1M USD LIBOR + 6.050%)
	955,875		5.894			01/20/49		142,718
	GNMA REMIC Series 2019-110, Class SD(c) (-1x 1M USD LIBOR + 6.100%)
	903,571		5.944			09/20/49		144,742
	GNMA REMIC Series 2019-110, Class SE(c) (-1x 1M USD LIBOR + 6.100%)
	944,478		5.944			09/20/49		135,916
	GNMA REMIC Series 2019-128, Class IO
	1,514,903		4.000			10/20/49		182,167
	GNMA REMIC Series 2019-129, Class AI
	2,866,339		3.500			10/20/49		332,706
	GNMA REMIC Series 2019-151, Class IA
	3,744,041		3.500			12/20/49		391,821
	GNMA REMIC Series 2019-151, Class NI
	3,983,000		3.500			10/20/49		344,520
	GNMA REMIC Series 2019-20, Class SF(c) (-1x 1M USD LIBOR + 3.790%)
	2,137,557		3.634			02/20/49		183,643
	GNMA REMIC Series 2019-4, Class SJ(a) (c) (-1x 1M USD LIBOR + 6.050%)
	789,868		5.894			01/20/49		126,163
	GNMA REMIC Series 2019-52, Class SK(c) (-1X 1M USD LIBOR + 6.050%)
	1,774,593		5.894			04/20/49		223,386
	GNMA REMIC Series 2019-69, Class S(c) (-1x 1M USD LIBOR + 3.270%)
	2,388,565		3.114			06/20/49		192,796
	GNMA REMIC Series 2019-78, Class SE(c) (-1X 1M USD LIBOR + 6.100%)
	449,495		5.944			06/20/49		69,357
	GNMA REMIC Series 2019-97, Class SC(c) (-1x 1M USD LIBOR + 6.100%)
	742,208		5.944			08/20/49		115,964
	GNMA REMIC Series 2019-98, Class SC(c) (-1x1M USD LIBOR + 6.050%)
	1,275,866		5.894			08/20/49		195,878

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Interest Only(f) – (continued)
	GNMA REMIC Series 2020-61, Class GI
$	7,612,233		5.000	%		05/20/50		$	785,464
	GNMA REMIC Series 2020-61, Class SF(c) (-1x 1M USD LIBOR + 6.440%)
	4,535,579		6.284			07/20/43			888,396
									16,809,579
Regular Floater(c) – 0.0%
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	15,428		0.498			04/25/37			15,513
Sequential Fixed Rate – 0.7%
	FHLMC REMIC Series 4619, Class NA
	1,429,616		3.000			03/15/44			1,534,629
	FHLMC REMIC Series 4630, Class MC
	1,000,485		4.000			08/15/54			1,087,532
	FHLMC REMIC Series 4649, Class ML
	6,952,298		4.000			11/15/54			7,668,335
	FNMA REMIC Series 2012-111, Class B
	18,092		7.000			10/25/42			22,366
	FNMA REMIC Series 2012-153, Class B
	62,254		7.000			07/25/42			78,650
									10,391,512
Sequential Floating Rate(b)(c) – 0.0%
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	208,097		3.750			05/28/52			222,212
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	27,438,816
Commercial Mortgage-Backed Securities – 0.7%
Sequential Fixed Rate(b) – 0.5%
	BANK Series 2017-BNK9, Class D
$	700,000		2.800	%		11/15/54		$	532,570
	BANK Series 2018-BK15, Class D(a)
	1,170,000		3.000			11/15/61			863,937
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E
	1,200,000		2.500			11/15/52			776,769
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,500,000		3.000			09/15/50			1,047,136
	CSAIL 2020-C19 Commercial Mortgage Trust Series 2020-C19, Class E
	884,000		2.500			03/15/53			593,371
	JPMBD Commercial Mortgage Series 2017-C7, Class D(a)
	980,000		3.000			10/15/50			739,834
	Morgan Stanley Capital I Trust Series 2018-L1, Class D
	2,200,000		3.000			10/15/51			1,863,451
	Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D
	900,000		3.401			03/15/50			783,199
	Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	900,000		3.250			01/15/60			644,145
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate(b) – (continued)
	Wells Fargo Commercial Mortgage Trust Series 2020-C55, Class D(a)
	1,100,000		2.500			02/15/53			881,452
									8,725,864
Sequential Floating Rate(c) – 0.2%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A(b) (1M USD LIBOR + 0.900%)
	267,825		1.052			09/15/35			265,089
	Citigroup Commercial Mortgage Trust Series 2015-P1, Class C
	1,949,000		4.514			09/15/48			1,936,466
	DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D(b)
	1,000,000		3.375			06/10/50			869,140
									3,070,695
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	11,796,559
Federal Agencies – 17.9%
GNMA – 10.9%
$	3,999,729		4.500	%		08/20/47		$	4,358,816
	529,439		5.000			08/20/48			576,845
	1,849,219		5.000			11/20/48			2,010,755
	8,999,761		5.000			12/20/48			9,780,298
	5,718,533		4.500			01/20/49			6,166,257
	4,038,311		4.500			03/20/49			4,349,121
	1,462,697		5.000			03/20/49			1,589,554
	105,614		5.000			04/20/49			114,774
	4,625,320		4.500			05/20/49			4,975,528
	164,446		5.000			08/20/49			179,319
	3,790,890		4.500			10/20/49			4,080,670
	861,827		4.500			11/20/49			924,967
	1,846,207		4.500			12/20/49			1,981,465
	7,574,978		5.000			12/20/49			8,260,117
	283,384		5.000			02/20/50			310,718
	42,000,000		2.000			TBA-30yr	(h)		43,603,588
	68,000,000		2.500			TBA-30yr	(h)		71,350,399
	4,000,000		4.500			TBA-30yr	(h)		4,285,858
	9,000,000		5.000			TBA-30yr	(h)		9,758,400
									178,657,449
UMBS – 1.6%
	747,605		5.000			04/01/48			819,133
	1,441,340		5.000			10/01/48			1,579,242
	26,153		4.500			11/01/48			28,820
	2,390,983		5.000			11/01/48			2,619,824
	58,400		5.000			04/01/49			64,028
	18,097,476		5.000			10/01/49			19,829,700
	113,503		5.000			03/01/50			124,441
	95,559		5.000			04/01/50			104,865
									25,170,053
UMBS, 30 Year, Single Family(h) – 5.4%
	31,000,000		2.000			TBA-30yr			32,037,925
	37,000,000		3.500			TBA-30yr			39,011,867
	3,000,000		4.000			TBA-30yr			3,198,868

50 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)
UMBS, 30 Year, Single Family(h) – (continued)
$	13,000,000		5.000	%		TBA-30yr	$	14,242,154
								88,490,814
	TOTAL FEDERAL AGENCIES						$	292,318,316
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $328,897,245)						$	331,553,691
Asset-Backed Securities – 4.6%
Automotive(b) – 0.0%
	Ford Credit Auto Owner Trust Series 2016-2, Class A
$	450,000		2.030	%		12/15/27	$	455,261
Collateralized Loan Obligations(b)(c) – 3.8%
	AIMCO CLO Series 2017-AA, Class A (3M USD LIBOR + 1.260%)
	3,150,000		1.532			07/20/29		3,132,373
	Bain Capital Credit CLO Ltd. Series 2016-2A, Class AR (3M USD LIBOR + 1.140%)
	1,994,191		1.415			01/15/29		1,980,483
	Bowman Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.180%)
	379,621		1.436			11/23/25		378,662
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
	4,400,000		1.202			09/15/35		4,368,194
	Cedar Funding II CLO Ltd. Series 2013-1A, Class A1R (3M USD LIBOR + 1.230%)
	3,100,000		1.472			06/09/30		3,085,749
	Crown City CLO I Series 2020-1A, Class A1 (3M USD LIBOR + 2.050%)
	2,500,000		2.357			07/20/30		2,506,948
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	1,065,244		1.525			07/15/26		1,061,258
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	5,250,000		1.999			07/20/31		5,260,930
	KREF Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.100%)
	2,400,000		1.251			06/15/36		2,383,058
	LCM XX LP Series 2020-A, Class AR (3M USD LIBOR + 1.040%)
	6,000,000		1.312			10/20/27		5,941,494
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	16,200,000		1.025			04/15/29		15,974,334
	MJX Venture Management II LLC Series 2017-28RR, Class A1 (3M USD LIBOR + 1.280%)
	4,171,053		1.551			07/22/30		4,096,950
	Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R (3M USD LIBOR + 1.100%)
	3,000,000		1.345			12/21/29		2,978,241
	OCP CLO Ltd. Series 2015-8A, Class A1R (3M USD LIBOR + 0.850%)
	995,879		1.123			04/17/27		992,796
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b)(c) – (continued)
	Orec Ltd. Series 2018-CRE1, Class A (1M USD LIBOR + 1.180%)
	1,500,000		1.332			06/15/36		1,478,022
	Parallel Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.850%)
	795,829		1.122			07/20/27		788,385
	Recette CLO Ltd. Series 2015-1A, Class AR (3M USD LIBOR + 0.920%)
	2,900,729		1.192			10/20/27		2,886,886
	WhiteHorse VIII Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 0.900%)
	126,657		1.151			05/01/26		126,379
	Whitehorse IX Ltd. Series 2014-9A, Class AR (3M USD LIBOR + 1.160%)
	682,076		1.433			07/17/26		680,392
	Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	2,625,000		2.917			07/28/30		2,642,881
								62,744,415
Student Loan(c) – 0.8%
	Educational Services of America, Inc. Series 2012-1, Class A1(b) (1M USD LIBOR + 1.150%)
	24,959		1.298			09/25/40		24,907
	Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	489,937		0.848			02/25/39		478,351
	Educational Services of America, Inc. Series 2015-2, Class A(b) (1M USD LIBOR + 1.000%)
	394,765		1.148			12/25/56		389,633
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,431,243		1.145			07/25/45		1,403,614
	Kentucky Higher Education Student Loan Corp. Series 2015-1, Class A1 (1M USD LIBOR + 0.750%)
	1,509,386		0.905			12/01/31		1,452,201
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	1,106,149		1.156			05/20/30		1,107,471
	Navient Student Loan Trust Series 2016-7A, Class A(b) (1M USD LIBOR + 1.150%)
	781,126		1.298			03/25/66		781,126
	Northstar Education Finance, Inc. Series 2012-1, Class A(b) (1M USD LIBOR + 0.700%)
	54,013		0.848			12/26/31		53,003
	Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1(b) (1M USD LIBOR + 0.550%)
	34,252		0.698			05/25/57		33,581
	PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	1,195,311		1.298			09/25/65		1,190,871
	SLC Student Loan Center Series 2011-1, Class A(b) (1M USD LIBOR + 1.220%)
	2,258,794		1.368			10/25/27		2,261,026
	SLC Student Loan Trust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	651,222		0.370			06/15/29		645,721

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
$	808,800		0.385	%		10/25/28	$	801,513
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	701,014		0.575			01/25/22		659,591
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	256,646		1.895			07/25/22		252,999
	SLM Student Loan Trust Series 2012-3, Class A (1M USD LIBOR + 0.650%)
	862,296		0.798			12/27/38		838,836
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	151,843		1.146			10/01/24		152,002
								12,526,446
	TOTAL ASSET-BACKED SECURITIES
	(Cost $75,907,831)						$	75,726,122
Foreign Debt Obligations – 0.9%
Sovereign – 0.9%
	Abu Dhabi Government International Bond
$	870,000		2.500	%		10/11/22		899,363
	Dominican Republic
	403,333		7.500			05/06/21		414,551
	Perusahaan Penerbit SBSN Indonesia III(b)
	3,530,000		2.300			06/23/25		3,662,375
	Qatar Government International Bond
	870,000		2.375			06/02/21		874,622
	1,840,000		3.375	(b)		03/14/24		1,980,300
	690,000		3.400	(b)		04/16/25		757,059
	Republic of Colombia(a)
	1,510,000		4.000			02/26/24		1,612,397
	Republic of Egypt(b)
	550,000		4.550			11/20/23		549,656
	Republic of Indonesia
	200,000		5.875			01/15/24		230,125
	EUR 250,000		2.150	(b)		07/18/24		306,944
	Republic of Nigeria
$	1,390,000		6.750			01/28/21		1,393,909
	Republic of Turkey
	200,000		4.250			03/13/25		184,063
	Saudi Government International Bond(b)
	800,000		2.900			10/22/25		855,000
	Ukraine Government Bond
	1,500,000		7.750			09/01/21		1,540,500
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $14,681,067)						$	15,260,864
Municipal Debt Obligations – 0.2%
California(a) – 0.0%
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2019 C
$	380,000		3.146	%		05/01/23	$	399,087
Connecticut – 0.2%
	Connecticut State GO Bonds Series A
	3,000,000		3.130			01/15/24		3,226,200
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,312,407)						$	3,625,287
U.S. Treasury Obligations(i) – 0.1%
	United States Treasury Notes
$	100,000		1.875	%		02/28/22	$	102,457
	610,000		0.500			04/30/27		612,764
	850,000		2.875			08/15/28		1,003,531
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $1,601,159)						$	1,718,752

Shares		Description	Value
Exchange Traded Funds(j) – 3.4%
	754,343	Goldman Sachs Access High Yield Corporate Bond ETF	$	36,506,279
	372,615	Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF		18,684,779
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $55,337,661)		$	55,191,058

Shares	Dividend Rate			Value
Investment Company(j) – 17.6%
Goldman Sachs Financial Square Government Fund – Institutional Shares
288,081,453		0.027	%	$	288,081,453
(Cost $288,081,453)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $1,788,260,322)				$	1,815,109,788

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 0.7%
Certificate of Deposit(c) – 0.2%
	Barclays Bank PLC (3M LIBOR + 0.450%)
$	3,000,000		0.701	%		08/03/21	$	2,999,999
Commercial Paper(b)(k) – 0.5%
	VW Credit, Inc.
	2,500,000		0.000			01/29/21		2,497,723

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Commercial Paper(b)(k) – (continued)
	Intercontinental Exchange, Inc.
$	7,000,000		0.000	%		11/10/20	$	6,997,123
								9,494,846
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $12,480,689)						$	12,494,845
	TOTAL INVESTMENTS – 111.6%
	(Cost $1,800,741,011)						$	1,827,604,633
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (11.6)%							(190,417,125	)
	NET ASSETS – 100.0%						$	1,637,187,508

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, 2020.
(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, 2020.
(f)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(g)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(h)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $217,489,059 which represents approximately 13.3% of the Fund’s net assets as of September 30, 2020.
(i)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(j)	Represents an affiliated issuer.
(k)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
AUD	—Australian Dollar
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
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
ETF	—Exchange Traded Fund
EURO	—Euro Offered Rate
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
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
UMBS	—Uniform Mortgage Backed Securities

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, 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	CAD	589,927	CHF	405,789		12/16/20	$	1,568
	CAD	2,593,727	USD	1,943,783		12/16/20		4,827
	CLP	2,059,634,143	USD	2,615,877		11/16/20		8,846
	CNH	50,470,882	USD	7,343,341		12/16/20		56,428
	COP	3,012,709,465	USD	783,985		10/05/20		3,031
	COP	2,437,205,315	USD	627,257		11/20/20		7,896
	EUR	365,818	CHF	392,938		12/16/20		2,030
	EUR	418,395	CZK	11,326,783		12/16/20		214
	EUR	422,566	PLN	1,916,422		12/16/20		426
	EUR	1,498,961	SEK	15,603,552		12/16/20		16,574
	EUR	4,315,601	USD	5,035,202		12/16/20		33,701
	GBP	1,442,434	EUR	1,570,902		12/16/20		17,098
	GBP	4,436,596	USD	5,693,019		12/16/20		34,702
	ILS	4,773,265	USD	1,389,737		12/16/20		5,305
	INR	424,458,342	USD	5,670,483		10/28/20		83,765
	JPY	47,474,079	AUD	614,817		12/16/20		10,178
	JPY	1,096,234,974	USD	10,345,195		12/16/20		60,515
	KRW	526,967,635	USD	449,416		11/02/20		2,523
	MXN	27,625,938	USD	1,221,530		12/16/20		16,812
	NZD	751,097	USD	492,742		12/16/20		4,111
	RUB	46,960,782	USD	594,935		11/17/20		6,912
	TWD	31,377,331	USD	1,079,258		11/09/20		10,642
	USD	8,138,054	AUD	11,173,577		12/16/20		133,277
	USD	7,696,903	CAD	10,099,929		12/16/20		109,045
	USD	2,588,748	CHF	2,344,476		12/16/20		37,200
	USD	1,410,249	CLP	1,094,962,288		11/16/20		14,870
	USD	2,087,846	CLP	1,615,069,433		12/17/20		28,925
	USD	1,853,340	CNH	12,633,628		12/16/20		1,065
	USD	447,178	COP	1,675,127,177		10/05/20		9,581
	USD	543,715	COP	2,056,314,769		11/20/20		7,826
	USD	2,626,494	EUR	2,216,776		12/16/20		22,772
	USD	4,516,726	GBP	3,445,801		12/16/20		68,137
	USD	536,681	IDR	7,908,536,966		11/05/20		6,248
	USD	450,278	ILS	1,536,257		12/16/20		1,288
	USD	945,270	MXN	20,958,903		12/16/20		5,781
	USD	4,273,455	NOK	38,092,449		12/16/20		188,671
	USD	4,045,050	NZD	6,033,053		12/16/20		54,163
	USD	917,265	PLN	3,506,899		12/16/20		9,806
	USD	4,121,114	RUB	312,109,658		11/17/20		121,131
	USD	4,771,738	SEK	41,799,730		12/16/20		99,713
	USD	1,083,497	TRY	8,288,466		10/19/20		15,083
	USD	1,149,801	TRY	8,647,532		10/23/20		36,494
	USD	419,600	TRY	3,197,266		11/10/20		10,077
	USD	1,267,751	ZAR	21,306,904		12/17/20		7,582
	ZAR	37,303,068	USD	2,173,433		12/17/20		32,806
TOTAL							$	1,409,645

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	614,670	CAD	590,949		12/16/20	$	(3,617	)
	AUD	4,946,589	USD	3,603,650		12/16/20		(59,900	)
	CAD	4,045,386	USD	3,077,608		12/16/20		(38,399	)
	CHF	1,193,979	EUR	1,109,201		12/16/20		(3,379	)
	CHF	2,015,405	USD	2,213,774		12/16/20		(20,362	)
	CNH	15,198,999	USD	2,233,911		12/16/20		(5,516	)
	COP	5,582,145,126	USD	1,519,551		10/05/20		(61,316	)
	CZK	10,078,796	USD	447,516		12/16/20		(10,425	)
	EUR	365,736	GBP	334,904		12/16/20		(2,791	)
	EUR	418,395	HUF	153,383,523		12/16/20		(2,694	)
	EUR	1,040,866	NOK	11,545,654		12/16/20		(15,529	)
	EUR	421,687	SEK	4,483,757		12/16/20		(5,862	)
	EUR	11,924,421	USD	14,122,522		12/16/20		(116,651	)
	GBP	1,123,541	USD	1,455,826		12/16/20		(5,316	)
	IDR	6,162,344,699	USD	416,290		11/05/20		(2,976	)
	ILS	3,064,371	USD	896,054		12/16/20		(455	)
	JPY	206,885,153	EUR	1,684,240		12/16/20		(14,428	)
	JPY	97,011,623	USD	921,349		12/16/20		(493	)
	KRW	532,710,892	USD	458,414		11/02/20		(1,550	)
	MXN	38,537,740	USD	1,778,257		12/16/20		(50,792	)
	NOK	50,356,022	USD	5,619,739		12/16/20		(219,890	)
	NZD	743,673	EUR	419,207		12/16/20		(438	)
	PLN	1,583,380	EUR	355,335		12/16/20		(7,638	)
	PLN	1,575,641	USD	420,972		12/16/20		(13,253	)
	RUB	167,282,098	USD	2,231,291		11/17/20		(87,411	)
	SEK	11,800,160	EUR	1,134,413		12/16/20		(13,504	)
	SEK	18,532,649	USD	2,107,401		12/16/20		(35,976	)
	TRY	2,677,819	USD	357,280		10/23/20		(12,531	)
	TWD	13,214,426	USD	459,000		10/26/20		(907	)
	TWD	26,107,782	USD	918,000		11/09/20		(11,140	)
	USD	2,757,251	AUD	3,920,370		12/16/20		(51,311	)
	USD	2,299,900	CAD	3,080,018		12/16/20		(14,051	)
	USD	491,522	CLP	386,542,991		11/16/20		(1,074	)
	USD	2,323,983	CNH	15,943,718		12/16/20		(13,599	)
	USD	1,794,375	COP	6,919,727,414		10/05/20		(13,280	)
	USD	458,372	CZK	10,587,744		12/16/20		(791	)
	USD	493,848	EUR	422,368		12/16/20		(2,246	)
	USD	2,355,725	GBP	1,840,749		12/16/20		(20,716	)
	USD	1,472,966	ILS	5,078,280		12/16/20		(11,222	)
	USD	3,529,662	INR	266,293,952		10/28/20		(80,402	)
	USD	4,405,119	JPY	465,451,220		12/16/20		(13,050	)
	USD	2,293,088	KRW	2,691,593,007		11/02/20		(15,280	)
	USD	4,252,122	NOK	40,316,692		12/16/20		(71,174	)
	USD	1,807,591	NZD	2,764,501		12/16/20		(21,137	)
	USD	1,155,702	RUB	91,386,441		11/17/20		(15,502	)
	USD	1,713,059	SEK	15,639,458		12/16/20		(34,989	)
	USD	3,306,355	TWD	95,868,141		11/09/20		(23,648	)
	USD	985,812	ZAR	16,883,117		12/17/20		(12,716	)
	ZAR	7,417,271	USD	449,096		12/17/20		(10,412	)
TOTAL							$	(1,251,739	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2020, 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		51			12/21/20	$	8,156,016		$	(29,579	)
2 Year U.S. Treasury Notes		799			12/31/20		176,547,789			71,995
5 Year U.S. Treasury Notes		1,109			12/31/20		139,768,656			98,334
10 Year U.S. Treasury Notes		560			12/21/20		78,137,500			83,525
20 Year U.S. Treasury Bonds		90			12/21/20		15,865,313			75,104
Total									$	299,379
Short position contracts:
Australian 10 Year Government Bonds		(4	)		12/15/20		(428,010	)		(180	)
Ultra Long U.S. Treasury Bonds		(14	)		12/21/20		(3,105,375	)		(3,183	)
Total									$	(3,363	)
TOTAL FUTURES CONTRACTS									$	296,016

SWAP CONTRACTS — At September 30, 2020, 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 CDOR(a)	1.250%(a)	12/16/23	CAD	111,960	(b)	$	1,566,422		$	1,347,985		$	218,437
0.750%(a)	3M LIBOR(c)	12/16/23	$	83,670	(b)		(1,258,155	)		(1,267,542	)		9,387
6M CDOR(a)	0.840(a)	06/24/24	CAD	92,070	(b)		88,561			38,750			49,811
1M LIBOR + 0.090(c)	3M LIBOR(c)	07/25/24	$	17,200			10,508			284			10,224
6M CDOR(a)	0.810(a)	09/30/24	CAD	37,610			3,361			3,380			(19	)
6M AUDOR(a)	0.553(a)	05/16/25	AUD	61,430	(b)		262,174			(932,493	)		1,194,667
(0.307)(d)	6M EURO(a)	05/18/25	EUR	45,640	(b)		(170,367	)		(687,271	)		516,904
3M STIBOR(c)	0.000(d)	12/16/25	SEK	195,880	(b)		(83,838	)		(73,431	)		(10,407	)
6M NIBOR(a)	0.750(d)	12/16/25	NOK	377,460	(b)		241,894			5,525			236,369
3M LIBOR(c)	1.000(a)	12/16/25	$	2,100	(b)		66,141			66,978			(837	)
(0.250)(d)	6M EURO(a)	12/16/25	EUR	56,050	(b)		(561,857	)		(610,544	)		48,687
0.500(a)	6M GBP(a)	12/16/25	GBP	5,650	(b)		(105,734	)		(103,799	)		(1,935	)
6M AUDOR(a)	0.960(a)	04/21/27	AUD	4,150	(b)		35,685			760			34,925
6M CHFOR(a)	(0.000)(d)	12/16/27	CHF	21,810	(b)		(42,535	)		(87,837	)		45,302
(0.250)(d)	6M EURO(a)	12/16/27	EUR	19,890	(b)		(157,961	)		(121,336	)		(36,625	)
6M AUDOR(a)	0.920(a)	09/04/28	AUD	22,190	(b)		53,099			(5,131	)		58,230
1.750(a)	3M NZDOR(c)	03/19/30	NZD	8,600	(b)		(257,408	)		(247,124	)		(10,284	)
6M EURO(a)	0.050(d)	05/21/30	EUR	17,480	(b)		130,269			57,257			73,012
3M LIBOR(c)	0.980(a)	05/21/30	$	7,420	(b)		(20,412	)		(10,639	)		(9,773	)
3M LIBOR(c)	1.750(a)	06/18/30		20,990	(b)		718,614			735,211			(16,597	)
0.250(d)	6M EURO(a)	06/18/30	EUR	12,600	(b)		(241,858	)		(651,862	)		410,004
1.140(a)	6M CDOR(a)	06/24/30	CAD	19,010	(b)		16,010			(19,797	)		35,807
0.000(d)	6M EURO(a)	09/08/30	EUR	15,440	(b)		(40,631	)		6,016			(46,647	)
6M CHFOR(a)	(0.000)(d)	12/16/30	CHF	11,720	(b)		105,796			64,534			41,262
3M NZDOR(c)	0.500(a)	12/16/30	NZD	1,830	(b)		(4,014	)		(6,312	)		2,298
6M AUDOR(a)	1.000(a)	12/16/30	AUD	7,620	(b)		99,580			74,419			25,161
(0.250)(d)	6M EURO(a)	12/16/30	EUR	22,050	(b)		91,647			186,943			(95,296	)

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.160(a)		3M LIBOR(c)	05/21/35	$	8,000	(b)	$	95,643		$	13,886		$	81,757
1.363(a)		6M AUDOR(a)	04/21/40	AUD	1,200	(b)		19,899			(517	)		20,416
0.260(d)		6M EURO(a)	05/21/40	EUR	8,320	(b)		17,534			(27,130	)		44,664
3M LIBOR(c)		1.750(a)	06/19/40	$	4,520	(b)		128,124			177,514			(49,390	)
0.750(d)		6M EURO(a)	06/19/40	EUR	4,780	(b)		(274,433	)		(347,087	)		72,654
0.855(a)		3M LIBOR(c)	04/09/45	$	3,260	(b)		63,261			117			63,144
3M LIBOR(c)		0.845(a)	04/10/50		3,350	(b)		(54,293	)		121			(54,414	)
6M CDOR(a)		1.750(a)	06/17/50	CAD	840			46,364			3,802			42,562
3M LIBOR(c)		1.750(a)	06/20/50	$	3,570	(b)		127,766			155,560			(27,794	)
0.500(d)		6M EURO(a)	06/20/50	EUR	4,550	(b)		(317,735	)		(361,197	)		43,462
0.250(d)		6M EURO(a)	12/16/50		700	(b)		(66,324	)		(50,741	)		(15,583	)
TOTAL							$	330,797		$	(2,672,748	)	$	3,003,545

(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, 2020.

(c) Payments made quarterly.

(d) Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Received by the Fund(a)		Credit Spread at September 30, 2020(b)			Counterparty		Termination Date		Notional Amount (000s)		Market Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 8		3.000%		7.210	%		MS & Co. Int. PLC		11/18/54	$	6,350	$	(1,397,662	)	$	(1,400,837	)	$	3,175
Markit CMBX Series 8		3.000		11.810			MS & Co. Int. PLC		10/17/57		2,100		(588,263	)		(578,351	)		(9,912	)
Markit CMBX Series 10		3.000		8.190			MS & Co. Int. PLC		11/17/59		3,100		(1,080,494	)		(792,517	)		(287,977	)
TOTAL												$	(3,066,419	)	$	(2,771,705	)	$	(294,714	)

(a) Payments made monthly.

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

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (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, 2020(b)			Termination Date		Notional Amount (000s)		Market Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.EB Index 34		(1.000)%		0.595	%		12/20/25	EUR	22,750	$	(571,886	)	$	(577,473	)	$	5,587
Protection Sold:
AT&T, Inc., 2.450%, 06/30/20		1.000%		0.685	%		06/20/24	$	3,425		40,872			5,932			34,940
CDX.NA.EX Index 34		5.000		3.450			12/20/25	EUR	6,950		595,046			675,970			(80,924	)
CDX.NA.HY Index 34		5.000		3.803			06/20/25	$	14,499		749,138			636,501			112,637
CDX.NA.HY Index 35		5.000		4.072			12/20/25		15,800		685,545			622,483			63,062
CDX.NA.IG Index 28		1.000		0.829			06/20/22		21,975		71,382			261,196			(189,814	)
CDX.NA.IG Index 32		1.000		0.774			06/20/24		225		1,934			3,147			(1,213	)
CDX.NA.IG Index 33		1.000		0.811			12/20/24		1,650		13,382			(6,810	)		20,192
CDX.NA.IG Index 34		1.000		0.689			06/20/23		37,100		321,323			431,535			(110,212	)
CDX.NA.IG Index 34		1.000		0.848			06/20/25		31,700		229,894			309,100			(79,206	)
General Electric Co. 2.700%, 10/09/22		1.000		1.265			06/20/24		2,025		(18,947	)		(25,734	)		6,787
General Electric Co. 2.700%, 10/09/22		1.000		1.425			12/20/24		825		(14,145	)		(11,077	)		(3,068	)
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.832			06/20/24		120		781			(203	)		984
TOTAL										$	2,104,319		$	2,324,567		$	(220,248	)

(a) Payments made quarterly.

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

WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
3Y IRS	Citibank NA		0.150	%		12/01/2020		(5,990,000	)	$	(5,990,000	)	$	(76,907	)	$	(61,718	)	$	(15,189	)
3Y IRS	Citibank NA		0.150			12/02/2020		(4,070,000	)		(4,070,000	)		(52,558	)		(46,283	)		(6,275	)
1Y IRS	JPMorgan Securities, Inc.		0.480			05/19/2021		(6,800,000	)		(6,800,000	)		(54,133	)		(69,139	)		15,006
1Y IRS	JPMorgan Securities, Inc.		0.490			05/18/2021		(7,000,000	)		(7,000,000	)		(57,800	)		(70,700	)		12,900
6M IRS	JPMorgan Securities, Inc.		0.350			10/02/2020		(5,420,000	)		(5,420,000	)		(2,082	)		(60,804	)		58,722
3Y IRS	MS & Co. Int. PLC		0.200			12/02/2020		(5,760,000	)		(5,760,000	)		(52,636	)		(52,421	)		(215	)
3Y IRS	MS & Co. Int. PLC		0.200			12/03/2020		(4,300,000	)		(4,300,000	)		(39,502	)		(43,337	)		3,835
4M IRS	MS & Co. Int. PLC		0.250			01/14/2021		(6,420,000	)		(6,420,000	)		(52,693	)		(58,034	)		5,341
6M IRS	MS & Co. Int. PLC		0.350			10/02/2020		(1,970,000	)		(1,970,000	)		(896	)		(22,501	)		21,605
6M IRS	MS & Co. Int. PLC		0.350			10/21/2020		(7,810,000	)		(7,810,000	)		(25,763	)		(80,926	)		55,163
								(55,540,000	)	$	(55,540,000	)	$	(414,970	)	$	(565,863	)	$	150,893

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

GOLDMAN SACHS SHORT DURATION INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
3Y IRS	Citibank NA		0.100	%		12/01/2020		(5,990,000	)	$	(5,990,000	)	$	(4,386	)	$	(17,124	)	$	12,738
3Y IRS	Citibank NA		0.100			12/02/2020		(4,070,000	)		(4,070,000	)		(3,095	)		(9,160	)		6,065
1Y IRS	JPMorgan Securities, Inc.		0.480			05/19/2021		(6,800,000	)		(6,800,000	)		(32,449	)		(69,139	)		36,690
1Y IRS	JPMorgan Securities, Inc.		0.490			05/18/2021		(7,000,000	)		(7,000,000	)		(31,853	)		(70,700	)		38,847
4M IRS	MS & Co. Int. PLC		0.000			01/14/2021		(6,420,000	)		(6,420,000	)		(19,437	)		(20,154	)		717
								(30,280,000	)	$	(30,280,000	)	$	(91,220	)	$	(186,277	)	$	95,057
TOTAL								(85,820,000	)	$	(85,820,000	)	$	(506,190	)	$	(752,140	)	$	245,950

Abbreviations:
1Y IRS	—1 Year Interest Rate Swaptions
3Y IRS	—3 Years Interest Rate Swaptions
4M IRS	—4 Months Interest Rate Swaptions
6M IRS	—6 Months Interest Rate Swaptions
CDX.NA.HY Index 34	—CDX North America High Yield Index 34
CDX.NA.HY Index 35	—CDX North America High Yield Index 35
CDX.NA.IG Index 28	—CDX North America Investment Grade Index 28
CDX.NA.IG Index 32	—CDX North America Investment Grade Index 32
CDX.NA.IG Index 33	—CDX North America Investment Grade Index 33
CDX.NA.IG Index 34	—CDX North America Investment Grade Index 34
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 51.4%
Advertising – 0.2%
	The Interpublic Group of Cos., Inc.
$	10,100,000		3.500	%		10/01/20	$	10,100,000
Agriculture(a) – 0.2%
	BAT International Finance PLC
	8,644,000		3.500			06/15/22		9,036,351
								9,036,351
Automotive – 3.8%
	BMW US Capital LLC(a)
	10,595,000		2.000	(b)		04/11/21		10,668,000
	11,420,000		2.950			04/14/22		11,840,142
	Daimler Finance North America LLC(a)
	5,000,000		3.350			05/04/21		5,080,350
	(3M USD LIBOR + 0.900%)
	38,000,000		1.180	(c)		02/15/22		38,113,240
	10,000,000		3.400			02/22/22		10,356,900
	Toyota Motor Credit Corp.(c) (SOFR + 0.400%)
	25,150,000		0.470			10/23/20		25,150,000
	(3M USD LIBOR + 0.150%)
	24,891,000		0.415			02/14/22		24,859,861
	Volkswagen Group of America Finance LLC(a) (3M USD LIBOR + 0.770%)
	18,008,000		1.024	(c)		11/13/20		18,020,786
	8,000,000		3.875			11/13/20		8,031,440
	20,000,000		2.500			09/24/21		20,368,000
	(3M USD LIBOR + 0.940%)
	5,500,000		1.197	(c)		11/12/21		5,523,375
	3,150,000		4.000			11/12/21		3,265,888
								181,277,982
Banks – 31.6%
	ABN AMRO Bank NV(a)
	7,307,000		2.650			01/19/21		7,358,880
	(3M USD LIBOR + 0.570%)
	38,650,000		0.821	(c)		08/27/21		38,810,397
	Bank of America Corp.(b)(c) (3M USD LIBOR + 0.630%)
	25,000,000		2.328			10/01/21		25,000,000
	(3M USD LIBOR + 0.380%)
	10,935,000		0.636			01/23/22		10,942,217
	(3M USD LIBOR + 0.630%)
	27,125,000		3.499			05/17/22		27,632,780
	Bank of Montreal(c) (SOFR + 0.680%)
	54,147,000		0.754			03/10/23		54,402,574
	Banque Federative du Credit Mutuel SA(a)
	30,000,000		2.750			10/15/20		30,027,000
	Barclays Bank PLC(b)
	6,500,000		1.700			05/12/22		6,609,395
	BNP Paribas SA
	6,000,000		5.000			01/15/21		6,080,400
	(3M USD LIBOR + 0.390%)
	32,050,000		0.632	(a)(c)		08/07/21		32,120,510
	BNZ International Funding Ltd.(a)(c) (3M USD LIBOR + 0.980%)
	13,145,000		1.229			09/14/21		13,235,438
	BPCE SA(a)(c) (3M USD LIBOR + 0.300%)
	26,230,000		0.568			01/14/22		26,230,000
Corporate Obligations – (continued)
Banks – (continued)
	(SOFR + 0.440%)
	31,430,000		0.517			02/17/22		31,436,600
	Canadian Imperial Bank of Commerce(c) (SOFR + 0.800%)
	38,955,000		0.880			03/17/23		39,238,982
	Citibank NA(b)(c) (3M USD LIBOR + 0.600%)
	30,000,000		0.853			05/20/22		30,059,400
	(3M USD LIBOR + 0.596%)
	10,100,000		2.844			05/20/22		10,250,086
	Citigroup, Inc. (3M USD LIBOR + 1.190%)
	6,588,000		1.441	(c)		08/02/21		6,641,626
	4,825,000		4.500			01/14/22		5,071,558
	(3M USD LIBOR + 0.960%)
	8,664,000		1.205	(b)(c)		04/25/22		8,747,868
	3,000,000		2.750	(b)		04/25/22		3,100,050
	Citizens Bank NA(b) (c) (3M USD LIBOR + 0.720%)
	15,000,000		0.985			02/14/22		15,052,650
	Cooperatieve Rabobank UA
	16,805,000		2.750			01/10/22		17,321,082
	9,251,000		3.875			02/08/22		9,688,017
	Credit Agricole Corporate & Investment Bank SA(b) (c) (3M USD LIBOR + 0.625%)
	30,644,000		0.924			10/03/21		30,644,000
	Credit Suisse AG(c)(SOFR + 0.450%)
	50,900,000		0.530			02/04/22		50,944,283
	DNB Bank ASA(a)
	10,000,000		2.125			10/02/20		10,000,000
	Federation des Caisses Desjardins du Quebec(a)
	17,000,000		2.250			10/30/20		17,027,710
	Fifth Third Bank NA(c) (3M USD LIBOR + 0.640%)
	20,000,000		0.891			02/01/22		20,110,600
	HSBC Holdings PLC(c) (3M USD LIBOR + 1.660%)
	9,268,000		1.910			05/25/21		9,355,953
	(3M USD LIBOR + 1.500%)
	4,550,000		1.804			01/05/22		4,604,191
	ING Bank NV(a)
	11,520,000		2.750			03/22/21		11,654,899
	(3M USD LIBOR + 0.880%)
	4,400,000		1.160	(c)		08/15/21		4,429,392
	ING Groep NV(c) (3M USD LIBOR + 1.150%)
	12,960,000		1.368			03/29/22		13,081,435
	JPMorgan Chase & Co.
	14,775,000		2.400	(b)		06/07/21		14,961,165
	7,061,000		4.350			08/15/21		7,310,606
	9,428,000		4.500			01/24/22		9,938,809
	KeyBank NA
	5,000,000		3.300			02/01/22		5,191,650
	Lloyds Bank PLC(c) (3M USD LIBOR + 0.490%)
	8,351,000		0.732			05/07/21		8,370,374
	Macquarie Bank Ltd.(a)
	15,370,000		2.850			01/15/21		15,473,748
	Mitsubishi UFJ Financial Group, Inc.
	7,650,000		2.950			03/01/21		7,734,150
	(3M USD LIBOR + 0.700%)
	12,500,000		0.948	(c)		03/07/22		12,583,250
	6,630,000		3.218			03/07/22		6,876,835
	6,067,000		2.623			07/18/22		6,285,473

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)
Banks – (continued)
	Mizuho Bank Ltd.(a)
$	20,000,000		2.700	%		10/20/20	$	20,023,000
	Mizuho Financial Group, Inc.
	20,190,000		2.632	(a)		04/12/21		20,431,472
	(3M USD LIBOR + 1.140%)
	10,446,000		1.389	(c)		09/13/21		10,538,447
	(3M USD LIBOR + 0.940%)
	27,975,000		1.196	(c)		02/28/22		28,254,750
	Morgan Stanley, Inc.
	6,256,000		5.750			01/25/21		6,361,726
	(SOFR + 0.830%)
	11,195,000		0.903	(b)(c)		06/10/22		11,230,600
	(SOFR + 0.700%)
	64,982,000		0.784	(b)(c)		01/20/23		65,958,030
	MUFG Union Bank NA(b)
	12,590,000		3.150			04/01/22		13,065,147
	(SOFR + 0.710%)
	17,250,000		0.791	(c)		12/09/22		17,308,822
	National Australia Bank Ltd.(a)(c) (3M USD LIBOR + 0.710%)
	12,000,000		0.959			11/04/21		12,074,760
	National Australia Bank Ltd.(a)(c) (3M USD LIBOR + 0.350%)
	4,950,000		0.616			01/12/21		4,954,010
	Nordea Bank Abp(a)
	9,300,000		4.875			01/14/21		9,420,621
	PNC Bank NA(b)(c) (3M USD LIBOR + 0.325%)
	33,500,000		0.581			02/24/23		33,530,820
	Royal Bank of Canada(c) (3M USD LIBOR + 0.400%)
	11,052,000		0.645			01/25/21		11,065,152
	Santander UK PLC
	(3M USD LIBOR + 0.620%)
	13,350,000		0.866	(c)		06/01/21		13,390,317
	31,650,000		3.400			06/01/21		32,271,289
	(3M USD LIBOR + 0.660%)
	21,800,000		0.940	(c)		11/15/21		21,916,194
	Skandinaviska Enskilda Banken AB(a)
	12,000,000		3.250			05/17/21		12,219,600
	5,100,000		3.050			03/25/22		5,297,217
	(3M USD LIBOR + 0.320%)
	25,000,000		0.566	(c)		09/01/23		24,994,500
	Societe Generale SA(a)
	4,900,000		2.500			04/08/21		4,952,479
	Standard Chartered PLC(a)
	20,058,000		3.050			01/15/21		20,187,374
	(3M USD LIBOR + 1.200%)
	10,000,000		1.450	(b)(c)		09/10/22		10,033,600
	Sumitomo Mitsui Financial Group, Inc.
	20,000,000		2.934			03/09/21		20,220,200
	Svenska Handelsbanken AB(c) (3M USD LIBOR + 1.150%)
	5,000,000		1.370			03/30/21		5,026,800
	The Bank of Nova Scotia(c)(SOFR + 0.550%)
	60,000,000		0.630			09/15/23		60,037,800
	The Huntington National Bank(b)(c) (3M USD LIBOR + 0.550%)
	15,000,000		0.799			02/05/21		15,018,900
	The Toronto-Dominion Bank(c) (3M USD LIBOR + 0.300%)
	19,500,000		0.568			07/30/21		19,536,465
Corporate Obligations – (continued)
Banks – (continued)
	(3M USD LIBOR + 0.350%)
	7,000,000		0.608			07/22/22		7,013,300
	(SOFR + 0.480%)
	400,000		0.563			01/27/23		400,852
	(SOFR + 0.450%)
	13,100,000		0.530			09/28/23		13,102,096
	Truist Bank(b) (c)(SOFR + 0.730%)
	16,760,000		0.804			03/09/23		16,857,208
	Truist Financial Corp.(b)
	25,000,000		2.900			03/03/21		25,221,500
	(3M USD LIBOR + 0.650%)
	10,000,000		0.875	(c)		04/01/22		10,056,700
	UBS AG(a)(b)
	17,500,000		1.750			04/21/22		17,835,650
	UBS Group AG(a)
	38,763,000		3.000			04/15/21		39,308,395
	US Bank NA(b)(c) (3M USD LIBOR + 0.380%)
	15,400,000		0.660			11/16/21		15,442,658
	(3M USD LIBOR + 0.440%)
	15,000,000		0.696			05/23/22		15,063,300
	Wells Fargo & Co.
	7,429,000		2.625			07/22/22		7,705,879
	Wells Fargo Bank NA(b)(c) (3M USD LIBOR + 0.620%)
	26,000,000		0.871			05/27/22		26,072,020
	(3M USD LIBOR + 0.650%)
	23,000,000		2.082			09/09/22		23,316,940
	Westpac Banking Corp.(c) (3M USD LIBOR + 0.850%)
	18,690,000		1.116			01/11/22		18,852,229
	(3M USD LIBOR + 0.390%)
	25,000,000		0.656			01/13/23		25,068,000
								1,512,272,852
Biotechnology(b)(c) – 0.5%
	Gilead Sciences, Inc. (3M USD LIBOR + 0.520%)
	22,250,000		0.740			09/29/23		22,269,580
								22,269,580
Chemicals(c) – 0.2%
	DuPont de Nemours, Inc. (3M USD LIBOR + 0.710%)
	10,000,000		0.990			11/15/20		10,008,800
Computers(c) – 0.6%
	Hewlett Packard Enterprise Co. (3M USD LIBOR + 0.680%)
	9,670,000		0.929			03/12/21		9,685,762
	(3M USD LIBOR + 0.720%)
	19,233,000		1.024	(b)		10/05/21		19,229,923
								28,915,685
Diversified Financial Services – 4.2%
	Air Lease Corp.
	7,900,000		3.875	(b)		04/01/21		7,969,599
	22,940,000		3.375			06/01/21		23,187,064
	American Express Co.(b)
	8,000,000		3.000			02/22/21		8,065,600
	15,607,000		3.375			05/17/21		15,862,018
	13,038,000		3.700			11/05/21		13,471,513
	(3M USD LIBOR + 0.620%)
	20,000,000		0.873	(c)		05/20/22		20,121,800

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, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Capital One Financial Corp.(b)
$	25,000,000		3.450	%		04/30/21	$	25,377,750
	(3M USD LIBOR + 0.950%)
	15,000,000		1.192	(c)		03/09/22		15,104,250
	GE Capital International Funding Co. Unlimited Co.
	43,194,000		2.342			11/15/20		43,295,506
	Intercontinental Exchange, Inc.(b)(c) (3M USD LIBOR + 0.650%)
	30,000,000		0.903			06/15/23		30,067,200
								202,522,300
Electrical(b)(c) – 1.6%
	Dominion Energy, Inc. (3M USD LIBOR + 0.530%)
	20,500,000		0.775			09/15/23		20,517,015
	Duke Energy Progress LLC (3M USD LIBOR + 0.180%)
	14,400,000		0.433			02/18/22		14,415,120
	Florida Power & Light Co. (3M USD LIBOR + 0.380%)
	14,075,000		0.641			07/28/23		14,085,134
	NextEra Energy Capital Holdings, Inc. (3M USD LIBOR + 0.550%)
	14,323,000		0.806			08/28/21		14,330,305
	Southern Power Co.(a) (3M USD LIBOR + 0.550%)
	15,300,000		0.777			12/20/20		15,307,344
								78,654,918
Electronics(b) – 0.6%
	Honeywell International, Inc.
	24,055,000		0.483			08/19/22		24,089,158
	(3M USD LIBOR + 0.230%)
	3,866,000		0.498	(c)		08/19/22		3,867,740
								27,956,898
Insurance – 3.8%
	Jackson National Life Global Funding(a)(c) (3M USD LIBOR + 0.480%)
	25,000,000		0.730			06/11/21		25,060,750
	(SOFR + 0.600%)
	50,000,000		0.692			01/06/23		50,044,500
	Metropolitan Life Global Funding I(a)(c) (3M USD LIBOR + 0.230%)
	19,000,000		0.507			01/08/21		19,010,260
	(SOFR + 0.570%)
	41,000,000		0.660			01/13/23		41,161,130
	Protective Life Global Funding(a)
	13,355,000		2.700			11/25/20		13,401,876
	17,255,000		3.397			06/28/21		17,635,818
	4,194,000		1.999			09/14/21		4,260,685
	Reinsurance Group of America, Inc.
	9,125,000		5.000			06/01/21		9,391,632
								179,966,651
Machinery – Construction & Mining – 0.4%
	Caterpillar Financial Services Corp.
	13,030,000		2.750			08/20/21		13,313,142
	8,220,000		0.950			05/13/22		8,299,734
								21,612,876
Corporate Obligations – (continued)
Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	3,046,000		5.300			02/11/21		3,095,193
Oil Field Services – 0.5%
	Chevron USA, Inc.
	18,585,000		0.333			08/12/22		18,598,010
	Phillips 66(b) (c) (3M USD LIBOR + 0.600%)
	6,807,000		0.834			02/26/21		6,791,684
								25,389,694
Pharmaceuticals – 2.2%
	AbbVie, Inc.(a) (3M USD LIBOR + 0.460%)
	21,142,000		0.728	(c)		11/19/21		21,182,381
	11,892,000		3.450	(b)		03/15/22		12,324,869
	Bayer US Finance II LLC(a)(b)
	27,750,000		3.500			06/25/21		28,298,895
	Bayer US Finance LLC(a)
	25,413,000		3.000			10/08/21		26,038,922
	McKesson Corp.
	18,970,000		3.650			11/30/20		19,068,265
								106,913,332
Pipelines(c) – 0.9%
	Enbridge, Inc. (3M USD LIBOR + 0.500%)
	2,095,000		0.770			02/18/22		2,094,937
	MPLX LP(b) (3M USD LIBOR + 1.100%)
	40,000,000		1.342			09/09/22		39,984,400
								42,079,337
	TOTAL CORPORATE OBLIGATIONS
	(Cost $2,451,144,492)						$	2,462,072,449
Municipal Debt Obligations – 0.5%
Connecticut(b) – 0.0%
	Connecticut State GO Taxable Series 2020
$	1,475,000		3.000	%		07/01/21	$	1,503,644
New York – 0.3%
	New York State Dormitory Authority Personal Income Tax Subordinate Anticipation Notes Series 2020
	12,440,000		5.000			03/31/21		12,738,933
Pennsylvania – 0.2%
	Philadelphia School District Tax & Revenue Anticipation Notes Series 2020
	10,245,000		4.000			06/30/21		10,531,553
								10,531,553
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $24,713,321)						$	24,774,130
U.S. Treasury Obligations – 5.2%
	United States Treasury Bills(d)
$	1,000,000		0.000	%		10/01/20	$	999,998
	100,000		0.000			10/06/20		99,999
	200,000		0.000			10/08/20		199,998

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
U.S. Treasury Obligations – (continued)
	United States Treasury Bills – (continued)
$	4,600,000		0.000	%		10/13/20	$	4,599,912
	5,700,000		0.000			10/15/20		5,699,848
	1,200,000		0.000			10/20/20		1,199,952
	33,300,000		0.000			10/22/20		33,298,530
	300,000		0.000			10/27/20		299,984
	800,000		0.000			10/29/20		799,949
	1,100,000		0.000			11/03/20		1,099,919
	10,500,000		0.000			11/05/20		10,499,142
	300,000		0.000			11/10/20		299,973
	2,500,000		0.000			11/19/20		2,499,715
	34,300,000		0.000			11/24/20		34,296,069
	9,400,000		0.000			11/27/20		9,398,512
	800,000		0.000			12/10/20		799,844
	3,300,000		0.000			12/17/20		3,299,329
	15,700,000		0.000			12/24/20		15,695,970
	100,000		0.000			12/29/20		99,978
	100,000		0.000			01/05/21		99,975
	125,000,000		0.000			04/01/21		124,925,746
	United States Treasury Note
	1,100,000		1.375			10/31/20		1,101,074
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $251,314,026)						$	251,313,416

Shares	Dividend Rate			Value
Investment Companies(e) – 18.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
680,345,872		0.027	%	$	680,345,872
Goldman Sachs Financial Square Money Market Fund – Institutional Shares
198,780,843		0.093			198,979,623
TOTAL INVESTMENT COMPANIES
(Cost $879,169,561)				$	879,325,495
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $3,606,341,400)				$	3,617,485,490

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 26.9%
Certificates of Deposit – 12.0%
	Banco Del Estado De Chile
$	6,661,000		0.250	%		11/06/20	$	6,661,581
	Bank of Montreal(c)
	20,000,000		0.300			02/08/21		20,004,198
	Barclays Bank PLC(c)
	30,000,000		0.701			08/03/21		29,999,989
	Bayerische Landesbank(c)
	(3M USD LIBOR + 0.470%)
	39,675,000		0.717			01/28/22		39,596,667
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Bayerische Landesbank – (continued)
	(3M USD LIBOR + 0.470%)
	13,000,000		0.721			02/03/22		13,020,872
	Canadian Imperial Bank of Commerce(c)
	17,000,000		0.409			08/06/21		17,020,134
	Credit Agricole Corporate & Investment Bank(c)
	(3M USD LIBOR + 0.480%)
	30,000,000		0.730			09/10/21		30,064,782
	(3M USD LIBOR + 0.480%)
	2,500,000		0.726			09/17/21		2,504,311
	Credit Industriel ET Commercial(c)
	20,000,000		0.250			11/25/20		20,000,898
	Credit Suisse AG (3M USD LIBOR + 0.260%)
	2,900,000		0.483	(c)		02/05/21		2,902,130
	25,000,000		0.580			01/10/22		25,088,825
	DNB Bank ASA(a)(c) (1M USD LIBOR + 0.100%)
	13,700,000		0.251			02/24/21		13,708,374
	DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c)
	50,000,000		0.480			02/17/22		49,897,145
	Lloyds Bank Corporate Markets PLC(c)
	24,400,000		0.735			08/17/22		24,440,628
	MUFG Bank Ltd.(c)
	2,780,000		0.709			02/04/21		2,784,081
	National Bank Of Kuwait Sakp
	35,000,000		0.295			12/11/20		35,002,515
	47,000,000		0.430			03/05/21		47,015,843
	Natixis SA(c)
	25,000,000		0.778			01/22/21		25,043,529
	Nordea Bank AB NY(c)
	4,600,000		0.569			05/05/21		4,613,148
	Norinchukin Bank NY
	25,000,000		0.210			11/24/20		25,002,099
	Norinchukin Bank NY
	19,025,000		0.250			02/26/21		19,025,782
	Sumitomo Mitsui Banking Corp.
	39,386,000		0.190			12/07/20		39,389,345
	(3M USD LIBOR + 0.370%)
	25,250,000		0.619	(c)		11/05/21		25,269,269
	24,550,000		0.700			07/08/22		24,557,636
	Svenska Handelsbanken(c)
	(3M USD LIBOR + 0.120%)
	5,000,000		0.353			06/18/21		5,004,278
	(3M USD LIBOR + 0.260%)
	23,850,000		0.564			01/06/22		23,882,989
								571,501,048
Commercial Paper(d) – 14.9%
	Agricultural Bank China
	1,000,000		0.000			12/14/20		999,188
	Albion Capital Corp.
	37,604,000		0.000			11/20/20		37,597,767
	25,000,000		0.000			01/27/21		24,986,447
	Banco Del Estado De Chile
	13,998,000		0.000			12/22/20		13,982,767
	Bank Of China, Ltd.
	5,500,000		0.000			11/20/20		5,497,008
	12,659,000		0.000			12/03/20		12,649,188
	15,666,000		0.000			03/03/21		15,623,244

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Commercial Paper(d) – (continued)
	BAT International Finance PLC
$	8,000,000		0.000	%		10/14/20	$	7,998,619
	Bedford Row Funding Corp.
	20,000,000		0.000			11/09/20		19,996,822
	China Construction Banking Corp.
	20,000,000		0.000			10/06/20		19,999,533
	17,097,000		0.000			11/12/20		17,093,263
	CNPC Finance
	40,000,000		0.000			10/06/20		39,998,087
	Collateralized Commercial Paper V Co. LLC
	7,923,000		0.000			04/21/21		7,914,109
	Columbia Funding Co.
	25,000,000		0.000			10/22/20		24,997,632
	14,500,000		0.000			01/06/21		14,490,014
	First Abu Dhabi Bank PJSC
	30,000,000		0.000			11/16/20		29,995,457
	20,000,000		0.000			08/27/21		19,952,373
	HSBC Bank PLC
	10,603,000		0.000			08/03/21		10,577,592
	Industrial & Commercial Bank of China Ltd.
	19,000,000		0.000			10/07/20		18,999,520
	Ionic Capital II Trust
	12,311,000		0.000			10/08/20		12,310,508
	Landesbank Baden-Wuerttemberg
	10,000,000		0.000			01/04/21		9,993,973
	42,500,000		0.000			01/11/21		42,471,668
	Landesbank Hessen-Thuringen
	15,000,000		0.000			02/04/21		14,991,427
	Lime Funding
	16,340,000		0.000			10/21/20		16,338,532
	NatWest Group PLC
	45,000,000		0.000			02/01/21		44,973,030
	Salisbury Receivables Co.
	25,000,000		0.000			12/07/20		24,986,872
	Schlumberger Holdings
	7,000,000		0.000			11/10/20		6,999,490
	7,500,000		0.000			12/02/20		7,499,042
	Shell International Finance B.V.
	20,000,000		0.000			01/27/21		19,984,728
	25,000,000		0.000			06/14/21		24,945,566
	Societe Generale SA
	40,000,000		0.000			06/28/21		39,921,480
	Standard Chartered Bank
	10,750,000		0.000			08/02/21		10,723,410
	Suncor Energy, Inc.
	7,828,000		0.000			10/27/20		7,826,896
	The Boeing Co.
	5,000,000		0.000			11/04/20		4,994,643
Short-term Investments – (continued)
Commercial Paper(d) – (continued)
	The Walt Disney Co.
	12,900,000		0.000			04/07/21		12,877,854
	10,000,000		0.000			04/12/21		9,982,486
	9,115,000		0.000			06/30/21		9,090,738
	Versailles CDS LLC
	50,000,000		0.000			01/05/21		49,972,786
								714,233,759
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $1,284,704,570)						$	1,285,734,807
	TOTAL INVESTMENTS – 102.4%
	(Cost $4,891,045,970)						$	4,903,220,297
	LIABILITIES IN EXCESS OF OTHER     ASSETS – (2.4)%							(113,635,627	)
	NET ASSETS – 100.0%						$	4,789,584,670

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2020.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Represents an affiliated issuer.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
SOFR	—Secured Overnight Funding Rate

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

September 30, 2020 (Unaudited)

	Enhanced Income Fund		Government Income Fund		High Quality Floating Rate Fund
Assets:
Investments of unaffiliated issuers, at value (cost $421,982,664, $334,566,928 and $210,195,154, respectively)	$	430,066,811	$	353,255,269	$	209,753,432
Investments of affiliated issuers, at value (cost $53,938,284, $71,603,005 and $0, respectively)		53,938,300		71,603,005		—
Purchased options, at value (premium paid $0, $108,000 and $0, respectively)		—		95,578		—
Cash		431,121		5,149,934		5,833,503
Variation margin on futures contracts		61,280		154,213		17,250
Variation margin on swaps contracts		—		3,057		2,206
Receivables:
Interest and dividends		2,362,020		1,137,257		187,682
Fund shares sold		213,938		8,783,586		21,089
Reimbursement from investment adviser		12,684		36,019		31,538
Investments sold		—		1,342		240,830
Investments sold on an extended — settlement basis		—		96,283,203		—
Collateral on certain derivative contracts(a)		—		411,177		190,631
Other assets		40,240		50,962		27,740
Total assets		487,126,394		536,964,602		216,305,901
Liabilities:
Forward sale contracts, at value (proceeds received $0, $17,055,938 and $0, respectively)		—		17,038,514		—
Written option contracts, at value (premium received $0, $371,199 and $0, respectively)		—		215,381		—
Payables:
Investments purchased on an extended — settlement basis		2,274,426		169,953,750		—
Fund shares redeemed		385,560		8,789,709		45,810
Management fees		92,393		133,554		56,953
Distribution and Service fees and Transfer Agency fees		15,823		42,206		7,785
Income distributions		7,822		37,406		16,123
Investments purchased		1,309		1,504		—
Accrued expenses		204,295		243,731		195,826
Total liabilities		2,981,628		196,455,755		322,497
Net Assets:
Paid-in capital		484,006,494		326,434,636		225,056,999
Total distributable earnings (loss)		138,272		14,074,211		(9,073,595	)
NET ASSETS	$	484,144,766	$	340,508,847	$	215,983,404
Net Assets:
Class A	$	10,644,455	$	82,291,098	$	6,908,041
Class C		—		4,447,870		—
Administration		4,739,607		—		—
Institutional		148,278,218		155,605,012		85,820,276
Service		—		37,450,583		50,303
Investor		7,903,390		14,497,413		2,827,584
Class R6		52,967,508		12,273,323		1,299,222
Class R		—		16,183,044		—
Class P		259,611,588		17,760,504		119,077,978
Total Net Assets	$	484,144,766	$	340,508,847	$	215,983,404
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,115,200		5,238,045		796,699
Class C		—		283,095		—
Administration		495,892		—		—
Institutional		15,556,105		9,919,844		9,901,243
Service		—		2,390,198		5,778
Investor		830,007		923,152		327,005
Class R6		5,556,255		782,666		149,824
Class R		—		1,031,290		—
Class P		27,235,083		1,132,603		13,725,297
Net asset value, offering and redemption price per share:(b)
Class A		$9.54		$15.71		$8.67
Class C		—		15.71		—
Administration		9.56		—		—
Institutional		9.53		15.69		8.67
Service		—		15.67		8.71
Investor		9.52		15.70		8.65
Class R6		9.53		15.68		8.67
Class R		—		15.69		—
Class P		9.53		15.68		8.68

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

Fund	Futures		Swaps		Options
Government Income	$	—	$	111,177	$	300,000
High Quality Floating Rate		141,470		49,161		—

(b) Maximum public offering price per share for Class A shares of the Government Income Fund is $16.32. 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

Statements of Assets and Liabilities (continued)

September 30, 2020 (Unaudited)

	Inflation Protected Securities Fund		Short Duration Government Fund			Short Duration Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $396,448,462, $1,013,154,456 and $1,457,321,897, respectively)	$	433,240,158	$	1,036,157,657		$	1,484,332,122
Investments of affiliated issuers, at value (cost $18,521,754, $244,129,220 and $343,419,114, respectively)		18,521,754		244,129,220			343,272,511
Purchased options, at value (premium paid $72,000, $0 and $0, respectively)		63,719		—			—
Cash		6,931,934		15,769,586			25,124,721
Foreign currencies, at value (cost $0, $0 and $139,191, respectively)		—		—			138,659
Unrealized gain on forward foreign currency exchange contracts		—		—			1,409,645
Unrealized gain on swap contracts		—		—			3,175
Variation margin on futures contracts		—		678,585			—
Variation margin on swaps contracts		6,494		7,802			—
Receivables:
Collateral on certain derivative contracts(a)		1,437,817		180,405			18,539,362
Interest and dividends		485,090		2,401,472			9,945,639
Fund shares sold		819,791		5,721,386			3,692,979
Reimbursement from investment adviser		23,841		42,268			43,793
Investments sold		—		77,750			16,843
Investments sold on an extended — settlement basis		—		102,227,285			57,304,824
Due from broker		—		—			7,913
Due from broker — upfront payment		—		—			1,654,225
Other assets		47,061		50,774			74,491
Total assets		461,577,659		1,407,444,190			1,945,560,902
Liabilities:
Written option contracts, at value (premium received $391,298, $0 and $752,140, respectively)		235,862		—			506,190
Unrealized loss on swap contracts		—		—			297,889
Unrealized loss on forward foreign currency exchange contracts		—		—			1,251,739
Variation margin on futures contracts		18,878		—			425,777
Variation margin on swaps contracts		—		—			232,011
Payables:
Fund shares redeemed		1,753,493		4,685,731			3,118,742
Management fees		94,373		344,089			461,242
Distribution and Service fees and Transfer Agency fees		45,046		68,499			51,668
Investments purchased		301		4,228			11,564,739
Investments purchased on an extended — settlement basis		—		348,101,699			287,318,094
Collateral on certain derivative contracts(b)		—		130,000			10,000
Income distributions		—		71,975			4,088
Upfront payments received on swap contracts		—		—			2,771,705
Accrued expenses		161,970		346,592			359,510
Total liabilities		2,309,923		353,752,813			308,373,394
Net Assets:
Paid-in capital		437,557,475		1,076,975,682			1,604,104,847
Total distributable earnings (loss)		21,710,261		(23,284,305	)		33,082,661
NET ASSETS	$	459,267,736	$	1,053,691,377		$	1,637,187,508
Net Assets:
Class A	$	65,059,127	$	105,699,074		$	65,673,196
Class C		2,502,681		15,772,928			1,313,044
Institutional		197,999,491		453,706,728			68,274,277
Service		—		19,378,778			—
Investor		55,027,045		39,492,399			10,895,368
Class R6		75,220,246		13,885,853			6,731,677
Class R		16,887,082		—			2,833,818
Class P		46,572,064		405,755,617			1,481,466,128
Total Net Assets	$	459,267,736	$	1,053,691,377		$	1,637,187,508
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		5,687,071		10,553,616			6,416,673
Class C		222,892		1,585,455			128,333
Institutional		17,079,394		45,456,101			6,659,106
Service		—		1,943,822			—
Investor		4,777,017		3,939,955			1,063,213
Class R6		6,493,369		1,391,056			657,064
Class R		1,483,613		—			276,468
Class P		4,018,406		40,663,923			144,566,847
Net asset value, offering and redemption price per share:(c)
Class A		$11.44		$10.02			$10.23
Class C		11.23		9.95			10.23
Institutional		11.59		9.98			10.25
Service		—		9.97			—
Investor		11.52		10.02			10.25
Class R6		11.58		9.98			10.25
Class R		11.38		—			10.25
Class P		11.59		9.98			10.25

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

Fund	Forward Foreign Currency		Futures		Swaps		Options
Inflation Protected Securities	$	—	$	—	$	1,157,817	$	280,000
Short Duration Government		—		—		180,405		—
Short Duration Income		1,980,000		1,882,679		14,676,683		—

(b) Segregated for initial margin and/or collateral as follows:

Fund	TBA
Inflation Protected Securities	$	—
Short Duration Government		130,000
Short Duration Income		10,000

(c) Maximum public offering price per share for Class A shares of the Inflation Protected Securities, Short Duration Government and Short Duration Income Funds is $11.89, $10.17 and $10.39, 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.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement of Assets and Liabilities (continued)

September 30, 2020 (Unaudited)

	Short-Term Conservative Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $4,011,876,409)	$	4,023,894,802
Investments of affiliated issuers, at value (cost $879,169,561)		879,325,495
Cash		4,807,510
Receivables:
Interest		10,522,636
Fund shares sold		6,826,311
Reimbursement from investment adviser		83,330
Other assets		77,553
Total assets		4,925,537,637
Liabilities:
Payables:
Investments purchased on an extended — settlement basis		124,933,646
Fund shares redeemed		7,118,222
Investments purchased		2,688,204
Management fees		661,454
Distribution and Service fees and Transfer Agency fees		162,828
Income distributions		68,694
Accrued expenses		319,919
Total liabilities		135,952,967
Net Assets:
Paid-in capital		4,785,118,838
Total distributable earnings		4,465,832
NET ASSETS	$	4,789,584,670
Net Assets:
Class A	$	103,395,816
Administration		27,086
Preferred		26,977
Institutional		1,627,374,892
Investor		168,788,643
Class R6		276,743,502
Class P		2,613,227,754
Total Net Assets	$	4,789,584,670
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		10,264,902
Administration		2,688
Preferred		2,679
Institutional		161,490,153
Investor		16,749,417
Class R6		27,449,673
Class P		259,507,905
Net asset value, offering and redemption price per share:
Class A		$10.07
Administration		10.08
Preferred		10.07
Institutional		10.08
Investor		10.08
Class R6		10.08
Class P		10.07

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2020 (Unaudited)

	Enhanced Income Fund			Government Income Fund			High Quality Floating Rate Fund
Investment income:
Interest	$	4,450,789		$	2,423,908		$	1,188,333
Dividends — affiliated issuers		16,892			54,362			—
Total Investment Income		4,467,681			2,478,270			1,188,333
Expenses:
Management fees		573,154			983,493			349,490
Transfer Agency fees(a)		85,638			118,915			42,601
Custody, accounting and administrative services		72,747			64,481			56,641
Registration fees		67,543			82,580			63,190
Professional fees		64,936			65,545			68,169
Printing and mailing costs		16,719			32,671			12,804
Trustee fees		10,028			9,909			9,907
Distribution and Service fees(a)		7,712			160,067			5,351
Administration Shares fees		5,665			—			—
Service Share fees — Service Plan		—			46,507			62
Service Share fees — Shareholder Administration Plan		—			46,507			63
Other		11,125			2,402			9,429
Total expenses		915,267			1,613,077			617,707
Less — expense reductions		(121,402	)		(346,923	)		(204,377	)
Net expenses		793,865			1,266,154			413,330
NET INVESTMENT INCOME		3,673,816			1,212,116			775,003
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		722,996			5,102,801			(247,238	)
Investment — affiliated issuers		(1,582	)		—			—
Purchased options		—			(51,065	)		—
Futures contracts		(3,004,363	)		(1,115,496	)		(354,252	)
Written options		—			220,869			—
Swap contracts		—			13,741			7,455
Net change in unrealized gain on:
Investments — unaffiliated issuers		14,383,908			(1,151,239	)		7,236,857
Investments — affiliated issuers		1,598			—			—
Purchased options		—			38,531			—
Futures contracts		2,492,695			1,093,735			292,485
Written options		—			119,167			—
Swap contracts		—			71,309			54,350
Net realized and unrealized gain		14,595,252			4,342,353			6,989,657
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	18,269,068		$	5,554,469		$	7,764,660

(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		Administration		Institutional		Service		Investor		Class R6		Class R		Class P
Enhanced Income	$	7,712	$	—	$	—	$	6,424	$	—	$	907	$	32,938	$	—	$	4,630	$	7,326	$	—	$	33,413
Government Income		93,053		24,771		42,243		46,517		3,101		—		39,938		7,441		7,459		1,688		10,567		2,204
High Quality Floating Rate		5,351		—		—		4,465		—		—		16,165		10		1,763		212		—		19,986

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations (continued)

For the Six Months Ended September 30, 2020 (Unaudited)

	Inflation Protected Securities Fund			Short Duration Government Fund			Short Duration Income Fund
Investment income:
Interest	$	2,734,596		$	5,706,156		$	13,583,388
Dividends — affiliated issuers		7,637			55,955			334,650
Dividends — unaffiliated issuers		—			—			178,872
Total Investment Income		2,742,233			5,762,111			14,096,910
Expenses:
Management fees		522,244			2,062,105			2,382,681
Distribution and Service fees(a)		128,273			194,866			34,922
Transfer Agency fees(a)		126,004			232,400			199,284
Registration fees		72,923			88,298			81,078
Professional fees		66,344			68,477			95,058
Custody, accounting and administrative services		52,578			95,641			141,597
Printing and mailing costs		31,648			30,134			17,255
Trustee fees		9,951			10,377			10,418
Service Share fees — Service Plan		—			23,470			—
Service Share fees — Shareholder Administration Plan		—			23,470			—
Prime Broker Fees		—			—			6,283
Other		1,924			21,494			23,108
Total expenses		1,011,889			2,850,732			2,991,684
Less — expense reductions		(156,563	)		(400,446	)		(381,707	)
Net expenses		855,326			2,450,286			2,609,977
NET INVESTMENT INCOME		1,886,907			3,311,825			11,486,933
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		3,296,763			9,568,187			5,596,288
Purchased options		(56,496	)		—			(152,723	)
Futures contracts		930,223			(3,927,816	)		4,310,803
Written options		232,811			—			634,048
Swap contracts		(1,234,453	)		113,122			(436,479	)
Forward foreign currency exchange contracts		—			—			(58,193	)
Foreign currency transactions		—			—			8,999
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		19,451,942			(1,551,729	)		45,221,820
Investments — affiliated issuers		—			—			(146,603	)
Purchased options		47,945			—			—
Futures contracts		(505,062	)		2,505,040			(3,314,557	)
Written options		110,400			—			220,209
Swap contracts		2,277,877			125,933			3,067,341
Forward foreign currency exchange contracts		—			—			476,343
Foreign currency translation		—			—			44,430
Net realized and unrealized gain		24,551,950			6,832,737			55,471,726
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	26,438,857		$	10,144,562		$	66,958,659

(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 R6		Class R		Class P
Inflation Protected Securities	$	73,827	$	11,790	$	42,656	$	36,815	$	1,473	$	36,338	$	—	$	25,702	$	9,401	$	10,655	$	5,620
Short Duration Government		118,491		76,375		—		59,188		9,529		78,177		3,755		25,091		2,041		—		54,619
Short Duration Income		26,222		6,301		2,399		12,980		787		11,995		—		4,223		563		580		168,156

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statement of Operations (continued)

For the Six Months Ended September 30, 2020 (Unaudited)

	Short-Term Conservative Income Fund
Investment income:
Interest (net of foreign withholding taxes of $11,359)	$	24,721,376
Dividends — affiliated issuers		475,691
Total investment income		25,197,067
Expenses:
Management fees		5,172,759
Transfer Agency fees(a)		798,843
Registration fees		277,703
Custody, accounting and administrative services		131,172
Distribution and Service fees(a)		61,868
Professional fees		59,540
Printing and mailing costs		46,864
Trustee fees		14,087
Other		33,341
Total expenses		6,596,177
Less — expense reductions		(1,875,293	)
Net expenses		4,720,884
NET INVESTMENT INCOME		20,476,183
Realized and unrealized gain (loss):
Net realized loss from:
Investments — unaffiliated issuers		(1,748,258	)
Net change in unrealized gain on:
Investments — unaffiliated issuers		78,451,947
Investments — affiliated issuers		357,205
Net realized and unrealized gain		77,060,894
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	97,537,077

(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		Administration		Preferred		Institutional		Investor		Class R6		Class P
Short-Term Conservative Income	$	61,110	$	747	$	11	$	50,508	$	120	$	5	$	306,166	$	83,461	$	41,891	$	316,692

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

	Enhanced Income Fund						Government Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020			For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	3,673,816		$	11,359,455		$	1,212,116		$	4,968,461
Net realized gain (loss)		(2,282,949	)		(1,192,890	)		4,170,850			6,080,085
Net change in unrealized gain (loss)		16,878,201			(8,974,467	)		171,503			15,352,521
Net increase in net assets resulting from operations		18,269,068			1,192,098			5,554,469			26,401,067
Distributions to shareholders:
From distributable earnings:
Class A Shares		(72,463	)		(261,881	)		(390,537	)		(1,675,580	)
Class C Shares		—			—			(7,505	)		(46,557	)
Administration Shares		(31,357	)		(70,531	)		—			—
Institutional Shares		(1,365,525	)		(5,541,448	)		(1,344,785	)		(3,158,981	)
Service Shares		—			—			(160,356	)		(658,954	)
Investor Shares		(57,368	)		(186,385	)		(77,116	)		(43,226	)
Class R6 Shares		(400,378	)		(1,172,754	)		(76,552	)		(200,189	)
Class R Shares		—			—			(67,725	)		(346,718	)
Class P Shares		(1,772,988	)		(4,149,291	)		(100,456	)		(265,702	)
Total distributions to shareholders		(3,700,079	)		(11,382,290	)		(2,225,032	)		(6,395,907	)
From share transactions:
Proceeds from sales of shares		235,554,693			140,488,430			146,415,089			157,586,953
Reinvestment of distributions		3,512,302			9,943,703			2,022,691			5,567,628
Cost of shares redeemed		(169,399,683	)		(260,972,104	)		(159,735,399	)		(137,962,450	)
Net increase (decrease) in net assets resulting from share transactions		69,667,312			(110,539,971	)		(11,297,619	)		25,192,131
TOTAL INCREASE (DECREASE)		84,236,301			(120,730,163	)		(7,968,182	)		45,197,291
Net assets:
Beginning of period		399,908,465			520,638,628			348,477,029			303,279,738
End of period	$	484,144,766		$	399,908,465		$	340,508,847		$	348,477,029

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)

	High Quality Floating Rate Fund						Inflation Protected Securities Fund
	For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020			For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	775,003		$	8,324,312		$	1,886,907		$	10,529,529
Net realized gain (loss)		(594,035	)		(1,615,749	)		3,168,848			4,488,882
Net change in unrealized gain (loss)		7,583,692			(7,417,393	)		21,383,102			8,135,678
Net increase (decrease) in net assets resulting from operations		7,764,660			(708,830	)		26,438,857			23,154,089
Distributions to shareholders:
From distributable earnings:
Class A Shares		(21,055	)		(193,737	)		(149,532	)		(1,285,840	)
Class C Shares		—			—			(1,156	)		(56,365	)
Institutional Shares		(316,348	)		(1,702,124	)		(724,304	)		(4,276,401	)
Service Shares		(85	)		(1,847	)		—			—
Investor Shares		(10,683	)		(219,902	)		(177,012	)		(530,726	)
Class R6 Shares		(5,833	)		(78,961	)		(270,936	)		(1,214,934	)
Class R Shares		—			—			(24,331	)		(344,350	)
Class P Shares		(538,331	)		(6,313,919	)		(172,756	)		(2,470,173	)
Total distributions to shareholders		(892,335	)		(8,510,490	)		(1,520,027	)		(10,178,789	)
From share transactions:
Proceeds from sales of shares		45,717,760			134,041,858			155,194,350			172,739,162
Reinvestment of distributions		708,788			7,698,518			1,115,619			7,613,377
Cost of shares redeemed		(77,283,811	)		(363,671,237	)		(71,004,317	)		(254,941,275	)
Net increase (decrease) in net assets resulting from share transactions		(30,857,263	)		(221,930,861	)		85,305,652			(74,588,736	)
TOTAL INCREASE (DECREASE)		(23,984,938	)		(231,150,181	)		110,224,482			(61,613,436	)
Net assets:
Beginning of period		239,968,342			471,118,523			349,043,254			410,656,690
End of period	$	215,983,404		$	239,968,342		$	459,267,736		$	349,043,254

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 Duration Government Fund						Short Duration Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020			For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	3,311,825		$	14,918,119		$	11,486,933		$	19,835,938
Net realized gain (loss)		5,753,493			(797,757	)		9,902,743			11,227,626
Net change in unrealized gain (loss)		1,079,244			24,943,062			45,568,983			(21,301,266	)
Net increase in net assets resulting from operations		10,144,562			39,063,424			66,958,659			9,762,298
Distributions to shareholders:
From distributable earnings:
Class A Shares		(487,707	)		(1,612,658	)		(199,212	)		(204,392	)
Class C Shares		(47,530	)		(218,634	)		(9,663	)		(29,030	)
Institutional Shares		(2,647,957	)		(8,506,675	)		(678,746	)		(1,621,428	)
Service Shares		(81,641	)		(345,618	)		—			—
Investor Shares		(257,852	)		(683,357	)		(72,852	)		(427,011	)
Class R6 Shares		(92,994	)		(154,121	)		(39,403	)		(31,178	)
Class R Shares		—			—			(7,636	)		(2,544	)
Class P Shares		(2,502,712	)		(9,818,952	)		(12,454,344	)		(16,907,067	)
Return of capital:
Class A Shares		—			—			—			(35,902	)
Class C Shares		—			—			—			(5,099	)
Institutional Shares		—			—			—			(284,803	)
Investor Shares		—			—			—			(75,005	)
Class R6 Shares		—			—			—			(5,477	)
Class R Shares		—			—			—			(447	)
Class P Shares		—			—			—			(2,969,733	)
Total distributions to shareholders		(6,118,393	)		(21,340,015	)		(13,461,856	)		(22,599,116	)
From share transactions:
Proceeds from sales of shares		405,814,217			358,156,062			953,489,897			500,444,296
Reinvestment of distributions		5,690,631			19,215,179			13,433,795			22,238,452
Cost of shares redeemed		(221,259,859	)		(541,056,490	)		(196,129,984	)		(394,786,334	)
Net increase (decrease) in net assets resulting from share transactions		190,244,989			(163,685,249	)		770,793,708			127,896,414
TOTAL INCREASE (DECREASE)		194,271,158			(145,961,840	)		824,290,511			115,059,596
Net assets:
Beginning of period		859,420,219			1,005,382,059			812,896,997			697,837,401
End of period	$	1,053,691,377		$	859,420,219		$	1,637,187,508		$	812,896,997

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

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, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	20,476,183		$	91,923,298
Net realized loss		(1,748,258	)		(3,857,420	)
Net change in unrealized gain (loss)		78,809,152			(70,156,429	)
Net increase in net assets resulting from operations		97,537,077			17,909,449
Distributions to shareholders:
From distributable earnings:
Class A Shares		(287,804	)		(1,094,179	)
Administration Shares		(2,964	)		(16,229	)
Preferred Shares		(127	)		(614	)
Institutional Shares		(7,650,709	)		(32,560,408	)
Investor Shares		(580,337	)		(1,641,339	)
Class R6 Shares		(1,438,071	)		(12,940,127	)
Class P Shares		(10,692,734	)		(45,807,958	)
Total distributions to shareholders		(20,652,746	)		(94,060,854	)
From share transactions:
Proceeds from sales of shares		2,318,824,381			5,513,818,310
Reinvestment of distributions		20,159,147			90,530,023
Cost of shares redeemed		(1,442,160,051	)		(5,079,555,959	)
Net increase in net assets resulting from share transactions		896,823,477			524,792,374
TOTAL INCREASE		973,707,808			448,640,969
Net assets:
Beginning of period		3,815,876,862			3,367,235,893
End of period	$	4,789,584,670		$	3,815,876,862

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

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.22		$	9.45		$	9.41		$	9.44		$	9.41		$	9.42
Net investment income(a)		0.07			0.20			0.19			0.11			0.08			0.04
Net realized and unrealized gain (loss)		0.32			(0.24	)		0.04			(0.03	)		0.03			(0.01	)
Total from investment operations		0.39			(0.04	)		0.23			0.08			0.11			0.03
Distributions to shareholders from net investment income		(0.07	)		(0.19	)		(0.19	)		(0.11	)		(0.08	)		(0.04	)
Net asset value, end of period	$	9.54		$	9.22		$	9.45		$	9.41		$	9.44		$	9.41
Total return(b)		4.31	%		(0.41	)%		2.41	%		0.86	%		1.19	%		0.29	%
Net assets, end of period (in 000s)	$	10,644		$	10,456		$	19,396		$	10,590		$	35,560		$	35,378
Ratio of net expenses to average net assets		0.58	%(c)		0.59	%		0.61	%		0.69	%		0.69	%		0.69	%
Ratio of total expenses to average net assets		0.63	%(c)		0.63	%		0.65	%		0.70	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		1.41	%(c)		2.08	%		2.02	%		1.14	%		0.88	%		0.42	%
Portfolio turnover rate(d)		24	%		53	%		42	%		63	%		89	%		60	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.23		$	9.46		$	9.43		$	9.46		$	9.43		$	9.44
Net investment income(a)		0.07			0.19			0.19			0.12			0.09			0.05
Net realized and unrealized gain (loss)		0.33			(0.23	)		0.03			(0.03	)		0.03			(0.01	)
Total from investment operations		0.40			(0.04	)		0.22			0.09			0.12			0.04
Distributions to shareholders from net investment income		(0.07	)		(0.19	)		(0.19	)		(0.12	)		(0.09	)		(0.05	)
Net asset value, end of period	$	9.56		$	9.23		$	9.46		$	9.43		$	9.46		$	9.43
Total return(b)		4.30	%		(0.42	)%		2.33	%		0.95	%		1.28	%		0.38	%
Net assets, end of period (in 000s)	$	4,740		$	4,254		$	2,905		$	164		$	162		$	147
Ratio of net expenses to average net assets		0.59	%(c)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of total expenses to average net assets		0.65	%(c)		0.64	%		0.64	%		0.61	%		0.62	%		0.61	%
Ratio of net investment income to average net assets		1.39	%(c)		2.02	%		2.03	%		1.27	%		0.97	%		0.50	%
Portfolio turnover rate(d)		24	%		53	%		42	%		63	%		89	%		60	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.21		$	9.43		$	9.39		$	9.43		$	9.40		$	9.41
Net investment income(a)		0.08			0.22			0.21			0.14			0.11			0.07
Net realized and unrealized gain (loss)		0.32			(0.22	)		0.04			(0.04	)		0.03			(0.01	)
Total from investment operations		0.40			—			0.25			0.10			0.14			0.06
Distributions to shareholders from net investment income		(0.08	)		(0.22	)		(0.21	)		(0.14	)		(0.11	)		(0.07	)
Net asset value, end of period	$	9.53		$	9.21		$	9.43		$	9.39		$	9.43		$	9.40
Total return(b)		4.44	%		(0.17	)%		2.70	%		1.09	%		1.53	%		0.63	%
Net assets, end of period (in 000s)	$	148,278		$	180,477		$	252,561		$	451,628		$	435,915		$	423,278
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		0.40	%(c)		0.39	%		0.37	%		0.36	%		0.37	%		0.36	%
Ratio of net investment income to average net assets		1.66	%(c)		2.30	%		2.18	%		1.52	%		1.22	%		0.76	%
Portfolio turnover rate(d)		24	%		53	%		42	%		63	%		89	%		60	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 77

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.19		$	9.42		$	9.39		$	9.42		$	9.39		$	9.41
Net investment income(a)		0.07			0.21			0.21			0.14			0.11			0.06
Net realized and unrealized gain (loss)		0.33			(0.23	)		0.02			(0.04	)		0.02			(0.02	)
Total from investment operations		0.40			(0.02	)		0.23			0.10			0.13			0.04
Distributions to shareholders from net investment income		(0.07	)		(0.21	)		(0.20	)		(0.13	)		(0.10	)		(0.06	)
Net asset value, end of period	$	9.52		$	9.19		$	9.42		$	9.39		$	9.42		$	9.39
Total return(b)		4.40	%		(0.27	)%		2.50	%		1.11	%		1.44	%		0.43	%
Net assets, end of period (in 000s)	$	7,903		$	6,875		$	6,096		$	5,127		$	2,012		$	623
Ratio of net expenses to average net assets		0.43	%(c)		0.44	%		0.44	%		0.44	%		0.44	%		0.44	%
Ratio of total expenses to average net assets		0.48	%(c)		0.48	%		0.48	%		0.45	%		0.45	%		0.46	%
Ratio of net investment income to average net assets		1.55	%(c)		2.21	%		2.19	%		1.45	%		1.14	%		0.66	%
Portfolio turnover rate(d)		24	%		53	%		42	%		63	%		89	%		60	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.21		$	9.43		$	9.40		$	9.43		$	9.40		$	9.39
Net investment income(b)		0.08			0.22			0.23			0.14			0.12			0.05
Net realized and unrealized gain (loss)		0.32			(0.22	)		0.01			(0.03	)		0.02			—	(c)
Total from investment operations		0.40			—			0.24			0.11			0.14			0.05
Distributions to shareholders from net investment income		(0.08	)		(0.22	)		(0.21	)		(0.14	)		(0.11	)		(0.04	)
Net asset value, end of period	$	9.53		$	9.21		$	9.43		$	9.40		$	9.43		$	9.40
Total Return(d)		4.45	%		(0.16	)%		2.59	%		1.21	%		1.55	%		0.58	%
Net assets, end of period (in 000s)	$	52,968		$	45,134		$	49,846		$	10		$	10		$	10
Ratio of net expenses to average net assets		0.33	%(e)		0.34	%		0.34	%		0.34	%		0.34	%		0.35	%(e)
Ratio of total expenses to average net assets		0.39	%(e)		0.38	%		0.42	%		0.35	%		0.36	%		0.37	%(e)
Ratio of net investment income to average net assets		1.64	%(e)		2.30	%		2.48	%		1.53	%		1.23	%		0.74	%(e)
Portfolio turnover rate(f)		24	%		53	%		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) 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.

