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, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders is filed herewith.

Goldman Sachs Funds

Semi-Annual Report	September 30, 2021
	Multi Sector Fixed Income Funds
	Bond
	Core Fixed Income
	Global Core Fixed Income
	Income
	Long Short Credit Strategies
	Strategic Income

Goldman Sachs Multi Sector Fixed Income Funds

∎ BOND

∎ CORE FIXED INCOME

∎ GLOBAL CORE FIXED INCOME

∎ INCOME

∎ LONG SHORT CREDIT STRATEGIES

∎ STRATEGIC INCOME

TABLE OF CONTENTS
Fund Basics	2
Schedules of Investments	15
Financial Statements	128
Financial Highlights	135
Bond	135
Core Fixed Income	143
Global Core Fixed Income	151
Income	158
Long Short Credit Strategies	165
Strategic Income	172
Notes to the Financial Statements	179
Other Information	212

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Goldman Sachs Multi-Sector Fixed Income Funds

The following are highlights both of key factors affecting the fixed income market and of any changes made to the Goldman Sachs Multi-Sector Fixed Income Funds (the “Funds”) during the six months ended September 30, 2021 (the “Reporting Period”). A fuller review of the market and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended March 31, 2022.

Market and Economic Review

∎ The broad U.S. fixed income market, as measured by the Bloomberg U.S. Aggregate Bond Index, posted a return of 1.88% during the Reporting Period, significantly underperforming the broad U.S. equity market.

∎ Early in the Reporting Period, global central banks generally remained accommodative, with the U.S. Federal Reserve (“Fed”) indicating it needed to see “substantial progress” on its employment and inflation goals before altering U.S. monetary policy.

∎ Remarkably strong U.S. inflation data, deemed “transitory” by the Fed, a disappointing U.S. jobs report released in April 2021 and the spread of the COVID-19 Delta variant suggested pandemic-related dynamics could continue distorting economic data as the Reporting Period progressed.

∎ In September 2021, as inflationary trends continued, driven by a sharp rise in energy prices and persistent supply-chain bottlenecks, developed markets central banks delivered or hinted at sooner than previously consensus expected policy normalization, with the Fed stating it might start raising interest rates during 2022 and the tapering of its asset purchases “may soon be warranted.”

∎ Shorter-term U.S. Treasury yields rose modestly during the Reporting Period overall, while intermediate- and longer-term U.S. Treasury yields fell moderately.

∎ Corporate bonds, both investment grade and high yield, outperformed U.S. Treasuries during the Reporting Period. So, too, did Treasury inflation protected securities and emerging markets debt. Securitized assets, including mortgage-backed securities and asset-backed securities, underperformed U.S. Treasuries during the Reporting Period.

Fund Changes and Highlights

Goldman Sachs Bond Fund

∎ Effective October 1, 2021, just after the close of the Reporting Period, Michael Swell no longer served as a portfolio manager for the Fund. Ashish Shah continues to serve as a portfolio manager for the Fund.

Goldman Sachs Core Fixed Income Fund

∎ Effective October 1, 2021, just after the close of the Reporting Period, Michael Swell no longer served as a portfolio manager for the Fund. Ashish Shah continues to serve as a portfolio manager for the Fund.

Goldman Sachs Long Short Credit Strategies Fund

∎ Effective July 29, 2021, the Fund’s benchmark index changed from the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index to the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index.

Goldman Sachs Strategic Income Fund

∎ Effective July 29, 2021, the Fund’s benchmark index changed from the ICE Bank of America Merrill Lynch U.S. Dollar Three-Month LIBOR Constant Maturity Index to the ICE Bank of America Merrill Lynch Three-Month U.S. Treasury Bill Index.

∎ Effective October 1, 2021, just after the close of the Reporting Period, Michael Swell no longer served as a portfolio manager for the Fund. Ashish Shah continues to serve as a portfolio manager for the Fund.

∎ The Strategic Income Fund is a dynamic fund which may have large fluctuations in sector allocations within a time period.

Goldman Sachs Income Fund

∎ The Fund outperformed its relative benchmark due to the Fund’s overweight allocations to high yield and investment grade corporate bonds. Spread Sectors (High yield and investment grade corporate bond) remain generally resilient against rate market volatility and supply chain pressures.

1

FUND BASICS

Bond Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		2.41	%		1.88	%		1.22	%		1.04	%
Class C		2.12			1.88			0.51			0.33
Institutional		2.67			1.88			1.59			1.41
Service		2.41			1.88			1.09			0.91
Investor		2.64			1.88			1.51			1.33
Class R6		2.68			1.88			1.60			1.42
Class R		2.37			1.88			1.01			0.83
Class P		2.68			1.88			1.60			1.42

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 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.

2

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 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.

3

FUND BASICS

Core Fixed Income Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		2.19	%		1.88	%		0.71	%		0.62	%
Class C		1.89			1.88			-0.01			-0.10
Institutional		2.35			1.88			1.07			0.98
Service		2.09			1.88			0.57			0.48
Investor		2.31			1.88			0.99			0.90
Class R6		2.36			1.88			1.08			0.99
Class R		2.06			1.88			0.49			0.40
Class P		2.35			1.88			1.08			0.99

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 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.

4

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 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.

5

FUND BASICS

Global Core Fixed Income Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg Global Aggregate Bond Index (Gross, USD, Hedged)2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		1.32	%		1.06	%		0.39	%		0.15	%
Class C		0.95			1.06			-0.34			-0.59
Institutional		1.48			1.06			0.72			0.49
Service		1.15			1.06			0.22			-0.01
Investor		1.45			1.06			0.66			0.41
Class R6		1.48			1.06			0.73			0.50
Class P		1.48			1.06			0.73			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 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 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.

6

FUND BASICS

CURRENCY ALLOCATION4
	Percentage of Net Assets
	as of 9/30/21			as of 3/31/21
U.S. Dollar		53.6	%		62.2	%
Euro		20.5			17.8
Japanese Yen		12.1			17.0
Chinese Yuan Renminbi		6.9			5.4
British Pound		3.4			2.3
Canadian Dollar		1.2			1.2
Thai Baht		0.9			1.0
South Korean Won		0.8			0.9
Indonesian Rupiah		0.3			0.2
Singapore Dollar		0.2			0.2
Israeli Shekel		0.1			0.1
Russian Ruble		0.1			0.1

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.

7

FUND BASICS

Income Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg U.S. Aggregate Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized  Yield3
Class A		3.39	%		1.88	%		2.98	%		2.59	%
Class C		3.01			1.88			2.35			1.94
Institutional		3.56			1.88			3.43			3.02
Investor		3.52			1.88			3.35			2.95
Class R6		3.57			1.88			3.44			3.03
Class R		3.27			1.88			2.85			2.45
Class P		3.57			1.88			3.43			3.02

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 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.

8

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.

9

FUND BASICS

Long Short Credit Strategies Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			ICE BofAML Three-Month U.S. Treasury Bill Index2			ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index3			30-Day Standardized Subsidized Yield4			30-Day Standardized Unsubsidized  Yield4
Class A		2.11	%		0.01	%		0.08	%		2.40	%		2.15	%
Class C		1.73			0.01			0.08			1.74			1.49
Institutional		2.28			0.01			0.08			2.82			2.56
Investor		2.24			0.01			0.08			2.74			2.48
Class R6		2.28			0.01			0.08			2.83			2.57
Class R		1.98			0.01			0.08			2.25			1.99
Class P		2.28			0.01			0.08			2.83			2.57

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 Three-Month U.S. Treasury Bill Index, an unmanaged index, measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity, as reported by Bank of America Merrill Lynch, and does not reflect any deduction for fees, expenses or taxes. It is not possible to invest directly in an index.

³  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.

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.

10

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.

11

FUND BASICS

TOP TEN INDUSTRY ALLOCATIONS5
As of September 30, 2021	Percentage of Net Assets
Media		8.2	%
Oil Field Services		5.8
Technology - Software		4.6
Internet		4.6
Retailing		4.5
Commercial Services		4.4
Pipelines		4.3
Chemicals		4.1
Diversified Financial Services		4.0
Packaging		3.5

⁵  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Additional Investment Information section of the Schedule of Investments.

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

12

FUND BASICS

Strategic Income Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			ICE BofAML Three-Month U.S. Treasury Bill Index2			ICE BofAML U.S. Dollar Three-Month LIBOR Constant Maturity Index3			30-Day Standardized Subsidized Yield4			30-Day Standardized Unsubsidized  Yield4
Class A		2.30	%		0.01	%		0.08	%		1.95	%		1.90	%
Class C		1.90			0.01			0.08			1.30			1.26
Institutional		2.44			0.01			0.08			2.35			2.31
Investor		2.30			0.01			0.08			2.28			2.24
Class R6		2.45			0.01			0.08			2.37			2.32
Class R		2.09			0.01			0.08			1.78			1.73
Class P		2.45			0.01			0.08			2.37			2.32

¹  The net asset value (NAV) represents the net assets of the class of the Fund (ex-dividend) divided by the total number of shares of the class outstanding. The Fund’s performance 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 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 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.

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 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.

13

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.

14

GOLDMAN SACHS BOND FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 48.6%
Aerospace & Defense – 0.8%
	General Dynamics Corp.(a)
$	65,000		3.250	%		04/01/25	$	69,805
	Howmet Aerospace, Inc.(a)
	1,160,000		3.000			01/15/29		1,167,250
	Northrop Grumman Corp.(a)
	815,000		2.930			01/15/25		863,183
	25,000		4.030			10/15/47		29,424
	Raytheon Technologies Corp.
	475,000		3.950	(a)		08/16/25		523,227
	10,000		5.700			04/15/40		13,713
	100,000		4.050	(a)		05/04/47		116,078
	Spirit AeroSystems, Inc.(a)(b)
	495,000		7.500			04/15/25		524,081
	The Boeing Co.(a)
	50,000		3.250			02/01/35		50,145
	25,000		3.375			06/15/46		24,073
	25,000		3.850			11/01/48		25,533
	TransDigm, Inc.(a)
	166,000		6.250	(b)		03/15/26		173,055
	575,000		6.375			06/15/26		594,406
								4,173,973
Agriculture – 0.3%
	BAT Capital Corp.(a)
	840,000		3.222			08/15/24		890,879
	25,000		4.758			09/06/49		26,882
	Reynolds American, Inc.
	700,000		4.850			09/15/23		757,876
								1,675,637
Airlines(a) – 0.0%
	Southwest Airlines Co.
	60,000		5.250			05/04/25		67,905
Apparel(a) – 0.0%
	NIKE, Inc.
	65,000		2.400			03/27/25		68,273
Automotive – 1.1%
	American Honda Finance Corp.
	15,000		1.200			07/08/25		15,081
	BMW US Capital LLC(a)(b)
	30,000		3.625			04/18/29		33,431
	Ford Motor Co.(a)
	27,000		9.000			04/22/25		32,469
	Ford Motor Credit Co. LLC(a)
	476,000		2.700			08/10/26		477,262
	330,000		2.979			08/03/22		333,698
	650,000		4.140			02/15/23		666,267
	839,000		3.625			06/17/31		847,447
	General Motors Co.
	425,000		5.400			10/02/23		463,611
	225,000		4.000			04/01/25		244,786
	35,000		6.600	(a)		04/01/36		47,035
	35,000		5.150	(a)		04/01/38		41,700
	50,000		5.950	(a)		04/01/49		66,099
	General Motors Financial Co., Inc.(a)
	300,000		4.300			07/13/25		328,716
Corporate Obligations – (continued)
Automotive – (continued)
	General Motors Financial Co., Inc.(a) – (continued)
	125,000		5.650			01/17/29		150,303
	500,000		2.350			01/08/31		490,035
	Hyundai Capital America
	70,000		2.750			09/27/26		72,562
	IHO Verwaltungs GmbH(a)(b)(c) (PIK 7.125%, Cash 6.375%)
	823,000		6.375			05/15/29		886,782
	Lear Corp.(a)
	30,000		5.250			05/15/49		37,160
	Toyota Motor Credit Corp.
	65,000		3.000			04/01/25		69,287
								5,303,731
Banks – 12.0%
	ABN AMRO Bank NV(a)(d) (-1x 5 Year EUR Swap + 4.674%)
EUR	400,000		4.375			12/31/99		497,511
	AIB Group PLC(b)
$	1,300,000		4.750			10/12/23		1,398,293
	Banco do Brasil SA(a)(d) (10 Year CMT + 4.398%)
	200,000		6.250			12/31/99		199,000
	Banco Santander SA
	800,000		2.746			05/28/25		838,808
	600,000		4.250			04/11/27		673,908
	200,000		2.749			12/03/30		198,656
	Bank of America Corp.
	425,000		4.200			08/26/24		464,848
	1,300,000		3.248	(a)		10/21/27		1,403,220
	925,000		4.183	(a)		11/25/27		1,030,579
	100,000		6.110			01/29/37		134,841
	(3M USD LIBOR + 0.640%)
	40,000		2.015	(a)(d)		02/13/26		41,043
	(3M USD LIBOR + 0.810%)
	60,000		3.366	(a)(d)		01/23/26		64,111
	(3M USD LIBOR + 0.970%)
	65,000		3.458	(a)(d)		03/15/25		69,150
	(3M USD LIBOR + 0.990%)
	75,000		2.496	(a)(d)		02/13/31		75,897
	(3M USD LIBOR + 1.190%)
	525,000		2.884	(a)(d)		10/22/30		548,063
	(3M USD LIBOR + 1.310%)
	750,000		4.271	(a)(d)		07/23/29		850,432
	(3M USD LIBOR + 1.575%)
	525,000		3.824	(a)(d)		01/20/28		579,731
	(3M USD LIBOR + 1.814%)
	30,000		4.244	(a)(d)		04/24/38		35,055
	(5 year CMT + 1.200%)
	475,000		2.482	(a)(d)		09/21/36		465,225
	(SOFR + 1.220%)
	640,000		2.299	(a)(d)		07/21/32		630,925
	(SOFR + 1.530%)
	600,000		1.898	(a)(d)		07/23/31		577,488
	Barclays PLC(a)(d)
	(3M USD LIBOR + 1.400%)
	1,275,000		4.610			02/15/23		1,294,495
	(SOFR + 2.714%)
	825,000		2.852			05/07/26		865,813

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	BNP Paribas SA(b)
$	1,750,000		3.500	%		03/01/23	$	1,824,060
	550,000		3.375			01/09/25		586,476
	(5 Year USD Swap + 4.149%)
	200,000		6.625	(a)(d)		12/31/99		217,306
	(SOFR + 1.004%)
	725,000		1.323	(a)(d)		01/13/27		713,480
	(SOFR + 2.074%)
	350,000		2.219	(a)(d)		06/09/26		359,251
	BPCE SA(b)
	1,025,000		4.000			09/12/23		1,090,303
	525,000		4.625			09/12/28		605,509
	(SOFR + 1.312%)
	475,000		2.277	(a)(d)		01/20/32		461,306
	CaixaBank SA(a)(d) (-1X 5 Year EUR Swap + 6.346%)
EUR	400,000		5.875			12/31/99		532,841
	CIT Bank NA(a)(d) (SOFR + 1.715%)
$	600,000		2.969			09/27/25		631,116
	Citigroup, Inc.
	780,000		3.500			05/15/23		817,011
	1,050,000		3.400			05/01/26		1,143,009
	125,000		4.300			11/20/26		140,540
	1,125,000		4.450			09/29/27		1,279,474
	475,000		4.125			07/25/28		530,504
	(3M USD LIBOR + 0.897%)
	65,000		3.352	(a)(d)		04/24/25		69,043
	(3M USD LIBOR + 1.023%)
	510,000		4.044	(a)(d)		06/01/24		539,452
	(SOFR + 0.669%)
	70,000		0.981	(a)(d)		05/01/25		70,267
	(SOFR + 1.422%)
	550,000		2.976	(a)(d)		11/05/30		578,495
	Citizens Financial Group, Inc.(a)
	65,000		2.850			07/27/26		69,064
	Commerzbank AG(a)(d) (-1x 5 Year EUR Swap + 6.363%)
EUR	400,000		6.125			03/31/99		507,936
	Credit Agricole SA(a)(b)(d)
	(5 Year USD Swap + 4.319%)
	250,000		6.875			12/31/99		278,088
	(SOFR + 1.676%)
$	375,000		1.907			06/16/26		381,701
	Credit Suisse AG
	300,000		2.950			04/09/25		318,048
	Credit Suisse Group AG
	307,000		4.550			04/17/26		344,979
	875,000		4.282	(a)(b)		01/09/28		971,635
	(SOFR + 1.730%)
	385,000		3.091	(a)(b)(d)		05/14/32		394,656
	Deutsche Bank AG
	65,000		4.100			01/13/26		71,020
	(SOFR + 1.718%)
	525,000		3.035	(a)(d)		05/28/32		535,710
	(SOFR + 1.870%)
	450,000		2.129	(a)(d)		11/24/26		457,268
	(SOFR + 2.159%)
	300,000		2.222	(a)(d)		09/18/24		307,437
Corporate Obligations – (continued)
Banks – (continued)
	Erste Group Bank AG(a)(d) (5 Year EUR Swap + 6.204%)
EUR	400,000		6.500			12/31/99		513,728
	Fifth Third Bancorp(a)
$	375,000		2.375			01/28/25		389,685
	First Horizon Corp.(a)
	700,000		3.550			05/26/23		730,772
	700,000		4.000			05/26/25		763,644
	Freedom Mortgage Corp.(a)(b)
	508,000		7.625			05/01/26		518,160
	HSBC Holdings PLC
	200,000		4.950			03/31/30		237,890
	(3M USD LIBOR + 1.000%)
	450,000		1.125	(a)(d)		05/18/24		455,009
	(3M USD LIBOR + 1.211%)
	600,000		3.803	(a)(d)		03/11/25		639,900
	(SOFR + 1.538%)
	1,050,000		1.645	(a)(d)		04/18/26		1,056,195
	Huntington Bancshares, Inc.(a)
	825,000		4.000			05/15/25		904,563
	ING Groep NV(a)(b)(d) (1 Year CMT + 1.100%)
	950,000		1.400			07/01/26		951,928
	Intesa Sanpaolo SpA(a)(d) (5 Year EUR Swap + 7.192%)
EUR	350,000		7.750			12/31/99		494,615
	JPMorgan Chase & Co.
$	425,000		3.625	(a)		12/01/27		464,143
	45,000		6.400			05/15/38		65,580
	(3M USD LIBOR + 0.730%)
	195,000		3.559	(a)(d)		04/23/24		204,099
	(3M USD LIBOR + 0.890%)
	175,000		3.797	(a)(d)		07/23/24		185,000
	(3M USD LIBOR + 1.000%)
	60,000		4.023	(a)(d)		12/05/24		64,298
	(3M USD LIBOR + 1.155%)
	65,000		3.220	(a)(d)		03/01/25		68,673
	(3M USD LIBOR + 1.245%)
	1,000,000		3.960	(a)(d)		01/29/27		1,103,920
	(3M USD LIBOR + 3.800%)
	1,710,000		3.926	(a)(d)		12/31/99		1,713,916
	(SOFR + 1.160%)
	570,000		2.301	(a)(d)		10/15/25		591,033
	(SOFR + 2.040%)
	25,000		2.522	(a)(d)		04/22/31		25,487
	(SOFR + 2.515%)
	275,000		2.956	(a)(d)		05/13/31		286,363
	(SOFR + 3.125%)
	800,000		4.600	(a)(d)		12/31/99		818,376
	(SOFR + 3.790%)
	75,000		4.493	(a)(d)		03/24/31		87,545
	Macquarie Group Ltd.(a)(b)(d) (SOFR + 1.069%)
	450,000		1.340			01/12/27		446,211
	Mitsubishi UFJ Financial Group, Inc.
	60,000		3.741			03/07/29		66,769
	30,000		4.286			07/26/38		35,901
	Morgan Stanley(a)(d) (SOFR + 0.879%)
	35,000		1.593			05/04/27		35,101
	Morgan Stanley, Inc.(a)(d) (SOFR + 1.360%)
	750,000		2.484			09/16/36		733,597

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)
Banks – (continued)
	Morgan Stanley, Inc.
$	1,050,000		3.700	%		10/23/24	$	1,138,998
	50,000		4.000			07/23/25		55,104
	425,000		3.950			04/23/27		472,676
	(3M USD LIBOR + 0.847%)
	350,000		3.737	(a)(d)		04/24/24		367,290
	(3M USD LIBOR + 1.400%)
	1,550,000		1.525	(a)(d)		10/24/23		1,569,731
	(3M USD LIBOR + 1.431%)
	35,000		4.457	(a)(d)		04/22/39		42,364
	(3M USD LIBOR + 1.628%)
	200,000		4.431	(a)(d)		01/23/30		230,760
	(SOFR + 0.525%)
	35,000		0.790	(a)(d)		05/30/25		34,900
	(SOFR + 1.034%)
	750,000		1.794	(a)(d)		02/13/32		713,977
	(SOFR + 1.143%)
	725,000		2.699	(a)(d)		01/22/31		749,548
	(SOFR + 1.152%)
	855,000		2.720	(a)(d)		07/22/25		895,561
	(SOFR + 3.120%)
	400,000		3.622	(a)(d)		04/01/31		440,912
	Natwest Group PLC
	826,000		3.875			09/12/23		876,097
	(3M USD LIBOR + 1.550%)
	850,000		4.519	(a)(d)		06/25/24		904,748
	(3M USD LIBOR + 1.762%)
	225,000		4.269	(a)(d)		03/22/25		242,804
	(5 Year CMT + 2.100%)
	200,000		3.754	(a)(d)		11/01/29		213,250
	Royal Bank of Canada
	35,000		1.150			06/10/25		35,070
	Standard Chartered PLC(a)(b)(d) (3M USD LIBOR + 1.150%)
	1,325,000		4.247			01/20/23		1,339,575
	State Street Corp.(a)(d)
	(3M USD LIBOR + 1.030%)
	60,000		4.141			12/03/29		70,060
	(SOFR + 2.650%)
	25,000		3.152			03/30/31		27,309
	The Bank of Nova Scotia
	70,000		2.200			02/03/25		72,640
	Truist Bank(a)
	350,000		2.250			03/11/30		352,454
	Truist Financial Corp.(a)(d) (SOFR + 0.609%)
	40,000		1.267			03/02/27		39,820
	Turkiye Vakiflar Bankasi TAO
	200,000		8.125			03/28/24		214,788
	200,000		6.500	(b)		01/08/26		204,000
	Wells Fargo & Co.
	1,975,000		3.000			10/23/26		2,115,620
	600,000		4.300			07/22/27		680,940
	75,000		4.150	(a)		01/24/29		85,143
	(SOFR + 1.087%)
	65,000		2.406	(a)(d)		10/30/25		67,706
	(SOFR + 2.000%)
	50,000		2.188	(a)(d)		04/30/26		51,627
Corporate Obligations – (continued)
Banks – (continued)
	Westpac Banking Corp.
	65,000		2.350			02/19/25		67,978
	(5 Year CMT + 2.000%)
	300,000		4.110	(a)(d)		07/24/34		325,875
								59,115,503
Beverages – 1.3%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	325,000		4.700			02/01/36		392,876
	1,625,000		4.900			02/01/46		2,018,039
	Anheuser-Busch InBev Worldwide, Inc.(a)
	55,000		5.450			01/23/39		71,288
	650,000		4.600			04/15/48		778,122
	Constellation Brands, Inc.(a)
	625,000		4.400			11/15/25		699,625
	225,000		3.700			12/06/26		248,555
	500,000		3.600			02/15/28		550,180
	625,000		3.150			08/01/29		668,963
	JDE Peet’s NV(a)(b)
	375,000		1.375			01/15/27		370,395
	Keurig Dr Pepper, Inc.(a)
	377,000		4.057			05/25/23		398,515
	30,000		4.417			05/25/25		33,334
	Molson Coors Beverage Co.
	20,000		5.000			05/01/42		24,246
								6,254,138
Biotechnology(a) – 0.1%
	Royalty Pharma PLC
	425,000		1.200			09/02/25		422,050
Building Materials(a) – 0.5%
	Carrier Global Corp.
	1,125,000		2.493			02/15/27		1,174,489
	Cemex SAB de CV(b)
	200,000		5.200			09/17/30		214,810
	Martin Marietta Materials, Inc.
	750,000		3.200			07/15/51		745,747
	Masco Corp.
	325,000		1.500			02/15/28		316,085
								2,451,131
Chemicals – 1.3%
	Ashland LLC(a)(b)
	345,000		3.375			09/01/31		348,450
	Ashland Services B.V.(a)
EUR	650,000		2.000			01/30/28		777,006
	DuPont de Nemours, Inc.(a)
$	425,000		4.205			11/15/23		456,357
	55,000		5.319			11/15/38		71,124
	Huntsman International LLC(a)
	350,000		4.500			05/01/29		396,781
	250,000		2.950			06/15/31		255,112
	International Flavors & Fragrances, Inc.(a)(b)
	650,000		1.832			10/15/27		649,207
	LYB International Finance B.V.
	25,000		5.250			07/15/43		32,125

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Chemicals – (continued)
	OCP SA(a)(b)
$	200,000		5.125	%		06/23/51	$	197,663
	Sasol Financing USA LLC(a)
	310,000		5.875			03/27/24		325,364
	SPCM SA(a)(b)
	590,000		3.375			03/15/30		587,050
	The Dow Chemical Co.(a)
	30,000		3.600			11/15/50		31,893
	The Sherwin-Williams Co.(a)
	500,000		3.450			06/01/27		548,425
	475,000		2.950			08/15/29		503,049
	Tronox, Inc.(a)(b)
	990,000		4.625			03/15/29		982,575
	Valvoline, Inc.(a)(b)
	315,000		3.625			06/15/31		311,850
								6,474,031
Commercial Services(a) – 0.9%
	Ashtead Capital, Inc.(b)
	300,000		2.450			08/12/31		294,717
	CoStar Group, Inc.(b)
	625,000		2.800			07/15/30		635,024
	Global Payments, Inc.
	375,000		2.650			02/15/25		391,792
	225,000		3.200			08/15/29		237,866
	35,000		4.150			08/15/49		39,338
	MPH Acquisition Holdings LLC(b)
	542,000		5.750			11/01/28		509,480
	PayPal Holdings, Inc.
	1,150,000		1.650			06/01/25		1,179,072
	1,175,000		2.650			10/01/26		1,255,452
								4,542,741
Computers – 1.6%
	Amdocs Ltd.(a)
	350,000		2.538			06/15/30		348,481
	Apple, Inc.
	35,000		2.500			02/09/25		36,839
	65,000		3.200			05/13/25		70,151
	1,875,000		2.450	(a)		08/04/26		1,984,894
	40,000		4.500	(a)		02/23/36		50,074
	Booz Allen Hamilton, Inc.(a)(b)
	253,000		4.000			07/01/29		259,641
	Dell International LLC/EMC Corp.(a)
	600,000		5.450			06/15/23		643,974
	275,000		5.850			07/15/25		319,861
	325,000		6.020			06/15/26		387,614
	50,000		5.300			10/01/29		60,463
	50,000		6.200			07/15/30		63,987
	100,000		8.350			07/15/46		163,298
	Hewlett Packard Enterprise Co.(a)
	1,300,000		4.450			10/02/23		1,392,690
	550,000		4.650			10/01/24		607,431
	969,000		4.900			10/15/25		1,096,317
	155,000		6.350			10/15/45		208,776
	HP, Inc.(a)
	30,000		3.400			06/17/30		31,891
Corporate Obligations – (continued)
Computers – (continued)
	NetApp, Inc.(a)
	35,000		2.375			06/22/27		36,510
								7,762,892
Cosmetics/Personal Care – 0.0%
	The Procter & Gamble Co.
	45,000		2.800			03/25/27		48,443
Diversified Financial Services – 2.5%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	1,150,000		4.625			07/01/22		1,184,730
	450,000		3.300	(a)		01/23/23		463,855
	400,000		4.875	(a)		01/16/24		432,112
	295,000		6.500	(a)		07/15/25		342,356
	Air Lease Corp.
	550,000		2.250			01/15/23		561,973
	425,000		3.375	(a)		07/01/25		451,316
	1,325,000		2.875	(a)		01/15/26		1,382,399
	875,000		3.750	(a)		06/01/26		947,319
	50,000		3.250	(a)		10/01/29		52,105
	Ally Financial, Inc.(a)
	275,000		1.450			10/02/23		279,208
	55,000		5.800			05/01/25		63,321
	American Express Co.(a)
	165,000		2.500			07/30/24		173,410
	Aviation Capital Group LLC(a)(b)
	375,000		1.950			01/30/26		373,830
	Avolon Holdings Funding Ltd.(a)(b)
	425,000		3.950			07/01/24		451,031
	675,000		2.875			02/15/25		694,372
	175,000		4.250			04/15/26		188,482
	Capital One Financial Corp.(a)
	320,000		3.300			10/30/24		343,238
	GE Capital International Funding Co.
	1,600,000		3.373			11/15/25		1,734,112
	250,000		4.418			11/15/35		300,530
	Huarong Finance 2019 Co. Ltd.
	280,000		3.750			05/29/24		265,300
	JAB Holdings B.V.(a)(b)
	250,000		2.200			11/23/30		244,990
	Mastercard, Inc.(a)
	250,000		3.300			03/26/27		274,845
	Navient Corp.(a)
	508,000		5.000			03/15/27		521,970
	15,000		4.875			03/15/28		15,188
	Nomura Holdings, Inc.
	230,000		2.608			07/14/31		228,949
	Raymond James Financial, Inc.(a)
	75,000		4.650			04/01/30		88,931
	The Charles Schwab Corp.(a)
	60,000		4.200			03/24/25		66,288
	55,000		3.300			04/01/27		60,024
								12,186,184
Electrical – 1.6%
	Alliant Energy Finance LLC(a)(b)
	375,000		3.750			06/15/23		393,240

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)
Electrical – (continued)
	Ameren Corp.(a)
$	125,000		3.500	%		01/15/31	$	136,091
	Appalachian Power Co.(a)
	30,000		3.700			05/01/50		32,651
	Berkshire Hathaway Energy Co.(a)
	225,000		3.250			04/15/28		245,275
	400,000		3.700			07/15/30		450,292
	20,000		4.450			01/15/49		24,752
	Dominion Energy, Inc.(e)
	675,000		3.071			08/15/24		713,893
	Enel Finance International NV(a)(b)
	975,000		1.875			07/12/28		968,838
	Exelon Corp.(a)
	325,000		4.050			04/15/30		367,897
	50,000		4.700			04/15/50		63,118
	Exelon Generation Co. LLC(a)
	35,000		3.250			06/01/25		37,315
	Florida Power & Light Co.(a)
	65,000		2.850			04/01/25		68,988
	NextEra Energy Capital Holdings, Inc.(a)
	525,000		1.900			06/15/28		526,470
	NRG Energy, Inc.(a)(b)
	675,000		3.750			06/15/24		718,544
	Pacific Gas & Electric Co.(a)
	250,000		2.100			08/01/27		243,943
	125,000		3.300			08/01/40		115,355
	275,000		3.500			08/01/50		249,917
	Southern California Edison Co.(a)
	725,000		3.700			08/01/25		788,191
	450,000		4.200			03/01/29		505,967
	25,000		4.875			03/01/49		29,886
	50,000		3.650			02/01/50		51,217
	Southern Power Co.(a)
	60,000		4.950			12/15/46		72,429
	Southwestern Electric Power Co.(a)
	35,000		2.750			10/01/26		36,841
	Vistra Operations Co. LLC(a)(b)
	1,175,000		3.550			07/15/24		1,236,335
								8,077,445
Electronics(a) – 0.3%
	Honeywell International, Inc.
	35,000		1.350			06/01/25		35,520
	40,000		2.500			11/01/26		42,440
	Sensata Technologies, Inc.(b)
	276,000		3.750			02/15/31		277,035
	SYNNEX Corp.(b)
	500,000		2.375			08/09/28		495,100
	500,000		2.650			08/09/31		488,720
								1,338,815
Engineering & Construction(a) – 0.3%
	MasTec, Inc.(b)
	610,000		4.500			08/15/28		636,687
	Mexico City Airport Trust
	400,000		4.250			10/31/26		425,050
	250,000		3.875	(b)		04/30/28		258,094
Corporate Obligations – (continued)
Engineering & Construction(a) – (continued)
	Mexico City Airport Trust – (continued)
	310,000		5.500	(b)		07/31/47		315,038
								1,634,869
Entertainment(a)(b) – 0.1%
	Caesars Entertainment, Inc.
	498,000		6.250			07/01/25		524,145
Environmental(a) – 0.1%
	GFL Environmental, Inc.(b)
	150,000		3.750			08/01/25		154,312
	Waste Management, Inc.
	250,000		1.150			03/15/28		240,870
								395,182
Food & Drug Retailing(a) – 0.4%
	Conagra Brands, Inc.
	15,000		4.600			11/01/25		16,857
	Kraft Heinz Foods Co.
	1,122,000		4.250			03/01/31		1,261,456
	Mondelez International, Inc.
	65,000		2.750			04/13/30		68,010
	Post Holdings, Inc.(b)
	498,000		5.625			01/15/28		522,900
	Sysco Corp.
	75,000		6.600			04/01/40		110,037
								1,979,260
Gas(a) – 0.1%
	NiSource, Inc.
	100,000		3.600			05/01/30		109,746
	The East Ohio Gas Co.(b)
	150,000		1.300			06/15/25		150,497
								260,243
Healthcare Providers & Services(a) – 1.0%
	Anthem, Inc.
	65,000		2.375			01/15/25		67,737
	Centene Corp.
	1,270,000		3.000			10/15/30		1,301,750
	CommonSpirit Health
	635,000		3.910			10/01/50		693,708
	DENTSPLY SIRONA, Inc.
	350,000		3.250			06/01/30		372,733
	DH Europe Finance II S.a.r.l.
	700,000		2.200			11/15/24		728,672
	275,000		2.600			11/15/29		286,745
	HCA, Inc.
	40,000		5.500			06/15/47		51,651
	Laboratory Corp. of America Holdings
	65,000		3.600			02/01/25		69,863
	STERIS Irish FinCo UnLtd Co.
	525,000		2.700			03/15/31		536,519
	Thermo Fisher Scientific, Inc.
	45,000		4.133			03/25/25		49,534
	100,000		1.750			10/15/28		99,762
	Zimmer Biomet Holdings, Inc.
	800,000		3.550			03/20/30		874,672
								5,133,346

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Household Products(a) – 0.0%
	Kimberly-Clark Corp.
$	10,000		2.875	%		02/07/50	$	10,152
Housewares(a)(b) – 0.1%
	The Scotts Miracle-Gro Co.
	524,000		4.000			04/01/31		522,690
Insurance – 1.2%
	Acrisure LLC/Acrisure Finance, Inc.(a)(b)
	536,000		4.250			02/15/29		529,970
	American International Group, Inc.
	100,000		4.125			02/15/24		107,966
	1,075,000		3.900	(a)		04/01/26		1,191,078
	375,000		4.200	(a)		04/01/28		427,301
	250,000		3.400	(a)		06/30/30		273,053
	Arch Capital Finance LLC(a)
	1,000,000		4.011			12/15/26		1,124,760
	Arch Capital Group US, Inc.
	250,000		5.144			11/01/43		329,375
	Great-West Lifeco Finance 2018 LP(a)(b)
	225,000		4.047			05/17/28		254,426
	Marsh & McLennan Cos., Inc.(a)
	575,000		4.375			03/15/29		667,730
	Reinsurance Group of America, Inc.(a)
	65,000		3.900			05/15/29		72,467
	Willis North America, Inc.(a)
	205,000		2.950			09/15/29		214,217
	XLIT Ltd.
	775,000		4.450			03/31/25		859,808
								6,052,151
Internet(a) – 0.6%
	Amazon.com, Inc.
	30,000		3.800			12/05/24		32,741
	45,000		5.200			12/03/25		52,281
	400,000		3.875			08/22/37		470,824
	Expedia Group, Inc.
	300,000		3.600			12/15/23		317,514
	60,000		6.250	(b)		05/01/25		69,160
	125,000		4.625			08/01/27		141,746
	300,000		2.950			03/15/31		303,888
	Match Group Holdings II LLC(b)
	290,000		3.625			10/01/31		287,100
	Prosus NV(b)
	200,000		4.027			08/03/50		186,500
	200,000		3.832			02/08/51		180,815
	Uber Technologies, Inc.(b)
	650,000		7.500			05/15/25		693,062
								2,735,631
Iron/Steel – 0.4%
	ArcelorMittal SA
	1,265,000		4.250			07/16/29		1,390,640
	Steel Dynamics, Inc.(a)
	150,000		2.400			06/15/25		156,125
	275,000		1.650			10/15/27		272,090
	Vale Overseas Ltd.
	134,000		6.250			08/10/26		158,696
								1,977,551
Corporate Obligations – (continued)
Lodging(a) – 0.7%
	Hilton Domestic Operating Co., Inc.
	969,000		4.875			01/15/30		1,039,252
	3,000		4.000	(b)		05/01/31		3,053
	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(b)
	522,000		5.000			06/01/29		531,787
	Hyatt Hotels Corp.
	475,000		1.800			10/01/24		476,088
	Marriott Ownership Resorts, Inc.(b)
	630,000		4.500			06/15/29		639,450
	MGM Resorts International
	310,000		6.750			05/01/25		327,825
	438,000		4.750			10/15/28		461,543
								3,478,998
Machinery – Construction & Mining – 0.0%
	Caterpillar Financial Services Corp.
	15,000		2.150			11/08/24		15,669
Machinery-Diversified(a) – 0.3%
	Otis Worldwide Corp.
	175,000		2.293			04/05/27		181,800
	1,275,000		2.565			02/15/30		1,308,724
	Westinghouse Air Brake Technologies Corp.
	30,000		4.950			09/15/28		34,526
								1,525,050
Media – 1.2%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	1,012,000		4.500			02/01/24		1,094,650
	425,000		4.908			07/23/25		477,742
	30,000		6.384			10/23/35		39,404
	Comcast Corp.
	225,000		3.100	(a)		04/01/25		240,709
	256,000		3.300	(a)		02/01/27		279,468
	350,000		3.150	(a)		02/15/28		380,205
	6,000		6.500			11/15/35		8,615
	75,000		3.750	(a)		04/01/40		84,416
	55,000		3.999	(a)		11/01/49		63,665
	Cox Communications, Inc.(a)(b)
	50,000		3.350			09/15/26		54,052
	CSC Holdings LLC(a)(b)
	243,000		3.375			02/15/31		225,079
	Discovery Communications LLC(a)
	25,000		5.200			09/20/47		30,830
	DISH DBS Corp.
	465,000		7.750			07/01/26		525,450
	Fox Corp.(a)
	300,000		4.030			01/25/24		321,780
	NBCUniversal Media LLC
	458,000		4.450			01/15/43		553,727
	Sirius XM Radio, Inc.(a)(b)
	230,000		3.125			09/01/26		232,587
	201,000		3.875			09/01/31		196,226
	The Walt Disney Co.
	1,125,000		4.000			10/01/23		1,203,941

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)
Media – (continued)
	Time Warner Cable LLC
$	30,000		7.300	%		07/01/38	$	43,043
	30,000		5.875	(a)		11/15/40		37,972
	ViacomCBS, Inc.
	10,000		6.875			04/30/36		14,332
								6,107,893
Mining – 1.2%
	Freeport-McMoRan, Inc.(a)
	1,415,000		4.625			08/01/30		1,524,662
	Glencore Finance Canada Ltd.(b)
	650,000		4.250			10/25/22		675,090
	Glencore Funding LLC(a)(b)
	1,800,000		4.125			03/12/24		1,926,918
	450,000		1.625			04/27/26		448,033
	750,000		2.625			09/23/31		734,745
	Newcrest Finance Pty Ltd.(a)(b)
	150,000		3.250			05/13/30		159,668
	Teck Resources Ltd.(a)
	250,000		3.900			07/15/30		271,523
	Vedanta Resources Ltd.(a)
	200,000		6.125			08/09/24		178,600
								5,919,239
Miscellaneous Manufacturing – 0.3%
	General Electric Co.
	75,000		2.700			10/09/22		76,761
	125,000		3.450	(a)		05/01/27		137,202
	175,000		3.625	(a)		05/01/30		194,518
	25,000		6.750			03/15/32		34,300
	30,000		5.875			01/14/38		40,594
	Hillenbrand, Inc.(a)
	780,000		3.750			03/01/31		774,150
								1,257,525
Multi-National(a)(b) – 0.1%
	The African Export-Import Bank
	270,000		2.634			05/17/26		275,997
	240,000		3.798			05/17/31		248,877
								524,874
Office(a)(b) – 0.2%
	Xerox Holdings Corp.
	970,000		5.000			08/15/25		1,018,500
Oil Field Services – 1.4%
	BP Capital Markets America, Inc.(a)
	35,000		3.194			04/06/25		37,443
	60,000		3.543			04/06/27		66,088
	225,000		4.234			11/06/28		258,199
	ConocoPhillips
	25,000		6.500			02/01/39		36,536
	Devon Energy Corp.(a)
	227,000		5.850			12/15/25		262,682
	221,000		5.875	(b)		06/15/28		243,124
	165,000		5.600			07/15/41		206,882
	EQT Corp.(a)(b)
	755,000		3.625			05/15/31		785,200
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Exxon Mobil Corp.(a)
	50,000		2.992			03/19/25		53,332
	45,000		4.227			03/19/40		53,446
	Gazprom PJSC Via Gaz Capital SA
	230,000		5.150	(b)		02/11/26		256,134
	240,000		7.288			08/16/37		332,520
	Gazprom PJSC Via Gaz Finance PLC(b)
	280,000		3.250			02/25/30		278,477
	Halliburton Co.
	2,000		3.800	(a)		11/15/25		2,190
	50,000		6.700			09/15/38		68,218
	KazMunayGas National Co JSC
	200,000		5.375			04/24/30		236,000
	Lukoil Securities B.V.(b)
	210,000		3.875			05/06/30		220,573
	Lundin Energy Finance B.V.(a)(b)
	600,000		2.000			07/15/26		603,714
	Marathon Petroleum Corp.(a)
	625,000		4.500			05/01/23		660,556
	50,000		6.500			03/01/41		68,843
	Petroleos de Venezuela SA(f)
	4,280,000		6.000			10/28/22		149,800
	1,110,000		5.375			04/12/27		61,050
	Phillips 66(a)
	100,000		3.850			04/09/25		108,965
	200,000		1.300			02/15/26		198,914
	60,000		4.650			11/15/34		71,567
	Qatar Petroleum(a)(b)
	410,000		3.300			07/12/51		412,737
	Schlumberger Holdings Corp.(a)(b)
	30,000		4.300			05/01/29		33,940
	Shell International Finance B.V.(a)
	65,000		2.375			04/06/25		67,971
	Suncor Energy, Inc.
	225,000		2.800			05/15/23		232,924
	450,000		3.100	(a)		05/15/25		478,863
	TotalEnergies Capital International SA(a)
	45,000		3.127			05/29/50		45,309
	Valero Energy Corp.
	350,000		2.850	(a)		04/15/25		368,609
	30,000		6.625			06/15/37		40,352
								7,001,158
Packaging(a) – 0.3%
	Ball Corp.
	1,044,000		3.125			09/15/31		1,028,340
	Berry Global, Inc.(b)
	375,000		1.570			01/15/26		375,139
								1,403,479
Pharmaceuticals – 1.9%
	AbbVie, Inc.(a)
	225,000		4.450			05/14/46		270,596
	25,000		4.875			11/14/48		32,040
	AstraZeneca PLC
	45,000		6.450			09/15/37		66,581

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pharmaceuticals – (continued)
	Bausch Health Americas, Inc.(a)(b)
$	708,000		9.250	%		04/01/26	$	757,560
	Bayer US Finance II LLC(a)(b)
	950,000		3.875			12/15/23		1,010,543
	Becton Dickinson & Co.(a)
	580,000		3.700			06/06/27		641,242
	Bristol-Myers Squibb Co.(a)
	634,000		3.875			08/15/25		698,852
	40,000		3.450			11/15/27		44,399
	335,000		3.900			02/20/28		378,768
	20,000		3.400			07/26/29		22,165
	Cigna Corp.(a)
	30,000		4.125			11/15/25		33,324
	525,000		2.400			03/15/30		533,836
	CVS Health Corp.(a)
	950,000		3.375			08/12/24		1,013,640
	450,000		3.875			07/20/25		492,768
	150,000		5.125			07/20/45		193,211
	Mylan, Inc.(a)
	60,000		5.400			11/29/43		74,455
	Perrigo Finance Unlimited Co.(a)
	750,000		4.375			03/15/26		807,622
	Pfizer, Inc.(a)
	750,000		3.450			03/15/29		833,602
	PRA Health Sciences, Inc.(a)(b)
	200,000		2.875			07/15/26		201,750
	Prestige Brands, Inc.(a)(b)
	635,000		3.750			04/01/31		612,775
	Takeda Pharmaceutical Co. Ltd.(a)
	680,000		2.050			03/31/30		669,576
	Wyeth LLC
	45,000		5.950			04/01/37		63,310
								9,452,615
Pipelines – 2.5%
	Cheniere Corpus Christi Holdings LLC(a)
	30,000		5.125			06/30/27		34,694
	Cheniere Energy Partners LP(a)
	1,220,000		4.500			10/01/29		1,300,825
	Enbridge, Inc.(a)
	775,000		2.500			08/01/33		777,883
	Energy Transfer LP(a)
	875,000		4.200			09/15/23		929,197
	200,000		4.250			04/01/24		213,914
	550,000		5.250			04/15/29		644,319
	725,000		5.500			06/01/27		850,809
	75,000		5.400			10/01/47		89,431
	Galaxy Pipeline Assets Bidco Ltd.(b)
	200,000		2.625			03/31/36		196,500
	Kinder Morgan Energy Partners LP(a)
	1,025,000		3.500			09/01/23		1,074,518
	Kinder Morgan, Inc.
	500		7.750			01/15/32		717
	40,000		3.250	(a)		08/01/50		38,368
	MPLX LP(a)
	50,000		4.250			12/01/27		56,308
	225,000		4.800			02/15/29		260,568
	200,000		4.500			04/15/38		223,662
Corporate Obligations – (continued)
Pipelines – (continued)
	Phillips 66 Partners LP(a)
	30,000		3.750			03/01/28		32,534
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	600,000		3.650			06/01/22		607,968
	425,000		3.850			10/15/23		446,989
	Sabine Pass Liquefaction LLC(a)
	800,000		6.250			03/15/22		809,136
	300,000		5.625			04/15/23		318,807
	Spectra Energy Partners LP(a)
	65,000		3.500			03/15/25		69,692
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(a)(b)
	502,000		6.000			12/31/30		514,550
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.(a)
	1,220,000		5.000			01/15/28		1,281,000
	The Williams Cos., Inc.
	915,000		3.600	(a)		03/15/22		923,272
	450,000		3.900	(a)		01/15/25		486,144
	30,000		6.300			04/15/40		40,885
	TransCanada PipeLines Ltd.
	20,000		7.625			01/15/39		30,976
	Transcontinental Gas Pipe Line Co. LLC(a)
	10,000		7.850			02/01/26		12,478
								12,266,144
Real Estate Investment Trust – 2.6%
	Alexandria Real Estate Equities, Inc.(a)
	325,000		3.800			04/15/26		358,949
	350,000		3.375			08/15/31		381,234
	American Campus Communities Operating Partnership LP(a)
	800,000		3.750			04/15/23		832,720
	American Homes 4 Rent LP(a)
	180,000		2.375			07/15/31		178,369
	American Tower Corp.(a)
	925,000		3.375			05/15/24		984,283
	Camden Property Trust(a)
	65,000		3.150			07/01/29		70,209
	Crown Castle International Corp.(a)
	1,275,000		3.150			07/15/23		1,331,725
	65,000		3.100			11/15/29		68,281
	75,000		3.300			07/01/30		79,958
	Duke Realty LP(a)
	300,000		1.750			07/01/30		287,850
	Equinix, Inc.(a)
	15,000		2.625			11/18/24		15,716
	Healthcare Realty Trust, Inc.(a)
	175,000		2.050			03/15/31		170,104
	Healthpeak Properties, Inc.(a)
	65,000		3.500			07/15/29		71,157
	Host Hotels & Resorts LP(a)
	55,000		3.375			12/15/29		56,618
	Kilroy Realty LP(a)
	500,000		4.750			12/15/28		579,100
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.(a)(b)
	813,000		3.875			02/15/29		863,812

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)
Real Estate Investment Trust – (continued)
	MPT Operating Partnership LP/MPT Finance Corp.(a)
$	782,000		3.500	%		03/15/31	$	798,617
	National Retail Properties, Inc.(a)
	235,000		3.900			06/15/24		252,143
	400,000		4.000			11/15/25		441,256
	Regency Centers LP(a)
	700,000		2.950			09/15/29		734,986
	Spirit Realty LP(a)
	725,000		4.000			07/15/29		803,198
	Trust Fibra Uno 1401(a)(b)
	300,000		5.250			12/15/24		329,963
	UDR, Inc.(a)
	150,000		2.100			08/01/32		144,362
	VEREIT Operating Partnership LP(a)
	800,000		4.625			11/01/25		899,576
	200,000		3.400			01/15/28		216,120
	400,000		2.850			12/15/32		415,448
	VICI Properties LP/VICI Note Co., Inc.(a)(b)
	765,000		3.750			02/15/27		791,775
	Weyerhaeuser Co.
	50,000		7.375			03/15/32		71,106
	WP Carey, Inc.(a)
	155,000		4.600			04/01/24		168,113
	105,000		4.000			02/01/25		114,006
	425,000		3.850			07/15/29		470,930
								12,981,684
Retailing(a) – 1.2%
	7-Eleven, Inc.(b)
	700,000		1.300			02/10/28		672,616
	Asbury Automotive Group, Inc.
	501,000		4.750			03/01/30		521,040
	AutoNation, Inc.
	225,000		4.750			06/01/30		261,821
	CK Hutchison International 20 Ltd.(b)
	200,000		2.500			05/08/30		202,778
	Dollar Tree, Inc.
	525,000		4.000			05/15/25		573,967
	Group 1 Automotive, Inc.(b)
	115,000		4.000			08/15/28		117,013
	IRB Holding Corp.(b)
	731,000		7.000			06/15/25		774,860
	Lowe’s Cos, Inc.
	60,000		4.000			04/15/25		65,772
	425,000		1.700			09/15/28		421,332
	Lowe’s Cos., Inc.
	650,000		1.700			10/15/30		621,952
	McDonald’s Corp.
	75,000		4.450			09/01/48		92,008
	Starbucks Corp.
	895,000		3.800			08/15/25		981,341
	The Home Depot, Inc.
	275,000		3.900			12/06/28		314,803
	Tractor Supply Co.
	400,000		1.750			11/01/30		384,100
								6,005,403
Corporate Obligations – (continued)
Savings & Loans(a)(b)(d) – 0.1%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	400,000		3.960			07/18/30		444,684
Semiconductors – 1.7%
	Applied Materials, Inc.(a)
	275,000		1.750			06/01/30		270,622
	15,000		4.350			04/01/47		18,689
	Broadcom, Inc.(a)(b)
	225,000		3.419			04/15/33		233,172
	2,331,000		3.137			11/15/35		2,312,445
	685,000		3.500			02/15/41		679,499
	Intel Corp.(a)
	35,000		3.400			03/25/25		37,817
	450,000		3.050			08/12/51		450,252
	Lam Research Corp.(a)
	375,000		1.900			06/15/30		374,044
	Microchip Technology, Inc.
	625,000		2.670			09/01/23		648,138
	NXP B.V./NXP Funding LLC(b)
	1,325,000		3.875			09/01/22		1,364,936
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
	800,000		2.500			05/11/31		806,248
	275,000		3.400			05/01/30		297,927
	ON Semiconductor Corp.(a)(b)
	860,000		3.875			09/01/28		889,025
	QUALCOMM, Inc.(a)
	35,000		2.150			05/20/30		35,542
	Skyworks Solutions, Inc.(a)
	35,000		3.000			06/01/31		35,817
	TSMC Global Ltd.(a)(b)
	200,000		2.250			04/23/31		199,016
								8,653,189
Software – 1.2%
	Adobe, Inc.(a)
	450,000		2.150			02/01/27		470,772
	Citrix Systems, Inc.(a)
	60,000		4.500			12/01/27		66,265
	Clarivate Science Holdings Corp.(a)(b)
	575,000		3.875			07/01/28		574,281
	Fiserv, Inc.(a)
	55,000		3.850			06/01/25		60,011
	750,000		3.200			07/01/26		809,902
	Intuit, Inc.(a)
	175,000		1.350			07/15/27		174,156
	MSCI, Inc.(a)(b)
	506,000		3.625			11/01/31		524,975
	Oracle Corp.
	40,000		2.500	(a)		04/01/25		41,851
	65,000		2.950	(a)		05/15/25		68,936
	775,000		2.875	(a)		03/25/31		798,653
	25,000		5.375			07/15/40		31,470
	ServiceNow, Inc.(a)
	975,000		1.400			09/01/30		915,047
	VMware, Inc.(a)
	175,000		1.800			08/15/28		172,400
	500,000		2.200			08/15/31		489,475

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Software – (continued)
	ZoomInfo Technologies LLC/ZoomInfo Finance Corp.(a)(b)
$	525,000		3.875	%		02/01/29	$	525,000
								5,723,194
Telecommunication Services – 3.0%
	AT&T, Inc.(a)
	400,000		4.450			04/01/24		433,432
	30,000		4.250			03/01/27		33,957
	1,375,000		2.300			06/01/27		1,424,197
	100,000		1.650			02/01/28		99,081
	500,000		2.750			06/01/31		513,490
	694,000		2.550			12/01/33		682,868
	10,000		5.250			03/01/37		12,381
	175,000		4.900			08/15/37		211,893
	450,000		3.500			06/01/41		462,172
	100,000		5.150			11/15/46		126,794
	225,000		5.450			03/01/47		293,580
	25,000		4.500			03/09/48		28,870
	175,000		5.150			02/15/50		220,733
	300,000		3.650			06/01/51		305,613
	100,000		3.500			09/15/53		99,016
	Level 3 Financing, Inc.(a)(b)
	645,000		4.250			07/01/28		653,062
	Rogers Communications, Inc.(a)
	65,000		3.700			11/15/49		67,149
	T-Mobile USA, Inc.(a)
	625,000		3.500			04/15/25		672,819
	375,000		1.500			02/15/26		376,384
	1,050,000		3.750			04/15/27		1,156,848
	375,000		2.050			02/15/28		378,067
	550,000		3.875			04/15/30		607,640
	520,000		2.875			02/15/31		525,409
	500,000		3.500			04/15/31		526,134
	60,000		4.375			04/15/40		69,046
	250,000		3.000			02/15/41		242,405
	The Bell Telephone Co. of Canada/Bell Canada(a)
	55,000		4.464			04/01/48		66,991
	Verizon Communications, Inc.
	1,265,000		2.100	(a)		03/22/28		1,284,241
	630,000		4.329			09/21/28		724,720
	575,000		3.150	(a)		03/22/30		615,077
	800,000		2.550	(a)		03/21/31		811,608
	1,004,000		2.355	(a)(b)		03/15/32		994,030
	50,000		4.125			08/15/46		57,360
	18,000		5.012			04/15/49		23,575
	30,000		4.000	(a)		03/22/50		33,861
	Vodafone Group PLC
	50,000		4.125			05/30/25		55,323
	25,000		6.150			02/27/37		34,293
								14,924,119
Transportation(a) – 0.1%
	Canadian Pacific Railway Co.
	200,000		2.050			03/05/30		197,426
	CSX Corp.
	65,000		3.250			06/01/27		70,661
Corporate Obligations – (continued)
Transportation(a) – (continued)
	Union Pacific Corp.
	35,000		3.799			10/01/51		40,396
	United Parcel Service, Inc.
	35,000		3.900			04/01/25		38,316
	25,000		5.300			04/01/50		36,123
								382,922
	TOTAL CORPORATE OBLIGATIONS
	(Cost $231,274,651)						$	240,274,451
Mortgage-Backed Obligations – 41.1%
Collateralized Mortgage Obligations – 4.3%
Interest Only(g) – 1.0%
	FHLMC REMIC Series 4314, Class SE(d) (-1x 1M USD LIBOR + 6.050%)
$	394,078		5.966	%		03/15/44	$	59,274
	FHLMC REMIC Series 4320, Class SD(d) (-1x 1M USD LIBOR + 6.100%)
	56,957		6.016			07/15/39		10,338
	FHLMC REMIC Series 4583, Class ST(d) (-1x 1M USD LIBOR + 6.000%)
	771,479		5.916			05/15/46		133,588
	FHLMC REMIC Series 4905, Class SA(d) (-1x 1M USD LIBOR + 6.100%)
	497,386		6.014			08/25/49		88,139
	FHLMC REMIC Series 4980, Class KI
	2,372,935		4.500			06/25/50		353,817
	FHLMC REMIC Series 4989, Class EI
	374,223		4.000			07/25/50		57,535
	FHLMC REMIC Series 4998, Class GI
	1,383,327		4.000			08/25/50		218,946
	FHLMC REMIC Series 5009, Class DI
	1,211,291		2.000			09/25/50		131,802
	FHLMC REMIC Series 5020, Class IH
	1,160,128		3.000			08/25/50		149,748
	FHLMC STRIPS Series 304, Class C45
	4,893		3.000			12/15/27		270
	FNMA REMIC Series 2011-124, Class SC(d) (-1x 1M USD LIBOR + 6.550%)
	176,865		6.464			12/25/41		30,606
	FNMA REMIC Series 2012-5, Class SA(d) (-1x 1M USD LIBOR + 5.950%)
	261,251		5.864			02/25/42		40,846
	FNMA REMIC Series 2012-88, Class SB(d) (-1x 1M USD LIBOR + 6.670%)
	181,093		6.584			07/25/42		29,515
	FNMA REMIC Series 2014-6, Class SA(d) (-1x 1M USD LIBOR + 6.600%)
	226,186		6.514			02/25/44		40,676
	FNMA REMIC Series 2017-31, Class SG(d) (-1x 1M USD LIBOR + 6.100%)
	591,139		6.014			05/25/47		111,727
	FNMA REMIC Series 2017-86, Class SB(d) (-1x 1M USD LIBOR + 6.150%)
	425,591		6.064			11/25/47		77,363

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)
	FNMA REMIC Series 2018-17, Class CS(d) (-1x 1M USD LIBOR + 3.450%)
$	781,237		2.500	%		03/25/48	$	47,499
	FNMA REMIC Series 2020-49, Class KS(d) (-1x 1M USD LIBOR + 6.100%)
	510,214		6.014			07/25/50		98,681
	FNMA REMIC Series 2020-60, Class KI
	1,135,757		2.000			09/25/50		121,246
	FNMA REMIC Series 2020-62, Class GI
	759,450		4.000			06/25/48		125,559
	GNMA REMIC Series 2020-61, Class SW(d) (-1x 1M USD LIBOR + 6.050%)
	627,643		5.963			08/20/49		90,104
	GNMA REMIC Series 2010-20, Class SE(d) (-1x 1M USD LIBOR + 6.250%)
	464,447		6.163			02/20/40		84,869
	GNMA REMIC Series 2013-181, Class SA(d) (-1x 1M USD LIBOR + 6.100%)
	282,211		6.013			11/20/43		51,678
	GNMA REMIC Series 2014-132, Class SL(d) (-1x 1M USD LIBOR + 6.100%)
	253,790		6.013			10/20/43		27,514
	GNMA REMIC Series 2014-133, Class BS(d) (-1x 1M USD LIBOR + 5.600%)
	160,157		5.513			09/20/44		25,871
	GNMA REMIC Series 2014-162, Class SA(d) (-1x 1M USD LIBOR + 5.600%)
	136,367		5.513			11/20/44		21,387
	GNMA REMIC Series 2015-111, Class IM
	387,040		4.000			08/20/45		46,607
	GNMA REMIC Series 2015-119, Class SN(d) (-1x 1M USD LIBOR + 6.250%)
	181,356		6.163			08/20/45		31,893
	GNMA REMIC Series 2015-123, Class SP(d) (-1x 1M USD LIBOR + 6.250%)
	224,986		6.163			09/20/45		42,979
	GNMA REMIC Series 2015-167, Class AS(d) (-1x 1M USD LIBOR + 6.250%)
	139,189		6.163			11/20/45		23,887
	GNMA REMIC Series 2015-168, Class SD(d) (-1x 1M USD LIBOR + 6.200%)
	105,654		6.113			11/20/45		19,897
	GNMA REMIC Series 2016-109, Class IH
	547,882		4.000			10/20/45		62,700
	GNMA REMIC Series 2016-27, Class IA
	233,543		4.000			06/20/45		21,870
	GNMA REMIC Series 2018-105, Class SC(d) (-1x 1M USD LIBOR + 6.200%)
	178,919		6.113			08/20/48		25,585
	GNMA REMIC Series 2018-122, Class HS(d) (-1x 1M USD LIBOR + 6.200%)
	580,743		6.113			09/20/48		104,872
	GNMA REMIC Series 2018-122, Class SE(d) (-1x 1M USD LIBOR + 6.200%)
	388,103		6.113			09/20/48		60,153
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
	GNMA REMIC Series 2018-124, Class SN(d) (-1x 1M USD LIBOR + 6.200%)
	531,681		6.113			09/20/48		93,240
	GNMA REMIC Series 2018-137, Class SN(d) (-1x 1M USD LIBOR + 6.150%)
	439,419		6.063			10/20/48		67,482
	GNMA REMIC Series 2018-139, Class SQ(d) (-1x 1M USD LIBOR + 6.150%)
	306,037		6.063			10/20/48		42,896
	GNMA REMIC Series 2018-72, Class IB
	11,716		4.000			04/20/46		1,616
	GNMA REMIC Series 2019-1, Class SN(d) (-1x 1M USD LIBOR + 6.050%)
	120,300		5.963			01/20/49		17,044
	GNMA REMIC Series 2019-110, Class PS(d) (-1x 1M USD LIBOR + 6.050%)
	264,593		5.963			09/20/49		47,495
	GNMA REMIC Series 2019-128, Class IO
	661,506		4.000			10/20/49		86,046
	GNMA REMIC Series 2019-129, Class AI
	18,431		3.500			10/20/49		2,349
	GNMA REMIC Series 2019-151, Class IA
	1,353,269		3.500			12/20/49		165,967
	GNMA REMIC Series 2019-151, Class NI
	897,554		3.500			10/20/49		89,227
	GNMA REMIC Series 2019-153, Class EI
	1,657,301		4.000			12/20/49		233,912
	GNMA REMIC Series 2019-20, Class SF(d) (-1x 1M USD LIBOR + 3.790%)
	245,223		3.703			02/20/49		19,107
	GNMA REMIC Series 2019-4, Class SJ(d) (-1x 1M USD LIBOR + 6.050%)
	482,181		5.963			01/20/49		74,704
	GNMA REMIC Series 2019-6, Class SA(d) (-1x 1M USD LIBOR + 6.050%)
	131,473		5.963			01/20/49		20,048
	GNMA REMIC Series 2019-69, Class S(d) (-1x 1M USD LIBOR + 3.270%)
	888,034		3.183			06/20/49		58,628
	GNMA REMIC Series 2019-97, Class SC(d) (-1x 1M USD LIBOR + 6.100%)
	381,369		6.013			08/20/49		57,843
	GNMA REMIC Series 2020-11, Class SN(d) (-1x 1M USD LIBOR + 6.050%)
	314,749		5.963			01/20/50		51,897
	GNMA REMIC Series 2020-146, Class KI
	1,863,446		2.500			10/20/50		189,029
	GNMA REMIC Series 2020-151, Class MI
	927,365		2.500			10/20/50		110,483
	GNMA REMIC Series 2020-173, Class AI
	532,132		2.500			11/20/50		26,430
	GNMA REMIC Series 2020-21, Class SA(d) (-1x 1M USD LIBOR + 6.050%)
	863,259		5.963			02/20/50		148,440

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(g) – (continued)
	GNMA REMIC Series 2020-55, Class AS(d) (-1x 1M USD LIBOR + 6.050%)
$	799,941		5.963	%		04/20/50	$	142,186
	GNMA REMIC Series 2020-55, Class IO
	1,224,897		3.500			04/20/50		161,154
	GNMA REMIC Series 2020-61, Class GI
	850,626		5.000			05/20/50		89,594
	GNMA REMIC Series 2020-61, Class SF(d) (-1x 1M USD LIBOR + 6.440%)
	302,910		6.353			07/20/43		55,034
	GNMA REMIC Series 2020-78, Class DI
	1,107,866		4.000			06/20/50		124,163
	GNMA Series 2019-78, Class SA(d) (-1X 1M USD LIBOR + 6.050%)
	631,324		5.963			06/20/49		103,401
								4,948,456
Regular Floater(d) – 0.0%
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	63,510		0.536			07/25/41		64,299
Sequential Fixed Rate – 0.1%
	FNMA REMIC Series 2005-70, Class PA
	32,176		5.500			08/25/35		35,969
	FNMA REMIC Series 2011-52, Class GB
	245,567		5.000			06/25/41		274,840
	FNMA REMIC Series 2012-111, Class B
	21,329		7.000			10/25/42		25,074
	FNMA REMIC Series 2012-153, Class B
	59,134		7.000			07/25/42		70,847
								406,730
Sequential Floating Rate(d) – 3.2%
	Alternative Loan Trust Series 2006-OC8, Class 2A3 (1M USD LIBOR + 0.500%)
	1,624,954		0.586			11/25/36		1,428,169
	Bellemeade Re Ltd. Series 2021-2A, Class M1B(b) (SOFR30A + 1.500%)
	275,000		1.550			06/25/31		275,481
	CIM Trust Series 2019-INV3, Class A15(b)
	105,736		3.500			08/25/49		107,685
	Connecticut Avenue Securities Trust Series 2018-R07, Class 1M2(b) (1M USD LIBOR + 2.400%)
	158,838		2.486			04/25/31		159,434
	Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2(b) (1M USD LIBOR + 2.300%)
	258,296		2.386			08/25/31		259,961
	Connecticut Avenue Securities Trust Series 2020-R01, Class 1M2(b) (1M USD LIBOR + 2.050%)
	31,405		2.136			01/25/40		31,568
	Countrywide Alternative Loan Trust Series 2007-OA6, Class A1A (1M USD LIBOR + 0.140%)
	298,718		0.226			06/25/37		285,628
	Deutsche Alt-A Securities Mortgage Loan Trust Series 2007-OA5, Class A1A (1M USD LIBOR + 0.200%)
	608,158		0.286			08/25/47		568,831
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(d) – (continued)
	FHLMC STACR Remic Trust Series 2020-DNA1, Class M2(b) (1M USD LIBOR + 1.700%)
	468,292		1.786			01/25/50		469,777
	FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2(b) (1M USD LIBOR + 1.850%)
	110,731		1.936			02/25/50		111,609
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(b) (1M USD LIBOR + 3.000%)
	55,424		3.086			06/25/50		55,638
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1(b) (1M USD LIBOR + 5.100%)
	825,000		5.186			06/25/50		860,063
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1(b) (1M USD LIBOR + 6.000%)
	740,000		6.086			08/25/50		788,286
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2(b) (1M USD LIBOR + 3.750%)
	140,954		3.836			08/25/50		142,275
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1(b) (SOFR30A + 4.800%)
	713,000		4.850			10/25/50		761,007
	FHLMC STACR REMIC Trust Series 2020-DNA6, Class B1(b) (SOFR30A + 3.000%)
	612,000		3.050			12/25/50		619,444
	FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2(b) (1M USD LIBOR + 3.150%)
	368,324		3.236			09/25/50		370,860
	FHLMC STACR REMIC Trust Series 2021-DNA5, Class B1(b) (SOFR30A + 3.050%)
	150,000		3.100			01/25/34		153,198
	FHLMC STACR REMIC Trust Series 2021-HQA1, Class B1(b) (SOFR30A + 3.000%)
	800,000		3.050			08/25/33		810,130
	FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2(b) (SOFR30A + 2.050%)
	520,000		2.100			12/25/33		524,846
	FHLMC Structured Agency Credit Risk Debt Notes Series 2020- HQA5, Class B1(b) (SOFR30A + 4.000%)
	451,000		4.050			11/25/50		472,522
	FHLMC Structured Agency Credit Risk Debt Notes Series 2020- HQA5, Class M2(b) (SOFR30A + 2.600%)
	220,000		2.650			11/25/50		222,803
	FNMA Connecticut Avenue Securitie Series 2013-C01, Class M2 (1M USD LIBOR + 5.250%)
	60,631		5.336			10/25/23		63,001
	FNMA Connecticut Avenue Securitie Series 2014-C01, Class M2 (1M USD LIBOR + 4.400%)
	335,131		4.486			01/25/24		345,919
	FNMA Connecticut Avenue Securitie Series 2014-C02, Class 1M2 (1M USD LIBOR + 2.600%)
	305,802		2.686			05/25/24		310,920
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
GBP	631,919		0.868			08/20/56		852,543
	JPMorgan Alternative Loan Trust Series 2006-A7, Class 1A1 (1M USD LIBOR + 0.320%)
	166,539		0.406			12/25/36		160,146

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)
Sequential Floating Rate(d) – (continued)
	JPMorgan Mortgage Trust Series 2021-6, Class A3(b)
$	735,660		2.500	%		10/25/51	$	744,338
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A(3M GBP LIBOR + 0.850%)
GBP	362,724		0.921			11/15/49		489,647
	Mill City Mortgage Loan Trust Series 2019-GS2, Class M1(b)
$	720,000		3.000			08/25/59		758,036
	Mill City Mortgage Loan Trust Series 2021-NMR1, Class M2(b)
	760,000		2.500			11/25/60		771,345
	Stratton Mortgage Funding PLC Series 2019-1, Class A(3M SONIA IR + 1.200%)
GBP	1,169,281		1.250			05/25/51		1,583,215
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(b)
$	66,614		3.500			07/25/49		67,439
								15,625,764
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	21,045,249
Commercial Mortgage-Backed Securities – 0.8%
Sequential Fixed Rate – 0.7%
	Banc of America Commercial Mortgage Trust Series 2016- UBS10, Class D(b)
$	500,000		3.000	%		07/15/49	$	466,261
	BANK Series 2021-BN32, Class A5
	1,000,000		2.643			04/15/54		1,043,005
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(b)
	500,000		2.500			11/15/52		411,870
	COMM 2017-COR2 Mortgage Trust Series 2017-COR2, Class D(b)
	350,000		3.000			09/10/50		330,831
	DOLP Trust Series 2021-NYC, Class A(b)
	1,100,000		2.956			05/10/41		1,162,205
	Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D(b)
	150,000		3.250			01/15/60		138,420
								3,552,592
Sequential Floating Rate(b) – 0.1%
	BANK 2018-BNK10 Series 2018-BN10, Class D
	200,000		2.600			02/15/61		176,873
	Barclays Commercial Mortgage Trust Series 2017-C1 Class D(d)
	150,000		3.660			02/15/50		138,959
	CSAIL 2018-C14 Commercial Mortgage Trust Series 2018-C14, Class D(d)
	250,000		5.052			11/15/51		258,158
								573,990
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	4,126,582
Federal Agencies – 36.0%
Adjustable Rate FHLMC(d) – 0.0%
$	22,399		2.171	%		09/01/35	$	23,657
Mortgage-Backed Obligations – (continued)
FHLMC – 0.7%
	73,119		6.000			08/01/27		80,590
	8,837		5.000			08/01/33		9,995
	1,358		5.000			09/01/33		1,536
	1,977		5.000			10/01/33		2,236
	2,084		5.000			11/01/34		2,374
	102,900		5.000			12/01/34		117,216
	2,929		5.000			07/01/35		3,336
	350		5.000			11/01/35		396
	27,509		5.000			03/01/39		31,306
	3,333		5.000			05/01/39		3,792
	8,052		5.000			04/01/40		9,092
	1,728		5.000			08/01/40		1,968
	22,027		4.000			02/01/41		24,223
	737		5.000			04/01/41		840
	1,741		5.000			06/01/41		1,982
	604,864		4.000			03/01/48		651,761
	601,669		4.000			04/01/48		644,425
	1,597,312		4.500			08/01/48		1,771,389
								3,358,457
GNMA – 18.3%
	22,890		5.500			11/15/32		25,711
	11,125		5.500			01/15/33		12,417
	25,447		5.500			02/15/33		28,956
	30,044		5.500			03/15/33		34,148
	31,481		5.500			07/15/33		35,607
	9,309		5.500			08/15/33		10,357
	7,369		5.500			09/15/33		8,237
	13,054		5.500			04/15/34		14,505
	7,436		5.500			05/15/34		8,132
	120,893		5.500			09/15/34		138,590
	123,442		5.500			12/15/34		141,583
	83,651		5.500			01/15/35		96,183
	191		5.500			05/15/36		209
	3,831		4.000			02/20/41		4,159
	5,976		4.000			11/20/41		6,544
	997		4.000			01/20/42		1,092
	3,203		4.000			04/20/42		3,508
	2,019		4.000			10/20/42		2,210
	527,393		4.000			08/20/43		577,028
	3,068		4.000			03/20/44		3,357
	3,710		4.000			05/20/44		4,054
	258,350		4.000			11/20/44		281,937
	61,170		4.000			12/20/44		66,755
	16,772		4.000			05/20/45		18,278
	62,695		4.000			07/20/45		68,321
	345,800		4.000			01/20/46		375,426
	1,973,189		3.500			04/20/47		2,092,365
	1,910,229		3.500			12/20/47		2,025,280
	1,334,225		4.500			05/20/48		1,429,799
	1,978,761		4.500			08/20/48		2,117,877
	252,166		5.000			08/20/48		272,664
	1,396,334		4.500			09/20/48		1,493,957
	1,755,212		5.000			10/20/48		1,896,659
	1,026,422		5.000			11/20/48		1,108,978
	1,015,862		5.000			12/20/48		1,097,251

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	2,215,654		4.500	%		01/20/49		$	2,369,521
	1,940,819		5.000			01/20/49			2,096,010
	856,673		4.000			02/20/49			911,397
	1,835,740		4.500			02/20/49			1,963,223
	1,086,755		4.000			03/20/49			1,154,478
	48,217		4.500			03/20/49			51,573
	159,183		5.000			03/20/49			171,862
	782,492		4.000			05/20/49			830,765
	578,466		4.500			10/20/49			618,053
	588,958		4.500			12/20/49			628,507
	7,000,000		2.000			TBA-30yr	(h)		7,098,803
	37,000,000		2.500			TBA-30yr	(h)		38,195,784
	9,000,000		3.000			TBA-30yr	(h)		9,404,050
	9,000,000		3.500			TBA-30yr	(h)		9,464,883
									90,461,043
UMBS – 5.9%
	953		5.500			09/01/23			976
	671		5.500			10/01/23			688
	183		5.500			05/01/25			183
	6,029		4.500			02/01/39			6,739
	3,614		4.500			04/01/39			4,006
	5,748		4.500			08/01/39			6,361
	77,653		4.500			12/01/39			85,918
	77,783		4.500			06/01/40			86,812
	25,468		4.500			08/01/41			28,416
	51,159		3.000			12/01/42			55,295
	113,580		3.000			01/01/43			122,811
	30,300		3.000			02/01/43			32,763
	11,236		3.000			03/01/43			12,149
	174,175		3.000			04/01/43			188,333
	28,245		3.000			05/01/43			30,580
	37,870		3.000			06/01/43			41,043
	13,190		3.000			07/01/43			14,295
	21,521		5.000			06/01/44			24,076
	15,106		3.500			03/01/45			16,204
	427,521		3.000			04/01/45			458,259
	1,361,249		4.500			04/01/45			1,531,568
	167,105		4.500			05/01/45			188,222
	644,601		4.500			06/01/45			716,921
	282,898		4.000			11/01/45			308,110
	88,205		4.000			03/01/46			95,941
	52,380		4.000			06/01/46			56,909
	13,764		4.000			08/01/46			14,954
	116,554		4.000			10/01/46			126,631
	93,749		4.000			06/01/47			102,467
	502,222		4.500			07/01/47			553,917
	232,335		4.500			11/01/47			256,104
	294,699		4.000			12/01/47			324,522
	842,862		4.000			01/01/48			927,697
	1,720,005		4.000			02/01/48			1,885,346
	1,265,610		4.000			03/01/48			1,386,206
	933,318		4.500			05/01/48			1,011,668
	855,268		4.000			06/01/48			940,951
	527,224		4.000			08/01/48			574,606
	428,337		4.500			09/01/48			474,869
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	2,006,957		5.000			11/01/48			2,271,116
	684,665		4.500			06/01/49			739,826
	2,380,105		3.000			09/01/49			2,541,008
	68,599		4.500			10/01/49			73,983
	14,217		4.500			01/01/50			15,331
	3,415,480		3.000			12/01/50			3,637,039
	6,979,707		2.500			09/01/51			7,254,638
									29,226,457
UMBS, 30 Year, Single Family(h) – 11.1%
	38,000,000		2.000			TBA-30yr			38,080,850
	7,000,000		3.000			TBA-30yr			7,316,908
	6,000,000		3.000			TBA-30yr			6,279,136
	3,000,000		4.500			TBA-30yr			3,244,336
									54,921,230
	TOTAL FEDERAL AGENCIES							$	177,990,844
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $200,112,946)							$	203,162,675
Agency Debentures – 0.6%
	Federal Farm Credit Banks Funding Corp.
$	3,120,000		1.700	%		04/23/35		$	2,982,346
	Israel Government AID Bond(i)
	40,000		5.500			09/18/33			55,663
	Republic of Peru(a)(j)
	100,000		3.230			07/28/21			82,987
	TOTAL AGENCY DEBENTURES
	(Cost $3,120,591)							$	3,120,996
Asset-Backed Securities(d) – 11.2%
Collateralized Loan Obligations – 9.2%
	AGL CLO 3 Ltd. Series 2020-3A, Class A(b) (3M USD LIBOR + 1.300%)
$	1,300,000		1.426	%		01/15/33		$	1,301,860
	AMMC CLO 15 Ltd. Series 2014-15A, Class DRR(b) (3M USD LIBOR + 3.400%)
	750,000		3.526			01/15/32			750,013
	Bain Capital Credit CLO Ltd. Series 2017-2A, Class AR2(b) (3M USD LIBOR + 1.180%)
	3,900,000		1.315			07/25/34			3,900,924
	Benefit Street Partners CLO V-B Ltd. Series 2018-5BA, Class A1A(b) (3M USD LIBOR + 1.090%)
	2,009,000		1.224			04/20/31			2,007,192
	Cathedral Lake VII Ltd. Series 2021-7RA, Class C(b) (3M USD LIBOR + 2.570%)
	1,000,000		2.696			01/15/32			981,813
	Cathedral Lake VII Ltd. Series 2021-7RA, Class D(b) (3M USD LIBOR + 4.280%)
	1,000,000		4.406			01/15/32			978,444

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(d) – (continued)
Collateralized Loan Obligations – (continued)
	CBAM Ltd. Series 2017-2A, Class AR(b) (3M USD LIBOR + 1.190%)
$	2,000,000		1.324	%		07/17/34	$	2,002,148
	CFIP CLO 2017-1, Ltd. Series 17-1A, Class DR(b) (3M USD LIBOR + 3.820%)
	2,500,000		3.905			10/18/34		2,474,517
	Dryden 68 CLO, Ltd. Series 19-68A, Class AR(b) (3M USD LIBOR + 1.170%)
	2,200,000		1.296			07/15/35		2,201,179
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1(b) (3M USD LIBOR + 1.860%)
	2,350,000		1.994			07/20/31		2,354,874
	HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A(b) (3M USD LIBOR + 1.450%)
	1,675,000		1.579			11/30/32		1,680,491
	ICG US CLO Ltd. Series 2017-1A, Class ARR(b) (3M USD LIBOR + 1.170%)
	1,300,000		1.302			07/28/34		1,300,945
	Magnetite XXIV Ltd. Series 2019-24A, Class A(b) (3M USD LIBOR + 1.330%)
	2,000,000		1.456			01/15/33		2,001,030
	Marble Point CLO XIV Ltd. Series 2018-2A, Class A1R(b) (3M USD LIBOR + 1.280%)
	2,900,000		1.414			01/20/32		2,901,348
	MidOcean Credit CLO Series 2018-8X, Class A2 (3M USD LIBOR + 1.300%)
	500,000		1.431			02/20/31		499,376
	MidOcean Credit CLO VI Series 2016-6A, Class D1R(b) (3M USD LIBOR + 3.520%)
	800,000		3.654			04/20/33		796,007
	Mill City Mortgage Loan Trust Series 2017-2, Class A3(b)
	216,923		2.989			07/25/59		223,998
	Mountain View CLO LLC Series 2016-1A, Class AR(b) (3M USD LIBOR + 1.360%)
	1,200,000		1.493			04/14/33		1,201,266
	Ozlm Ltd.Series 2015-14A, Class CRR(b) (3M USD LIBOR + 3.390%)
	1,300,000		3.516			07/15/34		1,280,830
	Steele Creek CLO Ltd. Series 2019-1A, Class D(b) (3M USD LIBOR + 4.100%)
	1,350,000		4.226			04/15/32		1,346,697
	TCW CLO AMR Ltd. Series 2019-1A, Class DR(b) (3M USD LIBOR + 3.670%)
	1,200,000		3.789			08/16/34		1,194,180
	TICP CLO VIII Ltd. Trust Series 2017-8A, Class A1(b) (3M USD LIBOR + 1.230%)
	2,000,000		1.364			10/20/30		2,000,784
	Towd Point Mortgage Trust Series 2017-3, Class B2(b)
	100,000		3.873			07/25/57		106,789
	Tralee CLO V Ltd. Series 2018-5A, Class DR(b) (3M USD LIBOR + 3.810%)
	2,600,000		4.120			10/20/34		2,561,000
	Trysail CLO Ltd. Series 2021-1A, Class A1(b) (3M USD LIBOR + 1.320%)
	3,900,000		1.461			07/20/32		3,908,046
Asset-Backed Securities(d) – (continued)
Collateralized Loan Obligations – (continued)
	Wellfleet CLO X Ltd. Series 2019-XA, Class A1R(b) (3M USD LIBOR + 1.170%)
	2,375,000		1.344			07/20/32		2,375,784
	Zais CLO 15 Ltd. Series 2020-15A, Class A1R(b) (3M USD LIBOR + 1.350%)
	1,275,000		1.454			07/28/32		1,275,102
								45,606,637
Home Equity – 0.5%
	Citigroup Mortgage Loan Trust, Inc. Series 2005-HE4, Class M2(1M USD LIBOR + 0.675%)
	475,915		0.761			10/25/35		471,124
	Credit Suisse First Boston Mortgage Securities Corp. Series 2001- HE17, Class A1(1M USD LIBOR + 0.620%)
	695		0.706			01/25/32		670
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	13,086		7.000			09/25/37		13,186
	Home Equity Asset Trust Series 2002-1, Class A4 (1M USD LIBOR + 0.600%)
	257		0.686			11/25/32		224
	Home Equity Loan Trust Series 2007-FRE1, Class 2AV3 (1M USD LIBOR + 0.230%)
	885,405		0.316			04/25/37		861,255
	Morgan Stanley Mortgage Loan Trust Series 2007-7AX, Class 1A (1M USD LIBOR + 0.440%)
	2,662,341		0.526			04/25/37		916,097
	Soundview Home Loan Trust Series 2007-NS1, Class A3 (1M USD LIBOR + 0.200%)
	372,617		0.286			01/25/37		371,736
								2,634,292
Student Loan – 1.5%
	AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	444,291		0.342			09/26/33		427,794
	Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	3,112,457		1.136			12/27/66		3,161,003
	PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	1,129,694		1.236			09/25/65		1,150,978
	SLM Student Loan Trust Series 2005-4, Class A3 (3M USD LIBOR + 0.120%)
	111,780		0.245			01/25/27		111,510
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	680,046		0.265			10/25/28		676,991
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	603,734		0.455			01/25/22		598,694
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	172,755		0.875			04/25/23		170,853
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	389,935		1.775			07/25/22		396,942

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(d) – (continued)
Student Loan – (continued)
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
$	651,248		1.825	%		07/25/23	$	657,766
								7,352,531
	TOTAL ASSET-BACKED SECURITIES
	(Cost $55,255,493)						$	55,593,460
Foreign Debt Obligations – 1.5%
Sovereign – 1.5%
	Dominican Republic(b)
$	150,000		4.500	%		01/30/30	$	152,184
	200,000		5.875			01/30/60		195,288
	Republic of Brazil
	200,000		3.875			06/12/30		193,663
	Republic of Colombia(a)
	230,000		3.000			01/30/30		216,674
	330,000		3.125			04/15/31		308,509
	470,000		4.125			05/15/51		405,022
	Republic of Ecuador(b)
	41,572		0.000	(k)		07/31/30		21,617
	34,740		5.000	(e)		07/31/30		29,095
	Republic of Egypt(b)
	200,000		4.550			11/20/23		203,250
	620,000		8.875			05/29/50		610,762
	Republic of Indonesia
	200,000		3.850			10/15/30		222,725
	Republic of Ivory Coast
	120,000		4.875			01/30/32		135,640
	200,000		6.125			06/15/33		210,662
	130,000		6.625			03/22/48		151,508
	Republic of Nigeria
	290,000		7.143			02/23/30		295,401
	680,000		7.875			02/16/32		703,927
	200,000		7.696			02/23/38		196,913
	Republic of Peru(a)
	20,000		2.780			12/01/60		16,891
	Republic of Romania
EUR	20,000		2.875			03/11/29		25,379
	500,000		3.624	(b)		05/26/30		652,441
$	130,000		3.000	(b)		02/14/31		132,503
EUR	70,000		2.000	(b)		01/28/32		78,743
	80,000		3.375	(b)		01/28/50		91,162
	70,000		3.375			01/28/50		79,767
$	230,000		4.000	(b)		02/14/51		228,534
	Republic of Turkey
	200,000		5.950			01/15/31		188,000
	200,000		5.875			06/26/31		186,750
	Ukraine Government Bond
EUR	100,000		4.375			01/27/30		107,437
$	430,000		7.253	(b)		03/15/33		433,709
	United Mexican States
	200,000		4.500			04/22/29		224,600
	624,000		3.771	(a)		05/24/61		554,112
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $7,370,215)						$	7,252,868
Municipal Debt Obligations – 1.1%
California(a) – 0.3%
	California State GO Bonds Build America Taxable Series 2009
$	210,000		7.550	%		04/01/39	$	353,860
	East Bay Municipal Utility Disrtict Water System RB Build America SubSeries 2010
	900,000		5.874			06/01/40		1,301,142
								1,655,002
Illinois – 0.4%
	Illinois State GO Bonds Build America Series 2010(a)
	115,000		6.630			02/01/35		142,580
	730,000		7.350			07/01/35		926,696
	Illinois State GO Bonds Taxable-Pension Series 2003
	530,000		5.100			06/01/33		617,740
								1,687,016
New York(a) – 0.3%
	New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B
	800,000		5.175			11/15/49		1,091,851
	Port Authority of New York & New Jersey Consolidated Bonds— 192 Series 2015
	375,000		4.810			10/15/65		525,230
								1,617,081
Ohio(a) – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	250,000		6.270			02/15/50		353,557
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $4,170,671)						$	5,312,656
U.S. Treasury Obligations – 15.4%
	United States Treasury Bonds
$	1,100,000		3.625	%(l)		02/15/44	$	1,415,562
	28,910,000		3.000			02/15/47		34,267,384
	3,510,000		2.250			08/15/49		3,639,431
	6,880,000		2.375			11/15/49		7,326,125
	7,140,000		2.000			02/15/50		7,016,166
	960,000		1.625	(l)		11/15/50		862,800
	United States Treasury Notes
	6,550,000		1.125			02/29/28		6,510,086
	15,250,000		1.250			03/31/28		15,254,766
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $77,817,822)						$	76,292,320

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

GOLDMAN SACHS BOND FUND

Shares		Dividend Rate	Value
Investment Company(m) – 0.9%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	4,640,064	0.026%	$	4,640,064
	(Cost $4,640,064)
	TOTAL INVESTMENTS – 120.4%
	(Cost $583,762,453)		$	595,649,490
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (20.4)%			(101,090,614	)
	NET ASSETS – 100.0%		$	494,558,876

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Pay-in-kind securities.
(d)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(e)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2021.
(f)	Security is currently in default and/or non-income producing.
(g)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(h)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $119,084,750 which represents approximately 24.1% of the Fund’s net assets as of September 30, 2021.
(i)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $55,663, which represents approximately 0.0% of the Fund’s net assets as of September 30, 2021.
(j)	Actual maturity date is July 28, 2121.
(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
CZK	—Czech Koruna
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GMAC	—General Motors Acceptance Corporation
GNMA	—Government National Mortgage Association
GO	—General Obligation
JYOR	—Japanese Yen Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PLC	—Public Limited Company
PIK	—Payment-in-kind
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
SONIA	—Sterling Overnight Interbank 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

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	AUD	728,703	NZD	761,476		12/15/21	$	1,654
	AUD	796,456	USD	573,753		12/15/21		2,265
	CAD	3,365,896	EUR	2,261,078		12/15/21		33,974
	CAD	308,476	USD	242,378		12/15/21		1,169
	CHF	409,186	EUR	376,057		12/15/21		3,622
	CNH	37,447,200	USD	5,759,887		12/15/21		12,544
	EUR	377,144	HUF	134,165,224		12/15/21		6,315
	EUR	377,467	PLN	1,739,499		12/15/21		707
	EUR	756,506	SEK	7,672,939		12/15/21		594
	GBP	377,794	EUR	438,022		10/14/21		1,524
	IDR	12,821,561,641	USD	880,541		11/16/21		10,013
	NOK	19,252,633	EUR	1,873,528		12/15/21		27,163
	RUB	60,056,593	USD	790,984		10/01/21		33,947
	RUB	193,659,579	USD	2,589,032		11/15/21		52,383
	RUB	97,421,790	USD	1,324,448		11/17/21		3,850
	SEK	2,332,434	USD	265,463		12/15/21		1,177
	USD	862,756	AUD	1,174,664		12/15/21		13,207
	USD	442,285	BRL	2,352,657		10/04/21		10,608
	USD	324,687	CAD	410,005		11/12/21		1,001
	USD	5,901,020	CAD	7,455,072		12/15/21		15,118
	USD	624,222	CHF	564,524		11/01/21		18,008
	USD	6,066,818	CHF	5,571,177		12/15/21		76,791
	USD	1,540,921	CLP	1,220,630,594		11/12/21		41,669
	USD	2,515,495	EUR	2,123,076		10/07/21		55,874
	USD	2,050,442	EUR	1,731,499		10/12/21		44,279
	USD	1,997,827	EUR	1,689,923		10/13/21		39,798
	USD	2,221,676	EUR	1,874,516		10/18/21		49,563
	USD	15,461,852	EUR	13,065,032		11/24/21		311,781
	USD	13,730,106	EUR	11,611,843		12/15/21		257,255
	USD	2,140,146	GBP	1,547,466		10/18/21		55,044
	USD	5,383,681	GBP	3,862,922		10/27/21		178,594
	USD	8,520,969	GBP	6,184,184		12/15/21		187,158
	USD	1,007,615	IDR	14,444,761,434		11/16/21		4,318
	USD	629,188	ILS	2,015,546		12/15/21		3,544
	USD	1,774,034	INR	131,608,498		12/07/21		14,822
	USD	1,966,059	JPY	215,456,561		11/17/21		29,516
	USD	10,898,389	JPY	1,200,121,593		12/15/21		107,270
	USD	3,064,668	KRW	3,583,587,757		11/15/21		41,040
	USD	882,051	MXN	17,868,435		12/15/21		25,943
	USD	2,425,115	NOK	21,051,954		12/15/21		18,459
	USD	4,280,218	NZD	6,069,821		12/15/21		92,487
	USD	826,207	RUB	60,056,593		10/01/21		1,277
	USD	439,698	RUB	32,184,583		11/15/21		717
	USD	4,509,455	SEK	38,705,729		10/29/21		87,238
	USD	3,831,392	SEK	33,006,411		12/15/21		58,160
	USD	512,333	THB	16,768,112		12/15/21		16,956
	USD	2,734,163	TRY	24,578,401		12/15/21		78,963
	USD	1,771,000	TRY	17,089,265		06/14/22		89,675
	USD	1,752,068	TWD	48,453,416		10/12/21		9,316
	USD	882,027	TWD	24,465,653		10/18/21		1,784
	USD	1,329,103	ZAR	19,261,190		12/15/21		63,546
	ZAR	6,676,243	USD	437,557		12/15/21		1,106
TOTAL							$	2,294,786

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

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	1,216,595	NZD	1,275,624		12/15/21	$	(213	)
	AUD	1,727,892	USD	1,252,747		11/12/21		(3,344	)
	AUD	9,428,318	USD	6,934,274		12/15/21		(115,463	)
	BRL	2,341,620	USD	442,567		10/04/21		(12,914	)
	CAD	1,011,000	USD	800,619		11/12/21		(2,468	)
	CAD	4,139,929	USD	3,282,171		12/15/21		(13,629	)
	CHF	152,369	USD	165,046		12/15/21		(1,221	)
	CLP	702,143,263	USD	888,938		11/12/21		(26,523	)
	CNH	2,880,627	USD	444,358		12/15/21		(314	)
	CZK	39,176,468	USD	1,821,530		12/15/21		(35,029	)
	EUR	1,125,574	AUD	1,815,043		12/15/21		(6,720	)
	EUR	759,508	CHF	821,818		12/15/21		(2,370	)
	EUR	376,348	CZK	9,611,185		12/15/21		(1,619	)
	EUR	438,022	GBP	377,788		10/14/21		(1,515	)
	EUR	756,054	USD	894,906		10/07/21		(19,004	)
	EUR	375,486	USD	443,830		10/13/21		(8,774	)
	EUR	10,296,800	USD	12,185,779		11/24/21		(245,720	)
	EUR	12,764,380	USD	15,147,199		12/15/21		(337,096	)
	GBP	1,602,351	EUR	1,876,192		12/15/21		(17,555	)
	GBP	1,581,668	USD	2,204,341		10/27/21		(73,125	)
	GBP	2,918,542	USD	3,983,319		12/15/21		(50,289	)
	HUF	266,701,030	EUR	749,917		12/15/21		(12,797	)
	HUF	142,279,046	USD	479,270		12/15/21		(21,915	)
	INR	298,023,815	USD	4,031,266		12/07/21		(47,579	)
	JPY	96,797,992	EUR	750,791		12/15/21		(742	)
	JPY	164,632,535	USD	1,502,285		11/17/21		(22,553	)
	JPY	825,650,800	USD	7,534,929		12/15/21		(110,934	)
	KRW	2,601,593,271	USD	2,210,000		11/15/21		(14,924	)
	NOK	3,787,800	EUR	376,279		12/15/21		(3,564	)
	NOK	13,178,385	USD	1,519,911		12/15/21		(13,360	)
	NZD	14,345,186	USD	10,181,664		12/15/21		(284,536	)
	PLN	1,726,036	EUR	375,572		12/15/21		(1,894	)
	PLN	5,393,503	USD	1,411,618		12/15/21		(55,862	)
	RUB	60,056,593	USD	826,207		10/01/21		(1,278	)
	RUB	32,251,815	USD	440,511		11/17/21		(774	)
	SEK	39,781,000	USD	4,634,731		10/29/21		(89,662	)
	SEK	6,540,952	USD	757,644		12/15/21		(9,894	)
	THB	12,080,764	USD	366,278		12/15/21		(9,379	)
	TRY	15,673,350	USD	1,771,000		12/14/21		(76,854	)
	TRY	2,390,900	USD	265,487		12/15/21		(7,199	)
	TWD	70,738,388	USD	2,555,485		10/12/21		(11,198	)
	TWD	24,503,795	USD	886,694		10/18/21		(5,079	)
	USD	1,501,615	CAD	1,903,792		12/15/21		(1,461	)
	USD	211,684	CHF	197,603		12/15/21		(775	)
	USD	2,861,583	CNH	18,629,367		12/15/21		(10,106	)
	USD	597,683	GBP	444,399		12/15/21		(1,190	)
	USD	1,358,622	JPY	151,484,169		12/15/21		(3,476	)
	USD	1,857,351	NOK	16,414,244		11/01/21		(19,886	)
	USD	91,432	NOK	806,382		12/15/21		(753	)
	USD	108,786	NZD	158,380		12/15/21		(484	)
	USD	793,201	RUB	60,056,593		10/01/21		(31,728	)
	USD	444,432	RUB	33,211,301		11/15/21		(8,553	)

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	USD	444,039	RUB	33,374,224		11/17/21	$	(11,002	)
	USD	874,589	SGD	1,189,660		12/15/21		(1,431	)
	USD	875,708	THB	29,698,555		12/15/21		(1,669	)
	USD	884,388	TWD	24,608,103		10/12/21		(705	)
	ZAR	19,555,771	USD	1,329,872		12/15/21		(44,960	)
TOTAL							$	(1,915,061	)

FORWARD SALES CONTRACTS — At September 30, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(b)	Settlement Date		Principal Amount			Value
GNMA		4.000	%	TBA-30yr		10/21/21	$	(2,000,000	)	$	(2,122,410	)
UMBS, 30 Year, Single Family		2.500		TBA-30yr		10/14/21		(10,000,000	)		(10,311,329	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		10/14/21		(3,000,000	)		(3,214,570	)
UMBS, 30 Year, Single Family		3.500		TBA-30yr		11/10/21		(3,000,000	)		(3,176,835	)
UMBS, 30 Year, Single Family		4.000		TBA-30yr		11/10/21		(3,000,000	)		(3,217,851	)
UMBS, 30 Year, Single Family		3.500		TBA-30yr		12/13/21		(4,000,000	)		(4,235,936	)
TOTAL (Proceeds Receivable: $(26,377,461))										$	(26,278,931	)

(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, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year German Euro-Bund		20			12/08/21	$	3,934,220		$	(7,052	)
2 Year U.S. Treasury Notes		320			12/31/21		70,417,500			(42,658	)
10 Year U.S. Treasury Notes		207			12/21/21		27,243,141			(113,021	)
20 Year U.S. Treasury Bonds		115			12/21/21		18,310,156			(374,374	)
Total									$	(537,105	)
Short position contracts:
Australian 10 Year Government Bonds		(16	)		12/15/21		(1,636,441	)		1,083
Euro Buxl 30 Year Bonds		(1	)		12/08/21		(235,539	)		8,408
Ultra Long U.S. Treasury Bonds		(26	)		12/21/21		(4,967,625	)		40,196
Ultra 10 Year U.S. Treasury Notes		(92	)		12/21/21		(13,363,000	)		219,260
5 Year German Euro-Bobl		(5	)		12/08/21		(781,481	)		4,452
5 Year U.S. Treasury Notes		(295	)		12/31/21		(36,208,945	)		137,455
Total									$	410,854
TOTAL FUTURES CONTRACTS									$	(126,251	)

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%(a)	3M WIBOR(b)	12/16/21	PLN	18,330		$	(8,759	)	$	(204	)	$	(8,555	)
1M BID Avg(c)	3.390%(c)	01/03/22	BRL	12,550			(24,620	)		—			(24,620	)
1M BID Avg(c)	4.120(c)	01/03/22		6,500			12,800			9,762			3,038
3M NZDOR(b)	0.500(d)	09/15/22	NZD	170,400			(613,782	)		(526,289	)		(87,493	)
3M NZDOR(b)	1.250(d)	09/15/22		14,390	(e)		5,154			531			4,623
3M NZDOR(b)	1.250(d)	12/15/22		7,470	(e)		(1,446	)		(8,249	)		6,803
5.800(c)	1M BID Avg(c)	01/02/23	BRL	9,300			43,988			6,765			37,223
1M BID Avg(c)	4.230(c)	01/02/23		4,200			(32,673	)		(37,539	)		4,866
1M BID Avg(a)	7.200(a)	01/02/23		10,250			(31,891	)		806			(32,697	)
3M AUDOR(b)	0.190(b)	02/22/23	AUD	80,390	(e)		4,033			(1,111,675	)		1,115,708
6M CDOR(d)	0.804(d)	02/28/23	CAD	124,410	(e)		(55,300	)		(458,558	)		403,258
6M CDOR(d)	1.100(d)	06/15/23		34,290	(e)		2,336			(99,540	)		101,876
0.450(d)	3M LIBOR(b)	06/15/23	$	30,690	(e)		(8,820	)		(1,854	)		(6,966	)
3M CNY(b)	2.500(b)	09/15/23	CNY	94,520			56,093			36,197			19,896
1.250(b)	3M KWCDC(b)	09/15/23	KRW	5,384,600			27,259			9,411			17,848
6M CDOR(d)	1.200(d)	09/21/23	CAD	34,520	(e)		(23,234	)		12,985			(36,219	)
0.500(d)	3M LIBOR(b)	09/21/23	$	27,930	(e)		23,071			(13,310	)		36,381
6.200(c)	Mexico IB TIIE 28D(c)	12/13/23	MXN	75,340	(e)		30,739			(1,761	)		32,500
12M EURO(d)	(0.500)(f)	12/15/23	EUR	2,630	(e)		(5,959	)		(2,684	)		(3,275	)
1.500(b)	3M KWCDC(b)	12/15/23	KRW	3,140,000	(e)		8,340			1,238			7,102
0.500(d)	3M LIBOR(b)	12/15/23	$	7,760	(e)		(2,256	)		(2,017	)		(239	)
0.000(f)	3M STIBOR(b)	12/15/23	SEK	101,580	(e)		37,334			38,617			(1,283	)
0.300(b)	6M AUDOR(b)	12/15/23	AUD	14,930	(e)		12,908			6,805			6,103
1.000(d)	6M CDOR(d)	12/15/23	CAD	17,930	(e)		20,330			17,980			2,350
(0.500)(f)	6M EURO(f)	12/15/23	EUR	18,630	(e)		(9,370	)		(16,790	)		7,420
9.200(c)	1M BID Avg(c)	01/02/24	BRL	1,908			3,018			(8,298	)		11,316
1M BID Avg(c)	4.930(c)	01/02/24		1,840			(22,130	)		(801	)		(21,329	)
3M AUDOR(b)	0.500(b)	02/24/24	AUD	24,470	(e)		17,400			60,585			(43,185	)
1.500(b)	3M KWCDC(b)	03/16/24	KRW	8,013,350	(e)		32,123			18,535			13,588
0.486(b)	3M AUDOR(b)	06/29/24	AUD	8,070			(3,875	)		275			(4,150	)
1M LIBOR + 0.090%(b)	3M LIBOR(b)	07/25/24	$	41,260			(4,320	)		13,848			(18,168	)
6.320(c)	1M BID Avg(c)	01/02/25	BRL	6,086			85,210			(14,340	)		99,550
6M CDOR(d)	1.560(d)	08/22/25	CAD	13,800	(e)		(64,547	)		6,635			(71,182	)
6M WIBOR(d)	0.750(f)	12/16/25	PLN	3,690			(33,684	)		(659	)		(33,025	)
3M CNY(b)	2.750(b)	09/15/26	CNY	9,760			17,942			9,916			8,026
6.700(c)	Mexico IB TIIE 28D(c)	12/09/26	MXN	26,990	(e)		27,888			327			27,561
3M STIBOR(b)	0.250(f)	12/15/26	SEK	19,040	(e)		(33,037	)		(29,063	)		(3,974	)
12M GBP(f)	0.500(f)	12/15/26	GBP	22,440	(e)		(427,405	)		(190,301	)		(237,104	)
3M LIBOR(b)	1.250(d)	12/15/26	$	6,510	(e)		35,846			58,314			(22,468	)
6M AUDOR(d)	1.250(d)	12/15/26	AUD	18,710	(e)		108,594			201,069			(92,475	)
6M NIBOR(d)	1.500(f)	12/15/26	NOK	56,980	(e)		(84,836	)		(2,443	)		(82,393	)
3M NZDOR(b)	1.750(d)	12/15/26	NZD	10,160	(e)		(69,225	)		(44,496	)		(24,729	)
6M CDOR(d)	1.750(d)	12/15/26	CAD	5,130	(e)		25,094			69,512			(44,418	)
(0.500)(f)	12M CHFOR(f)	12/15/26	CHF	860	(e)		8,325			2,101			6,224
(0.250)(f)	6M EURO(f)	12/15/26	EUR	17,080	(e)		10,132			(111,644	)		121,776
0.000(f)	12M JYOR(f)	12/15/26	JPY	5,212,800	(e)		(42,363	)		(104,837	)		62,474
1.700(f)	6M WIBOR(d)	12/15/26	PLN	1,225	(e)		4,074			233			3,841
8.495(c)	1M BID Avg(c)	01/04/27	BRL	7,200			66,283			(11,443	)		77,726
9.900(a)	1M BID Avg(a)	01/04/27		2,300			6,473			(12,273	)		18,746

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (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)
1.680%(d)		6M CDOR(d)		08/22/28	CAD	9,790	(e)	$	140,038		$	(9,945	)	$	149,983
1.240(f)		6M NIBOR(d)		10/29/30	NOK	113,650	(e)		475,559			(570,553	)		1,046,112
1.000(f)		12M GBP(f)		02/10/31	GBP	8,350	(e)		35,430			(210,007	)		245,437
6M EURO(d)		0.500%(f)		02/12/31	EUR	11,250	(e)		39,746			(60,499	)		100,245
3M STIBOR(b)		1.272(f)		05/11/31	SEK	49,430	(e)		(1,939	)		(8,323	)		6,384
2.130(f)		6M NIBOR(d)		05/11/31	NOK	46,090	(e)		(12,112	)		8,879			(20,991	)
6M EURO(d)		0.220(f)		07/22/31	EUR	13,350	(e)		(213,688	)		(52,576	)		(161,112	)
6M EURO(d)		0.250(f)		09/02/31		10,120	(e)		(152,150	)		(38,757	)		(113,393	)
6M EURO(d)		0.500(f)		09/16/31		6,030	(e)		(3,992	)		(19,581	)		15,589
3M NZDOR(b)		3.000(d)		09/16/31	NZD	1,230	(e)		11,511			30,316			(18,805	)
2.500(d)		3M LIBOR(b)		09/17/31	$	11,790	(e)		(253,212	)		(381,415	)		128,203
12M SOFR(f)		1.530(f)		09/22/31		7,560	(e)		(77,069	)		955			(78,024	)
12M GBP(f)		1.000(f)		09/23/31	GBP	5,430	(e)		(31,805	)		35,280			(67,085	)
1.500(d)		3M LIBOR(b)		09/24/31	$	6,540	(e)		158,776			83,166			75,610
3M STIBOR(b)		0.750(f)		12/15/31	SEK	39,030	(e)		(78,639	)		9,303			(87,942	)
3M LIBOR(b)		1.750(d)		12/15/31	$	7,900	(e)		132,505			276,718			(144,213	)
6M AUDOR(d)		2.000(d)		12/15/31	AUD	1,040	(e)		21,179			32,529			(11,350	)
1.750(d)		3M LIBOR(b)		12/15/31	$	9,740	(e)		(163,367	)		(240,764	)		77,397
1.500(f)		6M NIBOR(d)		12/15/31	NOK	7,000	(e)		30,522			11,095			19,427
2.000(d)		6M CDOR(d)		12/15/31	CAD	7,650	(e)		7,368			(132,428	)		139,796
0.000(f)		6M EURO(d)		12/15/31	EUR	6,500	(e)		144,053			65,623			78,430
0.750(f)		12M GBP(f)		12/15/31	GBP	16,190	(e)		397,911			(249,818	)		647,729
0.000(f)		12M JYOR(f)		12/15/31	JPY	2,571,690	(e)		153,221			80,845			72,376
12M CHFOR(f)		0.500(f)		03/17/32	CHF	1,490	(e)		2,149			11,285			(9,136	)
3M STIBOR(b)		1.000(f)		03/17/32	SEK	18,230	(e)		(34,116	)		(14,484	)		(19,632	)
12M GBP(f)		1.000(f)		03/17/32	GBP	2,790	(e)		(19,061	)		(6,844	)		(12,217	)
2.000(d)		6M AUDOR(d)		03/17/32	AUD	2,230	(e)		28,685			9,874			18,811
1.630(f)		12M LIBOR(f)		09/22/36	$	9,070	(e)		91,876			2,999			88,877
0.610(f)		6M EURO(d)		07/22/41	EUR	7,440	(e)		210,393			14,981			195,412
0.500(f)		6M EURO(d)		12/15/41		120	(e)		438			(4,123	)		4,561
6M CDOR(d)		2.250(d)		12/15/51	CAD	9,190	(e)		(242,383	)		124,179			(366,562	)
2.000(d)		3M LIBOR(b)		12/15/51	$	5,810	(e)		(221,401	)		(503,357	)		281,956
6M CDOR(d)		2.180(d)		08/22/52	CAD	1,040	(e)		(49,500	)		7,172			(56,672	)
TOTAL								$	(343,819	)	$	(3,926,896	)	$	3,583,077

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Payments made monthly.

(d) Payments made semi-annually.

(e) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2021.

(f) Payments made annually.

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund			Credit Spread at September 30, 2021(a)			Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000	)%(b)		0.090	%		Barclays Bank PLC		12/20/21	$	690	$	(1,623	)	$	(120	)	$	(1,503	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)			0.102			Citibank NA		06/20/22		80		(548	)		(174	)		(374	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)(b)			0.102			JPMorgan Securities, Inc.		06/20/22		140		(960	)		(220	)		(740	)
Protection Sold:
Markit CMBX Series 11		3.000(c)			3.849			JPMorgan Securities, Inc.		11/18/54		350		(15,357	)		(105,390	)		90,033
Markit CMBX Series 10		3.000(c)			5.016			MS & Co. Int. PLC		11/17/59		600		(52,669	)		(111,304	)		58,635
Markit CMBX Series 11		3.000(c)			3.849			MS & Co. Int. PLC		11/18/54		1,000		(43,876	)		(276,421	)		232,545
Markit CMBX Series 8		3.000(c)			7.877			Signature Bank		10/17/57		1,950		(251,915	)		(380,145	)		128,230
TOTAL													$	(366,948	)	$	(873,774	)	$	506,826

(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.

(a) Payments made quarterly.

(b) Payments made monthly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund(a)			Credit Spread at September 30, 2021(b)			Termination Date	Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.EM Index 36		1.000	%		1.808	%	12/20/26	$	6,290	$	(248,457	)	$	(218,913	)	$	(29,544	)
CDX.NA.IG Index 28		1.000			0.219		06/20/22		11,100		66,190			55,091			11,099
CDX.NA.IG Index 34		1.000			0.251		06/20/23		7,575		100,175			55,690			44,485
General Electric Co. 2.700%, 10/09/22		1.000			0.694		06/20/26		1,525		22,087			19,613			2,474
Prudential Financial, Inc., 3.500%, 05/15/24		1.000			0.268		06/20/24		825		16,800			7,573			9,227
Republic of Indonesia, 5.875%, 03/13/20		1.000			0.413		06/20/24		2,430		39,677			4,077			35,600
State of Qatar, 9.750%, 06/15/30		1.000			0.214		06/20/24		210		4,593			2,497			2,096
State of Qatar, 9.750%, 06/15/30		1.000			0.249		12/20/24		100		2,464			1,359			1,105
The Boeing Co., 8.750%, 08/15/21		1.000			0.765		06/20/24		500		3,336			5,901			(2,565	)
TOTAL										$	6,865		$	(67,112	)	$	73,977

(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. 37

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	BofA Securities LLC		0.632	%		12/23/2021		15,520,000		$	15,520,000		$	15,475		$	43,388		$	(27,913	)
1Y IRS	Citibank NA		0.420			10/10/2022		16,880,000			16,880,000			13,842			36,542			(22,700	)
1Y IRS	Citibank NA		0.459			10/10/2022		15,430,000			15,430,000			14,934			33,730			(18,796	)
1Y IRS	Citibank NA		0.516			11/15/2022		16,920,000			16,920,000			21,838			39,732			(17,894	)
6M IRS	Citibank NA		0.465			02/22/2022		15,260,000			15,260,000			6,135			19,430			(13,295	)
6M IRS	Citibank NA		0.605			01/07/2022		14,860,000			14,860,000			13,307			43,058			(29,751	)
6M IRS	Citibank NA		0.855			03/23/2022		15,520,000			15,520,000			63,961			70,685			(6,724	)
1Y IRS	Deutsche Bank AG (London)		0.830			04/20/2022		31,720,000			31,720,000			116,523			229,043			(112,520	)
1Y IRS	JPMorgan Securities, Inc.		0.281			09/08/2022		13,890,000			13,890,000			5,716			26,536			(20,820	)
1Y IRS	JPMorgan Securities, Inc.		0.300			09/08/2022		18,160,000			18,160,000			8,182			35,345			(27,163	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022		9,580,000			9,580,000			49,210			85,478			(36,268	)
3Y IRS	JPMorgan Securities, Inc.		0.700			11/14/2022		10,200,000			10,200,000			18,071			103,239			(85,168	)
1Y IRS	MS & Co. Int. PLC		0.544			11/16/2022		15,410,000			15,410,000			22,090			36,290			(14,200	)
3M IRS	MS & Co. Int. PLC		0.506			11/29/2021		14,780,000			14,780,000			3,439			13,154			(9,715	)
3M IRS	MS & Co. Int. PLC		1.365			11/09/2021		1,780,000			1,780,000			1,808			22,157			(20,349	)
								225,910,000		$	225,910,000		$	374,531		$	837,807		$	(463,276	)
Puts
6M IRS	Citibank NA		1.110			11/15/2021		3,150,000			3,150,000			13,368			30,492			(17,124	)
6M IRS	UBS AG (London)		1.195			11/18/2021		2,140,000			2,140,000			6,226			15,300			(9,074	)
								5,290,000		$	5,290,000		$	19,594		$	45,792		$	(26,198	)
Total purchased option contracts								231,200,000		$	231,200,000		$	394,125		$	883,599		$	(489,474	)
Written option contracts
Calls
6M IRS	BofA Securities LLC		1.297			12/23/2021		(5,040,000	)		(5,040,000	)		(20,300	)		(43,382	)		23,082
1M IRS	Citibank NA		0.076			10/18/2021		(3,350,000	)		(3,350,000	)		(3,492	)		(17,959	)		14,467
1M IRS	Citibank NA		0.087			10/25/2021		(3,350,000	)		(3,350,000	)		(6,109	)		(17,721	)		11,612
1Y IRS	Citibank NA		0.379			10/10/2022		(1,740,000	)		(1,740,000	)		(14,122	)		(36,543	)		22,421
1Y IRS	Citibank NA		0.425			10/10/2022		(1,580,000	)		(1,580,000	)		(14,449	)		(33,762	)		19,313
1Y IRS	Citibank NA		0.553			11/15/2022		(1,750,000	)		(1,750,000	)		(24,055	)		(39,777	)		15,722
3M IRS	Citibank NA		0.346			11/09/2021		(650,000	)		(650,000	)		(151	)		(9,926	)		9,775
6M IRS	Citibank NA		0.849			02/22/2022		(4,820,000	)		(4,820,000	)		(5,023	)		(19,435	)		14,412
6M IRS	Citibank NA		1.124			01/07/2022		(4,820,000	)		(4,820,000	)		(10,283	)		(42,999	)		32,716
6M IRS	Citibank NA		1.406			03/23/2022		(5,040,000	)		(5,040,000	)		(51,439	)		(70,677	)		19,238
1M IRS	Deutsche Bank AG (London)		1.325			10/04/2021		(3,700,000	)		(3,700,000	)		(4	)		(28,536	)		28,532
1Y IRS	Deutsche Bank AG (London)		0.630			04/20/2022		(47,580,000	)		(47,580,000	)		(70,594	)		(190,971	)		120,377
1Y IRS	JPMorgan Securities, Inc.		0.363			09/08/2022		(1,440,000	)		(1,440,000	)		(10,128	)		(26,658	)		16,530
1Y IRS	JPMorgan Securities, Inc.		0.401			09/08/2022		(1,870,000	)		(1,870,000	)		(14,613	)		(35,269	)		20,656
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022		(5,050,000	)		(5,050,000	)		(58,401	)		(85,518	)		27,117
3M IRS	JPMorgan Securities, Inc.		0.346			11/09/2021		(730,000	)		(730,000	)		(170	)		(13,088	)		12,918
3Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022		(2,000,000	)		(2,000,000	)		(26,557	)		(103,884	)		77,327
6M IRS	JPMorgan Securities, Inc.		0.570			01/20/2022		(16,680,000	)		(16,680,000	)		(2,419	)		(61,299	)		58,880
1M IRS	MS & Co. Int. PLC		1.333			10/12/2021		(3,700,000	)		(3,700,000	)		(991	)		(27,472	)		26,481

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

GOLDMAN SACHS BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Calls (continued)
1M IRS	MS & Co. Int. PLC		1.372	%		10/20/2021		(3,700,000	)	$	(3,700,000	)	$	(5,033	)	$	(28,860	)	$	23,827
1M IRS	MS & Co. Int. PLC		1.518			10/27/2021		(3,700,000	)		(3,700,000	)		(23,000	)		(28,768	)		5,768
1Y IRS	MS & Co. Int. PLC		0.599			11/16/2022		(1,590,000	)		(1,590,000	)		(24,421	)		(36,243	)		11,822
1M IRS	UBS AG (London)		0.038			10/11/2021		(3,350,000	)		(3,350,000	)		(726	)		(17,284	)		16,558
1M IRS	UBS AG (London)		0.187			10/29/2021		(3,350,000	)		(3,350,000	)		(25,054	)		(20,760	)		(4,294	)
3M IRS	UBS AG (London)		0.378			11/29/2021		(3,350,000	)		(3,350,000	)		(1,432	)		(13,602	)		12,170
								(133,930,000	)	$	(133,930,000	)	$	(412,966	)	$	(1,050,393	)	$	637,427
Puts
1M IRS	Citibank NA		0.076			10/18/2021		(3,350,000	)		(3,350,000	)		(39,987	)		(17,959	)		(22,028	)
1M IRS	Citibank NA		0.087			10/25/2021		(3,350,000	)		(3,350,000	)		(39,280	)		(17,721	)		(21,559	)
1M IRS	Deutsche Bank AG (London)		1.325			10/04/2021		(3,700,000	)		(3,700,000	)		(73,151	)		(28,536	)		(44,615	)
1M IRS	MS & Co. Int. PLC		1.333			10/12/2021		(3,700,000	)		(3,700,000	)		(73,017	)		(27,472	)		(45,545	)
1M IRS	MS & Co. Int. PLC		1.372			10/20/2021		(3,700,000	)		(3,700,000	)		(64,683	)		(28,860	)		(35,823	)
1M IRS	MS & Co. Int. PLC		1.518			10/27/2021		(3,700,000	)		(3,700,000	)		(32,766	)		(28,767	)		(3,999	)
6M IRS	MS & Co. Int. PLC		0.075			11/18/2021		(3,070,000	)		(3,070,000	)		(4,490	)		(15,766	)		11,276
1M IRS	UBS AG (London)		0.038			10/11/2021		(3,350,000	)		(3,350,000	)		(51,135	)		(17,284	)		(33,851	)
1M IRS	UBS AG (London)		0.187			10/29/2021		(3,350,000	)		(3,350,000	)		(17,847	)		(20,760	)		2,913
6M IRS	UBS AG (London)		0.145			11/15/2021		(4,530,000	)		(4,530,000	)		(10,618	)		(31,205	)		20,587
								(35,800,000	)	$	(35,800,000	)	$	(406,974	)	$	(234,330	)	$	(172,644	)
Total written option contracts								(169,730,000	)	$	(169,730,000	)	$	(819,940	)	$	(1,284,723	)	$	464,783
TOTAL								61,470,000		$	61,470,000		$	(425,815	)	$	(401,124	)	$	(24,691	)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call EUR/Put GBP	HSBC Bank PLC	$	0.867		10/12/2021		1,503,000		$	1,503,000		$	2,347		$	4,040		$	(1,693	)
Call EUR/Put USD	MS & Co. Int. PLC		1.195		10/05/2021		6,025,000			6,025,000			7			21,691			(21,684	)
Call EUR/Put USD	HSBC Bank PLC		1.194		10/08/2021		5,985,000			5,985,000			7			20,478			(20,471	)
Call EUR/Put USD	BNP Paribas SA		1.193		10/11/2021		5,993,000			5,993,000			14			20,271			(20,257	)
Call EUR/Put USD	MS & Co. Int. PLC		1.193		10/14/2021		6,009,000			6,009,000			69			21,019			(20,950	)
Call GBP/Put USD	CS International (London)		1.395		10/14/2021		5,131,000			5,131,000			166			24,109			(23,943	)
Total purchased option contracts							30,646,000		$	30,646,000		$	2,610		$	111,608		$	(108,998	)
Written option contracts
Calls
Call EUR/Put USD	BNP Paribas SA		1.183		10/11/2021		(1,498,000	)		(1,498,000	)		(59	)		(10,878	)		10,819
Call GBP/Put USD	CS International (London)		1.383		10/14/2021		(1,283,000	)		(1,283,000	)		(275	)		(12,406	)		12,131
Call EUR/Put USD	HSBC Bank PLC		1.184		10/08/2021		(1,496,000	)		(1,496,000	)		(26	)		(10,705	)		10,679
Call EUR/Put USD	MS & Co. Int. PLC		1.185		10/05/2021		(1,506,000	)		(1,506,000	)		(2	)		(11,268	)		11,266
Call EUR/Put USD	MS & Co. Int. PLC		1.185		10/14/2021		(1,502,000	)		(1,502,000	)		(108	)		(9,947	)		9,839
							(7,285,000	)	$	(7,285,000	)	$	(470	)	$	(55,204	)	$	54,734

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

GOLDMAN SACHS BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
Put EUR/Call USD	BNP Paribas SA	$	1.183		10/11/2021		(1,498,000	)	$	(1,498,000	)	$	(36,068	)	$	(11,338	)	$	(24,730	)
Put GBP/Call USD	CS International (London)		1.383		10/14/2021		(1,283,000	)		(1,283,000	)		(45,313	)		(11,765	)		(33,548	)
Put EUR/Call USD	HSBC Bank PLC		1.184		10/08/2021		(1,496,000	)		(1,496,000	)		(38,262	)		(10,423	)		(27,839	)
Put EUR/Call USD	MS & Co. Int. PLC		1.185		10/05/2021		(1,506,000	)		(1,506,000	)		(40,158	)		(11,268	)		(28,890	)
Put EUR/Call USD	MS & Co. Int. PLC		1.185		10/14/2021		(1,502,000	)		(1,502,000	)		(39,804	)		(9,947	)		(29,857	)
							(7,285,000	)	$	(7,285,000	)	$	(199,605	)	$	(54,741	)	$	(144,864	)
Total written option contracts							(14,570,000	)	$	(14,570,000	)	$	(200,075	)	$	(109,945	)	$	(90,130	)
TOTAL							16,076,000		$	16,076,000		$	(197,465	)	$	1,663		$	(199,128	)

Abbreviations:
1M BID Avg	—1 month Brazilian Interbank Deposit Average
1M IRS	—1 Month Interest Rate Swaptions
3M IRS	—3 Months Interest Rate Swaptions
6M IRS	—6 Months Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
3Y IRS	—3 Years Interest Rate Swaptions
BofA Securities LLC	—Bank of America Securities LLC
CDX.NA.EM Index 36	—CDX North America Emerging Markets Index 36
CDX.NA.IG Index 28	—CDX North America Investment Grade Index 28
CDX.NA.IG Index 34	—CDX North America Investment Grade Index 34
CS International (London)	—Credit Suisse International (London)
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 38.8%
Aerospace & Defense – 0.7%
	Northrop Grumman Corp.(a)
$	1,925,000		2.930	%		01/15/25	$	2,038,806
	2,750,000		3.250			01/15/28		2,971,072
	Raytheon Technologies Corp.
	1,775,000		3.950	(a)		08/16/25		1,955,216
	775,000		4.125	(a)		11/16/28		882,268
	800,000		5.700			04/15/40		1,097,024
	550,000		4.050	(a)		05/04/47		638,429
	The Boeing Co.(a)
	1,575,000		3.450			11/01/28		1,671,107
	300,000		3.250			02/01/35		300,870
	275,000		3.375			06/15/46		264,800
	100,000		3.625			03/01/48		97,674
	100,000		3.850			11/01/48		102,132
	2,725,000		5.805			05/01/50		3,642,398
								15,661,796
Agriculture(a) – 0.2%
	BAT Capital Corp.
	1,685,000		3.222			08/15/24		1,787,060
	2,550,000		2.259			03/25/28		2,533,195
	425,000		4.758			09/06/49		457,003
								4,777,258
Automotive – 0.4%
	General Motors Co.
	1,425,000		5.400			10/02/23		1,554,461
	550,000		4.000			04/01/25		598,367
	200,000		5.950	(a)		04/01/49		264,396
	General Motors Financial Co., Inc.(a)
	3,200,000		1.500			06/10/26		3,181,504
	675,000		4.300			07/13/25		739,611
	300,000		5.650			01/17/29		360,726
	2,825,000		2.350			01/08/31		2,768,698
								9,467,763
Banks – 9.8%
	ABN AMRO Bank NV(a)(b) (-1x 5 Year EUR Swap + 4.674%)
EUR	1,600,000		4.375			12/31/99		1,990,045
	Banco Santander SA
$	2,400,000		2.746			05/28/25		2,516,424
	400,000		4.250			04/11/27		449,272
	800,000		3.306			06/27/29		864,344
	800,000		2.749			12/03/30		794,624
	Bank of America Corp.
	4,810,000		4.200			08/26/24		5,260,986
	5,000,000		4.183	(a)		11/25/27		5,570,700
	350,000		6.110			01/29/37		471,944
	(3M USD LIBOR + 0.990%)
	225,000		2.496	(a)(b)		02/13/31		227,691
	(3M USD LIBOR + 1.190%)
	1,325,000		2.884	(a)(b)		10/22/30		1,383,207
	(3M USD LIBOR + 1.370%)
	1,550,000		3.593	(a)(b)		07/21/28		1,699,033
	(5 year CMT + 1.200%)
	2,125,000		2.482	(a)(b)		09/21/36		2,081,267
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp. – (continued)
	(SOFR + 1.220%)
	2,695,000		2.299	(a)(b)		07/21/32		2,656,785
	(SOFR + 1.370%)
	5,725,000		1.922	(a)(b)		10/24/31		5,514,950
	(SOFR + 1.530%)
	3,725,000		1.898	(a)(b)		07/23/31		3,585,238
	(SOFR + 2.150%)
	5,225,000		2.592	(a)(b)		04/29/31		5,329,709
	Barclays PLC(a)(b)
	(3M USD LIBOR + 1.400%)
	2,725,000		4.610			02/15/23		2,766,665
	(SOFR + 2.714%)
	2,600,000		2.852			05/07/26		2,728,622
	BNP Paribas SA(c)
	3,825,000		3.500			03/01/23		3,986,874
	900,000		3.375			01/09/25		959,688
	(5 Year USD Swap + 4.149%)
	650,000		6.625	(a)(b)		12/31/99		706,245
	(SOFR + 1.004%)
	3,025,000		1.323	(a)(b)		01/13/27		2,976,933
	(SOFR + 2.074%)
	1,325,000		2.219	(a)(b)		06/09/26		1,360,020
	BPCE SA(c)
	2,250,000		4.000			09/12/23		2,393,347
	1,150,000		4.625			09/12/28		1,326,353
	(SOFR + 1.312%)
	1,650,000		2.277	(a)(b)		01/20/32		1,602,431
	(SOFR + 1.520%)
	1,675,000		1.652	(a)(b)		10/06/26		1,676,541
	Capital One NA(a)
	1,700,000		2.650			08/08/22		1,730,821
	CIT Bank NA(a)(b) (SOFR + 1.715%)
	1,500,000		2.969			09/27/25		1,577,790
	CIT Group, Inc.(a)
	224,000		4.750			02/16/24		239,400
	Citigroup, Inc.
	2,595,000		3.500			05/15/23		2,718,133
	2,500,000		4.600			03/09/26		2,825,950
	3,175,000		3.400			05/01/26		3,456,241
	2,450,000		4.450			09/29/27		2,786,409
	4,925,000		4.125			07/25/28		5,500,486
	(3M USD LIBOR + 1.023%)
	1,795,000		4.044	(a)(b)		06/01/24		1,898,661
	(SOFR + 1.422%)
	1,375,000		2.976	(a)(b)		11/05/30		1,446,239
	Credit Agricole SA(c)
	1,050,000		3.250			10/04/24		1,120,035
	(5 Year USD Swap + 4.319%)
	600,000		6.875	(a)(b)		12/31/99		667,410
	(SOFR + 1.676%)
	1,275,000		1.907	(a)(b)		06/16/26		1,297,784
	Credit Suisse AG
	1,175,000		2.950			04/09/25		1,245,688
	4,135,000		1.250			08/07/26		4,077,399
	Credit Suisse Group AG
	683,000		4.550			04/17/26		767,494
	1,400,000		4.282	(a)(c)		01/09/28		1,554,616

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Credit Suisse Group AG – (continued)
	(3M USD LIBOR + 1.410%)
$	1,675,000		3.869	% (a)(b)(c)		01/12/29	$	1,828,330
	(SOFR + 1.730%)
	1,545,000		3.091	(a)(b)(c)		05/14/32		1,583,749
	(SOFR + 3.730%)
	1,925,000		4.194	(a)(b)(c)		04/01/31		2,153,170
	Deutsche Bank AG(a)(b)
	(SOFR + 1.718%)
	2,095,000		3.035			05/28/32		2,137,738
	(SOFR + 1.870%)
	1,725,000		2.129			11/24/26		1,752,859
	(SOFR + 2.159%)
	1,075,000		2.222			09/18/24		1,101,649
	Erste Group Bank AG(a)(b) (5 Year EUR Swap + 6.204%)
EUR	1,600,000		6.500			12/31/99		2,054,913
	Fifth Third Bancorp(a)
$	1,235,000		2.375			01/28/25		1,283,363
	HSBC Holdings PLC
	600,000		4.950			03/31/30		713,670
	(3M USD LIBOR + 1.000%)
	850,000		1.125	(a)(b)		05/18/24		859,461
	(3M USD LIBOR + 1.055%)
	1,200,000		3.262	(a)(b)		03/13/23		1,215,060
	(3M USD LIBOR + 1.211%)
	1,625,000		3.803	(a)(b)		03/11/25		1,733,063
	(SOFR + 1.538%)
	3,625,000		1.645	(a)(b)		04/18/26		3,646,387
	Huntington Bancshares, Inc.(a)
	1,625,000		4.000			05/15/25		1,781,715
	ING Groep NV(a)(b)(c) (1 Year CMT + 1.100%)
	3,400,000		1.400			07/01/26		3,406,902
	JPMorgan Chase & Co.(a)(b)
	(3M USD LIBOR + 0.730%)
	640,000		3.559			04/23/24		669,862
	(3M USD LIBOR + 0.890%)
	650,000		3.797			07/23/24		687,141
	(3M USD LIBOR + 0.945%)
	1,400,000		3.509			01/23/29		1,523,872
	(3M USD LIBOR + 1.000%)
	3,025,000		4.023			12/05/24		3,241,681
	(3M USD LIBOR + 1.245%)
	2,275,000		3.960			01/29/27		2,511,418
	(3M USD LIBOR + 1.337%)
	2,150,000		3.782			02/01/28		2,370,719
	(3M USD LIBOR + 1.360%)
	800,000		3.882			07/24/38		914,240
	(3M USD LIBOR + 3.800%)
	2,250,000		3.926			12/29/49		2,255,152
	(SOFR + 2.040%)
	100,000		2.522			04/22/31		101,946
	(SOFR + 2.515%)
	925,000		2.956			05/13/31		963,221
	(SOFR + 3.125%)
	2,350,000		4.600			12/31/99		2,403,979
	(SOFR + 3.790%)
	275,000		4.493			03/24/31		320,999
Corporate Obligations – (continued)
Banks – (continued)
	Macquarie Bank Ltd.(a)(b)(c) (5 Year CMT + 1.700%)
	2,550,000		3.052	%		03/03/36		2,524,551
	Macquarie Group Ltd.(a)(b)(c) (SOFR + 1.069%)
	1,900,000		1.340			01/12/27		1,884,002
	Mitsubishi UFJ Financial Group, Inc.
	1,700,000		3.751			07/18/39		1,912,602
	Morgan Stanley, Inc.(a)(b) (SOFR + 1.360%)
	3,175,000		2.484			09/16/36		3,105,563
	Morgan Stanley, Inc.
	2,200,000		4.875			11/01/22		2,304,962
	525,000		3.875			04/29/24		566,438
	3,300,000		3.700			10/23/24		3,579,708
	700,000		4.000			07/23/25		771,456
	4,000,000		3.950			04/23/27		4,448,720
	(3M USD LIBOR + 0.847%)
	550,000		3.737	(a)(b)		04/24/24		577,170
	(3M USD LIBOR + 1.628%)
	325,000		4.431	(a)(b)		01/23/30		374,985
	(SOFR + 0.720%)
	5,100,000		0.985	(a)(b)		12/10/26		5,010,444
	(SOFR + 1.034%)
	2,625,000		1.794	(a)(b)		02/13/32		2,498,921
	(SOFR + 1.143%)
	8,575,000		2.699	(a)(b)		01/22/31		8,865,349
	(SOFR + 1.152%)
	1,050,000		2.720	(a)(b)		07/22/25		1,099,812
	(SOFR + 3.120%)
	1,325,000		3.622	(a)(b)		04/01/31		1,460,521
	Natwest Group PLC
	1,336,000		3.875			09/12/23		1,417,028
	(3M USD LIBOR + 1.480%)
	1,883,000		3.498	(a)(b)		05/15/23		1,917,440
	(3M USD LIBOR + 1.550%)
	2,100,000		4.519	(a)(b)		06/25/24		2,235,261
	(3M USD LIBOR + 1.762%)
	400,000		4.269	(a)(b)		03/22/25		431,652
	(5 Year CMT + 2.100%)
	500,000		3.754	(a)(b)		11/01/29		533,125
	Standard Chartered PLC(a)(b)(c) (3M USD LIBOR + 1.150%)
	3,008,000		4.247			01/20/23		3,041,088
	State Street Corp.(a)(b) (SOFR + 2.650%)
	100,000		3.152			03/30/31		109,236
	Truist Bank(a)
	1,250,000		2.250			03/11/30		1,258,763
	UBS Group AG(c)
	2,550,000		4.125			09/24/25		2,815,582
	Wells Fargo & Co.
	1,135,000		3.750	(a)		01/24/24		1,213,054
	2,700,000		3.000			10/23/26		2,892,240
	4,150,000		4.300			07/22/27		4,709,835
	Westpac Banking Corp.(a)(b) (5 Year CMT + 2.000%)
	700,000		4.110			07/24/34		760,375
								207,326,636

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)
Beverages – 1.2%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
$	850,000		4.700	%		02/01/36	$	1,027,523
	6,675,000		4.900			02/01/46		8,289,482
	Anheuser-Busch InBev Worldwide, Inc.
	1,200,000		4.750	(a)		01/23/29		1,413,024
	400,000		4.950			01/15/42		494,400
	3,275,000		4.600	(a)		04/15/48		3,920,535
	350,000		5.550	(a)		01/23/49		473,862
	925,000		4.500	(a)		06/01/50		1,106,726
	Bacardi Ltd.(a)(c)
	1,500,000		5.300			05/15/48		1,948,815
	Constellation Brands, Inc.(a)
	1,375,000		4.400			11/15/25		1,539,175
	625,000		3.700			12/06/26		690,431
	1,075,000		3.600			02/15/28		1,182,887
	1,425,000		3.150			08/01/29		1,525,234
	JDE Peet’s NV(a)(c)
	1,650,000		1.375			01/15/27		1,629,738
	Keurig Dr Pepper, Inc.(a)
	704,000		4.057			05/25/23		744,177
	225,000		5.085			05/25/48		297,866
								26,283,875
Biotechnology(a) – 0.1%
	Royalty Pharma PLC
	1,475,000		1.200			09/02/25		1,464,764
Building Materials(a) – 0.5%
	Carrier Global Corp.
	3,375,000		2.493			02/15/27		3,523,466
	1,750,000		2.722			02/15/30		1,809,377
	Martin Marietta Materials, Inc.
	4,475,000		3.200			07/15/51		4,449,627
	Masco Corp.
	1,300,000		1.500			02/15/28		1,264,341
								11,046,811
Chemicals(a) – 0.7%
	DuPont de Nemours, Inc.
	925,000		4.205			11/15/23		993,246
	975,000		4.493			11/15/25		1,096,319
	75,000		5.419			11/15/48		102,869
	Ecolab, Inc.(c)
	364,000		2.750			08/18/55		350,143
	Huntsman International LLC
	850,000		4.500			05/01/29		963,610
	950,000		2.950			06/15/31		969,426
	International Flavors & Fragrances, Inc.(c)
	2,300,000		1.832			10/15/27		2,297,194
	4,025,000		2.300			11/01/30		3,989,620
	950,000		3.268			11/15/40		977,370
	The Sherwin-Williams Co.
	325,000		3.125			06/01/24		344,230
	1,900,000		3.450			06/01/27		2,084,015
								14,168,042
Corporate Obligations – (continued)
Commercial Services – 1.1%
	Ashtead Capital, Inc.(a)(c)
	650,000		1.500			08/12/26		642,635
	1,000,000		2.450			08/12/31		982,390
	CoStar Group, Inc.(a)(c)
	2,225,000		2.800			07/15/30		2,260,685
	DP World Ltd.(c)
	100,000		6.850			07/02/37		132,644
	200,000		5.625			09/25/48		246,250
	Emory University(a)
	4,015,000		2.143			09/01/30		4,096,941
	Global Payments, Inc.(a)
	875,000		2.650			02/15/25		914,182
	550,000		3.200			08/15/29		581,449
	IHS Markit Ltd.(a)
	2,800,000		4.000	(c)		03/01/26		3,079,552
	1,775,000		4.250			05/01/29		2,027,937
	PayPal Holdings, Inc.(a)
	3,825,000		1.650			06/01/25		3,921,696
	3,000,000		2.650			10/01/26		3,205,410
	The University of Chicago
	320,000		5.420			10/01/30		396,293
								22,488,064
Computers(a) – 1.2%
	Amdocs Ltd.
	1,225,000		2.538			06/15/30		1,219,684
	Apple, Inc.
	4,050,000		2.450			08/04/26		4,287,370
	Dell International LLC/EMC Corp.
	1,625,000		5.450			06/15/23		1,744,096
	875,000		5.850			07/15/25		1,017,739
	2,351,000		6.020			06/15/26		2,803,944
	176,000		5.300			10/01/29		212,830
	200,000		6.200			07/15/30		255,948
	1,000,000		8.100			07/15/36		1,517,040
	Hewlett Packard Enterprise Co.
	2,400,000		2.250			04/01/23		2,458,920
	4,325,000		4.450			10/02/23		4,633,372
	1,775,000		4.650			10/01/24		1,960,346
	1,782,000		4.900			10/15/25		2,016,137
	410,000		6.350			10/15/45		552,245
								24,679,671
Diversified Financial Services – 1.5%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	2,075,000		4.625			07/01/22		2,137,665
	1,450,000		3.300	(a)		01/23/23		1,494,645
	900,000		4.875	(a)		01/16/24		972,252
	965,000		6.500	(a)		07/15/25		1,119,911
	Air Lease Corp.(a)
	2,250,000		2.300			02/01/25		2,309,040
	1,625,000		3.375			07/01/25		1,725,620
	1,700,000		2.875			01/15/26		1,773,644
	2,200,000		3.750			06/01/26		2,381,830
	Ally Financial, Inc.(a)
	975,000		1.450			10/02/23		989,918

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	American Express Co.(a)
$	555,000		2.500	%		07/30/24	$	583,288
	700,000		3.625			12/05/24		759,073
	Aviation Capital Group LLC(a)(c)
	1,600,000		1.950			01/30/26		1,595,008
	Avolon Holdings Funding Ltd.(a)(c)
	975,000		3.950			07/01/24		1,034,719
	2,125,000		2.875			02/15/25		2,185,987
	1,050,000		4.250			04/15/26		1,130,892
	Capital One Financial Corp.
	1,050,000		3.500			06/15/23		1,103,477
	1,110,000		3.300	(a)		10/30/24		1,190,608
	GE Capital International Funding Co.
	3,500,000		3.373			11/15/25		3,793,370
	800,000		4.418			11/15/35		961,696
	Mastercard, Inc.(a)
	850,000		3.300			03/26/27		934,473
	Nomura Holdings, Inc.
	950,000		2.608			07/14/31		945,659
	Raymond James Financial, Inc.(a)
	275,000		4.650			04/01/30		326,079
								31,448,854
Electrical – 1.7%
	Alliant Energy Finance LLC(a)(c)
	825,000		3.750			06/15/23		865,128
	225,000		4.250			06/15/28		254,315
	Ameren Corp.(a)
	400,000		3.500			01/15/31		435,492
	American Electric Power Co., Inc.(a)
	850,000		2.300			03/01/30		846,702
	Arizona Public Service Co.(a)
	1,175,000		2.950			09/15/27		1,258,131
	Avangrid, Inc.(a)
	925,000		3.200			04/15/25		985,597
	Berkshire Hathaway Energy Co.(a)
	1,275,000		3.700			07/15/30		1,435,306
	Dominion Energy, Inc.
	1,650,000		3.071	(d)		08/15/24		1,745,073
	725,000		3.375	(a)		04/01/30		785,770
	Duke Energy Corp.(a)
	2,100,000		3.150			08/15/27		2,263,968
	Enel Finance International NV(a)(c)
	4,125,000		1.875			07/12/28		4,098,930
	Entergy Corp.(a)
	1,025,000		2.950			09/01/26		1,090,446
	Exelon Corp.(a)
	1,125,000		3.497			06/01/22		1,144,687
	1,000,000		4.050			04/15/30		1,131,990
	FirstEnergy Corp.(a)
	2,175,000		2.650			03/01/30		2,161,448
	1,125,000		2.250			09/01/30		1,090,075
	NextEra Energy Capital Holdings, Inc.(a)
	2,155,000		1.900			06/15/28		2,161,034
	NRG Energy, Inc.(a)(c)
	1,625,000		3.750			06/15/24		1,729,829
Corporate Obligations – (continued)
Electrical – (continued)
	Ohio Power Co.(a)
	675,000		2.600			04/01/30		701,629
	Pacific Gas & Electric Co.(a)
	850,000		2.100			08/01/27		829,404
	1,475,000		2.500			02/01/31		1,403,064
	500,000		3.300			08/01/40		461,420
	1,025,000		3.500			08/01/50		931,510
	Southern California Edison Co.(a)
	1,075,000		4.200			03/01/29		1,208,698
	The Southern Co.(a)
	1,730,000		3.250			07/01/26		1,862,172
	Vistra Operations Co. LLC(a)(c)
	3,350,000		3.550			07/15/24		3,524,870
								36,406,688
Electronics(a)(c) – 0.2%
	SYNNEX Corp.
	2,200,000		2.375			08/09/28		2,178,440
	2,200,000		2.650			08/09/31		2,150,368
								4,328,808
Engineering & Construction(a) – 0.1%
	Mexico City Airport Trust
	400,000		4.250			10/31/26		425,050
	440,000		3.875	(c)		04/30/28		454,245
	200,000		5.500	(c)		10/31/46		202,913
	420,000		5.500			07/31/47		426,825
	340,000		5.500	(c)		07/31/47		345,525
								1,854,558
Environmental – 0.1%
	Republic Services, Inc.(a)
	1,650,000		2.500			08/15/24		1,728,358
	The Nature Conservancy
	60,000		0.944			07/01/26		58,720
	75,000		1.304			07/01/28		72,857
	Waste Management, Inc.(a)
	925,000		1.150			03/15/28		891,219
								2,751,154
Food & Drug Retailing(a) – 0.2%
	Mars, Inc.(c)
	525,000		2.700			04/01/25		554,006
	925,000		3.200			04/01/30		1,005,401
	Sysco Corp.
	225,000		6.600			04/01/40		330,111
	875,000		6.600			04/01/50		1,379,193
	Tyson Foods, Inc.
	1,250,000		3.900			09/28/23		1,330,325
								4,599,036
Gas(a) – 0.2%
	NiSource, Inc.
	2,500,000		3.490			05/15/27		2,739,050
	325,000		3.600			05/01/30		356,674
	The East Ohio Gas Co.(c)
	525,000		1.300			06/15/25		526,738

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)
Gas(a) – (continued)
	The East Ohio Gas Co.(c) – (continued)
$	525,000		2.000	%		06/15/30	$	514,715
								4,137,177
Hand/Machine Tools(a) – 0.1%
	Stanley Black & Decker, Inc.
	1,400,000		4.250			11/15/28		1,621,200
Healthcare Providers & Services(a) – 1.3%
	Adventist Health System/West
	540,000		2.952			03/01/29		566,836
	Banner Health
	3,235,000		2.338			01/01/30		3,315,428
	Baylor Scott & White Holdings
	1,140,000		1.777			11/15/30		1,117,266
	Centene Corp.
	2,850,000		4.250			12/15/27		2,982,696
	CommonSpirit Health
	2,385,000		3.910			10/01/50		2,605,503
	DENTSPLY SIRONA, Inc.
	1,125,000		3.250			06/01/30		1,198,069
	DH Europe Finance II S.a.r.l.
	1,725,000		2.200			11/15/24		1,795,656
	1,225,000		3.250			11/15/39		1,308,484
	Rush Obligated Group
	1,320,000		3.922			11/15/29		1,492,115
	Stanford Health Care
	975,000		3.310			08/15/30		1,071,723
	STERIS Irish FinCo UnLtd Co.
	2,175,000		2.700			03/15/31		2,222,719
	Stryker Corp.
	475,000		3.375			11/01/25		514,339
	2,825,000		1.950			06/15/30		2,788,925
	Sutter Health
	605,000		2.294			08/15/30		608,297
	Thermo Fisher Scientific, Inc.
	450,000		1.750			10/15/28		448,929
	300,000		4.100			08/15/47		363,795
	Zimmer Biomet Holdings, Inc.
	2,475,000		3.550			03/20/30		2,706,016
								27,106,796
Insurance – 0.6%
	AIA Group Ltd.(a)(c)
	875,000		3.900			04/06/28		974,234
	American International Group, Inc.
	300,000		4.125			02/15/24		323,898
	3,875,000		3.900	(a)		04/01/26		4,293,422
	Arch Capital Finance LLC(a)
	1,200,000		4.011			12/15/26		1,349,712
	Arch Capital Group Ltd.
	1,125,000		7.350			05/01/34		1,653,817
	Great-West Lifeco Finance 2018 LP(a)(c)
	825,000		4.047			05/17/28		932,894
	Marsh & McLennan Cos., Inc.(a)
	1,325,000		4.375			03/15/29		1,538,683
	Willis North America, Inc.(a)
	700,000		2.950			09/15/29		731,472
								11,798,132
Corporate Obligations – (continued)
Internet(a) – 0.8%
	Amazon.com, Inc.
	2,300,000		5.200			12/03/25		2,672,163
	1,300,000		4.800			12/05/34		1,657,760
	525,000		3.875			08/22/37		617,956
	Baidu, Inc.
	450,000		3.425			04/07/30		476,280
	Expedia Group, Inc.
	1,025,000		3.600			12/15/23		1,084,839
	2,850,000		4.500			08/15/24		3,095,499
	475,000		4.625			08/01/27		538,636
	825,000		3.800			02/15/28		895,290
	1,225,000		2.950			03/15/31		1,240,876
	Prosus NV
	420,000		3.680	(c)		01/21/30		433,991
	690,000		3.680			01/21/30		712,986
EUR	100,000		2.031	(c)		08/03/32		115,256
$	230,000		4.027	(c)		08/03/50		214,475
	210,000		3.832	(c)		02/08/51		189,856
	Tencent Holdings Ltd.
	830,000		3.595			01/19/28		886,838
	1,140,000		2.880			04/22/31		1,165,183
								15,997,884
Investment Companies – 0.1%
	Huarong Finance 2017 Co. Ltd.
	200,000		4.750			04/27/27		188,000
	Huarong Finance 2019 Co. Ltd.(a)
	390,000		3.875			11/13/29		342,225
	JAB Holdings B.V.(a)(c)
	500,000		2.200			11/23/30		489,980
								1,020,205
Iron/Steel(a) – 0.1%
	Steel Dynamics, Inc.
	490,000		2.400			06/15/25		510,007
	1,075,000		1.650			10/15/27		1,063,626
								1,573,633
Lodging(a) – 0.1%
	Hyatt Hotels Corp.
	2,000,000		1.800			10/01/24		2,004,580
Machinery – Construction & Mining(a)(c) – 0.1%
	The Weir Group PLC
	2,375,000		2.200			05/13/26		2,390,129
Machinery – Diversified(a) – 0.0%
	Otis Worldwide Corp.
	625,000		2.293			04/05/27		649,288
Media – 1.5%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	8,750,000		4.908			07/23/25		9,835,875
	6,675,000		3.750			02/15/28		7,308,457
	Comcast Corp.(a)
	1,275,000		3.700			04/15/24		1,371,148
	725,000		3.100			04/01/25		775,620

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	Comcast Corp.(a) – (continued)
$	1,300,000		3.950	%		10/15/25	$	1,442,571
	1,173,000		3.300			02/01/27		1,280,529
	1,775,000		3.300			04/01/27		1,943,465
	1,550,000		3.150			02/15/28		1,683,765
	1,775,000		4.150			10/15/28		2,042,617
	325,000		3.750			04/01/40		365,804
	275,000		4.700			10/15/48		351,073
	Fox Corp.(a)
	700,000		4.030			01/25/24		750,820
	600,000		5.476			01/25/39		767,076
	The Walt Disney Co.
	1,800,000		2.200			01/13/28		1,859,670
	Time Warner Cable LLC(a)
	275,000		5.875			11/15/40		348,077
								32,126,567
Mining – 0.5%
	Glencore Funding LLC(c)
	1,300,000		4.125	(a)		03/12/24		1,391,663
	1,181,000		4.625			04/29/24		1,286,735
	1,850,000		1.625	(a)		04/27/26		1,841,916
	3,175,000		2.625	(a)		09/23/31		3,110,420
	Newcrest Finance Pty Ltd.(a)(c)
	525,000		3.250			05/13/30		558,836
	Newmont Corp.(a)
	2,050,000		2.250			10/01/30		2,039,689
	Teck Resources Ltd.(a)
	900,000		3.900			07/15/30		977,481
								11,206,740
Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	225,000		2.700			10/09/22		230,283
	450,000		3.450	(a)		05/01/27		493,929
	625,000		3.625	(a)		05/01/30		694,706
	700,000		5.875			01/14/38		947,191
	550,000		4.250	(a)		05/01/40		643,643
								3,009,752
Multi-National(a)(c) – 0.1%
	The African Export-Import Bank
	740,000		2.634			05/17/26		756,435
	830,000		3.798			05/17/31		860,702
								1,617,137
Oil Field Services – 1.6%
	BP Capital Markets America, Inc.(a)
	1,125,000		3.224			04/14/24		1,193,197
	Devon Energy Corp.(a)
	514,000		5.850			12/15/25		594,796
	180,000		5.600			07/15/41		225,689
	Gazprom PJSC Via Gaz Capital SA(c)
	990,000		5.150			02/11/26		1,102,489
	Gazprom PJSC Via Gaz Finance PLC(c)
	1,210,000		3.250			02/25/30		1,203,421
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Lukoil Securities B.V.
	790,000		3.875	%(c)		05/06/30		829,777
	3,150,000		3.875			05/06/30		3,307,500
	Lundin Energy Finance B.V.(a)(c)
	2,425,000		2.000			07/15/26		2,440,011
	Marathon Petroleum Corp.(a)
	2,050,000		4.500			05/01/23		2,166,624
	600,000		3.625			09/15/24		643,668
	375,000		3.800			04/01/28		412,080
	Occidental Petroleum Corp.(a)
	3,175,000		2.900			08/15/24		3,226,594
	Ovintiv Exploration, Inc.
	1,649,000		5.625			07/01/24		1,826,267
	Phillips 66
	1,325,000		3.700			04/06/23		1,387,712
	375,000		3.850	(a)		04/09/25		408,619
	725,000		1.300	(a)		02/15/26		721,063
	Qatar Petroleum(a)(c)
	650,000		3.300			07/12/51		654,339
	SA Global Sukuk Ltd.(a)(c)
	5,360,000		2.694			06/17/31		5,420,300
	Suncor Energy, Inc.
	775,000		2.800			05/15/23		802,296
	1,550,000		3.100	(a)		05/15/25		1,649,417
	Valero Energy Corp.
	2,175,000		2.700			04/15/23		2,245,296
	1,150,000		2.850	(a)		04/15/25		1,211,145
								33,672,300
Packaging(a)(c) – 0.1%
	Berry Global, Inc.
	1,475,000		1.570			01/15/26		1,475,546
Pharmaceuticals(a) – 1.9%
	AbbVie, Inc.
	3,250,000		4.050			11/21/39		3,733,307
	125,000		4.875			11/14/48		160,201
	4,900,000		4.250			11/21/49		5,801,502
	Bayer US Finance II LLC(c)
	850,000		3.875			12/15/23		904,171
	Becton Dickinson & Co.
	997,000		3.363			06/06/24		1,059,841
	1,225,000		2.823			05/20/30		1,282,269
	1,250,000		4.669			06/06/47		1,556,512
	Bristol-Myers Squibb Co.
	1,527,000		3.875			08/15/25		1,683,197
	700,000		3.900			02/20/28		791,455
	1,200,000		4.125			06/15/39		1,433,448
	Cigna Corp.
	5,100,000		4.125			11/15/25		5,665,131
	3,475,000		3.400			03/15/50		3,590,717
	CVS Health Corp.
	650,000		2.625			08/15/24		682,942
	4,050,000		3.875			07/20/25		4,434,912
	675,000		4.780			03/25/38		826,214
	550,000		5.125			07/20/45		708,439
	75,000		5.050			03/25/48		96,720
	200,000		4.250			04/01/50		236,620