(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 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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.21		$	9.43		$	9.41
Net investment income(b)		0.08			0.22			0.21
Net realized and unrealized gain (loss)		0.32			(0.22	)		0.01
Total from investment operations		0.40			—			0.22
Distributions to shareholders from net investment income		(0.08	)		(0.22	)		(0.20	)
Net asset value, end of period	$	9.53		$	9.21		$	9.43
Total return(c)		4.45	%		(0.16	)%		2.36	%
Net assets, end of period (in 000s)	$	259,612		$	152,713		$	189,835
Ratio of net expenses to average net assets		0.33	%(d)		0.34	%		0.34	%(d)
Ratio of total expenses to average net assets		0.38	%(d)		0.38	%		0.38	%(d)
Ratio of net investment income to average net assets		1.59	%(d)		2.31	%		2.33	%(d)
Portfolio turnover rate(e)		24	%		53	%		42	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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.

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 A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.57		$	14.58		$	14.39		$	14.64		$	15.03		$	15.02
Net investment income(a)		0.04			0.23			0.28			0.18			0.16			0.19
Net realized and unrealized gain (loss)		0.18			1.06			0.21			(0.18	)		(0.29	)		0.06
Total from investment operations		0.22			1.29			0.49			—			(0.13	)		0.25
Distributions to shareholders from net investment income		(0.08	)		(0.30	)		(0.30	)		(0.25	)		(0.26	)		(0.24	)
Net asset value, end of period	$	15.71		$	15.57		$	14.58		$	14.39		$	14.64		$	15.03
Total return(b)		1.50	%		8.83	%		3.46	%		0.01	%		(0.89	)%		1.66	%
Net assets, end of period (in 000s)	$	82,291		$	75,282		$	93,352		$	108,414		$	134,630		$	159,880
Ratio of net expenses to average net assets		0.84	%(c)		0.89	%		0.91	%		0.91	%		0.91	%		0.90	%
Ratio of total expenses to average net assets		1.04	%(c)		1.09	%		1.10	%		1.05	%		1.06	%		1.05	%
Ratio of net investment income to average net assets		0.51	%(c)		1.54	%		1.94	%		1.25	%		1.08	%		1.31	%
Portfolio turnover rate(d)		453	%		943	%		530	%		380	%		441	%		590	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 81

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.57		$	14.58		$	14.39		$	14.64		$	15.03		$	15.02
Net investment income (loss)(a)		(0.02	)		0.11			0.17			0.07			0.05			0.08
Net realized and unrealized gain (loss)		0.18			1.07			0.21			(0.18	)		(0.29	)		0.06
Total from investment operations		0.16			1.18			0.38			(0.11	)		(0.24	)		0.14
Distributions to shareholders from net investment income		(0.02	)		(0.19	)		(0.19	)		(0.14	)		(0.15	)		(0.13	)
Net asset value, end of period	$	15.71		$	15.57		$	14.58		$	14.39		$	14.64		$	15.03
Total return(b)		1.05	%		8.10	%		2.69	%		(0.74	)%		(1.63	)%		0.91	%
Net assets, end of period (in 000s)	$	4,448		$	4,974		$	3,775		$	5,959		$	8,066		$	11,743
Ratio of net expenses to average net assets		1.59	%(c)		1.64	%		1.66	%		1.66	%		1.66	%		1.66	%
Ratio of total expenses to average net assets		1.80	%(c)		1.84	%		1.84	%		1.80	%		1.81	%		1.80	%
Ratio of net investment income (loss) to average net assets		(0.24	)%(c)		0.77	%		1.17	%		0.50	%		0.33	%		0.56	%
Portfolio turnover rate(d)		453	%		943	%		530	%		380	%		441	%		590	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.54		$	14.55		$	14.37		$	14.62		$	15.01		$	15.00
Net investment income(a)		0.06			0.27			0.33			0.24			0.21			0.24
Net realized and unrealized gain (loss)		0.20			1.06			0.20			(0.19	)		(0.29	)		0.06
Total from investment operations		0.26			1.33			0.53			0.05			(0.08	)		0.30
Distributions to shareholders from net investment income		(0.11	)		(0.34	)		(0.35	)		(0.30	)		(0.31	)		(0.29	)
Net asset value, end of period	$	15.69		$	15.54		$	14.55		$	14.37		$	14.62		$	15.01
Total return(b)		1.65	%		9.26	%		3.74	%		0.35	%		(0.56	)%		2.01	%
Net assets, end of period (in 000s)	$	155,605		$	178,878		$	130,734		$	141,298		$	129,442		$	147,394
Ratio of net expenses to average net assets		0.53	%(c)		0.57	%		0.57	%		0.57	%		0.57	%		0.57	%
Ratio of total expenses to average net assets		0.71	%(c)		0.75	%		0.76	%		0.71	%		0.72	%		0.71	%
Ratio of net investment income to average net assets		0.80	%(c)		1.83	%		2.29	%		1.61	%		1.42	%		1.64	%
Portfolio turnover rate(d)		453	%		943	%		530	%		380	%		441	%		590	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 83

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.52		$	14.54		$	14.35		$	14.60		$	14.99		$	14.98
Net investment income(a)		0.03			0.20			0.25			0.16			0.14			0.17
Net realized and unrealized gain (loss)		0.19			1.05			0.22			(0.18	)		(0.30	)		0.05
Total from investment operations		0.22			1.25			0.47			(0.02	)		(0.16	)		0.22
Distributions to shareholders from net investment income		(0.07	)		(0.27	)		(0.28	)		(0.23	)		(0.23	)		(0.21	)
Net asset value, end of period	$	15.67		$	15.52		$	14.54		$	14.35		$	14.60		$	14.99
Total return(b)		1.40	%		8.66	%		3.30	%		(0.16	)%		(1.06	)%		1.50	%
Net assets, end of period (in 000s)	$	37,451		$	39,122		$	36,126		$	41,463		$	53,711		$	54,940
Ratio of net expenses to average net assets		1.03	%(c)		1.07	%		1.07	%		1.07	%		1.07	%		1.06	%
Ratio of total expenses to average net assets		1.21	%(c)		1.25	%		1.26	%		1.21	%		1.22	%		1.21	%
Ratio of net investment income to average net assets		0.32	%(c)		1.33	%		1.77	%		1.09	%		0.92	%		1.15	%
Portfolio turnover rate(d)		453	%		943	%		530	%		380	%		441	%		590	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.56		$	14.57		$	14.38		$	14.63		$	15.02		$	15.01
Net investment income(a)		0.06			0.25			0.31			0.22			0.20			0.23
Net realized and unrealized gain (loss)		0.18			1.07			0.21			(0.18	)		(0.29	)		0.05
Total from investment operations		0.24			1.32			0.52			0.04			(0.09	)		0.28
Distributions to shareholders from net investment income		(0.10	)		(0.33	)		(0.33	)		(0.29	)		(0.30	)		(0.27	)
Net asset value, end of period	$	15.70		$	15.56		$	14.57		$	14.38		$	14.63		$	15.02
Total return(b)		1.62	%		9.18	%		3.72	%		0.26	%		(0.64	)%		1.92	%
Net assets, end of period (in 000s)	$	14,497		$	8,383		$	1,458		$	2,846		$	4,558		$	4,676
Ratio of net expenses to average net assets		0.59	%(c)		0.62	%		0.66	%		0.66	%		0.66	%		0.66	%
Ratio of total expenses to average net assets		0.79	%(c)		0.83	%		0.84	%		0.80	%		0.81	%		0.80	%
Ratio of net investment income to average net assets		0.76	%(c)		1.68	%		2.14	%		1.49	%		1.33	%		1.55	%
Portfolio turnover rate(d)		453	%		943	%		530	%		380	%		441	%		590	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 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 R6 Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.54		$	14.55		$	14.37		$	14.61		$	15.01		$	14.83
Net investment income(b)		0.06			0.27			0.33			0.24			0.20			0.16
Net realized and unrealized gain (loss)		0.19			1.07			0.20			(0.18	)		(0.29	)		0.21
Total from investment operations		0.25			1.34			0.53			0.06			(0.09	)		0.37
Distributions to shareholders from net investment income		(0.11	)		(0.35	)		(0.35	)		(0.30	)		(0.31	)		(0.19	)
Net asset value, end of period	$	15.68		$	15.54		$	14.55		$	14.37		$	14.61		$	15.01
Total return(c)		1.60	%		9.27	%		3.75	%		0.43	%		(0.60	)%		2.52	%
Net assets, end of period (in 000s)	$	12,273		$	9,187		$	7,661		$	19,012		$	17,614		$	93
Ratio of net expenses to average net assets		0.52	%(d)		0.56	%		0.56	%		0.55	%		0.55	%		0.55	%(d)
Ratio of total expenses to average net assets		0.70	%(d)		0.74	%		0.76	%		0.70	%		0.69	%		0.70	%(d)
Ratio of net investment income to average net assets		0.82	%(d)		1.84	%		2.31	%		1.62	%		1.35	%		1.59	%(d)
Portfolio turnover rate(e)		453	%		943	%		530	%		380	%		441	%		590	%

(a) Commenced operations on July 31, 2015.

(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.

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 R Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	15.55		$	14.56		$	14.38		$	14.62		$	15.02		$	15.00
Net investment income(a)		0.02			0.19			0.24			0.15			0.12			0.16
Net realized and unrealized gain (loss)		0.18			1.06			0.20			(0.17	)		(0.30	)		0.06
Total from investment operations		0.20			1.25			0.44			(0.02	)		(0.18	)		0.22
Distributions to shareholders from net investment income		(0.06	)		(0.26	)		(0.26	)		(0.22	)		(0.22	)		(0.20	)
Net asset value, end of period	$	15.69		$	15.55		$	14.56		$	14.38		$	14.62		$	15.02
Total return(b)		1.31	%		8.64	%		3.13	%		(0.18	)%		(1.14	)%		1.41	%
Net assets, end of period (in 000s)	$	16,183		$	18,424		$	19,905		$	21,630		$	21,045		$	21,688
Ratio of net expenses to average net assets		1.09	%(c)		1.14	%		1.16	%		1.16	%		1.16	%		1.15	%
Ratio of total expenses to average net assets		1.29	%(c)		1.34	%		1.35	%		1.30	%		1.31	%		1.30	%
Ratio of net investment income to average net assets		0.25	%(c)		1.27	%		1.69	%		1.02	%		0.83	%		1.06	%
Portfolio turnover rate(d)		453	%		943	%		530	%		380	%		441	%		590	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 87

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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	15.54		$	14.55		$	14.24
Net investment income(b)		0.07			0.27			0.32
Net realized and unrealized gain		0.18			1.07			0.32
Total from investment operations		0.25			1.34			0.64
Distributions to shareholders from net investment income		(0.11	)		(0.35	)		(0.33	)
Net asset value, end of period	$	15.68		$	15.54		$	14.55
Total return(c)		1.66	%		9.20	%		4.55	%
Net assets, end of period (in 000s)	$	17,761		$	14,227		$	10,268
Ratio of net expenses to average net assets		0.52	%(d)		0.56	%		0.56	%(d)
Ratio of total expenses to average net assets		0.70	%(d)		0.74	%		0.77	%(d)
Ratio of net investment income to average net assets		0.83	%(d)		1.83	%		2.35	%(d)
Portfolio turnover rate(e)		453	%		943	%		530	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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.

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
	Class A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.41		$	8.70		$	8.73		$	8.72		$	8.63		$	8.72
Net investment income(a)		0.02			0.17			0.18			0.10			0.07			0.02
Net realized and unrealized gain (loss)		0.26			(0.28	)		(0.02	)		0.01			0.08			(0.09	)
Total from investment operations		0.28			(0.11	)		0.16			0.11			0.15			(0.07	)
Distributions to shareholders from net investment income		(0.02	)		(0.18	)		(0.19	)		(0.10	)		(0.06	)		(0.02	)
Net asset value, end of period	$	8.67		$	8.41		$	8.70		$	8.73		$	8.72		$	8.63
Total return(b)		3.38	%		(1.32	)%		1.84	%		1.32	%		1.79	%		(0.80	)%
Net assets, end of period (in 000s)	$	6,908		$	10,954		$	7,968		$	9,368		$	11,303		$	10,680
Ratio of net expenses to average net assets		0.60	%(c)		0.61	%		0.64	%		0.71	%		0.65	%		0.70	%
Ratio of total expenses to average net assets		0.78	%(c)		0.73	%		0.70	%		0.79	%		0.89	%		0.88	%
Ratio of net investment income to average net assets		0.48	%(c)		1.96	%		2.09	%		1.18	%		0.76	%		0.22	%
Portfolio turnover rate(d)		7	%		8	%		47	%		54	%		59	%		71	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.41		$	8.70		$	8.72		$	8.71		$	8.63		$	8.72
Net investment income(a)		0.03			0.19			0.19			0.13			0.09			0.05
Net realized and unrealized gain (loss)		0.26			(0.28	)		—			0.01			0.08			(0.09	)
Total from investment operations		0.29			(0.09	)		0.19			0.14			0.17			(0.04	)
Distributions to shareholders from net investment income		(0.03	)		(0.20	)		(0.21	)		(0.13	)		(0.09	)		(0.05	)
Net asset value, end of period	$	8.67		$	8.41		$	8.70		$	8.72		$	8.71		$	8.63
Total return(b)		3.50	%		(1.09	)%		2.23	%		1.67	%		1.97	%		(0.47	)%
Net assets, end of period (in 000s)	$	85,820		$	77,817		$	71,263		$	730,204		$	429,019		$	360,939
Ratio of net expenses to average net assets		0.36	%(c)		0.37	%		0.36	%		0.36	%		0.36	%		0.36	%
Ratio of total expenses to average net assets		0.54	%(c)		0.49	%		0.41	%		0.44	%		0.55	%		0.54	%
Ratio of net investment income to average net assets		0.68	%(c)		2.24	%		2.19	%		1.54	%		1.05	%		0.56	%
Portfolio turnover rate(d)		7	%		8	%		47	%		54	%		59	%		71	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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
	Service Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.45		$	8.74		$	8.76		$	8.76		$	8.67		$	8.76
Net investment income(a)		0.01			0.15			0.16			0.08			0.05			0.01
Net realized and unrealized gain (loss)		0.26			(0.28	)		(0.01	)		0.01			0.09			(0.09	)
Total from investment operations		0.27			(0.13	)		0.15			0.09			0.14			(0.08	)
Distributions to shareholders from net investment income		(0.01	)		(0.16	)		(0.17	)		(0.09	)		(0.05	)		(0.01	)
Net asset value, end of period	$	8.71		$	8.45		$	8.74		$	8.76		$	8.76		$	8.67
Total return(b)		3.24	%		(1.56	)%		1.73	%		1.05	%		1.58	%		(0.93	)%
Net assets, end of period (in 000s)	$	50		$	49		$	92		$	113		$	491		$	551
Ratio of net expenses to average net assets		0.86	%(c)		0.86	%		0.86	%		0.87	%		0.86	%		0.84	%
Ratio of total expenses to average net assets		1.04	%(c)		0.98	%		0.93	%		0.97	%		1.05	%		1.04	%
Ratio of net investment income to average net assets		0.19	%(c)		1.77	%		1.86	%		0.95	%		0.55	%		0.11	%
Portfolio turnover rate(d)		7	%		8	%		47	%		54	%		59	%		71	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.38		$	8.68		$	8.70		$	8.69		$	8.61		$	8.70
Net investment income(a)		0.03			0.19			0.21			0.13			0.08			0.04
Net realized and unrealized gain (loss)		0.27			(0.30	)		(0.03	)		0.01			0.08			(0.09	)
Total from investment operations		0.30			(0.11	)		0.18			0.14			0.16			(0.05	)
Distributions to shareholders from net investment income		(0.03	)		(0.19	)		(0.20	)		(0.13	)		(0.08	)		(0.04	)
Net asset value, end of period	$	8.65		$	8.38		$	8.68		$	8.70		$	8.69		$	8.61
Total return(b)		3.59	%		(1.30	)%		2.14	%		1.58	%		1.87	%		(0.56	)%
Net assets, end of period (in 000s)	$	2,828		$	5,123		$	9,474		$	1,292		$	632		$	663
Ratio of net expenses to average net assets		0.45	%(c)		0.46	%		0.45	%		0.46	%		0.44	%		0.45	%
Ratio of total expenses to average net assets		0.63	%(c)		0.58	%		0.54	%		0.53	%		0.62	%		0.63	%
Ratio of net investment income to average net assets		0.65	%(c)		2.15	%		2.40	%		1.47	%		0.91	%		0.47	%
Portfolio turnover rate(d)		7	%		8	%		47	%		54	%		59	%		71	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.41		$	8.70		$	8.72		$	8.72		$	8.63		$	8.69
Net investment income(b)		0.03			0.21			0.24			0.13			0.09			0.03
Net realized and unrealized gain (loss)		0.26			(0.30	)		(0.05	)		0.01			0.09			(0.06	)
Total from investment operations		0.29			(0.09	)		0.19			0.14			0.18			(0.03	)
Distributions to shareholders from net investment income		(0.03	)		(0.20	)		(0.21	)		(0.14	)		(0.09	)		(0.03	)
Net asset value, end of period	$	8.67		$	8.41		$	8.70		$	8.72		$	8.72		$	8.63
Total return(c)		3.51	%		(1.08	)%		2.23	%		1.56	%		2.11	%		(0.32	)%
Net assets, end of period (in 000s)	$	1,299		$	1,613		$	6,565		$	11		$	10		$	10
Ratio of net expenses to average net assets		0.35	%(d)		0.36	%		0.35	%		0.36	%		0.36	%		0.36	%(d)
Ratio of total expenses to average net assets		0.54	%(d)		0.47	%		0.49	%		0.43	%		0.53	%		0.53	%(d)
Ratio of net investment income to average net assets		0.72	%(d)		2.41	%		2.73	%		1.54	%		1.05	%		0.55	%(d)
Portfolio turnover rate(e)		7	%		8	%		47	%		54	%		59	%		71	%

(a) Commenced operations on July 31, 2015.

(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. 93

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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	8.41		$	8.70		$	8.73
Net investment income(b)		0.03			0.20			0.20
Net realized and unrealized gain (loss)		0.27			(0.29	)		(0.03	)
Total from investment operations		0.30			(0.09	)		0.17
Distributions to shareholders from net investment income		(0.03	)		(0.20	)		(0.20	)
Net asset value, end of period	$	8.68		$	8.41		$	8.70
Total return(c)		3.62	%		(1.08	)%		1.99	%
Net assets, end of period (in 000s)	$	119,078		$	144,412		$	375,756
Ratio of net expenses to average net assets		0.35	%(d)		0.36	%		0.35	%(d)
Ratio of total expenses to average net assets		0.54	%(d)		0.48	%		0.43	%(d)
Ratio of net investment income to average net assets		0.70	%(d)		2.32	%		2.48	%(d)
Portfolio turnover rate(e)		7	%		8	%		47	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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.

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 A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.72		$	10.37		$	10.31		$	10.44		$	10.44		$	10.39
Net investment income(a)		0.04			0.26			0.16			0.16			0.18			0.10
Net realized and unrealized gain (loss)		0.71			0.35			0.06			(0.13	)		(0.04	)		0.01
Total from investment operations		0.75			0.61			0.22			0.03			0.14			0.11
Distributions to shareholders from net investment income		(0.03	)		(0.26	)		(0.16	)		(0.16	)		(0.14	)		(0.03	)
Distributions to shareholders from return of capital		—			—			—			—			—			(0.03	)
Total distributions		(0.03	)		(0.26	)		(0.16	)		(0.16	)		(0.14	)		(0.06	)
Net asset value, end of period	$	11.44		$	10.72		$	10.37		$	10.31		$	10.44		$	10.44
Total return(b)		6.96	%		5.90	%		2.21	%		0.31	%		1.32	%		1.09	%
Net assets, end of period (in 000s)	$	65,059		$	52,041		$	53,690		$	74,814		$	78,713		$	39,525
Ratio of net expenses to average net assets		0.67	%(c)		0.69	%		0.68	%		0.68	%		0.68	%		0.70	%
Ratio of total expenses to average net assets		0.75	%(c)		0.76	%		0.76	%		0.77	%		0.84	%		0.89	%
Ratio of net investment income to average net assets		0.66	%(c)		2.41	%		1.61	%		1.59	%		1.69	%		1.02	%
Portfolio turnover rate(d)		28	%		62	%		160	%		203	%		189	%		171	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 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
	Class C Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.54		$	10.19		$	10.17		$	10.31		$	10.32		$	10.31
Net investment income (loss)(a)		(0.01	)		0.20			0.10			0.08			0.11			0.04
Net realized and unrealized gain (loss)		0.71			0.32			0.04			(0.12	)		(0.05	)		—
Total from investment operations		0.70			0.52			0.14			(0.04	)		0.06			0.04
Distributions to shareholders from net investment income		(0.01	)		(0.17	)		(0.12	)		(0.10	)		(0.07	)		(0.02	)
Distributions to shareholders from return of capital		—			—			—			—			—			(0.01	)
Total distributions		(0.01	)		(0.17	)		(0.12	)		(0.10	)		(0.07	)		(0.03	)
Net asset value, end of period	$	11.23		$	10.54		$	10.19		$	10.17		$	10.31		$	10.32
Total return(b)		6.60	%		5.13	%		1.38	%		(0.42	)%		0.59	%		0.39	%
Net assets, end of period (in 000s)	$	2,503		$	2,160		$	4,152		$	6,847		$	6,512		$	6,420
Ratio of net expenses to average net assets		1.42	%(c)		1.44	%		1.43	%		1.43	%		1.43	%		1.45	%
Ratio of total expenses to average net assets		1.50	%(c)		1.51	%		1.50	%		1.52	%		1.60	%		1.64	%
Ratio of net investment income (loss) to average net assets		(0.25	)%(c)		1.96	%		0.97	%		0.82	%		1.06	%		0.37	%
Portfolio turnover rate(d)		28	%		62	%		160	%		203	%		189	%		171	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.86		$	10.50		$	10.43		$	10.56		$	10.55		$	10.48
Net investment income(a)		0.05			0.30			0.21			0.20			0.22			0.09
Net realized and unrealized gain (loss)		0.72			0.35			0.05			(0.13	)		(0.04	)		0.06
Total from investment operations		0.77			0.65			0.26			0.07			0.18			0.15
Distributions to shareholders from net investment income		(0.04	)		(0.29	)		(0.19	)		(0.20	)		(0.17	)		(0.05	)
Distributions to shareholders from return of capital		—			—			—			—			—			(0.03	)
Total distributions		(0.04	)		(0.29	)		(0.19	)		(0.20	)		(0.17	)		(0.08	)
Net asset value, end of period	$	11.59		$	10.86		$	10.50		$	10.43		$	10.56		$	10.55
Total return(b)		7.12	%		6.27	%		2.55	%		0.64	%		1.70	%		1.42	%
Net assets, end of period (in 000s)	$	197,999		$	168,248		$	174,467		$	258,458		$	202,452		$	119,876
Ratio of net expenses to average net assets		0.34	%(c)		0.35	%		0.34	%		0.34	%		0.34	%		0.35	%
Ratio of total expenses to average net assets		0.42	%(c)		0.42	%		0.42	%		0.43	%		0.50	%		0.56	%
Ratio of net investment income to average net assets		0.96	%(c)		2.78	%		2.02	%		1.95	%		2.11	%		0.85	%
Portfolio turnover rate(d)		28	%		62	%		160	%		203	%		189	%		171	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.79		$	10.43		$	10.37		$	10.50		$	10.49		$	10.43
Net investment income(a)		0.06			0.27			0.16			0.19			0.20			0.12
Net realized and unrealized gain (loss)		0.71			0.37			0.08			(0.13	)		(0.03	)		0.01
Total from investment operations		0.77			0.64			0.24			0.06			0.17			0.13
Distributions to shareholders from net investment income		(0.04	)		(0.28	)		(0.18	)		(0.19	)		(0.16	)		(0.04	)
Distributions to shareholders from return of capital		—			—			—			—			—			(0.03	)
Total distributions		(0.04	)		(0.28	)		(0.18	)		(0.19	)		(0.16	)		(0.07	)
Net asset value, end of period	$	11.52		$	10.79		$	10.43		$	10.37		$	10.50		$	10.49
Total return(b)		7.13	%		6.13	%		2.48	%		0.55	%		1.64	%		1.29	%
Net assets, end of period (in 000s)	$	55,027		$	26,970		$	16,088		$	13,079		$	12,523		$	2,697
Ratio of net expenses to average net assets		0.42	%(c)		0.44	%		0.43	%		0.43	%		0.43	%		0.45	%
Ratio of total expenses to average net assets		0.50	%(c)		0.51	%		0.51	%		0.52	%		0.59	%		0.64	%
Ratio of net investment income to average net assets		1.04	%(c)		2.52	%		1.53	%		1.80	%		1.87	%		1.18	%
Portfolio turnover rate(d)		28	%		62	%		160	%		203	%		189	%		171	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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 R6 Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.85		$	10.49		$	10.43		$	10.55		$	10.55		$	10.36
Net investment income (loss)(b)		0.06			0.29			0.08			0.22			0.21			(0.03	)
Net realized and unrealized gain (loss)		0.71			0.36			0.17			(0.14	)		(0.04	)		0.27
Total from investment operations		0.77			0.65			0.25			0.08			0.17			0.24
Distributions to shareholders from net investment income		(0.04	)		(0.29	)		(0.19	)		(0.20	)		(0.17	)		(0.03	)
Distributions to shareholders from return of capital		—			—			—			—			—			(0.02	)
Total distributions		(0.04	)		(0.29	)		(0.19	)		(0.20	)		(0.17	)		(0.05	)
Net asset value, end of period	$	11.58		$	10.85		$	10.49		$	10.43		$	10.55		$	10.55
Total return(c)		7.14	%		6.29	%		2.47	%		0.75	%		1.62	%		2.37	%
Net assets, end of period (in 000s)	$	75,220		$	50,987		$	39,506		$	7,103		$	723		$	10
Ratio of net expenses to average net assets		0.33	%(d)		0.34	%		0.33	%		0.33	%		0.32	%		0.34	%(d)
Ratio of total expenses to average net assets		0.41	%(d)		0.41	%		0.44	%		0.40	%		0.47	%		0.60	%(d)
Ratio of Net investment income (loss)		1.06	%(d)		2.72	%		0.74	%		2.11	%		2.00	%		(0.44	)%(d)
Portfolio turnover rate(e)		28	%		62	%		160	%		203	%		189	%		171	%

(a) Commenced operations on July 31, 2015.

(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. 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 R Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.67		$	10.32		$	10.28		$	10.41		$	10.41		$	10.38
Net investment income(a)		0.01			0.22			0.13			0.13			0.15			0.04
Net realized and unrealized gain (loss)		0.72			0.37			0.06			(0.12	)		(0.04	)		0.04
Total from investment operations		0.73			0.59			0.19			0.01			0.11			0.08
Distributions to shareholders from net investment income		(0.02	)		(0.24	)		(0.15	)		(0.14	)		(0.11	)		(0.03	)
Distributions to shareholders from return of capital		—			—			—			—			—			(0.02	)
Total distributions		(0.02	)		(0.24	)		(0.15	)		(0.14	)		(0.11	)		(0.05	)
Net asset value, end of period	$	11.38		$	10.67		$	10.32		$	10.28		$	10.41		$	10.41
Total return(b)		6.81	%		5.71	%		1.87	%		0.09	%		1.07	%		0.79	%
Net assets, end of period (in 000s)	$	16,887		$	17,663		$	14,911		$	18,169		$	18,094		$	10,128
Ratio of net expenses to average net assets		0.92	%(c)		0.94	%		0.93	%		0.93	%		0.93	%		0.95	%
Ratio of total expenses to average net assets		1.00	%(c)		1.01	%		1.01	%		1.02	%		1.09	%		1.15	%
Ratio of net investment income to average net assets		0.27	%(c)		2.08	%		1.33	%		1.29	%		1.45	%		0.42	%
Portfolio turnover rate(d)		28	%		62	%		160	%		203	%		189	%		171	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

100 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 P Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	10.86		$	10.49		$	10.40
Net investment income(b)		0.08			0.32			0.09
Net realized and unrealized gain		0.69			0.34			0.19
Total from investment operations		0.77			0.66			0.28
Distributions to shareholders from net investment income		(0.04	)		(0.29	)		(0.19	)
Net asset value, end of period	$	11.59		$	10.86		$	10.49
Total return(c)		7.13	%		6.38	%		2.77	%
Net assets, end of period (in 000s)	$	46,572		$	30,975		$	107,844
Ratio of net expenses to average net assets		0.33	%(d)		0.34	%		0.33	%(d)
Ratio of total expenses to average net assets		0.41	%(d)		0.40	%		0.43	%(d)
Ratio of net investment income to average net assets		1.34	%(d)		3.01	%		0.91	%(d)
Portfolio turnover rate(e)		28	%		62	%		160	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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. 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 A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.97		$	9.77		$	9.79		$	9.99		$	10.10		$	10.12
Net investment income(a)		0.02			0.13			0.16			0.11			0.11			0.05
Net realized and unrealized gain (loss)		0.08			0.27			0.03			(0.13	)		(0.06	)		(0.01	)
Total from investment operations		0.10			0.40			0.19			(0.02	)		0.05			0.04
Distributions to shareholders from net investment income		(0.05	)		(0.20	)		(0.21	)		(0.18	)		(0.16	)		(0.06	)
Net asset value, end of period	$	10.02		$	9.97		$	9.77		$	9.79		$	9.99		$	10.10
Total return(b)		1.02	%		4.16	%		1.97	%		(0.22	)%		0.46	%		0.44	%
Net assets, end of period (in 000s)	$	105,699		$	90,469		$	82,090		$	86,239		$	138,612		$	173,879
Ratio of net expenses to average net assets		0.80	%(c)		0.82	%		0.82	%		0.82	%		0.82	%		0.81	%
Ratio of total expenses to average net assets		0.88	%(c)		0.90	%		0.90	%		0.89	%		0.92	%		0.91	%
Ratio of net investment income to average net assets		0.43	%(c)		1.34	%		1.68	%		1.15	%		1.08	%		0.52	%
Portfolio turnover rate(d)		275	%		479	%		247	%		87	%		173	%		227	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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
	Class C Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.90		$	9.70		$	9.73		$	9.92		$	10.03		$	10.06
Net investment income(a)		0.00	(b)		0.09			0.12			0.07			0.07			0.02
Net realized and unrealized gain (loss)		0.08			0.27			0.02			(0.12	)		(0.06	)		(0.02	)
Total from investment operations		0.08			0.36			0.14			(0.05	)		0.01			—	(b)
Distributions to shareholders from net investment income		(0.03	)		(0.16	)		(0.17	)		(0.14	)		(0.12	)		(0.03	)
Net asset value, end of period	$	9.95		$	9.90		$	9.70		$	9.73		$	9.92		$	10.03
Total return(c)		0.82	%		3.76	%		1.46	%		(0.53	)%		0.06	%		(0.02	)%
Net assets, end of period (in 000s)	$	15,773		$	12,958		$	15,493		$	19,799		$	28,292		$	33,934
Ratio of net expenses to average net assets		1.20	%(d)		1.22	%		1.22	%		1.22	%		1.22	%		1.17	%
Ratio of total expenses to average net assets		1.63	%(d)		1.65	%		1.65	%		1.64	%		1.67	%		1.66	%
Ratio of net investment income to average net assets		0.03	%(d)		0.95	%		1.27	%		0.72	%		0.68	%		0.17	%
Portfolio turnover rate(e)		275	%		479	%		247	%		87	%		173	%		227	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.93		$	9.74		$	9.76		$	9.96		$	10.07		$	10.09
Net investment income(a)		0.04			0.17			0.19			0.14			0.14			0.09
Net realized and unrealized gain (loss)		0.08			0.26			0.03			(0.13	)		(0.06	)		(0.01	)
Total from investment operations		0.12			0.43			0.22			0.01			0.08			0.08
Distributions to shareholders from net investment income		(0.07	)		(0.24	)		(0.24	)		(0.21	)		(0.19	)		(0.10	)
Net asset value, end of period	$	9.98		$	9.93		$	9.74		$	9.76		$	9.96		$	10.07
Total return(b)		1.19	%		4.41	%		2.32	%		0.11	%		0.80	%		0.78	%
Net assets, end of period (in 000s)	$	453,707		$	348,655		$	379,887		$	837,920		$	1,045,066		$	1,089,297
Ratio of net expenses to average net assets		0.47	%(c)		0.48	%		0.48	%		0.48	%		0.47	%		0.47	%
Ratio of total expenses to average net assets		0.55	%(c)		0.56	%		0.56	%		0.55	%		0.58	%		0.57	%
Ratio of net investment income to average net assets		0.76	%(c)		1.69	%		1.95	%		1.46	%		1.42	%		0.86	%
Portfolio turnover rate(d)		275	%		479	%		247	%		87	%		173	%		227	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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
	Service Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.92		$	9.73		$	9.75		$	9.94		$	10.05		$	10.08
Net investment income(a)		0.01			0.11			0.15			0.09			0.09			0.04
Net realized and unrealized gain (loss)		0.08			0.27			0.02			(0.12	)		(0.06	)		(0.02	)
Total from investment operations		0.09			0.38			0.17			(0.03	)		0.03			0.02
Distributions to shareholders from net investment income		(0.04	)		(0.19	)		(0.19	)		(0.16	)		(0.14	)		(0.05	)
Net asset value, end of period	$	9.97		$	9.92		$	9.73		$	9.75		$	9.94		$	10.05
Total return(b)		0.94	%		4.00	%		1.70	%		(0.29	)%		0.30	%		0.18	%
Net assets, end of period (in 000s)	$	19,379		$	18,831		$	18,120		$	19,954		$	26,697		$	30,608
Ratio of net expenses to average net assets		0.97	%(c)		0.98	%		0.98	%		0.98	%		0.97	%		0.97	%
Ratio of total expenses to average net assets		1.05	%(c)		1.06	%		1.06	%		1.05	%		1.08	%		1.07	%
Ratio of net investment income to average net assets		0.26	%(c)		1.17	%		1.52	%		0.95	%		0.93	%		0.37	%
Portfolio turnover rate(d)		275	%		479	%		247	%		87	%		173	%		227	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.98		$	9.78		$	9.80		$	9.99		$	10.10		$	10.13
Net investment income(a)		0.03			0.15			0.19			0.13			0.14			0.08
Net realized and unrealized gain (loss)		0.07			0.28			0.02			(0.12	)		(0.07	)		(0.02	)
Total from investment operations		0.10			0.43			0.21			0.01			0.07			0.06
Distributions to shareholders from net investment income		(0.06	)		(0.23	)		(0.23	)		(0.20	)		(0.18	)		(0.09	)
Net asset value, end of period	$	10.02		$	9.98		$	9.78		$	9.80		$	9.99		$	10.10
Total return(b)		1.15	%		4.31	%		2.23	%		0.13	%		0.72	%		0.59	%
Net assets, end of period (in 000s)	$	39,492		$	38,723		$	29,461		$	24,676		$	24,378		$	17,850
Ratio of net expenses to average net assets		0.55	%(c)		0.57	%		0.57	%		0.57	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.63	%(c)		0.65	%		0.65	%		0.64	%		0.67	%		0.66	%
Ratio of net investment income to average net assets		0.68	%(c)		1.57	%		1.94	%		1.35	%		1.36	%		0.77	%
Portfolio turnover rate(d)		275	%		479	%		247	%		87	%		173	%		227	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016(a)
Per Share Data
Net asset value, beginning of period	$	9.94		$	9.74		$	9.76		$	9.96		$	10.07		$	10.09
Net investment income(b)		0.04			0.16			0.20			0.17			0.14			0.06
Net realized and unrealized gain (loss)		0.07			0.28			0.02			(0.16	)		(0.06	)		(0.02	)
Total from investment operations		0.11			0.44			0.22			0.01			0.08			0.04
Distributions to shareholders from net investment income		(0.07	)		(0.24	)		(0.24	)		(0.21	)		(0.19	)		(0.06	)
Net asset value, end of period	$	9.98		$	9.94		$	9.74		$	9.76		$	9.96		$	10.07
Total return(c)		1.20	%		4.42	%		2.33	%		0.12	%		0.82	%		0.42	%
Net assets, end of period (in 000s)	$	13,886		$	11,979		$	5,436		$	2,038		$	73,716		$	73,976
Ratio of net expenses to average net assets		0.46	%(d)		0.47	%		0.47	%		0.46	%		0.45	%		0.45	%(d)
Ratio of total expenses to average net assets		0.54	%(d)		0.55	%		0.56	%		0.54	%		0.56	%		0.55	%(d)
Ratio of net investment income to average net assets		0.76	%(d)		1.65	%		2.10	%		1.69	%		1.44	%		0.84	%(d)
Portfolio turnover rate(e)		275	%		479	%		247	%		87	%		173	%		227	%

(a) Commenced operations on July 31, 2015.

(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. 107

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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.93		$	9.73		$	9.73
Net investment income(b)		0.04			0.17			0.20
Net realized and unrealized gain		0.08			0.27			0.03
Total from investment operations		0.12			0.44			0.23
Distributions to shareholders from net investment income		(0.07	)		(0.24	)		(0.23	)
Net asset value, end of period	$	9.98		$	9.93		$	9.73
Total return(c)		1.20	%		4.53	%		2.39	%
Net assets, end of period (in 000s)	$	405,756		$	337,805		$	474,894
Ratio of net expenses to average net assets		0.46	%(d)		0.48	%		0.47	%(d)
Ratio of total expenses to average net assets		0.54	%(d)		0.55	%		0.56	%(d)
Ratio of net investment income to average net assets		0.77	%(d)		1.72	%		2.15	%(d)
Portfolio turnover rate(e)		275	%		479	%		247	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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.

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 A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.68		$	9.80		$	9.75		$	9.96		$	9.96		$	10.10
Net investment income(a)		0.08			0.21			0.23			0.17			0.16			0.16
Net realized and unrealized gain (loss)		0.57			(0.08	)		0.06			(0.19	)		0.02			(0.10	)
Total from investment operations		0.65			0.13			0.29			(0.02	)		0.18			0.06
Distributions to shareholders from net investment income		(0.10	)		(0.21	)		(0.22	)		(0.16	)		(0.18	)		(0.20	)
Distributions to shareholders from return of capital		—			(0.04	)		(0.02	)		(0.03	)		—			—
Total distributions		(0.10	)		(0.25	)		(0.24	)		(0.19	)		(0.18	)		(0.20	)
Net asset value, end of period	$	10.23		$	9.68		$	9.80		$	9.75		$	9.96		$	9.96
Total return(b)		6.70	%		1.41	%		3.01	%		(0.19	)%		1.86	%		0.62	%
Net assets, end of period (in 000s)	$	65,673		$	14,107		$	11,070		$	5,734		$	9,259		$	7,001
Ratio of net expenses to average net assets		0.76	%(c)		0.79	%		0.79	%		0.79	%		0.79	%		0.80	%
Ratio of total expenses to average net assets		0.83	%(c)		0.86	%		0.93	%		0.87	%		0.90	%		0.94	%
Ratio of net investment income to average net assets		1.55	%(c)		2.13	%		2.35	%		1.75	%		1.56	%		1.57	%
Portfolio turnover rate(d)		138	%		192	%		99	%		106	%		165	%		161	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 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
	Class C Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.68		$	9.81		$	9.76		$	9.96		$	9.96		$	10.10
Net investment income(a)		0.06			0.18			0.19			0.14			0.12			0.12
Net realized and unrealized gain (loss)		0.57			(0.10	)		0.06			(0.19	)		0.03			(0.10	)
Total from investment operations		0.63			0.08			0.25			(0.05	)		0.15			0.02
Distributions to shareholders from net investment income		(0.08	)		(0.18	)		(0.18	)		(0.13	)		(0.15	)		(0.16	)
Distributions to shareholders from return of capital		—			(0.03	)		(0.02	)		(0.02	)		—			—
Total distributions		(0.08	)		(0.21	)		(0.20	)		(0.15	)		(0.15	)		(0.16	)
Net asset value, end of period	$	10.23		$	9.68		$	9.81		$	9.76		$	9.96		$	9.96
Total return(b)		6.38	%		0.91	%		2.61	%		(0.48	)%		1.46	%		0.22	%
Net assets, end of period (in 000s)	$	1,313		$	1,283		$	1,689		$	1,077		$	954		$	886
Ratio of net expenses to average net assets		1.17	%(c)		1.19	%		1.19	%		1.19	%		1.19	%		1.20	%
Ratio of total expenses to average net assets		1.58	%(c)		1.61	%		1.69	%		1.63	%		1.66	%		1.69	%
Ratio of net investment income to average net assets		1.20	%(c)		1.81	%		1.97	%		1.39	%		1.16	%		1.17	%
Portfolio turnover rate(d)		138	%		192	%		99	%		106	%		165	%		161	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.70		$	9.82		$	9.77		$	9.98		$	9.98		$	10.11
Net investment income(a)		0.10			0.26			0.25			0.21			0.19			0.19
Net realized and unrealized gain (loss)		0.57			(0.09	)		0.07			(0.19	)		0.03			(0.08	)
Total from investment operations		0.67			0.17			0.32			0.02			0.22			0.11
Distributions to shareholders from net investment income		(0.12	)		(0.25	)		(0.24	)		(0.20	)		(0.22	)		(0.24	)
Distributions to shareholders from return of capital		—			(0.04	)		(0.03	)		(0.03	)		—			—
Total distributions		(0.12	)		(0.29	)		(0.27	)		(0.23	)		(0.22	)		(0.24	)
Net asset value, end of period	$	10.25		$	9.70		$	9.82		$	9.77		$	9.98		$	9.98
Total return(b)		6.76	%		1.76	%		3.36	%		0.16	%		2.21	%		1.07	%
Net assets, end of period (in 000s)	$	68,274		$	48,689		$	46,680		$	575,452		$	560,818		$	390,351
Ratio of net expenses to average net assets		0.43	%(c)		0.45	%		0.46	%		0.45	%		0.45	%		0.45	%
Ratio of total expenses to average net assets		0.50	%(c)		0.52	%		0.55	%		0.53	%		0.56	%		0.60	%
Ratio of net investment income to average net assets		1.93	%(c)		2.57	%		2.58	%		2.12	%		1.90	%		1.91	%
Portfolio turnover rate(d)		138	%		192	%		99	%		106	%		165	%		161	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.70		$	9.82		$	9.77		$	9.98		$	9.97		$	10.11
Net investment income(a)		0.09			0.24			0.25			0.20			0.18			0.18
Net realized and unrealized gain (loss)		0.57			(0.08	)		0.06			(0.19	)		0.04			(0.09	)
Total from investment operations		0.66			0.16			0.31			0.01			0.22			0.09
Distributions to shareholders from net investment income		(0.11	)		(0.24	)		(0.24	)		(0.19	)		(0.21	)		(0.23	)
Distributions to shareholders from return of capital		—			(0.04	)		(0.02	)		(0.03	)		—			—
Total distributions		(0.11	)		(0.28	)		(0.26	)		(0.22	)		(0.21	)		(0.23	)
Net asset value, end of period	$	10.25		$	9.70		$	9.82		$	9.77		$	9.98		$	9.97
Total return(b)		6.83	%		1.56	%		3.27	%		0.06	%		2.22	%		0.87	%
Net assets, end of period (in 000s)	$	10,895		$	4,337		$	1,584		$	2,094		$	1,457		$	363
Ratio of net expenses to average net assets		0.51	%(c)		0.54	%		0.54	%		0.54	%		0.54	%		0.54	%
Ratio of total expenses to average net assets		0.58	%(c)		0.61	%		0.68	%		0.62	%		0.65	%		0.69	%
Ratio of net investment income to average net assets		1.78	%(c)		2.43	%		2.57	%		2.03	%		1.84	%		1.81	%
Portfolio turnover rate(d)		138	%		192	%		99	%		106	%		165	%		161	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

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 R6 Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016(a)
Per Share Data
Net asset value, beginning of period	$	9.69		$	9.82		$	9.77		$	9.98		$	9.97		$	10.07
Net investment income(b)		0.09			0.26			0.27			0.21			0.19			0.13
Net realized and unrealized gain (loss)		0.59			(0.10	)		0.05			(0.20	)		0.04			(0.07	)
Total from investment operations		0.68			0.16			0.32			0.01			0.23			0.06
Distributions to shareholders from net investment income		(0.12	)		(0.25	)		(0.24	)		(0.19	)		(0.22	)		(0.16	)
Distributions to shareholders from return of capital		—			(0.04	)		(0.03	)		(0.03	)		—			—
Total distributions		(0.12	)		(0.29	)		(0.27	)		(0.22	)		(0.22	)		(0.16	)
Net asset value, end of period	$	10.25		$	9.69		$	9.82		$	9.77		$	9.98		$	9.97
Total return(c)		6.88	%		1.66	%		3.36	%		0.13	%		2.30	%		0.65	%
Net assets, end of period (in 000s)	$	6,732		$	1,085		$	1,252		$	10		$	10		$	10
Ratio of net expenses to average net assets		0.41	%(d)		0.44	%		0.45	%		0.45	%		0.45	%		0.48	%(d)
Ratio of total expenses to average net assets		0.48	%(d)		0.51	%		0.67	%		0.55	%		0.59	%		0.63	%(d)
Ratio of net investment income to average net assets		1.79	%(d)		2.56	%		2.77	%		2.12	%		1.91	%		1.90	%(d)
Portfolio turnover rate(e)		138	%		192	%		99	%		106	%		165	%		161	%

(a) Commenced operations on July 31, 2015.

(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. 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 R Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.70		$	9.82		$	9.77		$	9.98		$	9.98		$	10.11
Net investment income(a)		0.06			0.19			0.20			0.16			0.13			0.13
Net realized and unrealized gain (loss)		0.58			(0.08	)		0.06			(0.20	)		0.03			(0.08	)
Total from investment operations		0.64			0.11			0.26			(0.04	)		0.16			0.05
Distributions to shareholders from net investment income		(0.09	)		(0.20	)		(0.19	)		(0.15	)		(0.16	)		(0.18	)
Distributions to shareholders from return of capital		—			(0.03	)		(0.02	)		(0.02	)		—			—
Total distributions		(0.09	)		(0.23	)		(0.21	)		(0.17	)		(0.16	)		(0.18	)
Net asset value, end of period	$	10.25		$	9.70		$	9.82		$	9.77		$	9.98		$	9.98
Total return(b)		6.56	%		1.06	%		2.76	%		(0.43	)%		1.62	%		0.46	%
Net assets, end of period (in 000s)	$	2,834		$	138		$	122		$	95		$	32		$	25
Ratio of net expenses to average net assets		1.00	%(c)		1.04	%		1.04	%		1.04	%		1.04	%		1.04	%
Ratio of total expenses to average net assets		1.06	%(c)		1.11	%		1.18	%		1.12	%		1.14	%		1.19	%
Ratio of net investment income to average net assets		1.26	%(c)		1.94	%		2.08	%		1.57	%		1.32	%		1.33	%
Portfolio turnover rate(d)		138	%		192	%		99	%		106	%		165	%		161	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

114 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 P Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.70		$	9.82		$	9.74
Net investment income(b)		0.10			0.25			0.25
Net realized and unrealized gain (loss)		0.57			(0.08	)		0.09
Total from investment operations		0.67			0.17			0.34
Distributions to shareholders from net investment income		(0.12	)		(0.25	)		(0.24	)
Distributions to shareholders from return of capital		—			(0.04	)		(0.02	)
Total distributions		(0.12	)		(0.29	)		(0.26	)
Net asset value, end of period	$	10.25		$	9.70		$	9.82
Total return(c)		6.88	%		1.66	%		3.51	%
Net assets, end of period (in 000s)	$	1,481,466		$	743,258		$	635,440
Ratio of net expenses to average net assets		0.42	%(d)		0.44	%		0.44	%(d)
Ratio of total expenses to average net assets		0.48	%(d)		0.51	%		0.60	%(d)
Ratio of net investment income to average net assets		1.90	%(d)		2.53	%		2.72	%(d)
Portfolio turnover rate(e)		138	%		192	%		99	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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. 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
	Class A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2017(a)
				2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	9.88		$	10.03		$	10.01		$	10.02		$	10.01
Net investment income(b)		0.04			0.21			0.25			0.14			0.03
Net realized and unrealized gain (loss)		0.19			(0.14	)		(0.01	)		(0.04	)		0.01
Total from investment operations		0.23			0.07			0.24			0.10			0.04
Distributions to shareholders from net investment income		(0.04	)		(0.21	)		(0.22	)		(0.11	)		(0.03	)
Distributions to shareholders from net realized gains		—	(c)		(0.01	)		—	(c)		—	(c)		—	(c)
Total distributions		(0.04	)		(0.22	)		(0.22	)		(0.11	)		(0.03	)
Net asset value, end of period	$	10.07		$	9.88		$	10.03		$	10.01		$	10.02
Total return(d)		2.32	%		0.66	%		2.41	%		1.04	%		0.42	%
Net assets, end of period (in 000s)	$	103,396		$	43,188		$	50,982		$	817		$	25
Ratio of net expenses to average net assets		0.46	%(e)		0.46	%		0.46	%		0.57	%		0.51	%(e)
Ratio of total expenses to average net assets		0.55	%(e)		0.56	%		0.61	%		0.63	%		1.33	%(e)
Ratio of net investment income to average net assets		0.70	%(e)		2.14	%		2.46	%		1.42	%		0.75	%(e)
Portfolio turnover rate(f)		38	%		87	%		89	%		67	%		46	%

(a) Commenced operations on October 31, 2016.

(b) Calculated based on the average shares outstanding methodology.

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

(d) 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.

(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.

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.88		$	10.03		$	10.02		$	10.02		$	10.00		$	10.00
Net investment income(a)		0.05			0.20			0.22			0.13			0.06			0.04
Net realized and unrealized gain (loss)		0.19			(0.13	)		0.01			(0.01	)		0.04			—	(b)
Total from investment operations		0.24			0.07			0.23			0.12			0.10			0.04
Distributions to shareholders from net investment income		(0.04	)		(0.21	)		(0.22	)		(0.12	)		(0.08	)		(0.04	)
Distributions to shareholders from net realized gains		—	(c)		(0.01	)		—	(c)		—	(c)		—	(c)		—	(c)
Total distributions		(0.04	)		(0.22	)		(0.22	)		(0.12	)		(0.08	)		(0.04	)
Net asset value, end of period	$	10.08		$	9.88		$	10.03		$	10.02		$	10.02		$	10.00
Total return(d)		2.44	%		0.55	%		2.46	%		1.24	%		0.97	%		0.37	%
Net assets, end of period (in 000s)	$	27		$	1,045		$	937		$	1,032		$	132		$	25
Ratio of net expenses to average net assets		0.48	%(e)		0.47	%		0.45	%		0.43	%		0.41	%		0.43	%
Ratio of total expenses to average net assets		0.57	%(e)		0.57	%		0.57	%		0.59	%		1.49	%		2.44	%
Ratio of net investment income to average net assets		0.98	%(e)		2.01	%		2.20	%		1.25	%		0.60	%		0.35	%
Portfolio turnover rate(f)		38	%		87	%		89	%		67	%		46	%		39	%

(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) 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.

(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. 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, 2020 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2017(a)
				2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	9.88		$	10.03		$	10.02		$	10.02		$	10.01
Net investment income(b)		0.05			0.23			0.24			0.14			0.04
Net realized and unrealized gain (loss)		0.19			(0.15	)		0.01			—	(c)		0.01
Total from investment operations		0.24			0.08			0.25			0.14			0.05
Distributions to shareholders from net investment income		(0.05	)		(0.23	)		(0.24	)		(0.14	)		(0.04	)
Distributions to shareholders from net realized gains		—	(d)		—	(d)		—	(d)		—	(d)		—	(d)
Total distributions		(0.05	)		(0.23	)		(0.24	)		(0.14	)		(0.04	)
Net asset value, end of period	$	10.07		$	9.88		$	10.03		$	10.02		$	10.02
Total return(e)		2.41	%		0.82	%		2.52	%		1.40	%		0.52	%
Net assets, end of period (in 000s)	$	27		$	26		$	26		$	25		$	25
Ratio of net expenses to average net assets		0.30	%(f)		0.32	%		0.30	%		0.28	%		0.27	%(f)
Ratio of total expenses to average net assets		0.39	%(f)		0.41	%		0.41	%		0.44	%		1.11	%(f)
Ratio of net investment income to average net assets		0.93	%(f)		2.27	%		2.38	%		1.38	%		0.95	%(f)
Portfolio turnover rate(g)		38	%		87	%		89	%		67	%		46	%

(a) Commenced operations on October 31, 2016.

(b) Calculated based on the average shares outstanding methodology.

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

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

(e) 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.

(f) Annualized.

(g) 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.

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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	9.88		$	10.04		$	10.01		$	10.02		$	10.00		$	10.00
Net investment income(a)		0.05			0.23			0.25			0.15			0.11			0.06
Net realized and unrealized gain (loss)		0.20			(0.15	)		0.03			(0.01	)		0.01			—	(b)
Total from investment operations		0.25			0.08			0.28			0.14			0.12			0.06
Distributions to shareholders from net investment income		(0.05	)		(0.24	)		(0.25	)		(0.15	)		(0.10	)		(0.06	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)		—	(c)
Total distributions		(0.05	)		(0.24	)		(0.25	)		(0.15	)		(0.10	)		(0.06	)
Net asset value, end of period	$	10.08		$	9.88		$	10.04		$	10.01		$	10.02		$	10.00
Total return(d)		2.54	%		0.80	%		2.82	%		1.40	%		1.22	%		0.61	%
Net assets, end of period (in 000s)	$	1,627,375		$	1,466,673		$	840,036		$	1,421,091		$	265,690		$	15,082
Ratio of net expenses to average net assets		0.23	%(e)		0.22	%		0.20	%		0.19	%		0.15	%		0.19	%
Ratio of total expenses to average net assets		0.32	%(e)		0.32	%		0.32	%		0.33	%		1.20	%		2.10	%
Ratio of net investment income to average net assets		0.99	%(e)		2.28	%		2.45	%		1.54	%		1.08	%		0.63	%
Portfolio turnover rate(f)		38	%		87	%		89	%		67	%		46	%		39	%

(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) 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.

(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. 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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.88		$	10.04		$	10.03
Net investment income(b)		0.04			0.21			0.16
Net realized and unrealized gain (loss)		0.21			(0.14	)		0.01
Total from investment operations		0.25			0.07			0.17
Distributions to shareholders from net investment income		(0.05	)		(0.23	)		(0.16	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)
Total distributions		(0.05	)		(0.23	)		(0.16	)
Net asset value, end of period	$	10.08		$	9.88		$	10.04
Total return(d)		2.50	%		0.71	%		1.68	%
Net assets, end of period (in 000s)	$	168,789		$	90,680		$	6,254
Ratio of net expenses to average net assets		0.31	%(e)		0.31	%		0.30	%(e)
Ratio of total expenses to average net assets		0.40	%(e)		0.41	%		0.42	%(e)
Ratio of net investment income to average net assets		0.85	%(e)		2.11	%		2.58	%(e)
Portfolio turnover rate(f)		38	%		87	%		89	%

(a) Commenced operations on August 14, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) 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.

(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.

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, 2020 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of Period	$	9.89		$	10.04		$	10.02		$	10.02
Net investment income(b)		0.05			0.24			0.27			0.05
Net realized and unrealized gain (loss)		0.19			(0.15	)		—			—
Total from investment operations		0.24			0.09			0.27			0.05
Distributions to shareholders from net investment income		(0.05	)		(0.24	)		(0.25	)		(0.05	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)		—	(c)
Total Distributions		(0.05	)		(0.24	)		(0.25	)		(0.05	)
Net asset value, end of period	$	10.08		$	9.89		$	10.04		$	10.02
Total return(d)		2.45	%		0.91	%		2.82	%		0.43	%
Net assets, end of period (in 000s)	$	276,744		$	278,788		$	420,023		$	10
Ratio of net expenses to average net assets		0.22	%(e)		0.21	%		0.20	%		0.24	%(e)
Ratio of total expenses to average net assets		0.31	%(e)		0.31	%		0.32	%		0.35	%(e)
Ratio of net investment income to average net assets		1.02	%(e)		2.37	%		2.66	%		1.64	%(e)
Portfolio turnover rate(f)		38	%		87	%		89	%		67	%

(a) Commenced operations on November 30, 2017.

(b) Calculated based on the average shares outstanding methodology.

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

(d) 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.

(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. 121

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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	9.87		$	10.03		$	10.02
Net investment income(b)		0.05			0.24			0.25
Net realized and unrealized gain (loss)		0.20			(0.16	)		—
Total from investment operations		0.25			0.08			0.25
Distributions to shareholders from net investment income		(0.05	)		(0.24	)		(0.24	)
Distributions to shareholders from net realized gains		—	(c)		—	(c)		—	(c)
Total distributions		(0.05	)		(0.24	)		(0.24	)
Net asset value, end of period	$	10.07		$	9.87		$	10.03
Total return(d)		2.55	%		0.81	%		2.48	%
Net assets, end of period (in 000s)	$	2,613,228		$	1,935,475		$	2,048,977
Ratio of net expenses to average net assets		0.22	%(e)		0.21	%		0.20	%(e)
Ratio of total expenses to average net assets		0.31	%(e)		0.31	%		0.32	%(e)
Ratio of net investment income to average net assets		1.00	%(e)		2.34	%		2.62	%(e)
Portfolio turnover rate(f)		38	%		87	%		89	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) 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.

(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.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2020 (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, Administration, Institutional, Investor, R6 and P	Diversified
Government Income	A, C, Institutional, Service, Investor, R6, R and P	Diversified
High Quality Floating Rate	A, Institutional, Service, Investor, R6 and P	Diversified
Inflation Protected Securities	A, C, Institutional, Investor, R6, R and P	Diversified
Short Duration Government	A, C, Institutional, Service, Investor, R6 and P	Diversified
Short Duration Income	A, C, Institutional, Investor, R6, R and P	Diversified
Short-Term Conservative Income	A, Administration, Preferred, Institutional, Investor, R6 and P	Diversified

Class A Shares of the Government Income, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds are sold with a front-end sales charge of up to 3.75%, 3.75%, 1.50% and 1.50%, respectively. Class C Shares are generally sold with a contingent deferred sales charge (“CDSC”) of 1.00% (0.65% for Short Duration Government and Short Duration Income Funds), which is imposed on redemptions made within 12 months of purchase. Class A Shares of the Enhanced Income and High Quality Floating Rate Funds and Class A and Class C Shares of the Short-Term Conservative Income Fund are not subject to a sales charge. Similarly, Administration, Preferred, Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in

certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

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 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.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D.  Federal Taxes and Distributions to Shareholders — It is each Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, each Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-dividend date. Income and capital gains distributions, if any, are declared and paid according to the following schedule:

	Investment Income Dividends		Capital Gains Distributions
Fund	Declared	Paid	Declared and Paid
Enhanced Income	Daily	Monthly	Annually
Government Income	Daily	Monthly	Annually
High Quality Floating Rate	Daily	Monthly	Annually
Inflation Protected Securities	Quarterly	Quarterly	Annually
Short Duration Government	Daily	Monthly	Annually
Short Duration Income	Daily	Monthly	Annually
Short-Term Conservative Income	Daily	Monthly	Annually

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from 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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds’ policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM’s 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:

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  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

125

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

leveraged to the extent that its interest rate varies by a magnitude that exceeds the magnitude of the change in the index rate of interest. The higher the degree of leverage of an inverse floater, the greater the volatility of its market value.

iii.  Mortgage-Backed and Asset-Backed Securities —Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iv.  Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

v.  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

126

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that a Fund’s interest in the collateral is not enforceable, resulting in additional losses to the Fund.

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and terms and conditions contained therein, the Funds, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements’ counterparties. With the exception of certain transaction fees, the Funds are not subject to any expenses in relation to these investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

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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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

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 swap contracts.

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

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

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

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

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, a Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established through the credit event auction process in which market participants are ensured that a 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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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2020:

ENHANCED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	305,663,207		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		19,327,717			8,944,055			—
Asset-Backed Securities		—			56,142,844			—
Investment Companies		53,938,300			—			—
Short-term Investments		—			39,988,988			—
Total	$	73,266,017		$	410,739,094		$	—
Derivative Type
Liabilities(a)
Futures Contracts	$	(123,831	)	$	—		$	—
GOVERNMENT INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	185,388,178		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		65,969,648			84,953,940			—
Asset-Backed Securities		—			13,103,702			—
Municipal Debt Obligations		—			3,839,801			—
Investment Company		71,603,005			—			—
Total	$	137,572,653		$	287,285,621		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(17,038,514	)	$	—

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

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GOVERNMENT INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Futures Contracts(a)	$	368,679		$	—		$	—
Interest Rate Swap Contracts(a)		—			98,598			—
Options Purchased		—			95,578			—
Total	$	368,679		$	194,176		$	—
Liabilities
Futures Contracts(a)	$	(113,177	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(38,994	)		—
Written option contracts		—			(215,381	)		—
Total	$	(113,177	)	$	(254,375	)	$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	76,003,229		$	—
Asset-Backed Securities		—			106,995,259			—
Municipal Debt Obligations		—			7,258,298			—
U.S. Treasury Obligations		9,996,646			—			—
Short-term Investments		—			9,500,000			—
Total	$	9,996,646		$	199,756,786		$	—
Derivative Type
Assets(a)
Futures Contracts	$	3,472		$	—		$	—
Interest Rate Swap Contracts		—			80,705			—
Total	$	3,472		$	80,705		$	—
Liabilities(a)
Futures Contracts	$	(24,913	)	$	—		$	—
Interest Rate Swap Contracts		—			(38,581	)		—
Total	$	(24,913	)	$	(38,581	)	$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	433,240,158		$	—		$	—
Investment Company		18,521,754			—			—
Total	$	451,761,912		$	—		$	—
Derivative Type
Assets
Futures Contracts(a)	$	106,708		$	—		$	—
Interest Rate Swap Contracts(a)		—			419,595			—
Options Purchased		—			63,719			—
Total	$	106,708		$	483,314		$	—
Liabilities
Futures Contracts(a)	$	(13,005	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(1,062,167	)		—
Written option contracts		—			(235,862	)		—
Total	$	(13,005	)	$	(1,298,029	)	$	—
SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	477,614,494		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		360,010,618			198,532,545			—
Investment Company		244,129,220			—			—
Total	$	604,139,838		$	676,147,039		$	—
Derivative Type
Assets(a)
Futures Contracts	$	1,261,056		$	—		$	—
Interest Rate Swap Contracts		—			170,735			—
Total	$	1,261,056		$	170,735		$	—
Liabilities(a)
Futures Contracts	$	(467,355	)	$	—		$	—
Interest Rate Swap Contracts		—			(54,293	)		—
Total	$	(467,355	)	$	(54,293	)	$	—

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

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,043,952,561		$	—
Mortgage-Backed Obligations		—			331,285,741			267,950
Asset-Backed Securities		—			75,726,122			—
Foreign Debt Obligations		—			15,260,864			—
Municipal Debt Obligations		—			3,625,287			—
U.S. Treasury Obligations		1,718,752			—			—
Exchange Traded Funds		55,191,058			—			—
Investment Company		288,081,453			—			—
Short-term Investments		—			12,494,845			—
Total	$	344,991,263		$	1,482,345,420		$	267,950
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	1,409,645		$	—
Futures Contracts		328,958			—			—
Interest Rate Swap Contracts		—			3,379,146			—
Credit Default Swap Contracts		—			247,364			—
Total	$	328,958		$	5,036,155		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,251,739	)	$	—
Futures Contracts(a)		(32,942	)		—			—
Interest Rate Swap Contracts(a)		—			(375,601	)		—
Credit Default Swap Contracts(a)		—			(762,326	)		—
Written Option Contracts		—			(506,190	)		—
Total	$	(32,942	)	$	(2,895,856	)	$	—
SHORT-TERM CONSERVATIVE INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	2,462,072,449		$	—
Municipal Debt Obligations		—			24,774,130			—
U.S. Treasury Obligations		251,313,416			—			—
Investment Companies		879,325,495			—			—
Short-term Investments		—			1,285,734,807			—
Total	$	1,130,638,911		$	3,772,581,386		$	—

(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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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, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

ENHANCED INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	—	$	—		Variation margin on futures contracts	$	(123,831)	(a)
GOVERNMENT 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	$	562,855	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(367,552)	(a)
HIGH QUALITY FLOATING RATE
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	$	84,177	(a)	Variation margin on swap contracts; Variation margin on futures contracts	$	(63,494)	(a)
INFLATION PROTECTED SECURITIES
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	$	590,022	(a)	Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value	$	(1,311,034)	(a)
SHORT DURATION GOVERNMENT
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	$	1,431,791	(a)	Variation margin on futures contracts; Variation margin on swap contracts	$	(521,648)	(a)

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

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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	$	3,708,104	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(914,733)	(a)
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts		247,364	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts		(762,326)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,409,645		Payable for unrealized loss on forward foreign currency exchange contracts		(1,251,739)
Total		$	5,365,113			$	(2,928,798)

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

(b) Aggregate of amounts include $297,889 for the Short Duration Income 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.

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, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

ENHANCED INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)		Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options contracts and futures contracts/Net change in unrealized gain (loss) on purchased options contracts and futures contracts	$	(3,004,363	)	$	2,492,695		993
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, written options, futures contracts and swap contracts /Net change in unrealized gain (loss) on purchased options, written options, futures contracts and swap contracts	$	(931,951	)	$	1,322,742		619
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	$	(346,797	)	$	346,835		140

(a) Average number of contracts is based on the average of month end balances for the six months ended September 30, 2020.

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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 purchased options, written options, futures contracts and swap contracts /Net change in unrealized gain (loss) on purchased options, written options, futures contracts and swap contracts	$	(127,915	)	$	1,931,160			611
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	$	(3,814,694	)	$	2,630,973			4,238
SHORT DURATION INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)			Average Number of Contracts(a)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written options contracts/Net change in unrealized gain (loss) on futures contracts, swap contracts and written options contracts	$	3,407,579		$	(879,439	)		1,840
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		948,070			852,432			12
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(58,193	)		476,343			527
Total		$	4,297,456		$	449,336			2,379

(a) Average number of contracts is based on the average of month end balances for the six months ended September 30, 2020.

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.

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the six months ended September 30, 2020 , contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate#
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Enhanced Income		0.25	%		0.23	%		0.22	%		0.22	%		0.22	%		0.25	%		0.24	%
Government Income		0.53			0.48			0.45			0.44			0.44			0.53			0.49	+
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			0.25
Short Duration Government		0.44			0.40			0.38			0.37			0.36			0.44			0.42
Short Duration Income		0.40			0.36			0.34			0.33			0.32			0.39			0.38
Short-Term Conservative Income		0.25			0.25			0.25			0.25			0.25			0.25			0.18	*

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

+ Effective July 1, 2020, the Investment Adviser agreed to waive a portion of its management fee equal to 0.03% of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2021.

* The Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.20% as an annual percentage rate of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2021.

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, 2020, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Enhanced Income	$	25,008
Government Income		63,580
High Quality Floating Rate		—
Inflation Protected Securities		9,462
Short Duration Government		77,899
Short Duration Income		95,991
Short-Term Conservative Income		360,617

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

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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.

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
Enhanced Income		0.15	%		—	%		—	%		—	%
Government Income		0.25			0.75			0.50			0.25
High Quality Floating Rate		0.15			—			—			0.25
Inflation Protected Securities		0.25			0.75			0.50			—
Short Duration Government		0.25			0.75			—			0.25
Short Duration Income		0.25			0.75			0.50			—
Short-Term Conservative Income		0.15			—			—			—

* 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, 2021, and from year to year thereafter, provided that such continuance is approved annually by a majority vote of the Trustees of the Trust, including a majority of the non-interested Trustees of the Trust who have no direct or indirect financial interest in these arrangements.

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, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge
Fund	Class A
Enhanced Income	$	—
Government Income		2,674
High Quality Floating Rate		—
Inflation Protected Securities		5,125
Short Duration Government		2,316
Short Duration Income		566
Short-Term Conservative Income		—

D.  Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans to allow Administration, Preferred, Class C and

137

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Service Shares, as applicable, to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Administration, Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25%, 0.10%, 0.25% and 0.25% of the average daily net assets attributable to Administration, Preferred, Class C or Service Shares of the Funds, as applicable. Effective September 2, 2020, the service fee accrual was shut down for Administration and Preferred shares of the Short-Term Conservative Income Fund.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares; 0.03% of the average daily net assets of Class R6 and Class P Shares; and 0.04% of the average daily net assets of Institutional, Service, Administration and Preferred Shares. Prior to July 1, 2020 the fees charged for such transfer agency services was 0.13% of the average daily net assets of Class A, Class C, Investor and Class R Shares.

Effective July 29, 2020, Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.02% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Government Income Fund through at least July 29, 2021, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees. Prior to July 29, 2020, such transfer agency fee waiver was 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor, and Class R Shares of the Government Income Fund.

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, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended September 30, 2020, 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	$	25,008	$	—	$	21	$	96,373	$	121,402
Government Income		83,129		—		13,628		250,166		346,923
High Quality Floating Rate		—		—		20		204,357		204,377
Inflation Protected Securities		9,462		—		113		146,988		156,563
Short Duration Government		77,899		26,731		146		295,670		400,446
Short Duration Income		95,991		2,205		33		283,478		381,707
Short-Term Conservative Income		1,395,169		—		180		479,944		1,875,293

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

G.  Line of Credit Facility — As of September 30, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended September 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

H.  Other Transactions with Affiliates — For the six months ended September 30, 2020, Goldman Sachs earned $9,701, $9,560, $1,221, $7,201, $40,728 and $35,427 in brokerage commissions from portfolio transactions, including futures transactions executed with Goldman Sachs as the Futures Commission Merchant, on behalf of the Enhanced Income, Government Income, High Quality Floating Rate, Inflation Protected Securities, Short Duration Government and Short Duration Income Funds, respectively.

As of September 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of outstanding Administration and Preferred Shares of the following Fund:

Fund	Administration			Preferred
Short-Term Conservative Income		100	%		100	%

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended September 30, 2020:

Fund	Underlying Fund	Beginning value as of March 31, 2020		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change In Unrealized Gain (Loss)		Ending value as of September 30, 2020		Shares as of September 30, 2020		Dividend Income
Enhanced Income	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	229,700,768	$	(175,771,572	)	$	—		$	—	$	53,929,196		53,929,196	$	16,877
	Goldman Sachs Financial Square Money Market Fund — Institutional Shares		1,446,103		15		(1,437,030	)		(1,582	)		1,598		9,104		9,094		15
Government Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		59,347,188		175,638,235		(163,382,418	)		—			—		71,603,005		71,603,005		54,362
Inflation Protected Securities	Goldman Sachs Financial Square Government Fund — Institutional Shares		3,508,731		91,430,059		(76,417,036	)		—			—		18,521,754		18,521,754		7,637
Short Duration Government	Goldman Sachs Financial Square Government Fund — Institutional Shares		99,415,408		394,214,310		(249,500,498	)		—			—		244,129,220		244,129,220		55,955
Short Duration Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		3,637,470		760,860,094		(476,416,111	)		—			—		288,081,453		288,081,453		61,931

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Fund	Underlying Fund	Beginning value as of March 31, 2020		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)		Change In Unrealized Gain (Loss)			Ending value as of September 30, 2020		Shares as of September 30, 2020		Dividend Income
Short Duration Income (continued)	Goldman Sachs Access High Yield Corporate Bond ETF	$	—	$	36,594,195	$	—		$	—	$	(87,916	)	$	36,506,279		754,343	$	259,879
	Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF		—		18,743,466		—			—		(58,687	)		18,684,779		372,615		12,840
Short-Term Conservative Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		62,722,363		2,403,905,855		(1,786,282,346	)		—		—			680,345,872		680,345,872		156,125
	Goldman Sachs Financial Square Money Market Fund — Institutional Shares		198,305,267		317,151		—			—		357,205			198,979,623		198,780,843		319,566

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, 2020, 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)
Enhanced Income	$	8,900,000	$	90,014,772	$	3,700,221	$	92,114,073
Government Income		1,701,331,192		—		1,693,702,814		8,819,539
High Quality Floating Rate		9,238,341		4,858,825		15,333,426		41,198,552
Inflation Protected Securities		176,700,961		—		106,786,366		—
Short Duration Government		347,165,227		—		316,739,295		—
Short Duration Income		1,571,067,490		705,127,474		1,391,198,056		209,996,051
Short-Term Conservative Income		—		842,916,600		—		817,407,329

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7. TAX INFORMATION

As of March 31, 2020, 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		(3,003,398	)		—			(4,205,610	)		—			(19,688,667	)		(413,244	)		—
Perpetual Long-Term		(3,410,043	)		(2,097,306	)		(2,183,215	)		(7,787,826	)		(20,842,631	)		—			—
Total capital loss carryforwards	$	(6,413,441	)	$	(2,097,306	)	$	(6,388,825	)	$	(7,787,826	)	$	(40,531,298	)	$	(413,244	)	$	—
Timing differences (Income Distributions Payable, Post October Loss Deferral and Straddle Loss Deferral)	$	(2,473,833	)	$	(7,845,955	)	$	(2,044,957	)	$	(10,121,830	)	$	(17,098,083	)	$	(1,069,605	)	$	(5,662,396	)

As of September 30, 2020, 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	$	472,754,604		$	404,972,425		$	209,771,429		$	415,736,693		$	1,247,449,859		$	1,804,268,976		$	4,891,346,307
Gross unrealized gain		11,591,538			20,118,546			941,666			36,869,639			36,416,918			31,893,762			12,664,607
Gross unrealized loss		(341,031	)		(232,697	)		(959,663	)		(844,420	)		(3,579,900	)		(8,558,105	)		(790,617	)
Net unrealized gains (losses)	$	11,250,507		$	19,885,849		$	(17,997	)	$	36,025,219		$	32,837,018		$	23,335,657		$	11,873,990

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 market discount accretion and premium amortization and swap transactions.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations,

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

8. OTHER RISKS (continued)

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 the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which a 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 a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor

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8. OTHER RISKS (continued)

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.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

State/Territory Specific Risk — A Fund’s investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state’s or territory’s political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect a Fund’s income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

9. INDEMNIFICATIONS

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

10. OTHER MATTERS

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. GSAM expects that the adoption of this guidance will not have a material impact on the Funds’ financial statements.