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)
Pharmaceuticals(a) – (continued)
	Elanco Animal Health, Inc.
$	650,000		5.272	%		08/28/23	$	690,654
	Perrigo Finance Unlimited Co.
	2,975,000		4.375			03/15/26		3,203,569
	Takeda Pharmaceutical Co. Ltd.
	2,400,000		2.050			03/31/30		2,363,208
	Zoetis, Inc.
	100,000		4.450			08/20/48		125,529
								41,030,558
Pipelines – 1.7%
	Abu Dhabi Crude Oil Pipeline LLC(c)
	1,190,000		4.600			11/02/47		1,404,200
	Enbridge, Inc.(a)
	3,175,000		2.500			08/01/33		3,186,811
	Energy Transfer LP(a)
	1,950,000		4.200			09/15/23		2,070,783
	1,700,000		2.900			05/15/25		1,783,470
	50,000		4.950			06/15/28		57,428
	1,225,000		5.250			04/15/29		1,435,075
	375,000		5.300			04/15/47		438,259
	Energy Transfer Operating LP(a)
	775,000		5.200			02/01/22		777,689
	Enterprise Products Operating LLC(a)
	85,000		3.750			02/15/25		92,177
	Galaxy Pipeline Assets Bidco, Ltd.(c)
	200,000		2.625			03/31/36		196,500
	320,000		3.250			09/30/40		323,040
	3,040,000		2.940			09/30/40		3,030,454
	Kinder Morgan Energy Partners LP(a)
	4,500,000		3.450			02/15/23		4,651,875
	MPLX LP(a)
	2,151,000		3.375			03/15/23		2,232,609
	2,225,000		2.650			08/15/30		2,235,368
	275,000		4.500			04/15/38		307,535
	645,000		5.500			02/15/49		818,260
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	525,000		3.650			06/01/22		531,972
	1,100,000		3.850			10/15/23		1,156,914
	875,000		3.800			09/15/30		932,768
	Sabine Pass Liquefaction LLC(a)
	1,475,000		6.250			03/15/22		1,491,845
	1,650,000		5.625			03/01/25		1,872,420
	1,025,000		5.000			03/15/27		1,179,744
	The Williams Cos., Inc.(a)
	785,000		3.600			03/15/22		792,096
	850,000		3.900			01/15/25		918,272
	800,000		4.000			09/15/25		876,760
	Western Midstream Operating LP(a)
	1,125,000		4.350			02/01/25		1,181,250
	475,000		3.950			06/01/25		499,938
	225,000		5.450			04/01/44		258,188
	165,000		5.300			03/01/48		190,163
								36,923,863
Real Estate(a) – 0.0%
	Country Garden Holdings Co. Ltd.
	210,000		3.300			01/12/31		191,402
Corporate Obligations – (continued)
Real Estate Investment Trust(a) – 1.9%
	Alexandria Real Estate Equities, Inc.
	750,000		3.800			04/15/26		828,345
	800,000		3.375			08/15/31		871,392
	American Campus Communities Operating Partnership LP
	2,575,000		3.750			04/15/23		2,680,317
	American Homes 4 Rent LP
	740,000		2.375			07/15/31		733,296
	723,000		4.900			02/15/29		845,845
	American Tower Corp.
	2,100,000		3.375			05/15/24		2,234,589
	1,750,000		2.400			03/15/25		1,819,737
	Crown Castle International Corp.
	2,150,000		3.150			07/15/23		2,245,653
	CubeSmart LP
	1,500,000		4.000			11/15/25		1,642,200
	Duke Realty LP
	1,075,000		1.750			07/01/30		1,031,462
	Essex Portfolio LP
	875,000		3.000			01/15/30		920,605
	Healthcare Realty Trust, Inc.
	625,000		2.050			03/15/31		607,513
	Invitation Homes Operating Partnership LP
	4,520,000		2.000			08/15/31		4,343,856
	Kilroy Realty LP
	1,500,000		3.800			01/15/23		1,549,740
	1,025,000		4.750			12/15/28		1,187,155
	National Retail Properties, Inc.
	790,000		3.900			06/15/24		847,630
	1,150,000		4.000			11/15/25		1,268,611
	Regency Centers LP
	1,950,000		2.950			09/15/29		2,047,461
	Spirit Realty LP
	1,900,000		4.000			07/15/29		2,104,934
	1,200,000		3.400			01/15/30		1,274,112
	UDR, Inc.
	475,000		2.100			08/01/32		457,145
	Ventas Realty LP
	975,000		3.500			02/01/25		1,041,388
	VEREIT Operating Partnership LP
	1,675,000		4.625			11/01/25		1,883,487
	400,000		3.950			08/15/27		447,516
	875,000		3.400			01/15/28		945,525
	1,550,000		2.850			12/15/32		1,609,861
	WP Carey, Inc.
	505,000		4.600			04/01/24		547,723
	445,000		4.000			02/01/25		483,168
	1,000,000		3.850			07/15/29		1,108,070
	725,000		2.400			02/01/31		717,214
								40,325,550
Retailing(a) – 0.8%
	7-Eleven, Inc.(c)
	2,800,000		1.300			02/10/28		2,690,464
	AutoNation, Inc.
	500,000		1.950			08/01/28		492,895
	825,000		4.750			06/01/30		960,011

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Retailing(a) – (continued)
	CK Hutchison International 20 Ltd.(c)
$	200,000		2.500	%		05/08/30	$	202,778
	200,000		2.500			04/15/31		201,598
	Dollar Tree, Inc.
	975,000		4.000			05/15/25		1,065,938
	1,999,000		4.200			05/15/28		2,260,909
	Lowe’s Cos., Inc.
	1,900,000		1.700			09/15/28		1,883,603
	Lowe’s Cos., Inc.
	2,500,000		1.700			10/15/30		2,392,125
	McDonald’s Corp.
	200,000		4.450			09/01/48		245,354
	650,000		4.200			04/01/50		775,808
	Starbucks Corp.
	1,850,000		3.800			08/15/25		2,028,469
	The Home Depot, Inc.
	625,000		3.900			12/06/28		715,463
	Tractor Supply Co.
	1,500,000		1.750			11/01/30		1,440,375
								17,355,790
Savings & Loans(a)(b)(c) – 0.1%
	Nationwide Building Society(3M USD LIBOR + 1.855%)
	975,000		3.960			07/18/30		1,083,917
Semiconductors – 0.8%
	Broadcom, Inc.(a)(c)
	325,000		3.419			04/15/33		336,804
	6,965,000		3.137			11/15/35		6,909,559
	161,000		3.187			11/15/36		159,644
	3,700,000		3.500			02/15/41		3,670,289
	Lam Research Corp.(a)
	1,175,000		1.900			06/15/30		1,172,004
	NXP B.V./NXP Funding LLC(c)
	225,000		4.625			06/01/23		239,499
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(c)
	3,125,000		2.500			05/11/31		3,149,406
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(c)
	825,000		3.400			05/01/30		893,780
	Skyworks Solutions, Inc.(a)
	625,000		3.000			06/01/31		639,594
	TSMC Global Ltd.(a)(c)
	290,000		2.250			04/23/31		288,573
								17,459,152
Software(a) – 0.9%
	Adobe, Inc.
	1,400,000		2.150			02/01/27		1,464,624
	Fiserv, Inc.
	2,775,000		2.750			07/01/24		2,922,019
	1,825,000		3.200			07/01/26		1,970,763
	1,075,000		4.200			10/01/28		1,223,436
	Intuit, Inc.
	675,000		1.350			07/15/27		671,747
	Oracle Corp.
	3,175,000		2.875			03/25/31		3,271,901
	1,325,000		3.600			04/01/40		1,373,826
Corporate Obligations – (continued)
Software(a) – (continued)
	ServiceNow, Inc.
	3,400,000		1.400			09/01/30		3,190,934
	VMware, Inc.
	700,000		1.800			08/15/28		689,598
	2,075,000		2.200			08/15/31		2,031,321
								18,810,169
Telecommunication Services – 3.6%
	AT&T, Inc.(a)
	6,700,000		2.300			06/01/27		6,939,726
	325,000		1.650			02/01/28		322,013
	2,375,000		2.750			06/01/31		2,439,077
	6,170,000		2.550			12/01/33		6,071,033
	1,165,000		4.900			08/15/37		1,410,605
	3,105,000		4.850			03/01/39		3,720,753
	1,325,000		3.500			06/01/41		1,360,841
	450,000		5.150			11/15/46		570,573
	725,000		5.150			02/15/50		914,464
	1,250,000		3.650			06/01/51		1,273,388
	450,000		3.500			09/15/53		445,572
	T-Mobile USA, Inc.(a)
	2,025,000		3.500			04/15/25		2,179,933
	1,350,000		1.500			02/15/26		1,354,982
	5,025,000		3.750			04/15/27		5,536,344
	4,175,000		2.050			02/15/28		4,209,151
	2,225,000		3.875			04/15/30		2,458,180
	2,205,000		2.875			02/15/31		2,227,936
	2,150,000		3.500			04/15/31		2,262,376
	925,000		3.000			02/15/41		896,899
	Telefonica Emisiones SA
	1,200,000		4.665			03/06/38		1,402,632
	Verizon Communications, Inc.
	7,580,000		2.100	(a)		03/22/28		7,695,292
	5,066,000		4.329			09/21/28		5,827,673
	625,000		3.875	(a)		02/08/29		701,463
	2,251,000		4.016	(a)		12/03/29		2,552,679
	3,350,000		2.550	(a)		03/21/31		3,398,608
	500,000		5.250			03/16/37		648,270
	2,175,000		4.812			03/15/39		2,700,589
	25,000		4.125			08/15/46		28,680
	2,750,000		4.862			08/21/46		3,501,410
	131,000		5.012			04/15/49		171,575
								75,222,717
	Transportation(a) – 0.0%
	Burlington Northern Santa Fe LLC
	800,000		4.050			06/15/48		955,496
Trucking & Leasing(c) – 0.1%
	Penske Truck Leasing Co. LP/PTL Finance Corp.
	1,425,000		4.250			01/17/23		1,491,747
	TOTAL CORPORATE OBLIGATIONS
	(Cost $785,267,988)						$	821,011,205

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
Foreign Debt Obligations – 1.3%
Sovereign – 1.3%
	Abu Dhabi Government International Bond(c)
$	460,000		2.500	%		10/11/22	$	469,717
	420,000		3.125			10/11/27		455,122
	Japanese Government CPI Linked Bond
JPY	978,740,283		0.100			03/10/29		9,067,341
	Kuwait International Government Bond
$	4,120,000		3.500			03/20/27		4,559,810
	Perusahaan Penerbit SBSN
	2,030,000		4.550			03/29/26		2,289,840
	Republic of Indonesia
	790,000		3.700	(c)		01/08/22		797,061
	420,000		4.125	(c)		01/15/25		458,929
	380,000		4.125			01/15/25		415,221
	450,000		3.350			03/12/71		416,194
	Republic of Peru(a)
	10,000		2.780			12/01/60		8,446
	100,000		3.230	(e)		07/28/21		82,988
	Republic of Romania
EUR	100,000		2.000	(c)		01/28/32		112,490
$	690,000		5.125			06/15/48		817,132
EUR	360,000		3.375	(c)		01/28/50		410,230
	580,000		4.000			02/14/51		576,302
	Republic of Uruguay(a)
$	280,000		4.375			01/23/31		323,628
	State of Israel(f)
	200,000		4.500			04/03/20		250,000
	United Mexican States(a)
	200,000		4.750			04/27/32		224,975
	United Mexican States
	1,350,000		3.750			01/11/28		1,470,066
	450,000		4.500			04/22/29		505,350
	240,000		3.250	(a)		04/16/30		245,670
	1,410,000		2.659	(a)		05/24/31		1,360,033
EUR	839,000		1.450	(a)		10/25/33		915,974
$	1,960,000		3.771	(a)		05/24/61		1,740,480
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $27,511,891)						$	27,972,999
Asset-Backed Securities(b) – 5.4%
Collateralized Loan Obligations(c) – 4.5%
	AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	4,100,000		1.426	%		01/15/33	$	4,105,867
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	4,000,000		1.346			04/15/33		4,006,752
	Atlas Senior Loan Fund XIII Series 2019-13A, Class CR (3M USD LIBOR + 2.650%)
	2,100,000		2.788			04/22/31		2,100,095
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	1,761,472		0.979			01/27/28		1,761,547
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(c) – (continued)
	Crown City CLO I Series 2020-1A, Class A2R (3M USD LIBOR + 1.750%)
	4,600,000		1.896			07/20/34		4,603,280
	Crown City CLO I Series 2020-1A, Class BR (3M USD LIBOR + 2.100%)
	2,900,000		2.246			07/20/34		2,902,056
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	125,080		1.376			07/15/26		125,083
	Diameter Capital CLO1 Ltd. Series 2021-1A, Class A1A (3M USD LIBOR + 1.240%)
	5,250,000		1.363			07/15/36		5,253,412
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	14,600,000		1.366			04/15/33		14,638,997
	Galaxy XVIII CLO Ltd. Series 2018-28A, Class A2 (3M USD LIBOR + 1.300%)
	6,000,000		1.426			07/15/31		6,000,288
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class B (3M USD LIBOR + 2.950%)
	3,900,000		3.084			07/20/31		3,918,467
	HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A (3M USD LIBOR + 1.450%)
	6,250,000		1.579			11/30/32		6,270,487
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	6,880,153		0.876			04/15/29		6,880,401
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	524,501		2.989			07/25/59		541,606
	Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	3,500,000		1.493			04/14/33		3,503,693
	OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%)
	2,150,000		1.288			07/02/35		2,151,544
	OHA Credit Funding 5 Ltd. Series 2020-5A, Class A2A (3M USD LIBOR + 1.450%)
	2,000,000		1.584			04/18/33		2,003,754
	Palmer Square CLO Ltd. Series 2019-1A, Class A1 (3M USD LIBOR + 1.340%)
	6,000,000		1.465			11/14/32		6,006,810
	Recette CLO Ltd. Series 2015-1A, Class ARR (3M USD LIBOR + 1.080%)
	7,000,000		1.214			04/20/34		7,007,616
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	6,900,000		1.406			04/15/33		6,905,244
	Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	3,250,000		1.454			07/28/32		3,250,260
								93,937,259
Other(c) – 0.6%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
	5,700,000		1.234			06/15/28		5,701,801

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(b) – (continued)
Other(c) – (continued)
	BSPRT Issuer Ltd. Series 2018 FL4, Class A (1M USD LIBOR + 1.050%)
$	1,380,303		1.134	%		09/15/35	$	1,380,304
	Dryden Senior Loan Fund Series 2019-76A, Class A1(3M USD LIBOR + 1.330%)
	6,000,000		1.464			10/20/32		6,001,620
								13,083,725
Student Loan – 0.3%
	AccessLex Institute Series 2004-1, Class A2 (3M USD LIBOR + 0.210%)
	748,041		0.342			09/26/33		720,265
	Educational Funding of the South, Inc. Series 2011-1, Class A2(3M USD LIBOR + 0.650%)
	1,143,338		0.775			04/25/35		1,144,049
	Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	2,290,290		1.179			05/25/34		2,299,986
	PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
	2,219,042		1.236			09/25/65		2,260,849
								6,425,149
	TOTAL ASSET-BACKED SECURITIES
	(Cost $113,184,252)						$	113,446,133
Mortgage-Backed Obligations – 33.4%
Collateralized Mortgage Obligations – 0.7%
Inverse Floaters(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB(-1X 1M USD LIBOR + 37.567%)
$	10,569		37.172	%		02/16/32	$	13,357
Sequential Fixed Rate – 0.2%
	FHLMC REMIC Series 2755, Class ZA
	277,770		5.000			02/15/34		308,869
	FHLMC REMIC Series 4246, Class PT
	130,924		6.500			02/15/36		151,602
	FHLMC REMIC Series 4273, Class PD
	658,265		6.500			11/15/43		774,826
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(b)(c) (1M USD LIBOR + 3.000%)
	656,559		3.086			06/25/50		659,095
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2(b)(c) (SOFR30A + 2.800%)
	962,837		2.850			10/25/50		974,219
	FNMA REMIC Series 2011-52, Class GB
	567,533		5.000			06/25/41		635,186
	FNMA REMIC Series 2011-99, Class DB
	552,434		5.000			10/25/41		617,138
	FNMA REMIC Series 2012-111, Class B
	92,425		7.000			10/25/42		108,653
	FNMA REMIC Series 2012-153, Class B
	335,091		7.000			07/25/42		401,465
								4,631,053
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – 0.5%
	FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2(c) (SOFR30A + 1.650%)
	710,000		1.700			01/25/34		714,892
	Harben Finance PLC Series 2017-1X, Class A (3M GBP LIBOR + 0.800%)
	GBP1,435,492		0.868			08/20/56		1,936,671
	HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A(1M USD LIBOR + 0.480%)
	103,795		0.567			01/19/36		101,024
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	77,740		0.806			10/25/34		75,992
	JPMorgan Mortgage Trust Series 2021-6, Class A3(c)
	2,938,842		2.500			10/25/51		2,973,511
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
	GBP783,953		0.921			11/15/49		1,058,269
	Stratton Mortgage Funding PLC Series 2019-1, Class A (3M SONIA IR + 1.200%)
	3,273,988		1.250			05/25/51		4,433,001
	Washington Mutual Mortgage Pass-Through Certificates Trust Series 2002-AR19, Class A7
	14,380		2.598			02/25/33		14,320
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(c)
	217,606		3.500			07/25/49		220,299
								11,527,979
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	16,172,389
Commercial Mortgage-Backed Securities – 0.5%
Sequential Fixed Rate – 0.1%
	Bank Series 2019-BN21, Class A5
$	950,000		2.851	%		10/17/52	$	1,007,270
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(c)
	2,024,000		2.500			11/15/52		1,667,248
								2,674,518
Sequential Fixed Rate(c) – 0.2%
	DOLP Trust Series 2021-NYC, Class A
	4,650,000		2.956			05/10/41		4,912,958
Sequential Floating Rate(b)(c) – 0.2%
	DBJPM 16-C1 Mortgage Trust Series 2016-C1, Class D
	1,500,000		3.480			05/10/49		1,170,978
	DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D
	1,757,000		3.360			06/10/50		1,646,868
								2,817,846
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	10,405,322
Federal Agencies – 32.2%
Adjustable Rate FNMA(b) – 0.1%
	(1 Year CMT + 2.234%)
$	2,361		2.344	%		06/01/33	$	2,489

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
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
	(12M USD LIBOR + 1.233%)
$	139,493		1.543	%		06/01/35		$	144,971
	(12M USD LIBOR + 1.551%)
	643,430		1.878			09/01/34			673,362
	(12M USD LIBOR + 1.668%)
	269,709		1.918			07/01/34			283,174
	(12M USD LIBOR + 1.735%)
	455,485		2.065			05/01/35			480,346
									1,584,342
FHLMC – 0.1%
	8,454		5.000			05/01/23			9,254
	29,152		4.500			10/01/23			31,410
	17,050		5.500			10/01/25			19,183
	8,817		7.500			12/01/30			10,418
	4,429		7.500			01/01/31			5,228
	6,436		5.000			10/01/33			7,274
	1,493		5.000			04/01/35			1,689
	10,005		5.000			07/01/35			11,396
	59,721		5.000			12/01/35			67,351
	134,917		5.000			01/01/38			153,698
	271,694		5.000			01/01/39			309,539
	91,612		5.000			06/01/39			104,257
	10,459		4.000			06/01/40			11,502
	5,135		5.000			08/01/40			5,848
	1,815		4.500			11/01/40			2,026
	76,405		4.000			02/01/41			84,019
	2,191		5.000			04/01/41			2,495
	5,173		5.000			06/01/41			5,891
	6,039		4.000			11/01/41			6,622
	1,597,312		4.500			08/01/48			1,771,389
									2,620,489
FNMA – 0.0%
	14,252		8.000			02/01/31			16,596
	13,682		7.000			03/01/31			14,808
									31,404
GNMA – 17.4%
	5,913		6.000			11/15/38			6,895
	39,923		5.000			07/15/40			43,236
	69,496		5.000			01/15/41			76,626
	3,831		4.000			02/20/41			4,159
	5,976		4.000			11/20/41			6,544
	997		4.000			01/20/42			1,092
	3,203		4.000			04/20/42			3,508
	2,019		4.000			10/20/42			2,210
	31,433		4.000			08/20/43			34,391
	3,068		4.000			03/20/44			3,357
	3,710		4.000			05/20/44			4,055
	258,350		4.000			11/20/44			281,937
	16,772		4.000			05/20/45			18,278
	2,338,375		4.000			07/20/45			2,548,218
	37,170		4.000			10/20/45			40,448
	6,620,047		3.500			04/20/47			7,019,881
	7,259,090		3.500			12/20/47			7,696,297
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
	226,696		4.500			02/20/48			244,033
	575,052		4.500			04/20/48			617,323
	1,555,407		4.500			05/20/48			1,666,825
	1,546,263		5.000			07/20/48			1,672,442
	2,468,304		4.500			08/20/48			2,641,838
	1,449,953		5.000			08/20/48			1,567,820
	10,623,063		4.500			09/20/48			11,365,763
	1,755,212		5.000			10/20/48			1,896,659
	5,797,555		5.000			11/20/48			6,263,855
	9,590,865		4.500			12/20/48			10,256,905
	3,199,316		5.000			12/20/48			3,455,640
	7,198,789		4.500			01/20/49			7,698,711
	5,300,839		5.000			01/20/49			5,724,704
	3,712,250		4.000			02/20/49			3,949,386
	1,223,827		4.500			02/20/49			1,308,815
	3,260,265		4.000			03/20/49			3,463,434
	1,004,214		4.500			03/20/49			1,074,108
	1,742,852		5.000			03/20/49			1,881,669
	2,608,306		4.000			05/20/49			2,769,217
	36,348		3.500			08/20/49			38,270
	4,647,666		5.000			08/20/49			5,013,370
	1,501,543		4.500			10/20/49			1,604,302
	291,567		3.500			06/20/50			306,554
	665,024		3.500			07/20/50			699,209
	55,796,453		2.500			08/20/51			57,647,943
	33,000,000		2.000			TBA-30yr	(g)		33,465,785
	94,000,000		2.500			TBA-30yr	(g)		97,037,939
	42,000,000		3.000			TBA-30yr	(g)		43,885,565
	38,000,000		3.500			TBA-30yr	(g)		39,962,841
									366,972,057
UMBS – 5.0%
	5,427		5.500			09/01/23			5,561
	2,012		5.500			10/01/23			2,064
	18,941		7.000			08/01/27			21,068
	784		6.500			09/01/27			867
	43,573		7.000			03/01/28			48,678
	1,297		6.500			05/01/28			1,458
	9,585		4.500			04/01/39			10,623
	5,238		4.500			05/01/39			5,789
	6,398		4.500			07/01/39			7,085
	23,684		4.500			08/01/39			26,211
	205,936		4.500			12/01/39			227,853
	612,594		4.500			05/01/41			683,374
	53,766		4.500			08/01/41			59,989
	16,658		3.000			11/01/42			17,980
	408,857		3.000			12/01/42			439,804
	587,061		3.000			01/01/43			634,745
	84,359		3.000			02/01/43			91,215
	621,814		3.000			03/01/43			672,352
	1,083,351		3.000			04/01/43			1,171,399
	733,934		3.000			05/01/43			793,662
	73,914		3.000			06/01/43			80,106
	625,259		3.000			07/01/43			677,641
	493,062		5.000			05/01/44			557,364
	2,041,874		4.500			04/01/45			2,297,352
	250,658		4.500			05/01/45			282,333

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	644,601		4.500	%		06/01/45	$	716,921
	88,205		4.000			03/01/46		95,941
	52,380		4.000			06/01/46		56,909
	13,764		4.000			08/01/46		14,954
	116,554		4.000			10/01/46		126,631
	187,497		4.000			06/01/47		204,934
	2,460,412		4.500			07/01/47		2,710,163
	619,559		4.500			11/01/47		682,945
	294,699		4.000			12/01/47		324,522
	1,123,816		4.000			01/01/48		1,236,930
	3,035,811		4.000			02/01/48		3,323,166
	2,231,241		4.000			03/01/48		2,439,976
	1,710,536		4.000			06/01/48		1,881,902
	1,927,991		4.000			07/01/48		2,112,771
	2,636,120		4.000			08/01/48		2,873,029
	856,673		4.500			09/01/48		949,738
	1,214,826		4.500			11/01/48		1,312,252
	2,163,758		4.500			TBA-30yr		2,333,931
	5,294,667		5.000			11/01/48		5,991,559
	2,585,161		4.500			12/01/48		2,785,240
	2,240,749		4.500			01/01/49		2,416,139
	594,416		4.500			01/01/49		641,158
	1,882,472		4.500			02/01/49		2,029,912
	329,651		4.500			02/01/49		356,134
	929,951		4.500			06/01/49		1,004,875
	147,295		4.500			07/01/49		160,029
	292,646		4.500			08/01/49		316,224
	1,885,070		4.500			08/01/49		2,033,303
	8,727,052		3.000			09/01/49		9,317,028
	1,651,243		3.000			10/01/49		1,762,872
	2,416,594		3.000			12/01/49		2,557,261
	971,031		4.500			05/01/50		1,058,561
	11,100,312		3.000			12/01/50		11,820,377
	28,917,230		2.500			TBA-30yr		30,059,486
								106,524,346
UMBS, 30 Year, Single Family(g) – 9.6%
	134,000,000		2.000			TBA-30yr		134,268,099
	19,000,000		3.000			TBA-30yr		19,860,179
	29,000,000		4.500			TBA-30yr		31,361,911
	17,000,000		3.000			TBA-30yr		17,790,884
								203,281,073
	TOTAL FEDERAL AGENCIES						$	681,013,711
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $705,207,664)						$	707,591,422
Agency Debentures – 1.6%
	FHLB
$	6,800,000		2.125	%		06/09/23	$	7,015,084
	3,500,000		3.375			09/08/23		3,708,145
	750,000		3.375			12/08/23		798,975
	2,400,000		5.000			09/28/29		3,019,824
Agency Debentures – (continued)
	FNMA
	3,700,000		1.875			09/24/26		3,859,211
	4,200,000		6.250			05/15/29		5,654,124
	Israel Government AID Bond(h)
	1,200,000		5.500			12/04/23		1,332,444
	2,400,000		5.500			04/26/24		2,705,664
	4,700,000		5.500			09/18/33		6,540,379
	TOTAL AGENCY DEBENTURES
	(Cost $31,281,306)						$	34,633,850
Municipal Debt Obligations – 1.3%
Arizona – 0.1%
	City of Tucson AZ Taxable Series A(a)
$	100,000		1.457	%		07/01/28	$	98,116
	690,000		1.932			07/01/31		676,899
	City of Yuma AZ Pledged Revenue Taxable Series 2021
	35,000		1.749			07/15/28		35,021
	65,000		2.102			07/15/30		65,795
								875,831
California – 0.5%
	Bay Area Toll Authority Revenue Bonds Taxable Refunding Series F1(a)
	820,000		1.633			04/01/28		822,121
	California State GO Bonds Build America Taxable Series 2009(a)
	950,000		7.500			04/01/34		1,462,721
	1,650,000		7.550			04/01/39		2,780,330
	California Statewide Communities Development Authority Revenue Bonds Taxable Refunding Series 2021
	95,000		1.807			02/01/30		94,741
	525,000		1.877			02/01/31		521,361
	Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series A(a)
	765,000		1.648			11/01/28		760,596
	2,295,000		2.074			11/01/30		2,311,740
	Los Angeles Municipal Improvement Corp.RB Taxable Refunding Series C(a)
	245,000		1.831			11/01/29		244,195
	Port Of Oakland RB Taxable Refunding Series R(a)
	330,000		1.949			05/01/28		335,455
	55,000		2.099			05/01/30		55,567
	385,000		2.199			05/01/31		389,939
	San Francisco Municipal Transportation Agency Revenue Refunding Series A
	555,000		1.302			03/01/28		546,673
	San Jose Financing Authority Lease RB Taxable Refunding Series A(a)
	345,000		1.812			06/01/29		344,265
	195,000		1.862			06/01/30		193,443
								10,863,147
Florida(a) – 0.0%
	Florida State Board of Administration Finance Corp. RB Taxable Series A
	595,000		2.154			07/01/30		601,478

52 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)
Illinois – 0.2%
	Illinois State GO Bonds Build America Series 2010
$	160,000		6.630	%		02/01/35	$	198,372
	1,595,000		7.350			07/01/35		2,024,768
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,170,000		5.100			06/01/33		1,363,689
								3,586,829
Louisiana(a) – 0.0%
	City of New Orleans LA Sewerage Service Revenue Taxable Revenue Series 2021
	60,000		0.958			06/01/26		58,645
	110,000		1.409			06/01/28		106,746
	City of New Orleans LA Water System Revenue Taxable Refunding Series 2021
	45,000		1.008			12/01/26		43,764
	105,000		1.459			12/01/28		101,682
	Louisiana State Transportation Authority Revenue Taxable Refunding Series A
	50,000		1.138			02/15/26		49,345
	50,000		1.648			02/15/28		49,179
	60,000		1.997			02/15/30		58,916
	State of Louisiana Unclaimed Property Revenue Taxable Refunding Series 2021
	105,000		1.059			09/01/26		103,978
	100,000		1.543			09/01/28		98,494
								670,749
Maryland – 0.0%
	State of Maryland Department of Transportation Revenue Taxable Refunding Series A
	65,000		1.303			08/01/28		63,487
New York – 0.4%
	Metropolitan Transportation Authority Revenue Series 2010
	395,000		5.989			11/15/30		498,511
	New York State Metropolitan Transportation Authority RB Refunding Subseries 2002 G-1B
	2,670,000		5.175			11/15/49		3,644,054
	Port Authority of New York & New Jersey Revenue Bonds Taxable Series Aaa
	3,320,000		1.086			07/01/23		3,362,706
								7,505,271
Ohio(a) – 0.1%
	American Municipal Power-Ohio, Inc. RB Build America Taxable Series 2010
	1,690,000		6.270			02/15/50		2,390,041
Pennsylvania – 0.0%
	Commonwealth of Pennsylvania Department of Community & Economic Development Revenue Taxable Refunding Series C
	125,000		2.758			06/01/30		130,745
Texas – 0.0%
	City of Houston TX Airport System Revenue Taxable Refunding Series 2020
	355,000		2.235			07/01/29		363,035
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $23,344,011)						$	27,050,613
U.S. Treasury Obligations – 32.3%
	United States Treasury Bonds
$	6,530,000		4.250	%(j)		05/15/39	$	8,897,125
	13,000,000		3.750			11/15/43		17,005,625
	210,000		3.375			05/15/44		261,023
	15,240,000		2.875			11/15/46		17,656,969
	104,460,000		3.000			02/15/47		123,817,744
	38,410,000		2.375	(j)		11/15/49		40,900,648
	41,410,000		2.000			02/15/50		40,691,795
	United States Treasury Notes
	118,350,000		0.125			08/31/22		118,382,362
	19,650,000		2.625			02/28/23		20,330,842
	2,630,000		2.000			04/30/24		2,736,844
	2,680,000		2.625			03/31/25		2,862,575
	20,000		0.500			02/28/26		19,664
	960,000		2.500			02/28/26		1,027,650
	74,520,000		0.750			03/31/26		74,001,854
	23,590,000		0.875			09/30/26		23,464,678
	36,550,000		0.750			01/31/28		35,496,332
	22,790,000		1.125			02/29/28		22,651,123
	23,190,000		1.250			03/31/28		23,197,247
	5,560,000		3.125			11/15/28		6,248,919
	United States Treasury Strip Coupon(i)
	50,580,000		0.000			02/15/38		36,338,373
	94,430,000		0.000			08/15/38		66,980,779
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $700,883,732)						$	682,970,171

Shares	Dividend Rate	Value
Investment Company(k) – 1.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
21,226,241	0.026%	$	21,226,241
(Cost $21,226,241)
TOTAL INVESTMENTS – 115.1%
(Cost $2,407,907,085)		$	2,435,902,634
LIABILITIES IN EXCESS OF     OTHER ASSETS – (15.1)%			(319,800,878	)
NET ASSETS – 100.0%		$	2,116,101,756

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2021.

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

(e)	Actual maturity date is July 28, 2121.
(f)	Actual maturity date is April 03, 2120.
(g)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $417,633,203 which represents approximately 19.7% of the Fund’s net assets as of September 30, 2021.
(h)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $10,578,487, which represents approximately 0.5% of the Fund’s net assets as of September 30, 2021.
(i)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(j)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(k)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	—Australian Dollar
EUR	—Euro
GBP	—British Pound
JPY	—Japanese Yen
USD	—U.S. Dollar
Investment Abbreviations:
CDO	—Collateralized Debt Obligation
CMT	—Constant Maturity Treasury Indexes
CPI	—Consumer Price Index
EURO	—Euro Offered Rate
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
SONIA	—Sterling Overnight Interbank Average Rate
STIBOR	—Stockholm Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
BNP Paribas SA	USD	11,295,896	JPY	1,237,895,265		11/17/21	$	169,583
Deutsche Bank AG (London)	USD	3,163,739	EUR	2,673,312		11/24/21		63,796
State Street Bank (London)	USD	8,701,271	GBP	6,243,374		10/27/21		288,649
TOTAL							$	522,028

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
BofA Securities LLC	AUD	2,009,580	USD	1,456,975		11/12/21		(3,890	)
Deutsche Bank AG (London)	EUR	1,628,628	USD	1,927,404		11/24/21		(38,865	)
HSBC Bank PLC	JPY	242,365,939	USD	2,213,280		11/17/21		(34,874	)
State Street Bank (London)	GBP	763,517	USD	1,064,100		10/27/21		(35,300	)
TOTAL							$	(112,929	)

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At September 30, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family		2.500	%	10/14/51		10/14/21	$	(38,000,000	)	$	(39,183,050	)
UMBS, 30 Year, Single Family		3.500		12/13/51		12/13/21		(12,000,000	)		(12,707,807	)
UMBS, 30 Year, Single Family		3.500		11/10/51		11/10/21		(16,000,000	)		(16,943,118	)
UMBS, 30 Year, Single Family		4.000		10/14/51		10/10/19		(4,000,000	)		(4,286,094	)
UMBS, 30 Year, Single Family		4.000		11/10/51		11/13/18		(4,000,000	)		(4,290,469	)
UMBS, 30 Year, Single Family		4.000		10/21/51		10/18/18		(6,000,000	)		(6,367,231	)
TOTAL (Proceeds Receivable: $84,195,742)										$	(83,777,769	)

(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, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		1,170			12/31/21	$	257,463,985		$	(146,176	)
10 Year U.S. Treasury Notes		555			12/21/21		73,043,203			(759,506	)
10 Year German Euro-Bund		31			12/08/21		6,098,040			(10,915	)
20 Year U.S. Treasury Bonds		666			12/21/21		106,039,688			(2,142,893	)
Total									$	(3,059,490	)
Short position contracts:
Euro Buxl 30 Year Bonds		(1	)		12/08/21		(235,539	)		8,408
Japan 10 Year Government Bonds		(7	)		12/13/21		(9,520,553	)		38,971
Ultra Long U.S. Treasury Bonds		(730	)		12/21/21		(139,475,625	)		3,834,923
Ultra 10 Year U.S. Treasury Notes		(845	)		12/21/21		(122,736,250	)		1,930,545
5 Year German Euro-Bobl		(6	)		12/08/21		(937,777	)		5,342
5 Year U.S. Treasury Notes		(525	)		12/31/21		(64,439,649	)		243,547
Total									$	6,061,736
TOTAL FUTURES CONTRACTS									$	3,002,246

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M NZDOR(a)	1.250%(b)	09/15/22	NZD	22,440	(c)	$	7,130		$	828		$	6,302
3M NZDOR(a)	1.250(c)	12/15/22		11,620	(c)		(2,367	)		(12,831	)		10,464
3M AUDOR(a)	0.190(a)	02/22/23	AUD	121,270	(c)		12,804			(1,463,162	)		1,475,966
6M CDOR(b)	0.804(b)	02/28/23	CAD	176,820	(c)		(85,181	)		(697,514	)		612,333
6M CDOR(b)	1.100(b)	06/15/23		50,300	(c)		(1,685	)		(150,908	)		149,223
0.450%(b)	3M LIBOR(a)	06/15/23	$	45,330	(c)		(20,074	)		(2,855	)		(17,219	)
6M CDOR(b)	1.200(b)	09/21/23	CAD	53,690	(c)		(44,278	)		20,195			(64,473	)
0.500(b)	3M LIBOR(a)	09/21/23	$	43,480	(c)		24,510			(20,721	)		45,231

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (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 AUDOR(a)		0.500%(a)	02/24/24		AUD	33,630	(c)	$	29,180		$	83,263		$	(54,083	)
0.486%(a)		3M AUDOR(a)	06/29/24			11,970			(5,907	)		407			(6,314	)
1M LIBOR + 0.090%(a)		3M LIBOR(a)	07/25/24		$	38,780			(4,060	)		13,034			(17,094	)
6M CDOR(b)		1.560(b)	08/22/25		CAD	21,520	(c)		(102,379	)		10,348			(112,727	)
6M EURO(d)		(0.250)(d)	12/15/26		EUR	2,410	(c)		10,722			21,250			(10,528	)
6M GBP(d)		0.500(d)	12/15/26		GBP	44,290	(c)		(836,182	)		(158,710	)		(677,472	)
3M LIBOR(a)		1.250(b)	12/15/26		$	870	(c)		4,466			13,198			(8,732	)
1.250(b)		3M LIBOR(a)	12/15/26			10,930	(c)		(56,103	)		(50,233	)		(5,870	)
0.250(d)		3M STIBOR(a)	12/15/26		SEK	19,250	(c)		33,383			19,708			13,675
1.680(b)		6M CDOR(b)	08/22/28		CAD	15,270	(c)		219,101			(15,510	)		234,611
1.240(d)		6M NIBOR(b)	10/29/30		NOK	156,910	(c)		671,058			(740,224	)		1,411,282
1.000(d)		6M GBP(d)	02/10/31		GBP	11,040	(c)		47,911			(285,082	)		332,993
6M EURO(b)		0.500(d)	02/12/31		EUR	15,830	(c)		63,216			(80,053	)		143,269
3M STIBOR(a)		1.272(d)	05/11/31		SEK	73,110	(c)		3,228			(12,244	)		15,472
2.130(d)		6M NIBOR(b)	05/11/31		NOK	68,170	(c)		(17,094	)		13,076			(30,170	)
6M EURO(b)		0.220(d)	07/22/31		EUR	21,250	(c)		(332,977	)		(89,712	)		(243,265	)
6M EURO(b)		0.250(d)	09/02/31			15,760	(c)		(232,099	)		(60,540	)		(171,559	)
6M EURO(b)		0.500(d)	09/16/31			9,720	(c)		(3,450	)		(38,408	)		34,958
3M NZDOR(a)		3.000(b)	09/16/31		NZD	1,930	(c)		19,675			47,569			(27,894	)
2.500(b)		3M LIBOR(a)	09/17/31		$	19,020	(c)		(388,419	)		(614,442	)		226,023
3M SOFR(d)		1.530(d)	09/22/31			12,050	(c)		(133,172	)		1,511			(134,683	)
6M GBP(d)		1.000(d)	09/23/31		GBP	8,600	(c)		(50,786	)		55,878			(106,664	)
1.500(b)		3M LIBOR(a)	09/24/31		$	10,360	(c)		262,024			131,743			130,281
3M STIBOR(a)		0.750(d)	12/15/31		SEK	57,950	(c)		(112,898	)		13,812			(126,710	)
3M LIBOR(a)		1.750(b)	12/15/31		$	12,420	(c)		189,800			433,363			(243,563	)
6M AUDOR(b)		2.000(b)	12/15/31		AUD	1,650	(c)		33,063			51,608			(18,545	)
1.750(b)		3M LIBOR(a)	12/15/31		$	14,880	(c)		(227,393	)		(367,508	)		140,115
1.500(d)		3M NIBOR(b)	12/15/31		NOK	9,880	(c)		43,776			15,660			28,116
2.000(b)		6M CDOR(b)	12/15/31		CAD	12,190	(c)		13,475			(210,769	)		224,244
0.000(d)		6M EURO(b)	12/15/31		EUR	10,300	(c)		221,930			101,189			120,741
0.750(d)		6M GBP(d)	12/15/31		GBP	23,750	(c)		582,722			(366,472	)		949,194
0.000(d)		6M JYOR(d)	12/15/31		JPY	1,717,800	(c)		102,346			54,002			48,344
6M CHFOR(d)		0.500(d)	03/17/32		CHF	2,590	(c)		3,736			19,616			(15,880	)
3M STIBOR(a)		1.000(d)	03/17/32		SEK	27,180	(c)		(48,968	)		(21,596	)		(27,372	)
6M GBP(d)		1.000(d)	03/17/32		GBP	4,290	(c)		(30,497	)		(12,346	)		(18,151	)
2.000(b)		6M AUDOR(b)	03/17/32		AUD	3,160	(c)		41,583			13,992			27,591
1.630(d)		3M LIBOR(d)	09/22/36		$	14,490	(c)		154,112			4,769			149,343
0.610(d)		6M EURO(b)	07/22/41		EUR	11,840	(c)		325,782			20,697			305,085
6M CDOR(b)		2.250(b)	12/15/51		CAD	14,750	(c)		(388,067	)		198,894			(586,961	)
2.000(b)		3M LIBOR(a)	12/15/51		$	9,800	(c)		(344,969	)		(847,643	)		502,674
6M CDOR(b)		2.180(b)	08/22/52		CAD	1,620	(c)		(77,952	)		11,172			(89,124	)
TOTAL								$	(426,224	)	$	(4,948,701	)	$	4,522,477

(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, 2021.

(d) Payments made annually.

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index	Financing Rate Paid by the Fund(a)			Credit Spread at September 30, 2021(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 8		3.000	%	7.877%		Citibank NA		10/17/57	$	5,050	$	(652,397	)	$	(1,057,472	)	$	405,075
Markit CMBX Series 11		3.000		3.849		Citibank NA		11/18/54		3,350		(146,981	)		(511,392	)		364,411
Markit CMBX Series 10		3.000		5.016		Citibank NA		11/17/59		900		(79,003	)		(154,395	)		75,392
Markit CMBX Series 11		3.000		3.849		JPMorgan Securities, Inc.		11/18/54		1,100		(48,262	)		(331,226	)		282,964
Markit CMBX Series 11		3.000		3.849		MS & Co. Int. PLC		11/18/54		1,100		(48,263	)		(304,063	)		255,800
TOTAL											$	(974,906	)	$	(2,358,548	)	$	1,383,642

(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, 2021(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 28		1.000	%		0.219%		06/20/22	$	33,100	$	198,121		$	164,233		$	33,888
CDX.NA.IG Index 34		1.000			0.251		06/20/23		25,375		338,132			186,554			151,578
CDX.NA.IG Index 34		1.000			0.463		06/20/25		130,600		2,621,065			1,286,762			1,334,303
General Electric Co. 2.700%, 10/09/22		1.000			0.694		06/20/26		3,875		55,832			49,837			5,995
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000			0.273		12/20/24		1,080		24,580			9,219			15,361
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000			0.399		12/20/25		5,030		126,574			24,523			102,051
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000			0.542		12/20/26		4,260		101,857			97,710			4,147
Nordstrom, Inc., 6.950%, 03/15/22		1.000			1.185		06/20/24		5,525		(25,961	)		(14,573	)		(11,388	)
Prudential Financial, Inc., 3.500%, 05/15/24		1.000			0.268		06/20/24		2,950		60,246			27,070			33,176
Republic of Chile, 3.875%, 08/05/20		1.000			0.567		12/20/24		1,000		15,334			13,638			1,696
Republic of Chile, 3.875%, 08/05/20		1.000			0.714		12/20/25		5,120		67,255			90,460			(23,205	)
Republic of Colombia, 10.375%, 01/28/33		1.000			1.400		12/20/25		2,450		(41,633	)		13,206			(54,839	)
Republic of Indonesia, 5.875%, 03/13/20		1.000			0.413		06/20/24		2,160		35,925			6,954			28,971
Republic of Indonesia, 5.875%, 03/13/20		1.000			0.643		12/20/25		3,850		60,145			49,320			10,825
Republic of Indonesia, 5.875%, 03/13/20		1.000			0.819		12/20/26		4,410		42,202			56,594			(14,392	)
Republic of Peru, 8.750%, 11/21/33		1.000			0.859		12/20/25		2,150		14,035			15,156			(1,121	)
Republic of the Philippines, 10.625%, 03/16/25		1.000			0.425		12/20/25		4,530		110,664			80,957			29,707

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (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, 2021(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold: (continued)
Russian Federation, 7.500%, 03/31/30		1.000	%		0.560	%		12/20/24	$	750	$	10,481		$	1,917		$	8,564
Russian Federation, 7.500%, 03/31/30		1.000			0.701			12/20/25		5,070		61,830			49,965			11,865
Russian Federation, 7.500%, 03/31/30		1.000			0.880			12/20/26		2,480		14,901			17,028			(2,127	)
State of Qatar, 9.750%, 06/15/30		1.000			0.249			12/20/24		170		4,209			2,314			1,895
State of Qatar, 9.750%, 06/15/30		1.000			0.342			12/20/25		4,350		122,006			82,274			39,732
The Boeing Co., 8.750%, 08/15/21		1.000			0.765			06/20/24		1,225		8,223			14,466			(6,243	)
United Mexican States, 4.150%, 03/28/27		1.000			0.793			12/20/25		6,530		58,343			(107,462	)		165,805
United Mexican States, 4.150%, 03/28/27		1.000			1.013			12/20/26		3,980		(2,127	)		9,674			(11,801	)
TOTAL											$	4,082,239		$	2,227,796		$	1,854,443

(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, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	BofA Securities LLC		0.632	%		12/23/2021		22,940,000	$	22,940,000	$	22,873	$	64,131	$	(41,258	)
1Y IRS	Citibank NA		0.420			10/10/2022		25,900,000		25,900,000		21,239		56,068		(34,829	)
1Y IRS	Citibank NA		0.459			10/10/2022		23,650,000		23,650,000		22,889		51,699		(28,810	)
1Y IRS	Citibank NA		0.516			11/15/2022		26,330,000		26,330,000		33,984		61,829		(27,845	)
6M IRS	Citibank NA		0.465			02/22/2022		23,560,000		23,560,000		9,471		29,999		(20,528	)
6M IRS	Citibank NA		0.605			01/07/2022		22,940,000		22,940,000		20,543		66,470		(45,927	)
6M IRS	Citibank NA		0.855			03/23/2022		22,940,000		22,940,000		94,541		104,479		(9,938	)
1Y IRS	Deutsche Bank AG (London)		0.830			04/20/2022		45,230,000		45,230,000		166,152		326,595		(160,443	)
1Y IRS	JPMorgan Securities, Inc.		0.281			09/08/2022		21,480,000		21,480,000		8,839		41,037		(32,198	)
1Y IRS	JPMorgan Securities, Inc.		0.300			09/08/2022		28,060,000		28,060,000		12,643		54,613		(41,970	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022		14,170,000		14,170,000		72,787		126,432		(53,645	)
3Y IRS	JPMorgan Securities, Inc.		0.700			11/14/2022		13,700,000		13,700,000		24,272		138,664		(114,392	)
1Y IRS	MS & Co. Int. PLC		0.544			11/16/2022		23,970,000		23,970,000		34,361		56,449		(22,088	)
3M IRS	MS & Co. Int. PLC		0.506			11/29/2021		23,110,000		23,110,000		5,378		20,568		(15,190	)
3M IRS	MS & Co. Int. PLC		1.365			11/09/2021		2,770,000		2,770,000		2,812		34,456		(31,644	)
								340,750,000	$	340,750,000	$	552,784	$	1,233,489	$	(680,705	)

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

GOLDMAN SACHS CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER INTEREST RATE SWAPTIONS (continued)

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Puts
6M IRS	Citibank NA	$	1.110			11/15/2021		4,650,000		$	4,650,000		$	19,734		$	45,012		$	(25,278	)
6M IRS	UBS AG (London)	$	1.195			11/18/2021		3,160,000			3,160,000			9,194			22,594			(13,400	)
1Y IRS	Barclays Bank PLC	$	0.427			05/26/2022		480,560,000			480,560,000			52,293			83,656			(31,363	)
								488,370,000		$	488,370,000		$	81,221		$	151,262		$	(70,041	)
Total purchased option contracts								829,120,000		$	829,120,000		$	634,005		$	1,384,751		$	(750,746	)
Written option contracts
Calls
6M IRS	BofA Securities LLC		1.297	%		12/23/2021		(7,450,000	)		(7,450,000	)		(30,006	)		(64,126	)		34,120
1M IRS	Citibank NA		0.076			10/18/2021		(5,140,000	)		(5,140,000	)		(5,358	)		(27,554	)		22,196
1M IRS	Citibank NA		0.087			10/25/2021		(5,140,000	)		(5,140,000	)		(9,373	)		(27,190	)		17,817
1Y IRS	Citibank NA		0.379			10/10/2022		(2,670,000	)		(2,670,000	)		(21,670	)		(56,074	)		34,404
1Y IRS	Citibank NA		0.425			10/10/2022		(2,420,000	)		(2,420,000	)		(22,130	)		(51,712	)		29,582
1Y IRS	Citibank NA		0.553			11/15/2022		(2,720,000	)		(2,720,000	)		(37,388	)		(61,826	)		24,438
3M IRS	Citibank NA		0.346			11/09/2021		(1,010,000	)		(1,010,000	)		(235	)		(15,423	)		15,188
6M IRS	Citibank NA		0.849			02/22/2022		(7,440,000	)		(7,440,000	)		(7,753	)		(30,000	)		22,247
6M IRS	Citibank NA		1.124			01/07/2022		(7,440,000	)		(7,440,000	)		(15,873	)		(66,371	)		50,498
6M IRS	Citibank NA		1.406			03/23/2022		(7,450,000	)		(7,450,000	)		(76,035	)		(104,472	)		28,437
1M IRS	Deutsche Bank AG (London)		1.325			10/04/2021		(5,830,000	)		(5,830,000	)		(7	)		(44,964	)		44,957
1Y IRS	Deutsche Bank AG (London)		0.630			04/20/2022		(67,850,000	)		(67,850,000	)		(100,669	)		(272,329	)		171,660
1Y IRS	JPMorgan Securities, Inc.		0.363			09/08/2022		(2,210,000	)		(2,210,000	)		(15,544	)		(40,912	)		25,368
1Y IRS	JPMorgan Securities, Inc.		0.401			09/08/2022		(2,900,000	)		(2,900,000	)		(22,661	)		(54,696	)		32,035
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022		(7,470,000	)		(7,470,000	)		(86,387	)		(126,499	)		40,112
3M IRS	JPMorgan Securities, Inc.		0.346			11/09/2021		(1,140,000	)		(1,140,000	)		(265	)		(20,438	)		20,173
3Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022		(2,700,000	)		(2,700,000	)		(35,852	)		(140,244	)		104,392
6M IRS	JPMorgan Securities, Inc.		0.570			01/20/2022		(25,670,000	)		(25,670,000	)		(3,722	)		(94,337	)		90,615
1M IRS	MS & Co. Int. PLC		1.333			10/12/2021		(5,830,000	)		(5,830,000	)		(1,562	)		(43,288	)		41,726
1M IRS	MS & Co. Int. PLC		1.372			10/20/2021		(5,830,000	)		(5,830,000	)		(7,931	)		(45,474	)		37,543
1M IRS	MS & Co. Int. PLC		1.518			10/27/2021		(5,830,000	)		(5,830,000	)		(36,241	)		(45,328	)		9,087
1Y IRS	MS & Co. Int. PLC		0.599			11/16/2022		(2,480,000	)		(2,480,000	)		(38,091	)		(56,529	)		18,438
1M IRS	UBS AG (London)		0.038			10/11/2021		(5,140,000	)		(5,140,000	)		(1,114	)		(26,519	)		25,405
1M IRS	UBS AG (London)		0.187			10/29/2021		(5,140,000	)		(5,140,000	)		(38,442	)		(31,853	)		(6,589	)
3M IRS	UBS AG (London)		0.378			11/29/2021		(5,230,000	)		(5,230,000	)		(2,236	)		(21,236	)		19,000
								(200,130,000	)	$	(200,130,000	)	$	(616,545	)	$	(1,569,394	)	$	952,849
Puts
1Y IRS	BNP Paribas SA		0.107			05/26/2022		(8,470,000	)		(8,470,000	)		(64,278	)		(86,334	)		22,056
1M IRS	Citibank NA		0.076			10/18/2021		(5,140,000	)		(5,140,000	)		(61,354	)		(27,554	)		(33,800	)
1M IRS	Citibank NA		0.087			10/25/2021		(5,140,000	)		(5,140,000	)		(60,269	)		(27,189	)		(33,080	)
1M IRS	Deutsche Bank AG (London)		1.325			10/04/2021		(5,830,000	)		(5,830,000	)		(115,262	)		(44,964	)		(70,298	)
1M IRS	MS & Co. Int. PLC		1.333			10/12/2021		(5,830,000	)		(5,830,000	)		(115,051	)		(43,288	)		(71,763	)
1M IRS	MS & Co. Int. PLC		1.372			10/20/2021		(5,830,000	)		(5,830,000	)		(101,920	)		(45,475	)		(56,445	)
1M IRS	MS & Co. Int. PLC		1.518			10/27/2021		(5,830,000	)		(5,830,000	)		(51,629	)		(45,329	)		(6,300	)
6M IRS	MS & Co. Int. PLC		0.075			11/18/2021		(4,530,000	)		(4,530,000	)		(6,625	)		(23,264	)		16,639
1M IRS	UBS AG (London)		0.038			10/11/2021		(5,140,000	)		(5,140,000	)		(78,457	)		(26,519	)		(51,938	)
1M IRS	UBS AG (London)		0.187			10/29/2021		(5,140,000	)		(5,140,000	)		(27,383	)		(31,853	)		4,470

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

GOLDMAN SACHS CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (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 (continued)
6M IRS	UBS AG (London)		0.145	%		11/15/2021		(6,690,000	)	$	(6,690,000	)	$	(15,681	)	$	(46,084	)	$	30,403
								(63,570,000	)	$	(63,570,000	)	$	(697,909	)	$	(447,853	)	$	(250,056	)
Total written option contracts								(263,700,000	)	$	(263,700,000	)	$	(1,314,454	)	$	(2,017,247	)	$	702,793
TOTAL								565,420,000		$	565,420,000		$	(680,449	)	$	(632,496	)	$	(47,953	)

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

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Sovereign Debt Obligations – 37.5%
British Pound – 1.3%
	United Kingdom Gilt
GBP	2,980,000		3.500	%		01/22/45	$	5,710,372
	1,020,000		1.750			07/22/57		1,543,737
	710,000		3.500			07/22/68		1,723,077
								8,977,186
Canadian Dollar – 1.2%
	British Columbia Province of Canada
CAD	2,600,000		2.850			06/18/25		2,184,423
	2,000,000		4.950			06/18/40		2,144,465
	Ontario Province of Canada
	1,700,000		2.600			06/02/25		1,412,546
	2,300,000		4.650			06/02/41		2,376,921
								8,118,355
Chinese Yuan – 6.9%
	Agricultural Development Bank of China
CNY	12,220,000		3.740			07/12/29		1,946,866
	32,800,000		2.960			04/17/30		4,941,856
	20,890,000		3.520			05/24/31		3,283,297
	China Development Bank
	17,690,000		3.340			07/14/25		2,771,311
	33,180,000		3.300			03/03/26		5,196,449
	26,490,000		3.500			08/13/26		4,174,863
	7,420,000		4.040			04/10/27		1,197,468
	590,000		3.650			05/21/29		93,455
	10,700,000		3.450			09/20/29		1,671,780
	27,380,000		3.090			06/18/30		4,163,505
	China Government Bond
	18,480,000		3.250			06/06/26		2,928,246
	19,000,000		2.850			06/04/27		2,943,669
	12,660,000		3.280			12/03/27		2,016,845
	22,460,000		3.250			11/22/28		3,554,002
	8,400,000		3.290			05/23/29		1,335,686
	2,890,000		4.080			10/22/48		492,706
	25,690,000		3.860			07/22/49		4,223,398
	5,390,000		3.390			03/16/50		815,732
								47,751,134
Euro – 11.7%
	Federal Republic of Germany
EUR	15,060,000		1.500			05/15/23		18,076,424
	650,000		2.500			08/15/46		1,180,244
	French Republic Government Bond OAT
	3,020,000		0.500			05/25/25		3,632,548
	4,910,000		0.010			02/25/26		5,802,101
	1,700,000		4.500			04/25/41		3,393,041
	310,000		3.250			05/25/45		557,858
	210,000		2.000	(a)		05/25/48		312,393
	800,000		1.750	(a)		05/25/66		1,164,383
	Ireland Government Bond
	1,120,000		0.200			10/18/30		1,312,323
	Italy Buoni Poliennali Del Tesoro
	5,580,000		0.950			03/15/23		6,593,123
	3,290,000		0.010			04/01/26		3,797,557
	4,190,000		6.000			05/01/31		7,197,235
	1,200,000		0.950	(a)		12/01/31		1,396,011
Foreign Sovereign Debt Obligations – (continued)
Euro – (continued)
	Italy Buoni Poliennali Del Tesoro – (continued)
EUR	1,750,000		2.950	%(a)		09/01/38		2,504,599
	1,000,000		2.800	(a)		03/01/67		1,364,131
	Kingdom of Belgium(a)
	960,000		4.250			03/28/41		1,853,875
	250,000		2.150			06/22/66		404,710
	Portugal Obrigacoes do Tesouro OT(a)
	1,200,000		1.950			06/15/29		1,598,912
	Republic of Austria Government Bond(a)
	450,000		1.500			11/02/86		668,445
	280,000		2.100	(b)		09/20/17		522,168
	280,000		0.850	(c)		06/30/20		289,267
	Republic of Indonesia(a)
	650,000		2.625			06/14/23		784,597
	240,000		2.150			07/18/24		291,782
	Republic of Romania
	630,000		2.124			07/16/31		728,757
	70,000		2.000	(a)		01/28/32		78,743
	400,000		3.375	(a)		01/28/50		455,811
	Spain Government Bond(a)
	2,075,000		5.900			07/30/26		3,124,625
	3,250,000		1.500			04/30/27		4,117,195
	1,730,000		1.250			10/31/30		2,172,197
	2,940,000		0.100			04/30/31		3,314,416
	1,110,000		3.450			07/30/66		1,974,529
								80,664,000
Indonesian Rupiah – 0.2%
	Republic of Indonesia
IDR	12,964,000,000		8.750			05/15/31		1,055,236
Israeli Shekel – 0.1%
	Israel Government Bond
ILS	2,430,000		2.000			03/31/27		806,391
Japanese Yen – 12.1%
	Government of Japan
JPY	2,619,100,000		0.005			09/01/23		23,591,550
	1,573,000,000		0.400			06/20/41		14,018,279
	276,400,000		0.700			06/20/51		2,501,942
	Government of Japan
	650,450,000		0.100			09/20/24		5,881,957
	596,200,000		2.500			09/20/34		6,940,819
	367,900,000		0.400			03/20/39		3,327,578
	3,600,000		0.500			03/20/41		32,724
	9,900,000		0.700			03/20/51		89,720
	885,000,000		0.700			03/20/61		7,830,733
	Japan Treasury Discount Bill
	852,450,000		0.000			02/25/22		7,663,050
	Japanese Government CPI Linked Bond
	1,249,881,189		0.100			03/10/29		11,579,271
								83,457,623
Russian Ruble – 0.1%
	Russian Federation Bond
RUB	26,160,000		7.050			01/19/28		357,350
Singapore Dollar – 0.2%
	Singapore Government Bond
SGD	2,150,000		2.750			07/01/23		1,645,879

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, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Sovereign Debt Obligations – (continued)
South Korean Won – 0.9%
	Inflation Linked Korea Treasury Bond
KRW	1,870,904,482		1.000	%		06/10/26	$	1,622,328
	Korea Treasury Bond
	2,598,070,000		1.875			06/10/29		2,146,570
	2,641,660,000		1.375			12/10/29		2,090,135
								5,859,033
Thai Baht – 0.9%
	Thailand Government Bond
THB	126,490,000		1.875			06/17/22		3,773,552
	76,900,000		2.400			12/17/23		2,363,116
	9,080,000		1.585			12/17/35		244,492
								6,381,160
United States Dollar – 1.9%
	Abu Dhabi Government International Bond
$	500,000		3.125	(a)		10/11/27		541,812
	600,000		4.125	(a)		10/11/47		709,500
	1,370,000		4.125			10/11/47		1,620,025
	Republic of Indonesia
	970,000		5.875			01/15/24		1,082,035
	200,000		4.125	(a)		01/15/25		218,537
	4,340,000		4.125			01/15/25		4,742,264
	790,000		3.850	(a)		07/18/27		873,345
	Republic of Peru(d)
	10,000		2.780			12/01/60		8,446
	100,000		3.230	(e)		07/28/21		82,988
	Republic of Qatar(a)
	950,000		5.103			04/23/48		1,258,928
	Republic of Uruguay(d)
	190,000		4.375			01/23/31		219,604
	United Mexican States(d)
	780,000		2.659			05/24/31		752,359
	811,000		3.771			05/24/61		720,168
								12,830,011
	TOTAL FOREIGN SOVEREIGN DEBT OBLIGATIONS (Cost $250,302,423)						$	257,903,358
Corporate Obligations – 38.0%
Aerospace & Defense(d) – 1.0%
	Airbus SE
EUR	550,000		2.375	%		06/09/40	$	727,617
	Northrop Grumman Corp.
$	1,700,000		2.930			01/15/25		1,800,504
	1,100,000		3.250			01/15/28		1,188,429
	Raytheon Technologies Corp.
	27,000		3.650			08/16/23		28,411
	Teledyne Technologies, Inc.
	1,250,000		0.950			04/01/24		1,251,337
	The Boeing Co.
	1,075,000		5.150			05/01/30		1,262,136
	225,000		3.250			02/01/35		225,652
	225,000		3.375			06/15/46		216,655
Corporate Obligations – (continued)
Aerospace & Defense(d) – (continued)
	The Boeing Co. – (continued)
	80,000		3.625			03/01/48		78,139
	80,000		3.850			11/01/48		81,706
	80,000		5.805			05/01/50		106,933
								6,967,519
Agriculture(d) – 0.3%
	Altria Group, Inc.
EUR	200,000		3.125			06/15/31		265,573
	BAT Capital Corp.
$	50,000		3.557			08/15/27		53,868
	1,450,000		2.259			03/25/28		1,440,444
								1,759,885
Automotive – 0.8%
	General Motors Financial Co., Inc.(d)
	1,725,000		1.500			06/10/26		1,715,029
	General Motors Financial Co., Inc.(d)
	200,000		5.650			01/17/29		240,484
	Hyundai Capital America(a)(d)
	2,425,000		1.650			09/17/26		2,403,369
	Volkswagen International Finance NV(d)(f) (10 Year EUR Swap + 3.982%)
EUR	500,000		4.625			12/31/99		671,119
	Volkswagen Leasing GmbH
	600,000		1.625			08/15/25		733,514
								5,763,515
Banks – 13.6%
	ABN AMRO Bank NV(d)(f)
	(-1x 5 Year EUR Swap + 4.674%)
	500,000		4.375			12/31/99		621,889
	(1 year CMT + 0.800%)
$	1,200,000		1.542	(a)		06/16/27		1,191,456
	AIB Group PLC(d)(f)
	(-1X 1 year EUR Swap + 0.750%)
EUR	925,000		0.500			11/17/27		1,075,717
	(-1X 5 year EUR Swap + 3.300%)
	675,000		2.875			05/30/31		839,003
	(3M USD LIBOR + 1.874%)
$	1,250,000		4.263	(a)		04/10/25		1,339,662
	Australia & New Zealand Banking Group Ltd.(a)(d)(f) (5 Year CMT + 1.288%)
	750,000		2.950			07/22/30		779,610
	Banco Santander SA
	800,000		2.706			06/27/24		841,416
	1,600,000		3.490			05/28/30		1,715,984
EUR	500,000		1.625			10/22/30		599,429
$	800,000		2.749			12/03/30		794,624
	Bank of America Corp.(d)(f)
	(3M USD LIBOR + 0.810%)
	2,900,000		3.366			01/23/26		3,098,679
	(SOFR + 2.150%)
	375,000		2.592			04/29/31		382,515
	Bank of Ireland Group PLC(d)(f)
	(-1X 1 year EUR Swap + 0.770%)
EUR	625,000		0.375			05/10/27		721,261

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)
Banks – (continued)
	Bank of Ireland Group PLC(d)(f) – (continued)
	(-1X 1 year EUR Swap + 1.650%)
EUR	975,000		1.375	%		08/11/31	$	1,128,826
	Barclays PLC(d)
$	900,000		3.684			01/10/23		907,875
	(3M USD LIBOR + 1.400%)
	800,000		4.610	(f)		02/15/23		812,232
	BNP Paribas SA
	1,450,000		3.375	(a)		01/09/25		1,546,164
	1,250,000		3.375			01/09/25		1,332,900
	(-1X 3M Euribor + 0.950%)
EUR	900,000		0.500	(d)(f)		09/01/28		1,041,306
	(3M Euribor + 1.800%)
	1,100,000		2.125	(d)(f)		01/23/27		1,373,049
	(5 Year USD Swap + 1.483%)
$	950,000		4.375	(a)(d)(f)		03/01/33		1,041,124
	(SOFR + 1.004%)
	575,000		1.323	(a)(d)(f)		01/13/27		565,863
	(SOFR + 2.074%)
	550,000		2.219	(a)(d)(f)		06/09/26		564,537
	BPCE SA(a)
	2,350,000		4.000			09/12/23		2,499,718
	(SOFR + 1.520%)
	1,000,000		1.652	(d)(f)		10/06/26		1,000,920
	CaixaBank SA
EUR	400,000		1.125			05/17/24		478,575
	(-1X 3M Euribor + 0.850%)
	900,000		0.375	(d)(f)		11/18/26		1,046,195
	(-1X 3M Euribor + 1.000%)
	900,000		0.750	(d)(f)		05/26/28		1,052,794
	Citigroup, Inc.
$	1,210,000		3.500			05/15/23		1,267,415
GBP	600,000		2.750	(d)		01/24/24		840,705
	(SOFR + 0.686%)
$	1,575,000		0.776	(d)(f)		10/30/24		1,580,701
	(SOFR + 2.842%)
	1,700,000		3.106	(d)(f)		04/08/26		1,804,941
	(SOFR + 3.914%)
	25,000		4.412	(d)(f)		03/31/31		28,857
	Citizens Bank NA(d)
	250,000		3.250			02/14/22		252,143
	Commerzbank AG
EUR	550,000		4.000			03/23/26		715,499
	Commonwealth Bank of Australia(a)(d)(f) (5 Year CMT + 2.050%)
$	1,000,000		3.610			09/12/34		1,058,930
	Cooperatieve Rabobank UA
EUR	550,000		3.875			07/25/23		683,830
	Credit Agricole SA(a)(d)(f)
	(SOFR + 0.892%)
$	1,100,000		1.247			01/26/27		1,083,841
	(SOFR + 1.676%)
	300,000		1.907			06/16/26		305,361
	Credit Suisse AG
	1,000,000		2.950			04/09/25		1,060,160
Corporate Obligations – (continued)
Banks – (continued)
	Credit Suisse Group AG(a)(d)(f)
	(3M USD LIBOR + 1.410%)
	2,800,000		3.869			01/12/29		3,056,312
	(SOFR + 1.560%)
	1,550,000		2.593			09/11/25		1,607,303
	Deutsche Bank AG(d)(f)
	(-1X 3M Euribor + 2.050%)
EUR	1,600,000		1.750			11/19/30		1,952,218
	(SOFR + 1.870%)
$	275,000		2.129			11/24/26		279,441
	(SOFR + 2.159%)
	600,000		2.222			09/18/24		614,874
	Erste Group Bank AG(d)(f)
	(-1X 5Y EUAMDB + 2.100%)
EUR	600,000		1.625			09/08/31		721,427
	(5 Year EUR Swap + 6.204%)
	600,000		6.500			12/31/99		770,592
	Fifth Third Bancorp(d)
$	575,000		2.375			01/28/25		597,517
	HSBC Holdings PLC
	200,000		4.250			08/18/25		219,010
	450,000		4.950			03/31/30		535,253
	(3M USD LIBOR + 1.211%)
	2,150,000		3.803	(d)(f)		03/11/25		2,292,975
	Intesa Sanpaolo SpA
EUR	575,000		1.350			02/24/31		667,630
	JPMorgan Chase & Co.(d)
$	3,200,000		3.625			12/01/27		3,494,720
	(3M USD LIBOR + 0.730%)
	305,000		3.559	(f)		04/23/24		319,231
	(3M USD LIBOR + 0.890%)
	300,000		3.797	(f)		07/23/24		317,142
	(SOFR + 2.515%)
	750,000		2.956	(f)		05/13/31		780,990
	Kreditanstalt fuer Wiederaufbau(g)
GBP	7,000,000		1.250			12/29/23		9,592,802
EUR	3,000,000		0.625			01/07/28		3,666,386
	Macquarie Bank Ltd.(a)(d)(f) (5 year CMT + 1.700%)
$	800,000		3.052			03/03/36		792,016
	Macquarie Group Ltd.
EUR	350,000		0.625			02/03/27		411,942
	(3M USD LIBOR + 1.372%)
$	380,000		3.763	(a)(d)(f)		11/28/28		416,168
	(SOFR + 1.069%)
	400,000		1.340	(a)(d)(f)		01/12/27		396,632
	Morgan Stanley, Inc.(d)(f) (SOFR + 1.360%)
	775,000		2.484			09/16/36		758,051
	Natwest Group PLC
	200,000		3.875			09/12/23		212,130
	(1 year CMT + 0.900%)
	700,000		1.642	(d)(f)		06/14/27		699,552
	(3M USD LIBOR + 1.480%)
	1,200,000		3.498	(d)(f)		05/15/23		1,221,948

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, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Raiffeisen Bank International AG(d)(f) (-1X 5Y EUAMDB + 3.150%)
EUR	500,000		2.875	%		06/18/32	$	632,540
	Santander UK Group Holdings PLC(d)(f)
	(1 year CMT + 1.250%)
$	1,000,000		1.532			08/21/26		998,270
	(SOFR + 0.787%)
	1,250,000		1.089			03/15/25		1,252,425
	Societe Generale SA
	EUR 1,700,000		1.750			03/22/29		2,106,645
	(-1X 3M Euribor + 1.280%)
	300,000		0.875	(d)(f)		09/22/28		353,124
	(1 year CMT + 1.100%)
$	1,500,000		1.488	(a)(d)(f)		12/14/26		1,484,445
	Standard Chartered PLC(a)(d)(f)
	(1 year CMT + 0.880%)
	325,000		1.214			03/23/25		325,598
	(1 year CMT + 1.000%)
	1,550,000		1.456			01/14/27		1,525,231
	The Huntington National Bank(d)
	300,000		1.800			02/03/23		305,682
	The Norinchukin Bank(a)
	1,375,000		1.284			09/22/26		1,371,576
	The PNC Financial Services Group, Inc.(d)
	600,000		3.500			01/23/24		638,310
	UniCredit SpA(d)(f) (-1X 3M Euribor + 2.550%)
EUR	350,000		2.200			07/22/27		433,482
	Wells Fargo & Co.(d)(f) (SOFR + 2.000%)
$	2,450,000		2.188			04/30/26		2,529,723
	Westpac Banking Corp.(d)(f)
	(5 year CMT + 1.350%)
	1,200,000		2.894			02/04/30		1,242,564
	(5 year CMT + 1.750%)
	475,000		2.668			11/15/35		464,973
								93,134,556
Beverages(d) – 1.6%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	750,000		4.900			02/01/46		931,403
	Bacardi Ltd.(a)
	1,200,000		4.700			05/15/28		1,390,116
	Constellation Brands, Inc.
	1,500,000		3.200			02/15/23		1,552,725
	1,500,000		4.400			11/15/25		1,679,100
	1,550,000		2.875			05/01/30		1,612,341
	Keurig Dr Pepper, Inc.
	3,250,000		4.417			05/25/25		3,611,172
								10,776,857
Biotechnology(d) – 0.2%
	Biogen, Inc.
	1,600,000		2.250			05/01/30		1,589,296
Building Materials(d) – 0.1%
	Carrier Global Corp.
	650,000		2.493	%		02/15/27		678,594
	225,000		2.722			02/15/30		232,634
								911,228
Capital Goods – 0.2%
	European Union
EUR	1,100,000		0.010			07/06/26		1,299,006
Chemicals – 0.5%
	CNAC HK Finbridge Co. Ltd.
$	200,000		3.875			06/19/29		213,464
	DuPont de Nemours, Inc.(d)
	600,000		4.493			11/15/25		674,658
	International Flavors & Fragrances, Inc.(a)(d)
	450,000		1.230			10/01/25		446,341
	200,000		1.832			10/15/27		199,756
	Sasol Financing International Ltd.
	560,000		4.500			11/14/22		573,300
	Syngenta Finance NV(a)(d)
	550,000		4.441			04/24/23		575,179
	400,000		4.892			04/24/25		436,856
								3,119,554
Commercial Services – 0.2%
	DP World Crescent Ltd.
	200,000		4.848			09/26/28		227,750
	DP World Ltd.
	390,000		5.625			09/25/48		480,188
	Global Payments, Inc.(d)
	450,000		1.200			03/01/26		445,446
								1,153,384
Computers(d) – 1.2%
	Dell International LLC/EMC Corp.
	1,250,000		6.020			06/15/26		1,490,825
	1,075,000		4.900			10/01/26		1,237,733
	875,000		5.300			10/01/29		1,058,103
	75,000		6.200			07/15/30		95,981
	Hewlett Packard Enterprise Co.
	1,200,000		4.450			10/02/23		1,285,560
	300,000		4.650			10/01/24		331,326
	1,850,000		4.900			10/15/25		2,093,071
	250,000		6.350			10/15/45		336,735
								7,929,334
Diversified Financial Services – 1.0%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	282,000		3.500	(d)		05/26/22		286,718
	2,149,000		4.625			07/01/22		2,213,900
	AIG Global Funding(a)
	224,000		2.300			07/01/22		227,555
	Air Lease Corp.(d)
	1,150,000		3.250			03/01/25		1,213,652
	575,000		2.875			01/15/26		599,909
	American Express Co.(d)
	255,000		2.500			07/30/24		267,997

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
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Aviation Capital Group LLC(a)(d)
$	400,000		1.950	%		01/30/26	$	398,752
	Avolon Holdings Funding Ltd.(a)(d)
	400,000		3.950			07/01/24		424,500
	Capital One Financial Corp.(d)
	505,000		3.300			10/30/24		541,673
	Nomura Holdings, Inc.
	400,000		2.608			07/14/31		398,172
								6,572,828
Electrical – 1.1%
	Ameren Corp.(d)
	150,000		2.500			09/15/24		156,741
	CMS Energy Corp.(d)(f) (5 year CMT + 2.900%)
	550,000		3.750			12/01/50		554,428
	DTE Energy Co.
	498,000		2.250			11/01/22		507,900
	Electricite de France SA(a)(d)
	1,450,000		4.500			09/21/28		1,669,747
	Enel Finance International NV(a)(d)
	675,000		2.875			07/12/41		655,405
	Enel SpA(d)(f) (-1X 5 year EUR Swap + 1.719%)
EUR	1,275,000		1.375			12/31/99		1,460,473
	NextEra Energy Capital Holdings, Inc.(d)
	525,000		1.900			06/15/28		526,470
	Pacific Gas & Electric Co.(d)
	625,000		3.000			06/15/28		630,406
	Pacific Gas & Electric Co.(d)
	250,000		2.500			02/01/31		237,808
	100,000		3.300			08/01/40		92,284
	200,000		3.500			08/01/50		181,758
	Sempra Energy(d)
	700,000		3.400			02/01/28		757,876
								7,431,296
Engineering & Construction(d) – 0.5%
	Heathrow Funding Ltd.
EUR	575,000		1.125			10/08/30		662,847
	Mexico City Airport Trust
$	540,000		3.875	(a)		04/30/28		557,482
	200,000		5.500	(a)		10/31/46		202,913
	430,000		5.500	(a)		07/31/47		436,988
	200,000		5.500			07/31/47		203,250
	Technip Energies NV
	EUR 1,025,000		1.125			05/28/28		1,219,105
								3,282,585
Gas(d) – 0.3%
	NiSource, Inc.
$	1,025,000		3.600			05/01/30		1,124,897
	ONE Gas, Inc.
	1,225,000		1.100			03/11/24		1,225,024
								2,349,921
Healthcare Providers & Services(d) – 0.5%
	Becton Dickinson Euro Finance Sarl
EUR	325,000		0.334			08/13/28		372,594
	DENTSPLY SIRONA, Inc.
$	775,000		3.250			06/01/30		825,336
	Medtronic Global Holdings SCA
EUR	400,000		0.250			07/02/25		469,164
	Smith & Nephew PLC
	1,825,000		2.032			10/14/30		1,778,919
								3,446,013
Insurance – 1.6%
	Ageas SA(d)(f) (-1X 3M Euribor + 3.100%)
EUR	800,000		1.875			11/24/51		936,725
	Allianz SE(d)(f)
	(-1X 5 year EUR Swap + 2.770%)
	800,000		2.625			12/31/99		932,472
	(5 year CMT + 2.165%)
$	800,000		3.200	(a)		12/31/99		775,064
	American International Group, Inc.
	150,000		4.125			02/15/24		161,949
	2,150,000		3.900	(d)		04/01/26		2,382,157
	Aviva PLC(d)(f) (5 Year UK Government Bond + 2.850%)
GBP	450,000		6.125			11/14/36		727,226
	AXA SA(d)(f) (3M Euribor + 3.200%)
EUR	550,000		3.250			05/28/49		729,567
	CNP Assurances(d)
	1,000,000		0.375			03/08/28		1,135,137
	Helvetia Europe SA(d)(f) (-1X 5 year EUR Swap + 3.950%)
	550,000		2.750			09/30/41		693,806
	La Mondiale SAM(d)
	600,000		0.750			04/20/26		704,059
	600,000		2.125			06/23/31		730,754
	Legal & General Group PLC(d)(f) (-1X 5 year UK Government Bond + 4.050%)
GBP	500,000		3.750			11/26/49		716,696
	M&G PLC(d)(f) (5 year UK Government Bond + 3.724%)
	100,000		6.340			12/19/63		173,278
								10,798,890
Internet(d) – 0.3%
	Expedia Group, Inc.
$	1,150,000		3.250			02/15/30		1,189,870
	Prosus NV(a)
	210,000		3.680			01/21/30		216,996
	200,000		4.027			08/03/50		186,500
	200,000		3.832			02/08/51		180,815
	Tencent Holdings Ltd.
	200,000		3.595			01/19/28		213,696
								1,987,877
Investment Companies – 0.5%
	Huarong Finance II Co. Ltd.
	370,000		5.000			11/19/25		360,750
	200,000		4.625			06/03/26		191,000
	JAB Holdings B.V.
EUR	2,700,000		1.000			12/20/27		3,198,540
								3,750,290

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, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Iron/Steel(d) – 0.2%
	Steel Dynamics, Inc.
$	1,275,000		1.650	%		10/15/27	$	1,261,511
Lodging(d) – 0.2%
	Marriott International, Inc.
	1,500,000		4.650			12/01/28		1,703,100
Machinery-Diversified(d) – 0.1%
	Otis Worldwide Corp.
	900,000		2.565			02/15/30		923,805
Media(d) – 1.1%
	Charter Communications Operating LLC/Charter Communications Operating Capital
	900,000		4.500			02/01/24		973,503
	3,400,000		4.908			07/23/25		3,821,940
	650,000		4.800			03/01/50		732,180
	Comcast Corp.
	1,000,000		3.700			04/15/24		1,075,410
	750,000		3.950			10/15/25		832,252
								7,435,285
Mining(a) – 0.5%
	Glencore Funding LLC
	1,400,000		4.125			05/30/23		1,479,520
	650,000		4.125	(d)		03/12/24		695,832
	575,000		1.625	(d)		04/27/26		572,487
	775,000		4.875	(d)		03/12/29		892,939
								3,640,778
Miscellaneous Manufacturing – 0.1%
	General Electric Co.
	300,000		6.750			03/15/32		411,600
Multi-National – 1.1%
	European Investment Bank
EUR	3,400,000		0.875			01/14/28		4,223,450
	770,000		1.000			11/14/42		986,278
	FMS Wertmanagement(g)
GBP	1,100,000		1.375			03/07/25		1,516,378
	The African Export-Import Bank(a)(d)
$	390,000		2.634			05/17/26		398,662
	360,000		3.798			05/17/31		373,316
								7,498,084
Oil Field Services – 1.4%
	BP Capital Markets America, Inc.(d)
	700,000		3.790			02/06/24		749,245
	BP Capital Markets PLC
	250,000		3.814			02/10/24		268,357
	(-1X 5 year EUR Swap + 3.880%)
EUR	400,000		3.250	(d)(f)		12/31/99		494,625
	(-1X 5 year EUR Swap + 4.120%)
	400,000		3.625	(d)(f)		12/31/99		501,848
	Devon Energy Corp.(d)
$	100,000		5.850			12/15/25		115,719
	Gazprom PJSC Via Gaz Capital SA
	310,000		5.150	(a)		02/11/26		345,224
	210,000		5.150			02/11/26		233,861
	Gazprom PJSC Via Gaz Capital SA – (continued)
	240,000		8.625	%(h)		04/28/34		353,670
	310,000		7.288			08/16/37		429,505
	Gazprom PJSC Via Gaz Finance PLC(a)
	400,000		3.250			02/25/30		397,825
	Lukoil Securities B.V.
	1,330,000		3.875			05/06/30		1,396,500
	Occidental Petroleum Corp.
	300,000		5.550	(d)		03/15/26		333,000
	250,000		6.450			09/15/36		314,375
	Pertamina Persero PT
	200,000		6.500			05/27/41		258,350
	Pioneer Natural Resources Co.(d)
	150,000		1.125			01/15/26		148,166
	Qatar Petroleum(a)(d)
	820,000		3.300			07/12/51		825,473
	Suncor Energy, Inc.(d)
	900,000		3.100			05/15/25		957,726
	Wintershall Dea Finance B.V.(d)
EUR	1,300,000		1.332			09/25/28		1,560,051
								9,683,520
Pharmaceuticals – 1.2%
	AbbVie, Inc.
$	620,000		2.300			11/21/22		633,256
	300,000		3.750	(d)		11/14/23		319,521
	1,350,000		2.600	(d)		11/21/24		1,419,079
	Bayer US Finance II LLC(a)(d)
	750,000		3.875			12/15/23		797,797
	1,000,000		4.250			12/15/25		1,104,680
	Becton Dickinson & Co.(d)
	1,484,000		3.363			06/06/24		1,577,537
	1,000,000		3.700			06/06/27		1,105,590
	CVS Health Corp.(d)
	123,000		3.700			03/09/23		128,446
	300,000		2.625			08/15/24		315,204
	Upjohn Finance B.V.(d)
EUR	500,000		1.908			06/23/32		614,470
								8,015,580
Pipelines – 1.0%
	Abu Dhabi Crude Oil Pipeline LLC(a)
$	1,260,000		4.600			11/02/47		1,486,800
	Energy Transfer LP(d)
	250,000		5.250			04/15/29		292,872
	Energy Transfer LP(d)
	250,000		5.300			04/01/44		290,508
	Enterprise Products Operating LLC(d)
	500,000		3.750			02/15/25		542,220
	Galaxy Pipeline Assets Bidco, Ltd.(a)
	200,000		2.625			03/31/36		196,500
	620,000		2.940			09/30/40		618,053
	MPLX LP(d)
	250,000		4.500			04/15/38		279,578
	150,000		5.500			02/15/49		190,293
	Sabine Pass Liquefaction LLC(d)
	1,500,000		5.625			03/01/25		1,702,200

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
Corporate Obligations – (continued)
Pipelines – (continued)
	The Williams Cos., Inc.(d)
$	550,000		3.600	%		03/15/22	$	554,972
	450,000		3.900			01/15/25		486,144
								6,640,140
Real Estate(d) – 0.4%
	Country Garden Holdings Co. Ltd.
	310,000		3.300			01/12/31		282,546
	Logicor Financing S.a.r.l.
EUR	600,000		2.250			05/13/25		742,465
	550,000		3.250			11/13/28		736,772
	SBB Treasury Oyj
	950,000		0.750			12/14/28		1,085,444
								2,847,227
Real Estate Investment Trust(d) – 0.9%
	American Homes 4 Rent LP
$	125,000		2.375			07/15/31		123,868
	National Retail Properties, Inc.
	375,000		3.900			06/15/24		402,356
	Simon Property Group LP
	576,000		2.750			06/01/23		594,783
	Spirit Realty LP
	300,000		2.100			03/15/28		297,249
	VEREIT Operating Partnership LP
	900,000		4.625			11/01/25		1,012,023
	200,000		3.400			01/15/28		216,120
	300,000		2.850			12/15/32		311,586
	WEA Finance LLC/Westfield UK & Europe Finance PLC(a)
	400,000		3.750			09/17/24		425,468
	WP Carey, Inc.
	240,000		4.600			04/01/24		260,304
	170,000		4.000			02/01/25		184,581
	WPC Eurobond B.V.
EUR	1,775,000		1.350			04/15/28		2,128,342
	WPC Eurobond BV
	300,000		0.950			06/01/30		342,928
								6,299,608
Retailing(d) – 0.2%
	AutoNation, Inc.
$	200,000		1.950			08/01/28		197,158
	CK Hutchison International 20 Ltd.(a)
	200,000		2.500			05/08/30		202,778
	200,000		2.500			04/15/31		201,598
	Dollar Tree, Inc.
	650,000		4.000			05/15/25		710,625
								1,312,159
Savings & Loans(a)(d)(f) – 0.1%
	Nationwide Building Society
	(3M USD LIBOR + 1.181%)
	200,000		3.622			04/26/23		203,538
	(3M USD LIBOR + 1.855%)
	500,000		3.960			07/18/30		555,855
								759,393
Semiconductors – 0.5%
	Broadcom, Inc.
	175,000		3.469	%(a)(d)		04/15/34		180,967
	3,193,000		3.137			11/15/35		3,167,584
	TSMC Global Ltd.(a)(d)
	200,000		2.250			04/23/31		199,016
								3,547,567
Software(d) – 0.4%
	Fidelity National Information Services, Inc.
EUR	400,000		0.750			05/21/23		470,225
	550,000		0.625			12/03/25		650,796
	Fiserv, Inc.
$	650,000		3.200			07/01/26		701,916
	VMware, Inc.
	250,000		1.800			08/15/28		246,285
	725,000		2.200			08/15/31		709,739
								2,778,961
Sovereign – 0.6%
	European Financial Stability Facility(g)
EUR	1,170,000		0.875			04/10/35		1,455,261
	European Union
	1,540,000		0.010			04/22/31		1,784,555
	820,000		0.200			06/04/36		930,603
								4,170,419
Telecommunication Services – 2.2%
	AT&T, Inc.(d)
$	250,000		3.000			06/30/22		253,760
	1,879,000		2.550			12/01/33		1,848,861
EUR	600,000		1.800			09/14/39		707,270
$	100,000		4.350			06/15/45		112,878
	100,000		4.850			07/15/45		120,749
	550,000		5.450			03/01/47		717,640
	600,000		3.650			06/01/51		611,226
	Deutsche Telekom International Finance B.V.(a)(d)
	500,000		2.485			09/19/23		517,335
	T-Mobile USA, Inc.(d)
	500,000		3.500			04/15/25		538,255
	900,000		3.750			04/15/27		991,584
	900,000		3.875			04/15/30		994,320
	1,675,000		2.550			02/15/31		1,681,985
	Telefonica Emisiones SA(d)
EUR	500,000		1.788			03/12/29		636,733
	Verizon Communications, Inc.
$	3,084,000		4.329			09/21/28		3,547,679
	1,000,000		2.550	(d)		03/21/31		1,014,510
	Vodafone Group PLC
	1,000,000		4.375			05/30/28		1,148,720
								15,443,505
Trading Companies & Distributors(d) – 0.3%
	Blackstone Property Partners Europe Holdings Sarl
EUR	450,000		2.200			07/24/25		556,067
	301,000		1.250			04/26/27		356,575
EUR	575,000		1.000			05/04/28		662,348
	600,000		1.750			03/12/29		721,594
								2,296,584
	TOTAL CORPORATE OBLIGATIONS
	(Cost $250,693,442)						$	260,692,660

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, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(f) – 6.5%
Collateralized Loan Obligations(a) – 4.5%
	AGL CLO 3 Ltd. Series 2020-3A, Class A (3M USD LIBOR + 1.300%)
$	2,100,000		1.426	%		01/15/33	$	2,103,005
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
	2,100,000		1.346			04/15/33		2,103,545
	Catamaran CLO Ltd. Series 2013-1A, Class AR (3M USD LIBOR + 0.850%)
	1,338,719		0.979			01/27/28		1,338,776
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	5,300,000		1.366			04/15/33		5,314,156
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,284,755		0.876			04/15/29		5,284,945
	Magnetite XXIV Ltd. Series 2019-24A, Class A (3M USD LIBOR + 1.330%)
	1,400,000		1.456			01/15/33		1,400,721
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	320,529		2.989			07/25/59		330,982
	Mountain View CLO LLC Series 2016-1A, Class AR (3M USD LIBOR + 1.360%)
	1,800,000		1.493			04/14/33		1,801,899
	Steele Creek CLO Ltd. Series 2019-1A, Class D (3M USD LIBOR + 4.100%)
	1,400,000		4.226			04/15/32		1,396,574
	Tryon Park CLO Ltd. Series 2013-1A, Class A1SR (3M USD LIBOR + 0.890%)
	3,543,000		1.016			04/15/29		3,543,364
	Venture 36 CLO Ltd. Series 2019-36A, Class D (3M USD LIBOR + 4.150%)
	900,000		4.284			04/20/32		903,820
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
	3,475,000		1.406			04/15/33		3,477,641
	Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	2,100,000		1.186			04/15/31		2,100,269
								31,099,697
Home Equity – 0.0%
	GMAC Mortgage Home Equity Loan Trust Series 2007-HE3, Class 2A1
	28,353		7.000			09/25/37		28,569
Other(a) – 0.2%
	Ozlm Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%)
	1,700,000		3.516			07/15/34		1,674,932
Student Loans – 1.8%
	ECMC Group Student Loan Trust Series 2017-1A, Class A(a) (1M USD LIBOR + 1.200%)
	2,850,325		1.286			12/27/66		2,893,013
	Educational Services of America, Inc. Series 2015-2, Class A(a) (1M USD LIBOR + 1.000%)
	512,874		1.086			12/25/56		516,723
	Higher Education Funding I Series 2014-1, Class A(a) (3M USD LIBOR + 1.050%)
	1,883,128		1.179			05/25/34		1,891,100
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	230,225		1.079			02/25/42		229,798
	Navient Student Loan Trust Series 2017-2A, Class A(a) (1M USD LIBOR + 1.050%)
	4,470,620		1.136			12/27/66		4,540,350
	Nelnet Student Loan Trust Series 2011-1A, Class A(a) (1M USD LIBOR + 0.850%)
	154,987		0.936			02/25/48		156,199
	PHEAA Student Loan Trust Series 2016-1A, Class A(a) (1M USD LIBOR + 1.150%)
	1,815,580		1.236			09/25/65		1,849,786
								12,076,969
	TOTAL ASSET-BACKED SECURITIES
	(Cost $44,614,593)						$	44,880,167
Mortgage-Backed Obligations – 14.9%
Collateralized Mortgage Obligations – 1.4%
Interest Only(i) – 0.7%
	FHLMC REMIC Series 3852, Class SW(f) (-1x 1M USD LIBOR + 6.000%)
$	181,606		5.916	%		05/15/41	$	27,403
	FHLMC REMIC Series 4314, Class SE(f) (-1x 1M USD LIBOR + 6.050%)
	180,954		5.966			03/15/44		27,218
	FHLMC REMIC Series 4320, Class SD(f) (-1x 1M USD LIBOR + 6.100%)
	4,126		6.016			07/15/39		749
	FHLMC REMIC Series 4583, Class ST(f) (-1x 1M USD LIBOR + 6.000%)
	629,167		5.916			05/15/46		108,946
	FHLMC REMIC Series 4980, Class KI
	1,033,822		4.500			06/25/50		154,148
	FHLMC REMIC Series 4991, Class IE
	762,028		5.000			07/25/50		104,751
	FHLMC REMIC Series 4998, Class GI
	1,317,454		4.000			08/25/50		208,520
	FHLMC REMIC Series 5002, Class SJ(f) (-1x 1M USD LIBOR + 6.100%)
	1,487,628		6.014			07/25/50		284,746
	FHLMC REMIC Series 5009, Class DI
	1,143,527		2.000			09/25/50		124,428
	FHLMC REMIC Series 5012, Class DI
	250,635		4.000			09/25/50		39,511
	FHLMC REMIC Series 5020, Class IH
	1,238,047		3.000			08/25/50		159,806
	FHLMC STRIPS Series 304, Class C45
	5,872		3.000			12/15/27		324
	FNMA REMIC Series 2011-124, Class SC(f) (-1x 1M USD LIBOR + 6.550%)
	182,067		6.464			12/25/41		31,506

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(i) – (continued)
	FNMA REMIC Series 2012-5, Class SA(f) (-1x 1M USD LIBOR + 5.950%)
$	261,251		5.864	%		02/25/42	$	40,846
	FNMA REMIC Series 2014-6, Class SA(f) (-1x 1M USD LIBOR + 6.600%)
	234,411		6.514			02/25/44		42,156
	FNMA REMIC Series 2017-31, Class SG(f) (-1x 1M USD LIBOR + 6.100%)
	496,462		6.014			05/25/47		93,832
	FNMA REMIC Series 2017-86, Class SB(f) (-1x 1M USD LIBOR + 6.150%)
	361,752		6.064			11/25/47		65,759
	FNMA REMIC Series 2018-17, Class CS(f) (-1x 1M USD LIBOR + 3.450%)
	1,291,336		2.500			03/25/48		78,513
	FNMA REMIC Series 2020-60, Class KI
	1,184,457		2.000			09/25/50		126,445
	FNMA REMIC Series 2020-60, Class NI
	232,766		4.000			09/25/50		36,694
	GNMA REMIC Series 2020-61, Class SW(f) (-1X 1M USD LIBOR + 6.050%)
	796,774		5.963			08/20/49		114,384
	GNMA REMIC Series 2010-20, Class SE(f) (-1x 1M USD LIBOR + 6.250%)
	350,264		6.163			02/20/40		64,004
	GNMA REMIC Series 2013-124, Class CS(f) (-1x 1M USD LIBOR + 6.050%)
	356,086		5.963			08/20/43		71,374
	GNMA REMIC Series 2013-152, Class TS(f) (-1x 1M USD LIBOR + 6.100%)
	125,415		6.013			06/20/43		23,405
	GNMA REMIC Series 2014-117, Class SJ(f) (-1x 1M USD LIBOR + 5.600%)
	1,000,218		5.513			08/20/44		177,931
	GNMA REMIC Series 2014-132, Class SL(f) (-1x 1M USD LIBOR + 6.100%)
	253,790		6.013			10/20/43		27,514
	GNMA REMIC Series 2015-111, Class IM
	381,665		4.000			08/20/45		45,959
	GNMA REMIC Series 2015-123, Class SP(f) (-1x 1M USD LIBOR + 6.250%)
	224,986		6.163			09/20/45		42,979
	GNMA REMIC Series 2015-129, Class IC
	149,699		4.500			09/16/45		23,482
	GNMA REMIC Series 2015-167, Class AS(f) (-1x 1M USD LIBOR + 6.250%)
	139,189		6.163			11/20/45		23,887
	GNMA REMIC Series 2016-1, Class ST(f) (-1x 1M USD LIBOR + 6.200%)
	171,129		6.113			01/20/46		28,844
	GNMA REMIC Series 2016-138, Class GI
	402,520		4.000			10/20/46		55,019
	GNMA REMIC Series 2016-27, Class IA
	199,086		4.000			06/20/45		18,643
	GNMA REMIC Series 2018-105, Class SC(f) (-1x 1M USD LIBOR + 6.200%)
	214,703		6.113			08/20/48		30,702
	GNMA REMIC Series 2018-122, Class SE(f) (-1x 1M USD LIBOR + 6.200%)
	490,645		6.113			09/20/48		76,046
	GNMA REMIC Series 2018-137, Class SN(f) (-1x 1M USD LIBOR + 6.150%)
	555,520		6.063			10/20/48		85,311
	GNMA REMIC Series 2018-139, Class SQ(f) (-1x 1M USD LIBOR + 6.150%)
	304,151		6.063			10/20/48		42,632
	GNMA REMIC Series 2018-147, Class SA(f) (-1x 1M USD LIBOR + 6.200%)
	483,339		6.113			10/20/48		78,683
	GNMA REMIC Series 2018-72, Class IB
	19,038		4.000			04/20/46		2,626
	GNMA REMIC Series 2019-1, Class SN(f) (-1x 1M USD LIBOR + 6.050%)
	243,803		5.963			01/20/49		34,541
	GNMA REMIC Series 2019-110, Class PS(f) (-1X 1M USD LIBOR + 6.050%)
	1,554,481		5.963			09/20/49		279,033
	GNMA REMIC Series 2019-110, Class SD(f) (-1x 1M USD LIBOR + 6.100%)
	676,721		6.013			09/20/49		97,860
	GNMA REMIC Series 2019-110, Class SE(f) (-1x 1M USD LIBOR + 6.100%)
	653,805		6.013			09/20/49		88,137
	GNMA REMIC Series 2019-128, Class IO
	457,966		4.000			10/20/49		59,570
	GNMA REMIC Series 2019-129, Class AI
	36,863		3.500			10/20/49		4,698
	GNMA REMIC Series 2019-151, Class IA
	2,295,910		3.500			12/20/49		281,574
	GNMA REMIC Series 2019-151, Class NI
	953,496		3.500			10/20/49		94,788
	GNMA REMIC Series 2019-153, Class EI
	1,198,049		4.000			12/20/49		169,093
	GNMA REMIC Series 2019-153, Class SC(f) (-1X 1M USD LIBOR + 6.050%)
	250,755		5.963			12/20/49		39,076
	GNMA REMIC Series 2019-20, Class SF(f) (-1x 1M USD LIBOR + 3.790%)
	661,657		3.703			02/20/49		51,553
	GNMA REMIC Series 2019-4, Class SJ(f) (-1x 1M USD LIBOR + 6.050%)
	623,966		5.963			01/20/49		96,671
	GNMA REMIC Series 2019-69, Class S(f) (-1x 1M USD LIBOR + 3.270%)
	774,183		3.183			06/20/49		51,112
	GNMA REMIC Series 2019-78, Class SE(f) (-1x 1M USD LIBOR + 6.100%)
	175,345		6.013			06/20/49		24,999
	GNMA REMIC Series 2019-97, Class SC(f) (-1x 1M USD LIBOR + 6.100%)
	488,596		6.013			08/20/49		74,107
	GNMA REMIC Series 2020-11, Class SN(f) (-1x 1M USD LIBOR + 6.050%)
	1,068,958		5.963			01/20/50		176,255

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, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(i) – (continued)
	GNMA REMIC Series 2020-146, Class KI
$	1,677,102		2.500	%		10/20/50	$	170,126
	GNMA REMIC Series 2020-173, Class AI
	456,113		2.500			11/20/50		22,654
	GNMA REMIC Series 2020-55, Class AS(f) (-1x 1M USD LIBOR + 6.050%)
	656,201		5.963			04/20/50		116,637
	GNMA REMIC Series 2020-55, Class IO
	1,431,144		3.500			04/20/50		188,289
	GNMA REMIC Series 2020-78, Class DI
	1,008,654		4.000			06/20/50		113,044
	GNMA REMIC Series 2020-78, Class SD(f) (-1x 1M USD LIBOR + 6.150%)
	263,081		6.063			06/20/50		43,256
								5,066,799
Sequential Fixed Rate – 0.1%
	FNMA REMIC Series 2011-52, Class GB
	245,567		5.000			06/25/41		274,840
	FNMA REMIC Series 2011-99, Class DB
	227,473		5.000			10/25/41		254,116
	FNMA REMIC Series 2012-111, Class B
	28,439		7.000			10/25/42		33,431
	FNMA REMIC Series 2012-153, Class B
	118,267		7.000			07/25/42		141,694
								704,081
Sequential Floating Rate(f) – 0.6%
	Bellemeade Re Ltd. Series 2021-2A, Class M1B(a) (SOFR30A + 1.500%)
	365,000		1.550			06/25/31		365,638
	Countrywide Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%)
	52,075		1.592			09/25/35		50,028
	Countrywide Alternative Loan Trust Series 2006-OA1, Class 2A1(1M USD LIBOR + 0.420%)
	174,383		0.507			03/20/46		144,711
	Countrywide Home Loan Mortgage Pass-Through Trust Series 2004-HYB5, Class 2A1
	336		2.698			04/20/35		335
	FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2(a) (SOFR30A + 1.650%)
	230,000		1.700			01/25/34		231,585
	FHLMC Structured Agency Credit Risk Debt Notes Series 2016- DNA4, Class M3 (1M USD LIBOR + 3.800%)
	621,056		3.886			03/25/29		642,351
	FHLMC Structured Agency Credit Risk Debt Notes Series 2017- DNA2, Class M2 (1M USD LIBOR + 3.450%)
	675,000		3.536			10/25/29		699,297
	Harben Finance PLC Series 2017-1X, Class A(3M GBP LIBOR + 0.800%)
GBP	660,431		0.868			08/20/56		891,010
	Harborview Mortgage Loan Trust Series 2006-6, Class 3A1A
$	239,261		3.041			08/19/36		232,383
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	397,827		0.921			11/15/49		537,032
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1 (12M MTA + 1.000%)
$	398,763		1.092			01/25/46		370,048
	Sequoia Mortgage Trust Series 2004-10, Class A3A (6M USD LIBOR + 0.660%)
	45,345		0.884			11/20/34		44,142
								4,208,560
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	9,979,440
Commercial Mortgage-Backed Securities – 1.2%
	BANK Series 2017-BNK4, Class C(f)
$	900,000		4.372	%		05/15/50	$	975,372
	BANK Series 2018-BK15, Class D(a)
	290,000		3.000			11/15/61		250,257
	BANK Series 2018-BNK14, Class D(a)
	350,000		3.000			09/15/60		314,125
	BANK Series 2019-BNK19, Class D(a)
	200,000		3.000			08/15/61		183,470
	Benchmark Mortgage Trust Series 2018-B6, Class D(a)(f)
	400,000		3.261			10/10/51		365,188
	Benchmark Mortgage Trust Series 2019-B13, Class D(a)
	450,000		2.500			08/15/57		389,814
	Citigroup Commercial Mortgage Trust Series 2017-P7, Class D(a)
	200,000		3.250			04/14/50		168,383
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(a)
	400,000		3.000			09/15/50		359,139
	DOLP Trust Series 2021-NYC, Class A(a)
	1,500,000		2.956			05/10/41		1,584,825
	JPMBD Commercial Mortgage Series 2017-C7, Class D(a)
	250,000		3.000			10/15/50		232,525
	Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class D(a)(f)
	250,000		3.338			12/15/49		235,968
	Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D(a)
	500,000		3.000			07/15/50		455,406
	Wells Fargo Commercial Mortgage Trust Series 2019-C53, Class B(f)
	1,300,000		3.514			10/15/52		1,397,472
	Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
	1,100,000		2.626			04/15/54		1,144,366
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	8,056,310
Federal Agencies – 12.3%
FHLMC – 0.0%
$	1,959		5.000	%		01/01/33	$	2,214
	193		5.000			06/01/33		218
	2,623		5.000			07/01/33		2,966
	3,335		5.000			08/01/33		3,773
	573		5.000			10/01/33		648
	2,108		5.000			11/01/33		2,384
	788		5.000			12/01/33		892
	2,420		5.000			02/01/34		2,740

70 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)
FHLMC – (continued)
$	929		5.000	%		03/01/34		$	1,058
	2,100		5.000			04/01/34			2,392
	2,829		5.000			05/01/34			3,200
	43,417		5.000			06/01/34			49,143
	819		5.000			11/01/34			933
	10,763		5.000			04/01/35			12,173
	281		5.000			11/01/35			318
	6,773		5.000			02/01/37			7,642
	11,789		5.000			01/01/40			13,299
	7,845		4.000			06/01/40			8,627
	57,303		4.000			02/01/41			63,014
	4,530		4.000			11/01/41			4,966
									182,600
GNMA – 6.4%
	258,350		4.000			11/20/44			281,937
	23,998		4.000			05/20/45			26,151
	567,522		4.000			07/20/45			618,451
	399,290		4.000			01/20/46			433,500
	169,942		4.500			02/20/48			182,939
	52,758		4.500			03/20/48			56,722
	191,684		4.500			04/20/48			205,774
	437,012		4.500			05/20/48			468,317
	599,625		4.500			08/20/48			641,781
	378,249		5.000			08/20/48			408,997
	2,832,014		4.500			09/20/48			3,030,011
	421,165		5.000			09/20/48			455,269
	424,157		5.000			10/20/48			458,338
	1,772,648		5.000			11/20/48			1,915,223
	719,126		5.000			12/20/48			776,740
	2,247,176		4.500			01/20/49			2,403,232
	1,264,238		5.000			01/20/49			1,365,328
	856,673		4.000			02/20/49			911,397
	611,913		4.500			02/20/49			654,408
	815,066		4.000			03/20/49			865,859
	446,552		4.500			03/20/49			477,633
	667,648		5.000			03/20/49			720,826
	1,043,322		4.000			05/20/49			1,107,687
	994,718		4.500			10/20/49			1,062,792
	378,262		4.500			12/20/49			403,663
	8,967,287		2.500			08/20/51			9,264,848
	9,000,000		2.500			TBA-30yr	(j)		9,290,866
	5,000,000		3.000			TBA-30yr	(j)		5,224,472
									43,713,161
UMBS – 2.7%
	809,907		4.500			10/01/50			874,860
	200,196		4.500			07/01/36			223,327
	17,612		4.500			12/01/36			19,646
	8,293		4.500			05/01/38			9,270
	16,073		4.500			05/01/39			17,774
	10,038		4.500			06/01/39			11,108
	5,748		4.500			08/01/39			6,361
	7,535		4.500			09/01/39			8,415
	11,377		4.500			10/01/39			12,706
	4,939		4.500			03/01/40			5,515
	69,514		4.500			04/01/40			77,581
	6,675		4.500			12/01/40			7,450
	58,726		4.500			01/01/41			65,542
	19,459		4.500			04/01/41			21,707
	36,061		4.500			06/01/41			40,228
	25,724		4.500			07/01/41			28,696
	42,580		4.500			08/01/41			47,505
	124,096		4.500			09/01/41			138,435
	78,812		4.500			10/01/41			87,919
	82,840		4.500			11/01/41			92,412
	59,953		4.500			12/01/41			66,880
	57,315		4.500			01/01/42			63,600
	6,591		4.500			03/01/42			7,369
	23,207		4.500			04/01/42			25,886
	69,648		3.000			12/01/42			75,275
	168,672		3.000			01/01/43			182,381
	223,676		3.000			04/01/43			241,856
	322,301		4.500			06/01/45			358,461
	1,486,608		4.500			11/01/47			1,639,162
	3,936,943		4.000			01/01/48			4,296,292
	428,337		4.500			09/01/48			474,869
	318,923		5.000			11/01/48			360,900
	3,415,480		3.000			12/01/50			3,637,039
	4,985,938		2.500			12/01/51			5,183,403
									18,409,830
UMBS, 30 Year, Single Family(j) – 3.2%
	21,000,000		2.000			TBA-30yr			21,042,797
	1,000,000		2.500			TBA-30yr			1,031,133
									22,073,930
	TOTAL FEDERAL AGENCIES							$	84,379,521
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $101,385,965)							$	102,415,271
Agency Debenture – 0.3%
	FHLMC
$	1,160,000		6.750	%		03/15/31		$	1,683,357
	(Cost $1,417,166)
Structured Note(a)(f) – 0.1%
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA)
IDR	9,474,000,000		7.500	%		06/17/35		$	698,186
	(Cost $667,089)
U.S. Treasury Obligation – 3.2%
	United States Treasury Notes
$	21,690,000		0.125	%		12/31/22		$	21,686,611
	(Cost $21,688,550)

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, 2021 (Unaudited)

Shares	Dividend Rate			Value
Investment Company(k) – 0.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
5,783,562		0.026	%	$	5,783,562
(Cost $5,783,562)
TOTAL INVESTMENTS – 101.3%
(Cost $676,552,790)				$	695,743,172
LIABILITIES IN EXCESS OF   OTHER ASSETS – (1.3)%					(8,816,599	)
NET ASSETS – 100.0%				$	686,926,573

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)	Actual maturity date is September 20, 2117.
(c)	Actual maturity date is June 30, 2120.
(d)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	Actual maturity date is July 28, 2121.
(f)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(g)	Guaranteed by a foreign government until maturity.
(h)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2021.
(i)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(j)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $36,589,268 which represents approximately 5.3% of the Fund’s net assets as of September 30, 2021.
(k)	Represents an affiliated issuer.

Currency Abbreviations:
AUD	—Australian Dollar
CAD	—Canadian Dollar
CNY	—Chinese Yuan Renminbi
EUR	—Euro
GBP	—British Pound
IDR	—Indonesian Rupiah
JPY	—Japanese Yen
KRW	—South Korean Won
NZD	—New Zealand Dollar
RUB	—Russian Ruble
SGD	—Singapore Dollar
THB	—Thai Baht
USD	—U.S. Dollar
Investment Abbreviations:
BP	—British Pound Offered Rate
CDO	—Collateralized Debt Obligation
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
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTA	—Monthly Treasury Average
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	AUD	775,474	NZD	810,350		12/15/21	$	1,761
	AUD	848,357	USD	611,142		12/15/21		2,413
	CAD	3,604,084	EUR	2,421,083		12/15/21		36,377
	CAD	328,578	USD	258,173		12/15/21		1,245
	CHF	437,553	EUR	402,061		12/15/21		3,950

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	CNH	40,054,593	USD	6,160,949		12/15/21	$	13,407
	EUR	403,154	HUF	143,417,997		12/15/21		6,750
	EUR	403,499	PLN	1,859,465		12/15/21		757
	EUR	809,542	SEK	8,210,857		12/15/21		635
	GBP	404,941	EUR	469,497		10/14/21		1,634
	IDR	13,539,366,644	USD	929,838		11/16/21		10,574
	KRW	7,211,706,000	USD	6,086,341		10/01/21		4,310
	NOK	20,598,432	EUR	2,004,496		12/15/21		29,058
	RUB	22,748,320	USD	308,535		10/01/21		3,933
	RUB	196,191,652	USD	2,622,883		11/15/21		53,068
	RUB	103,771,500	USD	1,410,776		11/17/21		4,097
	SEK	2,484,437	USD	282,763		12/15/21		1,253
	USD	923,715	AUD	1,257,662		12/15/21		14,140
	USD	473,305	BRL	2,517,663		10/04/21		11,352
	USD	8,105,626	CAD	10,234,844		11/12/21		25,552
	USD	5,576,569	CAD	7,046,169		12/15/21		13,502
	USD	6,360,022	CHF	5,840,494		12/15/21		80,430
	USD	1,616,905	CLP	1,280,841,682		11/12/21		43,699
	USD	2,665,803	EUR	2,249,936		10/07/21		59,213
	USD	2,188,851	EUR	1,848,379		10/12/21		47,267
	USD	2,136,838	EUR	1,807,509		10/13/21		42,568
	USD	2,378,439	EUR	2,006,783		10/18/21		53,061
	USD	150,648,157	EUR	127,315,291		11/24/21		3,014,715
	USD	15,099,587	EUR	12,768,703		12/15/21		284,467
	USD	2,329,109	GBP	1,684,099		10/18/21		59,904
	USD	16,220,291	GBP	11,638,453		10/27/21		538,080
	USD	8,968,371	GBP	6,508,999		12/15/21		196,839
	USD	1,071,842	IDR	15,365,466,294		11/16/21		4,594
	USD	2,236,989	IDR	32,135,465,310		12/17/21		13,008
	USD	777,372	ILS	2,490,239		12/15/21		4,378
	USD	1,899,036	INR	140,882,078		12/07/21		15,864
	USD	76,804,816	JPY	8,419,888,308		11/17/21		1,126,103
	USD	7,756,324	JPY	852,969,142		11/29/21		89,096
	USD	10,966,623	JPY	1,207,657,224		12/15/21		107,747
	USD	3,233,453	KRW	3,780,963,721		11/15/21		43,292
	USD	6,113,636	KRW	7,211,706,000		12/13/21		30,732
	USD	943,984	MXN	19,123,080		12/15/21		27,764
	USD	2,734,906	NOK	23,741,710		12/15/21		20,758
	USD	4,561,599	NZD	6,468,858		12/15/21		98,561
	USD	874,024	RUB	63,532,368		10/01/21		1,352
	USD	470,677	RUB	34,452,133		11/15/21		768
	USD	4,463,274	SEK	38,442,299		12/15/21		68,622
	USD	6,893,352	THB	225,778,663		12/15/21		223,229
	USD	2,700,717	TRY	24,292,203		12/15/21		76,434
	USD	1,898,000	TRY	18,314,751		06/14/22		96,106
	USD	1,875,440	TWD	51,865,300		10/12/21		9,972
	USD	945,028	TWD	26,213,199		10/18/21		1,911
	USD	1,421,112	ZAR	20,594,511		12/15/21		67,949
	ZAR	7,180,399	USD	470,599		12/15/21		1,189
TOTAL							$	6,789,440

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, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	1,307,565	NZD	1,371,008		12/15/21	$	(229	)
	AUD	9,506,587	USD	6,989,844		12/15/21		(114,426	)
	BRL	2,505,481	USD	473,536		10/04/21		(13,818	)
	CAD	3,703,064	USD	2,935,127		12/15/21		(11,496	)
	CHF	161,531	USD	174,970		12/15/21		(1,295	)
	CLP	747,124,769	USD	945,929		11/12/21		(28,266	)
	CNH	3,081,752	USD	475,383		12/15/21		(336	)
	CZK	38,741,196	USD	1,801,292		12/15/21		(34,639	)
	EUR	1,204,545	AUD	1,942,377		12/15/21		(7,185	)
	EUR	812,753	CHF	879,432		12/15/21		(2,537	)
	EUR	402,303	CZK	10,274,025		12/15/21		(1,730	)
	EUR	469,497	GBP	404,934		10/14/21		(1,624	)
	EUR	801,236	USD	948,386		10/07/21		(20,140	)
	EUR	401,554	USD	474,643		10/13/21		(9,383	)
	EUR	1,307,172	USD	1,533,644		11/24/21		(17,861	)
	EUR	14,205,762	USD	16,857,739		12/15/21		(375,246	)
	GBP	1,715,892	EUR	2,009,135		12/15/21		(18,799	)
	GBP	3,099,873	USD	4,230,789		12/15/21		(53,398	)
	HUF	285,167,430	EUR	801,842		12/15/21		(13,683	)
	HUF	105,739,727	USD	356,187		12/15/21		(16,287	)
	INR	315,927,677	USD	4,273,395		12/07/21		(50,387	)
	JPY	103,500,384	EUR	802,777		12/15/21		(793	)
	JPY	880,037,473	USD	8,031,209		12/15/21		(118,187	)
	KRW	7,211,706,000	USD	6,120,121		10/01/21		(29,469	)
	KRW	2,785,911,392	USD	2,366,573		11/15/21		(15,979	)
	NOK	4,049,722	EUR	402,299		12/15/21		(3,810	)
	NOK	11,049,708	USD	1,274,947		12/15/21		(11,747	)
	NZD	15,010,810	USD	10,654,097		12/15/21		(297,737	)
	PLN	1,845,390	EUR	401,543		12/15/21		(2,025	)
	PLN	5,650,230	USD	1,478,810		12/15/21		(58,521	)
	RUB	104,316,416	USD	1,402,315		10/01/21		30,562
	RUB	34,524,102	USD	471,547		11/17/21		(828	)
	SEK	6,930,992	USD	802,816		12/15/21		(10,477	)
	THB	11,466,102	USD	347,642		12/15/21		(8,902	)
	TRY	16,797,300	USD	1,898,000		12/14/21		(82,365	)
	TRY	2,561,679	USD	284,451		12/15/21		(7,713	)
	TWD	74,837,893	USD	2,703,583		10/12/21		(11,847	)
	TWD	26,244,200	USD	949,673		10/18/21		(5,440	)
	USD	1,596,683	CAD	2,024,320		12/15/21		(1,550	)
	USD	225,479	CHF	210,481		12/15/21		(826	)
	USD	49,606,319	CNH	323,757,399		11/08/21		(448,287	)
	USD	3,132,785	CNH	20,394,935		12/15/21		(11,064	)
	USD	636,631	GBP	473,358		12/15/21		(1,267	)
	USD	718,377	ILS	2,315,414		11/15/21		(84	)
	USD	1,452,879	JPY	161,992,488		12/15/21		(3,707	)
	USD	12,461,104	KRW	14,423,412,000		10/01/21		279,801
	USD	455,177	NOK	4,022,605		11/01/21		(4,873	)
	USD	97,390	NOK	858,929		12/15/21		(803	)
	USD	115,875	NZD	168,700		12/15/21		(516	)
	USD	839,166	RUB	63,532,368		10/01/21		(33,506	)
	USD	471,398	RUB	35,226,369		11/15/21		(9,072	)
	USD	472,042	RUB	35,478,905		11/17/21		(11,695	)

74 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
JPMorgan Securities, Inc. (continued)	USD	1,495,162	SGD	2,033,290		11/08/21	$	(2,209	)
	USD	939,559	SGD	1,278,035		12/15/21		(1,538	)
	USD	939,687	THB	31,868,313		12/15/21		(1,793	)
	USD	946,345	TWD	26,332,060		10/12/21		(756	)
	ZAR	20,923,230	USD	1,422,862		12/15/21		(48,101	)
TOTAL							$	(1,729,889	)

FORWARD SALES CONTRACTS — At September 30, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)	Settlement Date		Principal Amount			Value
GNMA (Proceeds Receivable: $(2,114,375))		4.000	%	TBA-30yr		10/21/21	$	(2,000,000	)	$	(2,122,410	)

(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, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Australian 10 Year Government Bonds		51			12/15/21	$	5,216,156		$	(94,775	)
Canada 10 Year Government Bonds		90			12/20/21		10,171,720			(253,246	)
Euro Buxl 30 Year Bonds		6			12/08/21		1,413,233			(10,435	)
French 10 Year Government Bonds		84			12/08/21		16,147,166			(283,768	)
Italian 10 Year Government Bonds		11			12/08/21		1,936,124			(31,108	)
Jpn 10y Bond(Ose) Dec21 Xose 20211213		1			12/13/21		1,360,079			(4,227	)
Ultra Long U.S. Treasury Bonds		162			12/21/21		30,952,125			(1,092,875	)
2 Year U.S. Treasury Notes		25			12/31/21		5,501,367			(487	)
5 Year German Euro-Bobl		40			12/08/21		6,251,846			(1,975	)
10 Year German Euro-Bund		93			12/08/21		18,294,121			(238,004	)
10 Year U.K. Long Gilt		81			12/29/21		13,658,798			(431,777	)
20 Year U.S. Treasury Bonds		88			12/21/21		14,011,250			(372,452	)
Total									$	(2,815,129	)
Short position contracts:
Euro-Schatz Fut Dec21 Xeur 20211208		(43	)		12/08/21		(5,588,824	)		4,165
Ultra 10 Year U.S. Treasury Notes		(66	)		12/21/21		(9,586,500	)		209,217
5 Year U.S. Treasury Notes		(56	)		12/31/21		(6,873,563	)		(125	)
10 Year U.S. Treasury Notes		(11	)		12/21/21		(1,447,703	)		1,068
Total									$	214,325
TOTAL FUTURES CONTRACTS									$	(2,600,804	)

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, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund(a)		Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M KLIBOR		3.565%	JPMorgan Securities, Inc.		03/14/24	MYR	10,040	$	72,251		$	—		$	72,251
3M KLIBOR		2.000	MS & Co. Int. PLC		06/16/26		5,630		(43,493	)		(7,297	)		(36,196	)
TOTAL								$	28,758		$	(7,297	)	$	36,055

(a) Payments made quarterly.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%(a)	3M WIBOR(b)	12/16/21	PLN	33,570		$	(171	)	$	(373	)	$	202
1M BID Avg(c)	3.390%(a)	01/03/22	BRL	21,600			(42,321	)		—			(42,321	)
1M BID Avg(c)	4.120(a)	01/03/22		9,000			17,740			10,213			7,527
3M NZDOR(b)	0.500(d)	09/15/22	NZD	179,540			(641,722	)		(554,502	)		(87,220	)
3M NZDOR(b)	1.250(d)	09/15/22		15,140	(e)		4,811			559			4,252
3M NZDOR(b)	1.250(d)	12/15/22		7,850	(e)		(1,599	)		(8,668	)		7,069
5.800(c)	1M BID Avg(c)	01/02/23	BRL	16,560			78,643			12,045			66,598
1M BID Avg(c)	4.230(c)	01/02/23		2,545			(19,836	)		(48,179	)		28,343
1M BID Avg(a)	7.200(a)	01/02/23		18,590			(58,239	)		1,423			(59,662	)
3M AUDOR(b)	0.190(b)	02/22/23	AUD	82,090	(e)		8,667			(1,054,892	)		1,063,559
6M CDOR(d)	0.804(d)	02/28/23	CAD	126,900	(e)		(61,132	)		(469,694	)		408,562
6M CDOR(d)	1.100(d)	06/15/23		33,600	(e)		(1,126	)		(101,084	)		99,958
0.450(d)	3M LIBOR(b)	06/15/23	$	30,300	(e)		(13,418	)		(1,912	)		(11,506	)
3M CNY(b)	2.500(b)	09/15/23	CNY	151,220			89,742			58,483			31,259
1.250(b)	3M KWCDC(b)	09/15/23	KRW	8,579,757			43,336			15,159			28,177
6M CDOR(d)	1.200(d)	09/21/23	CAD	36,110	(e)		(29,780	)		13,583			(43,363	)
0.500(d)	3M LIBOR(b)	09/21/23	$	29,220	(e)		16,472			(13,925	)		30,397
6.200(c)	Mexico IB TIIE 28D(c)	12/13/23	MXN	131,610	(e)		53,087			(3,077	)		56,164
6M EURO(d)	(0.500)(f)	12/15/23	EUR	4,770	(e)		(10,817	)		(4,887	)		(5,930	)
1.500(b)	3M KWCDC(b)	12/15/23	KRW	5,717,800	(e)		14,864			2,255			12,609
0.500(d)	3M LIBOR(b)	12/15/23	$	8,240	(e)		(6,193	)		(2,142	)		(4,051	)
0.000(f)	3M STIBOR(b)	12/15/23	SEK	107,960	(e)		38,954			41,042			(2,088	)
0.300(b)	6M AUDOR(b)	12/15/23	AUD	15,720	(e)		18,009			7,165			10,844
1.000(d)	6M CDOR(d)	12/15/23	CAD	19,060	(e)		29,390			19,107			10,283
(0.500)(f)	6M EURO(f)	12/15/23	EUR	19,610	(e)		(9,818	)		(17,673	)		7,855
9.200(a)	1M BID Avg(a)	01/02/24	BRL	3,307			5,436			(14,379	)		19,815
1M BID Avg(a)	4.930(a)	01/02/24		7,560			(91,449	)		(958	)		(90,491	)
3M AUDOR(b)	0.500(b)	02/24/24	AUD	24,350	(e)		21,129			60,288			(39,159	)
1.500(b)	3M KWCDC(b)	03/16/24	KRW	14,637,500	(e)		58,197			33,857			24,340
0.486(b)	6M AUDOR(b)	06/29/24	AUD	8,100			(3,997	)		276			(4,273	)
1M LIBOR + 0.090%(b)	3M LIBOR(b)	07/25/24	$	47,120			(4,933	)		15,823			(20,756	)
6.320(c)	1M BID Avg(a)	01/02/25	BRL	16,870			237,444			(43,557	)		281,001
6M CDOR(d)	1.560(d)	08/22/25	CAD	14,200	(e)		(67,554	)		6,827			(74,381	)
6M THBFIX(d)	0.750(d)	12/16/25	THB	66,820			(11,841	)		(49,343	)		37,502
6M WIBOR(d)	0.750(f)	12/16/25	PLN	6,750			(61,616	)		(1,205	)		(60,411	)
3M CNY(b)	2.750(b)	09/15/26	CNY	54,290			99,805			94,500			5,305

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
6.700%(c)	Mexico IB TIIE 28D(c)	12/09/26	MXN	33,935	(e)	$	34,760		$	366		$	34,394
3M STIBOR(b)	0.250%(f)	12/15/26	SEK	14,320	(e)		(24,833	)		(22,391	)		(2,442	)
6M GBP(f)	0.500(f)	12/15/26	GBP	23,150	(e)		(437,065	)		(202,491	)		(234,574	)
3M LIBOR(b)	1.250(d)	12/15/26	$	7,220	(e)		37,060			65,880			(28,820	)
6M AUDOR(d)	1.250(d)	12/15/26	AUD	19,720	(e)		112,583			211,698			(99,115	)
3M NIBOR(d)	1.500(f)	12/15/26	NOK	41,000	(e)		(60,579	)		(1,758	)		(58,821	)
3M NZDOR(b)	1.750(d)	12/15/26	NZD	10,220	(e)		(66,419	)		(44,758	)		(21,661	)
6M CDOR(d)	1.750(d)	12/15/26	CAD	5,160	(e)		19,347			69,918			(50,571	)
(0.500)(f)	6M CHFOR(f)	12/15/26	CHF	1,050	(e)		10,168			2,565			7,603
(0.250)(f)	6M EURO(f)	12/15/26	EUR	21,240	(e)		40,767			(71,130	)		111,897
0.000(f)	6M JYOR(f)	12/15/26	JPY	5,200,630	(e)		(42,266	)		(103,357	)		61,091
1.700(f)	6M WIBOR(d)	12/15/26	PLN	2,150	(e)		7,151			410			6,741
8.495(a)	1M BID Avg(a)	01/04/27	BRL	6,400			59,815			(10,174	)		69,989
9.900(b)	1M BID Avg(b)	01/04/27		4,100			12,161			(21,918	)		34,079
6M THBFIX(d)	1.000(d)	03/16/27	THB	143,420	(e)		(46,976	)		(16,102	)		(30,874	)
1.500(f)	6M EURO(d)	06/21/28	EUR	5,050	(e)		(424,815	)		(59,157	)		(365,658	)
1.680(d)	6M CDOR(d)	08/22/28	CAD	10,080	(e)		144,633			(10,237	)		154,870
0.000(f)	6M EURO(d)	12/15/28	EUR	3,820	(e)		(5,687	)		(51,208	)		45,521
3M KWCDC(b)	1.000(b)	09/16/30	KRW	2,402,600			(160,565	)		(3,313	)		(157,252	)
1.240(f)	3M NIBOR(d)	10/29/30	NOK	99,020	(e)		423,480			(546,813	)		970,293
1.000(f)	6M GBP(f)	02/10/31	GBP	7,190	(e)		31,202			(189,155	)		220,357
6M EURO(d)	0.500(f)	02/12/31	EUR	10,340	(e)		41,292			(51,485	)		92,777
3M STIBOR(b)	1.272(f)	05/11/31	SEK	48,310	(e)		2,133			(8,121	)		10,254
2.130(f)	3M NIBOR(d)	05/11/31	NOK	45,040	(e)		(11,294	)		8,674			(19,968	)
6M EURO(d)	0.220(f)	07/22/31	EUR	13,840	(e)		(216,866	)		(54,042	)		(162,824	)
6M EURO(d)	0.250(f)	09/02/31		10,600	(e)		(156,107	)		(40,719	)		(115,388	)
6M EURO(d)	0.500(f)	09/16/31		6,520	(e)		(2,314	)		(20,887	)		18,573
3M NZDOR(b)	3.000(d)	09/16/31	NZD	1,260	(e)		12,845			31,055			(18,210	)
2.500(d)	3M LIBOR(b)	09/17/31	$	12,530	(e)		(255,882	)		(404,939	)		149,057
3M SOFR(f)	1.530(f)	09/22/31		7,840	(e)		(86,645	)		1,012			(87,657	)
6M GBP(f)	1.000(f)	09/23/31	GBP	5,760	(e)		(34,015	)		37,423			(71,438	)
1.500(d)	3M LIBOR(b)	09/24/31	$	6,940	(e)		175,526			88,254			87,272
3M STIBOR(b)	0.750(f)	12/15/31	SEK	38,130	(e)		(74,285	)		9,088			(83,373	)
6M AUDOR(d)	2.000(d)	12/15/31	AUD	1,110	(e)		22,242			34,718			(12,476	)
1.750(d)	3M LIBOR(b)	12/15/31	$	370	(e)		(5,655	)		(5,305	)		(350	)
1.500(f)	3M NIBOR(d)	12/15/31	NOK	9,210	(e)		40,808			14,598			26,210
2.000(d)	6M CDOR(d)	12/15/31	CAD	7,210	(e)		7,970			(124,941	)		132,911
0.000(f)	6M EURO(d)	12/15/31	EUR	17,360	(e)		374,049			87,929			286,120
0.750(f)	6M GBP(f)	12/15/31	GBP	18,490	(e)		453,664			(285,308	)		738,972
0.000(f)	6M JYOR(f)	12/15/31	JPY	2,548,210	(e)		151,821			80,107			71,714
6M CHFOR(f)	0.500(f)	03/17/32	CHF	1,740	(e)		2,510			13,179			(10,669	)
3M STIBOR(b)	1.000(f)	03/17/32	SEK	17,670	(e)		(31,834	)		(14,039	)		(17,795	)
6M GBP(f)	1.000(f)	03/17/32	GBP	2,790	(e)		(19,833	)		(6,844	)		(12,989	)
2.000(d)	6M AUDOR(d)	03/17/32	AUD	2,260	(e)		29,740			10,007			19,733
1.630(f)	3M LIBOR(f)	09/22/36	$	9,450	(e)		100,509			3,095			97,414
0.250(f)	6M EURO(d)	12/15/36	EUR	720	(e)		20,666			909			19,757
0.610(f)	6M EURO(d)	07/22/41		7,710	(e)		212,144			15,686			196,458
6M GBP(f)	1.000(f)	12/15/41	GBP	970	(e)		(6,948	)		66,659			(73,607	)
0.500(f)	6M EURO(d)	12/15/41	EUR	500	(e)		1,135			(17,178	)		18,313
6M EURO(d)	0.250(f)	12/15/51		630	(e)		(50,047	)		(18,312	)		(31,735	)
6M GBP(f)	0.750(f)	12/15/51	GBP	1,040	(e)		(85,579	)		25,679			(111,258	)

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (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)
6M CDOR(d)		2.250%(d)	12/15/51		CAD	9,830	(e)	$	(258,624	)	$	132,607		$	(391,231	)
2.000%(d)		3M LIBOR(b)	12/15/51		$	6,530	(e)		(229,864	)		(564,937	)		335,073
6M CDOR(d)		2.180(d)	08/22/52		CAD	1,070	(e)		(51,488	)		7,377			(58,865	)
TOTAL								$	(566,140	)	$	(3,949,971	)	$	3,383,831

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Payments made monthly.

(d) Payments made semi-annually.

(e) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2021.

(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, 2021(a)			Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27	(1.000)(b)		0.090	%		Barclays Bank PLC		12/20/21	$	460	$	(1,082	)	$	(80	)	$	(1,002	)
Protection Sold:
Markit CMBX Series 11	3.000(c)		3.849			MS & Co. Int. PLC		11/18/54		3,400		(149,175	)		(627,406	)		478,231
Markit CMBX Series 8	3.000(c)		7.877			MS & Co. Int. PLC		10/17/57		1,950		(251,915	)		(400,613	)		148,698
Markit CMBX Series 10	3.000(c)		5.016			MS & Co. Int. PLC		11/17/59		1,550		(135,560	)		(301,791	)		166,231
TOTAL											$	(537,732	)	$	(1,329,890	)	$	792,158

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

(b) Payments made quarterly.

(c) Payments made monthly.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund(a)	Credit Spread at September 30, 2021(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.IG Index 28	1.000%		0.219%		06/20/22	$	22,525	$	134,833	$	117,147		$	17,686
CDX.NA.IG Index 34	1.000		0.251		06/20/23		18,450		245,809		127,360			118,449
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000		0.240		06/20/24		1,130		22,760		2,936			19,824
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000		0.542		12/20/26		2,180		52,124		50,001			2,123
Republic of Chile, 3.875%, 08/05/20	1.000		0.567		12/20/24		1,000		15,334		16,310			(976	)
Republic of Indonesia, 5.875%, 03/13/20	1.000		0.413		06/20/24		110		1,830		(136	)		1,966
Republic of Indonesia, 5.875%, 03/13/20	1.000		0.819		12/20/26		3,230		30,910		41,451			(10,541	)

78 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 (continued)

Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund(a)	Credit Spread at September 30, 2021(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold: (continued)
Russian Federation, 7.500%, 03/31/30	1.000%		0.560%		12/20/24	$	1,140	$	15,929		$	2,144	$	13,785
Russian Federation, 7.500%, 03/31/30	1.000		0.880		12/20/26		1,300		7,811			8,926		(1,115	)
Unibail-Rodamco-Westfield SE, 2.375%, 02/25/21	1.000		0.581		06/20/24	EUR	1,200		16,446			13,202		3,244
United Mexican States, 4.150%, 03/28/27	1.000		1.013		12/20/26	$	3,370		(1,802	)		8,191		(9,993	)
TOTAL								$	541,984		$	387,532	$	154,452

(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, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3M IRS	MS & Co. Int. PLC		1.365	%		11/09/2021		1,880,000	$	1,880,000	$	1,908	$	23,391	$	(21,483	)
3M IRS	MS & Co. Int. PLC		0.506			11/29/2021		15,520,000		15,520,000		3,612		13,813		(10,201	)
6M IRS	BofA Securities LLC		0.632			12/23/2021		15,490,000		15,490,000		15,445		43,304		(27,859	)
1Y IRS	Citibank NA		0.516			11/15/2022		17,810,000		17,810,000		22,987		41,822		(18,835	)
1Y IRS	Citibank NA		0.420			10/10/2022		17,600,000		17,600,000		14,432		38,100		(23,668	)
1Y IRS	Deutsche Bank AG (London)		0.830			04/20/2022		31,250,000		31,250,000		114,797		225,649		(110,852	)
1Y IRS	JPMorgan Securities, Inc.		0.281			09/08/2022		14,550,000		14,550,000		5,987		27,797		(21,810	)
1Y IRS	Citibank NA		0.459			10/10/2022		16,090,000		16,090,000		15,573		35,173		(19,600	)
6M IRS	Citibank NA		0.605			01/07/2022		15,540,000		15,540,000		13,916		45,028		(31,112	)
6M IRS	Citibank NA		0.855			03/23/2022		15,490,000		15,490,000		63,837		70,548		(6,711	)
1Y IRS	JPMorgan Securities, Inc.		0.300			09/08/2022		19,020,000		19,020,000		8,570		37,019		(28,449	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022		9,560,000		9,560,000		49,107		85,299		(36,192	)
3Y IRS	JPMorgan Securities, Inc.		0.700			11/14/2022		10,100,000		10,100,000		17,894		102,227		(84,333	)
1Y IRS	MS & Co. Int. PLC		0.544			11/16/2022		16,210,000		16,210,000		23,237		38,174		(14,937	)
								216,110,000	$	216,110,000	$	371,302	$	827,344	$	(456,042	)
Puts
6M IRS	Citibank NA		1.110			11/15/2021		3,080,000		3,080,000		13,071		29,814		(16,743	)
6M IRS	UBS AG (London)		1.195			11/18/2021		2,090,000		2,090,000		6,081		14,944		(8,863	)
								5,170,000	$	5,170,000	$	19,152	$	44,758	$	(25,606	)
Total purchased option contracts								221,280,000	$	221,280,000	$	390,454	$	872,102	$	(481,648	)

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (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)
Written option contracts
Calls
6M IRS	BofA Securities LLC		1.297	%		12/23/2021		(5,030,000	)	$	(5,030,000	)	$	(20,259	)	$	(43,296	)	$	23,037
1M IRS	Citibank NA		0.076			10/18/2021		(3,320,000	)		(3,320,000	)		(3,461	)		(17,798	)		14,337
1M IRS	Citibank NA		0.087			10/25/2021		(3,320,000	)		(3,320,000	)		(6,054	)		(17,562	)		11,508
1Y IRS	Citibank NA		0.379			10/10/2022		(1,810,000	)		(1,810,000	)		(14,690	)		(38,013	)		23,323
1Y IRS	Citibank NA		0.425			10/10/2022		(1,650,000	)		(1,650,000	)		(15,089	)		(35,258	)		20,169
1Y IRS	Citibank NA		0.553			11/15/2022		(1,840,000	)		(1,840,000	)		(25,292	)		(41,823	)		16,531
3M IRS	Citibank NA		0.346			11/09/2021		(680,000	)		(680,000	)		(158	)		(10,384	)		10,226
6M IRS	Citibank NA		1.124			01/07/2022		(5,040,000	)		(5,040,000	)		(10,754	)		(44,961	)		34,207
6M IRS	Citibank NA		1.406			03/23/2022		(5,030,000	)		(5,030,000	)		(51,337	)		(70,536	)		19,199
1M IRS	Deutsche Bank AG (London)		1.325			10/04/2021		(3,800,000	)		(3,800,000	)		(4	)		(29,308	)		29,304
1Y IRS	Deutsche Bank AG (London)		0.630			04/20/2022		(46,880,000	)		(46,880,000	)		(69,556	)		(188,162	)		118,606
1Y IRS	JPMorgan Securities, Inc.		0.363			09/08/2022		(1,500,000	)		(1,500,000	)		(10,550	)		(27,768	)		17,218
1Y IRS	JPMorgan Securities, Inc.		0.401			09/08/2022		(1,960,000	)		(1,960,000	)		(15,316	)		(36,967	)		21,651
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022		(5,040,000	)		(5,040,000	)		(58,285	)		(85,349	)		27,064
3M IRS	JPMorgan Securities, Inc.		0.346			11/09/2021		(770,000	)		(770,000	)		(179	)		(13,805	)		13,626
3Y IRS	JPMorgan Securities, Inc.		1.060			11/14/2022		(2,000,000	)		(2,000,000	)		(26,557	)		(103,884	)		77,327
6M IRS	JPMorgan Securities, Inc.		0.570			01/20/2022		(17,390,000	)		(17,390,000	)		(2,522	)		(63,908	)		61,386
1M IRS	MS & Co. Int. PLC		1.333			10/12/2021		(3,800,000	)		(3,800,000	)		(1,018	)		(28,215	)		27,197
1M IRS	MS & Co. Int. PLC		1.372			10/20/2021		(3,800,000	)		(3,800,000	)		(5,169	)		(29,640	)		24,471
1M IRS	MS & Co. Int. PLC		1.518			10/27/2021		(3,800,000	)		(3,800,000	)		(23,622	)		(29,545	)		5,923
1Y IRS	MS & Co. Int. PLC		0.599			11/16/2022		(1,670,000	)		(1,670,000	)		(25,650	)		(38,066	)		12,416
1M IRS	UBS AG (London)		0.038			10/11/2021		(3,320,000	)		(3,320,000	)		(719	)		(17,129	)		16,410
1M IRS	UBS AG (London)		0.187			10/29/2021		(3,320,000	)		(3,320,000	)		(24,831	)		(20,575	)		(4,256	)
3M IRS	UBS AG (London)		0.378			11/29/2021		(3,510,000	)		(3,510,000	)		(1,501	)		(14,252	)		12,751
								(130,280,000	)	$	(130,280,000	)	$	(412,573	)	$	(1,046,204	)	$	633,631
Puts
1M IRS	Citibank NA		0.076			10/18/2021		(3,320,000	)		(3,320,000	)		(39,629	)		(17,798	)		(21,831	)
1M IRS	Citibank NA		0.087			10/25/2021		(3,320,000	)		(3,320,000	)		(38,929	)		(17,562	)		(21,367	)
1M IRS	Deutsche Bank AG (London)		1.325			10/04/2021		(3,800,000	)		(3,800,000	)		(75,128	)		(29,307	)		(45,821	)
1M IRS	MS & Co. Int. PLC		1.333			10/12/2021		(3,800,000	)		(3,800,000	)		(74,990	)		(28,215	)		(46,775	)
1M IRS	MS & Co. Int. PLC		1.372			10/20/2021		(3,800,000	)		(3,800,000	)		(66,431	)		(29,640	)		(36,791	)
1M IRS	MS & Co. Int. PLC		1.518			10/27/2021		(3,800,000	)		(3,800,000	)		(33,652	)		(29,545	)		(4,107	)
6M IRS	MS & Co. Int. PLC		0.075			11/18/2021		(3,000,000	)		(3,000,000	)		(4,387	)		(15,406	)		11,019
1M IRS	UBS AG (London)		0.038			10/11/2021		(3,320,000	)		(3,320,000	)		(50,677	)		(17,129	)		(33,548	)
1M IRS	UBS AG (London)		0.187			10/29/2021		(3,320,000	)		(3,320,000	)		(17,687	)		(20,575	)		2,888
6M IRS	UBS AG (London)		0.145			11/15/2021		(4,430,000	)		(4,430,000	)		(10,383	)		(30,516	)		20,133
								(35,910,000	)	$	(35,910,000	)	$	(411,893	)	$	(235,693	)	$	(176,200	)
Total written option contracts								(166,190,000	)	$	(166,190,000	)	$	(824,466	)	$	(1,281,897	)	$	457,431
TOTAL								55,090,000		$	55,090,000		$	(434,012	)	$	(409,795	)	$	(24,217	)

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

GOLDMAN SACHS GLOBAL CORE FIXED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call EUR/Put GBP	HSBC Bank PLC		0.867	%		10/12/2021		1,611,000		$	1,611,000		$	2,515		$	4,330		$	(1,815	)
Call EUR/Put USD	MS & Co. Int. PLC		1.195			10/05/2021		6,385,000			6,385,000			7			22,987			(22,980	)
Call EUR/Put USD	HSBC Bank PLC		1.194			10/08/2021		6,389,000			6,389,000			7			21,860			(21,853	)
Call EUR/Put USD	BNP Paribas SA		1.193			10/11/2021		6,410,000			6,410,000			15			21,681			(21,666	)
Call EUR/Put USD	MS & Co. Int. PLC		1.193			10/14/2021		6,433,000			6,433,000			75			22,503			(22,428	)
Call GBP/Put USD	BNP Paribas SA		1.395			10/14/2021		5,491,000			5,491,000			178			26,152			(25,974	)
Total purchased option contracts								32,719,000		$	32,719,000		$	2,797		$	119,513		$	(116,716	)
Written option contracts
Calls
Call EUR/Put USD	BNP Paribas SA		1.183			10/11/2021		(1,602,000	)		(1,602,000	)		(63	)		(11,633	)		11,570
Call GBP/Put USD	BNP Paribas SA		1.383			10/14/2021		(1,373,000	)		(1,373,000	)		(294	)		(13,420	)		13,126
Call EUR/Put USD	HSBC Bank PLC		1.184			10/08/2021		(1,597,000	)		(1,597,000	)		(28	)		(11,428	)		11,400
Call EUR/Put USD	MS & Co. Int. PLC		1.185			10/05/2021		(1,596,000	)		(1,596,000	)		(2	)		(11,941	)		11,939
Call EUR/Put USD	MS & Co. Int. PLC		1.185			10/14/2021		(1,608,000	)		(1,608,000	)		(115	)		(10,649	)		10,534
								(7,776,000	)	$	(7,776,000	)	$	(502	)	$	(59,071	)	$	58,569
Puts
Put EUR/Call USD	BNP Paribas SA		1.183			10/11/2021		(1,602,000	)		(1,602,000	)		(38,572	)		(12,126	)		(26,446	)
Put GBP/Call USD	BNP Paribas SA		1.383			10/14/2021		(1,373,000	)		(1,373,000	)		(48,492	)		(12,717	)		(35,775	)
Put EUR/Call USD	HSBC Bank PLC		1.184			10/08/2021		(1,597,000	)		(1,597,000	)		(40,845	)		(11,126	)		(29,719	)
Put EUR/Call USD	MS & Co. Int. PLC		1.185			10/05/2021		(1,596,000	)		(1,596,000	)		(42,558	)		(11,941	)		(30,617	)
Put EUR/Call USD	MS & Co. Int. PLC		1.185			10/14/2021		(1,608,000	)		(1,608,000	)		(42,613	)		(10,649	)		(31,964	)
								(7,776,000	)	$	(7,776,000	)	$	(213,080	)	$	(58,559	)	$	(154,521	)
Total written option contracts								(15,552,000	)	$	(15,552,000	)	$	(213,582	)	$	(117,630	)	$	(95,952	)
TOTAL								17,167,000		$	17,167,000		$	(210,785	)	$	1,883		$	(212,668	)

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

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 9.9%
Aerospace & Defense(b) – 0.4%
	ADS Tactical, Inc. (3M LIBOR + 5.750%)
$	391,234		6.750	%		03/19/26	$	392,212
Automotive – Distributor(b) – 0.2%
	Truck Hero, Inc. (1M LIBOR + 3.250%)
	149,250		4.000			01/31/28		148,846
Automotive – Parts(b) – 0.7%
	First Brands Group LLC
	(1M LIBOR + 5.000%)
	210,421		6.000			03/30/27		212,314
	(3M LIBOR + 8.500%)
	250,000		9.500			03/30/28		251,875
	Garrett LX I S.a.r.l. (3M LIBOR + 3.250%)
	300,000		3.750			04/30/28		298,875
								763,064
Building & Construction(c) – 0.4%
	KKR Apple Bidco LLC
	350,000		3.500			09/22/28		349,499
	25,000		0.000			09/21/29		25,360
								374,859
Capital Goods(b) – 0.2%
	Rough Country LLC
	(3M LIBOR + 3.500%)
	150,000		4.250			07/26/28		149,625
	(3M LIBOR + 6.750%)
	50,000		7.500			07/26/29		49,813
								199,438
Chemicals – 0.2%
	Trident TPI Holdings, Inc.(b) (3M LIBOR + 4.000%)
	153,261		4.500			09/15/28		153,420
	WR Grace & Co-Conn(c)
	50,000		4.250			09/22/28		50,157
								203,577
Commercial Services – 0.8%
	Allied Universal Holdco LLC(b) (3M LIBOR + 3.750%)
	150,000		4.250			05/12/28		150,068
	Conservice Midco LLC(b) (3M LIBOR + 4.250%)
	198,000		4.382			05/13/27		198,125
	The Hertz Corp.(b)
	(1M LIBOR + 3.500%)
	251,796		4.000			06/30/28		251,836
	(1M LIBOR + 3.500%)
	47,573		4.000			06/30/28		47,580
	TruGreen LP(b) (3M LIBOR + 8.500%)
	310,000		9.500			11/02/28		313,875
								961,484
Diversified Financial Services(b) – 0.9%
	DRW Holdings LLC (1M LIBOR + 3.750%)
	375,000		3.834			03/01/28		373,437
	Edelman Financial Center LLC (1M LIBOR + 3.500%)
	374,063		4.250			04/07/28		373,187
Bank Loans(a) – (continued)
Diversified Financial Services(b) – (continued)
	Syncapay, Inc. (3M LIBOR + 6.500%)
	220,781		7.500			12/10/27		221,333
								967,957
Healthcare Providers & Services(b) – 0.2%
	Envision Healthcare Corp. (1M LIBOR + 3.750%)
	49,116		3.834			10/10/25		43,590
	Insulet Corp. (1M LIBOR + 3.250%)
	149,625		3.750			05/04/28		149,875
								193,465
Home Construction(b) – 0.2%
	Packers Holdings LLC (3M LIBOR + 3.250%)
	248,822		4.000			03/09/28		247,526
Household Products(b) – 0.4%
	Hunter Fan Co. (3M LIBOR + 5.000%)
	300,000		5.750			04/09/28		299,439
	Kronos Acquisition Holdings, Inc. (1M LIBOR + 3.750%)
	148,875		3.834			12/22/26		145,047
								444,486
Machinery-Diversified(b) – 0.3%
	Engineered Machinery Holdings, Inc.
	(3M LIBOR + 3.750%)
EUR	75,000		3.750			05/05/28		86,673
	(3M LIBOR + 3.750%)
$	189,612		4.500			05/19/28		189,059
								275,732
Media(b) – 0.5%
	DirecTV Financing LLC (1M LIBOR + 5.000%)
	225,000		5.750			07/22/27		225,070
	Taboola.com Ltd (3M LIBOR + 4.000%)
	325,000		4.500			08/17/28		322,562
								547,632
Metals & Mining(c) – 0.2%
	Grinding Media Inc.
	200,000		4.122			09/22/28		200,250
Oil Field Services(b) – 0.4%
	Apergy Corp. (3M LIBOR + 5.000%)
	384,615		6.000			06/03/27		390,385
Packaging(c) – 0.1%
	Pretium PKG Holdings, Inc.
	100,000		4.500			10/02/28		100,063
Pharmaceuticals(b) – 0.5%
	Jazz Financing Lux S.a.r.l. (1M LIBOR + 3.500%)
	473,813		4.000			05/05/28		474,348
Pipeline(b) –0.1%
	Centurion Pipeline Co. LLC (1M LIBOR + 4.000%)
	89,325		4.084			09/28/25		87,650
Technology(b) – 0.3%
	Ingram Micro, Inc. (3M LIBOR + 3.500%)
	349,125		4.000			06/30/28		349,823
Technology – Software/Services – 2.6%
	AppLovin Corp.(b) (1M LIBOR + 3.250%)
	124,043		3.334			08/15/25		123,830

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

GOLDMAN SACHS INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Technology – Software/Services – (continued)
	Cloudera, Inc.(c)
$	275,000		4.250	%		08/10/28	$	274,486
	ConnectWise, LLC(c)
	150,000		4.000			09/29/28		149,625
	DCert Buyer, Inc.(b) (1M LIBOR + 7.000%)
	325,000		7.084			02/16/29		327,369
	Epicor Software Corp.(b)
	(1M LIBOR + 3.250%)
	123,750		4.000			07/30/27		123,694
	(1M LIBOR + 7.750%)
	50,000		8.750			07/31/28		51,312
	Grab Holdings, Inc.(b) (6M LIBOR + 4.500%)
	348,250		5.500			01/29/26		351,151
	Idera, Inc.(b)
	(1M LIBOR + 3.750%)
	248,750		4.500			03/02/28		248,596
	(1M LIBOR + 6.750%)
	45,000		7.500			03/02/29		45,000
	MedAssets Software Intermediate Holdings, Inc.(b) (3M LIBOR + 3.750%)
	149,625		4.500			01/28/28		149,579
	Mitchell International, Inc.(b) (1M LIBOR + 4.250%)
	148,500		4.750			11/29/24		148,438
	Syndigo LLC(b)
	(3M LIBOR + 4.500%)
	223,875		5.250			12/15/27		224,435
	(3M LIBOR + 8.000%)
	160,000		8.750			12/15/28		159,600
	Virtusa Corp.(b) (1M LIBOR + 3.750%)
	378,100		4.500			02/11/28		378,478
								2,755,593
Telecommunication Services(b) – 0.1%
	Sorenson Communications LLC (3M LIBOR + 5.500%)
	95,000		6.250			03/12/26		95,504
Transportation(b) – 0.2%
	LaserShip, Inc. (3M LIBOR + 4.500%)
	200,000		5.250			05/07/28		200,166
	TOTAL BANK LOANS
	(Cost $10,313,554)						$	10,374,060
Corporate Obligations – 71.0%
Advertising(d)(e) – 0.1%
	Terrier Media Buyer, Inc.
$	127,000		8.875	%		12/15/27	$	134,303
Aerospace & Defense – 1.5%
	Howmet Aerospace, Inc.
	220,000		5.950			02/01/37		273,900
	The Boeing Co.(d)
	175,000		4.875			05/01/25		194,833
	90,000		5.150			05/01/30		105,667
	25,000		3.250			02/01/35		25,073
	90,000		5.805			05/01/50		120,299
Corporate Obligations – (continued)
Aerospace & Defense – (continued)
	TransDigm, Inc.(d)
	130,000		5.500	%		11/15/27		133,900
	40,000		4.625			01/15/29		39,800
	270,000		4.875			05/01/29		270,000
	Triumph Group, Inc.(d)
	367,000		7.750			08/15/25		362,412
								1,525,884
Agriculture – 0.2%
	MHP Lux SA
	200,000		6.950			04/03/26		212,725
Airlines(e) – 0.9%
	Air Canada(d)
	130,000		3.875			08/15/26		130,488
	American Airlines, Inc./AAdvantage Loyalty IP Ltd.
	55,000		5.500			04/20/26		57,819
	181,000		5.750			04/20/29		195,027
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd.(d)
	158,000		6.500			06/20/27		171,825
	United Airlines, Inc.(d)
	165,000		4.375			04/15/26		169,537
	210,000		4.625			04/15/29		216,825
								941,521
Automotive – 1.2%
	Dealer Tire LLC/DT Issuer LLC(d)(e)
	269,000		8.000			02/01/28		280,433
	Ford Motor Co.
	130,000		4.750			01/15/43		136,670
	General Motors Co.(d)
	175,000		6.125			10/01/25		205,112
	General Motors Financial Co., Inc.(d)
	150,000		5.650			01/17/29		180,363
	NIO, Inc.(e)(f)
	300,000		0.500			02/01/27		244,215
	Real Hero Merger Sub 2, Inc.(d)(e)
	40,000		6.250			02/01/29		41,400
	Wheel Pros, Inc.(d)(e)
	145,000		6.500			05/15/29		140,650
								1,228,843
Banks – 10.2%
	Banco de Bogota SA
	700,000		6.250			05/12/26		763,000
	Banco do Brasil SA(b)(d)(10 Year CMT + 4.398%)
	400,000		6.250			10/29/49		398,000
	Banco Mercantil del Norte SA(b)
	(5 Year CMT + 5.035%)
	200,000		6.875	(d)		12/31/99		204,787
	(10 Year CMT + 5.353%)
	400,000		7.625			12/31/99		446,325
	Banco Santander SA
	400,000		2.749			12/03/30		397,312
	Bank of America Corp.(d)
	275,000		4.183			11/25/27		306,388

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp.(d) – (continued)
	(3M USD LIBOR + 1.310%)
$	100,000		4.271	%(b)		07/23/29	$	113,391
	(3M USD LIBOR + 1.190%)
	125,000		2.884	(b)		10/22/30		130,491
	(3M USD LIBOR + 0.990%)
	50,000		2.496	(b)		02/13/31		50,598
	(SOFR + 2.150%)
	275,000		2.592	(b)		04/29/31		280,511
	(SOFR + 1.530%)
	200,000		1.898	(b)		07/23/31		192,496
	Barclays PLC(b)(d) (SOFR + 2.714%)
	225,000		2.852			05/07/26		236,131
	BBVA Bancomer SA(b)(d) (5 Year CMT + 2.650%)
	200,000		5.125			01/18/33		207,750
	BNP Paribas SA(e)
	200,000		3.375			01/09/25		213,264
	Citigroup, Inc.
	125,000		4.300			11/20/26		140,540
	275,000		4.125			07/25/28		307,134
	(SOFR + 1.422%)
	100,000		2.976	(b)(d)		11/05/30		105,181
	Credit Suisse Group AG
	250,000		4.550			04/17/26		280,927
	(5 Year CMT + 4.889%)
	200,000		5.250	(b)(d)(e)		12/31/99		209,250
	Deutsche Bank AG(b)(d)(SOFR + 2.159%)
	150,000		2.222			09/18/24		153,719
	First Horizon Corp.(d)
	25,000		4.000			05/26/25		27,273
	Freedom Mortgage Corp.(d)(e)
	315,000		7.625			05/01/26		321,300
	220,000		6.625			01/15/27		214,225
	HSBC Holdings PLC(b)(d) (SOFR + 1.538%)
	200,000		1.645			04/18/26		201,180
	Itau Unibanco Holding SA(b)(d) (5 Year CMT + 3.981%)
	200,000		6.125			12/31/99		202,163
	JPMorgan Chase & Co.(d)
	(3M USD LIBOR + 1.245%)
	500,000		3.960	(b)		01/29/27		551,960
	500,000		3.625			12/01/27		546,050
	(3M USD LIBOR + 0.945%)
	225,000		3.509	(b)		01/23/29		244,908
	(SOFR + 2.515%)
	50,000		2.956	(b)		05/13/31		52,066
	(3M USD LIBOR + 3.800%)
	40,000		3.926	(b)		12/29/49		40,092
	(SOFR + 3.125%)
	150,000		4.600	(b)		12/31/99		153,446
	Macquarie Bank Ltd.(b)(d)(e) (5 year CMT + 1.700%)
	200,000		3.052			03/03/36		198,004
	Morgan Stanley, Inc.(b)(d)
	(3M USD LIBOR + 1.628%)
	25,000		4.431			01/23/30		28,845
	(SOFR + 1.143%)
	600,000		2.699			01/22/31		620,316
Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, Inc.(b)(d) – (continued)
	(SOFR + 1.034%)
	100,000		1.794			02/13/32		95,197
	Natwest Group PLC(b)(d) (3M USD LIBOR + 1.762%)
	225,000		4.269			03/22/25		242,804
	Truist Financial Corp.(b)(d) (10 Year CMT + 4.349%)
	316,000		5.100			12/31/99		361,883
	Turkiye Vakiflar Bankasi TAO
	200,000		8.125			03/28/24		214,787
	200,000		6.500	(e)		01/08/26		204,000
	Wells Fargo & Co.
	300,000		4.300			07/22/27		340,470
	125,000		4.150	(d)		01/24/29		141,905
	Yapi ve Kredi Bankasi A/S(b)(d)(e)
	(5 year CMT + 7.415%)
	270,000		7.875			01/22/31		276,750
	(5 Year USD Swap + 11.245%)
	200,000		13.875			12/31/99		228,000
								10,644,819
Beverages(d) – 0.7%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
	150,000		4.700			02/01/36		181,328
	Anheuser-Busch InBev Worldwide, Inc.
	175,000		4.750			01/23/29		206,066
	Constellation Brands, Inc.
	100,000		3.150			08/01/29		107,034
	Keurig Dr Pepper, Inc.
	176,000		3.200			05/01/30		189,198
								683,626
Biotechnology(d) – 0.1%
	HCRX Investments Holdco LP(e)
	85,000		4.500			08/01/29		85,638
	Royalty Pharma PLC
	50,000		1.200			09/02/25		49,653
								135,291
Building Materials(d) – 0.8%
	APi Group DE, Inc.(e)
	240,000		4.125			07/15/29		235,200
	Carrier Global Corp.
	150,000		2.722			02/15/30		155,090
	Cornerstone Building Brands, Inc.(e)
	167,000		6.125			01/15/29		177,020
	CP Atlas Buyer, Inc.(e)
	300,000		7.000			12/01/28		300,750
								868,060
Chemicals(d) – 1.7%
	Axalta Coating Systems LLC(e)
	250,000		3.375			02/15/29		243,125
	Ingevity Corp.(e)
	125,000		3.875			11/01/28		124,687
	International Flavors & Fragrances, Inc.(e)
	275,000		2.300			11/01/30		272,583

84 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)
Chemicals(d) – (continued)
	Minerals Technologies, Inc.(e)
$	315,000		5.000	%		07/01/28	$	325,631
	Rayonier AM Products, Inc.(e)
	30,000		7.625			01/15/26		31,613
	The Chemours Co.(e)
	365,000		4.625			11/15/29		354,962
	The Sherwin-Williams Co.
	175,000		2.950			08/15/29		185,334
	Unifrax Escrow Issuer Corp.(e)
	80,000		5.250			09/30/28		81,000
	WR Grace Holdings LLC(e)
	150,000		5.625			08/15/29		154,875
								1,773,810
Commercial Services – 1.8%
	Alarm.com Holdings, Inc.(e)(g)
	15,000		0.000			01/15/26		13,458
	Allied Universal Holdco LLC/Allied Universal Finance Corp.(d)
	170,000		9.750			07/15/27		184,662
	170,000		6.000	(e)		06/01/29		168,300
	APX Group, Inc.(d)(e)
	374,000		5.750			07/15/29		367,455
	CoStar Group, Inc.(d)(e)
	75,000		2.800			07/15/30		76,203
	DP World Crescent Ltd.(d)
	200,000		3.750			01/30/30		213,500
	Global Payments, Inc.(d)
	75,000		3.200			08/15/29		79,289
	HealthEquity, Inc.(d)(e)
	54,000		4.500			10/01/29		54,878
	IHS Markit Ltd.(d)
	75,000		4.250			05/01/29		85,687
	Quanta Services, Inc.(d)
	61,000		2.900			10/01/30		63,044
	Verisure Holding AB(d)(e)
EUR	125,000		3.250			02/15/27		145,593
	Verisure Midholding AB(d)
	125,000		5.250	(e)		02/15/29		148,580
	200,000		5.250			02/15/29		237,571
								1,838,220
Computers(d) – 0.8%
	Amdocs Ltd.
$	75,000		2.538			06/15/30		74,675
	Austin BidCo, Inc.(e)
	62,000		7.125			12/15/28		62,620
	Dell International LLC/EMC Corp.
	325,000		6.020			06/15/26		387,614
	Hewlett Packard Enterprise Co.
	175,000		4.900			10/15/25		197,993
	KBR, Inc.(e)
	71,000		4.750			09/30/28		72,243
	Unisys Corp.(e)
	80,000		6.875			11/01/27		87,200
								882,345
Corporate Obligations – (continued)
Distribution & Wholesale(d)(e) – 0.8%
	American Builders & Contractors Supply Co, Inc.
	280,000		3.875			11/15/29		277,900
	BCPE Empire Holdings, Inc.
	246,000		7.625			05/01/27		244,770
	Wolverine Escrow LLC
	371,000		8.500			11/15/24		344,103
								866,773
Diversified Financial Services(d) – 5.9%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	150,000		4.875			01/16/24		162,042
	175,000		6.500			07/15/25		203,093
	AG Issuer LLC(e)
	228,000		6.250			03/01/28		239,115
	Air Lease Corp.
	75,000		2.875			01/15/26		78,249
	320,000		3.750			06/01/26		346,448
	Ally Financial, Inc.(b)(7 year CMT + 3.481%)
	295,000		4.700			12/31/99		306,062
	Aviation Capital Group LLC(e)
	75,000		1.950			01/30/26		74,766
	Avolon Holdings Funding Ltd.(e)
	60,000		3.950			07/01/24		63,675
	100,000		2.875			02/15/25		102,870
	50,000		4.250			04/15/26		53,852
	Global Aircraft Leasing Co. Ltd.(e)(h) (PIK 7.250%, Cash 6.500%)
	91,273		6.500			09/15/24		90,018
	Huarong Finance 2019 Co. Ltd.
	310,000		2.500			02/24/23		293,725
	360,000		2.125			09/30/23		332,100
	Icahn Enterprises LP/Icahn Enterprises Finance Corp.
	215,000		4.375			02/01/29		214,731
	JAB Holdings B.V.(e)
	250,000		2.200			11/23/30		244,990
	LD Holdings Group LLC(e)
	215,000		6.500			11/01/25		214,462
	185,000		6.125			04/01/28		174,363
	Midcap Financial Issuer Trust(e)
	200,000		6.500			05/01/28		208,750
	Mozart Debt Merger Sub, Inc.(e)
	260,000		3.875			04/01/29		260,000
	80,000		5.250			10/01/29		80,619
	Nationstar Mortgage Holdings, Inc.(e)
	295,000		5.500			08/15/28		303,855
	Navient Corp.
	455,000		5.000			03/15/27		467,512
	NFP Corp.(e)
	662,000		6.875			08/15/28		671,930
	OneMain Finance Corp.
	164,000		4.000			09/15/30		162,565
	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(e)
	185,000		2.875			10/15/26		180,635
	190,000		4.000			10/15/33		189,416
	United Wholesale Mortgage LLC(e)
	340,000		5.500			04/15/29		330,650
	175,000		5.500			11/15/25		176,313
								6,226,806

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical(d) – 1.4%
	AES Panama Generation Holdings SRL
$	400,000		4.375	%		05/31/30	$	412,400
	American Electric Power Co., Inc.
	25,000		2.300			03/01/30		24,903
	Calpine Corp.(e)
	415,000		3.750			03/01/31		399,956
	Pacific Gas & Electric Co.
	25,000		2.100			08/01/27		24,394
	50,000		2.500			02/01/31		47,562
	Pike Corp.(e)
	220,000		5.500			09/01/28		224,125
	Sempra Energy
	50,000		3.400			02/01/28		54,134
	Talen Energy Supply LLC(e)
	90,000		10.500			01/15/26		49,050
	The Southern Co.
	120,000		3.250			07/01/26		129,168
	Vistra Operations Co. LLC(e)
	50,000		3.550			07/15/24		52,610
	60,000		4.300			07/15/29		63,977
								1,482,279
Electronics(d)(e) – 0.2%
	Imola Merger Corp.
	184,000		4.750			05/15/29		190,210
Engineering & Construction – 1.6%
	Aeropuerto Internacional de Tocumen SA(d)(e)
	210,000		4.000			08/11/41		213,583
	200,000		5.125			08/11/61		209,787
	Arcosa, Inc.(d)(e)
	125,000		4.375			04/15/29		126,563
	Global Infrastructure Solutions, Inc.(d)(e)
	265,000		5.625			06/01/29		270,300
	IHS Netherlands Holdco B.V.(d)
	200,000		7.125			03/18/25		205,475
	200,000		8.000			09/18/27		213,750
	Mexico City Airport Trust
	400,000		5.500			10/31/46		405,825
								1,645,283
Entertainment(d)(e) – 1.2%
	Allen Media LLC/Allen Media Co-Issuer, Inc.
	245,000		10.500			02/15/28		251,431
	Boyne USA, Inc.
	125,000		4.750			05/15/29		128,750
	Caesars Entertainment, Inc.
	105,000		4.625			10/15/29		106,838
	Motion Bondco DAC
	400,000		6.625			11/15/27		406,000
	SeaWorld Parks & Entertainment, Inc.
	390,000		5.250			08/15/29		398,287
								1,291,306
Environmental(d)(e) – 0.6%
	GFL Environmental, Inc.
	242,000		4.000			08/01/28		240,790
Corporate Obligations – (continued)
Environmental(d)(e) – (continued)
	Waste Pro USA, Inc.
	349,000		5.500			02/15/26	$	352,490
								593,280
Food & Drug Retailing – 1.8%
	BRF SA(d)
	400,000		4.875			01/24/30		400,880
	H-Food Holdings LLC/Hearthside Finance Co., Inc.(d)(e)
	280,000		8.500			06/01/26		289,800
	Kraft Heinz Foods Co.
	330,000		6.875			01/26/39		484,563
	101,000		5.500	(d)		06/01/50		133,365
	Post Holdings, Inc.(d)(e)
	22,000		4.625			04/15/30		22,137
	United Natural Foods, Inc.(d)(e)
	265,000		6.750			10/15/28		286,200
	US Foods, Inc.(d)(e)
	301,000		4.750			02/15/29		307,772
								1,924,717
Healthcare Providers & Services(d) – 1.6%
	CAB SELAS(e)
EUR	150,000		3.375			02/01/28		175,127
	Chrome Holdco SASU(e)
	200,000		5.000			05/31/29		236,936
	CHS/Community Health Systems, Inc.(e)
$	149,000		4.750			02/15/31		150,117
	DaVita, Inc.(e)
	387,000		3.750			02/15/31		375,874
	DENTSPLY SIRONA, Inc.
	50,000		3.250			06/01/30		53,247
	DH Europe Finance II S.a.r.l.
	50,000		2.600			11/15/29		52,136
	Laboratoire Eimer Selas(e)
EUR	100,000		5.000			02/01/29		119,514
	Lifepoint Health, Inc.(e)
	260,000		5.375			01/15/29		252,850
	Stryker Corp.
	50,000		1.950			06/15/30		49,362
	Tenet Healthcare Corp.(e)
	96,000		6.125			10/01/28		100,800
	Thermo Fisher Scientific, Inc.
	50,000		4.497			03/25/30		59,093
	Zimmer Biomet Holdings, Inc.
	50,000		3.550			03/20/30		54,667
								1,679,723
Home Builders(d)(e) – 0.4%
	LGI Homes, Inc.
	315,000		4.000			07/15/29		313,425
	Taylor Morrison Communities, Inc.
	63,000		5.125			08/01/30		67,646
								381,071
Housewares(d) – 0.5%
	CD&R Smokey Buyer, Inc.(e)
	110,000		6.750			07/15/25		116,325

86 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)
Housewares(d) – (continued)
	Newell Brands, Inc.
$	120,000		6.000	%		04/01/46	$	155,100
	SWF Escrow Issuer Corp.(e)
	260,000		6.500			10/01/29		251,875
								523,300
Insurance(d) – 1.5%
	Acrisure LLC/Acrisure Finance, Inc.(e)
	60,000		10.125			08/01/26		66,975
	250,000		4.250			02/15/29		247,188
	210,000		6.000			08/01/29		207,375
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer(e)
	119,000		6.750			10/15/27		123,165
	American International Group, Inc.
	175,000		4.200			04/01/28		199,407
	25,000		3.400			06/30/30		27,305
	AssuredPartners, Inc.(e)
	70,000		5.625			01/15/29		70,350
	BroadStreet Partners, Inc.(e)
	300,000		5.875			04/15/29		297,153
	Equitable Holdings, Inc.
	60,000		4.350			04/20/28		68,310
	HUB International Ltd.(e)
	212,000		7.000			05/01/26		218,890
								1,526,118
Internet(d) – 2.9%
	Adevinta ASA
EUR	100,000		3.000			11/15/27		119,287
	Arches Buyer, Inc.(e)
$	77,000		6.125			12/01/28		78,155
	Booking Holdings, Inc.
	72,000		4.625			04/13/30		85,626
	Endure Digital, Inc.(e)
	574,000		6.000			02/15/29		543,865
	Expedia Group, Inc.
	100,000		4.500			08/15/24		108,614
	180,000		6.250	(e)		05/01/25		207,479
	167,000		4.625			08/01/27		189,373
	75,000		2.950			03/15/31		75,972
	Getty Images, Inc.(e)
	358,000		9.750			03/01/27		381,270
	Match Group Holdings II LLC(e)
	85,000		3.625			10/01/31		84,150
	Prosus NV
	400,000		3.680			01/21/30		413,325
EUR	120,000		2.031	(e)		08/03/32		138,307
	Uber Technologies, Inc.(e)
$	110,000		6.250			01/15/28		117,562
	330,000		4.500			08/15/29		330,825
	United Group BV(e)
EUR	175,000		4.625			08/15/28		203,235
								3,077,045
Iron/Steel(d) – 0.3%
	Metinvest B.V.
	200,000		8.500			04/23/26		222,413
Corporate Obligations – (continued)
Iron/Steel(d) – (continued)
	Vale Overseas Ltd.
	60,000		3.750			07/08/30		61,932
								284,345
Leisure Time(d)(e) – 0.4%
	NCL Corp. Ltd.
	275,000		3.625			12/15/24		260,219
	TUI Cruises GmbH
EUR	125,000		6.500			05/15/26		149,000
								409,219
Lodging(d) – 0.7%
	Fortune Star BVI Ltd.
	400,000		6.750			07/02/23		413,575
	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc(e)
	230,000		5.000			06/01/29		234,313
	Marriott Ownership Resorts, Inc.(e)
	60,000		4.500			06/15/29		60,900
								708,788
Machinery-Diversified(d) – 0.7%
	Husky III Holding Ltd.(e)(h) (PIK 13.750%, Cash 13.000%)
	30,000		13.000			02/15/25		31,913
	Otis Worldwide Corp.
	325,000		2.565			02/15/30		333,596
	Titan Acquisition Ltd./Titan Co-Borrower LLC(e)
	401,000		7.750			04/15/26		409,020
								774,529
Media – 3.5%
	Charter Communications Operating LLC/Charter Communications Operating Capital(d)
	975,000		4.908			07/23/25		1,095,997
	225,000		3.750			02/15/28		246,352
	Comcast Corp.(d)
	100,000		4.150			10/15/28		115,077
	200,000		4.250			10/15/30		233,212
	CSC Holdings LLC(d)(e)
	200,000		5.000			11/15/31		192,000
	DIRECTV Holdings LLC/DIRECTV Financing Co, Inc.(d)(e)
	225,000		5.875			08/15/27		234,562
	DISH DBS Corp.
	133,000		7.750			07/01/26		150,290
	180,000		7.375	(d)		07/01/28		191,025
	200,000		5.125			06/01/29		195,500
	Gray Television, Inc.(d)(e)
	180,000		7.000			05/15/27		193,050
	Scripps Escrow II, Inc.(d)(e)
	130,000		5.375			01/15/31		127,725
	Scripps Escrow, Inc.(d)(e)
	115,000		5.875			07/15/27		117,444
	TEGNA, Inc.(d)
	50,000		4.625			03/15/28		51,063
	Townsquare Media, Inc.(d)(e)
	210,000		6.875			02/01/26		221,288

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	Urban One, Inc.(d)(e)
$	185,000		7.375	%		02/01/28	$	198,413
	Ziggo Bond Co. B.V.(d)(e)
EUR	100,000		3.375			02/28/30		115,530
								3,678,528
Mining(d) – 0.4%
	Freeport-McMoRan, Inc.
	200,000		5.400			11/14/34		240,000
	Glencore Funding LLC(e)
	100,000		1.625			04/27/26		99,563
	Teck Resources Ltd.
	25,000		3.900			07/15/30		27,152
								366,715
Miscellaneous Manufacturing – 1.3%
	General Electric Co.
	250,000		3.625	(d)		05/01/30		277,882
	125,000		5.875			01/14/38		169,141
	(3M USD LIBOR + 3.330%)
	742,000		3.446	(b)(d)		12/29/49		725,580
	Hillenbrand, Inc.(d)
	154,000		3.750			03/01/31		152,845
								1,325,448
Multi-National(d)(e) – 0.6%
	Banque Ouest Africaine de Developpement
EUR	480,000		2.750			01/22/33		594,450
Oil Field Services – 2.7%
	Cenovus Energy, Inc.
$	45,000		5.375	(d)		07/15/25		50,948
	85,000		6.750			11/15/39		115,735
	Devon Energy Corp.(d)
	55,000		5.850			12/15/25		63,645
	EQT Corp.(d)(e)
	225,000		3.625			05/15/31		234,000
	Marathon Petroleum Corp.(d)
	50,000		3.800			04/01/28		54,944
	MEG Energy Corp.(d)(e)
	140,000		5.875			02/01/29		142,975
	Nabors Industries, Inc.(d)(e)
	322,000		9.000			02/01/25		332,465
	Noble Finance Co.(d)(h) (PIK 15.000%, Cash 11.000%)
	36,761		11.000			02/15/28		40,529
	Occidental Petroleum Corp.(d)
	200,000		5.550			03/15/26		222,000
	Sunoco LP/Sunoco Finance Corp.(d)
	135,000		4.500			05/15/29		136,856
	TechnipFMC PLC(d)(e)
	315,000		6.500			02/01/26		337,838
	Transocean Poseidon Ltd.(d)(e)
	80,000		6.875			02/01/27		79,600
	Transocean, Inc.(d)(e)
	798,000		11.500			01/30/27		821,940
Corporate Obligations – (continued)
Oil Field Services – (continued)
	USA Compression Partners LP/USA Compression Finance Corp.(d)
	223,000		6.875			04/01/26		231,363
								2,864,838
Packaging – 1.1%
	Berry Global, Inc.(d)(e)
	75,000		1.570			01/15/26		75,028
	Intelligent Packaging Ltd. Finco, Inc./Intelligent Packaging Ltd. Co-Issuer LLC(d)(e)
	228,000		6.000			09/15/28		238,830
	Kleopatra Finco S.a.r.l.(d)(e)
EUR	100,000		4.250			03/01/26		113,395
	Kleopatra Holdings 2 SCA(d)(e)
	100,000		6.500			09/01/26		109,154
	Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro(d)(e)
$	88,000		4.000			10/15/27		87,230
	Pactiv LLC
	285,000		8.375			04/15/27		325,256
	Sealed Air Corp.(e)
	113,000		6.875			07/15/33		148,030
								1,096,923
Pharmaceuticals(d) – 2.1%
	AbbVie, Inc.
	225,000		3.200			11/21/29		242,451
	AdaptHealth LLC(e)
	65,000		6.125			08/01/28		68,900
	120,000		4.625			08/01/29		119,700
	80,000		5.125			03/01/30		80,000
	Becton Dickinson & Co.
	175,000		3.700			06/06/27		193,478
	25,000		2.823			05/20/30		26,169
	Cigna Corp.
	400,000		2.400			03/15/30		406,732
	CVS Health Corp.
	100,000		3.250			08/15/29		107,531
	100,000		3.750			04/01/30		111,126
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc.(e)
	398,000		4.875			06/01/29		397,005
	Organon & Co./Organon Foreign Debt Co.-Issuer BV(e)
	210,000		5.125			04/30/31		220,500
	Prestige Brands, Inc.(e)
	210,000		3.750			04/01/31		202,650
	Zoetis, Inc.
	50,000		2.000			05/15/30		49,412
								2,225,654
Pipelines(d) – 3.9%
	CNX Midstream Partners LP(e)
	95,000		4.750			04/15/30		95,950
	CQP Holdco LP/BIP-V Chinook Holdco LLC(e)
	360,000		5.500			06/15/31		381,600
	DT Midstream, Inc.(e)
	235,000		4.375			06/15/31		242,050

88 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)
Pipelines(d) – (continued)
	Energy Transfer LP
$	60,000		4.050	%		03/15/25	$	64,750
	175,000		5.250			04/15/29		205,011
	Global Partners LP/GLP Finance Corp.
	345,000		6.875			01/15/29		356,212
	ITT Holdings LLC(e)
	105,000		6.500			08/01/29		105,525
	MPLX LP
	135,000		4.000			03/15/28		149,280
	75,000		2.650			08/15/30		75,349
	NGL Energy Operating LLC/NGL Energy Finance Corp.(e)
	260,000		7.500			02/01/26		264,225
	NuStar Logistics LP
	145,000		6.000			06/01/26		156,600
	185,000		6.375			10/01/30		204,425
	ONEOK, Inc.
	50,000		6.350			01/15/31		64,079
	Plains All American Pipeline LP/PAA Finance Corp.
	150,000		3.800			09/15/30		159,903
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp.
	225,000		5.500			08/15/22		220,500
	265,000		5.750			04/15/25		241,150
	Summit Midstream Partners LP(b)(i) (3M USD LIBOR + 7.430%)
	312,000		9.500			12/31/99		258,960
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.(e)
	50,000		6.000			12/31/30		51,250
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	95,000		5.375			02/01/27		98,325
	160,000		4.875			02/01/31		172,600
	415,000		4.000(e	)		01/15/32		427,969
	Venture Global Calcasieu Pass LLC(e)
	100,000		4.125			08/15/31		104,125
								4,099,838
Real Estate(d) – 0.5%
	ADLER Real Estate AG
EUR	200,000		3.000			04/27/26		202,394
	NE Property B.V.
	200,000		3.375			07/14/27		260,049
	Realogy Group LLC/Realogy Co-Issuer Corp.(e)
$	96,000		5.750			01/15/29		99,360
								561,803
Real Estate Investment Trust(d) – 1.0%
	Agree LP
	25,000		2.900			10/01/30		25,830
	Crown Castle International Corp.
	175,000		4.450			02/15/26		195,939
	150,000		3.300			07/01/30		159,915
	Duke Realty LP
	25,000		1.750			07/01/30		23,988
	Regency Centers LP
	60,000		2.950			09/15/29		62,999
	Spirit Realty LP
	60,000		4.000			07/15/29		66,472
Corporate Obligations – (continued)
Real Estate Investment Trust(d) – (continued)
	Trust Fibra Uno
	200,000		4.869			01/15/30		217,395
	VEREIT Operating Partnership LP
	55,000		4.875			06/01/26		62,981
	25,000		3.400			01/15/28		27,015
	50,000		2.850			12/15/32		51,931
	WP Carey, Inc.
	75,000		4.250			10/01/26		84,143
	60,000		3.850			07/15/29		66,484
	25,000		2.400			02/01/31		24,731
								1,069,823
Retailing – 4.1%
	1011778 BC ULC/New Red Finance, Inc.(d)(e)
	237,000		4.000			10/15/30		234,038
	Ambience Merger Sub, Inc.(d)(e)
	210,000		4.875			07/15/28		210,000
	205,000		7.125			07/15/29		206,025
	Beacon Roofing Supply, Inc.(d)(e)
	255,000		4.125			05/15/29		253,725
	Burlington Stores, Inc.
	79,000		2.250			04/15/25		115,553
	Carvana Co.(d)(e)
	90,000		5.500			04/15/27		92,250
	345,000		4.875			09/01/29		342,412
	Dollar Tree, Inc.(d)
	75,000		4.000			05/15/25		81,995
	eG Global Finance PLC(d)
EUR	250,000		4.375			02/07/25		289,547
	Foundation Building Materials, Inc.(d)(e)
$	95,000		6.000			03/01/29		93,100
	Group 1 Automotive, Inc.(d)(e)
	70,000		4.000			08/15/28		71,225
	GYP Holdings III Corp.(d)(e)
	115,000		4.625			05/01/29		115,903
	IRB Holding Corp.(d)(e)
	343,000		6.750			02/15/26		352,432
	Ken Garff Automotive LLC(d)(e)
	190,000		4.875			09/15/28		195,225
	LCM Investments Holdings II LLC(d)(e)
	290,000		4.875			05/01/29		296,956
	Lowe’s Cos., Inc.(d)
	225,000		1.700			10/15/30		215,291
	Penske Automotive Group, Inc.(d)
	189,000		3.750			06/15/29		190,890
	Specialty Building Products Holdings LLC/SBP Finance Corp.(d)(e)
	215,000		6.375			09/30/26		225,750
	SRS Distribution, Inc.(d)(e)
	100,000		6.125			07/01/29		103,000
	Suburban Propane Partners LP/Suburban Energy Finance Corp.(d)(e)
	210,000		5.000			06/01/31		216,825
	The Gap, Inc.(d)(e)
	100,000		3.625			10/01/29		100,250
	100,000		3.875			10/01/31		100,000

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Retailing – (continued)
	Tractor Supply Co.(d)
$	75,000		1.750	%		11/01/30	$	72,019
	Yum! Brands, Inc.(d)(e)
	2,000		7.750			04/01/25		2,135
	88,000		4.750			01/15/30		95,040
								4,271,586
Semiconductors(d)(e) – 1.1%
	Broadcom, Inc.
	87,000		3.469			04/15/34		89,967
	423,000		3.137			11/15/35		419,633
	400,000		3.187			11/15/36		396,632
	NXP B.V./NXP Funding LLC/NXP USA, Inc.
	165,000		3.875			06/18/26		181,840
	100,000		3.400			05/01/30		108,337
								1,196,409
Software(d) – 1.5%
	Brunello Bidco SpA(e)
EUR	350,000		3.500			02/15/28		404,551
	Castle US Holding Corp.(e)
$	277,000		9.500			02/15/28		289,465
	Clarivate Science Holdings Corp.(e)
	226,000		3.875			07/01/28		225,717
	204,000		4.875			07/01/29		203,745
	Elastic NV(e)
	160,000		4.125			07/15/29		159,800
	Playtika Holding Corp.(e)
	213,000		4.250			03/15/29		213,799
	ServiceNow, Inc.
	125,000		1.400			09/01/30		117,314
								1,614,391
Telecommunication Services – 3.6%
	Altice France SA(d)(e)
EUR	100,000		2.125			02/15/25		112,800
$	374,000		5.500			10/15/29		369,325
	AT&T, Inc.(d)
	300,000		2.300			06/01/27		310,734
	75,000		1.650			02/01/28		74,311
	75,000		2.750			06/01/31		77,024
	202,000		2.550			12/01/33		198,760
	175,000		4.900			08/15/37		211,893
	25,000		5.150			11/15/46		31,699
	25,000		3.650			06/01/51		25,468
	25,000		3.500			09/15/53		24,754
	Bharti Airtel Ltd.(d)(e)
	360,000		3.250			06/03/31		360,009
	Frontier Communications Holdings LLC(d)(e)
	83,000		5.000			05/01/28		87,150
	Intelsat Jackson Holdings SA(d)(i)
	450,000		5.500			08/01/23		249,750
	Sprint Capital Corp.
	125,000		8.750			03/15/32		187,500
	T-Mobile USA, Inc.(d)
	150,000		3.750			04/15/27		165,264
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	T-Mobile USA, Inc.(d) – (continued)
	250,000		2.050			02/15/28		252,045
	200,000		3.875			04/15/30		220,960
	Telecom Italia SpA(d)
EUR	175,000		2.875			01/28/26		214,053
	Verizon Communications, Inc.
$	275,000		4.329			09/21/28		316,346
	275,000		3.150	(d)		03/22/30		294,167
								3,784,012
Transportation – 0.8%
	Cargo Aircraft Management, Inc.(d)(e)
	80,000		4.750			02/01/28		82,900
	MV24 Capital B.V.
	747,016		6.748			06/01/34		791,043
	XPO Logistics, Inc.(d)(e)
	3,000		6.250			05/01/25		3,154
								877,097
Trucking & Leasing(d)(e) – 0.3%
	Fortress Transportation & Infrastructure Investors LLC
	350,000		5.500			05/01/28		351,750
	TOTAL CORPORATE OBLIGATIONS
	(Cost $73,068,407)						$	74,433,504
Mortgage-Backed Obligations – 4.0%
Collateralized Mortgage Obligations(j) – 1.0%
Interest Only – 1.0%
	FHLMC REMIC Series 4991, Class IE
$	581,010		5.000	%		07/25/50	$	79,868
	FNMA REMIC Series 2017-86, Class SB(b) (-1x 1M USD LIBOR + 6.150%)
	206,819		6.064			11/25/47		37,595
	FNMA REMIC Series 2020-60, Class KI
	424,158		2.000			09/25/50		45,280
	GNMA REMIC Series 2014-117, Class SJ(b) (-1x 1M USD LIBOR + 5.600%)
	856,888		5.513			08/20/44		152,434
	GNMA REMIC Series 2018-124, Class SN(b) (-1x 1M USD LIBOR + 6.200%)
	219,290		6.113			09/20/48		38,457
	GNMA REMIC Series 2019-110, Class PS(b) (-1X 1M USD LIBOR + 6.050%)
	549,030		5.963			09/20/49		98,552
	GNMA REMIC Series 2019-153, Class EI
	698,862		4.000			12/20/49		98,638
	GNMA REMIC Series 2020-146, Class KI
	838,551		2.500			10/20/50		85,063
	GNMA REMIC Series 2020-173, Class AI
	684,170		2.500			11/20/50		33,981
	GNMA REMIC Series 2020-21, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
	272,608		5.963			02/20/50		46,876
	GNMA REMIC Series 2020-55, Class AS(b) (-1x 1M USD LIBOR + 6.050%)
	418,719		5.963			04/20/50		74,425

90 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 – (continued)
Interest Only – (continued)
	GNMA REMIC Series 2020-55, Class IO
$	1,037,423		3.500	%		04/20/50	$	136,489
	GNMA REMIC Series 2020-61, Class GI
	289,202		5.000			05/20/50		30,461
	GNMA REMIC Series 2020-7, Class GI
	113,510		4.000			01/20/50		12,815
	GNMA REMIC Series 2020-78, Class SD(b) (-1x 1M USD LIBOR + 6.150%)
	360,421		6.063			06/20/50		59,260
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	1,030,194
Federal Agencies(k) – 3.0%
GNMA – 1.0%
$	1,000,000		4.500	%		TBA-30yr	$	1,066,437
UMBS, 30 Year, Single Family – 2.0%
	1,000,000		2.000			TBA-30yr		1,002,563
	1,000,000		5.000			TBA-30yr		1,099,408
								2,101,971
	TOTAL FEDERAL AGENCIES						$	3,168,408
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $4,162,282)						$	4,198,602
Asset-Backed Securities(b)(e) – 1.5%
Collateralized Loan Obligations – 1.5%
	Bain Capital Credit CLO Series 2019-1A, Class DR (3M USD LIBOR + 3.450%)
$	175,000		3.584	%		04/19/34	$	175,825
	Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	200,000		4.406			01/15/32		195,689
	Neuberger Berman Loan Advisers CLO 31, Ltd. Series 2019-31A, Class DR (3M USD LIBOR + 3.250%)
	600,000		3.384			04/20/31		600,424
	THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	600,000		3.854			04/18/36		600,300
	TOTAL ASSET-BACKED SECURITIES
	(Cost $1,566,000)						$	1,572,238
Foreign Debt Obligations – 11.3%
Sovereign – 11.3%
	Benin Government International Bond(e)
EUR	260,000		4.875	%		01/19/32	$	299,665
	Dominican Republic
$	640,000		5.500			01/27/25		698,920
	200,000		5.950			01/25/27		224,500
	240,000		4.875(e	)		09/23/32		244,845
	Finance Department Government of Sharjah(e)
	200,000		4.000			07/28/50		177,500
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Jamaica Government International Bond
	400,000		7.875			07/28/45		554,950
	Kingdom of Bahrain(e)
	200,000		7.375			05/14/30		221,600
	Kingdom of Morocco(e)
	310,000		3.000			12/15/32		294,112
	Pakistan Government International Bond(e)
	250,000		6.000			04/08/26		247,527
	Pakistan Water & Power Development Authority
	200,000		7.500			06/04/31		197,820
	Perusahaan Penerbit SBSN Indonesia III
	550,000		4.150			03/29/27		614,384
	Republic of Abu Dhabi(e)
	200,000		3.875			04/16/50		228,600
	Republic of Angola(e)
	200,000		8.250			05/09/28		206,975
	Republic of Argentina(d)
	13,920		1.000			07/09/29		5,331
	455,900		0.500	(l)		07/09/30		166,404
	Republic of Armenia(e)
	330,000		3.600			02/02/31		311,602
	Republic of Belarus Ministry of Finance(e)
	200,000		5.875			02/24/26		187,000
	Republic Of Cameroon(e)
EUR	220,000		5.950			07/07/32		249,342
	Republic of Colombia(d)
$	200,000		4.125			05/15/51		172,350
	Republic of Ecuador(e)
	34,036		0.000	(g)		07/31/30		17,699
	40,000		5.000	(l)		07/31/30		33,500
	46,400		0.500	(l)		07/31/40		26,877
	Republic of Egypt
EUR	180,000		4.750			04/11/25		211,631
	200,000		4.750			04/16/26		231,960
	200,000		5.625			04/16/30		220,666
$	200,000		8.875	(e)		05/29/50		197,020
	Republic of Indonesia
EUR	100,000		1.100			03/12/33		112,070
	Republic of Ivory Coast(e)
	500,000		4.875			01/30/32		565,166
	Republic of Lebanon(i)
$	10,000		6.200			02/26/25		1,650
	10,000		6.750			11/29/27		1,650
	20,000		6.850			05/25/29		3,235
	110,000		6.650			02/26/30		18,150
	10,000		8.250			05/17/34		1,602
	Republic of Nigeria
	400,000		7.625			11/21/25		441,450
	Republic of Oman(e)
	320,000		6.250			01/25/31		341,600
	Republic of Paraguay
	200,000		4.700			03/27/27		221,163
	200,000		4.950	(d)		04/28/31		225,037
	Republic of Peru(d)
	400,000		2.783			01/23/31		396,450

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Romania
EUR	290,000		2.875	%		03/11/29	$	368,002
	30,000		2.625	(e)		12/02/40		32,318
	Republic of Senegal(e)
	200,000		5.375			06/08/37		227,905
	Republic of Turkey
$	200,000		6.125			10/24/28		197,538
	200,000		7.625			04/26/29		213,225
	200,000		6.500			09/20/33		191,250
	200,000		4.875			04/16/43		155,350
	Republic of Uzbekistan(e)
	200,000		3.700			11/25/30		193,200
	Russian Federation Bond
	200,000		4.750			05/27/26		224,912
	Ukraine Government Bond
	190,000		7.750			09/01/23		203,110
	200,000		7.750			09/01/24		216,350
	200,000		7.750			09/01/26		216,788
	United Mexican States
	540,000		4.500			04/22/29		606,420
	200,000		2.659	(d)		05/24/31		192,913
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $11,912,905)						$	11,811,284
U.S. Treasury Obligation – 1.3%
	United States Treasury Notes
$	1,320,000		0.875	%		09/30/26	$	1,312,987
	(Cost $1,312,617)
Shares		Description					Value
Common Stocks(i) – 0.1%
Energy Equipment & Services – 0.1%
	811		Nabors Industries Ltd.				$	78,245
Oil, Gas & Consumable Fuels – 0.0%
	1,293		Whiting Petroleum Corp.					75,524
	TOTAL COMMON STOCKS
	(Cost $155,907)						$	153,769

Shares		Dividend Rate	Value
Investment Company(m) – 3.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,560,432	0.026%	$	3,560,432
	(Cost $3,560,432)
	TOTAL INVESTMENTS – 102.5%
	(Cost $106,052,104)		$	107,416,876
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (2.5)%			(2,580,895	)
	NET ASSETS – 100.0%		$	104,835,981

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, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	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, 2021.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	Pay-in-kind securities.
(i)	Security is currently in default and/or non-income producing.
(j)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(k)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $3,168,408 which represents approximately 3.0% of the Fund’s net assets as of September 30, 2021.
(l)	Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2021.
(m)	Represents an affiliated issuer.

Currency Abbreviations:
CAD	—Canadian Dollar
EUR	—Euro
JPY	—Japanese Yen
NZD	—New Zealand Dollar
SEK	—Swedish Krona
USD	—U.S. Dollar

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

GOLDMAN SACHS INCOME FUND

Investment Abbreviations:
CLO	— Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
CP	—Commercial Paper
EURO	—Euro Offered Rate
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2021, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
Trident TPI Holdings, due 09/15/28	$	21,739	$	21,762	$	23

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	USD	134,520	CAD	169,479		12/15/21	$	714
	USD	6,974,359	EUR	5,894,686		11/24/21		138,946
	USD	74,897	NZD	105,519		12/15/21		2,097
	USD	95,837	SEK	823,718		12/15/21		1,671
TOTAL							$	143,428

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	EUR	162,880	USD	193,308		12/15/21	$	(4,325	)
	JPY	8,701,302	USD	79,040		12/15/21		(800	)
TOTAL							$	(5,125	)

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

GOLDMAN SACHS INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		32			12/31/21	$	7,041,750		$	(4,076	)
5 Year U.S. Treasury Notes		14			12/31/21		1,718,391			(7,067	)
10 Year U.S. Treasury Notes		4			12/21/21		526,437			(7	)
20 Year U.S. Treasury Bonds		8			12/21/21		1,273,750			(34,013	)
Total									$	(45,163	)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(6	)		12/21/21		(1,146,375	)		31,989
Ultra 10 Year U.S. Treasury Notes		(8	)		12/21/21		(1,162,000	)		17,289
Total									$	49,278
TOTAL FUTURES CONTRACTS									$	4,115

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by Fund(b)		Termination Date		Notional Amount (000s)(c)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
(0.250)		6M EURO		12/15/24	EUR	770	$	(1,905	)	$	(4,395	)	$	2,490
(0.250)		6M EURO		12/15/25		200		87			(994	)		1,081
(0.250)		6M EURO		12/15/26		670		3,539			(1,614	)		5,153
0.000		6M EURO		12/15/28		470		(460	)		(6,302	)		5,842
0.000		6M EURO		12/15/31		1,970		43,659			3,239			40,420
0.500		6M EURO		12/15/41		180		657			(6,187	)		6,844
0.250		6M EURO		12/15/51		20		1,627			613			1,014
TOTAL							$	47,204		$	(15,640)		$	62,844

(a) Payments made annually.

(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, 2021.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)			Credit Spread at September 30, 2021(b)			Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Transocean, Inc., 8.000%, 02/01/2027		(1.000	)%		11.39	%		12/20/22	$	60	$	7,207	$	6,014		$	1,193
Protection Sold:
CDX.NA.HY Index 34		5.000			2.498			06/20/25		46		4,067		(1,358	)		5,425
CDX.NA.IG Index 28		1.000			0.219			06/20/22		625		3,727		3,103			624
CDX.NA.IG Index 33		1.000			0.411			12/20/24		1,950		37,194		28,652			8,542
CDX.NA.IG Index 34		1.000			0.463			06/20/25		15,350		305,373		141,582			163,791
CDX.NA.IG Index 34		1.000			0.251			06/20/23		425		5,620		3,126			2,494
TOTAL											$	363,188	$	181,119		$	182,069

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

GOLDMAN SACHS INCOME FUND

(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 28	—CDX North America Investment Grade Index 28
CDX.NA.IG Index 33	—CDX North America Investment Grade Index 33
CDX.NA.IG Index 34	—CDX North America Investment Grade Index 34

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Secured Debt Obligations – 41.0%
Bank Loans(a) – 28.0%
Advertising(b) – 0.3%
	Terrier Media Buyer, Inc. (B+/B1) (1M LIBOR + 3.500%)
$	466,723		3.584	%		12/17/26	$	465,556
Aerospace & Defense(b) – 1.4%
	ADS Tactical, Inc. (B+/B3) (3M LIBOR + 5.750%)
	636,218		6.750			03/19/26		637,809
	Brown Group Holding LLC (B+/B1) (3M LIBOR + 2.750%)
	654,067		3.250			06/07/28		653,250
	TransDigm, Inc. (B+/Ba3) (1M LIBOR + 2.250%)
	587,005		2.334			12/09/25		579,667
								1,870,726
Airlines(b) – 0.4%
	Air Canada (BB-/Ba2) (3M LIBOR + 3.500%)
	200,000		4.250			08/11/28		200,666
	United Airlines, Inc. (BB-/Ba1) (3M LIBOR + 3.750%)
	398,000		4.500			04/21/28		400,444
								601,110
Auto Components(b) – 1.1%
	First Brands Group LLC (B/B1) (1M LIBOR + 5.000%)
	442,465		6.000			03/30/27		446,447
	Garrett LX I S.a.r.l. (B+/Ba2) (3M LIBOR + 3.250%)
	400,000		3.750			04/30/28		398,500
	Mavis Tire Express Services Corp. (B-/B2) (1M LIBOR + 4.000%)
	199,500		4.750			05/04/28		199,863
	Wheel Pros, LLC (B-/B2) (1M LIBOR + 4.500%)
	450,000		5.250			05/11/28		449,482
								1,494,292
Automotive(b) – 0.5%
	SRAM, LLC (BB-/B1) (6M LIBOR + 2.750%)
	429,545		3.250			05/12/28		428,828
	Truck Hero, Inc. (B-/B2) (1M LIBOR + 3.250%)
	298,500		4.000			01/31/28		297,691
								726,519
Building & Construction – 0.5%
	DG Investment Intermediate Holdings 2, Inc. (B/B2)(b)
	(1M LIBOR + 3.750%)
	185,574		4.500			03/31/28		186,203
	(3M LIBOR + 3.750%)
	35,981		3.750			03/31/28		36,102
	KKR Apple Bidco LLC (CCC+/Caa1)(c)
	25,000		0.000			07/13/29		25,360
	KKR Apple Bidco, LLC (B+/B1)(c)
	400,000		3.500			09/22/28		399,428
								647,093
Building Materials(b) – 0.4%
	CP Atlas Buyer, Inc. (B-/B2) (3M LIBOR + 3.750%)
	299,500		4.250			11/23/27		298,377
	Potters Industries LLC (B/B2) (3M LIBOR + 4.000%)
	189,050		4.750			12/14/27		188,933
								487,310
Secured Debt Obligations – (continued)
Capital Goods-Others – 0.7%
	Engineered Machinery Holdings, Inc. (B-/B2)(b)
	(3M LIBOR + 3.750%)
EUR	125,000		3.750			05/05/28		144,455
	(3M LIBOR + 3.750%)
$	249,483		4.500			05/19/28		248,755
	Rough Country LLC (B-/B1)(b) (3M LIBOR + 3.500%)
	250,000		4.250			07/26/28		249,375
	Rough Country LLC (B-/B2) (3M LIBOR + 6.750%)
	100,000		7.500			07/26/29		99,625
	WIN Waste Innovations Holdings, Inc. (B+/B1)(b) (3M LIBOR + 2.750%)
	149,625		3.250			03/24/28		149,438
								891,648
Chemicals(b) – 1.0%
	Consolidated Energy Finance SA (B+/B1) (6M LIBOR + 2.500%)
	294,909		2.657			05/07/25		289,748
	Illuminate Buyer LLC (B+/B1) (1M LIBOR + 3.500%)
	804,701		3.585			06/30/27		803,027
	WR Grace & Co-Conn (CCC+/B3) (1M LIBOR + 3.750%)
	200,000		4.250			12/31/21		200,626
								1,293,401
Coal(b) – 0.3%
	Oxbow Carbon LLC (BB-/B1) (1M LIBOR + 4.250%)
	406,795		5.000			10/13/25		407,560
Commercial Services – 1.8%
	Allied Universal Holdco LLC (B/B2)(b) (3M LIBOR + 3.750%)
	672,075		4.250			05/12/28		672,377
	Amentum Government Services Holdings LLC (B/B1)(b) (3M LIBOR + 4.750%)
	348,250		5.500			01/29/27		350,252
	Anticimex International AB (NR/B2)(c)
	250,000		0.000			07/21/28		249,270
	CoreLogic, Inc. (B/B1)(b) (1M LIBOR + 3.500%)
	375,000		4.000			06/02/28		374,531
	Garda World Security Corp. (B/B1)(b) (1M LIBOR + 4.250%)
	382,008		4.340			10/30/26		382,295
	Holding Socotec (B/B2)(c)
EUR	100,000		0.000			06/02/28		115,971
	Holding Socotec (B/B2)(c)
$	275,000		4.380			06/02/28		274,541
								2,419,237
Consumer Cyclical Services(b) – 0.4%
	The Hertz Corp. (B+/B2) (1M LIBOR + 3.500%)
	504,328		4.000			06/30/28		504,409
	The Hertz Corp. (BB-/B2) (1M LIBOR + 3.500%)
	95,146		4.000			06/30/28		95,161
								599,570
Consumer Products – 0.7%
	Energizer Holdings, Inc. (BB/Ba1)(b) (1M LIBOR + 2.250%)
	174,125		2.750			12/22/27		173,907
	Hunter Fan Co. (B/B2)(b) (3M LIBOR + 5.000%)
	500,000		5.750			04/09/28		499,065

96 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)
Consumer Products – (continued)
	Springs Windows Fashions LLC (B-/B2)(c)
$	300,000		4.750	%		10/06/28	$	297,564
								970,536
Diversified Financial services(b) – 0.8%
	CQP Holdco LP (B/B2) (1M LIBOR + 3.750%)
	399,000		4.250			06/05/28		397,671
	DRW Holdings LLC (BB-/B1) (1M LIBOR + 3.750%)
	325,000		3.834			03/01/28		323,645
	Edelman Financial Center LLC (B/B2) (1M LIBOR + 3.500%)
	299,250		4.250			04/07/28		298,550
								1,019,866
Diversified Manufacturing(b) – 0.5%
	Apex Tool Group LLC (CCC+/B3) (1M LIBOR + 5.250%)
	661,173		6.500			08/01/24		661,338
Food & Beverage(b) – 0.2%
	Chobani LLC (B-/B1) (1M LIBOR + 3.500%)
	247,500		4.500			10/20/27		247,854
Health Care(b) – 2.3%
	Athenahealth, Inc. (B/B2) (3M LIBOR + 4.250%)
	327,728		4.377			02/11/26		328,383
	Bausch Health Cos., Inc. (BB/Ba2) (1M LIBOR + 3.000%)
	252,770		3.084			06/02/25		252,391
	Insulet Corp. (B+/Ba3) (1M LIBOR + 3.250%)
	149,625		3.750			05/04/28		149,875
	Jazz Financing Lux S.a.r.l. (BB-/Ba2) (1M LIBOR + 3.500%)
	598,500		4.000			05/05/28		599,176
	Kindred Healthcare LLC (B+/B3) (1M LIBOR + 4.500%)
	753,775		4.625			07/02/25		753,775
	Lonza Group AG (NR/NR) (3M LIBOR + 4.000%)
	399,000		4.750			07/03/28		400,069
	Onex TSG Intermediate Corp. (B/B2) (3M LIBOR + 4.750%)
	299,250		5.500			02/28/28		301,420
	RegionalCare Hospital Partners Holdings, Inc. (B/B1) (1M LIBOR + 3.750%)
	300,000		3.835			11/16/25		299,439
								3,084,528
Home Construction(b) – 0.1%
	Packers Holdings LLC (B-/B2) (3M LIBOR + 3.250%)
	124,380		4.000			03/09/28		123,732
Insurance(b) – 0.4%
	HUB International Ltd. (B/B2) (3M LIBOR + 2.750%)
	548,229		2.875			04/25/25		542,692
Machinery(b) – 0.7%
	Vertical Midco GmbH (B+/WR) (6M LIBOR + 3.500%)
	994,760		4.404			07/30/27		996,143
Media – Cable(b) – 0.4%
	DirecTV Financing LLC (BB/Ba3) (1M LIBOR + 5.000%)
	595,000		5.750			07/22/27		595,184
Media – Non Cable – 1.1%
	Allen Media LLC (NR/Ba3)
	123,810		5.632	(c)		02/10/27		123,616
	135,846		5.632	(c)		02/10/27		135,634
Secured Debt Obligations – (continued)
Media – Non Cable – (continued)
	(3M LIBOR + 5.500%)
	384,089		5.632	(b)		02/10/27		383,489
	iHeartCommunications, Inc. (B+/B1)(b)
	(1M LIBOR + 3.000%)
	142,962		3.084			05/01/26		141,860
	(1M LIBOR + 3.250%)
	289,770		3.750			05/01/26		289,625
	Taboola.com Ltd (BB-/B1)(b) (3M LIBOR + 4.000%)
	400,000		4.500			08/17/28		397,000
								1,471,224
Metals & Mining(c) – 0.2%
	Grinding Media Inc. (B/B2)
	275,000		4.120			10/12/28		275,344
Oil Field Service(b) – 0.5%
	Apergy Corp. (BBB-/Ba2) (3M LIBOR + 5.000%)
	592,548		6.000			06/03/27		601,436
Packaging – 2.3%
	Charter NEX US, Inc. (B/B2)(b) (1M LIBOR + 3.750%)
	324,185		4.500			12/01/27		324,743
	Flex Acquisition Co., Inc. (B/B2)(b) (3M LIBOR + 3.500%)
	537,742		4.000			02/23/28		536,473
	Klockner-Pentaplast of America, Inc. (B/B2)(b) (6M LIBOR + 4.750%)
	348,250		5.250			02/12/26		348,905
	LABL, Inc. (B/B2)(b) (1M LIBOR + 4.000%)
	505,115		4.085			07/01/26		504,483
	Pretium PKG Holdings, Inc. (B-/B2)(c)
	125,000		4.500			10/02/28		125,079
	Pro Mach Group, Inc. (B-/B2)(c)
	193,575		5.000			08/31/28		194,406
	31,425		0.000			08/31/28		31,559
	Reynolds Group Holdings, Inc. (B+/B1) (b) (3M LIBOR + 3.500%)
	225,000		4.000			09/20/28		224,662
	TricorBraun Holdings, Inc. (B-/B2)(b)
	(1M LIBOR + 3.250%)
	285,016		3.750			03/03/28		283,272
	(3M LIBOR + 3.250%)
	21,904		3.250			03/03/28		21,749
	Trident TPI Holdings, Inc. (B-/B2)(b) (3M LIBOR + 3.000%)
	507,429		4.000			10/17/24		506,653
								3,101,984
Pharmaceuticals(b) – 0.2%
	Gainwell Acquisition Corp. (B+/B2) (3M LIBOR + 4.000%)
	297,750		4.750			10/01/27		298,185
Pipelines(b) – 0.7%
	AL NGPL Holdings LLC (B+/Ba3) (3M LIBOR + 3.750%)
	375,000		4.750			04/14/28		375,938
	Centurion Pipeline Co. LLC (BB/B1) (1M LIBOR + 4.000%)
	168,725		4.084			09/28/25		165,561
	ITT Holdings LLC (BB/Ba2) (1M LIBOR + 2.750%)
	450,000		3.250			07/10/28		449,064
								990,563

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Secured Debt Obligations – (continued)
Restaurant(b) – 0.2%
	IRB Holding Corp. (B/B2) (3M LIBOR + 2.750%)
$	298,454		3.750	%		02/05/25	$	297,925
Retailers(b) – 0.5%
	AppLovin Corp. (B+/B1) (1M LIBOR + 3.250%)
	248,087		3.334			08/15/25		247,660
	BCPE Empire Holdings, Inc. (B-/B2) (1M LIBOR + 4.000%)
	280,000		4.500			06/11/26		278,950
	Harbor Freight Tools USA, Inc. (BB-/Ba3) (1M LIBOR + 2.750%)
	148,875		3.250			10/19/27		148,717
								675,327
Technology(b) – 0.9%
	ICON Luxembourg S.a.r.l. (BB+/Ba1)
	(3M LIBOR + 2.500%)
	479,126		3.000			07/03/28		480,654
	(3M LIBOR + 2.500%)
	119,374		3.000			07/03/28		119,755
	Ingram Micro, Inc. (BB-/B1) (3M LIBOR + 3.500%)
	374,063		4.000			06/30/28		374,811
	Syndigo LLC (B-/B2) (3M LIBOR + 4.500%)
	224,438		5.250			12/15/27		224,998
								1,200,218
Technology – Hardware(b) – 0.3%
	CommScope, Inc. (B/Ba3) (1M LIBOR + 3.250%)
	338,773		3.336			04/06/26		336,727
Technology – Software – 4.6%
	Ahead Data Blue LLC (NR/B1)(b) (3M LIBOR + 3.750%)
	272,109		4.500			10/18/27		273,015
	Camelot U.S. Acquisition 1 Co. (B/B1)(b)
	(1M LIBOR + 3.000%)
	572,089		3.084			10/30/26		570,418
	(1M LIBOR + 3.000%)
	99,250		4.000			10/30/26		99,467
	Castle US Holding Corp. (B-/B3)(b) (3M LIBOR + 3.750%)
	296,250		3.882			01/29/27		293,616
	Cloudera, Inc. (B-/B2)(c)
	450,000		0.000			10/08/28		449,159
	ConnectWise, LLC (NR/B2)(c)
	200,000		4.000			09/29/28		199,500
	DCert Buyer, Inc. (B-/B2)(b) (1M LIBOR + 4.000%)
	688,274		4.084			10/16/26		688,082
	DCert Buyer, Inc. (CCC/Caa2)(b) (1M LIBOR + 7.000%)
	125,000		7.084			02/16/29		125,911
	Epicor Software Corp. (B-/B2)(b) (1M LIBOR + 3.250%)
	544,500		4.000			07/30/27		544,255
	Grab Holdings, Inc. (B-/B3)(b) (6M LIBOR + 4.500%)
	199,000		5.500			01/29/26		200,658
	Idera, Inc. (B-/B2)(b) (1M LIBOR + 3.750%)
	398,000		4.500			03/02/28		397,753
	Idera, Inc. (CCC/Caa2)(b) (1M LIBOR + 6.750%)
	30,000		7.500			03/02/29		30,000
	Mitchell International, Inc. (B-/WR)(b) (1M LIBOR + 4.250%)
	445,500		4.750			11/29/24		445,313
Secured Debt Obligations – (continued)
Technology – Software – (continued)
	Panther Commercial Holdings LP (B-/B3)(b) (3M LIBOR + 4.250%)
	274,313		4.750			01/07/28		274,998
	Perforce Software, Inc. (B-/B2)(b) (1M LIBOR + 3.750%)
	730,410		3.835			07/01/26		724,019
	Virtusa Corp. (B+/B2) (b) (1M LIBOR + 3.750%)
	298,500		4.500			02/11/28		298,873
	VS Buyer LLC (B/B1)(b) (1M LIBOR + 3.000%)
	541,750		3.084			02/28/27		541,073
								6,156,110
Telecommunications(b) – 1.2%
	Endure Digital, Inc. (B-/B2) (6M LIBOR + 3.500%)
	274,313		4.250			02/10/28		272,598
	LogMeIn, Inc. (B-/B2) (1M LIBOR + 4.750%)
	397,995		4.833			08/31/27		397,685
	Poseidon Intermediate LLC (B/B2) (1M LIBOR + 4.000%)
	124,684		4.084			08/18/25		124,631
	PUG LLC (B-/B3)
	(1M LIBOR + 3.500%)
	672,030		3.584			02/12/27		656,627
	(1M LIBOR + 4.250%)
	125,000		4.750			02/12/27		124,844
								1,576,385
Transportation(b) – 0.4%
	LaserShip, Inc. (B-/B2) (3M LIBOR + 4.500%)
	275,000		5.250			05/07/28		275,228
	MH Sub I LLC (B/B2) (1M LIBOR + 3.750%)
	212,746		4.750			09/13/24		213,212
								488,440
	TOTAL BANK LOANS						$	37,615,763
Other Secured Debt Obligations – 13.0%
Airlines(d) – 0.9%
	Air Canada (BB-/Ba2)(e)
$	155,000		3.875	%		08/15/26	$	155,581
	American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2)
	23,000		5.500			04/20/26		24,179
	77,000		5.750			04/20/29		82,968
	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3)(e)
	295,000		5.750			01/20/26		309,012
	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets Ltd. (NR/Baa3)(e)
	206,000		6.500			06/20/27		224,025
	United Airlines, Inc. (BB-/Ba1)(e)
	410,000		4.375			04/15/26		421,275
								1,217,040
Chemicals(d)(e) – 1.2%
	Herens Holdco S.a.r.l. (B/B2)
	200,000		4.750			05/15/28		200,500
	INEOS Quattro Finance 2 PLC (BB/Ba3)
	300,000		3.375			01/15/26		303,000
	Unifrax Escrow Issuer Corp. (B-/B2)
	145,000		5.250			09/30/28		146,813

98 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)
Chemicals(d)(e) – (continued)
	WR Grace Holdings LLC (B/B3)
$	939,000		4.875	%		06/15/27	$	969,517
								1,619,830
Commercial Services(d)(e) – 1.3%
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (B/B2)
	297,000		6.625			07/15/26		313,335
	Allied Universal Holdco LLC/Allied Universal Finance Corp/ Atlas Luxco 4 S.a.r.l. (B/B2)
	640,000		4.625			06/01/28		636,000
	APX Group, Inc. (B-/B1)
	108,000		6.750			02/15/27		114,480
	The ADT Security Corp. (BB-/Ba3)
	634,000		4.125			08/01/29		628,453
								1,692,268
Distribution/Wholesale(d)(e) – 0.2%
	Wolverine Escrow LLC (CCC+/Caa3)
	275,000		8.500			11/15/24		255,063
Diversified Financial services(d)(e) – 0.5%
	Mozart Debt Merger Sub, Inc. (B+/NR)
	475,000		3.875			04/01/29		475,000
	NFP Corp. (B/B1)
	180,000		4.875			08/15/28		181,800
								656,800
Electric(d)(e) – 0.4%
	Calpine Corp. (BB+/Ba2)
	580,000		3.750			03/01/31		558,975
Energy-Alternate Sources(d)(e) – 0.1%
	Renewable Energy Group, Inc. (BB/B2)
	130,000		5.875			06/01/28		134,225
Entertainment(d)(e) – 0.2%
	WMG Acquisition Corp. (BB+/Ba3)
	197,000		3.000			02/15/31		192,321
Environmental(d)(e) – 0.3%
	GFL Environmental, Inc. (BB-/Ba3)
	393,000		3.500			09/01/28		395,456
(d)(e) – 0.2%
	US Foods, Inc. (BB-/B3)
	281,000		6.250			04/15/25		295,050
Health Care – Services(e) – 0.9%
	Tenet Healthcare Corp. (NR/B1)(d)
	156,000		4.625			09/01/24		159,510
	Tenet Healthcare Corp. (B+/WR)
	229,000		4.625			07/15/24		232,149
	350,000		7.500	(d)		04/01/25		371,875
	454,000		4.875	(d)		01/01/26		469,322
								1,232,856
Insurance(d)(e) – 0.3%
	Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	365,000		4.250			02/15/29		360,894
Secured Debt Obligations – (continued)
Internet(d)(e) – 0.5%
	Arches Buyer, Inc. (B/B1)
	370,000		4.250			06/01/28		374,625
	Cablevision Lightpath LLC (B+/B1)
	272,000		3.875			09/15/27		266,560
								641,185
Iron/Steel(d)(e) – 0.2%
	Cleveland-Cliffs, Inc. (BB-/Ba2)
	250,000		6.750			03/15/26		266,250
Leisure Time(d)(e) – 0.2%
	Carnival Corp. (BB-/B1)
	180,000		9.875			08/01/27		207,900
Media(d)(e) – 1.2%
	Scripps Escrow II, Inc. (BB-/Ba3)
	625,000		3.875			01/15/29		627,344
	Sinclair Television Group, Inc. (B+/Ba2)
	470,000		4.125			12/01/30		459,425
	UPC Holding B.V. (B/B3)
	200,000		5.500			01/15/28		208,750
	Urban One, Inc. (B-/B3)
	125,000		7.375			02/01/28		134,062
	Ziggo B.V. (B+/B1)
	200,000		4.875			01/15/30		206,000
								1,635,581
Oil Field Service(d)(e) – 0.0%
	Transocean Proteus Ltd. (B-/NR)
	35,750		6.250			12/01/24		35,839
Oil, Gas & Consumable Fuels(e) – 0.5%
	Noble Finance Co. (NR/NR)(f) (PIK 15.000%, Cash 11.000%)
	52,296		11.000			02/15/28		57,656
	Transocean Poseidon Ltd. (B-/Caa1)(d)
	120,000		6.875			02/01/27		119,400
	Transocean Sentry Ltd. (B-/Caa1)(d)
	518,300		5.375			05/15/23		509,230
								686,286
Packaging(d)(e) – 0.1%
	Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro (B+/B1)
	186,000		4.000			10/15/27		184,373
Packaging & Containers(d)(e) – 0.1%
	Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. (B+/B1)
	185,000		4.375			10/15/28		185,925
Pharmaceuticals(d)(e) – 0.4%
	Bausch Health Cos., Inc. (BB/Ba2)
	125,000		5.500			11/01/25		126,875
	200,000		4.875			06/01/28		207,000
	Jazz Securities DAC (BB-/Ba2)
	200,000		4.375			01/15/29		206,701
								540,576
Pipelines(e) – 0.9%
	Cheniere Energy, Inc. (BB/Ba3)
	385,000		4.625			10/15/28		404,731

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Secured Debt Obligations – (continued)
Pipelines(e) – (continued)
	CQP Holdco LP/BIP-V Chinook Holdco LLC (B/B2)(d)
$	315,000		5.500	%		06/15/31	$	333,900
	NGL Energy Operating LLC/NGL Energy Finance Corp. (BB-/B1)(d)
	450,000		7.500			02/01/26		457,313
								1,195,944
Retailing(d)(e) – 1.3%
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	383,000		4.375			01/15/28		388,266
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)
	621,000		4.000			10/15/30		613,237
	1011778 BC ULC/New Red Finance, Inc. (BB+/Ba2)
	50,000		5.750			04/15/25		52,500
	PetSmart, Inc. (BB-/B1)
	250,000		4.750			02/15/28		258,438
	Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B2)
	336,000		6.375			09/30/26		352,800
								1,665,241
Software(d)(e) – 0.2%
	Clarivate Science Holdings Corp. (B/B1)
	285,000		3.875			07/01/28		284,644
Telecommunications(d)(e) – 0.9%
	Altice France SA (B/B2)
	348,000		7.375			05/01/26		360,942
	425,000		5.125			01/15/29		418,094
	475,000		5.500			10/15/29		469,062
								1,248,098
	TOTAL OTHER SECURED DEBT OBLIGATIONS						$	17,388,620
	TOTAL SECURED DEBT OBLIGATIONS
	(Cost $54,520,698)						$	55,004,383
Unsecured Debt Obligations – 51.4%
Advertising(d)(e) – 0.7%
	Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)
$	100,000		6.250	%		06/15/25	$	105,750
	100,000		4.250			01/15/29		99,000
	574,000		4.625			03/15/30		574,717
	Terrier Media Buyer, Inc. (CCC+/Caa1)
	201,000		8.875			12/15/27		212,558
								992,025
Aerospace & Defense(e) – 1.2%
	Spirit AeroSystems, Inc. (CCC+/Caa1)
	195,000		4.600			06/15/28		193,538
	TransDigm UK Holdings PLC (B-/B3)
	425,000		6.875			05/15/26		446,781
	TransDigm, Inc. (NR/B3)
	330,000		4.625			01/15/29		328,350
	198,000		4.875			05/01/29		198,000
Unsecured Debt Obligations – (continued)
Aerospace & Defense(e) – (continued)
	Triumph Group, Inc. (CCC-/Caa3)
	428,000		7.750			08/15/25		422,650
								1,589,319
Automotive(e) – 1.7%
	Allison Transmission, Inc. (NR/Ba2)(d)
	224,000		3.750			01/30/31		217,840
	Dana, Inc. (BB/B2)
	325,000		5.625			06/15/28		348,563
	165,000		4.250			09/01/30		170,363
	Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)(d)
	230,000		8.000			02/01/28		239,775
	Ford Motor Co. (BB+/Ba2)
	89,000		9.000			04/22/25		107,027
	Ford Motor Credit Co. LLC (BB+/Ba2)
	284,000		4.063			11/01/24		298,168
	470,000		3.375			11/13/25		484,585
	Meritor, Inc. (BB-/B1)(d)
	196,000		6.250			06/01/25		206,290
	Real Hero Merger Sub 2, Inc. (CCC/Caa2)(d)
	55,000		6.250			02/01/29		56,925
	Wheel Pros, Inc. (CCC/Caa2)(d)
	160,000		6.500			05/15/29		155,200
								2,284,736
Banks(d)(e) – 0.4%
	Freedom Mortgage Corp. (B/B2)
	250,000		7.625			05/01/26		255,000
	275,000		6.625			01/15/27		267,781
								522,781
Biotechnology(d)(e) – 0.1%
	HCRX Investments Holdco LP (NR/B2)
	105,000		4.500			08/01/29		105,788
Building Materials(d)(e) – 0.7%
	APi Group DE, Inc. (B/B1)
	295,000		4.125			07/15/29		289,100
	Builders FirstSource, Inc. (BB-/Ba3)
	203,000		5.000			03/01/30		217,210
	CP Atlas Buyer, Inc. (CCC/Caa2)
	265,000		7.000			12/01/28		265,663
	Standard Industries, Inc. (BB-/B1)
	191,000		5.000			02/15/27		197,341
								969,314
Chemicals(d)(e) – 1.9%
	Ashland LLC (BB+/Ba1)
	315,000		3.375			09/01/31		318,150
	Axalta Coating Systems LLC (BB-/B1)
	310,000		3.375			02/15/29		301,475
	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)
	183,000		4.750			06/15/27		190,777
	Diamond BC BV (B/Caa1)
	70,000		4.625			10/01/29		70,788
	Element Solutions, Inc. (BB/B1)
	294,000		3.875			09/01/28		297,675

100 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)
Chemicals(d)(e) – (continued)
	Ingevity Corp. (NR/Ba3)
$	505,000		3.875	%		11/01/28	$	503,737
	The Chemours Co. (BB-/B1)
	315,000		5.750			11/15/28		329,175
	450,000		4.625			11/15/29		437,625
	WR Grace Holdings LLC (CCC+/B3)
	130,000		5.625			08/15/29		134,225
								2,583,627
Commercial Services(d)(e) – 1.3%
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (CCC+/Caa1)
	95,000		6.000			06/01/29		94,050
	APX Group, Inc. (CCC/Caa1)
	310,000		5.750			07/15/29		304,575
	HealthEquity, Inc. (B/B3)
	68,000		4.500			10/01/29		69,105
	Metis Merger Sub LLC (CCC/Caa2)
	79,000		6.500			05/15/29		76,827
	MPH Acquisition Holdings LLC (B-/B3)
	260,000		5.750			11/01/28		244,400
	Nielsen Finance LLC/Nielsen Finance Co. (BB/B2)
	260,000		5.625			10/01/28		269,425
	Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. (B/Ba3)
	360,000		4.625			11/01/26		375,300
	The Nielsen Co. Luxembourg S.a.r.l. (BB/B2)
	297,000		5.000			02/01/25		304,054
								1,737,736
Computers(d)(e) – 0.7%
	Austin BidCo, Inc. (CCC+/NR)
	79,000		7.125			12/15/28		79,790
	Booz Allen Hamilton, Inc. (BB-/Ba2)
	453,000		3.875			09/01/28		464,891
	87,000		4.000			07/01/29		89,284
	Science Applications International Corp. (BB-/B1)
	275,000		4.875			04/01/28		285,312
								919,277
Distribution & Wholesale(d)(e) – 0.5%
	American Builders & Contractors Supply Co, Inc. (B+/B1)
	310,000		3.875			11/15/29		307,675
	BCPE Empire Holdings, Inc. (CCC/Caa2)
	396,000		7.625			05/01/27		394,020
								701,695
Diversified Financial Services(e) – 2.7%
	Coinbase Global, Inc. (BB+/Ba1)(d)
	330,000		3.375			10/01/28		318,450
	Global Aircraft Leasing Co. Ltd. (NR/B1)(d) (f) (PIK 7.250%, Cash 6.500%)
	201,877		6.500			09/15/24		199,101
	Jefferies Finance LLC/JFIN Co-Issuer Corp. (BB-/B1)(d)
	200,000		5.000			08/15/28		202,785
	LD Holdings Group LLC (B+/B2)(d)
	205,000		6.500			11/01/25		204,488
	210,000		6.125			04/01/28		197,925
Unsecured Debt Obligations – (continued)
Diversified Financial Services(e) – (continued)
	Mozart Debt Merger Sub, Inc. (B-/NR)(d)
	65,000		5.250			10/01/29		65,000
	Nationstar Mortgage Holdings, Inc. (B+/B2)(d)
	240,000		5.500			08/15/28		247,204
	87,000		5.125			12/15/30		86,891
	Navient Corp. (B+/Ba3)
	444,000		4.875			03/15/28		449,550
	NFP Corp. (CCC+/Caa2)(d)
	453,000		6.875			08/15/28		459,795
	OneMain Finance Corp. (BB-/Ba2)
	264,000		8.875			06/01/25		286,110
	PennyMac Financial Services, Inc. (BB-/B1)(d)
	388,000		5.750			09/15/31		385,575
	United Wholesale Mortgage LLC (NR/Ba3)(d)
	265,000		5.500			04/15/29		257,713
	United Wholesale Mortgage LLC (NR/Ba3)(d)
	250,000		5.500			11/15/25		251,875
								3,612,462
Electrical(d)(e) – 0.9%
	Clearway Energy Operating LLC (BB/Ba2)
	246,000		4.750			03/15/28		259,223
	NRG Energy, Inc. (BB+/Ba2)
	102,000		3.375			02/15/29		100,725
	271,000		3.625			02/15/31		266,257
	Pike Corp. (CCC+/B3)
	510,000		5.500			09/01/28		519,562
								1,145,767
Electrical Components & Equipment(d)(e) – 0.4%
	Energizer Holdings, Inc. (B/B2)
	310,000		4.375			03/31/29		306,900
	Wesco Distribution, Inc. (BB-/B1)
	204,000		7.125			06/15/25		218,280
								525,180
Engineering & Construction(e) – 0.6%
	AECOM (BB-/Ba3)
	446,000		5.125			03/15/27		493,945
	Global Infrastructure Solutions, Inc. (BB-/B1)(d)
	305,000		5.625			06/01/29		311,100
								805,045
Entertainment(d)(e) – 0.4%
	Boyne USA, Inc. (B/B1)
	140,000		4.750			05/15/29		144,200
	Caesars Entertainment, Inc. (CCC+/Caa1)
	180,000		4.625			10/15/29		183,150
	Caesars Resort Collection LLC/CRC Finco, Inc. (CCC+/Caa1)
	24,000		5.250			10/15/25		24,360
	SeaWorld Parks & Entertainment, Inc. (B-/Caa1)
	245,000		5.250			08/15/29		250,206
								601,916
Environmental(d)(e) – 0.4%
	GFL Environmental, Inc. (B-/B3)
	255,000		4.375			08/15/29		257,550

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Unsecured Debt Obligations – (continued)
Environmental(d)(e) – (continued)
	Stericycle, Inc. (BB-/NR)
$	284,000		3.875	%		01/15/29	$	285,775
								543,325
Food & Drug Retailing(d)(e) – 1.3%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC (BB/Ba3)
	403,000		3.500			03/15/29		401,489
	401,000		4.625			01/15/27		421,050
	Performance Food Group, Inc. (B+/B2)
	195,000		4.250			08/01/29		195,488
	United Natural Foods, Inc. (CCC+/B3)
	284,000		6.750			10/15/28		306,720
	US Foods, Inc. (B+/Caa1)
	365,000		4.750			02/15/29		373,212
								1,697,959
Forest Products&Paper(d)(e) – 0.2%
	Clearwater Paper Corp. (BB-/Ba3)
	285,000		4.750			08/15/28		292,838
Gaming(d)(e) – 0.4%
	Boyd Gaming Corp. (B/Caa1)
	250,000		8.625			06/01/25		271,250
	275,000		4.750			06/15/31		283,594
								554,844
Healthcare Providers & Services(e) – 1.3%
	Centene Corp. (BBB-/Ba1)
	424,000		4.250			12/15/27		443,741
	DaVita, Inc. (B+/Ba3)(d)
	405,000		3.750			02/15/31		393,356
	Encompass Health Corp. (B+/B1)
	360,000		4.500			02/01/28		373,500
	HCA, Inc. (BB-/Baa3)
	399,000		3.500			09/01/30		422,441
	Surgery Center Holdings, Inc. (CCC/Caa2)(d)
	86,000		6.750			07/01/25		87,613
								1,720,651
Home Builders(e) – 1.4%
	Ashton Woods USA LLC/Ashton Woods Finance Co. (B+/B1)(d)
	175,000		4.625			04/01/30		175,656
	Brookfield Residential Properties, Inc./Brookfield Residential US Corp. (B+/B2)(d)
	372,000		4.875			02/15/30		381,765
	Century Communities, Inc. (BB-/Ba3)(d)
	450,000		3.875			08/15/29		453,375
	LGI Homes, Inc. (BB-/Ba2)(d)
	220,000		4.000			07/15/29		218,900
	Mattamy Group Corp. (BB/B1)(d)
	298,000		4.625			03/01/30		304,705
	Tri Pointe Homes, Inc. (BB-/Ba2)
	308,000		5.250			06/01/27		333,025
	68,000		5.700			06/15/28		73,950
								1,941,376
Unsecured Debt Obligations – (continued)
Household Products(d)(e) – 0.5%
	Spectrum Brands, Inc. (B/B2)
	637,000		3.875			03/15/31		641,778
Housewares(d)(e) – 0.2%
	The Scotts Miracle-Gro Co. (B+/Ba3)
	295,000		4.375			02/01/32		296,475
Insurance(d)(e) – 0.2%
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	175,000		6.000			08/01/29		172,813
	AssuredPartners, Inc. (CCC+/Caa2)
	55,000		5.625			01/15/29		55,275
								228,088
Internet(d)(e) – 4.1%
	Arches Buyer, Inc. (CCC+/Caa1)
	45,000		6.125			12/01/28		45,675
	Endure Digital, Inc. (CCC+/Caa2)
	201,000		6.000			02/15/29		190,448
	Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)
	499,000		3.500			03/01/29		494,634
	GrubHub Holdings, Inc. (BB-/B1)
	1,265,000		5.500			07/01/27		1,312,437
	Match Group Holdings II LLC (BB/Ba3)
	241,000		5.000			12/15/27		252,146
	492,000		4.625			06/01/28		513,525
	248,000		5.625			02/15/29		266,910
	653,000		4.125			08/01/30		679,936
	Netflix, Inc. (BB+/Ba1)
	204,000		3.625			06/15/25		216,750
	Twitter, Inc. (BB+/Ba2)
	277,000		3.875			12/15/27		294,312
	Uber Technologies, Inc. (B-/B3)
	625,000		7.500			05/15/25		666,406
	270,000		6.250			01/15/28		288,563
	290,000		4.500			08/15/29		290,725
								5,512,467
Iron/Steel(d)(e) – 0.2%
	Cleveland-Cliffs, Inc. (NR/Ba3)
	295,000		4.625			03/01/29		302,006
Leisure Time – 1.3%
	Carnival Corp. (B/B2)(d)(e)
	245,000		7.625			03/01/26		260,925
	180,000		5.750			03/01/27		186,075
	MajorDrive Holdings IV LLC (CCC+/Caa2)(d)(e)
	183,000		6.375			06/01/29		177,968
	NCL Corp. Ltd. (B-/Caa1)(d)(e)
	135,000		3.625			12/15/24		127,744
	33,000		5.875			03/15/26		33,825
	NCL Finance Ltd. (B-/Caa1)(d)(e)
	217,000		6.125			03/15/28		225,680
	Royal Caribbean Cruises Ltd. (B/B2)
	100,000		5.250			11/15/22		102,625
	300,000		4.250	(d)(e)		07/01/26		293,250
	305,000		5.500	(d)(e)		04/01/28		313,387
								1,721,479

102 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)
Lodging(d)(e) – 0.5%
	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc (B-/B2)
$	285,000		5.000	%		06/01/29	$	290,344
	403,000		4.875			07/01/31		403,503
								693,847
Machinery – Construction & Mining(d)(e) – 0.2%
	BWX Technologies, Inc. (BB/Ba3)
	324,000		4.125			04/15/29		332,100
Machinery-Diversified(d)(e) – 0.4%
	Mueller Water Products, Inc. (BB/Ba1)
	134,000		4.000			06/15/29		138,355
	Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	450,000		7.750			04/15/26		459,000
								597,355
Media – 7.0%
	Cable One, Inc. (BB-/B2)(d)(e)
	533,000		4.000			11/15/30		531,001
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(d)(e)
	1,330,000		4.750			03/01/30		1,388,187
	425,000		4.250			02/01/31		431,375
	655,000		4.250			01/15/34		648,450
	CSC Holdings LLC (B+/B3)(d)(e)
	1,141,000		5.750			01/15/30		1,162,394
	682,000		4.625			12/01/30		644,490
	DISH DBS Corp. (B-/B2)
	450,000		7.375	(e)		07/01/28		477,562
	315,000		5.125			06/01/29		307,913
	GCI LLC (B/B3)(d)(e)
	387,000		4.750			10/15/28		405,382
	Gray Television, Inc. (B+/B3)(d)(e)
	312,000		4.750			10/15/30		306,540
	Nexstar Media, Inc. (B+/B2)(d)(e)
	189,000		4.750			11/01/28		195,379
	Sinclair Television Group, Inc. (CCC+/B2)(d)(e)
	300,000		5.875			03/15/26		306,750
	Sirius XM Radio, Inc. (BB/Ba3)(d)(e)
	115,000		3.125			09/01/26		116,294
	180,000		4.000			07/15/28		182,700
	238,000		5.500			07/01/29		257,635
	416,000		4.125			07/01/30		419,640
	315,000		3.875			09/01/31		307,519
	TEGNA, Inc. (BB/Ba3)(e)
	79,000		4.750	(d)		03/15/26		82,358
	1,030,000		5.000			09/15/29		1,060,900
	Ziggo Bond Co. B.V. (B-/B3)(d)(e)
	200,000		5.125			02/28/30		205,500
								9,437,969
Mining(d)(e) – 0.3%
	Alcoa Nederland Holding B.V. (BB+/Ba1)
	350,000		5.500			12/15/27		374,063
Miscellaneous Manufacturing(e) – 0.2%
	Hillenbrand, Inc. (BB+/Ba1)
	236,000		3.750			03/01/31		234,230
Unsecured Debt Obligations – (continued)
Oil Field Services(e) – 5.3%
	Archrock Partners LP/Archrock Partners Finance Corp. (B+/B2)(d)
	502,000		6.250			04/01/28		518,942
	California Resources Corp. (B+/B2)(d)
	325,000		7.125			02/01/26		342,063
	CNX Resources Corp. (BB-/B1)(d)
	417,000		7.250			03/14/27		444,105
	170,000		6.000			01/15/29		179,350
	CrownRock LP/CrownRock Finance, Inc. (BB-/B2)(d)
	821,000		5.625			10/15/25		839,472
	180,000		5.000			05/01/29		187,200
	Devon Energy Corp. (BBB-/Ba1)(d)
	99,000		5.250			10/15/27		105,200
	257,000		5.875			06/15/28		282,728
	212,000		4.500			01/15/30		230,732
	EQT Corp. (BB+/Ba1)(d)
	250,000		3.625			05/15/31		260,000
	MEG Energy Corp. (BB-/B3)(d)
	155,000		5.875			02/01/29		158,294
	Nabors Industries, Ltd. (CCC-/Caa1)(d)
	895,000		7.500			01/15/28		848,012
	Occidental Petroleum Corp. (BB/Ba2)
	290,000		8.000			07/15/25		346,188
	215,000		5.500			12/01/25		238,113
	375,000		6.625			09/01/30		461,250
	Southwestern Energy Co. (BB/NR)(d)
	290,000		5.375			02/01/29		310,300
	Southwestern Energy Co. (BB/Ba3)
	290,000		5.375			03/15/30		311,750
	TechnipFMC PLC (BB+/Ba1)(d)
	445,000		6.500			02/01/26		477,263
	Transocean, Inc. (CCC+/Caa3)(d)
	575,000		11.500			01/30/27		592,250
								7,133,212
Packaging – 1.1%
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B-/Caa1)(d)(e)
	702,000		5.250			08/15/27		716,917
	Pactiv LLC (B-/Caa1)
	167,000		8.375			04/15/27		190,589
	Trident TPI Holdings, Inc. (CCC+/Caa2)(d)(e)
	526,000		9.250			08/01/24		552,300
								1,459,806
Pharmaceuticals – 1.2%
	AdaptHealth LLC (B/B1)(d)(e)
	165,000		6.125			08/01/28		174,900
	75,000		4.625			08/01/29		74,813
	100,000		5.125			03/01/30		100,000
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)(d)(e)
	316,000		4.875			06/01/29		315,210
	Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB-/B1)(d)(e)
	200,000		5.125			04/30/31		210,000

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Unsecured Debt Obligations – (continued)
Pharmaceuticals – (continued)
	Prestige Brands, Inc. (B+/B2)(d)(e)
$	191,000		5.125	%		01/15/28	$	200,072
	215,000		3.750			04/01/31		207,475
	Teva Pharmaceutical Finance Netherlands III B.V. (BB-/Ba2)
	312,000		2.800			07/21/23		310,050
								1,592,520
Pipelines(e) – 2.7%
	Cheniere Energy Partners LP (BB/Ba2)
	669,000		4.500			10/01/29		713,321
	DT Midstream, Inc. (BB+/Ba2)(d)
	445,000		4.375			06/15/31		458,350
	Global Partners LP/GLP Finance Corp. (B+/B2)
	245,000		6.875			01/15/29		252,963
	Hess Midstream Operations LP (BB+/Ba3)(d)
	155,000		4.250			02/15/30		156,163
	NuStar Logistics LP (BB-/Ba3)
	240,000		5.750			10/01/25		258,600
	375,000		6.000			06/01/26		405,000
	Rattler Midstream LP (BBB-/Ba3)(d)
	330,000		5.625			07/15/25		343,995
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)(d)
	220,000		6.000			12/31/30		225,500
	445,000		6.000			09/01/31		448,337
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB+/Ba2)
	295,000		4.875			02/01/31		318,231
								3,580,460
Real Estate(d)(e) – 0.3%
	The Howard Hughes Corp. (BB-/Ba3)
	229,000		4.125			02/01/29		229,573
	229,000		4.375			02/01/31		230,145
								459,718
Real Estate Investment Trust(e) – 0.5%
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)(d)
	189,000		4.625			06/15/25		203,647
	SBA Communications Corp. (BB-/B1)(d)
	174,000		3.125			02/01/29		167,475
	Service Properties Trust (BB/Ba1)
	73,000		7.500			09/15/25		81,938
	VICI Properties LP/VICI Note Co., Inc. (BB/Ba3)(d)
	94,000		3.500			02/15/25		95,880
	80,000		3.750			02/15/27		82,800
								631,740
Retailing(e) – 3.2%
	Asbury Automotive Group, Inc. (BB/B1)
	185,000		4.500			03/01/28		189,856
	230,000		4.750			03/01/30		239,200
	Beacon Roofing Supply, Inc. (B-/B2)(d)
	290,000		4.125			05/15/29		288,550
	Carvana Co. (CCC+/Caa2)(d)
	100,000		5.500			04/15/27		102,500
Unsecured Debt Obligations – (continued)
Retailing(e) – (continued)
	Carvana Co. (CCC+/Caa2)(d) – (continued)
	290,000		5.875			10/01/28		300,512
	480,000		4.875			09/01/29		476,400
	Group 1 Automotive, Inc. (BB+/Ba2)(d)
	225,000		4.000			08/15/28		228,938
	GYP Holdings III Corp. (B/B2)(d)
	130,000		4.625			05/01/29		131,021
	Ken Garff Automotive LLC (BB-/B1)(d)
	305,000		4.875			09/15/28		313,387
	LCM Investments Holdings II LLC (BB-/B2)(d)
	435,000		4.875			05/01/29		445,331
	20,000		4.875			05/01/29		20,500
	Lithia Motors, Inc. (BB+/Ba2)(d)
	175,000		3.875			06/01/29		182,000
	345,000		4.375			01/15/31		369,150
	Murphy Oil USA, Inc. (BB+/Ba2)(d)
	60,000		3.750			02/15/31		60,375
	Penske Automotive Group, Inc. (BB-/Ba3)
	234,000		3.750			06/15/29		236,340
	SRS Distribution, Inc. (CCC/Caa2)(d)
	115,000		6.125			07/01/29		118,450
	The Gap, Inc. (BB/Ba3)(d)
	115,000		3.625			10/01/29		115,288
	115,000		3.875			10/01/31		115,000
	Yum! Brands, Inc. (BB-/Ba3)
	349,000		3.625			03/15/31		352,054
								4,284,852
Semiconductors(d)(e) – 0.2%
	Qorvo, Inc. (BBB-/Ba1)
	210,000		3.375			04/01/31		221,025
Software(d)(e) – 1.2%
	Castle US Holding Corp. (CCC/Caa2)
	64,000		9.500			02/15/28		66,880
	Clarivate Science Holdings Corp. (CCC+/Caa1)
	256,000		4.875			07/01/29		255,680
	Fair Isaac Corp. (BB+/Ba2)
	343,000		4.000			06/15/28		351,575
	Open Text Corp. (BB/Ba2)
	255,000		3.875			02/15/28		261,056
	Playtika Holding Corp. (B/B2)
	243,000		4.250			03/15/29		243,911
	ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B/B3)
	383,000		3.875			02/01/29		383,000
								1,562,102
Telecommunication Services(d)(e) – 1.1%
	Level 3 Financing, Inc. (BB/Ba3)
	375,000		4.250			07/01/28		379,687
	246,000		3.750			07/15/29		238,928
	ViaSat, Inc. (B/Caa1)
	824,000		5.625			09/15/25		832,240
								1,450,855

104 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)
Transportation(d)(e) – 0.3%
	Cargo Aircraft Management, Inc. (BB/Ba3)
$	342,000		4.750	%		02/01/28	$	354,398
	TOTAL UNSECURED DEBT OBLIGATIONS
	(Cost $67,055,380)						$	68,950,206

Shares		Description	Value
Common Stocks*(g) – 0.6%
Energy Equipment & Services – 0.5%
	23,758	Noble Corp.	$	642,892
Oil, Gas & Consumable Fuels – 0.1%
	1,141,924	Prairie Provident Resources, Inc.		90,157
	TOTAL COMMON STOCKS
	(Cost $3,229,471)		$	733,049
Shares		Dividend Rate	Value
Investment Company(h) – 7.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	9,842,750	0.026%	$	9,842,750
	(Cost $9,842,750)
	TOTAL INVESTMENTS – 100.3% (Cost $134,648,299)		$	134,530,388
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (0.3)%			(343,098	)
	NET ASSETS – 100.0%		$	134,187,290

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, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Pay-in-kind securities.
(g)	Security is currently in default and/or non-income producing.
(h)	Represents an affiliated issuer.
Security ratings disclosed, if any, are obtained from Standard & Poor’s/Moody’s Investors Service and are unaudited. A description of the ratings is available in the Fund’s Statement of Additional Information.

Investment Abbreviations:
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
NR	—Not Rated
PLC	—Public Limited Company
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2021, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
BCPE Empire Holdings, Inc. (B-/B2), due 06/11/26	$	145,000	$	144,456	$	(544	)
DG Investment Intermediate Holdings 2, Inc. (NR/NR), due 03/31/28		2,981		2,991		11
TricorBraun Holdings, Inc. (NR/NR), due 03/03/28		42,311		42,072		(260	)
TOTAL	$	190,292	$	189,519	$	(793	)

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased			Currency Sold			Settlement Date		Unrealized Gain
MS & Co. Int. PLC		USD	147,093		EUR	124,397		11/24/21	$	2,844

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund(a)	Payments Received by Fund(b)	Termination Date	Notional Amount (000s)(c)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.500%	3M LIBOR	12/15/28	$	3,310	$	(28,468	)	$	(76,318	)	$	47,850

(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, 2021.

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACT

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at September 30, 2021(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
CDX.NA.HY Index 37	(5.000)%	3.005%		12/20/26	$	25,000	$	(2,335,694	)	$	(2,414,599	)	$	78,905

(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 37	—CDX North America High Yield Index 37
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 3.0%
Aerospace & Defense(b) – 0.3%
	ADS Tactical, Inc. (3M LIBOR + 5.750%)
$	2,340,000		6.750	%		03/19/26	$	2,345,850
Building Materials – 0.3%
	CPG International, Inc.(b) (3M LIBOR + 2.500%)
	1,580,669		3.250			05/05/24		1,580,385
	KKR Apple Bidco, LLC(c)
	1,350,000		3.500			09/22/28		1,348,069
								2,928,454
Chemicals(b) – 0.4%
	Momentive Performance Materials, Inc. (1M LIBOR + 3.250%)
	2,287,350		3.340			05/15/24		2,282,340
	Starfruit Finco B.V. (1M LIBOR + 2.750%)
	1,397,100		2.832			10/01/25		1,386,971
								3,669,311
Consumer Cyclical Services – 0.4%
	Asurion LLC(b) (1M LIBOR + 3.250%)
	2,661,118		3.334			12/23/26		2,620,243
	The Hertz Corp. (1M LIBOR + 3.500%)
	1,050,518		4.000			06/30/28		1,050,686
	(1M LIBOR + 3.500%)
	198,220		4.000			06/30/28		198,252
								3,869,181
Food & Drug Retailing(b) – 0.1%
	B&G Foods, Inc. (1M LIBOR + 2.500%)
	454,208		2.584			10/10/26		453,831
Healthcare Providers & Services(b) – 0.1%
	Sotera Health Holdings, LLC (1M LIBOR + 2.750%)
	850,000		3.250			12/11/26		847,170
Media – Cable(b) – 0.2%
	CSC Holdings LLC (1M LIBOR + 2.250%)
	1,949,109		2.334			07/17/25		1,919,873
Media – Non Cable – 0.3%
	Getty Images, Inc.(b) (1M LIBOR + 4.500%)
	916,202		4.625			02/19/26		914,864
	iHeartCommunications, Inc.(c) (1M LIBOR + 3.000%)
	1,300,000		3.087			05/01/26		1,289,977
	Terrier Media Buyer, Inc.(b) (1M LIBOR + 3.500%)
	491,288		3.584			12/17/26		490,060
								2,694,901
Restaurants(b) – 0.2%
	IRB Holding Corp. (3M LIBOR + 2.750%)
	1,343,041		3.750			02/05/25		1,340,664
Technology – Software/Services(b) – 0.7%
	Camelot U.S. Acquisition 1 Co. (1M LIBOR + 3.000%)
	2,860,443		3.084			10/30/26		2,852,090
	Grab Holdings, Inc. (6M LIBOR + 4.500%)
	796,000		5.500			01/29/26		802,631
	The Ultimate Software Group, Inc. (1M LIBOR + 3.750%)
	906,500		3.834			05/04/26		907,787
Bank Loans(a) – (continued)
Technology – Software/Services(b) – (continued)
	Travelport Finance (Luxembourg) S.a.r.l. (-1X 3M LIBOR + 8.750%)
	1,929,856		3.500			02/28/25		2,000,161
								6,562,669
	TOTAL BANK LOANS
	(Cost $26,476,472)						$	26,631,904
Corporate Obligations – 25.8%
Advertising(d)(e) – 0.2%
	Outfront Media Capital LLC/Outfront Media Capital Corp.
$	665,000		5.000%			08/15/27	$	682,456
	Terrier Media Buyer, Inc.
	800,000		8.875			12/15/27		846,000
								1,528,456
Aerospace & Defense(e) – 0.5%
	The Boeing Co.
	2,200,000		5.150			05/01/30		2,582,976
	TransDigm, Inc.
	1,250,000		5.500			11/15/27		1,287,500
	Triumph Group, Inc.
	450,000		7.750			08/15/25		444,375
								4,314,851
Automotive – 0.5%
	Clarios Global LP/Clarios US Finance Co.(d)(e)
	1,570,000		8.500			05/15/27		1,670,088
	Dana, Inc.(e)
	515,000		5.375			11/15/27		543,325
	Ford Motor Co.(e)
	1,666,000		9.000			04/22/25		2,003,453
	Ford Motor Credit Co. LLC
	542,000		3.813			10/12/21		541,997
								4,758,863
Banks – 1.3%
	ABN AMRO Bank NV(b)(e) (-1x 5 Year EUR Swap + 4.674%)
EUR	800,000		4.375			12/31/99		995,023
	AIB Group PLC(b)(e) (-1x 5 Year EUR Swap + 6.629%)
	725,000		6.250			12/31/99		935,718
	Banco do Brasil SA(b)(e) (10 Year CMT + 4.398%)
$	1,550,000		6.250			10/29/49		1,542,250
	Banco Santander SA(b)(e) (-1x 5 Year EUR Swap + 4.534%)
EUR	800,000		4.375			12/31/99		967,222
	CaixaBank SA(b)(e) (-1X 5 Year EUR Swap + 6.346%)
	600,000		5.875			12/31/99		799,261
	Commerzbank AG(b)(e) (-1x 5 Year EUR Swap + 6.363%)
	600,000		6.125			03/31/99		761,905
	Credit Suisse Group AG(b)(d)(e) (5 Year CMT + 4.889%)
$	1,625,000		5.250			12/31/99		1,700,156
	Erste Group Bank AG(b)(e) (5 Year EUR Swap + 6.204%)
EUR	800,000		6.500			12/31/99		1,027,456

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Intesa Sanpaolo SpA(b)(e) (5 Year EUR Swap + 7.192%)
EUR	650,000		7.750 %			12/29/49	$	918,571
	QNB Finance Ltd.
$	230,000		3.500			03/28/24		243,598
	Societe Generale SA(b)(e) (5 Year USD Swap + 3.929%)
	450,000		6.750			12/31/99		506,812
	Turkiye Vakiflar Bankasi TAO
	200,000		8.125			03/28/24		214,788
	270,000		5.250(d)			02/05/25		264,904
	530,000		6.500	(d)		01/08/26		540,600
								11,418,264
Building Materials(e) – 0.3%
	Cemex SAB de CV(d)
	200,000		7.375			06/05/27		221,548
	350,000		5.200			09/17/30		375,918
	Griffon Corp.
	527,000		5.750			03/01/28		555,985
	Summit Materials LLC/Summit Materials Finance Corp.(d)
	520,000		6.500			03/15/27		545,350
	738,000		5.250			01/15/29		773,977
								2,472,778
Chemicals – 0.8%
	Ingevity Corp.(d)(e)
	1,025,000		3.875			11/01/28		1,022,437
	OCI NV(d)(e)
	877,000		5.250			11/01/24		901,118
	OCP SA(d)(e)
	200,000		3.750			06/23/31		199,500
	430,000		5.125			06/23/51		424,974
	Sasol Financing International Ltd.
	4,008,000		4.500			11/14/22		4,103,190
	The Chemours Co.(e)
	550,000		5.375			05/15/27		591,250
								7,242,469
Commercial Services – 1.4%
	Allied Universal Holdco LLC/Allied Universal Finance Corp.(d)(e)
	1,500,000		6.625			07/15/26		1,582,500
	1,345,000		9.750			07/15/27		1,461,006
	DP World Crescent Ltd.
	200,000		4.848			09/26/28		227,750
	200,000		3.875			07/18/29		215,350
	DP World PLC.
	200,000		5.625			09/25/48		246,250
	Herc Holdings, Inc.(d)(e)
	2,330,000		5.500			07/15/27		2,440,675
	Prime Security Services Borrower LLC/Prime Finance, Inc.(d)(e)
	1,210,000		6.250			01/15/28		1,249,325
	Sabre GLBL, Inc.(d)(e)
	1,062,000		9.250			04/15/25		1,222,627
	The Nielsen Co. Luxembourg S.a.r.l.(d)(e)
	1,485,000		5.000			02/01/25		1,520,269
	United Rentals North America, Inc.(e)
	1,070,000		3.875			02/15/31		1,096,750
Corporate Obligations – (continued)
Commercial Services – (continued)
	Verscend Escrow Corp.(d)(e)
	970,000		9.750			08/15/26		1,023,350
								12,285,852
Computers(e) – 1.0%
	Booz Allen Hamilton, Inc.(d)
	1,355,000		3.875			09/01/28		1,390,569
	Dell International LLC/EMC Corp.
	5,625,000		6.020			06/15/26		6,708,712
	KBR, Inc.(d)
	1,257,000		4.750			09/30/28		1,278,998
								9,378,279
Distribution & Wholesale(d)(e) – 0.2%
	Univar Solutions USA, Inc.
	550,000		5.125			12/01/27		578,187
	Wolverine Escrow LLC
	455,000		8.500			11/15/24		422,013
	455,000		9.000			11/15/26		417,463
								1,417,663
Diversified Financial Services – 1.0%
	AerCap Holdings NV(b)(e) (5 Year CMT + 4.535%)
	985,000		5.875			10/10/79		1,030,560
	Global Aircraft Leasing Co. Ltd.(d)(e)(f)(PIK 7.250%, Cash 6.500%)
	3,409,358		6.500			09/15/24		3,362,479
	Navient Corp.
	400,000		6.750			06/25/25		437,000
	2,680,000		5.625			08/01/33		2,556,050
	OneMain Finance Corp.(e)
	228,000		5.375			11/15/29		246,525
	Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.(d)(e)
	1,324,000		3.875			03/01/31		1,323,550
								8,956,164
Electrical(d)(e) – 0.4%
	Calpine Corp.
	235,000		4.500			02/15/28		239,700
	1,915,000		4.625			02/01/29		1,881,487
	Talen Energy Supply LLC
	1,125,000		6.625			01/15/28		1,049,063
								3,170,250
Energy-Alternate Sources(d)(e) – 0.0%
	Greenko Dutch B.V.
	197,000		3.850			03/29/26		200,177
Engineering & Construction(e) – 0.3%
	Mexico City Airport Trust
	200,000		4.250			10/31/26		212,525
	320,000		4.250(d)			10/31/26		340,040
	310,000		3.875(d)			04/30/28		320,036
	200,000		5.500(d)			10/31/46		202,913
	1,675,000		5.500			07/31/47		1,702,219
	270,000		5.500	(d)		07/31/47		274,387
								3,052,120

108 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)
Entertainment(d)(e) – 0.4%
	Cedar Fair LP/Canada’s Wonderland Co/Magnum Management Corp./Millennium Op
$	703,000		5.500 %		05/01/25	$	731,120
	Live Nation Entertainment, Inc.
	1,400,000		6.500		05/15/27		1,536,500
	Motion Bondco DAC
	1,010,000		6.625		11/15/27		1,025,150
							3,292,770
Environmental(d)(e) – 0.3%
	Waste Pro USA, Inc.
	2,825,000		5.500		02/15/26		2,853,250
Food & Drug Retailing(e) – 1.5%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson’s LLC(d)
	500,000		7.500		03/15/26		540,000
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertsons LLC(d)
	875,000		4.625		01/15/27		918,750
	577,000		4.875		02/15/30		620,996
	B&G Foods, Inc.
	2,005,000		5.250		04/01/25		2,057,631
	475,000		5.250		09/15/27		495,781
	BRF SA
	362,000		4.875		01/24/30		362,796
	Kraft Heinz Foods Co.
	1,990,000		5.000		07/15/35		2,449,391
	734,000		4.375		06/01/46		839,703
	1,300,000		4.875		10/01/49		1,585,649
	Lamb Weston Holdings, Inc.(d)
	1,195,000		4.875		05/15/28		1,317,488
	Performance Food Group, Inc.(d)
	358,000		6.875		05/01/25		379,033
	1,900,000		5.500		10/15/27		1,978,375
							13,545,593
Forest Products&Paper(e) – 0.1%
	Mercer International, Inc.
	1,040,000		5.500		01/15/26		1,060,800
Gaming(d)(e) – 0.2%
	Station Casinos LLC
	2,153,000		4.500		02/15/28		2,179,913
Healthcare Providers & Services(e) – 0.9%
	Centene Corp.
	850,000		3.375		02/15/30		879,784
	DaVita, Inc.(d)
	2,425,000		3.750		02/15/31		2,355,281
	Encompass Health Corp.
	1,100,000		4.500		02/01/28		1,141,250
	Envision Healthcare Corp.(d)
	1,175,000		8.750		10/15/26		954,688
	Select Medical Corp.(d)
	1,200,000		6.250		08/15/26		1,263,000
	Tenet Healthcare Corp.(d)
	1,568,000		6.125		10/01/28		1,646,400
							8,240,403
Corporate Obligations – (continued)
Insurance(d)(e) – 0.7%
	Acrisure LLC/Acrisure Finance, Inc.
	2,555,000		7.000		11/15/25		2,599,712
	GTCR AP Finance, Inc.
	1,375,000		8.000		05/15/27		1,447,188
	HUB International Ltd.
	208,000		7.000		05/01/26		214,760
	USI, Inc.
	2,250,000		6.875		05/01/25		2,289,375
							6,551,035
Internet – 1.3%
	GrubHub Holdings, Inc.(d)(e)
	2,530,000		5.500		07/01/27		2,624,875
	Match Group Holdings II LLC(d)(e)
	2,597,000		4.625		06/01/28		2,710,619
	Netflix, Inc.
	2,820,000		5.500		02/15/22		2,858,775
	Prosus NV(d)(e)
	850,000		3.680		01/21/30		878,315
	600,000		4.027		08/03/50		559,500
	Tencent Holdings Ltd.(e)
	200,000		3.595		01/19/28		213,696
	Twitter, Inc.(d)(e)
	920,000		3.875		12/15/27		977,500
	Uber Technologies, Inc.(d)(e)
	430,000		8.000		11/01/26		456,875
							11,280,155
Investment Companies – 0.2%
	Huarong Finance 2017 Co. Ltd.
	1,475,000		4.750(e)		09/15/24		1,532,156
	250,000		4.250		11/07/27		230,625
	Huarong Finance II Co. Ltd.
	200,000		4.625		06/03/26		191,000
							1,953,781
Iron/Steel(e) – 0.1%
	Cleveland-Cliffs, Inc.
	585,000		5.875		06/01/27		606,938
Lodging(e) – 0.4%
	Hilton Domestic Operating Co., Inc.
	110,000		5.375(d)		05/01/25		114,813
	2,897,000		4.875		01/15/30		3,107,032
							3,221,845
Machinery – Construction & Mining(d)(e) – 0.1%
	The Manitowoc Co., Inc.
	565,000		9.000		04/01/26		604,550
Machinery-Diversified(d)(e) – 0.1%
	Titan Acquisition Ltd./Titan Co-Borrower LLC
	1,120,000		7.750		04/15/26		1,142,400
Media – 2.1%
	CCO Holdings LLC/CCO Holdings Capital Corp.(d)(e)
	2,395,000		4.250		02/01/31		2,430,925
	CSC Holdings LLC(d)(e)
	1,000,000		5.750		01/15/30		1,018,750
	1,320,000		3.375		02/15/31		1,222,650

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Media – (continued)
	Cumulus Media New Holdings, Inc.(d)(e)
$	1,278,000		6.750 %			07/01/26	$	1,322,730
	Diamond Sports Group LLC/Diamond Sports Finance Co.(d)(e)
	875,000		5.375			08/15/26		577,500
	2,340,000		6.625			08/15/27		1,035,450
	DISH DBS Corp.
	1,540,000		5.875			07/15/22		1,584,275
	470,000		5.875			11/15/24		505,250
	450,000		7.750			07/01/26		508,500
	1,140,000		7.375(e)			07/01/28		1,209,825
	iHeartCommunications, Inc.(e)
	430,000		8.375			05/01/27		459,025
	Nexstar Media, Inc.(d)(e)
	1,350,000		5.625			07/15/27		1,427,625
	Scripps Escrow II, Inc.(d)(e)
	600,000		5.375			01/15/31		589,500
	Scripps Escrow, Inc.(d)(e)
	1,555,000		5.875			07/15/27		1,588,044
	UPC Holding B.V.(d)(e)
	465,000		5.500			01/15/28		485,344
	Virgin Media Secured Finance PLC(d)(e)
	2,575,000		5.500			05/15/29		2,723,062
								18,688,455
Mining – 0.6%
	Alcoa Nederland Holding B.V.(d)(e)
	1,120,000		5.500			12/15/27		1,197,000
	Constellium SE(d)(e)
	485,000		5.625			06/15/28		508,644
	First Quantum Minerals Ltd.(d)(e)
	2,121,000		7.250			04/01/23		2,158,117
	Novelis Corp.(d)(e)
	950,000		4.750			01/30/30		998,687
	Vedanta Resources Ltd.
	310,000		7.125			05/31/23		296,593
	300,000		6.125	(e)		08/09/24		267,900
								5,426,941
Multi-National(d)(e) – 0.2%
	The African Export-Import Bank
	550,000		2.634			05/17/26		562,216
	850,000		3.798			05/17/31		881,441
								1,443,657
Oil Field Services – 2.5%
	Apache Corp.(e)
	555,000		4.625			11/15/25		595,238
	EQT Corp.(d)(e)
	1,440,000		3.625			05/15/31		1,497,600
	Gazprom PJSC Via Gaz Capital SA(d)
	4,280,000		5.150			02/11/26		4,766,315
	Gazprom PJSC Via Gaz Finance PLC(d)
	240,000		3.250			02/25/30		238,695
	KazMunayGas National Co JSC
	990,000		5.375			04/24/30		1,168,200
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Lukoil Securities B.V.
	1,290,000		3.875(d)			05/06/30		1,354,951
	680,000		3.875			05/06/30		714,000
	MEG Energy Corp.(d)(e)
	490,000		7.125			02/01/27		514,500
	Nabors Industries Ltd.(d)(e)
	520,000		7.250			01/15/26		503,100
	Occidental Petroleum Corp.(e)
	1,410,000		8.000			07/15/25		1,683,187
	1,100,000		6.625			09/01/30		1,353,000
	Petroleos de Venezuela SA(g)
	137,050,000		6.000			10/28/22		4,796,750
	Qatar Petroleum(d)(e)
	900,000		3.125			07/12/41		899,820
	900,000		3.300			07/12/51		906,007
	Transocean, Inc.(d)(e)
	905,000		11.500			01/30/27		932,150
	USA Compression Partners LP/USA Compression Finance Corp.(e)
	545,000		6.875			04/01/26		565,438
								22,488,951
Packaging(e) – 1.0%
	ARD Finance SA(f)
	(PIK 5.750%, Cash 5.000%)
EUR	575,000		5.000			06/30/27		691,388
	(PIK 7.250%, Cash 6.500%)
$	2,400,000		6.500(d)			06/30/27		2,550,000
	Berry Global, Inc.(d)
	889,000		4.500			02/15/26		904,557
	Flex Acquisition Co., Inc.(d)
	1,095,000		6.875			01/15/25		1,104,581
	480,000		7.875			07/15/26		502,800
	LABL, Inc.(d)
	450,000		6.750			07/15/26		472,500
	465,000		10.500			07/15/27		501,038
	Sealed Air Corp.(d)
	500,000		4.000			12/01/27		532,500
	Trivium Packaging Finance B.V.(d)
	875,000		5.500			08/15/26		915,469
	645,000		8.500			08/15/27		689,344
								8,864,177
Pharmaceuticals(d)(e) – 0.2%
	Bausch Health Cos., Inc.
	1,050,000		5.250			01/30/30		979,125
	Par Pharmaceutical, Inc.
	480,000		7.500			04/01/27		489,600
								1,468,725
Pipelines – 1.3%
	Buckeye Partners LP(e)
	1,145,000		4.350			10/15/24		1,197,956
	1,962,000		3.950			12/01/26		2,001,240
	Cheniere Energy Partners LP(e)
	2,000,000		4.500			10/01/29		2,132,500

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate		Maturity Date		Value
Corporate Obligations – (continued)
Pipelines – (continued)
	Galaxy Pipeline Assets Bidco Ltd.(d)
$	240,000		2.625 %		03/31/36	$	235,800
	430,000		3.250		09/30/40		434,085
	Galaxy Pipeline Assets Bidco, Ltd.
	2,890,000		2.940		09/30/40		2,880,925
	Genesis Energy LP/Genesis Energy Finance Corp.(e)
	2,620,000		7.750		02/01/28		2,616,725
	Global Partners LP/GLP Finance Corp.(e)
	445,000		7.000		08/01/27		461,688
							11,960,919
Real Estate(e) – 0.1%
	Country Garden Holdings Co. Ltd.
	230,000		3.300		01/12/31		209,631
	Sunac China Holdings Ltd.
	200,000		7.000		07/09/25		159,500
	Yuzhou Group Holdings Co. Ltd.
	200,000		6.000		10/25/23		154,000
	200,000		7.700		02/20/25		143,000
	Zhenro Properties Group Ltd.
	200,000		6.700		08/04/26		164,000
							830,131
Real Estate Investment Trust(e) – 0.7%
	Iron Mountain, Inc.(d)
	2,085,000		5.250		07/15/30		2,212,706
	MPT Operating Partnership LP/MPT Finance Corp.
	2,270,000		4.625		08/01/29		2,432,645
	Starwood Property Trust, Inc.
	665,000		5.000		12/15/21		666,663
	VICI Properties LP/VICI Note Co., Inc.(d)
	718,000		3.500		02/15/25		732,360
							6,044,374
Retailing(e) – 0.7%
	Asbury Automotive Group, Inc.
	123,000		4.500		03/01/28		126,229
	CK Hutchison International 21 Ltd.(d)
	200,000		2.500		05/08/30		202,778
	230,000		2.500		04/15/31		231,838
	eG Global Finance PLC(d)
	1,413,000		6.750		02/07/25		1,444,792
	1,000,000		8.500		10/30/25		1,045,000
	Group 1 Automotive, Inc.(d)
	631,000		4.000		08/15/28		642,043
	LCM Investments Holdings II LLC(d)
	810,000		4.875		05/01/29		829,237
	Penske Automotive Group, Inc.
	1,750,000		3.500		09/01/25		1,798,125
	Yum! Brands, Inc.(d)
	72,000		7.750		04/01/25		76,860
							6,396,902
Semiconductors(d)(e) – 0.0%
	TSMC Global Ltd.
	310,000		2.250		04/23/31		308,475
Corporate Obligations – (continued)
Software(d)(e) – 0.4%
	Castle US Holding Corp.
	1,085,000		9.500		02/15/28		1,133,825
	Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
	1,932,000		5.750		03/01/25		1,946,490
	The Dun & Bradstreet Corp.
	249,000		10.250		02/15/27		268,609
							3,348,924
Telecommunication Services – 1.6%
	Altice France Holding SA(d)(e)
	1,865,000		10.500		05/15/27		2,037,512
	Altice France SA(d)(e)
	460,000		5.500		01/15/28		462,875
	Digicel International Finance Ltd/Digicel international Holdings Ltd(d)(e)
	1,089,262		8.750		05/25/24		1,129,429
	434,839		8.000		12/31/26		421,250
	(PIK 7.000%, Cash 6.000%)
	597,673		13.000(f)		12/31/25		599,092
	Intelsat Jackson Holdings SA(d)(e)
	2,900,000		8.000		02/15/24		2,976,125
	Lumen Technologies, Inc.
	1,680,000		5.800		03/15/22		1,711,500
	465,000		5.125(d)(e)		12/15/26		481,275
	SoftBank Group Corp.(e)
	300,000		5.125		09/19/27		303,750
	Sprint Capital Corp.
	1,610,000		8.750		03/15/32		2,415,000
	Telecom Italia Capital SA
	950,000		7.200		07/18/36		1,156,625
	315,000		7.721		06/04/38		402,413
							14,096,846
Toys/Games/Hobbies(d)(e) – 0.2%
	Mattel, Inc.
	1,310,000		5.875		12/15/27		1,418,075
	TOTAL CORPORATE OBLIGATIONS
	(Cost $264,171,165)					$	229,515,171
Mortgage-Backed Obligations – 25.6%
Collateralized Mortgage Obligations – 10.5%
Interest Only(h) – 3.2%
	FHLMC REMIC Series 3852, Class SW(b) (-1x 1M USD LIBOR + 6.000%)
$	1,439,229		5.916%		05/15/41	$	217,172
	FHLMC REMIC Series 4468, Class SY(b) (-1x 1M USD LIBOR + 6.100%)
	5,697,628		6.016		05/15/45		1,068,537
	FHLMC REMIC Series 4989, Class EI
	1,365,915		4.000		07/25/50		210,003
	FHLMC REMIC Series 4991, Class IE
	10,285,432		5.000		07/25/50		1,413,874
	FHLMC REMIC Series 5009, Class DI
	5,582,105		2.000		09/25/50		607,393

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(h) – (continued)
	FHLMC REMIC Series 5012, Class DI
$	2,715,866	4.000 %		09/25/50	$	428,135
	FHLMC REMIC Series 5020, Class IH
	848,452	3.000		08/25/50		109,517
	FHLMC STRIPS Series 304, Class C45
	386,886	3.000		12/15/27		21,362
	FNMA REMIC Series 2011-100, Class S(b) (-1x1M USD LIBOR + 6.450%)
	3,781,070	6.364		10/25/41		616,202
	FNMA REMIC Series 2012-88, Class SB(b) (-1x 1M USD LIBOR + 6.670%)
	3,621,853	6.584		07/25/42		590,310
	FNMA REMIC Series 2017-104, Class SB(b) (-1x1M USD LIBOR + 6.150%)
	1,435,575	6.064		01/25/48		255,279
	FNMA REMIC Series 2017-86, Class SB(b) (-1x 1M USD LIBOR + 6.150%)
	1,702,364	6.064		11/25/47		309,454
	FNMA REMIC Series 2020-60, Class KI
	7,131,090	2.000		09/25/50		761,267
	FNMA REMIC Series 2020-60, Class NI
	2,522,236	4.000		09/25/50		397,611
	GNMA REMIC Series 2010-35, Class DS(b) (-1x 1M USD LIBOR + 5.680%)
	4,130,831	5.593		03/20/40		677,124
	GNMA REMIC Series 2013-103, Class DS(b) (-1x 1M USD LIBOR + 6.150%)
	5,181,245	6.063		07/20/43		919,664
	GNMA REMIC Series 2013-117, Class PS(b) (-1x1M USD LIBOR + 6.150%)
	6,662,033	6.063		04/20/43		899,059
	GNMA REMIC Series 2013-152, Class TS(b) (-1x 1M USD LIBOR + 6.100%)
	125,415	6.013		06/20/43		23,405
	GNMA REMIC Series 2014-11, Class NI
	2,654,675	4.500		12/16/42		131,904
	GNMA REMIC Series 2014-132, Class SL(b) (-1x 1M USD LIBOR + 6.100%)
	7,249,586	6.013		10/20/43		785,947
	GNMA REMIC Series 2014-180, Class PI
	4,270,477	4.000		08/20/44		522,071
	GNMA REMIC Series 2015-111, Class SM(b) (-1x1M USD LIBOR + 6.200%)
	5,263,725	6.113		08/20/45		929,514
	GNMA REMIC Series 2015-126, Class LS(b) (-1x1M USD LIBOR + 6.200%)
	3,393,667	6.113		09/20/45		599,283
	GNMA REMIC Series 2015-129, Class IC
	1,496,992	4.500		09/16/45		234,817
	GNMA REMIC Series 2015-133, Class SA(b) (-1x1M USD LIBOR + 5.700%)
	1,901,761	5.613		09/20/45		323,465
	GNMA REMIC Series 2015-133, Class SB(b) (-1x1M USD LIBOR + 5.700%)
	2,506,042	5.613		09/20/45		381,670
Mortgage-Backed Obligations – (continued)
Interest Only(h) – (continued)
	GNMA REMIC Series 2015-144, Class QS(b) (-1x 1M USD LIBOR + 5.700%)
	6,221,818	5.613		10/20/45		1,066,884
	GNMA REMIC Series 2015-168, Class SD(b) (-1x 1M USD LIBOR + 6.200%)
	10,470,223	6.113		11/20/45		1,971,743
	GNMA REMIC Series 2015-95, Class GI
	527,594	4.500		07/16/45		97,719
	GNMA REMIC Series 2016-6, Class S(b) (-1x1M USD LIBOR + 5.650%)
	7,697,151	5.563		01/20/46		1,285,563
	GNMA REMIC Series 2017-112, Class SJ(b) (-1x 1M USD LIBOR + 5.660%)
	1,608,912	5.573		07/20/47		242,636
	GNMA REMIC Series 2018-105, Class SC(b) (-1x 1M USD LIBOR + 6.200%)
	1,252,432	6.113		08/20/48		179,092
	GNMA REMIC Series 2018-122, Class HS(b) (-1x 1M USD LIBOR + 6.200%)
	1,154,253	6.113		09/20/48		208,438
	GNMA REMIC Series 2018-124, Class SN(b) (-1x 1M USD LIBOR + 6.200%)
	2,288,880	6.113		09/20/48		401,399
	GNMA REMIC Series 2018-139, Class SQ(b) (-1x 1M USD LIBOR + 6.150%)
	1,688,543	6.063		10/20/48		236,679
	GNMA REMIC Series 2018-147, Class SA(b) (-1x 1M USD LIBOR + 6.200%)
	1,503,893	6.113		10/20/48		244,818
	GNMA REMIC Series 2018-67, Class PS(b) (-1x 1M USD LIBOR + 6.200%)
	2,852,639	6.113		05/20/48		425,998
	GNMA REMIC Series 2018-7, Class DS(b) (-1x1M USD LIBOR + 5.700%)
	1,775,125	5.613		01/20/48		296,283
	GNMA REMIC Series 2018-79, Class SD(b) (-1x 1M USD LIBOR + 6.200%)
	698,914	6.113		06/20/48		108,668
	GNMA REMIC Series 2019-1, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
	1,850,768	5.963		01/20/49		262,212
	GNMA REMIC Series 2019-151, Class NI
	4,474,157	3.500		10/20/49		444,781
	GNMA REMIC Series 2019-4, Class SJ(b) (-1x 1M USD LIBOR + 6.050%)
	3,209,790	5.963		01/20/49		497,294
	GNMA REMIC Series 2019-6, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
	644,431	5.963		01/20/49		98,269
	GNMA REMIC Series 2019-69, Class S(b) (-1x 1M USD LIBOR + 3.270%)
	1,628,294	3.183		06/20/49		107,500
	GNMA REMIC Series 2019-78, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	1,183,869	6.013		06/20/49		168,788

112 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(h) – (continued)
	GNMA REMIC Series 2019-97, Class SC(b) (-1x 1M USD LIBOR + 6.100%)
$	1,467,668		6.013%		08/20/49	$	222,606
	GNMA REMIC Series 2020-11, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
	1,656,884		5.963		01/20/50		273,194
	GNMA REMIC Series 2020-146, Class IM
	1,660,748		2.500		10/20/50		203,233
	GNMA REMIC Series 2020-146, Class KI
	12,298,747		2.500		10/20/50		1,247,590
	GNMA REMIC Series 2020-151, Class MI
	5,378,715		2.500		10/20/50		640,802
	GNMA REMIC Series 2020-173, Class AI
	2,584,641		2.500		11/20/50		128,375
	GNMA REMIC Series 2020-21, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
	4,614,865		5.963		02/20/50		793,542
	GNMA REMIC Series 2020-55, Class IO
	437,468		3.500		04/20/50		57,556
	GNMA REMIC Series 2020-61, Class SF(b) (-1x 1M USD LIBOR + 6.440%)
	6,974,815		6.353		07/20/43		1,267,203
	GNMA REMIC Series 2020-7, Class GI
	223,094		4.000		01/20/50		25,186
	GNMA REMIC Series 2020-78, Class DI
	5,952,710		4.000		06/20/50		667,146
	GNMA REMIC Series 2020-78, Class SD(b) (-1x 1M USD LIBOR + 6.150%)
	8,312,319		6.063		06/20/50		1,366,707
	GNMA REMIC Series 2020-79, Class AI
	780,747		4.000		06/20/50		92,982
							28,764,925
Regular Floater(b) – 0.4%
	FHLMC REMIC Series 3231, Class FB (1M USD LIBOR + 0.350%)
	214,336		0.434		10/15/36		215,837
	FHLMC REMIC Series 3314, Class FC (1M USD LIBOR + 0.400%)
	128,240		0.484		12/15/36		129,685
	FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
	203,881		0.684		09/15/37		207,094
	FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	106,250		0.934		06/15/39		108,227
	FHLMC REMIC Series 3827, Class KF (1M USD LIBOR + 0.370%)
	327,454		0.454		03/15/41		329,782
	FNMA REMIC Series 2006-45, Class TF (1M USD LIBOR + 0.400%)
	417,573		0.486		06/25/36		420,728
	FNMA REMIC Series 2006-76, Class QF (1M USD LIBOR + 0.400%)
	492,109		0.486		08/25/36		495,979
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – (continued)
	FNMA REMIC Series 2006-79, Class PF (1M USD LIBOR + 0.400%)
	489,156		0.486		08/25/36		493,092
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	567,718		0.436		04/25/37		570,360
	FNMA REMIC Series 2007-75, Class VF (1M USD LIBOR + 0.450%)
	171,291		0.536		08/25/37		173,048
	FNMA REMIC Series 2009-84, Class WF (1M USD LIBOR + 1.100%)
	59,910		1.186		10/25/39		61,225
							3,205,057
Sequential Fixed Rate – 0.4%
	Residential Accredit Loans, Inc. Series 2006-QS2, Class 1A9
	284,868		5.500		02/25/36		278,311
	Residential Accredit Loans, Inc. Series 2006-QS6, Class 1A13
	440,759		6.000		06/25/36		419,496
	Residential Accredit Loans, Inc. Series 2006-QS9, Class 1A11
	842,731		6.500		07/25/36		799,758
	Residential Asset Securitization Trust Series 2006-A8, Class 1A1
	720,792		6.000		08/25/36		662,166
	Residential Funding Mortgage Securities I Series 2007-S9, Class 1A1
	2,192,551		6.000		10/25/37		1,644,165
							3,803,896
Sequential Floating Rate(b) – 6.5%
	Alternative Loan Trust 2007-16CB Series 07-16CB, Class 1A2 (1M USD LIBOR + 0.400%)
	339,769		0.486		08/25/37		262,194
	Banc of America Funding Trust Series 2006-H, Class 6A1 (1M USD LIBOR + 0.380%)
	6,431,849		0.467		10/20/36		5,652,617
	Banc of America Funding Trust Series 2007-2, Class 2A1
	25,797		4.461		03/25/37		26,419
	Bellemeade Re Ltd. Series 2021-2A, Class M1B(d)(SOFR30A + 1.500%)
	475,000		1.550		06/25/31		475,831
	Connecticut Avenue Securities Trust Series 2019-R02, Class 1M2(d) (1M USD LIBOR + 2.300%)
	1,080,166		2.386		08/25/31		1,087,132
	Connecticut Avenue Securities Trust Series 2019-R03, Class 1M2(d) (1M USD LIBOR + 2.150%)
	93,393		2.236		09/25/31		93,867
	Countrywide Alternative Loan Trust Series 2005-26CB, Class A1 (1M USD LIBOR + 0.500%)
	331,677		0.586		07/25/35		238,107
	Countrywide Alternative Loan Trust Series 2005-64CB, Class 1A12 (1M USD LIBOR + 0.800%)
	411,347		0.886		12/25/35		337,536
	Countrywide Alternative Loan Trust Series 2007-16CB, Class 4A3 (1M USD LIBOR + 0.500%)
	2,283,210		0.586		08/25/37		1,697,345

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	FHLMC STACR Debt Notes Series 20-HQA5, Class B2(d)(SOFR30A + 7.400%)
$	410,000	7.450 %		11/25/50	$	486,297
	FHLMC STACR Debt Notes Series 2015-DNA2, Class M3 (1M USD LIBOR + 3.900%)
	291,233	3.986		12/25/27		294,016
	FHLMC STACR Debt Notes Series 2020-HQA5, Class B1(d)(SOFR30A + 4.000%)
	841,000	4.050		11/25/50		881,133
	FHLMC STACR Debt Notes Series 2020-HQA5, Class M2(d)(SOFR30A + 2.600%)
	380,000	2.650		11/25/50		384,841
	FHLMC STACR Debt Notes Series 21-DNA2, Class B2(d)(SOFR30A + 6.000%)
	410,000	6.050		08/25/33		466,382
	FHLMC STACR Debt Notes Trust Series 2016-DNA3, Class M3 (1M USD LIBOR + 5.000%)
	256,843	5.086		12/25/28		269,405
	FHLMC STACR REMIC Series 2019-HQA3, Class B1(d) (1M USD LIBOR + 3.000%)
	1,350,000	3.086		09/25/49		1,360,463
	FHLMC STACR REMIC Trust 2020-HQA1 Series 20-HQA1, Class B2(d) (1M USD LIBOR + 5.100%)
	610,000	5.186		01/25/50		614,025
	FHLMC STACR REMIC Trust Series 2019-DNA3, Class B1(d) (1M USD LIBOR + 3.250%)
	1,335,000	3.336		07/25/49		1,347,358
	FHLMC STACR Remic Trust Series 2020-DNA1, Class M2(d) (1M USD LIBOR + 1.700%)
	1,798,024	1.786		01/25/50		1,803,726
	FHLMC STACR REMIC Trust Series 2020-DNA2, Class B1(d) (1M USD LIBOR + 2.500%)
	495,000	2.586		02/25/50		494,270
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(d) (1M USD LIBOR + 3.000%)
	120,796	3.086		06/25/50		121,262
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1(d) (1M USD LIBOR + 5.100%)
	1,570,000	5.186		06/25/50		1,636,726
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class B1(d) (1M USD LIBOR + 6.000%)
	1,516,000	6.086		08/25/50		1,614,921
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2(d) (1M USD LIBOR + 3.750%)
	312,966	3.836		08/25/50		315,900
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1(d)(SOFR30A + 4.800%)
	1,521,000	4.850		10/25/50		1,623,411
	FHLMC STACR REMIC Trust Series 2020-DNA6, Class B1(d)(SOFR30A + 3.000%)
	460,000	3.050		12/25/50		465,595
	FHLMC STACR REMIC Trust Series 2020-DNA6, Class B2(d)(SOFR30A + 5.650%)
	600,000	5.700		12/25/50		647,410
	FHLMC STACR REMIC Trust Series 2020-DNA6, Class M2(d)(SOFR30A + 2.000%)
	1,270,000	2.050		12/25/50		1,279,740
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	FHLMC STACR REMIC Trust Series 2020-HQA2, Class B1(d) (1M USD LIBOR + 4.100%)
	3,826,645	4.186		03/25/50		3,950,462
	FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2(d) (1M USD LIBOR + 3.150%)
	185,547	3.236		09/25/50		186,824
	FHLMC STACR REMIC Trust Series 2021-DNA1, Class B2(d)(SOFR30A + 4.750%)
	1,022,000	4.800		01/25/51		1,044,659
	FHLMC STACR REMIC Trust Series 2021-DNA5, Class B1(d)(SOFR30A + 3.050%)
	280,000	3.100		01/25/34		285,969
	FHLMC STACR REMIC Trust Series 2021-DNA5, Class B2(d)(SOFR30A + 5.500%)
	600,000	5.550		01/25/34		641,197
	FHLMC STACR REMIC Trust Series 2021-HQA1, Class B2(d)(SOFR30A + 5.000%)
	950,000	5.050		08/25/33		980,364
	FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2(d)(SOFR30A + 2.050%)
	890,000	2.100		12/25/33		898,294
	FNMA Connecticut Avenue Securities Series 2018-C01, Class 1M2 (1M USD LIBOR + 2.250%)
	2,014,558	2.336		07/25/30		2,039,274
	FNMA Connecticut Avenue Securities Series 2013-C01, Class M2 (1M USD LIBOR + 5.250%)
	135,961	5.336		10/25/23		141,274
	FNMA Connecticut Avenue Securities Series 2014-C01, Class M2 (1M USD LIBOR + 4.400%)
	733,907	4.486		01/25/24		757,529
	FNMA Connecticut Avenue Securities Series 2014-C02, Class 1M2 (1M USD LIBOR + 2.600%)
	524,920	2.686		05/25/24		533,705
	FNMA Connecticut Avenue Securities Series 2016-C01, Class 1M2 (1M USD LIBOR + 6.750%)
	1,414,790	6.836		08/25/28		1,495,109
	FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
	2,064,210	5.386		10/25/28		2,168,178
	FNMA Connecticut Avenue Securities Series 2018-C01, Class 1B1 (1M USD LIBOR + 3.550%)
	2,335,000	3.636		07/25/30		2,411,758
	Indymac Index Mortgage Loan Trust Series 2005-AR10, Class A1 (1M USD LIBOR + 0.520%)
	2,099,136	0.606		06/25/35		1,906,728
	London Wall Mortgage Capital PLC Series 2017-FL1, Class A (3M GBP LIBOR + 0.850%)
GBP	2,831,591	0.921		11/15/49		3,822,405
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 1A1(12M MTA + 0.800%)
$	1,136,470	0.892		12/25/46		997,894
	Master Adjustable Rate Mortgages Trust Series 2006-OA2, Class 4A1A(12M MTA + 0.850%)
	195,798	0.942		12/25/46		186,115
	Master Adjustable Rate Mortgages Trust Series 2007-3, Class 12A1 (1M USD LIBOR + 0.400%)
	858,967	0.486		05/25/47		967,946

114 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)
	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2006-AR4, Class A4A (1M USD LIBOR + 0.480%)
$	870,648		0.566 %			12/25/36	$	827,783
	Residential Accredit Loans, Inc. Series 2005-QO5, Class A1(12M MTA + 1.000%)
	2,228,088		1.092			01/25/46		2,067,642
	Residential Accredit Loans, Inc. Series 2006-QO1, Class 3A1 (1M USD LIBOR + 0.540%)
	1,420,291		0.626			02/25/46		970,368
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 1A1(12M MTA + 0.800%)
	2,614,074		0.892			09/25/46		2,514,984
	Residential Accredit Loans, Inc. Series 2006-QO7, Class 3A2 (1M USD LIBOR + 0.410%)
	104,093		0.496			09/25/46		106,753
								57,881,143
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	93,655,021
Commercial Mortgage-Backed Securities – 2.3%
Sequential Fixed Rate – 1.6%
	Banc of America Commercial Mortgage Trust Series 2016- UBS10, Class D(d)
$	1,100,000		3.000%			07/15/49	$	1,025,774
	BANK Series 2018-BN10, Class D(d)
	500,000		2.600			02/15/61		442,183
	BANK Series 2018-BN13, Class D(d)
	750,000		3.000			08/15/61		664,828
	BANK Series 2018-BN14, Class D(d)
	500,000		3.000			09/15/60		448,750
	BANK Series 2018-BN15, Class D(d)
	780,000		3.000			11/15/61		673,105
	Benchmark Mortgage Trust Series 2019-B13, Class D(d)
	750,000		2.500			08/15/57		649,690
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E(d)
	1,200,000		2.500			11/15/52		988,487
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(d)
	1,000,000		3.000			09/15/50		897,848
	COMM 2017-COR2 Mortgage Trust Series 2017-COR2, Class D(d)
	800,000		3.000			09/10/50		756,185
	COMM 2017-COR2 Mortgage Trust Series 2019-GC44, Class D(d)
	300,000		2.500			08/15/57		255,729
	CSMC Trust Series 2014-USA, Class E(d)
	1,550,000		4.373			09/15/37		1,348,353
	JPMBD Commercial Mortgage Trust Series 2017-C7, Class D(d)
	660,000		3.000			10/15/50		613,865
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2017-C34, Class D(d)
	831,600		2.700			11/15/52		737,430
	Morgan Stanley Capital I Trust Series 2018-L1, Class D(d)
	900,000		3.000			10/15/51		818,616
	Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D(d)
	500,000		3.401			03/15/50		478,959
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D(d)
	756,000		3.250			01/15/60		697,636
	WF-RBS Commercial Mortgage Trust Series 2012-C6, Class B
	2,500,000		4.697			04/15/45		2,536,512
								14,033,950
Sequential Floating Rate(b) – 0.7%
	Barclays Commercial Mortgage Trust Series 2017-C1 Class D(d)
	550,000		3.660			02/15/50		509,516
	CFCRE Commercial Mortgage Trust Series 2016-C6, Class D(d)
	850,000		4.339			11/10/49		779,069
	Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C
	400,000		4.908			02/10/49		416,138
	CSAIL 2018-C14 Commercial Mortgage Trust Series 2018-C14, Class D(d)
	650,000		5.052			11/15/51		671,213
	DBJPM 16-C1 Mortgage Trust Series 2016-C1, Class D(d)
	1,000,000		3.480			05/10/49		780,652
	DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D(d)
	1,100,000		3.360			06/10/50		1,031,050
	Octagon Finance NO 1 DAC, Class A(i) (-1X 3M Euribor + 2.370%)
EUR	843,681		1.818			01/17/23		947,960
	Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class D(d)
$	817,000		3.262			12/15/59		737,636
								5,873,234
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	19,907,184
Federal Agencies – 12.8%
FHLMC – 0.1%
$	11,906		5.000	%		01/01/33	$	13,458
	335		5.000			03/01/33		379
	4,814		5.000			04/01/33		5,445
	602		5.000			05/01/33		681
	2,228		5.000			06/01/33		2,519
	15,943		5.000			07/01/33		18,031
	23,351		5.000			08/01/33		26,385
	2,913		5.000			09/01/33		3,282
	5,242		5.000			10/01/33		5,929
	12,814		5.000			11/01/33		14,492
	5,425		5.000			12/01/33		6,136
	5,094		5.000			01/01/34		5,761
	15,834		5.000			02/01/34		17,932
	6,972		5.000			03/01/34		7,932
	14,807		5.000			04/01/34		16,868
	18,631		5.000			05/01/34		21,081
	263,916		5.000			06/01/34		298,718
	5,860		5.000			11/01/34		6,675
	65,425		5.000			04/01/35		73,993
	1,710		5.000			11/01/35		1,934
								547,631

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate				Maturity Date				Value
Mortgage-Backed Obligations – (continued)
GNMA – 6.2%
$	15,258,195		4.500	%			12/20/48			$	16,317,803
	6,118,347		5.000				12/20/48				6,608,537
	12,111,091		4.500				01/20/49				12,952,148
	5,000,000		2.500				TBA-30yr	(j)			5,161,593
	13,000,000		4.500				TBA-30yr	(j)			13,863,678
											54,903,759
UMBS – 0.6%
	1,210		5.000				09/01/22				1,211
	490		5.000				04/01/23				536
	1,049		5.500				05/01/25				1,053
	23,034		4.500				08/01/37				25,879
	4,843		4.500				04/01/39				5,359
	7,737		4.000				08/01/39				8,506
	3,359		4.000				09/01/39				3,693
	28,405		4.500				10/01/39				31,375
	3,268		4.500				05/01/41				3,646
	13,202		4.500				06/01/41				14,731
	11,599		4.500				08/01/41				12,978
	4,396		4.500				10/01/41				4,905
	1,469		4.500				11/01/42				1,640
	16,322		4.500				12/01/43				18,180
	942,828		4.500				11/01/48				1,018,440
	163,111		4.500				01/01/49				175,887
	1,211,676		4.500				06/01/49				1,309,298
	779,600		4.500				06/01/49				840,660
	942,535		4.500				08/01/49				1,016,651
	1,254,143		4.500				01/01/50				1,355,187
											5,849,815
UMBS, 30 Year, Single Family(j) – 5.9%
	26,000,000		2.000				TBA-30yr				26,066,625
	12,000,000		2.500				TBA-30yr				12,373,595
	13,000,000		5.000				TBA-30yr				14,292,309
											52,732,529
	TOTAL FEDERAL AGENCIES									$	114,033,734
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $217,296,284)									$	227,595,939
Asset-Backed Securities(b) – 12.5%
Collateralized Loan Obligations(d) – 10.0%
	Apidos CLO XXIII Series 2015-23A, Class AR (3M USD LIBOR + 1.220%)
$	4,800,000		1.346%				04/15/33			$	4,808,102
	Barings CLO Ltd. IV Series 2020-4A, Class D1 (3M USD LIBOR + 3.700%)
	1,000,000		3.834				01/20/32				1,002,641
	Cathedral Lake VII Ltd. Series 2021-7RA, Class C (3M USD LIBOR + 2.570%)
	750,000		2.696				01/15/32				736,360
	Cathedral Lake VII Ltd. Series 2021-7RA, Class D (3M USD LIBOR + 4.280%)
	1,625,000		4.406				01/15/32				1,589,972
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(d) – (continued)
	CFIP CLO, Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.820%)
	2,200,000	3.905			10/18/34				2,177,575
	Crown City CLO I Series 2020-1A, Class A1AR (3M USD LIBOR + 1.190%)
	2,000,000	1.336			07/20/34				2,001,076
	Crown Point CLO 9, Ltd. Series 2020-9A, Class AR (3M USD LIBOR + 1.190%)
	8,900,000	1.322			07/14/34				8,903,159
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	9,000,000	1.366			04/15/33				9,024,039
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	5,800,000	1.994			07/20/31				5,812,029
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class B (3M USD LIBOR + 2.950%)
	2,400,000	3.084			07/20/31				2,411,364
	HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1 (3M USD LIBOR + 1.350%)
	9,400,000	1.484			01/20/33				9,409,851
	LCCM Trust Series 2021-FL2, Class A (1M USD LIBOR + 1.284%)
	1,150,000	1.284			12/13/38				1,149,640
	MAN GLG US. Ltd. Series CLO 2021-1A, Class A1 (3M USD LIBOR + 1.300%)
	6,700,000	1.396			07/15/34				6,707,819
	Marble Point CLO XIX Ltd. Series 2020-3A, Class D (3M USD LIBOR + 3.900%)
	1,000,000	4.034			01/19/34				1,007,965
	MF1 Trust Series 2021-FL6, Class A (1M USD LIBOR + 1.100%)
	1,400,000	1.185			07/16/36				1,399,995
	MidOcean Credit CLO VI Series 2016-6A, Class D1R (3M USD LIBOR + 3.520%)
	1,400,000	3.654			04/20/33				1,393,013
	Mill City Mortgage Loan Trust Series 2017-2, Class A3
	773,801	2.989			07/25/59				799,036
	Ocean Trails CLO XI Series 21-11A, Class D (3M USD LIBOR + 3.700%)
	3,000,000	3.852			07/20/34				2,990,376
	Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (3M USD LIBOR + 3.900%)
	1,600,000	4.026			07/15/29				1,600,123
	OZLM Ltd.Series 2015-14A, Class CRR (3M USD LIBOR + 3.390%)
	2,200,000	3.516			07/15/34				2,167,559
	TCW CLO AMR Ltd. Series 2019-1A, Class DR (3M USD LIBOR + 3.670%)
	2,300,000	3.789			08/16/34				2,288,845
	THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (3M USD LIBOR + 3.720%)
	1,400,000	3.854			04/18/36				1,400,699
	Tralee CLO VII Ltd. Series 2021-7A, Class D (3M USD LIBOR + 3.180%)
	2,150,000	3.418			04/25/34				2,106,850

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(d) – (continued)
	Venture CDO Ltd. Series 2020-39A, Class A1 (3M USD LIBOR + 1.280%)
$	6,200,000		1.406 %			04/15/33	$	6,204,712
	Voya CLO Ltd. Series 2019-1A, Class AR (3M USD LIBOR + 1.060%)
	3,900,000		1.186			04/15/31		3,900,499
	Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	6,000,000		1.454			07/28/32		6,000,480
								88,993,779
Home Equity – 0.3%
	Lehman XS Trust Series 2007-3, Class 1BA2 (6M USD LIBOR + 0.500%)
	110,592		0.655			03/25/37		110,384
	Morgan Stanley Mortgage Loan Trust Series 2006-16AX, Class 1A (1M USD LIBOR + 0.340%)
	725,043		0.426			11/25/36		206,537
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-BC3, Class 2A4 (1M USD LIBOR + 0.260%)
	247,000		0.346			05/25/47		223,350
	Structured Asset Securities Corp. Mortgage Loan Trust Series 2007-EQ1, Class A1 (1M USD LIBOR + 0.215%)
	2,822,581		0.301			03/25/37		2,272,134
								2,812,405
Student Loan – 2.2%
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	9,424,737		0.875			04/25/23		9,320,954
	SLM Student Loan Trust Series 2008-3, Class A3 (3M USD LIBOR + 1.000%)
	10,131,483		1.125			10/25/21		10,159,272
								19,480,226
	TOTAL ASSET-BACKED SECURITIES						$	111,286,410
	(Cost $110,630,727)
Foreign Debt Obligations – 4.0%
Sovereign – 4.0%
	Dominican Republic
DOP	30,000,000		18.500	%		02/04/28	$	861,901
$	700,000		4.500	(d)		01/30/30		710,194
	2,110,000		5.875	(d)		01/30/60		2,060,283
	Oman Government Bond
	1,410,000		4.750			06/15/26		1,439,346
	1,110,000		5.375			03/08/27		1,152,874
	Perusahaan Penerbit SBSN(d)
	1,020,000		2.550			06/09/31		1,034,137
	Republic of Colombia(e)
	630,000		3.125			04/15/31		588,971
	2,500,000		3.875			02/15/61		2,021,562
	Republic of Egypt(d)
	2,790,000		4.550			11/20/23		2,835,337
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Indonesia
	560,000		3.050			03/12/51		529,262
	200,000		3.350			03/12/71		184,975
	Republic of Ivory Coast
	530,000		4.875			01/30/32		599,076
	1,990,000		6.125			06/15/33		2,096,092
	Republic of Nigeria
	2,430,000		7.875			02/16/32		2,515,506
	590,000		7.696			02/23/38		580,892
	Republic of Qatar
	470,000		3.750	(d)		04/16/30		530,601
	440,000		4.625			06/02/46		549,670
	480,000		4.400	(d)		04/16/50		583,800
	Republic of Romania
EUR	1,620,000		3.624	(d)		05/26/30		2,113,907
$	480,000		3.000	(d)		02/14/31		489,240
EUR	230,000		2.000	(d)		01/28/32		258,728
	200,000		3.375	(d)		01/28/50		227,905
	120,000		3.375			01/28/50		136,743
$	1,660,000		4.000	(d)		02/14/51		1,649,417
	Republic of South Africa
	1,020,000		4.300			10/12/28		1,024,016
	1,000,000		4.850			09/30/29		1,026,437
	Republic of Turkey
	940,000		4.250			04/14/26		883,189
	700,000		5.250			03/13/30		643,475
	300,000		5.950			01/15/31		282,000
	300,000		5.875			06/26/31		280,125
	230,000		5.750			05/11/47		190,009
	Ukraine Government Bond
	560,000		7.750			09/01/24		605,780
EUR	1,550,000		4.375	(d)		01/27/30		1,665,273
$	380,000		7.253	(d)		03/15/33		383,278
	United Mexican States(e)
	1,520,000		2.659			05/24/31		1,466,135
	1,640,000		3.771			05/24/61		1,456,320
	TOTAL FOREIGN DEBT OBLIGATIONS						$	35,656,456
	(Cost $35,867,320)
Municipal Debt Obligations – 1.2%
Illinois – 1.2%
	Illinois State GO Bonds Build America Series 2010(e)
$	4,470,000		7.350	%		07/01/35	$	5,674,429
	Illinois State GO Bonds Taxable-Pension Series 2003
	4,280,000		5.100			06/01/33		4,988,539
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $9,142,255)						$	10,662,968
U.S. Treasury Obligations – 19.8%
	United States Treasury Bonds
$	47,420,000		3.000	%		02/15/47	$	56,207,519
	10,000		2.750			11/15/47		11,366
	57,380,000		2.375			11/15/49		61,100,734
	59,500,000		2.000			02/15/50		58,468,047
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $181,845,737)						$	175,787,666

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Shares	Description	Value
Exchange Traded Fund(k) – 2.5%
439,970	Goldman Sachs Access High Yield Corporate Bond ETF (Cost $21,288,603)	$	22,055,696

Shares	Dividend Rate			Value
Investment Company(k) – 3.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
33,762,506		0.026	%	$	33,762,506
(Cost $33,762,506)

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments(l) – 3.4%
Commercial Paper – 3.4%
	Aon Corp.
$	5,000,000		0.000	%		10/01/21	$	4,999,982
	AT&T, Inc.
	2,000,000		0.000			12/14/21		1,999,250
	6,000,000		0.000			01/20/22		5,996,584
	Enel Finance America LLC
	350,000		0.000			02/16/22		349,664
	Fidelity National Information Services, Inc.
	8,000,000		0.000			10/28/21		7,999,079
	V.W. Credit, Inc.
	9,000,000		0.000			10/14/21		8,999,545
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $30,343,762)						$	30,344,104
	TOTAL INVESTMENTS – 101.6%
	(Cost $ 930,824,831)						$	903,298,820
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.6)%							(14,486,019	)
	NET ASSETS – 100.0%						$	888,812,801

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, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.
(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Pay-in-kind securities.
(g)	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)	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 $71,757,800 which represents approximately 8.1% of the Fund’s net assets as of September 30, 2021.
(k)	Represents an affiliated issuer.
(l)	Issued with a zero coupon. Income is recognized through the accretion of discount.