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

11. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

	Enhanced Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		102,384		$	976,520			124,602		$	1,179,827
Reinvestment of distributions		6,701			63,630			24,956			235,946
Shares redeemed		(128,366	)		(1,212,583	)		(1,068,108	)		(10,105,480	)
		(19,281	)		(172,433	)		(918,550	)		(8,689,707	)
Administration Shares
Shares sold		31,652			301,948			169,751			1,604,403
Reinvestment of distributions		3,296			31,357			7,452			70,530
Shares redeemed		(2	)		(23	)		(23,389	)		(222,174	)
		34,946			333,282			153,814			1,452,759
Institutional Shares
Shares sold		3,194,656			30,358,319			6,191,519			58,509,132
Reinvestment of distributions		125,222			1,187,198			437,541			4,130,930
Shares redeemed		(7,369,991	)		(70,022,131	)		(13,792,687	)		(130,078,877	)
		(4,050,113	)		(38,476,614	)		(7,163,627	)		(67,438,815	)
Investor Shares
Shares sold		124,118			1,175,120			878,110			8,284,721
Reinvestment of distributions		6,054			57,359			19,600			184,838
Shares redeemed		(47,832	)		(451,138	)		(796,861	)		(7,514,242	)
		82,340			781,341			100,849			955,317
Class R6 Shares
Shares sold		1,704,055			16,093,345			1,415,912			13,357,325
Reinvestment of distributions		42,149			399,834			124,180			1,172,168
Shares redeemed		(1,092,989	)		(10,247,909	)		(1,920,278	)		(17,914,146	)
		653,215			6,245,270			(380,186	)		(3,384,653	)
Class P Shares
Shares sold		19,646,978			186,649,441			6,090,718			57,553,022
Reinvestment of distributions		186,706			1,772,924			439,490			4,149,291
Shares redeemed		(9,188,080	)		(87,465,899	)		(10,061,170	)		(95,137,185	)
		10,645,604			100,956,466			(3,530,962	)		(33,434,872	)
NET INCREASE (DECREASE)		7,346,711		$	69,667,312			(11,738,662	)	$	(110,539,971	)

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Government Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,171,295		$	18,377,890			1,073,050		$	16,108,856
Reinvestment of distributions		23,020			361,369			97,754			1,463,742
Shares redeemed		(792,628	)		(12,421,805	)		(2,738,715	)		(40,966,833	)
		401,687			6,317,454			(1,567,911	)		(23,394,235	)
Class C Shares
Shares sold		87,995			1,380,893			147,197			2,238,519
Reinvestment of distributions		434			6,802			2,386			35,795
Shares redeemed		(124,841	)		(1,958,659	)		(89,061	)		(1,336,974	)
		(36,412	)		(570,964	)		60,522			937,340
Institutional Shares
Shares sold		6,470,947			101,336,644			6,620,674			100,445,933
Reinvestment of distributions		75,577			1,184,782			174,533			2,613,161
Shares redeemed		(8,136,656	)		(127,566,082	)		(4,268,184	)		(63,937,918	)
		(1,590,132	)		(25,044,656	)		2,527,023			39,121,176
Service Shares
Shares sold		246,913			3,867,919			645,261			9,649,068
Reinvestment of distributions		10,122			158,453			42,545			635,995
Shares redeemed		(386,943	)		(6,044,037	)		(652,731	)		(9,713,238	)
		(129,908	)		(2,017,665	)		35,075			571,825
Investor Shares
Shares sold		502,917			7,883,903			494,515			7,451,097
Reinvestment of distributions		4,913			77,116			2,871			43,214
Shares redeemed		(123,471	)		(1,936,794	)		(58,640	)		(882,970	)
		384,359			6,024,225			438,746			6,611,341
Class R6 Shares
Shares sold		356,535			5,579,249			441,072			6,601,187
Reinvestment of distributions		4,341			68,038			12,166			182,050
Shares redeemed		(169,494	)		(2,655,605	)		(388,488	)		(5,828,140	)
		191,382			2,991,682			64,750			955,097
Class R Shares
Shares sold		251,360			3,929,810			543,890			8,196,293
Reinvestment of distributions		4,189			65,675			21,918			328,019
Shares redeemed		(409,259	)		(6,400,323	)		(747,959	)		(11,289,399	)
		(153,710	)		(2,404,838	)		(182,151	)		(2,765,087	)
Class P Shares
Shares sold		258,703			4,058,781			459,416			6,896,000
Reinvestment of distributions		6,414			100,456			17,733			265,652
Shares redeemed		(48,206	)		(752,094	)		(267,178	)		(4,006,978	)
		216,911			3,407,143			209,971			3,154,674
NET INCREASE (DECREASE)		(715,823	)	$	(11,297,619	)		1,586,025		$	25,192,131

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GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	High Quality Floating Rate Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		46,036		$	395,786			824,038		$	7,167,802
Reinvestment of distributions		2,448			20,989			22,253			193,125
Shares redeemed		(554,144	)		(4,702,167	)		(459,834	)		(3,994,571	)
		(505,660	)		(4,285,392	)		386,457			3,366,356
Institutional Shares
Shares sold		2,622,833			22,588,689			5,255,330			45,437,667
Reinvestment of distributions		15,476			132,901			102,648			891,338
Shares redeemed		(1,993,050	)		(17,138,808	)		(4,296,084	)		(37,240,868	)
		645,259			5,582,782			1,061,894			9,088,137
Service Shares
Shares sold		21			180			8,377			73,209
Reinvestment of distributions		6			52			146			1,277
Shares redeemed		—			—			(13,335	)		(115,966	)
		27			232			(4,812	)		(41,480	)
Investor Shares
Shares sold		40,529			350,257			915,021			7,912,167
Reinvestment of distributions		1,248			10,682			25,379			219,899
Shares redeemed		(325,896	)		(2,768,445	)		(1,421,190	)		(12,237,900	)
		(284,119	)		(2,407,506	)		(480,790	)		(4,105,834	)
Class R6 Shares
Shares sold		22,286			192,221			25,082			217,975
Reinvestment of distributions		679			5,833			9,082			78,951
Shares redeemed		(64,920	)		(557,307	)		(596,928	)		(5,189,884	)
		(41,955	)		(359,253	)		(562,764	)		(4,892,958	)
Class P Shares
Shares sold		2,571,523			22,190,627			8,415,654			73,233,038
Reinvestment of distributions		62,661			538,331			726,432			6,313,928
Shares redeemed		(6,072,184	)		(52,117,084	)		(35,157,694	)		(304,892,048	)
		(3,438,000	)		(29,388,126	)		(26,015,608	)		(225,345,082	)
NET DECREASE		(3,624,448	)	$	(30,857,263	)		(25,615,623	)	$	(221,930,861	)

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Inflation Protected Securities Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,842,715		$	20,637,538			1,978,603		$	21,068,912
Reinvestment of distributions		7,172			82,087			54,908			578,540
Shares redeemed		(1,017,093	)		(11,395,831	)		(2,358,860	)		(24,986,706	)
		832,794			9,323,794			(325,349	)		(3,339,254	)
Class C Shares
Shares sold		58,096			642,927			14,752			155,892
Reinvestment of distributions		102			1,154			5,191			53,519
Shares redeemed		(40,204	)		(444,620	)		(222,585	)		(2,313,340	)
		17,994			199,461			(202,642	)		(2,103,929	)
Institutional Shares
Shares sold		4,406,789			50,097,870			6,167,610			66,377,056
Reinvestment of distributions		35,567			410,612			244,560			2,612,342
Shares redeemed		(2,853,126	)		(32,226,032	)		(7,541,740	)		(80,898,734	)
		1,589,230			18,282,450			(1,129,570	)		(11,909,336	)
Investor Shares
Shares sold		2,806,160			31,653,356			1,568,160			16,748,401
Reinvestment of distributions		15,404			177,008			49,962			530,726
Shares redeemed		(543,332	)		(6,143,177	)		(661,171	)		(7,054,115	)
		2,278,232			25,687,187			956,951			10,225,012
Class R6 Shares
Shares sold		2,467,181			28,033,925			2,717,859			29,280,619
Reinvestment of distributions		21,510			248,212			102,551			1,094,951
Shares redeemed		(693,031	)		(7,849,796	)		(1,888,627	)		(20,269,058	)
		1,795,660			20,432,341			931,783			10,106,512
Class R Shares
Shares sold		319,496			3,544,206			904,066			9,542,983
Reinvestment of distributions		2,085			23,790			26,030			273,126
Shares redeemed		(493,152	)		(5,441,114	)		(719,395	)		(7,596,471	)
		(171,571	)		(1,873,118	)		210,701			2,219,638
Class P Shares
Shares sold		1,820,413			20,584,528			2,778,507			29,565,299
Reinvestment of distributions		14,966			172,756			232,024			2,470,173
Shares redeemed		(670,126	)		(7,503,747	)		(10,436,936	)		(111,822,851	)
		1,165,253			13,253,537			(7,426,405	)		(79,787,379	)
NET INCREASE (DECREASE)		7,507,592		$	85,305,652			(6,984,531	)	$	(74,588,736	)

147

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Government Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		3,655,884		$	36,613,078			5,373,313		$	52,966,227
Reinvestment of distributions		42,905			429,975			139,997			1,377,240
Shares redeemed		(2,220,457	)		(22,248,060	)		(4,840,771	)		(47,660,557	)
		1,478,332			14,794,993			672,539			6,682,910
Class C Shares
Shares sold		559,936			5,567,897			536,956			5,264,744
Reinvestment of distributions		4,350			43,296			19,772			193,191
Shares redeemed		(287,530	)		(2,859,752	)		(844,515	)		(8,245,974	)
		276,756			2,751,441			(287,787	)		(2,788,039	)
Institutional Shares
Shares sold		20,276,973			202,332,905			18,750,118			184,220,061
Reinvestment of distributions		233,496			2,331,446			695,220			6,817,813
Shares redeemed		(10,148,885	)		(101,207,597	)		(23,367,880	)		(229,164,383	)
		10,361,584			103,456,754			(3,922,542	)		(38,126,509	)
Service Shares
Shares sold		175,962			1,755,890			569,697			5,569,643
Reinvestment of distributions		3,986			39,757			19,873			194,581
Shares redeemed		(133,859	)		(1,334,456	)		(555,079	)		(5,430,434	)
		46,089			461,191			34,491			333,790
Investor Shares
Shares sold		1,161,792			11,637,452			3,741,545			36,938,076
Reinvestment of distributions		25,696			257,690			69,398			683,308
Shares redeemed		(1,128,817	)		(11,310,038	)		(2,943,420	)		(29,051,462	)
		58,671			585,104			867,523			8,569,922
Class R6 Shares
Shares sold		520,258			5,194,158			841,480			8,298,018
Reinvestment of distributions		8,659			86,473			13,261			130,094
Shares redeemed		(343,572	)		(3,430,007	)		(207,302	)		(2,038,804	)
		185,345			1,850,624			647,439			6,389,308
Class P Shares
Shares sold		14,303,193			142,712,837			6,625,222			64,899,293
Reinvestment of distributions		250,629			2,501,994			1,002,183			9,818,952
Shares redeemed		(7,904,014	)		(78,869,949	)		(22,404,290	)		(219,464,876	)
		6,649,808			66,344,882			(14,776,885	)		(144,746,631	)
NET INCREASE (DECREASE)		19,056,585		$	190,244,989			(16,765,222	)	$	(163,685,249	)

148

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		5,103,616		$	52,249,443			1,006,723		$	10,044,486
Reinvestment of distributions		19,570			199,212			24,100			239,799
Shares redeemed		(163,103	)		(1,658,954	)		(703,715	)		(6,917,607	)
		4,960,083			50,789,701			327,108			3,366,678
Class C Shares
Shares sold		28,726			294,368			70,197			698,273
Reinvestment of distributions		947			9,612			3,420			34,044
Shares redeemed		(33,855	)		(342,604	)		(113,366	)		(1,117,650	)
		(4,182	)		(38,624	)		(39,749	)		(385,333	)
Institutional Shares
Shares sold		3,433,194			34,796,245			7,550,417			74,999,885
Reinvestment of distributions		64,022			651,890			155,185			1,547,838
Shares redeemed		(1,855,754	)		(18,851,480	)		(7,440,031	)		(74,100,461	)
		1,641,462			16,596,655			265,571			2,447,262
Investor Shares
Shares sold		1,007,253			10,281,469			4,618,746			45,998,772
Reinvestment of distributions		7,146			72,844			50,286			501,842
Shares redeemed		(398,423	)		(4,055,071	)		(4,383,127	)		(43,501,301	)
		615,976			6,299,242			285,905			2,999,313
Class R6 Shares
Shares sold		581,107			5,914,949			32,799			327,375
Reinvestment of distributions		3,850			39,403			3,679			36,655
Shares redeemed		(39,848	)		(406,989	)		(52,075	)		(518,233	)
		545,109			5,547,363			(15,597	)		(154,203	)
Class R Shares
Shares sold		268,284			2,757,830			2,408			24,040
Reinvestment of distributions		746			7,636			300			2,991
Shares redeemed		(6,816	)		(69,865	)		(850	)		(8,515	)
		262,214			2,695,601			1,858			18,516
Class P Shares
Shares sold		83,583,100			847,195,593			36,970,814			368,351,465
Reinvestment of distributions		1,222,466			12,453,198			1,993,763			19,875,283
Shares redeemed		(16,873,307	)		(170,745,021	)		(27,031,299	)		(268,622,567	)
		67,932,259			688,903,770			11,933,278			119,604,181
NET INCREASE		75,952,921		$	770,793,708			12,758,374		$	127,896,414

149

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short-Term Conservative Income Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		9,204,819		$	92,308,541			7,715,050		$	77,516,019
Reinvestment of distributions		28,655			287,790			108,966			1,093,936
Shares redeemed		(3,341,407	)		(33,583,363	)		(8,532,146	)		(85,532,994	)
		5,892,067			59,012,968			(708,130	)		(6,923,039	)
Administration Shares
Shares sold		3,807			37,887			102,576			1,030,756
Reinvestment of distributions		280			2,805			1,617			16,229
Shares redeemed		(107,187	)		(1,078,721	)		(91,804	)		(921,717	)
		(103,100	)		(1,038,029	)		12,389			125,268
Preferred Shares
Reinvestment of distributions		13			127			61			614
		13			127			61			614
Institutional Shares
Shares sold		66,145,397			664,910,120			200,312,422			2,013,343,633
Reinvestment of distributions		713,316			7,161,005			3,026,963			30,390,073
Shares redeemed		(53,807,608	)		(539,858,553	)		(138,597,775	)		(1,387,990,290	)
		13,051,105			132,212,572			64,741,610			655,743,416
Investor Shares
Shares sold		13,692,049			137,627,550			20,979,266			210,745,806
Reinvestment of distributions		57,766			580,292			163,480			1,640,862
Shares redeemed		(6,177,702	)		(62,135,318	)		(12,588,448	)		(125,824,881	)
		7,572,113			76,072,524			8,554,298			86,561,787
Class R6 Shares
Shares sold		826			8,320			95,862,431			964,281,503
Reinvestment of distributions		142,910			1,435,521			1,152,079			11,579,195
Shares redeemed		(895,483	)		(9,008,491	)		(110,653,008	)		(1,112,841,737	)
		(751,747	)		(7,564,650	)		(13,638,498	)		(136,981,039	)
Class P Shares
Shares sold		141,768,009			1,423,931,963			223,664,416			2,246,900,593
Reinvestment of distributions		1,065,482			10,691,607			4,566,634			45,809,114
Shares redeemed		(79,365,169	)		(796,495,605	)		(236,490,139	)		(2,366,444,340	)
		63,468,322			638,127,965			(8,259,089	)		(73,734,633	)
NET INCREASE		89,128,773		$	896,823,477			50,702,641		$	524,792,374

150

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2020 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020 through September 30, 2020, which represents a period of 183 days of a 365-day year. This projection assumes that annualized expense ratios were in effect during the period.

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

Hypothetical Example for Comparison Purposes—The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Enhanced Income Fund							Government Income Fund							High Quality Floating Rate Fund							Inflation Protected Securities Fund
Share Class	Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*
Class A
Actual	$	1,000.00	$	1,043.10		$	2.97	$	1,000.00	$	1,015.00		$	4.24	$	1,000.00	$	1,033.80		$	3.06	$	1,000.00	$	1,069.60		$	3.48
Hypothetical 5% return		1,000.00		1,022.16	+		2.94		1,000.00		1,022.16	+		4.26		1,000.00		1,022.16	+		3.04		1,000.00		1,022.16	+		3.40
Class C
Actual		—		—			—		1,000.00		1,010.50			8.01		—		—			—		1,000.00		1,066.00			7.35
Hypothetical 5% return		—		—			—		1,000.00		1,017.10	+		8.04		—		—			—		1,000.00		1,017.95	+		7.18
Administration
Actual		1,000.00		1,043.00			3.02		—		—			—		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,022.11	+		2.99		—		—			—		—		—			—		—		—			—
Institutional
Actual		1,000.00		1,044.40			1.74		1,000.00		1,016.50			2.68		1,000.00		1,035.00			1.84		1,000.00		1,071.20			1.77
Hypothetical 5% return		1,000.00		1,023.36	+		1.72		1,000.00		1,022.41	+		2.69		1,000.00		1,023.26	+		1.83		1,000.00		1,023.36	+		1.72
Service
Actual		—		—			—		1,000.00		1,014.00			5.20		1,000.00		1,032.40			4.38		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.90	+		5.22		1,000.00		1,020.76	+		4.36		—		—			—
Investor
Actual		1,000.00		1,044.00			2.20		1,000.00		1,016.20			2.98		1,000.00		1,035.90			2.30		1,000.00		1,071.30			2.18
Hypothetical 5% return		1,000.00		1,022.91	+		2.18		1,000.00		1,022.11	+		2.99		1,000.00		1,022.81	+		2.28		1,000.00		1,022.96	+		2.13
Class R6
Actual		1,000.00		1,044.50			1.69		1,000.00		1,016.00			2.63		1,000.00		1,035.10			1.79		1,000.00		1,071.40			1.71
Hypothetical 5% return		1,000.00		1,023.41	+		1.67		1,000.00		1,022.46	+		2.64		1,000.00		1,023.31	+		1.78		1,000.00		1,023.41	+		1.67
Class R
Actual		—		—			—		1,000.00		1,013.10			5.50		—		—			—		1,000.00		1,068.10			4.77
Hypothetical 5% return		—		—			—		1,000.00		1,019.60	+		5.52		—		—			—		1,000.00		1,020.45	+		4.66
Class P
Actual		1,000.00		1,044.50			1.69		1,000.00		1,016.60			2.63		1,000.00		1,036.20			1.79		1,000.00		1,071.30			1.71
Hypothetical 5% return		1,000.00		1,023.41	+		1.67		1,000.00		1,023.41	+		2.64		1,000.00		1,023.41	+		1.78		1,000.00		1,023.41	+		1.67

* 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, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

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

Fund	Class A			Class C			Administration			Institutional			Service			Investor			Class R6			Class R			Class P
Enhanced Income		0.58	%		—	%		0.59	%		0.35	%		—	%		0.43	%		0.33	%		—	%		0.33	%
Government Income		0.84			1.59			—			0.53			1.03			0.59			0.52			1.09			0.52
High Quality Floating Rate		0.60			—			—			0.36			0.86			0.45			0.35			—			0.35
Inflation Protected Securities		0.67			1.42			—			0.34			—			0.42			0.33			0.92			0.33

151

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2020 (Unaudited) (continued)

	Short Duration Government Fund							Short Duration Income Fund							Short-Term Conservative Income Fund
Share Class	Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*
Class A
Actual	$	1,000.00	$	1,010.20		$	4.03	$	1,000.00	$	1,067.00		$	3.94	$	1,000.00	$	1,023.20		$	2.33
Hypothetical 5% return		1,000.00		1,021.06	+		4.05		1,000.00		1,021.06	+		3.85		1,000.00		1,021.06	+		2.33
Class C
Actual		1,000.00		1,008.20			6.04		1,000.00		1,063.80			6.05		—		—			—
Hypothetical 5% return		1,000.00		1,019.05	+		6.07		1,000.00		1,019.20	+		5.92		—		—			—
Administration
Actual		—		—			—		—		—			—		1,000.00		1,024.40			2.44
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,022.66	+		2.43
Preferred
Actual		—		—			—		—		—			—		1,000.00		1,024.10			1.52
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,023.56	+		1.52
Institutional
Actual		1,000.00		1,011.90			2.37		1,000.00		1,067.60			2.23		1,000.00		1,025.40			1.17
Hypothetical 5% return		1,000.00		1,022.71	+		2.38		1,000.00		1,022.91	+		2.18		1,000.00		1,023.92	+		1.17
Service
Actual		1,000.00		1,009.40			4.89		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,020.21	+		4.91		—		—			—		—		—			—
Investor
Actual		1,000.00		1,011.50			2.77		1,000.00		1,068.30			2.64		1,000.00		1,025.00			1.57
Hypothetical 5% return		1,000.00		1,022.31	+		2.79		1,000.00		1,022.51	+		2.59		1,000.00		1,023.51	+		1.57
Class R6
Actual		1,000.00		1,012.00			2.32		1,000.00		1,068.80			2.13		1,000.00		1,024.50			1.12
Hypothetical 5% return		1,000.00		1,022.76	+		2.33		1,000.00		1,023.01	+		2.08		1,000.00		1,023.96	+		1.12
Class R
Actual		—		—			—		1,000.00		1,065.60			5.18		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,020.05	+		5.06		—		—			—
Class P
Actual		1,000.00		1,012.00			2.32		1,000.00		1,068.80			2.18		1,000.00		1,025.50			1.12
Hypothetical 5% return		1,000.00		1,022.76	+		2.33		1,000.00		1,022.76	+		2.13		1,000.00		1,022.76	+		1.12

* 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, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

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

Fund	Class A			Class C			Administration			Preferred			Institutional			Service			Investor			Class R6			Class R			Class P
Short Duration Government		0.80	%		1.20	%		—	%		—	%		0.47	%		0.97	%		0.55	%		0.46	%		—	%		0.46	%
Short Duration Income		0.76			1.17			—			—			0.43			—			0.51			0.41			1.00			0.42
Short-Term Conservative Income		0.46			—			0.48			0.30			0.23			—			0.31			0.22			—			0.22

152

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 Management Agreements were most recently approved for continuation until June 30, 2021 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 16-17, 2020 (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 two 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) 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) 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) 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;

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

(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;

(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 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

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 market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. 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.

154

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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

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, 2019, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2020. 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 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 third quartile 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, 2020. They observed that the Government Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees also noted that the Government Income Fund had experienced certain portfolio management changes in 2019 and the first half of 2020. They considered that the High Quality Floating Rate Fund’s Institutional Shares had placed in the fourth quartile 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, 2020. The Trustees observed that the Inflation Protected Securities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They also considered that the Inflation Protected Securities Fund had experienced certain portfolio management changes in 2019 and the first half of 2020. The Trustees further noted that the Short Duration Government Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five-year period and the third quartile for the one-, three-, and ten-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They also observed that the Short Duration Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2020. The Trustees considered 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 underperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2020.

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

155

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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

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.

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 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 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s 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 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 Government Income Fund and 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.

156

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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

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; (h) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (i) 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.

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, 2021.

157

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 $1.86 trillion in assets under supervision as of September 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap 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

∎ U.S. Equity ESG Fund⁵

∎ Income Builder Fund

∎ Defensive Equity Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁶

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁷

∎ 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 Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ 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

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio. Financial Square FundsSM and Investor FundsSM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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 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.

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

Goldman Sachs & Co. LLC (“Goldman Sachs”) does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of the transaction(s) or matter(s) addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances.

Fund holdings and allocations shown are as of September 30, 2020 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

This material is 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.

© 2020 Goldman Sachs. All rights reserved. 221935-OTU-1301884 SDFISAR-20

Goldman Sachs Funds

Semi-Annual Report	September 30, 2020
	Single Sector Fixed Income Funds
	Emerging Markets Debt
	High Yield
	High Yield Floating Rate
	Investment Grade Credit
	Local Emerging Markets Debt
	U.S. Mortgages

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 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.

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	84
Financial Highlights	91
Emerging Markets Debt	91
High Yield	97
High Yield Floating Rate	105
Investment Grade Credit	112
Local Emerging Markets Debt	118
U.S. Mortgages	124
Notes to the Financial Statements	130
Other Information	164

NOT FDIC-INSURED May Lose Value No Bank Guarantee

FUND BASICS

Emerging Markets Debt Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	Fund Total Return (based on NAV)1			J.P. Morgan EMBISM Global Diversified Index Gross, USD, Unhedged2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		18.31	%		14.86	%		3.48	%		3.41	%
Class C		17.87			14.86			2.87			2.80
Institutional		18.46			14.86			3.96			3.91
Investor		18.43			14.86			3.90			3.83
Class R6		18.58			14.86			3.97			3.92
Class P		18.49			14.86			3.97			3.92

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

²  The J.P. Morgan Emerging Markets Bond Index (EMBI^SM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 50 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

1

FUND BASICS

TOP TEN COUNTRY ALLOCATION†
	Percentage of Net Assets
	As of 9/30/20			As of 3/31/20
Indonesia		6.1	%		6.4	%
Mexico		5.6			5.1
Turkey		4.0			5.1
United Arab Emirates		3.7			2.8
Egypt		3.5			3.5
Romania		3.4			2.1
Paraguay		3.3			3.0
Ukraine		3.1			4.0
Dominican Republic		2.9			4.3
Colombia		2.6			0.0
Other		52.1			51.3

^†  The percentage shown for each country reflects the value of investments in that country as a percentage of net assets. The table does not include investments in other investment companies of 1.6% as of 9/30/20 and 6.1% as of 3/31/20. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

2

FUND BASICS

High Yield Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		15.37	%		15.18	%		4.37	%		4.29	%
Class C		14.92			15.18			3.81			3.72
Institutional		15.49			15.18			4.85			4.82
Service		15.25			15.18			4.35			4.31
Investor		15.49			15.18			4.83			4.74
Class R6		15.47			15.18			4.86			4.83
Class R		15.23			15.18			4.31			4.23
Class P		15.49			15.18			4.87			4.83

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

²  The Bloomberg Barclays U.S. High-Yield 2% Issuer Capped Bond Index, an unmanaged index, covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

3

FUND BASICS

TOP TEN INDUSTRY ALLOCATION†
	Percentage of Net Assets
	as of 9/30/20			as of 3/31/20
Media		8.2	%		9.7	%
Telecommunication Services		6.6			7.7
Oil Field Services		6.0			3.6
Pipelines		5.1			3.7
Automotive		4.8			3.0
Retailing		4.7			4.4
Food & Drug Retailing		4.6			4.7
Healthcare Providers & Services		4.3			3.9
Chemicals		4.1			3.5
Diversified Financial Services		3.7			4.5
Other		44.4			47.7

^†  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investment companies and exchange traded funds of 0.0% as of 9/30/20 and 3.7% as of 3/31/20. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities.The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

TOP TEN HOLDINGS AS OF 9/30/20‡
Company	% of Net Assets			Line of Business
Kraft Heinz Foods Co. (BB+/Baa3)		0.8	%	Food & Drug Retailing
Bausch Health Americas, Inc. (B/B3)		0.8		Pharmaceuticals
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)		0.6		Media
Sprint Capital Corp. (BB/B1)		0.6		Telecommunication Services
Sprint Corp. (BB/B1)		0.6		Telecommunication Services
Occidental Petroleum Corp. (BB+/Ba2)		0.5		Oil Field Services
Beacon Roofing Supply, Inc. (B-/Caa1)		0.5		Retailing
Intelsat Jackson Holdings SA (NR/WR)		0.5		Telecommunication Services
CSC Holdings LLC (B/B3)		0.5		Media
Banff Merger Sub, Inc. (CCC+/Caa2)		0.5		Computers

^‡ The top 10 holdings may not be representative of the Fund’s future 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.

4

FUND BASICS

High Yield Floating Rate Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	Fund Total Return (based on NAV)1			Credit Suisse Leveraged Loan Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		16.38	%		14.24	%		3.49	%		3.37	%
Class C		15.95			14.24			2.83			2.71
Institutional		16.43			14.24			3.91			3.79
Investor		16.49			14.24			3.83			3.70
Class R6		16.56			14.24			3.92			3.79
Class R		16.25			14.24			3.19			3.23
Class P		16.56			14.24			3.92			3.80

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

²  The Credit Suisse Leveraged Loan Index is an unmanaged index designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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.

TOP TEN INDUSTRY ALLOCATION†
	Percentage of Net Assets
	as of 9/30/20			as of 3/31/20
Technology – Software/Services		12.4	%		12.8	%
Health Care – Services		5.9			4.9
Chemicals		4.8			5.4
Packaging		3.8			3.8
Telecommunication Services		3.6			3.0
Media – Non Cable		3.5			3.2
Diversified Financial Services		3.4			3.2
Entertainment		3.2			3.5
Building Materials		3.2			4.2
Media – Cable		2.9			2.9
Other		49.1			46.6

^†  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies, exchange traded funds and securities lending reinvestment vehicle of 3.5% as of 9/30/20 and 7.7% as of 3/31/20. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The 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.

5

FUND BASICS

Investment Grade Credit Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		13.22	%		9.84	%		1.39	%		1.32	%
Institutional		13.28			9.84			1.78			1.71
Separate Account Institutional		13.29			9.84			1.79			1.72
Investor		13.23			9.84			1.72			1.65
Class R6		13.29			9.84			1.79			1.72
Class P		13.30			9.84			1.79			1.72

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

²  The Bloomberg Barclays U.S. Credit Index is an unmanaged index which is unbundled into pure corporates (industrial, utility, and finance, including both U.S. and non-U.S. corporations) and non-corporates (sovereign, supranational, foreign agencies, and foreign local governments). The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

6

FUND BASICS

FUND COMPOSITION^†

Percentage of Net Assets

^†  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.

TOP TEN INDUSTRY ALLOCATION†
	Percentage of Net Assets
	as of 9/30/20			as of 3/31/20
Banks		22.2	%		20.9	%
Telecommunication Services		7.9			6.3
Pharmaceuticals		6.9			7.6
Electrical		5.3			4.9
Pipelines		5.0			6.0
Beverages		4.8			5.2
Oil Field Services		4.0			3.9
Computers		3.7			3.3
Sovereign		3.5			3.3
Real Estate Investment Trust		3.4			2.6

^†  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 0.0% as of 9/30/20 and 5.1% as of 3/31/20. Figures in the above table may not sum to 100% due to exclusion of other assets and liabilities. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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.

7

FUND BASICS

Local Emerging Markets Debt Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	Fund Total Return (based on NAV)1			J.P. Morgan GBI-EMSM Global Diversified Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		12.03	%		10.49	%		3.34	%		2.63	%
Class C		11.63			10.49			2.73			2.00
Institutional		12.23			10.49			3.80			3.09
Investor		11.98			10.49			3.75			3.01
Class R6		12.24			10.49			3.81			3.10
Class P		12.24			10.49			3.81			3.10

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

²  The J.P. Morgan Government Bond Index — Emerging Markets (GBI-EM^SM) Global Diversified Index (Gross, USD, Unhedged) is an unmanaged index of debt instruments of 14 emerging countries. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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.

TOP TEN COUNTRY ALLOCATION†
	Percentage of Net Assets
	as of 9/30/20			as of 3/31/20
South Africa		9.1	%		7.4	%
Thailand		8.8			11.9
Mexico		8.7			4.8
Colombia		7.3			2.2
Peru		6.9			7.6
Poland		6.3			6.5
United States		5.3			4.3
United Kingdom		5.1			5.9
Russia		4.3			6.5
Czech Republic		4.2			5.6
Other		22.8			21.0

^†  The percentage shown for each investment category reflects the value of investments in that country as a percentage of net assets. The table does not include investments in other investment companies of 5.1% as of 9/30/20 and 8.3% as of 3/31/20. The table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

8

FUND BASICS

U.S. Mortgages Fund

as of September 30, 2020

PERFORMANCE REVIEW
April 1, 2020–September 30, 2020	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		2.97	%		1.18	%		1.41	%		1.36	%
Institutional		3.14			1.18			1.80			1.75
Separate Account Institutional		3.15			1.18			1.81			1.76
Investor		3.10			1.18			1.71			1.66
Class R6		3.14			1.18			1.81			1.76
Class P		3.14			1.18			1.81			1.76

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

²  The Bloomberg Barclays U.S. Securitized Bond Index is an unmanaged composite of asset-backed securities, collateralized mortgage-backed securities and fixed rate mortgage-backed securities. The Index figures do not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

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

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

9

FUND BASICS

PORTFOLIO COMPOSITION^†

Percentage of Net Assets

^†  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.

^(a)  “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.

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.

10

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – 62.5%
Angola – 0.9%
	Republic of Angola (NR/Caa1)(a)
$	9,610,000		8.250	%		05/09/28	$	7,621,931
	Republic of Angola (CCC+/Caa1)
	2,670,000		9.125	(a)		11/26/49		2,073,422
	2,230,000		9.125			11/26/49		1,731,735
								11,427,088
Argentina(b) – 1.7%
	Republic of Argentina (CCC+/NR)
EUR	120,088		0.500			07/09/29		57,165
$	1,479,348		1.000			07/09/29		670,884
	19,634,677		0.125	(c)		07/09/30		8,148,391
EUR	3,559,900		0.125			07/09/30		1,648,653
$	28,120,015		0.125	(c)		07/09/35		10,502,826
	1,434,455		0.125	(c)		07/09/41		566,610
								21,594,529
Armenia(a) – 0.2%
	Republic of Armenia (NR/Ba3)
	2,100,000		3.950			09/26/29		2,030,437
Azerbaijan – 0.9%
	Republic of Azerbaijan (NR/Ba2u)
	3,534,000		4.750			03/18/24		3,701,865
	8,050,000		3.500			09/01/32		7,738,062
								11,439,927
Bahrain – 1.7%
	Kingdom of Bahrain (B+/NR)
	560,000		7.000			10/12/28		611,275
	1,380,000		7.375			05/14/30		1,514,119
	8,530,000		7.375	(a)		05/14/30		9,359,009
	5,140,000		5.450	(a)		09/16/32		4,908,700
	990,000		6.000			09/19/44		912,038
	Kingdom of Bahrain (B+/B2u)(a)
	4,410,000		5.625			09/30/31		4,299,750
								21,604,891
Belarus – 0.7%
	Republic of Belarus (B/B3u)
	450,000		7.625			06/29/27		438,610
	1,340,000		6.200			02/28/30		1,249,131
	Republic of Belarus Ministry of Finance (B/NR)(a)
	1,400,000		5.875			02/24/26		1,299,900
	5,390,000		6.378			02/24/31		5,045,040
								8,032,681
Belize(a)(d) – 0.1%
	Republic of Belize (CCC+/Caa1)
	2,567,296		4.938			02/20/34		1,116,774
Bermuda(a)(b) – 0.3%
	Bermuda Government Bond (A+/A2)
	1,900,000		2.375			08/20/30		1,919,000
	1,890,000		3.375			08/20/50		1,970,916
								3,889,916
Bolivia – 0.0%
	Republic of Bolivian (B+/B2)
	200,000		4.500			03/20/28		170,812
Sovereign Debt Obligations – (continued)
Chile(b) – 0.0%
	Republic of Chile (A+/A1)
	390,000		3.500			01/25/50		444,722
Colombia(b) – 1.7%
	Republic of Colombia (BBB-/Baa2)
	6,780,000		3.125			04/15/31		6,925,770
	2,180,000		5.000			06/15/45		2,543,787
	640,000		5.200			05/15/49		773,200
	10,030,000		4.125			05/15/51		10,456,275
								20,699,032
Costa Rica(a) – 0.2%
	Republic of Costa Rica (B/B2)
	2,520,000		6.125			02/19/31		2,364,075
Croatia – 1.1%
	Croatia Government International Bond (BBB-/Ba2)
EUR	5,440,000		1.125			06/19/29		6,489,744
	6,160,000		1.500			06/17/31		7,493,127
								13,982,871
Dominican Republic – 2.7%
	Dominican Republic (NR/NR)
DOP	8,900,000		18.500	(a)		02/04/28		220,740
	152,600,000		10.750			08/11/28		2,760,898
	Dominican Republic (BB-/Ba3)
$	450,000		6.875			01/29/26		500,906
	1,500,000		8.625			04/20/27		1,749,375
	4,740,000		6.850	(a)		01/27/45		4,994,775
	6,599,000		6.850			01/27/45		6,953,696
	11,020,000		6.500	(a)		02/15/48		11,112,981
	170,000		6.500			02/15/48		171,434
	3,490,000		6.400	(a)		06/05/49		3,499,816
	1,760,000		5.875			01/30/60		1,661,000
								33,625,621
Ecuador(a) – 2.0%
	Republic of Ecuador (B-/NR)
	3,532,360		0.000	(e)		07/31/30		1,642,547
	4,773,040		0.500	(c)		07/31/30		3,233,734
	24,028,455		0.500	(c)		07/31/35		13,395,864
	12,651,936		0.500	(c)		07/31/40		6,357,598
								24,629,743
Egypt – 3.5%
	Republic of Egypt (B/B2u)(a)
	6,510,000		8.875			05/29/50		6,453,037
	Republic of Egypt (NR/B2)
	2,050,000		7.500			01/31/27		2,149,938
	Republic of Egypt (B/NR)
EUR	120,000		4.750			04/11/25		136,737
	2,369,000		6.375			04/11/31		2,583,974
	1,770,000		6.375	(a)		04/11/31		1,930,618
	Republic of Egypt (B/B2)
	8,360,000		4.750	(a)		04/16/26		9,302,407
	2,260,000		5.625	(a)		04/16/30		2,399,668
	7,200,000		5.625			04/16/30		7,644,959

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Egypt – (continued)
	Republic of Egypt (B/B2u)
$	8,180,000		7.625	%(a)		05/29/32	$	7,975,500
	200,000		7.903	(a)		02/21/48		184,125
	990,000		8.700			03/01/49		963,394
	2,850,000		8.700	(a)		03/01/49		2,773,406
								44,497,763
El Salvador(b) – 0.4%
	Republic of El Salvador (B-/B3)
	150,000		9.500			07/15/52		141,984
	5,670,000		9.500	(a)		07/15/52		5,367,010
								5,508,994
Gabon – 0.3%
	Republic of Gabon (NR/Caa1)(a)
	2,760,000		6.625			02/06/31		2,458,987
	Republic of Gabon (NR/NR)
	1,854,118		6.375			12/12/24		1,745,768
								4,204,755
Ghana – 0.8%
	Republic of Ghana (NR/B1)
	1,970,000		10.750			10/14/30		2,388,625
	Republic of Ghana (B-/B3)(a)
	2,370,000		6.375			02/11/27		2,135,962
	Republic of Ghana (B-/B3)
	210,000		8.627	(a)		06/16/49		176,466
	2,109,000		8.627			06/16/49		1,772,219
	Republic of Ghana (B-/B3u)(a)
	4,640,000		8.125			03/26/32		4,067,250
								10,540,522
Guatemala – 2.3%
	Republic of Guatemala (BB-/Ba1)
	5,520,000		4.500	(a)		05/03/26		5,894,325
	5,430,000		4.500			05/03/26		5,798,222
	7,400,000		4.375	(a)		06/05/27		7,908,750
	350,000		4.375			06/05/27		374,063
	1,410,000		4.900	(a)(b)		06/01/30		1,560,253
	6,120,000		6.125	(a)(b)		06/01/50		7,317,225
								28,852,838
Honduras – 1.4%
	Republic of Honduras (BB-/B1)
	6,930,000		8.750	(a)		12/16/20		6,984,140
	6,018,000		8.750			12/16/20		6,065,016
	1,310,000		7.500	(a)		03/15/24		1,423,397
	1,120,000		7.500			03/15/24		1,216,950
	1,170,000		5.625	(a)(b)		06/24/30		1,252,266
								16,941,769
Hungary – 0.3%
	Hungary Government International Bond (BBB/Baa3)
EUR	3,250,000		1.750			06/05/35		4,000,985
Indonesia – 5.9%
	Perusahaan Penerbit SBSN Indonesia III (NR/Baa2)(a)
$	13,920,000		4.150			03/29/27		15,664,350
Sovereign Debt Obligations – (continued)
Indonesia – (continued)
	Perusahaan Penerbit SBSN Indonesia III (BBB/Baa2)
	2,430,000		4.550			03/29/26		2,794,500
	33,470,000		4.400	(a)		03/01/28		38,260,394
	1,460,000		4.450			02/20/29		1,686,300
	4,050,000		3.800	(a)		06/23/50		4,310,719
	Republic of Indonesia (NR/Baa2)
	550,000		4.350			01/11/48		633,703
	Republic of Indonesia (BBB/Baa2)
	400,000		4.750	(a)		01/08/26		464,750
EUR	1,550,000		0.900			02/14/27		1,774,136
$	2,380,000		3.850			10/15/30		2,698,325
	4,590,000		4.450			04/15/70		5,430,544
	350,000		4.625			04/15/43		408,953
								74,126,674
Iraq(b) – 0.0%
	Republic of Iraq (NR/NR)
	234,375		5.800			01/15/28		208,154
Israel – 0.7%
	State of Israel (AA-/A1)
	3,770,000		3.875			07/03/50		4,521,644
	2,820,000		4.500	(f)		04/03/20		3,842,250
								8,363,894
Ivory Coast – 0.5%
	Republic of Ivory Coast (NR/Ba3)
EUR	2,100,000		5.250			03/22/30		2,224,394
	2,370,000		6.625	(a)		03/22/48		2,348,006
	1,130,000		6.625			03/22/48		1,119,514
								5,691,914
Jamaica – 0.7%
	Jamaica Government International Bond (B+/B2)
$	6,890,000		7.875			07/28/45		8,718,003
Jordan(a) – 0.2%
	Kingdom of Jordan (B+/B1)
	3,000,000		5.850			07/07/30		2,910,000
	Kenya – 0.9%
	Republic of Kenya (B+/B2u)
	3,900,000		7.000	(a)		05/22/27		3,829,313
	750,000		7.250	(a)		02/28/28		737,109
	200,000		8.000			05/22/32		197,438
	6,380,000		8.000	(a)		05/22/32		6,298,256
								11,062,116
Lebanon(g) – 0.4%
	Republic of Lebanon (NR/NR)
	3,663,000		6.750			11/29/27		549,450
	Republic of Lebanon (D/NR)
	2,020,000		6.650			04/22/24		308,050
	3,990,000		6.200			02/26/25		603,487
	270,000		6.600			11/27/26		40,500
	710,000		6.850			03/23/27		106,500
	1,220,000		6.650			11/03/28		183,000
	7,704,000		6.850			05/25/29		1,136,340
	10,024,000		6.650			02/26/30		1,453,480
	1,820,000		7.050			11/02/35		273,000
	150,000		7.250			03/23/37		22,500
								4,676,307

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)
North Macedonia – 1.3%
	Republic of North Macedonia (BB-/NR)
EUR	600,000		5.625	%		07/26/23	$	772,278
	10,480,000		2.750	(a)		01/18/25		12,609,815
	2,710,000		2.750			01/18/25		3,260,744
								16,642,837
Mexico – 1.0%
	Mexico Government International Bond (BBB/Baa1)
	850,000		1.350	(b)		09/18/27		974,159
$	820,000		4.500			04/22/29		919,169
	United Mexican States (BBB/Baa1)(b)
	3,300,000		4.750			04/27/32		3,736,219
	United Mexican States (BBB/Baa1)(b)
	3,740,000		4.500			01/31/50		3,936,350
	2,920,000		5.000			04/27/51		3,273,320
								12,839,217
Mongolia – 0.5%
	Republic of Mongolia (B/NR)(a)
	1,940,000		5.125			04/07/26		1,949,700
	Republic of Mongolia (B/B3)
	1,200,000		5.125			12/05/22		1,222,875
	Republic of Mongolia (B/B3u)
	3,490,000		5.625			05/01/23		3,578,341
								6,750,916
Morocco(a) – 0.2%
	Kingdom of Morocco (BBB-/Ba1u)
EUR	2,560,000		1.500			11/27/31		2,818,569
Mozambique – 0.1%
	Republic of Mozambique (NR/Caa2u)
$	2,060,000		5.000			09/15/31		1,679,544
Nigeria – 1.8%
	Republic of Nigeria (B-/B2)
	2,630,000		6.500			11/28/27		2,503,431
	1,190,000		7.143			02/23/30		1,127,897
	8,390,000		7.875			02/16/32		7,999,341
	12,170,000		7.696	(a)		02/23/38		10,953,000
								22,583,669
Oman – 0.4%
	Oman Government International Bond (NR/Ba3)
	400,000		6.750			01/17/48		331,000
	4,250,000		6.750	(a)		01/17/48		3,516,875
	Oman Government International Bond (BB-/Ba3)
	1,430,000		4.750			06/15/26		1,306,662
								5,154,537
Panama – 1.3%
	Panama Notas del Tesoro (BBB+/NR)
	920,000		4.875			02/05/21		932,420
	Panama Notas del Tesoro (BBB+/Baa1)(a)
	2,740,000		3.750			04/17/26		2,933,512
	Republic of Panama (BBB+/Baa1)(b)
	6,500,000		4.500			04/01/56		8,112,000
	3,680,000		3.870			07/23/60		4,219,350
								16,197,282
Sovereign Debt Obligations – (continued)
Papua New Guinea(a) – 0.1%
	Papua New Guinea Government International Bond (B-/B2)
	1,450,000		8.375			10/04/28		1,424,625
Paraguay – 3.3%
	Republic of Paraguay (BB/NR)(a)
	4,590,000		5.600			03/13/48		5,650,003
	Republic of Paraguay (BB/Ba1)
	12,098,000		4.625			01/25/23		12,820,099
	3,930,000		5.000	(a)		04/15/26		4,478,972
	685,000		5.000			04/15/26		780,686
	2,770,000		4.700	(a)		03/27/27		3,140,488
	2,760,000		4.950	(a)(b)		04/28/31		3,187,800
	400,000		4.950	(b)		04/28/31		462,000
	5,650,000		6.100			08/11/44		7,299,094
	3,050,000		5.400	(a)(b)		03/30/50		3,692,406
								41,511,548
Qatar – 1.8%
	Republic of Qatar (AA-/Aa3)
	10,470,000		5.103	(a)		04/23/48		14,530,397
	2,950,000		4.817	(a)		03/14/49		3,967,750
	240,000		4.817			03/14/49		322,800
	2,770,000		4.400	(a)		04/16/50		3,569,837
								22,390,784
Romania – 3.4%
	Republic of Romania (BBB-/Baa3)
EUR	4,370,000		2.375	(a)		04/19/27		5,423,016
	7,360,000		2.875			05/26/28		9,395,075
	1,330,000		2.500			02/08/30		1,628,067
	3,250,000		3.624	(a)		05/26/30		4,305,822
$	2,070,000		3.000	(a)		02/14/31		2,124,338
EUR	2,320,000		2.124	(a)		07/16/31		2,711,583
	1,730,000		2.124			07/16/31		2,022,000
	2,270,000		2.000	(a)		01/28/32		2,622,371
	390,000		3.375	(a)		02/08/38		485,262
$	420,000		4.625	(a)		04/03/49		599,686
	900,000		3.375	(a)		01/28/50		1,074,990
	3,070,000		3.375			01/28/50		3,666,910
	5,860,000		4.000	(a)		02/14/51		6,030,306
								42,089,426
Russia – 1.1%
	Russian Federation Bond (NR/NR)
	4,000,000		4.750			05/27/26		4,580,000
	3,200,000		4.375	(a)		03/21/29		3,676,800
	4,200,000		5.100	(a)		03/28/35		5,147,625
								13,404,425
Saudi Arabia – 1.7%
	Saudi Government International Bond (NR/A1)
	1,770,000		2.750	(a)		02/03/32		1,838,588
	920,000		4.500			10/26/46		1,106,300
	3,600,000		4.625			10/04/47		4,401,000
	1,380,000		5.000			04/17/49		1,781,925
	1,770,000		3.750	(a)		01/21/55		1,916,025
	410,000		3.750			01/21/55		443,825
	8,270,000		4.500	(a)		04/22/60		10,257,384
								21,745,047

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Senegal(a) – 0.4%
	Republic of Senegal (B+/Ba3)
EUR	4,580,000		4.750	%		03/13/28	$	5,181,876
Serbia – 0.7%
	Republic of Serbia (NR/Ba3)
	440,000		3.125			05/15/27		551,344
	2,740,000		3.125	(a)		05/15/27		3,433,373
	Republic of Serbia (BB+/Ba3)(a)
	4,400,000		1.500			06/26/29		4,984,670
								8,969,387
South Africa – 1.5%
	Republic of South Africa (NR/Ba1)
$	3,660,000		4.850			09/27/27		3,611,962
	3,350,000		5.650			09/27/47		2,835,984
	Republic of South Africa (BB-/Ba1)
	240,000		4.875			04/14/26		242,250
	2,670,000		4.300			10/12/28		2,483,934
	5,670,000		4.850			09/30/29		5,398,903
	1,180,000		6.250			03/08/41		1,130,588
	4,120,000		5.750			09/30/49		3,487,838
								19,191,459
Sri Lanka – 1.8%
	Republic of Sri Lanka (B-/Caa1)
	2,980,000		5.750	(a)		04/18/23		2,207,063
	7,190,000		6.850	(a)		03/14/24		5,271,169
	910,000		6.350	(a)		06/28/24		656,622
	3,960,000		6.125			06/03/25		2,775,712
	6,010,000		6.850	(a)		11/03/25		4,244,562
	3,180,000		6.850			11/03/25		2,245,875
	1,690,000		6.750	(a)		04/18/28		1,144,447
	230,000		6.750			04/18/28		155,753
	5,240,000		7.550	(a)		03/28/30		3,537,000
								22,238,203
Tajikistan – 0.1%
	Republic of Tajikistan (B-/B3)
	710,000		7.125			09/14/27		571,772
Trinidad and Tobago(a)(b) – 0.1%
	Republic of Trinidad & Tobago (BBB-/Ba1)
	1,560,000		4.500			06/26/30		1,534,650
Tunisia(a) – 0.1%
	Banque Centrale de Tunisie International Bond (NR/B2)
EUR	850,000		6.750			10/31/23		937,722
	Banque Centrale de Tunisie International Bond (B2/NR)
	760,000		6.375			07/15/26		801,120
								1,738,842
Turkey – 2.8%
	Republic of Turkey (NR/B2)
$	5,380,000		4.250			03/13/25		4,951,281
EUR	5,290,000		3.250			06/14/25		5,684,758
	6,280,000		5.200			02/16/26		7,245,637
$	1,200,000		4.875			10/09/26		1,094,625
	4,780,000		6.000			03/25/27		4,573,862
	3,450,000		5.250			03/13/30		3,062,953
Sovereign Debt Obligations – (continued)
Turkey – (continued)
	Republic of Turkey (NR/B2) – (continued)
	7,640,000		5.750			05/11/47		6,073,800
	999,000		7.375			02/05/25		1,034,902
	2,300,000		6.000			01/14/41		1,907,563
								35,629,381
Ukraine – 3.1%
	Ukraine Government Bond (B/NR)
	600,000		8.994			02/01/24		626,100
	1,900,000		9.750			11/01/28		2,050,813
EUR	2,210,000		4.375	(a)		01/27/30		2,111,758
$	210,000		7.375			09/25/32		197,269
	4,473,000		7.253	(a)		03/15/33		4,103,977
	7,108,000		0.000	(e)		05/31/40		6,428,297
	Ukraine Government Bond (B/B3u)
	1,050,000		7.750			09/01/21		1,078,350
	7,470,000		7.750			09/01/23		7,589,520
	9,860,000		7.750			09/01/24		9,896,975
	2,430,000		7.750			09/01/25		2,430,000
	1,520,000		7.750			09/01/26		1,513,825
	360,000		7.750			09/01/27		356,625
								38,383,509
United Arab Emirates(a) – 0.8%
	Abu Dhabi Government International Bond (AA/Aa2u)
	3,200,000		3.875			04/16/50		3,898,000
	Finance Department Government of Sharjah (BBB/Baa2)
	6,310,000		4.000			07/28/50		6,436,200
								10,334,200
Uruguay(b) – 0.0%
	Republic of Uruguay (BBB/Baa2)
	350,000		4.375			01/23/31		416,172
Uzbekistan(a) – 0.1%
	Republic of Uzbekistan (BB-/NR)
	1,460,000		5.375			02/20/29		1,623,794
Vietnam(b)(h) – 0.3%
	Debt and Asset Trading Corp. (NR/NR)
	4,680,000		1.000			10/10/25		3,776,175
Zambia – 0.2%
	Republic of Zambia (CCC-/NR)
	5,834,000		5.375			09/20/22		2,895,122
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $795,268,036)						$	787,074,775
Corporate Obligations – 27.8%
Argentina(a) – 0.1%
	Telecom Argentina SA (CCC+/NR)
$	896,000		8.500	%		08/06/25	$	763,840
Azerbaijan – 0.1%
	State Oil Co. of the Azerbaijan Republic (BB-/Ba2)
	400,000		4.750			03/13/23		417,200
	State Oil Co. of the Azerbaijan Republic (BB-/NR)
	1,040,000		6.950			03/18/30		1,232,920
								1,650,120

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)
Bahrain(a) – 0.2%
	CBB International Sukuk Programme Co. SPC (B+/NR)
$	2,670,000		3.950	%		09/16/27	$	2,623,275
Brazil – 1.7%
	Banco do Brasil SA (CCC+/NR)(b)(i) (10 Year CMT + 4.398%)
	5,210,000		6.250			10/29/49		4,877,863
	Banco do Brasil SA (CCC+/B2)(b)(i) (10 Year CMT + 6.362%)
	6,880,000		9.000			06/29/49		7,430,400
	BRF SA (NR/Ba2)(b)
	1,590,000		4.875			01/24/30		1,629,088
	1,290,000		5.750	(a)		09/21/50		1,276,145
	Embraer Overseas Ltd. (BB+/Ba2)
	13,000		5.696			09/16/23		13,169
	Itau Unibanco Holding SA (BB-/B2)(a)(b)(i) (5 Year CMT + 3.222%)
	3,360,000		4.625			12/31/99		2,926,560
	Samarco Mineracao SA (NR/WR)(g)
	3,185,000		4.125			11/01/22		1,688,050
	2,080,000		5.750			10/24/23		1,112,800
	800,000		5.375			09/26/24		422,750
								21,376,825
British Virgin Islands – 1.3%
	Contemporary Ruiding Development Ltd.(BBB+/Baa1)(b)
	290,000		2.625			09/17/30		289,040
	Easy Tactic Ltd. (NR/NR)(b)
	740,000		8.625			02/27/24		635,244
	Fortune Star BVI Ltd. (BB/NR)(b)
	610,000		5.250			03/23/22		610,763
	260,000		6.750			07/02/23		268,125
	FPC Resources Ltd. (NR/NR)(b)
	380,000		4.375			09/11/27		384,275
	Huarong Finance 2017 Co. Ltd.
	3,770,000		4.750			04/27/27		4,118,725
	(5 Year CMT + 6.983%)
	3,530,000		4.000	(b)(i)		12/31/99		3,567,506
	Huarong Finance 2019 Co. Ltd.(b)
	1,490,000		3.875			11/13/29		1,532,837
	1,900,000		3.375			02/24/30		1,888,125
	1,070,000		3.625			09/30/30		1,087,374
	Sino-Ocean Land Treasure IV Ltd. (NR/Baa3)(b)
	320,000		4.750			01/14/30		323,700
	Studio City Finance Ltd. (BB-/B1)(a)(b)
	430,000		6.000			07/15/25		439,589
	350,000		6.500			01/15/28		358,750
	Sunny Express Enterprises Corp. (NR/A3)(b)(i) (3 Year CMT + 4.762%)
	870,000		3.350			12/31/99		879,787
								16,383,840
Burundi – 0.3%
	Eastern & Southern African Trade & Development Bank (NR/Baa3)
	3,660,000		5.375			03/14/22		3,702,053
Chile – 0.8%
	Corp Nacional del Cobre de Chile (A/A3)(a)(b)
	2,290,000		3.750			01/15/31		2,547,625
Corporate Obligations – (continued)
Chile – (continued)
	Embotelladora Andina SA (BBB/NR)(a)
	506,000		5.000			10/01/23		556,600
	Empresa de los Ferrocarriles del Estado (A+/NR)(a)(b)
	600,000		3.068			08/18/50		585,000
	Empresa de Transporte de Pasajeros Metro SA (A+/NR)(a)(b)
	830,000		3.650			05/07/30		916,112
	GNL Quintero SA (BBB/Baa2)
	1,060,000		4.634			07/31/29		1,134,783
	Inversiones CMPC SA (BBB-/NR)(a)(b)
	660,000		4.375			05/15/23		699,806
	Sociedad Quimica y Minera de Chile SA (BBB+/Baa1)(a)(b)
	3,291,000		4.375			01/28/25		3,602,617
								10,042,543
China – 0.5%
	China Evergrande Group (NR/B2)(b)
	940,000		8.250			03/23/22		836,600
	Fantasia Holdings Group Co. Ltd. (NR/NR)(b)
	200,000		9.250			07/28/23		189,813
	iQIYI, Inc. (NR/NR)(j)
	240,000		2.000			04/01/25		230,340
	Kaisa Group Holdings Ltd. (NR/NR)(b)
	200,000		8.500			06/30/22		195,688
	Kaisa Group Holdings Ltd. (NR/B2)(b)
	200,000		10.875			07/23/23		198,500
	260,000		11.950			11/12/23		266,500
	240,000		11.250			04/16/25		234,840
	Sunac China Holdings Ltd. (B+/B1)(b)
	880,000		8.350			04/19/23		896,225
	470,000		7.000			07/09/25		453,526
	Tencent Holdings Ltd. (A+/A1)(a)(b)
	240,000		3.240			06/03/50		243,104
	Yuzhou Group Holdings Co. Ltd. (NR/B1)(b)
	970,000		7.700			02/20/25		974,850
	Zhenro Properties Group Ltd. (NR/NR)(b)
	380,000		8.350			03/10/24		383,325
	Zhenro Properties Group Ltd. (NR/B2)(b)(i) (-1x3 Year CMT + 13.414%)
	590,000		10.250			12/31/99		601,800
								5,705,111
Colombia – 0.9%
	Banco de Bogota SA (NR/Ba2)
	6,870,000		6.250	(a)		05/12/26		7,445,362
	1,980,000		6.250			05/12/26		2,145,825
	Grupo Aval Ltd. (NR/Ba2)
	590,000		4.750			09/26/22		604,750
	1,530,000		4.375	(a)(b)		02/04/30		1,474,767
								11,670,704
Cyprus – 0.2%
	MHP SE (B/NR)
	1,910,000		7.750			05/10/24		1,989,384
Dominican Republic(a)(b) – 0.2%
	Aeropuertos Dominicanos Siglo XXI SA (B+/B1)
	3,220,000		6.750			03/30/29		2,865,795

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Hong Kong – 0.6%
	CNAC HK Finbridge Co. Ltd. (NR/Baa2)
$	7,110,000		3.000	%		09/22/30	$	7,007,332
India(a) – 0.2%
	Greenko Investment Co. (B+/NR)(b)
	1,780,000		4.875			08/16/23		1,768,319
	Reliance Industries Ltd. (BBB+/Baa2)
	1,090,000		3.667			11/30/27		1,192,528
								2,960,847
Indonesia – 0.2%
	Indonesia Asahan Aluminium Persero PT (NR/Baa2)(a)(b)
	1,060,000		5.800			05/15/50		1,245,997
	Perusahaan Gas Persero Tbk PT (BBB-/Baa2)
	1,730,000		5.125			05/16/24		1,888,403
								3,134,400
Ireland – 0.6%
	Credit Bank of Moscow Via CBOM Finance PLC (NR/NR)(b)(i) (5 Year USD Swap + 5.416%)
	310,000		7.500			10/05/27		294,500
	Credit Bank of Moscow Via CBOM Finance PLC (BB-/NR)(a)
	430,000		4.700			01/29/25		433,359
	Credit Bank of Moscow Via CBOM Finance PLC (BB-/Ba3)(a)
	3,010,000		5.550			02/14/23		3,111,588
	Phosagro OAO Via Phosagro Bond Funding DAC (BBB-/Baa3)(a)
	3,610,000		3.949			04/24/23		3,748,759
								7,588,206
Israel(a)(b) – 0.3%
	Leviathan Bond Ltd. (BB-/Ba3)
	3,350,000		5.750			06/30/23		3,450,496
Ivory Coast – 0.5%
	Brazil Minas SPE via State of Minas Gerais (BB-/NR)(a)(h)
	2,800,000		5.333			02/15/28		2,904,125
	Comunicaciones Celulares SA Via Comcel Trust (NR/Ba1)(b)
	3,980,000		6.875			02/06/24		4,024,855
								6,928,980
Japan(b)(i) – 0.1%
	SoftBank Group Corp. (B+/B2u) (5 Year USD ICE Swap + 4.226%)
	1,310,000		6.000			12/31/99		1,206,838
Kazakhstan – 0.8%
	KazMunayGas National Co. JSC (BB/Baa3)
	4,992,000		4.750			04/19/27		5,548,920
	Tengizchevroil Finance Co. International Ltd. (BBB/Baa2)(a)(b)
	2,920,000		2.625			08/15/25		2,927,300
	1,500,000		3.250			08/15/30		1,507,500
								9,983,720
Luxembourg – 0.7%
	Gazprom PJSC Via Gaz Capital SA (BBB-/Baa2)
	410,000		8.625	(j)		04/28/34		615,641
	3,970,000		7.288			08/16/37		5,601,422
Corporate Obligations – (continued)
Luxembourg – (continued)
	MHP Lux SA (B/NR)
$	380,000		6.950			04/03/26	$	381,662
	Rede D’or Finance S.a.r.l. (BB-/NR)(b)
	620,000		4.500			01/22/30		587,450
	Rede D’or Finance S.a.r.l. (BB-/NR)(a)(b)
	1,300,000		4.500			01/22/30		1,231,750
								8,417,925
Malaysia(b) – 0.7%
	Axiata Spv5 Labuan Ltd. (BBB+/Baa2)
	360,000		3.064			08/19/50		337,306
	Petronas Capital Ltd. (A-/A2)(a)
	4,410,000		4.550			04/21/50		5,656,200
	1,890,000		4.800			04/21/60		2,599,355
								8,592,861
Mauritius – 0.7%
	MTN Mauritius Investments Ltd. (BB-/Ba1)
	3,390,000		5.373			02/13/22		3,455,681
	1,790,000		4.755			11/11/24		1,829,716
	550,000		6.500	(a)		10/13/26		609,469
	Vedanta Holdings Mauritius II Ltd. (B/B3)(a)(b)
	2,750,000		13.000			08/21/23		2,832,500
								8,727,366
Mexico – 4.6%
	Banco Mercantil del Norte SA (BB-/Ba2)(b)(i)
	(10 Year CMT + 5.353%)
	200,000		7.625			12/31/99		198,380
	(10 Year CMT + 5.470%)
	1,350,000		7.500	(a)		12/31/99		1,320,469
	(10 Year CMT + 5.470%)
	330,000		7.500			12/31/99		322,781
	(5 Year CMT + 4.967%)
	3,820,000		6.750	(a)		12/31/99		3,755,537
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3)(a)(b)(i) (5 Year CMT + 2.995%)
	1,090,000		5.950			10/01/28		1,147,225
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa1)
	330,000		4.125			11/09/22		347,222
	BBVA Bancomer SA (NR/Baa3)(b)(i) (5 Year CMT + 4.308%)
	600,000		5.875			09/13/34		608,408
	BBVA Bancomer SA (BB/NR)(b)(i)
	(5 Year CMT + 2.650%)
	3,080,000		5.125	(a)		01/18/33		2,954,875
	(5 Year CMT + 2.650%)
	1,210,000		5.125			01/18/33		1,160,844
	Cemex SAB de CV (BB/NR)(a)(b)
	400,000		7.375			06/05/27		431,000
	1,820,000		5.200			09/17/30		1,826,643
	Industrias Penoles SAB de CV (BBB/NR)(a)(b)
	400,000		4.750			08/06/50		411,693
	Mexico City Airport Trust (BBB/Baa3)(b)
	1,180,000		4.250	(a)		10/31/26		1,044,300
	1,409,000		4.250			10/31/26		1,246,965
	5,200,000		3.875	(a)		04/30/28		4,430,563

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)
Mexico – (continued)
	Mexico City Airport Trust (BBB/Baa3)(b) – (continued)
$	2,190,000		5.500	%(a)		10/31/46	$	1,760,897
	722,000		5.500			10/31/46		580,533
	10,548,000		5.500			07/31/47		8,573,098
	Petroleos Mexicanos (BBB/Ba2)
EUR	13,560,000		5.125			03/15/23		15,911,853
$	1,280,000		5.350			02/12/28		1,101,696
	997,000		5.950	(a)(b)		01/28/31		832,134
	1,940,000		5.625			01/23/46		1,375,217
	365,000		6.750			09/21/47		281,324
	2,091,000		6.350			02/12/48		1,577,842
	3,343,000		7.690	(a)(b)		01/23/50		2,798,091
	3,043,000		6.950	(a)(b)		01/28/60		2,353,760
								58,353,350
Netherlands – 2.3%
	Bharti Airtel International Netherlands B.V. (BBB-/Ba1)
	550,000		5.125			03/11/23		583,516
	Greenko Dutch B.V. (NR/Ba1)(b)
	690,000		4.875			07/24/22		686,550
	IHS Netherlands Holdco B.V. (B-/B2)(a)(b)
	490,000		7.125			03/18/25		499,647
	400,000		8.000			09/18/27		409,812
	Lukoil International Finance B.V. (BBB/NR)
	1,800,000		4.750			11/02/26		2,000,250
	Lukoil Securities B.V. (BBB/NR)(a)
	1,740,000		3.875			05/06/30		1,838,954
	Metinvest B.V. (B/NR)(b)
	301,000		7.750	(a)		04/23/23		306,081
	520,000		7.750			04/23/23		528,125
	MV24 Capital B.V. (BB/NR)(a)
	1,501,716		6.748			06/01/34		1,513,682
	NE Property B.V. (BBB/NR)(b)
EUR	980,000		1.750			11/23/24		1,121,712
	2,440,000		3.375			07/14/27		2,853,626
	Petrobras Global Finance B.V. (BB-/Ba2)
$	2,510,000		5.999			01/27/28		2,779,323
	1,820,000		6.850	(k)		06/05/15		1,938,300
	Prosus NV (BBB-/Baa3)(b)
	460,000		5.500			07/21/25		526,556
	3,220,000		3.680	(a)		01/21/30		3,462,788
	480,000		3.680			01/21/30		516,192
	1,500,000		4.027	(a)		08/03/50		1,531,875
	Royal Capital B.V. (NR/NR)(b)(i) (-1x5 Year CMT + 7.396%)
	460,000		5.000			12/31/49		458,850
	Syngenta Finance NV (BBB-/Ba2)(a)(b)
	4,640,000		5.676			04/24/48		4,955,938
								28,511,777
Pakistan – 0.6%
	The Third Pakistan International Sukuk Co. Ltd. (NR/B3)
	2,130,000		5.500			10/13/21		2,122,013
	The Third Pakistan International Sukuk Co. Ltd. (B-/B3)
	5,200,000		5.625			12/05/22		5,193,500
								7,315,513
Corporate Obligations – (continued)
Panama(a) – 0.4%
	Autoridad del Canal de Panama (A/A1)
	380,000		4.950			07/29/35		455,763
	Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2)(b)
	2,830,000		2.375			09/14/25		2,866,903
	Banco Nacional de Panama (BBB+/Baa1)(b)
	2,190,000		2.500			08/11/30		2,155,310
								5,477,976
Peru – 0.9%
	ABY Transmision Sur SA (BBB/NR)(a)
	5,029,968		6.875			04/30/43		6,608,121
	Corp. Lindley SA (BBB/NR)
	1,222,500		6.750	(a)		11/23/21		1,262,995
	2,670,000		6.750			11/23/21		2,758,444
	120,000		4.625	(a)		04/12/23		125,100
								10,754,660
Philippines – 0.0%
	International Container Terminal Services, Inc. (NR/NR)
	340,000		4.750			06/17/30		357,357
	SMC Global Power Holdings Corp. (NR/NR)(b)(i) (5 Year CMT + 6.608%)
	210,000		6.500			12/31/99		207,572
								564,929
Singapore(b) – 0.0%
	Eterna Capital Pte Ltd. (CCC+p/Caa2)(d)
	394,157		8.000			12/11/22		106,915
	Innovate Capital Pte Ltd. (NR/NR)(d)
	638,770		6.000			12/11/24		82,510
	Trafigura Group Pte Ltd. (NR/NR)(i) (5 Year USD Swap + 6.647%)
	470,000		6.875			12/31/99		438,862
								628,287
South Africa – 0.1%
	Eskom Holdings SOC Ltd. (CCC+/Caa1)
	520,000		6.750			08/06/23		479,050
	800,000		7.125			02/11/25		729,000
								1,208,050
Thailand(a)(b) – 0.3%
	PTT Treasury Center Co. Ltd. (BBB+/Baa1)
	2,850,000		3.700			07/16/70		2,829,965
	PTTEP Treasury Center Co. Ltd. (NR/Baa1)
	1,040,000		2.993			01/15/30		1,093,625
								3,923,590
Turkey – 1.2%
	Akbank T.A.S. (NR/Caa2)(b)(i) (5 Year USD Swap + 4.029%)
	564,000		6.797			04/27/28		493,324
	TC Ziraat Bankasi A/S (NR/B2)
	500,000		5.125			05/03/22		485,625
	770,000		5.125	(a)		09/29/23		717,784
	Turkiye Vakiflar Bankasi TAO (NR/B2)
	250,000		8.125			03/28/24		250,625
	1,090,000		8.125	(a)		03/28/24		1,092,725
	1,080,000		5.250	(a)		02/05/25		968,625

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Turkey – (continued)
	Yapi ve Kredi Bankasi A/S (NR/B2)
$	1,820,000		6.100	%		03/16/23	$	1,767,106
	200,000		5.850			06/21/24		188,938
	4,610,000		8.250	(a)		10/15/24		4,679,150
	Yapi ve Kredi Bankasi A/S (NR/Caa3u)(b)(i) (5 Year USD Swap + 11.245%)
	4,330,000		13.875			12/31/99		4,546,500
								15,190,402
United Arab Emirates – 2.9%
	Abu Dhabi Crude Oil Pipeline LLC (AA/NR)(a)
	12,180,000		4.600			11/02/47		14,916,694
	DP World Crescent Ltd. (NR/Baa3)
	840,000		4.848			09/26/28		930,972
	1,390,000		3.875			07/18/29		1,436,913
	1,500,000		3.750	(b)		01/30/30		1,537,500
	DP World PLC (NR/Baa3)
	1,070,000		5.625			09/25/48		1,219,131
	290,000		6.850	(a)		07/02/37		362,138
	DP World Salaam (NR/Ba2)(b)(i) (5 Year CMT + 5.750%)
	6,350,000		6.000			12/31/99		6,659,562
	NBK Tier 1 Financing 2 Ltd. (NR/Baa3)(a)(b)(i) (6 Year USD Swap + 2.832%)
	2,480,000		4.500			12/31/99		2,445,900
	Sharjah Sukuk Program Ltd. (BBB/Baa2)
	1,370,000		4.226			03/14/28		1,527,122
	Sharjah Sukuk Program Ltd.		(BBB/Baa2	)
	4,900,000		3.234			10/23/29		5,164,906
								36,200,838
United Kingdom – 0.9%
	Gazprom PJSC Via Gaz Finance PLC (BBB-/Baa2)(a)
	6,160,000		3.250			02/25/30		6,173,860
	Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)(a)(e)
EGP	79,450,000		0.000			01/07/21		4,867,742
	Vedanta Resources Finance II PLC (B-/B3)(b)
$	260,000		9.250			04/23/26		195,000
	Vedanta Resources Ltd. (B-/B3)(b)
	200,000		6.125			08/09/24		140,000
								11,376,602
United States – 1.5%
	Brazil Loan Trust 1 (BB-/NR)(a)(h)
	4,742,599		5.477			07/24/23		4,813,738
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)(a)(e)
EGP	59,625,000		0.000			07/08/21		3,417,668
	78,475,000		0.000			09/02/21		4,424,168
	Sasol Financing USA LLC (BB/Ba2)(b)
$	6,470,000		5.875			03/27/24		6,203,112
								18,858,686
Venezuela(g) – 0.4%
	Petroleos de Venezuela SA (NR/NR)
	138,210,000		6.000			10/28/22		3,593,460
Corporate Obligations – (continued)
Venezuela(g) – (continued)
	Petroleos de Venezuela SA (CCC-/NR)
	2,180,000		5.500			04/12/37		59,950
	Petroleos de Venezuela SA (D/NR)
	41,690,000		6.000			05/16/24		1,146,475
	3,387,934		6.000			11/15/26		93,168
	19,170,000		5.375			04/12/27		527,175
								5,420,228
	TOTAL CORPORATE OBLIGATIONS
	(Cost $405,934,217)						$	350,557,349

Shares		Dividend Rate	Value
Investment Company(l) – 1.6%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	19,607,232	0.027%	$	19,607,232
	(Cost $19,607,232)
	TOTAL INVESTMENTS – 91.9%
	(Cost $1,220,809,485)		$	1,157,239,356
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 8.1%			101,374,233
	NET ASSETS – 100.0%		$	1,258,613,589

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(b)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(c)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2020.
(d)	Pay-in-kind securities.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Actual maturity date is April 03, 2120.
(g)	Security is currently in default and/or non-income producing.
(h)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $11,494,038, which represents approximately 0.9% of the Fund’s net assets as of September 30, 2020.
(i)	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, 2020.
(j)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2020.
(k)	Actual maturity date is June 05, 2115.
(l)	Represents an affiliated fund.

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Security ratings disclosed, if any, are obtained from by S&P’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

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

Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
LLC	—Limited Liability Company
NR	—Not Rated
PLC	—Public Limited Company
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, 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	CAD	1,724,786	CHF	1,186,567		12/16/20	$	4,427
	CAD	6,733,529	USD	5,046,613		12/16/20		12,141
	CLP	4,233,997,685	USD	5,375,034		11/16/20		20,618
	CNH	155,090,595	USD	22,564,898		12/16/20		173,648
	COP	7,756,281,901	USD	2,018,386		10/05/20		7,803
	COP	4,686,020,927	USD	1,206,028		11/20/20		15,181
	EUR	1,065,687	CHF	1,144,691		12/16/20		5,912
	EUR	1,073,447	CZK	29,060,363		12/16/20		548
	EUR	1,087,457	PLN	4,931,834		12/16/20		1,095
	EUR	4,302,683	SEK	44,788,984		12/16/20		47,592
	EUR	4,626,755	USD	5,421,410		11/09/20		7,711
	EUR	5,231,362	USD	6,131,267		12/16/20		13,246
	GBP	4,712,850	EUR	5,128,703		12/16/20		60,435
	GBP	4,204,227	USD	5,400,829		12/16/20		26,899
	ILS	13,411,791	USD	3,905,101		12/16/20		14,653
	INR	1,248,344,946	USD	16,669,788		10/28/20		253,629
	JPY	138,529,180	AUD	1,794,466		12/16/20		29,391

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (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)	JPY	1,236,588,108	USD	11,657,364		12/16/20	$	80,611
	KRW	1,537,477,967	USD	1,311,215		11/02/20		7,360
	MXN	71,067,427	USD	3,142,367		12/16/20		43,251
	NZD	1,932,249	USD	1,267,613		12/16/20		10,577
	RUB	120,717,902	USD	1,529,320		11/17/20		17,795
	TRY	14,453,191	USD	1,852,546		10/16/20		12,271
	TWD	116,278,189	USD	3,999,059		11/09/20		39,893
	USD	7,824,137	AUD	10,748,835		12/16/20		123,645
	USD	1,425,069	BRL	7,919,334		10/02/20		15,007
	USD	9,134,928	CAD	12,020,655		12/16/20		104,073
	USD	7,567,776	CHF	6,853,691		12/16/20		108,745
	USD	3,895,064	CLP	3,021,619,707		11/16/20		44,421
	USD	3,845,794	CLP	2,978,608,197		12/17/20		48,609
	USD	5,067,969	CNH	34,546,594		12/16/20		2,934
	USD	1,306,440	COP	4,898,693,833		10/05/20		26,744
	USD	241,341	COP	911,981,143		11/20/20		3,673
	USD	242,096,627	EUR	205,514,040		11/09/20		942,616
	USD	5,067,729	EUR	4,264,534		12/16/20		58,806
	USD	3,814,796	GBP	2,940,164		12/16/20		18,993
	USD	913,745	IDR	13,464,951,676		11/05/20		10,638
	USD	1,305,805	ILS	4,455,146		12/16/20		3,736
	USD	9,317,176	MXN	201,718,521		12/10/20		268,797
	USD	2,595,499	MXN	57,528,744		12/16/20		16,757
	USD	968,732	NZD	1,428,650		12/16/20		23,674
	USD	2,575,744	PLN	9,876,072		12/16/20		20,172
	USD	11,732,046	RUB	887,826,153		11/17/20		353,705
	USD	1,901,385	TRY	14,453,191		10/16/20		36,569
	USD	2,272,877	TRY	17,386,923		10/19/20		31,639
	USD	3,732,075	TRY	28,080,564		10/23/20		116,905
	USD	1,237,879	TRY	9,363,313		11/10/20		38,576
	USD	3,688,432	ZAR	61,996,932		12/17/20		21,709
	ZAR	79,835,686	USD	4,650,520		12/17/20		71,250
TOTAL							$	3,419,080

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	1,794,037	CAD	1,724,697		12/16/20	$	(10,474	)
	AUD	13,093,997	USD	9,542,028		12/16/20		(161,457	)
	CAD	11,851,453	USD	9,016,205		12/16/20		(112,465	)
	CHF	3,435,417	EUR	3,191,417		12/16/20		(9,644	)
	CHF	5,762,151	USD	6,329,462		12/16/20		(58,379	)
	CNH	43,972,748	USD	6,463,050		12/16/20		(16,002	)
	COP	16,412,556,645	USD	4,472,798		10/05/20		(185,312	)
	CZK	29,448,982	USD	1,307,585		12/16/20		(30,459	)
	EUR	1,777,164	GBP	1,628,580		12/16/20		(15,151	)
	EUR	1,073,447	HUF	393,525,747		12/16/20		(6,910	)
	EUR	2,678,075	NOK	29,704,230		12/16/20		(39,745	)
	EUR	1,082,197	SEK	11,506,893		12/16/20		(15,046	)
	EUR	19,111,126	USD	22,616,833		11/09/20		(191,481	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC (continued)	EUR	61,569,682	USD	72,907,895		12/16/20	$	(591,010	)
	GBP	3,283,427	USD	4,255,018		12/16/20		(16,058	)
	ILS	8,947,144	USD	2,616,238		12/16/20		(1,330	)
	JPY	538,909,198	EUR	4,387,228		12/16/20		(37,586	)
	JPY	249,797,513	USD	2,372,404		12/16/20		(1,269	)
	KRW	1,496,940,871	USD	1,288,164		11/02/20		(4,355	)
	MXN	316,205,445	USD	14,459,810		12/16/20		(285,807	)
	NOK	67,740,996	USD	7,498,533		12/16/20		(234,434	)
	NZD	1,907,991	EUR	1,075,531		12/16/20		(1,125	)
	NZD	2,033,969	USD	1,361,012		10/09/20		(15,423	)
	PLN	4,624,808	EUR	1,037,877		12/16/20		(22,308	)
	PLN	60,050,372	USD	15,948,069		12/16/20		(409,196	)
	RUB	490,377,608	USD	6,540,852		11/17/20		(256,194	)
	SEK	34,091,127	EUR	3,277,450		12/16/20		(39,118	)
	SEK	52,825,267	USD	6,004,949		12/16/20		(100,581	)
	TRY	16,901,574	USD	2,326,940		10/23/20		(150,984	)
	TWD	74,103,062	USD	2,573,952		10/26/20		(5,087	)
	TWD	73,972,050	USD	2,601,000		11/09/20		(31,563	)
	USD	3,729,527	AUD	5,291,155		12/16/20		(61,069	)
	USD	1,772,992	CAD	2,372,795		12/16/20		(9,638	)
	USD	1,605,866	CLP	1,262,333,986		11/16/20		(2,806	)
	USD	6,465,854	CNH	44,364,905		12/16/20		(38,690	)
	USD	5,007,641	COP	19,270,144,714		10/05/20		(26,339	)
	USD	1,287,140	CZK	29,731,123		12/16/20		(2,222	)
	USD	1,272,069	EUR	1,087,949		12/16/20		(5,785	)
	USD	6,318,031	GBP	4,938,054		12/16/20		(57,081	)
	USD	3,788,915	ILS	13,062,917		12/16/20		(28,876	)
	USD	10,414,055	INR	785,665,724		10/28/20		(236,968	)
	USD	12,557,173	JPY	1,326,873,449		12/16/20		(37,812	)
	USD	6,298,003	KRW	7,393,196,890		11/02/20		(42,562	)
	USD	2,549,187	NOK	24,135,040		12/16/20		(38,896	)
	USD	1,277,760	NZD	1,953,627		12/16/20		(14,572	)
	USD	13,829,533	PLN	53,689,621		10/07/20		(60,444	)
	USD	2,971,374	RUB	234,959,631		11/17/20		(39,859	)
	USD	1,814,542	TRY	14,453,191		12/16/20		(14,141	)
	USD	12,507,508	TWD	362,646,262		11/09/20		(89,100	)
	USD	7,367,179	ZAR	126,110,405		12/17/20		(91,447	)
	ZAR	96,612,858	USD	5,881,165		12/07/20		(159,737	)
	ZAR	21,640,589	USD	1,310,280		12/17/20		(30,378	)
TOTAL							$	(4,144,375	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2020, 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		160			12/21/20	$	35,490,000		$	62,607
Ultra 10 Year U.S. Treasury Notes		168			12/21/20		26,866,875			101,847
2 Year U.S. Treasury Notes		333			12/31/20		73,579,992			33,184
5 Year U.S. Treasury Notes		1,135			12/31/20		143,045,469			168,590
10 Year U.S. Treasury Notes		225			12/21/20		31,394,531			(4,896	)
20 Year U.S. Treasury Bonds		122			12/21/20		21,506,313			44,545
Total									$	405,877
Short position contracts:
Eurodollars		(2	)		12/14/20		(498,775	)		(9,272	)
TOTAL FUTURES CONTRACTS									$	396,605

SWAP CONTRACTS — At September 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%(a)		6M WIBOR(b)	12/16/21	PLN	243,090	(c)	$	(57,990	)	$	(12,137	)	$	(45,853	)
Mexico Interbank TIIE 28 Days(d)		4.500%(d)	12/14/22	MXN	615,340	(c)		(16,405	)		12,775			(29,180	)
6M LIBOR(e)		1.000(f)	12/16/22	EUR	45,170	(c)		(15,147	)		(101,001	)		85,854
(0.500)(f)		6M EURO(e)	12/16/23		16,960	(c)		16,459			25,035			(8,576	)
1M BID Average(a)		4.930(a)	01/02/24	BRL	73,355	(c)		(136,619	)		12,127			(148,746	)
1M BID Average(d)		6.260(d)	01/02/25		32,565			93,570			(127,873	)		221,443
6M CNY(b)		2.500(b)	06/17/25	CNY	192,950			(180,349	)		325,886			(506,235	)
Mexico Interbank TIIE 28 Days(d)		5.100(d)	12/10/25	MXN	672,410	(c)		(61,054	)		293			(61,347	)
6M WIBOR(e)		0.750(f)	12/16/25	PLN	48,880	(c)		136,558			(10,343	)		146,901
(0.250)(f)		6M EURO(e)	12/16/25	EUR	53,490	(c)		(536,195	)		(457,785	)		(78,410	)
(0.250)(f)		6M EURO(e)	12/16/27		26,320	(c)		(209,025	)		(158,267	)		(50,758	)
(0.250)(f)		6M EURO(e)	12/16/30		25,980	(c)		107,981			232,985			(125,004	)
0.250(f)		6M EURO(e)	12/16/40		3,300	(c)		(176,117	)		(134,164	)		(41,953	)
0.250(f)		6M EURO(e)	12/16/50		1,290	(c)		(122,225	)		(93,508	)		(28,717	)
TOTAL							$	(1,156,558	)	$	(485,977	)	$	(670,581	)

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2020.