118 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
CZK	—Czech Koruna
DOP	—Dominican Peso
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
CDO	—Collateralized Debt Obligation
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
ETF	—Exchange Traded Fund
EURO	—Euro Offered Rate
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
JYOR	—Japanese Yen Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
MTA	—Monthly Treasury Average
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PIK	—Payment in kind
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STACR	—Structured Agency Credit Risk
STIBOR	—Stockholm Interbank Offered Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	AUD	3,547,571	NZD	3,707,123		12/15/21	$	8,055
	AUD	3,882,485	USD	2,796,876		12/15/21		11,041
	CAD	6,792,802	EUR	4,563,154		12/15/21		68,547
	CAD	1,503,733	USD	1,181,524		12/15/21		5,698
	CHF	822,860	EUR	756,115		12/15/21		7,428
	CNH	75,440,627	USD	11,603,787		12/15/21		25,274
	EUR	762,291	HUF	271,177,454		12/15/21		12,764
	EUR	762,944	PLN	3,515,911		12/15/21		1,430
	EUR	1,527,022	SEK	15,487,969		12/15/21		1,198
	GBP	768,408	EUR	890,907		10/14/21		3,100
	IDR	25,584,778,056	USD	1,757,076		11/16/21		19,980
	NOK	38,782,762	EUR	3,774,052		12/15/21		54,726
	RUB	43,303,009	USD	587,319		10/01/21		7,486
	RUB	403,406,965	USD	5,393,141		11/15/21		109,118
	RUB	195,646,971	USD	2,659,817		11/17/21		7,732
	SEK	11,369,956	USD	1,294,057		12/15/21		5,735
	USD	1,736,269	AUD	2,363,976		12/15/21		26,579
	USD	892,576	BRL	4,747,897		10/04/21		21,408
	USD	4,679,713	CAD	5,909,415		11/12/21		14,423

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc. (continued)	USD	15,947,622	CAD	20,165,880		12/15/21	$	26,328
	USD	14,064,054	CHF	12,905,675		12/15/21		188,109
	USD	3,008,933	CLP	2,383,565,266		11/12/21		81,297
	USD	5,039,981	EUR	4,253,739		10/07/21		111,947
	USD	4,130,689	EUR	3,488,169		10/12/21		89,201
	USD	4,027,656	EUR	3,406,916		10/13/21		80,234
	USD	4,470,712	EUR	3,772,116		10/18/21		99,737
	USD	10,971,790	EUR	9,270,998		11/24/21		221,241
	USD	54,832,339	EUR	46,308,579		12/15/21		1,101,967
	USD	4,371,532	GBP	3,160,905		10/18/21		112,434
	USD	5,464,452	GBP	3,922,932		10/27/21		178,505
	USD	34,363,105	GBP	24,930,581		12/15/21		766,637
	USD	2,235,005	IDR	32,037,073,154		11/16/21		9,788
	USD	939,268	ILS	3,008,855		12/15/21		5,290
	USD	3,570,066	INR	264,849,387		12/07/21		29,823
	USD	41,761,462	JPY	4,598,510,117		12/15/21		413,094
	USD	6,055,109	KRW	7,080,406,336		11/15/21		81,065
	USD	2,891,343	MXN	58,012,083		10/29/21		93,302
	USD	1,786,076	MXN	36,182,387		12/15/21		52,515
	USD	4,340,816	NOK	37,646,944		12/15/21		37,023
	USD	14,408,645	NZD	20,439,159		12/15/21		307,122
	USD	5,535,688	PLN	21,738,000		11/16/21		70,890
	USD	1,696,935	RUB	123,349,314		10/01/21		2,624
	USD	893,387	RUB	65,393,221		11/15/21		1,457
	USD	583,504	SEK	5,010,717		10/29/21		11,019
	USD	17,705,218	SEK	152,544,365		12/15/21		266,628
	USD	972,558	THB	31,830,825		12/15/21		32,188
	USD	4,559,423	TRY	41,050,722		12/15/21		124,719
	USD	3,569,000	TRY	34,439,066		06/14/22		180,718
	USD	3,523,903	TWD	97,453,435		10/12/21		18,739
	USD	1,793,054	TWD	49,735,732		10/18/21		3,627
	USD	2,677,207	ZAR	38,797,174		12/15/21		128,037
	ZAR	13,642,757	USD	894,138		12/15/21		2,260
TOTAL							$	5,341,287

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	2,484,173	NZD	2,604,705		12/15/21	$	(436	)
	AUD	3,560,806	USD	2,581,638		11/12/21		(6,892	)
	AUD	33,547,198	USD	24,651,662		12/15/21		(389,432	)
	BRL	4,730,812	USD	894,124		10/04/21		(26,091	)
	CAD	8,510,257	USD	6,739,341		11/12/21		(20,771	)
	CAD	16,403,251	USD	13,009,897		12/15/21		(59,260	)
	CHF	733,088	USD	794,079		12/15/21		(5,876	)
	CLP	1,405,821,344	USD	1,779,870		11/12/21		(53,155	)
	CNH	5,793,694	USD	893,720		12/15/21		(631	)
	CZK	76,477,916	USD	3,555,881		12/15/21		(68,381	)
	EUR	2,263,144	AUD	3,649,407		12/15/21		(13,494	)
	EUR	1,531,071	CHF	1,656,680		12/15/21		(4,779	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	EUR	760,683	CZK	19,426,320		12/15/21	$	(3,271	)
	EUR	890,907	GBP	768,394		10/14/21		(3,082	)
	EUR	1,515,118	USD	1,793,376		10/07/21		(38,084	)
	EUR	757,238	USD	895,067		10/13/21		(17,694	)
	EUR	29,211,732	USD	34,658,126		12/15/21		(764,684	)
	GBP	3,238,882	EUR	3,792,375		12/15/21		(35,453	)
	GBP	915,531	USD	1,253,489		10/27/21		(19,859	)
	GBP	14,169,000	USD	19,338,201		12/15/21		(244,048	)
	HUF	539,464,532	EUR	1,516,812		12/15/21		(25,803	)
	HUF	245,375,738	USD	826,554		12/15/21		(37,795	)
	INR	595,374,514	USD	8,053,349		12/07/21		(94,975	)
	JPY	194,756,014	EUR	1,510,580		12/15/21		(1,492	)
	JPY	2,613,516,376	USD	23,867,849		12/15/21		(367,926	)
	KRW	5,251,301,809	USD	4,460,869		11/15/21		(30,119	)
	MXN	58,873,000	USD	2,934,252		10/29/21		(94,687	)
	NOK	7,696,487	EUR	764,567		12/15/21		(7,242	)
	NOK	70,184,791	USD	8,086,752		12/15/21		(63,237	)
	NZD	61,747,681	USD	43,826,625		12/15/21		(1,225,245	)
	PLN	3,507,159	EUR	763,131		12/15/21		(3,848	)
	PLN	22,656,999	USD	5,769,716		11/16/21		(73,887	)
	PLN	10,730,509	USD	2,808,449		12/15/21		(111,139	)
	RUB	203,395,618	USD	2,733,803		10/01/21		60,013
	RUB	65,603,124	USD	896,040		11/17/21		(1,574	)
	SEK	31,505,727	USD	3,649,264		12/15/21		(47,587	)
	THB	22,438,160	USD	680,305		12/15/21		(17,420	)
	TRY	31,585,650	USD	3,569,000		12/14/21		(154,879	)
	TRY	4,817,754	USD	534,967		12/15/21		(14,506	)
	TWD	170,131,777	USD	6,149,850		10/12/21		(30,624	)
	TWD	49,311,471	USD	1,784,385		10/18/21		(10,222	)
	USD	7,282,865	CAD	9,233,392		12/15/21		(7,050	)
	USD	1,031,900	CHF	963,260		12/15/21		(3,779	)
	USD	5,588,992	CNH	36,385,237		12/15/21		(19,739	)
	USD	2,913,528	GBP	2,166,314		12/15/21		(5,799	)
	USD	4,125,198	JPY	460,456,210		12/15/21		(15,080	)
	USD	2,964,499	NOK	26,198,605		11/01/21		(31,740	)
	USD	445,705	NOK	3,930,884		12/15/21		(3,673	)
	USD	530,302	NZD	772,057		12/15/21		(2,361	)
	USD	1,628,783	RUB	123,349,313		10/01/21		(65,527	)
	USD	886,867	RUB	66,273,337		11/15/21		(17,067	)
	USD	894,079	RUB	67,199,452		11/17/21		(22,152	)
	USD	1,784,162	SGD	2,426,906		12/15/21		(2,920	)
	USD	1,785,405	THB	60,549,795		12/15/21		(3,400	)
	USD	1,788,763	TWD	49,772,321		10/12/21		(1,426	)
	ZAR	15,009,438	USD	1,003,441		11/08/21		(12,003	)
	ZAR	39,421,085	USD	2,680,735		12/15/21		(90,569	)
TOTAL							$	(4,433,852	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD SALES CONTRACTS — At September 30, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date		Settlement Date		Principal Amount			Value
UMBS, 30 Year, Single Family (Proceeds Receivable: $(4,325,625))		4.500	%		TBA-30yr		10/14/21	$	(4,000,000	)	$	(4,325,781	)

(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, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
10 Year German Euro-Bund		77			12/08/21	$	15,146,746		$	(27,159	)
Short position contracts:
Australian 10 Year Government Bonds		(57	)		12/15/21		(5,829,821	)		5,825
Euro Buxl 30 Year Bonds		(3	)		12/08/21		(706,617	)		25,224
Ultra Long U.S. Treasury Bonds		(971	)		12/21/21		(185,521,687	)		4,844,016
Ultra 10 Year U.S. Treasury Notes		(111	)		12/21/21		(16,122,750	)		259,341
5 Year German Euro-Bobl		(11	)		12/08/21		(1,719,258	)		9,666
2 Year U.S. Treasury Notes		(350	)		12/31/21		(77,019,141	)		35,012
5 Year U.S. Treasury Notes		(652	)		12/31/21		(80,027,906	)		41,694
10 Year U.S. Treasury Notes		(171	)		12/21/21		(22,505,203	)		16,612
20 Year U.S. Treasury Bonds		(153	)		12/21/21		(24,360,469	)		296,518
Total									$	5,533,908
TOTAL FUTURES CONTRACTS									$	5,506,749

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%(a)	3M WIBOR(b)	12/16/21	PLN	161,390		$	(77,117	)	$	(1,792	)	$	(75,325	)
1M BID Avg(c)	3.390%(c)	01/03/22	BRL	91,130			(178,771	)		—			(178,771	)
1M BID Avg(c)	4.120(c)	01/03/22		37,900			74,633			43,021			31,612
3M NZDOR(b)	0.500(d)	09/15/22	NZD	821,970			(2,960,741	)		(2,539,195	)		(421,546	)
3M NZDOR(b)	1.250(d)	09/15/22		54,310	(e)		19,451			1,927			17,524
3M NZDOR(b)	1.250(d)	12/15/22		28,120	(e)		(5,441	)		(31,066	)		25,625
5.800(c)	1M BID Avg(c)	01/02/23	BRL	67,660			320,025			49,217			270,808
1M BID Avg(c)	4.230(c)	01/02/23		29,505			(229,529	)		(273,349	)		43,820
1M BID Avg(a)	7.200(a)	01/02/23		73,250			(227,907	)		5,605			(233,512	)
3M AUDOR(b)	0.190(b)	02/22/23	AUD	298,490	(e)		14,976			(4,011,023	)		4,025,999
6M CDOR(d)	0.804(d)	02/28/23	CAD	467,960	(e)		(208,007	)		(1,770,616	)		1,562,609
6M CDOR(d)	1.100(d)	06/15/23		157,940	(e)		10,762			(468,292	)		479,054
0.450(d)	3M LIBOR(b)	06/15/23	$	142,040	(e)		(40,823	)		(8,835	)		(31,988	)
3M CNY(b)	2.500(b)	09/15/23	CNY	667,350			396,043			254,853			141,190
1.250(b)	3M KWCDC(b)	09/15/23	KRW	36,168,770			183,098			63,444			119,654
6M CDOR(d)	1.200(d)	09/21/23	CAD	165,650	(e)		(111,493	)		62,212			(173,705	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS (continued)

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.500%(d)	3M LIBOR(b)	09/21/23	$	134,150	(e)	$	110,808		$	(64,032	)	$	174,840
6.200(c)	Mexico IB TIIE 28D(c)	12/13/23	MXN	392,170	(e)		160,003			(9,226	)		169,229
6M EURO(d)	(0.500)%(f)	12/15/23	EUR	22,940	(e)		(51,970	)		(23,521	)		(28,449	)
1.500(b)	3M KWCDC(b)	12/15/23	KRW	22,289,260	(e)		59,200			8,790			50,410
0.500(d)	3M LIBOR(b)	12/15/23	$	37,640	(e)		(10,942	)		(9,811	)		(1,131	)
0.000(f)	3M STIBOR(b)	12/15/23	SEK	492,930	(e)		181,172			187,349			(6,177	)
0.300(b)	3M AUDOR(b)	12/15/23	AUD	72,080	(e)		62,319			32,813			29,506
1.000(d)	6M CDOR(d)	12/15/23	CAD	87,020	(e)		98,665			87,194			11,471
(0.500)(f)	12M EURO(f)	12/15/23	EUR	89,930	(e)		(45,230	)		(81,126	)		35,896
9.200(a)	1M BID Avg(a)	01/02/24	BRL	12,781			20,213			(55,573	)		75,786
1M BID Avg(c)	4.930(c)	01/02/24		20,510			(246,679	)		(5,451	)		(241,228	)
3M AUDOR(b)	0.500(b)	02/24/24	AUD	89,140	(e)		63,387			220,700			(157,313	)
1.500(b)	3M KWCDC(b)	03/16/24	KRW	57,052,970	(e)		228,708			131,923			96,785
0.486(b)	3M AUDOR(b)	06/29/24	AUD	29,560			(14,194	)		986			(15,180	)
1M LIBOR + 0.090%(b)	3M LIBOR(b)	07/25/24	$	522,840			(54,741	)		175,496			(230,237	)
(0.250)(f)	6M EURO(d)	12/15/24	EUR	6,160	(e)		(15,242	)		(35,169	)		19,927
6.320(a)	1M BID Avg(a)	01/02/25	BRL	62,420			873,932			(149,253	)		1,023,185
6M CDOR(d)	1.560(d)	08/22/25	CAD	91,300	(e)		(427,039	)		43,700			(470,739	)
6M WIBOR(d)	0.750(f)	12/16/25	PLN	32,430			(296,030	)		(5,792	)		(290,238	)
3M CNY(b)	2.750(b)	09/15/26	CNY	69,990			128,669			71,095			57,574
6.700(c)	Mexico IB TIIE 28D(c)	12/09/26	MXN	228,255	(e)		235,847			2,321			233,526
3M STIBOR(b)	0.250(f)	12/15/26	SEK	80,040	(e)		(138,879	)		(123,314	)		(15,565	)
12M GBP(f)	0.500(f)	12/15/26	GBP	85,780	(e)		(1,633,815	)		(939,200	)		(694,615	)
3M LIBOR(b)	1.250(d)	12/15/26	$	32,600	(e)		179,506			295,895			(116,389	)
6M AUDOR(d)	1.250(d)	12/15/26	AUD	101,020	(e)		586,326			989,387			(403,061	)
6M NIBOR(d)	1.500(f)	12/15/26	NOK	298,300	(e)		(444,133	)		(12,790	)		(431,343	)
3M NZDOR(b)	1.750(d)	12/15/26	NZD	55,440	(e)		(377,739	)		(256,237	)		(121,502	)
6M CDOR(d)	1.750(d)	12/15/26	CAD	25,170	(e)		123,120			341,055			(217,935	)
(0.500)(f)	12M CHFOR(f)	12/15/26	CHF	4,640	(e)		44,918			11,336			33,582
(0.250)(f)	12M EURO(f)	12/15/26	EUR	89,170	(e)		66,293			(576,033	)		642,326
0.000(f)	12M JYOR(f)	12/15/26	JPY	25,481,900	(e)		(207,094	)		(491,549	)		284,455
1.700(f)	6M WIBOR(d)	12/15/26	PLN	8,550	(e)		28,435			1,629			26,806
8.495(a)	1M BID Avg(a)	01/04/27	BRL	47,125			433,835			(74,915	)		508,750
9.900(a)	1M BID Avg(a)	01/04/27		16,200			45,595			(86,530	)		132,125
1.680(d)	6M CDOR(d)	08/22/28	CAD	64,790	(e)		926,769			(65,954	)		992,723
0.000(f)	6M EURO(d)	12/15/28	EUR	1,000	(e)		(978	)		(13,406	)		12,428
6M EURO(d)	1.250(f)	12/19/28		2,630			(4,428	)		—			(4,428	)
1.250(f)	6M EURO(d)	12/19/28		2,630			(314,368	)		(56,645	)		(257,723	)
1.240(f)	6M NIBOR(d)	10/29/30	NOK	522,620	(e)		2,186,865			(2,915,127	)		5,101,992
1.000(f)	12M GBP(f)	02/10/31	GBP	39,350	(e)		166,965			(956,438	)		1,123,403
6M EURO(d)	0.500(f)	02/12/31	EUR	53,060	(e)		187,460			(284,199	)		471,659
3M STIBOR(b)	1.272(f)	05/11/31	SEK	164,810	(e)		(6,463	)		(28,385	)		21,922
2.130(f)	6M NIBOR(d)	05/11/31	NOK	153,040	(e)		(40,220	)		29,015			(69,235	)
6M EURO(d)	0.220(f)	07/22/31	EUR	89,000	(e)		(1,424,582	)		(359,177	)		(1,065,405	)
6M EURO(d)	0.250(f)	09/02/31		48,250	(e)		(725,418	)		(185,246	)		(540,172	)
6M EURO(d)	0.500(f)	09/16/31		29,530	(e)		(19,549	)		(90,043	)		70,494
3M NZDOR(b)	3.000(d)	09/16/31	NZD	5,920	(e)		55,404			145,899			(90,495	)
2.500(d)	3M LIBOR(b)	09/17/31	$	56,910	(e)		(1,222,245	)		(1,839,879	)		617,634
12M SOFR(f)	1.530(f)	09/22/31		50,730	(e)		(517,157	)		6,308			(523,465	)
12M GBP(f)	1.000(f)	09/23/31	GBP	26,220	(e)		(153,574	)		170,249			(323,823	)
1.500(d)	3M LIBOR(b)	09/24/31	$	31,590	(e)		766,932			401,615			365,317

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (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 STIBOR(b)		0.750%(f)	12/15/31		SEK	182,940	(e)	$	(368,592	)	$	43,594		$	(412,186	)
3M LIBOR(b)		1.750(d)	12/15/31		$	37,980	(e)		637,031			1,329,390			(692,359	)
6M AUDOR(d)		2.000(d)	12/15/31		AUD	5,060	(e)		103,045			158,262			(55,217	)
1.750%(d)		3M LIBOR(b)	12/15/31		$	67,360	(e)		(1,129,815	)		(1,671,112	)		541,297
1.500(f)		6M NIBOR(d)	12/15/31		NOK	40,430	(e)		176,286			110,546			65,740
2.000(d)		6M CDOR(d)	12/15/31		CAD	37,120	(e)		35,749			(641,399	)		677,148
0.000(f)		6M EURO(d)	12/15/31		EUR	40,070	(e)		888,032			409,093			478,939
0.750(f)		12M GBP(f)	12/15/31		GBP	64,000	(e)		1,572,961			(865,492	)		2,438,453
0.000(f)		12M JYOR(f)	12/15/31		JPY	12,439,600	(e)		741,144			403,957			337,187
12M CHFOR(f)		0.500(f)	03/17/32		CHF	7,190	(e)		10,372			54,434			(44,062	)
3M STIBOR(b)		1.000(f)	03/17/32		SEK	86,340	(e)		(161,581	)		(68,629	)		(92,952	)
12M GBP(f)		1.000(f)	03/17/32		GBP	13,630	(e)		(93,122	)		(33,615	)		(59,507	)
2.000(d)		6M AUDOR(d)	03/17/32		AUD	10,870	(e)		139,824			48,106			91,718
1.630(f)		12M LIBOR(f)	09/22/36		$	60,960	(e)		617,500			19,580			597,920
0.610(f)		6M EURO(d)	07/22/41		EUR	49,590	(e)		1,402,334			94,750			1,307,584
0.500(f)		6M EURO(d)	12/15/41			750	(e)		2,738			(25,766	)		28,504
6M CDOR(d)		2.250(d)	12/15/51		CAD	46,010	(e)		(1,213,500	)		601,714			(1,815,214	)
2.000(d)		3M LIBOR(b)	12/15/51		$	33,160	(e)		(1,263,625	)		(2,863,430	)		1,599,805
6M CDOR(d)		2.180%(d)	08/22/52		CAD	6,860	(e)		(326,510	)		47,325			(373,835	)
TOTAL								$	(1,621,933	)	$	(17,911,847	)	$	16,289,914

(a) Payments made at maturity.

(b) Payments made quarterly.

(c) Payments made monthly.

(d) Payments made semi-annually.

(e) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2021.

(f) 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, 2021(b)	Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 11	3.000%	3.849%		MS & Co. Int. PLC		11/18/54	$	4,100	$	(179,887	)	$	(923,964	)	$	744,077
Markit CMBX Series 10	3.000	5.016		MS & Co. Int. PLC		11/17/59		5,900		(517,909	)		(948,814	)		430,905
Markit CMBX Series 8	3.000	7.877		MS & Co. Int. PLC		10/17/57		600		(77,513	)		(93,938	)		16,425
Markit CMBX Series 11	3.000	3.849		Signature Bank		11/18/54		2,400		(105,300	)		(274,939	)		169,639
Markit CMBX Series 8	3.000	7.877		Signature Bank		10/17/57		5,500		(710,531	)		(1,138,006	)		427,475
TOTAL									$	(1,591,140	)	$	(3,379,661	)	$	1,788,521

(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.

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/ (Paid) by the Fund(a)	Credit Spread at September 30, 2021(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
CDX.NA.EM Index 36	1.000%		1.808%		12/20/26	$	63,910	$	(2,524,467	)	$	(2,224,794	)	$	(299,673	)
CDX.NA.HY Index 34	5.000		2.498		06/20/25		21,482		1,898,734			43,180			1,855,554
CDX.NA.IG Index 34	1.000		0.463		06/20/25		54,150		1,077,237			661,433			415,804
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000		0.273		12/20/24		3,250		77,455			27,987			49,468
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000		0.399		12/20/25		2,880		73,711			40,781			32,930
Republic of Chile, 3.875%, 08/05/20	1.000		0.714		12/20/25		2,380		29,153			54,344			(25,191	)
Republic of Indonesia, 5.875%, 03/13/20	1.000		0.413		06/20/24		8,760		143,032			31,101			111,931
Republic of the Philippines, 10.625%, 03/16/25	1.000		0.425		12/20/25		2,370		57,897			64,564			(6,667	)
Russian Federation, 7.500%, 03/31/30	1.000		0.560		12/20/24		1,010		14,639			2,334			12,305
Russian Federation, 7.500%, 03/31/30	1.000		0.880		12/20/26		330		2,120			2,266			(146	)
State of Qatar, 9.750%, 06/15/30	1.000		0.214		06/20/24		1,330		29,089			15,735			13,354
State of Qatar, 9.750%, 06/15/30	1.000		0.249		12/20/24		520		12,813			7,080			5,733
TOTAL								$	891,413		$	(1,273,989	)	$	2,165,402

(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 INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3Y IRS	JPMorgan Securities, Inc.		0.700	%		11/14/2022		45,500,000	$	45,500,000	$	80,612	$	460,526	$	(379,914	)
1Y IRS	Deutsche Bank AG (London)		0.830			04/20/2022		121,710,000		121,710,000		447,102		878,840		(431,738	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022		34,800,000		34,800,000		178,757		310,504		(131,747	)
6M IRS	BofA Securities LLC		0.632			12/23/2021		56,470,000		56,470,000		56,306		157,868		(101,562	)
6M IRS	Citibank NA		0.605			01/07/2022		56,260,000		56,260,000		50,381		163,016		(112,635	)
1Y IRS	JPMorgan Securities, Inc.		0.300			09/08/2022		68,670,000		68,670,000		30,941		133,652		(102,711	)
1Y IRS	JPMorgan Securities, Inc.		0.281			09/08/2022		52,550,000		52,550,000		21,624		100,395		(78,771	)
1Y IRS	Citibank NA		0.459			10/10/2022		57,570,000		57,570,000		55,719		125,849		(70,130	)
3M IRS	MS & Co. Int. PLC		1.365			11/09/2021		8,520,000		8,520,000		8,650		105,976		(97,326	)
1Y IRS	Citibank NA		0.420			10/10/2022		63,020,000		63,020,000		51,678		136,424		(84,746	)
6M IRS	Citibank NA		0.465			02/22/2022		57,790,000		57,790,000		23,232		73,584		(50,352	)
3M IRS	MS & Co. Int. PLC		0.506			11/29/2021		71,160,000		71,160,000		16,559		63,332		(46,773	)
1Y IRS	Citibank NA		0.516			11/15/2022		63,450,000		63,450,000		81,893		148,996		(67,103	)
1Y IRS	MS & Co. Int. PLC		0.544			11/16/2022		57,770,000		57,770,000		82,813		136,047		(53,234	)
6M IRS	Citibank NA		0.855			03/23/2022		56,470,000		56,470,000		232,724		257,189		(24,465	)
								871,710,000	$	871,710,000	$	1,418,991	$	3,252,198	$	(1,833,207	)
Puts
6M IRS	Citibank NA	$	1.110			11/15/2021		14,810,000		14,810,000		62,851		143,361		(80,510	)
6M IRS	UBS AG (London)		1.195			11/18/2021		10,050,000		10,050,000		29,239		71,858		(42,619	)
1Y IRS	Barclays Bank PLC		0.427			05/26/2022		1,518,600,000		1,518,600,000		165,251		264,358		(99,107	)
								1,543,460,000	$	1,543,460,000	$	257,341	$	479,577	$	(222,236	)
Total purchased option contracts								2,415,170,000	$	2,415,170,000	$	1,676,332	$	3,731,775	$	(2,055,443	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (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)
Written option contracts
Calls
3Y IRS	JPMorgan Securities, Inc.		1.060		11/14/2022		(8,800,000	)	$	(8,800,000	)	$	(116,850	)	$	(457,091	)	$	340,241
1Y IRS	Deutsche Bank AG (London)		0.630		04/20/2022		(182,570,000	)		(182,570,000	)		(270,879	)		(732,779	)		461,900
1Y IRS	JPMorgan Securities, Inc.		1.378		06/21/2022		(18,330,000	)		(18,330,000	)		(211,977	)		(310,404	)		98,427
6M IRS	BofA Securities LLC		1.297		12/23/2021		(18,340,000	)		(18,340,000	)		(73,868	)		(157,864	)		83,996
1M IRS	Citibank NA		0.076		10/18/2021		(20,980,000	)		(20,980,000	)		(21,870	)		(112,469	)		90,599
1M IRS	Citibank NA		0.087		10/25/2021		(20,980,000	)		(20,980,000	)		(38,256	)		(110,979	)		72,723
3M IRS	Citibank NA		0.346		11/09/2021		(3,100,000	)		(3,100,000	)		(722	)		(47,340	)		46,618
6M IRS	Citibank NA		1.124		01/07/2022		(18,250,000	)		(18,250,000	)		(38,936	)		(162,806	)		123,870
6M IRS	Citibank NA		0.849		02/22/2022		(18,250,000	)		(18,250,000	)		(19,018	)		(73,589	)		54,571
6M IRS	Citibank NA		1.406		03/23/2022		(18,340,000	)		(18,340,000	)		(187,180	)		(257,184	)		70,004
1Y IRS	Citibank NA		0.379		10/10/2022		(6,500,000	)		(6,500,000	)		(52,754	)		(136,510	)		83,756
1Y IRS	Citibank NA		0.425		10/10/2022		(5,890,000	)		(5,890,000	)		(53,862	)		(125,861	)		71,999
1Y IRS	Citibank NA		0.553		11/15/2022		(6,550,000	)		(6,550,000	)		(90,033	)		(148,881	)		58,848
3M IRS	JPMorgan Securities, Inc.		0.346		11/09/2021		(3,500,000	)		(3,500,000	)		(815	)		(62,748	)		61,933
6M IRS	JPMorgan Securities, Inc.		0.570		01/20/2022		(62,420,000	)		(62,420,000	)		(9,051	)		(229,394	)		220,343
1Y IRS	JPMorgan Securities, Inc.		0.363		09/08/2022		(5,420,000	)		(5,420,000	)		(38,121	)		(100,336	)		62,215
1Y IRS	JPMorgan Securities, Inc.		0.401		09/08/2022		(7,090,000	)		(7,090,000	)		(55,403	)		(133,722	)		78,319
1M IRS	MS & Co. Int. PLC		1.333		10/12/2021		(24,610,000	)		(24,610,000	)		(6,593	)		(182,729	)		176,136
1M IRS	MS & Co. Int. PLC		1.372		10/20/2021		(24,610,000	)		(24,610,000	)		(33,477	)		(191,958	)		158,481
1M IRS	MS & Co. Int. PLC		1.518		10/27/2021		(24,610,000	)		(24,610,000	)		(152,982	)		(191,343	)		38,361
1Y IRS	MS & Co. Int. PLC		0.599		11/16/2022		(5,970,000	)		(5,970,000	)		(91,695	)		(136,081	)		44,386
1M IRS	Deutsche Bank AG (London)		1.325		10/04/2021		(24,610,000	)		(24,610,000	)		(30	)		(189,805	)		189,775
1M IRS	UBS AG (London)		0.038		10/11/2021		(20,980,000	)		(20,980,000	)		(4,547	)		(108,242	)		103,695
1M IRS	UBS AG (London)		0.187		10/29/2021		(20,980,000	)		(20,980,000	)		(156,909	)		(130,017	)		(26,892	)
3M IRS	UBS AG (London)		0.378		11/29/2021		(16,120,000	)		(16,120,000	)		(6,892	)		(65,453	)		58,561
							(587,800,000	)	$	(587,800,000	)	$	(1,732,720	)	$	(4,555,585	)	$	2,822,865
Puts
6M IRS	UBS AG (London)		0.145		11/15/2021		(21,280,000	)		(21,280,000	)		(49,879	)		(146,586	)		96,707
6M IRS	MS & Co. Int. PLC		0.075		11/18/2021		(14,440,000	)		(14,440,000	)		(21,119	)		(74,157	)		53,038
1Y IRS	BNP Paribas SA		0.107		05/26/2022		(26,750,000	)		(26,750,000	)		(203,004	)		(272,661	)		69,657
1M IRS	Citibank NA		0.076		10/18/2021		(20,980,000	)		(20,980,000	)		(250,429	)		(112,469	)		(137,960	)
1M IRS	Citibank NA		0.087		10/25/2021		(20,980,000	)		(20,980,000	)		(246,001	)		(110,980	)		(135,021	)
1M IRS	MS & Co. Int. PLC		1.333		10/12/2021		(24,610,000	)		(24,610,000	)		(485,659	)		(182,729	)		(302,930	)
1M IRS	MS & Co. Int. PLC		1.372		10/20/2021		(24,610,000	)		(24,610,000	)		(430,229	)		(191,958	)		(238,271	)
1M IRS	MS & Co. Int. PLC		1.518		10/27/2021		(24,610,000	)		(24,610,000	)		(217,939	)		(191,343	)		(26,596	)
1M IRS	Deutsche Bank AG (London)		1.325		10/04/2021		(24,610,000	)		(24,610,000	)		(486,553	)		(189,804	)		(296,749	)
1M IRS	UBS AG (London)		0.038		10/11/2021		(20,980,000	)		(20,980,000	)		(320,239	)		(108,242	)		(211,997	)
1M IRS	UBS AG (London)		0.187		10/29/2021		(20,980,000	)		(20,980,000	)		(111,771	)		(130,017	)		18,246
							(244,830,000	)	$	(244,830,000	)	$	(2,822,822	)	$	(1,710,946	)	$	(1,111,876	)
Total written option contracts							(832,630,000	)	$	(832,630,000	)	$	(4,555,543	)	$	(6,266,531	)	$	1,710,988
TOTAL							1,582,540,000		$	1,582,540,000		$	(2,879,211	)	$	(2,534,756	)	$	(344,455	)

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

GOLDMAN SACHS STRATEGIC INCOME FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call EUR/Put GBP	HSBC Bank PLC	$	0.867		10/12/2021		3,057,000		$	3,057,000		$	4,774		$	8,217		$	(3,443	)
Call EUR/Put USD	MS & Co. Int. PLC		1.195		10/05/2021		12,071,000			12,071,000			14			43,458			(43,444	)
Call EUR/Put USD	HSBC Bank PLC		1.194		10/08/2021		12,057,000			12,057,000			14			41,253			(41,239	)
Call EUR/Put USD	BNP Paribas SA		1.193		10/11/2021		12,082,000			12,082,000			28			40,866			(40,838	)
Call EUR/Put USD	MS & Co. Int. PLC		1.193		10/14/2021		12,092,000			12,092,000			140			42,297			(42,157	)
Call GBP/Put USD	BNP Paribas SA		1.395		10/14/2021		10,307,000			10,307,000			332			49,089			(48,757	)
Total purchased option contracts							61,666,000		$	61,666,000		$	5,302		$	225,180		$	(219,878	)
Written option contracts
Calls
Call EUR/Put USD	BNP Paribas SA		1.183		10/11/2021		(3,021,000	)		(3,021,000	)		(119	)		(21,937	)		21,818
Call GBP/Put USD	BNP Paribas SA		1.383		10/14/2021		(2,577,000	)		(2,577,000	)		(552	)		(25,189	)		24,637
Call EUR/Put USD	HSBC Bank PLC		1.184		10/08/2021		(3,014,000	)		(3,014,000	)		(52	)		(21,569	)		21,517
Call EUR/Put USD	MS & Co. Int. PLC		1.185		10/05/2021		(3,018,000	)		(3,018,000	)		(4	)		(22,580	)		22,576
Call EUR/Put USD	MS & Co. Int. PLC		1.185		10/14/2021		(3,023,000	)		(3,023,000	)		(217	)		(20,019	)		19,802
							(14,653,000	)	$	(14,653,000	)	$	(944	)	$	(111,294	)	$	110,350
Puts
Put EUR/Call USD	BNP Paribas SA		1.183		10/11/2021		(3,021,000	)		(3,021,000	)		(72,738	)		(22,866	)		(49,872	)
Put GBP/Call USD	BNP Paribas SA		1.383		10/14/2021		(2,577,000	)		(2,577,000	)		(91,015	)		(23,869	)		(67,146	)
Put EUR/Call USD	HSBC Bank PLC		1.184		10/08/2021		(3,014,000	)		(3,014,000	)		(77,087	)		(20,999	)		(56,088	)
Put EUR/Call USD	MS & Co. Int. PLC		1.185		10/05/2021		(3,018,000	)		(3,018,000	)		(80,475	)		(22,580	)		(57,895	)
Put EUR/Call USD	MS & Co. Int. PLC		1.185		10/14/2021		(3,023,000	)		(3,023,000	)		(80,112	)		(20,019	)		(60,093	)
							(14,653,000	)	$	(14,653,000	)	$	(401,427	)	$	(110,333	)	$	(291,094	)
Total written option contracts							(29,306,000	)	$	(29,306,000	)	$	(402,371	)	$	(221,627	)	$	(180,744	)
TOTAL							32,360,000		$	32,360,000		$	(397,069	)	$	3,553		$	(400,622	)

Abbreviations:
1M BID Avg	—1 month Brazilian Interbank Deposit Average
1M IRS	—1 Month Interest Rate Swaptions
3M IRS	—3 Months Interest Rate Swaptions
6M IRS	—6 Months Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
3Y IRS	—3 Years Interest Rate Swaptions
CDX.NA.EM Index 36	—CDX North America Emerging Markets Index 36
CDX.NA.HY Index 34	—CDX North America High Yield Index 34
CDX.NA.IG Index 34	—CDX North America Investment Grade Index 34
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. 127

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2021 (Unaudited)

	Bond Fund		Core Fixed Income Fund		Global Core Fixed Income Fund
Assets:
Investments, at value (cost $579,122,389, $2,386,680,844 and $670,769,228, respectively)	$	591,009,426	$	2,414,676,393	$	689,959,610
Investments of affiliated issuers, at value (cost $4,640,064, $21,226,241 and $5,783,562, respectively)		4,640,064		21,226,241		5,783,562
Purchased options, at value (premium paid $995,207, $1,384,751 and $991,615, respectively)		396,735		634,005		393,251
Cash		7,682,237		34,029,322		11,832,896
Foreign currencies, at value (cost $57,049, $76,632 and $4,651,673, respectively)		43,520		74,413		2,601,051
Unrealized gain on swap contracts		509,443		1,383,642		865,411
Unrealized gain on forward foreign currency exchange contracts		2,294,786		522,028		6,789,440
Variation margin on futures contracts		59,795		—		289,252
Receivables:
Investments sold on an extended-settlement basis		57,542,224		200,084,133		20,105,322
Collateral on certain derivative contracts(a)		6,914,389		24,870,740		16,007,974
Investments sold		5,170,026		21,485,080		53,604
Interest		2,961,322		9,796,953		3,808,784
Fund shares sold		328,770		19,572,257		530,253
Due from broker — upfront payment		161,088		164,213		119,498
Reimbursement from investment adviser		75,351		75,267		80,437
Other assets		79,257		121,882		63,935
Total assets		679,868,433		2,748,716,569		759,284,280
Liabilities:
Forward sale contracts, at value (proceeds received $26,377,461, $84,195,742 and $2,114,375, respectively)		26,278,931		83,777,769		2,122,410
Written option contracts, at value (premium received $1,394,668, $2,017,247 and $1,399,527, respectively)		1,020,015		1,314,454		1,038,048
Unrealized loss on swap contracts		2,617		—		37,198
Unrealized loss on forward foreign currency exchange contracts		1,915,061		112,929		1,729,889
Variation margin on futures contracts		—		4,762,876		—
Variation margin on swaps contracts		135,984		101,581		60,713
Payables:
Investments purchased on an extended — settlement basis		153,917,030		536,777,287		64,247,824
Upfront payments received on swap contracts		873,774		2,358,548		1,337,187
Fund shares redeemed		396,538		2,026,714		623,213
Management fees		167,795		570,121		318,275
Investments purchased		71,897		111,200		125,823
Distribution and Service fees and Transfer Agency fees		63,931		152,349		41,224
Collateral on certain derivative contracts (b)		30,000		—		—
Accrued expenses		435,984		548,985		675,903
Total liabilities		185,309,557		632,614,813		72,357,707
Net Assets:
Paid-in capital		481,728,757		2,082,703,123		659,489,204
Total distributable earnings		12,830,119		33,398,633		27,437,369
NET ASSETS	$	494,558,876	$	2,116,101,756	$	686,926,573
Net Assets:
Class A	$	64,794,968	$	171,924,903	$	52,576,126
Class C		11,480,682		12,258,346		3,750,832
Institutional		170,068,723		639,054,888		271,978,188
Service		95,379		1,067,248		624,409
Investor		68,434,154		440,096,515		75,864,451
Class R6		77,286,786		47,327,088		273,299,490
Class R		4,071,201		4,824,498		—
Class P		98,326,983		799,548,270		8,833,077
Total Net Assets	$	494,558,876	$	2,116,101,756	$	686,926,573
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		6,053,015		15,758,649		4,095,763
Class C		1,073,622		1,117,741		294,913
Institutional		15,891,303		58,328,985		21,226,218
Service		8,909		97,363		49,008
Investor		6,415,344		40,303,823		5,932,261
Class R6		7,223,582		4,315,771		21,322,393
Class R		380,601		441,934		—
Class P		9,191,411		72,861,203		688,642
Net asset value, offering and redemption price per share:(c)
Class A		$10.70		$10.91		$12.84
Class C		10.69		10.97		12.72
Institutional		10.70		10.96		12.81
Service		10.71		10.96		12.74
Investor		10.67		10.92		12.79
Class R6		10.70		10.97		12.82
Class R		10.70		10.92		—
Class P		10.70		10.97		12.83

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

Fund	Futures		Swaps		TBA
Bond	$	—	$	6,914,389	$	—
Core Fixed Income		5,223,144		18,647,596		1,000,000
Global Core Fixed Income		2,513,094		13,494,880		—

(b) Includes segregated cash for initial margin and/or collateral on TBA transactions of $30,000 for the Bond Fund.

(c) Maximum public offering price per share for Class A Shares of the Bond, Core Fixed Income and Global Income Funds is $11.12, $11.34 and $13.34, 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.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

September 30, 2021 (Unaudited)

	Income Fund		Long Short Credit Strategies Fund			Strategic Income Fund
Assets:
Investments, at value (cost $102,491,672, $124,805,549 and $875,773,722, respectively)	$	103,856,444	$	124,687,638		$	847,480,618
Investments of affiliated issuers, at value (cost $3,560,432, $9,842,750 and $55,051,109, respectively)		3,560,432		9,842,750			55,818,202
Purchased options, at value (premium paid $0, $0 and $3,956,955, respectively)		—		—			1,681,634
Cash		1,744,504		1,638,423			13,725,229
Foreign currencies, at value (cost $16,600, $0 and $357,540, respectively)		15,158		—			204,443
Unrealized gain on swap contracts		—		—			1,788,521
Unrealized gain on forward foreign currency exchange contracts		143,428		2,844			5,341,287
Variation margin on futures contracts		17,583		—			175,312
Variation margin on swaps contracts		—		42,374			—
Receivables:
Interest		1,144,660		1,175,537			6,071,215
Collateral on certain derivative contracts(a)		679,478		1,490,110			45,718,003
Investments sold		15,076		1,339,743			1,850,863
Reimbursement from investment adviser		34,055		26,933			22,228
Investments sold on an extended-settlement basis		16,340		20,425			27,571,020
Fund shares sold		—		11,815			331,518
Due from broker — upfront payment		—		—			676,959
Other assets		39,784		49,313			72,599
Total assets		111,266,942		140,327,905			1,008,529,651
Liabilities:
Foreign currency overdraft, at value (identified cost $0, $339 and $0, respectively)		—		332			—
Written option contracts, at value (premium received $0, $0 and $6,488,158, respectively)		—		—			4,957,914
Unrealized loss on forward foreign currency exchange contracts		5,125		—			4,433,852
Variation margin on swaps contracts		6,571		—			1,237,229
Forward sale contracts, at value (proceeds received $0, $0 and $4,325,625, respectively		—		—			4,325,781
Payables:
Investments purchased on an extended — settlement basis		4,671,506		1,225,571			94,595,508
Investments purchased		1,294,636		4,463,689			3,773,814
Fund shares redeemed		260,557		164,608			1,858,782
Management fees		46,746		107,850			429,672
Distribution and Service fees and Transfer Agency fees		3,066		4,315			103,178
Upfront payments received on swap contracts		—		—			3,379,661
Payable for Unfunded Loan Commitments		—		793			—
Accrued expenses		142,754		173,457			621,459
Total liabilities		6,430,961		6,140,615			119,716,850
Net Assets:
Paid-in capital		102,234,063		168,224,177			2,877,337,464
Total distributable earnings (loss)		2,601,918		(34,036,887	)		(1,988,524,663	)
NET ASSETS	$	104,835,981	$	134,187,290		$	888,812,801
Net Assets:
Class A	$	599,121	$	1,494,642		$	129,679,591
Class C		79,658		342,507			40,492,921
Institutional		26,604,757		14,688,641			408,581,602
Investor		55,969		2,589,072			21,405,101
Class R6		56,064		2,110,710			21,984,106
Class R		55,462		29,072			2,676,055
Class P		77,384,950		112,932,646			263,993,425
Total Net Assets	$	104,835,981	$	134,187,290		$	888,812,801
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		57,438		166,076			13,588,442
Class C		7,638		38,087			4,255,729
Institutional		2,551,380		1,633,880			42,773,838
Investor		5,367		287,813			2,241,357
Class R6		5,376		234,700			2,303,117
Class R		5,318		3,233			280,966
Class P		7,420,719		12,578,271			27,687,849
Net asset value, offering and redemption price per share:(b)
Class A		$10.43		$9.00			$9.54
Class C		10.43		8.99			9.51
Institutional		10.43		8.99			9.55
Investor		10.43		9.00			9.55
Class R6		10.43		8.99			9.55
Class R		10.43		8.99			9.52
Class P		10.43		8.98			9.53

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

Fund	Futures		Swaps
Income	$	36,595	$	642,883
Long Short Credit Strategies		—		1,490,110
Strategic Income		7,513,761		38,204,242

(b) Maximum public offering price per share for Class A Shares of the Income, Long Short Credit Strategies and Strategic Income Funds is $10.84, $9.35 and $9.91, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value or the original purchase price of the shares.

The accompanying notes are an integral part of these financial statements. 129

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2021 (Unaudited)

	Bond Fund			Core Fixed Income Fund			Global Core Fixed Income Fund
Investment income:
Interest (net of foreign withholding taxes of $0, $0 and $11,286, respectively)	$	4,956,184		$	18,058,029		$	4,651,713
Dividends — affiliated issuers		2,820			8,671			654
Total investment income		4,959,004			18,066,700			4,652,367
Expenses:
Management fees		1,050,421			3,994,907			2,229,625
Custody, accounting and administrative services		223,839			208,486			253,960
Transfer Agency fees(a)		158,698			632,576			176,105
Distribution and Service (12b-1) fees(a)		151,868			273,331			84,218
Professional fees		77,373			83,810			79,182
Registration fees		49,346			127,503			42,086
Printing and mailing costs		43,299			80,554			52,737
Service fees — Class C		14,487			15,639			5,639
Trustee fees		10,106			11,271			10,233
Prime Broker Fees		8,020			—			12,608
Shareholder Administration fees — Service Class		113			1,342			818
Other		4,230			18,314			3,878
Total expenses		1,791,800			5,447,733			2,951,089
Less — expense reductions		(416,295	)		(935,861	)		(578,407	)
Net expenses		1,375,505			4,511,872			2,372,682
NET INVESTMENT INCOME		3,583,499			13,554,828			2,279,685
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		4,666,673			1,065,583			4,059,130
Purchased options		(1,023,199	)		(367,517	)		(1,029,040	)
Futures contracts		4,477,342			2,747,224			5,053,782
Written options		1,723,929			1,632,592			1,764,870
Swap contracts		587,964			2,147,852			905,460
Forward foreign currency exchange contracts		(575,607	)		6,308,804			3,963,628
Foreign currency transactions		(30,582	)		(1,404,486	)		(386,602	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(1,817,407	)		24,658,801			(4,423,786	)
Purchased options		(924,168	)		(1,309,967	)		(920,000	)
Futures contracts		1,088,186			3,116,834			(1,603,801	)
Written options		786,997			1,306,755			766,328
Swap contracts		488,366			231,559			445,667
Forward foreign currency exchange contracts		235,814			(5,378,603	)		(1,592,893	)
Foreign currency translation		(28,945	)		(16,083	)		29,564
Net realized and unrealized gain		9,655,363			34,739,348			7,032,307
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	13,238,862		$	48,294,176		$	9,311,992

(a) Class specific Distribution and/or Service (12b -1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Bond	$	96,865	$	43,460	$	113	$	11,430	$	46,495	$	6,954	$	35,237	$	18	$	41,174	$	11,394	$	2,743	$	14,683
Core Fixed Income		212,628		46,918		1,342		12,443		102,062		7,507		126,819		215		265,733		6,413		2,986		120,841
Global Core Fixed Income		66,482		16,918		818		—		31,911		2,707		54,537		131		44,758		40,710		—		1,351

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Six Months Ended September 30, 2021 (Unaudited)

	Income Fund			Long Short Credit Strategies Fund			Strategic Income Fund
Investment income:
Interest (net of foreign withholding taxes of $1,494, $14 and $0, respectively)	$	2,103,991		$	2,926,287		$	7,703,496
Dividends — affiliated issuers		333			1,053			500,413
Total investment income		2,104,324			2,927,340			8,203,909
Expenses:
Management fees		295,363			646,129			2,707,515
Professional fees		76,563			72,188			74,298
Registration fees		50,006			44,004			42,893
Custody, accounting and administrative services		45,885			46,393			188,799
Printing and mailing costs		25,394			33,894			68,776
Transfer Agency fees(a)		17,777			22,174			246,720
Trustee fees		9,814			9,824			10,416
Distribution and Service (12b-1) fees(a)		1,175			3,561			350,777
Prime Broker Fees		245			—			10,293
Service fees — Class C		99			484			62,190
Other		1,691			3,415			8,015
Total expenses		524,012			882,066			3,770,692
Less — expense reductions		(182,244	)		(156,015	)		(240,842	)
Net expenses		341,768			726,051			3,529,850
NET INVESTMENT INCOME		1,762,556			2,201,289			4,674,059
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers		1,192,400			1,005,533			2,586,454
Purchased options		—			—			(2,592,415	)
Futures contracts		30,237			—			7,163,152
Written options		—			—			8,315,642
Swap contracts		34,890			(867,514	)		8,142,237
Forward foreign currency exchange contracts		195,007			3,836			1,269,053
Foreign currency transactions		580			(2,192	)		(92,541	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		369,373			432,800			(11,422,850	)
Investments — affiliated issuers		—			—			35,198
Purchased options		—			—			(3,611,671	)
Futures contracts		200,056			—			5,795,774
Unfunded Loan Commitment		23			(472	)		—
Written options		—			—			2,832,747
Swap contracts		90,177			132,314			(2,145,685	)
Forward foreign currency exchange contracts		(102,581	)		2,844			(27,123	)
Foreign currency translation		(2,816	)		5,848			(149,344	)
Net realized and unrealized gain		2,007,346			712,997			16,098,628
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	3,769,902		$	2,914,286		$	20,772,687

(a) Class specific Distribution and/or Service (12b -1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees						Transfer Agency Fees
Fund	Class A		Class C		Class R		Class A		Class C		Institutional		Investor		Class R6		Class R		Class P
Income	$	740	$	297	$	138	$	355	$	48	$	5,259	$	33	$	9	$	33	$	12,040
Long Short Credit Strategies		2,036		1,453		72		978		233		2,918		1,520		279		17		16,229
Strategic Income		157,701		186,570		6,506		75,697		29,851		84,259		13,264		1,179		1,561		40,909

The accompanying notes are an integral part of these financial statements. 131

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, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income	$	3,583,499		$	11,137,942		$	13,554,828		$	28,005,487
Net realized gain		9,826,520			2,578,232			12,130,052			24,630,792
Net change in unrealized gain (loss)		(171,157	)		15,059,436			22,609,296			(8,853,849	)
Net increase in net assets resulting from operations		13,238,862			28,775,610			48,294,176			43,782,430
Distributions to shareholders:
From distributable earnings:
Class A Shares		(683,158	)		(4,119,179	)		(1,323,683	)		(6,172,349	)
Class C Shares		(57,068	)		(489,368	)		(50,419	)		(393,097	)
Institutional Shares		(1,816,034	)		(7,181,832	)		(5,982,050	)		(22,746,162	)
Service Shares		(706	)		(3,274	)		(7,449	)		(45,768	)
Investor Shares		(682,754	)		(2,641,231	)		(3,997,463	)		(13,618,918	)
Class R6 Shares		(787,424	)		(4,481,848	)		(405,410	)		(3,453,397	)
Class R Shares		(34,307	)		(228,568	)		(32,526	)		(183,067	)
Class P Shares		(1,015,407	)		(4,576,776	)		(7,641,593	)		(36,380,070	)
Total distributions to shareholders		(5,076,858	)		(23,722,076	)		(19,440,593	)		(82,992,828	)
From share transactions:
Proceeds from sales of shares		86,942,430			226,614,458			312,897,872			1,450,533,635
Reinvestment of distributions		4,962,915			22,810,164			18,853,022			80,320,982
Cost of shares redeemed		(108,024,159	)		(179,781,749	)		(346,935,245	)		(801,522,106	)
Net increase (decrease) in net assets resulting from share transactions		(16,118,814	)		69,642,873			(15,184,351	)		729,332,511
TOTAL INCREASE (DECREASE)		(7,956,810	)		74,696,407			13,669,232			690,122,113
Net assets:
Beginning of period		502,515,686			427,819,279			2,102,432,524			1,412,310,411
End of period	$	494,558,876		$	502,515,686		$	2,116,101,756		$	2,102,432,524

132 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)

	Global Core Fixed Income Fund						Income Fund
	For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income	$	2,279,685		$	9,221,712		$	1,762,556		$	2,615,650
Net realized gain		14,331,228			5,055,803			1,453,114			55,313
Net change in unrealized gain (loss)		(7,298,921	)		21,869,210			554,232			4,141,289
Net increase in net assets resulting from operations		9,311,992			36,146,725			3,769,902			6,812,252
Distributions to shareholders:
From distributable earnings:
Class A Shares		(195,207	)		(2,593,104	)		(9,410	)		(13,299	)
Class C Shares		(3,309	)		(244,930	)		(967	)		(2,786	)
Institutional Shares		(1,430,741	)		(14,932,909	)		(462,699	)		(1,029,797	)
Service Shares		(1,784	)		(35,111	)		—			—
Investor Shares		(366,985	)		(3,820,831	)		(955	)		(2,146	)
Class R6 Shares		(1,429,865	)		(14,225,166	)		(981	)		(2,196	)
Class R Shares		—			—			(810	)		(1,877	)
Class P Shares		(47,628	)		(482,492	)		(1,422,507	)		(2,081,827	)
Total distributions to shareholders		(3,475,519	)		(36,334,543	)		(1,898,329	)		(3,133,928	)
From share transactions:
Proceeds from sales of shares		59,082,459			229,803,066			17,634,296			109,615,491
Reinvestment of distributions		3,391,947			35,321,873			1,898,251			3,133,615
Cost of shares redeemed		(68,154,303	)		(245,452,102	)		(32,442,178	)		(23,967,957	)
Net increase (decrease) in net assets resulting from share transactions		(5,679,897	)		19,672,837			(12,909,631	)		88,781,149
TOTAL INCREASE (DECREASE)		156,576			19,485,019			(11,038,058	)		92,459,473
Net assets:
Beginning of period		686,769,997			667,284,978			115,874,039			23,414,566
End of period	$	686,926,573		$	686,769,997		$	104,835,981		$	115,874,039

The accompanying notes are an integral part of these financial statements. 133

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, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income	$	2,201,289		$	3,936,440		$	4,674,059		$	35,777,386
Net realized gain (loss)		139,663			(1,226,805	)		24,791,582			27,166,734
Net change in unrealized gain (loss)		573,334			12,682,345			(8,692,954	)		93,165,442
Net increase in net assets resulting from operations		2,914,286			15,391,980			20,772,687			156,109,562
Distributions to shareholders:
From distributable earnings:
Class A Shares		(19,420	)		(46,048	)		(1,009,196	)		(4,709,665	)
Class C Shares		(3,170	)		(11,628	)		(237,209	)		(2,177,218	)
Institutional Shares		(197,907	)		(547,276	)		(3,893,349	)		(20,917,491	)
Investor Shares		(33,358	)		(78,892	)		(196,461	)		(892,657	)
Class R6 Shares		(25,362	)		(89,382	)		(121,638	)		(245,691	)
Class R Shares		(309	)		(777	)		(18,206	)		(99,839	)
Class P Shares		(1,473,105	)		(3,105,869	)		(2,530,559	)		(10,040,741	)
Return of capital:
Class A Shares		—			—			—			(310,581	)
Class C Shares		—			—			—			(143,578	)
Institutional Shares		—			—			—			(1,379,413	)
Investor Shares		—			—			—			(58,867	)
Class R6 Shares		—			—			—			(16,202	)
Class R Shares		—			—			—			(6,584	)
Class P Shares		—			—			—			(662,141	)
Total distributions to shareholders		(1,752,631	)		(3,879,872	)		(8,006,618	)		(41,660,668	)
From share transactions:
Proceeds from sales of shares		7,752,614			38,024,553			90,221,684			224,058,052
Reinvestment of distributions		1,751,484			3,877,264			7,282,354			37,618,300
Cost of shares redeemed		(4,167,188	)		(22,500,758	)		(138,629,431	)		(499,083,762	)
Net increase (decrease) in net assets resulting from share transactions		5,336,910			19,401,059			(41,125,393	)		(237,407,410	)
TOTAL INCREASE (DECREASE)		6,498,565			30,913,167			(28,359,324	)		(122,958,516	)
Net assets:
Beginning of period		127,688,725			96,775,558			917,172,125			1,040,130,641
End of period	$	134,187,290		$	127,688,725		$	888,812,801		$	917,172,125

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

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.54		$	10.33		$	10.06		$	9.95		$	10.14		$	10.28
Net investment income(a)		0.06			0.22			0.24			0.25			0.21			0.19
Net realized and unrealized gain (loss)		0.19			0.48			0.32			0.12			(0.19	)		(0.07	)
Total from investment operations		0.25			0.70			0.56			0.37			0.02			0.12
Distributions to shareholders from net investment income		(0.09	)		(0.30	)		(0.29	)		(0.24	)		(0.18	)		(0.25	)
Distributions to shareholders from net realized gains		—			(0.19	)		—			—			—			(0.01	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		(0.03	)		—
Total distributions		(0.09	)		(0.49	)		(0.29	)		(0.26	)		(0.21	)		(0.26	)
Net asset value, end of period	$	10.70		$	10.54		$	10.33		$	10.06		$	9.95		$	10.14
Total return(b)		2.41	%		6.56	%		5.66	%		3.84	%		0.22	%		1.15	%
Net assets, end of period (in 000s)	$	64,795		$	92,871		$	84,503		$	85,671		$	101,231		$	117,249
Ratio of net expenses to average net assets		0.78	%(c)		0.78	%		0.79	%		0.80	%		0.79	%		0.78	%
Ratio of total expenses to average net assets		0.94	%(c)		0.93	%		0.95	%		1.00	%		0.93	%		0.97	%
Ratio of net investment income to average net assets		1.14	%(c)		2.03	%		2.34	%		2.59	%		2.03	%		1.87	%
Portfolio turnover rate(d)		302	%		690	%		742	%		429	%		372	%		517	%

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

(b) Assumes investment at the NAV at the beginning of the 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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.53		$	10.32		$	10.05		$	9.95		$	10.14		$	10.27
Net investment income(a)		0.02			0.14			0.16			0.18			0.13			0.11
Net realized and unrealized gain (loss)		0.19			0.48			0.32			0.11			(0.18	)		(0.05	)
Total from investment operations		0.21			0.62			0.48			0.29			(0.05	)		0.06
Distributions to shareholders from net investment income		(0.05	)		(0.22	)		(0.21	)		(0.17	)		(0.12	)		(0.18	)
Distributions to shareholders from net realized gains		—			(0.19	)		—			—			—			(0.01	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		(0.02	)		—
Total distributions		(0.05	)		(0.41	)		(0.21	)		(0.19	)		(0.14	)		(0.19	)
Net asset value, end of period	$	10.69		$	10.53		$	10.32		$	10.05		$	9.95		$	10.14
Total return(b)		2.12	%		5.67	%		4.88	%		2.97	%		(0.53	)%		0.50	%
Net assets, end of period (in 000s)	$	11,481		$	11,437		$	12,468		$	8,217		$	14,476		$	19,081
Ratio of net expenses to average net assets		1.53	%(c)		1.53	%		1.54	%		1.55	%		1.54	%		1.53	%
Ratio of total expenses to average net assets		1.69	%(c)		1.68	%		1.70	%		1.74	%		1.68	%		1.72	%
Ratio of net investment income to average net assets		0.41	%(c)		1.29	%		1.53	%		1.82	%		1.29	%		1.10	%
Portfolio turnover rate(d)		302	%		690	%		742	%		429	%		372	%		517	%

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

(b) Assumes investment at the NAV at the beginning of the 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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.53		$	10.33		$	10.05		$	9.95		$	10.14		$	10.28
Net investment income(a)		0.08			0.26			0.28			0.28			0.24			0.23
Net realized and unrealized gain (loss)		0.20			0.47			0.32			0.12			(0.18	)		(0.07	)
Total from investment operations		0.28			0.73			0.60			0.40			0.06			0.16
Distributions to shareholders from net investment income		(0.11	)		(0.34	)		(0.32	)		(0.28	)		(0.21	)		(0.29	)
Distributions to shareholders from net realized gains		—			(0.19	)		—			—			—			(0.01	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		(0.04	)		—
Total distributions		(0.11	)		(0.53	)		(0.32	)		(0.30	)		(0.25	)		(0.30	)
Net asset value, end of period	$	10.70		$	10.53		$	10.33		$	10.05		$	9.95		$	10.14
Total return(b)		2.67	%		6.82	%		6.01	%		4.19	%		0.56	%		1.50	%
Net assets, end of period (in 000s)	$	170,069		$	158,080		$	133,067		$	155,541		$	314,928		$	329,358
Ratio of net expenses to average net assets		0.45	%(c)		0.45	%		0.45	%		0.46	%		0.45	%		0.44	%
Ratio of total expenses to average net assets		0.61	%(c)		0.60	%		0.62	%		0.64	%		0.59	%		0.63	%
Ratio of net investment income to average net assets		1.48	%(c)		2.36	%		2.69	%		2.89	%		2.37	%		2.19	%
Portfolio turnover rate(d)		302	%		690	%		742	%		429	%		372	%		517	%

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

(b) Assumes investment at the NAV at the beginning of the 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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.54		$	10.33		$	10.05		$	9.95		$	10.14		$	10.28
Net investment income(a)		0.05			0.20			0.24			0.22			0.19			0.17
Net realized and unrealized gain (loss)		0.20			0.48			0.31			0.13			(0.18	)		(0.06	)
Total from investment operations		0.25			0.68			0.55			0.35			0.01			0.11
Distributions to shareholders from net investment income		(0.08	)		(0.28	)		(0.27	)		(0.23	)		(0.17	)		(0.24	)
Distributions to shareholders from net realized gains		—			(0.19	)		—			—			—			(0.01	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		(0.03	)		—
Total distributions		(0.08	)		(0.47	)		(0.27	)		(0.25	)		(0.20	)		(0.25	)
Net asset value, end of period	$	10.71		$	10.54		$	10.33		$	10.05		$	9.95		$	10.14
Total return(b)		2.41	%		6.39	%		5.49	%		3.67	%		0.06	%		0.99	%
Net assets, end of period (in 000s)	$	95		$	84		$	45		$	66		$	410		$	1,293
Ratio of net expenses to average net assets		0.95	%(c)		0.95	%		0.95	%		0.96	%		0.95	%		0.94	%
Ratio of total expenses to average net assets		1.11	%(c)		1.09	%		1.12	%		1.11	%		1.09	%		1.13	%
Ratio of net investment income to average net assets		1.00	%(c)		1.83	%		2.29	%		2.28	%		1.87	%		1.69	%
Portfolio turnover rate(d)		302	%		690	%		742	%		429	%		372	%		517	%

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

(b) Assumes investment at the NAV at the beginning of the 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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.50		$	10.30		$	10.02		$	9.92		$	10.11		$	10.25
Net investment income(a)		0.08			0.25			0.27			0.28			0.23			0.22
Net realized and unrealized gain (loss)		0.20			0.47			0.32			0.11			(0.18	)		(0.07	)
Total from investment operations		0.28			0.72			0.59			0.39			0.05			0.15
Distributions to shareholders from net investment income		(0.11	)		(0.33	)		(0.31	)		(0.27	)		(0.20	)		(0.28	)
Distributions to shareholders from net realized gains		—			(0.19	)		—			—			—			(0.01	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		(0.04	)		—
Total distributions		(0.11	)		(0.52	)		(0.31	)		(0.29	)		(0.24	)		(0.29	)
Net asset value, end of period	$	10.67		$	10.50		$	10.30		$	10.02		$	9.92		$	10.11
Total return(b)		2.64	%		6.84	%		5.82	%		4.10	%		0.47	%		1.40	%
Net assets, end of period (in 000s)	$	68,434		$	68,314		$	26,436		$	33,495		$	36,267		$	44,207
Ratio of net expenses to average net assets		0.53	%(c)		0.53	%		0.54	%		0.55	%		0.54	%		0.53	%
Ratio of total expenses to average net assets		0.69	%(c)		0.68	%		0.70	%		0.75	%		0.68	%		0.72	%
Ratio of net investment income to average net assets		1.41	%(c)		2.24	%		2.61	%		2.85	%		2.27	%		2.12	%
Portfolio turnover rate(d)		302	%		690	%		742	%		429	%		372	%		517	%

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

(b) Assumes investment at the NAV at the beginning of the 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. 139

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.53		$	10.33		$	10.05		$	9.95		$	10.14		$	10.28
Net investment income(a)		0.08			0.26			0.28			0.29			0.24			0.23
Net realized and unrealized gain (loss)		0.20			0.47			0.32			0.11			(0.18	)		(0.07	)
Total from investment operations		0.28			0.73			0.60			0.40			0.06			0.16
Distributions to shareholders from net investment income		(0.11	)		(0.34	)		(0.32	)		(0.28	)		(0.22	)		(0.29	)
Distributions to shareholders from net realized gains		—			(0.19	)		—			—			—			(0.01	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		(0.03	)		—
Total distributions		(0.11	)		(0.53	)		(0.32	)		(0.30	)		(0.25	)		(0.30	)
Net asset value, end of period	$	10.70		$	10.53		$	10.33		$	10.05		$	9.95		$	10.14
Total return(b)		2.68	%		6.93	%		6.03	%		4.10	%		0.58	%		1.51	%
Net assets, end of period (in 000s)	$	77,287		$	72,608		$	84,920		$	71,648		$	70,350		$	51,028
Ratio of net expenses to average net assets		0.44	%(c)		0.44	%		0.44	%		0.45	%		0.44	%		0.43	%
Ratio of total expenses to average net assets		0.60	%(c)		0.59	%		0.60	%		0.65	%		0.58	%		0.60	%
Ratio of net investment income to average net assets		1.50	%(c)		2.39	%		2.67	%		2.95	%		2.37	%		2.24	%
Portfolio turnover rate(d)		302	%		690	%		742	%		429	%		372	%		517	%

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

(b) Assumes investment at the NAV at the beginning of the 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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.53		$	10.32		$	10.05		$	9.94		$	10.13		$	10.27
Net investment income(a)		0.05			0.20			0.23			0.23			0.18			0.16
Net realized and unrealized gain (loss)		0.20			0.47			0.30			0.12			(0.18	)		(0.06	)
Total from investment operations		0.25			0.67			0.53			0.35			—			0.10
Distributions to shareholders from net investment income		(0.08	)		(0.27	)		(0.26	)		(0.22	)		(0.16	)		(0.23	)
Distributions to shareholders from net realized gains		—			(0.19	)		—			—			—			(0.01	)
Distributions to shareholders from return of capital		—			—			—			(0.02	)		(0.03	)		—
Total distributions		(0.08	)		(0.46	)		(0.26	)		(0.24	)		(0.19	)		(0.24	)
Net asset value, end of period	$	10.70		$	10.53		$	10.32		$	10.05		$	9.94		$	10.13
Total return(b)		2.37	%		6.30	%		5.40	%		3.58	%		(0.03	)%		0.90	%
Net assets, end of period (in 000s)	$	4,071		$	5,030		$	5,316		$	19,263		$	22,970		$	25,639
Ratio of net expenses to average net assets		1.03	%(c)		1.03	%		1.04	%		1.05	%		1.04	%		1.03	%
Ratio of total expenses to average net assets		1.19	%(c)		1.18	%		1.22	%		1.25	%		1.18	%		1.22	%
Ratio of net investment income to average net assets		0.88	%(c)		1.79	%		2.24	%		2.34	%		1.78	%		1.58	%
Portfolio turnover rate(d)		302	%		690	%		742	%		429	%		372	%		517	%

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

(b) Assumes investment at the NAV at the beginning of the 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. 141

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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	10.53		$	10.33		$	10.05		$	9.87
Net investment income(b)		0.08			0.26			0.28			0.27
Net realized and unrealized gain		0.20			0.47			0.32			0.19
Total from investment operations		0.28			0.73			0.60			0.46
Distributions to shareholders from net investment income		(0.11	)		(0.34	)		(0.32	)		(0.26	)
Distributions to shareholders from net realized gains		—			(0.19	)		—			—
Distributions to shareholders from return of capital		—			—			—			(0.02	)
Total distributions		(0.11	)		(0.53	)		(0.32	)		(0.28	)
Net asset value, end of period	$	10.70		$	10.53		$	10.33		$	10.05
Total return(c)		2.68	%		6.93	%		6.03	%		4.72	%
Net assets, end of period (in 000s)	$	98,327		$	94,092		$	81,064		$	87,881
Ratio of net expenses to average net assets		0.44	%(d)		0.44	%		0.44	%		0.44	%(d)
Ratio of total expenses to average net assets		0.60	%(d)		0.59	%		0.60	%		0.67	%(d)
Ratio of net investment income to average net assets		1.51	%(d)		2.37	%		2.69	%		3.00	%(d)
Portfolio turnover rate(e)		302	%		690	%		742	%		429	%

(a) Commenced operations on April 20, 2018.

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

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

(d) Annualized.

(e) The 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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.76		$	10.79		$	10.41		$	10.23		$	10.40		$	10.53
Net investment income(a)		0.05			0.14			0.22			0.25			0.19			0.19
Net realized and unrealized gain (loss)		0.19			0.29			0.51			0.19			(0.13	)		(0.09	)
Total from investment operations		0.24			0.43			0.73			0.44			0.06			0.10
Distributions to shareholders from net investment income		(0.09	)		(0.21	)		(0.27	)		(0.26	)		(0.23	)		(0.23	)
Distributions to shareholders from net realized gains		—			(0.25	)		(0.08	)		—			—			—
Total distributions		(0.09	)		(0.46	)		(0.35	)		(0.26	)		(0.23	)		(0.23	)
Net asset value, end of period	$	10.91		$	10.76		$	10.79		$	10.41		$	10.23		$	10.40
Total return(b)		2.19	%		3.83	%		7.07	%		4.40	%		0.56	%		0.94	%
Net assets, end of period (in 000s)	$	171,925		$	164,129		$	125,490		$	57,754		$	62,399		$	148,548
Ratio of net expenses to average net assets		0.71	%(c)		0.70	%		0.74	%		0.79	%		0.79	%		0.79	%
Ratio of total expenses to average net assets		0.80	%(c)		0.81	%		0.84	%		0.86	%		0.84	%		0.84	%
Ratio of net investment income to average net assets		1.00	%(c)		1.26	%		2.07	%		2.45	%		1.82	%		1.77	%
Portfolio turnover rate(d)		229	%		575	%		693	%		396	%		273	%		363	%

(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. 143

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.82		$	10.84		$	10.46		$	10.29		$	10.46		$	10.59
Net investment income(a)		0.01			0.06			0.15			0.17			0.11			0.11
Net realized and unrealized gain (loss)		0.18			0.29			0.50			0.19			(0.13	)		(0.09	)
Total from investment operations		0.19			0.35			0.65			0.36			(0.02	)		0.02
Distributions to shareholders from net investment income		(0.04	)		(0.12	)		(0.19	)		(0.19	)		(0.15	)		(0.15	)
Distributions to shareholders from net realized gains		—			(0.25	)		(0.08	)		—			—			—
Total distributions		(0.04	)		(0.37	)		(0.27	)		(0.19	)		(0.15	)		(0.15	)
Net asset value, end of period	$	10.97		$	10.82		$	10.84		$	10.46		$	10.29		$	10.46
Total return(b)		1.89	%		3.05	%		6.25	%		3.52	%		(0.18	)%		0.20	%
Net assets, end of period (in 000s)	$	12,258		$	12,416		$	8,331		$	6,585		$	9,817		$	15,714
Ratio of net expenses to average net assets		1.46	%(c)		1.45	%		1.50	%		1.54	%		1.54	%		1.54	%
Ratio of total expenses to average net assets		1.55	%(c)		1.56	%		1.60	%		1.61	%		1.59	%		1.59	%
Ratio of net investment income to average net assets		0.25	%(c)		0.50	%		1.37	%		1.67	%		1.09	%		1.02	%
Portfolio turnover rate(d)		229	%		575	%		693	%		396	%		273	%		363	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.81		$	10.83		$	10.45		$	10.27		$	10.45		$	10.57
Net investment income(a)		0.07			0.17			0.26			0.27			0.23			0.22
Net realized and unrealized gain (loss)		0.18			0.30			0.51			0.21			(0.14	)		(0.07	)
Total from investment operations		0.25			0.47			0.77			0.48			0.09			0.15
Distributions to shareholders from net investment income		(0.10	)		(0.24	)		(0.31	)		(0.30	)		(0.27	)		(0.27	)
Distributions to shareholders from net realized gains		—			(0.25	)		(0.08	)		—			—			—
Total distributions		(0.10	)		(0.49	)		(0.39	)		(0.30	)		(0.27	)		(0.27	)
Net asset value, end of period	$	10.96		$	10.81		$	10.83		$	10.45		$	10.27		$	10.45
Total return(b)		2.35	%		4.17	%		7.41	%		4.75	%		0.81	%		1.38	%
Net assets, end of period (in 000s)	$	639,055		$	645,062		$	292,906		$	181,702		$	850,477		$	776,135
Ratio of net expenses to average net assets		0.38	%(c)		0.37	%		0.41	%		0.45	%		0.45	%		0.44	%
Ratio of total expenses to average net assets		0.47	%(c)		0.47	%		0.51	%		0.51	%		0.50	%		0.50	%
Ratio of net investment income to average net assets		1.33	%(c)		1.55	%		2.46	%		2.66	%		2.20	%		2.11	%
Portfolio turnover rate(d)		229	%		575	%		693	%		396	%		273	%		363	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.81		$	10.83		$	10.46		$	10.28		$	10.45		$	10.58
Net investment income(a)		0.05			0.13			0.21			0.23			0.18			0.17
Net realized and unrealized gain (loss)		0.18			0.29			0.50			0.20			(0.14	)		(0.09	)
Total from investment operations		0.23			0.42			0.71			0.43			0.04			0.08
Distributions to shareholders from net investment income		(0.08	)		(0.19	)		(0.26	)		(0.25	)		(0.21	)		(0.21	)
Distributions to shareholders from net realized gains		—			(0.25	)		(0.08	)		—			—			—
Total distributions		(0.08	)		(0.44	)		(0.34	)		(0.25	)		(0.21	)		(0.21	)
Net asset value, end of period	$	10.96		$	10.81		$	10.83		$	10.46		$	10.28		$	10.45
Total return(b)		2.09	%		3.65	%		6.87	%		4.23	%		0.41	%		0.79	%
Net assets, end of period (in 000s)	$	1,067		$	1,070		$	1,141		$	855		$	1,035		$	1,522
Ratio of net expenses to average net assets		0.88	%(c)		0.87	%		0.91	%		0.95	%		0.95	%		0.94	%
Ratio of total expenses to average net assets		0.97	%(c)		0.98	%		1.01	%		1.02	%		1.00	%		1.00	%
Ratio of net investment income to average net assets		0.83	%(c)		1.11	%		1.95	%		2.28	%		1.68	%		1.61	%
Portfolio turnover rate(d)		229	%		575	%		693	%		396	%		273	%		363	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.77		$	10.80		$	10.42		$	10.24		$	10.41		$	10.54
Net investment income(a)		0.07			0.16			0.24			0.27			0.22			0.21
Net realized and unrealized gain (loss)		0.18			0.30			0.52			0.20			(0.13	)		(0.08	)
Total from investment operations		0.25			0.46			0.76			0.47			0.09			0.13
Distributions to shareholders from net investment income		(0.10	)		(0.24	)		(0.30	)		(0.29	)		(0.26	)		(0.26	)
Distributions to shareholders from net realized gains		—			(0.25	)		(0.08	)		—			—			—
Total distributions		(0.10	)		(0.49	)		(0.38	)		(0.29	)		(0.26	)		(0.26	)
Net asset value, end of period	$	10.92		$	10.77		$	10.80		$	10.42		$	10.24		$	10.41
Total return(b)		2.31	%		4.09	%		7.33	%		4.66	%		0.81	%		1.19	%
Net assets, end of period (in 000s)	$	440,097		$	426,467		$	122,100		$	17,645		$	45,129		$	38,620
Ratio of net expenses to average net assets		0.46	%(c)		0.45	%		0.48	%		0.54	%		0.54	%		0.53	%
Ratio of total expenses to average net assets		0.55	%(c)		0.56	%		0.59	%		0.60	%		0.59	%		0.59	%
Ratio of net investment income to average net assets		1.25	%(c)		1.46	%		2.27	%		2.66	%		2.11	%		2.01	%
Portfolio turnover rate(d)		229	%		575	%		693	%		396	%		273	%		363	%

(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. 147

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.82		$	10.84		$	10.46		$	10.28		$	10.45		$	10.57
Net investment income(a)		0.07			0.19			0.27			0.29			0.26			0.23
Net realized and unrealized gain (loss)		0.18			0.29			0.50			0.19			(0.16	)		(0.08	)
Total from investment operations		0.25			0.48			0.77			0.48			0.10			0.15
Distributions to shareholders from net investment income		(0.10	)		(0.25	)		(0.31	)		(0.30	)		(0.27	)		(0.27	)
Distributions to shareholders from net realized gains		—			(0.25	)		(0.08	)		—			—			—
Total distributions		(0.10	)		(0.50	)		(0.39	)		(0.30	)		(0.27	)		(0.27	)
Net asset value, end of period	$	10.97		$	10.82		$	10.84		$	10.46		$	10.28		$	10.45
Total return(b)		2.36	%		4.18	%		7.41	%		4.76	%		0.92	%		1.40	%
Net assets, end of period (in 000s)	$	47,327		$	39,378		$	152,821		$	219,927		$	8,482		$	56,117
Ratio of net expenses to average net assets		0.37	%(c)		0.36	%		0.40	%		0.44	%		0.43	%		0.42	%
Ratio of total expenses to average net assets		0.46	%(c)		0.47	%		0.50	%		0.51	%		0.47	%		0.48	%
Ratio of net investment income to average net assets		1.35	%(c)		1.71	%		2.51	%		2.84	%		2.50	%		2.13	%
Portfolio turnover rate(d)		229	%		575	%		693	%		396	%		273	%		363	%

(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.

148 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 R Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.77		$	10.79		$	10.42		$	10.24		$	10.41		$	10.54
Net investment income(a)		0.04			0.12			0.20			0.22			0.17			0.16
Net realized and unrealized gain (loss)		0.18			0.29			0.50			0.20			(0.14	)		(0.09	)
Total from investment operations		0.22			0.41			0.70			0.42			0.03			0.07
Distributions to shareholders from net investment income		(0.07	)		(0.18	)		(0.25	)		(0.24	)		(0.20	)		(0.20	)
Distributions to shareholders from net realized gains		—			(0.25	)		(0.08	)		—			—			—
Total distributions		(0.07	)		(0.43	)		(0.33	)		(0.24	)		(0.20	)		(0.20	)
Net asset value, end of period	$	10.92		$	10.77		$	10.79		$	10.42		$	10.24		$	10.41
Total return(b)		2.06	%		3.57	%		6.70	%		4.14	%		0.31	%		0.69	%
Net assets, end of period (in 000s)	$	4,824		$	4,864		$	4,774		$	4,444		$	4,637		$	944
Ratio of net expenses to average net assets		0.96	%(c)		0.95	%		1.00	%		1.04	%		1.04	%		1.03	%
Ratio of total expenses to average net assets		1.05	%(c)		1.06	%		1.10	%		1.11	%		1.09	%		1.10	%
Ratio of net investment income to average net assets		0.75	%(c)		1.02	%		1.88	%		2.20	%		1.63	%		1.50	%
Portfolio turnover rate(d)		229	%		575	%		693	%		396	%		273	%		363	%

(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. 149

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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	10.82		$	10.85		$	10.47		$	10.20
Net investment income(b)		0.07			0.18			0.27			0.28
Net realized and unrealized gain		0.18			0.29			0.50			0.27
Total from investment operations		0.25			0.47			0.77			0.55
Distributions to shareholders from net investment income		(0.10	)		(0.25	)		(0.31	)		(0.28	)
Distributions to shareholders from net realized gains		—			(0.25	)		(0.08	)		—
Total distributions		(0.10	)		(0.50	)		(0.39	)		(0.28	)
Net asset value, end of period	$	10.97		$	10.82		$	10.85		$	10.47
Total return(c)		2.35	%		4.18	%		7.41	%		5.50	%
Net assets, end of period (in 000s)	$	799,548		$	809,047		$	704,747		$	595,010
Ratio of net expenses to average net assets		0.37	%(d)		0.36	%		0.40	%		0.44	%(d)
Ratio of total expenses to average net assets		0.46	%(d)		0.46	%		0.50	%		0.52	%(d)
Ratio of net investment income to average net assets		1.34	%(d)		1.60	%		2.47	%		2.91	%(d)
Portfolio turnover rate(e)		229	%		575	%		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.

150 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 A Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.73		$	12.72		$	12.47		$	12.17		$	12.21		$	12.24
Net investment income(a)		0.03			0.14			0.14			0.17			0.09			0.09
Net realized and unrealized gain		0.13			0.54			0.47			0.31			0.08			0.05
Total from investment operations		0.16			0.68			0.61			0.48			0.17			0.14
Distributions to shareholders from net investment income		(0.05	)		(0.32	)		(0.20	)		(0.18	)		(0.21	)		(0.12	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.16	)		—			—			(0.05	)
Total distributions		(0.05	)		(0.67	)		(0.36	)		(0.18	)		(0.21	)		(0.17	)
Net asset value, end of period	$	12.84		$	12.73		$	12.72		$	12.47		$	12.17		$	12.21
Total return(b)		1.32	%		5.15	%		4.88	%		3.99	%		1.38	%		1.14	%
Net assets, end of period (in 000s)	$	52,576		$	52,270		$	42,358		$	63,453		$	78,752		$	136,317
Ratio of net expenses to average net assets		0.97	%(c)		1.00	%		1.01	%		1.03	%		1.03	%		1.03	%
Ratio of total expenses to average net assets		1.15	%(c)		1.17	%		1.13	%		1.20	%		1.14	%		1.13	%
Ratio of net investment income to average net assets		0.39	%(c)		1.07	%		1.08	%		1.39	%		0.76	%		0.71	%
Portfolio turnover rate(d)		240	%		522	%		610	%		302	%		172	%		289	%

(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. 151

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.62		$	12.61		$	12.37		$	12.07		$	12.11		$	12.14
Net investment income (loss)(a)		(0.02	)		0.04			0.04			0.08			0.01			—	(b)
Net realized and unrealized gain		0.13			0.54			0.46			0.31			0.07			0.05
Total from investment operations		0.11			0.58			0.50			0.39			0.08			0.05
Distributions to shareholders from net investment income		(0.01	)		(0.22	)		(0.10	)		(0.09	)		(0.12	)		(0.03	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.16	)		—			—			(0.05	)
Total distributions		(0.01	)		(0.57	)		(0.26	)		(0.09	)		(0.12	)		(0.08	)
Net asset value, end of period	$	12.72		$	12.62		$	12.61		$	12.37		$	12.07		$	12.11
Total return(c)		0.95	%		4.40	%		4.06	%		3.24	%		0.68	%		0.42	%
Net assets, end of period (in 000s)	$	3,751		$	4,799		$	6,300		$	8,725		$	12,984		$	20,808
Ratio of net expenses to average net assets		1.72	%(d)		1.75	%		1.76	%		1.78	%		1.74	%		1.74	%
Ratio of total expenses to average net assets		1.90	%(d)		1.91	%		1.88	%		1.94	%		1.89	%		1.88	%
Ratio of net investment income (loss) to average net assets		(0.38	)%(d)		0.33	%		0.33	%		0.63	%		0.05	%		(0.03	)%
Portfolio turnover rate(e)		240	%		522	%		610	%		302	%		172	%		289	%

(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.

152 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
	Institutional Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.70		$	12.70		$	12.45		$	12.15		$	12.19		$	12.22
Net investment income(a)		0.05			0.18			0.18			0.21			0.13			0.13
Net realized and unrealized gain		0.13			0.53			0.47			0.31			0.08			0.05
Total from investment operations		0.18			0.71			0.65			0.52			0.21			0.18
Distributions to shareholders from net investment income		(0.07	)		(0.36	)		(0.24	)		(0.22	)		(0.25	)		(0.16	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.16	)		—			—			(0.05	)
Total distributions		(0.07	)		(0.71	)		(0.40	)		(0.22	)		(0.25	)		(0.21	)
Net asset value, end of period	$	12.81		$	12.70		$	12.70		$	12.45		$	12.15		$	12.19
Total return(b)		1.48	%		5.48	%		5.22	%		4.34	%		1.72	%		1.48	%
Net assets, end of period (in 000s)	$	271,978		$	282,633		$	250,976		$	252,456		$	321,021		$	627,253
Ratio of net expenses to average net assets		0.66	%(c)		0.69	%		0.69	%		0.69	%		0.69	%		0.69	%
Ratio of total expenses to average net assets		0.82	%(c)		0.83	%		0.79	%		0.86	%		0.80	%		0.79	%
Ratio of net investment income to average net assets		0.70	%(c)		1.38	%		1.37	%		1.73	%		1.08	%		1.05	%
Portfolio turnover rate(d)		240	%		522	%		610	%		302	%		172	%		289	%

(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. 153

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.63		$	12.62		$	12.38		$	12.09		$	12.12		$	12.16
Net investment income(a)		0.01			0.11			0.13			0.15			0.07			0.07
Net realized and unrealized gain		0.14			0.55			0.44			0.30			0.09			0.04
Total from investment operations		0.15			0.66			0.57			0.45			0.16			0.11
Distributions to shareholders from net investment income		(0.04	)		(0.30	)		(0.17	)		(0.16	)		(0.19	)		(0.10	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.16	)		—			—			(0.05	)
Total distributions		(0.04	)		(0.65	)		(0.33	)		(0.16	)		(0.19	)		(0.15	)
Net asset value, end of period	$	12.74		$	12.63		$	12.62		$	12.38		$	12.09		$	12.12
Total return(b)		1.15	%		4.98	%		4.71	%		3.75	%		1.31	%		0.90	%
Net assets, end of period (in 000s)	$	624		$	653		$	196		$	1,930		$	1,799		$	2,772
Ratio of net expenses to average net assets		1.16	%(c)		1.18	%		1.19	%		1.19	%		1.19	%		1.19	%
Ratio of total expenses to average net assets		1.32	%(c)		1.34	%		1.30	%		1.36	%		1.30	%		1.29	%
Ratio of net investment income to average net assets		0.19	%(c)		0.85	%		1.02	%		1.24	%		0.60	%		0.56	%
Portfolio turnover rate(d)		240	%		522	%		610	%		302	%		172	%		289	%

(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.

154 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
	Investor Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.68		$	12.67		$	12.43		$	12.13		$	12.17		$	12.20
Net investment income(a)		0.04			0.17			0.17			0.20			0.12			0.11
Net realized and unrealized gain		0.13			0.54			0.46			0.31			0.08			0.06
Total from investment operations		0.17			0.71			0.63			0.51			0.20			0.17
Distributions to shareholders from net investment income		(0.06	)		(0.35	)		(0.23	)		(0.21	)		(0.24	)		(0.15	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.16	)		—			—			(0.05	)
Total distributions		(0.06	)		(0.70	)		(0.39	)		(0.21	)		(0.24	)		(0.20	)
Net asset value, end of period	$	12.79		$	12.68		$	12.67		$	12.43		$	12.13		$	12.17
Total return(b)		1.45	%		5.43	%		5.07	%		4.25	%		1.63	%		1.39	%
Net assets, end of period (in 000s)	$	75,864		$	73,477		$	47,717		$	53,615		$	62,988		$	97,332
Ratio of net expenses to average net assets		0.72	%(c)		0.75	%		0.76	%		0.78	%		0.78	%		0.78	%
Ratio of total expenses to average net assets		0.90	%(c)		0.92	%		0.88	%		0.95	%		0.89	%		0.88	%
Ratio of net investment income to average net assets		0.64	%(c)		1.31	%		1.31	%		1.64	%		1.00	%		0.90	%
Portfolio turnover rate(d)		240	%		522	%		610	%		302	%		172	%		289	%

(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. 155

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.71		$	12.70		$	12.45		$	12.16		$	12.19		$	12.22
Net investment income(a)		0.05			0.19			0.17			0.21			0.15			0.11
Net realized and unrealized gain		0.13			0.53			0.48			0.30			0.07			0.07
Total from investment operations		0.18			0.72			0.65			0.51			0.22			0.18
Distributions to shareholders from net investment income		(0.07	)		(0.36	)		(0.24	)		(0.22	)		(0.25	)		(0.16	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.16	)		—			—			(0.05	)
Total distributions		(0.07	)		(0.71	)		(0.40	)		(0.22	)		(0.25	)		(0.21	)
Net asset value, end of period	$	12.82		$	12.71		$	12.70		$	12.45		$	12.16		$	12.19
Total return(b)		1.48	%		5.49	%		5.22	%		4.35	%		1.73	%		1.50	%
Net assets, end of period (in 000s)	$	273,299		$	264,049		$	311,837		$	228,163		$	268,413		$	5,468
Ratio of net expenses to average net assets		0.65	%(c)		0.68	%		0.68	%		0.68	%		0.68	%		0.67	%
Ratio of total expenses to average net assets		0.81	%(c)		0.82	%		0.78	%		0.85	%		0.78	%		0.77	%
Ratio of net investment income to average net assets		0.71	%(c)		1.40	%		1.36	%		1.74	%		1.25	%		0.92	%
Portfolio turnover rate(d)		240	%		522	%		610	%		302	%		172	%		289	%

(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 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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	12.72		$	12.71		$	12.46		$	12.10
Net investment income(b)		0.05			0.19			0.18			0.21
Net realized and unrealized gain		0.13			0.53			0.47			0.36
Total from investment operations		0.18			0.72			0.65			0.57
Distributions to shareholders from net investment income		(0.07	)		(0.36	)		(0.24	)		(0.21	)
Distributions to shareholders from net realized gains		—			(0.35	)		(0.16	)		—
Total distributions		(0.07	)		(0.71	)		(0.40	)		(0.21	)
Net asset value, end of period	$	12.83		$	12.72		$	12.71		$	12.46
Total return(c)		1.48	%		5.49	%		5.22	%		4.77	%
Net assets, end of period (in 000s)	$	8,833		$	8,889		$	7,900		$	8,170
Ratio of net expenses to average net assets		0.65	%(d)		0.68	%		0.68	%		0.69	%(d)
Ratio of total expenses to average net assets		0.81	%(d)		0.82	%		0.78	%		0.87	%(d)
Ratio of net investment income to average net assets		0.70	%(d)		1.40	%		1.38	%		1.82	%(d)
Portfolio turnover rate(e)		240	%		522	%		610	%		302	%

(a) Commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to 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. 157

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, 2021 (Unaudited)			Year Ended March 31, 2021			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.25		$	8.88		$	10.00
Net investment income(b)		0.15			0.33			0.11
Net realized and unrealized gain (loss)		0.20			1.43			(1.11	)
Total from investment operations		0.35			1.76			(1.00	)
Distributions to shareholders from net investment income		(0.17	)		(0.35	)		(0.12	)
Distributions to shareholders from net realized gains		—			(0.04	)		—
Total distributions		(0.17	)		(0.39	)		(0.12	)
Net asset value, end of period	$	10.43		$	10.25		$	8.88
Total return(c)		3.39	%		19.94	%		(10.14	)%
Net assets, end of period (in 000s)	$	599		$	501		$	142
Ratio of net expenses to average net assets		0.97	%(d)		0.97	%		0.98	%(d)
Ratio of total expenses to average net assets		1.31	%(d)		1.71	%		2.58	%(d)
Ratio of net investment income to average net assets		2.93	%(d)		3.19	%		3.44	%(d)
Portfolio turnover rate(e)		76	%		363	%		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.

158 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 C Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.25		$	8.88		$	10.00
Net investment income(b)		0.11			0.26			0.09
Net realized and unrealized gain (loss)		0.20			1.42			(1.12	)
Total from investment operations		0.31			1.68			(1.03	)
Distributions to shareholders from net investment income		(0.13	)		(0.27	)		(0.09	)
Distributions to shareholders from net realized gains		—			(0.04	)		—
Total distributions		(0.13	)		(0.31	)		(0.09	)
Net asset value, end of period	$	10.43		$	10.25		$	8.88
Total return(c)		3.01	%		19.06	%		(10.35	)%
Net assets, end of period (in 000s)	$	80		$	77		$	65
Ratio of net expenses to average net assets		1.72	%(d)		1.72	%		1.73	%(d)
Ratio of total expenses to average net assets		2.06	%(d)		2.71	%		3.40	%(d)
Ratio of net investment income to average net assets		2.19	%(d)		2.52	%		2.67	%(d)
Portfolio turnover rate(e)		76	%		363	%		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. 159

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, 2021 (Unaudited)			Year Ended March 31, 2021			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.25		$	8.88		$	10.00
Net investment income(b)		0.17			0.37			0.12
Net realized and unrealized gain (loss)		0.19			1.42			(1.11	)
Total from investment operations		0.36			1.79			(0.99	)
Distributions to shareholders from net investment income		(0.18	)		(0.38	)		(0.13	)
Distributions to shareholders from net realized gains		—			(0.04	)		—
Total distributions		(0.18	)		(0.42	)		(0.13	)
Net asset value, end of period	$	10.43		$	10.25		$	8.88
Total return(c)		3.56	%		20.34	%		(10.03	)%
Net assets, end of period (in 000s)	$	26,605		$	25,710		$	22,264
Ratio of net expenses to average net assets		0.64	%(d)		0.64	%		0.64	%(d)
Ratio of total expenses to average net assets		0.98	%(d)		1.75	%		2.53	%(d)
Ratio of net investment income to average net assets		3.27	%(d)		3.63	%		3.72	%(d)
Portfolio turnover rate(e)		76	%		363	%		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.

160 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
	Investor Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.25		$	8.88		$	10.00
Net investment income(b)		0.17			0.36			0.12
Net realized and unrealized gain (loss)		0.19			1.43			(1.12	)
Total from investment operations		0.36			1.79			(1.00	)
Distributions to shareholders from net investment income		(0.18	)		(0.38	)		(0.12	)
Distributions to shareholders from net realized gains		—			(0.04	)		—
Total distributions		(0.18	)		(0.42	)		(0.12	)
Net asset value, end of period	$	10.43		$	10.25		$	8.88
Total return(c)		3.52	%		20.24	%		(10.06	)%
Net assets, end of period (in 000s)	$	56		$	54		$	45
Ratio of net expenses to average net assets		0.72	%(d)		0.72	%		0.73	%(d)
Ratio of total expenses to average net assets		1.06	%(d)		1.81	%		2.62	%(d)
Ratio of net investment income to average net assets		3.20	%(d)		3.54	%		3.63	%(d)
Portfolio turnover rate(e)		76	%		363	%		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. 161

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, 2021 (Unaudited)			Year Ended March 31, 2021			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.25		$	8.88		$	10.00
Net investment income(b)		0.17			0.37			0.12
Net realized and unrealized gain (loss)		0.19			1.43			(1.11	)
Total from investment operations		0.36			1.80			(0.99	)
Distributions to shareholders from net investment income		(0.18	)		(0.39	)		(0.13	)
Distributions to shareholders from net realized gains		—			(0.04	)		—
Total distributions		(0.18	)		(0.43	)		(0.13	)
Net asset value, end of period	$	10.43		$	10.25		$	8.88
Total return(c)		3.57	%		20.35	%		(10.03	)%
Net assets, end of period (in 000s)	$	56		$	54		$	45
Ratio of net expenses to average net assets		0.63	%(d)		0.63	%		0.63	%(d)
Ratio of total expenses to average net assets		0.97	%(d)		1.72	%		2.52	%(d)
Ratio of net investment income to average net assets		3.28	%(d)		3.64	%		3.73	%(d)
Portfolio turnover rate(e)		76	%		363	%		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.

162 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 R Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.25		$	8.88		$	10.00
Net investment income(b)		0.14			0.31			0.10
Net realized and unrealized gain (loss)		0.19			1.43			(1.11	)
Total from investment operations		0.33			1.74			(1.01	)
Distributions to shareholders from net investment income		(0.15	)		(0.33	)		(0.11	)
Distributions to shareholders from net realized gains		—			(0.04	)		—
Total distributions		(0.15	)		(0.37	)		(0.11	)
Net asset value, end of period	$	10.43		$	10.25		$	8.88
Total return(c)		3.27	%		19.65	%		(10.21	)%
Net assets, end of period (in 000s)	$	55		$	54		$	45
Ratio of net expenses to average net assets		1.22	%(d)		1.22	%		1.23	%(d)
Ratio of total expenses to average net assets		1.56	%(d)		2.32	%		3.12	%(d)
Ratio of net investment income to average net assets		2.69	%(d)		3.04	%		3.13	%(d)
Portfolio turnover rate(e)		76	%		363	%		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. 163

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, 2021 (Unaudited)			Year Ended March 31, 2021			Period Ended March 31, 2020(a)
Per Share Data
Net asset value, beginning of period	$	10.25		$	8.88		$	10.00
Net investment income(b)		0.17			0.36			0.12
Net realized and unrealized gain (loss)		0.19			1.44			(1.11	)
Total from investment operations		0.36			1.80			(0.99	)
Distributions to shareholders from net investment income		(0.18	)		(0.39	)		(0.13	)
Distributions to shareholders from net realized gains		—			(0.04	)		—
Total distributions		(0.18	)		(0.43	)		(0.13	)
Net asset value, end of period	$	10.43		$	10.25		$	8.88
Total return(c)		3.57	%		20.35	%		(10.03	)%
Net assets, end of period (in 000s)	$	77,385		$	89,424		$	809
Ratio of net expenses to average net assets		0.63	%(d)		0.63	%		0.60	%(d)
Ratio of total expenses to average net assets		0.97	%(d)		1.10	%		0.63	%(d)
Ratio of net investment income to average net assets		3.29	%(d)		3.46	%		3.76	%(d)
Portfolio turnover rate(e)		76	%		363	%		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.

164 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 A Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.92		$	7.93		$	8.71		$	9.19		$	9.45		$	9.47
Net investment income(a)		0.14			0.28			0.33			0.38			0.32			0.33
Net realized and unrealized gain (loss)		0.05			0.99			(0.73	)		(0.34	)		(0.24	)		(0.03	)
Total from investment operations		0.19			1.27			(0.40	)		0.04			0.08			0.30
Distributions to shareholders from net investment income		(0.11	)		(0.28	)		(0.38	)		(0.52	)		(0.34	)		(0.32	)
Net asset value, end of period	$	9.00		$	8.92		$	7.93		$	8.71		$	9.19		$	9.45
Total return(b)		2.11	%		16.07	%		(4.90	)%		0.61	%		0.86	%		3.20	%
Net assets, end of period (in 000s)	$	1,495		$	1,894		$	978		$	3,169		$	6,984		$	12,673
Ratio of net expenses to average net assets		1.46	%(c)		1.46	%		1.47	%		1.47	%		1.43	%		1.45	%
Ratio of total expenses to average net assets		1.69	%(c)		1.72	%		1.84	%		1.74	%		1.54	%		1.62	%
Ratio of net investment income to average net assets		3.09	%(c)		3.19	%		3.74	%		4.15	%		3.40	%		3.43	%
Portfolio turnover rate(d)		39	%		112	%		164	%		220	%		267	%		266	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.91		$	7.93		$	8.70		$	9.19		$	9.45		$	9.47
Net investment income(a)		0.11			0.22			0.26			0.31			0.25			0.26
Net realized and unrealized gain (loss)		0.04			0.97			(0.72	)		(0.34	)		(0.24	)		(0.03	)
Total from investment operations		0.15			1.19			(0.46	)		(0.03	)		0.01			0.23
Distributions to shareholders from net investment income		(0.07	)		(0.21	)		(0.31	)		(0.46	)		(0.27	)		(0.25	)
Net asset value, end of period	$	8.99		$	8.91		$	7.93		$	8.70		$	9.19		$	9.45
Total return(b)		1.73	%		15.08	%		(5.50	)%		(0.25	)%		0.12	%		2.43	%
Net assets, end of period (in 000s)	$	343		$	423		$	543		$	1,092		$	1,545		$	2,692
Ratio of net expenses to average net assets		2.20	%(c)		2.21	%		2.22	%		2.22	%		2.18	%		2.20	%
Ratio of total expenses to average net assets		2.44	%(c)		2.51	%		2.60	%		2.52	%		2.29	%		2.37	%
Ratio of net investment income to average net assets		2.34	%(c)		2.52	%		3.00	%		3.39	%		2.65	%		2.68	%
Portfolio turnover rate(d)		39	%		112	%		164	%		220	%		267	%		266	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.91		$	7.92		$	8.70		$	9.18		$	9.44		$	9.46
Net investment income(a)		0.15			0.31			0.35			0.41			0.35			0.36
Net realized and unrealized gain (loss)		0.05			0.99			(0.72	)		(0.34	)		(0.23	)		(0.03	)
Total from investment operations		0.20			1.30			(0.37	)		0.07			0.12			0.33
Distributions to shareholders from net investment income		(0.12	)		(0.31	)		(0.41	)		(0.55	)		(0.38	)		(0.35	)
Net asset value, end of period	$	8.99		$	8.91		$	7.92		$	8.70		$	9.18		$	9.44
Total return(b)		2.28	%		16.47	%		(4.59	)%		0.84	%		1.32	%		3.55	%
Net assets, end of period (in 000s)	$	14,689		$	14,905		$	14,592		$	22,611		$	199,256		$	189,429
Ratio of net expenses to average net assets		1.12	%(c)		1.13	%		1.13	%		1.13	%		1.09	%		1.11	%
Ratio of total expenses to average net assets		1.36	%(c)		1.42	%		1.50	%		1.30	%		1.19	%		1.28	%
Ratio of net investment income to average net assets		3.41	%(c)		3.57	%		4.07	%		4.45	%		3.74	%		3.77	%
Portfolio turnover rate(d)		39	%		112	%		164	%		220	%		267	%		266	%

(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. 167

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.92		$	7.93		$	8.70		$	9.19		$	9.45		$	9.47
Net investment income(a)		0.15			0.31			0.35			0.40			0.35			0.35
Net realized and unrealized gain (loss)		0.05			0.98			(0.72	)		(0.34	)		(0.24	)		(0.03	)
Total from investment operations		0.20			1.29			(0.37	)		0.06			0.11			0.32
Distributions to shareholders from net investment income		(0.12	)		(0.30	)		(0.40	)		(0.55	)		(0.37	)		(0.34	)
Net asset value, end of period	$	9.00		$	8.92		$	7.93		$	8.70		$	9.19		$	9.45
Total return(b)		2.24	%		16.36	%		(4.56	)%		0.75	%		1.12	%		3.45	%
Net assets, end of period (in 000s)	$	2,589		$	2,406		$	2,187		$	4,261		$	7,357		$	9,347
Ratio of net expenses to average net assets		1.20	%(c)		1.21	%		1.22	%		1.22	%		1.18	%		1.20	%
Ratio of total expenses to average net assets		1.44	%(c)		1.49	%		1.59	%		1.50	%		1.28	%		1.38	%
Ratio of net investment income to average net assets		3.32	%(c)		3.49	%		3.99	%		4.41	%		3.66	%		3.69	%
Portfolio turnover rate(d)		39	%		112	%		164	%		220	%		267	%		266	%

(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 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, 2021 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	8.91		$	7.93		$	8.70		$	9.18		$	9.48
Net investment income(b)		0.15			0.31			0.35			0.40			0.13
Net realized and unrealized gain (loss)		0.05			0.98			(0.71	)		(0.33	)		(0.20	)
Total from investment operations		0.20			1.29			(0.36	)		0.07			(0.07	)
Distributions to shareholders from net investment income		(0.12	)		(0.31	)		(0.41	)		(0.55	)		(0.23	)
Net asset value, end of period	$	8.99		$	8.91		$	7.93		$	8.70		$	9.18
Total return(c)		2.28	%		16.33	%		(4.46	)%		0.85	%		(0.62	)%
Net assets, end of period (in 000s)	$	2,111		$	1,654		$	2,218		$	1,823		$	3,612
Ratio of net expenses to average net assets		1.11	%(d)		1.12	%		1.12	%		1.12	%		1.11	%(d)
Ratio of total expenses to average net assets		1.36	%(d)		1.39	%		1.50	%		1.43	%		1.05	%(d)
Ratio of net investment income to average net assets		3.41	%(d)		3.57	%		4.07	%		4.49	%		4.27	%(d)
Portfolio turnover rate(e)		39	%		112	%		164	%		220	%		267	%

(a) Commenced operations on November 30, 2017.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to 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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.91		$	7.93		$	8.70		$	9.19		$	9.45		$	9.47
Net investment income(a)		0.13			0.26			0.30			0.35			0.30			0.30
Net realized and unrealized gain (loss)		0.05			0.98			(0.71	)		(0.34	)		(0.24	)		(0.02	)
Total from investment operations		0.18			1.24			(0.41	)		0.01			0.06			0.28
Distributions to shareholders from net investment income		(0.10	)		(0.26	)		(0.36	)		(0.50	)		(0.32	)		(0.30	)
Net asset value, end of period	$	8.99		$	8.91		$	7.93		$	8.70		$	9.19		$	9.45
Total return(b)		1.98	%		15.65	%		(5.03	)%		0.24	%		0.61	%		2.94	%
Net assets, end of period (in 000s)	$	29		$	29		$	24		$	26		$	36		$	35
Ratio of net expenses to average net assets		1.70	%(c)		1.71	%		1.72	%		1.72	%		1.68	%		1.70	%
Ratio of total expenses to average net assets		1.94	%(c)		1.98	%		2.09	%		2.01	%		1.78	%		1.87	%
Ratio of net investment income to average net assets		2.83	%(c)		2.98	%		3.48	%		3.88	%		3.15	%		3.18	%
Portfolio turnover rate(d)		39	%		112	%		164	%		220	%		267	%		266	%

(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.

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

GOLDMAN SACHS LONG SHORT CREDIT STRATEGIES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Long Short Credit Strategies Fund
	Class P Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	8.90		$	7.92		$	8.69		$	9.25
Net investment income(b)		0.15			0.31			0.35			0.38
Net realized and unrealized gain (loss)		0.05			0.98			(0.71	)		(0.40	)
Total from investment operations		0.20			1.29			(0.36	)		(0.02	)
Distributions to shareholders from net investment income		(0.12	)		(0.31	)		(0.41	)		(0.54	)
Net asset value, end of period	$	8.98		$	8.90		$	7.92		$	8.69
Total return(c)		2.28	%		16.35	%		(4.47	)%		(0.07	)%
Net assets, end of period (in 000s)	$	112,933		$	106,377		$	76,234		$	87,163
Ratio of net expenses to average net assets		1.11	%(d)		1.12	%		1.12	%		1.12	%(d)
Ratio of total expenses to average net assets		1.35	%(d)		1.38	%		1.49	%		1.52	%(d)
Ratio of net investment income to average net assets		3.42	%(d)		3.55	%		4.08	%		4.55	%(d)
Portfolio turnover rate(e)		39	%		112	%		164	%		220	%

(a) Commenced operations on April 20, 2018.

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

(c) Assumes investment at the NAV at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption of the investment at the NAV at the end of the period and no sales or redemption charges (if any). Total returns would be reduced if a sales or redemption charge was taken into account. Returns do not reflect the impact of taxes to 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. 171

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.41		$	8.48		$	9.28		$	9.54		$	9.70		$	9.41
Net investment income(a)		0.04			0.31			0.26			0.35			0.17			0.19
Net realized and unrealized gain (loss)		0.17			0.99			(0.78	)		(0.31	)		(0.25	)		0.26
Total from investment operations		0.21			1.30			(0.52	)		0.04			(0.08	)		0.45
Distributions to shareholders from net investment income		(0.08	)		(0.35	)		—	(b)		(0.05	)		(0.05	)		(0.11	)
Distributions to shareholders from return of capital		—			(0.02	)		(0.28	)		(0.25	)		(0.03	)		(0.05	)
Total distributions		(0.08	)		(0.37	)		(0.28	)		(0.30	)		(0.08	)		(0.16	)
Net asset value, end of period	$	9.54		$	9.41		$	8.48		$	9.28		$	9.54		$	9.70
Total return(c)		2.30	%		15.12	%		(5.64	)%		0.46	%		(0.86	)%		4.84	%
Net assets, end of period (in 000s)	$	129,680		$	126,488		$	115,257		$	202,337		$	311,146		$	646,435
Ratio of net expenses to average net assets		1.01	%(d)		1.02	%		1.01	%		0.99	%		0.95	%		0.92	%
Ratio of total expenses to average net assets		1.06	%(d)		1.05	%		1.04	%		1.01	%		0.95	%		0.93	%
Ratio of net investment income to average net assets		0.80	%(d)		3.27	%		2.84	%		3.72	%		1.81	%		1.96	%
Portfolio turnover rate(e)		137	%		722	%		491	%		169	%		128	%		184	%

(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.

172 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 C Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.39		$	8.46		$	9.25		$	9.52		$	9.71		$	9.41
Net investment income(a)		—	(b)		0.24			0.19			0.28			0.10			0.12
Net realized and unrealized gain (loss)		0.17			0.98			(0.77	)		(0.32	)		(0.26	)		0.28
Total from investment operations		0.17			1.22			(0.58	)		(0.04	)		(0.16	)		0.40
Distributions to shareholders from net investment income		(0.05	)		(0.27	)		—	(b)		(0.04	)		(0.02	)		(0.07	)
Distributions to shareholders from return of capital		—			(0.02	)		(0.21	)		(0.19	)		(0.01	)		(0.03	)
Total distributions		(0.05	)		(0.29	)		(0.21	)		(0.23	)		(0.03	)		(0.10	)
Net asset value, end of period	$	9.51		$	9.39		$	8.46		$	9.25		$	9.52		$	9.71
Total return(c)		1.90	%		14.24	%		(6.27	)%		(0.41	)%		(1.60	)%		4.25	%
Net assets, end of period (in 000s)	$	40,493		$	55,099		$	89,308		$	150,514		$	252,929		$	448,657
Ratio of net expenses to average net assets		1.76	%(d)		1.77	%		1.77	%		1.74	%		1.70	%		1.60	%
Ratio of total expenses to average net assets		1.81	%(d)		1.80	%		1.79	%		1.76	%		1.70	%		1.68	%
Ratio of net investment income to average net assets		0.06	%(d)		2.54	%		2.10	%		2.97	%		1.01	%		1.26	%
Portfolio turnover rate(e)		137	%		722	%		491	%		169	%		128	%		184	%

(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. 173

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.42		$	8.49		$	9.28		$	9.55		$	9.70		$	9.41
Net investment income(a)		0.05			0.34			0.29			0.38			0.20			0.22
Net realized and unrealized gain (loss)		0.17			0.99			(0.76	)		(0.32	)		(0.25	)		0.26
Total from investment operations		0.22			1.33			(0.47	)		0.06			(0.05	)		0.48
Distributions to shareholders from net investment income		(0.09	)		(0.38	)		(0.01	)		(0.06	)		(0.07	)		(0.13	)
Distributions to shareholders from return of capital		—			(0.02	)		(0.31	)		(0.27	)		(0.03	)		(0.06	)
Total distributions		(0.09	)		(0.40	)		(0.32	)		(0.33	)		(0.10	)		(0.19	)
Net asset value, end of period	$	9.55		$	9.42		$	8.49		$	9.28		$	9.55		$	9.70
Total return(b)		2.44	%		15.62	%		(5.31	)%		0.71	%		(0.49	)%		5.19	%
Net assets, end of period (in 000s)	$	408,582		$	437,445		$	564,586		$	950,665		$	3,849,088		$	6,435,385
Ratio of net expenses to average net assets		0.68	%(c)		0.69	%		0.68	%		0.65	%		0.61	%		0.58	%
Ratio of total expenses to average net assets		0.73	%(c)		0.71	%		0.70	%		0.66	%		0.61	%		0.59	%
Ratio of net investment income to average net assets		1.15	%(c)		3.61	%		3.18	%		4.10	%		2.08	%		2.31	%
Portfolio turnover rate(d)		137	%		722	%		491	%		169	%		128	%		184	%

(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.

174 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
	Investor Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.42		$	8.48		$	9.28		$	9.55		$	9.70		$	9.41
Net investment income(a)		0.05			0.33			0.29			0.37			0.19			0.21
Net realized and unrealized gain (loss)		0.17			1.00			(0.78	)		(0.32	)		(0.24	)		0.26
Total from investment operations		0.22			1.33			(0.49	)		0.05			(0.05	)		0.47
Distributions to shareholders from net investment income		(0.09	)		(0.37	)		(0.01	)		(0.05	)		(0.07	)		(0.13	)
Distributions to shareholders from return of capital		—			(0.02	)		(0.30	)		(0.27	)		(0.03	)		(0.05	)
Total distributions		(0.09	)		(0.39	)		(0.31	)		(0.32	)		(0.10	)		(0.18	)
Net asset value, end of period	$	9.55		$	9.42		$	8.48		$	9.28		$	9.55		$	9.70
Total return(b)		2.30	%		15.52	%		(5.40	)%		0.61	%		(0.56	)%		5.10	%
Net assets, end of period (in 000s)	$	21,405		$	22,711		$	25,179		$	96,019		$	189,884		$	345,997
Ratio of net expenses to average net assets		0.76	%(c)		0.77	%		0.76	%		0.74	%		0.70	%		0.67	%
Ratio of total expenses to average net assets		0.81	%(c)		0.80	%		0.79	%		0.76	%		0.70	%		0.68	%
Ratio of net investment income to average net assets		1.07	%(c)		3.53	%		3.15	%		3.98	%		2.01	%		2.23	%
Portfolio turnover rate(d)		137	%		722	%		491	%		169	%		128	%		184	%

(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. 175

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.41		$	8.48		$	9.28		$	9.55		$	9.70		$	9.41
Net investment income(a)		0.08			0.34			0.29			0.35			0.21			0.21
Net realized and unrealized gain (loss)		0.15			0.99			(0.77	)		(0.29	)		(0.26	)		0.27
Total from investment operations		0.23			1.33			(0.48	)		0.06			(0.05	)		0.48
Distributions to shareholders from net investment income		(0.09	)		(0.38	)		(0.01	)		(0.10	)		(0.06	)		(0.13	)
Distributions to shareholders from return of capital		—			(0.02	)		(0.31	)		(0.23	)		(0.04	)		(0.06	)
Total distributions		(0.09	)		(0.40	)		(0.32	)		(0.33	)		(0.10	)		(0.19	)
Net asset value, end of period	$	9.55		$	9.41		$	8.48		$	9.28		$	9.55		$	9.70
Total return(b)		2.45	%		15.51	%		(5.30	)%		0.70	%		(0.48	)%		5.21	%
Net assets, end of period (in 000s)	$	21,984		$	4,023		$	6,779		$	25,882		$	24,628		$	66,431
Ratio of net expenses to average net assets		0.67	%(c)		0.68	%		0.67	%		0.64	%		0.60	%		0.56	%
Ratio of total expenses to average net assets		0.72	%(c)		0.70	%		0.69	%		0.66	%		0.60	%		0.57	%
Ratio of net investment income to average net assets		1.60	%(c)		3.63	%		3.16	%		3.73	%		2.14	%		2.18	%
Portfolio turnover rate(d)		137	%		722	%		491	%		169	%		128	%		184	%

(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.

176 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 R Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.40		$	8.47		$	9.26		$	9.53		$	9.70		$	9.40
Net investment income(a)		0.03			0.29			0.24			0.32			0.14			0.16
Net realized and unrealized gain (loss)		0.16			0.98			(0.77	)		(0.31	)		(0.25	)		0.28
Total from investment operations		0.19			1.27			(0.53	)		0.01			(0.11	)		0.44
Distributions to shareholders from net investment income		(0.07	)		(0.32	)		—			(0.05	)		(0.04	)		(0.10	)
Distributions to shareholders from return of capital		—			(0.02	)		(0.26	)		(0.23	)		(0.02	)		(0.04	)
Total distributions		(0.07	)		(0.34	)		(0.26	)		(0.28	)		(0.06	)		(0.14	)
Net asset value, end of period	$	9.52		$	9.40		$	8.47		$	9.26		$	9.53		$	9.70
Total return(b)		2.09	%		14.98	%		(5.89	)%		0.10	%		(1.12	)%		4.71	%
Net assets, end of period (in 000s)	$	2,676		$	2,539		$	3,056		$	4,986		$	7,361		$	9,577
Ratio of net expenses to average net assets		1.26	%(c)		1.27	%		1.27	%		1.24	%		1.20	%		1.14	%
Ratio of total expenses to average net assets		1.31	%(c)		1.30	%		1.29	%		1.26	%		1.20	%		1.18	%
Ratio of net investment income to average net assets		0.56	%(c)		3.04	%		2.59	%		3.46	%		1.46	%		1.66	%
Portfolio turnover rate(d)		137	%		722	%		491	%		169	%		128	%		184	%

(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. 177

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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	9.40		$	8.47		$	9.27		$	9.62
Net investment income(b)		0.05			0.34			0.29			0.33
Net realized and unrealized gain (loss)		0.17			0.99			(0.77	)		(0.35	)
Total from investment operations		0.22			1.33			(0.48	)		(0.02	)
Distributions to shareholders from net investment income		(0.09	)		(0.38	)		(0.01	)		(0.06	)
Distributions to shareholders from return of capital		—			(0.02	)		(0.31	)		(0.27	)
Total distributions		(0.09	)		(0.40	)		(0.32	)		(0.33	)
Net asset value, end of period	$	9.53		$	9.40		$	8.47		$	9.27
Total return(c)		2.45	%		15.53	%		(5.31	)%		(0.12	)%
Net assets, end of period (in 000s)	$	263,993		$	268,868		$	235,966		$	336,979
Ratio of net expenses to average net assets		0.67	%(d)		0.68	%		0.67	%		0.64	%(d)
Ratio of total expenses to average net assets		0.72	%(d)		0.70	%		0.69	%		0.68	%(d)
Ratio of net investment income to average net assets		1.14	%(d)		3.62	%		3.18	%		3.84	%(d)
Portfolio turnover rate(e)		137	%		722	%		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.

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

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2021 (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

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 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.

179

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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

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

Fund	Income Distributions Declared/Paid	Capital Gains Distributions Declared/Paid
Bond	Daily/Monthly	Annually
Core Fixed Income	Daily/Monthly	Annually
Global 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.

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.

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

180

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

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

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

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

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

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

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

i.  Bank Loans — Bank loans (“Loans”) are interests in amounts owed by corporate, governmental, or other borrowers to lenders or lending syndicates. Loans are arranged through private negotiations between the borrower and one or more financial institutions (“Lenders”). The Fund’s investments in Loans are in the form of either participations in Loans (“Participations”) or assignments of all or a portion of Loans from third parties (“Assignments”). With respect to Participations, the Fund has the right to receive payments of principal, interest and any fees to which it is entitled from the Lender selling the Participations and only upon receipt by the Lender of the payments from the borrower. The Fund generally has no right to enforce compliance by the borrower with the terms of the loan agreement with respect to Participations. Conversely, assignments result in the Fund having a direct contractual relationship with the borrower, and the Fund may be permitted to enforce compliance by the borrower with the terms of the loan agreement.

The Income, Long Short Credit Strategies and Strategic Income Funds may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

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

181

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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

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

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

Equity Securities — Equity securities traded on a United States (“U.S.”) securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM and GSAMI to not represent fair value, equity securities 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.

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Underlying Funds (including Money Market Funds) — Underlying funds (“Underlying Funds”) include other investment companies and exchange-traded funds (“ETFs”). Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds’ shares will correspondingly fluctuate in value. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund’s accounting policies and investment holdings, please see the Underlying Fund’s shareholder report.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as receivables/payables for collateral on certain derivatives contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

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

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

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

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

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

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

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

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

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.

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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 and GSAMI believes that such quotations do not accurately reflect fair value, the fair value of the Fund’s investments may be determined under Valuation Procedures approved by the Trustees. GSAM and GSAMI, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what they believe to be the fair value of the securities at the time of determining the Fund’s NAV To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

C.  Fair Value Hierarchy — The following is a summary of the Funds’ investments and derivatives classified in the fair value hierarchy as of September 30, 2021:

BOND
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	240,274,451		$	—
Mortgage-Backed Obligations		—		203,162,675			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		76,292,320		3,120,996			—
Asset-Backed Securities		—		55,593,460			—
Foreign Debt Obligations		—		7,252,868			—
Municipal Debt Obligations		—		5,312,656			—
Investment Company		4,640,064		—			—
Total	$	80,932,384	$	514,717,106		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(26,278,931	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—	$	2,294,786		$	—
Futures Contracts(a)		410,854		—			—
Interest Rate Swap Contracts(a)		—		5,650,158			—
Credit Default Swap Contracts(a)		—		615,529			—
Purchased Option Contracts		—		396,735			—
Total	$	410,854	$	8,957,208		$	—

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

BOND (continued)
Derivative Type	Level 1			Level 2			Level 3
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,915,061	)	$	—
Futures Contracts(a)		(537,105	)		—			—
Interest Rate Swap Contracts(a)		—			(2,067,081	)		—
Credit Default Swap Contracts(a)		—			(34,726	)		—
Written Option Contracts		—			(1,020,015	)		—
Total	$	(537,105	)	$	(5,036,883	)	$	—
CORE FIXED INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	821,011,205		$	—
Foreign Debt Obligations		9,067,341			18,905,658			—
Asset-Backed Securities		—			113,446,133			—
Mortgage-Backed Obligations		—			707,591,422			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		682,970,171			34,633,850			—
Municipal Debt Obligations		—			27,050,613			—
Investment Company		21,226,241			—			—
Total	$	713,263,753		$	1,722,638,881		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(83,777,769	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	522,028		$	—
Futures Contracts(a)		6,061,736			—			—
Interest Rate Swap Contracts(a)		—			7,337,530			—
Credit Default Swap Contracts(a)		—			3,363,201			—
Purchased Option Contracts		—			634,005			—
Total	$	6,061,736		$	11,856,764		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(112,929	)	$	—
Futures Contracts(a)		(3,059,490	)		—			—
Interest Rate Swap Contracts(a)		—			(2,815,053	)		—
Credit Default Swap Contracts(a)		—			(125,116	)		—
Written Option Contracts		—			(1,314,454	)		—
Total	$	(3,059,490	)	$	(4,367,552	)	$	—

(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
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Foreign Sovereign Debt Obligations	$	157,524,812		$	100,378,546		$	—
Corporate Obligations		—			260,692,660			—
Asset-Backed Securities		—			44,880,167			—
Mortgage-Backed Obligations		—			102,415,271			—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		21,686,611			1,683,357			—
Structured Note		—			698,186			—
Investment Company		5,783,562			—			—
Total	$	184,994,985		$	510,748,187		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(2,122,410	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	6,789,440		$	—
Futures Contracts(a)		214,450			—			—
Interest Rate Swap Contracts(a)		—			6,331,315			—
Credit Default Swap Contracts(a)		—			970,237			—
Purchased Option Contracts		—			393,251			—
Total	$	214,450		$	14,484,243		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(1,729,889	)	$	—
Futures Contracts(a)		(2,815,254	)		—			—
Interest Rate Swap Contracts(a)		—			(2,911,429	)		—
Credit Default Swap Contracts(a)		—			(23,627	)		—
Written Option Contracts		—			(1,038,048	)		—
Total	$	(2,815,254	)	$	(5,702,993	)	$	—

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	10,374,060		$	—
Corporate Obligations		—			74,433,504			—
Mortgage-Backed Obligations		—			4,198,602			—
Asset-Backed Securities		—			1,572,238			—
Foreign Debt Obligations		—			11,811,284			—
U.S. Treasury Obligations		1,312,987			—			—
Unfunded Loan Commitment		—			23			—
Common Stock and/or Other Equity Investments
North America		153,769			—			—
Investment Company		3,560,432			—			—
Total	$	5,027,188		$	102,389,711		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	143,428		$	—
Futures Contracts		49,278			—			—
Interest Rate Swap Contracts		—			62,844			—
Credit Default Swap Contracts		—			182,069			—
Total	$	49,278		$	388,341		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(5,125	)	$	—
Futures Contracts		(45,163	)		—			—
Total	$	(45,163	)	$	(5,125	)	$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

LONG-SHORT CREDIT STRATEGIES
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—	$	37,615,763		$	—
Other Secured Debt Obligations		—		17,388,620			—
Unsecured Debt Obligations		—		68,950,206			—
Common Stock and/or Other Equity Investments
North America		90,157		642,892			—
Investment Company		9,842,750		—			—
Total	$	9,932,907	$	124,597,481		$	—
Liabilities
Fixed Income
Unfunded Loan Commitment	$	—	$	(793	)	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—	$	2,844		$	—
Interest Rate Swap Contracts		—		47,850			—
Credit Default Swap Contracts		—		78,905			—
Total	$	—	$	129,599		$	—

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

STRATEGIC INCOME
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	26,631,904		$	—
Corporate Obligations		—			229,515,171			—
Mortgage-Backed Obligations		—			226,647,979			947,960
Asset-Backed Securities		—			111,286,410			—
Foreign Debt Obligations		—			35,656,456			—
Municipal Debt Obligations		—			10,662,968			—
U.S. Treasury Obligations		175,787,666			—			—
Exchange Traded Fund		22,055,696			—			—
Investment Company		33,762,506			—			—
Short-term Investments		—			30,344,104			—
Total	$	231,605,868		$	670,744,992		$	947,960
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(4,325,781	)	$	—
Derivative Type
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	5,341,287		$	—
Futures Contracts(a)		5,533,908			—			—
Interest Rate Swap Contracts(a)		—			27,265,941			—
Credit Default Swap Contracts(a)		—			4,285,600			—
Purchased Option Contracts		—			1,681,634			—
Total	$	5,533,908		$	38,574,462		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(4,433,852	)	$	—
Futures Contracts(a)		(27,159	)		—			—
Interest Rate Swap Contracts(a)		—			(10,976,027	)		—
Credit Default Swap Contracts(a)		—			(331,677	)		—
Written Option Contracts		—			(4,957,914	)		—
Total	$	(27,159	)	$	(20,699,470	)	$	—

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

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

190

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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, 2021. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

BOND
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	6,455,137	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(3,424,126)	(a)
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts		615,529	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts		(34,726)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		2,297,396		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(2,115,136)
Total		$	9,368,062			$	(5,573,988)
CORE FIXED INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	14,033,271		Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(7,188,997)
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts		3,363,201		Variation margin on swap contracts		(125,116)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		522,028		Payable for unrealized loss on forward foreign currency exchange contracts		(112,929)
Total		$	17,918,500			$	(7,427,042)

(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 $2,617 for the Bond 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, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

GLOBAL CORE FIXED INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Receivable for unrealized gain on swap contracts, Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	6,936,219	(a)	Payable for unrealized loss on swap contracts, Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(6,551,149)	(a)(b)
Credit	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts		970,237	(a)	Payable for unrealized loss on swap contracts; Variation margin on swap contracts		(23,627)	(a)(b)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		6,792,237		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(1,943,471)
Total		$	14,698,693			$	(8,518,247)
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;	$	112,122	(a)	Variation margin on futures contracts	$	(45,163)	(a)
Credit	Variation margin on swap contracts;		182,069	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		143,428		Payable for unrealized loss on forward foreign currency exchange contracts		(5,125)
Total		$	437,619			$	(50,288)
LONG SHORT CREDIT STRATEGIES
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on swap contracts	$	47,850	(a)	—	$	—
Credit	Variation margin on swap contracts		78,905	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		2,844		—		—
Total		$	129,599			$

(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 $37,198 for the Global Core Fixed 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.

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4. INVESTMENTS IN DERIVATIVES (continued)

STRATEGIC INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	34,476,181	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(15,558,729)	(a)
Credit	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts		4,285,600	(a)	Variation margin on swap contracts		(331,677)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		5,346,589		Payable for unrealized loss on forward foreign currency exchange contracts; Written options, at value		(4,836,223)
Total		$	44,108,370			$	(20,726,629)

(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.

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, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

BOND
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from purchased options contracts, futures contracts, swap contracts and written options contracts/Net change in unrealized gain (loss) on purchased options contracts, futures contracts, swap contracts and written options contracts	$	5,496,234		$	1,646,035
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		426,048			(61,662	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts, purchased options contracts and written options contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options contracts and written options contracts		(731,853	)		90,822
Total		$	5,190,429		$	1,675,195

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

CORE FIXED INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts	$	4,891,669	$	2,780,904
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,268,482		564,277
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		6,308,804		(5,378,603	)
Total		$	12,468,955	$	(2,033,422	)
GLOBAL CORE FIXED INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts	$	6,517,265	$	(1,269,405	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		328,959		113,675
Currency	Net realized gain (loss) from purchased options contracts and forward foreign currency exchange contracts /Net change in unrealized gain (loss) on purchased options contracts, forward foreign currency exchange contracts and written options contracts		3,812,476		(1,748,969	)
Total		$	10,658,700	$	(2,904,699	)
INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts	$	873	$	253,259
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		64,254		36,974
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		195,007		(102,581	)
Total		$	260,134	$	187,652

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4. INVESTMENTS IN DERIVATIVES (continued)

LONG SHORT CREDIT STRATEGIES
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest rate	Net realized gain (loss) on swap contracts /Net change in unrealized gain (loss) on swap contracts	$	(64,506	)	$	(1,551	)
Credit	Net realized gain (loss) on swap contracts/Net change in unrealized gain (loss) on swap contracts		(803,008	)		133,865
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		3,836			2,844
Total		$	(863,678	)	$	135,158
STRATEGIC INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain Loss)
Interest rate	Net realized gain (loss) from futures contracts, swap contracts, purchased options contracts and written options contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased options contracts and written options contracts	$	18,583,282		$	3,571,531
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		2,743,033			(299,744	)
Currency	Net realized gain (loss) from forward foreign currency exchange contracts; purchased options contracts and written options contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts; purchased options contracts and written options contracts		971,354			(427,745	)
Total		$	22,297,669		$	2,844,042

For the six months ended September 30, 2021, the relevant values for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
Fund	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions
Bond	$	1,526	$	420,467,687	$	1,225,470,293		76,626,150	$	154,668,841		38,405,286	$	236,594,670
Core Fixed Income		4,445		189,756,172		1,629,948,044		—		232,824,435		—		362,461,454
Global Core Fixed Income		1,301		730,573,950		1,311,009,989		78,017,580		151,228,582		39,189,978		236,354,987
Income		125		14,764,524		23,070,281		—		—		—		—
Long Short Credit Strategies		—		175,572		28,523,333		—		—		—		—
Strategic Income		4,449		1,163,058,697		6,220,114,471		152,790,745		616,189,786		76,777,843		1,222,130,850

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swaptions, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that the Fund held such derivatives during the six months ended September 30, 2021 .

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

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, 2021:

BOND
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Barclays Bank PLC	$	—	$	—	$	—	$	—	$	(1,503	)	$	—		$	—		$	(1,503	)	$	(1,503	)	$	—	$	(1,503	)
BNP Paribas SA		14		—		—		14		—			—			(36,127	)		(36,127	)		(36,113	)		—		(36,113	)
BofA Securities LLC		15,475		—		—		15,475		—			—			(20,300	)		(20,300	)		(4,825	)		—		(4,825	)
Citibank NA		147,385		—		—		147,385		(374	)		—			(208,390	)		(208,764	)		(61,379	)		61,379		—
CS International (London)		166		—		—		166		—			—			(45,588	)		(45,588	)		(45,422	)		—		(45,422	)
Deutsche Bank AG (London)		116,523		—		—		116,523		—			—			(143,749	)		(143,749	)		(27,226	)		—		(27,226	)
HSBC Bank PLC		2,354		—		—		2,354		—			—			(38,288	)		(38,288	)		(35,934	)		—		(35,934	)
JPMorgan Securities, Inc.		81,179		90,033		2,294,786		2,465,998		(740	)		(1,915,061	)		(112,288	)		(2,028,089	)		437,909			—		437,909
MS & Co. Int. PLC		27,413		291,180		—		318,593		—			—			(308,473	)		(308,473	)		10,120			—		10,120
Signature Bank		—		128,230		—		128,230		—			—			—			—			128,230			—		128,230
UBS AG (London)		6,226		—		—		6,226		—			—			(106,812	)		(106,812	)		(100,586	)		—		(100,586	)
Total	$	396,735	$	509,443	$	2,294,786	$	3,200,964	$	(2,617	)	$	(1,915,061	)	$	(1,020,015	)	$	(2,937,693	)	$	263,271		$	61,379	$	324,650

(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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4. INVESTMENTS IN DERIVATIVES (continued)

GLOBAL CORE FIXED INCOME FUND
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Barclays Bank PLC	$	—	$	—	$	—	$	—	$	(1,002	)	$	—		$	—		$	(1,002	)	$	(1,002	)	$	—	$	(1,002	)
BNP Paribas SA		193		—		—		193		—			—			(87,421	)		(87,421	)		(87,228	)		—		(87,228	)
BofA Securities LLC		15,445		—		—		15,445		—			—			(20,259	)		(20,259	)		(4,814	)		—		(4,814	)
Citibank NA		143,816		—		—		143,816		—			—			(205,393	)		(205,393	)		(61,577	)		61,577		—
Deutsche Bank AG (London)		114,797		—		—		114,797		—			—			(144,688	)		(144,688	)		(29,891	)		—		(29,891	)
HSBC Bank PLC		2,522		—		—		2,522		—			—			(40,873	)		(40,873	)		(38,351	)		—		(38,351	)
JPMorgan Securities, Inc.		81,558		72,251		6,789,440		6,943,249		—			(1,729,889	)		(113,409	)		(1,843,298	)		5,099,951			—		5,099,951
MS & Co. Int. PLC		28,839		793,160		—		821,999		(36,196	)		—			(320,207	)		(356,403	)		465,596			—		465,596
UBS AG (London)		6,081		—		—		6,081		—			—			(105,798	)		(105,798	)		(99,717	)		—		(99,717	)
Total	$	393,251	$	865,411	$	6,789,440	$	8,048,102	$	(37,198	)	$	(1,729,889	)	$	(1,038,048	)	$	(2,805,135	)	$	5,242,967		$	61,577	$	5,304,544
STRATEGIC INCOME
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)		Net Amount(2)
Barclays Bank PLC	$	165,251	$	—	$	—	$	165,251	$	—		$	—		$	—		$	—		$	165,251		$	—	$	165,251
BNP Paribas SA		360		—		—		360		—			—			(367,428	)		(367,428	)		(367,068	)		220,000		(147,068	)
BofA Securities LLC		56,306		—		—		56,306		—			—			(73,868	)		(73,868	)		(17,562	)		—		(17,562	)
Citibank NA		558,478		—		—		558,478		—			—			(999,061	)		(999,061	)		(440,583	)		440,583		—
Deutsche Bank AG (London)		447,102		—		—		447,102		—			—			(757,462	)		(757,462	)		(310,360	)		280,000		(30,360	)
HSBC Bank PLC		4,788		—		—		4,788		—			—			(77,139	)		(77,139	)		(72,351	)		—		(72,351	)
JPMorgan Securities, Inc.		311,934		—		5,341,287		5,653,221		—			(4,433,852	)		(432,217	)		(4,866,069	)		787,152			—		787,152
MS & Co. Int. PLC		108,176		1,191,407		—		1,299,583		—			—			(1,600,501	)		(1,600,501	)		(300,918	)		300,918		—
Signature Bank		—		597,114		—		597,114		—			—			—			—			597,114			—		597,114
UBS AG (London)		29,239		—		—		29,239		—			—			(650,237	)		(650,237	)		(620,998	)		—		(620,998	)
Total	$	1,681,634	$	1,788,521	$	5,341,287	$	8,811,442	$	—		$	(4,433,852	)	$	(4,957,913	)	$	(9,391,765	)	$	(580,323	)	$	1,241,501	$	661,178

(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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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended September 30, 2021, contractual and effective net management fees with GSAM and GSAMI were at the following rates:

Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate			Effective Net Management Rate#
Bond		0.41	%		0.37	%		0.35	%		0.34	%		0.34	%		0.41	%		0.40	%
Core Fixed Income		0.40			0.36			0.34			0.33			0.32			0.38			0.33	*
Global Core Fixed Income		0.65			0.59			0.56			0.55			0.54			0.65			0.61	**
Income		0.55			0.50			0.47			0.46			0.45			0.55			0.55
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			0.58

# 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, 2022, and prior to such date, GSAM may not terminate the arrangement without the approval of the Board of Trustees.

** Effective July 29, 2021, the Investment Adviser agreed to waive a portion of the Management Fee in order to achieve an effective net management fee rate of 0.56% as an annual percentage rate of the average daily net assets of the Fund. This management fee waiver arrangement will remain in effect through at least July 29, 2022, and prior to such date, GSAMI may not terminate the arrangement without the approval of the Board of Trustees. Prior to July 29, 2021, the Investment Adviser had agreed to waive a portion of its management fee equal to 0.01% of the Fund’s average daily net assets.

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, except those management fees it earns from the Funds’ investment of cash collateral received in connection with securities lending transactions in the Government Money Market Fund. For the six months ended September 30, 2021, GSAM waived $16,790, $51,089, $1,890, $6,226 and $91,324 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, 2021, GSAMI waived $3,642 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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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, 2021, 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 each provide for compensation to the service organizations equal to an annual percentage rate of 0.25% of the average daily net assets attributable to Class C and Service Shares of the Funds, respectively.

E.  Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Funds for a fee pursuant to the Transfer Agency Agreement. The fees charged for such transfer agency services are accrued daily and paid monthly at annual rates as follows: 0.12% 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. Goldman Sachs has agreed to waive a portion of its transfer agency fee equal to 0.02% as an annual percentage rate of the average net assets attributed to Class A, Class C and Investor Shares of the Global Core Fixed Income Fund.

F.  Other Expense Agreements and Affiliated Transactions — GSAM and GSAMI have agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM and GSAMI for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets for the Bond, Core Fixed Income, Global 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, 2022 for the Funds, and prior

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Bond	$	16,790	$	—	$	399,505	$	416,295
Core Fixed Income		557,885		—		377,976		935,861
Global Core Fixed Income		134,801		13,229		430,377		578,407
Income		1,890		—		180,354		182,244
Long Short Credit Strategies		6,226		—		149,789		156,015
Strategic Income		91,324		—		149,518		240,842

G.  Line of Credit Facility — As of September 30, 2021, the Funds participated in a $1,000,000,000 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, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021 the facility was $700,000,000.

H.  Other Transactions with Affiliates — For the six months ended September 30, 2021, Goldman Sachs earned $30,562, $62,925, and $110,311 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, 2021, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the following Fund:

Fund	Goldman Sachs Balanced Strategy Portfolio			Goldman Sachs Growth and Income Strategy Portfolio
Global Core Fixed Income		21	%		13	%

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of September 30, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R
Bond		—	%		—	%		—	%		19	%		—	%		—	%		—	%
Income		9			69			92			—			100			100			100
Long Short Credit Strategies		—			8			—			—			—			—			96

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, 2021:

Fund	Underlying Fund	Market Value as of March 31, 2021		Purchases at Cost		Proceeds from Sales			Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)		Market Value as of September 30, 2021		Shares as of September 30, 2021		Dividend Income
Bond	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	7,459,479	$	196,064,504	$	(198,883,919	)	$	—	$	—	$	4,640,064		4,640,064	$	2,820
Core Fixed Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		3,105,895		601,350,838		(583,230,492	)		—		—		21,226,241		21,226,241		8,671
Global Core Fixed Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		11,198,119		80,765,467		(86,180,024	)		—		—		5,783,562		5,783,562		654
Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		2,270,339		32,488,437		(31,198,344	)		—		—		3,560,432		3,560,432		333
Long Short Credit Strategies	Goldman Sachs Financial Square Government Fund — Institutional Shares		5,082,329		35,749,665		(30,989,244	)		—		—		9,842,750		9,842,750		1,053
Strategic Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		118,992,801		408,442,816		(493,673,111	)		—		—		33,762,506		33,762,506		9,525
	Goldman Sachs Access High Yield Corporate Bond ETF		22,020,498		—		—			—		35,198		22,055,696		439,970		490,888

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Notes to Financial Statements (continued)

September 30, 2021 (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, 2021, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities of (Excluding U.S. Government and Agency Obligations)
Bond	$	1,562,372,439	$	92,893,789	$	1,589,102,860	$	72,061,652
Core Fixed Income		5,024,361,948		138,053,014		4,911,866,931		166,243,406
Global Core Fixed Income		885,146,714		705,343,797		890,084,594		682,479,948
Income		48,901,399		33,692,474		53,319,836		47,272,602
Long Short Credit Strategies		—		53,514,265		—		47,147,009
Strategic Income		1,000,134,944		83,586,838		945,404,626		168,967,804

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2021, 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	$	—		$	—		$	—		$	—		$	(27,919,470	)	$	(1,213,500,217	)
Perpetual Long-Term		—			—			—			—			(8,238,249	)		(769,113,390	)
Total capital loss carryforwards	$	—		$	—		$	—		$	—		$	(36,157,719	)	$	(1,982,613,607	)
Timing differences (Post October Capital Loss Deferral/Qualified Late Year Ordinary Loss Deferral/Defaulted Bonds/Dividends Payable and Straddle Loss Deferrals)	$	(12,735,902	)	$	(10,174,584	)	$	(8,872,379	)	$	(486,388	)	$	(1,110,181)		$	(24,430,201)

As of September 30, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Bond			Core Fixed Income			Global Core Fixed Income			Income			Long Short Credit Strategies			Strategic Income
Tax Cost	$	583,980,774		$	2,414,143,491		$	683,081,210		$	106,117,671		$	133,776,695		$	935,957,121
Gross unrealized gain		17,633,864			55,071,343			25,229,930			2,624,237			4,091,735			24,790,385
Gross unrealized loss		(5,965,148	)		(33,312,200	)		(12,567,968	)		(1,325,032	)		(3,338,042	)		(57,448,686	)
Net unrealized gains (losses)	$	11,668,716		$	21,759,143		$	12,661,962		$	1,299,205		$	753,693		$	(32,658,301	)

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

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7. TAX INFORMATION (continued)

the tax treatment of underlying fund investments, swap transactions, material modification of debt securities, 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 have concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

8. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the 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 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.

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that the Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

8. OTHER RISKS (continued)

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 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 funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund‘s investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

Loan-Related Investments Risk — In addition to risks generally associated with debt investments (e.g., interest rate risk and default risk), loan-related investments such as loan participations and assignments are subject to other risks. Although a loan obligation may be fully collateralized at the time of acquisition, the collateral may decline in value, be or become illiquid or less liquid, or lose all or substantially all of its value subsequent to investment. Many loan investments are subject to legal or contractual restrictions on resale and certain loan investments may be or become illiquid or less liquid and more difficult to value, particularly in the event of a downgrade of the loan or the borrower. There is less readily available, reliable information about most loan investments than is the case for many other types of securities. Substantial increases in interest rates may cause an increase in loan obligation defaults. With respect to loan participations, a Fund may not always have direct recourse against a borrower if the borrower fails to pay scheduled principal and/or interest; may be subject to greater delays, expenses and risks than if a Fund had purchased a direct obligation of the borrower; and may

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8. OTHER RISKS (continued)

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.

10. OTHER MATTERS

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM and GSAMI are currently evaluating the impact, if any, of applying ASU 2020-04.

11. SUBSEQUENT EVENTS

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Bond Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		622,172		$	6,654,207			2,162,907		$	23,876,739
Reinvestment of distributions		59,766			639,422			344,387			3,793,573
Shares redeemed		(3,442,674	)		(36,777,990	)		(1,870,432	)		(20,462,290	)
		(2,760,736	)		(29,484,361	)		636,862			7,208,022
Class C Shares
Shares sold		93,038			998,676			352,718			3,873,183
Reinvestment of distributions		4,890			52,274			40,987			451,484
Shares redeemed		(110,901	)		(1,188,403	)		(514,913	)		(5,631,285	)
		(12,973	)		(137,453	)		(121,208	)		(1,306,618	)
Institutional Shares
Shares sold		3,969,530			42,278,520			7,509,445			82,232,065
Reinvestment of distributions		165,544			1,772,871			613,213			6,750,780
Shares redeemed		(3,250,470	)		(34,853,057	)		(5,995,774	)		(65,613,208	)
		884,604			9,198,334			2,126,884			23,369,637
Service Shares
Shares sold		915			9,810			8,385			92,655
Reinvestment of distributions		66			706			295			3,248
Shares redeemed		(4	)		(42	)		(5,069	)		(56,485	)
		977			10,474			3,611			39,418
Investor Shares
Shares sold		1,155,402			12,326,435			5,144,227			56,398,722
Reinvestment of distributions		63,961			682,658			240,605			2,641,013
Shares redeemed		(1,310,428	)		(13,967,750	)		(1,445,634	)		(15,738,055	)
		(91,065	)		(958,657	)		3,939,198			43,301,680
Class R6 Shares
Shares sold		1,332,818			14,299,320			2,647,658			29,116,155
Reinvestment of distributions		71,846			769,320			398,587			4,391,846
Shares redeemed		(1,075,646	)		(11,537,870	)		(4,373,634	)		(48,256,722	)
		329,018			3,530,770			(1,327,389	)		(14,748,721	)
Class R Shares
Shares sold		28,211			302,289			105,642			1,164,551
Reinvestment of distributions		2,829			30,257			18,298			201,465
Shares redeemed		(128,233	)		(1,371,668	)		(160,983	)		(1,778,321	)
		(97,193	)		(1,039,122	)		(37,043	)		(412,305	)
Class P Shares
Shares sold		936,144			10,073,173			2,704,318			29,860,388
Reinvestment of distributions		94,848			1,015,407			415,801			4,576,755
Shares redeemed		(775,625	)		(8,327,379	)		(2,033,418	)		(22,245,383	)
		255,367			2,761,201			1,086,701			12,191,760
NET INCREASE (DECREASE)		(1,492,001	)	$	(16,118,814	)		6,307,616		$	69,642,873

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Core Fixed Income Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,681,758		$	18,355,769			5,683,294		$	63,651,988
Reinvestment of distributions		118,270			1,293,238			533,766			5,986,978
Shares redeemed		(1,295,099	)		(14,128,766	)		(2,598,243	)		(28,937,384	)
		504,929			5,520,241			3,618,817			40,701,582
Class C Shares
Shares sold		153,962			1,693,961			727,076			8,240,479
Reinvestment of distributions		4,189			46,023			31,946			360,064
Shares redeemed		(188,262	)		(2,071,541	)		(379,644	)		(4,272,701	)
		(30,111	)		(331,557	)		379,378			4,327,842
Institutional Shares
Shares sold		12,107,158			132,951,249			55,509,935			629,628,316
Reinvestment of distributions		497,684			5,462,391			1,819,528			20,465,967
Shares redeemed		(13,973,780	)		(153,193,633	)		(24,674,737	)		(277,802,962	)
		(1,368,938	)		(14,779,993	)		32,654,726			372,291,321
Service Shares
Shares sold		2,908			32,105			24,112			272,409
Reinvestment of distributions		158			1,735			1,283			14,474
Shares redeemed		(4,684	)		(51,424	)		(31,698	)		(359,363	)
		(1,618	)		(17,584	)		(6,303	)		(72,480	)
Investor Shares
Shares sold		8,723,335			95,311,622			38,758,645			435,883,183
Reinvestment of distributions		365,229			3,997,371			1,213,149			13,604,730
Shares redeemed		(8,384,341	)		(91,675,269	)		(11,682,749	)		(130,601,849	)
		704,223			7,633,724			28,289,045			318,886,064
Class R6 Shares
Shares sold		902,011			9,935,595			3,578,248			40,662,071
Reinvestment of distributions		34,571			379,918			293,171			3,326,097
Shares redeemed		(261,619	)		(2,863,625	)		(14,326,354	)		(164,257,664	)
		674,963			7,451,888			(10,454,935	)		(120,269,496	)
Class R Shares
Shares sold		51,177			560,654			159,957			1,800,723
Reinvestment of distributions		2,961			32,383			16,266			182,602
Shares redeemed		(63,993	)		(703,720	)		(166,804	)		(1,880,346	)
		(9,855	)		(110,683	)		9,419			102,979
Class P Shares
Shares sold		4,915,818			54,056,917			23,795,632			270,394,466
Reinvestment of distributions		694,720			7,639,963			3,225,241			36,380,070
Shares redeemed		(7,502,922	)		(82,247,267	)		(17,237,476	)		(193,409,837	)
		(1,892,384	)		(20,550,387	)		9,783,397			113,364,699
NET INCREASE (DECREASE)		(1,418,791	)	$	(15,184,351	)		64,273,544		$	729,332,511

207

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Global Core Fixed Income Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		453,314		$	5,821,797			1,471,888		$	19,679,479
Reinvestment of distributions		13,541			173,742			172,295			2,287,873
Shares redeemed		(478,224	)		(6,153,234	)		(867,820	)		(11,484,132	)
		(11,369	)		(157,695	)		776,363			10,483,220
Class C Shares
Shares sold		11,112			140,921			48,999			647,360
Reinvestment of distributions		243			3,078			16,991			223,813
Shares redeemed		(96,771	)		(1,237,312	)		(185,221	)		(2,426,309	)
		(85,416	)		(1,093,313	)		(119,231	)		(1,555,136	)
Institutional Shares
Shares sold		2,497,207			32,070,062			9,865,060			130,847,377
Reinvestment of distributions		107,861			1,382,240			1,084,339			14,377,111
Shares redeemed		(3,627,300	)		(46,447,484	)		(8,470,410	)		(111,917,416	)
		(1,022,232	)		(12,995,182	)		2,478,989			33,307,072
Service Shares
Shares sold		2,670			34,004			80,259			1,077,598
Reinvestment of distributions		140			1,784			2,663			35,111
Shares redeemed		(5,498	)		(70,489	)		(46,783	)		(621,722	)
		(2,688	)		(34,701	)		36,139			490,987
Investor Shares
Shares sold		859,123			11,003,257			3,658,429			48,779,732
Reinvestment of distributions		28,694			366,977			288,901			3,820,812
Shares redeemed		(750,911	)		(9,600,026	)		(1,918,154	)		(25,132,805	)
		136,906			1,770,208			2,029,176			27,467,739
Class R6 Shares
Shares sold		751,185			9,641,323			2,125,412			27,807,782
Reinvestment of distributions		110,484			1,416,498			1,062,622			14,094,661
Shares redeemed		(318,321	)		(4,092,103	)		(6,965,991	)		(93,434,951	)
		543,348			6,965,718			(3,777,957	)		(51,532,508	)
Class P Shares
Shares sold		29,159			371,095			73,458			963,738
Reinvestment of distributions		3,713			47,628			36,356			482,492
Shares redeemed		(43,261	)		(553,655	)		(32,542	)		(434,767	)
		(10,389	)		(134,932	)		77,272			1,011,463
NET INCREASE (DECREASE)		(451,840	)	$	(5,679,897	)		1,500,751		$	19,672,837

208

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Income Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		12,231		$	126,742			45,920		$	468,476
Reinvestment of distributions		891			9,332			1,269			13,030
Shares redeemed		(4,535	)		(47,195	)		(14,312	)		(145,520	)
		8,587			88,879			32,877			335,986
Class C Shares
Shares sold		—			—			3,558			36,437
Reinvestment of distributions		93			967			273			2,782
Shares redeemed		—			—			(3,602	)		(36,950	)
		93			967			229			2,269
Institutional Shares
Shares sold		23,031			242,252			325,264			3,415,252
Reinvestment of distributions		44,409			462,699			101,468			1,029,797
Shares redeemed		(24,848	)		(259,125	)		(425,351	)		(4,366,371	)
		42,592			445,826			1,381			78,678
Investor Shares
Reinvestment of distributions		92			955			211			2,146
Class R6 Shares
Reinvestment of distributions		94			981			216			2,196
Class R Shares
Reinvestment of distributions		77			810			185			1,877
Class P Shares
Shares sold		1,652,962			17,265,302			10,314,134			105,695,326
Reinvestment of distributions		136,541			1,422,507			200,986			2,081,787
Shares redeemed		(3,093,790	)		(32,135,858	)		(1,881,188	)		(19,419,116	)
		(1,304,287	)		(13,448,049	)		8,633,932			88,357,997
NET INCREASE (DECREASE)		(1,252,752	)	$	(12,909,631	)		8,669,031		$	88,781,149

209

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Long Short Credit Strategies Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		18,464		$	166,060			138,476		$	1,226,010
Reinvestment of distributions		2,162			19,420			5,214			46,043
Shares redeemed		(66,960	)		(600,321	)		(54,549	)		(486,077	)
		(46,334	)		(414,841	)		89,141			785,976
Class C Shares
Shares sold		—			—			5			44
Reinvestment of distributions		344			3,086			1,324			11,615
Shares redeemed		(9,708	)		(87,359	)		(22,423	)		(197,075	)
		(9,364	)		(84,273	)		(21,094	)		(185,416	)
Institutional Shares
Shares sold		109,729			984,634			372,672			3,248,570
Reinvestment of distributions		21,931			196,874			61,973			544,687
Shares redeemed		(170,761	)		(1,529,882	)		(602,977	)		(5,267,232	)
		(39,101	)		(348,374	)		(168,332	)		(1,473,975	)
Investor Shares
Shares sold		36,455			326,892			41,796			371,429
Reinvestment of distributions		3,710			33,332			8,972			78,892
Shares redeemed		(22,209	)		(199,238	)		(56,763	)		(502,317	)
		17,956			160,986			(5,995	)		(51,996	)
Class R6 Shares
Shares sold		46,278			415,028			18,454			160,000
Reinvestment of distributions		2,824			25,362			10,159			89,382
Shares redeemed		—			—			(122,818	)		(1,100,000	)
		49,102			440,390			(94,205	)		(850,618	)
Class R Shares
Shares sold		—			—			111			1,000
Reinvestment of distributions		35			309			88			777
		35			309			199			1,777
Class P Shares
Shares sold		653,362			5,860,000			3,719,905			33,017,500
Reinvestment of distributions		164,313			1,473,101			353,139			3,105,868
Shares redeemed		(194,923	)		(1,750,388	)		(1,748,509	)		(14,948,057	)
		622,752			5,582,713			2,324,535			21,175,311
NET INCREASE		595,046		$	5,336,910			2,124,249		$	19,401,059

210

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Strategic Income Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,442,029		$	13,754,404			4,301,194		$	40,735,446
Reinvestment of distributions		91,995			874,124			454,092			4,269,208
Shares redeemed		(1,384,629	)		(13,148,156	)		(4,906,951	)		(46,108,146	)
		149,395			1,480,372			(151,665	)		(1,103,492	)
Class C Shares
Shares sold		27,424			259,654			180,875			1,710,421
Reinvestment of distributions		24,893			235,760			233,801			2,189,404
Shares redeemed		(1,662,919	)		(15,804,577	)		(5,105,244	)		(47,947,100	)
		(1,610,602	)		(15,309,163	)		(4,690,568	)		(44,047,275	)
Institutional Shares
Shares sold		4,539,716			43,199,630			10,976,286			103,788,531
Reinvestment of distributions		349,154			3,320,180			2,045,553			19,203,925
Shares redeemed		(8,561,411	)		(81,398,235	)		(33,110,986	)		(314,435,639	)
		(3,672,541	)		(34,878,425	)		(20,089,147	)		(191,443,183	)
Investor Shares
Shares sold		169,625			1,611,196			513,420			4,940,246
Reinvestment of distributions		20,671			196,435			101,226			951,404
Shares redeemed		(360,700	)		(3,428,971	)		(1,170,512	)		(10,795,378	)
		(170,404	)		(1,621,340	)		(555,866	)		(4,903,728	)
Class R6 Shares
Shares sold		1,973,364			18,747,811			130,478			1,233,570
Reinvestment of distributions		11,264			107,331			22,412			209,907
Shares redeemed		(108,844	)		(1,037,297	)		(524,636	)		(4,966,758	)
		1,875,784			17,817,845			(371,746	)		(3,523,281	)
Class R Shares
Shares sold		19,208			182,343			77,248			729,238
Reinvestment of distributions		1,894			17,965			9,759			91,570
Shares redeemed		(10,316	)		(97,756	)		(177,771	)		(1,656,375	)
		10,786			102,552			(90,764	)		(835,567	)
Class P Shares
Shares sold		1,313,292			12,466,646			7,455,037			70,920,600
Reinvestment of distributions		266,608			2,530,559			1,139,338			10,702,882
Shares redeemed		(2,492,200	)		(23,714,439	)		(7,849,752	)		(73,174,366	)
		(912,300	)		(8,717,234	)		744,623			8,449,116
NET DECREASE		(4,329,882	)	$	(41,125,393	)		(25,205,133	)	$	(237,407,410	)

211

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2021 (Unaudited)

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2021 through September 30, 2021, 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 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*
Class A
Actual	$	1,000.00	$	1,024.10		$	3.96	$	1,000.00	$	1,021.90		$	3.60	$	1,000.00	$	1,013.20		$	4.90
Hypothetical 5% return		1,000.00		1,021.51	+		3.95		1,000.00		1,021.51	+		3.60		1,000.00		1,021.51	+		4.91
Class C
Actual		1,000.00		1,021.20			7.75		1,000.00		1,018.90			7.39		1,000.00		1,009.50			8.66
Hypothetical 5% return		1,000.00		1,017.40	+		7.74		1,000.00		1,017.75	+		7.38		1,000.00		1,016.44	+		8.69
Institutional
Actual		1,000.00		1,026.70			2.29		1,000.00		1,023.50			1.93		1,000.00		1,014.80			3.33
Hypothetical 5% return		1,000.00		1,022.81	+		2.28		1,000.00		1,023.16	+		1.93		1,000.00		1,021.76	+		3.35
Service
Actual		1,000.00		1,024.10			4.82		1,000.00		1,020.90			4.46		1,000.00		1,011.50			5.85
Hypothetical 5% return		1,000.00		1,020.66	+		4.81		1,000.00		1,020.66	+		4.46		1,000.00		1,020.66	+		5.87
Investor
Actual		1,000.00		1,026.40			2.69		1,000.00		1,023.10			2.33		1,000.00		1,014.50			3.64
Hypothetical 5% return		1,000.00		1,022.41	+		2.69		1,000.00		1,022.76	+		2.33		1,000.00		1,021.46	+		3.65
Class R6
Actual		1,000.00		1,026.80			2.24		1,000.00		1,023.60			1.88		1,000.00		1,014.80			3.28
Hypothetical 5% return		1,000.00		1,022.86	+		2.23		1,000.00		1,023.21	+		1.88		1,000.00		1,021.81	+		3.29
Class R
Actual		1,000.00		1,023.70			5.23		1,000.00		1,020.60			4.86		—		—			—
Hypothetical 5% return		1,000.00		1,020.26	+		5.22		1,000.00		1,020.26	+		4.86		—		—			—
Class P
Actual		1,000.00		1,026.80			2.24		1,000.00		1,023.50			1.88		1,000.00		1,014.80			3.28
Hypothetical 5% return		1,000.00		1,023.21	+		2.23		1,000.00		1,023.21	+		1.88		1,000.00		1,023.21	+		3.29

* Expenses for each share class are calculated using each Fund’s annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended September 30, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Bond		0.78	%		1.53	%		0.45	%		0.95	%		0.53	%		0.44	%		1.03	%		0.44	%
Core Fixed Income		0.71			1.46			0.38			0.88			0.46			0.37			0.96			0.37
Global Core Fixed Income		0.97			1.72			0.66			1.16			0.72			0.65			—			0.65

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

212

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Fund Expenses — Six Month Period Ended September 30, 2021 (Unaudited) (continued)

	Income Fund							Long Short Credit Strategies Fund							Strategic Income Fund
Share Class	Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*
Class A
Actual	$	1,000.00	$	1,033.90		$	4.95	$	1,000.00	$	1,021.10		$	7.40	$	1,000.00	$	1,023.00		$	5.12
Hypothetical 5% return		1,000.00		1,017.75	+		4.91		1,000.00		1,017.75	+		7.38		1,000.00		1,017.75	+		5.11
Class C
Actual		1,000.00		1,030.10			8.75		1,000.00		1,017.30			11.13		1,000.00		1,019.00			8.91
Hypothetical 5% return		1,000.00		1,016.44	+		8.69		1,000.00		1,014.04	+		11.11		1,000.00		1,016.24	+		8.90
Institutional
Actual		1,000.00		1,035.60			3.27		1,000.00		1,022.80			5.68		1,000.00		1,024.40			3.45
Hypothetical 5% return		1,000.00		1,021.86	+		3.24		1,000.00		1,019.45	+		5.67		1,000.00		1,021.66	+		3.45
Investor
Actual		1,000.00		1,035.20			3.67		1,000.00		1,022.40			6.08		1,000.00		1,023.00			3.85
Hypothetical 5% return		1,000.00		1,021.46	+		3.65		1,000.00		1,019.05	+		6.07		1,000.00		1,021.26	+		3.85
Class R6
Actual		1,000.00		1,035.70			3.22		1,000.00		1,022.80			5.63		1,000.00		1,024.50			3.40
Hypothetical 5% return		1,000.00		1,021.91	+		3.19		1,000.00		1,019.50	+		5.62		1,000.00		1,021.71	+		3.40
Class R
Actual		1,000.00		1,032.70			6.22		1,000.00		1,019.80			8.61		1,000.00		1,020.90			6.38
Hypothetical 5% return		1,000.00		1,016.55	+		6.17		1,000.00		1,016.55	+		8.59		1,000.00		1,016.55	+		6.38
Class P
Actual		1,000.00		1,035.70			3.22		1,000.00		1,022.80			5.63		1,000.00		1,024.50			3.40
Hypothetical 5% return		1,000.00		1,019.50	+		3.19		1,000.00		1,019.50	+		5.62		1,000.00		1,019.50	+		3.40

* 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, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Investor			Class R6			Class R			Class P
Income		0.97	%		1.72	%		0.64	%		0.72	%		0.63	%		1.22	%		0.63	%
Long Short Credit Strategies		1.46			2.20			1.12			1.20			1.11			1.70			1.11
Strategic Income		1.01			1.76			0.68			0.76			0.67			1.26			0.67

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

213

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, 2022 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 15-16, 2021 (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 Fund, Core Fixed Income Fund, and Global Core Fixed 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 Agreements 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;

214

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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 Agreements 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 Agreements; 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 capabilities. 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.

215

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 to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2020, and updated performance information prepared by the Investment Advisers using the peer group identified by the Outside Data Provider as of March 31, 2021. 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 Fund, Core Fixed Income Fund, and Global Core Fixed Income Fund’s performance to that of composites of accounts with comparable investment strategies managed by the Investment Advisers.

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 and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. They noted that the Core Fixed Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. They considered that the Global Core Fixed 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 third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. The Board 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. They also noted that the Global Core Fixed Income Fund had experienced certain portfolio management changes in 2020. They observed that the Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-year period ended March 31, 2021. The Trustees recalled 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 three-year periods and in the fourth quartile for the five- and ten-year periods; had outperformed the Fund’s LIBOR-based benchmark index by 15.83%, 2.04%, 1.80%, and 2.50% respectively, for the one-, three-, five-, and ten-year periods; and had outperformed the average performance of a group of competitor funds, as determined by the Investment Adviser (the “Competitor Fund Average”), for the one- and three-year periods and underperformed for the five-year period ended March 31, 2021. However, they noted that the Fund currently implements a long/short credit strategy, while the Goldman Sachs Credit Strategies Fund implemented a long-only credit strategy. They also noted that the Long Short Credit Strategies Fund had experienced certain portfolio management changes in early 2021. The Trustees considered that the Strategic Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period and the third quartile for the three-, five-, and ten-year periods; had outperformed the Fund’s LIBOR-based benchmark index by 14.98%, 1.47%, 1.42%, and 1.80% respectively, for the one-, three-, five-, and ten-year periods; and had outperformed the Fund’s Competitor Fund Average for the one-year period and underperformed for the three- and five-year periods ended March 31, 2021.

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 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.

216

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 total Fund expenses, 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. 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 was provided for 2020 and 2019 (except for the Income Fund which commenced operations in 2019), 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 Fund and Strategic Income Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

217

GOLDMAN SACHS MULTI SECTOR FIXED INCOME FUNDS

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

Other Benefits to the Investment Advisers and Their Affiliates

The Trustees also considered the other benefits derived by the Investment Advisers and their affiliates from their relationships with the Funds as stated above, including: (a) transfer agency fees received by Goldman Sachs & Co. LLC (“Goldman Sachs”); (b) futures commissions earned by Goldman Sachs for executing futures transactions on behalf of the Funds; (c) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Advisers; (d) the Investment Advisers’ ability to leverage the infrastructure designed to service the Funds on behalf of their other clients; (e) the Investment Advisers’ ability to cross-market other products and services to Fund shareholders; (f) Goldman Sachs’ retention of certain fees as Fund Distributor; (g) the Investment Advisers’ ability to negotiate better pricing with custodians on behalf of their other clients, as a result of the relationship with the Funds; (h) the investment of cash and cash collateral in money market funds managed by the Investment Advisers that will result in increased assets under management for those money market funds; (i) the investment in exchange-traded funds (“ETFs”) managed by GSAM that will result in increased assets under management for those ETFs and may facilitate the development of GSAM’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, 2022.

218

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of September 30, 2021, Goldman Sachs Asset Management 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 Bond Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ 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 Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity 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 Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado Eileen H. Dowling 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, 2021 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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.

© 2021 Goldman Sachs. All rights reserved. 259732-OTU-1514009/MSFISAR-21

Goldman Sachs Funds

Semi-Annual Report	September 30, 2021
	Municipal Funds
	Dynamic Municipal Income
	High Yield Municipal
	Municipal Income Completion
	Short Duration Tax-Free

Goldman Sachs Municipal Funds

∎ DYNAMIC MUNICIPAL INCOME

∎ HIGH YIELD MUNICIPAL

∎ MUNICIPAL INCOME COMPLETION

∎ SHORT DURATION TAX-FREE

Fund Basics	2
Schedules of Investments	10
Financial Statements	218
Financial Highlights	222
Dynamic Municipal Income	222
High Yield Municipal	229
Municipal Income Completion	235
Short Duration Tax-Free	236
Notes to the Financial Statements	243
Other Information	261

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Municipal Funds

The following are highlights both of key factors affecting the municipal bond market and of any changes made to the Goldman Sachs Municipal Funds (the “Funds”) during the six months ended September 30, 2021 (the “Reporting Period”). A fuller review of the market and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended March 31, 2022.

Market Review

∎ The tax-exempt municipal bond market, as measured by the Bloomberg Municipal Bond Index, posted a return of 1.15% during the Reporting Period.

∎ The high yield municipal bond market, as measured by the Bloomberg Municipal High Yield Bond Index, generated a return of 4.33%. At the end of the Reporting Period, high yield municipal bonds had outperformed investment grade municipal bonds for six consecutive quarters.

∎ Taxable municipal bonds, as measured by the Bloomberg Municipal Taxable Bond Index*, recorded a return of 4.11%.

∎ Municipal bonds benefited from the reopening of the U.S. economy, the material rebound in state and local revenues and the federal government’s fiscal stimulus, which collectively bolstered the finances of most municipal sectors.

∎ Municipal yields followed U.S. Treasury yields lower for most of the Reporting Period but then rose in September 2021 on indications the Federal Reserve (“Fed”) might tighten monetary policy in the near term.

∎ New municipal issuance was strong during the first three months of the Reporting Period, with an increase in new project financing. Seasonal factors dampened new issuance in the last three months of the Reporting Period, led by a notable drop in taxable supply.

∎ Inflows to municipal bond mutual funds continued at a record pace. High yield municipal bond mutual funds garnered an outsized portion of the inflows, as investors appeared to favor them for their comparatively higher yields.

∎ Potential federal policy initiatives, such as the bipartisan infrastructure bill and budget reconciliation bill, were center-stage at the end of the Reporting Period, as they could have significant ramifications for the municipal market going forward.

Fund Changes and Highlights

No material changes were made to the Funds during the Reporting Period

Goldman Sachs Dynamic Municipal Income Fund

• Overweight relative to the benchmark to the 10-year and 20-year portion of the municipal curve, as the yield curve flattened

• Security selection as issuers such as Commonwealth of Puerto Rico, State of Illinois, Puerto Rico Sales Tax Financing, and New Hampshire Health & Education outperformed

• Overweight relative to the benchmark in BBB, high yield, and non-rated credits. Improving credit fundamentals, a strong economic backdrop, and positive fund inflows led to high yield outperformance versus investment grades

Goldman Sachs Municipal Income Completion Fund

• Overweight relative to the benchmark to the 10-year and 20-year portion of the municipal curve, as the yield curve flattened

• Overweight relative to the benchmark in BBB and non-rated credits. Improving credit fundamentals, a strong economic backdrop, and positive fund inflows led to high yield outperformance versus investment grades

• Security selection as issuers such as Commonwealth of Puerto Rico outperformed

* The Bloomberg Municipal Taxable Bonds Index is a flagship measure of the USD-denominated taxable municipal bond market over 1 year to maturity.

1

FUND BASICS

Dynamic Municipal Income Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg Municipal Bond 1-10 Yr Blend Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3			30-Day Taxable Equivalent Yield4
Class A		1.62	%		0.61	%		0.76	%		0.75	%		1.28	%
Class C		1.24			0.61			0.04			0.03			0.07
Institutional		1.85			0.61			1.12			1.11			1.89
Service		1.53			0.61			0.61			0.60			1.03
Investor		1.75			0.61			1.04			1.03			1.75
Class R6		1.80			0.61			1.13			1.12			1.90
Class P		1.80			0.61			1.13			1.12			1.90

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 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 2020 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.

2

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.

3

FUND BASICS

High Yield Municipal Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Goldman Sachs High Yield Municipal Fund Composite Index2			Bloomberg Municipal High Yield Bond Index3			Bloomberg Municipal Bond Index4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5			30-Day Taxable Equivalent Yield6
Class A		2.82	%		3.05	%		4.33	%		1.15	%		1.33	%		1.30	%		2.24	%
Class C		2.53			3.05			4.33			1.15			0.64			0.61			1.08
Institutional		2.98			3.05			4.33			1.15			1.70			1.69			2.87
Investor		2.95			3.05			4.33			1.15			1.64			1.61			2.77
Class R6		3.08			3.05			4.33			1.15			1.71			1.70			2.89
Class P		3.08			3.05			4.33			1.15			1.71			1.70			2.88

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 Municipal High Yield Bond Index (60%) (with dividends reinvested) and the Bloomberg Municipal Bond Index (40%) (with dividends reinvested).

³  The Bloomberg 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 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 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 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 2020 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.

4

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.

5

FUND BASICS

Municipal Income Completion Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg  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		2.86	%		0.61	%		2.00	%		1.80	%		3.38	%

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 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 2020 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.

6

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.

7

FUND BASICS

Short Duration Tax-Free Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg Municipal Bond 1-3 Year Blend Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3			30-Day Taxable Equivalent Yield4
Class A		0.24	%		0.25	%		-0.04	%		-0.08	%		-0.06	%
Class C		0.04			0.25			-0.43			-0.82			-0.73
Institutional		0.30			0.25			0.26			0.25			0.44
Service		0.14			0.25			-0.23			-0.24			-0.39
Investor		0.28			0.25			0.21			0.17			0.36
Class R6		0.40			0.25			0.27			0.26			0.46
Class P		0.40			0.25			0.27			0.26			0.46

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 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 2020 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.

8

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.

9

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 96.6%
Alabama – 0.9%
	Alabama Economic Settlement Authority RB for BP Exploration & Production, Inc. Series 2016 A (A-/A2)
$	5,000,000	4.000%		09/15/2033	$	5,573,603
	Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (AA/A2)
	425,000	5.000		08/01/2025		492,706
	485,000	5.000		08/01/2026		578,501
	550,000	5.000		08/01/2027		670,762
	485,000	5.000		08/01/2028		604,570
	485,000	5.000		08/01/2029		616,547
	425,000	5.000		08/01/2030		547,724
	Health Care Authority RB for Baptist Health Series 2006 D (BBB+/A3)
	100,000	5.000		11/15/2021		100,323
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B/B3)
	4,600,000	5.750		10/01/2049		5,455,802
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	1,000,000	5.000		10/01/2024		1,125,814
	1,000,000	5.000		10/01/2025		1,160,797
	2,225,000	5.000		10/01/2030		2,548,230
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	740,000	5.000		10/01/2044		815,283
	4,415,000	5.500		10/01/2053		4,903,336
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)(a)
	4,420,000	0.000		10/01/2046		4,532,832
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,000,000	5.000		10/01/2021		1,000,000
	13,500,000	6.000		10/01/2042		15,472,327
	10,615,000	6.500		10/01/2053		12,264,442
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 F (BBB/NR)(a)
	14,875,000	0.000		10/01/2050		15,286,209
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(b)(c)
	225,000	2.000		10/01/2024		234,355
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 C (BBB/Baa2)(b)(c)
	225,000	2.000		10/01/2024		234,355
	Selma Industrial Development Board RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(b)(c)
	1,750,000	2.000		10/01/2024		1,822,759
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 A (A/A1)
	3,820,000	4.000		06/01/2024		4,156,373
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A1)(b)
	10,000,000	(1 Mo. LIBOR + 0.85%), 0.908		06/01/2024		10,063,099
	UAB Medicine Finance Authority RB Series 2019 B (AA-/Aa3)
	1,350,000	4.000		09/01/2036		1,582,282
	2,030,000	4.000		09/01/2037		2,372,721
	1,350,000	4.000		09/01/2038		1,574,351
						95,790,103
Municipal Bonds – (continued)
Alaska – 0.3%
	Alaska Municipal Bond Bank Authority RB Refunding Series 2016 (AMT) (A+/NR)
	1,755,000	5.000		12/01/2030		2,072,747
	1,365,000	5.000		12/01/2031		1,608,407
	1,960,000	5.000		12/01/2032		2,305,235
	2,055,000	5.000		12/01/2033		2,412,498
	Alaska Municipal Bond Bank Authority RB Refunding Series 2020 ONE (A+/A1)
	1,200,000	5.000		12/01/2026		1,455,269
	3,430,000	5.000		12/01/2027		4,249,247
	2,175,000	5.000		12/01/2028		2,755,192
	2,235,000	5.000		12/01/2029		2,878,323
	1,540,000	5.000		12/01/2030		2,019,162
	Alaska Municipal Bond Bank Authority RB Series 2017 THREE (A+/NR)
	1,240,000	5.000		12/01/2027		1,536,171
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 A-1 (A/NR)
	1,550,000	5.000		06/01/2027		1,889,436
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (BBB-/NR)
	1,900,000	4.000		06/01/2050		2,176,499
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (BBB+/NR)
	850,000	0.500		06/01/2031		839,661
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-2 (NR/NR)(d)
	9,000,000	0.000		06/01/2066		1,961,459
	State of Alaska GO Unlimited Bonds Series 2016 A (AA-/Aa3)
	5,460,000	5.000		08/01/2027		6,374,838
						36,534,144
American Samoa – 0.0%
	American Samoa Economic Development Authority RB Refunding Series 2021 B (NR/Ba3)(e)
	2,000,000	2.470		09/01/2024		2,008,838
	American Samoa Economic Development Authority RB Refunding Series 2021 C (NR/Ba3)(e)
	1,800,000	3.720		09/01/2027		1,813,754
						3,822,592
Arizona – 1.3%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(f)
	21,670,000	(3 Mo. LIBOR + 0.81%), 0.907		01/01/2037		21,482,167
	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		454,448
	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		1,651,836

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)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (CCC+/NR)
$	570,000		5.000	%		01/01/2043	$	591,437
	3,250,000		4.500			01/01/2049		3,241,435
	2,095,000		5.000			01/01/2054		2,173,792
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (CCC+/NR)
	1,565,000		5.000			01/01/2037		1,530,727
	1,105,000		5.000			01/01/2038		1,081,789
	300,000		5.000			01/01/2043		290,163
	2,125,000		5.000			01/01/2049		2,011,633
	600,000		5.125			01/01/2054		575,457
	Arizona Industrial Development Authority RB for Kipp New York, Inc. Jerome Facility Series 2021 B (BBB-/NR)
	620,000		4.000			07/01/2041		663,021
	890,000		4.000			07/01/2051		941,842
	Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (BBB-/NR)
	875,000		4.000			07/01/2041		979,737
	1,000,000		4.000			07/01/2051		1,098,725
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa3)
	365,000		5.000			05/01/2024		385,145
	300,000		5.000			05/01/2029		327,334
	650,000		5.000			05/01/2031		701,326
	Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (BB/NR)(e)
	530,000		3.000			12/15/2031		553,122
	Chandler Industrial Development Authority RB for Intel Corp. Series 2007 (AMT) (A+/A1)(b)(c)
	10,000,000		2.700			08/14/2023		10,403,709
	Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)(b)(c)
	7,300,000		5.000			06/03/2024		8,153,344
	City of Mesa Utility System RB Refunding Series 2021 (AA-/Aa2)
	10,550,000		4.000			07/01/2035		12,905,603
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A/A1)
	1,375,000		3.000			07/01/2049		1,420,800
	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		1,199,908
	1,115,000		5.000			07/01/2024		1,251,830
	1,215,000		5.000			07/01/2025		1,409,898
	915,000		4.000			07/01/2044		1,038,137
	2,980,000		5.000			07/01/2044		3,647,687
	2,290,000		3.250			07/01/2049		2,368,753
	1,375,000		5.000			07/01/2049		1,673,485
	City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (BBB+/A3)
	2,125,000		5.000			07/01/2045		2,561,345
Municipal Bonds – (continued)
Arizona – (continued)
	City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car Facility Charge Series 2019 B (BBB+/A3)
	3,005,000		2.163			07/01/2022		3,029,446
	1,950,000		2.226			07/01/2023		1,981,164
	City of Phoenix Civic Improvement Corporation Water System RB Refunding Junior Lien Series 2016 (AAA/Aa2)
	7,000,000		5.000			07/01/2030		8,366,835
	Entertainment Center Community Facilities District RB Series 2017 (AA+/NR)
	4,807,000		4.000			07/01/2037		4,851,273
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	395,000		3.500			07/01/2029		412,212
	376,000		4.100			07/01/2034		396,594
	1,132,000		4.750			07/01/2043		1,194,259
	Glendale City Subordinate RB Refunding Series 2017 (AA/A1)
	2,500,000		5.000			07/01/2028		3,070,188
	Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (BBB-/NR)
	535,000		4.000			05/15/2031		594,295
	900,000		5.000			05/15/2041		1,024,935
	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		5,760,234
	La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (BBB/NR)
	380,000		4.000			02/15/2041		423,929
	295,000		4.000			02/15/2046		327,114
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2020 A (BB/NR)(e)
	300,000		4.000			07/01/2030		333,117
	600,000		5.000			07/01/2040		706,811
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (BB/NR)(e)(g)
	500,000		4.000			07/01/2051		539,998
	Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)(e)
	300,000		5.000			10/01/2026		318,844
	400,000		5.125			10/01/2030		449,957
	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		222,189
	200,000		4.000			07/01/2026		226,273
	200,000		4.000			07/01/2027		229,704
	325,000		4.000			07/01/2028		377,963
	250,000		4.000			07/01/2029		293,957
	500,000		4.000			07/01/2034		574,630
	700,000		5.000			07/01/2039		852,385
	Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)(e)
	450,000		4.750			05/01/2030		477,552
	225,000		5.500			05/01/2040		239,052

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Arizona – (continued)
	Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (BBB+/A3)
$	11,910,000		5.000	%		12/01/2037	$	16,387,622
								142,432,167
Arkansas – 0.4%
	Arkansas Development Finance Authority RB for Baptist Health Obligated Group Series 2019 (A/NR)
	5,790,000		5.000			12/01/2047		7,023,063
	4,630,000		3.200			12/01/2049		4,912,283
	Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR)
	315,000		3.000			07/01/2032		316,603
	310,000		3.125			07/01/2036		310,864
	Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR)
	4,700,000		3.500			07/01/2038		4,760,946
	Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (BBB-/NR)
	520,000		5.000			06/01/2022		533,635
	700,000		5.000			06/01/2023		745,472
	1,030,000		5.000			06/01/2024		1,132,913
	1,215,000		5.000			06/01/2025		1,375,061
	1,705,000		5.000			06/01/2026		1,977,182
	1,770,000		5.000			06/01/2027		2,095,905
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)
	550,000		5.000			08/01/2026		652,598
	500,000		5.000			08/01/2028		586,406
	Pulaski County Little Rock School District Construction GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa2)
	5,395,000		3.000			02/01/2023		5,517,066
	5,185,000		3.000			02/01/2024		5,297,114
	Pulaski County Little Rock School District GO Refunding Bonds Series 2015 (ST AID WITHHLDG) (NR/Aa2)
	3,335,000		3.000			02/01/2023		3,341,862
								40,578,973
California – 9.0%
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)(d)
	1,000,000		0.000			08/01/2037		714,184
	Anaheim Community Facilities District No. 08-1 Special Tax Refunding Bonds for Platinum Triangle Series 2016 (NR/NR)
	670,000		4.000			09/01/2024		728,524
	500,000		4.000			09/01/2025		541,912
	370,000		4.000			09/01/2026		399,826
	415,000		4.000			09/01/2027		446,790
	410,000		4.000			09/01/2028		440,400
	345,000		4.000			09/01/2029		369,944
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	1,000,000		5.000			05/01/2040		1,182,111
Municipal Bonds – (continued)
California – (continued)
	Beaumont Community Facilities District No. 2016-2 Special Tax Series 2019 (NR/NR)
	195,000		4.000			09/01/2022		201,135
	205,000		4.000			09/01/2023		218,207
	210,000		4.000			09/01/2024		229,008
	220,000		4.000			09/01/2025		244,624
	230,000		4.000			09/01/2026		258,822
	235,000		4.000			09/01/2027		262,800
	255,000		4.000			09/01/2029		282,919
	275,000		4.000			09/01/2031		302,541
	290,000		4.000			09/01/2032		318,415
	300,000		5.000			09/01/2033		343,285
	215,000		5.000			09/01/2034		245,621
	330,000		5.000			09/01/2035		376,661
	345,000		3.000			09/01/2036		359,462
	360,000		3.000			09/01/2037		374,279
	370,000		3.000			09/01/2038		383,578
	380,000		3.000			09/01/2039		393,426
	1,160,000		5.000			09/01/2044		1,309,458
	1,475,000		5.000			09/01/2049		1,659,874
	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		1,663,395
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (BBB-/NR)
	425,000		4.000			06/01/2049		478,811
	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		590,072
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (BBB+/NR)
	950,000		4.000			06/01/2049		1,096,228
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (BBB-/NR)
	275,000		5.000			06/01/2049		334,725
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(d)
	2,375,000		0.000			06/01/2055		594,898
	California County Tobacco Securitization Agency RB Refunding Series 2020 A (BBB+/NR)
	825,000		4.000			06/01/2049		955,895
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (BBB-/NR)
	595,000		5.000			06/01/2049		727,384
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)(d)
	12,130,000		0.000			06/01/2055		2,428,454
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (WD/NR)(d)
	45,220,000		0.000			06/01/2055		5,606,611

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 Educational Facilities Authority RB for Stanford University Series 2010 U-1 (AAA/Aaa)
$	5,000,000		5.250	%		04/01/2040	$	7,359,679
	California Educational Facilities Authority RB for Stanford University Series 2014 U-6 (AAA/Aaa)
	3,500,000		5.000			05/01/2045		5,187,182
	California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (NR/Baa3)
	450,000		5.000			08/01/2035		563,668
	575,000		5.000			08/01/2040		710,758
	550,000		5.000			08/01/2045		670,925
	California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (BB+/NR)(e)
	250,000		4.000			06/01/2036		285,219
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	500,000		5.000			02/01/2042		600,056
	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		462,043
	350,000		5.000			11/15/2029		430,505
	565,000		5.000			11/15/2030		693,805
	1,010,000		5.000			11/15/2042		1,226,404
	12,000,000		5.000			11/15/2056		14,450,282
	California Health Facilities Financing Authority RB Refunding for Children’s Hospital Los Angeles Obligated Group Series 2017 A (BBB+/Baa2)
	6,400,000		5.000			08/15/2047		7,538,356
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,300,000		5.000			02/01/2034		1,557,998
	1,150,000		5.000			02/01/2035		1,375,739
	3,045,000		5.000			02/01/2036		3,636,908
	450,000		5.000			02/01/2042		536,198
	1,450,000		5.000			02/01/2047		1,717,687
	California Municipal Finance Authority RB for LAX Integrated Express Solutions LLC Senior Lien Series 2018 A (AMT) (BBB-/NR)
	4,265,000		5.000			06/30/2028		5,294,449
	3,235,000		5.000			12/31/2028		4,002,024
	6,195,000		5.000			12/31/2043		7,423,158
	California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (BBB-/NR)
	670,000		4.000			07/01/2031		768,310
	1,830,000		4.000			07/01/2041		2,093,078
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	200,000		5.000			10/01/2026		239,070
	200,000		5.000			10/01/2027		244,826
	150,000		5.000			10/01/2028		187,730
	225,000		5.000			10/01/2029		280,022
	125,000		5.000			10/01/2030		154,287
	225,000		5.000			10/01/2031		276,350
	225,000		5.000			10/01/2032		275,637
Municipal Bonds – (continued)
California – (continued)
	California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)(e)
	430,000		5.000			10/01/2034		512,650
	1,125,000		5.000			10/01/2039		1,319,559
	1,035,000		5.000			10/01/2049		1,192,408
	California Municipal Finance Authority RB Refunding for Eisenhower Medical Center Series 2017 A (BBB-/Baa2)
	4,275,000		5.000			07/01/2047		5,045,888
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	2,875,000		5.000			12/31/2034		3,486,184
	2,375,000		5.000			12/31/2035		2,875,341
	900,000		5.000			12/31/2037		1,085,245
	2,000,000		5.000			12/31/2038		2,409,845
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	400,000		5.000			06/01/2035		452,089
	California Pollution Control Financing Authority RB for Mission Rock Utilities, Inc. Series 2020 (NR/NR)(e)
	5,550,000		4.000			11/01/2023		5,548,181
	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		4,521,417
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(e)
	2,000,000		6.750			12/01/2028		2,082,506
	14,195,000		7.500			12/01/2040		14,970,581
	California Pollution Control Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2001 A (AMT) (A-/NR)(b)(c)
	1,250,000		2.500			05/01/2024		1,312,236
	California Pollution Control Financing Authority Solid Waste Disposal RB for Waste Management, Inc. Project Series 2003 A (A-/NR)(b)(c)
	3,500,000		2.500			05/01/2024		3,674,260
	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		11,009,528
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (BBB/Baa3)(e)
	13,845,000		5.000			07/01/2030		14,836,193
	California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (BBB/Baa3)(e)
	280,000		5.000			07/01/2022		289,527
	360,000		5.000			07/01/2023		387,923
	445,000		5.000			07/01/2024		495,836
	1,330,000		5.000			07/01/2029		1,609,260
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(e)
	1,000,000		5.000			06/15/2040		1,092,476

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (BBB-/NR)(e)
$	215,000		3.000	%		10/01/2030	$	227,421
	500,000		5.000			10/01/2040		591,873
	California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (BBB-/NR)(e)
	290,000		2.000			10/01/2025		298,207
	400,000		3.000			10/01/2031		429,289
	California School Finance Authority RB for Classical Academy Obligated Group Series 2021 B (BBB-/NR)(e)
	125,000		2.250			10/01/2023		125,431
	California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (BB+/NR)(e)
	680,000		4.000			07/01/2030		756,139
	1,250,000		5.000			07/01/2040		1,432,683
	California School Finance Authority RB for iLEAD Lancaster Series 2021 A (NR/NR)(e)
	435,000		5.000			06/01/2041		489,364
	California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 B (NR/NR)(e)
	400,000		4.875			06/01/2027		398,344
	California School Finance Authority RB Refunding Series 2016 (BBB/NR)(e)
	3,925,000		5.000			08/01/2046		4,384,435
	California State Various Purpose GO Bonds Series 2017 (AA-/Aa2)
	1,250,000		5.000			08/01/2046		1,483,826
	California State Various Purpose GO Bonds Series 2021 (AA-/Aa2)
	50,000,000		1.700			02/01/2028		50,337,870
	California State Various Purpose GO Refunding Bonds Series 2020 (AA-/Aa2)
	16,170,000		4.000			11/01/2037		19,468,405
	17,175,000		4.000			11/01/2038		20,609,605
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	295,000		4.250			09/01/2022		304,264
	190,000		5.000			09/01/2030		214,118
	200,000		5.000			09/01/2037		222,936
	California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)(e)
	1,375,000		7.250			09/01/2050		1,501,740
	California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR)
	625,000		4.000			09/01/2041		701,524
	530,000		4.000			09/01/2051		598,251
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	875,000		5.000			09/02/2034		1,079,592
	595,000		5.000			09/02/2039		725,695
Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	2,630,000		5.000			09/02/2033		3,169,179
	875,000		5.000			09/02/2038		1,041,689
	350,000		5.000			09/02/2043		413,091
	1,040,000		5.000			09/02/2048		1,219,151
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 A (NR/NR)
	4,225,000		5.000			09/02/2029		4,866,492
	California Statewide Communities Development Authority Infrastructure Programme Special Assessment Bonds Series 2019 B (NR/NR)
	645,000		4.000			09/02/2023		679,773
	670,000		4.000			09/02/2024		722,843
	1,500,000		5.000			09/02/2034		1,804,161
	California Statewide Communities Development Authority RB for Lancer Educational Housing LLC Project Series 2019 A (NR/NR)(e)
	750,000		3.000			06/01/2029		792,582
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (BBB+/NR)
	365,000		5.000			08/01/2028		447,150
	300,000		5.000			08/01/2029		365,201
	315,000		5.000			08/01/2030		381,181
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (B/NR)(e)
	500,000		5.000			07/01/2024		517,102
	900,000		5.000			07/01/2029		967,799
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (A-/NR)
	150,000		5.000			04/01/2030		181,454
	70,000		5.000			04/01/2031		84,496
	385,000		4.000			04/01/2032		442,895
	455,000		4.000			04/01/2034		520,569
	California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2021 A (A-/NR)
	3,235,000		3.000			04/01/2037		3,436,063
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 B (BB-/NR)
	7,000,000		6.000			12/01/2024		7,950,456
	California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2016 A (BB-/NR)(e)
	1,725,000		5.000			12/01/2031		1,959,723
	California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR)
	1,710,000		4.000			09/02/2028		1,875,553
	1,250,000		5.000			09/02/2040		1,518,838

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)
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
$	1,300,000		5.000	%		09/02/2038	$	1,530,226
	1,500,000		5.000			09/02/2048		1,742,779
	California Statewide Communities Development Authority Special Assessment for Statewide Community Infrastructure Program Series 2019 C (NR/NR)
	180,000		4.000			09/02/2022		185,061
	345,000		4.000			09/02/2023		364,881
	355,000		4.000			09/02/2024		385,126
	1,015,000		4.000			09/02/2029		1,145,201
	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		1,157,467
	1,000,000		5.000			05/15/2047		1,178,896
	800,000		5.000			05/15/2050		941,708
	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		1,798,420
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (WD/NR)(d)
	22,510,000		0.000			06/01/2046		4,216,015
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	230,000		4.000			09/01/2026		260,269
	245,000		4.000			09/01/2027		280,550
	250,000		4.000			09/01/2028		289,557
	165,000		3.000			09/01/2037		171,384
	170,000		3.000			09/01/2038		176,047
	175,000		3.000			09/01/2039		180,787
	180,000		3.000			09/01/2040		185,572
	620,000		3.125			09/01/2044		640,135
	Citrus Community College District GO Bonds Capital Appreciation for Election of 2004 Series 2009 C (AA/Aa1)(d)
	3,500,000		0.000			06/01/2034		2,723,276
	City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR)
	600,000		4.000			09/01/2042		672,897
	City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR)
	825,000		4.000			09/01/2041		927,076
	City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)(e)
	100,000		4.000			09/01/2026		110,668
	150,000		4.000			09/01/2031		174,000
	650,000		4.000			09/01/2036		747,344
	City of Azusa Community Facilities District No. 2005-1 Special Tax Series 2019 (AGM) (AA/NR)
	1,280,000		5.000			09/01/2044		1,560,118
	1,925,000		5.000			09/01/2049		2,332,728
Municipal Bonds – (continued)
California – (continued)
	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		1,292,278
	1,275,000		4.000			09/01/2032		1,491,980
	1,030,000		4.000			09/01/2037		1,187,465
	485,000		4.000			09/01/2040		555,483
	City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR)
	700,000		4.000			09/01/2045		782,038
	City of Fairfield Community Facilities District No. 2019-1 for Improvement Area No. 1 Series 2020 A (NR/NR)(e)
	1,000,000		5.000			09/01/2035		1,220,981
	City of Fontana Community Facilities District No. 90 Special Tax for Summit at Rosena Phase One Series 2021 (NR/NR)
	475,000		4.000			09/01/2041		541,077
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	305,000		4.000			09/01/2028		352,827
	330,000		4.000			09/01/2030		379,345
	440,000		4.000			09/01/2032		502,593
	450,000		4.000			09/01/2034		511,548
	465,000		4.000			09/01/2036		527,058
	150,000		3.000			09/01/2038		158,025
	160,000		3.000			09/01/2039		167,976
	190,000		4.000			09/01/2040		214,256
	City of Oroville RB for Oroville Hospital Series 2019 (B+/NR)
	1,140,000		5.000			04/01/2024		1,221,093
	1,325,000		5.000			04/01/2027		1,496,819
	1,000,000		5.000			04/01/2029		1,154,321
	1,250,000		5.000			04/01/2030		1,428,388
	1,500,000		5.000			04/01/2031		1,704,988
	City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR)
	165,000		4.000			09/01/2030		189,880
	190,000		4.000			09/01/2033		216,597
	200,000		4.000			09/01/2036		226,468
	City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR)
	670,000		4.000			09/02/2026		743,325
	800,000		4.000			09/02/2031		909,187
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000		5.000			09/01/2026		113,854
	100,000		5.000			09/01/2027		113,290
	100,000		5.000			09/01/2028		112,938
	100,000		5.000			09/01/2029		112,651
	140,000		5.000			09/01/2031		157,315
	250,000		5.000			09/01/2032		280,733
	230,000		5.000			09/01/2033		257,956
	150,000		5.000			09/01/2034		168,024
	150,000		5.000			09/01/2035		167,863
	700,000		5.000			09/01/2036		781,655
	275,000		5.000			09/01/2037		306,575
	250,000		5.000			09/01/2038		278,443
	500,000		5.000			09/01/2039		556,200

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	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	$	340,719
	815,000		5.000			09/01/2034		947,008
	445,000		5.000			09/01/2039		512,939
	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		56,040
	70,000		4.000			09/01/2024		75,810
	95,000		4.000			09/01/2026		106,490
	65,000		5.000			09/01/2030		78,101
	190,000		4.000			09/01/2032		214,506
	225,000		4.000			09/01/2034		252,802
	265,000		4.000			09/01/2036		296,721
	305,000		4.000			09/01/2038		340,192
	330,000		4.000			09/01/2040		368,007
	City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR)
	875,000		4.000			09/01/2041		986,400
	City of Sacramento Natomas Meadows Community Facilities District No. 2007-01 Special Tax Bonds for Improvement Area No. 1 Series 2017 (NR/NR)(e)
	535,000		4.000			09/01/2028		587,088
	City of San Luis Obispo Community Facilities District No. 2019-1 Special Tax Bonds Series 2021 (NR/NR)
	500,000		4.000			09/01/2041		569,207
	City of Santa Paula Special Tax for Harvest Community Facilities District No. 1 Series 2020 (NR/NR)
	600,000		5.000			09/01/2035		719,208
	1,000,000		5.000			09/01/2040		1,185,436
	City of Santee Community Facilities District No. 2017-1 Special Tax Bonds Series 2019 (NR/NR)
	1,420,000		4.000			09/01/2044		1,569,029
	City of Stockton Community Facilities District No. 2005-1 Special Tax Bonds Series 2019 (NR/NR)
	320,000		2.000			09/01/2024		329,497
	330,000		2.250			09/01/2026		345,361
	350,000		2.375			09/01/2028		366,181
	380,000		2.750			09/01/2031		396,248
	405,000		3.000			09/01/2033		427,846
	415,000		3.000			09/01/2034		438,247
	270,000		3.000			09/01/2035		283,621
	900,000		3.125			09/01/2037		948,165
	740,000		3.125			09/01/2039		776,482
	810,000		3.250			09/01/2041		849,135
	City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)
	345,000		5.000			09/01/2044		399,590
	465,000		5.000			09/01/2049		536,757
	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		100,295
	700,000		3.250			09/01/2041		736,384
	600,000		3.500			09/01/2049		633,820
	940,000		4.000			09/01/2049		1,034,161
Municipal Bonds – (continued)
California – (continued)
	Commerce Community Development Commission Successor Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	275,000		3.125			08/01/2035		290,762
	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		514,773
	725,000		5.000			09/01/2039		824,542
	County of Sacramento RB Refunding for Airport System Series 2018 C (AMT) (A/A2)
	1,225,000		5.000			07/01/2039		1,487,901
	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		1,502,589
	Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR)
	1,295,000		5.000			09/01/2027		1,473,403
	East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)
	395,000		3.125			09/01/2044		408,399
	1,630,000		3.125			09/01/2049		1,675,104
	Folsom Ranch Financing Authority Special Tax for City of Folsom Community Facilities District No. 21 Series 2021 (NR/NR)
	415,000		4.000			09/01/2046		457,127
	500,000		4.000			09/01/2050		550,002
	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		1,418,187
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)(a)
	3,000,000		0.000			01/15/2032		3,561,196
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2014 Subseries B-3 (A-/Baa2)(b)(c)
	1,175,000		5.500			01/15/2023		1,219,682
	Foothill-Eastern Transportation Corridor Agency RB Refunding for Senior Lien Series 2021 A (A-/Baa2)
	10,000,000		4.000			01/15/2046		11,406,310
	Fullerton Community Facilities District No. 1 Special Tax Refunding Bonds for Amerige Heights Series 2012 (A+/NR)
	500,000		5.000			09/01/2032		520,862
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)(d)
	43,000,000		0.000			06/01/2047		9,770,383
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC-/NR)(d)
	9,375,000		0.000			06/01/2047		2,079,280
	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		15,226,459

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)
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BB/NR)
$	11,365,000		3.500	%		06/01/2036	$	11,510,184
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BBB-/NR)
	24,130,000		5.000			06/01/2034		29,272,378
	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		2,508,051
	10,080,000		5.250			06/01/2047		10,381,180
	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		14,852,987
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Senior Asset-Backed Bonds Series 2007 A-2 (B-/B3)
	4,065,000		5.300			06/01/2037		4,180,692
	Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (AA/NR)(e)
	665,000		4.000			06/01/2036		778,188
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (A-/NR)
	1,170,000		3.678			06/01/2038		1,219,476
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 A (NR/NR)
	650,000		5.000			09/01/2025		758,166
	650,000		5.000			09/01/2026		780,491
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	480,000		5.000			09/01/2025		559,877
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	430,000		5.000			09/01/2026		516,324
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	180,000		4.000			09/01/2025		200,880
	175,000		4.000			09/01/2026		198,836
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2019 A (AA/NR)
	350,000		5.000			09/01/2030		447,210
	310,000		5.000			09/01/2032		392,923
	360,000		5.000			09/01/2034		452,299
	460,000		5.000			09/01/2036		575,027
	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		876,661
	2,500,000		5.000			09/01/2048		2,816,385
	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		3,279,582
	Los Angeles Community College District GO Refunding Bonds Series 2020 (AA+/Aaa)
	6,270,000		1.606			08/01/2028		6,307,969
Municipal Bonds – (continued)
California – (continued)
	Los Angeles Community College District GO Refunding Bonds Series 2020 (AA+/Aaa) – (continued)
	14,495,000		1.806			08/01/2030		14,387,290
	4,000,000		2.106			08/01/2032		4,022,891
	Los Angeles Department of Airports RB Senior Refunding Series 2018 B (AMT) (AA-/Aa2)
	2,335,000		5.000			05/15/2034		2,887,437
	Los Angeles Department of Airports Subordinated RB Refunding Series 2021 B (A+/Aa3)
	3,810,000		5.000			05/15/2038		4,931,975
	3,915,000		5.000			05/15/2039		5,050,054
	Los Angeles Department of Airports Subordinated RB Series 2016 B (AMT) (A+/Aa3)
	1,000,000		5.000			05/15/2029		1,185,183
	Los Angeles Department of Airports Subordinated RB Series 2018 A (AMT) (A+/Aa3)
	7,000,000		5.250			05/15/2048		8,582,323
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (A+/Aa3)
	5,000,000		5.000			05/15/2030		6,175,692
	1,000,000		5.000			05/15/2035		1,221,919
	Los Angeles Department of Airports Subordinated RB Series 2018 D (AMT) (A+/Aa3)
	6,000,000		5.000			05/15/2030		7,583,158
	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		53,907,363
	Menifee Union School District Riverside County GO Bonds Capital Appreciation for Election of 2008 Series 2009 C (ASSURED GTY) (AA/Aa3)(d)
	2,000,000		0.000			08/01/2037		1,388,690
	4,500,000		0.000			08/01/2038		3,031,683
	4,500,000		0.000			08/01/2039		2,933,109
	Merced City School District GO Bonds Capital Appreciation for Election of 2003 Series 2005 (NATL-RE) (AA-/NR)(d)
	1,205,000		0.000			08/01/2026		1,145,787
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)(d)
	2,510,000		0.000			08/01/2035		1,865,876
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	1,750,000		6.500			11/01/2039		2,740,764
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	3,430,000		6.125			11/01/2029		4,255,256
	2,000,000		6.500			11/01/2039		3,132,302
	Mt. Diablo Unified School District GO Bonds Capital Appreciation for Election of 2010 Series 2010 A (AGM) (AA/Aa3)(a)
	5,000,000		0.000			08/01/2035		5,631,714
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A1)(f)
	4,605,000		(3 Mo. LIBOR + 0.72%), 0.817			07/01/2027		4,629,516
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	15,650,000		5.000			11/01/2047		19,113,055
	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		9,006,984

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (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)(d)
$	2,150,000	0.000 %		08/01/2031	$	1,791,780
	4,150,000	0.000		08/01/2032		3,367,523
	3,500,000	0.000		08/01/2033		2,761,434
	Port of Oakland RB Refunding Senior Lien Series 2012 P (AMT) (A+/A1)
	4,000,000	5.000		05/01/2031		4,110,039
	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		626,731
	320,000	4.000		09/01/2024		348,386
	400,000	4.000		09/01/2025		444,122
	1,490,000	4.000		09/01/2026		1,685,331
	305,000	4.000		09/01/2027		342,795
	500,000	4.000		09/01/2028		558,839
	1,780,000	4.000		09/01/2029		1,979,375
	River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax Refunding Bonds Series 2015 A-1 (NR/NR)
	3,965,000	5.000		09/01/2027		4,176,868
	1,000,000	5.375		09/01/2031		1,054,180
	485,000	5.250		09/01/2034		510,119
	River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR)
	875,000	4.000		09/01/2041		934,391
	555,000	4.000		09/01/2046		589,851
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	195,000	4.000		09/01/2027		221,282
	205,000	4.000		09/01/2028		234,692
	210,000	4.000		09/01/2029		241,234
	220,000	4.000		09/01/2030		252,359
	545,000	4.000		09/01/2034		618,554
	500,000	4.000		09/01/2037		564,324
	370,000	4.000		09/01/2040		415,909
	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		866,320
	1,075,000	5.000		09/01/2026		1,275,987
	1,000,000	5.000		09/01/2027		1,211,661
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR)
	50,000	4.000		09/01/2022		51,485
	85,000	4.000		09/01/2023		90,125
	80,000	4.000		09/01/2024		86,928
	150,000	4.000		09/01/2025		166,120
	275,000	5.000		09/01/2026		324,394
	210,000	5.000		09/01/2027		250,730
	160,000	5.000		09/01/2028		189,903
	170,000	5.000		09/01/2029		201,030
	110,000	5.000		09/01/2030		129,923
	100,000	5.000		09/01/2031		117,721
	185,000	5.000		09/01/2032		217,166
Municipal Bonds – (continued)
California – (continued)
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2019 (NR/NR) – (continued)
	165,000	5.000		09/01/2033		193,472
	175,000	4.000		09/01/2034		195,311
	150,000	4.000		09/01/2035		167,221
	125,000	3.000		09/01/2036		129,746
	470,000	5.000		09/01/2039		545,352
	250,000	3.250		09/01/2041		260,440
	400,000	5.000		09/01/2045		459,953
	1,000,000	5.000		09/01/2049		1,147,216
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR)
	850,000	2.500		09/01/2037		833,694
	600,000	4.000		09/01/2041		683,049
	1,950,000	4.000		09/01/2050		2,196,642
	Sacramento City Unified School District GO RB Refunding Series 2015 (AGM) (AA/NR)
	1,000,000	5.000		07/01/2029		1,112,559
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)(f)
	2,375,000	(3 Mo. LIBOR + 0.55%), 0.630		06/01/2034		2,363,762
	San Diego County Regional Airport Authority RB Refunding Series 2013 B (AMT) (A/A1)
	3,465,000	5.000		07/01/2023		3,745,025
	San Diego Unified School District GO Bonds for Election of 2008 Series 2010 C (AA-/Aa2)(d)
	5,000,000	0.000		07/01/2039		3,376,187
	San Diego Unified School District GO Bonds for Election of 2012 Series 2013 C (AA-/Aa2)
	3,500,000	4.000		07/01/2042		3,702,814
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 B (A/A1)
	4,650,000	5.000		05/01/2049		5,709,083
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2012 A (AMT) (A/A1)
	4,750,000	5.000		05/01/2026		4,879,018
	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		2,157,201
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2020 A (AMT) (A/A1)
	1,000,000	4.000		05/01/2039		1,152,131
	2,800,000	4.000		05/01/2040		3,219,037
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 A (AMT) (A/NR)
	10,000,000	5.000		05/01/2023		10,733,954
	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		12,037,329
	San Francisco City & County Airport Commission RB Unrefunded for San Francisco International Airport Second Series 2018 G (AMT) (A/NR)
	1,300,000	5.000		05/01/2027		1,588,159

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)
California – (continued)
	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	$	11,432,258
	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		1,184,087
	San Jacinto Unified School District Financing Authority Special Tax RB Series 2019 (NR/NR)
	500,000		5.000			09/01/2036		584,463
	1,550,000		5.000			09/01/2044		1,793,673
	2,275,000		5.000			09/01/2049		2,621,444
	San Joaquin Hills Transportation Corridor Agency RB Refunding for Capital Appreciation Series 1997 A (NATL-RE) (BBB/Baa2)(d)
	1,715,000		0.000			01/15/2026		1,628,604
	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		1,135,137
	San Lorenzo Unified School District GO Bonds Series 2021 (NR/Aa3)
	5,505,000		4.000			08/01/2047		6,298,177
	Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 1 Series 2018 B (AA+/Aa1)
	2,320,000		4.000			08/01/2044		2,713,710
	5,910,000		4.000			08/01/2050		6,848,627
	Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 2 Series 2018 B (AA+/Aa1)
	7,715,000		4.000			08/01/2050		8,940,298
	State of California GO Bonds for Bid Group A Series 2019 (AA-/Aa2)
	15,000,000		2.375			10/01/2026		15,970,947
	Stockton Public Financing Authority Wastewater RB Series 2019 (A/NR)
	5,000,000		1.400			06/01/2022		5,008,394
	Stockton Unified School District GO Refunding Bonds Series 2016 (A+/A1)
	2,735,000		5.000			08/01/2025		3,167,338
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (BBB-/NR)
	1,550,000		4.000			06/01/2049		1,788,540
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-2 (NR/NR)(d)
	6,000,000		0.000			06/01/2060		1,485,860
	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		1,054,383
	1,180,000		5.000			06/01/2027		1,445,901
	920,000		5.000			06/01/2028		1,155,528
	1,780,000		5.000			06/01/2029		2,285,360
Municipal Bonds – (continued)
California – (continued)
	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		2,237,626
	870,000		5.000			06/01/2034		1,108,351
	435,000		5.000			06/01/2035		553,470
	870,000		5.000			06/01/2036		1,104,398
	870,000		5.000			06/01/2039		1,096,133
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB-/NR)
	3,030,000		5.000			06/01/2048		3,683,056
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)(d)
	7,975,000		0.000			06/01/2054		1,562,318
	Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR)
	475,000		2.375			09/02/2041		467,141
	1,050,000		2.500			09/02/2046		1,021,852
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (A-/NR)
	1,265,000		5.000			10/01/2028		1,596,723
	580,000		5.000			10/01/2029		747,163
	490,000		5.000			10/01/2030		633,832
	1,025,000		5.000			10/01/2031		1,320,045
	880,000		5.000			10/01/2033		1,126,164
	615,000		5.000			10/01/2035		783,180
	705,000		5.000			10/01/2036		894,077
	880,000		5.000			10/01/2037		1,112,816
	880,000		5.000			10/01/2038		1,109,412
	880,000		5.000			10/01/2039		1,106,688
	970,000		5.000			10/01/2040		1,217,330
	950,000		5.000			10/01/2045		1,178,208
	995,000		5.000			10/01/2049		1,229,390
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (BBB+/NR)
	1,720,000		2.400			10/01/2049		1,736,738
	University of California RB Refunding Series 2013 AL-2 (AA/Aa2)(b)(c)
	39,860,000		0.070			10/01/2021		39,860,000
	University of California RB Refunding Series 2018 O (AA-/Aa3)
	3,500,000		5.500			05/15/2058		4,402,704
	University of California RB Refunding Series 2020 BE (AA/Aa2)
	8,800,000		5.000			05/15/2041		11,125,103
	University of California RB Series 2020 BG (AA/Aa2)
	5,575,000		1.316			05/15/2027		5,576,809
	West Contra Costa Unified School District GO Bonds Capital Appreciation for Election of 2002 Series 2004 C (NATL-RE) (AA-/Baa2)(d)
	1,175,000		0.000			08/01/2025		1,135,518
	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		901,252
								967,554,332

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – 3.5%
	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	$	8,408,468
	Adams County School District No. 1 GO Taxable Refunding Bonds Series 2017 B (ST AID WITHHLDG) (NR/NR)(h)
	325,000		5.250			12/01/2026		400,715
	Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR)
	1,425,000		4.700			12/01/2047		1,504,680
	Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR)
	2,975,000		5.500			12/01/2050		3,240,795
	Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)(a)(e)
	1,855,000		0.000			12/01/2049		1,542,825
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,054,000		4.500			12/01/2029		2,120,876
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (AA/NR)
	14,305,000		5.000			03/01/2043		17,192,006
	Board of Governors of Colorado State University System RB Refunding Series 2017 C (NR/NR)(h)
	9,555,000		5.000			03/01/2028		11,955,293
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Series 2017 A (NR/NR)
	525,000		5.000			12/01/2037		553,050
	Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR)
	525,000		5.000			12/01/2035		584,715
	515,000		5.000			12/01/2040		568,935
	Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)(e)
	1,120,000		5.000			12/01/2040		1,233,340
	Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	735,000		5.000			12/01/2035		801,589
	500,000		5.125			12/01/2048		541,601
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	1,000,000		5.250			12/01/2038		1,068,941
	Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)
	515,000		5.000			12/01/2041		545,126
	Cherry Creek Colorado School District No. 5 GO Bonds Series 2017 C (ST AID WITHHLDG) (AA+/Aa1)
	3,510,000		6.000			12/15/2029		4,591,975
	10,805,000		6.000			12/15/2030		14,062,106
	City Center West Residential Metropolitan District No. 2 GO Bonds Senior Series 2019 A (NR/NR)
	1,035,000		5.000			12/01/2049		1,111,799
	Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (NR/Baa3)
	150,000		4.000			05/01/2036		167,399
	150,000		4.000			05/01/2041		165,439
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (NR/Ba2)(e)
	300,000		5.000			02/01/2034		338,559
	Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (NR/Ba1)(e)
	1,400,000		5.000			10/01/2029		1,581,833
	2,500,000		5.000			10/01/2039		2,786,843
	Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (NR/Baa3)
	380,000		4.000			11/01/2029		397,971
	400,000		5.000			11/01/2039		425,435
	700,000		5.000			11/01/2049		739,268
	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		348,595
	350,000		5.000			06/01/2054		375,040
	Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (NR/Baa1)
	1,800,000		4.000			09/01/2045		2,063,821
	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		4,527,010
	Colorado Health Facilities Authority RB Refunding for Adventist Health System/Sunbelt Obligated Group Series 2019 B (AA/Aa2)(b)(c)
	6,000,000		5.000			11/19/2026		7,266,360
	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		1,268,049
	855,000		5.000			08/01/2035		1,067,521
	2,010,000		4.000			08/01/2044		2,278,529
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	855,000		5.000			08/01/2035		1,067,521
	2,140,000		5.000			08/01/2036		2,660,928
	855,000		5.000			08/01/2037		1,058,879
	1,285,000		5.000			08/01/2038		1,587,938
	2,575,000		5.000			08/01/2039		3,174,773
	3,495,000		4.000			08/01/2049		3,919,956
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)(b)(c)
	2,000,000		5.000			08/01/2025		2,279,067
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)(b)(c)
	4,285,000		5.000			08/01/2026		5,025,893
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (WD/NR)(h)
	1,150,000		5.000			06/01/2027		1,409,528

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)
Colorado – (continued)
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
$	1,730,000		4.000	%		11/01/2039	$	2,026,792
	7,435,000		5.000			11/01/2039		9,364,701
	8,285,000		5.000			11/01/2044		10,292,637
	1,950,000		5.000			11/01/2049		2,408,197
	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		1,415,597
	Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (A+/NR)
	1,250,000		2.496			11/01/2024		1,311,010
	2,730,000		2.678			11/01/2025		2,895,319
	Copper Ridge Metropolitan District RB Series 2019 (NR/NR)
	3,210,000		4.000			12/01/2029		3,337,886
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	242,000		3.500			12/01/2021		242,814
	500,000		4.500			12/01/2027		526,060
	Cottonwood Highlands Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000			12/01/2049		962,722
	Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,255,000		5.000			12/01/2039		1,357,147
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)(e)
	2,730,000		5.000			12/01/2029		2,989,128
	3,105,000		5.500			12/01/2039		3,447,369
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A/A2)
	1,500,000		5.000			12/01/2038		1,833,251
	11,500,000		5.250			12/01/2048		14,100,879
	Denver City & County Airport RB Refunding Series 2019 D (A+/A1)(b)(c)
	7,960,000		5.000			11/15/2022		8,371,741
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	5,000,000		5.500			11/15/2029		5,522,297
	Denver City & County School District No. 1 GO Bonds Series 2021 (ST AID WITHHLDG) (AA+/Aa1)
	6,095,000		4.000			12/01/2045		7,182,600
	Denver Colorado City & County GO Bonds Series 2020 A (AAA/Aaa)
	8,000,000		5.000			08/01/2032		10,554,427
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (B/NR)
	23,495,000		5.000			10/01/2032		24,858,781
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(e)
	4,995,000		5.000			12/01/2025		5,834,774
	5,145,000		5.000			12/01/2026		6,173,105
	5,285,000		5.000			12/01/2027		6,490,564
	Denver Convention Center Hotel Authority RB Refunding Series 2016 (BBB-/Baa2)
	640,000		5.000			12/01/2030		747,910
Municipal Bonds – (continued)
Colorado – (continued)
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	765,000		5.000			12/01/2024		866,923
	205,000		5.000			12/01/2025		239,465
	Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)
	880,000		5.000			12/01/2030		1,115,451
	1,230,000		5.000			12/01/2031		1,550,675
	3,500,000		5.000			12/01/2032		4,405,426
	Denver Urban Renewal Authority 9th & Colorado Urban Redevelopment Area RB Series 2018 A (NR/NR)(e)
	5,655,000		5.250			12/01/2039		6,157,172
	E-470 Public Highway Authority RB Refunding Series 2010 A (AGM-CR) (AA/A2)(d)
	1,500,000		0.000			09/01/2035		1,140,694
	E-470 Public Highway Authority RB Refunding Series 2020 A (A/A2)
	1,545,000		5.000			09/01/2026		1,862,608
	880,000		5.000			09/01/2027		1,086,576
	880,000		5.000			09/01/2028		1,108,785
	1,145,000		5.000			09/01/2034		1,472,106
	1,100,000		5.000			09/01/2035		1,411,610
	1,235,000		5.000			09/01/2036		1,580,146
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A2)(d)
	1,350,000		0.000			09/01/2030		1,162,692
	E-470 Public Highway Authority RB Series 2010 A (A/A2)(d)
	6,000,000		0.000			09/01/2040		3,810,972
	First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)
	470,000		3.000			12/01/2029		500,726
	Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)
	650,000		4.000			12/01/2031		673,969
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000			12/01/2039		991,876
	Indy Oak TOD Metropolitan District GO Bonds Series 2020 A (NR/NR)(e)
	1,070,000		5.500			12/01/2050		1,177,747
	Jefferson County School District R-1 GO Bonds Series 2020 A (ST AID WITHHLDG) (AA/Aa1)
	8,630,000		4.000			12/15/2037		10,469,919
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	1,375,000		5.000			12/01/2039		1,485,975
	1,000,000		5.000			12/01/2049		1,073,403
	Mayfield Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,185,000		5.750			12/01/2050		1,307,729
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,380,000		5.000			12/01/2039		1,497,324
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	500,000		5.500			12/01/2048		534,886

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR)
$	215,000		4.000	%		12/01/2022	$	221,486
	160,000		4.000			12/01/2023		170,620
	175,000		4.000			12/01/2024		191,251
	100,000		4.000			12/01/2025		111,306
	315,000		4.000			12/01/2026		356,054
	290,000		4.000			12/01/2029		337,631
	205,000		4.000			12/01/2030		237,343
	225,000		4.000			12/01/2031		259,428
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	407,000		4.375			12/01/2031		420,117
	500,000		5.000			12/01/2046		516,250
	Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)(e)
	500,000		4.000			12/01/2035		531,957
	500,000		5.000			12/01/2041		548,448
	Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)
	925,000		5.000			12/01/2040		1,011,639
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000		5.000			12/01/2049		695,403
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.625			12/01/2048		1,072,898
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	2,000,000		6.250			11/15/2028		2,513,037
	Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	5,000,000		5.000			12/01/2039		5,398,425
	Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR)(g)
	1,250,000		4.000			12/01/2036		1,283,761
	2,000,000		4.000			12/01/2041		2,035,412
	Reata Ridge Village Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	900,000		5.000			12/01/2049		969,276
	Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (A-/Baa2)
	220,000		5.000			07/15/2026		261,077
	425,000		5.000			01/15/2027		510,249
	430,000		5.000			07/15/2027		522,266
	440,000		5.000			01/15/2028		540,041
	Regional Transportation District Sales Tax Revenue RB Series 2016 A (AA+/Aa2)
	19,445,000		5.000			11/01/2046		22,818,719
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	850,000		5.000			12/01/2049		910,279
	Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)
	2,875,000		5.000			12/01/2039		3,108,812
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	487,000		4.500			12/01/2028		519,460
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		1,361,659
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	75,000		5.000			12/01/2025		86,711
	125,000		5.000			12/01/2026		147,837
	150,000		5.000			12/01/2027		180,652
	235,000		5.000			12/01/2028		287,541
	175,000		5.000			12/01/2029		217,552
	300,000		4.000			12/01/2030		351,783
	300,000		4.000			12/01/2031		350,336
	375,000		4.000			12/01/2032		436,585
	220,000		4.000			12/01/2034		254,559
	325,000		4.000			12/01/2039		371,707
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500			12/01/2048		539,920
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-1 (NR/Ba1)
	100,000		3.000			12/01/2022		101,148
	1,000,000		5.000			12/01/2037		1,133,982
	Southlands Metropolitan District No. 1 GO Refunding Bonds Series 2017 A-2 (NR/Ba1)
	100,000		3.500			12/01/2027		106,988
	115,000		5.000			12/01/2037		130,408
	325,000		5.000			12/01/2047		363,031
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		1,059,155
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/A3)
	350,000		5.000			12/01/2032		417,612
	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		1,057,641
	6,920,000		5.000			12/01/2047		7,275,140
	Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR)
	1,250,000		3.750			12/01/2040		1,364,071
	The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,000,000		4.150			12/01/2030		1,103,603
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)
	195,000		5.000			12/01/2026		234,619
	205,000		5.000			12/01/2027		252,585
	210,000		5.000			12/01/2028		264,372
	210,000		5.000			12/01/2029		269,509
	215,000		5.000			12/01/2030		274,611
	230,000		5.000			12/01/2031		293,398
	250,000		5.000			12/01/2032		318,621
	255,000		5.000			12/01/2033		323,972
	285,000		5.000			12/01/2034		361,046
	100,000		5.000			12/01/2035		126,457
	695,000		5.000			12/01/2050		855,122

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)
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	$	100,880
	105,000		5.000			12/15/2022		110,575
	115,000		5.000			12/15/2023		126,087
	130,000		5.000			12/15/2024		147,738
	125,000		5.000			12/15/2025		145,293
	135,000		5.000			12/15/2026		156,726
	125,000		5.000			12/15/2027		144,734
	125,000		5.000			12/15/2028		144,427
	125,000		5.000			12/15/2029		144,161
	125,000		5.000			12/15/2030		143,957
	135,000		5.000			12/15/2031		155,251
	160,000		5.000			12/15/2032		183,706
	1,045,000		3.250			12/15/2050		1,125,561
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR)
	1,000,000		5.000			12/01/2040		1,100,955
	Wild Plum Metropolitan District GO Bonds Series 2019 A (NR/NR)
	595,000		5.000			12/01/2049		644,469
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	1,250,000		5.375			12/01/2048		1,337,128
	Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)
	600,000		5.000			12/01/2039		647,212
								379,848,991
Connecticut – 1.2%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	450,000		5.000			08/01/2026		535,113
	965,000		5.000			08/01/2027		1,172,020
	1,165,000		5.000			08/01/2028		1,440,178
	750,000		5.500			08/01/2029		942,392
	350,000		5.500			08/01/2030		437,275
	525,000		5.500			08/01/2031		653,272
	500,000		5.500			08/01/2032		620,499
	405,000		5.500			08/01/2033		501,281
	City of New Haven GO Refunding Bonds Series 2019 B (AGM) (AA/A2)
	1,350,000		5.000			02/01/2024		1,492,492
	1,400,000		5.000			02/01/2026		1,655,534
	600,000		5.000			02/01/2027		729,101
	1,050,000		5.000			02/01/2028		1,307,340
	Connecticut State GO Bonds Series 2018 C (A+/Aa3)
	680,000		5.000			06/15/2028		862,405
	Connecticut State GO Refunding Bonds Series 2017 B (A+/Aa3)
	5,000,000		5.000			04/15/2028		6,316,206
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 A (BB+/NR)(e)
	400,000		5.000			01/01/2030		455,204
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-1 (BB+/NR)(e)
	650,000		3.250			01/01/2027		661,993
Municipal Bonds – (continued)
Connecticut – (continued)
	Connecticut State Health & Educational Facilities Authority RB for McLean Affiliates Obligated Group Series 2020 B-2 (BB+/NR)(e)
	550,000		2.750			01/01/2026		554,760
	Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)(b)(c)
	2,290,000		1.800			07/01/2024		2,362,250
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	390,000		5.000			07/01/2025		444,320
	575,000		5.000			07/01/2026		671,204
	440,000		5.000			07/01/2027		524,238
	530,000		5.000			07/01/2028		643,079
	485,000		5.000			07/01/2029		598,327
	875,000		5.000			07/01/2030		1,071,090
	645,000		5.000			07/01/2031		785,263
	575,000		5.000			07/01/2032		696,945
	475,000		5.000			07/01/2033		573,666
	450,000		5.000			07/01/2034		541,857
	870,000		4.000			07/01/2039		964,822
	Great Pond Improvement District RB for Great Pond Phase 1 Project Series 2019 (NR/NR)(e)
	3,675,000		4.750			10/01/2048		3,877,996
	Hartford County Metropolitan District GO Bonds Series 2016 C (AGM) (AA/Aa3)
	5,540,000		5.000			11/01/2026		6,743,569
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (CCC+/NR)(e)
	3,750,000		7.000			02/01/2045		3,948,905
	State of Connecticut GO Bonds Series 2018 (A+/Aa3)
	1,770,000		5.000			06/15/2027		2,190,934
	755,000		5.000			06/15/2029		951,633
	State of Connecticut GO Bonds Series 2018 C (A+/Aa3)
	165,000		5.000			06/15/2032		205,782
	State of Connecticut GO Unlimited Bonds Series 2019 A (A+/Aa3)
	1,500,000		5.000			04/15/2025		1,742,709
	6,395,000		5.000			04/15/2026		7,674,153
	1,350,000		5.000			04/15/2028		1,705,376
	1,000,000		5.000			04/15/2035		1,254,835
	1,000,000		5.000			04/15/2036		1,250,897
	1,000,000		5.000			04/15/2039		1,242,256
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bonds Series 2010 B (AA-/Aa3)
	3,220,000		4.576			11/01/2022		3,367,743
	State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2013 A (AA-/Aa3)
	1,035,000		5.000			10/01/2029		1,128,845
	State of Connecticut State Revolving Fund RB Series 2017 A (AAA/Aaa)
	9,655,000		5.000			05/01/2036		11,645,969

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Connecticut – (continued)
	State of Connecticut State Revolving Fund RB Series 2019 A (AAA/Aaa)
$	6,910,000		5.000	%		02/01/2032	$	8,785,833
	4,000,000		5.000			02/01/2033		5,075,050
	14,215,000		5.000			02/01/2036		17,914,042
	8,640,000		5.000			02/01/2037		10,867,629
	6,295,000		5.000			02/01/2039		7,889,433
	Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)(g)
	480,000		4.000			04/01/2036		502,829
	400,000		4.000			04/01/2041		414,540
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	325,000		5.000			11/01/2025		379,585
	325,000		5.000			11/01/2026		388,954
	325,000		5.000			11/01/2027		396,893
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	645,000		5.000			11/01/2024		730,860
	240,000		5.000			11/01/2026		287,228
								132,778,604
Delaware – 0.3%
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	700,000		5.000			06/01/2025		806,042
	760,000		5.000			06/01/2026		899,398
	725,000		5.000			06/01/2027		878,156
	600,000		5.000			06/01/2029		747,148
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)
	440,000		4.000			08/01/2029		475,227
	615,000		5.000			08/01/2039		698,555
	Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (BBB+/NR)
	530,000		4.000			09/01/2030		607,263
	1,550,000		5.000			09/01/2040		1,902,864
	Delaware State GO Refunding Bonds Series 2021 (AAA/Aaa)
	15,575,000		5.000			02/01/2029		20,051,808
	Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (NR/Baa3)
	500,000		4.000			07/01/2023		522,973
	545,000		4.000			07/01/2024		581,632
	564,000		4.000			07/01/2025		610,970
	613,000		4.000			07/01/2026		670,353
	667,000		4.000			07/01/2027		735,712
	2,230,000		4.000			07/01/2030		2,449,875
	University of Delaware RB Series 2015 (AA+/WR)(h)
	1,805,000		5.000			05/01/2025		2,098,722
								34,736,698
District of Columbia – 1.1%
	District of Columbia GO Refunding Bonds Series 2017 A (AA+/Aaa)
	10,000,000		5.000			06/01/2035		12,168,767
	1,300,000		4.000			06/01/2037		1,497,884
	District of Columbia RB for International School Series 2019 (BBB/NR)
	860,000		5.000			07/01/2039		1,032,847
Municipal Bonds – (continued)
District of Columbia – (continued)
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	1,275,000		4.000			07/01/2039		1,438,898
	550,000		4.000			07/01/2044		612,782
	District of Columbia RB for Rocketship DC Obligated Group Series 2021 A (NR/NR)(e)
	880,000		5.000			06/01/2041		1,033,114
	District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A+/A2)
	1,000,000		2.246			04/01/2027		1,035,039
	1,000,000		2.412			04/01/2028		1,038,527
	1,250,000		2.532			04/01/2029		1,300,757
	1,150,000		2.582			04/01/2030		1,190,854
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/A3)
	315,000		6.500			05/15/2033		346,892
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2012 C (AA+/Aa2)
	5,000,000		5.000			10/01/2030		5,235,220
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (AA+/Aa2)(b)(c)
	6,390,000		1.750			10/01/2024		6,632,407
	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		1,324,211
	850,000		5.000			10/01/2033		1,058,127
	850,000		5.000			10/01/2034		1,057,151
	850,000		5.000			10/01/2035		1,055,016
	1,375,000		5.000			10/01/2036		1,700,662
	850,000		5.000			10/01/2037		1,048,768
	850,000		5.000			10/01/2038		1,046,051
	1,275,000		5.000			10/01/2039		1,566,760
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2)
	695,000		4.000			10/01/2044		784,233
	925,000		5.000			10/01/2047		1,120,593
	1,390,000		4.000			10/01/2049		1,558,012
	2,710,000		4.000			10/01/2053		3,018,854
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)
	2,130,000		3.000			10/01/2050		2,226,621
	2,785,000		4.000			10/01/2053		3,171,818
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (A+/Aa3)
	3,400,000		5.000			10/01/2029		3,553,685
	Metropolitan Washington Airports Authority RB Refunding Series 2016 A (AMT) (A+/Aa3)
	1,325,000		5.000			10/01/2032		1,579,831
	4,000,000		5.000			10/01/2035		4,744,877
	Metropolitan Washington Airports Authority RB Refunding Series 2017 A (AMT) (A+/Aa3)
	9,155,000		5.000			10/01/2024		10,373,871
	19,185,000		5.000			10/01/2029		23,541,802
	Metropolitan Washington Airports Authority RB Refunding Series 2018 A (AMT) (A+/Aa3)
	6,375,000		5.000			10/01/2034		7,904,616

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)
District of Columbia – (continued)
	Washington Metropolitan Area Transit Authority RB Series 2021 A (AA/NR)
$	4,400,000		5.000	%		07/15/2037	$	5,773,321
								113,772,868
Florida – 10.1%
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (AA/NR)
	7,245,000		3.250			05/01/2036		7,778,720
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR)
	950,000		4.000			05/01/2025		981,207
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	110,000		4.000			05/01/2024		112,923
	215,000		4.500			05/01/2029		233,501
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	635,000		2.875			05/01/2025		647,745
	3,400,000		3.250			05/01/2031		3,545,891
	1,420,000		3.625			05/01/2040		1,475,994
	1,725,000		4.000			05/01/2051		1,804,900
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	285,000		3.500			05/01/2024		292,490
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	360,000		2.500			05/01/2024		373,937
	370,000		3.000			05/01/2025		394,336
	380,000		3.000			05/01/2026		407,687
	395,000		3.125			05/01/2027		420,699
	Anthem Park Community Development District Special Assessment RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	225,000		4.250			05/01/2027		231,938
	355,000		4.750			05/01/2036		369,333
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	370,000		4.125			05/01/2023		376,346
	Arlington Ridge Community Development District Special Assessment RB Series 2019 (NR/NR)
	330,000		3.600			05/01/2029		343,300
	390,000		4.000			05/01/2036		414,824
	Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)
	280,000		3.125			11/01/2024		284,183
	1,015,000		3.500			11/01/2030		1,063,437
	1,745,000		4.000			11/01/2040		1,835,376
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(e)
	315,000		4.200			05/01/2024		323,484
	630,000		4.550			05/01/2029		686,740
	Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)(e)
	300,000		2.500			05/01/2026		297,686
	500,000		3.000			05/01/2031		493,020
	425,000		3.200			05/01/2041		414,699
Municipal Bonds – (continued)
Florida – (continued)
	Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)(e)
	250,000		2.500			05/01/2026		248,072
	315,000		3.000			05/01/2031		310,602
	Avalon Groves Community Development District Special Assessment for Assessment Area One Phase 1 Project 1 & 2 Series 2019 (NR/NR)
	135,000		3.350			11/01/2024		137,764
	200,000		3.700			11/01/2029		213,289
	695,000		4.125			11/01/2039		743,726
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	155,000		5.000			05/01/2028		166,205
	Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)
	200,000		3.000			05/01/2032		200,139
	225,000		3.375			05/01/2041		226,615
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	455,000		5.375			05/01/2028		494,383
	Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR)
	200,000		2.250			05/01/2026		198,106
	290,000		2.750			05/01/2031		284,713
	Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR)
	440,000		2.500			05/01/2025		445,068
	320,000		3.250			05/01/2030		330,023
	Avelar Creek Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	170,000		2.250			05/01/2022		171,726
	175,000		2.500			05/01/2023		180,388
	180,000		2.500			05/01/2024		188,330
	185,000		3.000			05/01/2025		198,854
	190,000		3.000			05/01/2026		206,754
	1,065,000		3.625			05/01/2031		1,160,341
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(e)
	95,000		3.625			06/01/2024		97,535
	450,000		4.000			06/01/2030		485,716
	Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR)
	410,000		2.500			05/01/2025		414,759
	285,000		3.000			05/01/2030		292,603
	775,000		4.000			05/01/2040		828,411
	Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR)
	625,000		2.500			05/01/2025		632,292
	250,000		3.000			05/01/2030		256,675
	840,000		4.000			05/01/2040		897,890

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR)
$	205,000		2.500	%		05/01/2025	$	207,395
	145,000		3.000			05/01/2030		148,864
	385,000		4.000			05/01/2040		411,533
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	210,000		5.000			11/01/2031		228,093
	100,000		5.250			11/01/2046		108,768
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(e)
	245,000		4.000			11/01/2024		252,241
	365,000		4.500			11/01/2029		403,928
	Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR)
	360,000		2.375			05/01/2026		357,991
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	75,000		4.500			11/01/2025		78,766
	175,000		5.000			11/01/2036		198,118
	310,000		5.000			11/01/2048		346,688
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	525,000		4.250			05/01/2029		579,907
	465,000		4.500			05/01/2035		508,771
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)
	595,000		4.500			05/01/2025		624,462
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	130,000		2.500			05/01/2023		133,775
	135,000		2.750			05/01/2024		142,036
	90,000		3.000			05/01/2025		96,542
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (A+/NR)
	315,000		3.500			05/01/2023		329,124
	325,000		3.500			05/01/2024		348,321
	340,000		3.500			05/01/2025		371,685
	350,000		3.500			05/01/2026		388,831
	365,000		3.500			05/01/2027		409,869
	Bellagio Community Development District Special Assessment Bonds Series 2016 (BBB/NR)
	155,000		2.500			11/01/2022		156,412
	160,000		2.750			11/01/2023		163,408
	170,000		3.000			11/01/2025		176,603
	Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	830,000		2.625			05/01/2025		839,900
	1,075,000		3.250			05/01/2030		1,109,461
	Belmont II Community Development District Special Assessment Series 2020 (NR/NR)
	305,000		2.500			12/15/2025		308,929
	325,000		3.125			12/15/2030		335,457
Municipal Bonds – (continued)
Florida – (continued)
	Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)
$	100,000		3.000	%		06/15/2025	$	102,001
	465,000		3.250			06/15/2030		480,456
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	240,000		3.500			06/15/2024		246,485
	1,000,000		4.000			06/15/2032		1,085,713
	Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR)
	395,000		2.500			05/01/2026		396,894
	455,000		3.000			05/01/2031		459,022
	Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	325,000		2.875			05/01/2025		332,211
	1,130,000		3.250			05/01/2031		1,175,448
	500,000		3.625			05/01/2040		518,860
	Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR)
	425,000		2.375			05/01/2026		421,712
	400,000		2.850			05/01/2031		394,377
	Broward County School District GO Bonds Series 2021 (AA-/Aa2)
	6,410,000		5.000			07/01/2038		8,428,498
	6,645,000		5.000			07/01/2039		8,713,335
	4,420,000		5.000			07/01/2040		5,782,178
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	205,000		3.250			12/15/2024		209,085
	1,280,000		3.500			12/15/2030		1,339,086
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)*
	20,250,000		5.875			07/01/2054		16,605,000
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)(e)
	28,215,000		5.250			12/01/2058		32,511,611
	Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (NR/Ba2)(e)
	610,000		4.000			07/01/2041		666,027
	760,000		4.000			07/01/2051		816,443
	Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)(e)
	230,000		3.250			06/01/2031		232,610
	Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (NR/Ba1)(e)
	425,000		3.000			12/15/2029		441,169
	645,000		5.000			12/15/2039		763,927
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (NR/Ba2)(e)
	900,000		4.000			12/01/2028		988,524
	1,375,000		5.250			12/01/2043		1,603,734
	Capital Trust Agency, Inc. RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)(e)
	880,000		4.500			01/01/2035		965,893

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)
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)
$	558,000		4.250	%		05/01/2031	$	612,066
	Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR)
	210,000		2.250			05/01/2026		208,101
	Central Florida Expressway Authority RB Senior Lien Series 2019 A (A+/A1)
	1,100,000		5.000			07/01/2024		1,240,141
	1,250,000		5.000			07/01/2025		1,460,121
	Central Florida Expressway Authority RB Senior Lien Series 2019 B (A+/A1)
	5,000,000		5.000			07/01/2024		5,637,004
	1,850,000		5.000			07/01/2025		2,160,979
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	110,000		3.500			11/01/2025		119,929
	115,000		3.500			11/01/2026		127,075
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	235,000		2.500			05/01/2023		241,261
	245,000		2.500			05/01/2024		254,485
	250,000		3.000			05/01/2025		266,534
	255,000		3.000			05/01/2026		274,285
	600,000		4.250			05/01/2037		651,653
	Century Gardens Community Development District Special Assessment Bonds Series 2019 (NR/NR)(e)
	127,000		3.875			11/01/2024		130,329
	189,000		4.200			11/01/2029		205,533
	750,000		5.000			11/01/2049		830,820
	Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	120,000		3.000			05/01/2025		122,464
	655,000		3.375			05/01/2031		681,450
	630,000		3.750			05/01/2040		658,731
	CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	295,000		2.400			05/01/2026		294,616
	650,000		2.875			05/01/2031		646,368
	740,000		3.350			05/01/2041		738,932
	Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)(e)
	175,000		2.500			05/01/2026		174,698
	260,000		3.000			05/01/2031		259,352
	Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)(e)
	490,000		2.625			05/01/2025		495,273
	595,000		3.200			05/01/2030		611,133
	Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR)
	190,000		3.250			05/01/2025		194,333
	360,000		3.750			05/01/2030		380,858
	975,000		4.250			05/01/2040		1,049,706
Municipal Bonds – (continued)
Florida – (continued)
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2015 (AMT) (NR/NR)(e)
	1,350,000		5.500			10/01/2036		1,467,678
	Charlotte County Industrial Development Authority Utility System RB for Town & Country Utilities Project Series 2019 (NR/NR)(e)
	1,000,000		5.000			10/01/2029		1,116,711
	1,000,000		5.000			10/01/2034		1,110,254
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,000,000		4.000			10/01/2034		1,113,066
	City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (BBB+/NR)
	1,300,000		3.250			09/01/2025		1,391,299
	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		1,045,934
	750,000		5.000			07/01/2040		938,150
	1,420,000		4.000			07/01/2045		1,614,883
	6,460,000		5.000			07/01/2050		7,935,220
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BB+/NR)
	415,000		5.000			01/01/2037		466,797
	1,485,000		5.000			01/01/2047		1,653,702
	1,395,000		5.000			01/01/2052		1,550,491
	City of West Palm Beach Utility System RB Series 2017 A (AA+/Aa2)
	15,000,000		5.000			10/01/2042		18,066,121
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)(a)
	5,000,000		0.000			05/01/2038		5,536,219
	Coco Palms Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)(e)
	155,000		3.625			06/15/2024		159,515
	295,000		4.000			06/15/2029		320,469
	Coconut Cay Community Development District Special Assessment Series 2006 (NR/NR)
	690,000		5.375			05/01/2036		691,435
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	880,000		2.375			05/01/2023		901,869
	900,000		2.500			05/01/2024		937,417
	925,000		2.750			05/01/2025		982,111
	915,000		3.000			05/01/2026		990,561
	980,000		3.200			05/01/2027		1,060,946
	1,015,000		3.250			05/01/2028		1,091,244
	1,500,000		3.750			05/01/2046		1,586,716
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	175,000		3.200			12/15/2024		178,517
	500,000		3.500			12/15/2029		528,870
	325,000		4.000			12/15/2039		348,134

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
$	215,000		2.750	%		05/01/2025	$	218,377
	Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)
	940,000		3.000			05/01/2031		957,374
	820,000		3.000			05/01/2037		819,980
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(e)
	185,000		3.750			11/01/2023		188,105
	400,000		4.500			11/01/2028		431,541
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	129,000		3.000			05/01/2023		133,568
	133,000		3.250			05/01/2024		140,924
	138,000		3.500			05/01/2025		149,336
	143,000		3.625			05/01/2026		157,773
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (AA/NR)
	195,000		3.000			05/01/2022		197,445
	205,000		3.250			05/01/2023		214,150
	210,000		3.375			05/01/2024		224,735
	220,000		3.500			05/01/2025		241,482
	215,000		4.125			05/01/2035		235,667
	County of Broward RB for Airport System Series 2012 Q-1 (A/A1)(h)
	855,000		5.000			10/01/2022		896,251
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	2,810,000		5.000			09/01/2033		3,567,619
	2,955,000		5.000			09/01/2034		3,737,740
	3,005,000		5.000			09/01/2035		3,794,567
	1,610,000		4.000			09/01/2036		1,853,528
	3,520,000		4.000			09/01/2038		4,032,179
	County of Escambia PCRB for Gulf Power Co. Project Series 2003 (A/A1)
	7,500,000		2.600			06/01/2023		7,765,080
	County of Escambia RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(b)(c)
	400,000		2.000			10/01/2024		416,631
	County of Lake RB for Waterman Communities, Inc. Series 2020 B-3 (NR/NR)
	2,000,000		3.375			08/15/2026		2,012,571
	County of Miami-Dade Aviation RB Series 2019 A (AMT) (A-/NR)
	4,500,000		4.000			10/01/2044		5,067,247
	21,220,000		5.000			10/01/2044		25,993,935
	County of Miami-Dade Water & Sewer System RB Series 2017 A (AA-/Aa3)
	8,900,000		4.000			10/01/2037		10,365,400
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	400,000		5.000			10/01/2026		479,981
	475,000		5.000			10/01/2027		585,277
Municipal Bonds – (continued)
Florida – (continued)
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR) – (continued)
	525,000		5.000			10/01/2028		662,079
	450,000		5.000			10/01/2029		579,372
	770,000		5.000			10/01/2030		983,879
	365,000		5.000			10/01/2031		464,755
	415,000		5.000			10/01/2032		527,120
	350,000		5.000			10/01/2033		443,372
	265,000		5.000			10/01/2034		334,734
	435,000		5.000			10/01/2035		548,705
	600,000		5.000			10/01/2036		755,008
	525,000		5.000			10/01/2037		659,085
	805,000		5.000			10/01/2038		1,008,712
	1,000,000		5.000			10/01/2039		1,249,722
	2,000,000		5.000			10/01/2044		2,472,659
	1,160,000		5.000			10/01/2049		1,425,566
	1,390,000		4.000			10/01/2054		1,575,748
	County of Osceola Transportation RB Refunding Series 2019 A-2 (BBB+/NR)(d)
	155,000		0.000			10/01/2025		147,227
	275,000		0.000			10/01/2026		255,739
	360,000		0.000			10/01/2027		326,991
	500,000		0.000			10/01/2028		443,045
	700,000		0.000			10/01/2029		602,151
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)(e)
	450,000		3.875			11/01/2024		461,032
	740,000		4.250			11/01/2030		798,809
	Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)(e)
	100,000		3.125			11/01/2030		101,525
	155,000		3.625			11/01/2040		158,492
	Crossings at Fleming Island Community Development District Special Assessment RB Refunding Senior Lien Series 2014 A-1 (BBB/NR)
	1,145,000		4.000			05/01/2024		1,174,274
	Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR)
	225,000		2.250			05/01/2026		223,254
	300,000		2.700			05/01/2031		295,753
	Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)
	605,000		2.625			06/15/2025		611,952
	660,000		3.000			06/15/2031		673,373
	475,000		4.000			06/15/2040		504,321
	Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)(e)
	210,000		2.625			05/01/2025		211,922
	295,000		3.250			05/01/2030		302,427
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	185,000		3.750			11/01/2023		188,549
	730,000		4.500			11/01/2028		798,375
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	2,665,000		5.400			05/01/2039		2,993,281
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	1,670,000		5.300			05/01/2039		1,920,987

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)
	DG Farms Community Development District Special Assessment Series 2020 (NR/NR)
$	225,000		3.250	%		05/01/2030	$	229,171
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	2,535,000		4.600			05/01/2028		2,716,755
	745,000		4.250			12/15/2028		804,774
	2,395,000		4.750			12/15/2038		2,745,546
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	690,000		3.750			05/01/2034		757,660
	960,000		4.000			05/01/2037		1,060,349
	DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)(e)
	360,000		2.375			05/01/2026		360,724
	470,000		3.000			05/01/2032		471,682
	Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)(e)
	240,000		3.000			05/01/2025		244,822
	440,000		3.625			05/01/2031		464,323
	East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	160,000		2.500			05/01/2026		159,655
	240,000		3.000			05/01/2031		239,204
	550,000		3.300			05/01/2041		546,066
	East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR)
	500,000		2.250			05/01/2026		500,374
	460,000		3.000			05/01/2032		461,648
	East Homestead Community Development District Special Assessment Bonds Expansion Area Project Series 2019 (NR/NR)
	200,000		3.750			11/01/2024		204,902
	East Homestead Community Development District Special Assessment Expansion Bonds Area Project Series 2019 (NR/NR)
	280,000		4.125			11/01/2029		303,390
	Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)
	115,000		2.750			05/01/2025		116,448
	110,000		3.250			05/01/2030		113,051
	Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)
	475,000		2.500			05/01/2026		478,616
	700,000		3.100			05/01/2031		712,887
	Enbrook Community Development District Special Assessment Series 2020 (NR/NR)(e)
	430,000		3.000			05/01/2030		440,418
	700,000		4.000			05/01/2040		743,852
	Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)(e)
	375,000		2.625			05/01/2031		369,828
	930,000		3.125			05/01/2041		914,571
Municipal Bonds – (continued)
Florida – (continued)
	Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR)
	300,000		2.500			05/01/2026		301,058
	450,000		3.000			05/01/2031		453,360
	470,000		3.500			05/01/2041		475,341
	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		3,545,626
	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		3,364,633
	3,080,000		5.000			08/15/2032		3,912,931
	2,595,000		5.000			08/15/2033		3,286,273
	2,125,000		5.000			08/15/2034		2,682,472
	2,760,000		5.000			08/15/2035		3,477,667
	3,960,000		5.000			08/15/2036		4,975,314
	5,280,000		5.000			08/15/2037		6,615,024
	1,200,000		5.000			08/15/2038		1,499,937
	3,605,000		5.000			08/15/2040		4,485,909
	5,675,000		4.000			08/15/2045		6,404,827
	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		1,050,505
	375,000		3.625			11/01/2030		399,133
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)
	215,000		3.250			11/01/2025		220,343
	235,000		3.625			11/01/2030		250,118
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(e)
	275,000		4.125			11/01/2024		281,174
	445,000		4.250			11/01/2029		479,671
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	620,000		3.250			05/01/2023		631,447
	1,945,000		4.250			05/01/2029		2,159,398
	3,165,000		5.000			05/01/2035		3,705,741
	Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)
	355,000		3.500			05/01/2030		372,202
	165,000		4.000			05/01/2040		175,126
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (AA/NR)
	1,450,000		2.750			11/01/2035		1,512,391
	Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)(e)
	1,505,000		4.000			06/01/2030		1,616,845
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)(e)
	425,000		4.000			12/15/2029		469,103
	425,000		5.000			12/15/2034		497,046
	490,000		5.000			12/15/2039		568,619

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (BB+/NR)(e)
$	1,675,000		5.125	%		06/01/2040	$	1,965,863
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (BB+/NR)(e)
	820,000		1.750			06/01/2026		817,076
	Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (NR/Baa3)
	320,000		4.000			07/01/2035		348,054
	Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)
	420,000		4.000			06/01/2030		445,165
	Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)(e)
	4,900,000		7.375			01/01/2049		5,332,198
	Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR)
	275,000		5.000			06/01/2031		322,050
	200,000		5.000			06/01/2035		232,204
	Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (NR/Ba2)(e)
	630,000		4.000			06/30/2036		691,534
	660,000		4.000			06/30/2041		712,942
	Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (BB+/NR)(e)
	415,000		4.000			06/01/2026		462,893
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A-/Baa1)
	250,000		5.000			04/01/2026		293,930
	265,000		5.000			04/01/2027		318,973
	280,000		5.000			04/01/2028		344,435
	220,000		5.000			04/01/2029		275,964
	Florida Development Finance Corp. RB Refunding for Renaissance Charter School, Inc. Series 2020 C (NR/NR)(e)
	470,000		4.000			09/15/2030		508,190
	1,050,000		5.000			09/15/2040		1,169,640
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)(b)(c)(e)
	485,000		6.250			01/01/2024		494,467
	9,090,000		6.375			01/01/2026		9,279,040
	20,465,000		6.500			01/01/2029		20,844,239
	Florida Higher Educational Facilities Financial Authority RB for Florida Institute of Technology, Inc. Series 2019 (BBB-/NR)
	250,000		5.000			10/01/2022		260,503
	250,000		5.000			10/01/2023		270,498
	350,000		5.000			10/01/2024		391,272
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)(e)
	2,000,000		4.500			06/01/2033		2,343,257
	250,000		4.750			06/01/2038		293,164
	4,500,000		5.000			06/01/2048		5,255,061
Municipal Bonds – (continued)
Florida – (continued)
	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		2,363,378
	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		1,975,064
	Florida Higher Educational Facilities Financial Authority RB Ringling College of Art and Design, Inc. Series 2017 (BBB/NR)
	2,750,000		5.000			03/01/2047		3,169,227
	Flow Way Community Development District Special Assessment Bonds for Phase 5 Project Series 2016 (NR/NR)
	1,540,000		4.875			11/01/2037		1,659,906
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	200,000		4.000			11/01/2028		212,640
	1,065,000		5.000			11/01/2038		1,191,924
	840,000		5.000			11/01/2047		933,347
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	370,000		3.350			11/01/2024		377,626
	885,000		3.700			11/01/2029		946,606
	1,790,000		4.125			11/01/2039		1,921,347
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	465,000		3.750			11/01/2039		486,776
	Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)(e)
	700,000		2.625			05/01/2025		708,214
	500,000		3.250			05/01/2030		516,004
	Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR)(e)(g)
	615,000		2.950			05/01/2031		609,951
	1,595,000		3.350			05/01/2041		1,572,475
	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		881,064
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	830,000		3.250			05/01/2025		846,160
	1,360,000		4.000			05/01/2030		1,440,675
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	335,000		3.750			11/01/2024		342,827
	560,000		4.125			11/01/2029		602,509
	1,205,000		4.750			11/01/2039		1,330,967
	1,950,000		5.000			11/01/2050		2,164,110
	Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	705,000		2.500			05/01/2026		706,420
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
	940,000		5.000			11/15/2036		985,773

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)
	Greater Orlando Aviation Authority Airport Facilities RB Series 2019 A (AMT) (A+/Aa3)
$	4,605,000		5.000	%		10/01/2022	$	4,823,998
	14,000,000		5.000			10/01/2023		15,292,871
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A/A1)
	1,290,000		5.000			10/01/2047		1,541,207
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (A+/WR)
	2,375,000		5.000			10/01/2021		2,375,000
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	235,000		3.000			11/01/2024		238,661
	1,095,000		3.500			11/01/2030		1,152,966
	2,400,000		4.375			11/01/2049		2,580,638
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	550,000		3.875			05/01/2026		573,120
	Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR)
	425,000		2.625			05/01/2025		429,320
	510,000		3.250			05/01/2030		523,888
	Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)
	195,000		2.375			05/01/2026		195,096
	205,000		3.000			05/01/2031		205,692
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	770,000		3.100			05/01/2024		785,174
	1,880,000		3.300			05/01/2029		1,985,779
	370,000		3.700			05/01/2033		395,951
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	300,000		3.100			05/01/2024		305,901
	1,150,000		3.300			05/01/2029		1,214,683
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)(e)
	265,000		4.000			05/01/2024		288,031
	265,000		4.000			05/01/2025		294,550
	140,000		4.000			05/01/2026		158,453
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	100,000		3.250			11/01/2024		102,186
	400,000		3.500			11/01/2030		420,416
	1,000,000		3.875			11/01/2039		1,055,702
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	125,000		3.625			11/01/2030		131,760
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	1,000,000		5.000			05/01/2034		1,155,671
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	215,000		4.000			05/01/2024		233,917
Municipal Bonds – (continued)
Florida – (continued)
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR) – (continued)
	225,000		4.000			05/01/2025		251,356
	235,000		4.000			05/01/2026		268,463
	240,000		4.000			05/01/2027		278,764
	250,000		4.000			05/01/2028		288,469
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	585,000		3.375			05/01/2023		608,301
	605,000		3.500			05/01/2024		646,166
	630,000		3.625			05/01/2025		685,429
	650,000		3.750			05/01/2026		706,825
	1,010,000		4.200			05/01/2031		1,096,905
	1,000,000		4.350			05/01/2036		1,082,894
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (AA/NR)
	265,000		2.500			05/01/2027		279,662
	350,000		2.500			05/01/2028		369,741
	360,000		2.500			05/01/2029		380,140
	365,000		2.500			05/01/2030		384,672
	375,000		2.500			05/01/2031		392,775
	300,000		3.000			05/01/2032		326,027
	300,000		3.000			05/01/2033		324,932
	245,000		3.000			05/01/2034		264,449
	255,000		3.000			05/01/2035		274,567
	200,000		3.000			05/01/2036		214,569
	Highland Meadows West Community Development District Special Assessment for Assessment Area 2 Series 2020 A (NR/NR)
	235,000		2.875			05/01/2025		238,978
	200,000		3.250			05/01/2031		208,350
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	140,000		3.250			05/01/2031		145,888
	Highlands Community Development District Special Assessment Bonds for Assessment Areas 3B and 5 Project Series 2018 (NR/NR)(e)
	225,000		4.000			12/15/2024		231,651
	550,000		4.250			12/15/2029		600,800
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,225,000		4.250			05/01/2031		1,370,618
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)
	55,000		3.375			11/01/2025		56,138
	240,000		3.875			11/01/2031		257,316
	330,000		4.200			11/01/2039		354,042
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Five Project Series 2017 (NR/NR)
	100,000		4.250			11/01/2022		101,233
	370,000		4.875			11/01/2027		401,378
	865,000		5.375			11/01/2037		965,531
	785,000		5.500			11/01/2047		869,876

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area Six Project Series 2017 (NR/NR)
$	75,000		4.875	%		11/01/2027	$	81,360
	335,000		5.500			11/01/2047		371,221
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	790,000		4.000			11/01/2028		862,910
	700,000		4.500			11/01/2038		771,166
	2,300,000		5.000			11/01/2048		2,586,026
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)(e)
	1,325,000		3.000			05/01/2025		1,345,579
	1,020,000		3.500			05/01/2031		1,064,757
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR)
	250,000		2.800			05/01/2031		246,888
	750,000		3.200			05/01/2041		733,931
	Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR)
	110,000		4.000			11/01/2025		113,240
	165,000		4.500			11/01/2031		180,019
	170,000		5.000			11/01/2041		192,710
	Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)
	747,000		3.000			05/01/2031		752,462
	933,000		3.000			05/01/2037		919,016
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(e)
	165,000		4.000			11/01/2024		169,421
	235,000		5.000			11/01/2039		262,053
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2017 A (NR/NR)(e)
	1,175,000		4.500			05/01/2038		1,282,067
	1,855,000		4.625			05/01/2048		2,015,916
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	670,000		2.750			05/01/2031		659,986
	765,000		3.125			05/01/2041		748,501
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	215,000		2.625			05/01/2025		217,672
	155,000		3.000			05/01/2030		159,320
	Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR)
	600,000		3.125			05/01/2041		585,785
	915,000		4.000			05/01/2052		953,444
	Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR)
	1,000,000		4.625			05/01/2037		1,080,950
	Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	600,000		2.750			06/15/2025		611,978
Municipal Bonds – (continued)
Florida – (continued)
	Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR) – (continued)
	485,000		3.125			06/15/2030		505,149
	375,000		4.000			06/15/2040		402,912
	Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	700,000		3.600			06/15/2041		713,199
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-2 (NR/NR)
	750,000		3.875			05/01/2031		753,264
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR)
	115,000		3.000			05/01/2026		115,607
	Lakeshore Ranch Community Development District Special Assessment Refunding Series 2019 A-2 (NR/NR)
	430,000		3.500			05/01/2030		448,939
	395,000		4.000			05/01/2035		424,336
	Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	135,000		2.625			05/01/2026		135,600
	125,000		3.200			05/01/2031		126,523
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	350,000		3.125			05/01/2025		362,623
	370,000		3.400			05/01/2030		388,548
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(e)
	670,000		2.500			05/01/2025		678,114
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	130,000		3.000			05/01/2024		132,153
	225,000		3.250			05/01/2029		233,214
	200,000		3.850			05/01/2039		210,755
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project – Phase 2C Series 2020 (NR/NR)
	470,000		3.000			05/01/2030		476,795
	750,000		3.500			05/01/2040		767,310
	Lakewood Ranch Stewardship District Special Assessment for Sweetwater Project Series 2021 (NR/NR)(g)
	295,000		2.625			05/01/2031		289,957
	500,000		3.100			05/01/2041		487,068
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	145,000		3.600			05/01/2024		148,884
	285,000		3.800			05/01/2029		306,294
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(e)
	125,000		3.650			05/01/2022		126,363
	515,000		4.300			05/01/2027		550,980
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(e)
	205,000		2.900			05/01/2024		208,240
	570,000		3.200			05/01/2029		591,308
	455,000		4.000			05/01/2049		476,928
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	220,000		3.600			05/01/2024		225,934
	435,000		3.800			05/01/2029		467,594

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)
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR)
$	1,005,000		4.250	%		05/01/2025	$	1,049,342
	1,605,000		4.875			05/01/2035		1,713,418
	905,000		4.875			05/01/2045		957,097
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	100,000		4.000			05/01/2022		101,234
	940,000		4.625			05/01/2027		1,014,391
	1,000,000		5.250			05/01/2037		1,117,417
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1A Series 2018 (NR/NR)
	255,000		3.900			05/01/2023		260,615
	535,000		4.250			05/01/2028		577,142
	Lakewood Ranch Stewardship District Special Assessment RB for North East Sector Project – Phase 1B Series 2018 (NR/NR)
	985,000		4.350			05/01/2024		1,018,367
	1,970,000		4.750			05/01/2029		2,190,868
	2,250,000		5.300			05/01/2039		2,583,492
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	225,000		4.250			05/01/2026		236,219
	6,645,000		5.000			05/01/2036		7,239,454
	4,755,000		5.125			05/01/2046		5,170,648
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	500,000		2.000			05/01/2028		521,891
	500,000		2.000			05/01/2029		517,495
	Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project – Phase 2B Series 2020 (NR/NR)(e)
	410,000		2.500			05/01/2025		414,696
	440,000		3.200			05/01/2030		455,449
	Lakewood Ranch Stewardship District The Isles at Lakewood Ranch Project Phase 1 Special Assessment Bonds Series 2019 (NR/NR)
	420,000		3.500			05/01/2024		430,435
	275,000		3.875			05/01/2029		295,907
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	155,000		3.625			11/01/2023		157,344
	560,000		4.125			11/01/2028		598,215
	250,000		4.750			11/01/2048		269,169
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (A/NR)
	445,000		3.000			05/01/2022		450,193
	460,000		3.000			05/01/2023		473,650
	375,000		3.000			05/01/2024		392,026
	490,000		3.000			05/01/2025		518,511
	500,000		3.000			05/01/2026		533,447
	520,000		3.000			05/01/2027		558,021
	535,000		3.000			05/01/2028		575,913
	550,000		3.000			05/01/2029		593,324
	1,605,000		3.000			05/01/2035		1,686,754
Municipal Bonds – (continued)
Florida – (continued)
	Landmark at Doral Community Development District Subordinate Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-2 (NR/NR)
	415,000		3.125			05/01/2024		422,056
	535,000		3.375			05/01/2030		559,928
	925,000		4.000			05/01/2038		995,915
	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		362,100
	340,000		3.500			05/01/2026		378,044
	500,000		4.000			05/01/2036		558,702
	Lee Memorial Health System Hospital RB Refunding Series 2019 A-2 (A+/A2)(b)(c)
	11,700,000		5.000			04/01/2026		13,606,337
	Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)
	1,000,000		3.125			05/01/2025		1,020,004
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	1,380,000		5.000			05/01/2038		1,545,566
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	556,000		5.375			05/01/2030		556,410
	LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)
	735,000		3.000			05/01/2025		747,986
	980,000		3.400			05/01/2030		1,024,008
	1,420,000		4.000			05/01/2040		1,504,979
	LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR)(g)
	1,100,000		3.250			05/01/2031		1,099,989
	LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR)(g)
	360,000		2.500			05/01/2026		359,964
	700,000		3.125			05/01/2031		700,042
	775,000		3.450			05/01/2041		775,039
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	180,000		3.800			05/01/2024		184,483
	290,000		4.000			05/01/2029		310,022
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	375,000		3.250			06/15/2024		382,313
	885,000		3.625			06/15/2030		935,508
	McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	1,000,000		4.750			11/01/2029		1,127,022
	Meadow Pines Community Development District Special Assessment Refunding Bonds Senior Lien Series 2014 1 (A/NR)
	750,000		4.450			05/01/2030		810,260
	Mediterranea Community Development District Special Assessment Refunding & Improvement Bonds for Area Two Project Series 2017 (NR/NR)
	105,000		3.500			05/01/2023		108,009

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Miami RB Refunding for Miami Tunnel Project Series 2012 (AA-/Aa3)(e)
$	1,040,000		5.000	%		03/01/2030	$	1,106,559
	Miami RB Refunding for Miami Tunnel Project Series 2012 (NR/NR)(e)(h)
	8,460,000		5.000			03/01/2023		9,018,358
	Miami RB Refunding Parking System Series 2019 (BAM) (AA/A2)
	1,000,000		4.000			10/01/2037		1,155,948
	900,000		4.000			10/01/2038		1,036,546
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	190,000		4.000			11/01/2023		194,857
	1,000,000		4.750			11/01/2027		1,117,800
	850,000		5.125			11/01/2039		975,534
	2,350,000		5.250			11/01/2049		2,685,050
	Miami-Dade County Expressway Authority RB Refunding Series 2014 B (A/A3)
	1,335,000		5.000			07/01/2030		1,494,936
	1,000,000		5.000			07/01/2031		1,119,511
	Miami-Dade County Expressway Authority RB Series 2014 A (A/A3)
	1,110,000		5.000			07/01/2030		1,242,981
	515,000		5.000			07/01/2031		576,548
	Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	500,000		2.500			05/01/2026		502,016
	750,000		3.125			05/01/2031		758,132
	Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	240,000		3.125			12/15/2024		243,822
	675,000		3.375			12/15/2030		696,393
	1,500,000		4.000			12/15/2039		1,605,005
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	1,545,000		5.250			11/01/2035		1,662,842
	New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	500,000		3.500			05/01/2031		508,384
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)(e)
	125,000		3.500			05/01/2026		135,770
	130,000		3.500			05/01/2027		142,520
	135,000		3.500			05/01/2028		149,055
	140,000		3.500			05/01/2029		155,426
	700,000		3.500			05/01/2038		751,462
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)(e)
	40,000		3.125			05/01/2025		40,759
	30,000		3.500			05/01/2031		31,417
	North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	350,000		2.625			05/01/2026		350,083
	400,000		3.125			05/01/2031		399,829
Municipal Bonds – (continued)
Florida – (continued)
	North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)
	515,000		2.625			05/01/2025		518,895
	495,000		3.125			05/01/2030		503,326
	430,000		3.625			05/01/2040		440,194
	North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (BAM) (AA/NR)
	655,000		5.000			10/01/2030		842,261
	575,000		5.000			10/01/2031		734,295
	1,025,000		5.000			10/01/2033		1,306,453
	1,205,000		5.000			10/01/2034		1,524,913
	1,000,000		5.000			10/01/2036		1,259,372
	1,975,000		5.000			10/01/2037		2,478,809
	2,075,000		5.000			10/01/2038		2,594,986
	2,180,000		5.000			10/01/2039		2,716,249
	2,630,000		5.000			10/01/2044		3,234,795
	North Sumter County Utility Dependent District RB Refunding Series 2020 (AA-/NR)
	4,275,000		5.000			10/01/2031		5,598,857
	28,725,000		5.000			10/01/2043		36,171,718
	Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (A+/NR)
	1,150,000		4.450			05/01/2031		1,263,079
	Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	220,000		2.500			06/15/2025		222,863
	300,000		3.000			06/15/2030		308,497
	315,000		4.000			06/15/2040		336,208
	Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	560,000		3.700			05/01/2024		577,232
	825,000		4.100			05/01/2029		909,455
	Orlando Utilities Commission RB Series 2021 B (AA/Aa2)(b)(c)
	4,325,000		1.250			10/01/2028		4,328,336
	Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	185,000		3.250			05/01/2025		189,672
	350,000		3.500			05/01/2030		366,971
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	3,285,000		5.875			11/01/2037		3,799,833
	3,500,000		6.000			11/01/2047		4,047,520
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	285,000		4.375			11/01/2023		291,666
	640,000		4.875			11/01/2028		703,994
	Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)(e)
	100,000		2.375			05/01/2026		99,226
	180,000		2.875			05/01/2031		177,473
	365,000		3.300			05/01/2041		355,723
	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		288,425
	1,000,000		5.000			11/15/2042		1,212,652

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	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	$	2,520,683
	1,825,000		5.000			05/15/2053		2,115,914
	Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (BBB/NR)
	615,000		4.000			05/15/2030		713,703
	8,190,000		4.000			05/15/2036		9,256,194
	Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)
	165,000		3.400			05/01/2025		168,529
	245,000		3.750			05/01/2030		257,968
	965,000		4.150			05/01/2040		1,028,528
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	215,000		3.500			11/01/2025		237,477
	225,000		3.500			11/01/2026		251,911
	230,000		3.500			11/01/2027		260,011
	240,000		3.500			11/01/2028		274,126
	585,000		4.000			11/01/2033		673,245
	Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)(e)
	785,000		4.000			05/01/2050		834,784
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	520,000		2.500			05/01/2022		525,574
	530,000		2.750			05/01/2023		548,224
	350,000		3.750			05/01/2031		381,638
	1,045,000		4.000			05/01/2036		1,146,561
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	300,000		4.000			05/01/2027		317,517
	3,500,000		5.000			05/01/2039		3,898,607
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	180,000		4.500			05/01/2024		185,742
	465,000		4.750			05/01/2030		512,941
	Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)
	625,000		3.125			05/01/2030		643,927
	800,000		3.750			05/01/2040		833,975
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	350,000		4.250			05/01/2031		410,509
	1,030,000		4.500			05/01/2038		1,196,690
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	265,000		4.000			05/01/2026		290,954
	275,000		4.000			05/01/2027		306,909
	285,000		4.125			05/01/2028		322,080
	Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	255,000		2.500			05/01/2026		256,520
	335,000		3.125			05/01/2031		339,089
Municipal Bonds – (continued)
Florida – (continued)
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	445,000		4.000			05/01/2024		478,570
	480,000		4.000			05/01/2026		535,067
	520,000		4.000			05/01/2028		593,996
	1,330,000		4.500			05/01/2031		1,583,383
	Pentathlon Community Development District Special Assessment Revenue Refunding Series 2012 (A-/NR)
	1,330,000		4.500			11/01/2033		1,349,928
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (AA/NR)
	545,000		2.000			05/01/2028		556,735
	555,000		2.000			05/01/2029		562,061
	565,000		2.125			05/01/2030		570,614
	1,000,000		2.625			05/01/2034		1,020,579
	995,000		2.800			05/01/2037		1,017,245
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)
	460,000		2.750			05/01/2025		466,277
	Pinellas County Industrial Development Authority RB for Drs. Kiran & Pallavi Patel 2017 Foundation for Global Understanding, Inc. Project Series 2019 (NR/NR)
	2,500,000		5.000			07/01/2029		2,793,628
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
	80,000		2.875			05/01/2025		81,425
	170,000		3.250			05/01/2031		175,300
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	1,665,000		2.800			05/01/2025		1,687,476
	3,330,000		3.200			05/01/2031		3,425,696
	1,875,000		3.500			05/01/2037		1,929,334
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	275,000		4.750			11/01/2029		300,411
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	100,000		3.250			11/01/2024		101,808
	555,000		3.500			11/01/2030		580,519
	Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)
	250,000		2.500			05/01/2026		251,460
	Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR)(g)
	150,000		2.200			12/15/2026		148,832
	345,000		2.700			12/15/2031		340,444
	735,000		3.125			12/15/2041		718,786
	Randal Park Community Development District Randal Walk Special Assessment RB Series 2018 (NR/NR)(e)
	90,000		4.100			05/01/2024		92,311
	185,000		4.500			05/01/2029		201,043
	Randal Park Community Development District Special Assessment RB Series 2015 (NR/NR)
	455,000		4.250			11/01/2025		473,027

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Reedy Creek Improvement District Refundig GO Bonds Series 2020 A (AA-/Aa3)
$	3,020,000		1.769	%		06/01/2025	$	3,113,746
	3,230,000		1.869			06/01/2026		3,336,323
	3,070,000		1.969			06/01/2027		3,170,174
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	620,000		5.000			05/01/2025		673,100
	Reunion West Community Development District Special Assessment Bonds for Assessment Area 5 Project Series 2019 (NR/NR)
	195,000		3.750			05/01/2024		199,731
	425,000		4.000			05/01/2030		454,562
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	125,000		3.500			05/01/2024		127,987
	410,000		4.000			05/01/2030		440,639
	620,000		4.500			05/01/2040		673,116
	615,000		4.750			05/01/2050		668,464
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	2,390,000		4.000			05/01/2031		2,646,697
	890,000		4.000			05/01/2035		974,758
	River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR)
	710,000		2.375			05/01/2026		718,159
	600,000		3.000			05/01/2031		616,624
	River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	605,000		2.750			05/01/2025		614,193
	525,000		3.250			05/01/2031		543,714
	River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-2 (NR/NR)
	265,000		3.000			05/01/2022		267,571
	180,000		3.000			05/01/2023		184,044
	285,000		3.000			05/01/2024		293,565
	200,000		3.000			05/01/2025		206,516
	200,000		3.000			05/01/2026		206,044
	1,000,000		3.000			05/01/2031		1,004,962
	1,000,000		3.000			05/01/2036		980,266
	River Landing Community Development District Special Assessment Series 2020 A (NR/NR)
	325,000		3.000			05/01/2025		328,789
	475,000		3.600			05/01/2030		490,315
	Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR)
	350,000		2.400			05/01/2026		350,349
	300,000		3.000			05/01/2031		301,422
	Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)(e)
	265,000		2.400			05/01/2026		265,466
	300,000		3.000			05/01/2031		302,035
	Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	460,000		2.500			06/15/2025		465,892
	320,000		3.000			06/15/2030		327,897
	290,000		4.000			06/15/2040		308,615
Municipal Bonds – (continued)
Florida – (continued)
	Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	700,000		2.375			05/01/2035		699,528
	1,425,000		2.625			05/01/2040		1,443,630
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)(e)
	425,000		3.375			06/15/2024		435,264
	1,000,000		3.750			06/15/2031		1,077,627
	Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	595,000		3.250			05/01/2026		605,715
	1,450,000		3.750			05/01/2031		1,501,709
	Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)
	650,000		2.750			05/01/2025		654,519
	465,000		3.250			05/01/2030		473,632
	560,000		3.750			05/01/2040		571,532
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(e)
	250,000		4.000			11/01/2024		256,195
	735,000		4.500			11/01/2029		798,347
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	190,000		4.000			11/01/2023		193,691
	Shingle Creek at Bronson Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,000,000		3.500			06/15/2041		1,015,616
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	925,000		3.625			05/01/2024		955,309
	1,895,000		4.000			05/01/2029		2,093,875
	5,000,000		4.750			05/01/2039		5,694,173
	Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR)
	375,000		2.500			05/01/2026		375,774
	620,000		3.000			05/01/2031		621,670
	Six Mile Creek Community Development District Special Assessment Refunding for Area 2 Phase 3A Project Series 2020 (NR/NR)
	350,000		3.125			11/01/2025		357,451
	505,000		3.625			11/01/2031		534,296
	300,000		4.125			11/01/2040		321,304
	South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	150,000		2.375			06/15/2026		149,468
	175,000		2.875			06/15/2031		173,969
	475,000		3.250			06/15/2041		471,565
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	420,000		3.000			05/01/2023		433,599
	435,000		3.250			05/01/2024		460,917
	445,000		3.450			05/01/2025		480,942
	465,000		3.625			05/01/2026		509,779
	985,000		4.125			05/01/2036		1,079,167

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	South Fork III Community Development District Parcels V and W Special Assessment Bonds Series 2019 (NR/NR)(e)
$	475,000		4.250	%		11/01/2024	$	488,514
	730,000		4.500			11/01/2029		799,295
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	295,000		4.000			05/01/2024		303,831
	590,000		4.625			05/01/2029		649,667
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	350,000		2.500			11/01/2023		362,068
	355,000		2.750			11/01/2024		373,847
	370,000		3.000			11/01/2025		395,609
	585,000		4.250			11/01/2037		643,804
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)
	1,000,000		5.125			05/01/2033		1,021,638
	Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR)
	425,000		2.400			05/01/2026		422,635
	Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)
	100,000		2.875			05/01/2024		101,417
	300,000		3.250			05/01/2029		313,046
	Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR)
	300,000		3.375			05/01/2025		306,987
	215,000		4.000			05/01/2030		230,302
	425,000		4.300			05/01/2040		458,815
	300,000		4.500			05/01/2046		323,774
	Southshore Bay Community Development District Special Assessment Bond for Assessment Area One Series 2021 (NR/NR)(e)
	2,735,000		3.000			05/01/2033		2,690,203
	St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (BB+/NR)
	900,000		4.000			12/15/2036		996,318
	Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)(e)
	375,000		2.375			06/15/2026		375,837
	425,000		3.000			06/15/2031		429,103
	565,000		3.500			06/15/2041		575,234
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	265,000		2.500			05/01/2023		271,808
	270,000		2.500			05/01/2024		281,014
	280,000		3.000			05/01/2025		300,047
	290,000		3.000			05/01/2026		314,083
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	250,000		3.500			06/15/2024		256,459
	500,000		4.000			06/15/2030		542,224
	Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)(e)
	675,000		2.500			12/15/2025		680,285
Municipal Bonds – (continued)
Florida – (continued)
	Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)(e) – (continued)
	500,000		3.000			12/15/2030		508,164
	1,000,000		3.500			12/15/2040		1,024,399
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)
	255,000		3.125			12/15/2025		261,376
	500,000		3.625			12/15/2030		532,873
	870,000		4.000			12/15/2039		925,616
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)(e)
	150,000		2.375			06/15/2026		149,667
	225,000		2.875			06/15/2031		224,239
	275,000		3.300			06/15/2041		273,806
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	305,000		3.000			05/01/2025		309,976
	485,000		3.300			05/01/2031		499,675
	810,000		3.750			05/01/2040		841,313
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)
	125,000		2.400			05/01/2026		124,891
	205,000		3.000			05/01/2031		204,489
	Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR)(e)
	275,000		2.750			05/01/2031		271,569
	700,000		3.150			05/01/2041		684,936
	Summerstone Community Development District Special Assessment Series 2020 (NR/NR)
	165,000		3.250			05/01/2030		170,176
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)
	395,000		2.500			05/01/2029		418,832
	720,000		2.875			05/01/2033		765,478
	1,440,000		3.000			05/01/2038		1,522,925
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,060,000		3.500			05/01/2029		1,104,525
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	190,000		2.500			05/01/2023		195,729
	190,000		2.500			05/01/2024		198,693
	200,000		3.000			05/01/2025		214,319
	205,000		3.000			05/01/2026		221,929
	1,135,000		3.500			05/01/2031		1,225,676
	1,370,000		4.000			05/01/2036		1,491,811
	Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	385,000		2.375			05/01/2026		386,948
	285,000		3.000			05/01/2031		288,103

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Tampa Bay Water Utility System RB Refunding Series 2015 A (AA+/Aa1)
$	10,160,000		4.000	%		10/01/2028	$	11,488,733
	4,225,000		4.000			10/01/2029		4,777,145
	Tampa-Hillsborough County Expressway Authority RB Series 2017 (A+/A2)
	6,175,000		5.000			07/01/2047		7,363,064
	Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A+/A2)
	1,950,000		5.000			07/01/2048		2,315,767
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	1,115,000		4.800			05/01/2036		1,194,116
	The Lee County School Board COPS Series 2020 A (AA-/Aa3)
	825,000		5.000			08/01/2026		994,012
	825,000		5.000			08/01/2027		1,019,262
	690,000		5.000			08/01/2028		870,935
	The Miami-Dade County School Board COPS Series 2010 A (A+/A1)
	10,000,000		6.235			06/15/2027		12,430,867
	Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR)(e)(g)
	525,000		2.350			12/15/2026		525,000
	750,000		3.000			12/15/2031		750,000
	1,000,000		3.300			12/15/2041		1,000,000
	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		221,541
	210,000		3.125			05/01/2028		226,939
	230,000		3.375			05/01/2032		246,270
	Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)
	735,000		3.600			05/01/2041		749,931
	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		381,239
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 A-2 (NR/NR)(e)
	430,000		5.200			05/01/2028		462,480
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		4.625			05/01/2028		324,514
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-1 (AGM) (AA/NR)
	4,700,000		3.000			05/01/2033		5,068,946
	5,295,000		3.000			05/01/2037		5,700,792
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	375,000		3.500			05/01/2024		386,489
	765,000		3.850			05/01/2029		833,007
Municipal Bonds – (continued)
Florida – (continued)
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 B (AGM) (AA/NR)
	2,025,000		3.000			05/01/2033		2,183,961
	4,925,000		3.000			05/01/2040		5,267,803
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)(e)
	1,535,000		3.450			05/01/2024		1,582,131
	2,970,000		3.750			05/01/2029		3,228,088
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	740,000		4.375			11/01/2023		757,306
	1,885,000		5.000			11/01/2029		2,093,119
	95,000		5.375			11/01/2039		111,722
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	505,000		4.250			06/15/2028		547,544
	Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	320,000		3.125			12/15/2025		329,469
	735,000		3.625			12/15/2031		796,926
	450,000		4.000			12/15/2040		485,227
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	750,000		5.000			04/01/2030		915,458
	650,000		5.000			04/01/2031		791,425
	550,000		5.000			04/01/2033		666,404
	5,000,000		5.000			04/01/2048		5,902,102
	Town of Palm Beach GO Bonds for Underground Utility Project Series 2018 (AAA/Aaa)
	2,000,000		4.000			07/01/2043		2,284,096
	7,000,000		4.000			07/01/2047		7,949,271
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	105,000		3.500			05/01/2024		107,144
	360,000		4.000			05/01/2030		384,993
	595,000		4.375			05/01/2039		649,085
	Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)(e)
	415,000		3.125			05/01/2030		423,234
	475,000		3.625			05/01/2040		487,333
	Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR)
	385,000		2.300			05/01/2026		381,852
	Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)(e)
	275,000		4.375			11/01/2024		283,625
	500,000		5.250			11/01/2039		573,757
	Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)(e)
	465,000		2.500			05/01/2025		470,170
	235,000		3.250			05/01/2030		242,078
	Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)
	200,000		2.500			11/01/2026		200,920
	200,000		3.000			11/01/2031		201,870

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
$	240,000		3.875	%		05/01/2024	$	246,131
	490,000		4.125			05/01/2029		525,301
	Triple Creek Community Development District Special Assessment Series 2019 B (NR/NR)
	1,180,000		4.875			05/01/2032		1,329,627
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)(e)
	3,955,000		4.625			11/01/2038		4,294,082
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	205,000		4.000			11/01/2024		210,845
	495,000		4.500			11/01/2029		544,970
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	2,000,000		4.750			11/01/2047		2,139,608
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	405,000		3.000			11/01/2024		411,636
	700,000		3.375			11/01/2030		731,992
	100,000		4.000			11/01/2050		104,222
	TSR Community Development District Special Assessment RB for Village 1 Project Series 2015 (NR/NR)
	530,000		4.375			11/01/2025		553,327
	Turnbull Creek Community Development District Senior Special Assessment Refunding Bonds Series 2015 A-1 (A/NR)
	1,000,000		4.250			05/01/2031		1,091,409
	Two Creeks Community Development District RB Refunding for Capital Improvement Senior Lien Series 2016 A-1 (A/NR)
	350,000		2.125			05/01/2022		352,434
	360,000		2.250			05/01/2023		369,158
	365,000		2.500			05/01/2024		381,891
	375,000		2.625			05/01/2025		399,100
	390,000		3.000			05/01/2026		426,037
	400,000		3.125			05/01/2027		436,363
	415,000		3.250			05/01/2028		450,386
	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		239,688
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
	445,000		3.000			12/15/2024		453,846
	1,000,000		3.375			12/15/2030		1,052,114
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(e)
	1,370,000		5.000			12/15/2032		1,629,546
	2,000,000		5.000			12/15/2037		2,377,887
	4,470,000		5.000			12/15/2047		5,243,937
	Union Park East Community Development District Special Assessment Boonds for Assessment Area 3 Project Series 2021 (NR/NR)(e)
	125,000		2.950			05/01/2031		123,455
	325,000		3.350			05/01/2041		318,128
	450,000		4.000			05/01/2051		460,791
Municipal Bonds – (continued)
Florida – (continued)
	University of Florida Department of Housing & Residence Education Housing System RB Series 2021 A (AA-/Aa2)
	4,665,000		4.000			07/01/2034		5,673,025
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	300,000		2.500			05/01/2027		319,918
	310,000		2.500			05/01/2028		331,489
	315,000		2.625			05/01/2029		340,064
	1,060,000		3.000			05/01/2034		1,151,381
	2,130,000		3.125			05/01/2038		2,308,358
	1,725,000		3.250			05/01/2040		1,876,500
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(e)
	450,000		3.000			05/01/2025		457,577
	525,000		3.500			05/01/2031		547,003
	875,000		4.000			05/01/2040		928,610
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	1,000,000		3.625			05/01/2041		1,017,009
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(e)
	315,000		4.000			05/01/2024		324,092
	1,000,000		4.625			05/01/2029		1,089,468
	1,000,000		5.000			05/01/2038		1,135,142
	Veranda Community Development District II Special Assessment Area 1 Gardens East Project Series 2018 A (NR/NR)
	265,000		4.000			11/01/2024		272,555
	395,000		4.500			11/01/2029		435,314
	Veranda Community Development District II Special Assessment Area 1 Preserve West Project Series 2018 A (NR/NR)
	240,000		4.000			11/01/2024		246,865
	375,000		4.500			11/01/2029		413,336
	Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)(e)
	140,000		2.500			05/01/2026		140,912
	175,000		3.100			05/01/2031		177,861
	Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)(e)
	250,000		2.500			05/01/2026		251,636
	285,000		3.100			05/01/2031		289,657
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	1,560,000		3.750			05/01/2026		1,612,910
	1,000,000		4.250			05/01/2037		1,048,685
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(e)
	345,000		3.250			05/01/2024		365,645
	355,000		3.500			05/01/2025		384,813
	370,000		3.625			05/01/2026		407,876
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	445,000		4.750			11/01/2025		464,963

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR)
$	400,000		2.375	%		05/01/2026	$	401,922
	300,000		3.000			05/01/2031		303,884
	Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)
	250,000		3.250			05/01/2031		258,252
	235,000		4.000			05/01/2040		249,268
	Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)
	200,000		2.875			05/01/2025		203,237
	250,000		3.250			05/01/2031		258,242
	1,050,000		4.000			05/01/2040		1,113,743
	Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)
	155,000		2.875			05/01/2025		157,518
	250,000		3.250			05/01/2031		258,248
	815,000		4.000			05/01/2040		864,477
	Verona Walk Community Development District Special Assessment Senior Lien RB Refunding for Capital Improvement Series 2013 A-1 (A/NR)
	495,000		4.250			05/01/2030		519,370
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	380,000		2.000			05/01/2027		388,630
	385,000		2.000			05/01/2028		390,880
	395,000		2.000			05/01/2029		398,348
	150,000		2.125			05/01/2030		151,018
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	340,000		3.125			05/01/2025		349,168
	500,000		3.500			05/01/2030		528,755
	930,000		3.750			05/01/2037		986,932
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(e)
	650,000		3.250			05/01/2023		664,474
	950,000		3.800			05/01/2028		1,037,339
	1,905,000		4.000			05/01/2033		2,123,467
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	1,090,000		2.625			05/01/2024		1,112,016
	1,240,000		3.000			05/01/2029		1,313,529
	1,490,000		3.375			05/01/2034		1,601,007
	3,930,000		3.550			05/01/2039		4,201,062
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(e)
	2,305,000		1.875			05/01/2025		2,339,601
	2,950,000		2.625			05/01/2030		3,069,517
	3,400,000		3.000			05/01/2035		3,540,199
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	325,000		4.000			05/01/2026		362,897
	325,000		4.000			05/01/2027		366,944
	330,000		4.000			05/01/2028		383,881
	345,000		4.000			05/01/2029		398,767
Municipal Bonds – (continued)
Florida – (continued)
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (BAM) (AA/NR)
$	1,825,000		3.500	%		05/01/2032	$	1,988,977
	2,145,000		4.000			05/01/2037		2,369,217
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	115,000		3.750			05/01/2024		117,672
	220,000		4.000			05/01/2029		234,589
	Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	265,000		2.625			05/01/2025		267,946
	245,000		3.200			05/01/2030		251,495
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	220,000		2.750			11/01/2024		231,064
	225,000		3.000			11/01/2025		239,926
	230,000		3.200			11/01/2026		247,726
	1,400,000		4.125			11/01/2046		1,501,037
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	725,000		5.500			05/01/2034		771,057
	925,000		5.750			05/01/2044		987,086
	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		2,322,478
	Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	500,000		5.125			11/01/2038		560,865
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	2,360,000		5.500			11/01/2045		2,510,563
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	240,000		3.250			11/01/2024		245,032
	375,000		3.625			11/01/2029		400,011
	1,000,000		4.000			11/01/2039		1,067,799
	West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)(e)
	615,000		2.750			05/01/2026		619,654
	415,000		3.250			05/01/2031		422,592
	515,000		3.625			05/01/2041		525,873
	West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)(e)
	365,000		2.650			05/01/2025		370,915
	630,000		3.000			05/01/2031		650,008
	1,725,000		4.000			05/01/2040		1,832,598
	1,595,000		4.000			05/01/2051		1,667,932
	West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	470,000		2.400			05/01/2026		469,793
	575,000		3.000			05/01/2031		574,042
	West Villages Improvement District Unit of Development No. 3 Special Assessment Refunding Bonds Series 2017 (NR/NR)
	2,560,000		5.000			05/01/2032		2,844,087
	1,945,000		4.500			05/01/2034		2,091,378
	3,395,000		5.000			05/01/2037		3,714,063

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	West Villages Improvement District Unit of Development No. 7 Master Infrastructure Special Assessment RB Series 2019 (NR/NR)
$	380,000		4.000	%		05/01/2024	$	391,501
	750,000		4.250			05/01/2029		814,391
	West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR)
	250,000		2.500			05/01/2026		251,072
	West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)
	435,000		2.500			05/01/2026		436,868
	Westside Community Development District Solara Phase 2 Assessment Area Special Assessment RB Series 2019 (NR/NR)
	185,000		3.625			05/01/2024		189,636
	355,000		3.900			05/01/2029		381,403
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)(e)
	370,000		3.500			05/01/2024		377,445
	810,000		3.750			05/01/2029		859,271
	Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	250,000		2.500			05/01/2026		248,072
	500,000		3.000			05/01/2031		493,020
	1,150,000		3.250			05/01/2041		1,122,249
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(e)
	370,000		3.500			06/15/2024		379,347
	1,285,000		3.750			06/15/2030		1,370,709
	3,350,000		4.250			06/15/2039		3,624,953
	Willows Community Development District Special Assessment RB Series 2019 (NR/NR)
	190,000		3.875			05/01/2024		195,279
	500,000		4.370			05/01/2029		545,743
	Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)(g)
	170,000		2.400			05/01/2026		168,984
	300,000		2.950			05/01/2031		296,793
	865,000		3.350			05/01/2041		849,141
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	200,000		4.250			11/01/2029		216,973
	680,000		4.875			11/01/2039		753,576
	Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR)
	160,000		3.000			05/01/2025		162,437
	230,000		3.650			05/01/2030		239,897
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	135,000		4.875			05/01/2036		146,960
	250,000		5.000			05/01/2047		271,800
	Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)
	910,000		2.500			05/01/2025		920,630
	640,000		3.125			05/01/2030		657,995
Municipal Bonds – (continued)
Florida – (continued)
	Wynnfield Lakes Community Development District Special Assessment Refunding Bonds Series 2014 (BBB+/NR)
	1,450,000		4.500			05/01/2036		1,539,828
	Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR)
	230,000		2.500			05/01/2026		228,815
	265,000		3.000			05/01/2031		262,598
								1,086,826,617
Georgia – 1.7%
	Atlanta Airport RB Refunding Series 2012 C (A+/Aa3)
	1,250,000		5.000			01/01/2027		1,264,300
	Bartow County Development Authority RB for Georgia Power Co. Series 2013 (A-/Baa1)(b)(c)
	5,250,000		1.550			08/19/2022		5,307,207
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/Baa1)(b)(c)
	3,000,000		2.150			06/13/2024		3,131,831
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fourth Series 1994 (A-/Baa1)(b)(c)
	1,600,000		2.250			05/25/2023		1,647,656
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Second Series 2008 (A-/NR)(b)(c)
	2,500,000		2.925			03/12/2024		2,647,889
	Burke County Development Authority Pollution Control RB for Oglethorpe Power Corp. Vogtle Series 2017 F (A-/Baa1)(b)(c)
	9,475,000		3.000			02/01/2023		9,792,174
	Burke County Development Authority Pollution Control RB Refunding for Georgia Power Co. Series 2012 (A-/Baa1)(b)(c)
	5,100,000		1.550			08/19/2022		5,155,573
	City of Atlanta RB for Water & Wastewater Series 2018 B (AA-/Aa2)
	4,750,000		3.500			11/01/2043		5,210,886
	County of Fulton RB Refunding for Water & Sewerage Series 2013 A (AA/Aa2)
	7,585,000		4.000			01/01/2035		7,895,482
	Fayette County Hospital Authority RB Refunding for Piedmont Healthcare, Inc. Obligated Group Series 2019 A (AA-/A1)(b)(c)
	1,050,000		5.000			07/01/2024		1,155,809
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BB/NR)
	545,000		5.000			03/01/2027		561,768
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (BBB-/NR)
	1,215,000		2.375			01/01/2031		1,277,626
	1,800,000		4.000			01/01/2036		2,086,143
	Georgia State GO Refunding Bonds Series 2021 A (AAA/Aaa)
	17,675,000		4.000			07/01/2034		21,962,450
	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		911,005
	500,000		4.000			08/01/2036		585,887

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	Glynn-Brunswick Memorial Hospital Authority RB Refunding for Southeast Georgia Health System Obligated Group Series 2020 (BBB+/Baa1) – (continued)
$	750,000		4.000	%		08/01/2037	$	876,169
	745,000		4.000			08/01/2038		868,170
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)(b)(c)
	14,250,000		4.000			09/01/2023		15,145,585
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	2,500,000		5.000			05/15/2025		2,887,403
	3,000,000		5.000			05/15/2026		3,565,445
	3,000,000		5.000			05/15/2027		3,651,929
	2,455,000		5.000			05/15/2028		3,055,628
	2,800,000		5.000			05/15/2029		3,557,059
	4,875,000		5.000			05/15/2049		7,096,483
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa2)(b)(c)
	14,050,000		4.000			12/02/2024		15,482,961
	Main Street Natural Gas, Inc. Gas Supply RB Series 2021 C (NR/A3)(b)(c)
	5,000,000		4.000			12/01/2028		5,903,825
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa1)
	2,210,000		5.000			01/01/2023		2,337,234
	4,155,000		5.000			01/01/2024		4,576,652
	4,360,000		5.000			01/01/2025		4,978,297
	4,575,000		5.000			01/01/2026		5,379,849
	4,805,000		5.000			01/01/2027		5,793,411
	5,040,000		5.000			01/01/2028		6,221,705
	5,295,000		5.000			01/01/2029		6,574,109
	1,080,000		5.000			01/01/2034		1,318,135
	Municipal Electric Authority RB Refunding Series 2019 A (A-/A2)
	830,000		5.000			01/01/2024		914,819
	900,000		5.000			01/01/2025		1,028,568
	Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (A-/NR)
	495,000		5.000			06/01/2031		636,692
	400,000		5.000			06/01/2032		510,464
	500,000		5.000			06/01/2033		635,824
	400,000		4.000			06/01/2034		466,415
	500,000		4.000			06/01/2035		581,567
	850,000		4.000			06/01/2045		963,414
	Rockdale County Development Authority RB Refunding for Pratt Paper LLC Project Series 2018 (AMT) (NR/NR)(e)
	1,275,000		4.000			01/01/2038		1,436,662
	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		1,999,097
	Savannah Economic Development Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(b)(c)
	400,000		2.000			10/01/2024		416,631
								179,453,888
Municipal Bonds – (continued)
Guam – 0.5%
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (NR/Baa2)
	765,000		3.099			10/01/2028		770,941
	550,000		3.189			10/01/2029		554,267
	740,000		3.489			10/01/2031		752,994
	Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (B+/Ba2)
	875,000		3.625			02/01/2025		918,476
	2,045,000		4.250			02/01/2030		2,271,533
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	3,000,000		5.000			11/15/2022		3,150,685
	Guam Government Business Privilege Tax RB Series 2012 B-1 (BB/NR)
	2,980,000		5.000			01/01/2029		3,013,722
	Guam Government GO Bonds Series 2019 (AMT) (BB-/Ba1)
	2,530,000		5.000			11/15/2031		2,918,732
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	2,755,000		5.000			12/01/2025		3,220,640
	2,255,000		5.000			12/01/2026		2,694,325
	2,000,000		5.000			12/01/2027		2,374,379
	Guam Government RB Refunding Series 2021 E (NR/Ba1)
	7,795,000		3.250			11/15/2026		7,979,845
	Guam Government RB Refunding Series 2021 F (NR/Ba1)(g)
	525,000		5.000			01/01/2028		636,303
	1,225,000		5.000			01/01/2029		1,509,149
	1,100,000		5.000			01/01/2030		1,374,631
	1,100,000		5.000			01/01/2031		1,401,630
	1,150,000		4.000			01/01/2042		1,284,549
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,500,000		5.000			10/01/2024		1,567,148
	2,790,000		5.000			10/01/2030		2,904,590
	Guam Power Authority RB Series 2014 A (AGM) (AA/A2)
	325,000		5.000			10/01/2039		357,196
	250,000		5.000			10/01/2044		273,531
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)(h)
	1,450,000		5.500			07/01/2023		1,578,211
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	1,030,000		5.000			01/01/2046		1,151,388
	Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (A-/Baa2)
	3,975,000		5.000			01/01/2050		4,791,210
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	350,000		5.000			07/01/2025		399,578
	560,000		5.000			07/01/2026		655,945
	350,000		5.000			07/01/2027		419,137
	370,000		5.000			07/01/2028		439,113
	725,000		5.000			07/01/2029		855,416
	700,000		5.000			07/01/2030		820,567
	700,000		5.000			07/01/2031		817,550
	700,000		5.000			07/01/2032		814,763

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)
Guam – (continued)
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
$	400,000		5.000	%		07/01/2029	$	478,159
	600,000		5.000			07/01/2031		709,717
	250,000		5.000			07/01/2033		293,617
	225,000		5.000			07/01/2034		263,559
	425,000		5.000			07/01/2036		495,736
	Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (NR/Ba1)
	300,000		5.000			11/01/2027		362,842
	450,000		5.000			11/01/2028		553,537
	450,000		5.000			11/01/2029		561,792
	375,000		5.000			11/01/2030		474,061
								58,865,164
Hawaii – 0.5%
	City & County Honolulu RB for Wastewater System Series 2018 A (AA/Aa2)
	8,000,000		4.000			07/01/2042		9,162,526
	City & County Honolulu RB for Wastewater System Series 2019 A (AA/Aa2)
	430,000		5.000			07/01/2022		445,497
	200,000		5.000			07/01/2023		216,639
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2017 B (AMT) (A-/Baa1)
	5,025,000		4.000			03/01/2037		5,529,964
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa1)
	9,055,000		3.200			07/01/2039		9,786,185
	Kauai County Community Facilities District No. 2008-1 Special Tax RB for Kukui’ula Development Series 2019 (NR/NR)
	30,000		4.000			05/15/2026		33,380
	75,000		5.000			05/15/2029		91,467
	35,000		5.000			05/15/2030		42,353
	150,000		5.000			05/15/2031		180,341
	180,000		5.000			05/15/2032		215,027
	60,000		3.000			05/15/2033		62,576
	100,000		3.000			05/15/2034		103,939
	150,000		3.000			05/15/2035		155,379
	670,000		3.250			05/15/2039		697,540
	575,000		5.000			05/15/2044		667,096
	State of Hawaii Airports System RB Refunding Series 2018 D (A+/A1)
	20,865,000		5.000			07/01/2034		26,953,261
								54,343,170
Idaho – 0.0%
	City of Boise Airport RB Refunding for Public Parking Facilities Project Series 2021 A (A+/A1)
	300,000		5.000			09/01/2029		388,203
	400,000		5.000			09/01/2031		536,343
	200,000		5.000			09/01/2032		266,548
	750,000		5.000			09/01/2034		988,942
	Nez Perce County PCRB Refunding for Potlatch Corp. Project Series 2016 (BBB-/Baa3)
	2,000,000		2.750			10/01/2024		2,112,623
								4,292,659
Municipal Bonds – (continued)
Illinois – 11.2%
	Berwyn Municipal Securitization Corp. RB Refunding Series 2019 (AGM-CR) (AA/NR)
	7,200,000		5.000			01/01/2035		8,882,402
	Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (AA/Ba2)
	625,000		4.000			10/01/2043		723,433
	Carol Stream Park District GO Refunding Bonds Series 2016 (BAM) (AA/NR)
	4,705,000		5.000			01/01/2037		5,494,093
	Carol Stream Park District GO Refunding Bonds Series 2016 (BAM) (AA/NR)(h)
	1,450,000		5.000			01/01/2026		1,721,489
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)
	300,000		5.000			01/01/2029		374,243
	175,000		5.000			01/01/2030		217,577
	665,000		5.000			01/01/2031		822,927
	1,875,000		5.000			01/01/2032		2,313,056
	765,000		5.000			01/01/2033		940,959
	1,115,000		5.000			01/01/2034		1,367,291
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)(d)
	350,000		0.000			01/01/2026		335,704
	165,000		0.000			01/01/2027		155,167
	240,000		0.000			01/01/2028		220,501
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB/Ba3)
	555,000		5.382			12/01/2023		594,863
	2,250,000		5.482			12/01/2024		2,470,169
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A-/NR)
	3,550,000		6.000			04/01/2046		4,311,468
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A-/NR)
	760,000		5.000			04/01/2034		895,975
	575,000		5.000			04/01/2035		676,791
	525,000		5.000			04/01/2036		616,998
	490,000		5.000			04/01/2037		574,880
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB/Baa2)(d)
	2,225,000		0.000			12/01/2026		2,080,725
	1,125,000		0.000			12/01/2027		1,026,586
	3,055,000		0.000			12/01/2029		2,642,936
	2,660,000		0.000			12/01/2030		2,234,425
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB/Baa2)(d)
	965,000		0.000			12/01/2027		880,583
	1,040,000		0.000			12/01/2028		925,075
	645,000		0.000			12/01/2030		541,806
	Chicago Illinois Board of Education GO Bonds Capital Appreciation Series 2009 C (BBB+/Ba1)(d)
	670,000		0.000			01/01/2031		515,447
	Chicago Illinois Board of Education GO Bonds Series 2015 C (BB/NR)
	2,500,000		6.000			12/01/2035		2,843,809