(d) Payments made monthly.

(e) Payments made semi-annually.

(f) Payments made annually.

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate (Paid) Received by the Fund(a)		Credit Spread at September 30, 2020(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)%	0.101%	Barclays Bank PLC		06/20/21	$	7,030	$	(48,217	)	$	5,490		$	(53,707	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.101	BofA Securities LLC		12/20/20		9,500		(22,098	)		3,679			(25,777	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.101	BofA Securities LLC		06/20/21		8,370		(57,407	)		14,088			(71,495	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.101	Citibank NA		12/20/20		20,690		(48,128	)		9,501			(57,629	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.101	Citibank NA		06/20/21		48,730		(334,227	)		50,443			(384,670	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.143	Citibank NA		06/20/22		2,550		(38,750	)		(13,231	)		(25,519	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.101	Deutsche Bank AG (London)		12/20/20		5,280		(12,283	)		2,125			(14,408	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.101	Deutsche Bank AG (London)		06/20/21		28,030		(192,251	)		15,642			(207,893	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.120	Deutsche Bank AG (London)		12/20/21		15,570		(173,963	)		14,134			(188,097	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.101	JPMorgan Securities, Inc.		12/20/20		18,200		(42,335	)		5,886			(48,221	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.101	JPMorgan Securities, Inc.		06/20/21		19,180		(131,553	)		10,728			(142,281	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.143	JPMorgan Securities, Inc.		06/20/22		2,820		(42,844	)		(10,607	)		(32,237	)
People’s Republic of China, 7.500%, 10/28/27(a)		(1.000)	0.101	UBS AG (London)		06/20/21		18,520		(127,024	)		12,268			(139,292	)
Protection Sold:
Republic of Chile, 3.875%, 08/05/20(a)		1.000	0.132	Citibank NA		12/20/20		11,510		25,968			(6,881	)		32,849
Republic of Colombia, 10.375%, 01/28/33(a)		1.000	0.768	Citibank NA		12/20/22		3,940		21,599			—			21,599
Republic of Colombia, 10.375%, 01/28/33(a)		1.000	0.768	JPMorgan Securities, Inc.		12/20/22		3,600		19,735			738			18,997
Ukraine Government, 7.375%, 09/25/32(a)		5.000	5.735	Deutsche Bank AG (London)		12/20/23		3,820		(76,256	)		(216,186	)		139,930
Ukraine Government, 7.375%, 09/25/32(a)		5.000	6.022	Barclays Bank PLC		06/20/25		520		(20,736	)		(22,367	)		1,631
TOTAL									$	(1,300,770	)	$	(124,550	)	$	(1,176,220	)

(a) Payments made quarterly.

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

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (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, 2020(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.EM Index 33(a)		1.000	1.858%		06/20/25	$	40,530	$	(1,549,339	)	$	(1,515,350	)	$	(33,989	)
CDX.NA.EM Index 34(a)		1.000	2.307		12/20/25		13,540		(854,683	)		(862,749	)		8,066
Federative Republic of Brazil, 4.250%, 01/07/25(a)		1.000	2.182		12/20/24		21,780		(1,037,604	)		(165,743	)		(871,861	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21(a)		1.000	0.664		06/20/24		17,110		218,799			62,513			156,286
Kingdom of Saudi Arabia, 2.375%, 10/26/21(a)		1.000	0.914		12/20/25		2,310		10,855			92			10,763
Republic of Abu Dhabi, 3.125%, 08/03/26(a)		1.000	0.397		12/20/24		4,140		106,727			95,748			10,979
Republic of Chile, 3.875%, 08/05/20(a)		1.000	0.457		06/20/24		2,020		41,492			46,002			(4,510	)
Republic of Chile, 3.875%, 08/05/20(a)		1.000	0.518		12/20/24		12,630		260,437			268,784			(8,347	)
Republic of the Philippines, 10.625%, 03/16/25(a)		1.000%	0.309		12/20/23		9,460		214,352			8,649			205,703
Republic of Colombia, 10.375%, 01/28/33(a)		1.000	0.977		12/20/23		29,500		30,658			(298,895	)		329,553
Republic of Colombia, 10.375%, 01/28/33(a)		1.000	1.118		06/20/24		2,730		(11,018	)		(1,213	)		(9,805	)
Republic of Indonesia, 5.875%, 03/13/20(a)		1.000	1.157		12/20/25		9,550		(73,681	)		(83,069	)		9,388
Republic of Panama, 8.875%, 09/30/27(a)		1.000	0.871		12/20/25		1,000		6,897			4,115			2,782
Republic of Peru, 8.750%, 11/21/33(a)		1.000	0.548		06/20/24		16,310		279,309			222,627			56,682
Republic of Peru, 8.750%, 11/21/33(a)		1.000	0.613		12/20/24		11,830		196,100			139,882			56,218
Republic of the Philippines, 10.625%, 03/16/25(a)		1.000	0.431		12/20/24		2,270		55,165			(17,865	)		73,030
Republic of Turkey, 11.875%, 01/15/30(a)		1.000	5.262		12/20/25		7,760		(1,476,751	)		(1,477,196	)		445
Russian Federation, 7.500%, 03/31/30(a)		1.000	1.058		12/20/24		26,630		(56,428	)		(627,731	)		571,303
Russian Federation, 7.500%, 03/31/30(a)		1.000	1.165		06/20/25		630		(4,638	)		(2,743	)		(1,895	)
State of Qatar, 9.750%, 06/15/30(a)		1.000	0.387		12/20/24		13,450		352,894			(180,307	)		533,201
State of Qatar, 9.750%, 06/15/30(a)		1.000	0.339		06/20/24		5,830		145,836			92,175			53,661
TOTAL								$	(3,144,621	)	$	(4,292,274	)	$	1,147,653

(a) Payments made quarterly.

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

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

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

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 1.3%
Airlines(b) – 0.1%
	Allegiant Travel Co. (B+/Ba3) (3M LIBOR + 3.000%)
$	2,244,304		3.254	%		02/05/24	$	2,064,760
Commercial Services(b) – 0.1%
	Prime Security Services Borrower LLC (BB-/Ba3) (1M LIBOR + 3.250%)
	1,898,163		4.250			09/23/26		1,878,840
Entertainment(b)(c) – 0.2%
	AMC Entertainment Holdings, Inc. (B-/Caa2) (3M LIBOR + 3.000%)
	5,430,177		3.220			04/22/26		3,466,842
Healthcare Providers & Services(b) – 0.1%
	RegionalCare Hospital Partners Holdings, Inc. (B/B1) (1M LIBOR + 3.750%)
	1,910,454		3.897			11/16/25		1,853,141
Packaging(b) – 0.1%
	Charter NEX US, Inc. (B/B2) (1M LIBOR + 2.750%)
	1,920,963		3.750			05/16/24		1,871,344
Services Cyclical – Business Services(b) – 0.2%
	Travelport Finance (Luxembourg) S.a.r.l. (NR/NR)
	(3M LIBOR + 5.000%)
	2,590,043		7.225			02/28/25		1,598,057
	(3M LIBOR + 7.000%)
	2,372,329		6.000	(c)		02/28/25		2,275,965
								3,874,022
Technology – Software/Services – 0.4%
	Banff Merger Sub, Inc. (B-/B2)(b) (1M LIBOR + 4.250%)
	1,840,633		4.397			10/02/25		1,782,487
	Mitchell International, Inc. (B-/B2) (1M LIBOR + 4.250%)
	1,800,000		4.750			11/29/24		1,762,884
	(1M LIBOR + 3.250%)
	2,081,688		3.397	(b)		11/29/24		1,985,639
	The Dun & Bradstreet Corp. (B+/B1)(b) (1M LIBOR + 3.750%)
	1,940,250		3.895			02/06/26		1,917,937
	TriTech Software Systems (CCC+/Caa1)(b) (1M LIBOR + 3.750%)
	2,071,334		3.897			08/29/25		1,852,560
								9,301,507
Telecommunication Services(b) – 0.1%
	Altice France SA (B/B2) (1M LIBOR + 3.688%)
	1,965,550		3.840			01/31/26		1,889,385
	Intelsat Jackson Holdings SA (NR/NR) (3M LIBOR + 5.500%)
	19,956		5.500			07/13/22		20,272
								1,909,657
	TOTAL BANK LOANS
	(Cost $27,756,628)						$	26,220,113
Corporate Obligations – 95.0%
Advertising(d) – 0.6%
	Lamar Media Corp. (BB-/B1)(e)
$	926,000		3.750	%		02/15/28	$	921,370
	National CineMedia LLC (B/B1)(e)
	2,025,000		5.875			04/15/28		1,690,875
Corporate Obligations – (continued)
Advertising(d) – (continued)
	National CineMedia LLC (CCC+/Caa1)
	3,250,000		5.750			08/15/26		2,226,250
	Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)(e)
	1,100,000		6.250			06/15/25		1,133,000
	1,160,000		5.000			08/15/27		1,131,000
	2,900,000		4.625			03/15/30		2,791,250
	Terrier Media Buyer, Inc. (CCC+/Caa1)(e)
	1,925,000		8.875			12/15/27		1,934,625
								11,828,370
Aerospace & Defense – 1.9%
	Bombardier, Inc. (CCC/Caa3)(e)
	2,250,000		8.750			12/01/21		2,272,500
	1,015,000		5.750			03/15/22		979,475
	4,330,000		6.125			01/15/23		3,680,500
	225,000		7.500	(d)		12/01/24		171,000
	2,803,000		7.500	(d)		03/15/25		2,095,242
	Howmet Aerospace, Inc. (BB+/Ba3)(d)
	1,289,000		6.875			05/01/25		1,424,165
	Moog, Inc. (BB/Ba3)(d)(e)
	2,045,000		4.250			12/15/27		2,085,900
	Spirit AeroSystems, Inc. (B/B1)(d)(e)
	2,823,000		7.500			04/15/25		2,858,287
	TransDigm UK Holdings PLC (B-/B3)(d)
	220,000		6.875			05/15/26		221,100
	TransDigm, Inc. (B+/Ba3)(d)(e)
	1,323,000		8.000			12/15/25		1,435,455
	TransDigm, Inc. (B-/B3)(d)
	6,885,000		6.500			05/15/25		6,841,969
	3,580,000		6.375			06/15/26		3,580,000
	215,000		7.500			03/15/27		222,525
	9,215,000		5.500			11/15/27		8,846,400
	Triumph Group, Inc. (B-/B2)(d)(e)
	892,000		8.875			06/01/24		947,750
	Triumph Group, Inc. (CCC-/Ca)(d)
	225,000		7.750			08/15/25		143,438
								37,805,706
Airlines – 0.8%
	Delta Air Lines, Inc. (B-/Baa3)(d)
	2,425,000		2.900			10/28/24		2,158,250
	3,498,000		7.375			01/15/26		3,664,155
	Delta Air Lines, Inc. (BBB-/Baa2)(e)
	3,192,000		7.000			05/01/25		3,509,764
	Delta Air Lines, Inc./SkyMiles IP Ltd. (NR/Baa1)(e)
	1,492,000		4.750			10/20/28		1,547,890
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (NR/Baa3)(d)(e)
	2,507,000		6.500			06/20/27		2,607,280
	United Airlines Holdings, Inc. (B/Ba3)
	1,900,000		4.250			10/01/22		1,748,000
								15,235,339
Apparel(d)(e) – 0.1%
	PVH Corp. (BBB-/Baa3)
	1,669,000		4.625			07/10/25		1,741,234

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)
Automotive – 4.8%
	Adient Global Holdings Ltd. (B/B3)(d)(e)
$	2,951,000		4.875	%		08/15/26	$	2,810,827
	Adient US LLC (B+/Ba3)(d)(e)
	2,477,000		7.000			05/15/26		2,644,198
	American Axle & Manufacturing, Inc. (B-/B2)(d)
	7,810,000		6.250			04/01/25		7,712,375
	230,000		6.250			03/15/26		221,950
	230,000		6.500			04/01/27		222,525
	1,775,000		6.875			07/01/28		1,721,750
	Clarios Global LP/Clarios US Finance Co. (B/B1)(d)
EUR	836,000		4.375			05/15/26		981,393
	Clarios Global LP/Clarios US Finance Co. (CCC+/Caa1)(d)(e)
$	8,200,000		8.500			05/15/27		8,507,500
	Dana Financing Luxembourg S.a.r.l. (BB-/B2)(d)(e)
	2,440,000		5.750			04/15/25		2,504,050
	Dana, Inc. (BB-/B2)(d)
	4,350,000		5.375			11/15/27		4,458,750
	Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)(d)(e)
	5,239,000		8.000			02/01/28		5,317,585
	Delphi Technologies PLC (BB-/B3)(e)
	1,128,000		5.000			10/01/25		1,291,560
	Ford Motor Co. (BB+/Ba2)
	4,823,000		9.000	(d)		04/22/25		5,525,721
	1,518,000		4.346	(d)		12/08/26		1,487,640
	7,526,000		4.750			01/15/43		6,811,030
	Ford Motor Credit Co. LLC (BB+/Ba2)
	3,027,000		3.336			03/18/21		3,028,674
	2,332,000		3.813			10/12/21		2,334,782
	2,650,000		3.350			11/01/22		2,623,436
	958,000		3.087			01/09/23		938,747
	4,200,000		4.140	(d)		02/15/23		4,223,184
	6,166,000		4.375			08/06/23		6,250,647
	772,000		3.810	(d)		01/09/24		762,169
	1,350,000		4.687	(d)		06/09/25		1,366,289
	4,881,000		5.125	(d)		06/16/25		5,033,609
	3,200,000		4.125	(d)		08/17/27		3,112,451
	IHO Verwaltungs GmbH (BB-/Ba2)(d)(e)(f)
	(PIK 5.500%, Cash 4.750%)
	2,695,000		4.750			09/15/26		2,672,825
	(PIK 6.750%, Cash 6.000%)
	900,000		6.000			05/15/27		940,500
	Lithia Motors, Inc. (BB/Ba2)(d)(e)
	875,000		4.375			01/15/31		875,000
	Meritor, Inc. (BB-/B1)(d)(e)
	730,000		6.250			06/01/25		764,675
	Navistar International Corp. (B+/B2)(d)(e)
	1,030,000		9.500			05/01/25		1,156,175
	Navistar International Corp. (CCC+/B3)(d)(e)
	2,175,000		6.625			11/01/25		2,234,813
	Tenneco, Inc. (B-/Caa1)(d)
	2,500,000		5.000			07/15/26		1,850,000
	Tesla, Inc. (B+/B3)(d)(e)
	2,570,000		5.300			08/15/25		2,663,163
	The Goodyear Tire & Rubber Co. (B+/B2)(d)
	1,955,000		9.500			05/31/25		2,126,063
								97,176,056
Corporate Obligations – (continued)
Banks – 1.9%
	Barclays PLC (B+/Ba2)(b)(d) (5 Year CMT + 5.672%)
	5,350,000		8.000			12/31/99		5,691,062
	Citigroup, Inc. (BB+/Ba1)(b)(d)
	(3M USD LIBOR + 3.423%)
	6,125,000		6.300			12/29/49		6,392,969
	(3M USD LIBOR + 3.950%)
	2,050,000		5.950			12/29/49		2,121,750
	Credit Suisse Group AG (BB/NR)(b)(d) (5 Year USD Swap + 3.455%)
	1,129,000		6.250			12/29/49		1,213,675
	Credit Suisse Group AG (BB-/Ba2u)(b)(d)(e) (5 Year CMT + 4.889%)
	1,075,000		5.250			12/31/99		1,075,000
	Deutsche Bank AG (B+/B1)(b)(d) (5 Year CMT + 4.524%)
	1,800,000		6.000			12/31/99		1,545,750
	Deutsche Bank AG (BB+/Ba2)(b)(d) (5 Year USD ICE Swap + 2.553%)
	5,150,000		4.875			12/01/32		4,944,000
	Intesa Sanpaolo SpA (BB+/Ba1)(e)
	2,350,000		5.017			06/26/24		2,491,000
	3,120,000		5.710			01/15/26		3,404,700
	Natwest Group PLC (BB-/Ba2)(b)(d) (3M USD LIBOR + 2.320%)
	2,300,000		2.540			12/31/99		2,147,625
	The Bank of New York Mellon Corp. (BBB/Baa1)(b)(d) (5 Year CMT + 4.358%)
	1,220,000		4.700			12/31/99		1,294,493
	UBS Group AG (BB/Ba1u)(b)(d)(e) (5 Year USD Swap + 4.344%)
	4,000,000		7.000			12/31/99		4,265,000
	UniCredit SpA (BB+/Baa3)(b)(d)(e) (5 Year CMT + 4.750%)
	2,375,000		5.459			06/30/35		2,411,245
								38,998,269
Broadcasting & Publishing(d) – 0.2%
	DISH DBS Corp. (B-/NR)
	4,500,000		7.375			07/01/28		4,635,000
Building Materials(d) – 2.0%
	American Woodmark Corp. (BB/Ba2)(e)
	3,170,000		4.875			03/15/26		3,201,700
	Builders FirstSource, Inc. (B+/B3)(e)
	611,000		5.000			03/01/30		632,385
	Builders FirstSource, Inc. (BB+/B1)(e)
	7,034,000		6.750			06/01/27		7,535,172
	Cornerstone Building Brands, Inc. (B-/Caa1)(e)
	6,465,000		8.000			04/15/26		6,772,088
	336,000		6.125			01/15/29		338,940
	Forterra Finance LLC/FRTA Finance Corp. (B-/B2)(e)
	1,096,000		6.500			07/15/25		1,156,280
	Griffon Corp. (B+/B2)
	986,000		5.750			03/01/28		1,027,905
	JELD-WEN, Inc. (BB-/B2)(e)
	3,730,000		4.625			12/15/25		3,748,650
	4,220,000		4.875			12/15/27		4,304,400
	Masonite International Corp. (BB+/Ba3)(e)
	2,675,000		5.375			02/01/28		2,848,875
	Standard Industries, Inc. (BBB-/Ba2)(e)
	2,005,000		4.375			07/15/30		2,056,448

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Building Materials(d) – (continued)
	Standard Industries, Inc. (BBB-/Ba2)(e)
$	3,169,000		5.000	%		02/15/27	$	3,295,760
	Summit Materials LLC/Summit Materials Finance Corp. (BB/B2)(e)
	2,580,000		6.500			03/15/27		2,734,800
	1,455,000		5.250			01/15/29		1,515,019
								41,168,422
Chemicals – 4.1%
	Ashland Services B.V. (BB+/Ba1)(d)(e)
EUR	825,000		2.000			01/30/28		918,976
	Avient Corp. (BB-/Ba3)(d)(e)
$	2,193,000		5.750			05/15/25		2,324,580
	Axalta Coating Systems LLC (BB-/B1)(d)(e)
	2,315,000		4.875			08/15/24		2,355,513
	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)(d)(e)
	860,000		4.750			06/15/27		883,650
	Cornerstone Chemical Co. (B-/B3)(d)(e)
	4,060,000		6.750			08/15/24		3,796,100
	Hexion, Inc. (CCC+/B3)(d)(e)
	3,683,000		7.875			07/15/27		3,687,604
	Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1)(d)(e)
	1,087,000		9.000			07/01/28		1,165,808
	Ingevity Corp. (NR/Ba3)(d)(e)
	3,295,000		4.500			02/01/26		3,315,594
	Kraton Polymers LLC/Kraton Polymers Capital Corp. (BB-/B3)(d)(e)
	2,245,000		7.000			04/15/25		2,289,900
	Methanex Corp. (BB/Ba1)(d)
	3,385,000		5.125			10/15/27		3,368,075
	Minerals Technologies, Inc. (BB-/Ba3)(d)(e)
	3,507,000		5.000			07/01/28		3,603,442
	Nouryon Holding B.V. (B-/Caa1)(d)(e)
	5,365,000		8.000			10/01/26		5,686,900
	OCI NV (BB/Ba3)(d)
	1,500,000		5.250	(e)		11/01/24		1,541,250
	1,965,000		4.625			10/15/25		1,965,000
	Olin Corp. (BB-/Ba3)(d)
	1,650,000		5.000			02/01/30		1,555,125
	PQ Corp. (B/B3)(d)(e)
	5,475,000		5.750			12/15/25		5,632,406
	SPCM SA (BB+/Ba2)(d)(e)
	4,165,000		4.875			09/15/25		4,295,156
	The Chemours Co. (B/B1)(d)
	4,225,000		6.625			05/15/23		4,272,531
	5,255,000		7.000			05/15/25		5,287,844
	270,000		5.375			05/15/27		268,650
	Tronox Finance PLC (B/B3)(d)(e)
	2,685,000		5.750			10/01/25		2,634,656
	Tronox, Inc. (B/B3)(d)(e)
	230,000		6.500			04/15/26		230,000
	Tronox, Inc. (B+/Ba3)(d)(e)
	2,100,000		6.500			05/01/25		2,184,000
	Valvoline, Inc. (BB-/Ba3)(d)
	5,615,000		4.375			08/15/25		5,776,431
Corporate Obligations – (continued)
Chemicals – (continued)
	Venator Finance S.a.r.l./Venator Materials LLC (CCC+/Caa1)(d)(e)
	2,520,000		5.750			07/15/25		2,170,350
	WR Grace & Co-Conn (BB-/Ba3)(e)
	8,365,000		5.625			10/01/24		8,887,812
	2,487,000		4.875	(d)		06/15/27		2,567,828
								82,665,181
Commercial Services – 3.1%
	Algeco Global Finance PLC (B-/B2)(d)(e)
	2,375,000		8.000			02/15/23		2,366,094
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (B-/B3)(d)(e)
	1,624,000		6.625			07/15/26		1,725,500
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (CCC/Caa2)(d)(e)
	6,685,000		9.750			07/15/27		7,253,225
	APX Group, Inc. (B-/B3)(d)(e)
	3,125,000		6.750			02/15/27		3,226,562
	Gartner, Inc. (BB/Ba3)(d)(e)
	1,545,000		3.750			10/01/30		1,562,381
	Graham Holdings Co. (BB/Ba1)(d)(e)
	3,350,000		5.750			06/01/26		3,525,875
	Herc Holdings, Inc. (B+/B3)(d)(e)
	947,000		5.500			07/15/27		975,410
	Jaguar Holding Co. II/PPD Development LP (B/B2)(d)(e)
	1,150,000		4.625			06/15/25		1,184,500
	1,350,000		5.000			06/15/28		1,407,375
	MPH Acquisition Holdings LLC (B-/Caa1)(d)(e)
	8,435,000		7.125			06/01/24		8,666,962
	Nielsen Finance LLC/Nielsen Finance Co. (BB-/B2)(d)(e)
	3,395,000		5.000			04/15/22		3,395,000
	Prime Security Services Borrower LLC/Prime Finance, Inc. (B-/B3)(d)(e)
	7,512,000		6.250			01/15/28		7,662,240
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)(e)
	1,900,000		5.250			04/15/24		1,983,125
	3,745,000		3.375	(d)		08/31/27		3,590,519
	Refinitiv US Holdings, Inc. (B-/Caa2)(d)(e)
	5,814,000		8.250			11/15/26		6,373,597
	Service Corp. International (BB/Ba3)(d)
	520,000		3.375			08/15/30		520,000
	Team Health Holdings, Inc. (CCC/Ca)(d)(e)
	1,605,000		6.375			02/01/25		1,099,425
	The Nielsen Co. Luxembourg S.a.r.l. (BB-/B2)(d)(e)
	1,325,000		5.000			02/01/25		1,341,563
	United Rentals North America, Inc. (BB-/Ba3)(d)
	1,041,000		4.875			01/15/28		1,091,749
	1,370,000		3.875			02/15/31		1,390,550
	Verscend Escrow Corp. (CCC+/Caa2)(d)(e)
	2,145,000		9.750			08/15/26		2,327,325
	Vertical Holdco Gmbh Co. (CCC/Caa1)(d)(e)
	545,000		7.625			07/15/28		573,613
	Vertical US New Co., Inc. (B/B1)(d)(e)
	275,000		5.250			07/15/27		285,656
								63,528,246

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)
Computers(d)(e) – 1.3%
	Banff Merger Sub, Inc. (CCC+/Caa2)
$	8,765,000		9.750	%		09/01/26	$	9,268,987
	Booz Allen Hamilton, Inc. (BB-/Ba2)
	1,035,000		3.875			09/01/28		1,063,463
	Dell International LLC/EMC Corp. (BB/Ba2)
	1,196,000		5.875			06/15/21		1,197,495
	6,980,000		7.125			06/15/24		7,250,475
	MTS Systems Corp. (B/B3)
	600,000		5.750			08/15/27		591,000
	Presidio Holdings, Inc. (CCC+/Caa1)
	1,335,000		8.250			02/01/28		1,391,737
	Science Applications International Corp. (BB-/B1)
	4,551,000		4.875			04/01/28		4,619,265
								25,382,422
Distribution & Wholesale(d) – 1.0%
	American Builders & Contractors Supply Co., Inc. (B+/B3)(e)
	3,030,000		5.875			05/15/26		3,136,050
	Core & Main Holdings LP (CCC+/Caa2)(e)(f) (PIK 9.375%, Cash 8.625%)
	5,000,000		8.625			09/15/24		5,037,500
	Core & Main LP (CCC+/Caa2)(e)
	2,725,000		6.125			08/15/25		2,752,250
	H&E Equipment Services, Inc. (BB-/B2)
	1,915,000		5.625			09/01/25		1,996,387
	IAA, Inc. (B/B2)(e)
	1,450,000		5.500			06/15/27		1,508,000
	Performance Food Group, Inc. (B/B2)(e)
	946,000		5.500			06/01/24		950,730
	Resideo Funding, Inc. (BB/B3)(e)
	5,129,000		6.125			11/01/26		5,086,234
	Wolverine Escrow LLC (CCC+/Caa3)(e)
	230,000		8.500			11/15/24		189,175
	225,000		9.000			11/15/26		185,063
								20,841,389
Diversified Financial Services – 3.7%
	AerCap Holdings NV (BB+/Ba2)(b)(d) (5 Year CMT + 4.535%)
	3,265,000		5.875			10/10/79		2,505,888
	Curo Group Holdings Corp. (B-/B3)(d)(e)
	5,425,000		8.250			09/01/25		4,536,656
	Global Aircraft Leasing Co. Ltd. (NR/Ba2)(d)(e)(f) (PIK 7.250%, Cash 6.500%)
	12,846,391		6.500			09/15/24		6,808,587
	Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB+/Ba3)(d)
	7,800,000		4.750			09/15/24		7,878,000
	Lincoln Financing S.a.r.l. (BB+/B1)(d)(e)
EUR	3,125,000		3.625			04/01/24		3,508,190
	LPL Holdings, Inc. (BB/B1)(d)(e)
$	820,000		5.750			09/15/25		844,600
	Nationstar Mortgage Holdings, Inc. (B/B2)(d)(e)
	2,800,000		6.000			01/15/27		2,849,000
	3,043,000		5.500			08/15/28		3,043,000
	Navient Corp. (B+/Ba3)
	1,090,000		7.250			01/25/22		1,117,250
	2,140,000		5.500			01/25/23		2,156,050
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Navient Corp. (B+/Ba3) – (continued)
	6,482,000		5.875			10/25/24		6,441,487
	3,035,000		6.750			06/15/26		3,027,413
	5,550,000		5.000	(d)		03/15/27		5,203,125
	OneMain Finance Corp. (BB-/Ba3)
	5,190,000		7.125			03/15/26		5,799,825
	OneMain Finance Corp. (BB-/Ba3)
	3,790,000		5.625			03/15/23		3,941,600
	4,753,000		8.875	(d)		06/01/25		5,258,006
	2,175,000		6.625	(d)		01/15/28		2,411,531
	PennyMac Financial Services, Inc. (B+/B2)(d)(e)
	2,456,000		5.375			10/15/25		2,492,840
	Quicken Loans, Inc. (BB/Ba1)(d)(e)
	3,525,000		5.250			01/15/28		3,713,235
	The Charles Schwab Corp. (BBB/Baa2)(b)(d) (5 Year CMT + 4.971%)
	1,700,000		5.375			12/31/99		1,837,955
								75,374,238
Electrical(d) – 2.2%
	Calpine Corp. (B+/B2)(e)
	1,940,000		5.125			03/15/28		2,003,050
	Calpine Corp. (BB+/Ba2)(e)
	5,995,000		5.250			06/01/26		6,219,812
	6,500,000		4.500			02/15/28		6,654,375
	NRG Energy, Inc. (BB+/Ba2)
	2,990,000		5.750			01/15/28		3,225,463
	905,000		5.250	(e)		06/15/29		983,056
	Pattern Energy Operations LP/Pattern Energy Operations, Inc. (BB-/Ba3)(e)
	1,705,000		4.500			08/15/28		1,768,938
	PG&E Corp. (BB-/B1)
	275,000		5.000			07/01/28		266,750
	2,190,000		5.250			07/01/30		2,116,088
	Pike Corp. (CCC+/B3)(e)
	2,905,000		5.500			09/01/28		2,908,631
	Talen Energy Supply LLC (BB-/Ba3)(e)
	3,850,000		7.250			05/15/27		3,811,500
	1,675,000		6.625			01/15/28		1,612,188
	Talen Energy Supply LLC (CCC+/B3)
	4,380,000		6.500			06/01/25		2,803,200
	2,050,000		10.500	(e)		01/15/26		1,527,250
	Vistra Operations Co. LLC (BB/Ba2)(e)
	1,249,000		5.625			02/15/27		1,313,011
	6,875,000		5.000			07/31/27		7,201,562
								44,414,874
Electrical Components & Equipment(d)(e) – 0.6%
	Energizer Holdings, Inc. (B+/B2)
	3,635,000		7.750			01/15/27		3,953,063
	1,645,000		4.375			03/31/29		1,663,506
	Wesco Distribution, Inc. (BB-/B2)
	5,304,000		7.125			06/15/25		5,774,730
								11,391,299
Electronics(e) – 0.3%
	Sensata Technologies B.V. (BB+/Ba3)
	1,040,000		5.000			10/01/25		1,116,700

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electronics(e) – (continued)
	Sensata Technologies, Inc. (BB+/Ba3)(d)
$	3,475,000		4.375	%		02/15/30	$	3,618,344
	1,557,000		3.750			02/15/31		1,541,430
								6,276,474
Energy-Alternate Sources(d)(e) – 0.0%
	Enviva Partners LP/Enviva Partners Finance Corp. (B+/B1)
	690,000		6.500			01/15/26		726,225
Engineering & Construction(d)(e) – 0.1%
	KBR, Inc. (B+/B1)
	1,707,000		4.750			09/30/28		1,717,669
	MasTec, Inc. (BB/Ba3)
	449,000		4.500			08/15/28		454,612
								2,172,281
Entertainment – 3.0%
	Allen Media LLC/Allen Media Co-Issuer, Inc. (B-/Caa1)(d)(e)
	5,650,000		10.500			02/15/28		5,480,500
	AMC Entertainment Holdings, Inc. (B-/Caa2)(d)(e)
	1,263,000		10.500			04/15/25		940,935
	Caesars Entertainment, Inc. (B/B1)(d)(e)
	1,893,000		6.250			07/01/25		1,973,452
	Caesars Entertainment, Inc. (CCC+/Caa1)(d)(e)
	3,499,000		8.125			07/01/27		3,691,445
	Caesars Resort Collection LLC/CRC Finco, Inc. (B+/B1)(d)(e)
	1,471,000		5.750			07/01/25		1,515,130
	Caesars Resort Collection LLC/CRC Finco, Inc. (CCC+/Caa1)(d)(e)
	5,310,000		5.250			10/15/25		5,110,875
	Cedar Fair LP/Canada’s Wonderland Co/Magnum Management Corp./Millennium Op (B/Ba2)(d)(e)
	1,844,000		5.500			05/01/25		1,885,490
	Cinemark USA, Inc. (B+/Caa1)(d)
	4,535,000		4.875			06/01/23		3,866,087
	Cinemark USA, Inc. (BB/Ba3)(d)(e)
	1,900,000		8.750			05/01/25		1,999,750
	International Game Technology PLC (BB/Ba3)(d)(e)
	2,556,000		5.250			01/15/29		2,584,755
	Lions Gate Capital Holdings LLC (CCC+/B2)(d)(e)
	235,000		6.375			02/01/24		232,650
	6,775,000		5.875			11/01/24		6,639,500
	Live Nation Entertainment, Inc. (NR/NR)(e)
	2,900,000		2.000			02/15/25		2,676,149
	Live Nation Entertainment, Inc. (B/B3)(d)(e)
	1,700,000		5.625			03/15/26		1,640,500
	Mohegan Gaming & Entertainment (CCC/Ca)(d)(e)
	2,595,000		7.875			10/15/24		2,413,350
	Motion Bondco DAC (CCC-/Caa1)(d)(e)
	2,235,000		6.625			11/15/27		1,927,688
	Penn National Gaming, Inc. (B/B3)(d)(e)
	2,175,000		5.625			01/15/27		2,256,562
	Pinewood Finance Co. Ltd. (BB/NR)(d)(e)
GBP	1,200,000		3.250			09/30/25		1,541,947
	Scientific Games International, Inc. (B-/Caa2)(d)(e)
$	4,929,000		8.250			03/15/26		5,138,482
	2,300,000		7.000			05/15/28		2,300,000
Corporate Obligations – (continued)
Entertainment – (continued)
	Six Flags Theme Parks, Inc. (B/Ba2)(d)(e)
	1,711,000		7.000			07/01/25		1,817,938
	Vail Resorts, Inc. Co. (BB/B2)(d)(e)
	463,000		6.250			05/15/25		489,623
	WMG Acquisition Corp. (BB/Ba3)(d)(e)
	1,230,000		3.875			07/15/30		1,263,825
	WMG Acquisition Corp. (BB-/B2)(d)(e)
	1,225,000		5.500			04/15/26		1,269,406
								60,656,039
Environmental(d) – 0.4%
	Covanta Holding Corp. (B/B1)
	395,000		5.000			09/01/30		398,456
	GFL Environmental, Inc. (B-/B3)(e)
	810,000		7.000			06/01/26		853,538
	4,113,000		8.500			05/01/27		4,462,605
	GFL Environmental, Inc. (BB-/Ba3)(e)
	700,000		4.250			06/01/25		706,125
	1,375,000		3.750			08/01/25		1,376,719
	Waste Pro USA, Inc. (B/Caa1)(e)
	909,000		5.500			02/15/26		920,362
								8,717,805
Food & Drug Retailing – 4.6%
	Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (BB-/B2)(d)
	50,000		3.500	(e)		03/15/29		48,438
	3,944,000		5.750			03/15/25		4,057,390
	510,000		7.500	(e)		03/15/26		559,725
	5,385,000		4.625			01/15/27		5,492,700
	4,025,000		5.875	(e)		02/15/28		4,296,688
	1,655,000		4.875	(e)		02/15/30		1,727,406
	B&G Foods, Inc. (B+/B2)(d)
	3,415,000		5.250			04/01/25		3,504,644
	235,000		5.250			09/15/27		244,400
	Chobani LLC/Chobani Finance Corp., Inc. (CCC/Caa2)(d)(e)
	3,157,000		7.500			04/15/25		3,275,388
	FAGE International SA/FAGE USA Dairy Industry, Inc. (B+/B2)(d)(e)
	1,505,000		5.625			08/15/26		1,442,919
	H-Food Holdings LLC/Hearthside Finance Co., Inc. (CCC/Caa2)(d)(e)
	7,449,000		8.500			06/01/26		7,318,642
	JBS USA LUX SA/JBS USA Finance, Inc. (BB/Ba2)(d)(e)
	2,275,000		5.750			06/15/25		2,331,875
	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (BB/Ba2)(d)(e)
	3,200,000		5.500			01/15/30		3,488,000
	Kraft Heinz Foods Co. (BB+/Baa3)(d)
	16,075,000		3.000			06/01/26		16,570,431
	1,752,000		4.625			01/30/29		1,944,231
	770,000		4.250	(e)		03/01/31		844,005
	6,745,000		4.875	(e)		10/01/49		7,093,480
	Lamb Weston Holdings, Inc. (BB+/Ba2)(d)(e)
	120,000		4.875			05/15/28		129,600
	New Albertsons LP (B-/WR)
	3,100,000		7.450			08/01/29		3,503,000

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)
Food & Drug Retailing – (continued)
	Post Holdings, Inc. (B+/B2)(d)(e)
$	1,535,000		5.000	%		08/15/26	$	1,573,375
	4,945,000		5.750			03/01/27		5,198,431
	6,180,000		5.625			01/15/28		6,543,075
	4,080,000		4.625			04/15/30		4,197,300
	Sigma Holdco B.V. (B-/B3)(d)(e)
	2,350,000		7.875			05/15/26		2,388,188
	TreeHouse Foods, Inc. (BB-/B2)(d)
	849,000		4.000			09/01/28		858,551
	US Foods, Inc. (B+/Caa1)(d)(e)
	2,655,000		5.875			06/15/24		2,655,000
	US Foods, Inc. (BB-/B3)(d)(e)
	1,980,000		6.250			04/15/25		2,096,325
								93,383,207
Food Service(d)(e) – 0.0%
	Aramark Services, Inc. (B+/B1)
	582,000		6.375			05/01/25		605,280
Forest Products&Paper(d) – 0.4%
	Mercer International, Inc. (B+/Ba3)
	4,950,000		7.375			01/15/25		5,011,875
	2,305,000		5.500			01/15/26		2,189,750
								7,201,625
Gaming – 1.6%
	Boyd Gaming Corp. (B-/Caa1)(d)
	695,000		8.625	(e)		06/01/25		761,894
	1,585,000		6.000			08/15/26		1,640,475
	2,200,000		4.750			12/01/27		2,147,750
	Hilton Domestic Operating Co., Inc. (BB/Ba2)(d)
	225,000		5.375	(e)		05/01/25		232,875
	604,000		5.750	(e)		05/01/28		636,465
	1,970,000		4.875			01/15/30		2,029,100
	Marriott International, Inc. (BBB-/Baa3)(d)
	629,000		5.750			05/01/25		700,511
	998,000		4.625			06/15/30		1,068,868
	MGM China Holdings Ltd. (BB-/Ba3)(d)(e)
	910,000		5.250			06/18/25		926,209
	MGM Resorts International (BB-/Ba3)
	2,569,000		7.750			03/15/22		2,703,873
	4,620,000		6.000			03/15/23		4,845,225
	5,648,000		5.500	(d)		04/15/27		5,902,160
	Sands China Ltd. (BBB-/Baa2)(d)(e)
	630,000		4.375			06/18/30		661,617
	Station Casinos LLC (B-/Caa1)(d)(e)
	3,912,000		4.500			02/15/28		3,618,600
	Wyndham Destinations, Inc. (BB-/Ba3)(d)(e)
	2,270,000		4.625			03/01/30		2,179,200
	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. (BB-/B1)(d)(e)
	2,350,000		5.500			03/01/25		2,244,250
								32,299,072
Gas(d) – 0.4%
	AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
	550,000		5.875			08/20/26		604,313
Corporate Obligations – (continued)
Gas(d) – (continued)
	AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3) – (continued)
	7,580,000		5.750			05/20/27		8,300,100
								8,904,413
Hand/Machine Tools(d)(e) – 0.0%
	Colfax Corp. (BB/Ba2)
	360,000		6.000			02/15/24		373,950
Healthcare Providers & Services – 4.1%
	Acadia Healthcare Co, Inc. (B-/B3)(d)
	1,400,000		5.500	(e)		07/01/28		1,435,000
	415,000		5.625			02/15/23		417,075
	1,070,000		6.500			03/01/24		1,099,425
	Centene Corp. (BBB-/Ba1)(d)
	790,000		4.625			12/15/29		851,486
	7,100,000		3.375			02/15/30		7,354,251
	CHS/Community Health Systems, Inc. (B-/Caa2)(d)
	235,000		6.250			03/31/23		229,713
	225,000		8.625	(e)		01/15/24		223,875
	3,940,000		8.000	(e)		03/15/26		3,871,050
	CHS/Community Health Systems, Inc. (CCC-/Ca)(d)(e)
	2,200,000		8.125			06/30/24		1,606,000
	DaVita, Inc. (B+/Ba3)(d)(e)
	2,800,000		4.625			06/01/30		2,866,500
	1,495,000		3.750			02/15/31		1,440,806
	Encompass Health Corp. (B+/B1)(d)
	3,950,000		4.500			02/01/28		3,969,750
	Envision Healthcare Corp. (CC/Ca)(d)(e)
	8,025,000		8.750			10/15/26		3,852,000
	Global Medical Response, Inc. (NR/B2)(d)(e)
	3,490,000		6.500			10/01/25		3,468,187
	HCA, Inc. (BB-/Ba2)
	735,000		5.875			05/01/23		797,475
	6,120,000		5.375			02/01/25		6,701,400
	6,795,000		3.500	(d)		09/01/30		6,930,900
	Hill-Rom Holdings, Inc. (BB/Ba3)(d)(e)
	1,005,000		5.000			02/15/25		1,035,150
	Hologic, Inc. (BB-/Ba2)(d)(e)
	760,000		3.250			02/15/29		765,700
	MEDNAX, Inc. (B+/B1)(d)(e)
	1,365,000		6.250			01/15/27		1,416,652
	Polaris Intermediate Corp. (B-/Caa2)(d)(e)(f) (PIK 9.250%, Cash 8.500%)
	4,545,000		8.500			12/01/22		4,607,494
	RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa1)(d)(e)
	5,635,000		9.750			12/01/26		5,973,100
	Select Medical Corp. (B-/B3)(d)(e)
	1,300,000		6.250			08/15/26		1,352,000
	Tenet Healthcare Corp. (NR/B1)(d)(e)
	3,000,000		4.625			09/01/24		3,015,000
	Tenet Healthcare Corp. (BB-/B1)(d)
	2,475,000		4.625			07/15/24		2,487,375
	2,700,000		7.500	(e)		04/01/25		2,916,000
	4,200,000		4.625	(e)		06/15/28		4,242,000
	Tenet Healthcare Corp. (CCC+/B1)(d)(e)
	600,000		6.250			02/01/27		618,000

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	Tenet Healthcare Corp. (CCC+/Caa1)(d)
$	5,940,000		7.000	%		08/01/25	$	6,058,800
	West Street Merger Sub, Inc. (CCC/Caa2)(d)(e)
	2,425,000		6.375			09/01/25		2,467,437
								84,069,601
Home Builders – 1.3%
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (B+/B1)(d)(e)
	5,400,000		6.375			05/15/25		5,481,000
	1,057,000		4.875			02/15/30		993,580
	Installed Building Products, Inc. (B+/B3)(d)(e)
	1,250,000		5.750			02/01/28		1,314,063
	Lennar Corp. (BB+/Ba1)
	1,750,000		5.375			10/01/22		1,855,000
	2,255,000		4.750	(d)		11/15/22		2,350,837
	3,245,000		5.875	(d)		11/15/24		3,606,006
	Mattamy Group Corp. (BB/B1)(d)(e)
	2,800,000		5.250			12/15/27		2,884,000
	1,518,000		4.625			03/01/30		1,535,077
	Taylor Morrison Communities, Inc. (BB/Ba3)(d)(e)
	605,000		5.875			06/15/27		667,013
	1,201,000		5.125			08/01/30		1,285,070
	TRI Pointe Group, Inc. (BB-/Ba3)(d)
	1,910,000		5.250			06/01/27		2,043,700
	507,000		5.700			06/15/28		555,165
	TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (BB-/Ba3)
	1,635,000		5.875			06/15/24		1,765,800
	Williams Scotsman International, Inc. (B+/B3)(d)(e)
	845,000		4.625			08/15/28		845,000
								27,181,311
Household Products(d) – 0.6%
	Kronos Acquisition Holdings, Inc. (CCC/Caa1)(e)
	6,985,000		9.000			08/15/23		7,089,775
	Prestige Brands, Inc. (B+/B3)(e)
	1,550,000		5.125			01/15/28		1,604,250
	Spectrum Brands, Inc. (B/B2)
	2,550,000		5.750			07/15/25		2,623,313
								11,317,338
Housewares(d) – 0.3%
	CD&R Smokey Buyer, Inc. (B/B2)(e)
	950,000		6.750			07/15/25		1,002,250
	Newell Brands, Inc. (BB+/Ba1)
	1,043,000		4.875			06/01/25		1,125,136
	4,565,000		4.700			04/01/26		4,861,725
								6,989,111
Insurance(d)(e) – 1.2%
	Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	3,280,000		8.125			02/15/24		3,419,400
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	4,075,000		7.000			11/15/25		3,993,500
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (CCC+/NR)
	7,925,000		6.750			10/15/27		8,301,437
Corporate Obligations – (continued)
Insurance(d)(e) – (continued)
	GTCR AP Finance, Inc. (CCC+/Caa2)
	3,550,000		8.000			05/15/27		3,763,000
	HUB International Ltd. (CCC+/Caa2)
	2,580,000		7.000			05/01/26		2,673,525
	USI, Inc. (CCC+/Caa2)
	2,510,000		6.875			05/01/25		2,550,788
								24,701,650
Internet – 2.3%
	ANGI Group LLC (BB-/Ba3)(d)(e)
	3,715,000		3.875			08/15/28		3,677,850
	Cablevision Lightpath LLC (B+/B1)(d)(e)
	200,000		3.875			09/15/27		200,000
	Expedia Group, Inc. (BBB-/Baa3)(d)(e)
	2,170,000		6.250			05/01/25		2,389,452
	797,000		4.625			08/01/27		836,061
	Getty Images, Inc. (CCC+/Caa2)(d)(e)
	5,235,000		9.750			03/01/27		5,156,475
	Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/B1)(d)(e)
	2,620,000		5.250			12/01/27		2,737,900
	GrubHub Holdings, Inc. (BB-/B1)(d)(e)
	3,840,000		5.500			07/01/27		3,979,200
	Match Group Holdings II LLC (BB/Ba3)(d)(e)
	4,227,000		4.625			06/01/28		4,343,242
	181,000		4.125			08/01/30		182,810
	Netflix, Inc. (BB/Ba3)
	1,684,000		3.625	(d)(e)		06/15/25		1,751,360
	2,082,000		4.875			04/15/28		2,337,045
	Photo Holdings Merger Sub, Inc. (B/B2)(d)(e)
	260,000		8.500			10/01/26		239,200
	Twitter, Inc. (BB+/Ba2)(d)(e)
	2,954,000		3.875			12/15/27		3,083,237
	Uber Technologies, Inc. (CCC+/B3)(d)(e)
	7,565,000		7.500			11/01/23		7,858,144
	6,570,000		7.500			05/15/25		6,964,200
	225,000		8.000			11/01/26		239,625
	230,000		7.500			09/15/27		244,663
	730,000		6.250			01/15/28		750,075
	VeriSign, Inc. (BBB-/Ba1)(d)
	760,000		4.750			07/15/27		806,421
								47,776,960
Iron/Steel – 0.7%
	Allegheny Technologies, Inc. (NR/NR)(e)
	465,000		3.500			06/15/25		447,390
	Cleveland-Cliffs, Inc. (B/Ba3)(d)(e)
	3,100,000		6.750			03/15/26		3,154,250
	Cleveland-Cliffs, Inc. (CCC/B2)(d)
	6,549,000		5.750			03/01/25		6,074,198
	4,050,000		5.875			06/01/27		3,766,500
								13,442,338
Leisure Time(e) – 0.8%
	Carnival Corp. (BB+/B1)(d)
	1,160,000		10.500			02/01/26		1,284,700
	1,360,000		9.875			08/01/27		1,438,200

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)
Leisure Time(e) – (continued)
	NCL Corp. Ltd. (B/Caa1)(d)
$	3,390,000		3.625	%		12/15/24	$	2,373,000
	NCL Corp. Ltd. (BB-/B1)(d)
	2,843,000		10.250			02/01/26		2,949,612
	Royal Caribbean Cruises Ltd. (NR/NR)
	95,000		4.250			06/15/23		110,393
	Royal Caribbean Cruises Ltd. (BB/Ba2)(d)
	1,253,000		10.875			06/01/23		1,397,396
	Royal Caribbean Cruises Ltd. (BB-/B2)(d)
	1,615,000		9.125			06/15/23		1,699,788
	Sabre GLBL, Inc. (B/Ba3)(d)
	2,330,000		5.250			11/15/23		2,265,925
	VOC Escrow Ltd. (B+/B2)(d)
	3,760,000		5.000			02/15/28		3,327,600
								16,846,614
Lodging(d)(e) – 0.1%
	Wyndham Destinations, Inc. (BB-/Ba3)
	1,351,000		6.625			07/31/26		1,413,484
Machinery – Construction & Mining(d)(e) – 0.2%
	The Manitowoc Co., Inc. (B/B3)
	4,465,000		9.000			04/01/26		4,621,275
Machinery-Diversified(d)(e) – 0.5%
	Clark Equipment Co. (BB+/Ba3)
	1,051,000		5.875			06/01/25		1,089,099
	Cleaver-Brooks, Inc. (B-/Caa1)
	1,820,000		7.875			03/01/23		1,760,850
	Husky III Holding Ltd. (CCC/Caa2)(f)
	2,612,000		13.000			02/15/25		2,660,975
	Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	4,650,000		7.750			04/15/26		4,626,750
								10,137,674
Media – 8.1%
	Altice Financing SA (B/B2)(d)(e)
	3,050,000		7.500			05/15/26		3,225,375
	AMC Networks, Inc. (BB/Ba3)(d)
	1,150,000		5.000			04/01/24		1,175,875
	1,015,000		4.750			08/01/25		1,045,450
	Banijay Group SAS (CCC+/Caa1)(d)(e)
EUR	1,275,000		6.500			03/01/26		1,442,209
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(d)(e)
$	11,430,000		5.750			02/15/26		11,872,912
	1,680,000		5.500			05/01/26		1,747,200
	1,800,000		4.750			03/01/30		1,899,000
	1,800,000		4.500			08/15/30		1,890,000
	6,640,000		4.250			02/01/31		6,839,200
	Clear Channel Worldwide Holdings, Inc. (CCC/Caa2)(d)
	5,301,000		9.250			02/15/24		5,115,465
	CSC Holdings LLC (B/B3)
	10,000		5.250			06/01/24		10,725
	9,268,000		5.750	(d)(e)		01/15/30		9,847,250
	4,448,000		4.625	(d)(e)		12/01/30		4,459,120
	CSC Holdings LLC (BB/Ba3)(d)(e)
	4,839,000		5.500			05/15/26		5,032,560
	4,270,000		5.500			04/15/27		4,483,500
Corporate Obligations – (continued)
Media – (continued)
	CSC Holdings LLC (BB/Ba3)(d)(e) – (continued)
	1,114,000		3.375			02/15/31		1,075,010
	Cumulus Media New Holdings, Inc. (B/B2)(d)(e)
	4,550,000		6.750			07/01/26		4,208,750
	Diamond Sports Group LLC/Diamond Sports Finance Co. (B/B3)(d)(e)
	9,245,000		6.625			08/15/27		4,807,400
	Diamond Sports Group LLC/Diamond Sports Finance Co. (BB-/Ba3)(d)(e)
	1,750,000		5.375			08/15/26		1,238,125
	DISH DBS Corp. (B-/B2)
	790,000		6.750			06/01/21		809,750
	6,290,000		5.875			07/15/22		6,541,600
	5,880,000		5.000			03/15/23		5,997,600
	230,000		5.875			11/15/24		235,750
	3,890,000		7.750			07/01/26		4,259,550
	Entercom Media Corp. (B-/B3)(d)(e)
	7,400,000		6.500			05/01/27		6,475,000
	Entercom Media Corp. (CCC+/Caa1)(d)(e)
	4,670,000		7.250			11/01/24		3,981,175
	GCI LLC (B/B3)(d)(e)
	720,000		6.625			06/15/24		772,200
	Gray Television, Inc. (B+/B3)(d)(e)
	4,130,000		7.000			05/15/27		4,470,725
	iHeartCommunications, Inc. (B+/B1)(d)(e)
	3,890,000		5.250			08/15/27		3,792,750
	1,050,000		4.750			01/15/28		989,625
	iHeartCommunications, Inc. (CCC+/Caa1)(d)
	210,000		8.375			05/01/27		206,850
	Meredith Corp. (BB-/Ba3)(d)(e)
	2,025,000		6.500			07/01/25		2,080,688
	Meredith Corp. (CCC+/Caa1)(d)
	5,405,000		6.875			02/01/26		4,499,662
	Nexstar Broadcasting, Inc. (B/B3)(d)(e)
	1,950,000		5.625			07/15/27		2,045,063
	1,413,000		4.750			11/01/28		1,441,260
	Radiate Holdco LLC/Radiate Finance, Inc. (B/B1)(d)(e)
	1,968,000		4.500			09/15/26		1,975,380
	Scripps Escrow, Inc. (B-/Caa1)(d)(e)
	3,885,000		5.875			07/15/27		3,768,450
	Sinclair Television Group, Inc. (B/B1)(d)(e)
	230,000		5.500			03/01/30		213,325
	Sirius XM Radio, Inc. (BB/Ba3)(d)(e)
	5,535,000		5.000			08/01/27		5,777,156
	3,909,000		4.125			07/01/30		3,982,294
	TEGNA, Inc. (BB-/Ba3)(d)(e)
	761,000		4.750			03/15/26		776,220
	3,450,000		4.625			03/15/28		3,363,750
	The E.W. Scripps Co. (B-/Caa1)(d)(e)
	2,675,000		5.125			05/15/25		2,614,812
	Univision Communications, Inc. (B/B2)(d)(e)
	240,000		5.125			02/15/25		226,200
	2,400,000		6.625			06/01/27		2,340,000
	UPC Holding B.V. (B/B3)(d)(e)
	1,765,000		5.500			01/15/28		1,822,363
	Virgin Media Finance PLC (B/B2)(d)(e)
	4,150,000		5.000			07/15/30		4,129,250

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	Virgin Media Secured Finance PLC (BB-/Ba3)(d)(e)
$	3,605,000		5.500	%		08/15/26	$	3,753,706
	1,160,000		5.500			05/15/29		1,244,100
	Virgin Media Vendor Financing Notes III DAC (B/B2)(d)(e)
GBP	1,575,000		4.875			07/15/28		2,046,628
	Virgin Media Vendor Financing Notes IV DAC (B/B2)(d)(e)
$	1,850,000		5.000			07/15/28		1,845,375
	Ziggo Bond Co. B.V. (B-/B3)(d)
EUR	2,175,000		3.375	(e)		02/28/30		2,422,319
	1,725,000		3.375			02/28/30		1,921,150
$	1,725,000		5.125	(e)		02/28/30		1,742,250
								165,979,102
Metal Fabricate/Hardware(d) – 0.2%
	Park-Ohio Industries, Inc. (B-/Caa1)
	5,074,000		6.625			04/15/27		4,680,765
Mining(d) – 1.7%
	Alcoa Nederland Holding B.V. (BB+/Ba1)(e)
	3,250,000		7.000			09/30/26		3,355,625
	2,790,000		5.500			12/15/27		2,901,600
	Constellium SE (B/B2)(e)
	1,600,000		5.875			02/15/26		1,640,000
	950,000		5.625			06/15/28		969,000
	First Quantum Minerals Ltd. (CCC+/Caa2u)(e)
	7,020,000		7.250			05/15/22		7,007,013
	FMG Resources August 2006 Pty Ltd. (BB+/Ba1)(e)
	5,240,000		5.125			03/15/23		5,456,150
	Freeport-McMoRan, Inc. (BB/Ba1)
	2,990,000		4.375			08/01/28		3,061,012
	2,420,000		4.625			08/01/30		2,547,050
	Hudbay Minerals, Inc. (B/B3)(e)
	3,870,000		6.125			04/01/29		3,811,950
	Novelis Corp. (B+/B2)(e)
	2,410,000		5.875			09/30/26		2,476,275
	2,325,000		4.750			01/30/30		2,272,688
								35,498,363
Miscellaneous Manufacturing(d) – 0.3%
	EnPro Industries, Inc. (BB/B1)
	3,095,000		5.750			10/15/26		3,249,750
	General Electric Co. (BBB+/Baa1)
	1,312,000		4.350			05/01/50		1,335,052
	Hillenbrand, Inc. (BB+/Ba1)
	665,000		5.750			06/15/25		713,212
								5,298,014
Office & Business Equipment(d) – 0.3%
	Xerox Corp. (BB/Ba1)
	3,345,000		4.375			03/15/23		3,432,807
	Xerox Holdings Corp. (BB/Ba1)(e)
	3,075,000		5.000			08/15/25		3,040,406
								6,473,213
Oil & Gas Services – 0.4%
	Cenovus Energy, Inc. (BBB-/Ba2)
	2,090,000		6.750			11/15/39		2,095,371
Corporate Obligations – (continued)
Oil & Gas Services – (continued)
	Continental Resources, Inc. (BB+/Ba1u)(d)
	2,660,000		4.900			06/01/44		2,008,300
	Newfield Exploration Co. (BBB-/Ba1)
	3,030,000		5.625			07/01/24		2,931,525
								7,035,196
Oil Field Services – 6.0%
	Antero Resources Corp. (B/B3)(d)
	7,375,000		5.125			12/01/22		6,047,500
	Apache Corp. (BB+/Ba1)(d)
	900,000		4.625			11/15/25		855,000
	3,475,000		4.375			10/15/28		3,170,937
	2,250,000		4.250			01/15/30		2,030,625
	Berry Petroleum Co. LLC (B/B3)(d)(e)
	990,000		7.000			02/15/26		769,725
	Cenovus Energy, Inc. (BBB-/Ba2)(d)
	447,000		3.000			08/15/22		436,089
	4,108,000		3.800			09/15/23		3,969,519
	2,200,000		5.375			07/15/25		2,124,144
	1,470,000		5.250			06/15/37		1,273,696
	Chesapeake Energy Corp. (NR/WR)(g)
	2,715,000		5.750			03/15/23		95,025
	Continental Resources, Inc. (BB+/Ba1u)(d)
	4,550,000		4.500			04/15/23		4,333,875
	1,775,000		3.800			06/01/24		1,641,875
	Ensign Drilling, Inc. (CCC+/Caa1)(d)(e)
	1,700,000		9.250			04/15/24		646,000
	EQT Corp. (BB-/Ba3)(d)
	2,100,000		3.000			10/01/22		2,047,500
	2,400,000		7.875			02/01/25		2,661,120
	Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)(d)
	2,835,000		8.125			05/01/25		2,466,450
	Laredo Petroleum, Inc. (B-/Caa1)(d)
	3,968,000		9.500			01/15/25		2,341,120
	MEG Energy Corp. (B-/B3)(d)(e)
	1,653,000		7.000			03/31/24		1,537,290
	3,935,000		7.125			02/01/27		3,521,825
	Nabors Industries Ltd. (CCC+/Ba3)(d)(e)
	2,655,000		7.250			01/15/26		1,320,863
	Nabors Industries, Inc. (CCC-/B3)
	2,635,000		0.750			01/15/24		704,863
	564,000		5.750	(d)		02/01/25		190,350
	Noble Holding International Ltd. (NR/WR)(d)(g)
	730,000		7.750			01/15/24		10,950
	3,100,000		7.875	(e)		02/01/26		740,125
	Occidental Petroleum Corp. (BB+/Ba2)
	6,778,000		2.700			08/15/22		6,328,957
	7,960,000		8.000	(d)		07/15/25		7,960,000
	3,000,000		5.875	(d)		09/01/25		2,748,750
	9,267,000		6.450			09/15/36		7,876,950
	14,817,000		4.400	(d)		04/15/46		10,557,112
	4,142,000		4.200	(d)		03/15/48		2,842,447
	3,317,000		4.400	(d)		08/15/49		2,330,193
	Parsley Energy LLC/Parsley Finance Corp. (BB/Ba3)(d)(e)
	2,000,000		5.375			01/15/25		1,985,000

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

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Precision Drilling Corp. (B/B3)(d)
$	5,320,000		7.750	%		12/15/23	$	4,036,550
	QEP Resources, Inc. (B+/B3)(d)
	2,025,000		5.375			10/01/22		1,640,250
	1,180,000		5.250			05/01/23		849,600
	Range Resources Corp. (B+/B3)(d)
	1,088,000		5.000			03/15/23		1,033,600
	5,000		4.875			05/15/25		4,500
	1,505,000		9.250	(e)		02/01/26		1,546,388
	SM Energy Co. (B/B3)(d)(e)
	1,288,800		10.000			01/15/25		1,230,804
	Southwestern Energy Co. (BB-/Ba3)(d)
	2,710,000		7.750			10/01/27		2,635,475
	Sunoco LP/Sunoco Finance Corp. (BB-/B1)(d)
	925,000		5.500			02/15/26		926,156
	325,000		6.000			04/15/27		336,375
	Transocean Phoenix 2 Ltd. (CCC+/NR)(d)(e)
	2,444,000		7.750			10/15/24		2,211,820
	Transocean, Inc. (CCC/Ca)(d)(e)
	2,616,000		8.000			02/01/27		732,480
	Transocean, Inc. (CCC/Caa3)(d)(e)
	4,108,000		11.500			01/30/27		1,684,280
	Transocean, Inc. (CCC-/Ca)(d)(e)
	5,055,000		7.500			01/15/26		1,112,100
	USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)(d)
	8,135,000		6.875			04/01/26		8,033,312
	Valaris PLC (NR/WR)(d)(g)
	4,550,000		5.400			12/01/42		364,000
	3,100,000		5.750			10/01/44		178,250
	WPX Energy, Inc. (BB-/B1)(d)
	2,185,000		5.250			09/15/24		2,277,863
	3,275,000		5.875			06/15/28		3,422,375
	1,039,000		4.500			01/15/30		1,026,013
								122,848,066
Packaging – 3.0%
	ARD Finance SA (B-/Caa3)(d)(f)
	(PIK 5.750%, Cash 5.000%)
EUR	3,125,000		5.000			06/30/27		3,568,241
	(PIK 7.250%, Cash 6.500%)
$	3,425,000		6.500	(e)		06/30/27		3,407,875
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B/Caa1)(d)(e)
	8,305,000		5.250			08/15/27		8,460,718
	Berry Global, Inc. (BB/B2)(d)
	109,000		5.125			07/15/23		110,635
	4,050,000		5.625	(e)		07/15/27		4,232,250
	Flex Acquisition Co., Inc. (CCC+/Caa2)(d)(e)
	2,420,000		6.875			01/15/25		2,413,950
	235,000		7.875			07/15/26		238,525
	Graham Packaging Co., Inc. (CCC+/Caa1)(d)(e)
	712,000		7.125			08/15/28		741,370
	Graphic Packaging International LLC (BB+/Ba2)(e)
	1,394,000		3.500			03/15/28		1,394,000
	LABL Escrow Issuer LLC (B/B2)(d)(e)
	2,725,000		6.750			07/15/26		2,861,250
Corporate Obligations – (continued)
Packaging – (continued)
	LABL Escrow Issuer LLC (B-/Caa2)(d)(e)
	3,980,000		10.500			07/15/27		4,218,800
	Mauser Packaging Solutions Holding Co. (CCC+/Caa3)(d)(e)
	6,025,000		7.250			04/15/25		5,671,031
	Owens-Brockway Glass Container, Inc. (B/B1)(e)
	4,270,000		5.875			08/15/23		4,478,163
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B+/B1)(d)(e)
	3,505,000		5.125			07/15/23		3,531,288
	3,631,000		4.000			10/15/27		3,653,694
	Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu (B-/Caa1)(d)(e)
	695,000		7.000			07/15/24		707,163
	Trident TPI Holdings, Inc. (CCC+/Caa2)(d)(e)
	2,200,000		6.625			11/01/25		2,178,000
	Trivium Packaging Finance B.V. (B/B2)(d)(e)
	1,775,000		5.500			08/15/26		1,826,031
	Trivium Packaging Finance B.V. (CCC+/Caa2)(d)(e)
	6,455,000		8.500			08/15/27		6,866,506
								60,559,490
Pharmaceuticals – 2.5%
	AdaptHealth LLC (B+/B1)(d)(e)
	985,000		6.125			08/01/28		1,019,475
	Bausch Health Americas, Inc. (B/B3)(d)(e)
	14,060,000		9.250			04/01/26		15,466,000
	1,625,000		8.500			01/31/27		1,783,438
	Bausch Health Cos., Inc. (B/B3)(d)(e)
	6,100,000		6.125			04/15/25		6,244,875
	2,595,000		5.000			01/30/28		2,523,637
	5,478,000		6.250			02/15/29		5,628,645
	2,595,000		5.250			01/30/30		2,549,587
	Bausch Health Cos., Inc. (BB/Ba2)(d)(e)
	465,000		5.500			11/01/25		476,044
	Herbalife Nutrition Ltd./HLF Financing, Inc. (BB-/B1)(d)(e)
	1,408,000		7.875			09/01/25		1,508,320
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)(d)(e)
	5,425,000		7.250			08/15/26		5,513,156
	Par Pharmaceutical, Inc. (B+/B2)(d)(e)
	6,675,000		7.500			04/01/27		6,992,062
	Teva Pharmaceutical Finance Co. B.V. (BB-/Ba2)
	855,000		3.650			11/10/21		852,863
	Vizient, Inc. (B/B2)(d)(e)
	990,000		6.250			05/15/27		1,039,500
								51,597,602
Pipelines – 5.1%
	Antero Midstream Partners LP/Antero Midstream Finance Corp. (B-/B3)(d)(e)
	4,400,000		5.750			03/01/27		3,630,000
	Buckeye Partners LP (BB/B1)(d)
	1,650,000		4.350			10/15/24		1,621,125
	2,400,000		4.125	(e)		03/01/25		2,292,000
	3,794,000		3.950			12/01/26		3,537,905
	860,000		4.125			12/01/27		809,475

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	Buckeye Partners LP (BB/B1)(d) – (continued)
$	1,573,000		4.500	% (e)		03/01/28	$	1,515,979
	Cheniere Energy Partners LP (BB/Ba2)(d)
	3,645,000		5.250			10/01/25		3,727,012
	2,825,000		4.500			10/01/29		2,892,094
	Cheniere Energy, Inc. (BB/Ba3)(d)(e)
	3,275,000		4.625			10/15/28		3,360,969
	DCP Midstream Operating LP (BB+/Ba2)
	5,090,000		5.375	(d)		07/15/25		5,204,525
	1,535,000		5.125	(d)		05/15/29		1,511,975
	925,000		6.450	(e)		11/03/36		878,750
	EnLink Midstream LLC (BB+/Ba2)(d)
	2,490,000		5.375			06/01/29		2,016,900
	EnLink Midstream Partners LP (BB+/Ba2)(d)
	2,325,000		4.400			04/01/24		2,092,500
	3,235,000		5.450			06/01/47		2,038,050
	EQM Midstream Partners LP (BB-/Ba3)(d)
	1,975,000		4.750			07/15/23		1,960,187
	2,800,000		6.500	(e)		07/01/27		2,961,000
	2,970,000		5.500			07/15/28		2,984,850
	Genesis Energy LP/Genesis Energy Finance Corp. (B+/B1)(d)
	6,034,000		5.625			06/15/24		5,143,985
	250,000		6.500			10/01/25		213,750
	255,000		6.250			05/15/26		211,650
	6,350,000		7.750			02/01/28		5,461,000
	Global Partners LP/GLP Finance Corp. (B+/B2)(d)
	150,000		7.000			06/15/23		152,813
	2,970,000		7.000			08/01/27		3,021,975
	1,780,000		6.875	(e)		01/15/29		1,793,350
	NGL Energy Partners LP/NGL Energy Finance Corp. (B+/B3)(d)
	2,390,000		7.500			11/01/23		1,592,338
	2,990,000		7.500			04/15/26		1,823,900
	NuStar Logistics LP (NR/Ba3)(d)
	2,790,000		5.750			10/01/25		2,873,700
	NuStar Logistics LP (BB-/Ba3)(d)
	3,420,000		5.625			04/28/27		3,368,700
	Plains All American Pipeline LP/PAA Finance Corp. (BBB-/Ba1)(d)
	1,308,000		3.800			09/15/30		1,269,793
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (D/Caa2)(d)
	8,561,000		5.750			04/15/25		4,366,110
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)(d)(e)
	5,955,000		4.750			10/01/23		5,642,362
	1,935,000		5.500			09/15/24		1,818,900
	2,563,000		7.500			10/01/25		2,563,000
	1,310,000		5.500			01/15/28		1,185,550
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB/Ba3)(d)
	2,865,000		5.875			04/15/26		2,940,206
	4,525,000		5.375			02/01/27		4,547,625
	1,810,000		6.500			07/15/27		1,891,450
	1,980,000		5.000			01/15/28		1,930,500
	Western Midstream Operating LP (BB+/Ba2)(d)
	1,500,000		5.375			06/01/21		1,511,250
	2,230,000		5.050			02/01/30		2,140,800
Corporate Obligations – (continued)
Pipelines – (continued)
	Western Midstream Operating LP (BB+/Ba2)(d) – (continued)
	1,725,000		5.300			03/01/48		1,397,250
	675,000		6.250			02/01/50		625,219
								104,522,472
Real Estate(d)(e) – 0.5%
	Realogy Group LLC/Realogy Co-Issuer Corp. (CCC+/Caa1)
	3,510,000		4.875			06/01/23		3,483,675
	5,429,000		9.375			04/01/27		5,619,015
	Realogy Group LLC/Realogy Co.-Issuer Corp. (CCC+/B3)
	773,000		7.625			06/15/25		805,852
	The Howard Hughes Corp. (BB-/Ba3)
	603,000		5.375			08/01/28		598,478
								10,507,020
Real Estate Investment Trust(d) – 1.5%
	ESH Hospitality, Inc. (BB-/Ba3)(e)
	3,050,000		4.625			10/01/27		2,989,000
	Iron Mountain, Inc. (BB-/Ba3)(e)
	4,200,000		5.000			07/15/28		4,305,000
	2,085,000		4.500			02/15/31		2,069,363
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)(e)
	2,085,000		4.625			06/15/25		2,126,700
	MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
	1,685,000		4.625			08/01/29		1,750,698
	Service Properties Trust (BB/Ba1)
	2,200,000		4.350			10/01/24		1,991,279
	Service Properties Trust (BB/Baa3)
	546,000		7.500			09/15/25		580,725
	Starwood Property Trust, Inc. (B+/Ba3)
	8,890,000		4.750			03/15/25		8,556,625
	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC (C/Ca)
	1,270,000		8.250			10/15/23		1,249,363
	275,000		7.125	(e)		12/15/24		265,375
	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC (CCC/B2)(e)
	2,715,000		6.000			04/15/23		2,721,787
	VICI Properties LP/VICI Note Co., Inc. (BB/Ba3)(e)
	2,154,000		3.500			02/15/25		2,140,537
								30,746,452
Retailing – 4.7%
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)(d)(e)
	7,049,000		5.000			10/15/25		7,207,602
	1,635,000		4.375			01/15/28		1,671,788
	1,766,000		4.000			10/15/30		1,779,245
	Asbury Automotive Group, Inc. (BB/B1)(d)(e)
	295,000		4.500			03/01/28		296,475
	190,000		4.750			03/01/30		190,950
	Beacon Roofing Supply, Inc. (B-/Caa1)(d)(e)
	10,615,000		4.875			11/01/25		10,349,625
	Burlington Stores, Inc. (NR/NR)(e)
	1,141,000		2.250			04/15/25		1,356,911
	Carvana Co. (CCC+/Caa2)(d)(e)
	3,150,000		5.625			10/01/25		3,106,687

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

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Retailing – (continued)
	eG Global Finance PLC (B-/B2)(d)(e)
$	2,560,000		6.750	%		02/07/25	$	2,614,400
	2,210,000		8.500			10/30/25		2,306,688
	Group 1 Automotive, Inc. (BB+/Ba2)(d)(e)
	682,000		4.000			08/15/28		670,065
	IRB Holding Corp. (B/B3)(d)(e)
	1,171,000		7.000			06/15/25		1,248,579
	IRB Holding Corp. (CCC+/Caa3)(d)(e)
	8,870,000		6.750			02/15/26		8,870,000
	Ken Garff Automotive LLC (B/B1)(d)(e)
	720,000		4.875			09/15/28		708,300
	KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC (BB/Ba3)(d)(e)
	4,187,000		5.250			06/01/26		4,349,246
	Kirk Beauty One GmbH (CCC-/Caa3)(d)
EUR	2,250,000		8.750			07/15/23		1,728,162
	L Brands, Inc. (B+/B2)
$	6,845,000		5.250			02/01/28		6,622,537
	L Brands, Inc. (BB/Ba2)(d)(e)
	880,000		6.875			07/01/25		944,900
	Macy’s Retail Holdings, Inc. (B/B1)(d)
	2,550,000		2.875			02/15/23		2,062,313
	Macy’s, Inc. (BB-/Ba1)(d)(e)
	2,900,000		8.375			06/15/25		2,994,250
	PetSmart, Inc. (CCC+/Caa2)(d)(e)
	6,095,000		7.125			03/15/23		6,148,331
	3,803,000		8.875			06/01/25		3,926,597
	Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B3)(d)(e)
	1,418,000		6.375			09/30/26		1,439,270
	Staples, Inc. (B/B1)(d)(e)
	6,005,000		7.500			04/15/26		5,554,625
	Staples, Inc. (CCC+/B3)(d)(e)
	6,800,000		10.750			04/15/27		5,448,500
	Stonegate Pub Co Financing 2019 PLC (NR/B3)(d)(e)
GBP	1,750,000		8.250			07/31/25		2,085,004
	Suburban Propane Partners LP/Suburban Energy Finance Corp. (BB-/B1)(d)
$	1,895,000		5.500			06/01/24		1,913,950
	2,175,000		5.875			03/01/27		2,234,813
	Walgreens Boots Alliance, Inc. (BBB/Baa2)(d)
	1,740,000		4.100			04/15/50		1,734,815
	Yum! Brands, Inc. (B+/B1)(d)
	187,000		7.750	(e)		04/01/25		206,635
	2,400,000		4.750	(e)		01/15/30		2,592,000
	495,000		3.625			03/15/31		495,000
								94,858,263
Semiconductors – 0.5%
	Advanced Micro Devices, Inc. (BB+/Baa3)
	657,000		7.500			08/15/22		730,913
	Amkor Technology, Inc. (BB/B1)(d)(e)
	3,489,000		6.625			09/15/27		3,750,675
	Microchip Technology, Inc. (NR/Ba2)(d)(e)
	280,000		4.250			09/01/25		290,500
Corporate Obligations – (continued)
Semiconductors – (continued)
	ON Semiconductor Corp. (BB/Ba2)(d)(e)
	2,170,000		3.875			09/01/28		2,202,550
	Qorvo, Inc. (BB+/Ba1)(d)(e)
	3,320,000		3.375			04/01/31		3,373,950
								10,348,588
Software(d) – 1.9%
	Black Knight InfoServ LLC (B+/Ba3)(e)
	1,555,000		3.625			09/01/28		1,555,000
	BY Crown Parent LLC/BY Bond Finance, Inc. (B-/B1)(e)
	355,000		4.250			01/31/26		360,769
	Camelot Finance SA (B/B2)(e)
	3,450,000		4.500			11/01/26		3,514,687
	Castle US Holding Corp. (CCC/Caa2)(e)
	2,020,000		9.500			02/15/28		1,919,000
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc. (B-/Caa1)(e)
	950,000		5.750			03/01/25		957,125
	Granite Merger Sub 2, Inc. (CCC+/Caa1)(e)
	2,092,000		11.000			07/15/27		2,217,520
	Logan Merger Sub, Inc. (B-/B1)(e)
	3,175,000		5.500			09/01/27		3,218,656
	Nuance Communications, Inc. (BB-/Ba3)
	3,640,000		5.625			12/15/26		3,849,300
	Open Text Corp. (BB/Ba2)(e)
	4,730,000		3.875			02/15/28		4,789,125
	PTC, Inc. (BB-/Ba3)(e)
	1,497,000		3.625			02/15/25		1,519,455
	Solera LLC/Solera Finance, Inc. (CCC+/Caa1)(e)
	6,500,000		10.500			03/01/24		6,776,250
	SS&C Technologies, Inc. (B+/B2)(e)
	5,090,000		5.500			09/30/27		5,395,400
	The Dun & Bradstreet Corp. (B-/Caa1)(e)
	1,968,000		10.250			02/15/27		2,233,680
	Veritas US, Inc./Veritas Bermuda Ltd. (B/B2)(e)
	235,000		7.500			02/01/23		235,588
								38,541,555
Storage/Warehousing(d)(e) – 0.1%
	Algeco Global Finance 2 PLC (CCC/Caa1)
	2,390,000		10.000			08/15/23		2,246,600
Telecommunication Services – 6.6%
	Altice France Holding SA (CCC+/WR)(d)(e)
	4,755,000		10.500			05/15/27		5,260,219
	Altice France SA (NR/B2)(d)(e)
	664,000		5.125			01/15/29		659,020
	Altice France SA (B/B2)(d)(e)
	8,165,000		7.375			05/01/26		8,532,425
	4,910,000		8.125			02/01/27		5,351,900
	225,000		5.500			01/15/28		227,250
	CenturyLink, Inc. (B+/B2)
	2,250,000		5.125	(d)(e)		12/15/26		2,297,812
	3,465,000		6.875			01/15/28		3,880,800
	1,700,000		7.600			09/15/39		1,916,750
	CommScope Technologies LLC (B-/B3)(d)(e)
	4,331,000		6.000			06/15/25		4,385,137

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	CommScope, Inc. (B-/B3)(d)(e)
$	1,780,000		8.250	%		03/01/27	$	1,851,200
	4,645,000		7.125			07/01/28		4,761,125
	Digicel Group 0.5 Ltd. (NR/Ca)(d)(e)(f)
	420,555		7.000			12/31/99		50,467
	(PIK 3.000%, Cash 5.000%)
	2,539,200		8.000			04/01/25		888,720
	Intelsat Connect Finance SA (NR/WR)(d)(e)(g)
	5,475,000		9.500			02/15/23		1,697,250
	Intelsat Jackson Holdings SA (NR/WR)(e)(g)
	210,000		9.500			09/30/22		228,900
	6,885,000		8.500	(d)		10/15/24		4,440,825
	15,490,000		9.750	(d)		07/15/25		10,145,950
	Intelsat Luxembourg SA (NR/WR)(d)(g)
	13,875,000		8.125			06/01/23		555,000
	Intelsat SA (NR/NR)(g)
	4,650,000		4.500			06/15/25		1,627,500
	Level 3 Financing, Inc. (BB/Ba3)(d)
	5,285,000		5.250			03/15/26		5,469,975
	5,891,000		4.625	(e)		09/15/27		6,038,275
	4,910,000		4.250	(e)		07/01/28		4,989,787
	Lorca Telecom Bondco SAU (B+/B1)(d)(e)
EUR	1,250,000		4.000			09/18/27		1,489,583
	Nokia of America Corp. (NR/WR)
$	5,200,000		6.450			03/15/29		5,564,000
	Sprint Capital Corp. (BB/B1)
	8,075,000		8.750			03/15/32		11,870,250
	Sprint Communications, Inc. (BB/B1)
	2,128,000		11.500			11/15/21		2,338,140
	5,550,000		6.000			11/15/22		5,966,250
	Sprint Corp. (BB/B1)
	10,288,000		7.875			09/15/23		11,792,620
	1,555,000		7.625	(d)		02/15/25		1,827,125
	1,400,000		7.625	(d)		03/01/26		1,687,000
	T-Mobile USA, Inc. (BB/Ba3)(d)
	1,485,000		6.000			03/01/23		1,488,713
	1,360,000		6.000			04/15/24		1,388,900
	3,820,000		6.500			01/15/26		3,977,575
	Telecom Italia Capital SA (BB+/Ba1)
	6,865,000		7.200			07/18/36		8,667,062
	675,000		7.721			06/04/38		892,688
	Telesat Canada/Telesat LLC (BB-/Ba3)(d)(e)
	402,000		4.875			06/01/27		405,015
								134,611,208
Toys/Games/Hobbies(d) – 0.3%
	Mattel, Inc. (B+/B1)(e)
	2,165,000		6.750			12/31/25		2,284,075
	1,553,000		5.875			12/15/27		1,669,475
	Mattel, Inc. (B-/B3)
	2,335,000		3.150			03/15/23		2,291,219
								6,244,769
Transportation(d)(e) – 0.1%
	XPO Logistics, Inc. (BB-/Ba3)
	1,853,000		6.250			05/01/25		1,973,445
	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,939,815,429)						$	1,936,569,955

Shares	Description		Value
Common Stock – 0.0%
Auto Components – 0.0%
1,229		Lear Corp.	$	134,022
(Cost $–)

Principal Amount	Interest Rate			Maturity Date		Value
Structured Note(d)(e)(h) – 0.1%
CHS/Community Health Systems, Inc. (CCC-/Ca)
$1,820,000		9.875	%		06/30/23	$	1,456,000
(Cost $1,708,295)

Shares	Dividend Rate		Value
Preferred Stocks(d)(f) – 0.1%
Media – 0.1%
Spanish Broadcasting System, Inc.
3,014		10.750%	$	1,205,600
(Cost $3,042,344)
Units	Expiration Date		Value
Warrant(g) – 0.0%
True Religion Warrant (NR/NR)
1,914		10/27/22	$	—
True Religion Warrant 2 (NR/NR)
7,229		10/27/22		—
(Cost $–)
TOTAL WARRANT			$	—
TOTAL INVESTMENTS – 96.5%
(Cost $1,972,322,696)			$	1,965,585,690
OTHER ASSETS IN EXCESS OF     LIABILITIES – 3.5%				72,263,745
NET ASSETS – 100.0%			$	2,037,849,435

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, 2020. 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.