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Bonds Series 2021 A (BB/NR)
$	2,400,000		5.000	%		12/01/2039	$	2,969,355
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB/Baa2)(d)
	4,705,000		0.000			12/01/2031		3,835,728
	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		5,464,597
	Chicago Illinois Board of Education GO Refunding Bonds Series 1999 A (NATL-RE) (BB/Baa2)(d)
	3,485,000		0.000			12/01/2023		3,432,257
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB/Ba3)
	2,500,000		5.500			12/01/2026		3,021,637
	6,330,000		5.500			12/01/2027		7,838,348
	3,000,000		5.500			12/01/2028		3,796,979
	2,115,000		5.500			12/01/2029		2,720,342
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB/NR)
	1,020,000		5.250			12/01/2039		1,129,504
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2012 A (BB/Ba3)
	5,225,000		5.000			12/01/2042		5,426,123
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB/Ba3)
	10,380,000		6.038			12/01/2029		11,912,817
	2,500,000		6.138			12/01/2039		3,030,572
	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		6,229,278
	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		8,745,248
	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		2,136,719
	2,250,000		5.000			12/01/2026		2,703,373
	2,375,000		5.000			12/01/2027		2,921,524
	10,095,000		5.000			12/01/2028		12,685,132
	1,450,000		5.000			12/01/2029		1,811,752
	1,500,000		5.000			12/01/2030		1,862,786
	3,350,000		5.000			12/01/2031		4,145,258
	2,550,000		5.000			12/01/2032		3,146,937
	2,800,000		5.000			12/01/2033		3,445,772
	600,000		5.000			12/01/2034		736,487
	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		6,094,021
	8,685,000		5.000			12/01/2028		10,799,000
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR) – (continued)
	7,950,000		5.000			12/01/2029		9,829,404
	4,690,000		5.000			12/01/2030		5,756,281
	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		2,899,312
	4,000,000		5.000			12/01/2028		4,958,748
	5,000,000		5.000			12/01/2029		6,303,323
	5,000,000		5.000			12/01/2030		6,260,410
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2019 A (BB/NR)(d)
	2,000,000		0.000			12/01/2025		1,897,911
	2,000,000		0.000			12/01/2026		1,855,997
	300,000		0.000			12/01/2027		271,259
	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		125,915
	750,000		5.000			12/01/2022		788,961
	1,200,000		5.000			12/01/2023		1,312,315
	1,250,000		5.000			12/01/2024		1,415,900
	1,200,000		5.000			12/01/2025		1,396,108
	1,000,000		5.000			12/01/2026		1,194,602
	1,000,000		5.000			12/01/2027		1,218,734
	1,000,000		5.000			12/01/2028		1,239,687
	1,000,000		5.000			12/01/2029		1,260,664
	1,000,000		5.000			12/01/2030		1,252,082
	1,000,000		5.000			12/01/2031		1,247,054
	1,000,000		5.000			12/01/2032		1,243,339
	1,000,000		5.000			12/01/2033		1,239,444
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds Series 2018 C (BB/NR)
	8,620,000		5.000			12/01/2025		10,028,707
	Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (AGM-CR) (NATL-RE) (AA/A2)(d)
	1,465,000		0.000			01/01/2030		1,237,039
	Chicago Illinois Capital Appreciation GO Bonds for City Colleges Project Series 1999 (NATL-RE) (BBB+/Baa2)(d)
	1,050,000		0.000			01/01/2028		949,276
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)(d)
	750,000		0.000			01/01/2032		555,964
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	330,000		5.500			01/01/2037		371,829
	3,020,000		5.500			01/01/2040		3,398,791
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	1,500,000		5.250			01/01/2033		1,622,426
	630,000		5.000			01/01/2034		677,411
	11,590,000		5.000			01/01/2036		12,441,264
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	650,000		5.000			01/01/2040		656,080
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	2,905,000		5.000			01/01/2034		2,931,799

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)
Illinois – (continued)
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
$	1,130,000		7.517	%		01/01/2040	$	1,615,289
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	1,320,000		5.500			01/01/2039		1,486,423
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	13,893,000		7.375			01/01/2033		18,106,497
	Chicago Illinois GO Bonds Series 2019 (BBB+/NR)
	3,760,000		5.000			01/01/2028		4,588,589
	4,890,000		5.000			01/01/2029		6,083,830
	2,720,000		5.000			01/01/2031		3,341,334
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	5,000,000		5.000			01/01/2044		5,947,459
	3,500,000		5.500			01/01/2049		4,259,312
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	2,385,000		5.432			01/01/2042		2,834,724
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	2,575,000		5.000			01/01/2024		2,821,204
	4,435,000		5.000			01/01/2025		5,017,651
	5,600,000		5.000			01/01/2038		6,387,564
	Chicago Illinois GO Refunding Bonds Series 2017 A (BBB+/NR)
	5,300,000		5.625			01/01/2030		6,449,512
	2,755,000		6.000			01/01/2038		3,376,317
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 A (AMT) (A-/A3)
	4,235,000		5.500			01/01/2029		4,494,625
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
	7,040,000		5.000			01/01/2039		8,656,514
	8,355,000		5.000			01/01/2048		10,117,930
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2015 A (AMT) (A/NR)
	2,605,000		5.000			01/01/2023		2,756,319
	4,760,000		5.000			01/01/2024		5,239,668
	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		10,622,573
	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		9,730,349
	Chicago Illinois Sales Tax Refunding Series 2002 (ETM) (WD/NR)(h)
	1,105,000		5.000			01/01/2025		1,267,769
	Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)
	2,000,000		5.000			01/01/2035		2,271,163
	2,000,000		5.000			01/01/2039		2,262,215
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2014 (A/Baa3)
	4,425,000		5.000			01/01/2044		4,837,546
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	475,000		5.250			01/01/2042		571,146
	1,330,000		4.000			01/01/2052		1,430,600
	Chicago Illinois Water RB Refunding for Second Lien Project Series 2017-2 (AGM) (AA/NR)
	2,200,000		5.000			11/01/2033		2,690,424
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2000 (A/Baa2)
	1,560,000		5.000			11/01/2028		1,867,741
	1,780,000		5.000			11/01/2029		2,120,270
	1,000,000		5.000			11/01/2030		1,185,588
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	1,645,000		5.000			11/01/2026		1,984,095
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)
	15,475,000		5.000			11/01/2042		16,131,994
	Chicago Transit Authority Capital Grant Receipts RB Refunding Series 2021 (A/NR)
	2,100,000		5.000			06/01/2027		2,570,726
	2,325,000		5.000			06/01/2028		2,913,539
	1,550,000		5.000			06/01/2029		1,983,796
	Chicago Transit Authority Capital Grant Receipts RB Refunding Series 2021 (A+/NR)
	1,100,000		5.000			06/01/2027		1,346,571
	2,415,000		5.000			06/01/2028		3,026,321
	City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR)
	875,000		3.250			07/01/2029		887,433
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	2,745,000		5.000			01/01/2025		3,105,626
	3,430,000		5.000			01/01/2027		4,097,395
	10,115,000		5.000			01/01/2028		12,344,036
	8,480,000		5.000			01/01/2029		10,548,798
	9,315,000		5.000			01/01/2030		11,794,322
	430,000		5.000			01/01/2031		539,166
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (AA/A2)
	265,000		5.432			01/01/2042		347,113
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (AA/A2)
	5,650,000		6.314			01/01/2044		8,082,135
	City of Peoria GO Refunding Bonds Series 2019 (AGM) (AA/A2)
	880,000		5.000			01/01/2029		1,099,357
	1,470,000		5.000			01/01/2031		1,850,747
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (NR/Aa2)
	155,000		4.000			01/01/2025		172,116
	195,000		4.000			01/01/2026		221,184
	115,000		4.000			01/01/2027		132,984
	200,000		4.000			01/01/2028		234,862
	200,000		4.000			01/01/2029		236,988
	145,000		4.000			01/01/2030		170,653
	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		13,395,212
	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		902,695

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	County of Cook Sales Tax RB Refunding Series 2021 A (AA-/NR)
$	600,000		5.000	%		11/15/2029	$	770,451
	1,595,000		5.000			11/15/2030		2,081,475
	2,055,000		5.000			11/15/2031		2,714,924
	1,165,000		5.000			11/15/2032		1,532,897
	1,025,000		5.000			11/15/2036		1,310,601
	1,445,000		5.000			11/15/2037		1,836,433
	2,080,000		5.000			11/15/2038		2,628,888
	2,655,000		4.000			11/15/2039		3,091,584
	2,435,000		4.000			11/15/2040		2,824,594
	3,540,000		4.000			11/15/2041		4,104,518
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	1,500,000		4.000			11/15/2047		1,745,514
	DeKalb Kane & LaSalle Counties Etc. Community College District No. 523 Kishwaukee GO Refunding Bonds Series 2020 (AA-/NR)
	500,000		2.163			02/01/2026		514,051
	Illinois Finance Authority RB for Columbia College Chicago Series 2019 (BBB+/NR)
	605,000		5.000			12/01/2034		734,331
	775,000		5.000			12/01/2039		930,097
	1,000,000		5.000			12/01/2044		1,185,337
	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		2,616,314
	1,420,000		4.000			12/01/2037		1,594,396
	4,230,000		4.000			12/01/2042		4,705,300
	Illinois Finance Authority RB for Cook County School District No. 95 Brookfield Series 2018 (NR/Aa2)
	500,000		4.000			12/01/2038		569,745
	400,000		4.000			12/01/2040		454,199
	1,085,000		4.000			12/01/2042		1,227,035
	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		989,610
	1,300,000		4.000			12/15/2032		1,566,913
	3,740,000		4.000			12/15/2033		4,493,294
	1,700,000		4.000			12/15/2034		2,036,488
	1,395,000		4.000			12/15/2035		1,667,978
	2,750,000		3.000			12/15/2036		2,996,377
	2,000,000		3.000			12/15/2037		2,172,815
	Illinois Finance Authority RB for Northwestern Memorial Healthcare Obligation Group Series 2017 A (AA+/Aa2)
	19,555,000		4.000			07/15/2047		22,272,157
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(e)
	5,600,000		6.125			04/01/2049		6,782,088
	Illinois Finance Authority RB Refunding for Christian Homes, Inc. Obligated Group Series 2021 B (BBB-/NR)
	2,500,000		3.250			05/15/2027		2,484,855
	Illinois Finance Authority RB Refunding for Edward Elmhurst Healthcare Obligation Group Series 2018 A (A/NR)
	4,000,000		4.250			01/01/2044		4,538,957
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,425,000		4.000			05/15/2027		1,540,917
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	750,000		5.000			09/01/2026		890,962
	500,000		5.000			09/01/2027		608,372
	500,000		5.000			09/01/2028		620,729
	1,600,000		5.000			09/01/2030		2,006,627
	1,000,000		5.000			09/01/2031		1,245,724
	1,000,000		5.000			09/01/2032		1,239,038
	1,035,000		5.000			09/01/2033		1,277,243
	1,150,000		5.000			09/01/2034		1,416,302
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa2)
	900,000		4.000			09/01/2041		1,007,402
	3,000,000		5.000			09/01/2046		3,520,249
	Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (BBB/NR)
	650,000		4.000			11/01/2041		746,920
	Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (BB+/NR)
	375,000		5.000			05/15/2041		442,627
	Illinois Finance Authority RB Refunding for University of Chicago Series 2018 A (AA-/Aa2)
	2,100,000		5.000			10/01/2041		2,557,205
	Illinois Finance Authority RB Refunding for University of Chicago Series 2021 A (AA-/Aa2)
	1,380,000		5.000			10/01/2037		2,027,843
	4,400,000		5.000			10/01/2038		6,517,500
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	5,275,000		5.000			01/01/2027		6,372,098
	3,350,000		5.000			01/01/2028		4,144,576
	3,515,000		5.000			01/01/2029		4,443,748
	2,195,000		5.000			01/01/2030		2,825,221
	11,130,000		5.000			01/01/2036		14,003,194
	5,290,000		4.000			01/01/2038		6,163,808
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 A (BAM) (AA/NR)
	5,300,000		5.000			01/01/2038		6,379,748
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	10,685,000		5.000			01/01/2026		12,564,741
	8,170,000		5.000			01/01/2027		9,869,202
	15,355,000		5.000			01/01/2028		18,997,003
	11,790,000		5.000			01/01/2029		14,905,202
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	4,160,000		5.000			06/15/2027		4,591,739
	Illinois State GO Bonds for Build America Bonds Series 2010-5 (BBB/Baa2)
	1,780,000		7.350			07/01/2035		2,259,616

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)
Illinois – (continued)
	Illinois State GO Bonds Pension Funding Series 2003 (BBB/Baa2)
$	39,035,000		5.100	%		06/01/2033	$	45,497,108
	Illinois State GO Bonds Series 2013 (BBB/Baa2)
	5,000,000		5.500			07/01/2024		5,434,775
	4,000,000		5.500			07/01/2025		4,339,773
	3,165,000		5.500			07/01/2027		3,420,193
	5,500,000		5.250			07/01/2028		5,911,371
	9,490,000		5.500			07/01/2038		10,126,677
	Illinois State GO Bonds Series 2016 (BAM) (AA/NR)
	2,725,000		4.000			06/01/2041		3,048,519
	Illinois State GO Bonds Series 2016 (BBB/Baa2)
	4,415,000		5.000			11/01/2021		4,430,776
	Illinois State GO Bonds Series 2017 A (BBB/Baa2)
	375,000		4.500			12/01/2041		422,551
	Illinois State GO Bonds Series 2017 C (BBB/Baa2)
	26,930,000		5.000			11/01/2029		32,278,306
	Illinois State GO Bonds Series 2017 D (BBB/Baa2)
	25,805,000		5.000			11/01/2021		25,897,206
	53,565,000		5.000			11/01/2024		60,664,216
	27,000,000		5.000			11/01/2025		31,525,613
	9,450,000		5.000			11/01/2026		11,294,903
	24,005,000		5.000			11/01/2028		29,020,989
	Illinois State GO Bonds Series 2018 A (BBB/Baa2)
	16,380,000		5.000			05/01/2031		19,751,592
	2,435,000		5.000			05/01/2042		2,855,119
	1,760,000		5.000			05/01/2043		2,059,886
	Illinois State GO Bonds Series 2019 A (BBB/Baa2)
	8,000,000		5.000			11/01/2024		9,060,355
	Illinois State GO Bonds Series 2019 C (BBB/Baa2)
	9,175,000		4.000			11/01/2042		10,260,710
	Illinois State GO Bonds Series 2020 (BBB/Baa2)
	1,525,000		5.500			05/01/2039		1,928,153
	4,100,000		5.750			05/01/2045		5,189,055
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	3,960,000		4.000			02/01/2030		4,500,481
	1,185,000		4.000			02/01/2031		1,341,793
	Illinois State GO Refunding Bonds Series 2018 B (BBB/Baa2)
	2,340,000		5.000			10/01/2031		2,845,373
	Illinois State Sales Tax RB Junior Obligation Series 2016 A (BBB+/NR)
	1,605,000		5.000			06/15/2022		1,657,912
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB+/NR)
	2,875,000		5.000			06/15/2022		2,969,779
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 B (AA-/A1)
	2,745,000		5.000			01/01/2025		3,144,778
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 C (AA-/A1)
	14,015,000		5.000			01/01/2026		16,577,176
	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		419,081
	410,000		5.000			12/01/2026		489,877
	405,000		4.000			12/01/2028		480,038
Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB+/Baa2)(d)
	5,600,000		0.000			12/15/2032		4,389,999
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB+/Baa2)(d)
	2,690,000		0.000			12/15/2031		2,171,103
	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		1,629,177
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (NR/NR)(h)
	460,000		5.700			06/15/2022		481,943
	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		5,567,059
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB+/NR)
	2,000,000		5.000			12/15/2028		2,445,161
	300,000		5.000			12/15/2032		361,294
	600,000		5.000			12/15/2033		720,808
	500,000		5.000			12/15/2034		599,365
	1,260,000		0.000	(a)		12/15/2037		1,079,583
	3,500,000		0.000	(a)		12/15/2042		3,023,606
	3,850,000		0.000	(a)		12/15/2047		3,273,991
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB+/NR)
	11,975,000		4.000			06/15/2050		13,388,051
	3,760,000		5.000			06/15/2050		4,512,841
	Regional Transportation Authority Illinois GO Refunding Bonds Series 2017 A (AA/NR)
	4,430,000		5.000			07/01/2029		5,455,788
	Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	5,000,000		5.000			01/01/2043		6,052,845
	South Sangamon Water Commission GO Refunding Bonds for Alternative Revenue Source Series 2020 (AGM) (AA/Baa1)
	875,000		4.000			01/01/2032		1,031,305
	450,000		4.000			01/01/2033		528,576
	475,000		4.000			01/01/2034		555,952
	420,000		4.000			01/01/2035		490,045
	470,000		4.000			01/01/2037		544,285
	Southwestern Illinois Development Authority RB Capital Appreciation for Local Government Program Series 2007 (AGM) (AA/NR)(d)
	6,055,000		0.000			12/01/2025		5,726,966
	Springfield Illinois Senior Lien Electric RB Refunding Series 2015 (AGM) (AA/A2)
	4,000,000		3.500			03/01/2030		4,248,271

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	State of Illinois GO Bonds Series 2010-1 (BBB/Baa2)
$	1,100,000		6.630	%		02/01/2035	$	1,363,805
	State of Illinois GO Bonds Series 2012 A (BBB/Baa2)
	300,000		5.000			01/01/2034		303,165
	State of Illinois GO Bonds Series 2014 (BBB/Baa2)
	570,000		5.000			02/01/2024		628,933
	State of Illinois GO Bonds Series 2016 (BBB/Baa2)
	2,820,000		4.000			06/01/2032		3,117,544
	State of Illinois GO Bonds Series 2017 A (BBB/Baa2)
	3,455,000		5.000			12/01/2027		4,216,580
	875,000		4.250			12/01/2040		976,046
	State of Illinois GO Bonds Series 2017 D (BBB/Baa2)
	925,000		3.250			11/01/2026		1,025,770
	State of Illinois GO Refunding Bonds Series 2016 (BBB/Baa2)
	3,800,000		5.000			02/01/2028		4,527,995
	State of Illinois GO Refunding Bonds Series 2018 A (BBB/Baa2)
	500,000		5.000			10/01/2028		617,218
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB/Baa2)
	1,500,000		4.000			12/01/2033		1,670,164
	5,000,000		4.250			12/01/2037		5,607,478
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB/Baa2)
	5,100,000		5.000			10/01/2027		6,201,470
	State of Illinois RB Refunding Series 2016 C (BAM) (AA/NR)
	5,580,000		4.000			06/15/2028		6,330,194
	Upper Illinois River Valley Development Authority RB Refunding for Prairie Crossing Charter School Series 2020 (NR/NR)(e)
	375,000		4.000			01/01/2031		391,568
	335,000		5.000			01/01/2045		353,109
	Village of Hillside Illinois Tax Increment RB Refunding Series 2018 (NR/NR)
	750,000		5.000			01/01/2024		776,506
	2,690,000		5.000			01/01/2030		2,961,372
	Village of Morton Grove Tax Increment Senior Lien RB for Sawmill Station Redevelopment Project Series 2019 (NR/NR)
	1,000,000		4.250			01/01/2029		1,027,691
	Village of Romeoville GO Refunding Bonds Series 2019 (AA/Aa2)
	3,055,000		5.000			12/30/2027		3,796,047
	3,235,000		5.000			12/30/2028		4,110,092
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB/NR)
	210,000		4.125			10/01/2041		222,710
	420,000		4.125			10/01/2046		443,295
	Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (AA/Baa1)
	650,000		4.000			01/01/2034		737,535
								1,208,727,176
Indiana – 0.5%
	City of Mishawaka RB for Sewerage Works Series 2018 (AGM) (AA/NR)
	1,845,000		2.000			09/01/2038		1,821,102
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2015 (AMT) (A-/A2)(b)(c)
	3,000,000		5.000			11/01/2022		3,148,208
Municipal Bonds – (continued)
Indiana – (continued)
	City of Whiting Environmental Facilities RB Refunding for BP Products North America, Inc. Project Series 2019 A (AMT) (A-/A2)(b)(c)
$	11,500,000		5.000	%		06/05/2026	$	13,738,449
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)
	540,000		5.000			09/15/2034		650,763
	680,000		5.000			09/15/2039		810,164
	445,000		4.000			09/15/2044		486,236
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (A-/NR)(b)(c)
	2,300,000		2.100			11/01/2026		2,407,368
	Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (NR/Ba1)
	185,000		4.000			07/01/2030		204,045
	300,000		5.000			07/01/2040		339,885
	Indiana Finance Authority RB for WVB East End Partners LLC Series 2013 A (BBB+/NR)
	5,000,000		5.250			01/01/2051		5,370,177
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (BBB-/Ba1)
	2,930,000		3.000			11/01/2030		3,080,481
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (BBB-/Ba1)
	2,110,000		3.000			11/01/2030		2,218,367
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (BBB-/Ba1)
	2,350,000		3.000			11/01/2030		2,470,693
	Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (BBB/NR)
	300,000		1.670			11/15/2022		300,053
	300,000		1.720			11/15/2023		300,027
	350,000		1.990			11/15/2024		349,749
	360,000		2.450			11/15/2025		359,271
	465,000		2.520			11/15/2026		463,530
	610,000		2.920			11/15/2027		607,455
	850,000		3.210			11/15/2028		846,273
	880,000		3.260			11/15/2029		875,761
	670,000		3.300			11/15/2030		666,964
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)(b)
	3,815,000		(SIFMA Municipal Swap Index Yield + 0.55%), 0.600			11/01/2023		3,826,936
	Indianapolis Local Public Improvement Bond Bank RB Refunding Series 2019 D (AMT) (A/A1)
	2,275,000		5.000			01/01/2029		2,859,935
	Purdue University RB Series 2007 A (AAA/Aaa)
	3,045,000		5.250			07/01/2029		3,885,799
	Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (A-/NR)
	1,225,000		4.000			09/01/2031		1,458,837
								53,546,528
Iowa – 0.2%
	City of Davenport GO Corporate Bonds Series 2019 IA (AA/Aa3)
	1,060,000		4.000			06/01/2031		1,219,160

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)
Iowa – (continued)
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (BB-/NR)
$	1,165,000		3.125	%		12/01/2022	$	1,182,868
	Iowa Finance Authority RB for Gevo NW Iowa RNG LLC Series 2021 (AMT) (NR/Aa3)(b)(c)
	5,500,000		1.500			04/01/2024		5,536,959
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (BBB/NR)
	1,700,000		4.000			05/15/2055		1,861,383
	2,300,000		5.000			05/15/2055		2,658,107
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-2 (BBB/NR)
	1,375,000		2.875			05/15/2049		1,382,818
	Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-1 (BBB/NR)
	7,400,000		4.000			06/01/2049		8,415,090
								22,256,385
Kansas – 0.1%
	City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (BB+/NR)
	825,000		4.000			06/01/2036		915,988
	City of Wichita Health Care Facilities RB for Presbyterian Manors Obligated Group Series III-2019 (NR/NR)
	1,300,000		4.000			05/15/2023		1,336,460
	1,015,000		4.000			05/15/2024		1,059,299
	1,060,000		5.000			05/15/2025		1,155,983
	1,165,000		5.000			05/15/2027		1,301,106
								5,768,836
Kentucky – 1.4%
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A/A1)
	4,525,000		2.125			10/01/2034		4,627,611
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A/A1)
	6,100,000		2.000			02/01/2032		6,241,434
	Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (A-/NR)
	180,000		4.000			03/01/2046		202,719
	110,000		4.000			03/01/2049		123,565
	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		1,327,874
	400,000		4.000			06/01/2045		438,980
	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		1,139,758
	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		1,067,521
	855,000		5.000			08/01/2036		1,063,128
Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky Public Energy Authority Gas Supply RB Series 2018 B (NR/A2)(b)(c)
	25,000,000		4.000			01/01/2025		27,534,300
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A1)(b)(c)
	22,955,000		4.000			06/01/2025		25,587,654
	Kentucky Public Energy Authority RB Series 2020 A (NR/A2)(b)(c)
	10,800,000		4.000			06/01/2026		12,348,195
	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		9,559,516
	Kentucky State University COPS Series 2021 (BAM) (AA/NR)
	400,000		4.000			11/01/2046		462,487
	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		2,260,461
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	1,500,000		4.000			10/01/2039		1,716,303
	1,100,000		4.000			10/01/2040		1,256,079
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 C (A/NR)(b)(c)
	8,500,000		5.000			10/01/2026		10,260,099
	Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A/A1)
	17,250,000		2.000			10/01/2033		17,276,751
	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		2,307,504
	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		11,458,979
	University of Kentucky General Receipts Refunding Bonds Series 2015 A (AA/Aa2)
	3,260,000		4.000			04/01/2026		3,641,163
	University of Louisville RB Series 2020 A (AGM) (AA/A1)
	1,080,000		5.000			09/01/2025		1,263,371
	1,135,000		5.000			09/01/2026		1,366,498
	1,195,000		5.000			09/01/2027		1,470,109
	1,255,000		5.000			09/01/2028		1,577,476
								147,579,535
Louisiana – 1.3%
	Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (BB/NR)
	770,000		4.000			12/01/2021		773,608
	815,000		4.000			12/01/2022		842,456
	1,135,000		4.000			12/01/2023		1,203,052
	1,150,000		4.000			12/01/2024		1,246,686
	1,385,000		5.000			12/01/2025		1,584,263
	1,455,000		5.000			12/01/2026		1,701,809
	1,530,000		5.000			12/01/2027		1,823,791

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Louisiana – (continued)
	Calcasieu Parish Memorial Hospital Service District RB for Southwest Louisiana Healthcare System Obligated Group Series 2019 (BB/NR) – (continued)
$	1,605,000		5.000	%		12/01/2028	$	1,945,756
	1,000,000		5.000			12/01/2029		1,230,357
	City of New Orleans Sewerage Service RB Series 2020 B (A/NR)
	1,325,000		5.000			06/01/2045		1,646,613
	City of New Orleans Sewerage Service RB Series 2020 B (AGM) (AA/NR)
	275,000		4.000			06/01/2035		322,272
	310,000		4.000			06/01/2036		362,054
	285,000		4.000			06/01/2037		331,865
	310,000		4.000			06/01/2038		360,095
	355,000		4.000			06/01/2039		411,313
	310,000		4.000			06/01/2040		358,397
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)(e)
	975,000		3.625			06/01/2024		999,603
	2,540,000		3.750			06/01/2030		2,677,728
	5,070,000		4.375			06/01/2048		5,422,163
	Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR)
	600,000		2.375			06/01/2026		596,320
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (BBB+/NR)(e)
	7,800,000		5.000			04/01/2035		8,763,462
	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		1,480,266
	2,750,000		5.000			10/01/2027		3,393,280
	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		15,626,819
	Louisiana Local Government Environmental Facilities & Community Development Authority Subordinate Lien RB for East Baton Rouge Sewerage Commission Projects Series 2014 A (A+/A1)(h)
	6,250,000		4.375			02/01/2024		6,842,687
	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		941,118
	670,000		5.000			10/01/2023		730,469
	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		1,473,068
	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		3,710,591
	Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A/A3)
	900,000		4.000			07/01/2044		1,012,667
	900,000		4.000			07/01/2049		1,007,029
Municipal Bonds – (continued)
Louisiana – (continued)
	Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (BBB/Baa1)
	545,000		5.000			10/01/2032		699,434
	690,000		5.000			10/01/2034		878,982
	885,000		5.000			10/01/2035		1,124,326
	1,435,000		4.000			10/01/2036		1,675,586
	885,000		4.000			10/01/2037		1,029,909
	1,530,000		4.000			10/01/2039		1,771,999
	550,000		4.000			10/01/2041		632,471
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A/A3)
	3,695,000		4.000			05/15/2042		4,121,244
	3,000,000		5.000			05/15/2046		3,531,829
	New Orleans Aviation Board GARB Series 2015 B (AMT) (A-/A2)
	3,750,000		5.000			01/01/2034		4,240,366
	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		1,174,647
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB-/Baa3)(b)(c)
	11,300,000		2.000			04/01/2023		11,488,829
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-2 (BBB-/Baa3)(b)(c)
	15,505,000		2.100			07/01/2024		15,994,856
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-3 (BBB-/Baa3)(b)(c)
	21,235,000		2.200			07/01/2026		22,160,765
	Port of New Orleans Board of Commissioners RB Refunding Series 2013 B (A/A2)(h)
	500,000		5.000			04/01/2023		533,396
								141,880,296
Maine – 0.4%
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (BBB+/Baa1)
	505,000		3.000			01/01/2025		540,853
	800,000		3.000			01/01/2026		867,126
	800,000		3.000			01/01/2027		874,398
	300,000		5.000			01/01/2028		368,308
	225,000		5.000			01/01/2029		281,614
	270,000		5.000			01/01/2030		342,933
	370,000		5.000			01/01/2031		466,834
	810,000		5.000			01/01/2032		1,017,955
	890,000		5.000			01/01/2033		1,115,115
	620,000		5.000			01/01/2034		774,368
	Finance Authority of Maine RB Refunding for Supplemental Education Loan Series 2019 A-1 (AMT) (AGM) (AA/A2)
	305,000		5.000			12/01/2021		307,285
	400,000		5.000			12/01/2022		420,689
	500,000		5.000			12/01/2023		546,335
	500,000		5.000			12/01/2024		563,435
	450,000		5.000			12/01/2025		518,877
	1,530,000		5.000			12/01/2026		1,794,505
	1,500,000		5.000			12/01/2027		1,788,998
	1,000,000		5.000			12/01/2028		1,195,547

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)
Maine – (continued)
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A+/A1)
$	4,655,000		4.000	%		07/01/2045	$	5,349,597
	2,355,000		4.000			07/01/2050		2,681,637
	Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM) (AA/A1)
	500,000		2.500			07/01/2029		546,051
	400,000		5.000			07/01/2030		522,453
	275,000		5.000			07/01/2031		365,193
	1,000,000		4.000			07/01/2035		1,208,193
	Maine State Housing Authority RB Refunding Series 1 (A+/Aa3)(g)
	3,445,000		5.000			06/15/2036		4,423,343
	3,345,000		5.000			06/15/2037		4,281,253
	Maine Turnpike Authority RB Refunding Series 2015 (AA-/Aa3)
	1,575,000		5.000			07/01/2026		1,837,834
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	9,765,000		5.000			06/01/2024		10,987,305
								45,988,034
Maryland – 0.9%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	425,000		4.000			09/01/2027		468,133
	650,000		4.500			09/01/2033		719,098
	City of Annapolis GO Refunding Bonds for Public Improvements Series 2015 B (AA+/Aa1)
	1,725,000		4.000			08/01/2027		2,038,734
	City of Baltimore Tax Allocation Refunding for Harbor Point Special Taxing District Project Series 2019 A (NR/NR)(e)
	100,000		2.650			06/01/2022		100,599
	150,000		2.700			06/01/2023		152,194
	100,000		2.750			06/01/2024		102,270
	140,000		3.000			06/01/2024		142,110
	125,000		2.800			06/01/2025		128,866
	135,000		2.850			06/01/2026		140,261
	175,000		2.950			06/01/2027		182,989
	190,000		3.050			06/01/2028		198,150
	200,000		3.150			06/01/2029		210,003
	300,000		3.375			06/01/2029		303,718
	200,000		3.200			06/01/2030		208,988
	200,000		3.250			06/01/2031		208,829
	250,000		3.300			06/01/2032		259,256
	270,000		3.350			06/01/2033		279,788
	City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)
	685,000		3.000			07/01/2024		706,815
	945,000		4.000			07/01/2029		1,082,089
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (A/NR)
	440,000		4.000			01/01/2038		505,962
	525,000		4.000			01/01/2039		602,424
	1,125,000		4.000			01/01/2040		1,289,106
Municipal Bonds – (continued)
Maryland – (continued)
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
$	615,000		4.000	%		01/01/2032	$	719,046
	530,000		4.000			01/01/2033		618,674
	600,000		4.000			01/01/2034		699,198
	1,065,000		4.000			01/01/2035		1,238,121
	1,170,000		4.000			01/01/2036		1,357,884
	1,310,000		4.000			01/01/2037		1,517,450
	1,240,000		4.000			01/01/2038		1,434,108
	2,430,000		4.000			01/01/2039		2,807,109
	1,530,000		4.000			01/01/2040		1,764,126
	County of Montgomery Public Improvement GO Bonds Series 2013 A (AAA/Aaa)(h)
	13,475,000		4.000			11/01/2023		14,528,905
	Frederick County Maryland Special Tax for Lake Linganore Village Community Development Series 2001 A (ASSURED GTY) (AA/NR)
	510,000		5.700			07/01/2029		512,129
	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		1,487,516
	Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR)
	285,000		4.000			07/01/2040		319,623
	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		1,188,059
	Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (NR/Baa3)
	5,625,000		3.997			04/01/2034		6,036,520
	Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)
	6,620,000		1.700			09/01/2022		6,697,738
	Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (NR/Baa3)
	15,605,000		5.500			01/01/2046		18,508,107
	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		868,065
	350,000		4.000			07/01/2040		407,254
	750,000		4.000			07/01/2045		860,622
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (BBB/NR)
	305,000		4.000			10/01/2026		347,045
	425,000		4.000			10/01/2027		490,629
	440,000		4.000			10/01/2028		514,222
	355,000		4.000			10/01/2029		419,082
	475,000		4.000			10/01/2030		565,192
	795,000		3.000			10/01/2034		840,819
	475,000		4.000			10/01/2040		546,294
	State of Maryland Department of Transportation RB Series 2015 (AAA/Aa1)
	15,780,000		4.000			02/01/2030		16,529,545
								93,853,464

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Massachusetts – 1.2%
	City of Cambridge GO Refunding Bonds Series 2021 (AAA/Aaa)
$	7,090,000	5.000 %		02/15/2028	$	8,950,177
	7,295,000	5.000		02/15/2029		9,429,637
	7,290,000	5.000		02/15/2030		9,626,502
	Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/NR)(h)
	7,265,000	5.000		12/01/2021		7,321,218
	Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (AAA/Aaa)
	5,000,000	5.000		07/15/2036		6,912,308
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)(e)
	1,185,000	4.000		11/15/2023		1,216,075
	1,200,000	5.000		11/15/2028		1,364,851
	Massachusetts Development Finance Agency RB for Wellesley College Series 2012 J (AA+/Aa1)
	7,000,000	5.000		07/01/2042		7,229,745
	Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (A-/NR)
	225,000	4.000		12/01/2042		249,673
	245,000	5.000		12/01/2042		281,608
	Massachusetts Development Finance Agency RB Refunding for Mass General Brigham, Inc. Series 2020 A-2 (AA-/Aa3)
	1,100,000	5.000		07/01/2028		1,391,610
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (BB+/NR)(e)
	115,000	5.000		07/15/2022		118,522
	125,000	5.000		07/15/2024		138,016
	125,000	5.000		07/15/2025		141,911
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (AA/NR)
	350,000	5.000		10/01/2026		420,075
	495,000	5.000		10/01/2027		608,847
	500,000	5.000		10/01/2028		628,817
	425,000	5.000		10/01/2029		545,253
	325,000	5.000		10/01/2030		424,405
	450,000	5.000		10/01/2031		584,927
	400,000	5.000		10/01/2032		518,266
	500,000	5.000		10/01/2033		645,621
	450,000	5.000		10/01/2034		579,086
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	825,000	5.000		07/01/2038		1,002,141
	1,850,000	5.000		07/01/2039		2,242,418
	Massachusetts School Building Authority RB Series 2018 B (AA/Aa3)
	10,735,000	4.000		02/15/2039		11,541,498
	Massachusetts School Building Authority RB Taxable Refunding Series 2019 B (AA/Aa3)
	2,195,000	2.078		10/15/2023		2,264,677
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(f)
	1,970,000	(3 Mo. LIBOR + 0.57%), 0.654		05/01/2037		1,949,512
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(f)
	1,735,000	(3 Mo. LIBOR + 0.57%), 0.654		05/01/2037		1,716,956
	Massachusetts State GO Bonds Consolidated Loan Series 2018 D (AA/Aa1)
	4,030,000	4.000		05/01/2039		4,656,985
	Massachusetts State GO Bonds Series 2017 F (AA/Aa1)
	8,665,000	5.000		11/01/2043		10,670,603
	Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A+/A2)
	8,500,000	5.000		01/01/2026		10,053,942
	10,000,000	5.000		01/01/2027		12,159,868
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)(b)(c)
	5,525,000	5.000		01/01/2023		5,847,363
						123,433,113
Michigan – 2.5%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(c)
	25,718,183	4.000		04/01/2034		24,446,768
	20,775,000	4.000		04/01/2034		19,747,959
	City of Detroit Financial Recovery GO Bonds Series 2014 B-2 (NR/NR)(c)
	331,114	4.000		04/01/2034		314,745
	City of Detroit GO Bonds Series 2020 (BB-/Ba3)
	235,000	5.000		04/01/2022		239,591
	245,000	5.000		04/01/2023		259,285
	265,000	5.000		04/01/2024		290,219
	275,000	5.000		04/01/2025		309,770
	290,000	5.000		04/01/2026		334,878
	615,000	5.000		04/01/2027		725,538
	645,000	5.000		04/01/2028		774,300
	455,000	5.000		04/01/2029		554,124
	710,000	5.000		04/01/2030		876,875
	City of Detroit GO Bonds Series 2021 A (BB-/Ba3)
	915,000	5.000		04/01/2030		1,130,057
	675,000	5.000		04/01/2032		838,378
	915,000	5.000		04/01/2034		1,128,567
	1,580,000	5.000		04/01/2036		1,936,102
	1,175,000	5.000		04/01/2038		1,431,678
	1,000,000	5.000		04/01/2039		1,215,196
	City of Detroit GO Bonds Series 2021 B (BB-/Ba3)
	745,000	1.817		04/01/2022		747,380
	365,000	2.017		04/01/2023		367,648
	400,000	2.189		04/01/2024		402,856
	500,000	2.511		04/01/2025		500,986
	675,000	2.711		04/01/2026		675,045
	City of Grand Rapids RB Refunding for Sanitary Sewerage System Series 2020 (AA/Aa2)
	1,000,000	5.000		01/01/2045		1,247,475
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	1,075,000	5.000		07/01/2026		1,198,172
	1,130,000	5.000		07/01/2027		1,259,146

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)
Michigan – (continued)
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR) – (continued)
$	1,000,000		5.000	%		07/01/2028	$	1,114,000
	1,000,000		5.000			07/01/2029		1,113,711
	3,435,000		5.000			07/01/2033		3,821,626
	3,330,000		5.000			07/01/2036		3,700,964
	11,575,000		5.000			07/01/2048		12,811,189
	Ecorse Public School District GO Refunding Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	6,200,000		2.192			05/01/2026		6,466,487
	15,160,000		2.302			05/01/2027		15,888,817
	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		3,570,368
	Great Lakes Water Authority Water Supply System Refunding Senior Lien RB Series 2016C (AA-/A1)
	8,300,000		5.250			07/01/2033		10,029,956
	17,775,000		5.250			07/01/2034		21,479,815
	Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (BBB-/NR)(g)
	475,000		4.000			11/15/2031		521,309
	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		2,288,412
	3,700,000		4.000			11/15/2050		4,201,080
	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		9,425,152
	17,000,000		4.000			02/15/2050		19,338,416
	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		1,046,361
	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		1,119,511
	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		725,417
	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		364,315
	250,000		5.000			07/01/2033		280,096
	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		2,245,276
	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		447,339
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority Local Government Loan Program RB Refunding for Detroit Water and Sewerage Department Water Supply System Series 2015 D-1 (AA-/A1)
	1,000,000		5.000			07/01/2029		1,160,007
	Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (BB/NR)
	1,240,000		3.500			09/01/2030		1,268,611
	Michigan Finance Authority RB Refunding for Kettering University Series 2020 (A-/NR)
	450,000		4.000			09/01/2045		505,226
	475,000		4.000			09/01/2050		530,881
	Michigan Finance Authority RB Refunding for McLaren Health Care Corp Obligated Group Series 2015 B (AA-/A1)
	1,215,000		5.000			05/15/2034		1,393,411
	Michigan Finance Authority RB Senior Lien Series 2014 C-1 (NR/NR)(h)
	1,000,000		5.000			07/01/2022		1,036,088
	Michigan Finance Authority RB Senior Lien Series 2014 C-2 (AMT) (NR/NR)(h)
	5,015,000		5.000			07/01/2022		5,192,147
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (BBB-/NR)
	1,945,000		5.000			06/01/2049		2,297,108
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)(d)
	92,350,000		0.000			06/01/2065		12,305,850
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
	15,000,000		4.250			12/31/2038		17,494,005
	Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 1995 (A/Aa3)
	7,500,000		1.450			09/01/2030		7,386,145
	Michigan Strategic Fund RB Refunding for DTE Electric Co. Series 2008 (A/Aa3)
	7,175,000		1.350			08/01/2029		7,175,000
	Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,000,000		5.000			05/01/2023		2,149,427
	2,125,000		5.000			05/01/2024		2,377,267
	Universal Academy RB Refunding Series 2021 (BBB-/NR)
	425,000		2.000			12/01/2026		419,030
	450,000		4.000			12/01/2031		501,172
	Van Buren Public Schools Michigan GO Unlimited Refunding Bonds Series 2019 (Q-SBLF) (AA/NR)
	2,485,000		4.000			11/01/2026		2,874,050
	2,585,000		4.000			11/01/2027		3,043,998
	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		1,322,573
	1,215,000		5.000			05/01/2026		1,443,657
	3,705,000		5.000			05/01/2027		4,454,041
	Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (AA/NR)
	580,000		2.019			05/01/2025		584,897
	1,000,000		2.138			05/01/2026		1,005,866

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Michigan – (continued)
	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	$	2,219,051
	Wayne County Airport Authority RB for Detroit Metropolitan Wayne County Airport Series 2017 B (AMT) (A-/A1)
	400,000		5.000			12/01/2033		486,795
	1,065,000		5.000			12/01/2034		1,293,172
	650,000		5.000			12/01/2035		788,157
	800,000		5.000			12/01/2036		968,380
	880,000		5.000			12/01/2037		1,060,030
								269,688,397
Minnesota – 0.3%
	City of Independence RB for Global Academy, Inc. Series 2021 A (BB/NR)(g)
	1,315,000		4.000			07/01/2031		1,503,997
	City of Minneapolis GO Green Bonds Series 2019 (AAA/NR)
	2,390,000		2.000			12/01/2029		2,500,769
	2,940,000		2.000			12/01/2030		3,061,376
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	3,300,000		5.000			05/01/2048		4,008,020
	1,325,000		4.000			05/01/2049		1,497,140
	City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (BBB-/NR)
	440,000		3.000			12/01/2030		463,202
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)
	2,160,000		4.250			02/15/2048		2,439,303
	Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (BBB-/NR)(g)
	325,000		5.000			06/15/2027		381,430
	460,000		5.000			06/15/2028		549,012
	400,000		5.000			06/15/2029		484,343
	425,000		5.000			06/15/2030		521,395
	450,000		5.000			06/15/2031		559,290
	Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR)
	370,000		3.000			07/01/2024		386,067
	400,000		3.000			07/01/2025		420,552
	360,000		3.000			07/01/2026		379,733
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	610,000		3.000			03/01/2022		613,204
	630,000		3.000			03/01/2023		640,196
	650,000		3.250			03/01/2024		670,089
	Duluth Independent School District No. 709 COPS Refunding Series 2019 B (SD CRED PROG) (NR/Aa2)
	320,000		5.000			02/01/2022		324,467
	380,000		5.000			02/01/2023		401,131
	400,000		5.000			02/01/2024		439,572
	375,000		5.000			02/01/2025		426,437
	1,105,000		5.000			02/01/2027		1,325,540
	350,000		5.000			02/01/2028		429,277
Municipal Bonds – (continued)
Minnesota – (continued)
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BB+/NR)
	500,000		5.000			05/01/2047		551,780
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	165,000		4.000			12/01/2026		187,474
	165,000		4.000			12/01/2027		190,204
	205,000		4.000			12/01/2028		239,317
	125,000		4.000			12/01/2029		147,398
	250,000		4.000			12/01/2030		292,531
	170,000		4.000			12/01/2031		197,822
	Minnesota State Trunk Highway GO Refunding Bonds Series 2017 E (AAA/Aa1)
	1,680,000		3.000			10/01/2029		1,875,336
	University of Minnesota GO Bonds Series 2013 A (AA/Aa1)
	3,185,000		4.000			02/01/2029		3,331,901
								31,439,305
Mississippi – 0.2%
	Mississippi Business Finance Corp. RB for Chevron USA, Inc. Series 2009 B (AA-/Aa2)(b)(c)
	11,100,000		0.040			10/01/2021		11,100,000
	Mississippi Business Finance Corp. RB for Mississippi Power Co. Project First Series 2010 (A-/NR)(b)(c)
	4,120,000		2.750			12/09/2021		4,136,352
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	2,230,000		2.500			04/01/2022		2,242,431
	Mississippi State GO Bonds Series 2015 F (AA/Aa2)
	1,000,000		4.000			11/01/2035		1,120,615
	Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)(b)(c)
	2,700,000		2.900			09/01/2023		2,826,632
								21,426,030
Missouri – 1.2%
	Branson IDA Tax Increment RB Refunding for Branson Shoppes Redevelopment Project Series 2017 A (NR/NR)
	350,000		3.000			11/01/2021		350,237
	350,000		4.000			11/01/2022		356,240
	Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (BBB-/Ba1)
	1,200,000		4.000			03/01/2041		1,349,976
	City of Poplar Bluff COPS Series 2021 (BBB+/NR)
	875,000		2.500			10/01/2041		833,631
	1,060,000		2.625			10/01/2046		1,001,624
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(e)
	1,000,000		4.500			12/01/2029		1,059,212
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 B (AMT) (AGM) (AA/A2)
	12,335,000		5.000			03/01/2049		14,915,130
	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		5,260,268
	4,410,000		5.000			03/01/2031		5,510,055

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)
Missouri – (continued)
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 A (AMT) (A-/A2) – (continued)
$	4,630,000	5.000 %		03/01/2032	$	5,765,217
	4,865,000	5.000		03/01/2033		6,040,939
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 C (A-/A2)
	2,000,000	5.000		03/01/2033		2,504,094
	3,200,000	5.000		03/01/2034		3,994,974
	Metropolitan St Louis Sewer District RB Refunding Series 2021 A (AAA/NR)
	1,550,000	5.000		05/01/2030		2,045,101
	1,650,000	5.000		05/01/2031		2,221,135
	1,760,000	5.000		05/01/2032		2,361,585
	Metropolitan St. Louis Sewer District RB Refunding Series 2017 A (AAA/Aa1)
	19,880,000	5.000		05/01/2047		23,645,491
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	830,000	5.000		09/01/2038		1,008,935
	Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (BBB/NR)
	370,000	4.000		08/01/2036		437,512
	475,000	4.000		08/01/2041		553,816
	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		365,260
	860,000	5.000		09/01/2027		1,026,351
	1,355,000	5.000		09/01/2028		1,646,879
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	420,000	4.000		02/15/2037		484,126
	675,000	4.000		02/15/2038		776,408
	500,000	4.000		02/15/2039		573,840
	1,850,000	4.000		02/15/2044		2,101,252
	5,000,000	4.000		02/15/2049		5,647,366
	Missouri Health & Educational Facilities Authority RB Refunding for Southeast Missouri State University Series 2019 (A/NR)
	1,900,000	4.000		10/01/2035		2,189,900
	Missouri Southern State University Auxiliary Enterprise System RB Refunding Series 2021 (NR/NR)
	875,000	3.000		10/01/2026		885,560
	875,000	4.000		10/01/2031		924,593
	Missouri Southern State University Auxiliary System RB Series 2019 A (AGM) (AA/NR)
	275,000	5.000		10/01/2030		336,277
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	210,000	5.000		10/01/2026		245,328
	210,000	5.000		10/01/2029		258,650
	150,000	5.000		10/01/2032		182,138
	240,000	4.000		10/01/2034		270,242
	125,000	4.000		10/01/2035		140,524
	150,000	4.000		10/01/2036		168,188
	170,000	4.000		10/01/2037		190,086
	145,000	4.000		10/01/2038		161,765
	110,000	4.000		10/01/2039		122,428
Municipal Bonds – (continued)
Missouri – (continued)
	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		4,281,987
	Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR)
	225,000	3.000		05/01/2022		226,446
	350,000	3.000		05/01/2024		357,675
	250,000	3.000		05/01/2026		256,788
	Springfield Public Utility RB Refunding Series 2015 (AA+/NR)
	15,750,000	3.250		08/01/2027		17,108,575
	St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (A/NR)
	1,100,000	5.000		04/01/2048		1,283,245
	St Louis Municipal Finance Corp. RB for City of St Louis Series 2020 (AGM) (AA/A2)
	1,000,000	5.000		10/01/2040		1,249,977
	5,300,000	5.000		10/01/2045		6,523,815
						131,200,841
Montana – 0.0%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
	575,000	5.000		07/01/2029		706,334
Nebraska – 0.2%
	Central Plains Energy Project RB Refunding Series 2019 (AA-/Aa2)(b)(c)
	12,675,000	4.000		08/01/2025		14,213,816
	Douglas County Hospital Authority No. 2 RB for Nebraska Medicine Obligated Group Series 2020 A (AA-/NR)(b)(e)
	2,100,000	(SIFMA Municipal Swap Index Yield + 0.50%), 0.550		08/01/2023		2,100,187
	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		467,692
	1,000,000	4.000		01/01/2034		1,126,728
	1,000,000	4.000		01/01/2035		1,126,297
	1,250,000	4.000		01/01/2036		1,407,019
	1,185,000	4.000		01/01/2037		1,330,702
	1,500,000	4.000		01/01/2038		1,684,246
	2,000,000	4.000		01/01/2039		2,245,273
						25,701,960
Nevada – 1.2%
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	225,000	3.000		06/01/2022		227,348
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)
	395,000	3.250		06/01/2022		400,028
	200,000	3.500		06/01/2025		213,007
	185,000	3.500		06/01/2026		199,161
	200,000	3.500		06/01/2027		217,311
	150,000	3.500		06/01/2028		163,665
	170,000	3.500		06/01/2029		186,500

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
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	$	187,245
	310,000		3.250			06/01/2031		330,790
	415,000		3.500			06/01/2032		444,950
	470,000		3.500			06/01/2033		501,548
	1,000,000		3.500			06/01/2034		1,064,254
	City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR)
	415,000		2.750			06/01/2033		418,155
	730,000		2.750			06/01/2036		727,363
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	245,000		4.250			06/01/2034		272,427
	285,000		4.500			06/01/2039		318,840
	245,000		4.625			06/01/2043		272,951
	385,000		4.625			06/01/2049		426,007
	City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (NR/Ba2)(e)
	500,000		2.500			06/15/2024		507,831
	1,505,000		2.750			06/15/2028		1,555,160
	Clark County School District Building GO Bonds Series 2018 A (A+/A1)
	7,335,000		5.000			06/15/2033		9,017,997
	Clark County School District Building GO Bonds Series 2019 B (AGM) (AA/A1)
	8,540,000		5.000			06/15/2030		10,932,370
	Clark County School District GO Bonds Series 2018 A (A+/A1)
	5,000,000		5.000			06/15/2030		6,207,608
	11,180,000		5.000			06/15/2031		13,819,916
	Clark County School District GO Bonds Series 2020 A (AGM) (AA/A1)
	880,000		5.000			06/15/2027		1,082,647
	880,000		5.000			06/15/2028		1,108,873
	880,000		5.000			06/15/2029		1,131,611
	770,000		5.000			06/15/2030		1,009,353
	705,000		5.000			06/15/2031		919,112
	795,000		5.000			06/15/2032		1,028,265
	725,000		5.000			06/15/2033		933,980
	835,000		5.000			06/15/2034		1,072,125
	880,000		5.000			06/15/2035		1,124,165
	835,000		4.000			06/15/2036		988,280
	900,000		4.000			06/15/2037		1,062,021
	855,000		4.000			06/15/2038		1,006,444
	950,000		4.000			06/15/2039		1,115,398
	700,000		4.000			06/15/2040		820,080
	County of Clark RB Refunding for Motor Vehicle Fuel Tax Series 2020 C (AA-/Aa3)
	18,215,000		5.000			07/01/2029		23,538,317
	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		1,391,141
	Las Vegas Convention & Visitors Authority RB Refunding Series 2016 C (A/Aa3)
	1,250,000		5.000			07/01/2026		1,478,077
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (A/Aa3)
	715,000		5.000			07/01/2026		845,460
Municipal Bonds – (continued)
Nevada – (continued)
	Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (A/Aa3)
	605,000		5.000			07/01/2035		737,043
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
	2,685,000		5.000			07/01/2043		3,217,507
	23,350,000		4.000			07/01/2049		26,010,758
	Las Vegas Convention & Visitors Authority RB Series 2019 B (A/Aa3)
	1,050,000		5.000			07/01/2027		1,271,604
	State of Nevada GO Refunding Bonds for Capital Improvements & Cultural Affairs Series 2015 B (AA+/Aa1)
	5,000,000		5.000			11/01/2026		5,802,425
	Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)
	1,700,000		5.000			07/01/2040		1,964,631
								129,271,749
New Hampshire – 0.6%
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (BBB+/NR)
	5,450,000		4.000			01/01/2041		5,937,976
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (A-/Baa1)(b)(c)
	2,695,000		2.800			10/02/2023		2,800,679
	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		11,151,613
	3,880,000		5.000			08/01/2033		4,816,950
	4,075,000		5.000			08/01/2034		5,046,288
	4,290,000		5.000			08/01/2035		5,301,634
	4,505,000		5.000			08/01/2036		5,557,481
	4,735,000		5.000			08/01/2037		5,828,207
	4,980,000		5.000			08/01/2038		6,115,184
	5,235,000		5.000			08/01/2039		6,412,462
	5,505,000		5.000			08/01/2040		6,728,518
								65,696,992
New Jersey – 4.9%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	300,000		5.000			03/01/2024		331,441
	250,000		5.000			03/01/2026		294,571
	Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (AA/A2)
	3,925,000		4.000			07/01/2047		4,578,526
	Borough of Stone Harbor GO Bonds Series 2018 (AA+/NR)
	1,345,000		4.000			11/01/2026		1,523,459
	County of Cape May GO Bonds Series 2019 (NR/Aa1)
	1,975,000		4.000			10/01/2025		2,244,435
	Essex County Improvement Authority RB for Friends of TEAM Academy Charter School Obligated Group Series 2021 (BBB/NR)
	470,000		4.000			06/15/2038		532,515

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)
New Jersey – (continued)
	Essex County Improvement Authority RB for New Jersey Institute of Technology Series 2021 A (BAM) (AA/A1)
$	1,175,000		4.000	%		08/01/2046	$	1,379,346
	1,450,000		4.000			08/01/2051		1,694,409
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)(d)
	2,560,000		0.000			11/01/2021		2,559,079
	Hawthorne School District GO Bonds Series 2019 (BAM) (SCH BD RES FD) (AA/NR)
	1,100,000		3.000			09/01/2034		1,164,207
	1,350,000		3.000			09/01/2035		1,427,165
	1,350,000		3.000			09/01/2036		1,424,566
	1,350,000		3.000			09/01/2037		1,421,961
	1,350,000		3.000			09/01/2038		1,419,830
	1,100,000		3.000			09/01/2039		1,155,083
	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		555,062
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB/Baa1)
	4,000,000		5.500			06/15/2033		4,873,106
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2018 EEE (BBB/Baa1)
	5,805,000		5.000			06/15/2028		7,234,508
	10,295,000		5.000			06/15/2029		12,936,097
	New Jersey Economic Development Authority RB Refunding for Port Newark Container Terminal LLC Project Series 2017 (AMT) (NR/Baa3)
	4,325,000		5.000			10/01/2047		4,943,886
	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		1,537,539
	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		3,069,377
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB/Baa1)
	9,340,000		5.000			06/15/2029		11,736,099
	New Jersey Economic Development Authority RB Refunding for The Seeing Eye, Inc. Project Series 2017 (A/NR)
	785,000		3.000			06/01/2032		846,216
	1,545,000		5.000			06/01/2032		1,886,096
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB/Baa1)
	22,075,000		7.425			02/15/2029		28,282,611
	New Jersey Economic Development Authority RB Series 2021 QQQ (BBB/Baa1)
	1,250,000		4.000			06/15/2046		1,432,970
	1,315,000		4.000			06/15/2050		1,503,110
	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		6,492,814
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Educational Facilities Authority RB for Princeton University Series 2014 A (AAA/Aaa)
	8,220,000		5.000			07/01/2026		9,252,776
	New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (BB+/Ba2)
	1,600,000		4.000			07/01/2042		1,678,584
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	1,090,000		5.000			07/01/2034		1,369,336
	1,130,000		5.000			07/01/2035		1,415,571
	1,095,000		5.000			07/01/2036		1,367,343
	2,200,000		5.000			07/01/2037		2,739,141
	1,980,000		5.000			07/01/2038		2,459,322
	1,610,000		5.000			07/01/2045		1,962,287
	New Jersey Educational Facilities Authority RB Refunding for Princeton University Series 2017 I (AAA/Aaa)
	2,675,000		5.000			07/01/2033		3,283,876
	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		1,316,995
	New Jersey Health Care Facilities Financing Authority RB for RWJ Barnabas Health Obligated Group Series 2021 A (AA-/Aa3)
	1,525,000		5.000			07/01/2028		1,931,557
	875,000		5.000			07/01/2029		1,130,718
	2,175,000		5.000			07/01/2030		2,861,864
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-1 (AA-/Aa3)(b)(c)
	10,910,000		5.000			07/01/2024		12,268,269
	New Jersey Health Care Facilities Financing Authority RB Refunding for St. Joseph’s Healthcare System Obligated Group Series 2016 (BBB-/Baa3)
	1,325,000		5.000			07/01/2041		1,525,913
	New Jersey State Turnpike Authority RB Series 2014 A (A+/A2)
	8,095,000		5.000			01/01/2027		9,104,961
	New Jersey State Turnpike Authority RB Series 2015 E (A+/A2)
	8,945,000		5.000			01/01/2032		10,197,985
	7,385,000		5.000			01/01/2045		8,388,817
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB/Baa1)(d)
	24,175,000		0.000			12/15/2035		17,550,557
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB/Baa1)(d)
	10,025,000		0.000			12/15/2026		9,333,667
	3,530,000		0.000			12/15/2029		3,033,396
	1,325,000		0.000			12/15/2031		1,071,570
	5,000,000		0.000			12/15/2036		3,464,646
	1,495,000		0.000			12/15/2037		1,001,553
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB/Baa1)
	755,000		5.000			06/15/2046		857,578

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB/Baa1)
$	9,075,000		5.500	%		12/15/2021	$	9,169,698
	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		21,971,619
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB/Baa1)(d)
	7,530,000		0.000			12/15/2027		6,877,914
	18,565,000		0.000			12/15/2031		15,166,434
	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		1,805,845
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB/Baa1)(d)
	25,925,000		0.000			12/15/2036		17,964,189
	42,640,000		0.000			12/15/2037		28,566,033
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB/Baa1)(d)
	10,000,000		0.000			12/15/2038		6,477,325
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB/Baa1)
	1,390,000		4.000			12/15/2039		1,597,035
	1,620,000		5.000			12/15/2039		2,015,555
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	2,330,000		5.000			06/15/2030		2,741,156
	1,825,000		5.000			06/15/2031		2,140,242
	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		3,407,325
	2,000,000		5.000			12/15/2032		2,486,055
	3,345,000		5.000			12/15/2033		4,146,751
	7,775,000		5.000			12/15/2034		9,619,267
	2,770,000		5.000			12/15/2035		3,422,142
	3,455,000		5.000			12/15/2036		4,266,400
	2,410,000		4.250			12/15/2038		2,785,918
	New Jersey Transportation Trust Fund Authority RB Series 2020 AA (BBB/Baa1)
	450,000		3.000			06/15/2050		462,020
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2014 BB-1 (BBB/Baa1)
	7,000,000		5.000			06/15/2029		8,795,792
	6,155,000		5.000			06/15/2030		7,690,204
	2,215,000		5.000			06/15/2031		2,758,398
	3,000,000		5.000			06/15/2032		3,734,220
	5,000,000		5.000			06/15/2033		6,206,286
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB/Baa1)
	3,060,000		5.000			06/15/2034		3,789,865
	10,000,000		5.000			06/15/2037		12,342,152
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB/Baa1) – (continued)
	3,000,000		5.250			06/15/2043		3,729,838
	10,000,000		4.500			06/15/2049		11,721,291
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB/Baa1)
	16,590,000		4.000			06/15/2044		18,679,897
	New Jersey Transportation Trust Fund Authority Transportation RB Refunding Series 2018 A (BBB/Baa1)
	2,000,000		5.000			12/15/2028		2,518,522
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (BBB/Baa1)(d)
	8,320,000		0.000			12/15/2032		6,536,749
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)
	3,200,000		5.500			12/15/2022		3,401,221
	South Jersey Port Corp. RB Refunding for Marine Terminal Series 2012 R (AMT) (BB+/Baa1)
	1,670,000		4.000			01/01/2023		1,739,511
	730,000		4.000			01/01/2024		760,129
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	1,000,000		5.000			01/01/2037		1,190,710
	South Jersey Transportation Authority RB Refunding Series 2019 A (AGM) (AA/A2)
	1,000,000		5.000			11/01/2029		1,286,727
	1,500,000		5.000			11/01/2030		1,916,508
	1,000,000		5.000			11/01/2031		1,272,431
	1,000,000		5.000			11/01/2032		1,268,684
	725,000		5.000			11/01/2033		916,931
	State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (BBB+/A3)
	10,000,000		4.000			06/01/2031		12,286,833
	3,215,000		4.000			06/01/2032		3,992,362
	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		6,450,511
	5,310,000		5.000			07/01/2031		6,908,761
	Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (BBB+/NR)
	2,200,000		5.000			06/01/2046		2,604,958
	2,250,000		5.250			06/01/2046		2,714,586
	Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)
	2,000,000		5.000			06/01/2046		2,343,633
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB+/NR)
	710,000		3.200			06/01/2027		723,005
	Township of Rockaway GO Bonds Series 2017 (ST AID WITHHLDG) (NR/Aa1)
	1,535,000		2.000			07/15/2022		1,557,168
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(e)
	6,455,000		6.750			12/01/2041		6,740,332
	Union County Utilities Authority RB Refunding for Covanta Union LLC Series 2011 A (AMT) (AA+/NR)
	4,750,000		5.250			12/01/2031		4,787,389
								521,502,893

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)
New Mexico – 0.1%
	Farmington City PCRB Refunding for Public Service Co. of New Mexico San Juan & Four Corners Projects Series 2016 A (BBB/Baa2)(b)(c)
$	2,445,000	1.875 %		04/01/2033	$	2,445,000
	Farmington City PCRB Refunding for Public Servicing Co. of New Mexico San Juan & Four Corners Projects Series 2016 B (BBB/Baa2)(b)(c)
	4,250,000	1.875		04/01/2033		4,250,000
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (A-/NR)
	175,000	5.000		09/01/2027		211,597
	200,000	5.000		09/01/2029		251,221
	450,000	5.000		09/01/2030		574,246
	300,000	5.000		09/01/2031		380,981
	350,000	5.000		09/01/2032		443,018
						8,556,063
New York – 9.0%
	Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (BBB/NR)
	4,065,000	1.625		11/01/2025		4,190,908
	Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (BBB-/NR)
	100,000	4.000		06/15/2026		112,850
	100,000	4.000		06/15/2027		114,480
	100,000	4.000		06/15/2028		115,952
	Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)(e)
	1,425,000	5.000		12/01/2041		1,633,165
	Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR)
	300,000	4.000		06/15/2031		332,163
	425,000	4.000		06/15/2041		465,010
	Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR)(e)
	2,465,000	4.000		06/15/2027		2,434,798
	City of New Rochelle RB for Iona College Project Series 2015 A (BBB/Baa2)
	325,000	5.000		07/01/2025		374,265
	335,000	5.000		07/01/2026		382,952
	425,000	5.000		07/01/2027		483,302
	City of Poughkeepsie GO Bonds Series 2021 (NR/NR)
	775,000	2.500		04/29/2022		781,605
	Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (BB+/NR)(e)
	900,000	5.000		07/01/2040		1,090,612
	Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)(d)(e)
	29,200,000	0.000		06/01/2060		1,581,206
	Essex County Industrial Development Agency RB Refunding for International Paper Co. Series 2019 A (AMT) (BBB/Baa2)(b)(c)
	500,000	2.100		10/01/2024		522,520
	Freddie Mac Multifamily ML Certificates RB Pass Through Series 2017 A (AAA/Aaa)(f)(e)
	7,007,581	(1 Mo. LIBOR + 0.50%), 0.585		01/25/2033		7,024,772
Municipal Bonds – (continued)
New York – (continued)
	Hudson Yards Infrastructure Corp. RB Refunding Series 2017 A (A+/Aa3)
	3,000,000	5.000		02/15/2042		3,537,757
	Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 C (NR/NR)
	1,725,000	3.000		07/01/2025		1,783,702
	Long Island Power Authority RB Refunding Series 2014 C (A/A2)(b)
	9,000,000	(1 Mo. LIBOR + 0.75%), 0.810		10/01/2023		9,029,345
	Long Island Power Authority RB Series 2019 B (A/A2)(b)(c)
	12,825,000	1.650		09/01/2024		13,190,271
	Metropolitan Transportation Authority RB Anticipation Notes Series 2019 B-1 (SP-2/MIG2)
	54,680,000	5.000		05/15/2022		56,246,407
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020A-2S (SP-2/MIG2)
	8,305,000	4.000		02/01/2022		8,404,400
	Metropolitan Transportation Authority RB Green Bond Series 2015 A-2 (A-/A3)(b)(c)
	2,500,000	5.000		05/15/2030		3,173,608
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (BBB+/A3)
	625,000	5.000		11/15/2027		738,908
	850,000	5.000		11/15/2028		1,001,670
	Metropolitan Transportation Authority RB Green Bond Series 2019 B (BAM) (AA/A3)
	5,160,000	5.000		11/15/2052		6,286,657
	Metropolitan Transportation Authority RB Green Bond Series 2019 C (AGM-CR) (AA/A2)
	10,015,000	5.000		11/15/2041		12,458,139
	Metropolitan Transportation Authority RB Green Bond Series 2020 A-1 (AGM) (AA/A2)
	4,380,000	4.000		11/15/2042		5,092,576
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (BBB+/A3)
	10,175,000	4.750		11/15/2045		11,931,350
	3,250,000	5.000		11/15/2050		3,889,977
	4,100,000	5.250		11/15/2055		4,979,414
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-2 (BBB+/A3)
	4,725,000	4.000		11/15/2047		5,258,601
	1,500,000	4.000		11/15/2048		1,666,763
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (BBB+/A3)
	1,050,000	4.000		11/15/2049		1,164,614
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (BBB+/A3)
	3,000,000	5.000		11/15/2028		3,702,636
	3,450,000	5.000		11/15/2029		4,335,063
	1,675,000	5.000		11/15/2030		2,137,729
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 A-2 (BBB+/A3)
	1,340,000	5.000		11/15/2027		1,609,256
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (BBB+/A3)
	2,465,000	4.000		11/15/2032		2,828,287

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding Series 2002 D-1 (BBB+/A3)
$	4,545,000	5.000 %		11/01/2025	$	4,766,227
	Metropolitan Transportation Authority RB Refunding Series 2012 D (BBB+/A3)
	8,725,000	5.000		11/15/2021		8,772,387
	Metropolitan Transportation Authority RB Refunding Series 2015 D-1 (BBB+/A3)
	8,675,000	5.000		11/15/2033		9,963,673
	Metropolitan Transportation Authority RB Refunding Series 2016 B (BBB+/A3)
	520,000	5.000		11/15/2027		624,795
	Metropolitan Transportation Authority RB Refunding Series 2016 D (BBB+/A3)
	735,000	5.000		11/15/2029		876,713
	755,000	5.250		11/15/2031		905,250
	Metropolitan Transportation Authority RB Refunding Series 2017 D (BBB+/A3)
	1,075,000	5.000		11/15/2027		1,304,573
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (BBB+/A3)(b)
	7,510,000	(1 Mo. LIBOR + 0.55%), 0.608		11/01/2022		7,529,818
	Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (BBB+/A3)
	4,250,000	5.250		11/15/2028		5,005,213
	Metropolitan Transportation Authority RB Series 2011 B (BBB+/A3)(b)
	7,510,000	(1 Mo. LIBOR + 0.55%), 0.608		11/01/2022		7,529,810
	Metropolitan Transportation Authority RB Series 2013 B (BBB+/A3)
	2,530,000	5.000		11/15/2022		2,660,140
	Metropolitan Transportation Authority RB Series 2016 C-1 (BBB+/A3)
	580,000	5.000		11/15/2028		694,417
	Metropolitan Transportation Authority RB Series 2019 D-1 (SP-2/MIG2)
	10,600,000	5.000		09/01/2022		11,046,930
	Metropolitan Transportation Authority RB Subseries 2015 A-1 (BBB+/A3)
	475,000	5.000		11/15/2025		542,235
	Nassau County Interim Finance Authority RB Refunding Series 2021 A (AAA/NR)
	1,890,000	5.000		11/15/2032		2,525,637
	Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (WD/NR)(d)
	82,790,000	0.000		06/01/2060		6,273,901
	New York City GO Bonds Fiscal 2012 Series I (AA/Aa2)(h)
	3,000,000	5.000		08/01/2022		3,120,679
	New York City GO Bonds Series 2018 E-1 (AA/Aa2)
	4,725,000	5.000		03/01/2044		5,678,475
	New York City GO Bonds Subseries 2014 I-2 (AA/Aa2)(b)(c)
	13,540,000	0.090		10/01/2021		13,540,000
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)(b)(c)
	3,500,000	2.750		12/29/2023		3,598,059
Municipal Bonds – (continued)
New York – (continued)
	New York City Industrial Development Agency RB for Churchill School & Center for Learning Disabilities, Inc. Series 1999 (ASSURED GTY) (AA/NR)
	1,345,000	2.250		10/01/2029		1,361,555
	New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (AA/A2)
	1,050,000	5.000		01/01/2029		1,332,440
	2,870,000	5.000		01/01/2030		3,712,188
	1,650,000	5.000		01/01/2031		2,173,611
	880,000	4.000		01/01/2032		1,072,184
	3,540,000	3.000		01/01/2039		3,801,464
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (AA/A2)
	2,290,000	3.000		03/01/2036		2,489,953
	2,555,000	3.000		03/01/2040		2,739,866
	1,875,000	4.000		03/01/2045		2,153,086
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (BBB+/Baa1)
	2,125,000	4.000		03/01/2045		2,394,271
	New York City Transitional Finance Authority Future Tax Secured RB Series 2020 C Subseries 2020 C-1 (AAA/Aa1)
	3,525,000	4.000		05/01/2045		4,066,088
	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		6,307,729
	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		16,379,178
	17,020,000	2.640		11/01/2024		18,020,837
	11,900,000	2.740		11/01/2025		12,684,217
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-4 (AAA/Aa1)(b)(c)
	60,965,000	0.080		10/02/2021		60,965,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-3 (AAA/Aa1)
	10,000,000	4.000		05/01/2044		11,500,385
	New York City Water & Sewer System RB for Second General Resolution Series 2018 BB (AA+/Aa1)
	5,250,000	5.000		06/15/2046		6,301,258
	New York City Water & Sewer System RB Refunding Series 2020 FF (AA+/Aa1)
	5,645,000	4.000		06/15/2041		6,600,574
	New York Convention Center Development Corp. RB Refunding for New York City Hotel Unit Fee Revenue Series 2015 (NR/A2)
	705,000	5.000		11/15/2040		817,194
	New York Convention Center Development Corp. RB Refunding Series 2015 (NR/A2)
	3,755,000	5.000		11/15/2030		4,385,623
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(d)
	143,440,000	0.000		06/01/2060		9,174,451
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)
	4,840,000	3.500		02/15/2048		4,895,860

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)
New York – (continued)
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(e)
$	12,380,000		5.000	%		11/15/2044	$	13,554,488
	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		874,272
	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		1,087,365
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 A (AA+/Aa2)
	1,435,000		5.000			02/15/2027		1,739,310
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2016 D (AA+/Aa2)
	6,235,000		5.000			02/15/2027		7,557,212
	New York State Dormitory Authority General Purpose Personal Income Tax RB Series 2020 A (AA+/Aa2)
	10,670,000		4.000			03/15/2044		12,413,465
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-1 (A-/A3)(b)(c)
	9,620,000		5.000			05/01/2022		9,653,709
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)(b)(c)
	5,770,000		5.000			05/01/2024		6,319,073
	New York State Dormitory Authority RB for State of New York Sales Tax Revenue Series 2016 A (AA+/Aa2)
	1,170,000		5.000			03/15/2030		1,412,025
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa2)
	5,275,000		5.000			03/15/2026		6,312,855
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (NR/Baa1)
	1,400,000		5.000			07/01/2033		1,723,423
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)
	100,000		3.560			07/01/2026		106,003
	100,000		3.670			07/01/2027		106,538
	40,000		3.760			07/01/2028		42,712
	200,000		3.820			07/01/2029		212,545
	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		1,261,302
	1,130,000		5.000			07/01/2028		1,354,338
	1,185,000		5.000			07/01/2029		1,440,839
	745,000		5.000			07/01/2030		915,629
	100,000		4.000			07/01/2031		113,148
	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		675,142
	465,000		5.000			07/01/2034		577,919
	1,005,000		5.000			07/01/2035		1,246,683
	440,000		5.000			07/01/2036		544,236
	545,000		4.000			07/01/2040		615,092
	590,000		5.000			07/01/2041		720,094
	2,315,000		4.000			07/01/2045		2,588,976
Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB-/Baa3)
	530,000		4.000			09/01/2036		610,397
	500,000		4.000			09/01/2037		574,177
	575,000		4.000			09/01/2038		658,736
	615,000		4.000			09/01/2039		702,809
	750,000		4.000			09/01/2040		855,276
	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		1,109,271
	1,005,000		5.000			05/01/2023		1,078,762
	New York State Dormitory Authority RB Refunding for St. John’s University Series 2021 A (A-/A3)
	5,300,000		4.000			07/01/2048		6,218,291
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2021 A (AA+/NR)
	4,400,000		4.000			03/15/2041		5,157,904
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (AA+/Aa2)
	4,350,000		3.000			03/15/2038		4,685,743
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2021 (AA+/NR)
	8,175,000		4.000			03/15/2042		9,554,404
	5,010,000		5.000			03/15/2049		6,291,405
	New York State Dormitory Authority RB Refunding Series 2018 C (ETM) (NR/NR)(h)
	5,000		5.000			03/15/2024		5,570
	New York State Dormitory Authority RB Series 2020 B (AA-/Aa2)
	1,100,000		3.000			04/01/2042		1,145,257
	1,550,000		3.000			04/01/2048		1,598,377
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa2)
	425,000		4.900			03/15/2023		452,632
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/Baa1)(c)
	5,350,000		0.110			10/22/2021		5,350,000
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2014 (AMT) (B/B2)(b) (c) (e)
	1,440,000		2.875			12/03/2029		1,540,057
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B/B2)(b)(c)
	750,000		2.750			09/02/2025		786,057
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2014 A (AA+/Aa2)
	5,000,000		5.000			03/15/2031		5,552,681
	New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2020 A (AA+/Aa2)
	7,000,000		3.000			03/15/2050		7,277,001
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa2)
	16,750,000		2.860			03/15/2024		17,665,238

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa2)
$	11,875,000		2.980	%		03/15/2025	$	12,697,395
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	9,545,000		5.000			01/01/2023		10,061,976
	2,000,000		5.000			01/01/2027		2,393,458
	1,170,000		5.000			01/01/2029		1,420,835
	725,000		5.000			01/01/2031		870,852
	8,150,000		5.000			01/01/2033		9,760,521
	5,000,000		5.000			01/01/2034		5,982,890
	14,460,000		4.000			01/01/2036		16,214,375
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (BB+/Baa3)
	2,450,000		4.000			10/01/2030		2,860,191
	6,645,000		5.000			10/01/2035		8,293,258
	2,250,000		5.000			10/01/2040		2,780,027
	6,205,000		4.375			10/01/2045		7,185,175
	New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (BBB-/NR)
	1,225,000		2.500			10/31/2031		1,283,209
	575,000		4.000			10/31/2034		674,923
	4,285,000		4.000			10/31/2041		4,919,777
	2,240,000		4.000			10/31/2046		2,540,233
	New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (AA/A2)
	1,500,000		4.000			07/01/2046		1,611,758
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (BBB/Baa1)
	500,000		5.000			12/01/2027		605,775
	500,000		5.000			12/01/2028		616,724
	500,000		5.000			12/01/2029		627,184
	600,000		5.000			12/01/2036		751,738
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (BBB/Baa1)
	1,150,000		5.000			12/01/2027		1,399,344
	970,000		5.000			12/01/2028		1,202,379
	1,105,000		5.000			12/01/2029		1,396,667
	885,000		5.000			12/01/2030		1,134,921
	1,060,000		5.000			12/01/2031		1,350,225
	1,235,000		5.000			12/01/2032		1,566,784
	1,370,000		5.000			12/01/2033		1,738,659
	1,920,000		5.000			12/01/2034		2,423,428
	1,680,000		5.000			12/01/2035		2,109,920
	2,745,000		5.000			12/01/2036		3,449,670
	2,480,000		5.000			12/01/2037		3,107,168
	4,565,000		5.000			12/01/2038		5,705,200
	1,650,000		4.000			12/01/2040		1,885,556
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	5,670,000		5.000			07/01/2041		6,293,062
	29,910,000		5.250			01/01/2050		33,335,856
Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (AMT) (B-/NR)
	2,390,000		5.000			08/01/2026		2,394,848
	2,250,000		5.000			08/01/2031		2,254,488
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (B-/NR)
	7,020,000		5.250			08/01/2031		8,326,130
	5,675,000		5.375			08/01/2036		7,133,650
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	14,975,000		5.000			07/01/2046		16,608,991
	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		488,629
	505,000		4.000			12/01/2033		585,634
	420,000		4.000			12/01/2034		485,633
	420,000		4.000			12/01/2035		484,750
	525,000		4.000			12/01/2036		604,588
	425,000		4.000			12/01/2037		488,046
	420,000		4.000			12/01/2038		481,187
	1,260,000		3.000			12/01/2039		1,326,620
	840,000		3.000			12/01/2040		882,546
	1,680,000		4.000			12/01/2049		1,880,249
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	345,000		4.000			07/01/2039		364,856
	4,225,000		3.000			07/01/2044		3,835,599
	Onondaga County Trust for Cultural Resources RB Refunding for Syracuse University Series 2019 (AA-/Aa3)
	2,900,000		5.000			12/01/2040		3,693,249
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 186 (AMT) (A+/Aa3)
	10,000,000		5.000			10/15/2044		11,087,748
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 197 (AMT) (A+/Aa3)
	2,910,000		5.000			11/15/2034		3,468,341
	19,315,000		5.000			11/15/2041		22,747,301
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 223 (AMT) (A+/Aa3)
	6,335,000		4.000			07/15/2046		7,262,755
	Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (A+/Aa3)
	2,500,000		5.000			09/01/2033		3,142,081
	2,000,000		5.000			09/01/2034		2,502,632
	Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (A+/Aa3)
	2,000,000		4.000			07/15/2045		2,292,738
	1,500,000		4.000			07/15/2050		1,711,455
	Port Authority of New York & New Jersey RB Refunding Series 205th (A+/Aa3)
	5,775,000		5.250			05/15/2042		7,138,881
	1,245,000		5.000			11/15/2042		1,514,203

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Port Authority of New York & New Jersey RB Series Two Hundred and Fourteen (AMT) (A+/Aa3)
$	5,275,000		4.000	%		09/01/2043	$	6,028,054
	State of New York GO Refunding Bonds Series 2021 B (AA+/Aa2)
	16,500,000		1.250			03/15/2027		16,405,625
	26,335,000		1.450			03/15/2028		26,166,488
	Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (BBB-/NR)
	3,800,000		4.000			06/01/2050		4,291,538
	Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (BBB+/A3)
	600,000		5.000			09/01/2038		758,425
	820,000		5.000			09/01/2039		1,033,865
	805,000		4.000			09/01/2040		939,707
	Utility Debt Securitization Authority Restructuring RB Series 2017 (AAA/Aaa)
	4,400,000		5.000			12/15/2041		5,410,181
	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		1,090,363
	1,000,000		5.000			11/01/2024		1,130,497
	Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)
	200,000		4.000			10/15/2029		220,571
	Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (BB/NR)
	300,000		4.000			10/15/2030		344,006
								963,672,333
North Carolina – 1.0%
	Charlotte-Mecklenburg Hospital Authority RB for Atrium Health Obligated Group Series 2021 C (AA-/Aa3)(b)(c)
	9,700,000		5.000			12/01/2028		12,402,613
	Charlotte-Mecklenburg Hospital Authority RB for Atrium Health Obligated Group Series 2021 D (AA-/Aa3)(b)(c)
	7,250,000		5.000			12/01/2031		9,736,873
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(b)(c)
	375,000		2.000			10/01/2024		390,591
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(b)(c)
	400,000		2.000			10/01/2024		416,631
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (BBB/Baa2)(b)(c)
	1,750,000		2.100			10/01/2024		1,828,819
	County of Mecklenburg GO Bonds for Public Improvement Series 2018 (AAA/Aaa)
	5,250,000		5.000			03/01/2029		6,590,884
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)(h)
	38,115,000		5.000			04/01/2022		39,027,039
Municipal Bonds – (continued)
North Carolina – (continued)
	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	$	1,442,481
	North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (BBB/NR)
	680,000		4.000			09/01/2041		784,155
	325,000		4.000			09/01/2046		371,813
	North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR)
	155,000		3.000			03/01/2023		159,037
	190,000		4.000			03/01/2024		202,216
	235,000		4.000			03/01/2025		254,774
	220,000		5.000			03/01/2026		251,410
	270,000		5.000			03/01/2027		314,331
	255,000		5.000			03/01/2028		301,298
	250,000		4.000			03/01/2029		282,245
	260,000		4.000			03/01/2030		293,431
	270,000		4.000			03/01/2031		302,811
	725,000		4.000			03/01/2036		802,520
	North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR)
	500,000		5.000			10/01/2040		566,719
	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		6,234,751
	North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (BBB-/NR)(g)
	910,000		4.000			09/01/2041		1,026,234
	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		619,833
	1,785,000		3.000			07/01/2027		1,877,368
	1,040,000		4.000			07/01/2030		1,143,478
	1,080,000		5.000			07/01/2031		1,231,931
	1,110,000		5.000			07/01/2032		1,263,452
	1,375,000		5.000			07/01/2033		1,562,418
	North Carolina Medical Care Commission Retirement Facilities RB Refunding First Mortgage for United Church Homes and Services Series 2015 A (NR/NR)
	495,000		4.000			09/01/2025		506,616
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (AA/NR)
	3,000,000		3.000			01/01/2042		3,166,432
	1,650,000		5.000			01/01/2049		2,042,248
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (BBB/NR)
	4,500,000		5.000			01/01/2043		5,487,987
	5,000,000		5.000			01/01/2044		6,080,715
								108,966,154
North Dakota – 0.1%
	City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (AGM) (AA/A2)
	1,650,000		3.000			12/01/2039		1,722,718

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
North Dakota – (continued)
	City of Horace GO Refunding Bonds Series 2021 (NR/Baa2)
$	1,100,000		3.000	%		05/01/2041	$	1,122,642
	2,750,000		3.000			05/01/2046		2,777,094
								5,622,454
Ohio – 1.9%
	American Municipal Power, Inc. RB for Hydroelectric Projects Series 2010 C (A/A1)
	2,290,000		6.973			02/15/2024		2,621,070
	American Municipal Power, Inc. RB Refunding for Combined Hydroelectric Project Series 2020 A (A/A1)
	1,585,000		5.000			02/15/2028		1,972,982
	1,235,000		5.000			02/15/2029		1,566,158
	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		7,003,666
	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		555,627
	690,000		4.000			06/01/2037		801,579
	920,000		4.000			06/01/2038		1,065,597
	895,000		4.000			06/01/2039		1,033,562
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (BBB+/NR)
	5,070,000		3.000			06/01/2048		5,186,624
	3,835,000		4.000			06/01/2048		4,264,475
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	39,750,000		5.000			06/01/2055		44,996,678
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)(d)
	35,885,000		0.000			06/01/2057		5,743,735
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	285,000		5.000			11/01/2021		285,635
	400,000		5.000			11/01/2022		412,563
	420,000		5.000			11/01/2023		444,686
	City of Cleveland RB Refunding for Airport System Series 2019 A (A-/A2)
	12,500,000		2.592			01/01/2026		13,105,913
	City of Cleveland RB Refunding for Airport System Series 2019 B (AMT) (A-/A2)
	805,000		5.000			01/01/2022		814,178
	1,235,000		5.000			01/01/2023		1,306,579
	1,365,000		5.000			01/01/2024		1,502,552
	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		426,374
	625,000		4.000			09/01/2045		658,755
	850,000		5.000			09/01/2049		967,376
	County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)
	2,480,000		5.250			11/15/2040		2,836,448
Municipal Bonds – (continued)
Ohio – (continued)
	County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A+/A2)
	5,625,000		5.000			08/01/2049		6,810,881
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	10,000,000		8.223			02/15/2040		14,464,422
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	2,865,000		5.500			02/15/2057		3,378,485
	Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (A+/NR)
	3,400,000		2.000			12/01/2031		3,417,856
	Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)
	2,000,000		3.750			12/01/2038		2,071,312
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)
	250,000		5.000			12/01/2025		286,186
	325,000		5.000			12/01/2026		379,953
	325,000		5.000			12/01/2027		386,570
	425,000		5.000			12/01/2028		513,330
	400,000		5.000			12/01/2029		489,438
	680,000		5.000			12/01/2030		824,702
	800,000		5.000			12/01/2031		964,374
	660,000		5.000			12/01/2032		791,624
	1,170,000		5.000			12/01/2033		1,397,052
	1,200,000		5.000			12/01/2035		1,425,304
	650,000		5.000			12/01/2037		767,213
	1,630,000		5.000			12/01/2038		1,918,308
	Kent State University Taxable Refunding RB Series 2020 B (A+/Aa3)
	1,500,000		2.321			05/01/2027		1,567,881
	1,500,000		2.447			05/01/2028		1,573,974
	Lakewood City School District GO Refunding Bonds Series 2014 C (AA/Aa2)
	3,215,000		5.000			12/01/2027		3,670,471
	Northeast Ohio Medical University RB Refunding Series 2021 A (NR/Baa2)
	250,000		4.000			12/01/2035		286,983
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(e)
	700,000		4.500			01/15/2048		809,946
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (BBB-/Ba1)
	925,000		2.875			02/01/2026		971,815
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BBB-/Ba1)
	2,305,000		2.875			02/01/2026		2,421,657
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 A (BBB+/Baa2)(b)(c)
	2,500,000		2.400			10/01/2029		2,620,190
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 B (AMT) (BBB+/Baa2)(b)(c)
	3,500,000		2.600			10/01/2029		3,675,161

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)
Ohio – (continued)
	Ohio Air Quality Development Authority RB Refunding for American Electric Power Co., Inc. Series 2014 C (AMT) (BBB+/NR)(b)(c)
$	8,000,000		2.100	%		10/01/2024	$	8,289,466
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (BBB-/Ba1)
	3,130,000		3.250			09/01/2029		3,356,314
	Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (NR/A3)
	1,250,000		5.000			01/15/2035		1,536,935
	1,645,000		5.000			01/15/2036		2,018,393
	Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (BBB-/NR)
	1,260,000		5.000			12/01/2042		1,469,339
	1,250,000		5.000			12/01/2045		1,449,635
	Ohio Higher Educational Facility Commission RB Refunding for Xavier University Series 2020 (A/A3)
	680,000		5.000			05/01/2027		827,012
	1,535,000		5.000			05/01/2028		1,910,067
	1,075,000		5.000			05/01/2029		1,365,538
	2,270,000		5.000			05/01/2030		2,936,994
	1,260,000		5.000			05/01/2032		1,611,406
	1,045,000		5.000			05/01/2034		1,327,818
	695,000		4.000			05/01/2037		810,070
	1,115,000		4.000			05/01/2038		1,296,464
	Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)(e)
	925,000		5.000			12/01/2033		997,587
	1,795,000		5.000			12/01/2038		1,911,284
	2,725,000		5.000			12/01/2048		2,858,347
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	2,800,000		3.250			11/01/2022		2,887,659
	Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)(e)
	390,000		3.750			12/01/2031		396,806
	Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(e)
	4,375,000		7.000			12/01/2042		5,023,725
								201,738,759
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		4,766,291
	Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (A-/Baa1)
	925,000		4.000			09/01/2045		1,036,631
	840,000		5.000			09/01/2045		1,020,685
	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		4,027,181
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	2,150,000		5.000			08/15/2029		2,645,023
	5,000,000		5.250			08/15/2048		6,026,408
Municipal Bonds – (continued)
Oklahoma – (continued)
	Oklahoma Municipal Power Authority RB Refunding Series 2021 B (AGM) (AA/NR)
	640,000		1.602			01/01/2027		642,281
	1,960,000		1.802			01/01/2028		1,966,630
	1,500,000		1.951			01/01/2029		1,503,853
	Oklahoma Turnpike Authority RB Second Senior Series 2017 C (AA-/Aa3)
	1,400,000		4.000			01/01/2042		1,593,335
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B-/NR)(b)(c)
	3,285,000		5.000			06/01/2025		3,673,285
								28,901,603
Oregon – 0.8%
	Benton & Linn Counties Consolidated School District No. 509J & 509A Corvallis GO Refunding Bonds Series 2018 A (SCH BD GTY) (AA+/Aa1)
	3,790,000		5.000			06/15/2026		4,563,234
	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		264,627
	120,000		5.250			11/15/2050		132,151
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	1,385,000		3.500			03/01/2029		1,443,328
	1,540,000		3.750			03/01/2032		1,607,110
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (A+/NR)
	500,000		5.000			08/15/2025		584,492
	300,000		5.000			08/15/2026		360,899
	400,000		5.000			08/15/2027		492,852
	500,000		5.000			08/15/2028		629,006
	500,000		5.000			08/15/2029		640,356
	600,000		5.000			08/15/2030		779,505
	1,775,000		5.000			08/15/2045		2,215,224
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (AGM) (AA/NR)
	4,725,000		4.000			08/15/2045		5,488,753
	Multnomah County Oregon Hospital Facilities Authority RB Refunding for Adventist Health System & West Obligated Group Series 2019 (A/NR)(b)(c)
	7,715,000		5.000			03/01/2025		8,641,622
	Oregon State Business Development Commission RB for Intel Corp. Project Series 2019 250 (AMT) (A+/A1)(b)(c)
	10,000,000		5.000			03/01/2022		10,185,621
	Oregon State Facilities Authority RB Refunding for Reed College Project Series 2017 A (AA-/Aa2)
	8,895,000		5.000			07/01/2047		10,666,007
	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		337,504
	525,000		5.000			10/01/2029		668,059
	225,000		5.000			10/01/2035		282,180

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Oregon – (continued)
	Port of Portland RB for International Airport Series 2019 25-B (AMT) (A+/NR)
$	2,665,000		5.000	%		07/01/2032	$	3,347,424
	2,365,000		5.000			07/01/2033		2,961,813
	1,000,000		5.000			07/01/2034		1,248,603
	1,000,000		5.000			07/01/2035		1,246,234
	Portland Oregon Community College District GO Bonds Series 2013 (AA+/Aa1)(h)
	2,050,000		5.000			06/15/2023		2,216,634
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aa1)
	7,090,000		4.000			04/01/2029		8,102,336
	Portland Oregon Water System RB Refunding Second Lien Series 2020 A (NR/Aa2)
	2,355,000		5.000			05/01/2026		2,824,021
	State of Oregon GO Refunding Bonds for Higher Education Series 2021 H (AA+/Aa1)
	1,175,000		1.250			08/01/2027		1,208,546
	860,000		1.375			08/01/2028		882,742
	875,000		1.500			08/01/2029		902,006
	Warm Springs Reservation Confederated Tribe Hydroelectric RB Refunding for Pelton-Round Butte Project Series 2019 B (NR/A3)(e)
	190,000		5.000			11/01/2034		229,743
	500,000		5.000			11/01/2036		602,277
	Washington County School District No. 1 GO Bonds Series 2017 (SCH BD GTY) (NR/Aa1)
	4,155,000		5.000			06/15/2029		5,131,904
	Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR)
	850,000		1.750			11/15/2026		851,082
	1,195,000		5.000			11/15/2036		1,427,302
								83,165,197
Pennsylvania – 3.5%
	Allegheny County Airport Authority RB Series 2021 A (AMT) (A/A2)
	2,325,000		4.000			01/01/2039		2,693,063
	1,900,000		4.000			01/01/2040		2,195,743
	Allegheny County Airport Authority RB Series 2021 B (A/A2)
	1,505,000		5.000			01/01/2034		1,943,935
	1,630,000		5.000			01/01/2035		2,100,585
	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		4,935,473
	18,400,000		4.000			04/01/2044		20,669,728
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A/A2)
	3,050,000		4.000			07/15/2035		3,574,787
	3,180,000		4.000			07/15/2036		3,716,318
	Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B/B3)
	1,850,000		4.875			11/01/2024		2,022,219
	1,350,000		5.125			05/01/2030		1,633,133
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (NR/Baa3)(g)
$	1,580,000		1.730	%		05/01/2022	$	1,579,993
	1,525,000		1.830			05/01/2023		1,524,598
	1,560,000		2.100			05/01/2024		1,558,106
	150,000		5.000			05/01/2024		163,617
	450,000		5.000			05/01/2025		506,057
	480,000		5.000			05/01/2026		553,146
	600,000		5.000			05/01/2027		706,197
	600,000		5.000			05/01/2028		719,556
	625,000		5.000			05/01/2029		762,280
	700,000		5.000			05/01/2030		865,664
	700,000		5.000			05/01/2031		877,973
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2017 (NR/Ba3)(e)
	2,420,000		5.000			05/01/2027		2,855,731
	1,600,000		5.000			05/01/2032		1,860,260
	Allentown Neighborhood Improvement Zone Development Authority Tax RB for City Center Refunding Project Series 2018 (NR/Ba3)(e)
	400,000		5.000			05/01/2023		424,196
	750,000		5.000			05/01/2028		899,005
	Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (BB+/NR)
	325,000		5.000			07/01/2025		368,606
	420,000		5.000			07/01/2026		487,962
	425,000		5.000			07/01/2027		504,051
	450,000		5.000			07/01/2028		543,457
	475,000		5.000			07/01/2029		582,905
	650,000		5.000			07/01/2030		808,846
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	100,000		5.000			10/01/2031		112,785
	390,000		5.000			10/01/2032		439,123
	410,000		5.000			10/01/2033		461,253
	City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (BBB+/Baa2)
	500,000		4.000			05/01/2036		577,390
	425,000		4.000			05/01/2041		483,997
	280,000		5.000			05/01/2047		342,458
	City of Philadelphia Airport RB Refunding Series 2020 C (AMT) (A/A2)
	1,250,000		5.000			07/01/2030		1,608,808
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	1,000,000		5.000			08/01/2025		1,164,659
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	24,905,000		4.000			06/01/2039		28,251,652
	Commonwealth of Pennsylvania COPS Series 2018 A (A/A2)
	1,250,000		4.000			07/01/2046		1,393,221
	Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/Aa3)
	3,925,000		5.000			08/15/2025		4,603,072

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)
Pennsylvania – (continued)
	Commonwealth of Pennsylvania GO Refunding Series 2021 (A+/Aa3)
$	24,250,000	1.625 %		08/01/2028	$	24,500,784
	Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (BB/NR)(e)
	2,000,000	5.875		10/15/2040		2,402,713
	6,375,000	6.250		10/15/2053		7,701,746
	Delaware County Authority RB for Villanova University Series 2015 (AA-/A1)
	4,945,000	5.000		08/01/2045		5,645,251
	Doylestown Hospital Authority RB Taxable Refunding Series 2019 B (BBB-/Ba1)
	1,025,000	3.950		07/01/2024		1,030,022
	Franklin County Industrial Development Authority RB Refunding for Menno-Haven, Inc. Obligated Group Series 2018 (NR/NR)
	750,000	5.000		12/01/2038		814,464
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA-/A1)(f)
	15,800,000	(3 Mo. LIBOR + 0.77%), 0.854		05/01/2037		15,250,582
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)
	725,000	4.000		06/01/2044		827,659
	1,300,000	5.000		06/01/2044		1,598,776
	3,325,000	4.000		06/01/2049		3,761,318
	2,350,000	5.000		06/01/2049		2,873,758
	Lancaster County Hospital Authority RB for Brethren Village Project Series 2017 (BB+/NR)
	900,000	5.000		07/01/2022		923,600
	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		1,021,995
	Lancaster School District GO Refunding Bonds Series 2019 B (AGM) (ST AID WITHHLDG) (AA/NR)
	500,000	4.000		06/01/2022		512,183
	Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (BBB-/NR)
	80,000	5.000		03/01/2024		86,936
	150,000	5.000		03/01/2025		167,364
	185,000	5.000		03/01/2026		210,915
	150,000	5.000		03/01/2027		173,964
	135,000	5.000		03/01/2028		158,599
	160,000	5.000		03/01/2029		189,740
	150,000	5.000		03/01/2030		179,148
	285,000	5.000		03/01/2032		342,238
	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		981,263
	850,000	4.000		09/01/2038		979,050
	850,000	4.000		09/01/2039		976,737
	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		689,943
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Montgomery County Industrial Development Authority RB Refunding for The Public School of Germantown Series 2021 A (BBB+/NR)
$	400,000	4.000%		10/01/2036	$	439,855
	400,000	4.000		10/01/2041		436,616
	North Penn Water Authority RB Refunding Series 2019 (NR/Aa3)(f)
	1,400,000	(SIFMA Municipal Swap Index Yield + 0.26%), 0.310		11/01/2021		1,399,901
	1,600,000	(SIFMA Municipal Swap Index Yield + 0.46%), 0.510		11/01/2023		1,603,132
	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		1,139,195
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)
	155,000	5.000		05/01/2022		158,645
	50,000	5.000		05/01/2023		53,171
	100,000	5.000		05/01/2024		109,757
	Pennsylvania Economic Development Financing Authority RB for Solid Waste Disposal Project Series 2009 (A-/NR)(b)(c)
	6,460,000	2.800		12/01/2021		6,486,859
	Pennsylvania Economic Development Financing Authority RB for The Pennsylvania Rapid Bridge Replacement Project Series 2015 (BBB/NR)
	750,000	5.000		06/30/2042		871,560
	Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (A+/A1)
	8,250,000	3.000		04/01/2039		8,840,325
	Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (BBB+/NR)
	3,000,000	4.000		07/01/2033		3,394,574
	1,800,000	4.000		07/01/2041		2,014,682
	Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2016 (A/A2)
	1,060,000	4.000		03/15/2036		1,194,071
	Pennsylvania Economic Development Financing Authority RB Refunding for UPMC Obligated Group Series 2021 A (A/A2)
	1,175,000	4.000		10/15/2039		1,397,525
	1,050,000	4.000		10/15/2040		1,243,677
	Pennsylvania Higher Educational Facilities Authority Duquesne University of the Holy Spirit RB Series 2019 A (A/A2)
	350,000	4.000		03/01/2037		400,865
	675,000	5.000		03/01/2038		829,358
	500,000	5.000		03/01/2039		612,998
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (ASSURED GTY) (AA/WR)(f)
	1,095,000	(3 Mo. LIBOR + 0.60%), 0.697		07/01/2027		1,088,444

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (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)
$	2,500,000	4.000 %		05/01/2040	$	2,901,818
	4,120,000	5.000		05/01/2046		5,079,389
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (AA/Aa3)
	4,000,000	5.000		09/15/2025		4,710,491
	Pennsylvania State GO Bonds Consolidated Loan of 2018 Series 2018 A (A+/Aa3)
	6,675,000	5.000		08/15/2023		7,268,470
	Pennsylvania Turnpike Commission RB Refunding Series 2020 (A-/A3)
	1,000,000	2.412		12/01/2027		1,043,163
	Pennsylvania Turnpike Commission RB Series 2013 C (A+/A1)(h)
	1,720,000	5.500		12/01/2023		1,915,038
	Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)
	30,675,000	5.250		12/01/2044		38,843,311
	Pennsylvania Turnpike Commission RB Series 2018 A-2 (A+/A1)
	4,740,000	5.000		12/01/2043		5,816,397
	Pennsylvania Turnpike Commission RB Series 2018 B (A+/A1)(f)
	6,050,000	(SIFMA Municipal Swap Index Yield + 0.70%), 0.750		12/01/2023		6,078,318
	Pennsylvania Turnpike Commission RB Series 2019 A (A-/A3)
	4,250,000	5.000		12/01/2036		5,358,972
	4,275,000	5.000		12/01/2038		5,363,386
	21,160,000	5.000		12/01/2044		26,155,417
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 A (A-/A3)
	3,500,000	5.500		12/01/2042		4,246,985
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	10,000,000	5.250		06/01/2047		12,086,753
	Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)
	350,000	4.000		06/15/2029		378,267
	1,000,000	5.000		06/15/2039		1,099,078
	Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (BBB-/NR)
	450,000	5.000		08/01/2030		529,280
	290,000	5.000		08/01/2040		348,489
	Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (BB+/NR)(e)
	900,000	5.000		06/15/2040		1,048,179
	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		1,815,721
	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		5,343,276
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)
	850,000	5.000		09/01/2034		1,078,788
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2) – (continued)
	1,755,000	5.000		09/01/2035		2,222,117
	1,700,000	5.000		09/01/2036		2,146,695
	1,700,000	5.000		09/01/2037		2,140,903
	Pittsburgh Water & Sewer Authority Subordinate RB Refunding Series 2019 B (AGM) (AA/NR)
	2,125,000	4.000		09/01/2034		2,526,118
	425,000	4.000		09/01/2035		504,002
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	90,000	5.000		11/15/2021		90,133
	450,000	5.000		11/15/2028		460,483
	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		3,039,430
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000	5.000		01/01/2035		1,278,465
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	375,000	4.000		10/01/2021		375,000
	200,000	4.000		10/01/2023		206,819
	750,000	4.000		10/01/2029		798,397
	425,000	5.000		10/01/2039		478,888
	The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (BB-/WR)
	4,100,000	5.000		11/01/2044		4,150,615
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-2 (BB-/NR)(b)(c)
	1,915,000	5.000		02/01/2027		2,158,875
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 B-3 (BB-/NR)(b)(c)
	2,800,000	5.000		02/01/2030		3,226,463
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (NR/Baa1)
	1,400,000	5.000		07/01/2027		1,705,028
	620,000	5.000		07/01/2028		771,069
	1,725,000	5.000		07/01/2029		2,185,146
	440,000	5.000		07/01/2030		565,884
						381,331,082
Puerto Rico – 4.7%
	Commonwealth of Puerto Rico GO Bonds Series 1998 (NR/NR)*
	125,000	5.250		07/01/2018		121,094
	Commonwealth of Puerto Rico GO Bonds Series 2006 B (NR/NR)*
	390,000	5.250		07/01/2016		377,813
	500,000	5.250		07/01/2017		484,375
	Commonwealth of Puerto Rico GO Refunding Bonds Series 2009 A (NR/NR)*
	2,000,000	6.000		07/01/2039		1,962,500
	Commonwealth of Puerto Rico GO Refunding Bonds Series 2012 A (NR/NR)*
	9,530,000	5.000		07/01/2041		8,338,750

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Commonwealth of Puerto Rico GO Refunding Bonds Series 2014 A (NR/NR)*
$	74,045,000	8.000%		07/01/2035	$	63,863,812
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)(e)
	750,000	5.000		07/01/2047		902,000
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)(e)(g)
	6,895,000	5.000		07/01/2033		8,412,063
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2008 A (CCC/WR)
	1,570,000	6.125		07/01/2024		1,715,789
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CCC/WR)
	515,000	4.250		07/01/2025		530,331
	1,000,000	5.000		07/01/2033		1,035,323
	6,100,000	5.125		07/01/2037		6,321,120
	1,060,000	5.750		07/01/2037		1,103,330
	18,900,000	5.250		07/01/2042		19,602,604
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	2,450,000	6.000		07/01/2027		2,478,446
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	930,000	5.250		07/01/2041		1,024,627
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/WR)
	9,440,000	5.250		07/01/2038		10,258,319
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	3,425,000	5.250		07/01/2033		3,736,884
	165,000	5.250		07/01/2034		178,725
	5,430,000	5.250		07/01/2036		5,913,032
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	40,000	5.500		07/01/2031		44,979
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/WR)
	1,215,000	5.500		07/01/2023		1,269,695
	545,000	5.500		07/01/2024		579,985
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/WR)(d)
	520,000	0.000		07/01/2028		390,844
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(f)
	21,915,000	(3 Mo. LIBOR + 0.52%), 0.617		07/01/2029		21,710,741
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (D/Baa2)
	350,000	5.250		07/01/2029		379,257
	215,000	5.250		07/01/2030		232,570
	1,150,000	5.250		07/01/2032		1,245,398
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)*
	1,000,000	5.250		07/01/2019		971,250
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2010 XX-RSA-1 (D/NR)*
	9,375,000	5.250		07/01/2040		9,199,219
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)*
	8,215,000	6.750		07/01/2036		8,245,806
	Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1 (NR/NR)*
	590,915	10.000		01/01/2021		607,904
	Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)*
	590,915	10.000		07/01/2021		607,904
	Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)*
	196,972	10.000		01/01/2022		204,851
	Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)*
	196,972	10.000		07/01/2022		204,851
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (ASSURED GTY) (AA/A3)
	60,000	5.250		07/01/2041		66,105
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	7,175,000	5.250		07/01/2035		7,784,390
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	600,000	5.250		07/01/2032		664,409
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	90,000	5.500		07/01/2029		100,663
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (ASSURED GTY) (AA/A3)
	165,000	5.500		07/01/2031		185,540
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	2,165,000	5.500		07/01/2029		2,421,513
	2,230,000	5.250		07/01/2034		2,415,498
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (FGIC) (AA/A3)
	180,000	5.250		07/01/2039		197,475
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
	295,000	5.500		07/01/2026		326,438
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/WR)
	2,925,000	5.250		07/01/2030		3,187,794
	2,970,000	5.250		07/01/2031		3,239,868
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	355,000	5.250		07/01/2034		384,530
	23,140,000	5.250		07/01/2036		25,195,769
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	1,240,000	5.250		07/01/2032		1,342,864
	1,760,000	5.250		07/01/2033		1,909,978

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NR/WR)*
$	3,000,000	5.500 %		07/01/2026	$	1,687,500
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	5,265,000	4.750		07/01/2038		5,331,477
	Puerto Rico Highway & Transportation Authority RB Series 2007 N (AMBAC) (NR/WR)
	160,000	5.500		07/01/2026		174,396
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/WR)(d)
	1,750,000	0.000		07/01/2037		842,526
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/WR)(c)
	3,240,000	10.000		07/01/2035		3,411,516
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(d)
	426,000	0.000		07/01/2024		406,677
	16,610,000	0.000		07/01/2027		14,990,856
	3,658,000	0.000		07/01/2029		3,150,418
	25,338,000	0.000		07/01/2031		20,189,997
	21,539,000	0.000		07/01/2033		15,966,426
	12,474,000	0.000		07/01/2046		4,102,732
	31,842,000	0.000		07/01/2051		7,569,105
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	80,094,000	4.329		07/01/2040		88,817,190
	143,000	4.536		07/01/2053		158,137
	7,274,000	4.784		07/01/2058		8,154,603
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	19,288,000	4.500		07/01/2034		21,164,792
	1,555,000	4.550		07/01/2040		1,747,457
	14,865,000	4.750		07/01/2053		16,632,934
	49,727,000	5.000		07/01/2058		56,403,347
						504,581,111
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		561,456
South Carolina – 0.4%
	Clemson University Athletic Facilities RB Series 2015 (NR/Aa3)
	1,385,000	4.000		05/01/2025		1,549,844
	1,570,000	4.000		05/01/2026		1,747,759
	Lexington County School District No. 1/SC GO Refunding Bonds Series 2019 A (SCSDE) (AA/Aa1)
	2,495,000	5.000		02/01/2031		3,136,243
	Lexington County School District No. 2 GO Bonds Series 2017 C (SCSDE) (AA/Aa1)
	4,530,000	5.000		03/01/2031		5,506,090
	1,615,000	4.000		03/01/2032		1,874,836
	South Carolina Ports Authority RB Series 2018 (AMT) (A+/A1)
	3,750,000	5.000		07/01/2037		4,586,224
Municipal Bonds – (continued)
South Carolina – (continued)
	South Carolina Public Service Authority RB Series 2016 D (A/A2)
	5,505,000	2.388		12/01/2023		5,717,497
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)
	875,000	3.056		12/01/2023		918,202
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2003 B (NR/NR)(f)
	12,325,000	(1 Mo. LIBOR + 0.45%), 0.508		10/01/2031		12,325,000
	120,000	(1 Mo. LIBOR + 0.45%), 0.514		10/01/2031		120,000
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
	500,000	5.000		04/15/2032		642,082
	500,000	5.000		04/15/2033		640,042
	500,000	5.000		04/15/2034		637,957
	450,000	5.000		04/15/2035		572,789
	425,000	4.000		04/15/2036		499,791
	550,000	4.000		04/15/2037		644,885
	525,000	4.000		04/15/2038		614,088
	700,000	4.000		04/15/2039		816,716
	750,000	4.000		04/15/2040		873,178
						43,423,223
South Dakota – 0.1%
	County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (BBB-/NR)
	650,000	4.000		08/01/2041		724,214
	1,200,000	4.000		08/01/2051		1,316,115
	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		694,978
	1,075,000	5.000		01/01/2025		1,229,315
	730,000	5.000		01/01/2026		860,098
	South Dakota Health & Educational Facilities Authority RB Refunding for Avera Health Obligated Group Series 2019 A (AA-/A1)(b)(c)
	3,525,000	5.000		07/01/2024		3,912,966
						8,737,686
Tennessee – 0.7%
	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		1,392,148
	500,000	4.000		08/01/2036		577,637
	1,100,000	4.000		08/01/2044		1,246,956
	City of Clarksville RB for Water Sewer & Gas Series 2021 A (AA/Aa2)
	12,950,000	4.000		02/01/2051		15,127,747
	City of Johnson GO Refunding Bonds Series 2019 B (NR/Aa2)
	1,225,000	4.000		06/01/2037		1,435,279
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/A3)
	6,020,000	5.000		07/01/2034		6,486,750
	1,800,000	4.000		07/01/2040		2,038,714

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Tennessee – (continued)
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)
$	400,000		5.000	%		07/01/2040	$	471,370
	3,600,000		5.000			07/01/2046		4,212,768
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities RB Refunding for Trevecca Nazarene University Project Series 2019 (BBB-/NR)
	75,000		3.000			10/01/2024		77,381
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(e)
	650,000		4.500			06/01/2028		712,538
	Tennergy Corporation Tenn Gas Supply RB Series 2019 A (AA-/Aa2)(b)(c)
	11,325,000		5.000			10/01/2024		12,764,217
	Tennergy Corporation Tenn Gas Supply RB Series 2021 A (NR/A1)(b)(c)
	26,225,000		4.000			09/01/2028		30,921,352
								77,464,857
Texas – 8.2%
	Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (BB/NR)
	60,000		5.000			08/15/2022		62,053
	155,000		5.000			08/15/2023		166,061
	195,000		5.000			08/15/2024		215,448
	180,000		5.000			08/15/2025		204,142
	190,000		5.000			08/15/2026		220,593
	200,000		5.000			08/15/2027		235,386
	80,000		5.000			08/15/2028		93,628
	80,000		4.000			08/15/2029		88,936
	80,000		4.000			08/15/2030		88,536
	90,000		4.000			08/15/2031		99,402
	Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 B (BB/NR)
	155,000		2.950			08/15/2022		155,651
	Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (BB+/NR)
	1,355,000		5.000			01/01/2029		1,540,958
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/A3)
	250,000		5.000			01/01/2040		289,114
	435,000		5.000			01/01/2046		502,419
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A-/A3)
	530,000		5.000			01/01/2026		623,482
	595,000		5.000			01/01/2027		719,427
	620,000		5.000			01/01/2028		767,478
	650,000		5.000			01/01/2029		822,261
	690,000		5.000			01/01/2030		889,979
	1,010,000		5.000			01/01/2032		1,293,472
	1,115,000		5.000			01/01/2034		1,413,166
	585,000		5.000			01/01/2035		737,837
	610,000		5.000			01/01/2036		764,266
	645,000		5.000			01/01/2037		804,182
	675,000		5.000			01/01/2038		839,664
	1,420,000		5.000			01/01/2039		1,762,181
Municipal Bonds – (continued)
Texas – (continued)
	Central Texas Regional Mobility Authority RB Series 2021 C (BBB+/Baa1)
	12,945,000		5.000			01/01/2027		15,104,244
	City of Anna Special Assessment Bonds for Hurricane Creek Public Improvement District Project Series 2019 (NR/NR)(e)
	250,000		5.750			09/01/2029		276,408
	City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)(e)
	377,000		3.250			09/15/2026		373,593
	City of Arlington Special Tax for Senior Lien Series 2018 A (AGM) (AA/A1)
	1,325,000		5.000			02/15/2037		1,607,382
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	1,700,000		5.000			11/15/2032		2,158,546
	2,000,000		5.000			11/15/2033		2,531,525
	City of Austin RB Refunding for Airport System Series 2019 (AMT) (A/A1)
	1,510,000		5.000			11/15/2022		1,589,152
	1,950,000		5.000			11/15/2023		2,139,307
	4,845,000		5.000			11/15/2024		5,513,127
	1,150,000		5.000			11/15/2025		1,349,762
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(e)
	990,000		4.000			11/01/2023		1,011,847
	1,650,000		4.500			11/01/2024		1,696,299
	2,815,000		4.000			11/01/2028		2,991,983
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)(e)
	495,000		2.500			09/01/2025		501,206
	140,000		3.125			09/01/2030		142,593
	180,000		3.250			09/01/2030		185,340
	355,000		4.000			09/01/2040		374,317
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)(e)(g)
	174,000		2.500			09/01/2026		173,918
	158,000		3.000			09/01/2031		157,863
	329,000		3.375			09/01/2041		327,339
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1 Project Series 2016 (NR/NR)
	220,000		4.200			09/01/2027		241,484
	575,000		4.800			09/01/2037		627,065
	650,000		5.250			09/01/2046		714,646
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#1B Project Series 2018 (NR/NR)(e)
	75,000		4.375			09/01/2023		77,491
	300,000		5.375			09/01/2038		348,618
	City of Celina Texas Municipal Corp. Special Assessment RB for Glen Crossing Public Improvement District Phase#2 Project Series 2018 (NR/NR)
	151,000		4.625			09/01/2023		156,572
	370,000		5.000			09/01/2028		417,094

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)(e)
$	190,000		3.250	%		09/01/2026	$	190,304
	185,000		3.750			09/01/2031		185,759
	City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(e)
	314,000		3.375			09/15/2026		315,682
	410,000		4.000			09/15/2031		415,909
	City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)(e)
	695,000		2.875			09/01/2026		688,701
	398,000		3.375			09/01/2031		391,725
	1,206,000		3.750			09/01/2041		1,164,852
	City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)(e)
	388,000		2.625			08/15/2025		392,220
	171,000		3.375			08/15/2030		175,857
	City of Fate Special Assessment RB for Williamsburg Public Improvement District No. 1 Phase#1 Series 2019 (NR/NR)(e)
	150,000		3.125			08/15/2024		153,261
	340,000		3.500			08/15/2029		362,472
	1,905,000		4.000			08/15/2039		2,027,250
	1,825,000		4.250			08/15/2049		1,947,786
	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		164,192
	155,000		4.000			08/15/2026		171,935
	160,000		4.000			08/15/2027		179,372
	165,000		4.000			08/15/2028		186,307
	170,000		4.000			08/15/2029		193,008
	925,000		3.000			08/15/2034		957,713
	City of Fort Worth Water & Sewer System RB Refunding & Improvement Series 2015 A (AA+/Aa1)
	8,245,000		5.000			02/15/2024		9,166,225
	City of Hackberry Special Assessment RB for Riverdale Lake Public Improvement District No. 2 Phases 4-6 Project Series 2017 (NR/NR)
	400,000		4.125			09/01/2027		427,803
	1,350,000		4.625			09/01/2037		1,483,688
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)
	100,000		3.250			09/01/2022		101,304
	570,000		4.500			09/01/2027		624,295
	1,800,000		4.500			09/01/2037		1,966,075
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	425,000		4.000			09/01/2024		462,188
	440,000		4.000			09/01/2025		486,931
	460,000		4.000			09/01/2026		517,498
	480,000		4.000			09/01/2027		546,438
Municipal Bonds – (continued)
Texas – (continued)
	City of Haslet Special Assessment RB Refunding for Haslet Public Improvement District No. 5 1 Project Series 2019 (NR/NR)(e)
	150,000		3.250			09/01/2024		153,397
	290,000		3.625			09/01/2029		310,716
	785,000		4.125			09/01/2039		849,620
	City of Horseshoe Bay Special Assessment Refunding Bonds for Public Improvement District Series 2020 (NR/NR)
	1,110,000		3.000			10/01/2025		1,131,253
	645,000		3.000			10/01/2030		661,533
	440,000		3.250			10/01/2033		454,226
	City of Houston GO Bonds Refunding Series 2019 A (AA/Aa3)
	13,745,000		5.000			03/01/2029		17,626,694
	City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A/NR)(h)
	4,800,000		5.000			07/01/2022		4,969,553
	City of Houston RB Refunding for Airport System Subordinated Lien Series 2012 B (A/NR)(h)
	23,250,000		5.000			07/01/2022		24,089,046
	City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(e)
	233,000		2.625			09/01/2026		232,995
	206,000		3.250			09/01/2031		206,282
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	130,000		5.000			08/15/2024		144,374
	130,000		5.000			08/15/2025		148,481
	150,000		5.000			08/15/2026		175,436
	100,000		5.000			08/15/2027		119,427
	125,000		5.000			08/15/2028		151,990
	150,000		5.000			08/15/2029		185,147
	200,000		5.000			08/15/2030		245,099
	280,000		5.000			08/15/2032		340,129
	300,000		5.000			08/15/2034		362,235
	175,000		5.000			08/15/2035		210,938
	250,000		5.000			08/15/2036		299,921
	250,000		5.000			08/15/2037		299,123
	300,000		5.000			08/15/2038		358,165
	300,000		5.000			08/15/2039		357,347
	City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)(e)
	525,000		2.500			09/01/2026		520,197
	634,000		3.000			09/01/2031		623,824
	1,537,000		3.375			09/01/2041		1,495,587
	City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)(e)
	390,000		2.625			09/15/2026		389,997
	230,000		3.125			09/15/2031		228,634
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)(e)
	600,000		3.875			09/01/2024		619,617
	1,180,000		4.750			09/01/2044		1,295,873
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)(e)
	210,000		2.625			09/01/2025		210,691
	505,000		3.125			09/01/2030		507,202

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Kyle Special Assessment RB for Southwest Kyle Public Improvement District No. 1 Series 2019 (NR/NR)(e)
$	425,000		4.250	%		09/01/2029	$	458,163
	1,000,000		4.875			09/01/2044		1,106,826
	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		629,063
	430,000		3.125			09/01/2030		443,584
	City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (AA/NR)
	2,055,000		3.000			09/15/2036		2,137,903
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Improvement Area#1 Project Series 2019 (NR/NR)(e)
	125,000		3.500			09/15/2024		129,007
	250,000		3.750			09/15/2029		271,103
	City of Lavon Special Assessment RB for Lakepointe Public Improvement District Major Improvement Area Project Series 2019 (NR/NR)(e)
	155,000		4.375			09/15/2029		168,464
	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		1,480,794
	City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)(e)
	470,000		2.500			09/01/2025		475,098
	330,000		3.125			09/01/2030		338,326
	845,000		4.000			09/01/2040		896,345
	City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(e)
	210,000		2.500			09/15/2026		208,933
	210,000		3.125			09/15/2026		208,759
	250,000		3.125			09/15/2031		248,095
	310,000		3.750			09/15/2031		307,959
	City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)(e)
	210,000		3.750			09/15/2025		217,740
	City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(e)
	350,000		3.375			09/01/2026		346,866
	350,000		3.875			09/01/2031		344,611
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)(e)
	150,000		3.500			09/15/2024		154,733
	280,000		3.750			09/15/2029		304,161
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)(e)
	205,000		2.625			09/15/2026		203,961
	240,000		3.125			09/15/2031		238,171
Municipal Bonds – (continued)
Texas – (continued)
	City of Mesquite Special Assessment RB for Iron Horse Public Improvement District Project Series 2019 (NR/NR)(e)
	200,000		5.000			09/15/2024		207,375
	400,000		5.250			09/15/2029		439,882
	City of Mesquite Special Assessment RB for Polo Ridge Public Improvement District No. 2 Phase #1 Project Series 2019 (NR/NR)(e)
	405,000		4.250			09/15/2024		419,520
	375,000		5.125			09/15/2024		388,586
	795,000		4.500			09/15/2029		873,760
	775,000		5.375			09/15/2029		853,110
	City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)(e)
	410,000		3.500			09/15/2031		412,854
	1,000,000		3.875			09/15/2041		1,003,676
	City of North Richland Hills Special Assessment for City Point Public Improvement District Project Series 2019 (NR/NR)(e)
	262,000		4.500			09/01/2025		271,873
	130,000		4.875			09/01/2025		135,165
	465,000		4.875			09/01/2030		501,831
	265,000		5.250			09/01/2030		287,253
	475,000		5.250			09/01/2040		515,060
	310,000		5.625			09/01/2040		336,535
	815,000		4.125			09/01/2049		880,895
	City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)(e)
	325,000		2.500			09/01/2025		327,906
	455,000		3.250			09/01/2030		468,498
	City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2019 (NR/NR)(e)
	75,000		3.125			09/01/2024		76,882
	140,000		3.500			09/01/2029		150,102
	360,000		4.000			09/01/2039		393,656
	City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)(e)
	360,000		2.375			09/01/2026		356,696
	City of Oak Point Special Assessment RB for Wildridge Public Improvement District No. 1 Series 2018 (NR/NR)(e)
	250,000		4.000			09/01/2028		268,763
	1,585,000		4.500			09/01/2048		1,675,986
	City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(e)
	2,875,000		4.375			09/15/2051		2,900,357
	City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(e)
	1,969,000		4.000			09/15/2051		2,031,002
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)(e)
	96,000		3.500			09/01/2024		98,749
	321,000		3.750			09/01/2029		345,925
	852,000		4.250			09/01/2039		924,702
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(e)
	180,000		3.375			09/01/2030		187,203

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
$	215,000		4.000	%		09/01/2024	$	222,780
	415,000		4.250			09/01/2029		456,653
	655,000		4.875			09/01/2039		736,948
	1,000,000		5.000			09/01/2049		1,116,709
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(e)
	299,000		3.375			09/01/2041		295,996
	City of Princeton Special Assessment RB for Whitewing Trails Public Improvement District No. 2 Series 2019 (NR/NR)(e)
	185,000		3.750			09/01/2024		190,021
	365,000		4.000			09/01/2029		390,689
	580,000		5.000			09/01/2029		627,521
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(e)
	305,000		3.250			09/01/2030		320,356
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)(e)(g)
	313,000		2.375			09/01/2026		312,568
	469,000		3.250			09/01/2041		466,946
	City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)(e)
	250,000		2.625			09/15/2026		247,704
	355,000		3.125			09/15/2031		349,913
	City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)(e)
	535,000		2.625			09/15/2025		540,898
	405,000		3.375			09/15/2030		416,480
	City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)(e)
	225,000		3.625			09/15/2030		235,436
	210,000		4.375			09/15/2030		218,548
	500,000		4.125			09/15/2040		526,832
	400,000		4.875			09/15/2040		422,292
	City of Royse City Special Assessment for Waterscape Public Improvement District Improvement Series 2019 (NR/NR)(e)
	180,000		3.750			09/15/2024		186,010
	370,000		4.125			09/15/2029		406,487
	1,050,000		4.625			09/15/2039		1,145,259
	City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)(e)
	575,000		2.500			09/15/2025		581,358
	305,000		3.250			09/15/2030		312,718
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 C (A+/Aa2)(b)(c)
	30,610,000		1.750			12/01/2024		31,890,713
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (A+/Aa2)(b)(c)
	2,800,000		2.750			12/01/2022		2,878,764
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2015 A (A+/Aa2)(b)(c)
	26,495,000		1.750			12/01/2024		27,740,069
Municipal Bonds – (continued)
Texas – (continued)
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2019 (AA-/Aa1)
	1,505,000		4.000			02/01/2028		1,796,071
	2,000,000		4.000			02/01/2029		2,424,119
	2,000,000		4.000			02/01/2030		2,452,747
	City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR)
	355,000		4.375			09/01/2025		362,673
	500,000		4.875			09/01/2030		529,685
	635,000		5.375			09/01/2040		684,223
	Clifton Higher Education Finance Corp. RB for IDEA Public Schools Series 2019 (PSF-GTD) (AAA/NR)
	2,900,000		4.000			08/15/2030		3,488,481
	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		514,306
	400,000		5.000			04/01/2026		476,696
	550,000		5.000			04/01/2027		672,841
	635,000		5.000			04/01/2028		795,499
	465,000		5.000			04/01/2029		595,071
	365,000		5.000			04/01/2030		475,995
	700,000		4.000			04/01/2031		845,659
	575,000		4.000			04/01/2035		678,721
	1,345,000		4.000			04/01/2037		1,572,603
	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		5,063,906
	3,875,000		4.000			08/15/2037		4,483,154
	Comal Independent School District GO Refunding Bonds Series 2017 (PSF-GTD) (NR/Aaa)
	1,970,000		5.000			02/01/2025		2,267,578
	2,095,000		5.000			02/01/2026		2,490,202
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (BBB-/NR)
	475,000		2.500			10/01/2031		470,271
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (BB-/NR)
	325,000		3.500			10/01/2031		321,919
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (NR/A2)
	75,000		5.000			10/01/2028		93,127
	90,000		5.000			10/01/2029		113,670
	95,000		5.000			10/01/2030		122,019
	75,000		5.000			10/01/2031		97,544
	75,000		5.000			10/01/2032		96,885
	145,000		5.000			10/01/2033		186,310
	160,000		5.000			10/01/2034		204,824
	175,000		5.000			10/01/2035		223,417
	175,000		5.000			10/01/2036		222,908
	450,000		4.000			10/01/2041		516,611
	650,000		4.000			10/01/2046		730,984
	County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)(e)
	350,000		2.500			09/15/2025		353,910
	350,000		3.250			09/15/2030		359,064

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)(e)
$	335,000	3.500 %		09/01/2026	$	335,092
	395,000	4.125		09/01/2031		396,333
	Dallas Area Rapid Transit RB Refunding Series 2016 A (AA+/Aa2)
	8,325,000	5.000		12/01/2048		9,672,758
	Dallas Independent School District GO Refunding Bonds Series 2021 A (PSF-GTD) (AAA/Aaa)
	21,650,000	5.000		02/15/2028		27,177,215
	Dallas-Fort Worth International Airport Joint Improvement RB Series 2012 D (AMT) (A/A1)(h)
	21,430,000	5.000		11/01/2021		21,506,904
	Dallas-Fort Worth International Airport Joint RB Improvement Bonds Series 2014 B (AMT) (A/NR)
	1,700,000	5.000		11/01/2022		1,786,422
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 A (AMT) (A/NR)
	2,500,000	5.250		11/01/2030		2,738,775
	Denton Independent School District GO Bonds 2014 B (PSF-GTD) (AAA/NR)(b)(c)
	4,000,000	2.000		08/01/2024		4,177,818
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(e)
	125,000	3.750		08/15/2024		126,844
	235,000	4.000		08/15/2029		241,155
	775,000	4.500		08/15/2035		800,375
	575,000	5.000		08/15/2044		598,675
	Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR)
	1,175,000	3.125		08/15/2036		1,138,848
	950,000	3.250		08/15/2041		904,377
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(e)
	395,000	5.000		09/01/2027		424,327
	225,000	5.000		09/01/2032		236,486
	330,000	5.125		09/01/2037		343,117
	Grand Parkway Transportation Corp. System RB Subordinate Tier Series 2018 A (AA+/NR)
	18,225,000	5.000		10/01/2037		22,501,221
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)(a)
	2,950,000	0.000		10/01/2046		3,376,219
	4,075,000	0.000		10/01/2047		4,669,170
	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		447,978
	470,000	5.000		09/01/2027		557,121
	500,000	5.000		09/01/2028		599,406
	745,000	5.000		09/01/2029		904,876
	465,000	4.000		09/01/2031		530,398
	415,000	4.000		09/01/2033		468,738
	650,000	4.000		09/01/2034		731,651
	580,000	4.000		09/01/2036		651,132
Municipal Bonds – (continued)
Texas – (continued)
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A+/A1)(b)(c)
	8,000,000	5.000		12/01/2024		9,116,277
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2019 A (A/NR)(b)
	7,050,000	(1 Mo. LIBOR + 0.65%), 0.710		07/01/2024		7,075,802
	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		5,375,423
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2020 C-3 (A+/A1)(b)(c)
	6,500,000	5.000		12/01/2026		7,868,723
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)(f)
	6,770,000	(SIFMA Municipal Swap Index Yield + 0.95%), 1.000		06/01/2023		6,824,071
	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		1,753,296
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa1)(f)
	19,920,000	(3 Mo. LIBOR + 0.67%), 0.754		08/15/2035		19,686,307
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)(e)
	745,000	4.000		09/01/2029		791,675
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	95,000	3.000		09/01/2024		101,102
	100,000	3.500		09/01/2025		109,284
	100,000	3.500		09/01/2026		110,384
	105,000	3.500		09/01/2027		116,141
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (B/NR)
	3,295,000	5.000		07/15/2028		3,906,965
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (B-/NR)
	830,000	5.000		07/01/2027		972,145
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (B-/NR)
	2,480,000	5.000		07/15/2027		2,906,623
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (B-/NR)
	4,250,000	5.000		07/15/2027		4,965,362
	Houston Airport System RB Refunding Subordinate Lien Series 2018 B (A/A1)
	360,000	5.000		07/01/2031		449,428
	325,000	5.000		07/01/2032		405,321

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Houston Airport System RB Refunding Subordinate Lien Series 2018 D (A/A1)
$	2,000,000		5.000	%		07/01/2029	$	2,514,616
	2,175,000		5.000			07/01/2030		2,720,509
	2,185,000		5.000			07/01/2031		2,727,781
	Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (BBB-/NR)
	440,000		3.375			10/01/2037		440,130
	Houston Independent School District Limited Tax GO Refunding Bonds Series 2017 (PSF-GTD) (AAA/Aaa)
	3,425,000		4.000			02/15/2042		3,904,832
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(e)
	1,315,000		5.000			09/01/2038		1,465,805
	Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR)
	145,000		2.000			09/01/2024		147,335
	150,000		2.000			09/01/2025		152,160
	150,000		2.000			09/01/2026		151,200
	150,000		2.000			09/01/2027		149,916
	155,000		2.000			09/01/2028		153,084
	160,000		2.000			09/01/2029		156,355
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)(d)(h)
	33,515,000		0.000			08/15/2024		11,845,808
	Love Field Airport Modernization Corp. RB Refunding Series 2021 (AMT) (A-/NR)
	3,615,000		5.000			11/01/2026		4,352,200
	2,620,000		5.000			11/01/2027		3,225,449
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (A/NR)
	2,000,000		5.000			05/15/2030		2,540,980
	1,520,000		5.000			05/15/2031		1,927,578
	Lower Neches Valley Authority Industrial Development Corp. RB Refunding for Exxon Capital Ventures, Inc. Series 2012 (AA-/Aa2)(b)(c)
	13,215,000		0.060			10/01/2021		13,215,000
	Lubbock Independent School District GO Bonds Series 2019 (PSF-GTD) (AAA/Aaa)
	1,250,000		4.000			02/15/2040		1,441,865
	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		6,791,858
	Memorial-Heights Redevelopment Authority RB for City of Houston Reinvestment Zone No. 5 Series 2021 (AGM) (AA/NR)
	2,500,000		3.000			09/01/2043		2,649,270
	1,500,000		3.000			09/01/2048		1,576,646
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)(e)
	5,575,000		4.625			10/01/2031		5,862,989
Municipal Bonds – (continued)
Texas – (continued)
	Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)
	795,000		5.250			02/15/2030		851,494
	405,000		5.375			02/15/2035		449,523
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,370,000		5.000			09/15/2032		1,550,016
	710,000		5.000			09/15/2033		801,974
	750,000		5.000			09/15/2034		845,768
	790,000		5.000			09/15/2035		890,095
	New Hope Cultural Education Facilities Finance Corp. RB for CHF-Collegiate Housing College Station I LLC Series 2014 A (AGM) (AA/A2)
	250,000		5.000			04/01/2046		273,461
	New Hope Cultural Education Facilities Finance Corp. RB for Westminster Manor Series 2021 (BBB/NR)
	1,500,000		4.000			11/01/2049		1,685,697
	New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (BB+/NR)(g)
	675,000		2.000			01/01/2026		669,555
	1,200,000		4.000			01/01/2031		1,320,069
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BBB-/NR)(e)
	335,000		4.000			08/15/2029		380,428
	610,000		5.000			08/15/2039		701,294
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (ETM) (NR/WR)(h)
	765,000		5.000			04/01/2027		937,290
	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 (NR/NR)(h)
	1,000,000		5.000			04/01/2024		1,113,140
	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 (ETM) (NR/WR)(h)
	645,000		4.000			04/01/2022		656,942
	320,000		4.000			04/01/2023		337,609
	275,000		4.000			04/01/2024		299,305
	365,000		4.000			04/01/2025		408,490
	375,000		4.000			04/01/2026		429,625
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (NR/WR)(h)
	250,000		5.000			04/01/2025		289,363
	North Texas Tollway Authority RB Convertible Capital Appreciation Special Project System Series 2011 (WD/NR)(a)(h)
	1,000,000		0.000			09/01/2031		1,392,082
	North Texas Tollway Authority RB for Second Tier Series 2021 B (A/A2)
	1,725,000		4.000			01/01/2040		2,028,292
	1,725,000		4.000			01/01/2041		2,022,572

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A+/A1)
$	1,300,000	5.000 %		01/01/2037	$	1,555,441
	2,750,000	5.000		01/01/2038		3,365,207
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	2,000,000	5.000		01/01/2032		2,384,434
	1,500,000	5.000		01/01/2048		1,776,094
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	550,000	5.000		01/01/2022		556,393
	North Texas Tollway Authority System RB Refunding for Capital Appreciation First Tier Series 2008 I (A+/A1)(h)
	6,000,000	6.500		01/01/2025		7,164,679
	Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)(b)(c)
	3,280,000	1.500		08/15/2024		3,374,195
	Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)(e)
	750,000	1.875		01/01/2026		747,409
	550,000	2.000		01/01/2027		547,547
	575,000	2.125		01/01/2028		572,157
	800,000	2.250		01/01/2029		795,216
	850,000	2.500		01/01/2030		844,338
	800,000	2.625		01/01/2031		794,456
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 A (AMT) (NR/NR)(e)
	3,470,000	3.625		01/01/2035		3,584,134
	Port Beaumont Navigation District RB Refunding for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2020 B (NR/NR)(e)
	3,690,000	6.000		01/01/2025		3,824,753
	Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)(e)
	13,100,000	4.100		01/01/2028		12,873,159
	Round Rock Independent School District GO Refunding Bonds Series 2019 A (PSF-GTD) (AAA/Aaa)
	4,630,000	4.000		08/01/2032		5,595,662
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)(e)
	175,000	3.250		09/15/2024		178,757
	355,000	3.625		09/15/2029		378,579
	1,250,000	4.125		09/15/2039		1,338,138
	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		341,195
	335,000	5.000		09/01/2029		412,387
	395,000	4.000		09/01/2032		454,538
	395,000	4.000		09/01/2034		450,051
	615,000	4.000		09/01/2036		697,795
	1,040,000	2.625		09/01/2038		1,039,099
	1,230,000	2.750		09/01/2039		1,237,187
	1,200,000	2.750		09/01/2040		1,204,246
Municipal Bonds – (continued)
Texas – (continued)
	State of Texas College Student Loan GO Unlimited Bonds Series 2019 (AMT) (AAA/Aaa)
	3,005,000	4.000		08/01/2025		3,390,078
	5,905,000	5.000		08/01/2026		7,083,604
	4,590,000	5.000		08/01/2027		5,641,474
	5,010,000	5.000		08/01/2028		6,293,670
	6,835,000	5.000		08/01/2029		8,641,441
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Air Force Village Obligated Group Series 2016 (BB+/NR)
	2,730,000	5.000		05/15/2022		2,790,674
	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		16,745,741
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(f)
	5,015,000	(3 Mo. LIBOR + 0.70%), 0.778		12/15/2026		5,035,881
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2008 D (A-/A2)
	4,250,000	6.250		12/15/2026		4,940,185
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)(f)
	2,515,000	(SIFMA Municipal Swap Index Yield + 0.55%), 0.600		09/15/2027		2,537,806
	Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (BBB+/A3)
	2,510,000	5.000		12/15/2031		3,325,848
	9,295,000	5.000		12/15/2032		12,437,201
	Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A-/A2)(f)
	75,000,000	(3 Mo. LIBOR + 0.69%), 0.767		09/15/2027		75,467,797
	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		9,141,616
	10,000,000	5.000		12/31/2031		12,655,362
	3,040,000	5.000		12/31/2032		3,832,921
	4,000,000	5.000		12/31/2033		5,030,874
	5,000,000	5.000		12/31/2034		6,266,831
	4,000,000	5.000		12/31/2035		5,004,039
	4,030,000	5.000		12/31/2036		5,028,099
	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		10,914,755
	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		8,622,441
	Texas Public Finance Authority RB Refunding for Southern University Series 2021 (BBB/NR)
	875,000	5.000		05/01/2028		1,070,169
	1,600,000	5.000		05/01/2029		1,993,155

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (A-/Baa1)
$	1,380,000		5.000	%		08/15/2042	$	1,542,589
	Texas Water Development Board RB for State Water Implementation Revenue Fund for Texas Series 2018 A (AAA/NR)
	5,125,000		4.000			10/15/2034		5,999,819
	Texas Water Development Board RB for State Water Implementation Revenue Fund for Texas Series 2018 B (AAA/NR)
	8,825,000		4.000			10/15/2036		10,428,490
	Texas Water Development Board RB for State Water Implementation Revenue Fund for Texas Series 2019 A (AAA/NR)
	3,525,000		4.000			10/15/2036		4,225,222
	Town of Little Special Assessment RB for Hillstone Pointe Public Improvement District No. 2 Phases 2-3 Project Series 2018 (NR/NR)(e)
	95,000		4.750			09/01/2023		98,643
	360,000		5.250			09/01/2028		408,742
	Town of Little Special Assessment RB for Lakeside Estates Public Improvement District No. 2 Project Series 2017 (NR/NR)(e)
	265,000		4.500			09/01/2027		284,359
	United Independent School District GO Refunding Bonds Series 2020 (PSF-GTD) (AAA/Aaa)(d)
	500,000		0.000			08/15/2026		469,799
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	8,500,000		3.250			02/15/2041		8,996,295
	University of Texas System Revenue Financing System RB Refunding Series 2017 C (AAA/Aaa)
	5,865,000		5.000			08/15/2026		7,083,670
	Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (NR/Baa2)
	655,000		5.000			09/01/2031		845,883
	320,000		4.000			09/01/2033		377,949
	950,000		3.000			09/01/2034		1,010,043
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	315,000		2.375			12/01/2025		317,501
	308,000		2.875			12/01/2030		311,920
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2018 (NR/NR)
	261,000		4.000			12/01/2023		268,085
	520,000		4.250			12/01/2029		541,080
	1,159,000		4.625			12/01/2035		1,203,753
	1,604,000		5.000			12/01/2045		1,667,427
								882,368,157
Utah – 1.1%
	Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)(e)
	1,675,000		3.250			03/01/2031		1,656,465
	1,875,000		3.500			03/01/2036		1,846,055
	1,900,000		3.750			03/01/2041		1,902,438
Municipal Bonds – (continued)
Utah – (continued)
	Jordan School District GO School Building Bonds Series 2019 B (SCH BD GTY) (AAA/Aaa)
	1,625,000		5.000			06/15/2022		1,679,849
	2,175,000		5.000			06/15/2023		2,351,799
	2,355,000		5.000			06/15/2024		2,651,111
	2,400,000		5.000			06/15/2025		2,800,248
	2,750,000		5.000			06/15/2027		3,403,994
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)(e)
	3,875,000		5.250			02/01/2040		3,972,921
	Salt Lake City Corporation Airport RB Series 2018 A (AMT) (A/A2)
	18,635,000		5.000			07/01/2037		22,630,627
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A/A2)
	2,650,000		5.000			07/01/2047		3,143,811
	Salt Lake City RB for International Airport Series 2018 A (AMT) (A/A2)
	5,000,000		5.000			07/01/2029		6,216,569
	5,500,000		5.000			07/01/2030		6,790,957
	4,110,000		5.000			07/01/2048		4,938,324
	12,850,000		5.250			07/01/2048		15,642,774
	Salt Lake City RB for International Airport Series 2021 A (AMT) (A/A2)
	4,750,000		4.000			07/01/2040		5,525,378
	18,435,000		4.000			07/01/2041		21,381,197
	Utah Charter School Finance Authority RB Refunding for Summit Academy, Inc. Series 2019 A (AA/NR)
	700,000		5.000			04/15/2039		833,958
	625,000		5.000			04/15/2044		736,969
	1,150,000		5.000			04/15/2049		1,348,520
	Utah Transit Authority Sales Tax RB Refunding Subordinate Series 2015 A (AA/Aa2)
	3,065,000		4.000			06/15/2034		3,405,369
								114,859,333
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		832,939
	585,000		5.000			05/01/2026		667,957
								1,500,896
Virgin Islands – 0.1%
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Senior Lien Series 2010 A (NR/Caa2)
	1,410,000		5.000			10/01/2029		1,413,275
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	700,000		5.000			10/01/2032		693,192
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (WD/NR)
	4,700,000		5.000			10/01/2039		4,572,241
	Virgin Islands Public Finance Authority RB Series 2014 A (AGM-CR) (AA/A2)(e)
	5,000,000		5.000			10/01/2034		5,449,126
								12,127,834

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Virginia – 1.9%
	Chesapeake Bay Bridge & Tunnel District RB First Tier General Resolution Anticipation Notes Series 2019 (BBB/Baa2)
$	19,500,000		5.000	%		11/01/2023	$	21,334,355
	Chesapeake Economic Development Authority RB Refunding for Virginia Electric & Power Co. Series 2008 A (BBB+/A2)(b)(c)
	1,700,000		1.900			06/01/2023		1,744,159
	City of Newport News GO Refunding Bonds Series 2021 (AA+/Aa1)
	1,910,000		3.000			02/01/2027		2,131,001
	1,910,000		3.000			02/01/2028		2,153,247
	1,900,000		3.000			02/01/2029		2,160,358
	1,895,000		3.000			02/01/2030		2,167,422
	1,885,000		3.000			02/01/2031		2,170,371
	1,875,000		4.000			02/01/2032		2,373,374
	1,890,000		4.000			02/01/2033		2,427,649
	County of Arlington GO Bonds for Public Improvement Series 2019 (AAA/Aaa)
	6,990,000		5.000			06/15/2030		9,079,426
	County of Fairfax Sewer RB Refunding Series 2021 B (AAA/Aaa)
	3,195,000		4.000			07/15/2040		3,849,767
	3,370,000		4.000			07/15/2041		4,048,576
	3,545,000		4.000			07/15/2042		4,245,611
	County of Fairfax Sewer RB Series 2021 A (AAA/Aaa)
	18,500,000		4.000			07/15/2051		21,856,695
	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		1,347,706
	Farms New Kent Community Development Authority Special Assessment Bond Series 2021 A (NR/NR)(e)
	2,500,000		3.750			03/01/2036		2,686,627
	Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (BBB-/NR)
	3,000,000		5.000			01/01/2040		3,680,651
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 A (BBB+/A2)(b)(c)
	1,000,000		1.900			06/01/2023		1,025,976
	Louisa Industrial Development Authority Pollution Control RB Refunding Virginia Electric & Power Co. Series 2008 C (BBB+/A2)(b)(c)
	1,850,000		1.800			04/01/2022		1,863,749
	Peninsula Ports Authority RB Refunding for Dominion Terminal Associates Series 2003 (BBB/Baa2)(b)(c)
	2,250,000		1.700			10/01/2022		2,277,752
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR)
	305,000		5.000			04/01/2026		355,525
	305,000		5.000			04/01/2027		363,894
	350,000		5.000			04/01/2028		426,162
	405,000		5.000			04/01/2029		502,175
	305,000		5.000			04/01/2030		384,290
	650,000		5.000			04/01/2031		814,668
	265,000		5.000			04/01/2032		330,903
Municipal Bonds – (continued)
Virginia – (continued)
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR) – (continued)
	570,000		5.000			04/01/2033		709,519
	345,000		5.000			04/01/2034		427,753
	775,000		5.000			04/01/2035		958,555
	375,000		5.000			04/01/2036		462,181
	905,000		5.000			04/01/2037		1,112,221
	410,000		4.000			04/01/2039		464,648
	265,000		4.000			04/01/2040		299,465
	Spotsylvania County Economic Development Authority RB Refunding for County of Spotsylvania Series 2021 (AA+/NR)
	2,960,000		5.000			06/01/2026		3,555,315
	3,185,000		5.000			06/01/2027		3,936,564
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)
	9,135,000		6.706			06/01/2046		9,538,759
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)(d)
	122,865,000		0.000			06/01/2047		30,154,757
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC-/NR)(d)
	13,500,000		0.000			06/01/2047		2,947,180
	Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (BBB-/NR)
	275,000		5.000			06/01/2028		337,270
	325,000		5.000			06/01/2029		405,436
	300,000		5.000			06/01/2030		379,743
	275,000		5.000			06/01/2031		353,155
	850,000		4.000			06/01/2036		984,988
	Virginia Commonwealth Transportation Board RB Capital Project Series 2012 (AA+/Aa1)
	760,000		4.000			05/15/2037		776,716
	Virginia Housing Development Authority RB for Rental Housing Series 2019 E (AA+/Aa1)
	4,345,000		1.400			12/01/2023		4,346,700
	Virginia Housing Development Authority RB Series 2019 E (AA+/Aa1)
	5,000,000		3.100			12/01/2045		5,225,283
	Virginia Port Authority Port Facilities RB Refunding Series 2015 A (AMT) (A/WR)(h)
	4,750,000		5.000			07/01/2025		5,518,272
	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		3,069,672
	4,950,000		5.000			12/31/2049		5,879,994
	2,835,000		5.000			12/31/2056		3,350,766
	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		17,688,513
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB-/NR)
	1,535,000		5.000			01/01/2044		1,551,106
	355,000		5.000			07/01/2049		358,637
	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		776,233

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)(b)(c)(e)
$	300,000		5.000	%		07/01/2038	$	315,268
	York County Economic Development Authority Pollution Control RB Refunding for Virginia Electric & Power Co. Project Series 2009 A (BBB+/A2)(b)(c)
	3,200,000		1.900			06/01/2023		3,283,123
								206,969,881
Washington – 1.9%
	City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2015 A (AAA/Aaa)
	5,000,000		5.000			06/01/2026		5,826,400
	City of Seattle RB for Municipal Light & Power Improvement Series 2018 A (AA/Aa2)
	3,340,000		4.000			01/01/2033		3,883,718
	6,715,000		4.000			01/01/2034		7,788,283
	11,655,000		4.000			01/01/2043		13,231,255
	City of Seattle RB Refunding for Drainage & Wastewater Series 2014 (AA+/Aa1)
	13,715,000		4.000			05/01/2044		14,583,568
	City of Seattle RB Refunding for Drainage & Wastewater Series 2017 (AA+/Aa1)
	6,555,000		4.000			07/01/2035		7,560,602
	City of Seattle RB Refunding for Municipal Light & Power Series 2021 A (AA/Aa2)
	10,295,000		4.000			07/01/2036		12,548,128
	10,500,000		4.000			07/01/2037		12,734,563
	7,735,000		4.000			07/01/2039		9,313,748
	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		3,932,297
	Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A+/A1)
	9,295,000		5.000			04/01/2038		11,377,234
	Port of Seattle RB for Intermediate Lien Series 2018 A (AMT) (A+/A1)
	5,000,000		5.000			05/01/2043		5,828,791
	Port of Seattle RB Refunding for Intermediate Lien Series 2021 C (AMT) (A+/A1)
	5,000,000		5.000			08/01/2038		6,387,568
	10,000,000		5.000			08/01/2039		12,739,750
	State of Washington GO Bonds Various Purpose Series 2014 D (AA+/Aaa)
	15,055,000		5.000			02/01/2026		16,681,149
	University of Washington RB Refunding Series 2012 A (AA+/Aaa)(h)
	2,500,000		5.000			07/01/2022		2,590,220
	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		1,224,773
	1,715,000		5.000			08/01/2037		2,123,951
	1,715,000		5.000			08/01/2038		2,119,309
Municipal Bonds – (continued)
Washington – (continued)
	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		1,623,132
	2,930,000		5.000			08/01/2036		3,643,233
	1,000,000		5.000			08/01/2039		1,232,921
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-1 (BBB+/Baa1)(b)(c)
	5,400,000		5.000			08/01/2024		5,948,607
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)(b)(c)
	1,265,000		5.000			08/01/2025		1,441,510
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-3 (BBB+/Baa1)(b)(c)
	4,310,000		5.000			08/01/2026		5,055,216
	Washington Health Care Facilities Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2021 B (AA-/Aa3)(b)(c)(g)
	13,200,000		4.000			10/01/2030		16,079,873
	Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (A/NR)
	1,000,000		4.000			05/01/2045		1,138,225
	Washington State Convention Center Public Facilities District RB Series 2018 (BBB-/Baa1)
	320,000		5.000			07/01/2029		393,209
	6,825,000		5.000			07/01/2048		8,224,537
	Washington State Housing Finance Commission Nonprofit Housing RB for Presbyterian Retirement Communities Northwest Obligated Group Transforming Age Projects Series 2019 A (BB/NR)(e)
	745,000		5.000			01/01/2034		852,347
	1,400,000		5.000			01/01/2039		1,586,761
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series 2015 C (AMBAC) (AA+/Aaa)(d)
	6,855,000		0.000			06/01/2028		6,324,599
								206,019,477
West Virginia – 0.5%
	County of Ohio Special District Excise Tax RB Refunding for Fort Henry Economic Opportunity Development District The Highlands Project Series 2019 B (BBB-/NR)
	770,000		3.000			03/01/2035		767,719
	2,165,000		3.000			03/01/2037		2,139,003
	2,175,000		3.250			03/01/2041		2,156,152
	State of West Virginia GO Bonds for State Road Series 2019 A (AA-/Aa2)
	6,145,000		5.000			06/01/2035		7,795,768
	State of West Virginia GO Bonds Series 2018 B (AA-/Aa2)
	8,740,000		5.000			06/01/2035		10,870,025
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B/B2)(b)(c)
	1,575,000		5.000			07/01/2025		1,710,137

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
West Virginia – (continued)
	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	$	946,084
	910,000		5.000			01/01/2034		1,114,938
	1,095,000		5.000			01/01/2035		1,338,283
	2,330,000		5.000			01/01/2036		2,837,858
	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		2,932,283
	2,645,000		5.000			09/01/2030		3,325,318
	2,100,000		5.000			09/01/2031		2,625,056
	1,700,000		5.000			09/01/2032		2,114,460
	West Virginia University RB Refunding Series 2020 A (AA-/Aa3)
	10,125,000		1.549			10/01/2025		10,300,936
								52,974,020
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		1,113,965
	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		2,429,227
	Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (BBB/NR)
	265,000		5.000			07/01/2035		337,291
	310,000		5.000			07/01/2036		393,244
	265,000		5.000			07/01/2037		335,129
	310,000		5.000			07/01/2038		391,052
	310,000		5.000			07/01/2039		390,024
	285,000		5.000			07/01/2040		357,769
	310,000		5.000			07/01/2041		388,086
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	220,000		4.000			07/01/2026		251,636
	220,000		4.000			07/01/2027		256,250
	220,000		4.000			07/01/2028		260,349
	220,000		4.000			07/01/2029		258,559
	265,000		4.000			07/01/2030		308,691
	355,000		4.000			07/01/2031		410,747
	420,000		4.000			07/01/2032		482,840
	175,000		4.000			07/01/2033		200,645
	130,000		4.000			07/01/2034		148,646
	155,000		4.000			07/01/2035		176,928
	220,000		4.000			07/01/2036		250,467
	220,000		4.000			07/01/2037		249,868
	265,000		4.000			07/01/2038		300,388
	265,000		4.000			07/01/2039		299,771
	265,000		4.000			07/01/2040		298,535
	Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (NR/Ba1)(e)
	885,000		5.000			12/01/2035		1,011,871
	1,950,000		5.000			12/01/2045		2,183,449
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (BBB-/NR)
	875,000		4.000			07/01/2041		969,386
	1,000,000		4.000			07/01/2051		1,092,961
	Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (NR/Ba1)(e)
	470,000		4.000			06/15/2030		517,832
	815,000		5.000			06/15/2040		930,219
	Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)(e)
	1,650,000		4.000			03/01/2030		1,800,405
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)*(e)
	24,345		5.500			12/01/2048		12,172
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)*(e)
	51,733		7.250			12/01/2048		25,866
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (NR/Ba2)(e)
	6,950,000		5.625			06/01/2050		6,928,071
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (NR/Ba2)(e)
	7,575,000		6.500			06/01/2045		7,257,782
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	500,000		5.200			12/01/2037		592,946
	Public Finance Authority RB for Providence St. Joseph Health Obligated Group Series 2021 (AA-/Aa3)(b) (c) (g)
	4,400,000		4.000			10/01/2030		5,304,816
	Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp Series 2021 B (BB+/NR)(e)
	2,470,000		6.000			07/01/2031		2,517,298
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)(e)
	325,000		3.000			04/01/2025		335,307
	500,000		5.000			04/01/2030		601,089
	510,000		5.000			04/01/2040		605,717
	Public Finance Authority RB for WFCS Holdings LLC Series 2020 A-1 (NR/NR)(e)
	1,180,000		4.500			01/01/2035		1,295,175
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A/A3)
	790,000		5.000			01/01/2026		928,979
	635,000		5.000			01/01/2028		784,317
	750,000		5.000			01/01/2029		944,018
	1,000,000		5.000			01/01/2030		1,280,825
	1,400,000		5.000			01/01/2032		1,772,988
	950,000		5.000			01/01/2033		1,199,461
	900,000		5.000			01/01/2036		1,125,250
	500,000		5.000			01/01/2037		623,397
	1,400,000		5.000			01/01/2039		1,734,945
	500,000		5.000			01/01/2040		617,507
	Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)(e)
	370,000		5.000			06/01/2029		411,297
	710,000		5.000			06/01/2039		773,334