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

GOLDMAN SACHS HIGH YIELD FUND

(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2020.
(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)	Pay-in-kind securities.
(g)	Security is currently in default and/or non-income producing.
(h)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2020.

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
USD	—U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS – At September 30, 2020, 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)
Intelsat Jackson Holdings SA (NR/NR)07/13/2022	$	19,956	$20,272	$	316

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, 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
Deutsche Bank AG		USD  16,458,776		EUR  13,981,588	11/09/20	$	52,520

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased	Currency Sold	Settlement Date	Unrealized Loss
MS & Co. Int. PLC	USD  1,458,679	EUR  1,250,000	11/09/20	$	(8,095	)
UBS AG (London)	USD  5,784,066	GBP  4,490,358	01/13/21		(14,500	)
TOTAL				$	(22,595	)

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2020, 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		16			12/21/20	$	2,558,750		$	10,213
2 Year U.S. Treasury Notes		96			12/31/20		21,212,250			9,045
10 Year U.S. Treasury Notes		810			12/21/20		113,020,312			308,049
20 Year U.S. Treasury Bonds		406			12/21/20		71,570,188			396,850
Total									$	724,157
Short position contracts:
Eurodollars		(1	)		12/14/20		(249,387	)		(4,636	)
Ultra Long U.S. Treasury Bonds		(18	)		12/21/20		(3,992,625	)		(4,093	)
5 Year German Euro-Bobl		(89	)		12/08/20		(14,104,723	)		(18,927	)
5 Year U.S. Treasury Notes		(158	)		12/31/20		(19,912,938	)		(2,317	)
Total									$	(29,973	)
TOTAL FUTURES CONTRACTS									$	694,184

SWAP CONTRACTS — At September 30, 2020, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at September 30, 2020(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 34		5.000%	3.803%		06/20/25	$	35,839	$	1,837,188	$	412,879	$	1,424,309
CDX.NA.HY Index 35		5.000	4.072		12/20/25		105,250		4,566,681		4,175,077		391,604
TOTAL								$	6,403,869	$	4,587,956	$	1,815,913

(a) Payments made quarterly.

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

Abbreviations:
CDX.NA.IG Index 34	—CDX North America Investment Grade Index 34
CDX.NA.IG Index 35	—CDX North America Investment Grade Index 35
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 88.9%
Aerospace & Defense(b) – 0.5%
	Dynasty Acquisition Co., Inc. (B-/Caa1)
	(3M LIBOR + 3.500%)
$	2,261,542		3.720	%		04/06/26	$	1,988,551
	(3M LIBOR + 3.500%)
	1,215,883		3.720			04/06/26		1,069,113
	TransDigm, Inc. (B+/Ba3) (1M LIBOR + 2.250%)
	4,017,649		2.397			08/22/24		3,796,237
								6,853,901
Airlines – 1.9%
	Allegiant Travel Co. (B+/Ba3)(b) (3M LIBOR + 3.000%)
	4,340,927		3.254			02/05/24		3,993,653
	American Airlines, Inc. (B+/Ba3)(b) (1M LIBOR + 1.750%)
	4,900,000		1.896			01/29/27		3,555,587
	Atlantic Aviation FBO, Inc. (BB-/B2)(b) (1M LIBOR + 3.750%)
	4,494,689		3.900			12/06/25		4,378,592
	Delta Air Lines, Inc. (NR/Baa1)(c)
	1,650,000		0.000			09/16/27		1,660,906
	Delta Air Lines, Inc. (BBB-/Baa2)(b) (3M LIBOR + 4.750%)
	3,790,500		5.750			04/29/23		3,781,024
	JetBlue Airways Corp. (B+/Ba2)(b) (3M LIBOR + 5.250%)
	2,962,500		6.250			06/17/24		2,937,200
	Kestrel Bidco Inc. (B-/B2)(b) (6M LIBOR + 3.000%)
	3,970,000		4.000			12/11/26		3,431,231
								23,738,193
Automotive – Distributors – 0.7%
	American Axle & Manufacturing, Inc. (BB-/Ba2)(b) (1M LIBOR + 2.250%)
	2,843,221		3.000			04/06/24		2,706,405
	Bombardier Recreational Products, Inc. (BB-/B1)(b) (1M LIBOR + 2.000%)
	1,309,245		2.147			05/24/27		1,265,386
	Drive Chassis Holding Co. LLC (NR/NR)(c)
	2,525,000		0.000			04/10/26		2,411,375
	Thor Industries, Inc. (BB/B2)(b) (1M LIBOR + 3.750%)
	2,974,809		3.938			02/01/26		2,951,575
								9,334,741
Automotive – Parts(b) – 2.8%
	Adient US LLC (B+/Ba3) (1M LIBOR + 4.250%)
	3,135,468		4.397			05/06/24		3,095,616
	CS Intermediate Holdco 2 LLC (B-/B1) (1M LIBOR + 2.000%)
	3,822,490		2.750			11/02/23		3,258,673
	Dana, Inc. (BBB-/Baa3) (1M LIBOR + 2.250%)
	1,100,000		2.400			02/27/26		1,071,125
	Garrett LX III S.a r.l. (D/WR) (3M LIBOR + 2.500%)
	4,761,107		5.750			09/27/25		4,589,374
	Gates Global LLC (B+/B1) (1M LIBOR + 2.750%)
	2,552,632		3.750			04/01/24		2,511,152
	Mavis Tire Express Services Corp. (B-/B2) (3M LIBOR + 3.250%)
	4,032,377		3.470			03/20/25		3,818,177
	Navistar International Corp. (BB-/Ba2) (1M LIBOR + 3.500%)
	4,342,501		3.660			11/06/24		4,299,076
	Panther BF Aggregator 2 LP (B/B1)
	(1M EURIBOR + 3.750%)
EUR	1,150,000		3.750			04/30/26		1,323,036
Bank Loans(a) – (continued)
Automotive – Parts(b) – (continued)
	Panther BF Aggregator 2 LP (B/B1) – (continued)
	(1M LIBOR + 3.500%)
$	3,156,404		3.647			04/30/26		3,070,582
	Tenneco, Inc. (B/Ba3) (1M LIBOR + 3.000%)
	4,234,409		3.147			10/01/25		3,808,343
	Trico Group LLC (B/B3)(2M LIBOR + 7.500%)
	1,212,375		8.500			02/02/24		1,192,674
	Wand NewCo 3, Inc. (B-/B1) (3M LIBOR + 3.000%)
	3,768,707		3.147			02/05/26		3,630,923
								35,668,751
Building & Construction Material(b) – 0.3%
	CSC Holdings LLC (BB/Ba3) (1M LIBOR + 2.500%)
	3,774,426		2.652			04/15/27		3,652,549
Building Materials(b) – 3.1%
	ACProducts, Inc. (B/B2) (3M LIBOR + 6.500%)
	4,888,125		7.500			08/18/25		4,889,347
	Beacon Roofing Supply, Inc. (BB/B2) (1M LIBOR + 2.250%)
	1,998,048		2.397			01/02/25		1,932,392
	CPG International, Inc. (BB-/B2) (3M LIBOR + 3.750%)
	4,297,400		4.750			05/05/24		4,279,136
	Foundation Building Materials Holding Co. LLC (BB-/B2) (1M LIBOR + 3.000%)
	1,946,712		3.147			08/13/25		1,915,077
	Hayward Industries, Inc. (B/B3) (1M LIBOR + 3.500%)
	4,808,159		3.647			08/05/24		4,672,954
	Ingersoll-Rand Services Co. (BB+/Ba2) (1M LIBOR + 1.750%)
	1,741,250		1.897			03/01/27		1,680,794
	Jeld-Wen, Inc. (BB+/Ba2) (1M LIBOR + 2.000%)
	2,026,231		2.147			12/14/24		1,966,457
	LBM Borrower LLC (B+/B2) (3M LIBOR + 3.750%)
	3,394,979		4.750			08/20/22		3,391,584
	NCI Building Systems, Inc. (B+/B2) (1M LIBOR + 3.750%)
	7,170,048		3.901			04/12/25		7,024,424
	Quikrete Holdings, Inc. (BB-/B1) (1M LIBOR + 2.500%)
	3,232,876		2.647			02/01/27		3,142,614
	Swissport Financing S.a r.l. (D/C) (3M EURIBOR + 4.500%)
EUR	3,750,000		4.500			08/14/24		3,906,764
								38,801,543
Chemicals(b) – 4.6%
	Alpha 3 B.V. (B-/B2) (3M LIBOR + 3.000%)
$	4,547,010		4.000			01/31/24		4,469,347
	ASP Unifrax Holdings, Inc. (CCC/Caa3) (3M LIBOR + 8.500%)
	1,975,000		8.750			12/14/26		1,606,327
	ASP Unifrax Holdings, Inc. (CCC+/Caa1) (3M LIBOR + 3.750%)
	3,719,272		3.970			12/12/25		3,266,934
	Consolidated Energy Finance SA (BB-/Ba3) (1M LIBOR + 2.500%)
	3,919,924		2.656			05/07/25		3,562,231
	Cyanco Intermediate Corp. (B/B2) (1M LIBOR + 3.500%)
	3,879,583		3.647			03/16/25		3,818,169
	Diamond (BC) B.V. (CCC+/B1) (3M LIBOR + 5.000%)
	1,000,000		6.000			09/06/24		997,500
	Element Solutions, Inc. (BB/Ba2) (1M LIBOR + 2.000%)
	3,177,150		2.145			01/31/26		3,103,694

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, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Chemicals(b) – (continued)
	Emerald Performance Materials, LLC (B/B2) (1M LIBOR + 4.000%)
$	1,668,676		5.000	%		08/12/25	$	1,661,384
	Hexion, Inc. (B+/Ba3) (3M LIBOR + 3.500%)
	3,610,051		3.800			07/01/26		3,546,875
	INEOS Enterprises Holdings US Finco LLC (BB/B1) (3M LIBOR + 3.500%)
	4,800,088		4.500			08/28/26		4,760,104
	Momentive Performance Materials, Inc. (B/B2) (1M LIBOR + 3.250%)
	5,560,270		3.410			05/15/24		5,313,561
	Plaze, Inc. (B/B3) (1M LIBOR + 4.250%)
	975,000		5.250			08/03/26		957,937
	Polar US Borrower LLC (B-/B2) (1M LIBOR + 4.750%)
	3,908,312		4.906			10/15/25		3,751,980
	PQ Corp. (BB-/B1) (3M LIBOR + 2.250%)
	3,768,678		2.511			02/07/27		3,669,750
	Starfruit Finco B.V. (B+/B1) (1M LIBOR + 3.000%)
	6,193,613		3.151			10/01/25		5,987,923
	The Chemours Co. (BB/Ba1) (1M LIBOR + 1.750%)
	2,681,369		1.900			04/03/25		2,580,818
	Tronox Finance LLC (B+/Ba3) (1M LIBOR + 3.000%)
	1,281,699		3.147			09/23/24		1,259,731
	Univar, Inc. (BB+/Ba3) (1M LIBOR + 2.250%)
	3,115,414		2.397			07/01/24		3,069,991
								57,384,256
Commercial Services(b) – 2.1%
	Amentum Government Services Holdings LLC (B/Ba3) (1M LIBOR + 3.500%)
	857,850		3.647			02/01/27		843,198
	APX Group, Inc. (B-/B3) (1M LIBOR + 5.000%)
	1,995,000		5.147			12/31/25		1,955,938
	AQ Carver Buyer, Inc. (B/B2) (3M LIBOR + 5.000%)
	2,178,000		6.000			09/23/25		2,058,210
	Avis Budget Car Rental, LLC (BB-/Ba2) (1M LIBOR + 2.250%)
	1,388,983		2.400			08/06/27		1,220,915
	Da Vinci Purchaser Corp. (B/B2) (3M LIBOR + 4.000%)
	3,990,000		5.238			01/08/27		3,936,813
	GlobalLogic Holdings, Inc. (B/B2) (1M LIBOR + 3.750%)
	2,100,000		4.500			08/13/27		2,079,000
	IRB Holding Corp. (B/B3) (3M LIBOR + 2.750%)
	5,667,520		3.750			02/05/25		5,402,224
	Prime Security Services Borrower LLC (BB-/Ba3) (1M LIBOR + 3.250%)
	3,455,050		4.250			09/23/26		3,419,878
	Rockwood Service Corporation (B/B2) (1M LIBOR + 4.250%)
	1,492,500		4.397			01/23/27		1,479,441
	STG-Fairway Holdings LLC (B-/B2) (3M LIBOR + 3.250%)
	2,321,690		3.470			01/31/27		2,269,452
	Trans Union LLC (BB+/Ba2) (1M LIBOR + 1.750%)
	1,324,091		1.897			11/16/26		1,289,122
								25,954,191
Computers(b) – 0.2%
	Redstone Buyer LLC (B/B1) (3M LIBOR + 5.000%)
	2,600,000		6.000			09/01/27		2,587,000
Bank Loans(a) – (continued)
Construction Machinery(b) – 0.5%
	Brookfield WEC Holdings Inc. (B/B2) (1M LIBOR + 3.000%)
	4,930,464		3.750			08/01/25		4,800,152
	Welbilt, Inc. (CCC+/B3) (1M LIBOR + 2.500%)
	2,147,500		2.647			10/23/25		1,949,522
								6,749,674
Consumer Cyclical Services(b) – 0.1%
	Fleet U.S. Bidco, Inc. (B+/B2) (1M LIBOR + 3.250%)
	1,584,000		3.397			10/07/26		1,536,480
Consumer Cyclical Services – Business – 2.2%
	Advantage Sales & Marketing, Inc. (CCC+/B2)(b) (1M LIBOR + 3.250%)
	2,373,523		4.250			07/23/21		2,330,087
	Advantage Sales & Marketing, Inc. (CCC-/Caa2)(b) (1M LIBOR + 6.500%)
	2,053,226		7.500			07/25/22		1,970,235
	Allied Universal Holding Co. LLC (B-/B3)(b) (1M LIBOR + 4.250%)
	4,390,755		4.397			07/10/26		4,337,451
	Colorado Buyer, Inc. (CC/Caa2)(b) (6M LIBOR + 7.250%)
	2,875,000		8.250			05/01/25		1,476,571
	GT Polaris, Inc. (NR/NR)(c)
	1,275,000		0.000			08/04/27		1,264,239
	Guidehouse LLP (B-/B1)(b) (1M LIBOR + 4.500%)
	3,687,278		4.647			05/01/25		3,648,119
	Sabre GLBL, Inc. (B/Ba3)(b) (1M LIBOR + 2.000%)
	3,370,405		2.147			02/22/24		3,136,297
	Stats Intermediate Holdings LLC (B-/B2)(b) (1M LIBOR + 5.250%)
	1,308,454		5.401			07/10/26		1,283,921
	Tempo Acquisition LLC (B/B1)(b) (1M LIBOR + 3.250%)
	3,349,721		3.750			11/02/26		3,244,004
	The House of HR (NR/NR)(c)
EUR	2,475,000		0.000			07/27/26		2,691,432
	USS Ultimate Holdings, Inc. (CCC/Caa2)(b) (3M LIBOR + 7.750%)
$	2,225,000		8.750			08/25/25		2,098,464
								27,480,820
Consumer Products – Household & Leisure(b) – 0.4%
	Diamond (BC) B.V. (CCC+/B1) (3M LIBOR + 3.000%)
	3,065,656		3.261			09/06/24		2,858,724
	Prestige Brands, Inc. (BB/Ba3) (1M LIBOR + 2.000%)
	1,998,892		2.147			01/26/24		1,980,162
								4,838,886
Consumer Products – Non Durable(b) – 0.8%
	Alphabet Holding Co., Inc. (B-/B3) (1M LIBOR + 3.500%)
	2,789,336		3.647			09/26/24		2,706,158
	Alphabet Holding Co., Inc. (CCC/Caa2) (1M LIBOR + 7.750%)
	3,825,000		7.897			09/26/25		3,684,737
	HLF Financing S.a r.l. (BB+/Ba1) (1M LIBOR + 2.750%)
	1,920,458		2.897			08/18/25		1,888,060
	KIK Custom Products, Inc. (B-/B1) (3M LIBOR + 4.000%)
	2,395,870		5.000			05/15/23		2,377,374
								10,656,329

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)
Distributor(b) – 0.2%
	UGI Energy Services LLC (NR/Ba3) (1M LIBOR + 3.750%)
$	2,622,099		3.897	%		08/13/26	$	2,604,609
Diversified Financial Services – 3.4%
	Advisor Group, Inc. (B-/B2)(b) (1M LIBOR + 5.000%)
	1,970,038		5.147			07/31/26		1,903,273
	Blackstone CQP Holding Co. LP (B+/B1)(b) (3M LIBOR + 3.500%)
	5,267,081		3.725			09/30/24		5,147,255
	Citadel Securities LP (BBB-/Ba1)(b) (1M LIBOR + 2.750%)
	4,365,476		2.897			02/27/26		4,335,485
	DLG Acquisitions Ltd. (NR/NR)(c)
EUR	1,825,000		0.000			05/15/26		2,077,134
	Edelman Financial Center LLC (B/B2)(b) (1M LIBOR + 3.000%)
$	3,618,695		3.145			07/21/25		3,488,096
	FinCo I LLC (BB/WR)(b) (1M LIBOR + 2.000%)
	1,390,589		2.156			12/27/22		1,386,539
	First Eagle Holdings, Inc. (BB/Ba2)(b) (3M LIBOR + 2.500%)
	1,952,024		2.720			02/01/27		1,902,521
	Fiserv Investment Solutions, Inc. (B/B2)(b) (3M LIBOR + 4.750%)
	1,197,000		5.020			02/18/27		1,187,029
	Franklin Square Holdings LP (BB/Ba1)(b) (1M LIBOR + 2.250%)
	1,908,205		2.438			08/01/25		1,879,582
	Jefferies Finance LLC (BB-/Ba3)(b) (1M LIBOR + 3.250%)
	3,966,168		3.438			06/03/26		3,797,606
	Lorca Finco PLC (NR/NR)(c)
EUR	2,200,000		0.000			07/02/27		2,566,493
	MHI Holdings LLC (B+/B2)(b) (1M LIBOR + 5.000%)
$	4,218,125		5.147			09/21/26		4,197,034
	Milano Acquisition Corp. (NR/NR)(c)
	3,250,000		0.000			08/13/27		3,209,375
	Nielsen Finance LLC (BBB-/Ba1)(b) (1M EURIBOR + 3.750%)
EUR	624,313		3.750			06/04/25		729,918
	Vertical Midco GmbH (NR/NR)(c)
$	1,950,000		0.000			07/30/27		1,931,553
	VFH Parent LLC (B+/Ba3)(b) (1M LIBOR + 3.000%)
	1,721,820		3.151			03/01/26		1,708,373
	Victory Capital Holdings, Inc. (BB-/Ba3)(b) (3M LIBOR + 2.500%)
	1,233,976		2.799			07/01/26		1,214,442
								42,661,708
Diversified Manufacturing(b) – 2.1%
	AI Aqua Merger Sub, Inc. (B/B2)
	(1M LIBOR + 3.250%)
	1,860,435		4.250			12/13/23		1,804,622
	(1M LIBOR + 3.250%)
	1,119,201		4.250			12/13/23		1,091,221
	AI Plex Acquico GmbH (B-/B3)(6M LIBOR + 5.000%)
	3,675,686		5.316			07/31/26		3,280,550
	Apex Tool Group LLC (CCC+/B3) (1M LIBOR + 5.250%)
	3,899,525		6.500			08/01/24		3,688,951
	Atkore International, Inc. (BB-/Ba3) (3M LIBOR + 2.750%)
	3,925,848		3.750			12/22/23		3,905,237
Bank Loans(a) – (continued)
Diversified Manufacturing(b) – (continued)
	Dynacast International LLC (CCC/Caa1) (3M LIBOR + 3.250%)
	4,606,139		4.250			01/28/22		4,126,318
	Gardner Denver, Inc. (BB+/Ba2) (1M LIBOR + 1.750%)
	1,499,432		1.897			03/01/27		1,447,372
	Robertshaw US Holding Corp. (CCC-/Caa2)(6M LIBOR + 8.000%)
	4,650,000		9.000			02/28/26		2,755,125
	Titan Acquisition Ltd. (B-/B2) (3M LIBOR + 3.000%)
	4,154,738		3.361			03/28/25		3,914,552
								26,013,948
Electrical Utilities(b) – 0.4%
	Pacific Gas & Electric Co. (BB-/B1) (3M LIBOR + 4.500%)
	2,593,500		5.500			06/23/25		2,537,299
	Resideo Funding, Inc. (BBB-/Ba2) (3M LIBOR + 2.250%)
	2,620,478		2.480			10/24/25		2,522,210
								5,059,509
Entertainment – 3.1%
	Allen Media LLC (BB-/Ba3)(b) (3M LIBOR + 5.500%)
	6,516,217		5.720			02/10/27		6,306,460
	Alterra Mountain Co. (B/B1)(b)
	(1M LIBOR + 2.750%)
	3,491,836		2.897			07/31/24		3,359,425
	(1M LIBOR + 4.500%)
	370,507		5.500			08/01/26		365,875
	AMC Entertainment Holdings, Inc. (B-/Caa2)(b) (3M LIBOR + 3.000%)
	4,996,234		3.220			04/22/26		3,189,796
	Amer Sports Oyj (NR/NR)(c)
EUR	3,225,000		0.000			03/30/26		3,375,736
	Banijay Entertainment S.A.S (B/B1)(b) (1M LIBOR + 3.750%)
$	3,650,000		3.907			03/01/25		3,567,875
	CityCenter Holdings LLC (B+/B2)(b) (1M LIBOR + 2.250%)
	3,548,064		3.000			04/18/24		3,398,158
	Crown Finance US, Inc. (CCC-/Caa3)(b)
	(6M LIBOR + 2.500%)
	3,096,308		2.769			02/28/25		2,047,000
	(6M LIBOR + 2.750%)
	1,089,000		3.019			09/30/26		715,473
	PCI Gaming Authority (BB+/Ba3)(b) (1M LIBOR + 2.500%)
	4,918,308		2.647			05/29/26		4,768,693
	Playtika Holding Corp. (B+/B1)(b)(6M LIBOR + 6.000%)
	3,158,357		7.000			12/10/24		3,157,189
	UFC Holdings LLC (B/B2)(b)(6M LIBOR + 3.250%)
	2,557,889		4.250			04/29/26		2,509,929
	Vue International Bidco PLC (CCC+/B2)(b) (3M EURIBOR + 4.750%)
EUR	3,136,096		4.750			07/03/26		2,817,951
								39,579,560
Environmental(b) – 1.2%
	Core & Main LP (B/B2)(6M LIBOR + 2.750%)
$	4,051,115		3.750			08/01/24		3,961,220
	EnergySolutions LLC (B-/B3) (3M LIBOR + 3.750%)
	4,488,963		4.750			05/09/25		4,275,737

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, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Environmental(b) – (continued)
	FTS International, Inc. (D/WR) (1M LIBOR + 4.750%)
$	2,067,585		6.000	%		04/16/21	$	716,770
	GFL Environmental, Inc. (BB-/Ba3) (1M LIBOR + 3.000%)
	4,076,333		4.000			05/30/25		4,053,913
	Innovative Water Care Global Corp. (CCC+/Caa1) (3M LIBOR + 5.000%)
	2,881,125		6.000			02/27/26		2,432,765
								15,440,405
Food & Beverages – 2.0%
	BellRing Brands LLC (B+/B2)(b) (1M LIBOR + 5.000%)
	1,242,722		6.000			10/21/24		1,243,243
	CHG PPC Parent LLC (B/B2)(b) (1M LIBOR + 2.750%)
	2,593,915		2.897			03/31/25		2,490,159
	Chobani LLC (B-/B1)(b) (1M LIBOR + 3.500%)
	3,536,888		4.500			10/10/23		3,492,676
	Froneri International Ltd. (B+/B1)(b)
	(1M EURIBOR + 2.625%)
EUR	1,100,000		2.625	%		01/31/27		1,252,616
	(1M LIBOR + 2.250%)
$	5,187,000		2.397			01/31/27		4,973,970
	Shearer’s Foods, Inc. (NR/NR)(c)
	550,000		0.000			09/23/27		545,534
	Sigma Bidco B.V. (NR/NR)(c)
	4,486,380		0.000			07/02/25		4,357,396
	Sunshine Investments B.V. (NR/NR)(c)
EUR	1,200,000		0.000			03/28/25		1,391,337
	Sunshine Investments B.V. (B+/B1)(b)
	(3M EURIBOR + 3.250%)
	525,000		3.250			03/28/25		603,995
	(3M LIBOR + 3.250%)
$	4,519,746		3.515			03/28/25		4,409,600
								24,760,526
Gaming(b) – 1.4%
	Caesars Resort Collection LLC (B+/B1) (1M LIBOR + 2.750%)
	8,929,169		2.897			12/23/24		8,343,594
	Mohegan Tribal Gaming Authority (CCC+/Caa1) (3M LIBOR + 6.375%)
	1,355,313		7.375			10/13/23		1,203,965
	Scientific Games International, Inc. (B+/B1)(6M LIBOR + 2.750%)
	6,726,685		3.612			08/14/24		6,313,733
	The Stars Group Holdings B.V. (BBB-/Ba1) (3M LIBOR + 3.500%)
	1,478,304		3.720			07/10/25		1,473,278
								17,334,570
Health Care – Pharmaceuticals(b) – 1.7%
	Amedes Holding AG (B/B2) (3M EURIBOR + 3.500%)
EUR	3,010,720		3.500			05/30/26		3,462,250
	Bausch Health Cos., Inc. (BB/Ba2) (1M LIBOR + 2.750%)
$	2,316,918		2.901			11/27/25		2,258,995
	Endo Finance Co. (Luxembourg) S.a.r.l. (B+/B2) (3M LIBOR + 4.250%)
	5,068,958		5.000			04/29/24		4,815,510
Bank Loans(a) – (continued)
Health Care – Pharmaceuticals(b) – (continued)
	Grifols Worldwide Operations USA, Inc. (BB+/Ba2)(1 Week LIBOR + 2.000%)
	4,911,771		2.100			11/15/27		4,804,351
	Sunshine Luxembourg VII S.a r.l. (B-/B2) (3M LIBOR + 4.250%)
	3,193,085		5.250			10/01/26		3,171,627
	Valeant Pharmaceuticals International, Inc. (BB/Ba2) (1M LIBOR + 3.000%)
	2,817,777		3.151			06/02/25		2,758,491
								21,271,224
Health Care – Services – 5.9%
	Air Medical Group Holdings, Inc. (B/B2)(b) (3M LIBOR + 4.250%)
	3,026,658		5.250			03/14/25		2,925,780
	Air Methods Corp. (B/B3)(b) (3M LIBOR + 3.500%)
	1,356,689		4.500			04/22/24		1,183,494
	American Renal Holdings, Inc. (B-/B3)(b) (1M LIBOR + 5.000%)
	3,078,260		5.147			06/21/24		2,962,825
	Athenahealth, Inc. (B/B2)(b) (3M LIBOR + 4.500%)
	4,442,843		4.750			02/11/26		4,365,093
	Change Healthcare Holdings LLC (B+/B1)(b) (3M LIBOR + 2.500%)
	2,810,663		3.500			03/01/24		2,747,873
	Envision Healthcare Corp. (CCC/Caa1)(b) (1M LIBOR + 3.750%)
	7,347,379		3.897			10/10/25		5,283,574
	ExamWorks Group, Inc. (B/B1)(b) (3M LIBOR + 3.250%)
	2,586,564		4.250			07/27/23		2,565,224
	Gentiva Health Services, Inc. (B/B1)(b) (1M LIBOR + 3.250%)
	2,985,000		3.438			07/02/25		2,919,718
	Global Medical Response, Inc. (B/B2)(c)
	1,500,000		0.000			09/24/25		1,464,840
	Jaguar Holding Company II (B+/Ba2)(b) (1M LIBOR + 2.500%)
	2,785,302		3.500			08/18/22		2,772,629
	MPH Acquisition Holdings LLC (B+/B1)(b) (3M LIBOR + 2.750%)
	3,982,295		3.750			06/07/23		3,914,039
	RegionalCare Hospital Partners Holdings, Inc. (B/B1)(b) (1M LIBOR + 3.750%)
	6,470,833		3.897			11/17/25		6,276,708
	Rodenstock GmbH (NR/NR)(c)
EUR	3,200,000		0.000			06/05/26		3,676,802
	Sedgwick Claims Management Services, Inc. (B/B2)(b) (1M LIBOR + 3.250%)
$	6,126,731		3.397			12/31/25		5,900,838
	Sotera Health Holdings LLC (B/B2)(b) (3M LIBOR + 4.500%)
	5,265,030		5.500			12/11/26		5,238,705
	Team Health Holdings, Inc. (B-/Caa1)(b) (1M LIBOR + 2.750%)
	8,218,378		3.750			02/06/24		6,871,468
	U.S. Renal Care, Inc. (B-/B2)(b) (1M LIBOR + 5.000%)
	4,846,348		5.147			06/26/26		4,714,285
	Verscend Holding Corp. (B+/B3)(b) (1M LIBOR + 4.500%)
	4,570,085		4.647			08/27/25		4,518,671
	Vizient, Inc. (BB-/Ba2)(b) (1M LIBOR + 2.000%)
	1,982,468		2.147			05/06/26		1,935,385

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
Bank Loans(a) – (continued)
Health Care – Services – (continued)
	WP CityMD Bidco LLC (B-/B2)(b) (3M LIBOR + 4.500%)
$	1,439,125		5.500	%		08/13/26	$	1,428,778
								73,666,729
Healthcare Providers & Services(b) – 0.1%
	Conservice Midco LLC (B/B2) (3M LIBOR + 4.250%)
	1,125,000		4.470			05/13/27		1,110,938
Home Construction(b) – 0.4%
	Builders FirstSource, Inc. (BB+/B1) (1M LIBOR + 3.000%)
	2,030,405		4.000			02/29/24		1,992,761
	Gyp Holdings III Corp. (BB-/B2) (1M LIBOR + 2.750%)
	1,932,073		2.897			06/01/25		1,894,881
	MI Windows and Doors LLC (BB-/B2) (3M LIBOR + 5.500%)
	1,748,174		6.500			11/06/26		1,748,174
								5,635,816
Insurance(b) – 1.7%
	Acrisure LLC (B/B2) (1M LIBOR + 3.500%)
	3,482,500		3.647			02/15/27		3,356,259
	Alliant Holdings Intermediate LLC (B/B2) (1M LIBOR + 3.250%)
	3,975,727		3.401			05/09/25		3,899,512
	AssuredPartners, Inc. (B/B2) (1M LIBOR + 3.500%)
	3,345,863		3.647			02/12/27		3,244,282
	HUB International Ltd. (B/B2) (3M LIBOR + 3.000%)
	5,166,266		3.264			04/25/25		4,986,428
	Sedgwick Claims Management Services, Inc. (B/B2) (1M LIBOR + 4.250%)
	548,625		5.250			09/03/26		543,825
	USI, Inc. (B/B2) (3M LIBOR + 3.000%)
	5,021,422		3.220			05/16/24		4,849,840
								20,880,146
Machinery(b) – 0.3%
	Shape Technologies Group, Inc. (CCC+/Caa2) (1M LIBOR + 3.000%)
	2,876,720		3.151			04/21/25		2,131,160
	Star US Bidco LLC (B-/B3) (1M LIBOR + 4.250%)
	1,496,250		5.250			03/17/27		1,418,939
								3,550,099
Media(b) – 0.1%
	Meredith Corp. (BB-/Ba3) (1M LIBOR + 2.500%)
	1,893,413		2.647			01/31/25		1,821,236
Media – Broadcasting & Radio(b) – 2.1%
	Ascend Learning LLC (B/Ba3) (1M LIBOR + 3.000%)
	3,419,142		4.000			07/12/24		3,367,855
	Cumulus Media New Holdings, Inc. (B/B2) (3M LIBOR + 3.750%)
	3,629,917		4.750			03/31/26		3,448,421
	Diamond Sports Group LLC (BB-/Ba3) (1M LIBOR + 3.250%)
	3,898,967		3.400			08/24/26		3,008,716
	Digital Room Holdings, Inc. (B-/B2)(6M LIBOR + 5.000%)
	2,992,175		5.269			05/21/26		2,659,295
	Metro-Goldwyn-Mayer, Inc. (B-/B3) (1M LIBOR + 4.500%)
	1,050,000		5.500			07/03/26		1,014,563
Bank Loans(a) – (continued)
Media – Broadcasting & Radio(b) – (continued)
	Metro-Goldwyn-Mayer, Inc. (BB/Ba3) (1M LIBOR + 2.500%)
	2,216,080		2.650			07/03/25		2,127,437
	Nexstar Broadcasting, Inc. (BB/Ba3)
	(1M LIBOR + 2.250%)
	2,057,015		2.395			01/17/24		2,003,019
	(1M LIBOR + 2.750%)
	2,473,610		2.905			09/18/26		2,415,900
	Renaissance Holding Corp. (B-/B2) (1M LIBOR + 3.250%)
	1,921,564		3.397			05/30/25		1,847,910
	Renaissance Holding Corp. (CCC/Caa2) (1M LIBOR + 7.000%)
	2,000,000		7.147			05/29/26		1,908,000
	The E.W. Scripps Co. (BB-/Ba3) (1M LIBOR + 2.000%)
	1,550,347		2.147			10/02/24		1,495,124
	WMG Acquisition Corp. (BB/Ba3) (1M LIBOR + 2.125%)
	1,136,053		2.272			11/01/23		1,114,752
								26,410,992
Media – Cable – 2.9%
	Altice Financing SA (B/B2)(b)
	(1M LIBOR + 2.750%)
	1,969,466		2.902			07/15/25		1,876,980
	(1M LIBOR + 2.750%)
	4,039,057		2.895			01/31/26		3,806,811
	Altice France SA (B/B2)(b) (1M LIBOR + 3.688%)
	3,018,093		3.840			01/31/26		2,901,142
	Cogeco Communications, Inc. (BB/B1)(b) (1M LIBOR + 2.000%)
	3,263,052		2.147			01/03/25		3,170,251
	CSC Holdings LLC (BB/Ba3)(b) (1M LIBOR + 2.250%)
	3,922,589		2.402			07/17/25		3,788,083
	iHeartCommunications, Inc. (B+/B1)(b) (1M LIBOR + 4.000%)
	1,770,563		4.750			05/01/26		1,701,210
	ION Media Networks, Inc. (BB-/B1)(b) (1M LIBOR + 3.000%)
	2,532,119		3.188			12/18/24		2,519,990
	Numericable Group SA (B/B2)(b) (1M LIBOR + 2.750%)
	4,713,162		2.897			07/31/25		4,489,004
	Univision Communications Inc. (B/B2)(b) (1M LIBOR + 3.750%)
	1,927,974		4.750			03/13/26		1,873,586
	Virgin Media Bristol LLC (BB-/Ba3)(b) (1M LIBOR + 2.500%)
	4,858,080		2.652			01/31/28		4,708,305
	Windstream Services, LLC (B/B3)(c)
	1,325,000		0.000			09/21/27		1,279,181
	Ziggo Financing Partnership B.V. (B+/B1)(b) (1M LIBOR + 2.500%)
	4,500,000		2.652			04/30/28		4,323,105
								36,437,648
Media – Non Cable – 3.5%
	Cambium Learning Group, Inc. (B/B2)(b) (3M LIBOR + 4.500%)
	3,184,094		4.720			12/18/25		3,136,333
	Clear Channel Outdoor Holdings, Inc. (B/B1)(b) (3M LIBOR + 3.500%)
	4,173,212		3.761			08/21/26		3,788,233
	Entercom Media Corp. (BB-/Ba3)(b) (1M LIBOR + 2.500%)
	2,795,407		2.645			11/18/24		2,624,188
	Getty Images, Inc. (B-/B2)(b) (1M LIBOR + 4.500%)
	5,564,879		4.688			02/19/26		5,175,337

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, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Media – Non Cable – (continued)
	Hubbard Radio LLC (B/B2)(b) (3M LIBOR + 4.250%)
$	3,790,378		5.250	%		03/28/25	$	3,615,073
	iHeartCommunications, Inc. (B+/B1)(b) (1M LIBOR + 3.000%)
	928,010		3.147			05/01/26		878,566
	Lions Gate Capital Holdings LLC (B+/Ba2)(b) (1M LIBOR + 2.250%)
	3,235,465		2.397			03/24/25		3,114,135
	McGraw-Hill Global Education Holdings LLC (B-/Caa1)(b) (3M LIBOR + 4.000%)
	5,886,056		5.000			05/04/22		4,914,857
	Meredith Corp. (BB-/Ba3)(b) (1M LIBOR + 4.250%)
	4,114,688		5.250			01/31/25		4,042,680
	NEP/NCP Holdco, Inc. (B/Caa2)(b) (1M LIBOR + 3.250%)
	4,001,794		3.397			10/20/25		3,430,538
	NEP/NCP Holdco, Inc. (CCC/Ca)(b) (1M LIBOR + 7.000%)
	4,575,000		7.147			10/19/26		3,568,500
	Nielsen Finance LLC (NR/NR)(c)
	723,188		0.000			06/04/25		721,741
	Terrier Media Buyer, Inc. (B+/B1)(b)
	(1M LIBOR + 4.250%)
	4,764,000		4.397			12/17/26		4,639,802
	(1M LIBOR + 4.250%)
	997,500		4.397			12/17/26		968,822
								44,618,805
Metals & Mining(b) – 0.7%
	Anvil International LLC (B-/B3) (1M LIBOR + 5.000%)
	3,960,000		5.150			05/28/26		3,667,950
	Crosby US Acquisition Corp. (B-/B2) (1M LIBOR + 4.750%)
	3,869,035		4.906			06/26/26		3,670,747
	U.S. Silica Co. (CCC+/Caa1) (1M LIBOR + 4.000%)
	2,292,465		5.000			05/01/25		1,909,188
								9,247,885
Packaging – 3.8%
	Berlin Packaging LLC (B-/B3)(b) (1M LIBOR + 3.000%)
	4,972,030		3.160			11/07/25		4,813,572
	Berry Global, Inc. (BBB-/Ba2)(b) (1M LIBOR + 2.000%)
	1,989,924		2.156			07/01/26		1,927,998
	BWAY Holding Co. (B/B3)(b) (3M LIBOR + 3.250%)
	7,425,135		3.523			04/03/24		6,956,460
	Canister International Group, Inc. (B/B2)(b) (1M LIBOR + 4.750%)
	2,390,743		4.897			12/21/26		2,384,766
	Charter NEX US, Inc. (B/B2)(b)
	(1M LIBOR + 2.750%)
	2,491,206		3.750			05/16/24		2,426,858
	(1M LIBOR + 3.250%)
	2,244,511		3.397			05/16/24		2,186,064
	Consolidated Container Co. LLC (B+/B2)(b) (1M LIBOR + 2.750%)
	3,969,922		3.750			05/22/24		3,925,261
	Flex Acquisition Co., Inc. (B/B2)(b)
	(3M LIBOR + 3.000%)
	1,127,338		4.000			12/29/23		1,100,563
	(3M LIBOR + 3.250%)
	3,246,110		3.546			06/29/25		3,144,669
Bank Loans(a) – (continued)
Packaging – (continued)
	LABL, Inc. (B/B2)(b)
	(1M EURIBOR + 5.000%)
EUR	3,050,000		5.000			07/01/26		3,504,452
	(1M LIBOR + 4.500%)
$	1,107,847		4.647			07/01/26		1,096,491
	Pro Mach Group, Inc. (B-/B2)(b) (1M LIBOR + 2.750%)
	4,734,901		2.895			03/07/25		4,532,674
	Reynolds Consumer Products, Inc (BB+/Ba1)(b) (1M LIBOR + 1.750%)
	2,863,788		1.897			02/04/27		2,824,411
	Reynolds Group Holdings Inc. (B+/B1)(c)
	2,475,000		0.000			02/03/26		2,427,975
	Reynolds Group Holdings, Inc. (B+/B1)(b) (3M LIBOR + 1.750%)
	2,290,379		5.000			02/05/23		2,259,757
	Trident TPI Holdings, Inc. (B-/B2)(b) (3M LIBOR + 3.000%)
	2,526,844		4.000			10/17/24		2,460,514
								47,972,485
Paper(b) – 0.3%
	Altium Packaging LLC (B+/B2) (1M LIBOR + 3.000%)
	740,653		3.147			06/14/26		726,995
	Pregis TopCo Corp. (B/B2) (1M LIBOR + 3.750%)
	3,645,883		3.897			07/31/26		3,589,372
								4,316,367
Pipelines(b) – 2.4%
	BCP Raptor LLC (B-/B3)
	(1M LIBOR + 4.750%)
	4,088,200		4.897			11/03/25		2,848,127
	(3M LIBOR + 4.250%)
	3,331,064		5.250			06/24/24		2,595,465
	Buckeye Partners LP (BBB-/Ba1) (1M LIBOR + 2.750%)
	1,442,750		2.897			11/01/26		1,413,895
	Centurion Pipeline Co. LLC (BB+/B1)
	(1M LIBOR + 3.250%)
	2,850,394		3.397			09/29/25		2,800,512
	(1M LIBOR + 4.250%)
	1,560,000		4.145			09/28/25		1,521,000
	Illuminate Buyer LLC (B+/B1)(1 Week LIBOR + 4.000%)
	2,600,000		4.147			06/16/27		2,575,638
	Lower Cadence Holdings LLC (B-/B2) (1M LIBOR + 4.000%)
	2,221,875		4.147			05/22/26		2,047,458
	Moda Ingleside Energy Center LLC (BB+/Ba3) (1M LIBOR + 3.250%)
	1,601,848		3.397			09/29/25		1,573,816
	NorthRiver Midstream Finance LP (BB+/Ba3) (3M LIBOR + 3.250%)
	3,724,000		3.546			10/01/25		3,593,064
	Prairie ECI Acquiror LP (B-/B2) (1M LIBOR + 4.750%)
	3,079,942		4.897			03/11/26		2,764,248
	Traverse Midstream Partners LLC (B/B3) (1M LIBOR + 4.000%)
	3,196,369		5.000			09/27/24		2,928,673
	Waterbridge Midstream Operating LLC (B-/B3)(6M LIBOR + 5.750%)
	4,151,533		6.750			06/22/26		3,442,824
								30,104,720

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Real Estate Investment Trust(b) – 0.8%
	Brookfield Property REIT, Inc. (BB+/B1) (1M LIBOR + 2.500%)
$	4,848,303		2.647	%		08/27/25	$	3,916,750
	Forest City Enterprises LP (B+/B2) (1M LIBOR + 3.500%)
	2,835,570		3.647			12/08/25		2,766,467
	Realogy Group LLC (BB-/Ba3) (1M LIBOR + 2.250%)
	3,018,957		3.000			02/08/25		2,890,651
								9,573,868
Restaurants(b) – 0.5%
	1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (1M LIBOR + 1.750%)
	4,849,377		1.897			11/19/26		4,641,242
	Caesars Resort Collection LLC (B+/B1) (1M LIBOR + 4.500%)
	1,700,000		4.647			07/21/25		1,642,863
								6,284,105
Retailers – 2.1%
	Academy Ltd. (B-/B3)(b) (1M LIBOR + 4.000%)
	3,493,832		5.000			07/01/22		3,408,233
	Bass Pro Group LLC (B/B1)(b) (3M LIBOR + 5.000%)
	4,997,779		5.750			09/25/24		4,944,702
	Dealer Tire LLC (B-/B1)(b) (1M LIBOR + 4.250%)
	3,348,344		4.399			12/12/25		3,264,635
	EG America LLC (B-/B2)(b) (3M LIBOR + 4.000%)
	3,991,097		4.220			02/07/25		3,904,411
	Neiman Marcus Group Ltd. LLC (NR/WR)
	2,832,737		0.000			10/25/23		453,238
	OEConnection LLC (B-/B2)
	(1M LIBOR + 4.000%)
	2,946,350		4.147	(b)		09/25/26		2,902,155
	(3M LIBOR + 4.000%)
	89,691		4.047	(d)		09/25/26		89,155
	Shutterfly, Inc. (B-/B2)(b) (3M LIBOR + 6.000%)
	2,308,065		7.000			09/25/26		2,088,083
	Staples, Inc. (B/B1)(b) (3M LIBOR + 5.000%)
	5,377,343		5.251			04/16/26		4,989,152
								26,043,764
Services Cyclical – Business Services – 0.9%
	EVO Payments International LLC (B/B2)(b) (1M LIBOR + 3.250%)
	2,514,217		3.400			12/22/23		2,479,647
	Shift4 Payments LLC (B/B2)(b) (3M LIBOR + 4.500%)
	3,203,472		5.500			11/29/24		3,182,105
	Travelport Finance (Luxembourg) S.a.r.l. (NR/NR)(c)
	(3M LIBOR + 5.000%)
	3,435,457		0.000			09/23/27		2,119,677
	(3M LIBOR + 7.000%)
	3,146,680		0.000			02/28/25		3,018,862
								10,800,291
Services Cyclical – Consumer Services – 1.7%
	Asurion LLC (B/B3)(b) (1M LIBOR + 6.500%)
	1,769,818		6.647			08/04/25		1,770,190
	Asurion LLC (B+/Ba3)(b) (1M LIBOR + 3.000%)
	6,098,628		3.147			11/03/23		6,002,087
Bank Loans(a) – (continued)
Services Cyclical – Consumer Services – (continued)
	KUEHG Corp. (CCC+/B3)(b) (3M LIBOR + 3.750%)
	3,694,655		4.750			02/21/25		3,370,228
	Red Ventures, LLC (B+/B1)(c)
	1,200,000		0.000			11/08/24		1,149,000
	USIC Holdings, Inc. (B-/B2)(b) (1M LIBOR + 3.250%)
	2,757,390		4.250			12/08/23		2,711,424
	USS Ultimate Holdings, Inc. (B-/B2)(b) (3M LIBOR + 3.750%)
	2,492,284		4.750			08/25/24		2,454,900
	Weight Watchers International, Inc. (BB/Ba2)(b) (1M LIBOR + 4.750%)
	3,355,988		5.500			11/29/24		3,340,046
								20,797,875
Technology – Hardware – 0.7%
	Allegro Microsystems, Inc. (NR/NR)(c)
	1,950,000		0.000			09/24/27		1,935,375
	CommScope, Inc. (B+/Ba3)(b) (1M LIBOR + 3.250%)
	3,232,798		3.397			04/06/26		3,144,478
	ON Semiconductor Corp. (BB+/Baa3)(b) (1M LIBOR + 2.000%)
	2,648,250		2.147			09/19/26		2,603,574
	Xperi Corp. (BB-/Ba3)(b) (1M LIBOR + 4.000%)
	1,086,250		4.147			06/01/25		1,056,834
								8,740,261
Technology – Software(b) – 2.3%
	Avast Software B.V. (BB/Ba2) (3M LIBOR + 2.250%)
	514,673		3.250			09/29/23		510,494
	Camelot U.S. Acquisition 1 Co. (B/B2) (1M LIBOR + 3.000%)
	2,537,218		3.147			10/30/26		2,485,687
	Castle US Holding Corp. (B-/B2) (3M LIBOR + 3.750%)
	4,879,583		3.970			01/29/27		4,680,057
	Cornerstone OnDemand, Inc. (B/B1) (1M LIBOR + 4.250%)
	2,175,000		4.406			04/22/27		2,169,106
	Dynatrace LLC (BB-/B1) (1M LIBOR + 2.250%)
	2,544,567		2.397			08/22/25		2,497,645
	Go Daddy Operating Co.LLC (BB/Ba1) (1M LIBOR + 2.500%)
	2,369,063		2.647			08/10/27		2,331,063
	Informatica LLC (B-/B1) (1M LIBOR + 3.250%)
	2,417,850		3.397			02/25/27		2,361,562
	The Ultimate Software Group, Inc. (B/B1) (3M LIBOR + 4.000%)
	600,000		4.750			05/04/26		597,828
	The Ultimate Software Group, Inc. (CCC/Caa1) (3M LIBOR + 6.750%)
	50,000		7.500			05/03/27		50,834
	Tibco Software, Inc. (B+/B2) (1M LIBOR + 3.750%)
	3,209,448		3.900			06/30/26		3,125,200
	Uber Technologies (B/B1)
	(1M LIBOR + 3.500%)
	1,717,348		3.647			07/13/23		1,686,041
	(1M LIBOR + 4.000%)
	1,641,603		5.000			04/04/25		1,626,648
	VS Buyer LLC (B-/B1) (1M LIBOR + 3.250%)
	2,437,750		3.397			02/28/27		2,391,018
	Zelis Healthcare Corp. (B/B2) (1M LIBOR + 4.750%)
	2,686,466		4.897			09/30/26		2,663,927
								29,177,110

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Technology – Software/Services – 12.4%
	Almonde, Inc. (CCC+/B2)(b) (6M LIBOR + 3.500%)
$	2,380,244		4.500	%		06/13/24	$	2,220,173
	Almonde, Inc. (CCC-/Caa2)(b)(6M LIBOR + 7.250%)
	1,625,000		8.250			06/13/25		1,521,812
	AppLovin Corp. (B+/B1)(b)
	(1M LIBOR + 3.500%)
	3,690,463		3.647			08/15/25		3,634,183
	(1M LIBOR + 4.000%)
	865,650		4.147			08/15/25		850,501
	Aston Finance Co. S.a.r.l. (B-/B2)(b) (1M LIBOR + 4.250%)
	621,750		4.401			10/09/26		608,538
	Banff Merger Sub, Inc. (B-/B2)(b) (1M LIBOR + 4.250%)
	3,774,172		4.397			10/02/25		3,654,946
	Bracket Intermediate Holding Corp. (B-/B2)(b) (3M LIBOR + 4.250%)
	3,015,368		4.552			09/05/25		2,939,984
	Camelot U.S. Acquisition 1 Co. (B/B2)(c)
	675,000		0.000			10/30/26		671,341
	Cardtronics USA, Inc. (BB+/Ba2)(b) (1M LIBOR + 4.000%)
	847,875		5.000			06/29/27		843,636
	Ceridian HCM Holding, Inc. (B+/B2)(b)(1 Week LIBOR + 2.500%)
	3,892,366		2.600			04/30/25		3,767,071
	ConvergeOne Holdings, Inc. (B-/B2)(b) (1M LIBOR + 5.000%)
	2,385,724		5.147			01/04/26		2,173,991
	Datto, Inc. (B/B2)(b) (1M LIBOR + 4.250%)
	5,172,619		4.397			04/02/26		5,159,687
	DCert Buyer, Inc. (B-/B2)(b) (1M LIBOR + 4.000%)
	3,208,875		4.147			10/16/26		3,163,758
	Electronics for Imaging, Inc. (CCC+/B3)(b) (1M LIBOR + 5.000%)
	1,860,938		5.147			07/23/26		1,500,381
	Emerald TopCo, Inc. (B/B2)(b) (3M LIBOR + 3.500%)
	3,485,148		3.761			07/24/26		3,347,938
	Epicor Software Corp. (B-/B2)(b) (1M LIBOR + 4.250%)
	2,450,000		5.250			07/30/27		2,444,218
	Epicor Software Corp. (CCC/Caa2)(b) (1M LIBOR + 7.750%)
	200,000		8.750			07/31/28		205,000
	Eta Australia Holdings III Pty Ltd. (B-/B3)(b) (1M LIBOR + 4.000%)
	5,085,625		4.147			05/06/26		4,913,985
	Genuine Financial Holdings LLC (B-/B3)(b) (1M LIBOR + 3.750%)
	4,127,493		3.897			07/11/25		3,753,088
	Genuine Financial Holdings LLC (CCC/Caa3)(b) (1M LIBOR + 7.250%)
	4,300,000		7.397			07/10/26		3,319,600
	Hudson River Trading LLC (BB-/Ba2)(b) (1M LIBOR + 3.000%)
	3,391,457		3.145			02/18/27		3,306,671
	Huskies Parent, Inc. (B-/B2)(b) (1M LIBOR + 4.000%)
	2,878,250		4.147			07/31/26		2,860,261
	Hyland Software, Inc. (B-/B1)(b) (1M LIBOR + 3.250%)
	2,539,042		4.000			07/01/24		2,525,814
	Hyland Software, Inc. (CCC/Caa1)(b) (1M LIBOR + 7.000%)
	1,950,000		7.750			07/07/25		1,936,194
Bank Loans(a) – (continued)
Technology – Software/Services – (continued)
	Ion Trading Technologies S.a.r.l. (B/B3)(b) (3M LIBOR + 4.000%)
	4,279,810		5.000			11/21/24		4,192,417
	MA FinanceCo. LLC (BB-/B1)(b) (1M LIBOR + 2.500%)
	411,089		2.647			06/21/24		389,507
	Marcel LUX IV S.a.r.l. (B/B2)(b) (1M LIBOR + 3.250%)
	6,079,927		3.395			03/15/26		5,920,329
	McAfee LLC (B/B2)(b) (1M LIBOR + 3.750%)
	1,928,607		3.896			09/30/24		1,912,271
	McAfee LLC (B-/Caa1)(b) (1M LIBOR + 8.500%)
	1,875,000		9.500			09/29/25		1,884,375
	MH Sub I LLC (B/B2)(b) (1M LIBOR + 3.500%)
	4,865,059		3.647			09/13/24		4,725,189
	Mitchell International, Inc. (NR/NR)(c)
	1,100,000		0.000			12/01/25		1,040,050
	Mitchell International, Inc. (B-/B2)(b)
	1,750,000		4.750			11/29/24		1,713,915
	(1M LIBOR + 3.250%)
	2,906,541		3.397			11/29/24		2,772,434
	Omnitracs, Inc. (NR/NR)(c)
	1,600,000		0.000			09/23/28		1,574,000
	Omnitracs, Inc. (B-/B2)
	1,100,000		0.000	(c)		03/23/25		1,091,068
	(3M LIBOR + 2.750%)
	4,163,138		2.975	(b)		03/21/25		4,009,102
	Pitney Bowes Inc. (BBB-/Ba1)(b) (1M LIBOR + 5.500%)
	2,047,500		5.650			01/07/25		1,987,099
	Presidio, Inc. (B/B1)(b) (3M LIBOR + 3.500%)
	1,995,000		3.770			01/22/27		1,966,332
	Project Boost Purchaser LLC (B-/B2)(b) (1M LIBOR + 3.500%)
	5,148,000		3.647			06/01/26		4,989,287
	QBS Parent, Inc. (B/B3)(b) (3M LIBOR + 4.250%)
	4,814,250		4.470			09/22/25		4,312,750
	Quest Software US Holdings Inc. (B+/B2)(b) (3M LIBOR + 4.250%)
	2,536,278		4.511			05/16/25		2,479,212
	Refinitiv US Holdings Inc. (B/B2)(b) (1M LIBOR + 3.250%)
	5,717,489		3.397			10/01/25		5,655,226
	Rocket Software, Inc. (B-/B2)(b) (1M LIBOR + 4.250%)
	1,952,267		4.397			11/28/25		1,910,547
	Seattle SpinCo, Inc. (BB-/B1)(b) (1M LIBOR + 2.500%)
	2,776,186		2.647			06/21/24		2,630,436
	Severin Acquisition LLC (B-/B2)(b) (1M LIBOR + 3.250%)
	5,047,367		3.406			08/01/25		4,889,636
	Sirius Computer Solutions, Inc. (B/Ba3)(b) (1M LIBOR + 3.500%)
	2,719,072		3.647			07/01/26		2,653,352
	Syncsort, Inc. (B-/B2)(b) (3M LIBOR + 6.000%)
	5,235,438		7.000			08/16/24		5,150,362
	The Dun & Bradstreet Corp. (B+/B1)(b) (1M LIBOR + 3.750%)
	4,424,570		3.895			02/06/26		4,373,688
	The Ultimate Software Group, Inc. (B/B1)(b) (1M LIBOR + 3.750%)
	4,900,500		3.897			05/04/26		4,852,867
	TriTech Software Systems (CCC+/Caa1)(b) (1M LIBOR + 3.750%)
	8,448,583		3.897			08/29/25		7,556,243

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Technology – Software/Services – (continued)
	TTM Technologies, Inc. (BB+/Ba3)(b) (1M LIBOR + 2.500%)
$	1,456,321		2.655	%		09/28/24	$	1,427,195
	Ultra Clean Holdings, Inc. (B+/B1)(b) (1M LIBOR + 4.500%)
	2,890,983		4.647			08/27/25		2,876,528
	Upland Software, Inc. (B/B2)(b) (1M LIBOR + 3.750%)
	4,380,750		3.897			08/06/26		4,304,087
								156,562,275
Telecommunication Services(b) – 3.9%
	Buzz Merger Sub Ltd. (B+/B1) (1M LIBOR + 2.750%)
	2,611,875		2.897			01/29/27		2,553,108
	CenturyLink, Inc. (BBB-/Ba3) (1M LIBOR + 2.250%)
	6,425,997		2.397			03/15/27		6,163,238
	Connect Finco S.a.r.l. (B+/B1) (1M LIBOR + 4.500%)
	4,339,125		5.500			12/11/26		4,200,837
	Hoya Midco LLC (B-/B3)(6M LIBOR + 3.500%)
	7,397,872		4.500			06/30/24		6,325,181
	Imperva, Inc. (B-/B2) (3M LIBOR + 4.000%)
	5,344,671		5.000			01/12/26		5,245,420
	Intelsat Jackson Holdings Ltd. (NR/WR) (1M LIBOR + 8.625%)
	3,375,000		8.625			01/02/24		3,404,531
	Intelsat Jackson Holdings SA (NR/NR) (3M LIBOR + 5.500%)
	320,721		6.500			07/13/22		325,798
	LogMeIn, Inc. (B-/B1) (3M LIBOR + 4.750%)
	2,425,000		4.906			08/31/27		2,339,373
	MH Sub I LLC (B/B2) (1M LIBOR + 3.750%)
	698,250		4.750			09/13/24		688,866
	MLN US Holding Co. LLC (B-/B3) (1M LIBOR + 4.500%)
	3,330,996		4.656			11/30/25		2,836,443
	Project Alpha Intermediate Holding, Inc. (B/B3) (3M LIBOR + 3.500%)
	5,106,137		4.500			04/26/24		5,004,015
	Rackspace Hosting, Inc. (B+/B1) (3M LIBOR + 3.000%)
	1,741,003		4.000			11/03/23		1,705,974
	Web.com Group, Inc. (B+/B2) (1M LIBOR + 3.750%)
	5,425,000		3.901			10/10/25		5,231,056
	Zayo Group Holdings, Inc. (B/B1) (1M LIBOR + 3.000%)
	3,256,443		3.147			03/09/27		3,155,851
								49,179,691
Textiles – 0.4%
	Kontoor Brands, Inc. (B+/Ba2)(b) (1M LIBOR + 4.250%)
	1,709,667		4.395			05/15/26		1,692,570
	Renfro Corp. (NR/NR)(c) (d)
	1,413,987		0.000			02/12/21		1,315,008
	Renfro Corp. (CC/Caa3)(b) (d) (3M LIBOR + 5.500%)
	6,189,104		6.750			03/31/21		2,073,350
								5,080,928
Transportation Services(b) – 0.5%
	Hornblower Sub LLC (CCC-/Caa2) (3M LIBOR + 4.500%)
	2,357,781		5.500			04/27/25		1,964,032
	XPO Logistics, Inc. (BBB-/Baa3) (1M LIBOR + 2.500%)
	3,975,000		2.650			02/24/25		3,925,869
								5,889,901
Bank Loans(a) – (continued)
Utilities – Electric(b) – 0.9%
	Calpine Corp. (BB+/Ba2)
	(1M LIBOR + 2.000%)
	1,237,500		2.147			08/12/26		1,200,239
	(1M LIBOR + 2.250%)
	1,304,257		2.400			01/15/24		1,267,464
	LMBE-MC Holdco II LLC (BB-/Ba3)(d) (3M LIBOR + 4.000%)
	5,177,028		5.000			12/03/25		5,138,200
	Lonestar II Generation Holdings LLC (B+/Ba3)
	(1M LIBOR + 5.000%)
	3,731,431		5.147			04/20/26		3,660,361
								11,266,213
Wireless Telecommunications – 0.8%
	Digicel International Finance Ltd. (NR/Caa1)(b)(6M LIBOR + 3.250%)
	3,731,178		3.800			05/28/24		3,267,131
	Telesat Canada (BB-/Ba3)(b) (1M LIBOR + 2.750%)
	2,007,449		2.900			12/07/26		1,935,523
	UPC Broadband Holding B.V. (NR/NR)(c)
	2,225,000		0.000			01/31/29		2,156,025
	UPC Broadband Holding B.V. (BB-/B1)(c)
	2,225,000		0.000			01/31/29		2,156,025
								9,514,704
Wirelines Telecommunications(b) – 1.1%
	Consolidated Communications, Inc. (B+/WR) (1M LIBOR + 3.000%)
	1,944,807		4.000			10/04/23		1,920,983
	GTT Communications, Inc. (CCC+/B3) (3M LIBOR + 2.750%)
	2,810,310		2.970			05/31/25		2,409,616
	Level 3 Financing, Inc. (BBB-/Ba1) (1M LIBOR + 1.750%)
	3,823,623		1.897			03/01/27		3,700,540
	Zacapa LLC (B-/B2)(6M LIBOR + 4.500%)
	6,427,496		4.769			07/02/25		6,367,271
								14,398,410
	TOTAL BANK LOANS
	(Cost $1,174,575,070)						$	1,119,046,635
Corporate Obligations – 6.1%
Aerospace & Defense(e) – 0.1%
	Howmet Aerospace, Inc. (BB+/Ba3)
$	531,000		6.875	%		05/01/25	$	586,681
	TransDigm, Inc. (B+/Ba3)(f)
	319,000		8.000			12/15/25		346,115
	Triumph Group, Inc. (B-/B2)(f)
	544,000		8.875			06/01/24		578,000
								1,510,796
Airlines(e) – 0.3%
	Delta Air Lines, Inc. (BB-/Baa3)
	2,079,000		7.375			01/15/26		2,177,752

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Airlines(e) – (continued)
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (NR/Baa3)(f)
$	1,585,000		6.500	%		06/20/27	$	1,648,400
								3,826,152
Automotive(e) – 0.6%
	Dana, Inc. (BB-/B2)
	945,000		5.625			06/15/28		976,894
	Ford Motor Co. (BB+/Ba2)
	2,019,000		9.000			04/22/25		2,313,172
	Ford Motor Credit Co. LLC (BB+/Ba2)
	2,650,000		4.140			02/15/23		2,664,628
	650,000		4.687			06/09/25		657,843
	Navistar International Corp. (B+/B2)(f)
	705,000		9.500			05/01/25		791,362
	The Goodyear Tire & Rubber Co. (B+/B2)
	710,000		5.125			11/15/23		708,225
								8,112,124
Building Materials(e)(f) – 0.1%
	JELD-WEN, Inc. (BB+/Ba2)
	1,770,000		6.250			05/15/25		1,882,838
Capital Goods(e)(f) – 0.1%
	Vertical US New Co., Inc. (B/B1)
	700,000		5.250			07/15/27		727,125
Chemicals(e)(f) – 0.2%
	Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1)
	553,000		9.000			07/01/28		593,093
	Tronox, Inc. (B+/Ba3)
	2,000,000		6.500			05/01/25		2,080,000
								2,673,093
Commercial Services(e)(f) – 0.1%
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)
	1,140,000		3.375			08/31/27		1,092,975
Computers(e)(f) – 0.1%
	Tempo Acquisition LLC/Tempo Acquisition Finance Corp. (B/B1)
	1,540,000		5.750			06/01/25		1,605,450
Electrical(e) – 0.3%
	PG&E Corp. (BB-/B1)
	3,715,000		5.000			07/01/28		3,603,550
Electrical Components & Equipment(e)(f) – 0.4%
	Energizer Holdings, Inc. (B+/B2)
	375,000		6.375			07/15/26		401,250
	1,850,000		4.750			06/15/28		1,914,750
	Wesco Distribution, Inc. (BB-/B2)
	2,108,000		7.125			06/15/25		2,295,085
								4,611,085
Entertainment(e)(f) – 0.1%
	Caesars Entertainment, Inc. (B/B1)
	1,785,000		6.250			07/01/25		1,860,863
Corporate Obligations – (continued)
Food(e)(f) – 0.1%
	US Foods, Inc. (B+/Caa1)
	1,300,000		5.875			06/15/24		1,300,000
Food & Drug Retailing(e)(f) – 0.1%
	US Foods, Inc. (BB-/B3)
	1,019,000		6.250			04/15/25		1,078,866
Food Service(e)(f) – 0.0%
	Aramark Services, Inc. (B+/B1)
	400,000		6.375			05/01/25		416,000
Healthcare Providers & Services(e)(f) – 0.3%
	DaVita, Inc. (B+/Ba3)
	1,420,000		3.750			02/15/31		1,368,525
	Tenet Healthcare Corp. (BB-/B1)
	1,900,000		7.500			04/01/25		2,052,000
								3,420,525
Internet(e)(f) – 0.8%
	ANGI Group LLC (BB-/Ba3)
	1,055,000		3.875			08/15/28		1,044,450
	Cablevision Lightpath LLC (B+/B1)
	2,469,000		3.875			09/15/27		2,469,000
	Match Group Holdings II LLC (BB/Ba3)
	1,797,000		4.625			06/01/28		1,846,418
	Uber Technologies, Inc. (CCC+/B3)
	1,780,000		7.500			05/15/25		1,886,800
	2,175,000		6.250			01/15/28		2,234,812
								9,481,480
Leisure Time(e)(f) – 0.0%
	Sabre GLBL, Inc. (B/Ba3)
	416,000		9.250			04/15/25		457,600
Lodging – 0.4%
	Hilton Domestic Operating Co., Inc. (BB/Ba2)(e)
	2,000,000		4.250			09/01/24		2,002,500
	225,000		5.375	(f)		05/01/25		232,875
	526,000		5.750	(f)		05/01/28		554,273
	MGM Resorts International (BB-/Ba3)
	1,875,000		7.750			03/15/22		1,973,437
								4,763,085
Machinery-Diversified(e)(f) – 0.1%
	Clark Equipment Co. (BB+/Ba3)
	899,000		5.875			06/01/25		931,589
Media(e) – 0.7%
	Diamond Sports Group LLC/Diamond Sports Finance Co. (BB-/Ba3)(f)
	4,850,000		5.375			08/15/26		3,431,375
	iHeartCommunications, Inc. (B+/B1)
	1,393,436		6.375			05/01/26		1,449,173
	iHeartCommunications, Inc. (CCC+/Caa1)
	1		8.375			05/01/27		1
	Nexstar Broadcasting, Inc. (B/B3)(f)
	1,894,000		4.750			11/01/28		1,931,880
	Radiate Holdco LLC/Radiate Finance, Inc. (B/B1)(f)
	797,000		4.500			09/15/26		799,989

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media(e) – (continued)
	Univision Communications, Inc. (B/B2)(f)
$	1,500,000		6.625	%		06/01/27	$	1,462,500
								9,074,918
Oil Field Services(e) – 0.3%
	Exterran Energy Solutions LP/EES Finance Corp. (B+/B1)
	3,700,000		8.125			05/01/25		3,219,000
	Noble Holding International Ltd. (NR/WR)(g)
	1,008,000		7.750			01/15/24		15,120
								3,234,120
Pharmaceuticals(e)(f) – 0.2%
	Herbalife Nutrition Ltd./HLF Financing, Inc. (BB-/B1)
	2,017,000		7.875			09/01/25		2,160,711
Pipeline(e)(f) – 0.3%
	Cheniere Energy, Inc. (BB/Ba3)
	3,240,000		4.625			10/15/28		3,325,050
Real Estate Investment Trust(e) – 0.1%
	Realogy Group LLC/Realogy Co.-Issuer Corp. (CCC+/B3)(f)
	717,000		7.625			06/15/25		747,473
	Service Properties Trust (BB/Baa3)
	455,000		7.500			09/15/25		483,937
								1,231,410
Retailing(e)(f) – 0.3%
	PetSmart, Inc. (CCC+/Caa2)
	1,875,000		8.875			06/01/25		1,935,937
	Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B3)
	855,000		6.375			09/30/26		867,825
	Staples, Inc. (B/B1)
	1,375,000		7.500			04/15/26		1,271,875
								4,075,637
	TOTAL CORPORATE OBLIGATIONS
	(Cost $75,925,971)						$	76,457,042
Asset-Backed Securities(b)(f) – 0.7%
Collateralized Loan Obligations – 0.7%
	Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3M USD LIBOR + 3.800%)
$	5,400,000		4.073	%		04/17/33	$	4,844,427
	ICG US CLO LLC Series 2015-2RA, Class C (NR/Baa3) (3M USD LIBOR + 3.500%)
	2,100,000		3.771			01/16/33		1,838,117
	Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/NR) (3M USD LIBOR + 3.500%)
	3,235,000		3.753			02/20/30		3,021,684
	TOTAL ASSET-BACKED SECURITIES
	(Cost $10,715,997)						$	9,704,228

Shares		Description	Value
Common Stocks – 0.1%
Media – 0.1%
	162,749	Bright Pattern Holding Co.	$	204,250
	579,399	Clear Channel Outdoor Holdings, Inc.(g)		579,399
	TOTAL COMMON STOCKS
	(Cost $3,684,244)		$	783,649
Units		Expiration Date	Value
Warrant(g) – 0.0%
	Aspect Software, Inc. Class B (NR/NR)(d)
	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 $–)		$	40,687
Shares		Description	Value
Exchange Traded Funds – 1.8%
	273,342	Eaton Vance Floating-Rate Income Trust (NR/NR)	$	3,247,303
	281,021	Eaton Vance Senior Floating-Rate Trust (NR/NR)		3,268,274
	289,000	Invesco Senior Loan ETF (NR/NR)		6,282,860
	349,789	Nuveen Floating Rate Income Fund (NR/NR)		2,906,747
	348,796	Nuveen Floating Rate Income Opportunity Fund (NR/NR)		2,860,127
	86,000	SPDR Blackstone/GSO Senior Loan ETF (NR/NR)		3,845,920
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $23,886,539)		$	22,411,231
Shares		Dividend Rate	Value
Investment Company(h) – 0.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	11,459,700	0.027%	$	11,459,700
	(Cost $11,459,700)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE
	(Cost $1,300,247,521)		$	1,239,903,172

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(h) – 0.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	10,001,150	0.027%	$	10,001,150
	(Cost $10,001,150)
	TOTAL INVESTMENTS – 99.3%
	(Cost $1,310,248,671)		$	1,249,904,322
	OTHER ASSETS IN EXCESS OF LIABILITIES – 0.7%			8,970,545
	NET ASSETS – 100.0%		$	1,258,874,867

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, 2020. 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, 2020.
(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Security is currently in default and/or non-income producing.
(h)	Represents an affiliated fund.

Currency Abbreviations:
EUR	—Euro
USD	—U.S. Dollar
Investment Abbreviations:
CLO	—Collateralized Loan Obligation
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2020, 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)
Intelsat Jackson Holdings SA (NR/NR), due 07/13/22		$320,721	$	325,798	$	5,077
OEConnection LLC (NR/NR), due 09/25/26(a)		191,694		188,010		(2,863	)
TOTAL	$	512,415	$	513,808	$	2,214

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

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, 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	EUR	1,425,375	USD	1,663,398		11/09/20	$	9,163
	USD	30,425,523	EUR	25,846,219		11/09/20		97,087
TOTAL							$	106,250

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2020, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(1	)		12/21/20	$	(221,812	)	$	248
Ultra 10 Year U.S. Treasury Notes		(17	)		12/21/20		(2,718,672	)		299
2 Year U.S. Treasury Notes		(129	)		12/31/20		(28,503,961	)		(16,736	)
5 Year U.S. Treasury Notes		(138	)		12/31/20		(17,392,313	)		(28,268	)
10 Year U.S. Treasury Notes		(64	)		12/21/20		(8,930,000	)		(17,611	)
20 Year U.S. Treasury Bonds		(2	)		12/21/20		(352,562	)		243
TOTAL FUTURES CONTRACTS									$	(61,825	)

SWAP CONTRACTS — At September 30, 2020, 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, 2020(b)	Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.HY Index 35	5.000%	4.072		12/20/25	$	12,200	$	529,345	$	480,554	$	48,791

(a) Payments made quarterly.