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
$	1,000,000		4.000	%		01/01/2030	$	1,134,150
	8,955,000		4.000			01/01/2046		9,823,279
	Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)(e)
	545,000		4.000			09/01/2029		571,739
	770,000		5.000			09/01/2039		836,009
	Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 B (AGM) (AA/NR)
	5,000,000		3.090			06/01/2050		4,886,319
	Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp Series 2021 A (BB+/NR)(e)
	5,900,000		4.500			07/01/2048		6,614,504
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)(e)
	2,770,000		6.125			10/01/2049		3,044,046
	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		2,175,707
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)
	425,000		5.000			11/15/2044		493,424
	570,000		5.000			11/15/2049		659,653
	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		6,173,635
	Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (NR/Baa3)(d)
	9,810,000		0.000			12/15/2027		7,685,341
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	350,000		4.000			03/15/2030		395,041
	345,000		4.000			03/15/2040		388,806
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	1,185,000		3.000			02/01/2042		1,211,478
	390,000		4.000			02/01/2045		436,804
	Wisconsin State Health & Educational Facilities Authority RB for Saint John’s Communities, Inc. Project Series 2018 A (BBB-/NR)
	225,000		4.000			09/15/2022		232,410
	250,000		4.000			09/15/2023		266,631
	365,000		4.000			09/15/2024		388,694
								103,886,457
Wyoming – 0.2%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)
	22,700,000		3.625			07/15/2039		24,175,071
	TOTAL MUNICIPAL BONDS
	(Cost $9,797,437,363)						$	10,392,901,942
Corporate Bonds – 0.3%
Consumer Services – 0.1%
	Howard University Series 2020
$	1,250,000		2.516	%		10/01/2025	$	1,275,073
	1,840,000		2.657			10/01/2026		1,892,254
	1,500,000		2.757			10/01/2027		1,561,234
	1,545,000		2.845			10/01/2028		1,578,509
	YMCA of Greater New York
	4,300,000		2.303			08/01/2026		4,314,784
								10,621,854
Health Care Equipment & Services – 0.1%
	CommonSpirit Health
	470,000		4.350			11/01/2042		539,407
	Prime Healthcare Foundation, Inc. Series B
	4,975,000		7.000			12/01/2027		5,802,493
	Tower Health Series 2020
	1,360,000		4.451			02/01/2050		1,216,309
								7,558,209
Real Estate(i) – 0.1%
	Benloch Ranch Improvement Association No. 1 Series 2020
	5,825,000		9.750			12/01/2039		6,108,678
	Benloch Ranch Improvement Association No. 1 Series 2021(e)
	3,380,000		9.750			12/01/2039		3,544,606
								9,653,284
	TOTAL CORPORATE BONDS
	(Cost $26,210,108)						$	27,833,347
U.S. Treasury Obligation – 0.4%
	U.S. Treasury Notes
$	50,000,000		0.375	%		12/31/2025	$	49,000,000
	(Cost $49,869,308)
	TOTAL INVESTMENTS – 97.3%
	(Cost $9,873,516,779)						$	10,469,735,289
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.7%							288,179,827
	NET ASSETS – 100.0%						$	10,757,915,116

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Zero coupon bond until next reset date.
(b)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2021.
(c)	Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(g)	When-issued security.
(h)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(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. 83

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
U.S. Treasury 10 Year Ultra Note		(2,761	)		12/21/2021	$	(401,509,797	)	$	5,989,460
U.S. Treasury Ultra Bond		(1,054	)		12/21/2021		(201,939,812	)		5,084,819
Total Futures Contracts									$	11,074,279

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/ Index(a)	Financing Rate Received (Paid) by the Fund			Credit Spread at September 30, 2021(b)		Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023		1.000	%		0.183%		Bank of America NA		03/20/2023		USD 1,000	$	12,403	$	(7,273	)	$	19,676
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000			0.183		JPMorgan Chase Bank NA		03/20/2023		1,000		12,402		(7,274	)		19,676
TOTAL												$	24,805	$	(14,547	)	$	39,352

(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.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 97.4%
Alabama – 1.6%
	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	$	5,881,961
	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		2,948,810
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B/B3)
	19,250,000	5.750		10/01/2049		22,831,347
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	2,625,000	5.000		10/01/2030		3,006,339
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	2,205,000	5.500		10/01/2053		2,448,891
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 C (AGM) (AA/A2)(b)
	5,750,000	0.000		10/01/2038		5,919,758
	6,000,000	0.000		10/01/2042		6,160,404
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	8,300,000	6.000		10/01/2042		9,512,616
	19,850,000	7.000		10/01/2051		23,129,480
	81,815,000	6.500		10/01/2053		94,528,053
	Southeast Energy Authority A Cooperative District RB for Project No. 2 Series 2021 B (NR/A1)(c)(d)
	12,300,000	4.000		12/01/2031		14,899,804
						191,267,463
Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 A-1 (BBB+/NR)
	3,050,000	4.000		06/01/2050		3,528,154
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-2 (NR/NR)(e)
	20,350,000	0.000		06/01/2066		4,435,077
						7,963,231
American Samoa – 0.0%
	American Samoa Economic Development Authority RB Refunding Series 2021 C (NR/Ba3)(a)
	2,085,000	3.720		09/01/2027		2,100,932
	American Samoa Economic Development Authority RB Series 2021 A (NR/Ba3)(a)
	1,400,000	5.000		09/01/2038		1,713,550
						3,814,482
Arizona – 1.6%
	Apache County IDA PCRB for Tucson Electric Power Company Series 2012 A (A-/A3)
	4,500,000	4.500		03/01/2030		4,571,246
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(f)
	63,640,000	(3 Mo. LIBOR + 0.81%), 0.907		01/01/2037		63,088,375
Municipal Bonds – (continued)
Arizona – (continued)
	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		733,864
	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		1,650,847
	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		2,231,180
	2,350,000	4.000		11/01/2050		2,633,877
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (CCC+/NR)
	1,000,000	5.000		01/01/2043		1,037,610
	5,250,000	4.500		01/01/2049		5,236,164
	3,300,000	5.000		01/01/2054		3,424,111
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (CCC+/NR)
	275,000	5.000		01/01/2037		268,978
	200,000	5.000		01/01/2038		195,799
	650,000	5.000		01/01/2043		628,686
	3,450,000	5.000		01/01/2049		3,265,944
	1,100,000	5.125		01/01/2054		1,055,005
	Arizona Industrial Development Authority RB for Kipp New York, Inc. Jerome Facility Series 2021 B (BBB-/NR)
	985,000	4.000		07/01/2051		1,042,376
	3,750,000	4.000		07/01/2061		3,951,328
	Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (BBB-/NR)
	1,100,000	4.000		07/01/2051		1,208,598
	3,750,000	4.000		07/01/2061		4,086,855
	Arizona Industrial Development Authority RB for Provident Group – EMU Properties LLC Series 2018 (NR/Baa3)
	1,000,000	5.000		05/01/2038		1,058,393
	2,780,000	5.000		05/01/2043		2,913,656
	3,450,000	5.000		05/01/2048		3,590,843
	2,000,000	5.000		05/01/2051		2,075,574
	Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (BB/NR)(a)
	475,000	4.000		12/15/2041		516,839
	650,000	4.000		12/15/2051		697,392
	Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (NR/Ba1)(a)
	470,000	4.000		07/15/2051		510,198
	445,000	4.000		07/15/2056		479,504
	Arizona Industrial Development Authority RB Refunding for Pinecrest Academy of Nevada Series 2020 A-1 (BB+/NR)(a)
	10,845,000	5.000		07/15/2053		12,272,950
	City of Phoenix Civic Improvement Corporation RB for Junior Lien Airport Series 2019 A (A/A1)
	1,625,000	3.000		07/01/2049		1,679,127

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Arizona – (continued)
	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	$	1,231,015
	3,540,000		5.000			07/01/2044		4,333,159
	2,710,000		3.250			07/01/2049		2,803,197
	1,625,000		5.000			07/01/2049		1,977,755
	City of Tempe IDA RB Refunding for Friendship Village Series 2012 A (NR/NR)
	1,250,000		6.250			12/01/2042		1,261,900
	1,325,000		6.250			12/01/2046		1,337,615
	Estrella Mountain Ranch Community Facilities District Lucero Assessment District No. 1 Special Assessment RB Series 2019 (NR/NR)
	625,000		3.500			07/01/2029		652,235
	600,000		4.100			07/01/2034		632,862
	1,894,000		4.750			07/01/2043		1,998,168
	Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (BBB-/NR)
	6,600,000		5.000			05/15/2056		7,429,141
	La Paz County Industrial Development Authority RB for American Fiber Optics LLC Series 2018 A (NR/NR)(a)
	3,100,000		6.000			08/01/2028		2,170,000
	16,130,000		6.250			08/01/2040		11,291,000
	La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (BBB/NR)
	580,000		4.000			02/15/2051		640,851
	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		812,831
	1,340,000		5.000			07/01/2054		1,542,843
	Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)(a)
	1,885,000		5.250			10/01/2040		2,096,949
	1,885,000		5.500			10/01/2051		2,099,553
	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		1,794,668
	1,650,000		5.000			07/01/2054		1,969,027
	Pima County IDA RB Refunding for Career Success Schools, Inc. Series 2020 (NR/NR)(a)
	250,000		5.500			05/01/2040		265,613
	950,000		5.750			05/01/2050		1,009,865
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2012 A (A-/A3)
	5,350,000		4.500			06/01/2030		5,486,231
	Pima County IDA RB Refunding for Tucson Electric Power Co. Project Series 2013 A (A-/A3)
	3,390,000		4.000			09/01/2029		3,536,874
	Tempe Industrial Development Authority RB for Tempe Life Care Village Obligated Group Series 2019 (NR/NR)
	1,520,000		5.000			12/01/2050		1,699,431
	1,900,000		5.000			12/01/2054		2,120,400
Municipal Bonds – (continued)
Arizona – (continued)
	The Industrial Development Authority of the City of Phoenix RB Refunding for Downtown Phoenix Student Housing LLC Series 2018 (NR/Baa3)
	850,000		5.000			07/01/2037		1,007,697
	1,000,000		5.000			07/01/2042		1,175,882
								190,482,081
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		8,775,796
	5,370,000		3.200			12/01/2049		5,697,400
	Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR)
	675,000		4.250			07/01/2041		732,534
	775,000		3.500			07/01/2046		761,399
	1,150,000		4.000			07/01/2052		1,213,006
	Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR)
	5,090,000		3.500			07/01/2038		5,156,003
								22,336,138
California – 10.9%
	ABC Unified School District GO Bonds Series 2001 C (NATL-RE) (AA-/Aa2)(e)
	1,600,000		0.000			08/01/2026		1,532,374
	Alameda County Oakland Unified School District GO Bonds Election of 2012 Series 2015 A (A-/A1)
	3,000,000		5.000			08/01/2040		3,465,630
	Alhambra California Unified School District Election of 2008 GO Bonds Capital Appreciation for Elementary Schools Improvement District Series 2011 B (AGM) (AA/Aa2)(e)
	4,995,000		0.000			08/01/2037		3,567,348
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)(e)
	1,850,000		0.000			08/01/2036		1,253,366
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	465,000		5.000			05/01/2040		549,682
	1,000,000		5.000			05/01/2043		1,182,031
	Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2019 S-8 (AA-/A1)
	2,350,000		3.000			04/01/2054		2,451,494
	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		3,028,162
	Calaveras Unified School District GO Bonds for Capital Appreciation Series 2000 (AGM) (AA/A2)(e)
	1,055,000		0.000			08/01/2025		1,015,289
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BB/NR)
	2,755,000		5.250			05/01/2048		3,189,960
	2,850,000		5.250			05/01/2053		3,290,653

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)
California – (continued)
	California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR)(a)
$	6,450,000		4.000	%		02/01/2056	$	7,035,296
	California Community Housing Agency Fountains at Emerald Park RB Series 2021 A-1 (NR/NR)(a)
	9,400,000		3.000			08/01/2056		9,359,226
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-2 (NR/NR)(e)
	12,620,000		0.000			06/01/2055		3,327,325
	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		1,593,196
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (BBB-/NR)
	900,000		5.000			06/01/2049		1,095,465
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(e)
	7,375,000		0.000			06/01/2055		1,847,316
	California County Tobacco Securitization Agency RB Refunding Series 2020 A (BBB+/NR)
	875,000		4.000			06/01/2049		1,013,828
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-1 (BBB-/NR)
	620,000		5.000			06/01/2049		757,947
	California County Tobacco Securitization Agency RB Refunding Series 2020 B-2 (NR/NR)(e)
	32,690,000		0.000			06/01/2055		6,544,613
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (WD/NR)(e)
	145,220,000		0.000			06/01/2055		18,005,131
	California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (NR/Baa3)
	565,000		5.000			08/01/2050		686,700
	775,000		5.000			08/01/2055		935,055
	425,000		5.000			08/01/2057		510,899
	California Enterprise Development Authority RB Refunding for Rocklin Academy Obligated Group Series 2021 A (BB+/NR)(a)
	625,000		4.000			06/01/2051		690,853
	595,000		4.000			06/01/2061		651,872
	California Health Facilities Financing Authority RB for El Camino Hospital Series 2017 (AA/A1)
	1,500,000		5.000			02/01/2042		1,800,169
	4,000,000		5.000			02/01/2047		4,777,016
	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		9,753,941
	California Health Facilities Financing Authority RB Refunding for CommonSpirit Health Obligated Group Series 2020 A (BBB+/Baa1)
	14,220,000		4.000			04/01/2049		16,188,782
Municipal Bonds – (continued)
California – (continued)
	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		1,126,515
	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		1,674,864
	950,000		5.000			05/15/2052		1,134,191
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	1,800,000		5.000			02/01/2042		2,144,792
	17,675,000		5.000			02/01/2047		20,938,015
	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		9,112,690
	California Municipal Finance Authority RB for P3 Claremont Holdings LLC Series 2020 A (NR/NR)(a)
	1,135,000		5.000			07/01/2052		1,271,580
	California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (BBB-/NR)
	1,510,000		4.000			07/01/2051		1,697,379
	1,035,000		4.000			07/01/2055		1,158,696
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	250,000		5.000			10/01/2034		304,220
	250,000		5.000			10/01/2036		303,096
	300,000		5.000			10/01/2037		363,056
	300,000		5.000			10/01/2038		362,556
	California Municipal Finance Authority RB Refunding for Claremont Graduate University Series 2020 B (NR/NR)(a)
	1,090,000		5.000			10/01/2049		1,255,773
	1,740,000		5.000			10/01/2054		1,997,697
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	10,375,000		5.000			12/31/2037		12,510,458
	2,300,000		5.000			12/31/2038		2,771,322
	California Pollution Control Financing Authority RB for Mission Rock Utilities, Inc. Series 2020 (NR/NR)(a)
	8,900,000		4.000			11/01/2023		8,897,083
	California Pollution Control Financing Authority Solid Waste Disposal RB for Rialto Bioenergy Facility LLC Project Series 2019 (AMT) (NR/NR)(a)
	7,045,000		6.750			12/01/2028		7,335,629
	45,930,000		7.500			12/01/2040		48,439,505
	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		18,817,069
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(a)
	1,540,000		5.000			06/15/2050		1,669,060
	1,030,000		5.000			06/15/2055		1,113,545
	California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (BBB-/NR)(a)
	3,300,000		5.000			10/01/2050		3,853,046

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (BBB-/NR)(a)
$	1,450,000		4.000	%		10/01/2046	$	1,601,150
	California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (BB+/NR)(a)
	1,700,000		5.000			07/01/2050		1,926,888
	1,000,000		5.000			07/01/2058		1,127,771
	California School Finance Authority RB for iLEAD Lancaster Series 2021 A (NR/NR)(a)
	600,000		5.000			06/01/2051		667,645
	1,220,000		5.000			06/01/2061		1,343,673
	California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (BB+/NR)(a)
	820,000		5.000			07/01/2045		936,589
	1,240,000		5.000			07/01/2055		1,404,044
	California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)(a)
	600,000		4.000			06/01/2041		642,114
	700,000		4.000			06/01/2051		738,849
	1,220,000		4.000			06/01/2061		1,274,368
	California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 A (BB+/NR)(a)
	2,420,000		5.000			07/01/2059		2,710,313
	California School Finance Authority RB for VSF School Facilities No. 1 LLC Series 2020 B (BB+/NR)(a)
	975,000		4.000			07/01/2045		975,786
	California State Various Purpose GO Bonds Series 2020 (AA-/Aa2)
	20,000,000		3.000			11/01/2050		21,202,094
	California State Various Purpose GO Bonds Series 2021 (AA-/Aa2)
	25,000,000		1.700			02/01/2028		25,168,935
	California Statewide Communities Development Authority Community Facilities District No. 2007-01 Special Tax Refunding for Orinda Wilder Project Series 2015 (NR/NR)
	1,075,000		5.000			09/01/2030		1,211,455
	1,150,000		5.000			09/01/2037		1,281,885
	California Statewide Communities Development Authority Community Facilities District No. 2018-02 Special Tax for Improvement Area No. 1 Series 2020 (NR/NR)(a)
	2,880,000		7.250			09/01/2050		3,145,463
	California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR)
	3,245,000		4.000			09/01/2051		3,596,806
	California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR)
	850,000		4.000			09/02/2044		960,090
	685,000		5.000			09/02/2049		824,474
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2018 B (NR/NR)
	1,495,000		5.000			09/02/2038		1,779,801
	575,000		5.000			09/02/2043		678,650
	1,785,000		5.000			09/02/2048		2,092,485
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		1,608,889
	895,000		5.000			09/02/2044		1,059,155
	945,000		5.000			09/02/2048		1,112,829
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 B (NR/NR)
	950,000		5.000			09/02/2039		1,130,332
	1,080,000		5.000			09/02/2044		1,272,982
	1,570,000		5.000			09/02/2049		1,839,873
	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		453,913
	475,000		5.000			06/01/2039		568,253
	1,340,000		5.000			06/01/2051		1,575,193
	California Statewide Communities Development Authority RB for Lancer Plaza Project Series 2013 (NR/NR)
	1,875,000		5.875			11/01/2043		2,029,904
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (BB-/NR)(a)
	950,000		5.250			12/01/2043		1,108,901
	9,000,000		5.500			12/01/2058		10,530,297
	California Statewide Communities Development Authority RB for Marin General Hospital Obligated Group Series 2018 A (BBB+/NR)
	500,000		5.000			08/01/2038		591,582
	3,000,000		4.000			08/01/2045		3,091,072
	California Statewide Communities Development Authority RB for NCCD-Hooper Street LLC Project Series 2019 (B/NR)(a)
	2,350,000		5.250			07/01/2039		2,556,819
	3,125,000		5.250			07/01/2049		3,346,142
	1,450,000		5.250			07/01/2052		1,549,641
	California Statewide Communities Development Authority RB Refunding for California Baptist University Series 2017 A (NR/NR)(a)
	860,000		3.000			11/01/2022		871,137
	935,000		5.000			11/01/2032		1,114,148
	1,875,000		5.000			11/01/2041		2,190,567
	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		3,343,247
	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		1,411,557
	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		8,452,918
	California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR)
	1,230,000		4.000			09/02/2050		1,370,981
	945,000		5.000			09/02/2050		1,125,712

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California Statewide Communities Development Authority Special Assessment Bonds Series 2018 C (NR/NR)
$	2,220,000		5.000	%		09/02/2038	$	2,613,156
	2,500,000		5.000			09/02/2048		2,904,631
	California Statewide Communities Development Authority Special Assessment Series 2021 A (NR/NR)
	2,000,000		4.000			09/02/2041		2,244,939
	2,000,000		4.000			09/02/2051		2,205,916
	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)
	7,250,000		5.000			05/15/2042		8,606,806
	5,750,000		5.000			05/15/2047		6,778,655
	5,640,000		5.000			05/15/2050		6,639,041
	California Statewide Financing Authority Tobacco Settlement RB Capital Appreciation for Turbo Pooled Program Series 2006 B (WD/NR)(e)
	35,600,000		0.000			06/01/2046		6,667,709
	Capistrano Unified School District Special Tax for Capital Appreciation Series 2005 (NATL-RE) (NR/Baa2)(e)
	7,000,000		0.000			09/01/2033		5,332,356
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	190,000		3.000			09/01/2037		197,352
	195,000		3.000			09/01/2038		201,936
	205,000		3.000			09/01/2039		211,779
	210,000		3.000			09/01/2040		216,500
	715,000		3.125			09/01/2044		738,220
	City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR)
	1,250,000		4.000			09/01/2050		1,391,114
	City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR)
	925,000		4.000			09/01/2046		1,031,931
	1,175,000		4.000			09/01/2051		1,307,695
	City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)(a)
	1,500,000		4.000			09/01/2051		1,693,922
	City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR)
	865,000		4.000			09/01/2045		963,818
	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		589,843
	1,500,000		4.000			09/01/2045		1,696,496
	3,000,000		4.000			09/01/2050		3,374,293
	City of Davis Redevelopment Agency Tax Allocation for Davis Redevelopment Project Series 2011 A (NR/NR)(g)
	750,000		6.500			12/01/2021		757,449
	City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR)
	740,000		4.000			09/01/2051		823,570
	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		3,382,382
Municipal Bonds – (continued)
California – (continued)
	City of Fontana Community Facilities District No. 90 Special Tax for Summit at Rosena Phase One Series 2021 (NR/NR)
	425,000		4.000			09/01/2046		479,804
	500,000		4.000			09/01/2051		562,579
	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		3,323,490
	City of Oakland GO Bonds Series 2020 B-1 (AA/Aa1)
	4,750,000		3.000			01/15/2050		4,965,140
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	950,000		4.000			09/01/2050		1,060,052
	City of Oroville RB for Oroville Hospital Series 2019 (B+/NR)
	1,900,000		5.250			04/01/2034		2,165,149
	3,565,000		5.250			04/01/2039		3,996,530
	14,580,000		5.250			04/01/2049		16,033,524
	13,840,000		5.250			04/01/2054		15,106,792
	City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR)
	640,000		3.000			09/01/2031		648,293
	450,000		4.000			09/01/2041		481,903
	550,000		4.000			09/01/2051		580,738
	City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR)
	1,200,000		4.000			09/02/2037		1,345,660
	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		623,700
	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		573,021
	700,000		5.000			09/01/2049		799,523
	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		364,674
	375,000		4.000			09/01/2040		418,189
	425,000		4.000			09/01/2045		470,302
	950,000		4.000			09/01/2050		1,048,881
	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		525,632
	640,000		4.000			09/01/2050		706,614
	City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR)
	1,125,000		4.000			09/01/2046		1,257,049
	1,400,000		4.000			09/01/2050		1,560,526
	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		314,250
	700,000		5.000			09/01/2037		781,013
	1,745,000		5.000			09/01/2047		1,930,971
	City of San Luis Obispo Community Facilities District No. 2019-1 Special Tax Bonds Series 2021 (NR/NR)
	500,000		4.000			09/01/2046		564,131
	650,000		4.000			09/01/2051		731,354

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (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)
$	1,100,000		4.000	%		09/01/2045	$	1,217,363
	1,500,000		4.000			09/01/2050		1,655,722
	City of Tracy Community Facilities District No. 2016-2 ECFD Special Tax Bonds Series 2019 (NR/NR)
	405,000		5.000			09/01/2044		469,083
	535,000		5.000			09/01/2049		617,560
	CMFA Special Finance Agency VII The Breakwater Apartments RB Series 2021 A-1 (NR/NR)(a)
	5,500,000		3.000			08/01/2056		5,159,780
	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		1,385,175
	200,000		4.000			09/01/2045		217,407
	1,420,000		5.000			09/01/2049		1,599,543
	County of Madera Community Facilities District No. 2017-1 Special Tax Series 2020 (NR/NR)
	1,985,000		4.000			09/01/2040		2,208,927
	County of San Diego Community Facilities District No. 2008-01 Special Tax Series 2020 A (NR/NR)
	695,000		3.000			09/01/2050		706,100
	1,875,000		4.000			09/01/2050		2,057,273
	Denair California Unified School District GO Bonds Capital Appreciation Election 2001 Series 2003 B (NATL-RE) (A-/Baa2)(e)
	1,305,000		0.000			08/01/2027		1,203,967
	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		2,680,684
	6,680,000		5.000			09/01/2047		7,726,586
	East Garrison Public Finance Authority Special Tax for East Garrison Project Series 2019 (NR/NR)
	455,000		3.125			09/01/2044		470,434
	El Rancho California Unified School District GO Bonds Capital Appreciation Election 2003 Series 2007 (NATL-RE) (A-/Baa2)(e)
	5,400,000		0.000			08/01/2032		4,279,750
	Fairfield COPS Capital Appreciation for Water Financing Series 2007 A (ASSURED GTY) (AA/WR)(e)
	4,180,000		0.000			04/01/2029		3,731,716
	Folsom Cordova Unified School District No. 4 GO for School Facilities Improvement Capital Appreciation for Election of 2006 Series 2007 A (NATL-RE) (AA-/Aa2)(e)
	3,460,000		0.000			10/01/2032		2,805,584
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Capital Appreciation Senior Lien Series 2015 A (AGM) (AA/A2)(e)
	12,000,000		0.000			01/15/2035		8,957,555
	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		40,920,162
	Foothill/Eastern Transportation Corridor Agency Toll Road RB Refunding Series 2013 A (AGM) (AA/A2)(b)
	1,000,000		0.000			01/15/2032		1,187,065
Municipal Bonds – (continued)
California – (continued)
	Foothill-Eastern Transportation Corridor Agency RB Refunding for Senior Lien Series 2021 A (A-/Baa2)
$	34,250,000		4.000	%		01/15/2046	$	39,066,612
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)(e)
	77,260,000		0.000			06/01/2047		17,554,878
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 C (CCC-/NR)(e)
	147,670,000		0.000			06/01/2047		32,751,714
	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		2,421,229
	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		9,148,218
	5,400,000		5.250			06/01/2047		5,561,347
	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		3,597,609
	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		28,570,630
	Golden Valley Unified School District Financing Authority RB for Golden Valley Unified School District Community Facilities District No. 2017-1 Series 2021 A (NR/NR)
	225,000		4.000			09/01/2046		251,550
	470,000		4.000			09/01/2051		524,974
	705,000		4.000			09/01/2056		785,547
	Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (AA/NR)(a)
	1,825,000		4.000			06/01/2046		2,080,816
	1,250,000		4.000			06/01/2051		1,422,302
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)(e)
	100,945,000		0.000			06/01/2036		38,849,148
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-2 (CCC/NR)(e)
	51,235,000		0.000			06/01/2047		9,332,886
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 D (CCC/NR)(e)
	260,660,000		0.000			06/01/2057		22,417,229
	Irvine Community Facilities District No. 2013-3 Special Tax Series 2018 (AGM) (AA/NR)
	1,150,000		5.000			09/01/2051		1,353,268
	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		1,940,349
	1,925,000		5.000			03/01/2057		2,242,618

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Lammersville Joint Unified School District Special Tax Bonds for Community Facilities District No. 2007-1 Series 2013 (NR/NR)
$	2,750,000		6.000	%		09/01/2043	$	2,957,786
	Lemoore Redevelopment Agency Tax Allocation for Lemoore Redevelopment Project Series 2011 (A-/NR)
	215,000		6.625			08/01/2024		215,977
	Los Angeles County GO Bonds for Westside Union School District Election Series 2008 B (AA-/Aa2)(e)
	49,925,000		0.000			08/01/2050		22,223,899
	Lynwood Redevelopment Agency Tax Allocation for Housing Projects Series 2011 A (A/NR)
	1,625,000		6.750			09/01/2026		1,631,856
	1,500,000		7.000			09/01/2031		1,506,469
	875,000		7.250			09/01/2038		878,914
	Merced-Union High School District Election of 2008 GO Bonds Series 2011 C (NR/Aa3)(e)
	3,760,000		0.000			08/01/2035		2,795,097
	Moreno Valley Unified School District GO Bonds Series 2014 C (BAM) (AA/Aa3)
	950,000		3.000			08/01/2050		1,008,725
	M-S-R Energy Authority Gas RB Series 2009 A (BBB+/NR)
	14,850,000		6.500			11/01/2039		23,257,341
	M-S-R Energy Authority Gas RB Series 2009 B (BBB+/NR)
	2,000,000		6.500			11/01/2039		3,132,302
	M-S-R Energy Authority Gas RB Series 2009 C (BBB+/NR)
	9,795,000		6.125			11/01/2029		12,151,672
	21,765,000		6.500			11/01/2039		34,087,274
	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		7,862,309
	New Haven Unified School District GO Refunding Bonds for Capital Appreciation Series 2009 (ASSURED GTY) (AA/Aa3)(e)
	860,000		0.000			08/01/2025		829,206
	1,105,000		0.000			08/01/2026		1,045,671
	5,550,000		0.000			08/01/2030		4,723,776
	7,855,000		0.000			08/01/2032		6,326,302
	7,000,000		0.000			08/01/2034		5,314,358
	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		3,285,920
	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		301,214
	200,000		5.000			08/15/2028		246,100
	2,900,000		5.000			08/15/2047		3,412,442
	Orange County Community Facilities District Special Tax RB Series 2020 A (NR/NR)
	1,015,000		4.000			08/15/2040		1,159,199
	940,000		4.000			08/15/2050		1,056,748
	Oxnard School District GO Bonds Election of 2016 Series 2016 B (BAM) (AA/NR)(d)
	7,800,000		4.000			08/01/2023		8,973,278
Municipal Bonds – (continued)
California – (continued)
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	11,500,000		5.000			11/01/2047		14,044,737
	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		15,011,640
	Placer Union High School District GO Bonds for Capital Appreciation Series 2000 A (NATL-RE) (AA/Aa2)(e)
	1,840,000		0.000			08/01/2025		1,781,562
	Poway Unified School District GO Bonds Capital Appreciation for School Facility Improvement Series 2011 B (AA-/Aa2)(e)
	1,300,000		0.000			08/01/2040		833,543
	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		552,842
	650,000		4.000			09/01/2031		716,599
	900,000		3.000			09/01/2032		940,451
	820,000		3.000			09/01/2033		855,089
	750,000		3.000			09/01/2034		779,768
	Rancho Cordova Community Facilities District No. 2018-1 Special Tax for Grantline 208 Series 2019 (NR/NR)
	400,000		5.000			09/01/2049		460,101
	Rialto Unified School District GO Election of 2010 Series 2011 A (AGM) (AA/Aa3)(e)
	6,200,000		0.000			08/01/2036		4,149,604
	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		5,096,959
	880,000		5.250			09/01/2034		925,576
	6,815,000		5.500			09/01/2045		7,152,130
	River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR)
	610,000		4.000			09/01/2046		648,304
	1,400,000		4.000			09/01/2051		1,485,578
	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		23,613,048
	Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (A/NR)(e)
	2,220,000		0.000			10/01/2033		1,725,596
	2,220,000		0.000			10/01/2035		1,625,419
	1,840,000		0.000			10/01/2037		1,262,678
	5,100,000		0.000			10/01/2038		3,388,184
	8,425,000		0.000			10/01/2039		5,411,479
	13,395,000		0.000			10/01/2040		8,317,569
	7,275,000		0.000			10/01/2041		4,357,123
	6,360,000		0.000			10/01/2042		3,676,326
	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		1,225,000
	1,950,000		6.750			10/01/2030		1,950,000

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Riverside County Transportation Commission Toll Revenue Senior Lien Bonds Series 2013 A (A/NR)
$	2,000,000	5.750 %		06/01/2048	$	2,141,379
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	395,000	4.000		09/01/2045		440,125
	835,000	4.000		09/01/2050		928,280
	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		921,496
	1,865,000	5.000		09/01/2033		2,207,448
	2,250,000	5.000		09/01/2035		2,650,634
	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		1,147,216
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)(f)
	3,920,000	(3 Mo. LIBOR + 0.55%), 0.630		06/01/2034		3,901,452
	San Bernardino City Unified School District GO Bonds Capital Appreciation for Election of 1999 Series 2003 C (NATL-RE) (A+/A1)(e)
	1,420,000	0.000		08/01/2025		1,365,511
	San Diego County Regional Airport Authority RB Refunding Series 2019 B (AMT) (A-/NR)
	1,000,000	4.000		07/01/2044		1,126,202
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)(e)
	10,000,000	0.000		07/01/2030		8,916,660
	3,005,000	0.000		07/01/2031		2,610,841
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 A (AMT) (A/A1)
	9,970,000	5.000		05/01/2049		12,067,782
	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		1,630,803
	950,000	5.000		05/01/2050		1,148,392
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (NR/Baa3)
	1,370,000	4.000		08/01/2032		1,587,096
	1,560,000	4.000		08/01/2033		1,801,071
	1,680,000	4.000		08/01/2034		1,932,993
	1,810,000	4.000		08/01/2035		2,078,349
	1,945,000	4.000		08/01/2036		2,226,329
	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		3,405,411
	San Juan Unified School District GO Bonds for Capital Appreciation Series 2000 (NATL-RE) (A+/Aa2)(e)
	1,580,000	0.000		08/01/2024		1,559,386
	1,595,000	0.000		08/01/2025		1,555,565
	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		2,058,506
Municipal Bonds – (continued)
California – (continued)
	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		2,064,927
	Santa Monica Redevelopment Agency Tax Allocation for Earthquake Recovery Redevelopment Project Series 2011 (AA/NR)
	2,000,000	5.000		07/01/2042		2,015,948
	Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 1 Series 2018 B (AA+/Aa1)
	2,580,000	4.000		08/01/2044		3,017,832
	6,575,000	4.000		08/01/2050		7,619,243
	Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 2 Series 2018 B (AA+/Aa1)
	8,580,000	4.000		08/01/2050		9,942,677
	Silicon Valley Tobacco Securitization Authority Tobacco Settlement Asset Backed RB Series 2007 C (WD/NR)(e)
	88,700,000	0.000		06/01/2056		10,337,400
	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		4,182,520
	Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR)
	4,650,000	4.000		09/01/2050		5,131,279
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-2 (NR/NR)(e)
	16,700,000	0.000		06/01/2060		4,135,645
	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		5,865,716
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-1 (BBB-/NR)
	3,615,000	5.000		06/01/2048		4,394,141
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 B-2 (NR/NR)(e)
	9,510,000	0.000		06/01/2054		1,863,027
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (A-/NR)
	995,000	5.000		10/01/2045		1,234,017
	1,045,000	5.000		10/01/2049		1,291,169
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (BBB+/NR)
	1,815,000	2.400		10/01/2049		1,832,663
	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		841,837
	1,000,000	5.000		09/01/2045		1,115,795

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Union City Community Redevelopment Agency Tax Allocation for Community Redevelopment Project Sub Lien Series 2011 (NR/NR)(g)
$	1,500,000		6.875	%		12/01/2021	$	1,515,788
	University of California RB Refunding Series 2013 AL-2 (AA/Aa2)(c)(d)
	15,000,000		0.070			10/01/2021		15,000,000
	University of California RB Refunding Series 2021 Q (AA-/Aa3)
	7,050,000		3.000			05/15/2051		7,446,672
	Washington Unified School District GO Bonds Series 2020 A (AGM) (AA/Aa2)
	3,950,000		3.000			08/01/2045		4,220,332
	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		1,577,191
	William S. Hart Union High School District GO Bonds Capital Appreciation 2008 Election Series B (AGM) (AA/Aa2)(e)
	8,360,000		0.000			08/01/2034		6,584,919
	Yosemite Community College District GO Bonds Election of 2004 Series 2010 D (AA-/Aa2)(b)
	19,135,000		0.000			08/01/2042		19,210,486
								1,277,292,072
Colorado – 4.9%
	Allison Valley Metropolitan District No. 2 GO Refunding Bonds Series 2020 (NR/NR)
	1,575,000		4.700			12/01/2047		1,663,067
	Amber Creek Metropolitan District GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	611,000		5.000			12/01/2037		641,649
	613,000		5.125			12/01/2047		642,250
	Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,480,000		5.000			12/01/2040		1,617,665
	2,610,000		5.000			12/01/2050		2,826,159
	Aurora Crossroads Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)
	4,000,000		7.750			12/15/2050		4,137,740
	Banning Lewis Ranch Metropolitan District No. 8 GO Bonds Series 2021 (NR/NR)(a)
	4,000,000		4.875			12/01/2051		3,897,755
	Banning Lewis Ranch Regional Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)
	4,690,000		5.750			12/01/2051		4,793,867
	Belford North Metropolitan District GO Bonds Series 2020 A (NR/NR)
	3,250,000		5.500			12/01/2050		3,540,365
	Belford North Metropolitan District GO Bonds Series 2020 B (NR/NR)
	6,000,000		8.500			12/15/2050		6,191,142
	Bella Mesa Metropolitan District GO Convertible Capital Appreciation Bonds Series 2020 A (NR/NR)(a)(b)
	1,930,000		0.000			12/01/2049		1,605,204
	Belleview Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 (NR/NR)
	2,375,000		5.125			12/01/2046		2,452,334
Municipal Bonds – (continued)
Colorado – (continued)
	Bent Grass Metropolitan District Refunding GO Bonds Series 2020 (NR/NR)(a)
	1,185,000		5.250			12/01/2049		1,288,603
	Brighton Crossing Metropolitan District No. 4 Limited Tax GO Bonds Subordinate Series 2017 B (NR/NR)
	670,000		7.000			12/15/2047		695,347
	Brighton Crossing Metropolitan District No. 6 GO Bonds Series 2020 A (NR/NR)
	1,500,000		5.000			12/01/2050		1,642,479
	Broadway Park North Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)(a)
	1,300,000		5.000			12/01/2049		1,421,874
	Broadway Station Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,500,000		5.125			12/01/2048		2,708,004
	Bromley Park Metropolitan District No. 2 GO Bonds Subordinate Series 2018 B (NR/NR)
	1,000,000		6.375			12/15/2047		1,063,310
	Buffalo Highlands Metropolitan District GO Bonds Series 2018 A (NR/NR)
	2,250,000		5.375			12/01/2048		2,399,249
	Canyon Pines Metropolitan District Special Improvement District No. 1 Special Assessment Bond Series 2021 A-2 (NR/NR)
	3,000,000		3.750			12/01/2040		2,830,965
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,750,000		6.000			12/01/2037		1,835,373
	4,000,000		6.125			12/01/2047		4,194,647
	Canyons Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	2,000,000		6.125			12/01/2047		2,097,323
	Cascade Ridge Metropolitan District GO Bonds Series 2021 (NR/NR)
	2,500,000		5.000			12/01/2051		2,473,595
	Chambers Highpoint Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)
	835,000		5.000			12/01/2051		869,540
	Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR)
	2,575,000		5.350			12/01/2050		2,784,100
	Clear Creek Station Metropolitan District No. 2 GO Bonds Subordinate Series 2017 B (NR/NR)
	500,000		7.375			12/15/2047		520,041
	Clear Creek Station Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	780,000		4.375			12/01/2032		817,351
	Clear Creek Transit Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR)
	580,000		5.000			12/01/2041		631,499
	1,000,000		5.000			12/01/2050		1,085,817
	Colorado Educational & Cultural Facilities Authority RB for Aspen View Academy, Inc. Series 2021 (NR/Baa3)
	475,000		4.000			05/01/2051		518,676
	550,000		4.000			05/01/2061		594,386

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Educational & Cultural Facilities Authority RB for Vega Collegiate Academy Series 2021 A (NR/Ba2)(a)
$	900,000		5.000	%		02/01/2051	$	987,734
	1,335,000		5.000			02/01/2061		1,457,170
	Colorado Educational & Cultural Facilities Authority RB Refunding for Rocky Mountain Classical Academy Project Series 2019 (NR/Ba1)(a)
	6,000,000		5.000			10/01/2049		6,594,892
	Colorado Educational & Cultural Facilities Authority RB Refunding for STEM School & Academy Project Series 2019 (NR/Baa3)
	2,750,000		5.000			11/01/2054		2,901,003
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2012 A (A-/NR)(g)
	3,500,000		5.000			12/01/2022		3,694,268
	Colorado Health Facilities Authority RB for Covenant Retirement Communities, Inc. Series 2013 A (A-/NR)(g)
	3,000,000		5.750			12/01/2023		3,352,855
	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		3,028,518
	Colorado Health Facilities Authority RB for The Evangelical Lutheran Good Samaritan Society Project Series 2013 (NR/WR)(g)
	3,000,000		5.625			06/01/2023		3,266,675
	Colorado Health Facilities Authority RB Refunding for Christian Living Neighborhoods Obligated Group Series 2021 (NR/NR)(h)
	950,000		4.000			01/01/2042		1,041,104
	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		1,799,342
	4,315,000		4.000			08/01/2044		4,891,469
	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		8,728,484
	2,135,000		3.250			08/01/2049		2,244,495
	4,620,000		4.000			08/01/2049		5,181,745
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (WD/NR)(g)
	4,410,000		5.000			06/01/2027		5,405,235
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	2,045,000		4.000			11/01/2039		2,395,832
	8,790,000		5.000			11/01/2039		11,071,381
	4,790,000		5.000			11/01/2044		5,950,722
	2,300,000		5.000			11/01/2049		2,840,438
	Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (BBB/NR)
	965,000		5.000			12/31/2047		1,091,342
	965,000		5.000			12/31/2051		1,089,688
	2,980,000		5.000			12/31/2056		3,359,946
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		3,165,292
	Constitution Heights Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,760,000		5.000			12/01/2049		1,917,706
	Copper Ridge Metropolitan District RB Series 2019 (NR/NR)
	4,240,000		5.000			12/01/2039		4,542,408
	1,750,000		5.000			12/01/2043		1,873,172
	Copperleaf Metropolitan District No. 3 GO Bonds Series 2017 A (NR/NR)(g)
	500,000		5.000			12/01/2022		541,173
	700,000		5.125			12/01/2022		758,652
	Copperleaf Metropolitan District No. 3 GO Bonds Subordinate Series 2017 B (NR/NR)(g)
	506,000		7.625			12/15/2022		563,599
	Copperleaf Metropolitan District No. 6 GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.250			12/01/2048		2,132,503
	Copperleaf Metropolitan District No. 6 GO Bonds Subordinate Series 2018 B (NR/NR)
	820,000		7.500			12/15/2048		859,633
	Cornerstar Metropolitan District GO Refunding Bonds Series 2017 A (NR/NR)
	1,000,000		5.125			12/01/2037		1,051,485
	2,100,000		5.250			12/01/2047		2,204,225
	Creekside Village Metropolitan District GO Bonds Series 2019 A (NR/NR)
	3,835,000		5.000			12/01/2049		4,119,564
	Creekwalk Marketplace Business Improvement District RB Series 2019 A (NR/NR)(a)
	4,165,000		5.500			12/01/2039		4,624,248
	10,900,000		5.750			12/01/2049		12,098,157
	Creekwalk Marketplace Business Improvement District RB Series 2019 B (NR/NR)(a)
	2,370,000		8.000			12/15/2049		2,467,178
	Denver Colorado City & County Special Facilities Airport RB Refunding for United Air Lines, Inc. Project Series 2017 (AMT) (B/NR)
	17,970,000		5.000			10/01/2032		19,013,079
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(a)
	5,555,000		5.000			12/01/2028		6,807,139
	7,200,000		5.000			12/01/2034		8,624,904
	4,800,000		4.000			12/01/2035		5,407,849
	4,800,000		4.000			12/01/2036		5,398,445
	Denver Connection West Metropolitan District GO Bonds Series 2017 A (NR/NR)
	2,470,000		5.375			08/01/2047		2,597,549
	Denver Connection West Metropolitan District GO Bonds Subordinate Series 2017 B (NR/NR)
	1,261,000		8.000			08/01/2047		1,304,253
	Denver Convention Center Hotel Authority RB Refunding Series 2016 (BBB-/Baa2)
	665,000		5.000			12/01/2030		777,125
	2,500,000		5.000			12/01/2032		2,905,180
	1,235,000		5.000			12/01/2033		1,431,490

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
$	425,000		5.000	%		12/01/2032	$	523,518
	1,825,000		4.000			12/01/2038		2,071,014
	1,690,000		5.000			12/01/2048		2,009,110
	Denver Health & Hospital Authority RB Series 2019 A (BBB/NR)
	1,185,000		4.000			12/01/2038		1,360,514
	1,900,000		4.000			12/01/2039		2,176,126
	950,000		4.000			12/01/2040		1,085,825
	Dinosaur Ridge Metropolitan District RB Refunding and Improvement Bonds Series 2019 A (NR/NR)
	3,765,000		5.000			06/01/2049		4,018,125
	E-470 Public Highway Authority RB Refunding Capital Appreciation Series 2006 B (NATL-RE) (A/A2)(e)
	3,000,000		0.000			09/01/2039		1,438,262
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)(e)
	15,000,000		0.000			09/01/2028		13,655,749
	4,100,000		0.000			09/01/2034		3,161,674
	E-470 Public Highway Authority RB Series 2010 A (A/A2)(e)
	20,000,000		0.000			09/01/2040		12,703,240
	Eagle Brook Meadows Metropolitan District No. 3 GO Bonds Series 2021 (NR/NR)
	1,600,000		5.000			12/01/2051		1,665,086
	First Creek Village Metropolitan District GO Bonds Series 2019 A (NR/Ba1)
	1,580,000		5.000			08/01/2049		1,716,390
	First Creek Village Metropolitan District GO Bonds Series 2019 B (NR/NR)
	515,000		6.750			08/01/2049		556,056
	Fitzsimons Village Metropolitan District No. 1 GO Refunding Bonds Series 2020 A (NR/NR)
	1,045,000		5.000			12/01/2049		1,110,536
	Flying Horse Metropolitan District No. 2 GO Refunding Bonds Series 2020 A (AGM) (AA/A2)
	2,185,000		4.000			12/01/2050		2,532,456
	Forest Trace Metropolitan District No. 3 GO Unlimited Bonds Series 2016 A (NR/NR)(g)
	1,000,000		5.000			12/01/2021		1,037,649
	Green Gables Metropolitan District No. 2 GO Bonds Senior Series 2018 A (NR/NR)
	4,500,000		5.750			12/01/2048		4,832,762
	Greenways Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)
	1,080,000		4.625			12/01/2051		1,061,769
	Haskins Station Metropolitan District GO Bonds Series 2019 A (NR/NR)
	650,000		5.000			12/01/2039		702,814
	925,000		5.000			12/01/2049		992,121
	Hidden Creek Metropolitan District GO Bonds Series 2021 A (NR/NR)(a)
	1,140,000		4.625			12/01/2045		1,110,082
	High Plains Metropolitan District GO Refunding Bonds Series 2017 (NATL-RE) (NR/A2)
	3,930,000		4.000			12/01/2047		4,383,035
Municipal Bonds – (continued)
Colorado – (continued)
	Highlands Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)
	570,000		5.000			12/01/2051		607,343
	Horizon Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)(a)
	1,187,000		4.500			12/01/2051		1,196,256
	Hunters Overlook Metropolitan District No. 5 GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.000			12/01/2049		1,090,858
	Jay Grove Metropolitan District GO Bonds Series 2021 (NR/NR)(a)
	1,225,000		4.250			12/01/2051		1,190,518
	Jefferson Center Metropolitan District No. 1 RB Series 2020 A-2 (NR/Ba2)
	580,000		4.125			12/01/2040		614,544
	900,000		4.375			12/01/2047		954,133
	Johnstown Village Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	1,980,000		5.000			12/01/2050		2,140,556
	Jones District Community Authority Board RB for Convertible Capital Appreciation Bonds Series 2020 (NR/NR)(b)
	7,800,000		0.000			12/01/2050		6,886,735
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 A (NR/NR)
	4,190,000		5.000			12/01/2049		4,497,557
	Lanterns Metropolitan District No. 1 GO Bonds Series 2019 B (NR/NR)
	683,000		7.750			12/15/2049		716,185
	Lanterns Metropolitan District No. 2 GO Bonds Series 2021 A (NR/NR)
	2,830,000		4.500			12/01/2050		2,749,883
	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		1,296,957
	Lochbuie Station Residential Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,180,000		5.750			12/01/2050		1,291,926
	Loretto Heights Community Authority RB Series 2021 (NR/NR)
	4,500,000		4.875			12/01/2051		4,610,007
	Meadowlark Metropolitan District GO Bonds Series 2020 A (NR/NR)
	525,000		4.875			12/01/2040		566,234
	750,000		5.125			12/01/2050		812,950
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 A (NR/NR)
	2,665,000		5.000			12/01/2049		2,868,725
	Mirabelle Metropolitan District No. 2 GO Bonds Series 2020 B (NR/NR)
	1,473,000		7.375			12/15/2049		1,514,221
	Mountain Sky Metropolitan District GO Bonds Series 2020 A (NR/NR)
	980,000		5.000			12/01/2049		1,054,916
	Muegge Farms Metropolitan District No. 1 GO Bonds Series 2021 (NR/NR)
	3,225,000		5.000			12/01/2051		3,156,039

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Nexus North at DIA Metropolitan District GO Bonds Series 2021 (NR/NR)
$	520,000		5.000	%		12/01/2041	$	564,867
	570,000		5.000			12/01/2051		614,407
	North Holly Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	1,260,000		5.500			12/01/2048		1,347,914
	North Range Metropolitan District No. 2 GO Refunding Bonds Series 2017 A (NR/NR)
	3,270,000		5.625			12/01/2037		3,462,295
	5,380,000		5.750			12/01/2047		5,688,082
	Northglenn Urban Renewal Authority Tax Allocation for Urban Renewal Plan 2 Series 2019 (BBB-/NR)
	330,000		4.000			12/01/2032		378,802
	320,000		4.000			12/01/2033		364,601
	190,000		4.000			12/01/2034		214,938
	550,000		4.000			12/01/2036		615,337
	215,000		4.000			12/01/2038		238,473
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2016 (NR/NR)
	1,742,000		4.375			12/01/2031		1,798,142
	1,706,000		5.000			12/01/2046		1,761,443
	Palisade Metropolitan District No. 2 GO Refunding Limited Tax Bonds Series 2019 (NR/NR)
	4,711,000		7.250			12/15/2049		4,877,258
	Palisade Park West Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,500,000		5.125			12/01/2049		1,605,912
	Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 A (NR/NR)
	2,140,000		5.000			12/01/2040		2,326,318
	3,335,000		5.250			12/01/2050		3,622,587
	Parkdale Community Authority for Parkdale Metropolitan District No. 1 Series 2020 B (NR/NR)
	1,924,000		7.750			12/15/2050		2,000,553
	Patriot Park Metropolitan District No. 2 GO Bonds Series 2021 (NR/NR)
	550,000		4.300			12/01/2050		566,277
	Peak Metropolitan District No. 1 GO Bonds Series 2021 A (NR/NR)(a)
	1,150,000		5.000			12/01/2051		1,254,439
	Pinon Pines Metropolitan District No. 2 GO Bonds Series 2020 (NR/NR)
	1,200,000		5.000			12/01/2050		1,300,887
	Plaza Metropolitan District No. 1 RB Refunding Series 2013 (NR/NR)(a)
	1,000,000		5.000			12/01/2040		1,022,574
	Pomponio Terrace Metropolitan District GO Bonds Series 2019 A (NR/NR)
	800,000		5.000			12/01/2049		855,881
	Powhaton Road Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	2,000,000		5.625			12/01/2048		2,145,796
	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		3,252,940
Municipal Bonds – (continued)
Colorado – (continued)
	Prairie Center Metropolitan District No. 7 GO Bonds Series 2020 (NR/NR)
	890,000		4.125			12/15/2036		958,219
	725,000		4.875			12/15/2044		780,970
	Pronghorn Valley Metropolitan District GO Bonds Series 2021 A (NR/NR)
	515,000		3.750			12/01/2041		512,814
	650,000		4.000			12/01/2051		644,342
	Public Authority Colorado Energy RB for Natural Gas Purchase Series 2008 (A-/A2)
	4,200,000		6.500			11/15/2038		6,397,083
	Pueblo Urban Renewal Authority Tax Allocation Series 2021 A (NR/NR)(a)
	5,400,000		4.750			12/01/2045		6,104,823
	Pueblo Urban Renewal Authority Tax Allocation Series 2021 B (NR/NR)(a)(e)
	150,000		0.000			12/01/2025		130,378
	Raindance Metropolitan District No. 2 GO Bonds Series 2019 A (NR/NR)
	9,930,000		5.000			12/01/2049		10,650,671
	Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR)(h)
	6,000,000		4.000			12/01/2051		6,060,167
	Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (A-/Baa2)
	425,000		5.000			07/15/2028		527,101
	675,000		5.000			01/15/2029		845,469
	375,000		5.000			07/15/2029		473,785
	470,000		5.000			01/15/2030		599,440
	330,000		5.000			07/15/2030		424,359
	Reunion Metropolitan District RB Series 2021 A (NR/NR)
	2,250,000		3.625			12/01/2044		2,184,594
	Ridgeline Vista Metropolitan District GO Bonds Series 2021 A (NR/NR)
	1,000,000		5.250			12/01/2060		1,102,362
	Ritoro Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,150,000		5.000			12/01/2049		1,231,555
	Riverview Metropolitan District GO Refunding Bonds Series 2021 (NR/NR)
	500,000		5.000			12/01/2051		532,168
	Sabell Metropolitan District GO Bonds Series 2020 A (NR/NR)(a)
	1,055,000		5.000			12/01/2050		1,144,474
	Second Creek Farm Metropolitan District No. 3 GO Bonds Series 2019 A (NR/NR)
	3,450,000		5.000			12/01/2039		3,730,574
	5,695,000		5.000			12/01/2049		6,117,580
	Serenity Ridge Metropolitan District No. 2 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	550,000		5.125			12/01/2037		589,188
	1,000,000		5.125			12/01/2043		1,066,385
	Serenity Ridge Metropolitan District No. 2 Subordinated GO Limited Tax Bonds Series 2018 B (NR/NR)
	635,000		7.250			12/15/2035		667,178
	Settler’s Crossing Metropolitan District No. 1 GO Bonds Series 2020 A (NR/NR)(a)
	1,000,000		5.000			12/01/2040		1,089,931
	1,625,000		5.125			12/01/2050		1,768,883

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
$	749,000		4.500	%		12/01/2031	$	773,414
	Sierra Ridge Metropolitan District No. 2 Douglas County GO Bonds Series 2016 A (NR/NR)
	1,500,000		5.500			12/01/2046		1,549,779
	Sky Ranch Community Authority Board District No. 1 RB Senior Lien Series 2019 A (NR/NR)
	1,460,000		5.000			12/01/2049		1,603,244
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	375,000		4.000			12/01/2039		428,893
	750,000		4.000			12/01/2044		848,110
	2,210,000		3.000			12/01/2049		2,257,668
	South Timnath Metropolitan District No. 1 GO Limited Subordinate Tax Bonds Series 2019 B (NR/NR)
	2,208,000		8.000			12/15/2048		2,304,922
	South Timnath Metropolitan District No. 1 GO Limited Taxable Bonds Series 2019 A (NR/NR)
	500,000		5.500			12/01/2048		539,920
	St. Vrain Lakes Metropolitan District No. 2 Limited Tax GO Bonds Series 2017 A (NR/NR)
	2,550,000		5.125			12/01/2047		2,699,258
	Sterling Hills West Metropolitan District GO Refunding Bonds Series 2017 (NR/A3)
	650,000		5.000			12/01/2039		766,333
	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		9,403,248
	18,750,000		5.000			12/01/2047		19,712,265
	Sterling Ranch Community Authority Board RB for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 B (NR/NR)
	720,000		7.125			12/15/2050		754,300
	Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR)
	2,500,000		4.250			12/01/2050		2,767,221
	Stone Creek Metropolitan District Limited Tax GO Bonds Series 2018 A (NR/NR)
	2,000,000		5.625			12/01/2047		2,145,811
	Takoda Metropolitan District Limited Tax GO Refunding Bonds Series 2018 (NR/Baa3)
	8,000,000		6.000			12/01/2050		9,688,211
	The Village Metropolitan District GO Refunding Bonds Series 2020 (NR/NR)
	1,100,000		5.000			12/01/2040		1,234,420
	1,750,000		5.000			12/01/2049		1,952,736
	Timberleaf Metropolitan District GO Bonds Series 2020 A (NR/NR)
	1,730,000		5.750			12/01/2050		1,901,884
	Timnath Ranch Metropolitan District No. 4 Limited Tax GO Refunding Improvement Bonds Series 2018 A (NR/NR)
	880,000		5.250			12/01/2037		942,716
	2,400,000		5.375			12/01/2047		2,562,582
Municipal Bonds – (continued)
Colorado – (continued)
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)
	805,000		5.000			12/01/2050		990,464
	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		1,297,895
	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		1,653,850
	Villages at Johnstown Metropolitan District No. 3 GO Bonds Series 2020 A (NR/NR)
	580,000		5.000			12/01/2040		629,615
	1,020,000		5.000			12/01/2050		1,098,844
	Vista Ridge Metropolitan District GO Refunding Bonds Limited Tax Subseries 2006 B (NR/NR)(g)
	1,725,000		9.500			12/01/2021		1,783,466
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 A (NR/NR)
	1,500,000		5.000			12/01/2050		1,634,934
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 A-2 (NR/NR)(b)
	1,000,000		0.000			12/01/2050		841,815
	Westerly Metropolitan District No. 4 GO Bonds Series 2021 B-3 (NR/NR)
	4,238,000		8.000			12/15/2050		4,233,979
	Westown Metropolitan District GO Bonds Series 2017 A (NR/NR)(g)
	873,000		5.000			12/01/2022		918,457
	Whispering Pines Metropolitan District No. 1 GO Bonds Subordinated Series 2017 B (NR/NR)
	1,467,000		7.375			12/15/2047		1,523,836
	Whispering Pines Metropolitan District No. 1 GO Refunding & Improvement Bonds Series 2017 A (NR/NR)
	1,000,000		5.000			12/01/2037		1,051,809
	2,500,000		5.000			12/01/2047		2,620,601
	Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 A (NR/NR)(a)
	980,000		5.000			12/01/2050		1,069,443
	Wildgrass at Rockrimmon Metropolitan District GO Bonds Series 2020 B (NR/NR)
	181,000		7.750			12/15/2050		191,954
	Wildwing Metropolitan District No. 5 GO Refunding & Improvement Bonds Series 2018 A (NR/NR)
	3,470,000		5.375			12/01/2048		3,711,868
	Willow Bend Metropolitan District GO Bonds Series 2019 A (NR/NR)
	1,000,000		5.000			12/01/2049		1,073,440
	Windler Public Improvement Authority RB Series 2021 A-1 (NR/NR)
	12,250,000		4.125			12/01/2051		12,112,777
	Windler Public Improvement Authority RB Series 2021 A-2 (NR/NR)(b)
	9,400,000		0.000			12/01/2051		7,040,755
	Windshire Park Metropolitan District No. 2 GO Refunding & Improvement Bonds Senior Series 2017 A (NR/NR)
	1,500,000		6.500			12/01/2047		1,697,385

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Winsome Metropolitan District No. 3 GO Bonds Series 2021 A (NR/NR)(a)
$	2,184,000		5.125	%		12/01/2050	$	2,116,529
	Woodmen Heights Metropolitan District No. 2 GO Refunding Bonds Series 2020 B-1 (NR/NR)
	1,825,000		6.250			12/15/2040		1,970,006
								568,078,051
Connecticut – 0.6%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	900,000		5.500			08/01/2034		1,111,008
	500,000		5.500			08/01/2035		616,618
	420,000		5.500			08/01/2036		516,996
	400,000		5.500			08/01/2037		491,799
	410,000		5.500			08/01/2038		503,422
	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		1,277,781
	1,650,000		5.000			01/01/2055		1,822,788
	Connecticut State Health & Educational Facilities Authority RB for Yale University Series 2001 V-2 (AAA/Aaa)(c)(d)
	26,545,000		0.030			10/01/2021		26,545,000
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	1,015,000		4.000			07/01/2039		1,125,626
	3,500,000		4.000			07/01/2044		3,829,515
	3,500,000		4.000			07/01/2049		3,812,436
	Mohegan Tribal Finance Authority Tribal RB Economic Development Bonds Series 2015 (CCC+/NR)(a)
	20,200,000		7.000			02/01/2045		21,271,436
	State of Connecticut GO Bonds Series 2018 C (A+/Aa3)
	450,000		5.000			06/15/2032		561,224
	State of Connecticut GO Unlimited Bonds Series 2019 A (A+/Aa3)
	500,000		4.000			04/15/2037		586,422
	Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)(h)
	1,125,000		4.000			04/01/2051		1,145,228
	Town of Hamden GO Refunding Bonds Series 2013 (AGM) (AA/A2)
	500,000		5.000			08/15/2023		543,081
								65,760,380
Delaware – 0.2%
	Delaware Economic Development Authority RB for ACTS Retirement-Life Communities, Inc. Obligated Group Series 2018 B (A-/NR)
	3,785,000		5.000			11/15/2048		4,348,909
	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		6,831,831
	Delaware State Economic Development Authority RB for First State Montessori Academy, Inc. Series 2019 A (BBB-/NR)
	855,000		5.000			08/01/2049		956,149
	795,000		5.000			08/01/2054		886,758
Municipal Bonds – (continued)
Delaware – (continued)
	Delaware State Economic Development Authority RB for Newark Charter School, Inc. Series 2020 (BBB+/NR)
	1,900,000		5.000			09/01/2050		2,295,154
	Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (NR/Baa3)
	5,327,000		4.000			07/01/2035		5,713,459
								21,032,260
District of Columbia – 0.9%
	District of Columbia RB for International School Series 2019 (BBB/NR)
	1,275,000		5.000			07/01/2049		1,503,615
	1,140,000		5.000			07/01/2054		1,340,061
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	655,000		4.000			07/01/2044		729,768
	1,300,000		4.000			07/01/2049		1,438,049
	District of Columbia RB for Rocketship DC Obligated Group Series 2021 A (NR/NR)(a)
	445,000		5.000			06/01/2051		516,021
	600,000		5.000			06/01/2061		691,291
	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		31,636,480
	Metropolitan Washington Airports Authority Dulles Toll Road RB Second Senior Lien Capital Appreciation for Dulles Metrorail and Capital Improvement Project Series 2010 B (A-/Baa1)
	37,100,000		6.500			10/01/2044		48,916,933
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (A-/Baa2)
	815,000		4.000			10/01/2044		919,641
	1,075,000		5.000			10/01/2047		1,302,310
	1,610,000		4.000			10/01/2049		1,804,604
	2,955,000		4.000			10/01/2053		3,291,776
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)
	7,065,000		3.000			10/01/2050		7,385,482
	3,570,000		4.000			10/01/2053		4,065,849
								105,541,880
Florida – 12.7%
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-2 (NR/NR)
	3,725,000		4.750			05/01/2036		4,140,149
	Aberdeen Community Development District Special Assessment Series 2018 (NR/NR)
	630,000		5.000			05/01/2039		698,133
	1,025,000		5.100			05/01/2049		1,133,271
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,580,000		3.625			05/01/2040		1,642,304
	5,755,000		4.000			05/01/2051		6,021,563

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
$	500,000		3.750	%		05/01/2029	$	534,106
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	1,715,000		3.500			05/01/2031		1,822,407
	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		4,400,013
	6,700,000		3.700			05/01/2036		7,412,156
	Arborwood Community Development District RB Capital Improvement Refunding Subordinate Lien Series 2018 A-2 (NR/NR)
	740,000		4.625			05/01/2028		790,071
	1,805,000		5.000			05/01/2036		1,991,056
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B (NR/NR)
	1,435,000		6.900			05/01/2025		1,480,558
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-1 (NR/NR)
	3,440,000		6.900			05/01/2036		3,518,389
	Arborwood Community Development District Special Assessment Capital Improvement Refunding Series 2014 B A-2 (NR/NR)
	900,000		6.900			05/01/2036		916,219
	Armstrong Community Development District Special Assessment for Assessment Area Two Project Series 2019 A (NR/NR)
	510,000		4.000			11/01/2040		536,413
	3,215,000		4.000			11/01/2050		3,344,844
	Artisan Lakes East Community Development District RB for Capital Improvement Series 2018 (NR/NR)(a)
	1,845,000		5.100			05/01/2039		2,052,864
	3,080,000		5.200			05/01/2049		3,419,190
	Artisan Lakes East Community Development District Special Assessment Bond Series 2021-2 (NR/NR)(a)
	270,000		2.750			05/01/2031		265,964
	515,000		3.125			05/01/2041		503,893
	Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)(a)
	500,000		3.200			05/01/2041		487,881
	1,025,000		4.000			05/01/2052		1,055,421
	Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)(a)
	775,000		3.200			05/01/2041		756,216
	700,000		4.000			05/01/2051		720,775
	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		708,012
	Avalon Groves Community Development District Special Assessment for Assessment Area One Project Series 2017 (NR/NR)
	740,000		5.750			05/01/2048		866,322
Municipal Bonds – (continued)
Florida – (continued)
	Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)
	250,000		3.375			05/01/2041		251,795
	475,000		4.000			05/01/2051		497,403
	Avalon Groves Community Development District Special Assessment for Assessment Area Two Project Series 2017 A-1 (NR/NR)
	1,840,000		6.000			05/01/2048		2,180,956
	Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR)
	650,000		3.125			05/01/2041		633,683
	475,000		4.000			05/01/2051		500,468
	Avalon Park West Community Development District Special Assessment Refunding Series 2020 (NR/NR)
	580,000		3.750			05/01/2040		605,108
	880,000		4.000			05/01/2051		916,941
	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		982,290
	1,630,000		4.625			06/01/2049		1,759,326
	Babcock Ranch Community Independent Special District Special Assessment Area 2C Series 2020 (NR/NR)
	550,000		4.000			05/01/2051		577,793
	Babcock Ranch Community Independent Special District Special Assessment Area 3A Series 2020 (NR/NR)
	1,000,000		4.000			05/01/2050		1,051,172
	Babcock Ranch Community Independent Special District Special Assessment Area 3B Series 2020 (NR/NR)
	390,000		4.000			05/01/2051		409,707
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2015 (NR/NR)
	110,000		4.250			11/01/2021		110,191
	915,000		4.750			11/01/2026		996,870
	700,000		5.000			11/01/2031		760,309
	6,015,000		5.250			11/01/2046		6,542,389
	Babcock Ranch Community Independent Special District Special Assessment RB Series 2018 (NR/NR)(a)
	935,000		5.000			11/01/2049		1,048,907
	750,000		5.125			11/01/2049		848,005
	Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR)
	1,885,000		3.200			05/01/2041		1,852,673
	1,880,000		4.000			05/01/2052		1,952,771
	Bannon Lakes Community Development District Special Assessment RB Series 2016 (NR/NR)
	265,000		4.500			11/01/2025		278,307
	960,000		5.000			11/01/2036		1,086,817
	1,060,000		5.000			11/01/2048		1,185,449
	Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)(a)
	705,000		3.500			05/01/2041		715,064
	775,000		4.000			05/01/2051		804,359

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
$	1,840,000		4.250	%		05/01/2029	$	2,032,436
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Subordinate Lien Series 2015 A-2 (NR/NR)
	905,000		5.000			05/01/2035		968,173
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	920,000		3.750			05/01/2031		1,021,542
	1,060,000		4.000			05/01/2037		1,152,120
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (A+/NR)
	1,610,000		4.250			05/01/2031		1,831,301
	2,810,000		4.250			05/01/2037		3,142,177
	Beaumont Community Development District Special Assessment Bonds for Assessment Area Two-Commercial Project Series 2019 (NR/NR)(a)
	1,635,000		6.375			11/01/2049		1,801,607
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)
	535,000		6.000			11/01/2027		611,068
	490,000		3.750			11/01/2031		511,933
	2,980,000		6.500			11/01/2043		3,769,220
	1,495,000		4.125			11/01/2046		1,553,048
	Belmond Reserve Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,045,000		4.000			05/01/2040		1,109,210
	1,630,000		4.000			05/01/2051		1,696,270
	Belmont Community Development District Capital Improvement Phase 1 Project Series 2013 A (NR/NR)
	770,000		6.125			11/01/2033		929,278
	1,000,000		6.500			11/01/2043		1,262,081
	Belmont II Community Development District Special Assessment Series 2020 (NR/NR)
	1,285,000		3.625			12/15/2040		1,329,208
	1,000,000		4.000			12/15/2050		1,044,595
	Bent Creek Community Development District Special Assessment Bonds Series 2021 (NR/NR)(a)
	1,000,000		4.000			06/15/2051		1,034,943
	Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR)
	1,250,000		3.625			05/01/2041		1,274,336
	1,500,000		4.000			05/01/2051		1,553,121
	Bexley Community Development District Special Assessment Bonds Series 2016 (NR/NR)
	500,000		4.100			05/01/2026		536,614
	1,755,000		4.700			05/01/2036		1,879,137
	3,200,000		4.875			05/01/2047		3,423,544
	Black Creek Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	325,000		3.750			06/15/2040		339,980
	950,000		4.000			06/15/2050		991,010
Municipal Bonds – (continued)
Florida – (continued)
	Blue Lake Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	900,000		4.250			06/15/2039		972,920
	2,650,000		4.500			06/15/2049		2,868,424
	Boggy Branch Community Development District Special Assessment Series 2021 (NR/NR)
	1,165,000		3.500			05/01/2041		1,182,059
	1,360,000		4.000			05/01/2051		1,411,521
	Botaniko Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	565,000		3.625			05/01/2040		586,312
	1,590,000		4.000			05/01/2050		1,658,005
	Bridgewater Community Development District Special Assessment Refunding Bonds for Assessment Area Two Series 2015 (NR/NR)
	6,690,000		5.750			05/01/2035		7,592,272
	Brightwater Community Development District Special Assessment Bonds for Assessment Area One Series 2021 (NR/NR)
	1,000,000		3.150			05/01/2041		975,656
	1,300,000		4.000			05/01/2052		1,342,836
	Brookstone Community Development District Special Assessment RB Series 2018 (NR/NR)(a)
	310,000		3.875			11/01/2023		315,111
	Campo Bello Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,000,000		4.000			12/15/2039		1,057,244
	1,350,000		4.000			12/15/2049		1,407,755
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)*
	31,390,000		5.875			07/01/2054		25,739,800
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)(a)
	58,380,000		5.250			12/01/2058		67,270,171
	Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (NR/Ba2)(a)
	595,000		4.000			07/01/2056		634,033
	Capital Trust Agency, Inc. RB for Imagine Charter School at North Manatee Series 2021 A (NR/NR)(a)
	900,000		5.000			06/01/2056		1,003,538
	Capital Trust Agency, Inc. RB for Imagine-Pasco County LLC Series 2020 A (NR/Ba1)(a)
	1,155,000		5.000			12/15/2049		1,342,440
	1,075,000		5.000			12/15/2054		1,244,358
	Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (NR/Baa3)
	275,000		5.000			08/01/2040		330,222
	750,000		5.000			08/01/2055		883,154
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (NR/Ba2)(a)
	525,000		5.250			12/01/2043		612,335
	Carlton Lakes Community Development District Special Assessment RB Series 2018 (NR/NR)
	220,000		4.000			05/01/2024		227,120
	500,000		5.125			05/01/2038		558,187
	1,000,000		5.250			05/01/2049		1,115,593

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR)
$	850,000		4.000	%		05/01/2051	$	882,201
	Centre Lake Community Development District Special Assessment Series 2016 (NR/NR)
	375,000		4.125			12/15/2027		398,759
	500,000		4.500			12/15/2032		542,088
	975,000		4.700			12/15/2037		1,058,087
	Century Parc Community Development District Special Assessment Refunding Series 2012 (A/NR)
	210,000		3.750			11/01/2021		210,557
	215,000		3.875			11/01/2022		219,159
	25,000		4.000			11/01/2023		25,526
	1,705,000		4.500			11/01/2031		1,738,646
	Century Park South Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	675,000		3.750			05/01/2040		705,783
	750,000		4.000			05/01/2050		781,506
	CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	820,000		3.350			05/01/2041		818,816
	1,165,000		4.000			05/01/2051		1,207,215
	Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)(a)
	730,000		3.375			05/01/2041		725,843
	1,055,000		4.000			05/01/2052		1,089,763
	Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)(a)
	1,720,000		3.700			05/01/2040		1,788,471
	3,010,000		4.000			05/01/2051		3,134,418
	Charles Cove Community Development District Special Assessment bond Series 2020 (NR/NR)
	1,510,000		4.375			05/01/2050		1,614,040
	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		978,452
	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		5,918,944
	City of Cape Coral Water & Sewer RB Refunding Series 2015 (A+/A1)
	1,750,000		4.000			10/01/2034		1,947,865
	City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (A/NR)
	2,000,000		4.000			11/01/2045		2,261,726
	5,000,000		5.000			11/01/2050		6,029,089
	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		1,700,176
	1,740,000		5.000			07/01/2050		2,137,350
	City of Venice RB for Southwest Florida Retirement Center, Inc. Obligated Group Project Series 2019 (BB+/NR)
	480,000		5.000			01/01/2037		539,910
	1,725,000		5.000			01/01/2047		1,920,966
	1,615,000		5.000			01/01/2052		1,795,013
Municipal Bonds – (continued)
Florida – (continued)
	CityPlace Community Development District Special Assessment Convertible Capital Appreciation RB Series 2018 (AGM) (AA/A2)(b)
	25,620,000		0.000			05/01/2046		27,940,421
	CityPlace Community Development District Special Assessment RB Refunding Series 2012 (A/NR)
	2,350,000		5.000			05/01/2026		2,636,461
	Coco Palms Community Development District Expansion Area Project Special Assessment Bonds Series 2019 (NR/NR)(a)
	500,000		4.750			06/15/2039		557,393
	1,000,000		5.000			06/15/2049		1,112,681
	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		3,198,816
	1,500,000		3.625			05/01/2035		1,603,277
	1,750,000		3.750			05/01/2046		1,851,169
	Concorde Estates Community Development District RB for Capital Improvement Series 2017 B (NR/NR)(e)
	1,130,000		0.000			11/01/2027		772,943
	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)
	3,055,000		5.850			05/01/2035		3,057,789
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 A-2 (NR/NR)
	1,225,000		5.850			05/01/2035		1,225,915
	Concorde Estates Community Development District Special Assessment for Capital Improvement Series 2011 B (NR/NR)*(e)
	2,939,931		0.000			05/01/2017		1,558,163
	Copper Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
	180,000		3.875			11/01/2024		184,774
	270,000		4.000			11/01/2029		291,800
	500,000		4.750			11/01/2038		567,295
	1,000,000		5.000			11/01/2049		1,131,852
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	425,000		4.000			12/15/2039		455,252
	1,000,000		4.250			12/15/2049		1,073,203
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	535,000		4.000			05/01/2040		569,029
	760,000		4.000			05/01/2050		793,464
	Corkscrew Farms Community Development District Special Assessment for Assessment Area Two Project Series 2017 (NR/NR)(a)
	2,490,000		5.125			11/01/2050		2,804,596
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	782,000		4.000			05/01/2031		872,494
	1,407,000		4.250			05/01/2038		1,555,100

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Country Walk Community Development District Special Assessment RB Refunding Senior Lien Series 2015 A-1 (AA/NR)
$	960,000		3.750	%		05/01/2029	$	1,043,671
	County of Broward RB for Airport System Series 2019 A (AMT) (A/A1)
	4,505,000		4.000			10/01/2049		5,098,653
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	2,060,000		4.000			09/01/2044		2,326,718
	County of Lake RB Refunding for Waterman Communities, Inc. Series 2020 A (NR/NR)
	4,000,000		5.750			08/15/2050		4,529,848
	2,000,000		5.750			08/15/2055		2,253,559
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	1,340,000		5.000			10/01/2049		1,646,775
	1,610,000		4.000			10/01/2054		1,825,147
	Covington Park Community Development District Special Assessment RB for Capital Improvement Series 2018 (BBB/NR)
	500,000		4.000			05/01/2038		550,582
	1,175,000		4.125			05/01/2048		1,291,548
	Creek Preserve Community Development District Special Assessment RB Series 2019 (NR/NR)(a)
	1,570,000		4.700			11/01/2039		1,728,313
	2,500,000		4.750			11/01/2049		2,724,860
	Creek Preserve Community Development District Special Assessment RB Series 2020 (NR/NR)(a)
	175,000		3.625			11/01/2040		178,942
	375,000		4.000			11/01/2050		388,576
	Crystal Cay Community Development District Special Assessment for 2021 Project Series 2021 (NR/NR)
	1,000,000		4.000			05/01/2051		1,042,015
	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		1,219,435
	Cypress Mill Community Development District Special Assessment for Area Two Project Series 2020 (NR/NR)
	525,000		4.000			06/15/2040		557,407
	1,500,000		4.000			06/15/2050		1,564,753
	Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)(a)
	1,175,000		3.875			05/01/2040		1,238,102
	1,210,000		4.000			05/01/2051		1,263,311
	Davenport Road South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	3,170,000		5.125			11/01/2048		3,722,591
	Deer Run Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,580,000		5.400			05/01/2039		1,774,628
	2,645,000		5.500			05/01/2044		2,997,448
	Del Webb Bexley Community Development District Special Assessment Series 2018 (NR/NR)
	2,655,000		5.400			05/01/2049		3,063,810
Municipal Bonds – (continued)
Florida – (continued)
	DG Farms Community Development District Special Assessment Series 2020 (NR/NR)
	935,000		4.000			05/01/2051		953,360
	Downtown Doral South Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,000,000		4.750			12/15/2038		1,146,366
	2,995,000		5.000			12/15/2048		3,433,110
	Durbin Crossing Community Development District Special Assessment Refunding Senior Series 2017 A-1 (AGM) (AA/NR)
	3,090,000		3.750			05/01/2034		3,393,001
	4,275,000		4.000			05/01/2037		4,721,866
	DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)
	1,035,000		3.375			05/01/2041		1,039,104
	700,000		4.000			05/01/2051		727,556
	Eagle Pointe Community Development District Special Assessment Bonds Series 2020 (NR/NR)(a)
	950,000		4.125			05/01/2040		1,015,681
	3,785,000		4.125			05/01/2051		4,006,415
	East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	785,000		4.000			05/01/2051		812,800
	East Bonita Beach Road Community Development District Special Assessment Bonds for Assessment Area Two Series 2021 (NR/NR)
	980,000		3.250			05/01/2041		980,855
	750,000		4.000			05/01/2051		786,412
	East Bonita Beach Road Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,000,000		5.000			11/01/2048		1,109,858
	East Homestead Community Development District Special Assessment Expansion Area Bonds Project Series 2019 (NR/NR)
	500,000		4.750			11/01/2039		553,629
	920,000		5.000			11/01/2049		1,020,416
	Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)
	190,000		4.000			05/01/2040		200,608
	500,000		4.125			05/01/2051		521,271
	Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)
	1,425,000		3.600			05/01/2041		1,460,982
	2,675,000		4.000			05/01/2051		2,787,323
	Enbrook Community Development District Special Assessment Series 2020 (NR/NR)(a)
	1,145,000		4.000			05/01/2051		1,195,705
	Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)
	1,100,000		4.000			05/01/2052		1,149,867
	Epperson North Community Development District Special Assessment for Assessment Area #2 Series 2021 (NR/NR)
	530,000		3.500			05/01/2041		536,022
	1,325,000		4.000			05/01/2051		1,367,575
	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		4,939,927

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	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	$	3,741,963
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	12,765,000		4.000			08/15/2045		14,406,627
	6,690,000		4.000			08/15/2050		7,462,522
	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		1,042,104
	3,560,000		4.125			11/01/2050		3,749,152
	Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-2 (NR/NR)
	320,000		4.000			11/01/2040		338,552
	2,325,000		4.125			11/01/2050		2,448,533
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2013 (NR/NR)
	800,000		6.375			11/01/2026		884,717
	3,240,000		7.000			11/01/2045		3,843,983
	Estancia at Wiregrass Community Development District Capital Improvement RB Series 2015 (NR/NR)
	855,000		5.250			11/01/2035		925,196
	1,310,000		5.375			11/01/2046		1,417,098
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(a)
	1,245,000		5.000			11/01/2039		1,389,140
	1,800,000		5.125			11/01/2049		1,997,486
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	2,525,000		5.000			05/01/2035		2,956,397
	Finley Woods Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)
	185,000		4.000			05/01/2040		196,353
	500,000		4.200			05/01/2050		528,378
	Fishhawk Community Development District II Special Assessment RB Refunding Series 2013 A (A-/NR)
	1,465,000		4.375			05/01/2034		1,524,505
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (AA/NR)
	1,250,000		3.000			11/01/2041		1,318,059
	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		1,825,443
	2,595,000		5.000			06/01/2055		2,832,532
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)(a)
	4,650,000		5.000			12/15/2049		5,298,248
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (BB+/NR)(a)
	2,005,000		5.250			06/01/2050		2,340,607
	3,560,000		5.250			06/01/2055		4,145,573
Municipal Bonds – (continued)
Florida – (continued)
	Florida Development Finance Corp. RB for River City Education Obligated Group Series 2021 A (NR/Baa3)
	600,000		4.000			07/01/2045		637,461
	800,000		4.000			07/01/2055		843,830
	Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)
	830,000		5.000			06/01/2040		902,824
	1,850,000		5.000			06/01/2050		1,988,436
	Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)(a)
	23,530,000		7.375			01/01/2049		25,605,431
	Florida Development Finance Corp. RB Refunding for Glenridge on Palmer Ranch Obligated Group Series 2021 (NR/NR)
	1,875,000		5.000			06/01/2051		2,134,820
	Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (NR/Ba2)(a)
	830,000		4.000			06/30/2046		883,923
	1,290,000		4.000			06/30/2056		1,359,259
	Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (BB+/NR)(a)
	1,190,000		4.000			06/01/2055		1,309,671
	Florida Development Finance Corp. RB Refunding for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-1 (BB+/NR)(a)
	735,000		2.375			06/01/2027		728,251
	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		2,295,046
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)(a)(c)(d)
	1,160,000		6.250			01/01/2024		1,182,642
	14,940,000		6.375			01/01/2026		15,250,700
	34,195,000		6.500			01/01/2029		34,828,671
	Florida Higher Educational Facilities Financial Authority RB for Jacksonville University Project Series 2018 A-1 (NR/NR)(a)
	1,750,000		4.750			06/01/2038		2,052,148
	3,000,000		5.000			06/01/2048		3,503,373
	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		2,965,391
	5,805,000		5.000			03/01/2049		6,635,870
	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		6,983,824
	Florida Higher Educational Facilities Financing Authority RB Refunding for Nova Southeastern University Project Series 2012 A (A-/NR)(g)
	600,000		5.000			04/01/2022		614,206
	5,830,000		5.250			04/01/2022		5,975,197
	Flow Way Community Development District Special Assessment Bonds for Phase 6 Project Series 2017 (NR/NR)
	725,000		5.000			11/01/2047		805,567

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
$	885,000		4.125	%		11/01/2039	$	949,940
	4,065,000		4.375			11/01/2049		4,367,972
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	700,000		4.000			05/01/2031		770,950
	1,000,000		4.125			05/01/2038		1,081,461
	Forest Brooke Community Development District Special Assessment Bonds Series 2019 A-1 (A+/NR)
	1,850,000		3.250			11/01/2049		1,931,106
	Forest Brooke Community Development District Special Assessment Subordinated Bonds Series 2019 A-2 (NR/NR)
	250,000		4.000			11/01/2049		261,228
	Forest Lake Community Development District Special Assessment for Assessment Area1 Series 2020 (NR/NR)(a)
	1,280,000		4.000			05/01/2040		1,358,210
	1,190,000		4.000			05/01/2051		1,239,055
	Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR)(a)(h)
	1,400,000		4.000			05/01/2052		1,439,089
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	1,100,000		4.250			05/01/2040		1,160,187
	1,375,000		4.500			05/01/2052		1,450,508
	Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	750,000		4.000			05/01/2051		765,555
	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		3,335,426
	5,000,000		5.000			11/15/2036		5,243,474
	Greater Orlando Aviation Authority Priority Subordinated Airport Facilities RB Series 2017 A (AMT) (A/A1)
	3,540,000		5.000			10/01/2047		4,229,358
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	3,000,000		4.375			11/01/2049		3,225,797
	Hacienda Lakes Community Development District Special Assessment Refunding Series 2016 (NR/NR)
	1,520,000		4.500			05/01/2036		1,629,599
	2,285,000		4.625			05/01/2046		2,421,605
	Hammock Reserve Community Development District Special Assessment for Assessment Area One Project Series 2020 (NR/NR)
	540,000		4.000			05/01/2040		570,601
	860,000		4.000			05/01/2051		894,757
	Hammock Reserve Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)
	525,000		3.375			05/01/2041		527,986
	640,000		4.000			05/01/2051		666,890
	Harbor Bay Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	920,000		3.750			05/01/2034		983,416
Municipal Bonds – (continued)
Florida – (continued)
	Harbor Bay Community Development District Special Assessment RB Series 2019 A-1 (NR/NR)
	2,060,000		3.875			05/01/2039		2,202,913
	1,400,000		4.100			05/01/2048		1,498,534
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)(a)
	1,725,000		4.000			05/01/2031		1,923,206
	1,335,000		4.250			05/01/2035		1,487,910
	1,810,000		4.250			05/01/2039		1,997,548
	Hawkstone Community Development District Special Assessment Area 1 RB Series 2019 (NR/NR)
	640,000		3.875			11/01/2039		675,650
	1,150,000		4.000			11/01/2051		1,198,342
	Hawkstone Community Development District Special Assessment Area 2 RB Series 2019 (NR/NR)
	200,000		4.000			11/01/2039		211,435
	500,000		4.250			11/01/2051		527,863
	Heritage Harbour North Community Development District Special Assessment Series 2014 (NR/NR)
	755,000		5.000			05/01/2034		872,532
	2,170,000		5.125			05/01/2045		2,505,920
	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		529,469
	500,000		5.150			05/01/2034		528,309
	Heritage Lake Park Community Development District Special Assessment Series 2005 (NR/NR)
	1,810,000		5.700			05/01/2036		1,814,087
	Heritage Landing Community Development District Special Assessment Refunding Bonds Series 2015 (BBB/NR)
	2,200,000		4.200			05/01/2031		2,389,298
	2,000,000		4.350			05/01/2036		2,165,789
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	475,000		3.625			05/01/2040		494,007
	665,000		4.000			05/01/2050		693,078
	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		1,117,061
	1,000,000		5.000			12/15/2048		1,111,751
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,000,000		4.250			05/01/2031		1,118,872
	2,150,000		4.250			05/01/2036		2,360,617
	Highlands Meadows II Community Development District Special Assessment Bonds for Assessment Area 7/7A Project Series 2019 (NR/NR)
	655,000		4.375			11/01/2050		699,164
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	2,295,000		5.000			11/01/2048		2,580,404

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	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	$	1,119,732
	2,375,000		4.000			05/01/2050		2,463,868
	Holly Hill Road East Community Development District Special Assessment for Area 3 Project Series 2020 (NR/NR)
	180,000		5.000			11/01/2041		204,045
	520,000		5.000			11/01/2050		592,247
	Hunters Ridge Community Development District No. 1 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)(a)
	455,000		5.125			11/01/2049		504,515
	Islands at Doral III Community Development District Special Assessment Refunding Series 2013 (A-/NR)
	2,500,000		4.125			05/01/2035		2,593,766
	Isles Bartram Park Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	990,000		5.000			11/01/2047		1,076,399
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	955,000		3.125			05/01/2041		934,403
	2,605,000		4.000			05/01/2051		2,723,095
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	290,000		3.500			05/01/2040		299,555
	470,000		3.750			05/01/2050		487,099
	Kindred Community Development District Special Assessment Bond Series 2017 (NR/NR)
	2,000,000		5.000			05/01/2048		2,183,049
	Kingman Gate Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,340,000		4.000			06/15/2040		1,439,739
	1,060,000		4.000			06/15/2050		1,115,637
	Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	700,000		4.000			06/15/2051		724,460
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 A-1 (NR/NR)
	265,000		4.100			05/01/2051		269,619
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-1 (NR/NR)
	325,000		4.300			05/01/2051		329,324
	Lakes of Sarasota Community Development District Special Assessment for Phases 1 Project Series 2021 B-2 (NR/NR)
	900,000		4.125			05/01/2031		910,283
	Lakewood Park Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	325,000		3.625			05/01/2041		329,465
	500,000		4.000			05/01/2052		514,839
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
	600,000		4.000			05/01/2040		642,668
	1,900,000		4.000			05/01/2050		1,989,904
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		544,505
	525,000		3.750			05/01/2040		549,614
	670,000		3.900			05/01/2050		699,034
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(a)
	1,085,000		3.625			05/01/2040		1,125,927
	2,500,000		3.875			05/01/2051		2,602,010
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	250,000		3.850			05/01/2039		263,445
	575,000		4.000			05/01/2049		603,352
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Project – Phase 2C Series 2020 (NR/NR)
	1,275,000		4.000			05/01/2050		1,329,523
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2013 A (NR/NR)
	1,890,000		6.700			05/01/2033		1,991,652
	4,745,000		7.000			05/01/2043		5,015,196
	Lakewood Ranch Stewardship District Special Assessment RB for Country Club East Project Series 2014 (NR/NR)
	6,320,000		5.600			05/01/2044		7,282,303
	Lakewood Ranch Stewardship District Special Assessment RB for Cresswind Project Series 2019 (NR/NR)
	530,000		4.400			05/01/2039		580,716
	1,615,000		4.500			05/01/2049		1,755,645
	Lakewood Ranch Stewardship District Special Assessment RB for Del Webb Project Series 2017 (NR/NR)(a)
	1,000,000		5.000			05/01/2037		1,107,362
	2,370,000		5.125			05/01/2047		2,619,933
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(a)
	575,000		3.750			05/01/2039		602,058
	555,000		4.000			05/01/2049		581,748
	Lakewood Ranch Stewardship District Special Assessment RB for Lake Club Phase 4 Project Series 2019 (NR/NR)
	855,000		4.400			05/01/2039		929,983
	980,000		4.500			05/01/2049		1,065,345
	Lakewood Ranch Stewardship District Special Assessment RB for Lakewood National & Polo Run Projects Series 2017 (NR/NR)
	100,000		4.000			05/01/2022		101,235
	1,125,000		4.625			05/01/2027		1,214,032
	2,500,000		5.250			05/01/2037		2,793,541
	5,820,000		5.375			05/01/2047		6,477,847
	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		1,308,534
	2,545,000		5.100			05/01/2048		2,829,449
	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		4,281,826
	Lakewood Ranch Stewardship District Special Assessment RB for Villages of Lakewood Ranch South Project Series 2016 (NR/NR)
	1,325,000		4.250			05/01/2026		1,391,065
	5,515,000		5.000			05/01/2036		6,008,365
	13,730,000		5.125			05/01/2046		14,930,179

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	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	$	1,798,444
	1,685,000		2.625			05/01/2037		1,739,541
	Lakewood Ranch Stewardship District Special Assessment Refunding for Northeast Sector Project – Phase 2B Series 2020 (NR/NR)(a)
	2,100,000		3.750			05/01/2040		2,195,608
	1,250,000		4.000			05/01/2050		1,304,400
	Lakewood Ranch Stewardship District Special Assessment The Isles at Lakewood Ranch Project Series 2021 (NR/NR)
	650,000		3.125			05/01/2041		635,659
	925,000		4.000			05/01/2051		963,798
	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		1,290,869
	2,250,000		4.875			05/01/2049		2,495,234
	Landmark at Doral Community Development District Senior Special Assessment Refunding for North Parcel Assessment Area Series 2019 A-1 (A/NR)
	1,930,000		3.000			05/01/2035		2,028,309
	1,990,000		3.000			05/01/2038		2,072,396
	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		675,053
	895,000		4.000			05/01/2038		963,615
	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		2,618,514
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	1,430,000		4.000			05/01/2031		1,610,847
	1,860,000		4.000			05/01/2036		2,078,373
	Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)
	1,610,000		4.400			05/01/2040		1,741,296
	2,840,000		4.600			05/01/2051		3,096,216
	Long Lake Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)
	985,000		5.125			05/01/2048		1,091,675
	1,775,000		5.125			05/01/2049		1,965,019
	Longleaf Community Development District Special Assessment Refunding Series 2005 (NR/NR)
	3,225,000		5.400			05/01/2030		3,198,693
	Longleaf Community Development District Special Assessment Refunding Series 2006 (NR/NR)
	1,219,000		5.375			05/01/2030		1,219,900
	LT Ranch Community Development District Special Assessment Series 2019 (NR/NR)
	3,800,000		4.000			05/01/2050		3,961,665
	LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR)(h)
	2,650,000		3.250			05/01/2031		2,649,973
Municipal Bonds – (continued)
Florida – (continued)
	LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR)(h)
	835,000		3.450			05/01/2041		835,042
	2,060,000		4.000			05/01/2052		2,117,886
	Lucerne Park Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	855,000		4.625			05/01/2039		941,785
	1,340,000		4.750			05/01/2050		1,462,904
	Lynwood Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,755,000		4.000			06/15/2039		1,858,658
	2,920,000		4.375			06/15/2049		3,111,263
	Marshall Creek Community Development District Special Assessment Refunding Series 2015 A (NR/NR)
	1,840,000		5.000			05/01/2032		1,947,999
	McJunkin Parkland Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	2,800,000		5.125			11/01/2038		3,298,798
	4,750,000		5.250			11/01/2049		5,568,744
	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)
	350,000		6.000			05/01/2036		357,129
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2012 A-2 (NR/NR)
	705,000		6.250			05/01/2038		720,464
	Meadow Pointe IV Community Development District RB for Capital Improvement Series 2014 A (NR/NR)
	500,000		7.250			05/01/2035		539,111
	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		1,111,581
	1,700,000		5.000			05/01/2048		1,880,914
	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		1,655,461
	Miami RB Refunding for Miami Tunnel Project Series 2012 (AA-/Aa3)(a)
	1,165,000		5.000			03/01/2030		1,239,559
	Miami RB Refunding for Miami Tunnel Project Series 2012 (NR/NR)(a)(g)
	10,595,000		5.000			03/01/2023		11,294,268
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR)
	460,000		4.000			11/01/2023		471,759

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Miami World Center Community Development District Special Assessment Bonds Series 2017 (NR/NR) – (continued)
$	600,000		4.750	%		11/01/2027	$	670,680
	4,000,000		5.125			11/01/2039		4,590,748
	4,135,000		5.250			11/01/2049		4,724,545
	Miami-Dade County Educational Facilities Authority RB for University of Miami Series 2018 A (A-/A3)
	10,085,000		4.000			04/01/2053		11,130,798
	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		3,581,713
	3,515,000		5.000			05/01/2037		3,635,110
	Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,875,000		3.500			05/01/2041		1,897,841
	2,455,000		4.000			05/01/2051		2,535,895
	Miromar Lakes Community Development District RB Refunding for Capital Improvement Series 2015 (NR/NR)
	1,795,000		5.000			05/01/2028		1,937,218
	1,220,000		5.000			05/01/2035		1,297,620
	Mitchell Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	2,025,000		4.000			12/15/2049		2,131,489
	Monterra Community Development District Special Assessment Refunding Bonds Series 2015 (AGM) (AA/NR)
	1,820,000		3.500			05/01/2036		1,915,754
	Naples Reserve Community Development District Special Assessment Bonds Series 2014 (NR/NR)
	740,000		5.250			11/01/2035		796,442
	1,235,000		5.625			11/01/2045		1,334,050
	Naples Reserve Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,185,000		5.125			11/01/2048		1,320,515
	New Port Tampa Bay Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,250,000		3.875			05/01/2041		1,273,035
	2,250,000		4.125			05/01/2052		2,287,371
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)(a)
	815,000		3.500			05/01/2038		874,917
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (NR/NR)(a)
	40,000		3.500			05/01/2031		41,890
	105,000		4.000			05/01/2038		110,881
	New River Community Development District Special Assessment Series 2006 B (NR/NR)*
	3,260,000		5.000			05/01/2013		33
	North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	845,000		3.500			05/01/2041		840,240
	1,400,000		4.000			05/01/2051		1,443,318
	North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)
	470,000		3.625			05/01/2040		481,142
	1,500,000		4.000			05/01/2051		1,553,987
Municipal Bonds – (continued)
Florida – (continued)
	North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (A/NR)
	3,000,000		5.000			10/01/2049		3,650,951
	6,580,000		5.000			10/01/2054		7,981,027
	Old Hickory Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	345,000		4.000			06/15/2040		368,228
	955,000		4.000			06/15/2050		1,003,664
	Orange Blossom Ranch Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	2,200,000		4.850			05/01/2039		2,496,678
	3,625,000		5.000			05/01/2049		4,113,974
	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		1,713,910
	1,765,000		5.000			04/01/2025		1,799,315
	1,005,000		5.000			04/01/2026		1,023,762
	Osceola Chain Lakes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	840,000		4.000			05/01/2040		891,551
	905,000		4.000			05/01/2050		943,787
	Osceola County Rolling Oaks Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,680,000		5.375			11/01/2038		1,924,660
	3,300,000		5.500			11/01/2049		3,770,654
	Osceola Village Center Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)
	410,000		4.000			05/01/2051		420,498
	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		2,959,062
	2,175,000		5.000			05/15/2053		2,521,706
	Palm Coast Park Community Development District Special Assessment for Assessment Area One Series 2019 (NR/NR)
	1,175,000		4.300			05/01/2050		1,245,874
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	400,000		4.000			11/01/2038		454,188
	3,290,000		4.200			11/01/2048		3,684,443
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	3,155,000		3.750			05/01/2031		3,440,195
	2,040,000		4.000			05/01/2036		2,238,263
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2017 (BBB-/NR)
	700,000		4.000			05/01/2027		740,872
	2,380,000		5.000			05/01/2039		2,651,053
	Panther Trace II Community Development District Special Assessment RB Refunding Series 2014 (AGM) (AA/NR)
	530,000		4.125			05/01/2035		582,898
	Parkland Preserve Community Development District Special Assessment RB Series 2019 A (NR/NR)
	1,855,000		5.250			05/01/2039		2,121,854
	5,095,000		5.375			05/01/2050		5,838,304

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Parkland Preserve Community Development District Special Assessment RB Series 2019 B (NR/NR)
$	730,000		5.500	%		11/01/2032	$	838,258
	Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)
	800,000		4.000			05/01/2051		833,612
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	2,285,000		4.700			05/01/2049		2,644,713
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	800,000		4.375			05/01/2031		928,151
	1,065,000		4.500			05/01/2034		1,228,741
	Parrish Plantation Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	795,000		3.500			05/01/2041		806,641
	1,370,000		4.000			05/01/2052		1,418,517
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	3,195,000		4.375			05/01/2036		3,685,001
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)
	655,000		3.300			05/01/2030		675,534
	695,000		3.750			05/01/2037		724,933
	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		2,568,421
	Portico Community Development District Special Assessment Bonds Series 2020-2 (NR/NR)
	555,000		3.625			05/01/2040		573,852
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	1,920,000		3.500			05/01/2037		1,975,638
	Portofino Isles Community Development District Special Assessment RB Refunding Series 2013 (BBB/NR)
	2,795,000		4.750			05/01/2033		2,919,630
	Preserve at South Branch Community Development District Special Assessment Phase 1 Series 2018 (NR/NR)
	1,045,000		5.375			11/01/2049		1,170,763
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	250,000		4.000			11/01/2039		264,325
	1,205,000		4.000			11/01/2050		1,250,476
	Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)
	750,000		3.500			05/01/2041		761,939
	1,000,000		4.000			05/01/2051		1,043,673
	Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR)(h)
	625,000		4.000			12/15/2051		654,295
	Reunion East Community Development District Special Assessment for 2021 Assessment Area Series 2021 (NR/NR)
	1,750,000		4.000			05/01/2051		1,811,974
Municipal Bonds – (continued)
Florida – (continued)
	Reunion East Community Development District Special Assessment Refunding Bonds Series 2015 A (NR/NR)
	2,515,000		5.000			05/01/2025		2,730,396
	6,825,000		5.000			05/01/2033		7,587,840
	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		511,462
	1,520,000		4.625			05/01/2050		1,646,804
	Rhodine Road North Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	825,000		4.500			05/01/2040		895,679
	830,000		4.750			05/01/2050		902,154
	River Glen Community Development District Special Assessment Bond for Assessment Area Two Series 2021 (NR/NR)
	1,000,000		3.375			05/01/2041		1,012,667
	1,750,000		4.000			05/01/2051		1,823,526
	River Hall Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	1,030,000		3.625			05/01/2040		1,068,424
	1,000,000		3.875			05/01/2051		1,040,283
	River Landing Community Development District Special Assessment Series 2020 A (NR/NR)
	1,100,000		4.350			05/01/2051		1,140,849
	River Landing Community Development District Special Assessment Series 2020 B (NR/NR)
	1,200,000		4.250			11/01/2035		1,206,293
	Rivers Edge II Community Development District Special Assessment Bond Series 2021 (NR/NR)
	1,040,000		3.500			05/01/2041		1,053,521
	910,000		4.000			05/01/2051		941,479
	Rivers Edge III Community Development District Special Assessment Bond Series 2021 (NR/NR)(a)
	775,000		3.500			05/01/2041		786,985
	905,000		4.000			05/01/2051		938,539
	Saddle Creek Preserve of Polk County Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	320,000		4.000			06/15/2040		340,540
	780,000		4.000			06/15/2050		817,348
	San Simeon Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
	1,410,000		4.125			06/15/2039		1,532,400
	2,280,000		4.250			06/15/2049		2,455,001
	Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(a)
	305,000		2.625			05/01/2025		309,124
	375,000		3.125			05/01/2030		387,737
	980,000		3.625			05/01/2040		1,023,567
	950,000		3.750			05/01/2050		987,210
	Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	2,880,000		4.125			05/01/2041		3,008,604
	5,665,000		4.250			05/01/2053		5,881,714

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)
$	620,000		3.750	%		05/01/2040	$	632,768
	1,250,000		4.000			05/01/2051		1,274,545
	Seminole County Industrial Development Authority RB for The Galileo School Foundation, Inc. Series 2021 A (NR/Ba1)(a)
	315,000		4.000			06/15/2036		355,745
	425,000		4.000			06/15/2041		473,768
	1,195,000		4.000			06/15/2051		1,314,936
	1,105,000		4.000			06/15/2056		1,206,092
	Shell Point Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
	2,200,000		5.250			11/01/2039		2,493,446
	2,820,000		5.375			11/01/2049		3,176,903
	Sherwood Manor Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	3,800,000		5.250			11/01/2049		4,394,746
	Shingle Creek at Bronson Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	1,250,000		4.000			06/15/2051		1,302,013
	Shingle Creek Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	4,000,000		5.000			05/01/2049		4,565,750
	Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR)
	1,325,000		3.500			05/01/2041		1,331,413
	1,125,000		4.000			05/01/2051		1,157,470
	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		332,014
	950,000		4.250			11/01/2050		1,010,646
	South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	475,000		4.000			06/15/2051		495,959
	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		2,371,425
	3,480,000		5.250			11/01/2049		3,931,450
	South Fork III Community Development District Special Assessment RB Refunding Series 2018 (NR/NR)
	1,310,000		5.000			05/01/2038		1,456,101
	2,505,000		5.375			05/01/2049		2,810,066
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	1,345,000		4.250			11/01/2037		1,480,199
	330,000		4.125			11/01/2040		356,962
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)
	775,000		3.500			05/01/2032		819,002
	485,000		3.625			05/01/2035		512,948
	1,700,000		3.750			05/01/2038		1,797,999
Municipal Bonds – (continued)
Florida – (continued)
	South Village Community Development District Capital Improvement and Special Assessment Refunding Subordinate Lien Series 2016 A-2 (NR/NR)
	285,000		4.350			05/01/2026		300,617
	485,000		4.875			05/01/2035		525,257
	95,000		5.000			05/01/2038		103,636
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2013 (NR/NR)
	2,010,000		5.250			05/01/2034		2,118,947
	Southern Groves Community Development District No. 5 Special Assessment Bond Series 2021 (NR/NR)
	1,350,000		3.125			05/01/2041		1,314,279
	940,000		4.000			05/01/2048		982,605
	Southern Groves Community Development District No. 5 Special Assessment Refunding Series 2019 (NR/NR)
	375,000		3.600			05/01/2034		394,558
	600,000		4.000			05/01/2043		632,877
	Southern Groves Community Development District No. 5 Special Assessment Series 2020 (NR/NR)
	445,000		4.300			05/01/2040		480,406
	320,000		4.500			05/01/2046		345,359
	Southern Hills Plantation I Community Development District Special Assessment for Capital Improvement Series 2011 A-1 (NR/NR)
	3,550,000		5.800			05/01/2035		3,536,764
	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		2,120,160
	Spencer Creek Community Development District Special Assessment RB Series 2019 (NR/NR)
	215,000		3.750			05/01/2024		220,790
	425,000		4.375			05/01/2029		464,442
	1,000,000		5.000			05/01/2039		1,118,509
	1,750,000		5.250			05/01/2049		1,966,303
	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		1,382,590
	1,790,000		5.250			11/01/2047		1,978,603
	Spring Ridge Community Development District Special Assessment RB Series A-1 (NR/NR)
	1,090,000		4.800			05/01/2035		1,037,063
	St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (BB+/NR)
	700,000		4.000			12/15/2041		767,252
	475,000		4.000			12/15/2046		517,773
	700,000		4.000			12/15/2050		759,259
	St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (A-/NR)
	7,475,000		4.000			08/01/2055		8,395,994
	Sterling Hill Community Development District RB for Capital Improvement Series 2003 B (NR/NR)*
	418,112		5.500			11/01/2010		250,867

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)(a)
$	625,000		3.500	%		06/15/2041	$	636,321
	1,650,000		4.000			06/15/2051		1,722,805
	Stonegate Community Development District Special Assessment Refunding Bonds Series 2013 (NR/NR)
	2,150,000		5.000			05/01/2034		2,231,110
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	1,100,000		4.500			06/15/2039		1,210,389
	2,600,000		4.625			06/15/2049		2,826,844
	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		2,072,672
	3,495,000		5.500			11/01/2044		4,142,166
	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		2,614,261
	Stoneybrook South Community Development District Special Assessment Series 2020 (NR/NR)(a)
	1,500,000		3.750			12/15/2050		1,532,772
	Storey Creek Community Development District Special Assessment Bonds for Assessment Area One Project Series 2019 (NR/NR)
	420,000		4.000			12/15/2039		446,849
	860,000		4.125			12/15/2049		909,292
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)(a)
	325,000		3.300			06/15/2041		323,589
	575,000		4.000			06/15/2051		597,006
	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		425,687
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	930,000		3.750			05/01/2040		965,952
	1,235,000		4.000			05/01/2050		1,283,154
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2021 (NR/NR)
	510,000		3.400			05/01/2041		509,984
	350,000		4.000			05/01/2051		360,102
	Summerstone Community Development District Special Assessment Bond for Phase Two Series 2021 (NR/NR)(a)
	750,000		4.000			05/01/2051		780,270
	Summerstone Community Development District Special Assessment Series 2020 (NR/NR)
	705,000		3.750			05/01/2040		733,864
	875,000		4.000			05/01/2051		911,070
Municipal Bonds – (continued)
Florida – (continued)
	Sweetwater Creek Community Development District Capital Improvement Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
	1,655,000		4.000			05/01/2038		1,769,693
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	965,000		3.750			05/01/2026		998,838
	1,550,000		4.000			05/01/2033		1,627,962
	Talis Park Community Development District Capital Improvement RB Series 2013 (NR/NR)
	1,370,000		5.250			11/01/2034		1,445,837
	2,350,000		6.000			11/01/2044		2,498,708
	Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	715,000		3.375			05/01/2041		724,958
	635,000		4.000			05/01/2051		664,315
	Tampa-Hillsborough County Expressway Authority RB Series 2017 C (A+/A2)
	2,050,000		5.000			07/01/2048		2,434,524
	Tapestry Community Development District Special Assessment RB Series 2016 (NR/NR)
	390,000		4.250			05/01/2026		410,244
	1,110,000		4.800			05/01/2036		1,188,761
	1,715,000		5.000			05/01/2046		1,837,969
	Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR)(a)(h)
	1,050,000		3.300			12/15/2041		1,050,000
	1,875,000		4.000			12/15/2051		1,954,444
	Timber Creek Southwest Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	1,000,000		4.000			06/15/2040		1,067,329
	1,000,000		4.000			06/15/2050		1,050,957
	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		744,164
	1,345,000		3.600			05/01/2037		1,442,983
	Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)
	615,000		4.000			05/01/2051		637,285
	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		1,812,268
	1,775,000		3.750			05/01/2040		1,954,555
	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		420,149
	Tolomato Community Development District Special Assessment GO Refunding Bonds Subordinate Lien Series 2018 B-2 (NR/NR)
	300,000		5.125			05/01/2039		339,394

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Tolomato Community Development District Special Assessment RB Refunding Series 2019 A-2 (NR/NR)
$	1,165,000		4.250	%		05/01/2037	$	1,279,489
	Tolomato Community Development District Special Assessment Refunding Bonds Series 2019 C (NR/NR)(a)
	8,310,000		4.400			05/01/2040		9,169,930
	Toscana Isles Community Development District Special Assessment RB Series 2014 (NR/NR)
	305,000		5.750			11/01/2027		339,506
	1,955,000		6.250			11/01/2044		2,282,576
	Toscana Isles Community Development District Special Assessment RB Series 2018 (NR/NR)
	2,665,000		5.375			11/01/2039		3,134,095
	5,405,000		5.500			11/01/2049		6,358,177
	Touchstone Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	1,560,000		4.625			06/15/2038		1,721,600
	2,440,000		4.750			06/15/2048		2,681,976
	Touchstone Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	550,000		4.000			12/15/2040		593,056
	1,145,000		4.125			12/15/2049		1,226,000
	Town of Davie RB Refunding for Nova Southeastern University, Inc. Series 2018 (A-/Baa1)
	13,300,000		5.000			04/01/2048		15,699,590
	Towne Park Community Development District Special Assessment Area 3B Project Series 2019 (NR/NR)
	1,085,000		4.625			05/01/2050		1,181,628
	Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)(a)
	525,000		3.625			05/01/2040		538,631
	1,000,000		4.000			05/01/2051		1,039,224
	Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR)
	1,700,000		3.000			05/01/2041		1,645,977
	1,300,000		4.000			05/01/2052		1,356,774
	Trevesta Community Development District Special Assessment Area 1 Phase 2 Project Series 2018 (NR/NR)(a)
	1,000,000		5.375			11/01/2049		1,153,165
	Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)(a)
	875,000		3.750			05/01/2040		908,161
	750,000		4.000			05/01/2051		780,917
	Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)
	700,000		3.500			11/01/2041		710,102
	700,000		4.000			11/01/2050		727,991
	Triple Creek Community Development District Special Assessment Series 2017 A (NR/NR)
	1,265,000		5.250			11/01/2027		1,357,517
	2,740,000		6.125			11/01/2046		3,183,902
	Triple Creek Community Development District Special Assessment Series 2018 A (NR/NR)(a)
	785,000		4.700			11/01/2029		857,281
	1,525,000		5.125			11/01/2038		1,749,186
	2,175,000		5.375			11/01/2048		2,488,858
Municipal Bonds – (continued)
Florida – (continued)
	Triple Creek Community Development District Special Assessment Series 2019 A (NR/NR)
	1,000,000		4.625			05/01/2039		1,094,528
	1,995,000		4.750			05/01/2050		2,158,886
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2017 (NR/NR)(a)
	4,630,000		4.750			11/01/2048		5,005,197
	TSR Community Development District Special Assessment Bonds for Northwest Assessment Area Series 2018 (NR/NR)
	1,200,000		5.000			11/01/2039		1,353,611
	1,850,000		5.125			11/01/2049		2,080,875
	TSR Community Development District Special Assessment RB for 2016 Project Series 2016 (NR/NR)
	195,000		3.500			11/01/2021		195,249
	1,340,000		4.000			11/01/2027		1,423,088
	3,160,000		4.625			11/01/2037		3,413,409
	2,790,000		4.750			11/01/2047		2,984,753
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	1,695,000		4.000			11/01/2040		1,805,832
	900,000		4.000			11/01/2050		937,997
	TSR Community Development District Special Assessment RB for Village 4 Project Series 2015 A (NR/NR)
	90,000		4.250			11/01/2021		90,155
	2,430,000		5.625			11/01/2045		2,789,114
	Turnbull Creek Community Development District Senior Special Assessment Refunding Series 2015 A-1 (A/NR)
	2,255,000		4.375			05/01/2035		2,460,818
	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		1,842,030
	2,545,000		3.625			05/01/2037		2,750,583
	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		656,251
	Two Lakes Community Development District Special Assessment Expansion Area Series 2019 (NR/NR)
	2,300,000		3.750			12/15/2039		2,431,541
	3,505,000		4.000			12/15/2049		3,703,050
	Two Lakes Community Development District Special Assessment Series 2017 (NR/NR)(a)
	790,000		3.250			12/15/2022		798,924
	2,000,000		4.000			12/15/2028		2,160,059
	1,000,000		5.000			12/15/2032		1,189,450
	1,705,000		5.000			12/15/2037		2,027,149
	5,330,000		5.000			12/15/2047		6,252,837
	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		2,775,732
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	2,800,000		3.375			05/01/2045		3,036,391

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(a)
$	1,400,000		4.000	%		05/01/2051	$	1,462,538
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	1,760,000		4.000			05/01/2052		1,817,994
	Venetian Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	495,000		5.500			05/01/2034		502,497
	750,000		6.125			05/01/2042		764,034
	Venetian Parc Community Development District Special Assessment Area One Project Series 2013 (NR/NR)
	420,000		6.000			11/01/2027		474,026
	2,050,000		6.500			11/01/2043		2,654,170
	Venetian Parc Community Development District Special Assessment Area Two Project Series 2013 (NR/NR)
	600,000		6.375			11/01/2027		653,695
	2,295,000		7.125			11/01/2044		2,583,268
	Ventana Community Development District Special Assessment RB Series 2018 (NR/NR)(a)
	210,000		4.000			05/01/2024		216,062
	4,655,000		5.125			05/01/2049		5,280,496
	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		1,130,122
	1,700,000		5.125			11/01/2049		1,915,831
	Veranda Community Development District II Special Assessment Area 2 Preserve West Project Series 2018 A (NR/NR)
	980,000		5.000			11/01/2039		1,107,520
	1,600,000		5.125			11/01/2049		1,803,135
	Veranda Community Development District II Special Assessment Area 3 4 & 5 Series 2018 B (NR/NR)
	1,265,000		5.875			11/01/2032		1,279,312
	Veranda Community Development District II Special Assessment Refunding for Veranda Estates Project Series 2021 (NR/NR)(a)
	350,000		3.600			05/01/2041		357,975
	470,000		4.000			05/01/2051		488,193
	Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)(a)
	580,000		3.600			05/01/2041		593,216
	940,000		4.000			05/01/2051		976,386
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	2,450,000		3.750			05/01/2026		2,533,095
	4,360,000		4.000			05/01/2031		4,573,565
	1,700,000		4.125			05/01/2034		1,783,313
	1,000,000		4.250			05/01/2037		1,048,685
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(a)
	1,980,000		4.000			05/01/2031		2,208,014
	2,940,000		4.000			05/01/2037		3,208,366
	Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR)
	745,000		5.125			11/01/2035		855,046
	1,000,000		5.250			11/01/2046		1,133,502
Municipal Bonds – (continued)
Florida – (continued)
	Verano No 3 Community Development District Special Assessment for Phase 1 Assessment Area Series 2021 (NR/NR)
	750,000		3.375			05/01/2041		760,738
	1,700,000		4.000			05/01/2051		1,778,482
	Verano No. 2 Community Development District Special Assessment Bonds for POD C Project Series 2020 (NR/NR)
	265,000		4.000			05/01/2040		281,090
	1,700,000		4.000			05/01/2050		1,773,609
	Verano No. 2 Community Development District Special Assessment Bonds for POD D Project Series 2020 (NR/NR)
	370,000		4.000			05/01/2040		392,462
	2,015,000		4.000			05/01/2050		2,102,218
	Verano No. 2 Community Development District Special Assessment Bonds for POD E Project Series 2020 (NR/NR)
	265,000		4.000			05/01/2040		281,087
	1,740,000		4.000			05/01/2050		1,815,315
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	1,625,000		2.600			05/01/2034		1,670,601
	1,100,000		2.750			05/01/2038		1,134,734
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	1,000,000		3.750			05/01/2037		1,061,218
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	2,300,000		5.000			05/01/2032		2,348,033
	5,490,000		5.125			05/01/2043		5,610,471
	Village Community Development District No. 10 Special Assessment RB Series 2014 (NR/NR)
	4,100,000		6.000			05/01/2044		4,389,394
	Village Community Development District No. 12 Special Assessment RB Series 2018 (NR/NR)(a)
	955,000		4.250			05/01/2043		1,053,906
	13,145,000		4.375			05/01/2050		14,504,760
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	9,925,000		3.700			05/01/2050		10,513,098
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(a)
	4,235,000		3.250			05/01/2040		4,405,533
	9,410,000		3.500			05/01/2051		9,756,794
	Village Community Development District No. 5 Special Assessment RB Refunding Phase I Series 2013 (A/NR)
	1,395,000		4.000			05/01/2033		1,443,689
	Village Community Development District No. 5 Special Assessment RB Refunding Phase II Series 2013 (A/NR)
	1,130,000		4.000			05/01/2034		1,168,629
	Village Community Development District No. 9 Special Assessment Refunding Series 2012 (NR/NR)
	1,720,000		5.500			05/01/2042		1,750,829
	Villamar Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	890,000		4.625			05/01/2039		974,918
	1,365,000		4.875			05/01/2050		1,494,611
	Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	555,000		3.750			05/01/2040		577,300
	1,000,000		4.000			05/01/2051		1,040,656

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)
Florida – (continued)
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
$	1,000,000		3.750	%		11/01/2031	$	1,082,665
	1,000,000		4.000			11/01/2036		1,078,071
	1,300,000		4.125			11/01/2046		1,393,820
	Waterford Landing Community Development District Capital Improvement RB Series 2014 (NR/NR)
	2,665,000		5.500			05/01/2034		2,834,302
	3,825,000		5.750			05/01/2044		4,081,733
	Watergrass Community Development District II Special Assessment Bonds Series 2018 (NR/NR)
	4,040,000		5.250			05/01/2049		4,489,511
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-1 (NR/NR)
	14,000		5.350			05/01/2039		14,013
	Waters Edge Community Development District Capital Improvement RB Refunding Series 2012 A-2 (NR/NR)
	205,000		6.600			05/01/2039		206,455
	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		3,473,721
	Waterset Central Community Development District Special Assessment Bonds Series 2018 (NR/NR)(a)
	355,000		4.000			11/01/2024		365,311
	1,640,000		5.125			11/01/2038		1,839,638
	2,800,000		5.250			11/01/2049		3,132,570
	Waterset North Community Development District Special Assessment RB Series 2014 (NR/NR)
	1,210,000		5.125			11/01/2035		1,286,062
	1,945,000		5.500			11/01/2045		2,069,087
	Wesbridge Community Development District Special Assessment Series 2019 (NR/NR)
	1,215,000		4.250			11/01/2049		1,292,664
	West Port Community Development District Special Assessment Area Two Series 2020 (NR/NR)(a)
	570,000		3.625			05/01/2041		582,035
	1,545,000		4.000			05/01/2051		1,600,985
	West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	1,445,000		3.400			05/01/2041		1,446,147
	1,265,000		4.000			05/01/2051		1,302,543
	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		2,584,987
	3,790,000		5.000			05/01/2050		4,221,320
	West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR)
	1,050,000		4.000			05/01/2051		1,089,778
	West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)
	1,855,000		4.000			05/01/2051		1,925,274
	Westside Community Development District Special Assessment RB for Solara Phase 1 Assessment Area Series 2018 (NR/NR)(a)
	500,000		5.000			05/01/2038		555,371
	600,000		5.200			05/01/2048		664,960
Municipal Bonds – (continued)
Florida – (continued)
	Westside Community Development District Special Assessment RB for Solara Phase 2 Assessment Area Series 2019 (NR/NR)
	990,000		4.625			05/01/2039		1,091,211
	1,590,000		4.850			05/01/2049		1,745,014
	Westside Community Development District Special Assessment RB Refunding Series 2019 (NR/NR)(a)
	800,000		4.100			05/01/2037		858,096
	795,000		4.125			05/01/2038		852,400
	Westside Community Development District Special Assessment RB Series 2019 (NR/NR)
	1,200,000		5.000			05/01/2039		1,342,211
	2,000,000		5.200			05/01/2050		2,240,060
	Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	1,650,000		4.000			05/01/2052		1,692,247
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(a)
	2,375,000		4.250			06/15/2039		2,569,929
	3,550,000		4.375			06/15/2049		3,809,890
	Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)(h)
	1,175,000		4.000			05/01/2052		1,205,015
	Winding Cypress Community Development District Phase 3 Assessment Area Special Assessment Bonds Series 2019 (NR/NR)
	970,000		5.000			11/01/2049		1,067,116
	Winding Cypress Community Development District Special Assessment Phase 1 and Phase 2 Assessment Area Series 2015 (NR/NR)
	400,000		4.375			11/01/2025		430,327
	1,770,000		5.000			11/01/2045		1,906,744
	Windward Community Development District Special Assessment Series 2020 A-1 (NR/NR)
	1,885,000		4.400			11/01/2035		2,011,611
	625,000		4.250			05/01/2040		658,978
	500,000		4.500			05/01/2051		525,396
	Wiregrass Community Development District Capital Improvement RB Series 2014 (NR/NR)
	380,000		5.375			05/01/2035		411,997
	3,030,000		5.625			05/01/2045		3,290,250
	Wiregrass Community Development District Capital Improvement RB Series 2016 (NR/NR)
	780,000		4.875			05/01/2036		849,101
	1,445,000		5.000			05/01/2047		1,571,006
	Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)
	1,585,000		3.700			05/01/2040		1,646,405
	1,960,000		3.875			05/01/2050		2,025,755
	Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR)
	600,000		3.375			05/01/2041		589,007
	950,000		4.000			05/01/2051		980,362
								1,490,932,756

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Georgia – 1.1%
	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	$	1,721,311
	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		1,077,926
	Gainesville & Hall County Development Authority RB Refunding for Riverside Military Academy Series 2017 (BB/NR)
	900,000		5.125			03/01/2052		889,700
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (BBB-/NR)
	19,695,000		4.000			01/01/2054		22,304,997
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (NR/NR)(a)
	940,000		3.625			01/01/2031		1,038,369
	940,000		5.000			01/01/2036		1,132,087
	1,880,000		5.000			01/01/2054		2,202,495
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	6,650,000		5.000			05/15/2043		7,966,028
	24,875,000		5.000			05/15/2049		36,210,259
	Municipal Electric Authority RB Georgia Plant Vogtle Units 3 & 4 Project Series 2019 A (A/Baa1)
	2,200,000		5.000			01/01/2034		2,685,090
	6,000,000		5.000			01/01/2039		7,274,877
	29,610,000		5.000			01/01/2049		35,550,811
	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		3,943,778
								123,997,728
Guam – 0.8%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2013 B (AGM) (AA/A2)(g)
	1,500,000		5.750			10/01/2023		1,661,894
	Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (AGM) (NR/Baa2)
	1,265,000		6.125			10/01/2043		1,384,717
	Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (AGM) (NR/Baa2)(g)
	6,035,000		6.125			10/01/2023		6,714,588
	Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (NR/Baa2)
	1,230,000		6.375			10/01/2043		1,336,415
	Antonio B Won Pat International Airport Authority RB Refunding Series 2013 C (AMT) (NR/Baa2)(g)
	1,330,000		6.375			10/01/2023		1,486,354
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (NR/Baa2)
	1,500,000		3.839			10/01/2036		1,544,121
	1,925,000		4.460			10/01/2043		1,997,574
	Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (B+/Ba2)
	6,240,000		5.000			02/01/2040		7,042,824
Municipal Bonds – (continued)
Guam – (continued)
	Guam Government Limited Obligation RB Section 30 Series 2016 A (BB/NR)
	500,000		5.000			12/01/2031		583,003
	4,515,000		5.000			12/01/2046		5,142,913
	Guam Government RB Refunding Series 2021 F (NR/Ba1)(h)
	4,750,000		4.000			01/01/2036		5,478,626
	16,090,000		4.000			01/01/2042		17,972,510
	Guam Waterworks Authority RB for Water & Wastewater System Series 2013 (A-/Baa2)(g)
	14,455,000		5.500			07/01/2023		15,733,131
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	9,675,000		5.000			01/01/2046		10,815,225
	Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (A-/Baa2)
	4,170,000		5.000			01/01/2050		5,026,250
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	1,165,000		5.000			07/01/2033		1,352,238
	960,000		5.000			07/01/2035		1,108,432
	1,920,000		5.000			07/01/2036		2,211,956
	1,365,000		5.000			07/01/2037		1,570,967
	Port Authority of Guam RB Series 2018 A (A/Baa2)
	2,500,000		5.000			07/01/2048		2,897,144
	Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (NR/Ba1)
	1,350,000		5.000			11/01/2035		1,698,134
	1,400,000		5.000			11/01/2040		1,730,646
								96,489,662
Hawaii – 0.1%
	Hawaii State Department of Budget & Finance RB Refunding for Hawaiian Electric Co., Inc. Series 2019 (A-/Baa1)
	12,170,000		3.200			07/01/2039		13,152,719
	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		783,113
	2,750,000		5.000			05/15/2049		3,169,634
								17,105,466
Idaho – 0.1%
	City of Boise Airport RB Refunding for Public Parking Facilities Project Series 2021 A (A+/A1)
	4,000,000		5.000			09/01/2046		5,091,169
	5,125,000		5.000			09/01/2051		6,478,141
								11,569,310
Illinois – 10.4%
	Chicago Board of Education GO Bonds for Build America Bonds Series 2009 E (BB/Ba3)
	1,400,000		5.382			12/01/2023		1,500,555
	5,440,000		5.482			12/01/2024		5,972,319
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2016 (A-/NR)
	16,000,000		6.000			04/01/2046		19,431,968

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Dedicated Capital Improvement Series 2017 (A-/NR)
$	1,700,000		5.000	%		04/01/2042	$	1,983,940
	1,625,000		5.000			04/01/2046		1,887,317
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB/Baa2)(e)
	4,415,000		0.000			12/01/2027		4,028,782
	685,000		0.000			12/01/2028		609,304
	9,125,000		0.000			12/01/2029		7,894,203
	6,905,000		0.000			12/01/2030		5,800,263
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB/Baa2)(e)
	125,000		0.000			12/01/2029		108,140
	775,000		0.000			12/01/2030		651,007
	Chicago Illinois Board of Education GO Bonds Series 2017 A (BB/NR)(a)
	5,500,000		7.000			12/01/2046		7,120,481
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB/Baa2)(e)
	22,095,000		0.000			12/01/2031		18,012,840
	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		5,782,642
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB/Ba3)
	8,965,000		5.500			12/01/2029		11,530,905
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB/NR)
	20,125,000		5.250			12/01/2035		22,382,864
	10,410,000		5.250			12/01/2039		11,527,580
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Revenues Series 2011 A (BB/Ba3)
	525,000		5.500			12/01/2039		528,745
	1,445,000		5.000			12/01/2041		1,454,051
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2005 A (AMBAC) (BB/Ba3)
	5,555,000		5.500			12/01/2030		7,270,657
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB/Ba3)
	13,525,000		6.038			12/01/2029		15,522,239
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2012 B (BB/Ba3)
	9,025,000		4.000			12/01/2035		9,267,186
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2016 A (BB/NR)
	54,375,000		7.000			12/01/2044		65,642,827
	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		74,914,554
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	1,500,000		5.000			12/01/2029		1,874,226
	1,250,000		5.000			12/01/2030		1,552,322
	1,025,000		5.000			12/01/2031		1,268,325
	1,000,000		5.000			12/01/2032		1,234,093
	1,250,000		5.000			12/01/2034		1,534,348
	1,000,000		5.000			12/01/2035		1,225,526
	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		8,079,894
	1,000,000		5.000			12/01/2030		1,227,352
	Chicago Illinois Capital Appreciation Refunding & Project Series 2009 C (BBB+/Ba1)(e)
	11,545,000		0.000			01/01/2032		8,558,135
	Chicago Illinois GO Bonds Project and Refunding RMKT 06/08/15 Series 2005 D (BBB+/Ba1)
	1,800,000		5.500			01/01/2037		2,028,160
	Chicago Illinois GO Bonds Project Refunding Series 2014 A (BBB+/Ba1)
	8,375,000		5.250			01/01/2033		9,058,543
	6,295,000		5.000			01/01/2034		6,768,731
	10,500,000		5.000			01/01/2036		11,271,206
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	6,670,000		5.250			01/01/2035		6,732,390
	3,025,000		5.000			01/01/2040		3,053,296
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	18,325,000		5.000			01/01/2033		18,494,048
	7,095,000		5.000			01/01/2034		7,160,452
	Chicago Illinois GO Bonds Series 2010 B (BBB+/Ba1)
	3,145,000		7.517			01/01/2040		4,495,651
	Chicago Illinois GO Bonds Series 2015 A (BBB+/NR)
	4,180,000		5.500			01/01/2039		4,707,006
	Chicago Illinois GO Bonds Series 2015 B (BBB+/NR)
	14,603,000		7.375			01/01/2033		19,031,827
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	28,265,000		5.000			01/01/2044		33,620,986
	20,105,000		5.500			01/01/2049		24,466,705
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 E (BBB+/Ba1)
	3,775,000		5.500			01/01/2042		4,240,306
	Chicago Illinois GO Refunding Bonds RMKT 06/08/15 Series 2007 F (BBB+/Ba1)
	2,500,000		5.500			01/01/2042		2,808,150
	Chicago Illinois GO Refunding Bonds Series 2012 B (BBB+/Ba1)
	6,615,000		5.432			01/01/2042		7,862,348
	Chicago Illinois GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	7,230,000		5.000			01/01/2035		7,767,898
	Chicago Illinois GO Refunding Bonds Series 2015 C (BBB+/NR)
	14,455,000		5.000			01/01/2038		16,487,898
	Chicago Illinois GO Refunding Bonds Series 2017 A (BBB+/NR)
	2,660,000		6.000			01/01/2038		3,259,892

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois O’Hare International Airport RB General Airport Senior Lien Series 2018 B (A/NR)
$	11,630,000		4.000	%		01/01/2044	$	13,201,847
	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		1,696,661
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (AGM) (AA/NR)
	1,950,000		5.250			01/01/2042		2,344,707
	5,460,000		4.000			01/01/2052		5,872,988
	Chicago Park District GO Bonds Limited Tax Series 2018 A (AA-/NR)
	2,585,000		4.000			01/01/2041		2,896,439
	City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopement Project Series 2021 B (NR/NR)
	915,000		3.750			07/01/2041		928,320
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	2,685,000		5.500			01/01/2037		3,025,339
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	485,000		5.000			01/01/2031		608,129
	City of Chicago Taxable GO Unlimited Bonds Series 2012 B (AGM-CR) (AA/A2)
	735,000		5.432			01/01/2042		962,748
	City of Chicago Taxable GO Unlimited Bonds Series 2014 B (AGM-CR) (AA/A2)
	7,350,000		6.314			01/01/2044		10,513,928
	Cortland Illinois Special Service Area No. 9 Special Tax Bonds for Richland Trails Project Series 2007-1 (NR/NR)
	1,880,000		5.800			03/01/2037		1,880,293
	County of Will Illinois GO Bonds Series 2019 (AA+/Aa1)
	2,500,000		4.000			11/15/2047		2,909,190
	Du Page County Special Service Area No. 31 Special Tax for Monarch Landing Project Series 2006 (NR/NR)
	1,166,000		5.625			03/01/2036		1,173,774
	Illinois Finance Authority RB for 2018 Blue Island LLC Series 2018 A-1 (NR/NR)*
	683,890		5.000			12/01/2053		20,517
	Illinois Finance Authority RB for Columbia College Chicago Series 2019 (BBB+/NR)
	715,000		5.000			12/01/2034		867,846
	920,000		5.000			12/01/2039		1,104,115
	1,175,000		5.000			12/01/2044		1,392,771
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(a)
	12,425,000		6.125			04/01/2049		15,047,757
	Illinois Finance Authority RB for University of Illinois Series 2020 (BBB+/NR)
	950,000		4.000			10/01/2040		1,088,408
	950,000		4.000			10/01/2050		1,062,209
	Illinois Finance Authority RB Refunding for Acero Charter Schools, Inc. Obligated Group Series 2021 (BB+/NR)(a)
	2,125,000		4.000			10/01/2042		2,334,241
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	1,645,000		4.000			05/15/2027		1,778,813
	2,825,000		5.000			05/15/2037		3,224,488
	1,055,000		5.000			05/15/2047		1,188,784
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	1,500,000		4.000			09/01/2035		1,711,341
	1,725,000		5.000			09/01/2036		2,114,491
	2,000,000		4.000			09/01/2037		2,269,291
	1,620,000		5.000			09/01/2038		1,977,805
	2,000,000		4.000			09/01/2039		2,256,873
	1,500,000		5.000			09/01/2040		1,823,949
	1,500,000		4.000			09/01/2041		1,683,400
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa2)
	500,000		5.000			09/01/2036		590,600
	3,470,000		5.000			09/01/2046		4,071,754
	Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (BBB/NR)
	900,000		4.000			11/01/2051		1,015,906
	700,000		4.000			11/01/2056		783,542
	Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (BB+/NR)
	950,000		5.000			05/15/2051		1,102,849
	765,000		5.000			05/15/2056		883,021
	Illinois Finance Authority RB Series 2013 A (BBB-/NR)
	3,935,000		5.250			05/15/2047		4,101,196
	Illinois Finance Authority RB Series 2013 A (NR/NR)(g)
	565,000		5.250			05/15/2023		609,513
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	1,560,000		4.000			01/01/2038		1,817,683
	1,260,000		4.000			01/01/2039		1,464,529
	Illinois Sports Facilities Authority RB Refunding Bonds Series 2021 (BB+/NR)
	1,400,000		5.000			06/15/2030		1,737,498
	540,000		5.000			06/15/2031		680,513
	450,000		5.000			06/15/2032		564,841
	Illinois State GO Bonds Pension Funding Series 2003 (BBB/Baa2)
	50,750,000		5.100			06/01/2033		59,151,485
	Illinois State GO Bonds Series 2012 (BBB/Baa2)
	500,000		5.000			03/01/2031		508,990
	750,000		5.000			03/01/2037		762,840
	Illinois State GO Bonds Series 2013 (BBB/Baa2)
	5,050,000		5.500			07/01/2038		5,388,801
	Illinois State GO Bonds Series 2014 (AGM-CR) (AA/A2)
	20,000,000		5.000			02/01/2039		21,796,670
	Illinois State GO Bonds Series 2014 (BBB/Baa2)
	2,525,000		5.000			05/01/2029		2,776,987
	10,000,000		5.000			05/01/2030		10,968,777
	5,000,000		5.000			05/01/2031		5,473,687
	5,000,000		5.000			05/01/2039		5,436,834

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Bonds Series 2017 A (BBB/Baa2)
$	9,500,000		5.000	%		12/01/2035	$	11,204,525
	1,770,000		4.500			12/01/2041		1,994,442
	4,730,000		5.000			12/01/2042		5,509,548
	Illinois State GO Bonds Series 2017 C (BBB/Baa2)
	62,270,000		5.000			11/01/2029		74,636,841
	Illinois State GO Bonds Series 2017 D (BBB/Baa2)
	5,845,000		5.000			11/01/2025		6,824,711
	16,695,000		5.000			11/01/2026		19,954,328
	57,825,000		5.000			11/01/2027		70,443,653
	24,325,000		5.000			11/01/2028		29,407,855
	Illinois State GO Bonds Series 2018 A (BBB/Baa2)
	350,000		5.000			05/01/2032		420,354
	1,940,000		5.000			05/01/2033		2,318,759
	5,280,000		5.000			05/01/2042		6,190,976
	5,280,000		5.000			05/01/2043		6,179,659
	Illinois State GO Bonds Series 2019 A (BBB/Baa2)
	2,000,000		5.000			11/01/2024		2,265,089
	Illinois State GO Bonds Series 2019 B (BBB/Baa2)
	4,200,000		4.000			11/01/2038		4,746,515
	Illinois State GO Bonds Series 2019 C (BBB/Baa2)
	10,825,000		4.000			11/01/2042		12,105,960
	Illinois State GO Bonds Series 2020 (BBB/Baa2)
	1,575,000		5.500			05/01/2039		1,991,371
	4,250,000		5.750			05/01/2045		5,378,899
	Illinois State GO Bonds Series 2020 C (BBB/Baa2)
	11,965,000		4.250			10/01/2045		13,653,317
	Illinois State GO Bonds Series 2021 A (BBB/Baa2)
	5,000,000		4.000			03/01/2041		5,696,638
	8,000,000		5.000			03/01/2046		9,787,448
	Illinois State GO Refunding Bonds Series 2016 (AGM) (AA/A2)
	20,175,000		4.000			02/01/2030		22,928,585
	Lincolnshire Special Service Area No. 1 Special Tax for Sedgebrook Project Series 2004 A (NR/NR)
	1,763,000		6.250			03/01/2034		1,764,235
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB+/Baa2)(e)
	15,690,000		0.000			12/15/2032		12,299,836
	2,800,000		0.000			12/15/2034		2,072,712
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (ETM) (NATL-RE) (NR/NR)(e)(g)
	530,000		0.000			06/15/2030		467,014
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2002 A (NATL-RE) (BBB+/NR)(e)
	9,370,000		0.000			06/15/2030		7,920,588
	Metropolitan Pier & Exposition Authority RB Refunding Capital Appreciation for McCormick Place Expansion Project Series 2010 B1 (AGM) (AA/A2)(e)
	6,455,000		0.000			06/15/2044		3,546,119
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 A (BBB+/NR)(e)
	66,700,000		0.000			12/15/2056		22,179,524
Municipal Bonds – (continued)
Illinois – (continued)
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (AGM) (AA/A2)(e)
	18,400,000		0.000			12/15/2056		6,742,327
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB+/NR)(e)
	70,000,000		0.000			12/15/2054		24,860,794
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB+/NR)
	11,460,000		4.000			06/15/2050		12,812,281
	1,340,000		5.000			06/15/2050		1,608,300
	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		862,517
	1,010,000		4.750			10/01/2032		1,035,160
	Regional Transportation Authority Illinois GO Bonds Series 2016 A (AA/A1)
	7,730,000		4.000			06/01/2046		8,498,261
	Southwestern Illinois Development Authority Health Facility RB for Memorial Group, Inc. Series 2013 (NR/NR)(g)
	5,000,000		7.625			11/01/2023		5,753,632
	State of Illinois GO Bonds Series 2010-1 (BBB/Baa2)
	630,000		6.630			02/01/2035		781,088
	State of Illinois GO Bonds Series 2017 A (BBB/Baa2)
	9,500,000		4.250			12/01/2040		10,597,077
	State of Illinois GO Bonds Series 2017 D (BBB/Baa2)
	4,910,000		3.250			11/01/2026		5,444,899
	State of Illinois GO Refunding Bonds Series 2018 A (BBB/Baa2)
	3,000,000		5.000			10/01/2027		3,647,923
	8,230,000		5.000			10/01/2028		10,159,405
	State of Illinois GO Unlimited Bonds Series 2017 A (BBB/Baa2)
	2,750,000		4.000			12/01/2033		3,061,967
	7,950,000		4.250			12/01/2037		8,915,890
	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		400,542
	900,000		5.000			01/01/2055		942,124
	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		1,963,596
	Village of Romeoville RB Refunding for Lewis University Series 2018 B (BBB/NR)
	540,000		4.125			10/01/2041		572,682
	1,080,000		4.125			10/01/2046		1,139,902
								1,218,927,359
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		1,410,369
	1,250,000		5.250			02/01/2034		1,348,712
	1,500,000		5.000			02/01/2039		1,601,490

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Indiana – (continued)
	Indiana Finance Authority Educational Facilities RB for Marian University, Inc. Series 2019 A (BBB/NR)
$	400,000		4.000	%		09/15/2049	$	434,776
	Indiana Finance Authority Midwestern Disaster Relief RB for Ohio Valley Electric Co. Project Series 2012 A (BBB-/Ba1)
	7,120,000		5.000			06/01/2039		7,258,077
	Indiana Finance Authority RB for KIPP Indianapolis, Inc. Series 2020 A (NR/Ba1)
	865,000		5.000			07/01/2055		965,371
	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		6,687,188
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (BBB-/Ba1)
	3,110,000		3.000			11/01/2030		3,269,726
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 B (BBB-/Ba1)
	2,250,000		3.000			11/01/2030		2,365,557
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2012 C (BBB-/Ba1)
	2,500,000		3.000			11/01/2030		2,628,397
	Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 A (BBB/NR)
	3,750,000		4.000			11/15/2041		4,323,569
	Indianapolis Airport Authority Special Facilities RB for United Air Lines, Inc. Project Series 1995 A (NR/WR)*
	7,520,823		6.500			11/15/2031		150
	Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (A-/NR)
	3,300,000		2.500			09/01/2050		3,022,443
								35,315,825
Iowa – 0.2%
	Iowa Finance Authority Midwestern Disaster Area Iowa Fertilizer Company Project RB Refunding Series 2019 (BB-/NR)
	1,975,000		3.125			12/01/2022		2,005,292
	Iowa Finance Authority RB for Lifespace Communities, Inc. Obligated Group Series 2019 A-1 (BBB/NR)
	2,050,000		4.000			05/15/2055		2,244,609
	2,700,000		5.000			05/15/2055		3,120,386
	Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-2 (NR/NR)(e)
	73,500,000		0.000			06/01/2065		13,602,476
								20,972,763
Kansas – 0.1%
	City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (BB+/NR)
	1,075,000		4.000			06/01/2046		1,164,684
	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		1,292,561
	1,215,000		5.000			05/15/2029		1,350,710
	2,850,000		5.000			05/15/2034		3,138,281
	1,190,000		5.000			05/15/2050		1,284,632
								8,230,868
Municipal Bonds – (continued)
Kentucky – 0.3%
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A/A1)
	5,000,000		2.125			10/01/2034		5,113,383
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A/A1)
	6,825,000		2.000			02/01/2032		6,983,243
	Kentucky Bond Development Corp. RB for Centre College of Kentucky Series 2021 (A/A3)
	700,000		4.000			06/01/2046		809,899
	1,175,000		4.000			06/01/2051		1,353,377
	Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (A-/NR)
	205,000		4.000			03/01/2046		230,875
	130,000		4.000			03/01/2049		146,031
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Louisville Arena Authority, Inc. Series 2017 A (AGM) (AA/A2)
	900,000		4.000			12/01/2041		1,034,112
	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		3,651,653
	2,925,000		4.000			06/01/2045		3,210,043
	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		1,106,561
	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		2,776,467
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A1)(c)(d)
	1,275,000		4.000			06/01/2025		1,421,227
	Kentucky State University COPS Series 2021 (BAM) (AA/NR)
	800,000		4.000			11/01/2056		920,678
	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		5,498,179
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	6,000,000		3.000			10/01/2043		6,262,049
								40,517,777
Louisiana – 1.3%
	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		2,554,576
	2,375,000		5.000			12/01/2039		2,815,350
	City of New Orleans Sewerage Service RB Series 2020 B (A/NR)
	1,125,000		4.000			06/01/2050		1,273,070
	Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR)(a)
	1,900,000		4.125			06/01/2039		2,026,001
	2,300,000		4.375			06/01/2048		2,459,758

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Louisiana – (continued)
	Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR)
$	1,810,000		3.200	%		06/01/2041	$	1,776,204
	2,190,000		4.000			06/01/2051		2,273,538
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (BBB+/NR)(a)
	8,790,000		5.000			04/01/2035		9,875,748
	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		3,151,845
	4,850,000		4.000			10/01/2041		5,426,920
	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		1,569,756
	Louisiana Public Facilities Authority RB for Louisiana Children’s Medical Center Obligated Series 2020 A (AGM) (AA/NR)
	4,710,000		3.000			06/01/2050		4,950,958
	Louisiana Public Facilities Authority RB for Louisiana State University & Agricultural & Mechanical College Auxiliary Greenhouse Phase III Project Series 2019 A (A/A3)
	9,770,000		5.000			07/01/2059		11,691,820
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2017 (A/A3)
	12,725,000		4.000			05/15/2042		14,192,919
	21,250,000		5.000			05/15/2046		25,017,122
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2015 B (AMT) (A-/A2)
	32,395,000		5.000			01/01/2045		36,531,213
	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		5,697,036
	Parish of St. James RB for NuStar Logistics LP Series 2008 (BB-/Ba3)(a) (c) (d)
	1,400,000		6.100			06/01/2030		1,820,562
	Parish of St. James RB for NuStar Logistics LP Series 2010 (BB-/Ba3)(a)
	2,375,000		6.350			07/01/2040		3,134,904
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-1 (BBB-/Baa3)(c)(d)
	235,000		2.000			04/01/2023		238,927
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 A-3 (BBB-/Baa3)(c)(d)
	950,000		2.200			07/01/2026		991,416
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-2 (BBB-/Baa3)(c)(d)
	13,250,000		2.375			07/01/2026		13,934,071
	Port of New Orleans Board of Commissioners RB Series 2018 A (AGM) (AA/A2)
	2,000,000		5.000			04/01/2048		2,354,184
								155,757,898
Municipal Bonds – (continued)
Maine – 0.2%
	City of Portland General Airport RB Refunding Green Bonds Series 2019 (BBB+/Baa1)
	1,000,000		4.000			01/01/2035		1,154,284
	1,355,000		4.000			01/01/2036		1,557,894
	850,000		4.000			01/01/2037		971,030
	1,030,000		4.000			01/01/2038		1,173,915
	800,000		4.000			01/01/2039		909,552
	1,400,000		4.000			01/01/2040		1,588,416
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2018 A (A+/A1)
	4,000,000		5.000			07/01/2043		4,818,616
	5,250,000		5.000			07/01/2048		6,285,977
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A+/A1)
	2,080,000		4.000			07/01/2045		2,390,367
	2,505,000		4.000			07/01/2050		2,852,442
	Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM) (AA/A1)
	375,000		4.000			07/01/2037		449,947
	325,000		4.000			07/01/2041		385,722
	750,000		4.000			07/01/2046		879,431
	700,000		4.000			07/01/2050		817,711
								26,235,304
Maryland – 0.6%
	Baltimore Maryland Special Obligation Refunding for Baltimore Research Park Project Series 2017 A (NR/NR)
	2,950,000		4.500			09/01/2033		3,263,601
	1,500,000		5.000			09/01/2038		1,691,576
	City of Baltimore RB Refunding for Baltimore Hotel Corp. Series 2017 (CCC/NR)
	1,400,000		5.000			09/01/2028		1,507,783
	860,000		5.000			09/01/2039		909,198
	6,135,000		5.000			09/01/2046		6,445,683
	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		327,967
	200,000		3.700			06/01/2039		201,718
	300,000		3.875			06/01/2046		302,848
	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		300,290
	310,000		3.450			06/01/2035		320,978
	550,000		3.500			06/01/2039		569,649
	1,650,000		3.625			06/01/2046		1,710,884
	City of Brunswick Special Tax Refunding for Brunswick Crossing Special Taxing District Series 2019 (NR/NR)
	1,450,000		5.000			07/01/2036		1,706,458
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (A/NR)
	1,660,000		4.000			01/01/2045		1,892,554
	2,370,000		4.000			01/01/2050		2,699,069
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	4,980,000		4.000			01/01/2045		5,696,694
	5,690,000		4.000			01/01/2050		6,486,240

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Maryland – (continued)
	County of Prince George’s Special Obligation Bonds for Westphalia Town Center Project Series 2018 (NR/NR)(a)
$	1,885,000	5.250 %		07/01/2048	$	2,094,983
	Frederick County Urbana Community Development Authority Special Tax Series 2020 C (NR/NR)
	3,765,000	4.000		07/01/2050		4,218,448
	Maryland Economic Development Corp. RB for Baltimore City Project Series 2018 A (BB/NR)
	2,375,000	5.000		06/01/2058		2,546,930
	Maryland Economic Development Corp. RB for Morgan State University Project Series 2020 (BBB-/NR)
	925,000	4.000		07/01/2040		1,053,571
	1,400,000	4.250		07/01/2050		1,595,989
	1,175,000	5.000		07/01/2050		1,423,855
	2,265,000	5.000		07/01/2056		2,733,496
	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		3,600,879
	Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (NR/Baa3)
	6,275,000	3.997		04/01/2034		6,734,073
	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		1,137,848
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (BBB/NR)
	840,000	3.000		10/01/2034		888,413
	500,000	4.000		10/01/2040		575,046
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (BBB-/NR)
	650,000	4.000		06/01/2046		736,311
	2,000,000	4.000		06/01/2051		2,255,448
	Maryland State Health & Higher Educational Facilities Authority RB for Mercy Medical Center Series 2012 (BBB+/Baa1)
	2,100,000	5.000		07/01/2031		2,167,161
						69,795,641
Massachusetts – 0.5%
	Commonwealth of Massachusetts GO Limited Bonds Series 2016 E (AA/Aa1)
	10,130,000	3.000		04/01/2044		10,628,565
	Massachusetts Development Finance Agency RB for Linden Ponds, Inc. Series 2018 (BB/NR)(a)
	1,000,000	5.000		11/15/2033		1,120,431
	900,000	5.000		11/15/2038		999,367
	2,350,000	5.125		11/15/2046		2,599,358
	Massachusetts Development Finance Agency RB for Merrimack College Series 2021 B (BBB-/NR)
	1,660,000	4.000		07/01/2050		1,871,994
	Massachusetts Development Finance Agency RB for Simmons College Issue Series 2015 K-1 (BBB+/Baa1)
	1,950,000	5.000		10/01/2036		2,206,319
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts Development Finance Agency RB Refunding for Carleton-Willard Homes, Inc. Series 2019 (A-/NR)
	260,000	4.000		12/01/2042		288,511
	280,000	5.000		12/01/2042		321,837
	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		1,200,534
	Massachusetts Development Finance Agency RB Refunding for Southcoast Health System Obligated Group Series 2021 G (BBB+/Baa1)
	1,000,000	4.000		07/01/2046		1,158,212
	1,900,000	5.000		07/01/2050		2,386,224
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (AA/NR)
	2,125,000	4.000		10/01/2045		2,446,616
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	2,125,000	5.000		07/01/2044		2,539,037
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(f)
	5,390,000	(3 Mo. LIBOR + 0.57%), 0.654		05/01/2037		5,333,945
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(f)
	1,040,000	(3 Mo. LIBOR + 0.57%), 0.654		05/01/2037		1,029,184
	Massachusetts State GO Bonds Consolidated Loan Series 2020 E (AA/Aa1)
	17,875,000	5.000		11/01/2050		22,501,812
						58,631,946
Michigan – 2.9%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(d)
	53,570,536	4.000		04/01/2034		50,922,201
	48,765,000	4.000		04/01/2034		46,354,234
	City of Detroit Financial Recovery GO Bonds Series 2014 B-2 (NR/NR)(d)
	971,333	4.000		04/01/2034		923,314
	City of Detroit GO Bonds Series 2020 (BB-/Ba3)
	465,000	5.500		04/01/2031		590,142
	495,000	5.500		04/01/2032		625,923
	370,000	5.500		04/01/2033		466,415
	280,000	5.500		04/01/2034		351,840
	300,000	5.500		04/01/2035		376,067
	345,000	5.500		04/01/2036		430,975
	365,000	5.500		04/01/2037		454,680
	395,000	5.500		04/01/2038		490,921
	555,000	5.500		04/01/2039		688,114
	590,000	5.500		04/01/2040		730,015
	1,360,000	5.500		04/01/2045		1,673,849
	1,940,000	5.500		04/01/2050		2,377,225
	City of Detroit GO Bonds Series 2021 A (BB-/Ba3)
	1,925,000	4.000		04/01/2040		2,149,554
	660,000	4.000		04/01/2042		732,688
	6,550,000	5.000		04/01/2046		7,915,169
	6,275,000	5.000		04/01/2050		7,555,883