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

Abbreviations:

CDX.NA.HY Index 35—CDX North America High Yield Index 35

MS & Co. Int. PLC—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 93.0%
Aerospace & Defense – 1.9%
	Lockheed Martin Corp.
$	850,000		4.070	%		12/15/42	$	1,056,592
	125,000		4.700	(a)		05/15/46		169,563
	Northrop Grumman Corp.
	1,175,000		4.750			06/01/43		1,526,548
	380,000		4.030	(a)		10/15/47		463,418
	Raytheon Technologies Corp.
	2,550,000		4.125	(a)		11/16/28		3,016,956
	370,000		5.700			04/15/40		520,253
	550,000		4.050	(a)		05/04/47		660,308
	125,000		4.625	(a)		11/16/48		162,976
	The Boeing Co.(a)
	1,000,000		1.875			06/15/23		997,210
	800,000		3.450			11/01/28		801,088
	500,000		3.550			03/01/38		453,135
	400,000		3.625			03/01/48		351,648
	1,850,000		5.805			05/01/50		2,231,544
								12,411,239
Agriculture – 1.4%
	Altria Group, Inc.(a)
	1,325,000		3.800			02/14/24		1,446,078
	675,000		2.350			05/06/25		713,056
	1,100,000		4.400			02/14/26		1,267,211
	Archer-Daniels-Midland Co.(a)
	350,000		3.250			03/27/30		399,777
	BAT Capital Corp.(a)
	620,000		3.222			08/15/24		662,489
	675,000		2.789			09/06/24		712,847
	200,000		3.557			08/15/27		216,050
	1,875,000		2.259			03/25/28		1,881,600
	175,000		5.282			04/02/50		205,573
	Cargill, Inc.(a)(b)
	600,000		3.875			05/23/49		721,824
	Reynolds American, Inc.
	700,000		4.850			09/15/23		780,038
								9,006,543
Automotive – 1.4%
	Ford Motor Credit Co. LLC
	1,475,000		5.875			08/02/21		1,502,622
	General Motors Co.
	2,425,000		5.400			10/02/23		2,672,593
	625,000		6.600	(a)		04/01/36		756,856
	125,000		5.950	(a)		04/01/49		146,328
	General Motors Financial Co., Inc.(a)
	1,425,000		5.650			01/17/29		1,663,018
	Nissan Motor Co. Ltd.(a)(b)
	2,775,000		3.522			09/17/25		2,801,168
								9,542,585
Banks – 22.2%
	AIB Group PLC(b)
	1,975,000		4.750			10/12/23		2,140,920
	Banco Santander SA
	1,000,000		2.746			05/28/25		1,049,230
	1,000,000		4.250			04/11/27		1,129,120
Corporate Obligations – (continued)
Banks – (continued)
	Banco Santander SA – (continued)
	1,000,000		3.306			06/27/29		1,088,350
	Bank of America Corp.
	1,023,000		4.000			04/01/24		1,133,269
	4,850,000		4.200			08/26/24		5,398,147
	7,075,000		3.950			04/21/25		7,858,344
	(3M USD LIBOR + 0.990%)
	275,000		2.496	(a)(c)		02/13/31		287,485
	(3M USD LIBOR + 1.040%)
	5,363,000		3.419	(a)(c)		12/20/28		5,972,290
	(3M USD LIBOR + 1.070%)
	2,300,000		3.970	(a)(c)		03/05/29		2,638,261
	(3M USD LIBOR + 1.210%)
	400,000		3.974	(a)(c)		02/07/30		463,616
	(3M USD LIBOR + 1.310%)
	1,125,000		4.271	(a)(c)		07/23/29		1,319,794
	Barclays PLC(a)(c) (3M USD LIBOR + 1.400%)
	2,425,000		4.610			02/15/23		2,538,126
	BNP Paribas SA(b)
	6,800,000		3.500			03/01/23		7,221,464
	775,000		3.375			01/09/25		839,689
	(5 year USD Swap + 4.149%)
	550,000		6.625	(a)(c)		12/31/99		582,346
	BPCE SA(b)
	2,775,000		5.700			10/22/23		3,110,442
	1,350,000		4.625			09/12/28		1,604,286
	CIT Bank NA(a)(c) (SOFR + 1.715%)
	650,000		2.969			09/27/25		644,430
	CIT Group, Inc.(a)
	1,250,000		4.750			02/16/24		1,287,500
	Citigroup, Inc.
	5,400,000		3.875			03/26/25		5,961,762
	575,000		3.400			05/01/26		639,435
	800,000		4.450			09/29/27		926,504
	1,900,000		4.125			07/25/28		2,181,409
	1,200,000		4.750			05/18/46		1,503,792
	(SOFR + 1.422%)
	1,050,000		2.976	(a)(c)		11/05/30		1,132,247
	(SOFR + 3.914%)
	575,000		4.412	(a)(c)		03/31/31		688,867
	Credit Agricole SA(a)(b)(c)
	(5 year USD Swap + 4.319%)
	1,400,000		6.875			12/31/99		1,507,674
	(SOFR + 1.676%)
	700,000		1.907			06/16/26		713,531
	Credit Agricole SA, Class B
	2,350,000		4.375			03/17/25		2,599,382
	Credit Suisse AG
	1,800,000		6.500	(b)		08/08/23		2,041,290
	425,000		2.950			04/09/25		463,322
	Credit Suisse Group AG(a)(b)
	2,920,000		4.282			01/09/28		3,313,207
	(SOFR + 3.730%)
	1,625,000		4.194	(c)		04/01/31		1,876,712
	Credit Suisse Group Funding Guernsey Ltd.
	884,000		4.550			04/17/26		1,030,054
	Deutsche Bank AG(a)(c) (SOFR + 2.159%)
	800,000		2.222			09/18/24		805,192

54 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)
	First Horizon National Corp.(a)
$	825,000		3.550	%		05/26/23	$	866,828
	1,475,000		4.000			05/26/25		1,603,723
	HSBC Bank USA NA
	300,000		7.000			01/15/39		442,947
	HSBC Holdings PLC
	350,000		4.950			03/31/30		421,771
	(3M USD LIBOR + 1.000%)
	725,000		1.270	(a)(c)		05/18/24		724,087
	(3M USD LIBOR + 1.211%)
	1,775,000		3.803	(a)(c)		03/11/25		1,910,308
	(SOFR + 1.538%)
	1,425,000		1.645	(a)(c)		04/18/26		1,419,229
	ING Groep NV(a)(b) c) (1 Year CMT + 1.100%)
	1,400,000		1.400			07/01/26		1,414,280
	JPMorgan Chase & Co.
	3,950,000		3.875			09/10/24		4,374,072
	2,353,000		3.625	(a)		12/01/27		2,625,101
	(3M USD LIBOR + 1.000%)
	1,125,000		4.023	(a)(c)		12/05/24		1,236,465
	(3M USD LIBOR + 1.245%)
	1,300,000		3.960	(a)(c)		01/29/27		1,481,207
	(3M USD LIBOR + 1.360%)
	600,000		3.882	(a)(c)		07/24/38		705,996
	(3M USD LIBOR + 3.800%)
	2,375,000		4.051	(a)(c)		12/29/49		2,345,051
	(SOFR + 2.515%)
	525,000		2.956	(a)(c)		05/13/31		562,044
	(SOFR + 3.125%)
	2,225,000		4.600	(a)(c)		12/31/99		2,161,943
	(SOFR + 3.790%)
	275,000		4.493	(a)(c)		03/24/31		335,365
	Macquarie Group Ltd.(a)(b)(c) (3M USD LIBOR + 1.372%)
	700,000		3.763			11/28/28		760,816
	Mitsubishi UFJ Financial Group, Inc.
	1,275,000		3.751			07/18/39		1,467,984
	Morgan Stanley, Inc.
	1,300,000		4.875			11/01/22		1,407,497
	1,625,000		4.100			05/22/23		1,756,917
	5,900,000		3.950			04/23/27		6,669,242
	500,000		4.300			01/27/45		632,570
	(3M USD LIBOR + 1.455%)
	770,000		3.971	(a)(c)		07/22/38		910,633
	(3M USD LIBOR + 1.628%)
	3,550,000		4.431	(a)(c)		01/23/30		4,235,540
	(SOFR + 1.152%)
	1,075,000		2.720	(a)(c)		07/22/25		1,142,220
	(SOFR + 3.120%)
	925,000		3.622	(a)(c)		04/01/31		1,060,707
	Natwest Group PLC
	700,000		6.100			06/10/23		769,903
	2,001,000		3.875			09/12/23		2,148,754
	(3M USD LIBOR + 1.480%)
	1,008,000		3.498	(a)(c)		05/15/23		1,043,824
	(5 Year CMT + 2.100%)
	925,000		3.754	(a)(c)		11/01/29		955,063
Corporate Obligations – (continued)
Banks – (continued)
	Natwest Group PLC(a)(c)
	(3M USD LIBOR + 1.550%)
	1,475,000		4.519			06/25/24		1,590,522
	(3M USD LIBOR + 1.762%)
	700,000		4.269			03/22/25		760,753
	Santander Holdings USA, Inc.(a)
	1,275,000		4.500			07/17/25		1,413,937
	Santander UK PLC
	1,475,000		2.875			06/18/24		1,574,002
	State Street Corp.(a)(b)(c) (SOFR + 2.650%)
	75,000		3.152			03/30/31		85,337
	Sumitomo Mitsui Financial Group, Inc.
	1,075,000		2.784			07/12/22		1,116,302
	Truist Bank(a)
	1,100,000		2.250			03/11/30		1,133,792
	Wells Fargo & Co.
	3,025,000		4.100			06/03/26		3,405,666
	3,650,000		4.300			07/22/27		4,177,644
	850,000		3.900			05/01/45		989,961
	(3M USD LIBOR + 1.170%)
	2,625,000		3.196	(a)(c)		06/17/27		2,853,296
	(SOFR + 2.000%)
	1,175,000		2.188	(a)(c)		04/30/26		1,223,422
	Wells Fargo Bank NA
	799,000		5.950			08/26/36		1,078,426
	Westpac Banking Corp.(a)(c)
	(5 Year CMT + 2.000%)
	325,000		4.110			07/24/34		365,706
	(5 Year USD ICE Swap + 2.236%)
	625,000		4.322			11/23/31		705,081
								147,757,423
Beverages – 4.8%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	2,550,000		4.700			02/01/36		3,072,546
	4,600,000		4.900			02/01/46		5,636,012
	Anheuser-Busch InBev Worldwide, Inc.
	2,625,000		4.750	(a)		01/23/29		3,192,971
	175,000		5.450	(a)		01/23/39		225,988
	325,000		4.950			01/15/42		399,883
	250,000		4.600	(a)		04/15/48		300,402
	2,725,000		5.550	(a)		01/23/49		3,664,771
	75,000		4.600	(a)		06/01/60		90,278
	Bacardi Ltd.(a)(b)
	1,075,000		4.500			01/15/21		1,076,903
	1,000,000		5.300			05/15/48		1,266,240
	Constellation Brands, Inc.(a)
	3,800,000		4.400			11/15/25		4,421,224
	1,475,000		3.700			12/06/26		1,685,246
	600,000		4.500			05/09/47		724,842
	Keurig Dr Pepper, Inc.(a)
	4,425,000		4.597			05/25/28		5,321,151
	500,000		4.500			11/15/45		618,470
	175,000		5.085			05/25/48		234,600
	200,000		3.800			05/01/50		229,104
								32,160,631

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Biotechnology(a) – 0.3%
	Amgen, Inc.
$	800,000		4.400	%		05/01/45	$	989,664
	Royalty Pharma PLC(b)
	550,000		1.200			09/02/25		548,295
	475,000		1.750			09/02/27		475,294
								2,013,253
Building Materials(a)(b) – 1.2%
	Carrier Global Corp.
	2,975,000		2.493			02/15/27		3,114,944
	4,775,000		2.722			02/15/30		4,986,389
								8,101,333
Chemicals – 2.1%
	Bluestar Finance Holdings Ltd.(a)(c) (-1x3 Year CMT + 6.651%)
	200,000		3.875			12/31/99		202,000
	Celanese US Holdings LLC(a)
	600,000		3.500			05/08/24		645,666
	CNAC HK Finbridge Co. Ltd.
	200,000		3.000			09/22/30		197,112
	DuPont de Nemours, Inc.(a)
	1,175,000		4.493			11/15/25		1,350,980
	925,000		4.725			11/15/28		1,108,723
	125,000		5.319			11/15/38		158,726
	Huntsman International LLC(a)
	1,600,000		4.500			05/01/29		1,796,043
	Nutrition & Biosciences, Inc.(a)(b)
	600,000		1.832			10/15/27		602,496
	2,950,000		2.300			11/01/30		2,964,514
	1,025,000		3.268			11/15/40		1,034,738
	Sasol Financing International Ltd.
	200,000		4.500			11/14/22		193,500
	Sasol Financing USA LLC(a)
	200,000		5.875			03/27/24		191,750
	Syngenta Finance NV(b)
	970,000		3.933			04/23/21		982,397
	The Sherwin-Williams Co.(a)
	2,050,000		3.125			06/01/24		2,216,460
	475,000		4.000			12/15/42		523,355
								14,168,460
Commercial Services – 1.3%
	CoStar Group, Inc.(a)(b)
	1,150,000		2.800			07/15/30		1,187,714
	DP World PLC
	360,000		5.625			09/25/48		410,175
	Global Payments, Inc.(a)
	1,225,000		2.650			02/15/25		1,299,162
	IHS Markit Ltd.(a)
	900,000		3.625			05/01/24		973,620
	2,000,000		4.000	(b)		03/01/26		2,230,580
	PayPal Holdings, Inc.(a)
	2,450,000		2.850			10/01/29		2,694,632
								8,795,883
Computers – 3.7%
	Amdocs Ltd.(a)
	1,675,000		2.538			06/15/30		1,736,355
Corporate Obligations – (continued)
Computers – (continued)
	Apple, Inc.
	1,652,000		3.850			05/04/43		2,057,467
	Dell International LLC/EMC Corp.(a)(b)
	4,950,000		5.450			06/15/23		5,425,497
	4,025,000		6.020			06/15/26		4,733,802
	125,000		8.100			07/15/36		163,940
	75,000		8.350			07/15/46		99,200
	Hewlett Packard Enterprise Co.(a)
	1,300,000		4.450			10/02/23		1,428,830
	700,000		4.650			10/01/24		789,880
	6,774,000		4.900			10/15/25		7,765,714
	355,000		6.350			10/15/45		449,451
								24,650,136
Diversified Financial Services – 2.7%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	875,000		3.950			02/01/22		885,579
	1,275,000		4.875			01/16/24		1,315,647
	835,000		6.500			07/15/25		900,180
	Air Lease Corp.
	850,000		2.250			01/15/23		851,649
	2,150,000		3.375	(a)		07/01/25		2,194,827
	2,000,000		3.750	(a)		06/01/26		2,032,540
	Ally Financial, Inc.
	825,000		4.125			02/13/22		854,906
	750,000		1.450	(a)		10/02/23		748,598
	American Express Co.(a)(c) (3M USD LIBOR + 3.285%)
	527,000		3.535			12/29/49		476,276
	Avolon Holdings Funding, Ltd.(a)(b)
	750,000		3.950			07/01/24		716,873
	900,000		3.250			02/15/27		799,875
	GE Capital International Funding Co.
	1,750,000		3.373			11/15/25		1,870,575
	1,450,000		4.418			11/15/35		1,527,720
	Huarong Finance II Co. Ltd.
	200,000		3.750			05/29/24		209,000
	200,000		5.500			01/16/25		222,778
	200,000		5.000			11/19/25		221,875
	Intercontinental Exchange, Inc.(a)
	1,600,000		2.650			09/15/40		1,599,744
	Nasdaq, Inc.(a)
	175,000		3.250			04/28/50		182,875
								17,611,517
Electrical – 5.4%
	AEP Transmission Co. LLC(a)
	700,000		3.650			04/01/50		824,215
	Ameren Corp.(a)
	350,000		3.500			01/15/31		399,998
	American Electric Power Co., Inc.(a)
	350,000		2.300			03/01/30		360,798
	Arizona Public Service Co.(a)
	275,000		3.750			05/15/46		313,682
	Avangrid, Inc.(a)
	650,000		3.200			04/15/25		715,299
	Berkshire Hathaway Energy Co.
	725,000		3.250	(a)		04/15/28		818,808

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical – (continued)
	Berkshire Hathaway Energy Co. – (continued)
$	2,800,000		3.700	%(a)(b)		07/15/30	$	3,289,272
	1,767,000		6.125			04/01/36		2,519,283
	475,000		4.250	(a)(b)		10/15/50		595,688
	CMS Energy Corp.(a)
	500,000		4.875			03/01/44		655,355
	Dominion Energy, Inc.(a)
	1,225,000		3.900			10/01/25		1,391,171
	650,000		3.375			04/01/30		732,348
	Duke Energy Corp.(a)
	400,000		4.800			12/15/45		511,256
	Duquesne Light Holdings, Inc.(a)(b)
	950,000		2.532			10/01/30		951,377
	Exelon Corp.(a)
	1,125,000		3.497			06/01/22		1,176,559
	400,000		4.450			04/15/46		484,832
	125,000		4.700			04/15/50		159,525
	FirstEnergy Corp.(a)
	525,000		2.050			03/01/25		533,909
	1,550,000		2.650			03/01/30		1,572,149
	Florida Power & Light Co.(a)
	325,000		3.950			03/01/48		410,222
	NRG Energy, Inc.(a)(b)
	1,635,000		4.450			06/15/29		1,804,566
	Ohio Power Co.(a)
	450,000		2.600			04/01/30		493,772
	Pacific Gas & Electric Co.(a)
	675,000		2.100			08/01/27		653,953
	1,625,000		2.500			02/01/31		1,539,346
	375,000		3.300			08/01/40		343,654
	825,000		3.500			08/01/50		741,716
	Progress Energy, Inc.
	1,000,000		7.000			10/30/31		1,416,430
	Public Service Electric & Gas Co.(a)
	1,525,000		3.950			05/01/42		1,858,502
	Puget Sound Energy, Inc.(a)
	325,000		4.223			06/15/48		403,055
	Sempra Energy(a)
	570,000		3.400			02/01/28		628,020
	1,125,000		3.800			02/01/38		1,256,974
	Southern California Edison Co.(a)
	500,000		4.200			03/01/29		575,700
	275,000		4.050			03/15/42		293,458
	805,000		4.125			03/01/48		879,583
	25,000		4.875			03/01/49		29,821
	The Southern Co.(a)
	1,800,000		3.250			07/01/26		2,007,036
	Vistra Operations Co. LLC(a)(b)
	2,050,000		4.300			07/15/29		2,234,520
								35,575,852
Electronics(a) – 0.3%
	PerkinElmer, Inc.
	1,200,000		3.300			09/15/29		1,334,160
	Roper Technologies, Inc.
	800,000		3.800			12/15/26		922,496
								2,256,656
Corporate Obligations – (continued)
Engineering & Construction(a) – 0.1%
	Mexico City Airport Trust
	240,000		3.875	%(b)		04/30/28		204,488
	200,000		5.500			07/31/47		162,554
	220,000		5.500	(b)		07/31/47		178,809
								545,851
Food & Drug Retailing(a) – 0.4%
	Grupo Bimbo SAB de CV
	1,070,000		4.700			11/10/47		1,249,894
	Mondelez International, Inc.
	600,000		2.625			09/04/50		575,814
	Sysco Corp.
	150,000		6.600			04/01/40		203,463
	600,000		6.600			04/01/50		840,678
								2,869,849
Gas(a) – 0.2%
	NiSource, Inc.
	225,000		3.600			05/01/30		256,403
	Piedmont Natural Gas Co., Inc.
	325,000		3.350			06/01/50		352,547
	The East Ohio Gas Co.(b)
	400,000		2.000			06/15/30		412,000
								1,020,950
Healthcare Providers & Services – 1.2%
	Centene Corp.(a)
	1,250,000		4.250			12/15/27		1,307,612
	CommonSpirit Health
	150,000		4.350			11/01/42		162,792
	DENTSPLY SIRONA, Inc.(a)
	450,000		3.250			06/01/30		488,984
	DH Europe Finance II S.a.r.l.(a)
	1,775,000		2.600			11/15/29		1,928,165
	Stryker Corp.(a)
	2,025,000		1.950			06/15/30		2,063,779
	Thermo Fisher Scientific, Inc.(a)
	850,000		4.497			03/25/30		1,048,840
	Zimmer Biomet Holdings, Inc.(a)
	1,025,000		3.550			03/20/30		1,146,155
								8,146,327
Home Furnishings(a) – 0.1%
	Whirlpool Corp.
	550,000		4.600			05/15/50		674,239
Household Products(a) – 0.0%
	Kimberly-Clark Corp.
	150,000		3.100			03/26/30		171,554
Insurance – 2.2%
	American International Group, Inc.
	1,850,000		3.900	(a)		04/01/26		2,105,263
	325,000		4.200	(a)		04/01/28		377,202
	1,775,000		3.400	(a)		06/30/30		1,963,824
	700,000		6.250			05/01/36		970,305
	598,000		4.500	(a)		07/16/44		701,538
	375,000		4.800	(a)		07/10/45		455,453

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – (continued)
	Arch Capital Finance LLC(a)
$	400,000		4.011	%		12/15/26	$	463,872
	323,000		5.031			12/15/46		410,032
	Arch Capital Group Ltd.
	845,000		7.350			05/01/34		1,279,921
	Great-West Lifeco Finance 2018 LP(a)(b)
	425,000		4.047			05/17/28		496,017
	Marsh & McLennan Cos., Inc.(a)
	1,500,000		4.375			03/15/29		1,814,700
	MetLife, Inc.
	475,000		4.721			12/15/44		619,951
	Principal Financial Group, Inc.
	150,000		6.050			10/15/36		213,155
	Teachers Insurance & Annuity Association of America(b)
	890,000		4.900			09/15/44		1,127,541
	The Hartford Financial Services Group, Inc.
	200,000		6.625			04/15/42		286,076
	Willis North America, Inc.(a)
	400,000		2.950			09/15/29		432,008
	XLIT Ltd.
	998,000		4.450			03/31/25		1,124,716
								14,841,574
Internet(a) – 1.3%
	Alphabet, Inc.
	700,000		1.900			08/15/40		671,202
	850,000		2.050			08/15/50		792,327
	Amazon.com, Inc.
	900,000		4.950			12/05/44		1,283,661
	Booking Holdings, Inc.
	375,000		4.100			04/13/25		422,374
	Expedia Group, Inc.
	2,625,000		3.600	(b)		12/15/23		2,680,781
	300,000		4.625	(b)		08/01/27		314,703
	2,000,000		3.250			02/15/30		1,919,020
	Prosus NV
	200,000		3.680	(b)		01/21/30		215,080
	200,000		3.680			01/21/30		215,080
								8,514,228
Iron/Steel(a) – 0.0%
	Steel Dynamics, Inc.
	195,000		2.400			06/15/25		204,146
Machinery-Diversified(a) – 0.6%
	Otis Worldwide Corp.
	3,175,000		2.565			02/15/30		3,409,156
	325,000		3.112			02/15/40		347,012
								3,756,168
Media – 2.4%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	3,150,000		4.908			07/23/25		3,636,360
	2,975,000		3.750			02/15/28		3,287,672
	375,000		5.750			04/01/48		465,480
	Comcast Corp.
	638,000		3.300	(a)		02/01/27		719,415
Corporate Obligations – (continued)
Media – (continued)
	Comcast Corp. – (continued)
	175,000		3.400	%(a)		04/01/30		201,682
	150,000		3.250	(a)		11/01/39		166,668
	250,000		6.400			03/01/40		382,015
	475,000		3.750	(a)		04/01/40		557,769
	525,000		3.400	(a)		07/15/46		580,524
	1,400,000		4.700	(a)		10/15/48		1,857,618
	263,000		3.999	(a)		11/01/49		318,535
	Discovery Communications LLC(a)
	150,000		5.200			09/20/47		179,064
	75,000		5.300			05/15/49		91,702
	Fox Corp.(a)
	225,000		5.476			01/25/39		300,002
	The Walt Disney Co.
	650,000		3.800			03/22/30		769,425
	350,000		4.625	(a)		03/23/40		443,730
	500,000		4.700	(a)		03/23/50		657,635
	Time Warner Cable LLC(a)
	500,000		5.875			11/15/40		628,935
	ViacomCBS, Inc.(a)
	450,000		5.850			09/01/43		561,717
								15,805,948
Mining – 0.8%
	Glencore Finance Canada Ltd.(b)
	825,000		4.250			10/25/22		874,508
	Glencore Funding LLC(b)
	781,000		4.625			04/29/24		860,740
	Newcrest Finance Pty Ltd.(a)(b)
	375,000		3.250			05/13/30		409,065
	Newmont Corp.(a)
	1,600,000		2.250			10/01/30		1,653,504
	Teck Resources Ltd.(a)(b)
	1,225,000		3.900			07/15/30		1,281,632
								5,079,449
Miscellaneous Manufacturing – 0.8%
	General Electric Co.
	600,000		3.450	(a)		05/15/24		644,412
	325,000		3.450	(a)		05/01/27		343,457
	500,000		3.625	(a)		05/01/30		517,720
	600,000		6.750			03/15/32		749,976
	1,069,000		5.875			01/14/38		1,245,856
	1,125,000		4.350	(a)		05/01/50		1,144,766
	Parker-Hannifin Corp.(a)
	270,000		4.000			06/14/49		323,835
								4,970,022
Oil Field Services – 4.0%
	BP Capital Markets America, Inc.(a)
	450,000		3.410			02/11/26		502,101
	950,000		3.119			05/04/26		1,048,961
	175,000		4.234			11/06/28		207,177
	Concho Resources, Inc.(a)
	450,000		2.400			02/15/31		430,983
	Continental Resources, Inc.(a)
	1,075,000		4.500			04/15/23		1,023,937
	Devon Energy Corp.(a)
	3,167,000		5.850			12/15/25		3,545,583

58 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)
Oil Field Services – (continued)
	Diamondback Energy, Inc.(a)
$	1,525,000		4.750	%		05/31/25	$	1,643,767
	Gazprom PJSC Via Gaz Capital SA
	200,000		5.150	(b)		02/11/26		222,938
	70,000		8.625	(d)		04/28/34		105,109
	110,000		7.288			08/16/37		155,203
	Gazprom PJSC Via Gaz Finance PLC(b)
	450,000		3.250			02/25/30		451,013
	KazMunayGas National Co. JSC
	280,000		6.375			10/24/48		356,650
	Lukoil International Finance B.V.
	1,030,000		4.563			04/24/23		1,095,662
	Marathon Petroleum Corp.(a)
	725,000		3.625			09/15/24		775,968
	1,920,000		3.800			04/01/28		2,081,683
	Newfield Exploration Co.
	1,750,000		5.625			07/01/24		1,693,125
	Occidental Petroleum Corp.(a)
	1,900,000		2.900			08/15/24		1,612,435
	1,425,000		5.550			03/15/26		1,291,406
	325,000		3.500			08/15/29		248,856
	325,000		4.400			08/15/49		228,313
	Ovintiv, Inc.(a)
	2,025,000		3.900			11/15/21		2,018,763
	Pertamina Persero PT(a)
	370,000		4.175			01/21/50		373,053
	Phillips 66
	625,000		3.700			04/06/23		669,425
	200,000		3.850	(a)		04/09/25		222,266
	Shell International Finance B.V.
	225,000		6.375			12/15/38		335,381
	Suncor Energy, Inc.
	400,000		2.800			05/15/23		419,444
	900,000		3.600	(a)		12/01/24		979,929
	850,000		3.100	(a)		05/15/25		914,252
	Valero Energy Corp.
	1,175,000		2.700			04/15/23		1,217,558
	650,000		2.850	(a)		04/15/25		681,655
								26,552,596
Pharmaceuticals(a) – 6.9%
	AbbVie, Inc.
	5,950,000		3.200	(b)		11/21/29		6,546,547
	3,300,000		4.050	(b)		11/21/39		3,781,602
	75,000		4.875			11/14/48		94,951
	4,900,000		4.250	(b)		11/21/49		5,789,938
	Bayer US Finance II LLC(b)
	1,100,000		3.875			12/15/23		1,200,782
	1,475,000		3.375			07/15/24		1,594,283
	Becton Dickinson & Co.
	3,839,000		3.700			06/06/27		4,352,044
	500,000		4.685			12/15/44		613,075
	1,450,000		3.794			05/20/50		1,616,967
	Bristol-Myers Squibb Co.
	675,000		4.250			10/26/49		887,416
	Cigna Corp.
	6,900,000		4.125			11/15/25		7,903,329
Corporate Obligations – (continued)
Pharmaceuticals(a) – (continued)
	Cigna Corp. – (continued)
	1,425,000		2.400			03/15/30		1,476,856
	650,000		4.900			12/15/48		843,739
	CVS Health Corp.
	3,875,000		3.875			07/20/25		4,367,396
	325,000		4.780			03/25/38		394,284
	170,000		5.125			07/20/45		214,504
	825,000		4.250			04/01/50		966,669
	Takeda Pharmaceutical Co. Ltd.
	1,545,000		2.050			03/31/30		1,571,064
	Zoetis, Inc.
	1,550,000		2.000			05/15/30		1,600,468
	75,000		4.450			08/20/48		98,165
								45,914,079
Pipelines – 5.0%
	Abu Dhabi Crude Oil Pipeline LLC(b)
	490,000		4.600			11/02/47		600,097
	Energy Transfer Operating LP(a)
	650,000		4.650			06/01/21		660,166
	1,540,000		5.200			02/01/22		1,594,701
	1,575,000		2.900			05/15/25		1,581,772
	2,525,000		4.200			04/15/27		2,609,537
	456,000		5.150			03/15/45		412,694
	450,000		6.250			04/15/49		464,040
	Enterprise Products Operating LLC(a)
	575,000		4.800			02/01/49		657,610
	(3M USD LIBOR + 2.778%)
	4,420,000		3.024	(c)		06/01/67		3,423,246
	EQM Midstream Partners LP(a)
	1,139,000		4.750			07/15/23		1,130,457
	425,000		5.500			07/15/28		427,125
	Kinder Morgan Energy Partners LP
	650,000		6.550			09/15/40		809,867
	MPLX LP(a)
	1,225,000		2.650			08/15/30		1,195,061
	400,000		4.500			04/15/38		407,520
	400,000		4.700			04/15/48		404,336
	520,000		5.500			02/15/49		582,655
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	400,000		3.650			06/01/22		409,580
	2,175,000		3.850			10/15/23		2,275,072
	519,000		4.650			10/15/25		557,214
	1,275,000		3.800			09/15/30		1,237,757
	Sabine Pass Liquefaction LLC(a)
	1,875,000		6.250			03/15/22		1,987,912
	4,700,000		5.625			03/01/25		5,378,022
	475,000		5.000			03/15/27		534,494
	Sunoco Logistics Partners Operations LP(a)
	550,000		5.950			12/01/25		630,504
	150,000		5.400			10/01/47		141,078
	The Williams Cos., Inc.
	1,630,000		3.600	(a)		03/15/22		1,686,121
	150,000		6.300			04/15/40		184,746
	Western Midstream Operating LP(a)
	725,000		4.100			02/01/25		689,961
	1,000,000		5.450			04/01/44		857,500
								33,530,845

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Real Estate Investment Trust – 3.4%
	Agree LP(a)
$	375,000		2.900	%		10/01/30	$	386,344
	Alexandria Real Estate Equities, Inc.(a)
	500,000		3.800			04/15/26		572,225
	500,000		3.375			08/15/31		563,865
	475,000		4.000			02/01/50		566,347
	American Campus Communities Operating Partnership LP(a)
	1,100,000		3.875			01/30/31		1,198,978
	American Tower Corp.
	1,550,000		5.000			02/15/24		1,754,600
	1,400,000		3.375	(a)		05/15/24		1,516,158
	1,300,000		4.000	(a)		06/01/25		1,461,759
	1,400,000		2.100	(a)		06/15/30		1,413,244
	Camden Property Trust(a)
	700,000		3.150			07/01/29		776,384
	Crown Castle International Corp.(a)
	275,000		4.300			02/15/29		321,142
	225,000		3.300			07/01/30		246,416
	975,000		4.000			11/15/49		1,104,334
	575,000		4.150			07/01/50		658,415
	Duke Realty LP(a)
	925,000		1.750			07/01/30		923,020
	Essex Portfolio LP(a)
	700,000		3.000			01/15/30		753,431
	Healthcare Realty Trust, Inc.(a)
	450,000		2.050			03/15/31		444,794
	Kimco Realty Corp.(a)
	550,000		3.800			04/01/27		601,293
	Mid-America Apartments LP(a)
	575,000		1.700			02/15/31		564,409
	MPT Operating Partnership LP/MPT Finance Corp.(a)
	950,000		4.625			08/01/29		987,040
	National Retail Properties, Inc.(a)
	700,000		3.600			12/15/26		755,552
	Spirit Realty LP(a)
	1,675,000		4.000			07/15/29		1,740,459
	UDR, Inc.(a)
	325,000		2.100			08/01/32		322,673
	VEREIT Operating Partnership LP(a)
	1,350,000		3.400			01/15/28		1,407,888
	975,000		3.100			12/15/29		976,755
	WP Carey, Inc.(a)
	700,000		3.850			07/15/29		754,250
								22,771,775
Retailing – 1.6%
	AutoNation, Inc.(a)
	1,075,000		4.750			06/01/30		1,266,823
	Dollar Tree, Inc.(a)
	1,200,000		4.000			05/15/25		1,352,340
	Lowe’s Cos., Inc.(a)
	425,000		5.000			04/15/40		558,994
	775,000		4.550			04/05/49		993,333
	1,100,000		5.125			04/15/50		1,514,535
	McDonald’s Corp.(a)
	150,000		4.450			09/01/48		186,776
	275,000		4.200			04/01/50		335,175
Corporate Obligations – (continued)
Retailing – (continued)
	Starbucks Corp.(a)
	400,000		3.800			08/15/25		452,156
	1,125,000		3.500			11/15/50		1,193,749
	The Home Depot, Inc.
	400,000		5.875			12/16/36		598,756
	500,000		4.875	(a)		02/15/44		682,605
	200,000		4.400	(a)		03/15/45		258,256
	Walgreens Boots Alliance, Inc.(a)
	1,550,000		4.100			04/15/50		1,545,381
								10,938,879
Savings & Loans(a)(b)(c) – 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	750,000		3.960			07/18/30		846,720
Semiconductors – 3.2%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	1,775,000		3.625			01/15/24		1,905,498
	600,000		3.125			01/15/25		640,308
	6,775,000		3.875			01/15/27		7,503,177
	64,000		3.500			01/15/28		69,234
	Broadcom, Inc.(a)
	1,750,000		3.625			10/15/24		1,909,687
	1,875,000		4.700			04/15/25		2,129,306
	2,075,000		4.250			04/15/26		2,337,446
	KLA Corp.(a)
	550,000		3.300			03/01/50		575,575
	Lam Research Corp.(a)
	825,000		1.900			06/15/30		854,362
	Microchip Technology, Inc.(b)
	1,750,000		2.670			09/01/23		1,810,218
	NXP B.V./NXP Funding LLC(b)
	450,000		3.875			09/01/22		475,335
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
	1,125,000		3.400			05/01/30		1,230,750
								21,440,896
Software(a) – 1.6%
	Citrix Systems, Inc.
	1,275,000		3.300			03/01/30		1,357,174
	Fidelity National Information Services, Inc.
	3,000,000		3.875			06/05/24		3,298,800
	Fiserv, Inc.
	2,100,000		3.200			07/01/26		2,332,869
	1,025,000		4.400			07/01/49		1,282,459
	Intuit, Inc.
	350,000		1.650			07/15/30		356,146
	Oracle Corp.
	750,000		3.600			04/01/40		854,535
	ServiceNow, Inc.
	1,300,000		1.400			09/01/30		1,265,836
								10,747,819
Telecommunication Services – 7.9%
	AT&T, Inc.
	420,000		4.125	(a)		02/17/26		480,883
	8,350,000		2.300	(a)		06/01/27		8,761,404
	250,000		1.650	(a)		02/01/28		250,128

60 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)
Telecommunication Services – (continued)
	AT&T, Inc. – (continued)
$	3,100,000		2.750	%(a)		06/01/31	$	3,261,665
	550,000		6.150			09/15/34		746,994
	175,000		4.900	(a)		08/15/37		211,829
	1,450,000		4.850	(a)		03/01/39		1,739,739
	300,000		6.000	(a)		08/15/40		406,875
	925,000		3.500	(a)		06/01/41		973,322
	125,000		4.300	(a)		12/15/42		140,745
	275,000		4.850	(a)		07/15/45		328,851
	250,000		4.750	(a)		05/15/46		291,313
	1,050,000		5.150	(a)		11/15/46		1,302,955
	575,000		3.650	(a)		06/01/51		580,773
	525,000		3.850	(a)		06/01/60		534,676
	British Telecommunications PLC(a)(b)
	935,000		4.250			11/08/49		1,040,103
	Deutsche Telekom International Finance B.V.(a)(b)
	575,000		4.375			06/21/28		680,403
	T-Mobile USA, Inc.(a)(b)
	1,975,000		3.500			04/15/25		2,166,733
	775,000		1.500			02/15/26		777,961
	6,150,000		3.750			04/15/27		6,884,058
	1,950,000		2.050			02/15/28		1,995,298
	2,575,000		3.875			04/15/30		2,930,965
	2,150,000		2.550			02/15/31		2,214,784
	850,000		3.000			02/15/41		838,482
	Verizon Communications, Inc.
	4,581,000		4.329			09/21/28		5,559,502
	750,000		3.875	(a)		02/08/29		887,655
	2,551,000		4.016	(a)		12/03/29		3,055,868
	475,000		3.150	(a)		03/22/30		536,033
	375,000		5.250			03/16/37		519,319
	295,000		4.125			08/15/46		365,242
	400,000		4.862			08/21/46		544,292
	846,000		5.012			04/15/49		1,210,211
	Vodafone Group PLC
	525,000		4.375			05/30/28		622,183
								52,841,244
Transportation – 0.5%
	Burlington Northern Santa Fe LLC
	425,000		6.150			05/01/37		634,699
	825,000		5.750	(a)		05/01/40		1,186,655
	CSX Corp.(a)
	50,000		3.800			04/15/50		59,377
	FedEx Corp.(a)
	700,000		4.050			02/15/48		802,291
	Union Pacific Corp.(a)
	275,000		3.550			08/15/39		313,981
								2,997,003
	TOTAL CORPORATE OBLIGATIONS
	(Cost $579,570,927)						$	619,233,672
Foreign Debt Obligations – 3.3%
Sovereign – 3.3%
	Abu Dhabi Government International Bond
	1,680,000		4.125			10/11/47		2,113,125
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Mexico Government International Bond(a)
EUR	130,000		1.350			09/18/27		148,989
$	2,540,000		3.250			04/16/30		2,606,040
	Perusahaan Penerbit SBSN Indonesia III
	1,580,000		4.550			03/29/26		1,817,000
	Republic of Chile(a)
	200,000		3.500			01/25/50		228,063
	Republic of Colombia(a)
	1,221,000		4.000			02/26/24		1,303,799
	350,000		4.500			03/15/29		392,109
	690,000		3.000			01/30/30		703,369
	200,000		5.200			05/15/49		241,625
	490,000		4.125			05/15/51		510,825
	Republic of Indonesia
	200,000		3.700	(b)		01/08/22		207,250
	387,000		5.875			01/15/24		445,292
	350,000		4.350	(b)		01/08/27		400,859
	1,610,000		4.350			01/08/27		1,843,953
	470,000		6.750			01/15/44		702,209
	Republic of Panama(a)
	380,000		2.252			09/29/32		385,130
	200,000		3.870			07/23/60		229,313
	Republic of Peru(a)
	610,000		2.783			01/23/31		660,020
	Republic of Philippines
EUR	340,000		0.000			02/03/23		394,896
	450,000		0.700			02/03/29		514,907
	Republic of Qatar(b)
$	1,800,000		5.103			04/23/48		2,498,062
	Republic of Romania(b)
EUR	90,000		2.124			07/16/31		105,191
	70,000		2.000			01/28/32		80,866
	80,000		4.625			04/03/49		114,226
	State of Israel(e)
	200,000		4.500			04/03/20		272,500
	United Mexican States
	1,770,000		1.625			04/08/26		2,086,909
$	740,000		3.750			01/11/28		795,963
	250,000		4.500	(a)		01/31/50		263,125
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $19,609,508)						$	22,065,615
Municipal Debt Obligations – 0.7%
California(a) – 0.1%
	California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%		10/01/39	$	747,228
Illinois – 0.5%
	Illinois State GO Bonds Build America Series 2010(a)
	1,625,000		6.630			02/01/35		1,791,806
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,360,000		5.100			06/01/33		1,374,403
								3,166,209

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations – (continued)
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	$	593,687
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $3,797,133)						$	4,507,124
U.S. Treasury Obligation(f) – 0.2%
	United States Treasury Bond
$	700,000		3.375	%		11/15/48	$	1,018,500
	(Cost $857,722)
	TOTAL INVESTMENTS – 97.2%
	(Cost $603,835,290)						$	646,824,911
	OTHER ASSETS IN EXCESS OF LIABILITIES – 2.8%							18,887,315
	NET ASSETS – 100.0%						$	665,712,226

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, 2020.
(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, 2020.
(e)	Actual maturity date is April 03, 2120.
(f)	All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.

Currency Abbreviations:
CAD	—Canadian Dollar
EUR	—Euro
USD	—U.S. Dollar
Investment Abbreviations:
BP	—British Pound Offered Rate
CDOR	—Canadian Dollar Offered Rate
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
RB	—Revenue Bond
SOFR	—Secured Overnight Funding Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, 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
Deutsche Bank AG		USD	3,023,136		EUR	2,568,128		11/09/20	$	9,647

FUTURES CONTRACTS — At September 30, 2020, 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		211		12/21/20	$	46,802,438	$	(93,634	)
2 Year U.S. Treasury Notes		171		12/31/20		37,784,321		17,645
10 Year U.S. Treasury Notes		17		12/21/20		2,372,031		(522	)
20 Year U.S. Treasury Bonds		241		12/21/20		42,483,781		337,605
Total							$	261,094

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS (continued)

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Eurodollars		(1	)		12/14/20	$	(249,388	)	$	(4,636	)
Ultra 10 Year U.S. Treasury Notes		(240	)		12/21/20		(38,381,250	)		22,328
5 Year U.S. Treasury Notes		(381	)		12/31/20		(48,017,906	)		(54,973	)
Total									$	(37,281	)
TOTAL FUTURES CONTRACTS									$	223,813

SWAP CONTRACTS — At September 30, 2020, 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 CDOR(a)		0.840%(a)	06/24/24	CAD	24,170	(b)	$	23,249		$	11,429		$	11,820
1M LIBOR + 0.090%(c)		3M LIBOR(c)	07/25/24	$	10,400			6,353			166			6,187
3M LIBOR(c)		1.000(a)	12/16/25		1,360	(b)		42,834			43,376			(542	)
3M LIBOR(c)		0.980(a)	05/21/30		5,390	(b)		(14,828	)		(7,035	)		(7,793	)
1.140(a)		6M CDOR(a)	06/24/30	CAD	4,990	(b)		4,202			(5,848	)		10,050
(0.250)(d)		6M EURO(a)	12/16/30	EUR	440	(b)		1,829			3,946			(2,117	)
1.160(a)		3M LIBOR(c)	05/21/35	$	5,810	(b)		69,461			11,516			57,945
0.855(a)		3M LIBOR(c)	04/09/45		2,770	(b)		53,753			100			53,653
3M LIBOR(c)		0.845(a)	04/10/50		2,860	(b)		(46,352	)		103			(46,455	)
TOTAL							$	140,501		$	57,753		$	82,748

(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, 2020.

(c) Payments made quarterly.

(d) Payments made annually.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at September 30, 2020(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
AT&T, Inc., 2.450%, 06/30/20	1.000%		0.685%		06/20/24	$	2,325	$	27,745		$	4,027		$	23,718
CDX.NA.IG Index 28	1.000		0.829		06/20/22		28,500		92,577			338,795			(246,218	)
CDX.NA.IG Index 34	1.000		0.689		06/20/23		28,350		245,776			333,723			(87,947	)
CDX.NA.IG Index 34	1.000		0.848		06/20/25		124,025		898,245			1,113,209			(214,964	)
General Electric Co. 2.700%, 10/09/22	1.000		1.265		06/20/24		1,175		(10,994	)		(14,932	)		3,938
General Electric Co. 2.700%, 10/09/22	1.000		1.425		12/20/24		550		(9,429	)		(7,391	)		(2,038	)
Prudential Financial, Inc., 3.500%, 05/15/24	1.000		0.383		06/20/24		1,150		26,800			12,775			14,025
Republic of Colombia, 10.375%, 01/28/33	1.000		1.118		06/20/24		1,830		(7,386	)		(7,633	)		247

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

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, 2020(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Republic of Indonesia, 5.875%, 03/13/20		1.000%		0.832%		06/20/24	$	70	$	455		$	(118	)	$	573
Republic of Peru, 8.750%, 11/21/33		1.000		0.548		06/20/24		550		9,419			6,627			2,792
The Boeing Co., 8.750%, 08/15/21		1.000		3.012		06/20/24		1,750		(120,186	)		28,247			(148,433	)
United Mexican States, 4.150%, 03/28/27		1.000		1.120		06/20/24		640		(2,635	)		(7,050	)		4,415
TOTAL									$	1,150,387		$	1,800,279		$	(649,892	)

(a) Payments made quarterly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
1Y IRS	JPMorgan Securities, Inc.		0.490	%		05/18/2021		(3,600,000	)	$	(3,600,000	)	$	(29,726	)	$	(36,360	)	$	6,634
1Y IRS	JPMorgan Securities, Inc.		0.480			05/19/2021		(3,700,000	)		(3,700,000	)		(29,455	)		(37,620	)		8,165
								(7,300,000	)	$	(7,300,000	)	$	(59,181	)	$	(73,980	)	$	14,799
Puts
1Y IRS	JPMorgan Securities, Inc.		0.490			05/18/2021		(3,600,000	)		(3,600,000	)		(16,382	)		(36,360	)		19,978
1Y IRS	JPMorgan Securities, Inc.		0.480			05/19/2021		(3,700,000	)		(3,700,000	)		(17,655	)		(37,620	)		19,965
								(7,300,000	)	$	(7,300,000	)	$	(34,037	)	$	(73,980	)	$	39,943
TOTAL								(14,600,000	)	$	(14,600,000	)	$	(93,218	)	$	(147,960	)	$	54,742

Abbreviations:

CDX.NA.IG Index 28—CDX North America Investment Grade Index 28

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – 69.3%
Argentina(a) – 0.1%
	Republic of Argentina (CCC+/NR)
$	12,578		1.000	%		07/09/29	$	5,704
	65,075		0.125	(b)		07/09/30		27,006
	148,322		0.125	(b)		07/09/35		55,398
								88,108
Brazil – 3.6%
	Brazil Letras do Tesouro Nacional (BB-/NR)(c)
BRL	6,453,000		0.000			10/01/20		1,148,951
	Brazil Notas do Tesouro Nacional (BB-/Ba2)
	8,473,000		10.000			01/01/25		1,707,288
								2,856,239
Chile – 3.9%
	Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
CLP	55,000,000		4.700	(d)		09/01/30		82,285
	890,000,000		5.000			03/01/35		1,355,689
	Bonos de la Tesoreria de la Republica en Pesos (NR/A1)
	287,078,500		1.500			03/01/26		407,814
	840,000,000		4.500			03/01/26		1,228,441
								3,074,229
Colombia – 7.0%
	Republic of Colombia (NR/NR)
COP	2,319,500,000		6.250			11/26/25		662,054
	1,276,779,795		3.300			03/17/27		361,672
	2,538,700,000		5.750			11/03/27		691,240
	4,042,300,000		7.000			06/30/32		1,138,615
	2,058,100,000		7.250			10/18/34		585,550
	Republic of Colombia (NR/Baa2)(a)
	1,851,000,000		4.375			03/21/23		488,433
	Republic of Colombia (BBB/Baa2)
	2,430,900,000		7.500			08/26/26		729,892
	3,130,500,000		6.000			04/28/28		860,221
								5,517,677
Czech Republic – 4.2%
	Czech Republic Government Bond (NR/NR)
CZK	33,200,000		1.000			06/26/26		1,474,875
	27,080,000		0.250			02/10/27		1,145,847
	Czech Republic Government Bond (NR/Aa3)
	11,320,000		4.200			12/04/36		722,731
								3,343,453
Dominican Republic – 1.2%
	Dominican Republic (NR/NR)
DOP	2,800,000		10.500			04/07/23		49,611
	39,400,000		11.375			07/06/29		712,334
	Dominican Republic (BB-/Ba3)
$	150,000		5.875			01/30/60		141,563
								903,508
Egypt(d) – 0.3%
	Republic of Egypt (B/B2u)
$	200,000		8.875			05/29/50		198,250
Sovereign Debt Obligations – (continued)
Hungary – 3.3%
	Hungary Government Bond (NR/NR)
HUF	179,680,000		2.750	%		12/22/26	$	609,257
	Hungary Government Bond (NR/Baa3)
	65,720,000		3.000			08/21/30		224,588
	Hungary Government Bond (BBB/NR)
	194,960,000		5.500			06/24/25		741,823
	292,160,000		3.000			10/27/27		1,009,718
								2,585,386
Indonesia – 0.5%
	Republic of Indonesia (NR/Baa2)
IDR	6,000,000,000		7.000			05/15/27		410,484
Mexico – 8.7%
	United Mexican States (NR/Baa1)
MXN	30,974,500		8.000			09/05/24		1,555,361
	4,741,100		5.750			03/05/26		219,510
	1,907,500		8.000			11/07/47		95,218
	United Mexican States (BBB+/Baa1)
MXN	18,528,500		7.500			06/03/27		931,180
	32,333,900		8.500			05/31/29		1,727,355
	5,456,000		7.750			05/29/31		278,056
	11,706,100		10.000			11/20/36		704,946
	26,082,800		8.500			11/18/38		1,381,242
								6,892,868
Peru – 3.7%
	Republic of Peru (NR/A3)
PEN	963,000		6.714			02/12/55		314,453
	Republic of Peru (A-/A3)
	2,018,000		8.200			08/12/26		742,694
	315,000		5.940			02/12/29		102,297
	7,000		6.950			08/12/31		2,374
	2,960,000		6.150			08/12/32		939,225
	1,665,000		5.400			08/12/34		482,255
	246,000		6.900			08/12/37		81,363
	1,050,000		5.350			08/12/40		286,813
								2,951,474
Philippines – 0.3%
	Republic of Philippines (BBB+/Baa2)
PHP	10,000,000		6.250			01/14/36		265,893
Poland – 6.3%
	Republic of Poland Government Bond (NR/NR)
PLN	9,170,000		0.750			04/25/25		2,382,743
	Republic of Poland Government Bond (A/A2)
	5,120,000		2.500			07/25/27		1,456,460
	3,870,000		2.750			04/25/28		1,118,840
								4,958,043
Romania – 1.1%
	Republic of Romania (NR/NR)
RON	1,820,000		3.650			09/24/31		432,901

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Romania – (continued)
	Republic of Romania (BBB-/Baa3)
EUR	100,000		3.624	%(d)		05/26/30	$	132,487
	150,000		2.000	(d)		01/28/32		173,284
	10,000		3.375			01/28/50		11,944
$	130,000		4.000	(d)		02/14/51		133,778
								884,394
Russia – 4.3%
	Russian Federation Bond (NR/NR)
RUB	20,100,000		6.000			10/06/27		260,093
	33,630,000		7.650			04/10/30		477,862
	23,220,000		7.250			05/10/34		321,987
	161,060,000		7.700			03/16/39		2,353,770
								3,413,712
Serbia(d) – 0.2%
	Republic of Serbia (NR/Ba3)
EUR	100,000		3.125			05/15/27		125,306
South Africa – 8.6%
	Republic of South Africa (BB/Ba1)
ZAR	23,310,000		10.500			12/21/26		1,617,661
	6,930,000		7.000			02/28/31		336,303
	47,200,000		8.875			02/28/35		2,358,028
	23,010,000		8.500			01/31/37		1,076,012
	25,784,300		8.750			01/31/44		1,187,891
	4,620,000		8.750			02/28/48		211,842
								6,787,737
Thailand – 8.8%
	Thailand Government Bond (NR/NR)
THB	8,440,000		3.300			06/17/38		322,396
	1,220,000		3.600			06/17/67		51,053
	Thailand Government Bond (NR/Baa1)
	52,860,758		1.250			03/12/28		1,607,287
	79,990,000		3.775			06/25/32		3,142,760
	Thailand Government Bond (A-/Baa1)
	49,960,000		3.850			12/12/25		1,808,564
								6,932,060
Turkey – 2.8%
	Republic of Turkey (NR/NR)
TRY	13,490,000		12.200			01/18/23		1,725,826
	1,610,000		10.600			02/11/26		191,484
	2,080,000		11.000			02/24/27		248,191
								2,165,501
Ukraine(d) – 0.1%
	Ukraine Government Bond (B/NR)
EUR	100,000		4.375			01/27/30		95,555
Uruguay – 0.3%
	Republic of Uruguay (BBB/NR)
UYU	4,271,603		3.875			07/02/40		116,186
	Republic of Uruguay (BBB/Baa2)
	4,442,124		4.375			12/15/28		117,825
								234,011
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $56,971,302)						$	54,683,888
Foreign Debt Obligations – 3.8%
China – 3.8%
	Agricultural Development Bank of China (NR/NR)
CNY	21,890,000		2.960	%		04/17/30		2,988,818
	(Cost $2,983,144)
Corporate Obligations – 5.5%
Brazil(a)(e) – 0.2%
	Banco do Brasil SA (CCC+/NR) (10 Year CMT + 4.398%)
$	200,000		6.250	%		04/15/49	$	187,250
British Virgin Islands – 0.4%
	Huarong Finance II Co. Ltd. (BBB+/Baa1)
	260,000		5.500			01/16/25		289,611
Colombia – 0.3%
	Banco de Bogota SA (NR/Ba2)
	200,000		6.250			05/12/26		216,750
Israel(a)(d) – 0.1%
	Leviathan Bond Ltd. (BB-/Ba3)
	50,000		5.750			06/30/23		51,500
Peru(a)(d) – 3.2%
	Banco de Credito del Peru (BBB+/Baa1)
PEN	643,000		4.850			10/30/20		178,098
	Banco de Credito del Peru (BBB+/NR)
	8,200,000		4.650			09/17/24		2,381,456
								2,559,554
South Africa – 0.5%
	Eastern & Southern African Trade & Development Bank (NR/Baa3)
$	390,000		4.875			05/23/24		396,068
Turkey – 0.3%
	Yapi ve Kredi Bankasi AS (NR/B2)
	200,000		8.250			10/15/24		203,000
United States(a) – 0.2%
	Sasol Financing USA LLC (BB/Ba2)
	200,000		5.875			03/27/24		191,750
Venezuela(f) – 0.3%
	Petroleos de Venezuela SA (NR/NR)
	9,280,000		6.000			10/28/22		241,280
	TOTAL CORPORATE OBLIGATIONS
	(Cost $7,386,778)						$	4,336,763
Structured Notes – 10.0%
United Kingdom(d) – 5.1%
	Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)(c)
EGP	10,650,000		0.000	%		01/07/21	$	652,504
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	33,591,000,000		8.750			05/19/31		2,504,651
	12,570,000,000		7.500			08/19/32		851,939
								4,009,094

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Structured Notes – (continued)
United States – 4.9%
	Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000		11.000	%		07/25/24	$	1,353,446
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)(d)
EGP	6,900,000		0.000	(c)		07/08/21		395,504
	10,375,000		0.000	(c)		09/02/21		584,909
IDR	15,558,000,000		7.000			05/17/27		1,064,385
	6,568,000,000		7.500			08/19/32		445,150
								3,843,394
	TOTAL STRUCTURED NOTES
	(Cost $9,235,710)						$	7,852,488
U.S. Treasury Obligations – 0.2%
	United States Treasury Notes
$	28,000		2.875	%(g)		10/15/21	$	28,796
	72,000		1.750	(g)		09/30/22		74,321
	30,000		2.250			04/30/24		32,203
	20,000		1.625			09/30/26		21,483
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $154,050)						$	156,803

Shares		Dividend Rate	Value
Investment Company(h) – 5.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,006,774	0.027%	$	4,006,774
	(Cost $4,006,774)
	TOTAL INVESTMENTS – 93.9%
	(Cost $80,737,758)		$	74,025,534
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 6.1%			4,815,555
	NET ASSETS – 100.0%		$	78,841,089

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2020.
(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)	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, 2020.

(f)	Security is currently in default and/or non-income producing.
(g)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)	Represents an affiliated issuer.

Security ratings disclosed, if any, are obtained from by Standard & Poor’s /Moody’s Investor Service and are unaudited. A brief description of the ratings is available in the Fund’s Statement of Additional Information.

Currency Abbreviations:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
CNY	—Chinese Yuan Renminbi
COP	—Colombian Peso
CZK	—Czech Koruna
DOP	—Dominican Peso
EGP	—Egyptian Pound
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
MYR	—Malaysian Ringgit
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PEN	—Peruvian Nuevo Sol
PHP	—Philippine Peso
PLN	—Polish Zloty
RON	—New Romanian Leu
RUB	—Russian Ruble
SEK	—Swedish Krona
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
UYU	—Uruguayan Peso
ZAR	—South African Rand
Investment Abbreviations:
CLICP	—Sinacofi Chile Interbank Rate
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
KLIBOR	—Kuala Lumpur Interbank Offered Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MIBOR	—MIBOR — Mumbai Interbank Offered Rate
NR	—Not Rated
PLC	—Public Limited Company
TELBOR	—Tel Aviv 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. 67

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2020, 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	19,458,755	USD	3,456,999		11/04/20	$	4,750
	CAD	224,972	CHF	154,770		12/16/20		578
	CAD	886,499	USD	664,413		12/16/20		1,595
	CLP	547,988,507	USD	694,933		11/16/20		3,404
	CNH	49,692,239	USD	7,229,966		12/16/20		55,643
	COP	1,392,429,810	USD	361,534		10/05/20		2,212
	EUR	139,589	CHF	149,937		12/16/20		775
	EUR	140,796	CZK	3,811,638		12/16/20		72
	EUR	142,190	PLN	644,624		12/16/20		205
	EUR	566,771	SEK	5,900,535		12/16/20		6,190
	EUR	687,083	USD	805,270		12/16/20		1,745
	GBP	615,621	EUR	669,946		12/16/20		7,891
	GBP	551,890	USD	708,959		12/16/20		3,539
	IDR	7,788,333,156	USD	521,098		11/06/20		1,202
	ILS	1,749,341	USD	509,273		12/16/20		1,992
	INR	163,066,098	USD	2,177,591		10/28/20		33,044
	JPY	18,136,132	AUD	234,930		12/16/20		3,848
	JPY	162,011,461	USD	1,527,283		12/16/20		10,566
	KRW	201,757,525	USD	172,159		11/02/20		872
	MXN	9,327,141	USD	412,357		12/16/20		5,735
	MYR	10,447,105	USD	2,443,196		10/26/20		69,795
	MYR	11,720,886	USD	2,744,488		11/03/20		74,469
	NZD	254,033	USD	166,653		12/16/20		1,391
	RUB	15,865,484	USD	200,999		11/17/20		2,332
	TRY	3,149,464	USD	403,684		10/16/20		2,674
	TWD	14,986,431	USD	515,419		11/09/20		5,138
	USD	1,022,984	AUD	1,405,280		12/16/20		16,240
	USD	1,193,869	CAD	1,571,034		12/16/20		13,585
	USD	984,808	CHF	891,883		12/16/20		14,151
	USD	509,598	CLP	395,332,429		11/16/20		5,800
	USD	897,044	CLP	693,497,091		12/17/20		12,961
	USD	497,409	CNH	3,390,199		12/16/20		357
	USD	170,449	COP	639,123,530		10/05/20		3,489
	USD	2,933,130	COP	11,083,713,109		11/20/20		44,639
	USD	1,208,614	CZK	27,176,429		12/16/20		30,042
	USD	547,746	EUR	461,033		12/16/20		6,238
	USD	492,299	GBP	379,426		12/16/20		2,454
	USD	607,996	HUF	185,860,571		12/16/20		9,251
	USD	219,980	IDR	3,241,625,205		11/05/20		2,561
	USD	172,106	ILS	587,192		12/16/20		492
	USD	338,422	MXN	7,501,192		12/16/20		2,178
	USD	127,551	NZD	188,329		12/16/20		2,970
	USD	3,577,360	PEN	12,629,353		07/12/21		82,028
	USD	2,752,828	PLN	10,341,407		12/16/20		76,844
	USD	1,809,101	RUB	136,941,957		11/17/20		54,059
	USD	245,396	THB	7,733,221		12/16/20		1,372
	USD	414,327	TRY	3,149,464		10/16/20		7,969
	USD	318,779	TRY	2,438,574		10/19/20		4,437
	USD	562,699	TRY	4,232,790		10/23/20		17,757

68 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 GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC (continued)	USD	161,992	TRY	1,225,305		11/10/20	$	5,048
	USD	622,274	TRY	5,342,155		08/04/21		7,450
	USD	1,261,786	ZAR	21,217,106		12/17/20		6,930
	ZAR	20,946,367	USD	1,221,792		12/17/20		17,051
TOTAL							$	750,010

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
MS & Co. Int. PLC	AUD	234,874	CAD	225,796		12/16/20	$	(1,371	)
	AUD	1,567,892	USD	1,142,618		12/16/20		(19,376	)
	BRL	19,458,755	USD	3,502,485		10/02/20		(37,792	)
	BRL	2,742,755	USD	492,681		11/04/20		(4,740	)
	CAD	1,631,193	USD	1,241,308		12/16/20		(15,827	)
	CHF	452,029	EUR	419,926		12/16/20		(1,272	)
	CHF	761,254	USD	836,145		12/16/20		(7,655	)
	CNH	5,791,158	USD	851,175		12/16/20		(2,107	)
	COP	4,296,918,017	USD	1,156,389		10/05/20		(33,898	)
	COP	787,927,211	USD	211,772		11/20/20		(6,433	)
	CZK	34,399,435	USD	1,534,405		12/16/20		(42,591	)
	EUR	231,686	GBP	212,314		12/16/20		(1,974	)
	EUR	140,796	HUF	51,615,935		12/16/20		(907	)
	EUR	352,614	NOK	3,908,273		12/16/20		(4,934	)
	EUR	142,894	SEK	1,519,377		12/16/20		(1,987	)
	EUR	1,815,395	USD	2,148,231		12/16/20		(15,953	)
	GBP	429,416	USD	556,484		12/16/20		(2,100	)
	HUF	303,740,150	USD	997,124		12/16/20		(18,634	)
	IDR	29,484,281,245	USD	1,991,777		11/05/20		(14,239	)
	ILS	1,171,772	USD	342,638		12/16/20		(174	)
	JPY	71,174,442	EUR	579,426		12/16/20		(4,964	)
	JPY	32,732,772	USD	310,873		12/16/20		(166	)
	KRW	195,404,864	USD	168,152		11/02/20		(569	)
	MXN	32,941,367	USD	1,526,128		12/16/20		(49,521	)
	NOK	9,043,244	USD	1,001,034		12/16/20		(31,296	)
	NZD	250,257	EUR	141,070		12/16/20		(148	)
	NZD	184,828	USD	123,663		12/16/20		(1,398	)
	PEN	1,639,635	USD	459,744		07/12/21		(5,955	)
	PLN	601,601	EUR	135,008		12/16/20		(2,902	)
	PLN	15,553,788	USD	4,130,399		12/16/20		(105,640	)
	RON	8,242,060	USD	2,002,853		12/16/20		(31,046	)
	RUB	313,999,359	USD	4,221,859		11/17/20		(197,658	)
	SEK	4,439,694	EUR	426,818		12/16/20		(5,087	)
	SEK	7,119,858	USD	809,355		12/16/20		(13,557	)
	THB	17,989,269	USD	570,817		12/16/20		(3,160	)
	TRY	2,233,094	USD	307,597		10/23/20		(20,103	)
	TRY	5,852,333	USD	689,321		08/04/21		(15,781	)
	TWD	9,698,148	USD	336,863		10/26/20		(666	)
	TWD	9,754,869	USD	343,000		11/09/20		(4,162	)
	USD	492,539	AUD	698,791		12/16/20		(8,077	)
	USD	3,459,334	BRL	19,458,755		10/02/20		(5,359	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (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	233,867	CAD	312,984		12/16/20	$	(1,271	)
	USD	740,829	CLP	582,548,854		11/16/20		(1,551	)
	USD	1,504,717	CNH	10,345,255		11/23/20		(14,407	)
	USD	1,420,488	CNH	9,746,480		12/16/20		(8,490	)
	USD	1,312,235	COP	5,050,224,296		10/05/20		(7,046	)
	USD	96,605	COP	375,399,150		11/20/20		(1,226	)
	USD	168,453	CZK	3,891,025		12/16/20		(291	)
	USD	167,347	EUR	143,125		12/16/20		(761	)
	USD	830,458	GBP	649,079		12/16/20		(7,514	)
	USD	330,130	IDR	4,940,725,580		11/05/20		(1,249	)
	USD	494,988	ILS	1,706,335		12/16/20		(3,709	)
	USD	1,370,872	INR	103,423,973		10/28/20		(31,215	)
	USD	1,972,051	JPY	208,428,483		12/16/20		(6,400	)
	USD	828,353	KRW	972,481,047		11/02/20		(5,667	)
	USD	335,420	NOK	3,175,630		12/16/20		(5,115	)
	USD	168,074	NZD	256,976		12/16/20		(1,917	)
	USD	389,301	RUB	30,783,820		11/17/20		(5,222	)
	USD	196,378	THB	6,235,000		12/16/20		(370	)
	USD	395,403	TRY	3,149,464		12/16/20		(3,081	)
	USD	1,734,495	TWD	50,290,449		11/09/20		(12,355	)
	USD	985,844	ZAR	16,875,476		12/17/20		(12,230	)
	ZAR	2,841,360	USD	172,037		12/17/20		(3,988	)
TOTAL							$	(876,254	)

FUTURES CONTRACTS — At September 30, 2020, 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	$	249,387		$	4,305
Ultra Long U.S. Treasury Bonds		8			12/21/20		1,774,500			(3,374	)
Ultra 10 Year U.S. Treasury Notes		51			12/21/20		8,156,016			24,212
Total									$	25,143
Short position contracts:
2 Year U.S. Treasury Notes		(7	)		12/31/20		(1,546,727	)		(368	)
5 Year U.S. Treasury Notes		(8	)		12/31/20		(1,008,250	)		(117	)
10 Year U.S. Treasury Notes		(27	)		12/21/20		(3,767,344	)		(4,255	)
20 Year U.S. Treasury Bonds		(46	)		12/21/20		(8,108,937	)		(6,510	)
Total									$	(11,250	)
TOTAL FUTURES CONTRACTS									$	13,893

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2020, 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)
3M KLIBOR(a)		1.750%(b)	BofA Securities LLC		09/16/22	MYR	32,540	$	(18,481	)	$	(1,488	)	$	(16,993	)
3M TELBOR(a)		1.020(a)	BofA Securities LLC		03/18/30	ILS	1,925		23,489			253			23,236
3M KLIBOR(a)		3.650(a)	Citibank NA		02/27/24	MYR	3,020		41,495			—			41,495
3M KLIBOR(a)		3.693(a)	MS & Co. Int. PLC		03/01/24		5,490		77,090			—			77,090
3M KLIBOR(a)		3.605(a)	MS & Co. Int. PLC		03/06/24		25,010		333,531			—			333,531
3M KLIBOR(a)		3.330(a)	MS & Co. Int. PLC		05/31/24		2,610		30,705			—			30,705
3M KLIBOR(a)		3.250(a)	MS & Co. Int. PLC		12/18/24		2,000		24,282			456			23,826
TOTAL								$	512,111		$	(779	)	$	512,890

(a) Payments made quarterly.

(b) Payments made annually.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%(a)		3M WIBOR(b)	12/16/21	PLN	30,110	(c)	$	(7,183	)	$	(1,503	)	$	(5,680	)
1M BID Avg(a)		4.120%(a)	01/03/22	BRL	11,275			40,503			(39,305	)		79,808
6M MIBOR(d)		3.750(d)	09/16/22	INR	403,360			(17,197	)		(2,269	)		(14,928	)
Mexico IB TIIE 28D(e)		4.500(e)	12/14/22	MXN	71,310	(c)		(1,901	)		1,481			(3,382	)
6M EURO(d)		(0.500)(f)	12/16/22	EUR	6,820	(c)		(2,287	)		(9,203	)		6,916
1M BID Avg(e)		4.230(e)	01/02/23	BRL	6,475			(4,663	)		—			(4,663	)
1M BID Avg(a)		4.930(a)	01/02/24		28,400	(c)		(52,893	)		3,912			(56,805	)
1M BID Avg(e)		6.260(e)	01/02/25		2,875			8,261			(12,085	)		20,346
6M CNY(b)		2.500(b)	06/17/25	CNY	33,520			(31,284	)		41,038			(72,322	)
Mexico IB TIIE 28D(e)		5.100(e)	12/10/25	MXN	64,270	(c)		(5,836	)		28			(5,864	)
6M WIBOR(d)		0.750(f)	12/16/25	PLN	6,030	(c)		16,846			(3,836	)		20,682
6M CLICP(d)		1.500(d)	12/16/25	CLP	736,570			6,056			1,308			4,748
3.400(a)		3M LIBOR(b)	12/16/25	COP	3,959,720			(3,876	)		(514	)		(3,362	)
6M LIBOR(d)		4.500(d)	12/16/25	INR	71,030			(391	)		3,811			(4,202	)
(0.250)(f)		6M EURO(d)	12/16/25	EUR	2,640	(c)		(26,464	)		(20,740	)		(5,724	)
Mexico IB TIIE 28D(e)		5.400(e)	12/08/27	MXN	19,360	(c)		(6,092	)		10			(6,102	)
(0.250)(f)		6M EURO(d)	12/16/27	EUR	70	(c)		(556	)		(421	)		(135	)
1.000(d)		3M LIBOR(b)	12/16/30	$	1,120	(c)		(29,216	)		(30,119	)		903
4.600(a)		3M LIBOR(b)	12/16/30	COP	3,113,030			(11,520	)		(1,602	)		(9,918	)
(0.250)(f)		6M EURO(d)	12/16/30	EUR	220	(c)		915			1,973			(1,058	)
TOTAL							$	(128,778	)	$	(68,036	)	$	(60,742	)

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2020.

(d) Payments made semi-annually.

(e) Payments made monthly.

(f) Payments made annually.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2020 (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, 2020(b)			Counterparty		Termination Date		Notional Amount (000s)		Market Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%		0.101	%		BofA Securities LLC		12/20/20	$	2,320	$	(5,397	)	$	1,144	$	(6,541	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.101			BofA Securities LLC		06/20/21		70		(480	)		118		(598	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.101			Citibank NA		12/20/20		3,400		(7,909	)		1,953		(9,862	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.101			Citibank NA		06/20/21		2,190		(15,021	)		3,342		(18,363	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.101			JPMorgan Securities, Inc.		06/20/21		250		(1,715	)		367		(2,082	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)		0.101			UBS AG (London)		06/20/21		280		(1,920	)		177		(2,097	)
TOTAL												$	(32,442	)	$	7,101	$	(39,543	)
Protection Sold:
People’s Republic of China, 7.500%, 10/28/27		1.000		0.254			MS & Co. Int. PLC		12/20/23		6,780		165,800			107,216		58,584
TOTAL												$	133,358		$	114,317	$	19,041

(a) Payments made quarterly.

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

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at September 30, 2020(b)			Termination Date		Notional Amount (000s)		Market Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
People’s Republic of China, 7.500%, 10/28/27		1.000%		0.143	%		06/20/22	$	1,210	$	18,387		$	15,044		$	3,343
Republic of Colombia, 10.375%, 01/28/33		1.000		1.118			06/20/24		650		(2,624	)		2,978			(5,602	)
Republic of Peru, 8.750%, 11/21/33		1.000		0.613			12/20/24		1,000		16,581			17,760			(1,179	)
Russian Federation, 7.500%, 03/31/30		1.000		1.165			06/20/25		200		(1,472	)		(869	)		(603	)
State of Qatar, 9.750%, 06/15/30		1.000		0.387			12/20/24		950		24,926			22,761			2,165
TOTAL										$	55,798		$	57,674		$	(1,876	)

(a) Payments made quarterly.

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

72 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 CONTRACTS^(a)

Counterparty	Notional Amount (000s)	Reference Obligation	Settlement Date	Unrealized Appreciation/ Depreciation)*
Deutsche Bank AG	COP 3,068,000	Colombia Domestic Bond, 7.5%, 08/26/26	11/04/20	$	11,839

* 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
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. 73

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 127.2%
Collateralized Mortgage Obligations – 6.4%
Interest Only(a) – 2.4%
	FHLMC REMIC Series 3852, Class SW(b) (-1x1M USD LIBOR + 6.000%)
$	305,501		5.848	%		05/15/41	$	52,338
	FHLMC REMIC Series 4286, Class SN(b) (-1x1M USD LIBOR + 6.000%)
	2,589,162		5.848			12/15/43		472,339
	FHLMC REMIC Series 4314, Class SE(b) (-1x 1M USD LIBOR + 6.050%)
	246,584		5.898			03/15/44		42,988
	FHLMC REMIC Series 4320, Class SD(b) (-1x 1M USD LIBOR + 6.100%)
	135,164		5.948			07/15/39		27,736
	FHLMC REMIC Series 4456, Class IO
	145,967		4.500			10/15/44		22,523
	FHLMC REMIC Series 4468, Class SY(b) (-1x1M USD LIBOR + 6.100%)
	238,914		5.948			05/15/45		49,855
	FHLMC REMIC Series 4583, Class ST(b) (-1x 1M USD LIBOR + 6.000%)
	1,052,624		5.848			05/15/46		182,386
	FHLMC REMIC Series 4936, Class ES(b) (-1x 1M USD LIBOR + 6.000%)
	378,241		5.848			12/25/49		46,511
	FHLMC REMIC Series 4936, Class PS(b) (-1x 1M USD LIBOR + 6.000%)
	329,689		5.848			12/25/49		39,928
	FHLMC REMIC Series 4998, Class GI
	949,982		4.000			08/25/50		131,029
	FHLMC REMIC Series 5009, Class DI
	1,486,085		2.000			09/25/50		125,675
	FHLMC REMIC Series 5015, Class DI
	363,553		4.000			09/25/50		49,161
	FHLMC STRIPS Series 304, Class C45
	175,590		3.000			12/15/27		10,141
	FNMA REMIC Series 2007-36, Class SN(b) (-1x1M USD LIBOR + 6.770%)
	323,297		6.622			04/25/37		74,379
	FNMA REMIC Series 2008-17, Class SI(b) (-1x1M USD LIBOR + 6.300%)
	415,922		6.152			03/25/38		85,003
	FNMA REMIC Series 2011-124, Class SC(b) (-1x 1M USD LIBOR + 6.550%)
	215,392		6.402			12/25/41		38,449
	FNMA REMIC Series 2012-88, Class SB(b) (-1x1M USD LIBOR + 6.670%)
	300,103		6.522			07/25/42		53,385
	FNMA REMIC Series 2015-34, Class LS(b) (-1x 1M USD LIBOR + 6.100%)
	1,731,724		5.952			06/25/45		349,558
	FNMA REMIC Series 2017-104, Class SB(b) (-1x1M USD LIBOR + 6.150%)
	802,200		6.002			01/25/48		134,704
	FNMA REMIC Series 2017-69, Class SG(b) (-1x1M USD LIBOR + 6.150%)
	1,067,628		6.002			09/25/47		194,651
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
	FNMA REMIC Series 2017-86, Class SB(b) (-1x1M USD LIBOR + 6.150%)
	904,465		6.002			11/25/47		163,705
	FNMA REMIC Series 2018-8, Class SA(b) (-1x 1M USD LIBOR + 6.150%)
	746,021		6.002			02/25/48		113,079
	FNMA REMIC Series 2019-81, Class SD(b) (-1x1M USD LIBOR + 6.000%)
	449,940		5.852			01/25/50		66,490
	FNMA REMIC Series 2020-45, Class AI
	1,036,255		4.000			07/25/50		127,988
	FNMA REMIC Series 2020-60, Class KI
	2,219,154		2.000			09/25/50		189,429
	FNMA REMIC Series 2020-60, Class NI
	337,634		4.000			09/25/50		56,170
	GNMA REMIC Series 2010-101, Class S(b) (-1x 1M USD LIBOR + 6.000%)
	670,219		5.844			08/20/40		126,688
	GNMA REMIC Series 2010-20, Class SE(b) (-1x 1M USD LIBOR + 6.250%)
	284,888		6.094			02/20/40		56,482
	GNMA REMIC Series 2010-85, Class SN(b) (-1x1M USD LIBOR + 5.940%)
	29,305		5.784			07/20/40		6,443
	GNMA REMIC Series 2013-124, Class CS(b) (-1x 1M USD LIBOR + 6.050%)
	1,216,296		5.894			08/20/43		246,330
	GNMA REMIC Series 2013-134, Class DS(b) (-1x1M USD LIBOR + 6.100%)
	64,091		5.944			09/20/43		12,611
	GNMA REMIC Series 2014-11, Class KI
	137,633		4.500			12/20/42		9,608
	GNMA REMIC Series 2014-117, Class SJ(b) (-1x 1M USD LIBOR + 5.600%)
	2,911,866		5.444			08/20/44		534,058
	GNMA REMIC Series 2014-132, Class SL(b) (-1x1M USD LIBOR + 6.100%)
	457,214		5.944			10/20/43		63,944
	GNMA REMIC Series 2014-133, Class BS(b) (-1x1M USD LIBOR + 5.600%)
	225,073		5.444			09/20/44		39,775
	GNMA REMIC Series 2014-158, Class SA(b) (-1x 1M USD LIBOR + 5.600%)
	1,370,410		5.448			10/16/44		243,266
	GNMA REMIC Series 2015-110, Class MS(b) (-1x 1M USD LIBOR + 5.710%)
	885,104		5.554			08/20/45		146,051
	GNMA REMIC Series 2015-111, Class IM
	749,026		4.000			08/20/45		80,420
	GNMA REMIC Series 2015-111, Class SM(b) (-1x1M USD LIBOR + 6.200%)
	274,004		6.044			08/20/45		48,914
	GNMA REMIC Series 2015-112, Class SB(b) (-1x 1M USD LIBOR + 5.740%)
	262,253		5.584			08/20/45		43,457
	GNMA REMIC Series 2015-119, Class SN(b) (-1x1M USD LIBOR + 6.250%)
	567,056		6.094			08/20/45		101,091

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
	GNMA REMIC Series 2015-129, Class IC
$	541,920		4.500	%		09/16/45	$	80,371
	GNMA REMIC Series 2015-168, Class SD(b) (-1x1M USD LIBOR + 6.200%)
	150,920		6.044			11/20/45		29,887
	GNMA REMIC Series 2015-57, Class AS(b) (-1x 1M USD LIBOR + 5.600%)
	1,628,228		5.444			04/20/45		268,089
	GNMA REMIC Series 2015-72, Class JI
	47,623		3.500			05/20/45		3,041
	GNMA REMIC Series 2015-83, Class PI
	98,157		3.500			06/20/45		6,897
	GNMA REMIC Series 2015-90, Class PI
	61,617		3.500			04/20/45		2,740
	GNMA REMIC Series 2016-1, Class ST(b) (-1x 1M USD LIBOR + 6.200%)
	274,716		6.044			01/20/46		45,888
	GNMA REMIC Series 2016-138, Class DI
	170,407		4.000			10/20/46		20,788
	GNMA REMIC Series 2016-27, Class IA
	565,636		4.000			06/20/45		49,881
	GNMA REMIC Series 2016-4, Class SM(b) (-1x 1M USD LIBOR + 5.650%)
	436,945		5.494			01/20/46		79,655
	GNMA REMIC Series 2017-112, Class SJ(b) (-1x1M USD LIBOR + 5.660%)
	844,371		5.504			07/20/47		129,730
	GNMA REMIC Series 2018-105, Class SC(b) (-1x1M USD LIBOR + 6.200%)
	507,424		6.044			08/20/48		78,364
	GNMA REMIC Series 2018-124, Class SN(b) (-1x1M USD LIBOR + 6.200%)
	1,412,823		6.044			09/20/48		258,804
	GNMA REMIC Series 2018-139, Class SQ(b) (-1x1M USD LIBOR + 6.150%)
	907,729		5.994			10/20/48		138,983
	GNMA REMIC Series 2018-67, Class PS(b) (-1x1M USD LIBOR + 6.200%)
	1,348,381		6.044			05/20/48		219,949
	GNMA REMIC Series 2018-72, Class IB
	2,026,726		4.000			04/20/46		255,197
	GNMA REMIC Series 2019-1, Class SN(b) (-1x1M USD LIBOR + 6.050%)
	733,353		5.894			01/20/49		109,494
	GNMA REMIC Series 2019-110, Class SD(b) (-1x 1M USD LIBOR + 6.100%)
	1,232,142		5.944			09/20/49		197,375
	GNMA REMIC Series 2019-110, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	1,338,011		5.944			09/20/49		192,548
	GNMA REMIC Series 2019-128, Class IO
	1,094,097		4.000			10/20/49		131,565
	GNMA REMIC Series 2019-129, Class AI
	1,624,259		3.500			10/20/49		188,533
	GNMA REMIC Series 2019-151, Class IA
	4,573,638		3.500			12/20/49		478,639
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
	GNMA REMIC Series 2019-151, Class NI
	4,131,828		3.500			10/20/49		357,394
	GNMA REMIC Series 2019-20, Class SF(b) (-1x 1M USD LIBOR + 3.790%)
	1,351,093		3.634			02/20/49		116,076
	GNMA REMIC Series 2019-4, Class SJ(b) (-1x1M USD LIBOR + 6.050%)
	1,271,411		5.894			01/20/49		203,079
	GNMA REMIC Series 2019-6, Class SA(b) (-1x1M USD LIBOR + 6.050%)
	453,073		5.894			01/20/49		69,747
	GNMA REMIC Series 2019-78, Class SE(b) (-1x1M USD LIBOR + 6.100%)
	497,032		5.944			06/20/49		76,692
	GNMA REMIC Series 2019-97, Class SC(b) (-1x1M USD LIBOR + 6.100%)
	1,006,132		5.944			08/20/49		157,200
	GNMA REMIC Series 2019-98, Class SC(b) (-1x1M USD LIBOR + 6.050%)
	1,576,069		5.894			08/20/49		241,966
	GNMA Series 2018-7, Class DS(b) (-1x1M USD LIBOR + 5.700%)
	954,597		5.544			01/20/48		158,177
								9,005,487
Regular Floater(b) – 1.5%
	FHLMC REMIC Series 2020-DNA3, Class M2(c) (1M USD LIBOR + 3.000%)
	530,000		3.148			06/25/50		531,480
	FHLMC REMIC Series 4103, Class BF (1M USD LIBOR + 0.350%)
	198,948		0.502			12/15/38		199,159
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	80,366		0.598			07/25/41		81,287
	FNMA REMIC Series 2017-96, Class FA (1M USD LIBOR + 0.400%)
	1,871,649		0.548			12/25/57		1,889,545
	GNMA REMIC Series 2017-182, Class FN (1M USD LIBOR + 0.300%)
	3,118,586		0.452			12/16/47		3,132,630
								5,834,101
Sequential Fixed Rate – 1.9%
	FHLMC REMIC Series 2042, Class N
	28,664		6.500			03/15/28		32,217
	FHLMC REMIC Series 3748, Class D
	231,620		4.000			11/15/39		237,537
	FHLMC REMIC Series 4577, Class HM(d)
	569,559		4.000			12/15/50		644,132
	FNMA REMIC Series 2000-16, Class ZG
	106,492		8.500			06/25/30		129,605
	FNMA REMIC Series 2005-59, Class KZ
	663,470		5.500			07/25/35		769,487
	FNMA REMIC Series 2011-52, Class GB
	354,819		5.000			06/25/41		407,368
	FNMA REMIC Series 2011-99, Class DB
	381,795		5.000			10/25/41		437,197

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
	Sequential Fixed Rate – (continued)
	FNMA REMIC Series 2012-111, Class B
$	54,276		7.000	%		10/25/42	$	67,098
	FNMA REMIC Series 2012-153, Class B
	211,664		7.000			07/25/42		267,409
	FNMA REMIC Series 2017-87, Class EA
	3,752,241		3.000			04/25/44		4,038,336
								7,030,386
Sequential Floating Rate(b) – 0.6%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	35,748		3.574			04/25/35		35,741
	Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	206,020		3.665			07/25/35		203,547
	Countrywide Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%)
	64,921		2.519			09/25/35		55,709
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ2, Class M3 (1M USD LIBOR + 3.250%)
	850,000		3.398			05/25/25		860,102
	FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
	26,029		5.448			10/25/28		27,386
	FNMA Connecticut Avenue Securities Series 2016-C06, Class 1M2 (1M USD LIBOR + 4.250%)
	231,766		4.398			04/25/29		238,842
	HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
	62,775		0.636			01/19/36		58,340
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	27,308		0.868			10/25/34		26,032
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	238,981		2.876			10/25/34		242,258
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1(c)
	184,975		3.750			05/28/52		197,522
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(c)
	236,584		3.500			07/25/49		242,286
								2,187,765
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	24,057,739
Commercial Mortgage-Backed Securities – 3.9%
Sequential Fixed Rate – 3.5%
	Bank Series 2018-BK15, Class D
$	800,000		3.000	%		11/15/61	$	590,726
	BBCMS Mortgage Trust Series 2018-C2, Class A4
	2,650,000		4.047			12/15/51		3,080,167
	Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
	1,900,000		3.006			01/15/53		2,117,789
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(c)
	1,000,000		3.000			09/15/50		698,090
	JPMBD Commercial Mortgage Series 2017-C7, Class D
	670,000		3.000			10/15/50		505,805
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	Morgan Stanley Capital I Trust Series 2018-L1, Class A3
	3,800,000		4.139			10/15/51		4,503,245
	Morgan Stanley Capital I Trust Series 2018-L1, Class D(c)
	900,000		3.000			10/15/51		762,321
	Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D
	300,000		3.000			07/15/50		213,540
	Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D(c)
	300,000		3.401			03/15/50		261,066
	Wells Fargo Commercial Mortgage Trust Series 2020-C55, Class D
	500,000		2.500			02/15/53		400,660
								13,133,409
Sequential Floating Rate(b) – 0.4%
	Bancorp Commercial Mortgage Trust Series 2018-CRE4, Class A(c) (1M USD LIBOR + 0.900%)
	206,019		1.052			09/15/35		203,915
	BANK 2018-BNK15 Series 2018-BN15, Class A4
	900,000		4.407			11/15/61		1,079,872
								1,283,787
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	14,417,196
Federal Agencies – 116.9%
Adjustable Rate FHLMC(b) – 0.0%
	(1 Year CMT + 2.107%)
$	6,664		3.774	%		10/01/34	$	6,952
	(1 Year CMT + 2.204%)
	10,433		3.168			09/01/33		10,848
	(1 Year CMT + 2.250%)
	19,506		3.761			04/01/33		20,416
	9,837		4.006			11/01/34		10,246
	8,757		3.779			02/01/35		9,177
	32,413		3.446			06/01/35		33,903
								91,542
Adjustable Rate FNMA(b) – 0.1%
	(1 Year CMT + 2.194%)
	11,586		3.851			02/01/35		12,134
	(1 Year CMT + 2.206%)
	3,017		2.941			07/01/33		3,151
	(1 Year CMT + 2.272%)
	67,846		2.669			06/01/33		70,862
	(1 Year CMT + 2.309%)
	908		3.402			04/01/34		947
	(12M USD LIBOR + 1.621%)
	19,323		3.621			03/01/35		20,249
	(12M USD LIBOR + 1.642%)
	22,053		3.615			12/01/33		22,979
	(12M USD LIBOR + 1.670%)
	10,470		3.651			11/01/34		10,937
	(12M USD LIBOR + 1.810%)
	13,161		3.807			04/01/35		13,879

76 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)
Adjustable Rate FNMA(b) – (continued)
	(12M USD LIBOR + 1.978%)
$	30,043		3.890	%		05/01/35	$	31,742
	(6M USD LIBOR + 1.412%)
	4,071		2.617			06/01/33		4,190
	(COF + 1.250%)
	507		1.990			07/01/22		506
	6,411		1.932			07/01/27		6,381
	7,445		1.932			11/01/27		7,411
	4,316		1.932			01/01/31		4,290
	5,999		1.932			06/01/32		5,962
	6,097		1.990			08/01/32		6,059
	8,748		1.990			05/01/33		8,693
	69,197		2.005			08/01/33		68,799
	2,737		1.932			11/01/35		2,720
	15,750		1.932			12/01/37		15,671
	7,746		1.932			01/01/38		7,709
	6,822		1.932			11/01/40		6,782
								332,053
Adjustable Rate GNMA(b) – 0.1%
	(1 Year CMT + 1.500%)
	5,746		2.875			06/20/23		5,839
	2,966		3.250			07/20/23		3,011
	2,996		3.250			08/20/23		3,042
	6,466		3.250			09/20/23		6,549
	2,374		3.000			03/20/24		2,416
	21,096		2.875			04/20/24		21,509
	2,872		2.875			05/20/24		2,933
	24,734		2.875			06/20/24		25,221
	14,917		3.250			07/20/24		15,164
	20,833		3.250			08/20/24		21,171
	6,534		3.250			09/20/24		6,635
	8,287		3.125			11/20/24		8,458
	9,425		3.125			12/20/24		9,665
	5,537		3.000			01/20/25		5,659
	3,375		3.000			02/20/25		3,450
	12,933		2.875			05/20/25		13,250
	11,126		3.250			07/20/25		11,364
	4,617		3.000			02/20/26		4,719
	249		3.250			07/20/26		254
	12,374		3.000			01/20/27		12,695
	5,118		3.000			02/20/27		5,243
	39,604		2.875			04/20/27		40,612
	4,119		2.875			05/20/27		4,225
	5,991		2.875			06/20/27		6,146
	2,171		3.125			11/20/27		2,223
	6,645		3.125			12/20/27		6,810
	14,102		3.000			01/20/28		14,464
	4,773		3.000			02/20/28		4,899
	5,190		3.000			03/20/28		5,324
	23,746		3.250			07/20/29		24,330
	14,224		3.250			08/20/29		14,567
	2,949		3.250			09/20/29		3,023
	12,275		3.125			10/20/29		12,610
	18,253		3.125			11/20/29		18,751
	3,518		3.125			12/20/29		3,617
	4,870		3.000			01/20/30		5,012
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
	2,008		3.000			02/20/30		2,066
	13,731		3.000			03/20/30		14,126
	14,541		2.875			04/20/30		14,983
	38,778		2.875			05/20/30		40,108
	4,422		2.875			06/20/30		4,561
	31,957		3.250			07/20/30		33,028
	6,856		3.250			09/20/30		7,088
	10,390		3.125			10/20/30		10,681
								481,501
FHLMC – 12.3%
	52,520		5.000			10/01/33		60,175
	2,618		5.000			07/01/35		3,016
	1,776		4.500			08/01/35		1,985
	4,743		4.500			09/01/35		5,302
	1,715		4.500			10/01/35		1,918
	63,911		5.000			12/01/35		73,421
	1,941		5.000			02/01/37		2,231
	24,206		4.500			01/01/38		27,064
	1,045		4.500			06/01/38		1,169
	40,027		4.500			09/01/38		45,161
	197		4.500			01/01/39		221
	21,847		4.500			02/01/39		24,578
	8,421		4.500			03/01/39		9,469
	1,946		4.500			04/01/39		2,188
	62,340		4.500			05/01/39		70,099
	160,421		5.000			05/01/39		183,449
	184,875		4.500			06/01/39		207,888
	2,751		4.500			07/01/39		3,093
	289,921		5.000			07/01/39		334,111
	4,420		4.500			08/01/39		4,970
	10,534		4.500			09/01/39		11,845
	2,371		4.500			10/01/39		2,667
	1,532		4.500			11/01/39		1,722
	5,831		4.500			12/01/39		6,557
	6,497		4.500			01/01/40		7,305
	4,349		4.500			04/01/40		4,884
	7,018		4.500			05/01/40		7,881
	15,945		4.000			06/01/40		17,574
	9,962		4.500			06/01/40		11,187
	6,353		4.500			07/01/40		7,134
	1,695		4.500			08/01/40		1,903
	8,219		5.000			08/01/40		9,367
	11,926		5.000			10/01/40		13,676
	138,498		4.000			02/01/41		152,830
	39,591		4.500			02/01/41		44,466
	6,854		4.500			03/01/41		7,698
	15,125		4.500			04/01/41		16,987
	15,658		4.500			05/01/41		17,586
	31,570		4.500			06/01/41		35,458
	2,298		5.000			06/01/41		2,630
	73,814		4.500			08/01/41		82,903
	83,142		4.500			09/01/41		93,370
	56,358		4.000			10/01/41		63,105
	8,814		4.000			11/01/41		9,747
	5,092		4.500			12/01/41		5,719
	554,368		4.000			03/01/42		612,519

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	66,280		4.500	%		03/01/42	$	74,441
	30,884		3.000			05/01/42		32,980
	342,433		3.500			06/01/42		376,593
	702,350		4.500			06/01/42		788,254
	103,282		3.000			08/01/42		111,605
	94,447		3.500			08/01/42		102,561
	41,594		3.000			10/01/42		44,858
	248,080		3.500			10/01/42		269,392
	559,056		3.000			11/01/42		609,446
	165,002		3.500			11/01/42		179,177
	999,959		3.000			12/01/42		1,090,093
	1,713,214		3.000			01/01/43		1,866,615
	161,763		3.000			02/01/43		173,479
	2,097,588		3.500			08/01/43		2,272,799
	936,739		4.000			08/01/43		1,038,958
	545,278		4.000			01/01/44		602,175
	597,848		3.500			02/01/44		647,821
	493,794		3.500			06/01/44		545,302
	14,610		4.000			11/01/44		16,395
	63,685		3.500			02/01/45		70,609
	104,298		3.500			03/01/45		115,638
	17,114		3.500			08/01/45		18,498
	23,668		3.500			09/01/45		25,582
	42,669		3.500			11/01/45		46,093
	3,278,070		3.500			03/01/46		3,588,476
	522,369		3.500			05/01/46		565,968
	686,886		3.500			06/01/46		740,719
	259,765		3.500			07/01/46		280,286
	38,123		3.500			10/01/46		41,063
	62,655		3.500			12/01/46		67,487
	11,840,406		3.000			05/01/47		12,818,387
	410,609		3.500			12/01/47		448,820
	3,911,185		3.000			01/01/48		4,209,674
	2,679,925		4.000			06/01/48		2,890,742
	2,461,373		4.000			07/01/48		2,654,997
	4,037,254		3.500			12/01/48		4,267,945
								46,004,156
FNMA – 6.9%
	2,437		7.000			08/01/31		2,854
	105,881		3.500			07/01/42		114,937
	103,328		3.500			08/01/42		112,167
	87,118		3.500			09/01/42		94,569
	10,250		3.500			10/01/42		11,127
	19,519		3.500			11/01/42		21,189
	10,712		3.500			01/01/43		11,628
	228,301		3.500			02/01/43		247,829
	27,441		3.500			05/01/43		29,737
	984,155		3.500			07/01/43		1,066,493
	503,692		3.500			01/01/44		546,777
	20,508		3.500			12/01/44		22,102
	399,347		4.000			03/01/45		436,554
	197,438		4.000			04/01/45		215,833
	2,149,870		4.500			06/01/51		2,416,163
	3,971,609		4.000			05/01/56		4,452,105
	4,489,074		4.000			07/01/56		5,033,577
	2,511,597		3.500			08/01/56		2,777,451
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	4,135,192		3.500			10/01/56		4,611,671
	3,222,120		4.000			02/01/57		3,611,941
								25,836,704
GNMA – 53.5%
	3,464		6.000			04/15/26		3,681
	178		6.500			01/15/32		195
	899		6.500			02/15/32		1,028
	258,219		5.500			04/15/33		293,513
	4,571		5.000			11/15/33		5,146
	734		6.500			08/15/34		858
	572		6.500			02/15/36		672
	1,514		6.500			03/15/36		1,778
	3,079		6.500			04/15/36		3,565
	9,706		6.500			05/15/36		11,412
	5,198		6.500			06/15/36		6,109
	25,462		6.500			07/15/36		29,920
	28,540		6.500			08/15/36		33,479
	54,028		6.500			09/15/36		63,830
	22,048		6.500			10/15/36		25,922
	31,102		6.500			11/15/36		36,780
	13,205		6.500			12/15/36		15,504
	8,895		6.500			01/15/37		10,472
	1,626		6.500			03/15/37		1,908
	3,470		6.500			04/15/37		4,087
	2,186		6.500			05/15/37		2,447
	1,956		6.500			08/15/37		2,306
	8,752		6.500			09/15/37		10,268
	9,666		6.500			10/15/37		11,496
	3,483		6.500			11/15/37		4,062
	2,245		6.500			05/15/38		2,658
	2,170		6.500			02/15/39		2,563
	262,773		5.000			01/20/40		299,769
	263,494		4.500			05/15/40		295,570
	125,659		5.000			07/15/40		132,634
	153,120		3.500			09/15/42		166,581
	260,837		3.500			02/15/45		281,077
	64,784		4.000			05/20/45		70,898
	50,636		4.000			07/20/45		55,257
	93,280		4.000			10/20/45		101,793
	286,741		4.000			01/20/46		312,190
	1,099,776		4.500			03/20/46		1,213,977
	2,885,013		3.000			06/20/46		3,047,321
	782,987		3.500			10/20/46		836,748
	11,487		3.500			02/20/47		12,275
	4,817,341		4.500			02/20/47		5,213,137
	17,848		3.500			03/20/47		19,047
	546,105		4.500			03/20/47		597,693
	2,794,780		3.500			04/20/47		2,990,008
	30,998		3.500			05/20/47		33,080
	3,122,156		4.500			05/20/47		3,412,213
	4,717,777		4.000			06/20/47		5,084,891
	536,704		4.500			06/20/47		586,565
	166,945		4.500			07/20/47		181,932
	44,526		3.500			08/20/47		47,518
	1,622,213		4.500			08/20/47		1,767,852
	10,888		3.500			09/20/47		11,620

78 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)
GNMA – (continued)
$	17,916		3.500	%		10/20/47		$	19,119
	1,175,471		3.500			11/20/47			1,254,445
	16,604		3.500			12/20/47			17,719
	3,226,826		3.500			01/20/48			3,443,620
	907,628		4.500			09/20/48			981,738
	1,264,028		5.000			09/20/48			1,377,211
	6,213,285		5.000			11/20/48			6,756,038
	2,803,129		4.500			12/20/48			3,023,472
	2,794,907		5.000			12/20/48			3,037,305
	89,452		3.500			01/20/49			95,461
	4,061,338		4.500			01/20/49			4,379,314
	2,679,524		5.000			01/20/49			2,911,916
	3,172,115		4.000			02/20/49			3,379,550
	2,004,420		4.500			03/20/49			2,158,690
	4,352,303		5.000			03/20/49			4,729,773
	3,850,169		4.000			04/20/49			4,095,627
	2,434,381		4.000			05/20/49			2,588,437
	461,617		5.000			06/20/49			501,364
	7,000,000		3.000			07/20/49			7,328,624
	4,563,166		4.500			10/20/49			4,911,980
	104,402		4.500			11/20/49			112,051
	923,002		4.500			12/20/49			990,624
	11,000,008		3.500			01/20/50			11,586,530
	6,983,548		3.000			08/20/50			7,378,669
	42,000,000		2.000			TBA-30yr	(e)		43,597,611
	46,000,000		2.500			TBA-30yr	(e)		48,267,604
	3,000,000		5.000			TBA-30yr	(e)		3,252,800
	1,000,000		4.000			TBA-30yr	(e)		1,062,553
									200,597,150
UMBS – 23.2%
	70		5.500			01/01/21			71
	1,001		7.000			09/01/21			1,016
	6,360		7.000			06/01/22			6,563
	3,422		7.000			07/01/22			3,544
	405		4.500			04/01/23			418
	42,580		5.000			07/01/23			46,612
	6,078		5.000			12/01/23			6,644
	11,236		5.000			07/01/25			12,309
	4,351,448		5.000			09/01/31			4,760,956
	2,427		5.000			01/01/33			2,777
	212,819		4.500			07/01/36			238,989
	21,053		4.500			12/01/36			23,642
	179,192		4.500			02/01/39			201,465
	4,200		4.500			03/01/39			4,722
	5,209		4.500			05/01/39			5,857
	3,215		4.500			07/01/39			3,617
	3,549		4.000			08/01/39			3,911
	9,794		4.500			09/01/39			11,012
	12,251		4.500			10/01/39			13,774
	30,790		4.500			02/01/40			34,633
	5,013		4.500			03/01/40			5,636
	74,850		4.500			04/01/40			84,040
	26,366		4.500			06/01/40			29,657
	5,161		4.500			09/01/40			5,805
	6,243		4.500			12/01/40			7,010
	72,352		4.500			01/01/41			81,236
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	20,925		4.500			04/01/41			23,498
	36,414		4.500			06/01/41			40,891
	29,783		4.500			07/01/41			33,445
	125,980		4.500			08/01/41			140,798
	148,859		4.500			09/01/41			167,163
	116,788		3.500			10/01/41			128,785
	104,946		4.500			10/01/41			117,850
	34,463		3.500			11/01/41			38,003
	94,372		4.500			11/01/41			105,977
	52,101		4.500			12/01/41			58,507
	119,876		3.500			01/01/42			132,340
	66,090		4.500			01/01/42			74,217
	15,504		3.500			02/01/42			16,874
	492,323		4.000			03/01/42			543,710
	6,666		4.500			03/01/42			7,662
	93,403		4.000			04/01/42			103,152
	18,281		4.500			04/01/42			20,593
	8,940		3.500			05/01/42			9,770
	45,029		3.500			06/01/42			49,753
	85,805		3.000			09/01/42			92,093
	30,266		3.500			09/01/42			33,442
	199,133		3.500			10/01/42			220,024
	475,642		3.000			12/01/42			512,066
	87,380		3.500			12/01/42			96,547
	99,312		3.000			01/01/43			108,792
	37,210		3.000			02/01/43			40,763
	289,843		3.500			02/01/43			319,371
	981,755		3.000			03/01/43			1,075,758
	1,152,112		3.500			03/01/43			1,259,867
	1,065,344		3.000			04/01/43			1,168,386
	1,226,077		3.500			04/01/43			1,328,192
	430,647		2.500			05/01/43			457,963
	1,301,108		3.000			05/01/43			1,426,954
	204,243		3.500			05/01/43			221,699
	47,635		3.000			06/01/43			52,242
	804,430		3.500			06/01/43			880,271
	385,106		3.000			07/01/43			422,354
	2,869,732		3.500			07/01/43			3,121,163
	1,411,318		3.500			08/01/43			1,529,784
	43,987		3.500			09/01/43			48,602
	97,620		3.500			01/01/44			107,709
	35,613		3.500			08/01/44			38,293
	77,291		3.500			09/01/44			84,153
	121,202		3.500			10/01/44			135,736
	46,752		5.000			12/01/44			52,332
	36,966		3.500			01/01/45			40,994
	408,097		4.000			02/01/45			449,729
	137,893		3.500			03/01/45			152,207
	81,188		3.500			04/01/45			87,828
	835,145		3.500			05/01/45			934,507
	2,080,534		4.500			06/01/45			2,316,662
	117,476		3.500			07/01/45			127,011
	19,596		3.500			11/01/45			21,162
	473,647		4.000			11/01/45			516,917
	365,424		3.500			01/01/46			395,083
	711,517		3.500			03/01/46			794,583
	308,065		4.000			03/01/46			334,572

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	103,159		3.500	%		04/01/46	$	115,368
	663,234		3.500			05/01/46		719,344
	190,621		4.000			06/01/46		206,184
	526,353		4.500			06/01/46		574,443
	528,533		3.000			07/01/46		556,854
	549,079		4.000			07/01/46		593,907
	304,792		3.000			08/01/46		321,124
	708,137		4.000			08/01/46		765,950
	1,074,068		3.000			09/01/46		1,131,623
	385,877		3.000			10/01/46		406,554
	330,339		4.000			10/01/46		357,309
	1,417,268		3.000			11/01/46		1,502,578
	615,657		3.000			12/01/46		648,648
	2,505,180		3.000			01/01/47		2,639,421
	112,710		3.000			02/01/47		118,750
	2,014,187		4.000			02/01/47		2,179,072
	1,397,261		4.500			02/01/47		1,555,841
	378,759		3.000			04/01/47		399,530
	1,297,414		3.500			06/01/47		1,373,269
	357,244		4.500			11/01/47		396,246
	3,274,843		4.000			02/01/48		3,565,633
	2,647,842		3.500			03/01/48		2,801,517
	708,825		4.500			05/01/48		792,636
	1,331,741		3.500			06/01/48		1,409,644
	14,215		5.000			10/01/48		16,154
	3,114,653		3.500			11/01/48		3,296,850
	3,250,761		5.000			11/01/48		3,666,252
	3,870,871		4.000			01/01/49		4,242,407
	2,345,433		5.000			02/01/49		2,703,847
	1,550,268		3.500			07/01/49		1,692,306
	4,355,621		5.000			07/01/49		4,808,570
	1,019,232		3.500			08/01/49		1,113,422
	6,982,585		5.000			09/01/49		7,674,518
	3,834,930		5.000			03/01/50		4,203,889
								86,964,375
UMBS, 30 Year, Single Family(e) – 20.8%
	10/14/20 32,000,000		2.000			TBA-30yr		33,050,993
	35,000,000		3.000			TBA-30yr		36,671,084
	5,000,000		3.500			TBA-30yr		5,271,874
	3,000,000		4.500			TBA-30yr		3,245,390
								78,239,341
	TOTAL FEDERAL AGENCIES						$	438,546,822
	TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $464,482,772)						$	477,021,757
Asset-Backed Securities(b) – 9.1%
Collateralized Loan Obligations(c) – 5.3%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
$	1,300,000		1.302	%		06/15/28	$	1,283,790
	Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%)
	800,000		1.350			05/17/31		790,734
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(c) – (continued)
	Crown City CLO I Series 2020-1A, Class A2 (3M USD LIBOR + 2.550%)
	1,000,000		2.857			07/20/30		1,003,236
	Crown City CLO I Series 2020-1A, Class B (3M USD LIBOR + 3.030%)
	600,000		3.337			07/20/30		592,739
	Crown City CLO I Series 2020-1A, Class C (3M USD LIBOR + 4.620%)
	2,500,000		4.927			07/20/30		2,435,732
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	488,964		1.525			07/15/26		487,135
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	1,500,000		2.422			04/15/33		1,488,072
	Halseypoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	1,850,000		1.999			07/20/31		1,853,852
	Madison Park Funding XII Ltd. Series 2014-12A, Class AR (3M USD LIBOR + 1.260%)
	303,589		1.532			07/20/26		303,531
	Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%)
	1,485,061		1.072			01/18/28		1,473,453
	Nassau Ltd. Series 2019-IA, Class ANA (3M USD LIBOR + 1.510%)
	1,000,000		1.785			04/15/31		966,025
	Pikes Peak CLO 6 Series 2020-6A, Class C (3M USD LIBOR + 4.040%)
	800,000		4.436			08/18/30		806,605
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%)
	850,000		1.672			01/21/31		815,787
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%)
	550,000		2.072			01/21/31		510,891
	TCW CLO Ltd. Series 2020-1A, Class C (3M USD LIBOR + 4.300%)
	1,250,000		5.060			04/20/28		1,251,155
	Thacher Park CLO Ltd. Series 2014-1A, Class AR (3M USD LIBOR + 1.160%)
	612,878		1.432			10/20/26		612,278
	York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%)
	2,100,000		1.378			10/22/29		2,078,156
	Zais CLO Ltd. Series 2020-15A, Class A1 (3M USD LIBOR + 2.555%)
	925,000		2.916			07/28/30		931,301
								19,684,472
Student Loan – 3.8%
	Academic Loan Funding Trust Series 2013-1A, Class A(c) (1M USD LIBOR + 0.800%)
	3,202,412		0.948			12/26/44		3,053,995
	Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%)
	273,226		0.848			12/26/35		267,777

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(b) – (continued)
Student Loan – (continued)
	ECMC Group Student Loan Trust Series 2017-1A, Class A(c) (1M USD LIBOR + 1.200%)
$	2,552,438		1.348	%		12/27/66	$	2,538,307
	Education Loan Asset-Backed Trust I Series 2013-1, Class A1(c) (1M USD LIBOR + 0.800%)
	48,696		0.948			06/25/26		48,639
	Goal Capital Funding Trust Series 2010-1, Class A(c) (3M USD LIBOR + 0.700%)
	1,075,265		0.950			08/25/48		1,055,228
	Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	1,170,763		1.300			05/25/34		1,170,760
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	753,286		1.145			07/25/45		738,744
	PHEAA Student Loan Trust Series 2011-1A, Class A1(c) (3M USD LIBOR + 1.100%)
	1,450,418		1.325			06/25/38		1,435,677
	PHEAA Student Loan Trust Series 2014-3A, Class A(c) (1M USD LIBOR + 0.590%)
	3,315,470		0.738			08/25/40		3,303,247
	PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
	764,999		1.298			09/25/65		762,158
								14,374,532
	TOTAL ASSET-BACKED SECURITIES (Cost $34,385,735)						$	34,059,004
U.S. Treasury Obligations(f) – 8.9%
	United States Treasury Bills
$	17,500,000		0.000	%		10/22/20	$	17,499,227
	15,000,000		0.000			11/10/20		14,998,625
	1,000,000		0.000	(g)		12/03/20		999,825
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $33,497,346)						$	33,497,677
Shares		Dividend Rate					Value
Investment Company(h) – 2.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	8,583,963		0.027%				$	8,583,963
(Cost $8,583,963)
TOTAL INVESTMENTS – 147.5% (Cost $540,949,816)							$553,162,401
LIABILITIES IN EXCESS OF     OTHER ASSETS – (47.5)%							(178,100,614)
NET ASSETS – 100.0%							$375,061,787

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, 2020.
(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, 2020.
(e)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $174,419,909 which represents approximately 46.5% of the Fund’s net assets as of September 30, 2020.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)	Represents an affiliated issuer.

Currency Abbreviations:
CAD	—Canadian Dollar
USD	—U.S. Dollar
Investment Abbreviations:
CDOR	—Canadian Dollar Offered Rate
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds Index
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
MTA	—Monthly Treasury Average
PI	—Private Investment
REMIC	—Real Estate Mortgage Investment Conduit
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2020 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2020, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family		4.000	%		TBA-30yr		11/12/20	$	(10,000,000	)	$	(10,676,174	)
UMBS, 30 Year, Single Family		5.000			TBA-30yr		10/14/20		(15,000,000	)		(16,433,255	)
TOTAL (Proceeds Receivable: $(27,125,859))											$	(27,109,429	)

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

FUTURES CONTRACTS — At September 30, 2020, 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		1		12/21/20	$	159,922		$	(314	)
10 Year U.S. Treasury Notes		53		12/21/20		7,395,156			(5,780	)
Total								$	(6,094	)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(11	)	12/21/20		(2,439,938	)		(6,059	)
2 Year U.S. Treasury Notes		(234	)	12/31/20		(51,704,859	)		(28,582	)
5 Year U.S. Treasury Notes		(137	)	12/31/20		(17,266,281	)		(9,085	)
20 Year U.S. Treasury Bonds		(44	)	12/21/20		(7,756,375	)		(18,971	)
Total								$	(62,697	)
TOTAL FUTURES CONTRACTS								$	(68,791	)

SWAP CONTRACTS — At September 30, 2020, 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 CDOR(a)		0.840%(a)	06/24/24	CAD	14,480	(b)	$	13,928		$	4,501		$	9,427
1M LIBOR+0.090%(c)		3M LIBOR(c)	07/25/24	$	9,700			5,926			157			5,769
3M LIBOR(c)		1.000(a)	12/16/25		1,060	(b)		33,385			33,808			(423	)
3M LIBOR(c)		0.980(a)	05/21/30		2,540	(b)		(6,987	)		(4,130	)		(2,857	)
1.140(a)		3M CDOR(a)	06/24/30	CAD	2,990	(b)		2,518			(729	)		3,247
1.160(a)		3M LIBOR(c)	05/21/35	$	2,740	(b)		32,758			3,818			28,940
0.855(a)		3M LIBOR(c)	04/09/45		1,260	(b)		24,451			45			24,406
3M LIBOR(c)		0.845(a)	04/10/50		1,280	(b)		(20,746	)		46			(20,792	)
TOTAL							$	85,233		$	37,516		$	47,717

(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, 2020.

(c) Payments made quarterly.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index	Financing Rate Received by the Fund(a)			Credit Spread at September 30, 2020(b)	Counterparty	Termination Date		Notional Amount (000s)		Market Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 8		3.000	%	11.810%	Citibank NA		10/17/57	$	1,300	$	(364,163	)	$	(344,379	)	$	(19,784	)
Markit CMBX Series 9		3.000		9.660	JPMorgan Securities, Inc.		09/17/58		1,200		(315,537	)		(5,505	)		(310,032	)
Markit CMBX Series 10		3.000		8.190	JPMorgan Securities, Inc.		11/17/59		2,450		(602,047	)		(7,302	)		(594,745	)
Markit CMBX Series 11		2.000		3.520	JPMorgan Securities, Inc.		11/18/54		2,500		(233,343	)		(393,256	)		159,913
Markit CMBX Series 11		3.000		7.210	JPMorgan Securities, Inc.		11/18/54		2,400		(549,139	)		(32,604	)		(516,535	)
TOTAL										$	(2,064,229	)	$	(783,046	)	$	(1,281,183	)

(a) Payments made monthly.

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

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2020, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	JPMorgan Securities, Inc.		1.100	%		03/17/2021		5,000,000		$	5,000,000		$	53,099		$	60,000		$	(6,901	)
Written option contracts
Calls
6M IRS	Deutsche Bank AG (London)		0.395			10/02/2020		(3,000,000	)		(3,000,000	)		—			(27,150	)		27,150
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(3,100,000	)		(3,100,000	)		(26,499	)		(34,255	)		7,756
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(4,100,000	)		(4,100,000	)		(28,638	)		(43,030	)		14,392
6M IRS	JPMorgan Securities, Inc.		0.900			03/17/2021		(5,000,000	)		(5,000,000	)		(32,906	)		(40,000	)		7,094
6M IRS	JPMorgan Securities, Inc.		0.700			03/17/2021		(5,000,000	)		(5,000,000	)		(19,548	)		(22,825	)		3,277
								(20,200,000	)	$	(20,200,000	)	$	(107,591	)	$	(167,260	)	$	59,669
Puts
1Y IRS	Deutsche Bank AG (London)		0.506			04/06/2021		(3,100,000	)		(3,100,000	)		(10,349	)		(34,255	)		23,906
1Y IRS	Deutsche Bank AG (London)		0.448			05/12/2021		(4,100,000	)		(4,100,000	)		(21,606	)		(43,029	)		21,423
								(7,200,000	)	$	(7,200,000	)	$	(31,955	)	$	(77,284	)	$	45,329
Total written option contracts								(27,400,000	)	$	(27,400,000	)	$	(139,546	)	$	(244,544	)	$	104,998
TOTAL								(22,400,000	)	$	(22,400,000	)	$	(86,447	)	$	(184,544	)	$	98,097

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2020 (Unaudited)

		Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
	Assets:
	Investments of unaffiliated issuers, at value (cost $1,201,202,253, $1,972,322,696 and $1,288,787,821, respectively)	$	1,137,632,124		$	1,965,585,690		$	1,228,443,472
	Investments of affiliated issuers, at value (cost $19,607,232, $0 and $11,459,700, respectively)		19,607,232			—			11,459,700
	Investments in securities lending reinvestment vehicle — affiliated issuer, at value which equals cost		—			—			10,001,150
	Cash		21,470,235			30,446,275			27,093,794
	Foreign currencies, at value (cost $210,328, $2,210 and $40,065 respectively)		173,493			2,226			41,156
	Unrealized gain on swap contracts		215,006			—			—
	Unrealized gain on forward foreign currency exchange contracts		3,419,080			52,520			106,250
	Variation margin on swaps contracts		508,416			—			—
	Variation margin on futures contracts		—			—			52,847
	Receivables:
	Collateral on certain derivative contracts(a)		62,113,380			19,363,789			2,090,229
	Interest and dividends		14,652,989			30,961,570			7,104,462
	Investments sold		12,925,957			24,714,685			19,945,953
	Fund shares sold		1,613,921			1,524,657			502,462
	Upfront payments made on swap contracts		144,776			—			—
	Reimbursement from investment adviser		51,499			54,442			124,461
	Investments sold on an extended-settlement basis		—			460,688			—
	Securities lending income		—			—			5,035
	Due from broker — upfront payment		—			3,297,957			552,553
	Unfunded Loan Commitment		—			316			2,214
	Other assets		37,766			57,458			125,446
	Total assets		1,274,565,874			2,076,522,273			1,307,651,184
	Liabilities:
	Unrealized loss on swap contracts		1,391,226			—			—
	Unrealized loss on forward foreign currency exchange contracts		4,144,375			22,595			—
	Variation margin on swaps contracts		—			4,561,125			517,084
	Variation margin on futures contracts		854,711			835,617			—
	Payables:
	Investments purchased on an extended — settlement basis		4,840,924			21,684,563			—
	Fund shares redeemed		2,399,288			6,077,898			4,016,522
	Management fees		848,300			1,183,753			608,452
	Upfront payments received on swap contracts		269,272			—			—
	Income distributions		235,997			180,311			2,871
	Investments purchased		167,034			3,681,259			32,712,689
	Distribution and Service fees and Transfer Agency fees		65,647			94,968			33,906
	Due to broker		39,980			—			—
	Payable upon return of securities loaned		—			—			10,001,150
	Accrued expenses		695,531			350,749			883,643
	Total liabilities		15,952,285			38,672,838			48,776,317
	Net Assets:
	Paid-in capital		1,454,112,036			2,554,459,584			1,719,588,276
	Total distributable earnings (loss)		(195,498,447	)		(516,610,149	)		(460,713,409	)
	NET ASSETS	$	1,258,613,589		$	2,037,849,435		$	1,258,874,867
	Net Assets:
	Class A	$	37,071,531		$	124,797,277		$	3,107,223
	Class C		12,806,987			9,224,798			608,873
	Institutional		925,939,796			265,388,939			142,540,770
	Service		—			7,088,031			—
	Investor		68,391,463			14,494,830			935,092
	Class R6		184,369,222			52,685,905			19,344,792
	Class R		—			6,180,454			13,840
	Class P		30,034,590			1,557,989,201			1,092,324,277
	Total Net Assets	$	1,258,613,589		$	2,037,849,435		$	1,258,874,867
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
	Class A		3,078,315			20,311,704			345,353
	Class C		1,064,020			1,500,389			67,665
	Institutional		76,792,037			43,092,461			15,833,896
	Service		—			1,154,722			—
	Investor		5,670,277			2,354,959			103,683
	Class R6		15,291,289			8,540,350			2,146,816
	Class R		—			1,007,048			1,539
	Class P		2,492,213			252,977,725			121,186,396
	Net asset value, offering and redemption price per share:(b)
	Class A		$12.04			$6.14			$9.00
	Class C		12.04			6.15			9.00
	Institutional		12.06			6.16			9.00
	Service		—			6.14			—
	Investor		12.06			6.16			9.02
	Class R6		12.06			6.17			9.01
	Class R		—			6.14			9.00	•
	Class P		12.05			6.16			9.01

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

Fund	Futures		Swaps		Forwards
Emerging Markets Debt	$	5,122,003	$	48,551,377	$	8,440,000
High Yield		3,467,269		15,896,520		—
High Yield Floating Rate		326,964		1,383,265		380,000

(b) Maximum public offering price per share for Class A Shares of Emerging Markets Debt, High Yield and High Yield Floating Rate Funds is $12.61 $6.43 and $9.21, 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.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

September 30, 2020 (Unaudited)

	Investment Grade Credit Fund		Local Emerging Markets Debt Fund			U.S. Mortgages Fund
Assets:
Investments of unaffiliated issuers, at value (cost $603,835,290, $76,730,984 and $532,365,853, respectively)	$	646,824,911	$	70,018,760		$	544,578,438
Investments of affiliated issuers, at value (cost $0, $4,006,774 and $8,583,963, respectively)		—		4,006,774			8,583,963
Purchased options, at value (premium paid $0, $0 and $60,000, respectively)		—		—			53,099
Cash		604,057		564,852			6,592,775
Foreign currencies, at value (cost $8, $528,496 and $0, respectively)		—		500,074			—
Unrealized gain on swap contracts		—		588,467			159,913
Unrealized gain on forward foreign currency exchange contracts		9,647		750,010			—
Unrealized gain on non-deliverable bond forwards contracts		—		11,839			—
Variation margin on swaps contracts		145,912		50,342			2,323
Variation margin on futures contracts		—		1,480			49,955
Receivables:
Collateral on certain derivative contracts(a)		10,174,342		3,385,740			2,107,522
Fund shares sold		7,206,220		231			120,925
Interest		6,266,480		1,027,159			1,139,076
Due from broker — upfront payment		296,836		—			342,008
Reimbursement from investment adviser		38,187		45,257			14,753
Upfront payments made on swap contracts		—		115,026			—
Due from broker		—		2,712			—
Investments sold on an extended-settlement basis		—		—			142,745,195
Investments sold		—		—			3,769
Other assets		33,652		23,657			43,175
Total assets		671,600,244		81,092,380			706,536,889
Liabilities:
Foreign currency overdraft, at value (identified cost $0, $0 and $2,845, respectively)		—		—			2,823
Forward sale contracts, at value (proceeds received $0, $0 and $27,125,859, respectively)		—		—			27,109,429
Written option contracts, at value (premium received $147,960, $0 and $244,544, respectively)		93,218		—			139,546
Unrealized loss on swap contracts		—		56,536			1,441,096
Unrealized loss on forward foreign currency exchange contracts		—		876,254			—
Variation margin on futures contracts		480,241		—			—
Payables:
Investments purchased on an extended — settlement basis		4,298,612		—			297,339,616
Fund shares redeemed		605,453		91,685			903,433
Management fees		185,238		52,195			103,954
Income distributions		26,634		5,481			52,553
Distribution and Service fees and Transfer Agency fees		20,786		6,343			22,726
Collateral on certain derivative contracts(b)		—		510,000			30,000
Investments purchased		—		256,284			3,234,665
Upfront payments received on swap contracts		—		1,488			783,046
Accrued expenses		177,836		395,025			312,215
Total liabilities		5,888,018		2,251,291			331,475,102
Net Assets:
Paid-in capital		614,901,006		244,063,231			371,279,853
Total distributable earnings (loss)		50,811,220		(165,222,142	)		3,781,934
NET ASSETS	$	665,712,226	$	78,841,089		$	375,061,787
Net Assets:
Class A	$	10,731,147	$	5,037,812		$	36,297,923
Class C		—		3,062,095			—
Institutional		77,030,936		12,133,689			37,588,739
Separate Account Institutional		259,569,915		—			223,893,377
Investor		11,969,546		4,372,215			44,436,106
Class R6		1,117,480		24,535,668			19,575,675
Class P		305,293,202		29,699,610			13,269,967
Total Net Assets	$	665,712,226	$	78,841,089		$	375,061,787
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,072,377		917,724			3,386,194
Class C		—		558,733			—
Institutional		7,697,173		2,218,112			3,498,308
Separate Account Institutional		25,924,571		—			20,884,686
Investor		1,195,511		798,614			4,136,004
Class R6		111,642		4,483,995			1,821,374
Class P		30,514,874		5,427,536			1,235,139
Net asset value, offering and redemption price per share:(c)
Class A		$10.01		$5.49			$10.72
Class C		—		5.48			—
Institutional		10.01		5.47			10.74
Separate Account Institutional		10.01		—			10.72
Investor		10.01		5.47			10.74
Class R6		10.01		5.47			10.75
Class P		10.00		5.47			10.74

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

Fund	Futures		Swaps		Forwards		TBA
Investment Grade Credit	$	1,984,539	$	8,189,803	$	—	$	—
Local Emerging Markets Debt		3,288		1,702,452		1,680,000		—
U.S. Mortgages		—		1,847,522		—		260,000

(b) Segregated for initial margin and/or collateral as follows:

Fund	Swaps		TBA
Local Emerging Markets Debt	$	510,000	$	—
U.S. Mortgages		—		30,000

(c) Maximum public offering price per share for Class A Shares Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds is $10.40, $5.75 and $11.14, 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. 85

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2020 (Unaudited)

	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
Investment income:
Interest (net of foreign withholding taxes of $6,594, $2,380 and $0, respectively)	$	30,764,254		$	61,858,227		$	30,968,596
Dividends — affiliated issuers		25,841			19,837			19,104
Dividends — unaffiliated issuers		—			—			599,317
Securities lending income — affiliated issuers		—			—			29,909
Total investment income		30,790,095			61,878,064			31,616,926
Expenses:
Management fees		5,011,392			6,897,561			3,691,366
Transfer Agency fees(a)		294,870			387,111			196,376
Custody, accounting and administrative services		157,059			114,443			531,367
Distribution and Service fees(a)		122,740			229,882			7,321
Professional fees		107,086			77,717			134,395
Printing and mailing costs		98,832			82,481			41,688
Registration fees		75,034			98,271			79,274
Prime Broker Fees		16,527			—			215
Trustee fees		10,890			11,604			11,154
Service Share fees — Service Plan		—			8,804			—
Service Share fees — Shareholder Administration Plan		—			8,804			—
Interest expense		—			—			400,090
Other		68,050			58,864			68,868
Total expenses		5,962,480			7,975,542			5,162,114
Less — expense reductions		(409,734	)		(309,714	)		(608,266	)
Net expenses		5,552,746			7,665,828			4,553,848
NET INVESTMENT INCOME		25,237,349			54,212,236			27,063,078
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		(56,148,986	)		(34,780,135	)		(30,851,389	)
Futures contracts		19,727,233			12,558,461			(521,306	)
Swap contracts		2,222,446			3,482,209			2,187,281
Forward foreign currency exchange contracts		(8,978,957	)		(1,322,253	)		(2,527,376	)
Foreign currency transactions		(343,121	)		3,319			88,100
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		234,705,221			246,466,978			192,780,535
Futures contracts		(16,238,351	)		(8,980,789	)		231,750
Unfunded Loan Commitment		—			316			60,703
Swap contracts		5,913,659			4,899,498			698,462
Forward foreign currency exchange contracts		1,932,558			344,616			951,725
Foreign currency translation		144,220			5,145			(285,570	)
Net realized and unrealized gain		182,935,922			222,677,365			162,812,915
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	208,173,271		$	276,889,601		$	189,875,993

(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 R6		Class R		Class P
Emerging Markets Debt	$	52,821	$	69,919	$	—	$	26,498	$	8,741	$	184,346	$	—	$	44,811	$	27,322	$	—	$	3,152
High Yield		158,356		48,593		22,933		79,124		6,079		59,032		1,409		8,985		8,057		5,757		218,668
High Yield Floating Rate		3,794		3,495		32		1,895		437		23,270		—		550		2,929		8		167,287

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Six Months Ended September 30, 2020 (Unaudited)

	Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund
Interest (net of foreign withholding taxes of $0, $8,088 and $0, respectively)	$	9,476,082		$	1,968,888		$	4,478,590
Dividends — affiliated issuers		7,009			4,206			7,178
Total investment income		9,483,091			1,973,094			4,485,768
Management fees		1,007,189			327,682			668,714
Transfer Agency fees(a)		100,438			19,062			108,650
Professional fees		70,894			97,992			68,520
Registration fees		64,963			55,409			71,226
Custody, accounting and administrative services		60,725			119,964			64,819
Printing and mailing costs		17,951			20,263			30,920
Distribution and Service fees(a)		15,047			20,174			43,597
Trustee fees		10,097			9,716			10,052
Prime Broker Fees		—			3,048			—
Other		17,190			11,510			12,353
Total expenses		1,364,494			684,820			1,078,851
Less — expense reductions		(236,216	)		(291,304	)		(118,802	)
Net expenses		1,128,278			393,516			960,049
NET INVESTMENT INCOME		8,354,813			1,579,578			3,525,719
Net realized gain (loss) from:
Investments — unaffiliated issuers		5,513,306			(2,632,574	)		8,742,318
Purchased options		(38,851	)		—			(33,994	)
Futures contracts		101,841			71,689			(847,822	)
Written options		36,656			—			113,947
Swap contracts		(203,472	)		833,072			(143,231	)
Non-deliverable bond forward contracts		—			3,560			—
Forward foreign currency exchange contracts		(222,922	)		(1,972,074	)		—
Foreign currency transactions		(2,844	)		(162,505	)		(89	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		50,331,089			8,940,795			(57,362	)
Purchased options		—			—			(6,901	)
Futures contracts		(146,695	)		(44,669	)		416,582
Non-deliverable bond forward contracts		—			11,839			—
Written options		54,742			—			84,487
Swap contracts		2,021,424			(113,364	)		695,919
Forward foreign currency exchange contracts		99,254			2,677,425			—
Foreign currency translation		1,232			135,168			22
Net realized and unrealized gain		57,544,760			7,748,362			8,963,876
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	65,899,573		$	9,327,940		$	12,489,595

(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		Separate Account Institutional		Service		Investor		Class R6		Class R		Class P
Investment Grade Credit	$	15,047	$	—	$	—	$	7,505	$	—	$	12,639	$	38,310	$	—	$	3,570	$	158	$	—	$	38,256
Local Emerging Markets Debt		6,413		13,761		—		3,205		1,716		2,617		—		—		3,131		3,709		—		4,684
U.S. Mortgages		43,597		—		—		21,770		—		7,976		34,114		—		40,743		3,081		—		966

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

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, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020			For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
	From operations:
	Net investment income	$	25,237,349		$	67,030,400		$	54,212,236		$	124,373,577
	Net realized gain (loss)		(43,521,385	)		12,572,617			(20,058,399	)		(91,952,837	)
	Net change in unrealized gain (loss)		226,457,307			(232,256,236	)		242,735,764			(215,607,472	)
	Net increase (decrease) in net assets resulting from operations		208,173,271			(152,653,219	)		276,889,601			(183,186,732	)
	Distributions to shareholders:
	From distributable earnings:
	Class A Shares		(771,562	)		(1,263,789	)		(3,502,638	)		(8,334,031	)
	Class C Shares		(199,289	)		(333,826	)		(233,028	)		(640,558	)
	Institutional Shares		(17,911,825	)		(25,045,372	)		(8,556,022	)		(18,978,268	)
	Service Shares		—			—			(185,852	)		(417,320	)
	Investor Shares		(1,381,268	)		(2,211,575	)		(415,624	)		(982,424	)
	Class R6 Shares		(3,558,326	)		(5,941,679	)		(1,561,297	)		(3,954,079	)
	Class R Shares		—			—			(243,611	)		(640,003	)
	Class P Shares		(398,548	)		(365,229	)		(42,310,842	)		(94,416,365	)
	Return of capital:
	Class A Shares		—			(1,111,999	)		—			(102,002	)
	Class C Shares		—			(293,731	)		—			(7,841	)
	Institutional Shares		—			(22,037,261	)		—			(232,276	)
	Service Shares		—			—			—			(5,107	)
	Investor Shares		—			(1,945,950	)		—			(12,024	)
	Class R6 Shares		—			(5,228,046	)		—			(48,394	)
	Class R Shares		—			—			—			(7,833	)
	Class P Shares		—			(321,363	)		—			(1,155,570	)
	Total distributions to shareholders		(24,220,818	)		(66,099,820	)		(57,008,914	)		(129,934,095	)
	From share transactions:
	Proceeds from sales of shares		218,039,594			418,273,440			317,570,989			515,826,133
	Reinvestment of distributions		22,728,889			61,592,841			55,715,183			125,559,176
	Cost of shares redeemed		(320,721,603	)		(727,835,920	)(a)		(346,175,858	)		(783,479,661	)(b)
	Net increase (decrease) in net assets resulting from share transactions		(79,953,120	)		(247,969,639	)		27,110,314			(142,094,352	)
	TOTAL INCREASE (DECREASE)		103,999,333			(466,722,678	)		246,991,001			(455,215,179	)
Net assets:
	Beginning of period		1,154,614,256			1,621,336,934			1,790,858,434			2,246,073,613
	End of period	$	1,258,613,589		$	1,154,614,256		$	2,037,849,435		$	1,790,858,434

(a) Net of $45,883 of redemption fees for Emerging Markets Debt Fund for the fiscal year ended March 31, 2020.

(b) Net of $54,742 of redemption fees for the High Yield Fund for the fiscal year ended March 31, 2020.

88 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)

	High Yield Floating Rate Fund						Investment Grade Credit Fund
	For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020			For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	27,063,078		$	108,069,115		$	8,354,813		$	16,247,204
Net realized gain (loss)		(31,624,690	)		(99,986,357	)		5,183,714			14,853,954
Net change in unrealized gain (loss)		194,437,605			(180,857,630	)		52,361,046			(19,764,308	)
Net increase (decrease) in net assets resulting from operations		189,875,993			(172,774,872	)		65,899,573			11,336,850
Distributions to shareholders:
From distributable earnings:
Class A Shares		(61,398	)		(169,688	)		(160,783	)		(420,113	)
Class C Shares		(11,558	)		(41,208	)		—			–
Institutional Shares		(2,528,139	)		(5,716,419	)		(942,836	)		(2,343,388	)
Separate Account Institutional		—			—			(3,859,202	)		(11,315,432	)
Investor Shares		(18,820	)		(72,087	)		(83,685	)		(181,765	)
Class R6 Shares		(428,995	)		(1,774,242	)		(15,892	)		(44,221	)
Class R Shares		(241	)		(936	)		—			–
Class P Shares		(24,523,436	)		(100,901,335	)		(3,812,631	)		(9,369,285	)
Total distributions to shareholders		(27,572,587	)		(108,675,915	)		(8,875,029	)		(23,674,204	)
From share transactions:
Proceeds from sales of shares		153,510,833			362,853,216			242,956,896			161,915,703
Reinvestment of distributions		27,474,772			107,988,395			8,704,262			22,621,942
Cost of shares redeemed		(325,660,108	)		(1,285,710,520	)		(126,960,929	)		(165,854,670	)
Net increase (decrease) in net assets resulting from share transactions		(144,674,503	)		(814,868,909	)		124,700,229			18,682,975
TOTAL INCREASE (DECREASE)		17,628,903			(1,096,319,696	)		181,724,773			6,345,621
Net assets:
Beginning of period		1,241,245,964			2,337,565,660			483,987,453			477,641,832
End of period	$	1,258,874,867		$	1,241,245,964		$	665,712,226		$	483,987,453

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

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, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020			For the Six Months Ended September 30, 2020 (Unaudited)			For the Fiscal Year Ended March 31, 2020
From operations:
Net investment income	$	1,579,578		$	6,153,473		$	3,525,719		$	9,698,914
Net realized gain (loss)		(3,858,832	)		(9,071,336	)		7,831,129			9,356,173
Net change in unrealized gain (loss)		11,607,194			(4,657,519	)		1,132,747			6,327,978
Net increase (decrease) in net assets resulting from operations		9,327,940			(7,575,382	)		12,489,595			25,383,065
Distributions to shareholders:
From distributable earnings:
Class A Shares		(82,854	)		(35	)		(462,649	)		(802,424	)
Class C Shares		(34,653	)		(16	)		—			—
Institutional Shares		(230,554	)		(177	)		(599,275	)		(1,014,305	)
Separate Account Institutional		—			—			(3,404,081	)		(6,829,488	)
Investor Shares		(86,017	)		(48	)		(967,858	)		(4,596,122	)
Class R6 Shares		(438,635	)		(362	)		(308,289	)		(498,184	)
Class P Shares		(551,900	)		(291	)		(96,695	)		(265,754	)
Return of capital:
Class A Shares		—			(221,272	)		—			(21,716	)
Class C Shares		—			(107,814	)		—			—
Institutional Shares		—			(1,101,239	)		—			(27,448	)
Separate Account Institutional		—			—			—			(184,820	)
Investor Shares		—			(299,433	)		—			(124,380	)
Class R6 Shares		—			(2,268,381	)		—			(13,482	)
Class P Shares		—			(1,826,494	)		—			(7,191	)
Total distributions to shareholders		(1,424,613	)		(5,825,562	)		(5,838,847	)		(14,385,314	)
From share transactions:
Proceeds from sales of shares		2,282,858			18,687,145			97,754,109			190,191,461
Reinvestment of distributions		1,396,416			5,707,127			5,543,202			13,518,689
Cost of shares redeemed		(23,582,711	)		(113,751,122	)(a)		(165,331,849	)		(241,007,411	)
Net decrease in net assets resulting from share transactions		(19,903,437	)		(89,356,850	)		(62,034,538	)		(37,297,261	)
TOTAL DECREASE		(12,000,110	)		(102,757,794	)		(55,383,790	)		(26,299,510	)
Net assets:
Beginning of period		90,841,199			193,598,993			430,445,577			456,745,087
End of period	$	78,841,089		$	90,841,199		$	375,061,787		$	430,445,577

(a) Net of $30,109 of redemption fees for the Local Emerging Markets Debt Fund for the fiscal year ended March 31, 2020.

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

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.36		$	12.20		$	12.67		$	12.73		$	12.25		$	12.33
Net investment income(a)		0.21			0.51			0.58			0.56			0.60			0.61
Net realized and unrealized gain (loss)		1.68			(1.85	)		(0.51	)		(0.08	)		0.46			(0.09	)
Total from investment operations		1.89			(1.34	)		0.07			0.48			1.06			0.52
Distributions to shareholders from net investment income		(0.21	)		(0.26	)		(0.50	)		(0.54	)		(0.58	)		(0.60	)
Distributions to shareholders from return of capital		—			(0.24	)		(0.04	)		—			—			—
Total distributions		(0.21	)		(0.50	)		(0.54	)		(0.54	)		(0.58	)		(0.60	)
Net asset value, end of period	$	12.04		$	10.36		$	12.20		$	12.67		$	12.73		$	12.25
Total return(b)		18.31	%		(11.48	)%		0.77	%		3.75	%		8.79	%		4.43	%
Net assets, end of period (in 000s)	$	37,072		$	46,179		$	61,408		$	105,098		$	103,548		$	109,830
Ratio of net expenses to average net assets		1.17	%(c)		1.19	%		1.20	%		1.20	%		1.23	%		1.23	%
Ratio of total expenses to average net assets		1.26	%(c)		1.26	%		1.24	%		1.23	%		1.24	%		1.27	%
Ratio of net investment income to average net assets		3.70	%(c)		4.17	%		4.84	%		4.32	%		4.73	%		5.02	%
Portfolio turnover rate(d)		53	%		87	%		80	%		70	%		89	%		99	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 91

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.35		$	12.19		$	12.67		$	12.72		$	12.24		$	12.33
Net investment income(a)		0.17			0.42			0.48			0.46			0.50			0.51
Net realized and unrealized gain (loss)		1.68			(1.85	)		(0.51	)		(0.07	)		0.47			(0.09	)
Total from investment operations		1.85			(1.43	)		(0.03	)		0.39			0.97			0.42
Distributions to shareholders from net investment income		(0.16	)		(0.22	)		(0.41	)		(0.44	)		(0.49	)		(0.51	)
Distributions to shareholders from return of capital		—			(0.19	)		(0.04	)		—			—			—
Total distributions		(0.16	)		(0.41	)		(0.45	)		(0.44	)		(0.49	)		(0.51	)
Net asset value, end of period	$	12.04		$	10.35		$	12.19		$	12.67		$	12.72		$	12.24
Total return(b)		17.87	%		(12.07	)%		(0.06	)%		3.07	%		7.98	%		3.57	%
Net assets, end of period (in 000s)	$	12,807		$	13,742		$	21,871		$	34,848		$	32,597		$	27,645
Ratio of net expenses to average net assets		1.92	%(c)		1.94	%		1.95	%		1.95	%		1.98	%		1.98	%
Ratio of total expenses to average net assets		2.01	%(c)		2.01	%		1.99	%		1.98	%		1.99	%		2.02	%
Ratio of net investment income to average net assets		2.97	%(c)		3.42	%		4.08	%		3.60	%		3.94	%		4.26	%
Portfolio turnover rate(d)		53	%		87	%		80	%		70	%		89	%		99	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

92 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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.37		$	12.21		$	12.69		$	12.74		$	12.26		$	12.35
Net investment income(a)		0.24			0.55			0.62			0.60			0.63			0.64
Net realized and unrealized gain (loss)		1.68			(1.85	)		(0.52	)		(0.07	)		0.47			(0.08	)
Total from investment operations		1.92			(1.30	)		0.10			0.53			1.10			0.56
Distributions to shareholders from net investment income		(0.23	)		(0.29	)		(0.53	)		(0.58	)		(0.62	)		(0.65	)
Distributions to shareholders from return of capital		—			(0.25	)		(0.05	)		—			—			—
Total distributions		(0.23	)		(0.54	)		(0.58	)		(0.58	)		(0.62	)		(0.65	)
Net asset value, end of period	$	12.06		$	10.37		$	12.21		$	12.69		$	12.74		$	12.26
Total return(b)		18.46	%		(11.10	)%		1.04	%		4.18	%		9.15	%		4.70	%
Net assets, end of period (in 000s)	$	925,940		$	825,481		$	1,087,407		$	1,984,662		$	1,656,148		$	895,309
Ratio of net expenses to average net assets		0.86	%(c)		0.87	%		0.86	%		0.86	%		0.89	%		0.89	%
Ratio of total expenses to average net assets		0.93	%(c)		0.92	%		0.90	%		0.89	%		0.90	%		0.93	%
Ratio of net investment income to average net assets		4.05	%(c)		4.48	%		5.18	%		4.65	%		4.95	%		5.30	%
Portfolio turnover rate(d)		53	%		87	%		80	%		70	%		89	%		99	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 93

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.38		$	12.21		$	12.69		$	12.74		$	12.26		$	12.35
Net investment income(a)		0.23			0.54			0.61			0.58			0.61			0.64
Net realized and unrealized gain (loss)		1.67			(1.83	)		(0.52	)		(0.06	)		0.48			(0.09	)
Total from investment operations		1.90			(1.29	)		0.09			0.52			1.09			0.55
Distributions to shareholders from net investment income		(0.22	)		(0.29	)		(0.52	)		(0.57	)		(0.61	)		(0.64	)
Distributions to shareholders from return of capital		—			(0.25	)		(0.05	)		—			—			—
Total distributions		(0.22	)		(0.54	)		(0.57	)		(0.57	)		(0.61	)		(0.64	)
Net asset value, end of period	$	12.06		$	10.38		$	12.21		$	12.69		$	12.74		$	12.26
Total return(b)		18.43	%		(11.16	)%		0.95	%		4.09	%		9.05	%		4.60	%
Net assets, end of period (in 000s)	$	68,391		$	70,616		$	103,473		$	175,664		$	85,556		$	16,927
Ratio of net expenses to average net assets		0.92	%(c)		0.94	%		0.95	%		0.95	%		0.98	%		0.98	%
Ratio of total expenses to average net assets		1.01	%(c)		1.01	%		0.99	%		0.98	%		0.99	%		1.02	%
Ratio of net investment income to average net assets		3.98	%(c)		4.42	%		5.09	%		4.51	%		4.79	%		5.26	%
Portfolio turnover rate(d)		53	%		87	%		80	%		70	%		89	%		99	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

94 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, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.37		$	12.21		$	12.69		$	12.74		$	12.26		$	12.18
Net investment income(b)		0.24			0.55			0.60			0.60			0.60			0.46
Net realized and unrealized gain (loss)		1.68			(1.85	)		(0.50	)		(0.07	)		0.51			0.06
Total from investment operations		1.92			(1.30	)		0.10			0.53			1.11			0.52
Distributions to shareholders from net investment income		(0.23	)		(0.28	)		(0.53	)		(0.58	)		(0.63	)		(0.44	)
Distributions to shareholders from return of capital		—			(0.26	)		(0.05	)		—			—			—
Total distributions		(0.23	)		(0.54	)		(0.58	)		(0.58	)		(0.63	)		(0.44	)
Net asset value, end of period	$	12.06		$	10.37		$	12.21		$	12.69		$	12.74		$	12.26
Total return(c)		18.58	%		(11.17	)%		1.05	%		4.20	%		9.17	%		4.41	%
Net assets, end of period (in 000s)	$	184,369		$	184,389		$	332,270		$	294,599		$	28,593		$	458
Ratio of net expenses to average net assets		0.85	%(d)		0.86	%		0.85	%		0.84	%		0.87	%		0.87	%(d)
Ratio of total expenses to average net assets		0.91	%(d)		0.91	%		0.90	%		0.89	%		0.88	%		0.92	%(d)
Ratio of net investment income to average net assets		4.07	%(d)		4.50	%		5.10	%		4.67	%		4.76	%		5.84	%(d)
Portfolio turnover rate(e)		53	%		87	%		80	%		70	%		89	%		99	%

(a) Commenced operations on July 31, 2015.

(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. 95

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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	10.37		$	12.20		$	12.59
Net investment income(b)		0.25			0.55			0.55
Net realized and unrealized gain (loss)		1.66			(1.84	)		(0.40	)
Total from investment operations		1.91			(1.29	)		0.15
Distributions to shareholders from net investment income		(0.23	)		(0.29	)		(0.50	)
Distributions to shareholders from return of capital		—			(0.25	)		(0.04	)
Total distributions		(0.23	)		(0.54	)		(0.54	)
Net asset value, end of period	$	12.05		$	10.37		$	12.20
Total return(c)		18.49	%		(11.10	)%		1.46	%
Net assets, end of period (in 000s)	$	30,035		$	14,207		$	14,908
Ratio of net expenses to average net assets		0.85	%(d)		0.86	%		0.85	%(d)
Ratio of total expenses to average net assets		0.91	%(d)		0.91	%		0.91	%(d)
Ratio of net investment income to average net assets		4.23	%(d)		4.49	%		5.00	%(d)
Portfolio turnover rate(e)		53	%		87	%		80	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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.

96 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 A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	5.47		$	6.32		$	6.34		$	6.57		$	6.02		$	6.80
Net investment income(a)		0.16			0.33			0.33			0.33			0.34			0.35
Net realized and unrealized gain (loss)		0.68			(0.83	)		(0.01	)		(0.24	)		0.55			(0.77	)
Total from investment operations		0.84			(0.50	)		0.32			0.09			0.89			(0.42	)
Distributions to shareholders from net investment income		(0.17	)		(0.35	)		(0.34	)		(0.32	)		(0.34	)		(0.34	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			(0.02	)
Total distributions		(0.17	)		(0.35	)		(0.34	)		(0.32	)		(0.34	)		(0.36	)
Net asset value, end of period	$	6.14		$	5.47		$	6.32		$	6.34		$	6.57		$	6.02
Total return(c)		15.37	%		(8.50	)%		5.20	%		1.37	%		15.06	%		(6.33	)%
Net assets, end of period (in 000s)	$	124,797		$	120,003		$	163,355		$	179,807		$	232,572		$	340,534
Ratio of net expenses to average net assets		1.04	%(d)		1.03	%		1.04	%		1.05	%		1.07	%		1.05	%
Ratio of total expenses to average net assets		1.12	%(d)		1.11	%		1.11	%		1.08	%		1.07	%		1.06	%
Ratio of net investment income to average net assets		5.24	%(d)		5.26	%		5.31	%		5.00	%		5.34	%		5.49	%
Portfolio turnover rate(e)		30	%		80	%		59	%		69	%		93	%		46	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 97

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	5.47		$	6.32		$	6.34		$	6.57		$	6.03		$	6.81
Net investment income(a)		0.13			0.29			0.29			0.28			0.29			0.30
Net realized and unrealized gain (loss)		0.69			(0.84	)		(0.02	)		(0.23	)		0.54			(0.77	)
Total from investment operations		0.82			(0.55	)		0.27			0.05			0.83			(0.47	)
Distributions to shareholders from net investment income		(0.14	)		(0.30	)		(0.29	)		(0.28	)		(0.29	)		(0.30	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			(0.01	)
Total distributions		(0.14	)		(0.30	)		(0.29	)		(0.28	)		(0.29	)		(0.31	)
Net asset value, end of period	$	6.15		$	5.47		$	6.32		$	6.34		$	6.57		$	6.03
Total return(c)		14.92	%		(9.02	)%		4.41	%		0.64	%		14.02	%		(7.01	)%
Net assets, end of period (in 000s)	$	9,225		$	9,942		$	15,532		$	33,221		$	46,396		$	51,973
Ratio of net expenses to average net assets		1.79	%(d)		1.78	%		1.79	%		1.80	%		1.82	%		1.80	%
Ratio of total expenses to average net assets		1.87	%(d)		1.86	%		1.85	%		1.83	%		1.82	%		1.81	%
Ratio of net investment income to average net assets		4.51	%(d)		4.52	%		4.53	%		4.26	%		4.59	%		4.76	%
Portfolio turnover rate(e)		30	%		80	%		59	%		69	%		93	%		46	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

98 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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	5.48		$	6.33		$	6.35		$	6.58		$	6.04		$	6.82
Net investment income(a)		0.17			0.35			0.35			0.35			0.36			0.38
Net realized and unrealized gain (loss)		0.68			(0.83	)		(0.01	)		(0.23	)		0.54			(0.78	)
Total from investment operations		0.85			(0.48	)		0.34			0.12			0.90			(0.40	)
Distributions to shareholders from net investment income		(0.17	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)		(0.36	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			(0.02	)
Total distributions		(0.17	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)		(0.38	)
Net asset value, end of period	$	6.16		$	5.48		$	6.33		$	6.35		$	6.58		$	6.04
Total return(c)		15.49	%		(8.05	)%		5.50	%		1.72	%		15.24	%		(5.98	)%
Net assets, end of period (in 000s)	$	265,389		$	250,926		$	338,503		$	2,488,697		$	3,410,302		$	3,221,934
Ratio of net expenses to average net assets		0.76	%(d)		0.75	%		0.75	%		0.73	%		0.73	%		0.71	%
Ratio of total expenses to average net assets		0.78	%(d)		0.77	%		0.75	%		0.74	%		0.73	%		0.72	%
Ratio of net investment income to average net assets		5.52	%(d)		5.55	%		5.52	%		5.32	%		5.67	%		5.84	%
Portfolio turnover rate(e)		30	%		80	%		59	%		69	%		93	%		46	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 99

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	5.46		$	6.31		$	6.33		$	6.56		$	6.02		$	6.79
Net investment income(a)		0.15			0.32			0.32			0.31			0.33			0.34
Net realized and unrealized gain (loss)		0.69			(0.84	)		(0.02	)		(0.23	)		0.54			(0.76	)
Total from investment operations		0.84			(0.52	)		0.30			0.08			0.87			(0.42	)
Distributions to shareholders from net investment income		(0.16	)		(0.33	)		(0.32	)		(0.31	)		(0.33	)		(0.33	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			(0.02	)
Total distributions		(0.16	)		(0.33	)		(0.32	)		(0.31	)		(0.33	)		(0.35	)
Net asset value, end of period	$	6.14		$	5.46		$	6.31		$	6.33		$	6.56		$	6.02
Total return(c)		15.25	%		(8.56	)%		4.97	%		1.20	%		14.70	%		(6.35	)%
Net assets, end of period (in 000s)	$	7,088		$	5,563		$	10,858		$	11,172		$	12,089		$	14,710
Ratio of net expenses to average net assets		1.26	%(d)		1.25	%		1.25	%		1.23	%		1.23	%		1.21	%
Ratio of total expenses to average net assets		1.28	%(d)		1.27	%		1.27	%		1.24	%		1.23	%		1.22	%
Ratio of net investment income to average net assets		5.00	%(d)		5.05	%		5.10	%		4.81	%		5.17	%		5.35	%
Portfolio turnover rate(e)		30	%		80	%		59	%		69	%		93	%		46	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

100 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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	5.48		$	6.33		$	6.35		$	6.58		$	6.03		$	6.81
Net investment income(a)		0.16			0.35			0.35			0.34			0.36			0.37
Net realized and unrealized gain (loss)		0.69			(0.83	)		(0.02	)		(0.23	)		0.55			(0.78	)
Total from investment operations		0.85			(0.48	)		0.33			0.11			0.91			(0.41	)
Distributions to shareholders from net investment income		(0.17	)		(0.37	)		(0.35	)		(0.34	)		(0.36	)		(0.35	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			(0.02	)
Total distributions		(0.17	)		(0.37	)		(0.35	)		(0.34	)		(0.36	)		(0.37	)
Net asset value, end of period	$	6.16		$	5.48		$	6.33		$	6.35		$	6.58		$	6.03
Total return(c)		15.49	%		(8.25	)%		5.46	%		1.65	%		15.33	%		(6.08	)%
Net assets, end of period (in 000s)	$	14,495		$	13,268		$	18,830		$	25,259		$	33,482		$	9,302
Ratio of net expenses to average net assets		0.79	%(d)		0.78	%		0.79	%		0.80	%		0.82	%		0.80	%
Ratio of total expenses to average net assets		0.87	%(d)		0.86	%		0.86	%		0.83	%		0.82	%		0.81	%
Ratio of net investment income to average net assets		5.49	%(d)		5.52	%		5.56	%		5.25	%		5.64	%		5.76	%
Portfolio turnover rate(e)		30	%		80	%		59	%		69	%		93	%		46	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 101

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, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	5.49		$	6.34		$	6.36		$	6.59		$	6.05		$	6.65
Net investment income(b)		0.17			0.35			0.35			0.35			0.36			0.24
Net realized and unrealized gain (loss)		0.68			(0.83	)		(0.01	)		(0.23	)		0.54			(0.59	)
Total from investment operations		0.85			(0.48	)		0.34			0.12			0.90			(0.35	)
Distributions to shareholders from net investment income		(0.17	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)		(0.24	)
Distributions to shareholders from return of capital		—			—	(c)		—			—			—			(0.01	)
Total distributions		(0.17	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)		(0.25	)
Net asset value, end of period	$	6.17		$	5.49		$	6.34		$	6.36		$	6.59		$	6.05
Total return(d)		15.47	%		(8.02	)%		5.51	%		1.74	%		15.25	%		(5.29	)%
Net assets, end of period (in 000s)	$	52,686		$	49,791		$	81,751		$	244,099		$	202,273		$	162,768
Ratio of net expenses to average net assets		0.75	%(e)		0.74	%		0.74	%		0.71	%		0.71	%		0.70	%(e)
Ratio of total expenses to average net assets		0.77	%(e)		0.76	%		0.75	%		0.71	%		0.71	%		0.71	%(e)
Ratio of net investment income to average net assets		5.53	%(e)		5.55	%		5.58	%		5.33	%		5.69	%		6.02	%(e)
Portfolio turnover rate(f)		30	%		80	%		59	%		69	%		93	%		46	%

(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) 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.

(e) Annualized.

(f) 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.

102 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 R Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	5.47		$	6.31		$	6.33		$	6.56		$	6.02		$	6.80
Net investment income(a)		0.15			0.32			0.32			0.31			0.32			0.34
Net realized and unrealized gain (loss)		0.68			(0.83	)		(0.02	)		(0.23	)		0.54			(0.78	)
Total from investment operations		0.83			(0.51	)		0.30			0.08			0.86			(0.44	)
Distributions to shareholders from net investment income		(0.16	)		(0.33	)		(0.32	)		(0.31	)		(0.32	)		(0.33	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			(0.01	)
Total distributions		(0.16	)		(0.33	)		(0.32	)		(0.31	)		(0.32	)		(0.34	)
Net asset value, end of period	$	6.14		$	5.47		$	6.31		$	6.33		$	6.56		$	6.02
Total return(c)		15.23	%		(8.58	)%		4.93	%		1.13	%		14.60	%		(6.57	)%
Net assets, end of period (in 000s)	$	6,180		$	9,899		$	12,560		$	14,068		$	14,817		$	15,296
Ratio of net expenses to average net assets		1.29	%(d)		1.28	%		1.29	%		1.30	%		1.32	%		1.30	%
Ratio of total expenses to average net assets		1.37	%(d)		1.36	%		1.36	%		1.33	%		1.32	%		1.31	%
Ratio of net investment income to average net assets		5.02	%(d)		5.01	%		5.06	%		4.74	%		5.08	%		5.26	%
Portfolio turnover rate(e)		30	%		80	%		59	%		69	%		93	%		46	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 103

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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	5.48		$	6.33		$	6.42
Net investment income(b)		0.17			0.35			0.33
Net realized and unrealized gain (loss)		0.68			(0.83	)		(0.08	)
Total from investment operations		0.85			(0.48	)		0.25
Distributions to shareholders from net investment income		(0.17	)		(0.37	)		(0.34	)
Distributions to shareholders from return of capital		—			—	(c)		—
Total distributions		(0.17	)		(0.37	)		(0.34	)
Net asset value, end of period	$	6.16		$	5.48		$	6.33
Total return(d)		15.49	%		(8.04	)%		4.00	%
Net assets, end of period (in 000s)	$	1,557,989		$	1,331,465		$	1,604,685
Ratio of net expenses to average net assets		0.75	%(e)		0.74	%		0.74	%(e)
Ratio of total expenses to average net assets		0.77	%(e)		0.76	%		0.77	%(e)
Ratio of net investment income to average net assets		5.52	%(e)		5.55	%		5.67	%(e)
Portfolio turnover rate(f)		30	%		80	%		59	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) 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.

(e) Annualized.

(f) 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.

104 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 A Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.89		$	9.36		$	9.65		$	9.72		$	9.46		$	9.92
Net investment income(a)		0.17			0.45			0.44			0.37			0.37			0.37
Net realized and unrealized gain (loss)		1.12			(1.47	)		(0.29	)		(0.07	)		0.26			(0.46	)
Total from investment operations		1.29			(1.02	)		0.15			0.30			0.63			(0.09	)
Distributions to shareholders from net investment income		(0.18	)		(0.45	)		(0.44	)		(0.37	)		(0.36	)		(0.37	)
Distributions to shareholders from return of capital		—			—			—			—	(b)		(0.01	)		—
Total distributions		(0.18	)		(0.45	)		(0.44	)		(0.37	)		(0.37	)		(0.37	)
Net asset value, end of period	$	9.00		$	7.89		$	9.36		$	9.65		$	9.72		$	9.46
Total return(c)		16.38	%		(11.44	)%		1.57	%		3.00	%		6.87	%		(0.89	)%
Net assets, end of period (in 000s)	$	3,107		$	2,788		$	3,802		$	4,259		$	7,030		$	6,668
Ratio of net expenses to average net assets		1.07	%(d)		1.04	%		0.97	%		0.94	%		0.95	%		0.95	%
Ratio of total expenses to average net assets		1.16	%(d)		1.04	%		0.97	%		0.96	%		0.96	%		0.96	%
Ratio of net investment income to average net assets		3.97	%(d)		4.86	%		4.57	%		3.83	%		3.83	%		3.80	%
Portfolio turnover rate(e)		23	%		39	%		69	%		44	%		55	%		42	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 105

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.89		$	9.36		$	9.65		$	9.72		$	9.46		$	9.92
Net investment income(a)		0.14			0.38			0.36			0.30			0.30			0.30
Net realized and unrealized gain (loss)		1.11			(1.47	)		(0.28	)		(0.08	)		0.26			(0.46	)
Total from investment operations		1.25			(1.09	)		0.08			0.22			0.56			(0.16	)
Distributions to shareholders from net investment income		(0.14	)		(0.38	)		(0.37	)		(0.29	)		(0.29	)		(0.30	)
Distributions to shareholders from return of capital		—			—			—			—	(b)		(0.01	)		—
Total distributions		(0.14	)		(0.38	)		(0.37	)		(0.29	)		(0.30	)		(0.30	)
Net asset value, end of period	$	9.00		$	7.89		$	9.36		$	9.65		$	9.72		$	9.46
Total return(c)		15.95	%		(12.10	)%		0.81	%		2.23	%		6.07	%		(1.63	)%
Net assets, end of period (in 000s)	$	609		$	673		$	1,126		$	2,443		$	2,610		$	1,760
Ratio of net expenses to average net assets		1.82	%(d)		1.79	%		1.71	%		1.69	%		1.70	%		1.70	%
Ratio of total expenses to average net assets		1.92	%(d)		1.79	%		1.72	%		1.71	%		1.71	%		1.72	%
Ratio of net investment income to average net assets		3.23	%(d)		4.12	%		3.74	%		3.06	%		3.06	%		3.09	%
Portfolio turnover rate(e)		23	%		39	%		69	%		44	%		55	%		42	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

106 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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.90		$	9.36		$	9.66		$	9.73		$	9.47		$	9.93
Net investment income(a)		0.19			0.48			0.43			0.40			0.40			0.40
Net realized and unrealized gain (loss)		1.10			(1.45	)		(0.26	)		(0.07	)		0.27			(0.46	)
Total from investment operations		1.29			(0.97	)		0.17			0.33			0.67			(0.06	)
Distributions to shareholders from net investment income		(0.19	)		(0.49	)		(0.47	)		(0.39	)		(0.40	)		(0.40	)
Distributions to shareholders from return of capital		—			—			—			(0.01	)		(0.01	)		—
Total distributions		(0.19	)		(0.49	)		(0.47	)		(0.40	)		(0.41	)		(0.40	)
Net asset value, end of period	$	9.00		$	7.90		$	9.36		$	9.66		$	9.73		$	9.47
Total return(b)		16.43	%		(11.03	)%		1.81	%		3.45	%		7.12	%		(0.55	)%
Net assets, end of period (in 000s)	$	142,541		$	79,977		$	89,465		$	3,906,449		$	3,896,724		$	3,217,752
Ratio of net expenses to average net assets		0.73	%(c)		0.70	%		0.61	%		0.60	%		0.61	%		0.61	%
Ratio of total expenses to average net assets		0.83	%(c)		0.70	%		0.62	%		0.62	%		0.62	%		0.63	%
Ratio of net investment income to average net assets		4.27	%(c)		5.16	%		4.51	%		4.16	%		4.16	%		4.17	%
Portfolio turnover rate(d)		23	%		39	%		69	%		44	%		55	%		42	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 107

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.91		$	9.38		$	9.67		$	9.73		$	9.48		$	9.94
Net investment income(a)		0.18			0.48			0.45			0.40			0.39			0.39
Net realized and unrealized gain (loss)		1.12			(1.47	)		(0.28	)		(0.07	)		0.26			(0.45	)
Total from investment operations		1.30			(0.99	)		0.17			0.33			0.65			(0.06	)
Distributions to shareholders from net investment income		(0.19	)		(0.48	)		(0.46	)		(0.39	)		(0.39	)		(0.40	)
Distributions to shareholders from return of capital		—			—			—			—	(b)		(0.01	)		—
Total distributions		(0.19	)		(0.48	)		(0.46	)		(0.39	)		(0.40	)		(0.40	)
Net asset value, end of period	$	9.02		$	7.91		$	9.38		$	9.67		$	9.73		$	9.48
Total return(c)		16.49	%		(11.18	)%		1.83	%		3.36	%		7.02	%		(0.64	)%
Net assets, end of period (in 000s)	$	935		$	705		$	1,431		$	5,599		$	4,125		$	1,237
Ratio of net expenses to average net assets		0.82	%(d)		0.78	%		0.71	%		0.69	%		0.70	%		0.70	%
Ratio of total expenses to average net assets		0.91	%(d)		0.78	%		0.72	%		0.70	%		0.71	%		0.72	%
Ratio of net investment income to average net assets		4.18	%(d)		5.14	%		4.69	%		4.07	%		4.00	%		4.10	%
Portfolio turnover rate(e)		23	%		39	%		69	%		44	%		55	%		42	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

108 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 R6 Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	7.90		$	9.37		$	9.67		$	9.69
Net investment income(b)		0.19			0.49			0.45			0.13
Net realized and unrealized gain (loss)		1.11			(1.47	)		(0.28	)		(0.02	)
Total from investment operations		1.30			(0.98	)		0.17			0.11
Distributions to shareholders from net investment income		(0.19	)		(0.49	)		(0.47	)		(0.13	)
Distributions to shareholders from return of capital		—			—			—			(0.00	)(c)
Total distributions		(0.19	)		(0.49	)		(0.47	)		(0.13	)
Net asset value, end of period	$	9.01		$	7.90		$	9.37		$	9.67
Total return(d)		16.56	%		(11.11	)%		1.82	%		1.17	%
Net assets, end of period (in 000s)	$	19,345		$	24,486		$	26,552		$	210,985
Ratio of net expenses to average net assets		0.73	%(e)		0.69	%		0.60	%		0.58	%(e)
Ratio of total expenses to average net assets		0.82	%(e)		0.69	%		0.61	%		0.59	%(e)
Ratio of net investment income to average net assets		4.31	%(e)		5.20	%		4.69	%		4.12	%(e)
Portfolio turnover rate(f)		23	%		39	%		69	%		44	%

(a) Commenced operations on November 30, 2017.

(b) Calculated based on the average shares outstanding methodology.

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

(d) 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.

(e) Annualized.

(f) 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. 109

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	7.89		$	9.36		$	9.65		$	9.73		$	9.46		$	9.92
Net investment income(a)		0.16			0.44			0.42			0.34			0.35			0.35
Net realized and unrealized gain (loss)		1.12			(1.48	)		(0.30	)		(0.08	)		0.27			(0.46	)
Total from investment operations		1.28			(1.04	)		0.12			0.26			0.62			(0.11	)
Distributions to shareholders from net investment income		(0.17	)		(0.43	)		(0.41	)		(0.34	)		(0.34	)		(0.35	)
Distributions to shareholders from return of capital		—			—			—			—	(b)		(0.01	)		—
Total distributions		(0.17	)		(0.43	)		(0.41	)		(0.34	)		(0.35	)		(0.35	)
Net asset value, end of period	$	9.00		$	7.89		$	9.36		$	9.65		$	9.73		$	9.46
Total return(c)		16.25	%		(11.64	)%		1.31	%		2.74	%		6.61	%		(1.13	)%
Net assets, end of period (in 000s)	$	14		$	11		$	100		$	79		$	12		$	11
Ratio of net expenses to average net assets		1.32	%(d)		1.27	%		1.22	%		1.19	%		1.19	%		1.19	%
Ratio of total expenses to average net assets		1.38	%(d)		1.27	%		1.23	%		1.21	%		1.20	%		1.20	%
Ratio of net investment income to average net assets		3.68	%(d)		4.75	%		4.40	%		3.54	%		3.59	%		3.60	%
Portfolio turnover rate(e)		23	%		39	%		69	%		44	%		55	%		42	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

110 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 P Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	7.91		$	9.37		$	9.69
Net investment income(b)		0.19			0.49			0.45
Net realized and unrealized gain (loss)		1.10			(1.46	)		(0.33	)
Total from investment operations		1.29			(0.97	)		0.12
Distributions to shareholders from net investment income		(0.19	)		(0.49	)		(0.44	)
Net asset value, end of period	$	9.01		$	7.91		$	9.37
Total return(c)		16.56	%		(11.11	)%		1.32	%
Net assets, end of period (in 000s)	$	1,092,324		$	1,132,605		$	2,215,089
Ratio of net expenses to average net assets		0.72	%(d)		0.69	%		0.62	%(d)
Ratio of total expenses to average net assets		0.82	%(d)		0.69	%		0.63	%(d)
Ratio of net investment income to average net assets		4.32	%(d)		5.22	%		5.04	%(d)
Portfolio turnover rate(e)		23	%		39	%		69	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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. 111

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.96		$	9.16		$	9.01		$	9.06		$	9.08		$	9.47
Net investment income (a)		0.12			0.27			0.28			0.26			0.27			0.30
Net realized and unrealized gain (loss)		1.06			(0.06	)		0.16			(0.05	)		(0.02	)		(0.36	)
Total from investment operations		1.18			0.21			0.44			0.21			0.25			(0.06	)
Distributions to shareholders from net investment income		(0.13	)		(0.29	)		(0.29	)		(0.26	)		(0.27	)		(0.29	)
Distributions to shareholders from net realized gains		—			(0.12	)		—			—			—			(0.04	)
Total distributions		(0.13	)		(0.41	)		(0.29	)		(0.26	)		(0.27	)		(0.33	)
Net asset value, end of period	$	10.01		$	8.96		$	9.16		$	9.01		$	9.06		$	9.08
Total return(b)		13.22	%		1.98	%		5.14	%		2.34	%		2.75	%		(0.53	)%
Net assets, end of period (in 000s)	$	10,731		$	9,832		$	7,895		$	10,198		$	32,514		$	28,037
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		0.80	%(c)		0.81	%		0.84	%		0.84	%		0.87	%		0.86	%
Ratio of net investment income to average net assets		2.50	%(c)		2.86	%		3.19	%		2.85	%		2.93	%		3.28	%
Portfolio turnover rate(d)		20	%		76	%		82	%		82	%		63	%		79	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

112 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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.96		$	9.17		$	9.01		$	9.06		$	9.08		$	9.48
Net investment income(a)		0.14			0.30			0.31			0.29			0.30			0.33
Net realized and unrealized gain (loss)		1.06			(0.07	)		0.17			(0.04	)		(0.02	)		(0.37	)
Total from investment operations		1.20			0.23			0.48			0.25			0.28			(0.04	)
Distributions to shareholders from net investment income		(0.15	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)		(0.32	)
Distributions to shareholders from net realized gains		—			(0.12	)		—			—			—			(0.04	)
Total distributions		(0.15	)		(0.44	)		(0.32	)		(0.30	)		(0.30	)		(0.36	)
Net asset value, end of period	$	10.01		$	8.96		$	9.17		$	9.01		$	9.06		$	9.08
Total return(b)		13.28	%		2.44	%		5.50	%		2.69	%		3.10	%		(0.29	)%
Net assets, end of period (in 000s)	$	77,031		$	51,976		$	40,548		$	163,229		$	142,218		$	156,202
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		0.46	%(c)		0.47	%		0.48	%		0.48	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		2.80	%(c)		3.19	%		3.49	%		3.18	%		3.28	%		3.62	%
Portfolio turnover rate(d)		20	%		76	%		82	%		82	%		63	%		79	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 113

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.97		$	9.17		$	9.02		$	9.07		$	9.09		$	9.48
Net investment income(a)		0.14			0.31			0.31			0.29			0.30			0.33
Net realized and unrealized gain (loss)		1.05			(0.07	)		0.16			(0.04	)		(0.02	)		(0.36	)
Total from investment operations		1.19			0.24			0.47			0.25			0.28			(0.03	)
Distributions to shareholders from net investment income		(0.15	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)		(0.32	)
Distributions to shareholders from net realized gains		—			(0.12	)		—			—			—			(0.04	)
Total distributions		(0.15	)		(0.44	)		(0.32	)		(0.30	)		(0.30	)		(0.36	)
Net asset value, end of period	$	10.01		$	8.97		$	9.17		$	9.02		$	9.07		$	9.09
Total return(b)		13.29	%		2.45	%		5.39	%		2.69	%		3.10	%		(0.18	)%
Net assets, end of period (in 000s)	$	259,570		$	226,962		$	228,692		$	233,908		$	249,971		$	239,713
Ratio of net expenses to average net assets		0.37	%(c)		0.37	%		0.37	%		0.38	%		0.38	%		0.38	%
Ratio of total expenses to average net assets		0.45	%(c)		0.46	%		0.49	%		0.48	%		0.53	%		0.52	%
Ratio of net investment income to average net assets		2.85	%(c)		3.21	%		3.55	%		3.19	%		3.28	%		3.62	%
Portfolio turnover rate(d)		20	%		76	%		82	%		82	%		63	%		79	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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.

114 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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	8.96		$	9.17		$	9.02		$	9.07		$	9.09		$	9.48
Net investment income(a)		0.14			0.30			0.31			0.28			0.29			0.32
Net realized and unrealized gain (loss)		1.05			(0.07	)		0.15			(0.04	)		(0.02	)		(0.35	)
Total from investment operations		1.19			0.23			0.46			0.24			0.27			(0.03	)
Distributions to shareholders from net investment income		(0.14	)		(0.32	)		(0.31	)		(0.29	)		(0.29	)		(0.32	)
Distributions to shareholders from net realized gains		—			(0.12	)		—			—			—			(0.04	)
Total distributions		(0.14	)		(0.44	)		(0.31	)		(0.29	)		(0.29	)		(0.36	)
Net asset value, end of period	$	10.01		$	8.96		$	9.17		$	9.02		$	9.07		$	9.09
Total return(b)		13.23	%		2.35	%		5.28	%		2.60	%		3.01	%		(0.27	)%
Net assets, end of period (in 000s)	$	11,970		$	4,628		$	3,164		$	4,600		$	4,062		$	1,080
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		0.55	%(c)		0.56	%		0.58	%		0.57	%		0.61	%		0.61	%
Ratio of net investment income to average net assets		2.74	%(c)		3.10	%		3.45	%		3.10	%		3.18	%		3.53	%
Portfolio turnover rate(d)		20	%		76	%		82	%		82	%		63	%		79	%

(a) Calculated based on the average shares outstanding methodology.

(b) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (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 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. 115

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, 2020 (Unaudited)			Year Ended March 31,												Period Ended March 31, 2016(a)
				2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.96		$	9.17		$	9.02		$	9.07		$	9.08		$	9.13
Net investment income(b)		0.14			0.31			0.33			0.29			0.30			0.22
Net realized and unrealized gain (loss)		1.06			(0.08	)		0.14			(0.04	)		(0.01	)		(0.02	)
Total from investment operations		1.20			0.23			0.47			0.25			0.29			0.20
Distributions to shareholders from net investment income		(0.15	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)		(0.21	)
Distributions to shareholders from net realized gains		—			(0.12	)		—			—			—			(0.04	)
Total distributions		(0.15	)		(0.44	)		(0.32	)		(0.30	)		(0.30	)		(0.25	)
Net asset value, end of period	$	10.01		$	8.96		$	9.17		$	9.02		$	9.07		$	9.08
Total return(c)		13.29	%		2.45	%		5.39	%		2.70	%		3.23	%		2.28	%
Net assets, end of period (in 000s)	$	1,117		$	978		$	675		$	17		$	12		$	10
Ratio of net expenses to average net assets		0.37	%(d)		0.37	%		0.37	%		0.37	%		0.38	%		0.38	%(d)
Ratio of total expenses to average net assets		0.45	%(d)		0.46	%		0.54	%		0.46	%		0.51	%		0.53	%(d)
Ratio of net investment income to average net assets		2.85	%(d)		3.20	%		3.63	%		3.20	%		3.28	%		3.61	%(d)
Portfolio turnover rate(e)		20	%		76	%		82	%		82	%		63	%		79	%

(a) Commenced operations on July 31, 2015.

(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.

116 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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	8.96		$	9.16		$	8.93
Net investment income(b)		0.14			0.31			0.30
Net realized and unrealized gain (loss)		1.05			(0.07	)		0.23
Total from investment operations		1.19			0.24			0.53
Distributions to shareholders from net investment income		(0.15	)		(0.32	)		(0.30	)
Distributions to shareholders from net realized gains		—			(0.12	)		—
Total distributions		(0.15	)		(0.44	)		(0.30	)
Net asset value, end of period	$	10.00		$	8.96		$	9.16
Total return(c)		13.30	%		2.45	%		6.12	%
Net assets, end of period (in 000s)	$	305,293		$	189,611		$	196,668
Ratio of net expenses to average net assets		0.37	%(d)		0.37	%		0.37	%(d)
Ratio of total expenses to average net assets		0.45	%(d)		0.46	%		0.51	%(d)
Ratio of net investment income to average net assets		2.81	%(d)		3.22	%		3.57	%(d)
Portfolio turnover rate(e)		20	%		76	%		82	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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. 117

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	4.98		$	5.76		$	6.89		$	6.38		$	6.36		$	6.96
Net investment income (a)		0.10			0.24			0.34			0.36			0.33			0.34
Net realized and unrealized gain (loss)		0.50			(0.79	)		(1.17	)		0.52			0.04			(0.60	)
Total from investment operations		0.60			(0.55	)		(0.83	)		0.88			0.37			(0.26	)
Distributions to shareholders from net investment income		(0.09	)		—	(b)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.23	)		(0.30	)		(0.37	)		(0.35	)		(0.34	)
Total distributions		(0.09	)		(0.23	)		(0.30	)		(0.37	)		(0.35	)		(0.34	)
Net asset value, end of period	$	5.49		$	4.98		$	5.76		$	6.89		$	6.38		$	6.36
Total return(c)		12.03	%		(10.05	)%		(12.08	)%		13.93	%		6.21	%		(3.54	)%
Net assets, end of period (in 000s)	$	5,038		$	4,808		$	5,465		$	8,880		$	11,295		$	140,623
Ratio of net expenses to average net assets		1.21	%(d)		1.23	%		1.21	%		1.22	%		1.24	%		1.25	%
Ratio of total expenses to average net assets		1.95	%(d)		1.63	%		1.53	%		1.44	%		1.48	%		1.40	%
Ratio of net investment income to average net assets		3.61	%(d)		4.13	%		5.75	%		5.47	%		5.17	%		5.31	%
Portfolio turnover rate(e)		52	%		84	%		117	%		112	%		111	%		100	%

(a) Calculated based on the average shares outstanding methodology.

(b) Rounds to less than $0.005 per share.

(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.

118 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 C Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	4.98		$	5.75		$	6.88		$	6.38		$	6.37		$	6.98
Net investment income(a)		0.08			0.20			0.29			0.32			0.27			0.29
Net realized and unrealized gain (loss)		0.49			(0.78	)		(1.17	)		0.50			0.04			(0.61	)
Total from investment operations		0.57			(0.58	)		(0.88	)		0.82			0.31			(0.32	)
Distributions to shareholders from net investment income		(0.07	)		—	(b)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.19	)		(0.25	)		(0.32	)		(0.30	)		(0.29	)
Total distributions		(0.07	)		(0.19	)		(0.25	)		(0.32	)		(0.30	)		(0.29	)
Net asset value, end of period	$	5.48		$	4.98		$	5.75		$	6.88		$	6.38		$	6.37
Total return(c)		11.63	%		(10.74	)%		(12.76	)%		13.10	%		5.08	%		(4.38	)%
Net assets, end of period (in 000s)	$	3,062		$	2,526		$	4,457		$	7,115		$	6,202		$	6,574
Ratio of net expenses to average net assets		1.96	%(d)		1.98	%		1.96	%		1.96	%		1.98	%		2.00	%
Ratio of total expenses to average net assets		2.70	%(d)		2.38	%		2.27	%		2.18	%		2.21	%		2.15	%
Ratio of net investment income to average net assets		2.87	%(d)		3.44	%		4.99	%		4.77	%		4.27	%		4.58	%
Portfolio turnover rate(e)		52	%		84	%		117	%		112	%		111	%		100	%

(a) Calculated based on the average shares outstanding methodology.

(b) Rounds to less than $0.005 per share.

(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. 119

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	4.97		$	5.74		$	6.87		$	6.37		$	6.36		$	6.97
Net investment income(a)		0.11			0.26			0.38			0.38			0.34			0.37
Net realized and unrealized gain (loss)		0.49			(0.78	)		(1.20	)		0.50			0.04			(0.62	)
Total from investment operations		0.60			(0.52	)		(0.82	)		0.88			0.38			(0.25	)
Distributions to shareholders from net investment income		(0.10	)		—	(b)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.25	)		(0.31	)		(0.38	)		(0.37	)		(0.36	)
Total distributions		(0.10	)		(0.25	)		(0.31	)		(0.38	)		(0.37	)		(0.36	)
Net asset value, end of period	$	5.47		$	4.97		$	5.74		$	6.87		$	6.37		$	6.36
Total return(c)		12.23	%		(9.82	)%		(11.86	)%		14.29	%		6.20	%		(3.35	)%
Net assets, end of period (in 000s)	$	12,134		$	16,667		$	32,419		$	245,127		$	332,212		$	403,203
Ratio of net expenses to average net assets		0.91	%(d)		0.93	%		0.91	%		0.92	%		0.91	%		0.91	%
Ratio of total expenses to average net assets		1.62	%(d)		1.29	%		1.10	%		1.10	%		1.12	%		1.06	%
Ratio of net investment income to average net assets		3.90	%(d)		4.48	%		6.33	%		5.80	%		5.35	%		5.67	%
Portfolio turnover rate(e)		52	%		84	%		117	%		112	%		111	%		100	%

(a) Calculated based on the average shares outstanding methodology.

(b) Rounds to less than $0.005 per share.

(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.

120 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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	4.97		$	5.74		$	6.87		$	6.37		$	6.35		$	6.96
Net investment income(a)		0.10			0.26			0.35			0.38			0.33			0.34
Net realized and unrealized gain (loss)		0.49			(0.79	)		(1.17	)		0.50			0.06			(0.59	)
Total from investment operations		0.59			(0.53	)		(0.82	)		0.88			0.39			(0.25	)
Distributions to shareholders from net investment income		(0.09	)		—	(b)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.24	)		(0.31	)		(0.38	)		(0.37	)		(0.36	)
Total distributions		(0.09	)		(0.24	)		(0.31	)		(0.38	)		(0.37	)		(0.36	)
Net asset value, end of period	$	5.47		$	4.97		$	5.74		$	6.87		$	6.37		$	6.35
Total return(c)		11.98	%		(9.69	)%		(11.91	)%		14.24	%		6.30	%		(3.45	)%
Net assets, end of period (in 000s)	$	4,372		$	5,557		$	6,057		$	10,263		$	5,489		$	9,741
Ratio of net expenses to average net assets		0.96	%(d)		0.98	%		0.96	%		0.97	%		0.98	%		0.99	%
Ratio of total expenses to average net assets		1.70	%(d)		1.38	%		1.25	%		1.16	%		1.21	%		1.14	%
Ratio of net investment income to average net assets		3.84	%(d)		4.35	%		6.03	%		5.78	%		5.28	%		5.55	%
Portfolio turnover rate(e)		52	%		84	%		117	%		112	%		111	%		100	%

(a) Calculated based on the average shares outstanding methodology.

(b) Rounds to less than $0.005 per share.

(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. 121

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, 2020 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2018(a)
				2020			2019
Per Share Data
Net asset value, beginning of period	$	4.97		$	5.74		$	6.87		$	6.48
Net investment income(b)		0.11			0.27			0.34			0.14
Net realized and unrealized gain (loss)		0.49			(0.79	)		(1.16	)		0.37
Total from investment operations		0.60			(0.52	)		(0.82	)		0.51
Distributions to shareholders from net investment income		(0.10	)		—	(c)		—			—
Distributions to shareholders from return of capital		—			(0.25	)		(0.31	)		(0.12	)
Total distributions		(0.10	)		(0.25	)		(0.31	)		(0.12	)
Net asset value, end of period	$	5.47		$	4.97		$	5.74		$	6.87
Total return(d)		12.24	%		(9.82	)%		(11.86	)%		7.88	%
Net assets, end of period (in 000s)	$	24,536		$	30,325		$	92,937		$	56,354
Ratio of net expenses to average net assets		0.90	%(e)		0.91	%		0.90	%		0.90	%(e)
Ratio of total expenses to average net assets		1.60	%(e)		1.28	%		1.18	%		0.87	%(e)
Ratio of net investment income to average net assets		3.92	%(e)		4.60	%		5.91	%		6.04	%(e)
Portfolio turnover rate(f)		52	%		84	%		117	%		112	%

(a) Commenced operations on November 30, 2017.

(b) Calculated based on the average shares outstanding methodology.

(c) Rounds to less than $0.005 per share.

(d) 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.

(e) Annualized.

(f) 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.

122 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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	4.97		$	5.74		$	6.75
Net investment income(b)		0.11			0.26			0.31
Net realized and unrealized gain (loss)		0.49			(0.78	)		(1.03	)
Total from investment operations		0.60			(0.52	)		(0.72	)
Distributions to shareholders from net investment income		(0.10	)		—	(c)		—
Distributions to shareholders from return of capital		—			(0.25	)		(0.29	)
Total distributions		(0.10	)		(0.25	)		(0.29	)
Net asset value, end of period	$	5.47		$	4.97		$	5.74
Total return(d)		12.24	%		(9.82	)%		(10.66	)%
Net assets, end of period (in 000s)	$	29,700		$	30,957		$	52,263
Ratio of net expenses to average net assets		0.90	%(e)		0.92	%		0.90	%(e)
Ratio of total expenses to average net assets		1.61	%(e)		1.28	%		1.24	%(e)
Ratio of net investment income to average net assets		3.92	%(e)		4.48	%		5.75	%(e)
Portfolio turnover rate(f)		52	%		84	%		117	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

(c) Rounds to less than $0.005 per share.

(d) 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.

(e) Annualized.

(f) 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. 123

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.55		$	10.29		$	10.21		$	10.45		$	10.68		$	10.74
Net investment income (a)		0.08			0.19			0.24			0.15			0.12			0.17
Net realized and unrealized gain (loss)		0.23			0.36			0.12			(0.16	)		(0.11	)		0.03
Total from investment operations		0.31			0.55			0.36			(0.01	)		0.01			0.20
Distributions to shareholders from net investment income		(0.14	)		(0.28	)		(0.28	)		(0.23	)		(0.24	)		(0.26	)
Distributions to shareholders from return of capital		—			(0.01	)		—			—	(b)		—			—	(b)
Total distributions		(0.14	)		(0.29	)		(0.28	)		(0.23	)		(0.24	)		(0.26	)
Net asset value, end of period	$	10.72		$	10.55		$	10.29		$	10.21		$	10.45		$	10.68
Total return(c)		2.97	%		5.41	%		3.60	%		(0.10	)%		0.10	%		1.89	%
Net assets, end of period (in 000s)	$	36,298		$	30,384		$	31,394		$	24,967		$	47,235		$	36,465
Ratio of net expenses to average net assets		0.79	%(d)		0.79	%		0.78	%		0.77	%		0.77	%		0.75	%
Ratio of total expenses to average net assets		0.85	%(d)		0.85	%		0.86	%		0.87	%		0.93	%		0.96	%
Ratio of net investment income to average net assets		1.48	%(d)		1.82	%		2.37	%		1.40	%		1.10	%		1.58	%
Portfolio turnover rate(e)		539	%		1,233	%		963	%		1,149	%		863	%		956	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

124 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
	Institutional Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.58		$	10.32		$	10.23		$	10.47		$	10.71		$	10.77
Net investment income(a)		0.10			0.21			0.27			0.19			0.15			0.20
Net realized and unrealized gain (loss)		0.22			0.38			0.14			(0.16	)		(0.11	)		0.04
Total from investment operations		0.32			0.59			0.41			0.03			0.04			0.24
Distributions to shareholders from net investment income		(0.16	)		(0.32	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)
Distributions to shareholders from return of capital		—			(0.01	)		—			—	(b)		—			—	(b)
Total distributions		(0.16	)		(0.33	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)
Net asset value, end of period	$	10.74		$	10.58		$	10.32		$	10.23		$	10.47		$	10.71
Total return(c)		3.14	%		5.75	%		4.05	%		0.24	%		0.35	%		2.23	%
Net assets, end of period (in 000s)	$	37,589		$	52,878		$	34,027		$	80,298		$	63,035		$	60,513
Ratio of net expenses to average net assets		0.45	%(d)		0.45	%		0.44	%		0.43	%		0.43	%		0.41	%
Ratio of total expenses to average net assets		0.51	%(d)		0.51	%		0.51	%		0.52	%		0.59	%		0.62	%
Ratio of net investment income to average net assets		1.82	%(d)		1.98	%		2.68	%		1.78	%		1.45	%		1.89	%
Portfolio turnover rate(e)		539	%		1,233	%		963	%		1,149	%		863	%		956	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 125

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.55		$	10.30		$	10.21		$	10.45		$	10.69		$	10.75
Net investment income(a)		0.10			0.22			0.28			0.18			0.15			0.20
Net realized and unrealized gain (loss)		0.23			0.36			0.13			(0.15	)		(0.11	)		0.04
Total from investment operations		0.33			0.58			0.41			0.03			0.04			0.24
Distributions to shareholders from net investment income		(0.16	)		(0.32	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)
Distributions to shareholders from return of capital		—			(0.01	)		—			—	(b)		—			—	(b)
Total distributions		(0.16	)		(0.33	)		(0.32	)		(0.27	)		(0.28	)		(0.30	)
Net asset value, end of period	$	10.72		$	10.55		$	10.30		$	10.21		$	10.45		$	10.69
Total return(c)		3.15	%		5.67	%		4.07	%		0.24	%		0.35	%		2.23	%
Net assets, end of period (in 000s)	$	223,893		$	207,621		$	215,647		$	221,303		$	217,648		$	210,773
Ratio of net expenses to average net assets		0.44	%(d)		0.44	%		0.44	%		0.43	%		0.43	%		0.41	%
Ratio of total expenses to average net assets		0.50	%(d)		0.49	%		0.51	%		0.52	%		0.59	%		0.62	%
Ratio of net investment income to average net assets		1.81	%(d)		2.13	%		2.77	%		1.77	%		1.45	%		1.91	%
Portfolio turnover rate(e)		539	%		1,233	%		963	%		1,149	%		863	%		956	%

(a) Calculated based on the average shares outstanding methodology.

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

(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.

126 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
	Investor Shares
	Six Months Ended September 30, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016
Per Share Data
Net asset value, beginning of period	$	10.58		$	10.32		$	10.23		$	10.47		$	10.71		$	10.77
Net investment income(a)		0.10			0.22			0.27			0.18			0.13			0.17
Net realized and unrealized gain (loss)		0.22			0.36			0.13			(0.16	)		(0.10	)		0.06
Total from investment operations		0.32			0.58			0.40			0.02			0.03			0.23
Distributions to shareholders from net investment income		(0.16	)		(0.31	)		(0.31	)		(0.26	)		(0.27	)		(0.29	)
Distributions to shareholders from return of capital		—			(0.01	)		—			—	(b)		—			—	(b)
Total distributions		(0.16	)		(0.32	)		(0.31	)		(0.26	)		(0.27	)		(0.29	)
Net asset value, end of period	$	10.74		$	10.58		$	10.32		$	10.23		$	10.47		$	10.71
Total return(c)		3.10	%		5.66	%		3.96	%		0.15	%		0.25	%		2.14	%
Net assets, end of period (in 000s)	$	44,436		$	114,242		$	152,715		$	154,957		$	143,018		$	6,582
Ratio of net expenses to average net assets		0.54	%(d)		0.54	%		0.54	%		0.52	%		0.50	%		0.51	%
Ratio of total expenses to average net assets		0.60	%(d)		0.59	%		0.61	%		0.61	%		0.62	%		0.71	%
Ratio of net investment income to average net assets		1.87	%(d)		2.09	%		2.67	%		1.68	%		1.26	%		1.63	%
Portfolio turnover rate(e)		539	%		1,233	%		963	%		1,149	%		863	%		956	%

(a) Calculated based on the average shares outstanding methodology.

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

(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. 127

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, 2020 (Unaudited)			Year Ended March 31,
				2020			2019			2018			2017			2016(a)
Per Share Data
Net asset value, beginning of period	$	10.58		$	10.32		$	10.23		$	10.48		$	10.71		$	10.67
Net investment income(b)		0.10			0.22			0.29			0.19			0.19			0.13
Net realized and unrealized gain (loss)		0.23			0.37			0.12			(0.17	)		(0.14	)		0.11
Total from investment operations		0.33			0.59			0.41			0.02			0.05			0.24
Distributions to shareholders from net investment income		(0.16	)		(0.32	)		(0.32	)		(0.27	)		(0.28	)		(0.20	)
Distributions to shareholders from return of capital		—			(0.01	)		—			—	(c)		—			—	(c)
Total distributions		(0.16	)		(0.33	)		(0.32	)		(0.27	)		(0.28	)		(0.20	)
Net asset value, end of period	$	10.75		$	10.58		$	10.32		$	10.23		$	10.48		$	10.71
Total return(d)		3.14	%		5.77	%		4.06	%		0.16	%		0.46	%		2.24	%
Net assets, end of period (in 000s)	$	19,576		$	20,349		$	14,387		$	5,104		$	2,606		$	10
Ratio of net expenses to average net assets		0.44	%(e)		0.44	%		0.44	%		0.42	%		0.41	%		0.44	%(e)
Ratio of total expenses to average net assets		0.50	%(e)		0.50	%		0.52	%		0.51	%		0.53	%		0.64	%(e)
Ratio of net investment income to average net assets		1.82	%(e)		2.11	%		2.88	%		1.80	%		1.79	%		1.77	%(e)
Portfolio turnover rate(f)		539	%		1,233	%		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) 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.

(e) Annualized.

(f) 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.

128 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, 2020 (Unaudited)			Year Ended March 31, 2020			Period Ended March 31, 2019(a)
Per Share Data
Net asset value, beginning of period	$	10.58		$	10.32		$	10.16
Net investment income(b)		0.10			0.23			0.28
Net realized and unrealized gain		0.22			0.36			0.18
Total from investment operations		0.32			0.59			0.46
Distributions to shareholders from net investment income		(0.16	)		(0.32	)		(0.30	)
Distributions to shareholders from return of capital		—			(0.01	)		—
Total distributions		(0.16	)		(0.33	)		(0.30	)
Net asset value, end of period	$	10.74		$	10.58		$	10.32
Total return(c)		3.14	%		5.77	%		4.57	%
Net assets, end of period (in 000s)	$	13,270		$	4,971		$	8,575
Ratio of net expenses to average net assets		0.44	%(d)		0.44	%		0.44	%(d)
Ratio of total expenses to average net assets		0.50	%(d)		0.49	%		0.52	%(d)
Ratio of net investment income to average net assets		1.82	%(d)		2.17	%		2.89	%(d)
Portfolio turnover rate(e)		539	%		1,233	%		963	%

(a) Commenced operations on April 20, 2018.

(b) Calculated based on the average shares outstanding methodology.

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

(d) Annualized.

(e) The 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. 129

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2020 (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
Local Emerging Markets Debt	A, C, Institutional, Investor, R6 and P	Non-diversified
High Yield	A, C, Institutional, Service, Investor, R6, R and P	Diversified
Emerging Markets Debt, High Yield Floating Rate	A, C, Institutional, Investor, R6, R and P	Diversified
Investment Grade Credit, U.S. Mortgages	A, Institutional, Separate Account Institutional, Investor, R6 and P	Diversified

Class A Shares of the Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 2.25%, 3.75%, 4.50% and 3.75%, respectively. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Separate Account Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as

investment adviser to the Funds pursuant to a management agreement (the “Agreement”) with the Trust.

2. SIGNIFICANT ACCOUNTING POLICIES

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

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

B.  Investment Income and Investments — Investment income includes interest income, dividend income and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained subsequent to the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily net asset value (“NAV”) calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For derivative contracts, realized gains and losses are recorded upon settlement of the contract. Upfront payments, if any, are made or received upon entering into a swap agreement and are reflected in the Statements of Assets and Liabilities. Upfront payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting swap contracts whose realized gains or losses are recognized from the effective start date. For securities with paydown provisions, principal payments received are treated as a proportionate reduction to the cost basis of the securities, and excess or shortfall

130

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

amounts are recorded as income. For treasury inflation protected securities (“TIPS”), adjustments to principal due to inflation/deflation are reflected as increases/decreases to interest income with a corresponding adjustment to cost.

C.  Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of each Fund are allocated daily based upon the proportion of net assets of each class. Non-class specific expenses directly incurred by a Fund are charged to that Fund, while such expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis depending upon the nature of the expenses. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service, Transfer Agency and Service and Shareholder Administration fees.

D.  Redemption Fees — Prior to March 16, 2020, a 2% redemption fee was imposed for the redemption of shares (including by exchange) held for 60 calendar days or less with respect to the High Yield Fund and 30 calendar days or less with respect to the Emerging Markets Debt and Local Emerging Markets Debt Funds. For this purpose, the Funds used a first-in first-out method so that shares held longest would be treated as being redeemed first and shares held shortest would be treated as being redeemed last. Redemption fees were reimbursed to a Fund and were reflected as a reduction in share redemptions. Redemption fees were credited to Paid-in Capital and were allocated to each share class of a Fund on a pro-rata basis. Effective March 16, 2020 such redemption fees are no longer imposed.

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

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses. Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of each Fund’s distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds’ net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

F.  Foreign Currency Translation — The accounting records and reporting currency of 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.

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Notes to Financial Statements (continued)

September 30, 2020 (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 level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. The Trustees have delegated to GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds’ investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2. Securities traded on certain foreign securities exchanges are valued daily at fair value determined by an independent fair value service (if available) under Fair Valuation Procedures approved by the Trustees and consistent with applicable regulatory guidance. The independent fair value service takes into account multiple factors including, but not limited to, movements in the securities markets, certain depositary receipts, futures contracts and foreign currency exchange rates that have occurred subsequent to the close of the foreign securities exchange. These investments are generally classified as Level 2 of the fair value hierarchy.

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.

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service approved by the Trustees. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

i.  Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). A Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, a Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. A Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in a Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The High Yield and High Yield Floating Rate Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

ii.  Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer 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.  Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

iv.  Mortgage Dollar Rolls — Mortgage dollar rolls are transactions whereby a Fund sells mortgage-backed-securities and simultaneously contracts with the same counterparty to repurchase similar securities on a specified future date. During the settlement period, a Fund will not be entitled to accrue interest and receive principal payments on the securities sold. The Funds account for mortgage dollar roll transactions as purchases and sales and realize gains and losses on these transactions.

v.  Structured Notes — The values of structured notes are based on the price movements of a reference security or index. Upon termination, a Fund will receive a payment from the issuer based on the value of the referenced instrument (notional amount multiplied by price of the referenced instrument) and record a realized gain or loss. Structured notes that are exchange traded are generally classified as Level 1 of the fair value hierarchy.

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

vii.  When-Issued Securities and Forward Commitments — When-issued securities, including TBA (“To Be Announced”) securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily by using the outright forward rates or interpolating based upon maturity dates, where available. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in cash without the delivery of foreign currency.

A non-deliverable bond forward is a short term forward contract between two parties to buy or sell a bond denominated in a non-deliverable foreign currency at a specified future time and price. Non-deliverable bond forwards are marked-to-market daily using market quotations. Unrealized gains or losses on non-deliverable bond forwards are recorded by the Fund on a daily basis, and realized gains or losses are recorded on the termination date or sale of a contract.

ii.  Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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

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

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

A credit default swap is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund’s investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the

135

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

Secured Borrowings — Secured borrowings are valued at their contractual amounts, which approximate fair value, and are generally classified as Level 2 of the fair value hierarchy.

i.  Reverse Repurchase Agreements — Reverse repurchase agreements involve the sale of securities held by a Fund subject to the Fund’s agreement to repurchase the securities at a mutually agreed upon date and net price (including interest), under the terms of a Master Repurchase Agreement (“MRA”). The gross value of reverse repurchase agreements is included in the Statements of Assets and Liabilities for financial reporting purposes.

When a Fund enters into a reverse repurchase agreement, it is required to deliver securities as collateral to the counterparty that exceed the value of the reverse repurchase agreement. During the term of a reverse repurchase agreement, the value of the underlying securities pledged as collateral on behalf of a Fund, including accrued interest, is required to exceed the value of the reverse repurchase agreement, including accrued interest. If the value of those securities pledged as collateral, including accrued interest, becomes less than the value of the reverse repurchase agreement, including accrued interest, a Fund will be obligated to deliver additional collateral to the buyer. If the buyer defaults on its commitment to sell back the securities, a Fund could suffer a loss to the extent that the amount borrowed is less than the replacement cost of similar securities and the Fund’s costs associated with delay and enforcement of the reverse repurchase agreement. In addition, in the event of default or insolvency of the buyer, a court could determine that the Fund’s interest in the amount borrowed is not enforceable, resulting in additional losses to a Fund.

B.  Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund’s NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

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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, 2020:

EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	787,074,775		$	—
Corporate Obligations		—			350,557,349			—
Investment Company		19,607,232			—			—
Total	$	19,607,232		$	1,137,632,124		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	3,419,080		$	—
Futures Contracts		410,773			—			—
Interest Rate Swap Contracts		—			454,198			—
Credit Default Swap Contracts		—			2,293,066			—
Total	$	410,773		$	6,166,344		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(4,144,375	)	$	—
Futures Contracts		(14,168	)		—			—
Interest Rate Swap Contracts		—			(1,124,779	)		—
Credit Default Swap Contracts		—			(2,321,633	)		—
Total	$	(14,168	)	$	(7,590,787	)	$	—
HIGH YIELD
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	26,220,113		$	—
Corporate Obligations		—			1,936,569,955			—
Structured Note		—			1,456,000			—
Unfunded Loan Commitment(a)		—			316			—
Common Stock and/or Other Equity Investments
North America		134,022			1,205,600			—
Total	$	134,022		$	1,965,451,984		$	—

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

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

HIGH YIELD (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	52,520		$	—
Futures Contracts		724,157			—			—
Credit Default Swap Contracts		—			1,815,913			—
Total	$	724,157		$	1,868,433		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(22,595	)	$	—
Futures Contracts		(29,973	)		—			—
Total	$	(29,973	)	$	(22,595	)	$	—
HIGH YIELD FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	1,110,430,922		$	8,615,713
Corporate Obligations		—			76,457,042			—
Asset-Backed Securities		—			9,704,228			—
Unfunded Loan Commitment		—			325,798			188,010
Common Stock and/or Other Equity Investments
North America		579,399			204,250			—
Warrants		—			—			40,687
Exchange Traded Funds		22,411,231			—			—
Investment Company		11,459,700			—			—
Securities Lending Reinvestment Vehicle		10,001,150			—			—
Total	$	44,451,480		$	1,197,122,240		$	8,844,410
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	106,250		$	—
Futures Contracts		790			—			—
Credit Default Swap Contracts		—			48,791			—
Total(a)	$	790		$	155,041		$	—
Liabilities
Futures Contracts	$	(62,615	)	$	—		$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

The following is a reconciliation of Level 3 investments for the six months ended September 30, 2020:

	Bank Loans			Warrant
Beginning Balance as of April 1, 2020	$	96,748,223		$	40,687
Realized gain (loss)		(290,637	)		—
Net change in unrealized gain (loss) relating to instruments still held at reporting date		2,708,670			—
Purchases		1,321,178			—
Sales		(11,879,456	)		—
Amortization		75,658			—
Transfers into Level 3		221,591			—
Transfers out of Level 3		(80,101,504	)		—
Ending Balance as of September 30, 2020	$	8,803,723		$	40,687

INVESTMENT GRADE CREDIT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	619,233,672		$	—
Foreign Debt Obligations		—			22,065,615			—
Municipal Debt Obligations		—			4,507,124			—
U.S. Treasury Obligations		1,018,500			—			—
Total	$	1,018,500		$	645,806,411		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	9,647		$	—
Futures Contracts		377,578			—			—
Interest Rate Swap Contracts		—			139,655			—
Credit Default Swap Contracts		—			49,708			—
Total	$	377,578		$	199,010		$	—
Liabilities
Futures Contracts(a)	$	(153,765	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(56,907	)		—
Credit Default Swap Contracts(a)		—			(699,600	)		—
Written option Contracts		—			(93,218	)		—
Total	$	(153,765	)	$	(849,725	)	$	—

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

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

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	$	—		$	54,683,888		$	—
Foreign Debt Obligations		—			2,988,818			—
Corporate Obligations		—			4,336,763			—
Structured Notes		—			7,852,488			—
U.S. Treasury Obligations		156,803			—			—
Investment Company		4,006,774			—			—
Total	$	4,163,577		$	69,861,957		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	750,010		$	—
Futures Contracts		28,517			—			—
Interest Rate Swap Contracts		—			663,286			—
Credit Default Swap Contracts		—			64,092			—
Non-Deliverable Bond Forwards Contracts		—			11,839			—
Total	$	28,517		$	1,489,227		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(876,254	)	$	—
Futures Contracts		(14,624	)		—			—
Interest Rate Swap Contracts		—			(211,138	)		—
Credit Default Swap Contracts		—			(46,927	)		—
Total	$	(14,624	)	$	(1,134,319	)	$	—
U.S. MORTGAGES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	477,021,757		$	—
Asset-Backed Securities		—			34,059,004			—
U.S. Treasury Obligations		33,497,677			—			—
Investment Company		8,583,963			—			—
Total	$	42,081,640		$	511,080,761		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(27,109,429	)	$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. MORTGAGES (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Interest Rate Swap Contracts(a)	$	—		$	71,789		$	—
Credit Default Swap Contracts(a)		—			159,913			—
Options Purchased		—			53,099			—
Total	$	—		$	284,801		$	—
Liabilities
Futures Contracts(a)	$	(68,791	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(24,072	)		—
Credit Default Swap Contracts(a)		—			(1,441,096	)		—
Written option Contracts		—			(139,546	)		—
Total	$	(68,791	)	$	(1,604,714	)	$	—

(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, 2020. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

EMERGING MARKETS DEBT
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts	$	864,971	(a)	Variation margin on futures contracts; Variation margin on swap contracts	$	(1,138,947)	(a)
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts		2,293,066	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts		(2,321,633)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		3,419,080		Payable for unrealized loss on forward foreign currency exchange contracts		(4,144,375)
Total		$	6,577,117			$	(7,604,955)

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

(b) Aggregate of amounts include $1,391,226 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.

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

HIGH YIELD
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts;	$	724,157	(a)	Variation margin on futures contracts;	$	(29,973	)(a)
Credit	Variation margin on swap contracts		1,815,913	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts.		52,520		Payable for unrealized loss on forward foreign currency exchange contracts.		(22,595	)
Total		$	2,592,590			$	(52,568	)
HIGH YIELD FLOATING RATE
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	790	(a)	Variation margin on futures contracts	$	(62,615)	(a)
Credit	Variation margin on swap contracts		48,791	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		106,250		—		—
Total		$	155,831			$	(62,615)
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	$	517,233	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(303,890)	(a)
Credit	Variation margin on swap contracts		49,708	(a)	Variation margin on swap contracts		(699,600)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		9,647		—		—
Total		$	576,588			$	(1,003,490)

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

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4. INVESTMENTS IN DERIVATIVES (continued)

LOCAL EMERGING MARKETS DEBT
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts; Receivable for unrealized gain on non-deliverable bond forward contracts:	$	703,642	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts; Variation margin on futures contracts	$	(225,762)	(a)(b)
Credit	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts		64,092	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts		(46,927)	(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		750,010		Payable for unrealized loss on forward foreign currency exchange contracts		(876,254)
Total		$	1,517,744			$	(1,148,943)
U.S. MORTGAGES
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts; Purchased options, at value	$	124,888	(a)	Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value	$	(232,409)(a)
Credit	Receivable for unrealized gain on swap contracts		159,913		Payable for unrealized loss on swap contracts		(1,441,096)	(b)
Total		$	284,801			$	(1,673,505)

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

(b) Aggregate of amounts include $56,536 and $1,441,096 for the Local Emerging Markets Debt and U.S. Mortgages Funds, which represents the payments to be made pursuant to bilateral agreements should counterparties exercise their “right to terminate” provisions based on, among others, the Fund’s performance, its failure to pay on its obligations or failure to pledge collateral. Such amounts do not include incremental charges directly associated with the close-out of the agreements. They also do not reflect the fair value of any assets pledged as collateral which, through the daily margining process, substantially offsets the aforementioned amounts and for which the Fund is entitled to a full return.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (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, 2020. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

EMERGING MARKETS DEBT
Risk	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 futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts	$	24,221,130		$	(18,806,626	)		2,856
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(2,271,451	)		8,481,934			73
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(8,978,957	)		1,932,558			520
Total		$	12,970,722		$	(8,392,134	)		3,449
HIGH YIELD
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 futures contracts/Net change in unrealized gain (loss) on futures contracts	$	12,558,461		$	(8,980,789	)		1,764
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		3,482,209			4,899,498			1
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(1,322,253	)		344,616			4
Total		$	14,718,417		$	(3,736,675	)		1,769
HIGH YIELD FLOATING RATE
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 futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(521,306	)	$	231,750			317
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		2,187,281			698,462			3
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(2,527,376	)		951,725			4
Total		$	(861,401	)	$	1,881,937			324

(a) Average number of contracts is based on the average of month end balances for the six months ended September 30, 2020.

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4. INVESTMENTS IN DERIVATIVES (continued)

INVESTMENT GRADE CREDIT
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, written options contracts, futures contracts and swap contracts /Net change in unrealized gain (loss) on written options contracts, futures contracts and swap contracts	$	394,404		$	(641,648	)		1,234
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(498,230	)		2,571,119			12
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(222,922	)		99,254			1
Total		$	(326,748	)	$	2,028,725			1,247

LOCAL EMERGING MARKETS DEBT
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) on futures contracts, non-deliverable bond forward contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts; non-deliverable bond forward contracts and swap contracts	$	1,077,566		$	(449,445	)		212
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		(169,245	)		303,251			13
Currency	Net realized gain (loss) on forward foreign currency exchange/Net change in unrealized gain (loss) on forward foreign currency exchange contracts.		(1,972,074	)		2,677,425			566
Total		$	(1,063,753	)	$	2,531,231			791

U.S. MORTGAGES
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 contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	(754,149	)	$	552,113		443
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		(156,951	)		637,974		4
Total		$	(911,100	)	$	1,190,087		447

(a) Average number of contracts is based on the average of month end balances for the six month ended September 30, 2020.

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

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.

Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold before a transfer is required to be made. To the extent amounts due to a Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. A Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that the Investment Adviser believes to be of good standing and by monitoring the financial stability of those counterparties.

Additionally, the netting of assets and liabilities and the offsetting of collateral pledged or received are based on contractual netting/set-off provisions in the ISDA Master Agreement or similar agreements. However, in the event of a default or insolvency of a counterparty, a court could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of setoff that may be imposed in accordance with a particular jurisdiction’s bankruptcy or insolvency laws.

The following tables set forth the Funds’ net exposure for derivative instruments that are subject to enforceable master netting arrangements or similar agreements as of September 30, 2020:

Local Emerging Markets Debt
	Derivative Assets(1)							Derivative Liabilities(1)									Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Counterparty	Swaps		Forward Currency Contracts			Total		Swaps			Forward Currency Contracts			Total
BofA Securities LLC	$	23,236	$	—		$	23,236	$	(24,132	)	$	—		$	(24,132	)	$	(896	)	$	—		$	(896	)
Citibank NA		41,495		—			41,495		(28,225	)		—			(28,225	)		13,270			—			13,270
Deutsche Bank AG		—		11,839	*		11,839		—			—			—			11,839			—			11,839
JPMorgan Securities, Inc.		—		—			—		(2,082	)		—			(2,082	)		(2,082	)		—			(2,082	)
MS & Co. Int. PLC		523,736		750,010			1,273,746		—			(876,254	)		(876,254	)		397,492			(397,492	)		—
UBS AG (London)		—		—			—		(2,097	)		—			(2,097	)		(2,097	)		—			(2,097	)
Total	$	588,467	$	761,849		$	1,350,316	$	(56,536	)	$	(876,254	)	$	(932,790	)	$	417,526		$	(397,492	)	$	20,034

* Includes non-deliverable bond forward contracts of $11,839.

(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.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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, 2020, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate
Fund Name	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate^
Emerging Markets Debt		0.80	%		0.80	%		0.72	%		0.68	%		0.67	%		0.80	%		0.80	%
High Yield		0.70			0.70			0.63			0.60			0.59			0.70			0.70
High Yield Floating Rate		0.60			0.54			0.51			0.50			0.49			0.59			0.59
Investment Grade Credit		0.34			0.31			0.29			0.28			0.28			0.34			0.34
Local Emerging Markets Debt		0.80			0.80			0.72			0.68			0.67			0.80			0.79
U.S. Mortgages Fund		0.34			0.31			0.29			0.28			0.28			0.34			0.34

^ The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the six months ended September 30, 2020, the management fee waived by GSAM for each Fund was as follows:

Fund Name	Management Fee Waived
Emerging Markets Debt	$	26,890
High Yield		22,670
High Yield Floating Rate		18,385
Investment Grade Credit		6,228
Local Emerging Markets Debt		4,486
U.S. Mortgages		6,292

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.

147

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

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

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

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, 2020, Goldman Sachs retained the following amounts:

	Front End Sales Charge
Fund Name	Class A
Emerging Markets Debt	$	419
High Yield		2,571
High Yield Floating Rate		22
Investment Grade Credit		735
Local Emerging Markets Debt		16
U.S. Mortgages		393

During the six months ended September 30, 2020, Goldman Sachs did not retain any portion of Class C Shares’ CDSC.

D.  Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Service and/or Shareholder Administration Plans to allow Class C and Service Shares, respectively, to compensate service organizations (including Goldman Sachs) for providing varying levels of personal and account maintenance and/or shareholder administration services to their customers who are beneficial owners of such shares. The Service and/or Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% the average daily net assets attributable to Class C and/or Service Shares of the Funds.

E.   Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% of the average daily net assets of Class A, Class C, Investor and Class R Shares, and 0.03% of the average daily net assets of Class R6 and Class P Shares; 0.04% of the average daily net assets of Institutional and Service Shares, and 0.03% of the average daily net assets with respect to the Investment Grade Credit and U.S. Mortgages Funds’ Separate Account Institutional Shares. Prior to July 1, 2020 the fees charged for such transfer agency services was 0.13% of the average daily net assets of Class A, Class C, Investor and Class R Shares.

Effective July 29, 2020, Goldman Sachs has agreed to waive a portion of the transfer agency fees equal to 0.03% of the average daily net assets attributable to Class A, Class C and Investor Shares of the Local Emerging Markets Debt Fund and 0.05% of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund and 0.02% of

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

the average daily net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Debt Fund, through at least July 29, 2021, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Trustees. Prior to July 29, 2020 the waiver of fees charged for such transfer agency services was 0.04% of the average daily net assets of Class A, Class C, Investor and Class R Shares of Local Emerging Markets Debt Fund, 0.06% of the average daily net assets of Class A, Class C, Investor and Class R Shares of High Yield Fund, and 0.03% of the average daily net assets of Class A, Class C, Investor and Class R Shares of Emerging Markets Debt 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 Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are 0.024%, 0.014%, 0.104%, 0.004%, 0.074% and 0.074%, respectively. Prior to July 29, 2020 the Other Expense limitations as an annual percentage rate of average daily net assets for High Yield was 0.024%. These Other Expense limitations will remain in place through at least July 29, 2021, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended September 30, 2020, 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	$	26,893	$	16,231	$	366,610	$	409,734
High Yield		22,670		44,150		242,894		309,714
High Yield Floating Rate		18,385		5		589,876		608,266
Investment Grade Credit		6,228		16		229,972		236,216
Local Emerging Markets Debt		4,486		2,272		284,546		291,304
U.S. Mortgages		6,292		163		112,347		118,802

G.   Line of Credit Facility — As of September 30, 2020, the Funds participated in a $700,000,000 committed, unsecured revolving line of credit facility (the “facility”) together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Funds based on the amount of the commitment that has not been utilized. For the six months ended September 30, 2020, the Funds did not have any borrowings under the facility. Prior to April 28, 2020, the facility was $580,000,000.

In addition, the High Yield Floating Rate Fund also participated in a $150,000,000 committed, unsecured credit facility for the purpose of providing short-term, temporary working capital to the Fund (the “Credit Facility”). The Credit Facility is intended to enable the Fund to more efficiently manage various factors associated with the length of settlement of bank loan transactions and may also be used to satisfy redemption requests. The interest rate on borrowings is based on the federal funds rate as defined in the credit agreement and the Fund is required to pay a fee based on the amount of the commitment that has not been utilized. Under the

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Credit Facility, the Fund had an average outstanding balance and weighted average annual interest rate for the six months ended September 30, 2020 of $67,142,857 and 1.382%, respectively. As of September 30, 2020, there was no outstanding borrowings under the Credit Facility.

H.  Other Transactions with Affiliates — For the six months ended September 30, 2020 , Goldman Sachs earned $52,894, $19,745, $2,384, and $7,807 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.

As of September 30, 2020, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the Local Emerging Market Debts Fund:

Goldman Sachs Satellite Strategies Portfolio		Goldman Sachs Growth and Income Portfolio		Goldman Sachs Growth Strategy Portfolio
	11%		6%		10%

As of September 30, 2020, The Goldman Sachs Group, Inc. was the beneficial owner of 91% of Class R Shares of the High

Yield Floating Rate Fund.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the six months ended September 30, 2020:

Fund	Underlying Fund	Beginning Value as of March 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of September 30, 2020		Shares as of September 30, 2020		Dividend Income
Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	70,293,308	$	327,456,591	$	(378,142,667	)	$	19,607,232		19,607,232	$	25,841
High Yield	Goldman Sachs Financial Square Government Fund — Institutional Shares		65,794,418		297,044,856		(362,839,274	)		—		—		19,837
High Yield Floating Rate	Goldman Sachs Financial Square Government Fund — Institutional Shares		84,002,150		314,812,244		(387,354,694	)		11,459,700		11,459,700		19,104
Investment Grade Credit	Goldman Sachs Financial Square Government Fund — Institutional Shares		24,456,240		146,978,607		(171,434,847	)		—		—		7,009
Local Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares		7,510,991		34,161,129		(37,665,346	)		4,006,774		4,006,774		4,206
U.S. Mortgages	Goldman Sachs Financial Square Government Fund — Institutional Shares		16,960,588		136,614,214		(144,990,839	)		8,583,963		8,583,963		7,178

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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, 2020, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Emerging Markets Debt	$	226,367,540	$	355,467,046	$	226,555,238	$	416,609,132
High Yield		—		654,602,497		—		565,661,083
High Yield Floating Rate		—		284,306,859		—		391,868,289
Investment Grade Credit		—		253,423,384		—		111,120,181
Local Emerging Markets Debt		8,054,619		28,132,027		8,061,711		41,658,789
U.S. Mortgages		2,818,332,930		12,620,093		2,927,800,526		27,092,648

The table below summarizes the reverse repurchase agreement activity for the six months ended September 30, 2020:

Fund	Average amount of borrowings		Weighted average interest rate (Paid) Received			Number of days outstanding during the period
High Yield	$	3,466,621		0.008	%		21

7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the High Yield and High Yield Floating Rate Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The High Yield and High Yield Floating Rate Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

7. SECURITIES LENDING (continued)

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, 2020, 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, 2020, are reported under Investment Income on the Statements of Operations.

	For the Six Months Ended September 30, 2020				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of September 30, 2020
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Fund from Lending to Goldman Sachs
High Yield Floating Rate	$	3,333	$	9,710	$	—

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended September 30, 2020.

Fund	Beginning Value as of March 31, 2020		Purchases at Cost		Proceeds from Sales			Ending Value as of September 30, 2020		Shares as of September 30, 2020
High Yield	$	—	$	77,524,240	$	(77,524,240	)	$	—		—
High Yield Floating Rate		281,175		46,664,338		(36,944,363	)		10,001,150		10,001,150

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8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2020, 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	$	—		$	(126,573,848	)	$	(106,033,900	)	$	—		$	(106,887,704	)	$	(7,650,896	)
Perpetual Long-Term		(61,457,173	)		(294,434,378	)		(181,946,019	)		—			(40,115,015	)		(5,359,737	)
Total capital loss carryforwards	$	(61,457,173	)	$	(421,008,226	)	$	(287,979,919	)	$	—		$	(147,002,719	)	$	(13,010,633	)
Timing differences (Qualified Late Year Loss Deferral/Post October Loss Deferral/Straddle Deferral/Distributions Payable)	$	(5,711,923	)	$	(54,872,512	)	$	(79,876,337	)	$	(1,383,181	)	$	(9,875,646	)	$	(289,602	)

As of September 30, 2020, 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	$	1,242,080,390		$	1,986,047,823		$	1,313,694,622		$	603,974,737		$	78,931,334		$	540,467,400
Gross unrealized gain		59,057,854			80,751,023			7,024,818			46,146,259			4,263,341			13,751,406
Gross unrealized loss		(143,898,888	)		(101,213,156	)		(70,815,118	)		(3,296,085	)		(9,169,141	)		(1,056,405	)
Net unrealized gains (losses)	$	(84,841,034	)	$	(20,462,133	)	$	(63,790,300	)	$	42,850,174		$	(4,905,800	)	$	12,695,001

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, net mark to market gains/(losses) on foreign currency contracts, and differences in the tax treatment of swap transactions, market discount accretion and premium amortization and material modification of debt securities.

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.

9. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

9. OTHER RISKS (continued)

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit a Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent a Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, a Fund may benefit from a lag due to an obligation’s interest rate payment not being immediately impacted by a decline in interest rates.

In 2017, the United Kingdom’s Financial Conduct Authority (“FCA”) warned that LIBOR may cease to be available or appropriate for use by 2021. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect the Fund’s performance and/or NAV.

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

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation, less public information and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in share registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in emerging markets, these risks may be more pronounced.

Geographic Risk — If a Fund focuses its investments in securities of issuers located in a particular country or geographic region, the Fund may be subjected, to a greater extent than if its investments were less focused, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that country or region, such as: adverse securities markets; adverse exchange rates; adverse social, political, regulatory, economic, business, environmental or other developments; or natural disasters.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Funds will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short term fixed income securities or instruments. The risks associated with 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

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9. OTHER RISKS (continued)

do not apply to conventional mutual funds, including but not limited to the following: (i) the market price of the ETF’s shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF’s shares may not develop or be maintained.

Large Shareholder Transactions Risk — A Fund may experience adverse effects when certain large shareholders, such as other funds, institutional investors (including those trading by use of non-discretionary mathematical formulas), financial intermediaries (who may make investment decisions on behalf of underlying clients and/or include a Fund in their investment model), individuals, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of a Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause a Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact a Fund’s NAV and liquidity. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would.

Leverage Risk — Leverage creates exposure to potential gains and losses in excess of the initial amount invested. Borrowing and the use of derivatives may result in leverage and may make a Fund more volatile. When a Fund uses leverage, the sum of that Fund’s investment exposure may significantly exceed the amount of assets invested in the Fund, although these exposures may vary over time. Relatively small market movements may result in large changes in the value of a leveraged investment. A Fund will identify liquid assets on its books or otherwise cover transactions that may give rise to such risk, to the extent required by applicable law. The use of leverage may cause a Fund to liquidate portfolio positions to satisfy its obligations or to meet segregation requirements when it may not be advantageous to do so. The use of leverage by a Fund can substantially increase the adverse impact to which the Fund’s investment portfolio may be subject.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors’ interests because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and dilute remaining investors’ interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Fund’s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may be regarded as the creditor of the agent lender (rather than the borrower), subjecting a Fund to the creditworthiness of that lender as well. Investors in loans, such as a Fund, may not be entitled to rely on

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

9. OTHER RISKS (continued)

the anti-fraud protections of the federal securities laws, although they may be entitled to certain contractual remedies. The market for loan obligations may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Because transactions in many loans are subject to extended trade settlement periods, a Fund may not receive the proceeds from the sale of a loan for a period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or to meet a Fund’s redemption obligations for a period after the sale of the loans, and, as a result, a Fund may have to sell other investments or engage in borrowing transactions, such as borrowing from its credit facility, if necessary to raise cash to meet its obligations.

Senior Loans hold the most senior position in the capital structure of a business entity, and are typically secured with specific collateral, but are nevertheless usually rated below investment grade. Because Second Lien Loans are subordinated or unsecured and thus lower in priority of payment to Senior Loans, they are subject to the additional risk that the cash flow of the borrower and property securing the loan or debt, if any, may be insufficient to meet scheduled payments after giving effect to the senior secured obligations of the borrower. Second Lien Loans generally have greater price volatility than Senior Loans and may be less liquid.

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

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

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.

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

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

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11. OTHER MATTERS (continued)

On October 22, 2020, Goldman Sachs announced a settlement of matters involving 1Malaysia Development Bhd. (1MDB), a Malaysian sovereign wealth fund, with the United States Department of Justice as well as criminal and civil authorities in the UK, Singapore and Hong Kong. Further information regarding the 1MDB settlement can be found at https://www.goldmansachs.com/media-relations/press-releases/current/goldman-sachs-2020-10-22.html. The 1MDB settlement will not materially adversely affect GSAM’s ability to serve as investment manager.

12. SUBSEQUENT EVENTS

Subsequent events after the Statements of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Emerging Markets Debt Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		513,387		$	5,980,290			1,799,062		$	22,111,392
Reinvestment of distributions		55,174			635,610			169,839			2,071,741
Shares redeemed		(1,948,166	)		(22,669,660	)		(2,546,388	)		(31,032,397	)
		(1,379,605	)		(16,053,760	)		(577,487	)		(6,849,264	)
Class C Shares
Shares sold		25,421			296,866			158,428			1,957,781
Reinvestment of distributions		15,724			182,091			46,146			562,918
Shares redeemed		(304,434	)		(3,565,790	)		(671,612	)		(8,207,244	)
		(263,289	)		(3,086,833	)		(467,038	)		(5,686,545	)
Institutional Shares
Shares sold		15,889,982			182,076,398			27,059,839			331,489,144
Reinvestment of distributions		1,431,460			16,674,384			3,544,599			43,280,086
Shares redeemed		(20,117,614	)		(233,385,144	)		(40,072,790	)		(476,866,219	)
		(2,796,172	)		(34,634,362	)		(9,468,352	)		(102,096,989	)
Investor Shares
Shares sold		731,495			8,388,768			2,455,938			30,277,018
Reinvestment of distributions		118,769			1,380,163			339,925			4,156,004
Shares redeemed		(1,986,242	)		(22,952,322	)		(4,461,512	)		(54,474,763	)
		(1,135,978	)		(13,183,391	)		(1,665,649	)		(20,041,741	)
Class R6 Shares
Shares sold		570,013			6,455,032			2,273,598			27,652,682
Reinvestment of distributions		297,247			3,458,093			886,709			10,835,500
Shares redeemed		(3,354,293	)		(36,579,968	)		(12,594,757	)		(153,866,293	)
		(2,487,033	)		(26,666,843	)		(9,434,450	)		(115,378,111	)
Class P Shares
Shares sold		1,215,797			14,842,240			381,972			4,785,423
Reinvestment of distributions		33,908			398,548			56,398			686,592
Shares redeemed		(127,975	)		(1,568,719	)		(289,463	)		(3,389,004	)
		1,121,730			13,672,069			148,907			2,083,011
NET DECREASE		(6,940,347	)	$	(79,953,120	)		(21,464,069	)	$	(247,969,639	)

158

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Yield Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,260,802		$	7,614,995			2,253,663		$	14,179,863
Reinvestment of distributions		550,522			3,301,920			1,271,994			8,010,299
Shares redeemed		(3,434,052	)		(20,705,062	)		(7,449,519	)		(46,849,415	)
		(1,622,728	)		(9,788,147	)		(3,923,862	)		(24,659,253	)
Class C Shares
Shares sold		198,599			1,195,930			373,255			2,379,542
Reinvestment of distributions		35,782			214,553			89,909			566,531
Shares redeemed		(549,930	)		(3,287,874	)		(1,104,011	)		(6,923,942	)
		(315,549	)		(1,877,391	)		(640,847	)		(3,977,869	)
Institutional Shares
Shares sold		17,381,674			101,171,526			15,763,009			99,829,525
Reinvestment of distributions		1,262,775			7,596,516			2,473,141			15,607,017
Shares redeemed		(21,304,552	)		(128,598,134	)		(25,934,086	)		(162,127,701	)
		(2,660,103	)		(19,830,092	)		(7,697,936	)		(46,691,159	)
Service Shares
Shares sold		394,667			2,363,480			196,451			1,224,931
Reinvestment of distributions		29,273			176,025			63,976			402,810
Shares redeemed		(287,212	)		(1,761,769	)		(963,127	)		(6,092,977	)
		136,728			777,736			(702,700	)		(4,465,236	)
Investor Shares
Shares sold		187,750			1,106,880			586,339			3,659,920
Reinvestment of distributions		69,122			415,612			157,589			994,360
Shares redeemed		(322,880	)		(1,932,063	)		(1,298,245	)		(8,156,242	)
		(66,008	)		(409,571	)		(554,317	)		(3,501,962	)
Class R6 Shares
Shares sold		252,970			1,492,784			2,698,562			17,320,517
Reinvestment of distributions		241,159			1,456,515			593,593			3,759,198
Shares redeemed		(1,017,803	)		(6,185,393	)		(7,116,411	)		(43,936,039	)
		(523,674	)		(3,236,094	)		(3,824,256	)		(22,856,324	)
Class R Shares
Shares sold		110,574			655,342			271,986			1,682,799
Reinvestment of distributions		40,746			243,200			102,892			647,026
Shares redeemed		(955,137	)		(5,811,159	)		(553,591	)		(3,396,212	)
		(803,817	)		(4,912,617	)		(178,713	)		(1,066,387	)
Class P Shares
Shares sold		33,737,039			201,970,052			59,389,030			375,549,036
Reinvestment of distributions		7,026,601			42,310,842			15,157,165			95,571,935
Shares redeemed		(30,580,865	)		(177,894,404	)		(85,156,082	)		(505,997,133	)
		10,182,775			66,386,490			(10,609,887	)		(34,876,162	)
NET INCREASE (DECREASE)		4,327,624		$	27,110,314			(28,132,518	)	$	(142,094,352	)

159

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Yield Floating Rate Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		42,158		$	351,446			51,166		$	457,770
Reinvestment of distributions		6,782			59,201			17,481			161,777
Shares redeemed		(56,878	)		(475,318	)		(121,747	)		(1,130,379	)
		(7,938	)		(64,671	)		(53,100	)		(510,832	)
Class C Shares
Shares sold		—			—			9,691			91,062
Reinvestment of distributions		1,320			11,516			4,426			41,033
Shares redeemed		(18,987	)		(168,248	)		(49,153	)		(458,046	)
		(17,667	)		(156,732	)		(35,036	)		(325,951	)
Institutional Shares
Shares sold		7,446,792			64,291,574			6,446,570			60,606,786
Reinvestment of distributions		277,866			2,434,406			544,456			5,036,346
Shares redeemed		(2,018,126	)		(17,483,039	)		(6,418,477	)		(57,796,663	)
		5,706,532			49,242,941			572,549			7,846,469
Investor Shares
Shares sold		28,648			247,133			57,643			545,434
Reinvestment of distributions		2,142			18,799			7,735			72,087
Shares redeemed		(16,240	)		(140,975	)		(128,868	)		(1,207,359	)
		14,550			124,957			(63,490	)		(589,838	)
Class R6 Shares
Shares sold		27,242			240,000			1,604,244			15,190,000
Reinvestment of distributions		49,089			428,995			191,287			1,774,242
Shares redeemed		(1,027,694	)		(8,430,000	)		(1,531,103	)		(14,500,000	)
		(951,363	)		(7,761,005	)		264,428			2,464,242
Class R Shares
Shares sold		126			1,107			9			79
Reinvestment of distributions		28			241			100			936
Shares redeemed		—			—			(9,424	)		(89,458	)
		154			1,348			(9,315	)		(88,443	)
Class P Shares
Shares sold		10,160,594			88,379,573			30,402,056			285,962,085
Reinvestment of distributions		2,804,793			24,521,614			10,864,245			100,901,974
Shares redeemed		(35,046,298	)		(298,962,528	)		(134,328,648	)		(1,210,528,615	)
		(22,080,911	)		(186,061,341	)		(93,062,347	)		(823,664,556	)
NET DECREASE		(17,336,643	)	$	(144,674,503	)		(92,386,311	)	$	(814,868,909	)

160

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Investment Grade Credit Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		383,073		$	3,744,804			1,064,510		$	9,946,383
Reinvestment of distributions		16,220			160,739			42,969			411,597
Shares redeemed		(424,200	)		(4,260,721	)		(871,709	)		(8,317,736	)
		(24,907	)		(355,178	)		235,770			2,040,244
Institutional Shares
Shares sold		3,557,132			35,066,019			4,578,984			43,280,105
Reinvestment of distributions		94,725			940,883			244,123			2,341,768
Shares redeemed		(1,753,116	)		(16,375,318	)		(3,447,206	)		(32,887,235	)
		1,898,741			19,631,584			1,375,901			12,734,638
Separate Account Institutional
Shares sold		2,588,245			25,381,620			6,474,618			61,456,189
Reinvestment of distributions		372,601			3,690,460			1,071,922			10,273,344
Shares redeemed		(2,348,008	)		(23,154,239	)		(7,171,721	)		(67,368,294	)
		612,838			5,917,841			374,819			4,361,239
Investor Shares
Shares sold		821,517			8,234,349			498,818			4,707,948
Reinvestment of distributions		8,445			83,685			18,959			181,746
Shares redeemed		(150,681	)		(1,437,220	)		(346,582	)		(3,077,750	)
		679,281			6,880,814			171,195			1,811,944
Class R6 Shares
Shares sold		24,462			241,429			58,732			561,082
Reinvestment of distributions		1,606			15,892			4,607			44,191
Shares redeemed		(23,521	)		(228,702	)		(27,851	)		(262,263	)
		2,547			28,619			35,488			343,010
Class P Shares
Shares sold		17,068,113			170,288,675			4,388,719			41,963,996
Reinvestment of distributions		384,140			3,812,603			978,941			9,369,296
Shares redeemed		(8,099,275	)		(81,504,729	)		(5,666,203	)		(53,941,392	)
		9,352,978			92,596,549			(298,543	)		(2,608,100	)
NET INCREASE		12,521,478		$	124,700,229			1,894,630		$	18,682,975

161

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2020 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Local Emerging Markets Debt Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		30,155		$	166,996			241,187		$	1,386,001
Reinvestment of distributions		14,882			81,596			37,563			218,756
Shares redeemed		(91,985	)		(505,258	)		(263,342	)		(1,556,407	)
		(46,948	)		(256,666	)		15,408			48,350
Class C Shares
Shares sold		111,250			619,719			66,354			397,000
Reinvestment of distributions		6,233			34,150			17,920			104,147
Shares redeemed		(66,375	)		(357,744	)		(351,821	)		(2,049,161	)
		51,108			296,125			(267,547	)		(1,548,014	)
Institutional Shares
Shares sold		86,693			469,239			1,044,068			6,074,568
Reinvestment of distributions		37,438			204,154			174,316			1,013,809
Shares redeemed		(1,261,815	)		(6,560,577	)		(3,513,890	)		(20,526,021	)
		(1,137,684	)		(5,887,184	)		(2,295,506	)		(13,437,644	)
Investor Shares
Shares sold		83,701			445,552			1,102,704			6,501,600
Reinvestment of distributions		15,765			85,981			51,571			299,481
Shares redeemed		(418,773	)		(2,231,750	)		(1,091,038	)		(6,204,575	)
		(319,307	)		(1,700,217	)		63,237			596,506
Class R6 Shares
Shares sold		—			—			304,283			1,745,000
Reinvestment of distributions		80,326			438,635			385,858			2,244,149
Shares redeemed		(1,700,451	)		(8,500,000	)		(10,781,107	)		(62,918,018	)
		(1,620,125	)		(8,061,365	)		(10,090,966	)		(58,928,869	)
Class P Shares
Shares sold		104,372			581,352			424,960			2,582,976
Reinvestment of distributions		101,051			551,900			314,691			1,826,785
Shares redeemed		(1,008,282	)		(5,427,382	)		(3,612,634	)		(20,496,940	)
		(802,859	)		(4,294,130	)		(2,872,983	)		(16,087,179	)
NET DECREASE		(3,875,815	)	$	(19,903,437	)		(15,448,357	)	$	(89,356,850	)

162

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	U.S. Mortgages Fund
	For the Six Months Ended September 30, 2020 (Unaudited)						For the Fiscal Year Ended March 31, 2020
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,062,618		$	11,336,035			1,147,097		$	12,015,501
Reinvestment of distributions		31,488			337,525			72,641			759,762
Shares redeemed		(587,331	)		(6,269,837	)		(1,390,147	)		(14,531,261	)
		506,775			5,403,723			(170,409	)		(1,755,998	)
Institutional Shares
Shares sold		1,000,343			10,733,471			3,783,136			39,828,543
Reinvestment of distributions		55,213			593,251			97,793			1,027,136
Shares redeemed		(2,556,681	)		(27,351,399	)		(2,179,366	)		(22,734,868	)
		(1,501,125	)		(16,024,677	)		1,701,563			18,120,811
Separate Account Institutional
Shares sold		3,064,842			32,809,703			5,621,328			58,813,402
Reinvestment of distributions		302,157			3,239,817			594,845			6,226,978
Shares redeemed		(2,155,136	)		(23,130,636	)		(7,488,684	)		(78,227,152	)
		1,211,863			12,918,884			(1,272,511	)		(13,186,772	)
Investor Shares
Shares sold		2,878,667			30,845,268			6,470,677			67,746,968
Reinvestment of distributions		90,120			967,632			450,005			4,720,326
Shares redeemed		(9,634,415	)		(103,296,750	)		(10,917,083	)		(114,719,394	)
		(6,665,628	)		(71,483,850	)		(3,996,401	)		(42,252,100	)
Class R6 Shares
Shares sold		263,832			2,831,875			1,010,406			10,585,447
Reinvestment of distributions		28,684			308,289			48,738			511,536
Shares redeemed		(394,457	)		(4,237,290	)		(529,758	)		(5,551,845	)
		(101,941	)		(1,097,126	)		529,386			5,545,138
Class P Shares
Shares sold		853,387			9,197,757			114,565			1,201,600
Reinvestment of distributions		8,996			96,688			26,030			272,951
Shares redeemed		(97,227	)		(1,045,937	)		(501,913	)		(5,242,891	)
		765,156			8,248,508			(361,318	)		(3,768,340	)
NET DECREASE		(5,784,900	)	$	(62,034,538	)		(3,569,690	)	$	(37,297,261	)

163

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2020 (Unaudited)

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

This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Separate Account Institutional, Investor, Class R6, Class R Shares or Class P of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2020 through September 30, 2020, 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.

Hypothetical Example for Comparison Purposes — The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Emerging Markets Debt Fund							High Yield Fund							High Yield Floating Rate Fund
Share Class	Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*
Class A
Actual	$	1,000.00	$	1,183.10		$	6.40	$	1,000.00	$	1,153.70		$	5.61	$	1,000.00	$	1,163.80		$	5.80
Hypothetical 5% return		1,000.00		1,019.85	+		5.92		1,000.00		1,019.85	+		5.27		1,000.00		1,019.85	+		5.42
Class C
Actual		1,000.00		1,178.70			10.49		1,000.00		1,149.20			9.64		1,000.00		1,159.50			9.85
Hypothetical 5% return		1,000.00		1,015.44	+		9.70		1,000.00		1,016.09	+		9.05		1,000.00		1,015.94	+		9.20
Institutional
Actual		1,000.00		1,184.60			4.71		1,000.00		1,154.90			4.11		1,000.00		1,164.30			3.96
Hypothetical 5% return		1,000.00		1,020.76	+		4.36		1,000.00		1,021.26	+		3.85		1,000.00		1,021.41	+		3.70
Service
Actual		—		—			—		1,000.00		1,152.50			6.80		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,018.75	+		6.38		—		—			—
Investor
Actual		1,000.00		1,184.30			5.04		1,000.00		1,154.90			4.27		1,000.00		1,164.90			4.45
Hypothetical 5% return		1,000.00		1,020.46	+		4.66		1,000.00		1,021.11	+		4.00		1,000.00		1,020.96	+		4.15
Class R6
Actual		1,000.00		1,185.80			4.66		1,000.00		1,154.70			4.05		1,000.00		1,165.60			3.96
Hypothetical 5% return		1,000.00		1,020.81	+		4.31		1,000.00		1,021.31	+		3.80		1,000.00		1,021.41	+		3.70
Class R
Actual		—		—			—		1,000.00		1,152.30			6.96		1,000.00		1,162.50			7.16
Hypothetical 5% return		—		—			—		1,000.00		1,018.60	+		6.53		1,000.00		1,018.60	+		6.68
Class P
Actual		1,000.00		1,184.90			4.66		1,000.00		1,154.90			4.05		1,000.00		1,165.60			3.91
Hypothetical 5% return		1,000.00		1,021.31	+		4.31		1,000.00		1,021.31	+		3.80		1,000.00		1,021.31	+		3.65

* 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, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Emerging Markets Debt+		1.17	%		1.92	%		0.86	%		—	%		0.92	%		0.85	%		—	%		0.85	%
High Yield+		1.04			1.79			0.76			1.26			0.79			0.75			1.29			0.75
High Yield Floating Rate+		1.07			1.82			0.73			—			0.82			0.73			1.32			0.72

+ 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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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2020 (Unaudited) (continued)

	Investment Grade Credit Fund							Local Emerging Markets Debt Fund							U.S. Mortgages Fund
Share Class	Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*		Beginning Account Value 4/1/20		Ending Account Value 9/30/20			Expenses Paid for the 6 months ended 9/30/20*
Class A
Actual	$	1,000.00	$	1,132.20		$	3.85	$	1,000.00	$	1,120.30		$	6.43	$	1,000.00	$	1,029.70		$	4.02
Hypothetical 5% return		1,000.00		1,021.46	+		3.65		1,000.00		1,021.46	+		6.12		1,000.00		1,021.46	+		4.00
Class C
Actual		—		—			—		1,000.00		1,116.30			10.40		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,015.24	+		9.90		—		—			—
Institutional
Actual		1,000.00		1,132.80			2.03		1,000.00		1,122.30			4.84		1,000.00		1,031.40			2.29
Hypothetical 5% return		1,000.00		1,023.16	+		1.93		1,000.00		1,020.51	+		4.61		1,000.00		1,022.81	+		2.28
Separate Account Institutional
Actual		1,000.00		1,132.90			1.98		—		—			—		1,000.00		1,031.50			2.24
Hypothetical 5% return		1,000.00		1,023.21	+		1.88		—		—			—		1,000.00		1,022.86	+		2.23
Investor
Actual		1,000.00		1,132.30			2.51		1,000.00		1,119.80			5.10		1,000.00		1,031.00			2.75
Hypothetical 5% return		1,000.00		1,022.71	+		2.38		1,000.00		1,020.26	+		4.86		1,000.00		1,022.36	+		2.74
Class R6
Actual		1,000.00		1,132.90			1.98		1,000.00		1,122.40			4.79		1,000.00		1,031.40			2.24
Hypothetical 5% return		1,000.00		1,023.21	+		1.88		1,000.00		1,020.56	+		4.56		1,000.00		1,022.86	+		2.23
Class P
Actual		1,000.00		1,133.00			1.98		1,000.00		1,122.40			4.79		1,000.00		1,031.40			2.24
Hypothetical 5% return		1,000.00		1,023.21	+		1.88		1,000.00		1,023.21	+		4.56		1,000.00		1,023.21	+		2.23

* 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, 2020. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Separate Account Institutional			Investor			Class R6			Class P
Investment Grade Credit+		0.72	%		—	%		0.38	%		0.37	%		0.47	%		0.37	%		0.37	%
Local Emerging Markets Debt+		1.21			1.96			0.91			—			0.96			0.90			0.90
U.S. Mortgages+		0.79			—			0.45			0.44			0.54			0.44			0.44

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

165

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.

The Management Agreement was most recently approved for continuation until June 30, 2021 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 16-17, 2020 (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 two 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 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) 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) 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) 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;

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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) 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, securities lending, 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 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

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 market, regulatory and control environment in which the Funds and their service providers operate, including changes associated with the COVID-19 pandemic, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. The Trustees also considered information regarding the Investment Adviser’s business continuity planning and remote operations in the current environment. 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, 2019, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2020. The information on each Fund’s investment performance was provided for the one-, three-, five-,

167

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statement Regarding Basis for Approval of Management Agreement (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 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 ten-year period and in the third quartile for the one-, three-, and five-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. The Trustees observed that the High Yield Fund’s Institutional Shares had placed in the third quartile of the Fund’s peer group and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They observed that the High Yield Floating Rate Fund’s Institutional Shares had placed in the fourth quartile of the Fund’s peer group and had underperformed he Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2020. They noted that the High Yield and the High Yield Floating Rate Funds had experienced certain portfolio management changes in 2019 and the first half of 2020. 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 three- and ten-year periods and in the third quartile for the one- and five-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, 2020. The Trustees 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 ten-year period and in the fourth quartile for the one-, three-, and five-year periods, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2020. They noted that the U.S. Mortgages Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the five- and ten-year periods, in the third quartile for the three-year period and fourth quartile for the one-year period, 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, 2020. They noted that the U.S. Mortgages Fund had experienced certain portfolio management changes in the first half of 2020.

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 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 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 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.

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.

168

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

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 2019 and 2018, and the Trustees considered this information in relation to the Investment Adviser’s 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 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 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

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) fees earned by Goldman Sachs Agency Lending (“GSAL”), an affiliate of the Investment Adviser, as securities lending agent for the High Yield and High Yield

169

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

Floating Rate Funds (and fees earned by the Investment Adviser for managing the fund in which these Funds’ securities lending cash collateral is invested); (e) the Investment Adviser’s ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (f) the Investment Adviser’s ability to cross-market other products and services to Fund shareholders; (g) Goldman Sachs’ retention of certain fees as Fund Distributor; (h) 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; (i) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (j) the investment in exchange-traded funds (“ETFs”) managed by the Investment Adviser that will result in increased assets under management for those ETFs and may facilitate the development of the Investment Adviser’s ETF advisory business; and (k) 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; (h) the High Yield and High Yield Floating Rate Funds’ ability to participate in the securities lending program administered by GSAL, as measured by the revenue received by the Funds in connection with the program; and (i) 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.

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, 2021.

170

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 $1.86 trillion in assets under supervision as of September 30, 2020, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC subject to legal, internal and regulatory restrictions.

Money Market

Financial Square Funds^SM

∎ Financial Square Treasury Solutions Fund¹

∎ Financial Square Government Fund¹

∎ Financial Square Money Market Fund²

∎ Financial Square Prime Obligations Fund²

∎ Financial Square Treasury Instruments Fund¹

∎ Financial Square Treasury Obligations Fund¹

∎ Financial Square Federal Instruments Fund¹

Investor Funds^SM

∎ Investor Money Market Fund³

∎ Investor Tax-Exempt Money Market Fund³

Fixed Income

Short Duration and Government

∎ Enhanced Income Fund

∎ High Quality Floating Rate Fund

∎ Short-Term Conservative Income Fund

∎ Short Duration Government Fund

∎ Short Duration Income Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund⁴

∎ Strategic Income Fund

∎ Income Fund

Municipal and Tax-Free

∎ High Yield Municipal Fund

∎ Dynamic Municipal Income Fund

∎ Short Duration Tax-Free Fund

∎ Municipal Income Completion Fund

Single Sector

∎ Investment Grade Credit Fund

∎ U.S. Mortgages Fund

∎ High Yield Fund

∎ High Yield Floating Rate Fund

∎ Emerging Markets Debt Fund

∎ Local Emerging Markets Debt Fund

Fixed Income Alternatives

∎ Long Short Credit Strategies Fund

Fundamental Equity

∎ Equity Income Fund

∎ Small Cap 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

∎ U.S. Equity ESG Fund⁵

∎ Income Builder Fund

∎ Defensive Equity Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund⁶

∎ Emerging Markets Equity Fund

∎ Imprint Emerging Markets Opportunities Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Clean Energy Income Fund

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund⁷

∎ 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 Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Target Date Retirement Portfolio⁸

∎ 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

¹  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

²  You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

³  You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

⁴  Effective after the close of business on April 30, 2020, the Goldman Sachs Global Income Fund was renamed the Goldman Sachs Global Core Fixed Income Fund.

⁵  Effective after the close of business of August 30, 2020, the Goldman Sachs Blue Chip Fund was renamed the Goldman Sachs U.S. Equity ESG Fund.

⁶  Effective after the close of business of November 20, 2019, the Goldman Sachs Asia Equity Fund was renamed the Goldman Sachs China Equity Fund.

⁷  Effective after the close of business on June 26, 2020, the Goldman Sachs MLP & Energy Fund was renamed the Goldman Sachs Energy Infrastructure Fund.

⁸  Effective December 27, 2019, the Goldman Sachs Target Date 2020 Portfolio was renamed the Goldman Sachs Target Date Retirement Portfolio. Financial Square Funds^SM and Investor Funds^SM are registered service marks of Goldman Sachs & Co. LLC.

* This list covers open-end funds only. Please visit our website at www.GSAMFUNDS.com to learn about our closed-end funds and exchange-traded funds.

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado James A. McNamara Roy W. Templin Gregory G. Weaver	OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Caroline L. Kraus, Secretary
GOLDMAN SACHS & CO. LLC Distributor and Transfer Agent	GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

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

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

The reports concerning the Funds included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Funds in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Funds, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Funds. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed.

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).

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, 2020 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.

© 2020 Goldman Sachs. All rights reserved. 221934-OTU-1301885 SSFISAR-20

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 13(a)(1) of the registrant’s Form N-CSR filed on May 5, 2020.
(a)(2)	Exhibit 99.CERT	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.
(a)(3)	Not applicable to open-end investment companies.
(a)(4)	There was no change in the registrant’s independent public accountant for the period covered by this report.
(b)	Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.

SIGNATURES

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

	Goldman Sachs Trust
By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	November 25, 2020

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 25, 2020
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	November 25, 2020