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Michigan – (continued)
	City of Detroit GO Bonds Series 2021 B (BB-/Ba3)
$	1,145,000	2.960 %		04/01/2027	$	1,141,040
	950,000	3.110		04/01/2028		945,288
	450,000	3.244		04/01/2029		447,785
	125,000	3.344		04/01/2030		124,618
	475,000	3.644		04/01/2034		473,181
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	3,495,000	5.000		07/01/2037		3,883,338
	15,335,000	5.000		07/01/2048		16,972,750
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A1)(f)
	4,675,000	(3 Mo. LIBOR + 0.60%), 0.697		07/01/2032		4,678,185
	Detroit Michigan Water & Sewerage Department Sewage Disposal System RB Refunding Senior Lien Series 2012 A (AA-/A1)(g)
	2,000,000	5.250		07/01/2022		2,075,881
	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		3,736,951
	1,400,000	5.000		05/15/2044		1,617,953
	Karegnondi Water Authority Water Supply System RB Refunding for Karegnondi Water Pipeline Series 2018 (A/NR)
	1,425,000	5.000		11/01/2045		1,702,522
	Kentwood Economic Development Corp. RB for Holland Home Obligated Group Series 2021 (BBB-/NR)
	475,000	4.000		11/15/2045		521,264
	Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (BBB-/NR)(h)
	1,725,000	4.000		11/15/2043		1,838,217
	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		3,463,543
	20,975,000	4.000		11/15/2050		23,815,581
	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		11,738,598
	24,000,000	4.000		02/15/2050		27,301,293
	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		2,438,104
	1,750,000	5.000		07/01/2033		1,960,673
	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		409,806
	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		2,907,705
Municipal Bonds – (continued)
Michigan – (continued)
	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		1,440,979
	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		2,420,844
	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		864,287
	Michigan Finance Authority RB Refunding for Hanley International Academy, Inc. Series 2021 (BB/NR)
	1,000,000	5.000		09/01/2040		1,128,620
	Michigan Finance Authority RB Refunding for Kettering University Series 2020 (A-/NR)
	475,000	4.000		09/01/2045		533,294
	500,000	4.000		09/01/2050		558,822
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (A-/NR)
	7,225,000	3.267		06/01/2039		7,671,210
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (BBB-/NR)
	2,095,000	5.000		06/01/2049		2,474,263
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)(e)
	108,800,000	0.000		06/01/2065		14,497,850
	Michigan Mathematics & Science Initiative RB Refunding Series 2021 (BB+/NR)
	1,160,000	4.000		01/01/2031		1,306,827
	1,115,000	4.000		01/01/2041		1,230,896
	1,695,000	4.000		01/01/2051		1,843,710
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (AGM) (AA/A2)
	22,545,000	4.125		06/30/2035		26,364,249
	7,065,000	4.500		06/30/2048		8,218,766
	Michigan Strategic Fund RB for Graphic Packaging International LLC Series 2021 (AMT) (BB/Ba2)(c)(d)
	4,700,000	4.000		10/01/2026		5,217,616
	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		2,189,620
	1,400,000	5.000		05/15/2044		1,617,953
	Michigan Tobacco Settlement Finance Authority RB for Capital Appreciation Series 2007 B (CCC-/NR)(e)
	42,935,000	0.000		06/01/2052		4,838,148
	Star International Academy RB Refunding Series 2020 (BBB/NR)
	2,000,000	5.000		03/01/2030		2,323,829
	3,480,000	5.000		03/01/2033		4,001,926
	Tipton Academy Michigan Public School Academy RB Series 2021 (BB/NR)
	5,155,000	4.000		06/01/2051		5,145,883

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Michigan – (continued)
	Universal Academy RB Refunding Series 2021 (BBB-/NR)
$	1,035,000		4.000	%		12/01/2040	$	1,133,354
								337,026,431
Minnesota – 0.5%
	City of St Cloud RB Refunding for CentraCare Health System Obligated Group Series 2019 (AA-/A2)
	5,725,000		5.000			05/01/2048		6,953,308
	2,300,000		4.000			05/01/2049		2,598,808
	City of Woodbury RB Refunding for Math & Science Academy Series 2020 A (BBB-/NR)
	365,000		4.000			12/01/2040		396,923
	425,000		4.000			12/01/2050		458,306
	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		2,575,593
	3,750,000		6.000			06/15/2039		3,859,699
	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		3,687,188
	23,575,000		5.250			02/15/2053		28,408,492
	Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR)
	1,425,000		4.000			07/01/2031		1,558,365
	1,400,000		4.000			07/01/2036		1,515,276
	875,000		4.000			07/01/2041		941,062
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	640,000		3.250			03/01/2025		664,079
	660,000		4.000			03/01/2026		708,778
	755,000		4.000			03/01/2029		811,152
	1,260,000		4.000			03/01/2032		1,330,182
	685,000		4.200			03/01/2034		726,092
	Minnesota Higher Education Facilities Authority RB Refunding for Bethel University Project Series 2017 (BB+/NR)
	2,400,000		5.000			05/01/2047		2,648,546
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	425,000		4.000			12/01/2034		489,336
	650,000		4.000			12/01/2040		736,673
								61,067,858
Mississippi – 0.1%
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (A/Baa1)
	6,400,000		2.375			06/01/2044		6,320,575
Missouri – 0.5%
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 A (NR/NR)(a)(d)
	506,335		5.000			04/01/2023		81,781
	Branson Regional Airport Transportation Development District Taxable RB for Branson Airport Project Series 2018 B (NR/NR)(a)(d)
	2,556,427		5.000			04/01/2023		412,889
Municipal Bonds – (continued)
Missouri – (continued)
	Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (BBB-/Ba1)
	2,825,000		3.000			03/01/2046		2,850,953
	950,000		4.000			03/01/2046		1,056,361
	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		2,231,550
	I-470 Western Gateway Transportation Development District RB Series 2019 A (NR/NR)(a)
	4,750,000		5.250			12/01/2048		5,021,747
	Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR)
	675,000		3.500			11/01/2040		677,090
	1,150,000		4.250			11/01/2050		1,156,956
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2019 B (AMT) (AGM) (AA/A2)
	13,905,000		5.000			03/01/2049		16,813,530
	Kansas City Industrial Development Authority RB for Kansas City International Airport Series 2020 A (AMT) (AGM) (AA/A2)
	4,730,000		5.000			03/01/2057		5,764,723
	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		1,048,700
	1,150,000		5.000			04/01/2046		1,194,448
	Missouri Health & Educational Facilities Authority RB for Kansas City Art Institute Series 2018 (A-/NR)
	2,430,000		5.000			09/01/2043		2,924,880
	2,470,000		5.000			09/01/2048		2,954,577
	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		1,839,492
	1,065,000		5.000			09/01/2031		1,304,698
	1,330,000		5.000			09/01/2033		1,619,600
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	8,000,000		4.000			02/15/2054		9,024,452
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	400,000		3.000			10/01/2044		408,672
	500,000		3.125			10/01/2049		512,165
	Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR)
	650,000		3.000			05/01/2030		655,678
	475,000		3.125			05/01/2035		474,366
	St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (A/NR)
	1,195,000		5.000			04/01/2048		1,394,071
	St. Louis IDA Financing RB Refunding for Ballpark Village Development Project Series 2017 A (NR/NR)
	1,900,000		4.750			11/15/2047		1,925,398

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Missouri – (continued)
	Stone Canyon Community Improvement District RB for Public Infrastructure Improvement Project Series 2007 (NR/NR)*
$	1,250,000		5.750	%		04/01/2027	$	312,500
								63,661,277
Nevada – 0.5%
	City of Las Vegas Special Improvement District No. 607 for Local Improvement Refunding Series 2013 (NR/NR)
	295,000		5.000			06/01/2022		302,372
	255,000		5.000			06/01/2023		270,425
	200,000		4.250			06/01/2024		214,247
	130,000		5.000			06/01/2024		141,476
	City of Las Vegas Special Improvement District No. 813 for Summerlin Village 26 Local Improvement Bonds Series 2017 (NR/NR)
	295,000		4.250			06/01/2037		318,942
	430,000		4.375			06/01/2042		463,796
	495,000		4.500			06/01/2047		534,430
	City of Las Vegas Special Improvement District No. 814 Special Assessment Series 2019 (NR/NR)
	500,000		4.000			06/01/2039		546,207
	1,400,000		4.000			06/01/2044		1,511,931
	1,375,000		4.000			06/01/2049		1,477,575
	City of Las Vegas Special Improvement District No. 815 Special Assessment Series 2020 (NR/NR)
	950,000		5.000			12/01/2049		1,100,631
	City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR)
	600,000		3.000			06/01/2041		607,533
	1,275,000		3.125			06/01/2051		1,288,954
	City of North Las Vegas Special Improvement District No. 64 Special Assessment Bonds Series 2019 (NR/NR)
	335,000		4.250			06/01/2034		372,501
	455,000		4.500			06/01/2039		509,026
	335,000		4.625			06/01/2043		373,218
	585,000		4.625			06/01/2049		647,310
	City of Sparks RB Refunding for Nevada Tourism Improvement District No. 1 Senior Project Series 2019 A (NR/Ba2)(a)
	550,000		2.500			06/15/2024		558,615
	1,745,000		2.750			06/15/2028		1,803,158
	Henderson Local Improvement District No. T-16 Special Assessment Limited Obligation Series 2005 (NR/NR)
	805,000		5.100			03/01/2022		797,853
	2,145,000		5.125			03/01/2025		2,000,628
	Henderson Local Improvement District No. T-18 Limited Obligation Series 2016 (NR/NR)
	2,200,000		4.000			09/01/2035		2,330,350
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (A/Aa3)
	700,000		5.000			07/01/2030		841,287
	Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (A/Aa3)
	635,000		5.000			07/01/2035		773,591
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
	2,795,000		5.000			07/01/2043		3,349,323
	26,275,000		4.000			07/01/2049		29,269,065
Municipal Bonds – (continued)
Nevada – (continued)
	Las Vegas Convention & Visitors Authority RB Series 2019 B (A/Aa3)
	1,325,000		5.000			07/01/2029		1,670,675
	Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)
	2,635,000		5.000			07/01/2045		3,006,873
	2,825,000		5.000			07/01/2051		3,211,618
								60,293,610
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		1,931,395
	New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 A (B/B1)(a)(c)(d)
	2,820,000		3.625			07/02/2040		2,970,785
	New Hampshire Business Finance Authority RB Refunding for Covanta Holding Corp. Series 2020 B (AMT) (B/B1)(a)(c)(d)
	4,890,000		3.750			07/02/2040		5,171,526
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (BBB+/NR)
	12,450,000		4.000			01/01/2051		13,438,091
	New Hampshire Health and Education Facilities Authority RB for Dartmouth-Hitchcock Obligation Group Series 2020 A (A/NR)
	15,000,000		5.000			08/01/2059		23,178,826
	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		8,187,573
	6,930,000		5.000			08/01/2034		8,581,785
	7,290,000		5.000			08/01/2035		9,009,070
	7,660,000		5.000			08/01/2036		9,449,568
	8,055,000		5.000			08/01/2037		9,914,721
	8,470,000		5.000			08/01/2038		10,400,725
	8,900,000		5.000			08/01/2039		10,901,799
	9,360,000		5.000			08/01/2040		11,440,314
								124,576,178
New Jersey – 6.5%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	750,000		5.000			03/01/2032		897,427
	1,010,000		5.000			03/01/2037		1,196,513
	1,205,000		5.000			03/01/2042		1,415,875
	Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (AA/A2)
	950,000		4.000			07/01/2053		1,102,545
	New Jersey Economic Development Authority Cigarette Tax RB Refunding Series 2012 (BBB/Baa2)
	2,500,000		5.000			06/15/2026		2,573,194
	1,000,000		5.000			06/15/2028		1,028,859
	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		1,022,691
	1,000,000		5.000			06/15/2037		1,023,185
	1,000,000		5.125			06/15/2043		1,023,287

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (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 (BB+/Baa3)
$	3,500,000		4.000	%		07/01/2032	$	3,933,498
	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		1,104,261
	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		549,930
	1,150,000		5.000			07/01/2047		1,249,107
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2016 AAA (BBB/Baa1)
	4,500,000		5.000			06/15/2041		5,311,589
	New Jersey Economic Development Authority RB Refunding for New Jersey Natural Gas Co. Series 2011 C (AMT) (A+/A1)
	4,725,000		3.000			08/01/2041		4,816,079
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB/Baa1)
	25,180,000		7.425			02/15/2029		32,260,755
	New Jersey Economic Development Authority RB Series 2021 QQQ (BBB/Baa1)
	1,400,000		4.000			06/15/2046		1,604,927
	5,840,000		4.000			06/15/2050		6,675,407
	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		7,525,774
	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		8,859,134
	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		5,515,563
	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		5,515,563
	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		2,951,723
	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		6,014,453
	New Jersey Educational Facilities Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2017 F (BB+/Ba2)
	3,450,000		4.000			07/01/2042		3,619,448
	New Jersey Educational Facilities Authority RB for Seton Hall University Series 2020 C (AGM) (AA/A2)
	1,110,000		3.250			07/01/2049		1,167,546
	1,000,000		4.000			07/01/2050		1,127,694
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	3,350,000		3.000			07/01/2050		3,437,318
	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		1,171,937
	1,000,000		5.000			07/01/2029		1,166,677
	900,000		5.000			07/01/2030		1,043,813
	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		10,513,969
	5,600,000		5.000			07/01/2046		6,396,183
	New Jersey State Turnpike Authority RB Series 2021 A (A+/A2)
	3,500,000		4.000			01/01/2042		4,111,048
	4,750,000		4.000			01/01/2051		5,498,886
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2006 C (AMBAC) (BBB/Baa1)(e)
	134,205,000		0.000			12/15/2035		97,430,092
	63,415,000		0.000			12/15/2036		44,607,037
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB/Baa1)(e)
	41,545,000		0.000			12/15/2035		29,740,483
	46,515,000		0.000			12/15/2038		30,129,277
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB/Baa1)(e)
	12,000,000		0.000			12/15/2026		11,172,469
	9,240,000		0.000			12/15/2029		7,940,107
	1,900,000		0.000			12/15/2034		1,402,818
	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		3,923,500
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2014 AA (BBB/Baa1)
	26,100,000		5.000			06/15/2038		28,848,286
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB/Baa1)
	2,525,000		5.250			06/15/2041		2,904,401
	5,075,000		5.000			06/15/2045		5,766,958
	1,750,000		5.000			06/15/2046		1,987,764
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (AA/A2)(e)
	11,150,000		0.000			12/15/2033		8,713,907
	25,400,000		0.000			12/15/2034		19,274,632
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB/Baa1)(e)
	5,000,000		0.000			12/15/2027		4,567,008
	24,445,000		0.000			12/15/2030		20,570,348
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2008 A (BBB/Baa1)(e)
	52,985,000		0.000			12/15/2036		36,714,854

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB/Baa1)(e)
$	2,625,000		0.000	%		12/15/2033	$	2,000,142
	1,565,000		0.000			12/15/2036		1,084,434
	36,240,000		0.000			12/15/2038		23,473,826
	16,135,000		0.000			12/15/2039		10,091,453
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2010 A (BBB/Baa1)(e)
	7,095,000		0.000			12/15/2040		4,292,517
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB/Baa1)
	1,610,000		4.000			12/15/2039		1,849,803
	3,630,000		5.000			12/15/2039		4,516,336
	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		6,782,303
	4,600,000		5.000			06/15/2031		5,394,582
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB/Baa1)
	6,120,000		4.000			12/15/2031		7,178,253
	7,180,000		5.000			12/15/2033		8,900,949
	6,070,000		5.000			12/15/2035		7,499,062
	7,585,000		5.000			12/15/2036		9,366,321
	5,275,000		4.250			12/15/2038		6,097,808
	New Jersey Transportation Trust Fund Authority RB Series 2020 AA (BBB/Baa1)
	4,075,000		5.000			06/15/2038		5,172,613
	4,975,000		3.000			06/15/2050		5,107,891
	9,800,000		4.000			06/15/2050		11,201,882
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 AA (BBB/Baa1)
	5,675,000		5.000			06/15/2034		7,028,590
	20,000,000		5.250			06/15/2043		24,865,586
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB/Baa1)
	8,010,000		4.000			06/15/2044		9,019,046
	6,000,000		5.000			06/15/2044		7,326,387
	3,075,000		3.500			06/15/2046		3,287,338
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	25,675,000		5.000			01/01/2048		30,165,316
	Tobacco Settlement Financing Corp. RB Refunding Series 2018 A (BBB+/NR)
	2,650,000		5.000			06/01/2046		3,137,790
	2,750,000		5.250			06/01/2046		3,317,828
	Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)
	33,620,000		5.000			06/01/2046		39,396,467
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(a)
	10,055,000		6.750			12/01/2041		10,499,464
								758,173,786
Municipal Bonds – (continued)
New Mexico – 0.0%
	City of Santa Fe RB for El Castillo Retirement Residences Obligated Group Project Series 2019 A (BB+/NR)
	500,000		5.000			05/15/2044		561,412
	1,000,000		5.000			05/15/2049		1,119,565
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (A-/NR)
	450,000		4.000			09/01/2033		522,772
	375,000		4.000			09/01/2034		434,143
	300,000		4.000			09/01/2035		346,652
	1,125,000		4.000			09/01/2040		1,282,630
								4,267,174
New York – 7.3%
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (AA/A2)
	1,240,000		3.000			07/15/2043		1,276,280
	Brooklyn Arena Local Development Corp. RB for Brooklyn Events Center LLC Series 2009 (NR/Ba1)(e)
	1,175,000		0.000			07/15/2046		577,085
	Brooklyn Arena Local Development Corp. RB Refunding for Brooklyn Events Center LLC 2016 A (NR/Ba1)
	2,750,000		5.000			07/15/2025		3,184,812
	2,575,000		5.000			07/15/2026		3,071,881
	2,125,000		5.000			07/15/2028		2,547,783
	3,105,000		5.000			07/15/2042		3,589,733
	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		3,201,045
	Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (BBB-/NR)
	375,000		4.000			06/15/2036		422,575
	Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)(a)
	3,875,000		5.000			12/01/2051		4,381,100
	2,180,000		5.000			12/01/2055		2,448,057
	Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR)
	590,000		4.000			06/15/2051		635,184
	450,000		4.000			06/15/2056		482,510
	Build NYC Resource Corp. RB for Shefa School Series 2021 A (NR/NR)(a)
	850,000		2.500			06/15/2031		839,143
	4,965,000		5.000			06/15/2051		5,840,644
	Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (BB+/NR)(a)
	4,290,000		5.000			07/01/2045		5,134,776
	5,175,000		5.000			07/01/2051		6,167,148
	Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)(a)(e)
	66,000,000		0.000			06/01/2060		3,573,959
	Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (BBB/NR)
	645,000		5.000			07/01/2030		763,043
	865,000		5.000			07/01/2033		1,013,234
	815,000		5.000			07/01/2035		952,051

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Hempstead Town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (BBB/NR) – (continued)
$	640,000		5.000	%		07/01/2036	$	747,101
	455,000		5.000			07/01/2038		528,914
	Huntington Local Development Corp. RB for Gurwin Independent Housing Obligated Group Series 2021 A (NR/NR)
	2,100,000		5.250			07/01/2056		2,299,193
	Metropolitan Transportation Authority RB 2013 B (BBB+/A3)
	800,000		5.000			11/15/2038		848,533
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-1 (SP-2/MIG2)
	4,750,000		5.000			02/01/2023		5,039,021
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020A-2S (SP-2/MIG2)
	4,470,000		4.000			02/01/2022		4,523,500
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (BBB+/A3)
	645,000		5.000			11/15/2027		762,553
	880,000		5.000			11/15/2028		1,037,023
	Metropolitan Transportation Authority RB Green Bond Series 2019 B (BAM) (AA/A3)
	5,840,000		5.000			11/15/2052		7,115,131
	Metropolitan Transportation Authority RB Green Bond Series 2020 A-1 (AGM) (AA/A2)
	16,500,000		4.000			11/15/2054		18,922,863
	Metropolitan Transportation Authority RB Green Bond Series 2020 A-1 (BBB+/A3)
	7,095,000		5.000			11/15/2047		8,511,825
	1,825,000		5.000			11/15/2049		2,185,939
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (BBB+/A3)
	36,010,000		4.750			11/15/2045		42,225,837
	5,835,000		5.000			11/15/2050		6,984,006
	24,755,000		5.250			11/15/2055		30,064,730
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-1 (BBB+/A3)
	26,150,000		5.000			11/15/2044		31,767,867
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-2 (BBB+/A3)
	1,700,000		4.000			11/15/2048		1,888,997
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (BBB+/A3)
	1,175,000		4.000			11/15/2049		1,303,259
	46,815,000		4.000			11/15/2050		51,873,384
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (BBB+/A3)
	4,705,000		5.000			11/15/2033		5,899,251
	9,415,000		4.000			11/15/2045		10,495,184
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 B (BBB+/A3)
	1,655,000		5.000			11/15/2025		1,919,068
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-1 (BBB+/A3)
	2,555,000		4.000			11/15/2032		2,931,551
	950,000		4.000			11/15/2035		1,079,114
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Refunding Green Bond Series 2017 C-2 (BBB+/A3)(e)
	650,000		0.000			11/15/2040		398,600
	Metropolitan Transportation Authority RB Refunding Series 2016 B (BBB+/A3)
	545,000		5.000			11/15/2027		654,833
	Metropolitan Transportation Authority RB Refunding Series 2016 D (BBB+/A3)
	740,000		5.000			11/15/2029		882,677
	Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (BBB+/A3)
	3,635,000		5.000			11/15/2029		4,228,595
	1,850,000		5.250			11/15/2031		2,162,346
	Metropolitan Transportation Authority RB Series 2013 A (BBB+/A3)
	4,320,000		5.000			11/15/2043		4,571,782
	Metropolitan Transportation Authority RB Series 2013 E (BBB+/A3)
	2,120,000		5.000			11/15/2038		2,287,966
	Metropolitan Transportation Authority RB Series 2014 A-1 (BBB+/A3)
	505,000		5.250			11/15/2039		548,386
	1,895,000		5.000			11/15/2044		2,037,594
	Metropolitan Transportation Authority RB Series 2016 C-1 (BBB+/A3)
	595,000		5.000			11/15/2028		712,375
	7,120,000		5.000			11/15/2034		8,387,084
	Metropolitan Transportation Authority RB Subseries 2014 D-1 (BBB+/A3)
	2,115,000		5.000			11/15/2039		2,353,024
	Metropolitan Transportation Authority RB Subseries 2015 A-1 (BBB+/A3)
	490,000		5.000			11/15/2025		559,358
	Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (WD/NR)(e)
	202,665,000		0.000			06/01/2060		15,358,136
	New York City GO Bonds Series 2018 E-1 (AA/Aa2)
	5,000,000		5.000			03/01/2044		6,008,969
	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		2,067,944
	New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (AA/A2)
	10,925,000		3.000			01/01/2046		11,448,902
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (AA/A2)
	2,545,000		3.000			03/01/2049		2,674,445
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (BBB+/Baa1)
	1,975,000		3.000			03/01/2049		2,008,529
	New York City Resource Corp. RB Refunding for YMCA of Greater New York Project Series 2015 (BBB/Baa2)(g)
	1,000,000		5.000			08/01/2025		1,167,370
	New York City Transitional Finance Authority Future Tax Secured RB Subseries 2013 C-4 (AAA/Aa1)(c)(d)
	24,765,000		0.090			10/01/2021		24,765,000

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-4 (AAA/Aa1)(c)(d)
$	26,000,000		0.080	%		10/02/2021	$	26,000,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries B-1 (AAA/Aa1)
	5,110,000		4.000			11/01/2045		5,909,500
	New York City Water & Sewer System RB Series 2020 GG-1 (AA+/Aa1)
	10,000,000		4.000			06/15/2050		11,517,099
	New York City Water & Sewer System RB Series 2021 A Subseries 2021 AA-1 (AA+/Aa1)
	6,615,000		3.000			06/15/2051		6,913,925
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(e)
	178,305,000		0.000			06/01/2060		11,404,424
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(a)
	18,700,000		5.000			11/15/2044		20,474,065
	New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-2 (NR/A2)
	1,250,000		2.625			09/15/2069		1,278,176
	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		1,453,207
	New York State Dormitory Authority RB for Brooklyn St. Joseph’s College Series 2021 (BBB-/NR)
	750,000		5.000			07/01/2051		876,949
	New York State Dormitory Authority RB for NYU Langone Hospitals Obligated Group Series 2020 A (A/A3)
	37,050,000		4.000			07/01/2050		42,601,190
	New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 B (NR/Baa1)
	150,000		3.560			07/01/2026		159,004
	150,000		3.670			07/01/2027		159,808
	60,000		3.760			07/01/2028		64,068
	300,000		3.820			07/01/2029		318,817
	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		695,862
	870,000		4.000			07/01/2032		980,187
	925,000		4.000			07/01/2033		1,037,903
	845,000		4.000			07/01/2035		942,921
	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		6,863,059
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB-/Baa3)
	6,485,000		4.000			09/01/2045		7,307,200
	6,170,000		4.000			09/01/2050		6,920,782
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2014 (AMT) (B/B2)(a)(c)(d)
	1,685,000		2.875			12/03/2029		1,802,081
Municipal Bonds – (continued)
New York – (continued)
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B/B2)(c)(d)
	2,905,000		2.750			09/02/2025		3,044,662
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	1,245,000		5.000			01/01/2029		1,511,914
	7,050,000		5.000			01/01/2030		8,510,086
	795,000		5.000			01/01/2031		954,934
	5,250,000		5.000			01/01/2033		6,287,452
	5,565,000		4.000			01/01/2036		6,240,180
	10,000,000		5.000			01/01/2036		11,943,952
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (BB+/Baa3)
	9,320,000		4.000			10/01/2030		10,880,401
	9,625,000		5.000			10/01/2035		12,012,431
	13,230,000		5.000			10/01/2040		16,346,557
	20,005,000		4.375			10/01/2045		23,165,098
	New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (BBB-/NR)
	2,850,000		4.000			10/31/2046		3,231,993
	16,645,000		4.000			04/30/2053		18,725,587
	New York Transportation Development Corp. RB Refunding for American Airlines, Inc. Series 2021 (AMT) (B/NR)
	3,760,000		3.000			08/01/2031		4,022,003
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (BBB/Baa1)
	1,080,000		5.000			12/01/2030		1,373,422
	845,000		5.000			12/01/2033		1,068,310
	750,000		5.000			12/01/2035		937,644
	660,000		5.000			12/01/2037		825,025
	660,000		4.000			12/01/2039		747,753
	950,000		4.000			12/01/2042		1,063,644
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (BBB/Baa1)
	1,600,000		4.000			12/01/2039		1,832,575
	1,975,000		4.000			12/01/2040		2,256,953
	1,740,000		4.000			12/01/2041		1,967,516
	1,695,000		4.000			12/01/2042		1,917,005
	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		5,424,686
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	9,480,000		4.000			07/01/2033		10,206,829
	5,025,000		5.000			07/01/2034		5,572,095
	2,500,000		4.000			07/01/2041		2,685,340
	4,540,000		5.000			07/01/2041		5,038,889
	10,000,000		4.000			07/01/2046		10,733,826
	21,200,000		5.250			01/01/2050		23,628,223
	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		5,611,360

The accompanying notes are an integral part of these financial statements. 127

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (B-/NR)
$	7,655,000		5.250	%		08/01/2031	$	9,079,278
	5,990,000		5.375			08/01/2036		7,529,614
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	12,250,000		5.000			07/01/2046		13,586,654
	Newburgh New York GO Serial Bonds Series 2012 A (NR/Baa2)
	1,565,000		5.750			06/15/2035		1,625,820
	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		570,067
	590,000		4.000			12/01/2033		684,206
	490,000		4.000			12/01/2034		566,572
	505,000		4.000			12/01/2035		582,854
	610,000		4.000			12/01/2036		702,473
	740,000		4.000			12/01/2037		849,773
	490,000		4.000			12/01/2038		561,385
	1,470,000		3.000			12/01/2039		1,547,724
	980,000		3.000			12/01/2040		1,029,638
	1,960,000		4.000			12/01/2049		2,193,624
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	405,000		4.000			07/01/2039		428,309
	4,835,000		3.000			07/01/2044		4,389,378
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 223 (AMT) (A+/Aa3)
	11,635,000		4.000			07/15/2046		13,338,935
	6,000,000		4.000			07/15/2051		6,847,567
	Port Authority of New York & New Jersey Consolidated RB Series 221 (AMT) (A+/Aa3)
	4,735,000		4.000			07/15/2055		5,382,541
	5,685,000		4.000			07/15/2060		6,438,270
	Port Authority of New York & New Jersey RB Refunding Series 223 (AMT) (A+/Aa3)
	9,400,000		4.000			07/15/2061		10,710,245
	Port Authority of New York & New Jersey RB Refunding Series 223rd (AMT) (A+/Aa3)
	1,650,000		5.000			07/15/2056		2,037,695
	Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-2 (NR/NR)(e)
	15,000,000		0.000			06/01/2066		2,854,422
	Troy City Capital Resource Corp. RB Refunding Rensselaer Polytechnic Institute Project Series 2020 A (BBB+/A3)
	700,000		5.000			09/01/2038		884,828
	955,000		5.000			09/01/2039		1,204,075
	945,000		4.000			09/01/2040		1,103,135
	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		4,999,005
	Western Regional Off-Track Betting Corp. RB Refunding Series 2021 (NR/NR)(a)
	1,785,000		4.125			12/01/2041		1,762,025
Municipal Bonds – (continued)
New York – (continued)
	Yonkers Economic Development Corp. RB for Charter School of Educational Excellence Project Series 2019 A (NR/NR)
	475,000		5.000			10/15/2039		554,143
	610,000		5.000			10/15/2049		699,767
	530,000		5.000			10/15/2054		605,956
	Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (BB/NR)
	725,000		5.000			10/15/2040		857,835
	1,325,000		5.000			10/15/2050		1,537,810
								859,533,997
North Carolina – 0.8%
	City of Charlotte Airport Special Facilities RB Refunding Series 2021 A (AA-/Aa3)
	15,000,000		3.000			07/01/2046		15,982,173
	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		1,508,549
	North Carolina Medical Care Commission Health Care Facilities RB Refunding First Mortgage for Lutheran Services for the Aging Series 2012 A (NR/NR)(g)
	3,800,000		4.750			03/01/2022		3,869,262
	2,000,000		5.000			03/01/2022		2,038,492
	North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (BBB/NR)
	365,000		4.000			09/01/2046		417,575
	950,000		4.000			09/01/2051		1,083,526
	North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR)
	1,000,000		4.000			03/01/2041		1,094,410
	5,575,000		4.000			03/01/2051		6,028,928
	North Carolina Medical Care Commission RB for Maryfield, Inc. Obligated Group Series 2020 A (NR/NR)
	950,000		5.000			10/01/2045		1,064,455
	1,310,000		5.000			10/01/2050		1,464,001
	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		6,577,949
	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		1,614,601
	1,650,000		5.000			07/01/2039		1,856,613
	1,035,000		4.000			07/01/2044		1,105,254
	1,160,000		5.000			07/01/2044		1,296,949
	2,000,000		5.000			07/01/2049		2,227,578
	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		1,022,467
	2,000,000		5.000			09/01/2037		2,151,616
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (AGM) (AA/NR)
	10,350,000		5.000			01/01/2049		12,810,466
	4,250,000		4.000			01/01/2055		4,846,758

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
North Carolina – (continued)
	North Carolina Turnpike Authority RB Senior Lien for Triangle Expressway Series 2019 (BBB/NR)
$	16,000,000		5.000	%		01/01/2049	$	19,341,653
	5,450,000		4.000			01/01/2055		6,114,510
								95,517,785
Ohio – 3.5%
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	770,000		4.000			06/01/2037		894,515
	1,025,000		4.000			06/01/2038		1,187,214
	1,000,000		4.000			06/01/2039		1,154,818
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (BBB+/NR)
	12,530,000		3.000			06/01/2048		12,818,225
	4,185,000		4.000			06/01/2048		4,653,671
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	101,450,000		5.000			06/01/2055		114,840,578
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)(e)
	121,740,000		0.000			06/01/2057		19,485,644
	Centerville Ohio Health Care RB Refunding and Improvement for Graceworks Lutheran Services Series 2017 (NR/NR)
	2,400,000		5.250			11/01/2037		2,676,632
	2,700,000		5.250			11/01/2047		2,970,450
	2,320,000		5.250			11/01/2050		2,548,382
	Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (B/Ba3)
	22,490,000		5.375			09/15/2027		22,566,052
	Cleveland-Cuyahoga County Port Authority Tax Allocation for Flats East Bank TIF District Series 2021 B (NR/NR)(a)
	1,150,000		4.500			12/01/2055		1,217,552
	Cleveland-Cuyahoga County Port Authority Tax Allocation Refunding for Flats East Bank TIF District Series 2021 A (BB/NR)(a)
	1,445,000		4.000			12/01/2055		1,512,564
	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		586,264
	825,000		4.000			09/01/2045		869,557
	1,075,000		5.000			09/01/2049		1,223,446
	County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)
	8,280,000		5.250			11/15/2055		9,345,657
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2009 B (BBB-/Baa3)
	29,500,000		8.223			02/15/2040		42,670,045
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	6,250,000		5.000			02/15/2037		7,331,516
	7,500,000		5.000			02/15/2042		8,751,730
Municipal Bonds – (continued)
Ohio – (continued)
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3) – (continued)
	7,500,000		4.750			02/15/2047		8,429,831
	1,500,000		5.000			02/15/2057		1,738,293
	1,000,000		5.500			02/15/2057		1,179,227
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)
	10,975,000		5.000			12/01/2051		12,618,728
	Hamilton County Health Care RB Refunding for Life Enriching Community Project Series 2012 (BBB-/NR)
	2,000,000		5.000			01/01/2042		2,063,664
	1,610,000		5.000			01/01/2046		1,658,847
	Muskingum County Hospital Facilities RB Refunding for Genesis Healthcare System Project Series 2013 (BB+/Ba2)
	8,000,000		5.000			02/15/2048		8,311,173
	Northeast Ohio Medical University RB Refunding Series 2021 A (NR/Baa2)
	450,000		3.000			12/01/2040		461,437
	200,000		4.000			12/01/2045		223,017
	Ohio Air Quality Development Authority Exempt Facilities RB for Pratt Paper LLC Project Series 2017 (AMT) (NR/NR)(a)
	1,875,000		3.750			01/15/2028		2,085,562
	2,880,000		4.250			01/15/2038		3,289,830
	18,110,000		4.500			01/15/2048		20,954,449
	Ohio Air Quality Development Authority RB Refunding for Ohio Valley Electric Corp. Series 2019 A (BBB-/Ba1)
	4,140,000		3.250			09/01/2029		4,439,341
	Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (NR/A3)
	7,810,000		5.000			01/15/2045		9,384,682
	Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (BBB-/NR)
	4,790,000		5.000			12/01/2050		5,542,218
	Ohio State Hospital RB Refunding for Aultman Health Foundation Obligated Group Series 2018 (NR/NR)(a)
	1,075,000		5.000			12/01/2033		1,159,358
	2,085,000		5.000			12/01/2038		2,220,071
	5,000,000		5.000			12/01/2048		5,244,673
	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		6,947,560
	31,660,000		4.000			01/15/2050		35,917,137
	Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)(a)
	2,095,000		4.250			12/01/2050		2,118,118
	Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(a)
	4,725,000		6.500			12/01/2030		5,459,273
	10,000,000		7.000			12/01/2042		11,482,801
								412,233,802
Oklahoma – 0.7%
	Norman Regional Hospital Authority RB Norman Regional Hospital Authority Obligated Group Series 2019 (A-/Baa1)
	1,075,000		4.000			09/01/2045		1,204,734
	6,000,000		5.000			09/01/2045		7,290,606

The accompanying notes are an integral part of these financial statements. 129

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Oklahoma – (continued)
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (AGM) (AA/A2)
$	2,400,000		4.000	%		08/15/2052	$	2,626,857
	2,500,000		4.125			08/15/2057		2,749,283
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	15,000,000		5.500			08/15/2052		18,283,634
	10,700,000		5.500			08/15/2057		13,042,325
	Tulsa Authority for Economic Opportunity Increment District No. 8 Tax Allocation for Santa Fe Square Project Series 2021 (NR/NR)(a)
	2,470,000		4.375			12/01/2041		2,370,374
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 A (AMT) (NR/NR)
	2,680,000		5.500			12/01/2035		2,857,829
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR)
	24,300,000		5.500			12/01/2035		25,912,402
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B-/NR)(c)(d)
	9,070,000		5.000			06/01/2025		10,142,069
								86,480,113
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		143,163
	225,000		5.375			11/15/2055		248,401
	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		2,340,025
	3,850,000		4.000			08/15/2050		4,414,095
	2,850,000		5.000			08/15/2050		3,540,352
	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		5,808,205
	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		2,155,015
	Oregon State Facilities Authority RB Refunding for Willamette University Series 2021 A (BBB/Baa2)
	4,700,000		4.000			10/01/2051		5,278,562
	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		1,028,771
	Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR)
	1,440,000		5.000			11/15/2046		1,680,508
								26,637,097
Pennsylvania – 3.3%
	Allegheny County Higher Education Building Authority RB for Chatham University Series 2012 A (BBB-/NR)
	1,500,000		5.000			09/01/2030		1,538,369
	1,000,000		5.000			09/01/2035		1,022,655
Municipal Bonds – (continued)
Pennsylvania – (continued)
	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		35,947,354
	Allegheny County Industrial Development Authority RB Refunding for United States Steel Corp. Project Series 2019 (B/B3)
	3,900,000		4.875			11/01/2024		4,263,057
	2,500,000		5.125			05/01/2030		3,024,319
	Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (NR/Baa3)(h)
	700,000		5.000			05/01/2032		888,618
	850,000		5.000			05/01/2033		1,075,060
	950,000		5.000			05/01/2034		1,197,010
	850,000		5.000			05/01/2035		1,068,128
	950,000		5.000			05/01/2036		1,190,059
	7,875,000		5.000			05/01/2042		9,734,909
	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		2,360,109
	1,400,000		5.000			05/01/2032		1,627,728
	6,950,000		5.000			05/01/2042		7,969,568
	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		299,668
	1,000,000		5.000			05/01/2033		1,183,280
	2,750,000		5.000			05/01/2042		3,231,800
	Allentown Neighborhood Improvement Zone Development Authority Tax RB Series 2012 A (NR/Baa3)
	18,000,000		5.000			05/01/2042		18,493,052
	Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (BB-/WR)
	950,000		5.000			11/01/2029		1,081,062
	1,745,000		5.000			11/01/2030		1,977,062
	1,425,000		5.000			11/01/2034		1,598,215
	7,850,000		4.000			11/01/2047		8,110,428
	8,745,000		5.000			11/01/2047		9,622,436
	Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (BB+/NR)
	4,600,000		4.000			07/01/2046		5,110,087
	6,600,000		4.000			07/01/2051		7,298,967
	4,005,000		5.000			07/01/2054		4,833,940
	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		1,289,412
	Chester County IDA Student Housing RB for University Student Housing, LLC Project West Chester University Series 2013 A (NR/Ba2)
	500,000		5.000			08/01/2035		513,213
	1,000,000		5.000			08/01/2045		1,021,090

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Chester County Industrial Development Authority RB for Longwood Gardens, Inc. Series 2021 (NR/Aa2)
$	9,400,000	4.000 %		12/01/2046	$	10,991,708
	7,145,000	4.000		12/01/2051		8,324,116
	Clairton Municipal Authority Sewer RB Series 2012 B (BBB+/NR)
	1,000,000	5.000		12/01/2042		1,036,986
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	1,900,000	5.000		06/01/2034		2,307,478
	1,900,000	5.000		06/01/2035		2,303,394
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (AGM) (AA/A1)
	6,000,000	4.000		06/01/2039		6,806,260
	County of Allegheny GO Notes Refunding Series 2007 C-59B (AGM) (AA/Aa3)(f)
		(3 Mo. LIBOR + 0.55%),
	645,000	0.634		11/01/2026		647,020
	Cumberland County Municipal Authority RB Refunding Series 2015 (BBB+/NR)
	1,355,000	5.000		01/01/2038		1,489,556
	Cumberland County Municipal Authority RB Refunding Series 2015 (NR/NR)(g)
	145,000	5.000		01/01/2025		165,853
	Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (BB/NR)(a)
	5,100,000	5.875		10/15/2040		6,126,919
	17,325,000	6.250		10/15/2053		20,930,627
	Doylestown Hospital Authority RB Series 2019 A (BBB-/Ba1)
	1,250,000	4.000		07/01/2045		1,370,066
	2,375,000	5.000		07/01/2049		2,784,396
	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		1,183,817
	900,000	5.000		12/01/2048		963,500
	1,750,000	5.000		12/01/2053		1,869,936
	Geisinger Authority Health System RB for Geisinger Health System Series 2007 (AA-/A1)(f)
		(3 Mo. LIBOR + 0.77%),
	52,950,000	0.854		05/01/2037		51,108,754
	General Authority of Southcentral Pennsylvania RB Refunding WellSpan Health Obligation Group Series 2019 A (AA-/Aa3)
	1,300,000	4.000		06/01/2044		1,484,079
	2,300,000	5.000		06/01/2044		2,828,603
	5,700,000	4.000		06/01/2049		6,447,974
	4,225,000	5.000		06/01/2049		5,166,650
	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		1,420,789
	1,500,000	5.000		04/01/2033		1,518,723
	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		845,568
	1,000,000	5.000		03/01/2050		1,124,730
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (BBB-/NR)
	300,000	5.000		03/01/2033		359,037
	315,000	5.000		03/01/2034		375,963
	450,000	4.000		03/01/2035		491,390
	465,000	4.000		03/01/2036		505,310
	275,000	4.000		03/01/2037		298,131
	335,000	4.000		03/01/2039		361,544
	250,000	4.000		03/01/2040		269,189
	250,000	4.000		03/01/2041		268,430
	625,000	4.000		03/01/2046		667,028
	675,000	4.000		03/01/2051		718,399
	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		2,854,058
	Northampton County Industrial Development Authority RB Refunding for Morningstar Senior Living, Inc. Obligated Group Series 2019 (BB+/NR)
	1,900,000	5.000		11/01/2044		2,149,819
	2,100,000	5.000		11/01/2049		2,368,602
	Northeastern Pennsylvania Hospital & Education Authority RB for King’s College Project Series 2019 (BBB+/NR)
	945,000	5.000		05/01/2044		1,101,666
	1,245,000	5.000		05/01/2049		1,443,347
	Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (BBB+/NR)
	2,250,000	4.000		07/01/2046		2,504,148
	Pennsylvania Higher Educational Facilities Authority RB for Foundation for Indiana University of Pennsylvania Series 2007 A (ASSURED GTY) (AA/WR)(f)
		(3 Mo. LIBOR + 0.60%),
	8,480,000	0.697		07/01/2027		8,429,226
		(3 Mo. LIBOR + 0.65%),
	10,850,000	0.747		07/01/2039		9,981,207
	Pennsylvania Higher Educational Facilities Authority RB for La Salle University Series 2012 (BB/NR)
	5,645,000	5.000		05/01/2042		5,760,173
	Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (AA/A2)
	4,380,000	5.000		05/01/2046		5,399,933
	10,145,000	4.000		05/01/2050		11,578,885
	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		408,322
	400,000	5.000		07/01/2035		444,248
	Pennsylvania Turnpike Commission RB Subordinate Series 2017 B-1 (A-/A3)
	3,875,000	5.250		06/01/2047		4,683,617
	Philadelphia Authority for Industrial Development RB for Independence Charter School Series 2019 (NR/NR)
	2,225,000	5.000		06/15/2050		2,414,150

The accompanying notes are an integral part of these financial statements. 131

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Philadelphia Authority for Industrial Development RB for MaST Community Charter School II Series 2020 A (BBB-/NR)
$	310,000		5.000	%		08/01/2040	$	372,523
	975,000		5.000			08/01/2050		1,153,076
	Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (BB+/NR)(a)
	2,860,000		5.000			06/15/2050		3,287,204
	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		2,063,319
	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		593,697
	2,000,000		5.000			07/01/2029		2,360,969
	3,000,000		5.000			07/01/2030		3,522,080
	2,615,000		5.000			07/01/2031		3,058,789
	1,000,000		5.000			07/01/2032		1,166,904
	4,425,000		5.000			07/01/2033		5,151,836
	Scranton Redevelopment Authority RB Refunding for Guaranteed Lease Series 2016 A (MUN GOVT GTD) (BB+/NR)
	530,000		5.000			11/15/2021		530,781
	2,450,000		5.000			11/15/2028		2,507,074
	Susquehanna Area Regional Airport Authority RB Refunding for Airport System Series 2017 (AMT) (NR/Baa3)
	1,100,000		5.000			01/01/2035		1,278,466
	2,325,000		5.000			01/01/2038		2,683,400
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	475,000		5.000			10/01/2039		535,227
	1,125,000		5.000			10/01/2049		1,246,716
	The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (BB-/WR)
	4,600,000		5.000			11/01/2044		4,656,787
	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		1,080,313
	1,000,000		5.000			07/01/2035		1,086,319
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (NR/Baa1)
	1,320,000		4.000			07/01/2037		1,545,549
								385,535,008
Puerto Rico – 7.9%
	Commonwealth of Puerto Rico GO Bonds Series 2006 A (NR/NR)*
	115,000		5.250			07/01/2030		111,694
	Commonwealth of Puerto Rico GO Bonds Series 2007 A (NR/NR)*
	4,000,000		5.250			07/01/2032		3,880,000
	4,035,000		5.250			07/01/2037		3,929,081
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Commonwealth of Puerto Rico GO Refunding Bonds Series 2011 C (NR/NR)*
	155,000		6.000			07/01/2035		143,375
	205,000		6.500			07/01/2040		194,237
	Commonwealth of Puerto Rico GO Refunding Bonds Series 2011 E (NR/NR)*
	2,000,000		6.000			07/01/2029		1,960,000
	Commonwealth of Puerto Rico GO Refunding Bonds Series 2012 A (NR/NR)*
	5,185,000		5.500			07/01/2039		4,757,237
	13,825,000		5.000			07/01/2041		12,096,875
	Commonwealth of Puerto Rico GO Refunding Bonds Series 2014 A (NR/NR)*
	96,730,000		8.000			07/01/2035		83,429,625
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)(a)
	20,000,000		5.000			07/01/2035		24,863,394
	20,750,000		5.000			07/01/2047		24,955,326
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2021 C (NR/NR)(a)
	14,100,000		2.750			07/01/2023		14,111,854
	9,400,000		3.500			07/01/2026		9,420,331
	9,400,000		3.750			07/01/2027		9,424,047
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding Series 2022 A (NR/NR)(a)(h)
	9,400,000		5.000			07/01/2033		11,468,222
	9,400,000		5.000			07/01/2037		11,327,467
	9,400,000		4.000			07/01/2042		10,364,637
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CCC/WR)
	115,000		4.500			07/01/2027		118,636
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 A (NR/NR)(a)
	320,000		5.000			07/01/2022		330,186
	315,000		5.000			07/01/2025		361,185
	850,000		5.000			07/01/2033		1,085,912
	450,000		5.000			07/01/2037		566,102
	1,000,000		4.000			07/01/2042		1,135,138
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Series 2021 B (NR/NR)(a)
	495,000		5.000			07/01/2025		567,576
	1,355,000		5.000			07/01/2033		1,731,057
	7,550,000		5.000			07/01/2037		9,497,941
	23,435,000		4.000			07/01/2042		26,601,952
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AGC-ICC) (AA/A3)
	360,000		5.250			07/01/2041		396,630
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/WR)
	28,730,000		5.250			07/01/2038		31,220,497
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	1,860,000		5.250			07/01/2033		2,029,373
	680,000		5.250			07/01/2034		736,565
	6,675,000		5.250			07/01/2036		7,268,783

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Commonwealth Highway & Transportation Authority RB Series 2003 (NR/WR)*
$	215,000	5.000 %		07/01/2028	$	34,938
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/WR)
	1,585,000	5.500		07/01/2023		1,656,351
	2,050,000	5.500		07/01/2027		2,253,884
	Puerto Rico Electric Power Authority RB Refunding Series 2005 SS-RSA-1 (D/NR)*
	130,000	4.625		07/01/2030		126,588
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(f)
		(3 Mo. LIBOR + 0.52%),
	52,372,000	0.617		07/01/2029		51,883,867
	Puerto Rico Electric Power Authority RB Refunding Series 2007 VV (NATL-RE) (D/Baa2)
	1,250,000	5.250		07/01/2032		1,353,693
	435,000	5.250		07/01/2035		474,457
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (D/NR)*
	60,000	3.750		07/01/2022		56,025
	390,000	3.875		07/01/2023		364,650
	Puerto Rico Electric Power Authority RB Refunding Series 2010 DDD-RSA-1 (NR/NR)*
	215,000	3.300		07/01/2019		199,950
	80,000	3.500		07/01/2020		75,300
	155,000	3.625		07/01/2021		145,894
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ (D/WR)*
	1,000	5.000		07/01/2024		927
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (D/NR)*
	100,000	4.375		07/01/2022		97,375
	65,000	5.000		07/01/2022		63,538
	190,000	4.500		07/01/2023		185,013
	125,000	5.000		07/01/2024		122,187
	90,000	4.625		07/01/2025		87,637
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)*
	65,000	3.700		07/01/2017		60,450
	1,230,000	5.000		07/01/2017		1,188,487
	145,000	4.250		07/01/2018		138,837
	3,130,000	5.000		07/01/2019		3,032,188
	260,000	4.250		07/01/2020		250,575
	25,000	5.250		07/01/2020		24,438
	80,000	4.375		07/01/2021		78,000
	Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1 (D/NR)*
	1,295,000	5.000		07/01/2032		1,265,862
	1,385,000	5.000		07/01/2037		1,353,838
	Puerto Rico Electric Power Authority RB Series 2007 TT-RSA-1 (NR/NR)*
	300,000	4.200		07/01/2019		287,250
	Puerto Rico Electric Power Authority RB Series 2008 WW-RSA-1 (D/NR)*
	3,765,000	5.250		07/01/2033		3,694,406
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2008 WW-RSA-1 (NR/NR)*
	2,000,000	5.500		07/01/2020		1,960,000
	Puerto Rico Electric Power Authority RB Series 2010 AAA (D/WR)*
	4,000	5.250		07/01/2027		3,730
	4,000	5.250		07/01/2028		3,730
	Puerto Rico Electric Power Authority RB Series 2010 AAA-RSA-1 (D/NR)*
	130,000	5.250		07/01/2023		127,563
	1,485,000	5.250		07/01/2027		1,457,156
	2,115,000	5.250		07/01/2028		2,075,344
	Puerto Rico Electric Power Authority RB Series 2010 BBB-RSA-1 (D/NR)*
	90,000	5.400		07/01/2028		85,950
	Puerto Rico Electric Power Authority RB Series 2010 CCC-RSA-1 (D/NR)*
	80,000	5.000		07/01/2022		78,200
	90,000	4.250		07/01/2023		87,638
	60,000	4.500		07/01/2023		58,425
	50,000	4.600		07/01/2024		48,687
	210,000	4.625		07/01/2025		204,487
	900,000	5.000		07/01/2025		879,750
	25,000	5.000		07/01/2026		24,438
	40,000	4.800		07/01/2027		38,950
	Puerto Rico Electric Power Authority RB Series 2010 EEE-RSA-1 (D/NR)*
	1,175,000	5.950		07/01/2030		1,128,000
	4,620,000	6.050		07/01/2032		4,435,200
	115,000	6.250		07/01/2040		110,544
	Puerto Rico Electric Power Authority RB Series 2010 XX-RSA-1 (D/NR)*
	20,000	4.875		07/01/2027		19,475
	7,590,000	5.250		07/01/2040		7,447,688
	Puerto Rico Electric Power Authority RB Series 2010 YY-RSA-1 (D/NR)*
	2,130,000	6.125		07/01/2040		2,060,775
	Puerto Rico Electric Power Authority RB Series 2012 A-RSA-1 (D/NR)*
	1,905,000	4.800		07/01/2029		1,854,994
	14,720,000	5.000		07/01/2042		14,388,800
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)*
	715,000	7.250		07/01/2030		721,256
	5,210,000	7.000		07/01/2033		5,242,562
	6,190,000	7.000		07/01/2040		6,228,688
	Puerto Rico Electric Power Authority RB Series 2016 A4-RSA-1 (NR/NR)*
	747,236	10.000		07/01/2019		768,719
	Puerto Rico Electric Power Authority RB Series 2016 B4-RSA-1 (NR/NR)*
	747,235	10.000		07/01/2019		768,718
	Puerto Rico Electric Power Authority RB Series 2016 E-1-RSA-1 (NR/NR)*
	5,036,850	10.000		01/01/2021		5,181,659

The accompanying notes are an integral part of these financial statements. 133

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Electric Power Authority RB Series 2016 E-2-RSA-1 (NR/NR)*
$	5,036,850		10.000	%		07/01/2021	$	5,181,659
	Puerto Rico Electric Power Authority RB Series 2016 E-3-RSA-1 (NR/NR)*
	1,678,950		10.000			01/01/2022		1,746,108
	Puerto Rico Electric Power Authority RB Series 2016 E-4-RSA-1 (NR/NR)*
	1,678,950		10.000			07/01/2022		1,746,108
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (ASSURED GTY) (AA/A3)
	2,000,000		5.250			07/01/2041		2,203,499
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2005 L (NATL-RE) (NR/Baa2)
	2,395,000		5.250			07/01/2035		2,598,413
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	470,000		5.250			07/01/2032		520,454
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM-CR) (AA/A2)
	100,000		5.500			07/01/2029		111,848
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (ASSURED GTY) (AA/A3)
	185,000		5.500			07/01/2031		208,030
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	2,455,000		5.500			07/01/2029		2,745,873
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
	330,000		5.500			07/01/2026		365,167
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AMBAC) (NR/WR)
	3,825,000		5.250			07/01/2031		4,172,557
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	320,000		5.250			07/01/2034		346,619
	27,260,000		5.250			07/01/2036		29,681,792
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NATL-RE) (NR/Baa2)
	1,570,000		5.250			07/01/2033		1,703,787
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NR/WR)*
	3,400,000		5.500			07/01/2024		1,912,500
	5,565,000		5.500			07/01/2026		3,130,312
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NATL-RE-IBC) (NR/Baa2)
	4,920,000		4.750			07/01/2038		4,982,121
	Puerto Rico Highway & Transportation Authority RB Series 1998 A (NR/WR)*
	420,000		5.000			07/01/2038		236,250
	Puerto Rico Highway & Transportation Authority RB Series 2003 G (NR/WR)*
	1,705,000		5.000			07/01/2042		959,063
	Puerto Rico Highway & Transportation Authority RB Series 2005 K (NR/WR)*
	1,900,000		5.000			07/01/2024		1,068,750
	9,425,000		5.000			07/01/2030		5,301,562
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Highway & Transportation Authority RB Series 2007 M (NR/WR)*
	445,000		4.125			07/01/2019		250,312
	940,000		5.000			07/01/2025		528,750
	1,470,000		5.000			07/01/2026		826,875
	1,850,000		5.000			07/01/2027		1,040,625
	2,825,000		5.000			07/01/2037		1,589,063
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/WR)(e)
	4,785,000		0.000			07/01/2034		2,673,553
	3,850,000		0.000			07/01/2035		2,053,287
	2,785,000		0.000			07/01/2037		1,340,820
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2009 P-PSA (COMWLTH GTD) (NR/NR)*
	1,000,000		6.125			07/01/2023		1,092,500
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(e)
	4,313,000		0.000			07/01/2031		3,436,714
	10,295,000		0.000			07/01/2033		7,631,475
	87,330,000		0.000			07/01/2046		28,723,073
	151,670,000		0.000			07/01/2051		36,053,203
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	137,486,000		4.329			07/01/2040		152,459,861
	562,000		4.536			07/01/2053		621,490
	12,699,000		4.784			07/01/2058		14,236,364
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	3,939,000		4.500			07/01/2034		4,322,279
	3,447,000		4.550			07/01/2040		3,873,623
	30,365,000		4.750			07/01/2053		33,976,391
	108,234,000		5.000			07/01/2058		122,765,497
								928,550,893
Rhode Island – 0.2%
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2007 B (CCC-/NR)(e)
	124,220,000		0.000			06/01/2052		19,541,148
South Carolina – 0.2%
	Lancaster County Assessment RB for Edgewater Improvement District Series 2003 A (NR/NR)
	2,963,000		6.875			11/01/2035		2,969,203
	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		2,718,374
	South Carolina Jobs-Economic Development Authority RB for Kiawah Life Plan Village, Inc. Project Series 2021 A (NR/NR)(a)
	910,000		8.750			07/01/2025		919,283
	South Carolina Public Service Authority RB Tax-Exempt Series 2015 E (A/A2)
	7,790,000		5.250			12/01/2055		9,109,829

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
South Carolina – (continued)
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
$	2,250,000		4.000	%		04/15/2045	$	2,587,849
	2,000,000		3.000			04/15/2049		2,078,990
								20,383,528
South Dakota – 0.0%
	County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (BBB-/NR)
	1,050,000		4.000			08/01/2056		1,141,280
	1,450,000		4.000			08/01/2061		1,563,224
								2,704,504
Tennessee – 0.4%
	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		2,493,912
	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		2,293,603
	City of Clarksville RB for Water Sewer & Gas Series 2021 A (AA/Aa2)
	14,450,000		4.000			02/01/2051		16,879,996
	Greeneville Health & Educational Facilities Board RB for Ballad Health Obligated Group Series 2018 A (A-/A3)
	5,230,000		4.000			07/01/2040		5,923,597
	Johnson City Health & Educational Board Retirement Facilities RB for Mountain States Health Alliance Series 2012 A (A-/A3)
	1,500,000		5.000			08/15/2042		1,552,768
	Memphis-Shelby County Industrial Development Board Tax Allocation Refunding Bonds Series 2017 A (NR/NR)
	100,000		4.750			07/01/2027		96,966
	150,000		5.625			01/01/2046		141,439
	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		2,946,066
	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		376,369
	230,000		5.000			10/01/2034		280,781
	375,000		5.000			10/01/2039		452,612
	450,000		5.000			10/01/2048		534,245
	Metropolitan Nashville Airport Authority (The) RB Series 2019 B (AMT) (A/A2)
	7,450,000		5.000			07/01/2054		9,065,509
	Nashville Metropolitan Development & Housing Agency RB for Fifth+ Broadway Development Project Series 2018 (NR/NR)(a)
	850,000		5.125			06/01/2036		968,703
	Shelby County Health Educational & Housing Facilities Board RB Refunding for The Village at Germantown Residential Care Facility Mortgage Series 2012 (WD/NR)(g)
	2,000,000		5.375			12/01/2022		2,118,476
								46,125,042
Municipal Bonds – (continued)
Texas – 5.2%
	Argyle Special Assessment RB for Waterbrook of Argyle Public Improvement District Project Series 2018 (NR/NR)(a)
	410,000		4.250			09/01/2023		423,466
	500,000		4.625			09/01/2028		556,216
	2,340,000		5.125			09/01/2038		2,664,036
	2,580,000		5.250			09/01/2047		2,914,156
	Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (BB/NR)
	305,000		4.000			08/15/2036		334,400
	560,000		4.000			08/15/2041		609,508
	810,000		4.000			08/15/2046		875,982
	Austin Convention Enterprises, Inc. Convention Center Hotel First Tier RB Refunding Series 2017 A (BB+/NR)
	1,480,000		5.000			01/01/2029		1,683,113
	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		2,141,308
	2,435,000		5.000			12/01/2040		2,609,693
	Cedar Bayou Navigation District Special Assessment Series 2020 (NR/NR)
	9,415,000		6.000			09/15/2051		10,067,435
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2015 A (A-/A3)
	3,900,000		5.000			01/01/2045		4,454,353
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2016 (A-/A3)
	1,600,000		5.000			01/01/2040		1,850,328
	2,465,000		5.000			01/01/2046		2,847,042
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A-/A3)
	2,575,000		5.000			01/01/2045		3,152,492
	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		2,537,044
	City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)(a)
	867,000		4.000			09/15/2041		844,860
	1,271,000		4.250			09/15/2051		1,231,255
	City of Austin Special Assessment RB for Estancia Hill Country Public Improvement District Series 2018 (NR/NR)(a)
	5,900,000		5.125			11/01/2033		6,432,844
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2020 (NR/NR)(a)
	430,000		3.750			09/01/2040		443,813
	1,490,000		4.000			09/01/2050		1,540,498
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)(a)(h)
	929,000		4.000			09/01/2051		958,818
	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		461,156
	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		1,307,229
	1,700,000		5.750			09/01/2047		1,962,901

The accompanying notes are an integral part of these financial statements. 135

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Celina Texas Municipal Corp. Special Assessment RB for Sutton Fields II Public Improvement District Phase#2-3 Project Series 2019 (NR/NR)(a)
$	2,380,000		4.250	%		09/01/2049	$	2,526,110
	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		1,846,548
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Major Improvement Area Project Series 2015 (NR/NR)
	3,765,000		7.500			09/01/2045		4,011,360
	City of Celina Texas Municipal Corp. Special Assessment RB for Wells South Public Improvement District Neighborhood Improvement Area #1 Project Series 2015 (NR/NR)
	1,685,000		6.250			09/01/2045		1,765,866
	City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)(a)
	215,000		4.750			09/01/2031		215,654
	450,000		4.250			09/01/2041		452,883
	370,000		5.250			09/01/2041		372,539
	550,000		4.500			09/01/2050		552,164
	500,000		5.500			09/01/2050		501,867
	City of Crandall Cartwright Ranch Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)
	242,000		4.125			09/15/2026		244,474
	261,000		4.750			09/15/2031		265,181
	900,000		4.250			09/15/2041		913,125
	500,000		5.000			09/15/2041		509,805
	1,400,000		4.500			09/15/2051		1,425,844
	650,000		5.250			09/15/2051		665,210
	City of Elmendorf Hickory Ridge Public Improvement District Special Assessment Bond for Improvement Area No. 1 Series 2021 (NR/NR)(a)
	1,071,000		4.000			09/01/2051		1,036,452
	City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)(a)
	692,000		3.875			08/15/2040		712,164
	994,000		4.125			08/15/2050		1,021,490
	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		1,451,501
	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		928,065
	1,920,000		4.500			08/15/2048		1,957,761
	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		2,122,553
	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		4,805,082
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)
	1,390,000		4.500			09/01/2037		1,518,247
	2,435,000		5.000			09/01/2044		2,699,733
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)
	2,235,000		4.500			09/01/2032		2,545,814
	4,715,000		4.500			09/01/2038		5,265,217
	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		2,648,660
	City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)
	1,000,000		4.000			09/01/2056		1,006,720
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	1,500,000		5.000			08/15/2043		1,768,958
	City of Justin Special Assessment for Timberbrook Public Improvement District No. 1 Series 2021 (NR/NR)(a)
	2,051,000		4.000			09/01/2051		2,089,646
	City of Kaufman Special Assessment for Public Improvement District No. 1 Phases#1 Series 2021 (NR/NR)(a)
	575,000		3.625			09/15/2041		574,977
	445,000		4.000			09/15/2050		449,364
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2019 (NR/NR)(a)
	1,405,000		4.625			09/01/2039		1,556,192
	900,000		4.750			09/01/2044		988,378
	City of Kyle Special Assessment RB for Creeks Public Improvement District Series 2020 (NR/NR)(a)
	1,310,000		3.625			09/01/2040		1,317,715
	400,000		4.000			09/01/2046		407,199
	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		1,355,861
	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		1,026,446
	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		627,080
	2,415,000		4.500			09/15/2049		2,603,783
	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		935,297
	City of Liberty Hill Special Assessment Bonds for Summerlyn West Public Improvement District Series 2020 (NR/NR)(a)
	1,890,000		4.000			09/01/2054		1,964,679

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Manor Manor Heights Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)
$	700,000		3.500	%		09/15/2041	$	692,055
	830,000		4.125			09/15/2041		825,515
	900,000		4.000			09/15/2051		914,032
	1,125,000		4.375			09/15/2051		1,112,007
	City of Manor Special Assessment RB for Lagos Public Improvement District Series 2020 (NR/NR)(a)
	295,000		4.500			09/15/2040		323,906
	525,000		4.625			09/15/2049		573,399
	City of Marble Falls Thunder Rock Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(a)
	150,000		4.125			09/01/2026		148,681
	150,000		4.625			09/01/2031		147,885
	900,000		4.125			09/01/2041		877,281
	450,000		4.875			09/01/2041		439,335
	1,370,000		4.375			09/01/2051		1,329,887
	520,000		5.125			09/01/2051		505,257
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #2 Project Series 2019 (NR/NR)(a)
	780,000		4.250			09/15/2039		857,158
	2,950,000		4.375			09/15/2049		3,217,376
	City of Mclendon-Chisholm Special Assessment Bonds Sonoma Public Improvement District Area #3 Project Series 2021 (NR/NR)(a)
	585,000		3.625			09/15/2041		580,063
	820,000		4.000			09/15/2051		826,019
	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		1,282,289
	2,055,000		6.000			09/15/2049		2,273,445
	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		2,669,193
	5,200,000		5.125			09/15/2048		5,773,480
	3,830,000		6.125			09/15/2048		4,241,429
	City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)(a)
	130,000		4.125			09/15/2031		130,520
	420,000		4.500			09/15/2041		423,682
	1,540,000		4.125			09/15/2051		1,544,964
	510,000		4.750			09/15/2051		514,821
	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		596,385
	355,000		5.625			09/01/2040		385,387
	560,000		4.125			09/01/2049		605,278
	1,510,000		5.375			09/01/2050		1,629,537
	City of Oak Point Public Improvement District No. 2 Special Assessment Series 2020 (NR/NR)(a)
	1,175,000		3.750			09/01/2040		1,212,745
	1,060,000		4.000			09/01/2050		1,093,674
	City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)(a)
	467,000		4.000			09/01/2051		479,745
Municipal Bonds – (continued)
Texas – (continued)
	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		1,415,886
	1,465,000		4.500			09/01/2048		1,549,098
	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		2,728,554
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2019 (NR/NR)(a)
	1,035,000		4.375			09/01/2049		1,126,142
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(a)
	126,000		3.875			09/01/2040		132,046
	175,000		4.125			09/01/2050		184,126
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	400,000		4.875			09/01/2039		450,045
	835,000		5.000			09/01/2049		932,452
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(a)
	401,000		4.000			09/01/2051		410,278
	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		2,388,335
	1,185,000		5.500			09/01/2039		1,332,643
	1,490,000		4.750			09/01/2049		1,610,167
	2,140,000		5.750			09/01/2049		2,402,463
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(a)
	750,000		3.750			09/01/2040		792,588
	1,250,000		4.000			09/01/2050		1,329,253
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)(a)(h)
	545,000		4.000			09/01/2051		565,560
	City of Red Oak Public Improvement District No. 1 Special Assessment Bonds for Improvement Area #1 Project Series 2021 (NR/NR)(a)
	809,000		3.375			09/15/2041		781,003
	565,000		4.000			09/15/2051		571,781
	City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)(a)
	1,195,000		3.875			09/15/2040		1,237,988
	1,780,000		4.125			09/15/2050		1,840,576
	City of Royse City Special Assessment for Creekshaw Public Improvement District Series 2020 (NR/NR)(a)
	110,000		4.375			09/15/2030		114,478
	500,000		4.125			09/15/2040		526,831
	1,520,000		4.375			09/15/2050		1,599,750
	600,000		5.125			09/15/2050		632,654
	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		1,911,608
	City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)(a)
	1,070,000		3.750			09/15/2040		1,106,187
	1,490,000		4.000			09/15/2050		1,539,833

The accompanying notes are an integral part of these financial statements. 137

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of San Marcos Special Assessment for Whisper Public Improvement District Series 2020 (NR/NR)
$	665,000	5.375 %		09/01/2040	$	716,548
	1,500,000	5.625		09/01/2050		1,620,947
	City of Shenandoah Special Assessment RB for Metropark Public Improvement District Series 2018 (NR/NR)
	105,000	4.500		09/01/2023		108,401
	780,000	5.000		09/01/2028		865,760
	2,035,000	5.600		09/01/2038		2,331,430
	2,470,000	5.700		09/01/2047		2,800,928
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (BBB-/NR)
	1,175,000	4.000		10/01/2050		1,274,366
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (BB-/NR)
	1,100,000	5.000		10/01/2050		1,188,598
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (NR/A2)
	575,000	4.000		10/01/2050		644,708
	County of Hays Special Assessment for La Cima Public Improvement District Series 2020 (NR/NR)(a)
	800,000	3.750		09/15/2040		827,683
	1,200,000	4.000		09/15/2050		1,241,065
	County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)(a)
	985,000	4.500		09/01/2041		989,660
	765,000	4.750		09/01/2050		769,779
	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		3,330,952
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(a)
	195,000	3.750		08/15/2024		197,877
	350,000	4.000		08/15/2029		359,167
	1,150,000	4.500		08/15/2035		1,187,653
	875,000	5.000		08/15/2044		911,027
	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		1,605,066
	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		5,904,340
	Fort Worth Special Assessment RB for Fort Worth Public Improvement District No. 17 Major Improvement Project Series 2017 (NR/NR)(a)
	1,290,000	5.000		09/01/2027		1,385,778
	895,000	5.000		09/01/2032		940,688
	1,315,000	5.125		09/01/2037		1,367,269
	Grand Parkway Transportation Corp. System Toll Convertible RB Series 2013 B (AA+/NR)(b)
	15,140,000	0.000		10/01/2046		17,327,446
	11,100,000	0.000		10/01/2047		12,718,474
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa1)(f)
		(3 Mo. LIBOR + 0.67%),
	23,855,000	0.754		08/15/2035		23,575,143
Municipal Bonds – (continued)
Texas – (continued)
	Harris County-Houston Sports Authority RB Refunding Series 2004 A (NATL-RE) (BB/Baa2)(e)
	5,525,000	0.000		11/15/2036		2,504,237
	Hickory Creek Texas Special Assessment RB for Hickory Farms Public Improvement Series 2019 (NR/NR)(a)
	1,340,000	4.500		09/01/2039		1,455,405
	1,800,000	4.750		09/01/2049		1,950,725
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	595,000	3.750		09/01/2032		650,904
	510,000	3.875		09/01/2037		557,420
	930,000	4.000		09/01/2047		1,007,722
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (B/NR)
	15,835,000	5.000		07/15/2028		18,775,962
	Houston Airport System RB for United Airlines, Inc. Series 2021 B-1 (AMT) (B-/NR)
	3,275,000	4.000		07/15/2041		3,483,741
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 A (AMT) (B-/NR)
	875,000	5.000		07/01/2027		1,024,851
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (B-/NR)
	2,750,000	5.000		07/15/2027		3,223,070
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (B-/NR)
	2,780,000	5.000		07/15/2027		3,247,931
	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		10,055,793
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal E Project Series 2014 A (AMT) (B/Ba3)
	9,250,000	5.000		07/01/2029		10,068,619
	Houston Airport System Special Facilities RB Refunding for United Airlines, Inc. Terminal Improvement Projects Series 2015 B-1 (AMT) (B/NR)
	10,500,000	5.000		07/15/2035		11,545,330
	Houston Airport System Subordinate Lien RB Series 2020 A (AMT) (A/A1)
	4,225,000	4.000		07/01/2047		4,779,738
	Houston Higher Education Finance Corp. RB for Houston Baptist University Series 2021 (BBB-/NR)
	1,035,000	4.000		10/01/2051		1,123,254
	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		2,076,912
	Justin Special Assessment RB for Timberbrook Public Improvement District No. 1 Major Improvement Area Project Series 2018 (NR/NR)(a)
	265,000	4.500		09/01/2023		274,431
	785,000	5.000		09/01/2028		880,592
	1,170,000	5.375		09/01/2038		1,320,385
	1,930,000	5.125		09/01/2047		2,134,640
	1,500,000	5.500		09/01/2047		1,679,705

138 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)
	Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR)
$	165,000	2.375 %		09/01/2031	$	162,075
	165,000	2.375		09/01/2032		161,138
	175,000	2.375		09/01/2033		169,967
	175,000	2.500		09/01/2034		170,392
	365,000	2.500		09/01/2036		350,928
	385,000	2.625		09/01/2038		372,364
	370,000	3.000		09/01/2041		363,947
	520,000	3.000		09/01/2046		495,546
	1,265,000	3.000		09/01/2051		1,187,954
	Lake Houston Redevelopment Authority RB Refunding for City of Houston Reinvestment Zone No. 10 Series 2021 (BBB-/NR)
	480,000	2.500		09/01/2041		458,079
	590,000	3.000		09/01/2044		602,884
	650,000	3.000		09/01/2047		660,565
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)(a)
	19,675,000	4.625		10/01/2031		20,691,357
	Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)
	705,000	5.500		02/15/2040		785,082
	1,325,000	5.250		02/15/2045		1,444,578
	780,000	4.000		02/15/2051		779,597
	Montgomery County Toll Road Authority Senior Lien RB Series 2018 (BBB-/NR)
	1,850,000	5.000		09/15/2043		2,064,375
	2,800,000	5.000		09/15/2048		3,113,831
	New Home Independent School District GO Bonds Series 2021 (PSF-GTD) (NR/Aaa)
	4,690,000	3.000		02/15/2051		4,980,212
	New Hope Cultural Education Facilities Finance Corp. RB for Westminster Manor Series 2021 (BBB/NR)
	1,400,000	4.000		11/01/2055		1,565,637
	New Hope Cultural Education Facilities Finance Corp. RB Refunding for Wichita Falls Retirement Foundation Obligated Group Series 2021 (BB+/NR)(h)
	1,630,000	4.000		01/01/2036		1,771,104
	1,600,000	4.000		01/01/2041		1,724,561
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Cityscape Schools, Inc. Series 2019 A (BBB-/NR)(a)
	1,465,000	5.000		08/15/2051		1,665,282
	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 (NR/WR)(g)
	635,000	5.000		04/01/2026		755,529
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Tarleton State University Collegiate Housing Project Series 2015 A (NR/WR)(g)
	1,000,000	5.000		04/01/2025		1,157,453
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Texas A&M University at Galveston Collegiate Housing Project Series 2014 A (NR/WR)(g)
	1,385,000	4.750		04/01/2024		1,527,664
Municipal Bonds – (continued)
Texas – (continued)
	North Texas Tollway Authority RB for Second Tier Series 2021 B (A/A2)
	7,520,000	3.000		01/01/2046		7,855,212
	11,280,000	3.000		01/01/2051		11,730,472
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	8,500,000	5.000		01/01/2048		10,064,535
	Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)(a)
	1,650,000	2.750		01/01/2036		1,625,045
	1,875,000	2.875		01/01/2041		1,835,493
	4,700,000	3.000		01/01/2050		4,400,959
	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		10,327,441
	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		4,275,638
	Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)(a)
	29,500,000	4.100		01/01/2028		28,989,175
	Rowlett Special Assessment RB for Bayside Public Improvement District North Improvement Area Project Series 2016 (NR/NR)
	175,000	5.750		09/15/2036		182,361
	460,000	6.000		09/15/2046		474,508
	Royse Special Assessment RB for Parkside Village Public Improvement District Series 2019 (NR/NR)(a)
	825,000	4.125		09/15/2039		883,171
	3,275,000	4.375		09/15/2049		3,502,277
	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		7,839,556
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(f)
		(3 Mo. LIBOR + 0.70%),
	5,770,000	0.778		12/15/2026		5,794,025
	Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (BBB+/A3)
	2,815,000	5.000		12/15/2031		3,729,985
	2,575,000	5.000		12/15/2032		3,445,486
	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		5,781,531
	3,750,000	4.000		12/31/2038		4,326,013
	3,000,000	4.000		12/31/2039		3,452,340
	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		4,335,870
	3,900,000	5.000		12/31/2055		4,325,970

The accompanying notes are an integral part of these financial statements. 139

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners LLC Series 2013 (AMT) (BBB-/Baa3)
$	5,000,000		6.750	%		06/30/2043	$	5,573,409
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)
	38,190,000		5.000			06/30/2058		45,639,781
	Texas Transportation Commission Central Turnpike System RB Refunding Second Tier Series 2015 C (A-/Baa1)
	2,850,000		5.000			08/15/2042		3,185,782
	Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)(a)
	1,500,000		4.000			09/01/2043		1,519,582
	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		1,560,628
	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		1,536,224
	Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (NR/Baa2)
	1,630,000		3.000			09/01/2036		1,717,475
	860,000		3.000			09/01/2037		902,269
	625,000		3.000			09/01/2039		652,510
	600,000		3.000			09/01/2040		624,309
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	390,000		3.125			12/01/2035		395,802
	457,000		3.375			12/01/2040		463,460
	786,000		3.500			12/01/2047		796,612
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	64,000		4.000			12/01/2021		64,242
	500,000		4.000			12/01/2027		531,992
	1,545,000		4.750			12/01/2035		1,653,578
								603,185,304
Utah – 0.9%
	Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)(a)
	2,010,000		3.750			03/01/2041		2,012,579
	7,125,000		4.000			03/01/2051		7,133,044
	Black Desert Public Infrastructure District GO Bonds Series 2021 B (NR/NR)(a)
	5,000,000		7.375			09/15/2051		4,918,119
	Carbon County Solid Waste Disposal RB Refunding for Sunnyside Cogeneration Series 1999 A (NR/NR)
	5,695,000		7.100			08/15/2023		5,906,499
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 A (NR/NR)(a)
	10,250,000		5.500			02/01/2050		10,519,597
Municipal Bonds – (continued)
Utah – (continued)
	Medical School Campus Public Infrastructure District GO Bonds Series 2020 B (NR/NR)(a)
	1,954,000		7.875			08/15/2050		1,942,684
	Mida Mountain Village Public Infrastructure District Special Assessment for Mountain Village Assessment Area No. 2 Series 2021 (NR/NR)(a)
	10,175,000		4.000			08/01/2050		10,564,907
	Military Installation Development Authority RB Series 2021 A-1 (NR/NR)
	1,500,000		4.000			06/01/2036		1,560,857
	800,000		4.000			06/01/2041		820,723
	7,200,000		4.000			06/01/2052		7,298,842
	Military Installation Development Authority RB Series 2021 A-2 (NR/NR)
	2,500,000		4.000			06/01/2036		2,583,892
	2,500,000		4.000			06/01/2041		2,547,493
	6,750,000		4.000			06/01/2052		6,813,686
	Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)(a)
	1,180,000		3.625			02/01/2035		1,219,497
	500,000		4.125			02/01/2041		517,075
	500,000		4.375			02/01/2051		518,663
	Red Bridge Public Infrastructure District No. 1 GO Bonds Series 2021 B (NR/NR)(a)
	600,000		7.375			08/15/2051		601,809
	ROAM Public Infrastructure District No. 1 GO Bonds Series 2021 A (NR/NR)(a)
	1,625,000		4.250			03/01/2051		1,581,532
	Salt Lake City RB for International Airport Series 2017 A (AMT) (A/A2)
	6,000,000		5.000			07/01/2047		7,118,063
	Salt Lake City RB for International Airport Series 2018 A (AMT) (A/A2)
	4,640,000		5.000			07/01/2048		5,575,140
	Salt Lake City RB for International Airport Series 2021 A (AMT) (A/A2)
	14,575,000		5.000			07/01/2051		18,088,066
								99,842,767
Vermont – 0.0%
	Vermont Economic Development Authority RB Refunding for Wake Robin Corp. Series 2017 A (NR/NR)
	1,000,000		5.000			05/01/2047		1,112,260
Virgin Islands – 0.3%
	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		10,800,026
	7,910,000		5.000			10/01/2029		7,928,372
	Virgin Islands Public Finance Authority RB Matching Fund Loan Note Series 2012 A (NR/Caa2)
	6,080,000		5.000			10/01/2032		6,020,867
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2014 C (WD/NR)
	9,850,000		5.000			10/01/2039		9,582,250

140 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)
Virgin Islands – (continued)
	Virgin Islands Public Finance Authority RB Refunding Series 2014 C (AGM-CR) (AA/A2)
$	3,515,000		5.000	%		10/01/2039	$	3,823,404
	Virgin Islands Public Finance Authority RB Senior Lien Matching Fund Loan Notes Refunding for Cruzan Project Series 2009 A (NR/Caa3)
	1,945,000		6.000			10/01/2039		1,949,409
								40,104,328
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		3,023,593
	County of Fairfax Sewer RB Series 2021 A (AAA/Aaa)
	20,580,000		4.000			07/15/2051		24,314,097
	Farms New Kent Community Development Authority Special Assessment Bond Series 2021 A (NR/NR)(a)
	5,075,000		3.750			03/01/2036		5,453,852
	Farmville Industrial Development Authority RB Refunding for Longwood Housing Foundation LLC Series 2020 A (BBB-/NR)
	5,000,000		5.000			01/01/2050		6,036,971
	5,000,000		5.000			01/01/2059		5,997,633
	James City County Economic Development Authority RB Refunding for Virginia United Methodist Homes, Inc. Obligated Group Series 2021 A (NR/NR)
	580,000		4.000			06/01/2041		632,321
	940,000		4.000			06/01/2047		1,011,923
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR)
	710,000		4.000			04/01/2045		792,718
	880,000		5.000			04/01/2049		1,056,822
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 A-1 (B-/B3)
	11,280,000		6.706			06/01/2046		11,778,566
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)(e)
	236,845,000		0.000			06/01/2047		58,128,868
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 D (CCC-/NR)(e)
	34,250,000		0.000			06/01/2047		7,477,104
	Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (BBB-/NR)
	1,525,000		3.000			06/01/2041		1,567,466
	1,050,000		4.000			06/01/2046		1,182,688
	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		1,635,968
	520,000		5.000			12/31/2052		614,995
	26,545,000		5.000			12/31/2056		31,374,281
	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		4,294,594
	3,370,000		5.000			07/01/2049		3,404,528
Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Small Business Financing Authority Solid Waste Disposal Facilities RB for Covanta Holding Corp. Project Series 2018 (AMT) (B/NR)(a)(c)(d)
	1,000,000		5.000			07/01/2038		1,050,893
								170,829,881
Washington – 1.2%
	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		7,795,699
	Port of Seattle RB Refunding for Intermediate Lien Series 2021 C (AMT) (A+/A1)
	7,000,000		5.000			08/01/2046		8,766,958
	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		4,575,135
	Washington Higher Education Facilities Authority RB for Seattle University Series 2020 (A/NR)
	1,125,000		4.000			05/01/2050		1,274,599
	Washington State Convention Center Public Facilities District Lodging Tax RB Series 2018 (BAM) (AA/Baa3)
	1,000,000		4.000			07/01/2058		1,115,981
	Washington State Convention Center Public Facilities District RB Series 2018 (BBB-/Baa1)
	16,450,000		5.000			07/01/2048		19,823,242
	37,700,000		4.000			07/01/2058		42,198,119
	35,975,000		5.000			07/01/2058		43,270,108
	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		1,513,882
	3,800,000		5.000			01/01/2055		4,239,602
								134,573,325
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		952,171
	2,685,000		3.000			03/01/2037		2,652,758
	2,685,000		3.250			03/01/2041		2,661,733
	Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)(a)
	2,725,000		4.125			06/01/2043		3,023,723
	Monongalia County Commission Excise Tax District RB Series 2021 B (NR/NR)(a)
	1,650,000		4.875			06/01/2043		1,775,602
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2020 (AMT) (B/B2)(c)(d)
	3,250,000		5.000			07/01/2025		3,528,855
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B/B2)(c)(d)
	4,850,000		4.125			07/01/2025		5,118,604

The accompanying notes are an integral part of these financial statements. 141

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
West Virginia – (continued)
	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	$	7,349,024
	13,000,000		4.125			01/01/2047		14,527,278
	West Virginia Hospital Finance Authority RB Refunding for Charleston Area Medical Center, Inc. Obligated Group Series 2019 A (NR/Baa1)
	1,650,000		5.000			09/01/2038		2,007,516
	1,525,000		5.000			09/01/2039		1,851,160
								45,448,424
Wisconsin – 1.3%
	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		1,073,439
	2,350,000		4.125			07/01/2049		2,631,416
	1,300,000		5.000			07/01/2054		1,538,238
	1,600,000		5.000			07/01/2058		1,891,007
	Public Finance Authority Education RB for North Carolina Leadership Charter Academy, Inc. Series 2019 A (NR/NR)(a)
	280,000		4.000			06/15/2029		300,328
	385,000		5.000			06/15/2039		419,543
	495,000		5.000			06/15/2049		533,326
	430,000		5.000			06/15/2054		462,322
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB/Baa3)
	5,900,000		4.300			11/01/2030		6,572,395
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	760,000		4.000			07/01/2045		847,749
	950,000		4.000			07/01/2050		1,055,724
	1,185,000		4.000			07/01/2055		1,313,014
	1,520,000		4.000			07/01/2059		1,683,202
	Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (NR/Ba1)(a)
	5,650,000		5.000			12/01/2055		6,309,514
	Public Finance Authority RB for Coral Academy Of Science Las Vegas Series 2021 A (BBB-/NR)
	4,115,000		4.000			07/01/2061		4,452,602
	Public Finance Authority RB for Eno River Academy Holdings, Inc. Series 2020 A (NR/Ba1)(a)
	1,300,000		5.000			06/15/2054		1,458,531
	Public Finance Authority RB for Founders Academy of Las Vegas Series 2020 A (BB-/NR)(a)
	520,000		4.000			07/01/2030		559,732
	700,000		5.000			07/01/2040		781,225
	1,875,000		5.000			07/01/2055		2,059,032
	Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)(a)
	300,000		5.000			06/01/2036		332,752
	900,000		5.000			06/01/2051		974,867
	1,075,000		5.000			06/01/2061		1,157,007
	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		3,567,632
	7,110,000		5.250			03/01/2055		8,126,180
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB for McLemore Resort Manager LLC Series 2021 A (NR/NR)(a)
	9,400,000		4.500			06/01/2056		9,329,625
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-1 (NR/NR)*(a)
	41,995		5.500			12/01/2048		20,997
	Public Finance Authority RB for Minnesota Medical University LLC Series 2019 A-2 (NR/NR)*(a)
	85,207		7.250			12/01/2048		42,604
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (NR/Ba2)(a)
	12,925,000		5.625			06/01/2050		12,884,218
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (NR/Ba2)(a)
	14,840,000		6.500			06/01/2045		14,218,545
	Public Finance Authority RB for Prime Healthcare Foundation, Inc. Series 2018 A (BBB-/NR)
	2,600,000		5.200			12/01/2037		3,083,320
	1,525,000		5.350			12/01/2045		1,796,301
	Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (BB+/NR)(a)
	4,470,000		6.000			07/01/2031		4,555,596
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)(a)
	565,000		5.000			04/01/2040		671,039
	2,000,000		5.000			04/01/2050		2,342,022
	Public Finance Authority RB for The Foundation of The University of North Carolina at Charlotte, Inc. Series 2021 A (NR/NR)(h)
	2,825,000		4.000			09/01/2051		2,941,842
	1,875,000		4.000			09/01/2056		1,936,706
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A/A3)
	1,425,000		4.000			01/01/2045		1,613,823
	1,900,000		3.000			01/01/2050		1,975,572
	Public Finance Authority RB Refunding for Coral Academy of Science Reno Series 2019 A (NR/NR)(a)
	1,950,000		5.000			06/01/2050		2,101,995
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
	12,080,000		4.000			01/01/2052		13,182,243
	Public Finance Authority RB Refunding for Penick Village Obligated Group Series 2019 (NR/NR)(a)
	1,450,000		5.000			09/01/2049		1,557,920
	1,360,000		5.000			09/01/2054		1,458,043
	Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (BB+/NR)(a)
	9,950,000		4.500			07/01/2048		11,154,969
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)(a)
	3,205,000		6.125			10/01/2049		3,522,082
	Public Finance Authority RB Refunding for UMA Education, Inc. Series 2019 A (BB/NR)(a)
	1,020,000		5.000			10/01/2034		1,224,120
	350,000		5.000			10/01/2039		415,257

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority Retirement Communities RB Refunding for The Evergreens Obligated Group Series 2019 A (BBB/NR)
$	575,000		5.000	%		11/15/2044	$	667,574
	765,000		5.000			11/15/2049		885,323
	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		3,557,482
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	385,000		4.000			03/15/2040		433,886
	1,115,000		5.000			03/15/2050		1,321,079
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	1,315,000		3.000			02/01/2042		1,344,382
	435,000		4.000			02/01/2045		487,205
								150,826,547
Wyoming – 0.3%
	County of Campbell RB Refunding for Basin Electric Power Cooperative Series 2019 A (A/A3)
	32,340,000		3.625			07/15/2039		34,441,489
	TOTAL MUNICIPAL BONDS
	(Cost $10,311,817,396)						$	11,407,042,472
Corporate Bonds – 0.4%
Health Care Equipment & Services – 0.2%
	CommonSpirit Health
$	1,293,000		4.350	%		11/01/2042	$	1,483,943
	Prime Healthcare Foundation, Inc. Series B
	16,525,000		7.000			12/01/2027		19,273,608
	Tower Health Series 2020
	4,780,000		4.451			02/01/2050		4,274,969
								25,032,520
Real Estate(i) – 0.2%
	Benloch Ranch Improvement Association No. 1 Series 2020
	12,165,000		9.750			12/01/2039		12,757,436
	Benloch Ranch Improvement Association No. 1 Series 2021(a)
	7,500,000		9.750			12/01/2039		7,865,250
								20,622,686
	TOTAL CORPORATE BONDS
	(Cost $41,458,003)						$	45,655,206
	TOTAL INVESTMENTS – 97.8%
	(Cost $10,353,275,399)						$	11,452,697,678
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.2%							252,953,727
	NET ASSETS – 100.0%						$	11,705,651,405

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)	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, 2021.
(d)	Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(g)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(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.

The accompanying notes are an integral part of these financial statements. 143

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Investment Abbreviations:
AGC	—Insured by Assured Guaranty Corp.
AGC-ICC	—Agency Insured Custody Certificate
AGM	—Insured by Assured Guaranty Municipal Corp.
AGM-CR	—Insured by Assured Guaranty Municipal Corp. Insured Custodial Receipts
AMBAC	—Insured by American Municipal Bond Assurance Corp.
AMT	—Alternative Minimum Tax
ASSURED GTY	—Insured by Assured Guaranty
BAM	—Build America Mutual Assurance Co.
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
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
PSF-GTD	—Guaranteed by Permanent School 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

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
U.S. Treasury 10 Year Ultra Note		(3,069	)		12/21/2021	$	(446,299,734	)	$	6,657,989
U.S. Treasury Ultra Bond		(1,173	)		12/21/2021		(224,739,469	)		5,658,912
Total Futures Contracts									$	12,316,901

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund			Credit Spread at September 30, 2021(b)	Counterparty		Termination Date		Notional Amount (000’s)		Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023		1.000	%	0.183%		Bank of America NA		03/20/2023	USD	4,000	$	49,610		$	(29,094	)	$	78,704
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000		0.183		JPMorgan Chase Bank NA		03/20/2023		9,000		111,624			(65,461	)		177,085
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000		0.204				09/20/2023		15,000		241,295			(137,546	)		378,841
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000		0.218		Morgan Stanley Co., Inc.		12/20/2023		10,000		177,411			(62,891	)		240,302
Illinois State GO Bonds, Series A, 5.000%, 06/01/2029		1.000		1.171				12/20/2023		10,000		(33,700	)		(170,224	)		136,524
TOTAL											$	546,240		$	(465,216	)	$	1,011,456

(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. 145

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 92.9%
Alabama – 0.6%
	Hoover Industrial Development Board RB for United States Steel Corp. Series 2019 (AMT) (B/B3)
$	200,000	5.750%		10/01/2049	$	237,209
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	125,000	5.000		10/01/2030		143,159
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	200,000	5.500		10/01/2053		222,122
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	30,000	6.500		10/01/2053		34,662
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 F (BBB/NR)(a)
	125,000	0.000		10/01/2050		128,455
	Southeast Energy Authority A Cooperative District RB for Project No. 2 Series 2021 B (NR/A1)(b)(c)
	200,000	4.000		12/01/2031		242,273
						1,007,880
Alaska – 0.1%
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (BBB-/NR)
	100,000	4.000		06/01/2050		114,553
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-1 (BBB+/NR)
	25,000	0.500		06/01/2031		24,696
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 B-2 (NR/NR)(d)
	375,000	0.000		06/01/2066		81,727
						220,976
American Samoa – 0.1%
	American Samoa Economic Development Authority RB Refunding Series 2021 B (NR/Ba3)(e)
	100,000	2.470		09/01/2024		100,442
	American Samoa Economic Development Authority RB Refunding Series 2021 C (NR/Ba3)(e)
	100,000	3.720		09/01/2027		100,764
						201,206
Arizona – 1.3%
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(f)
	495,000	(3 Mo. LIBOR + 0.81%), 0.907		01/01/2037		490,709
	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		26,732
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project First Tier Series 2019 A (CCC+/NR)
	180,000	4.500		01/01/2049		179,526
	Arizona Industrial Development Authority RB for Kipp New York, Inc. Jerome Facility Series 2021 B (BBB-/NR)
	50,000	4.000		07/01/2051		52,912
Municipal Bonds – (continued)
Arizona – (continued)
	Arizona Industrial Development Authority RB for Kipp New York, Inc. Macombs Facility Series 2021 A (BBB-/NR)
	65,000	4.000		07/01/2051		71,417
	Arizona Industrial Development Authority RB for Somerset Academy of Las Vegas Series 2021 A (BB/NR)(e)
	25,000	4.000		12/15/2051		26,823
	Arizona Industrial Development Authority RB Refunding for Doral Academy of Northern Nevada Obligated Group Series 2021 A (NR/Ba1)(e)
	265,000	4.000		07/15/2041		290,386
	City of Phoenix Civic Improvement Corporation RB for Rental Car Facility Charge Series 2019 A (BBB+/A3)
	100,000	5.000		07/01/2045		120,534
	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		104,445
	Glendale Industrial Development Authority RB for People of Faith, Inc. Obligated Group Series 2020 A (BBB-/NR)
	100,000	5.000		05/15/2041		113,882
	Glendale Industrial Development Authority RB Refunding for Sun Health Services Obligated Group Series 2019 A (A-/NR)
	140,000	5.000		11/15/2042		161,287
	La Paz County Industrial Development Authority RB for Harmony Public Schools Series 2021 A (BBB/NR)
	50,000	4.000		02/15/2046		55,443
	Maricopa County Industrial Development Authority RB for Arizona Autism Charter Schools Obligated Group Series 2021 A (BB/NR)(e)(g)
	40,000	4.000		07/01/2051		43,200
	Maricopa County Industrial Development Authority RB for Ottawa University Series 2020 (NR/NR)(e)
	25,000	5.125		10/01/2030		28,122
	Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (BBB+/A3)
	425,000	5.000		12/01/2037		584,781
						2,350,199
Arkansas – 0.1%
	Arkansas Development Finance Authority RB for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 B (NR/NR)
	25,000	4.250		07/01/2041		27,131
	25,000	3.500		07/01/2046		24,561
	25,000	4.000		07/01/2052		26,370
	Arkansas Development Finance Authority RB Refunding for Central Arkansas Radiation Therapy Institute, Inc. Series 2021 (NR/NR)
	100,000	3.500		07/01/2038		101,297
	Batesville Public Facilities Board RB Refunding for White River Health System Obligated Group Series 2020 (BBB-/NR)
	50,000	5.000		06/01/2027		59,206
						238,565
California – 9.1%
	Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AGM) (AA/A2)(d)
	200,000	0.000		08/01/2036		135,499

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California Community Housing Agency Aster Apartments RB Series 2021 A-1 (NR/NR)(e)
$	150,000		4.000	%		02/01/2056	$	163,612
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (BBB-/NR)
	50,000		4.000			06/01/2049		56,331
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (BBB+/NR)
	50,000		4.000			06/01/2049		57,696
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (BBB-/NR)
	25,000		5.000			06/01/2049		30,430
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-2 (NR/NR)(d)
	250,000		0.000			06/01/2055		62,621
	California County Tobacco Securitization Agency Tobacco Settlement RB Capital Appreciation Subordinate Series 2006 C (WD/NR)(d)
	400,000		0.000			06/01/2055		49,594
	California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC – M@College Project Series 2020 A (NR/Baa3)
	50,000		5.000			08/01/2045		60,993
	California Health Facilities Financing Authority RB Refunding for Children’s Hospital Los Angeles Obligated Group Series 2017 A (BBB+/Baa2)
	250,000		5.000			08/15/2047		294,467
	California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A-/A3)
	100,000		5.000			02/01/2036		119,439
	California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (BBB-/NR)
	100,000		4.000			07/01/2041		114,376
	California Municipal Finance Authority RB Refunding for Eisenhower Medical Center Series 2017 A (BBB-/Baa2)
	150,000		5.000			07/01/2047		177,049
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	125,000		5.000			12/31/2034		151,573
	125,000		5.000			12/31/2035		151,334
	75,000		5.000			12/31/2037		90,437
	200,000		5.000			12/31/2038		240,984
	California Public Finance Authority RB for Excelsior Charter School Project Series 2020 A (NR/NR)(e)
	55,000		5.000			06/15/2040		60,086
	California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (BBB-/NR)(e)
	35,000		3.000			10/01/2031		37,563
	California School Finance Authority RB for Classical Academy Obligated Group Series 2021 B (BBB-/NR)(e)
	25,000		2.250			10/01/2023		25,086
Municipal Bonds – (continued)
California – (continued)
	California School Finance Authority RB for Lifeline Education Charter School, Inc. Series 2020 A (BB+/NR)(e)
	365,000		3.000			07/01/2030		381,562
	California School Finance Authority RB for Santa Clarita Valley International Charter School Series 2021 A (NR/NR)(e)
	260,000		4.000			06/01/2031		285,358
	California School Finance Authority RB Refunding Series 2016 (BBB/NR)(e)
	125,000		5.000			08/01/2046		139,632
	California Statewide Communities Development Authority Community Facilities District No. 2020-02 Special Tax for Improvement Area No. 1 Series 2021 (NR/NR)
	125,000		4.000			09/01/2051		137,980
	California Statewide Communities Development Authority Infrastructure Program Special Assessment Bonds Series 2019 A (NR/NR)
	50,000		5.000			09/02/2048		58,880
	California Statewide Communities Development Authority RB for Loma Linda University Medical Center Obligated Group Series 2018 A (BB-/NR)(e)
	50,000		5.250			12/01/2043		58,363
	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)
	200,000		5.000			05/15/2042		237,429
	City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2020 (NR/NR)
	200,000		4.000			09/01/2050		222,578
	City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR)
	50,000		4.000			09/01/2041		56,186
	City & County of San Francisco Special Tax District No. 2020-1 for Mission Rock Facilities and Services Series 2021 A (NR/NR)(e)
	50,000		4.000			09/01/2036		57,488
	City of Calimesa CA Community Facilities District No. 2018-1 Special Tax Series 2020 (NR/NR)
	185,000		4.000			09/01/2033		210,698
	City of Chula Vista CA Community Facilities District No. 16-1 Special Tax for Improvement Area No. 2 Series 2021 (NR/NR)
	250,000		4.000			09/01/2046		277,279
	City of Dublin Community Facilities District No. 2015-1 Special Tax Bonds for Improvement Area No. 3 Series 2021 (NR/NR)
	50,000		4.000			09/01/2045		55,860
	50,000		4.000			09/01/2051		55,646
	City of Fontana Community Facilities District No. 90 Special Tax for Summit at Rosena Phase One Series 2021 (NR/NR)
	25,000		4.000			09/01/2041		28,478
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	25,000		3.000			09/01/2039		26,246
	City of Ontario Community Facilities District No. 53 Special Tax Bonds Series 2021 (NR/NR)
	650,000		4.000			09/01/2042		741,440
	City of Oroville RB for Oroville Hospital Series 2019 (B+/NR)
	250,000		5.250			04/01/2049		274,923

The accompanying notes are an integral part of these financial statements. 147

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	City of Palm Desert Community Facilities District No. 2005-1 Special Tax Refunding Bonds Series 2021 A (NR/NR)
$	25,000	4.000 %		09/01/2036	$	28,309
	City of Palm Desert Community Facilities District No. 2021-1 Special Tax Refunding Bonds Series 2021 (NR/NR)
	100,000	3.000		09/01/2031		101,296
	City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR)
	500,000	4.000		09/02/2037		560,692
	City of Rocklin Community Facilities District No. 10 Special Tax Bonds Series 2019 (NR/NR)
	100,000	5.000		09/01/2030		112,414
	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		281,567
	City of Roseville Special Tax Villages at Sierra Vista Community Facilities District No. 1 Series 2020 (NR/NR)
	25,000	4.000		09/01/2040		27,879
	City of Sacramento Greenbriar Community Facilities District No. 2018-03 Special Tax Bonds for Improvement Area No. 1 Series 2021 (NR/NR)
	25,000	4.000		09/01/2050		27,867
	City of San Luis Obispo Community Facilities District No. 2019-1 Special Tax Bonds Series 2021 (NR/NR)
	25,000	4.000		09/01/2041		28,460
	CMFA Special Finance Agency VII The Breakwater Apartments RB Series 2021 A-1 (NR/NR)(e)
	150,000	3.000		08/01/2056		140,721
	County of Madera Community Facilities District No. 2017-1 Special Tax Series 2020 (NR/NR)
	100,000	4.000		09/01/2040		111,281
	Foothill-Eastern Transportation Corridor Agency RB Refunding for Senior Lien Series 2021 A (A-/Baa2)
	250,000	4.000		01/15/2046		285,158
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds for Capital Appreciation Subseries 2007 B (CCC-/NR)(d)
	300,000	0.000		06/01/2047		68,165
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BBB-/NR)
	300,000	5.000		06/01/2034		363,933
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (NR/NR)
	490,000	5.000		06/01/2047		503,666
	125,000	5.250		06/01/2047		128,735
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-2 (NR/NR)
	205,000	5.000		06/01/2047		210,717
	Inland Empire Tobacco Securitization Authority RB Turbo Asset- Backed Bonds for Capital Appreciation Series 2007 C-1 (CCC/NR)(d)
	250,000	0.000		06/01/2036		96,214
	Los Angeles Community College District GO Refunding Bonds Series 2020 (AA+/Aaa)
	1,000,000	2.106		08/01/2032		1,005,723
Municipal Bonds – (continued)
California – (continued)
	Los Angeles Department of Airports Subordinated RB Refunding Series 2015 C (A+/Aa3)
	275,000	5.000		05/15/2028		318,792
	Los Angeles Department of Airports Subordinated RB Refunding Series 2021 B (A+/Aa3)
	225,000	5.000		05/15/2038		291,258
	225,000	5.000		05/15/2039		290,233
	Los Angeles Department of Airports Subordinated RB Series 2018 C (AMT) (A+/Aa3)
	60,000	5.000		05/15/2030		74,108
	Modesto Irrigation District Financing Authority RB for Domestic Water Project Series 2007 F (NATL-RE) (AA-/Baa2)(f)
	25,000	(3 Mo. LIBOR + 0.63%), 0.710		09/01/2037		24,934
	Needles Unified School District GO Bonds 2011 B (AGM) (AA/A2)(a)
	865,000	0.000		08/01/2041		847,216
	Palomar Health RB Refunding for Palomar Health Series 2017 (AGM) (AA/A2)
	500,000	5.000		11/01/2047		610,641
	Palomar Pomerado Health GO Bonds Capital Appreciation for Election of 2004 Series 2009 A (ASSURED GTY) (AA/A2)(d)
	800,000	0.000		08/01/2031		666,709
	50,000	0.000		08/01/2033		39,449
	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		129,961
	River Islands Public Financing Authority Community Facilities District No. 2021-1 Special Tax Series 2021 (NR/NR)
	35,000	4.000		09/01/2046		37,198
	Roseville California Community Facilities District No. 5 Special Tax for Fiddyment Ranch Project Series 2021 (NR/NR)
	25,000	2.500		09/01/2037		24,521
	25,000	4.000		09/01/2041		28,460
	50,000	4.000		09/01/2050		56,324
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)(f)
	100,000	(3 Mo. LIBOR + 0.55%, 12.00% Cap), 0.630		06/01/2034		99,527
	San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (AA-/Aa2)(d)
	300,000	0.000		07/01/2031		260,650
	San Francisco City & County Airport Commission RB for San Francisco International Airport Series 2019 B (A/A1)
	400,000	5.000		05/01/2049		491,104
	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		562,346
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2016 A (ETM) (A/A1)(h)
	150,000	5.000		05/01/2022		154,215
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2020 A (AMT) (A/A1)
	200,000	4.000		05/01/2040		229,931

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2020 B (A/A1)
$	225,000		4.000	%		05/01/2038	$	267,090
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (NR/Baa3)
	100,000		4.000			08/01/2032		115,846
	Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 1 Series 2018 B (AA+/Aa1)
	100,000		4.000			08/01/2044		116,970
	200,000		4.000			08/01/2050		231,764
	Santa Monica-Malibu Unified School District GO Bonds for School Facilities Improvement Discrict No. 2 Series 2018 B (AA+/Aa1)
	250,000		4.000			08/01/2050		289,705
	Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Series 2020 (NR/NR)
	100,000		4.000			09/01/2050		110,350
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-2 (NR/NR)(d)
	300,000		0.000			06/01/2060		74,293
	Town of Tiburon Special Assessment for Assessment District No. 2017-1 Series 2021 A (NR/NR)
	50,000		2.500			09/02/2046		48,660
	William S Hart Union High School District Community Facilities Dist No. 2015-1 Special Tax Bonds Series 2017 (NR/NR)
	25,000		5.000			09/01/2047		28,164
								15,988,412
Colorado – 2.7%
	Citadel on Colfax Business Improvement District Senior RB Series 2020 A (NR/NR)
	125,000		5.350			12/01/2050		135,150
	Citadel on Colfax Business Improvement District Senior RB Series 2020 B (NR/NR)
	100,000		7.875			12/15/2050		102,616
	Colorado Health Facilities Authority RB for Parkview Medical Center, Inc. Obligated Group Series 2020 A (NR/Baa1)
	200,000		4.000			09/01/2045		229,313
	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		116,077
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (BBB+/Baa1)
	400,000		4.000			08/01/2039		458,431
	1,000,000		4.000			08/01/2044		1,133,597
	Denver City & County Airport RB Refunding Series 2018 A (AMT) (A/A2)
	250,000		5.000			12/01/2038		305,542
	75,000		5.250			12/01/2048		91,962
	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		105,805
Municipal Bonds – (continued)
Colorado – (continued)
	Denver Health & Hospital Authority RB Refunding Series 2019 A (BBB/NR)
	500,000		5.000			12/01/2033		626,506
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)(d)
	20,000		0.000			09/01/2034		15,423
	E-470 Public Highway Authority RB Series 2004 B (NATL-RE) (A/A2)(d)
	110,000		0.000			09/01/2030		94,738
	Rampart Range Metropolitan District No. 5 RB Series 2021 (NR/NR)(g)
	500,000		4.000			12/01/2041		508,853
	Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (A-/Baa2)
	20,000		5.000			01/15/2027		24,012
	15,000		5.000			07/15/2027		18,218
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	65,000		5.000			12/01/2026		76,875
	Sterling Ranch Community Authority Board RB Refunding for Sterling Ranch Colorado Metropolitan District No. 2 Series 2020 A (NR/NR)
	575,000		3.375			12/01/2030		627,634
								4,670,752
Connecticut – 0.1%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	25,000		5.500			08/01/2029		31,413
	Steel Point Infrastructure Improvement District Tax Allocation for Steelpointe Harbor Project Series 2021 (NR/NR)(g)
	100,000		4.000			04/01/2041		103,635
								135,048
Delaware – 0.1%
	Town of Bridgeville Special Tax Refunding for Heritage Shores Special Development District Series 2020 (NR/Baa3)
	100,000		4.000			07/01/2030		109,860
District of Columbia – 0.2%
	District of Columbia RB Refunding for KIPP DC Obligated Group Series 2017 B (BBB+/NR)
	125,000		5.000			07/01/2037		147,151
	District of Columbia Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2001 (A-/A3)
	125,000		6.500			05/15/2033		137,656
	Metropolitan Washington Airports Authority Dulles Toll Road RB Series 2019 B (AGM) (AA/A2)
	125,000		3.000			10/01/2050		130,670
								415,477
Florida – 12.1%
	Academical Village Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.250			05/01/2031		104,291
	AH at Turnpike South Community Development District Special Assessment Phase 3 Project Series 2021 (NR/NR)
	500,000		4.000			05/01/2051		521,836

The accompanying notes are an integral part of these financial statements. 149

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Alta Lakes Community Development District Special Assessment Bonds Series 2019 (NR/NR)
$	55,000		3.750	%		05/01/2029	$	58,752
	Astonia Community Development District Special Assessment for Assessment Area 2 Project Series 2021 (NR/NR)(e)
	55,000		3.200			05/01/2041		53,667
	Astonia Community Development District Special Assessment for North Parcel Assessment Area Project Series 2021 (NR/NR)(e)
	25,000		2.500			05/01/2026		24,807
	50,000		3.200			05/01/2041		48,788
	Avalon Groves Community Development District Special Assessment for Assessment Area Three Project Series 2021 (NR/NR)
	150,000		2.375			05/01/2026		150,150
	Avalon Groves Community Development District Special Assessment for Phases 3 and 4 Sub Assessment Area One Series 2021 (NR/NR)
	25,000		3.125			05/01/2041		24,372
	Aviary at Rutland Ranch Community Development District Special Assessment Refunding for Area 1 Project Series 2019 (NR/NR)(e)
	60,000		3.625			06/01/2024		61,601
	Babcock Ranch Community Independent Special District Special Assessment Series 2021 (NR/NR)
	560,000		2.875			05/01/2031		555,126
	Bannon Lakes Community Development District Special Assessment Series 2021 (NR/NR)(e)
	200,000		3.000			05/01/2031		201,766
	Bellagio Community Development District Special Assessment Bonds Series 2013 (BBB/NR)
	45,000		6.000			11/01/2027		51,398
	Belmont II Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		3.625			12/15/2040		103,440
	Berry Bay Community Development District Special Assessment for Assessment Area 1 Project Series 2021 (NR/NR)
	500,000		3.125			05/01/2031		507,471
	Capital Trust Agency Student Housing RB for American Eagle Obligated Group Series 2018 A-1 (NR/NR)*
	95,000		5.875			07/01/2054		77,900
	Capital Trust Agency Student Housing RB for University Bridge LLC Series 2018 A (NR/Ba2)(e)
	625,000		5.250			12/01/2058		720,176
	Capital Trust Agency, Inc. RB for AcadeMir Charter School West Series 2021 A-2 (NR/Ba2)(e)
	100,000		4.000			07/01/2051		107,427
	Capital Trust Agency, Inc. RB for Liza Jackson Preparatory School, Inc. Series 2020 A (NR/Baa3)
	200,000		4.000			08/01/2030		224,131
	Capital Trust Agency, Inc. RB for University Bridge LLC Series 2018 A (NR/Ba2)(e)
	100,000		4.000			12/01/2028		109,836
	100,000		5.250			12/01/2043		116,635
	Celebration Community Development District Special Assessment for Assessment Area One Project Series 2021 (NR/NR)
	235,000		2.750			05/01/2031		231,101
Municipal Bonds – (continued)
Florida – (continued)
	Century Gardens at Tamiami Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	30,000		4.250			05/01/2037		32,583
	CFM Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	100,000		3.350			05/01/2041		99,856
	Chapel Creek Community Development District Special Assessment Series 2021 (NR/NR)(e)
	100,000		3.375			05/01/2041		99,431
	Chapel Crossings Community Development District Special Assessment Series 2020 (NR/NR)(e)
	100,000		3.700			05/01/2040		103,981
	City of Jacksonville RB Refunding for Genesis Health, Inc. Obligated Group Series 2020 (A/NR)
	145,000		4.000			11/01/2039		165,992
	City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (BBB+/NR)
	125,000		3.250			09/01/2025		133,779
	City of Tampa RB for H Lee Moffitt Cancer Center & Research Institute Obligated Group Series 2020 B (A-/A2)
	200,000		5.000			07/01/2050		245,672
	Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR)
	175,000		3.000			05/01/2031		177,388
	175,000		3.000			05/01/2035		175,142
	Copperspring Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	100,000		3.500			12/15/2029		105,774
	Coral Keys Homes Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	170,000		3.125			05/01/2030		175,837
	County of Broward RB for Port Facilities Senior Bonds Series 2019 B (AMT) (A/A1)
	40,000		5.000			09/01/2035		50,510
	Cypress Bluff Community Development District Special Assessment for Del WEBB Project Series 2020 A (NR/NR)(e)
	190,000		2.700			05/01/2025		192,568
	310,000		3.125			05/01/2030		320,246
	Cypress Park Estates Community Development District Special Assessment Area 1 Project Series 2020 (NR/NR)(e)
	100,000		2.625			05/01/2025		100,915
	DG Farms Community Development District Special Assessment Series 2020 (NR/NR)
	400,000		3.750			05/01/2040		408,237
	DW Bayview Community Development District Special Assessment Bond Series 2021 (NR/NR)(e)
	50,000		3.375			05/01/2041		50,198
	East 547 Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	50,000		3.300			05/01/2041		49,642
	Eden Hills Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		4.000			05/01/2040		105,583
	Edgewater East Community Development District Special Assessment for Assessment Area Once Series 2021 (NR/NR)
	130,000		3.600			05/01/2041		133,283

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Enbrook Community Development District Special Assessment Series 2020 (NR/NR)(e)
$	135,000		4.000	%		05/01/2040	$	143,457
	Entrada Community Development District Special Assessment Bond Series 2021 (NR/NR)(e)
	265,000		2.125			05/01/2026		263,451
	Escambia County Health Facilities Authority RB Refunding for Baptist Hospital, Inc. Project Series 2020 A (BBB+/Baa2)
	1,075,000		4.000			08/15/2045		1,213,249
	100,000		4.000			08/15/2050		111,548
	Eureka Grove Community Development District Special Assessment Bonds for 2021 Project Series 2021 (NR/NR)
	685,000		3.500			05/01/2041		696,145
	Evergreen Community Development District Special Assessment RB Series 2019 (NR/NR)(e)
	100,000		5.000			11/01/2039		111,577
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	200,000		5.000			05/01/2035		234,170
	Florida Development Finance Corp. RB for Discovery High School & Discovery Academy of Lake Alfred Obligated Group Series 2020 A (NR/NR)(e)
	100,000		4.000			06/01/2030		107,432
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 A (BB+/NR)(e)
	100,000		5.125			06/01/2040		117,365
	Florida Development Finance Corp. RB for Mayflower Retirement Center, Inc. Obligated Group Series 2020 B-2 (BB+/NR)(e)
	100,000		1.750			06/01/2026		99,643
	Florida Development Finance Corp. RB for United Cerebral Palsy of Central Florida, Inc. Series 2020 A (NR/NR)
	100,000		4.000			06/01/2030		105,992
	Florida Development Finance Corp. RB Refunding for Brightline Trains Florida LLC Series 2019 B (AMT) (NR/NR)(e)
	100,000		7.375			01/01/2049		108,820
	Florida Development Finance Corp. RB Refunding for Global Outreach Charter Academy Obligated Group Series 2021 A (NR/Ba2)(e)
	100,000		4.000			06/30/2041		108,022
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A-/Baa1)
	100,000		5.000			04/01/2028		123,013
	Florida Development Finance Corp. RB Refunding for Virgin Trains USA Florida LLC Series 2019 A (AMT) (NR/NR)(b)(c)(e)
	100,000		6.375			01/01/2026		102,080
	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		172,867
	Flow Way Community Development District Special Assessment Bonds for Phase 7 & 8 Project Series 2019 (NR/NR)
	110,000		3.700			11/01/2029		117,657
Municipal Bonds – (continued)
Florida – (continued)
	Gracewater Sarasota Community Development District Special Assessment Bonds Series 2021 (NR/NR)(e)(g)
	50,000		2.950			05/01/2031		49,589
	75,000		3.350			05/01/2041		73,941
	Grand Oaks Community Development District Special Assessment Bonds Assessment Area 2 Series 2020 (NR/NR)
	100,000		4.000			05/01/2030		105,932
	Grand Oaks Community Development District Special Assessment RB Series 2019 A (NR/NR)
	45,000		3.750			11/01/2024		46,051
	50,000		4.750			11/01/2039		55,227
	Grande Pines Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	710,000		3.750			05/01/2041		721,427
	Greater Orlando Aviation Authority Airport Facilities RB Refunding for Jetblue Airways Corp. Project Series 2013 (NR/NR)
	50,000		5.000			11/15/2036		52,435
	Gulfstream Polo Community Development District Special Assessment Phase#2 Project Series 2019 (NR/NR)
	100,000		3.500			11/01/2030		105,294
	50,000		4.375			11/01/2049		53,763
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (AA/NR)
	60,000		3.000			05/01/2036		64,371
	Highland Meadows West Community Development District Special Assessment for Assessment Area 3 Series 2020 A (NR/NR)
	80,000		2.875			05/01/2025		81,335
	Hillcrest Community Development District Special Assessment Bonds for Capital Improvement Program Series 2018 (NR/NR)
	95,000		5.000			11/01/2048		106,814
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2020 (NR/NR)(e)
	25,000		3.500			05/01/2031		26,097
	Hills Minneola Community Development District Special Assessments for South Parcel Assessment Area Series 2021 (NR/NR)
	180,000		2.375			05/01/2026		178,762
	Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)
	125,000		3.000			05/01/2037		123,127
	K-Bar Ranch II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	100,000		3.125			05/01/2041		97,843
	Kindred Community Development District II Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.500			05/01/2040		103,295
	Kindred Community Development District II Special Assessment Bonds Series 2021 (NR/NR)
	100,000		2.700			05/01/2031		98,419
	Kingman Gate Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	50,000		3.600			06/15/2041		50,943

The accompanying notes are an integral part of these financial statements. 151

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2019 (NR/NR)
$	85,000		3.400	%		05/01/2030	$	89,261
	Lakewood Ranch Stewardship District Special Assessment for Azario Project Series 2020 A (NR/NR)
	100,000		3.200			05/01/2030		103,715
	Lakewood Ranch Stewardship District Special Assessment for Lorraine Lakes Project Series 2020 (NR/NR)(e)
	200,000		2.500			05/01/2025		202,422
	Lakewood Ranch Stewardship District Special Assessment for Northeast Sector Phase 2A Project Series 2019 (NR/NR)
	125,000		3.250			05/01/2029		129,563
	Lakewood Ranch Stewardship District Special Assessment RB for Indigo Expansion Area Project Series 2019 (NR/NR)(e)
	100,000		4.000			05/01/2049		104,819
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	60,000		2.000			05/01/2028		62,627
	70,000		2.000			05/01/2029		72,449
	Landings at Miami Community Development District Special Assessment Bonds Series 2018 (NR/NR)(e)
	100,000		4.750			11/01/2048		107,668
	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		80,750
	Live Oak Lake Community Development District Special Assessment Series 2020 (NR/NR)
	195,000		3.125			05/01/2025		198,901
	LTC Ranch West Residential Community Development District Special Assessment Bonds Series 2021 B (NR/NR)(g)
	75,000		3.250			05/01/2031		74,999
	LTC Ranch West Residential Community Development District Special Assessment for Assessment Area One Project Series 2021 A (NR/NR)(g)
	50,000		3.450			05/01/2041		50,003
	Miami RB Refunding for Miami Tunnel Project Series 2012 (AA-/Aa3)(e)
	200,000		5.000			03/01/2030		212,800
	Miami RB Refunding Parking System Series 2019 (BAM) (AA/A2)
	100,000		4.000			10/01/2038		115,172
	Mirada II Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	100,000		3.500			05/01/2041		101,218
	100,000		4.000			05/01/2051		103,295
	North AR-1 Pasco Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	100,000		3.500			05/01/2041		99,437
	North Powerline Road Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		3.625			05/01/2040		102,371
	Palm Glades Community Development District Special Assessment Bonds Series 2020 (NR/NR)(e)
	45,000		3.250			05/01/2024		45,918
Municipal Bonds – (continued)
Florida – (continued)
	Palm Glades Community Development District Special Assessment Refunding Bonds Series 2016 (A/NR)
	100,000		4.000			05/01/2036		109,719
	Parkview at Long Lake Ranch Community Development District Special Assessment Series 2020 (NR/NR)
	155,000		3.750			05/01/2040		161,583
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (AA/NR)
	210,000		2.625			05/01/2034		214,322
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-2 (NR/NR)
	100,000		2.750			05/01/2025		101,365
	Portico Community Development District Special Assessment Refunding Series 2020-1 (NR/NR)
	125,000		3.500			05/01/2037		128,622
	Preserve at South Branch Community Development District Special Assessment Phase 2 RB Series 2019 (NR/NR)
	100,000		3.500			11/01/2030		104,598
	Preserve at South Branch Community Development District Special Assessment Phase 3 Series 2021 (NR/NR)
	250,000		3.000			05/01/2031		252,550
	Quail Roost Community Development District Special Assessment for Expansion Area Project Series 2021 (NR/NR)(g)
	50,000		2.200			12/15/2026		49,611
	Reunion East Community Development District Special Assessment for 2021 Assessment Area Series 2021 (NR/NR)
	455,000		3.150			05/01/2041		443,923
	Sampson Creek Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	100,000		2.625			05/01/2040		101,307
	Sandmine Road Community Development District Special Assessment for Assessment Area One Series 2020 (NR/NR)(e)
	75,000		2.625			05/01/2025		76,014
	Sawyers Landing Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	100,000		3.750			05/01/2031		103,566
	Scenic Highway Community Development District Special Assessment Series 2020 (NR/NR)
	50,000		3.750			05/01/2040		51,030
	Six Mile Creek Community Development District Special Assessment for Assessment Area 3 Phase 1 Series 2021 (NR/NR)
	200,000		3.500			05/01/2041		200,968
	South Creek Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	25,000		3.250			06/15/2041		24,819
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	25,000		4.000			11/01/2031		27,723
	St. Johns County Industrial Development Authority RB Refunding for Life Care Ponte Vedra Obligated Group Obligated Group Series 2021 A (BB+/NR)
	100,000		4.000			12/15/2036		110,702
	St. Johns County Industrial Development Authority RB Refunding for Presbyterian Retirement Communities, Inc. Obligated Group Series 2020 A (A-/NR)
	150,000		4.000			08/01/2055		168,481

152 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)
	Stillwater Community Development District Special Assessment Bonds Series 2021 (NR/NR)(e)
$	50,000		3.500	%		06/15/2041	$	50,906
	Stoneybrook South at Championsgate Community Development District Special Assessment Bonds Series 2019 (NR/NR)
	50,000		4.500			06/15/2039		55,018
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Four Project Series 2021 (NR/NR)(e)
	25,000		2.875			06/15/2031		24,915
	Storey Park Community Development District Special Assessment Bonds for Assessment Area Three Project Series 2019 (NR/NR)(e)
	60,000		3.750			06/15/2029		63,853
	Summer Woods Community Development District Special Assessment for Assessment Area Two Project Series 2020 (NR/NR)
	80,000		3.750			05/01/2040		83,093
	Summerstone Community Development District Special Assessment Series 2020 (NR/NR)
	130,000		2.500			05/01/2025		131,622
	Talis Park Community Development District Capital Improvement RB Refunding Subordinate Series 2016 A-2 (NR/NR)
	50,000		4.000			05/01/2033		52,515
	Tamarindo Community Development District Special Assessment Bonds Series 2021 (NR/NR)
	50,000		3.375			05/01/2041		50,696
	Timber Creek Southwest Community Development District Special Assessment Bonds for Assessment Area Two Project Series 2021 (NR/NR)(e)(g)
	50,000		3.300			12/15/2041		50,000
	Tohoqua Community Development District Special Assessment Phase 4A/5A Project Series 2021 (NR/NR)
	140,000		2.500			05/01/2026		140,704
	Towne Park Community Development District Special Assessment Area 3D Project Series 2020 (NR/NR)(e)
	75,000		3.625			05/01/2040		76,947
	Tradition Community Development District No. 9 Special Assessment Bonds Series 2021 (NR/NR)
	540,000		2.700			05/01/2031		530,576
	Trevesta Community Development District Special Assessment Area 2 Project Series 2020 (NR/NR)(e)
	100,000		3.250			05/01/2030		103,012
	Triple Creek Community Development District Special Assessment for Villages N&P Projects Series 2021 (NR/NR)
	50,000		2.500			11/01/2026		50,230
	50,000		3.000			11/01/2031		50,468
	40,000		3.500			11/01/2041		40,577
	50,000		4.000			11/01/2050		51,999
	TSR Community Development District Special Assessment RB for Downtown Neighborhood Assessment Area Series 2019 (NR/NR)
	100,000		3.375			11/01/2030		104,570
	University Park Recreation District Special Assessment Series 2019 (BAM) (AA/NR)
	85,000		3.375			05/01/2045		92,176
Municipal Bonds – (continued)
Florida – (continued)
	V-Dana Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	250,000		3.625			05/01/2041		254,252
	Veranda Community Development District II Special Assessment Refunding for Veranda Oaks Project Series 2021 (NR/NR)(e)
	25,000		3.600			05/01/2041		25,570
	Verandah East Community Development District Special Assessment Refunding & Improvement RB Series 2016 (NR/NR)
	50,000		4.125			05/01/2034		52,450
	Villa Portofino East Community Development District Special Assessment Refunding Series 2019 (NR/NR)
	100,000		3.750			05/01/2037		106,122
	Village Community Development District No. 13 Special Assessment RB Series 2019 (NR/NR)
	75,000		2.625			05/01/2024		76,515
	Village Community Development District No. 13 Special Assessment RB Series 2020 (NR/NR)(e)
	50,000		1.875			05/01/2025		50,750
	50,000		2.625			05/01/2030		52,026
	50,000		3.000			05/01/2035		52,062
	Villamar Community Development District Special Assessment Bonds Series 2020 (NR/NR)
	100,000		3.750			05/01/2040		104,018
	West Port Community Development District Special Assessment Bonds Series 2020 (NR/NR)(e)
	125,000		4.000			05/01/2040		132,797
	100,000		4.000			05/01/2051		104,572
	West Port Community Development District Special Assessment for Assessment Area One Series 2021 (NR/NR)
	25,000		2.400			05/01/2026		24,989
	25,000		3.000			05/01/2031		24,958
	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		55,235
	West Villages Improvement District Unit of Development No. 7 Special Assessment RB Series 2021 (NR/NR)
	60,000		3.500			05/01/2041		60,829
	West Villages Improvement District Unit of Development No. 8 Special Assessment RB Series 2021 (NR/NR)
	100,000		3.500			05/01/2041		101,382
	Westside Haines City Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)
	100,000		3.250			05/01/2041		97,587
	Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR)(e)
	150,000		4.250			06/15/2039		162,311
	Willow Walk Community Development District Special Assessment Series 2017 (NR/NR)
	50,000		3.500			05/01/2023		50,893
	Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)(g)
	50,000		2.400			05/01/2026		49,701

The accompanying notes are an integral part of these financial statements. 153

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Wind Meadows South Community Development District Special Assessment Bond for Assessment Area One Project Series 2021 (NR/NR)(g) – (continued)
$	50,000		2.950	%		05/01/2031	$	49,466
	75,000		3.350			05/01/2041		73,625
	Wiregrass II Community Development District Special Assessment Series 2020 (NR/NR)
	100,000		3.700			05/01/2040		103,874
	Zephyr Lakes Community Development District Special Assessment for Assessment Area Two Series 2021 (NR/NR)
	25,000		3.375			05/01/2041		24,542
								21,295,135
Georgia – 0.4%
	George L Smith II Congress Center Authority RB for Signia Hotel Management LLC Series 2021 (BBB-/NR)
	35,000		2.375			01/01/2031		36,804
	50,000		4.000			01/01/2036		57,948
	80,000		4.000			01/01/2054		90,602
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	75,000		5.000			05/15/2049		109,177
	Main Street Natural Gas, Inc. Gas Supply RB Series 2021 C (NR/A3)(b)(c)
	250,000		4.000			12/01/2028		295,191
	Private Colleges & Universities Authority RB Refunding for Agnes Scott College, Inc. Series 2021 (A-/NR)
	150,000		4.000			06/01/2045		170,014
								759,736
Guam – 0.6%
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (NR/Baa2)
	50,000		4.460			10/01/2043		51,885
	Guam Department of Education COPS Refunding for John F. Kennedy High School & Energy Efficiency Project Series 2020 A (B+/Ba2)
	25,000		3.625			02/01/2025		26,242
	60,000		4.250			02/01/2030		66,647
	Guam Government Business Privilege Tax RB Refunding Series 2015 D (BB/NR)
	70,000		5.000			11/15/2022		73,516
	Guam Government Business Privilege Tax RB Series 2012 B-1 (BB/NR)
	30,000		5.000			01/01/2029		30,339
	Guam Government RB Refunding Series 2021 E (NR/Ba1)
	275,000		3.250			11/15/2026		281,521
	Guam Government RB Refunding Series 2021 F (NR/Ba1)(g)
	100,000		5.000			01/01/2029		123,196
	150,000		4.000			01/01/2042		167,550
	Guam Waterworks Authority RB for Water & Wastewater System Series 2020 A (A-/Baa2)
	120,000		5.000			01/01/2050		144,640
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	75,000		5.000			07/01/2037		86,317
	Territory of Guam Hotel Occupancy Tax RB Refunding Series 2021 A (NR/Ba1)
	50,000		5.000			11/01/2035		62,894
								1,114,747
Municipal Bonds – (continued)
Hawaii – 0.7%
	State of Hawaii Airports System RB Refunding Series 2018 D (A+/A1)
	1,000,000		5.000			07/01/2034		1,291,793
Idaho – 0.1%
	City of Boise Airport RB Refunding for Public Parking Facilities Project Series 2021 A (A+/A1)
	155,000		5.000			09/01/2046		197,283
Illinois – 14.8%
	Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (AA/Ba2)
	25,000		4.000			10/01/2043		28,937
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB/Baa2)(d)
	175,000		0.000			12/01/2027		159,691
	220,000		0.000			12/01/2030		184,802
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB/Baa2)(d)
	245,000		0.000			12/01/2029		211,954
	215,000		0.000			12/01/2030		180,602
	Chicago Illinois Board of Education GO Bonds Series 2021 A (BB/NR)
	850,000		5.000			12/01/2039		1,051,647
	Chicago Illinois Board of Education GO Refunding Bonds Capital Appreciation for School Reform Series 1999 A (NATL-RE) (BB/Baa2)(d)
	100,000		0.000			12/01/2031		81,525
	Chicago Illinois Board of Education GO Refunding Bonds Series 2005 A (AMBAC) (BB/Ba3)
	30,000		5.500			12/01/2026		36,260
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL-RE) (BB/Baa2)(d)
	295,000		0.000			12/01/2025		281,683
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Dedicated Alternate Revenues Series 2015 C (BB/NR)
	150,000		5.250			12/01/2035		166,829
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2009 E (BB/Ba3)
	500,000		6.038			12/01/2029		573,835
	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		120,723
	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		122,740
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR)
	500,000		5.000			12/01/2025		585,403
	455,000		5.000			12/01/2026		546,682
	200,000		5.000			12/01/2028		251,315

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AGM) (AA/NR) – (continued)
$	100,000		5.000	%		12/01/2031	$	123,739
	100,000		5.000			12/01/2032		123,409
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 C (AGM) (AA/NR)
	200,000		5.000			12/01/2028		248,682
	Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds Series 2018 C (BB/NR)
	375,000		5.000			12/01/2025		436,284
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	530,000		5.250			01/01/2035		534,958
	60,000		5.000			01/01/2040		60,561
	Chicago Illinois GO Bonds Project Series 2012 A (BBB+/Ba1)
	75,000		5.000			01/01/2033		75,692
	100,000		5.000			01/01/2034		100,922
	Chicago Illinois GO Bonds Series 2019 A (BBB+/NR)
	250,000		5.000			01/01/2044		297,373
	750,000		5.500			01/01/2049		912,710
	Chicago Illinois GO Refunding Bonds Series 2017 A (BBB+/NR)
	875,000		6.000			01/01/2038		1,072,333
	Chicago Illinois GO Refunding Bonds Series 2020 A (BBB+/NR)
	600,000		5.000			01/01/2032		748,877
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 C (A/NR)
	55,000		5.000			01/01/2037		64,167
	Chicago Illinois O’Hare International Airport RB Refunding General Airport Senior Lien Series 2016 D (A/NR)
	910,000		5.250			01/01/2035		1,100,636
	Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)
	570,000		5.000			01/01/2039		644,731
	Chicago Illinois Water RB Refunding Second Lien Project Series 2012 (A/Baa2)
	55,000		5.000			11/01/2042		57,335
	City of Belleville Sales Tax Revenue Tax Allocation Refunding for Carlyle and Green Mount Redevelopment Project Series 2021 B (NR/NR)
	35,000		3.750			07/01/2041		35,510
	City of Chicago GO Bonds for Neighborhoods Alive 21 Program Series 2002 B (BBB+/Ba1)
	200,000		5.500			01/01/2037		225,351
	Illinois Finance Authority RB for Roosevelt University Series 2019 A (NR/NR)(e)
	100,000		6.125			04/01/2049		121,109
	Illinois Finance Authority RB for University of Illinois Series 2020 (BBB+/NR)
	305,000		5.000			10/01/2033		387,954
	Illinois Finance Authority RB Refunding for Illinois Wesleyan University Series 2016 (A-/Baa2)
	200,000		5.000			09/01/2046		234,683
	Illinois Finance Authority RB Refunding for Lawndale Educational & Regional Network Charter School Obligated Group Series 2021 (BBB/NR)
	50,000		4.000			11/01/2051		56,439
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority RB Refunding for Plymouth Place Obligated Group Series 2021 A (BB+/NR)
	25,000		5.000			05/15/2041		29,509
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	100,000		4.000			01/01/2038		116,518
	Illinois State GO Bonds Pension Funding Series 2003 (BBB/Baa2)
	155,000		5.100			06/01/2033		180,660
	Illinois State GO Bonds Series 2016 (BAM) (AA/NR)
	100,000		4.000			06/01/2041		111,872
	Illinois State GO Bonds Series 2016 (BBB/Baa2)
	1,000,000		4.000			06/01/2033		1,102,437
	Illinois State GO Bonds Series 2017 A (BBB/Baa2)
	35,000		4.500			12/01/2041		39,438
	Illinois State GO Bonds Series 2017 C (BBB/Baa2)
	400,000		5.000			11/01/2029		479,440
	Illinois State GO Bonds Series 2017 D (BBB/Baa2)
	100,000		5.000			11/01/2021		100,357
	1,000,000		5.000			11/01/2027		1,218,221
	600,000		5.000			11/01/2028		725,374
	Illinois State GO Bonds Series 2018 A (BBB/Baa2)
	750,000		5.000			05/01/2032		900,757
	500,000		5.000			05/01/2042		586,267
	Illinois State GO Bonds Series 2019 B (BBB/Baa2)
	700,000		4.000			11/01/2038		791,086
	Illinois State GO Bonds Series 2020 (BBB/Baa2)
	1,000,000		5.500			05/01/2030		1,303,506
	50,000		5.500			05/01/2039		63,218
	290,000		5.750			05/01/2045		367,031
	Illinois State GO Bonds Series 2020 C (BBB/Baa2)
	1,000,000		4.000			10/01/2041		1,133,591
	175,000		4.250			10/01/2045		199,693
	Illinois State GO Refunding Bonds Series 2018 B (BBB/Baa2)
	375,000		5.000			10/01/2031		455,989
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB+/NR)
	260,000		5.000			06/15/2022		268,571
	Metropolitan Pier & Exposition Authority RB Capital Appreciation for McCormick Place Expansion Series 2002 A (NATL-RE) (BBB+/Baa2)(d)
	135,000		0.000			12/15/2032		105,830
	200,000		0.000			12/15/2034		148,051
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2012 B (ST APPROP) (BBB+/NR)
	370,000		5.000			12/15/2028		382,154
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2017 B (BBB+/NR)(d)
	35,000		0.000			12/15/2054		12,430
	Metropolitan Pier & Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2020 A (BBB+/NR)
	65,000		4.000			06/15/2050		72,670
	785,000		5.000			06/15/2050		942,176

The accompanying notes are an integral part of these financial statements. 155

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
$	1,000,000		5.000	%		01/01/2043	$	1,210,569
	State of Illinois GO Bonds Series 2017 A (BBB/Baa2)
	580,000		4.250			12/01/2040		646,979
	State of Illinois GO Bonds Series 2017 D (BBB/Baa2)
	30,000		3.250			11/01/2026		33,268
								25,975,745
Indiana – 0.4%
	Indiana Finance Authority RB for Goshen Health Obligated Group Series 2019 B (A-/NR)(b)(c)
	35,000		2.100			11/01/2026		36,634
	Indiana Finance Authority RB Ohio Valley Electric Corp. Series 2010 A (BBB-/Ba1)
	100,000		3.000			11/01/2030		105,136
	Indiana Finance Authority RB Refunding for BHI Senior Living Obligated Group Series 2021 B (BBB/NR)
	50,000		2.520			11/15/2026		49,842
	50,000		2.920			11/15/2027		49,791
	50,000		3.210			11/15/2028		49,781
	50,000		3.260			11/15/2029		49,759
	50,000		3.300			11/15/2030		49,774
	Indiana Municipal Power Agency RB Refunding Series 2016 A (A+/A1)
	160,000		5.000			01/01/2042		189,415
	Town of Upland RB Refunding for Taylor University, Inc. Series 2021 (A-/NR)
	50,000		4.000			09/01/2031		59,544
								639,676
Iowa – 0.2%
	Iowa Tobacco Settlement Authority RB Refunding Series 2021 B-2 (NR/NR)(d)
	2,000,000		0.000			06/01/2065		370,135
Kansas – 0.0%
	City of Manhattan RB Refunding for Meadowlark Hills Retirement Community Obligated Group Series 2021 A (BB+/NR)
	50,000		4.000			06/01/2036		55,514
Kentucky – 1.5%
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2006 B (AMT) (A/A1)
	150,000		2.125			10/01/2034		153,401
	County of Carroll RB Refunding for Kentucky Utilities Co. Series 2008 A (AMT) (A/A1)
	150,000		2.000			02/01/2032		153,478
	County of Trimble RB for Louisville Gas and Electric Co. Series 2016 A (AMT) (A/A1)(b)(c)
	250,000		1.300			09/01/2027		249,481
	Kentucky Bond Development Corp. RB Refunding for Transylvania University Series 2021 A (A-/NR)
	100,000		4.000			03/01/2046		112,622
	90,000		4.000			03/01/2049		101,098
Municipal Bonds – (continued)
Kentucky – (continued)
	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		82,309
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A1)(b)(c)
	1,000,000		4.000			06/01/2025		1,114,688
	Kentucky State University COPS Series 2021 (BAM) (AA/NR)
	40,000		4.000			11/01/2046		46,249
	Louisville & Jefferson County Metropolitan Government RB for Norton Healthcare Obligated Group Series 2020 A (A/NR)
	100,000		4.000			10/01/2040		114,189
	Louisville & Jefferson County Metropolitan Government RB Refunding for Louisville Gas & Electric Co. Series 2003 A (A/A1)
	500,000		2.000			10/01/2033		500,775
								2,628,290
Louisiana – 1.0%
	Lakeshore Villages Master Community Development District Special Assessment Series 2021 (NR/NR)
	695,000		2.875			06/01/2031		687,458
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for City of Shreveport Series 2008 (BBB+/NR)(e)
	250,000		5.000			04/01/2035		280,880
	Louisiana Local Government Environmental Facilities & Community Development Authority RB Refunding for Westlake Chemical Corp. Projects Series 2017 (BBB/Baa2)
	125,000		3.500			11/01/2032		137,706
	Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (BBB/Baa1)
	100,000		4.000			10/01/2039		115,817
	100,000		4.000			10/01/2041		114,995
	New Orleans Aviation Board General Airport RB for North Terminal Project Series 2017 B (AMT) (A-/A2)
	200,000		5.000			01/01/2048		234,929
	Parish of St. John the Baptist RB Refunding for Marathon Oil Corp. Series 2017 B-1 (BBB-/Baa3)(b)(c)
	250,000		2.125			07/01/2024		258,067
								1,829,852
Maine – 0.5%
	Maine Health & Higher Educational Facilities Authority RB for Maine Medical Center Series 2020 A (A+/A1)
	400,000		4.000			07/01/2045		459,686
	Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM) (AA/A1)
	300,000		5.000			07/01/2034		394,322
								854,008
Maryland – 1.6%
	County of Baltimore RB Refunding for Oak Crest Village, Inc. Series 2020 (A/NR)
	50,000		4.000			01/01/2040		57,294

156 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)
Maryland – (continued)
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
$	250,000	4.000 %		01/01/2039	$	288,797
	Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 B (NR/NR)
	95,000	4.000		07/01/2040		106,541
	Maryland Economic Development Corp. RB for United States Social Security Administration Series 2021 (NR/Baa3)
	200,000	3.997		04/01/2034		214,632
	Maryland Health & Higher Educational Facilities Authority RB for Adventist Healthcare Obligated Group Series 2016 A (NR/Baa3)
	850,000	5.500		01/01/2046		1,008,131
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (NR/Baa3)
	865,000	4.000		01/01/2038		988,223
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Stevenson University, Inc. Series 2021 A (BBB-/NR)
	100,000	4.000		06/01/2046		113,279
						2,776,897
Massachusetts – 0.1%
	Massachusetts Development Finance Agency RB for Merrimack College Series 2021 B (BBB-/NR)
	55,000	4.000		07/01/2050		62,024
	Massachusetts Development Finance Agency RB Refunding for Milford Regional Medical Center Obligated Group Series 2020 G (BB+/NR)(e)
	120,000	5.000		07/15/2023		128,241
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(f)
	30,000	(3 Mo. LIBOR + 0.57%), 0.654		05/01/2037		29,688
						219,953
Michigan – 2.2%
	City of Detroit Financial Recovery GO Bonds Series 2014 B-1 (NR/NR)(c)
	255,000	4.000		04/01/2034		242,393
	1,160,000	4.000		04/01/2034		1,102,654
	City of Detroit GO Bonds Series 2020 (BB-/Ba3)
	205,000	5.500		04/01/2045		252,308
	205,000	5.500		04/01/2050		251,202
	City of Detroit GO Bonds Series 2021 A (BB-/Ba3)
	20,000	5.000		04/01/2030		24,701
	15,000	5.000		04/01/2032		18,631
	20,000	5.000		04/01/2034		24,668
	35,000	5.000		04/01/2036		42,888
	25,000	5.000		04/01/2038		30,461
	City of Detroit GO Bonds Series 2021 B (BB-/Ba3)
	50,000	1.817		04/01/2022		50,160
	50,000	2.711		04/01/2026		50,003
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	250,000	5.000		07/01/2048		276,700
Municipal Bonds – (continued)
Michigan – (continued)
	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		116,780
	Kentwood Economic Development Corp. RB Refunding for Holland Home Obligated Group Series 2022 (BBB-/NR)(g)
	25,000	4.000		11/15/2031		27,437
	Michigan Finance Authority Hospital RB for Henry Ford Health System Obligated Group Series 2019 A (A/A2)
	100,000	5.000		11/15/2048		123,698
	Michigan Finance Authority Hospital RB for McLaren Health Care Corp. Obligated Group Series 2019 A (AA-/A1)
	220,000	4.000		02/15/2047		251,337
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (A-/NR)
	325,000	3.267		06/01/2039		345,072
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-1 Class 2 (BBB-/NR)
	75,000	5.000		06/01/2049		88,577
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 B-2 Class 2 (NR/NR)(d)
	2,000,000	0.000		06/01/2065		266,505
	Star International Academy RB Refunding Series 2020 (BBB/NR)
	100,000	5.000		03/01/2030		116,191
	100,000	5.000		03/01/2033		114,998
	Universal Academy RB Refunding Series 2021 (BBB-/NR)
	50,000	4.000		12/01/2031		55,686
						3,873,050
Minnesota – 0.9%
	City of Independence RB for Global Academy, Inc. Series 2021 A (BB/NR)(g)
	75,000	4.000		07/01/2031		85,779
	Duluth Economic Development Authority Health Care Facilities RB Refunding for Essentia Health Obligated Group Series 2018 A (A-/NR)
	100,000	4.250		02/15/2048		112,931
	Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (BBB-/NR)(g)
	380,000	4.000		06/15/2037		430,545
	390,000	4.000		06/15/2038		440,265
	250,000	4.000		06/15/2039		281,156
	Duluth Economic Development Authority RB Refunding for Benedictine Health System Obligated Group Series 2021 A (NR/NR)
	100,000	4.000		07/01/2031		109,359
	Duluth Independent School District No. 709 COPS Refunding Series 2019 A (NR/Ba2)
	25,000	4.000		03/01/2032		26,393
						1,486,428
Mississippi – 0.2%
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	20,000	2.500		04/01/2022		20,111

The accompanying notes are an integral part of these financial statements. 157

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Mississippi – (continued)
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2021 (A/Baa1)
$	200,000		2.375	%		06/01/2044	$	197,518
	Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (BBB/Baa2)(b)(c)
	75,000		1.600			06/16/2025		77,550
								295,179
Missouri – 0.2%
	Cape Girardeau County IDA Health Facilities RB for SoutheastHEALTH Obligated Group Series 2021 (BBB-/Ba1)
	50,000		4.000			03/01/2041		56,249
	Joplin Industrial Development Authority RB for 32nd Street Place Community Improvement District Series 2021 (NR/NR)
	25,000		3.500			11/01/2040		25,078
	25,000		4.250			11/01/2050		25,151
	Missouri Health & Educational Facilities Authority RB Refunding for Bethesda Health Group, Inc. Obligated Group Series 2021 (BBB/NR)
	25,000		4.000			08/01/2036		29,562
	25,000		4.000			08/01/2041		29,148
	Missouri Health & Educational Facilities Authority RB Refunding for Southeast Missouri State University Series 2019 (A/NR)
	75,000		4.000			10/01/2035		86,443
	Plaza at Noah’s Ark Community Improvement District RB Refunding Series 2021 (NR/NR)
	25,000		3.000			05/01/2030		25,218
	St Louis Land Clearance for Redevelopment Authority RB City of St Louis Series 2018 A (A/NR)
	100,000		5.000			04/01/2048		116,659
								393,508
Nebraska – 0.0%
	Central Plains Energy Project RB Refunding Series 2019 (AA-/Aa2)(b)(c)
	25,000		4.000			08/01/2025		28,035
Nevada – 0.7%
	City of Las Vegas Special Improvement District No. 816 Special Assessment Series 2021 (NR/NR)
	50,000		3.125			06/01/2051		50,547
	County of Clark Department of Aviation RB Refunding for Jet Aviation Fuel Tax Series 2013 A (AMT) (A/A1)
	150,000		5.000			07/01/2026		158,500
	Las Vegas Convention & Visitors Authority RB Refunding Series 2018 C (A/Aa3)
	300,000		5.000			07/01/2037		363,684
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
	460,000		4.000			07/01/2049		512,418
	Tahoe-Douglas Visitors Authority RB Series 2020 (NR/NR)
	100,000		5.000			07/01/2040		115,567
								1,200,716
Municipal Bonds – (continued)
New Hampshire – 0.2%
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (BBB+/NR)
	225,000		4.000			01/01/2041		245,146
	New Hampshire Business Finance Authority RB Refunding for United Illuminating Co. (The) Series 2003 A (A-/Baa1)(b)(c)
	40,000		2.800			10/02/2023		41,568
								286,714
New Jersey – 3.9%
	Atlantic City Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	40,000		5.000			03/01/2032		47,863
	Atlantic County Improvement Authority RB for Stockton University Series 2021 A (AGM) (AA/A2)
	125,000		4.000			07/01/2047		145,813
	Essex County Improvement Authority RB for New Jersey Institute of Technology Series 2021 A (BAM) (AA/A1)
	25,000		4.000			08/01/2046		29,348
	50,000		4.000			08/01/2051		58,428
	New Jersey Economic Development Authority Motor Vehicle Surcharges RB Refunding Subordinate Series 2017 A (BB+/Baa3)
	100,000		4.000			07/01/2032		112,386
	New Jersey Economic Development Authority RB Series 1997 A (NATL-RE) (BBB/Baa1)
	50,000		7.425			02/15/2029		64,060
	New Jersey Economic Development Authority RB Series 2021 QQQ (BBB/Baa1)
	100,000		4.000			06/15/2046		114,638
	450,000		4.000			06/15/2050		514,372
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 1999 (B+/Ba3)
	200,000		5.250			09/15/2029		208,450
	New Jersey Economic Development Authority Special Facilities RB for Continental Airlines, Inc. Project Series 2000 B (AMT) (B+/Ba3)
	100,000		5.625			11/15/2030		110,311
	New Jersey Educational Facilities Authority RB for Stevens Institute of Technology Series 2020 A (BBB+/NR)
	25,000		5.000			07/01/2035		31,318
	100,000		5.000			07/01/2045		121,881
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2008 A (BBB/Baa1)(d)
	1,000,000		0.000			12/15/2035		715,862
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB/Baa1)(d)
	200,000		0.000			12/15/2026		186,208
	120,000		0.000			12/15/2032		94,280
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2012 AA (BBB/Baa1)
	125,000		4.000			06/15/2029		128,281
	New Jersey Transportation Trust Fund Authority RB for Transportation Program Bonds Series 2015 AA (BBB/Baa1)
	20,000		5.000			06/15/2046		22,717

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AGM) (AA/A2)(d)
$	1,000,000		0.000	%		12/15/2032	$	804,168
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB/Baa1)(d)
	190,000		0.000			12/15/2027		173,546
	240,000		0.000			12/15/2030		201,959
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (BBB/Baa1)(d)
	155,000		0.000			12/15/2033		118,104
	235,000		0.000			12/15/2038		152,217
	40,000		0.000			12/15/2039		25,017
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation System Bonds Series 2018 A (BBB/Baa1)
	90,000		4.000			12/15/2031		105,562
	140,000		5.000			12/15/2032		174,024
	215,000		5.000			12/15/2033		266,533
	New Jersey Transportation Trust Fund Authority RB Series 2020 AA (BBB/Baa1)
	175,000		5.000			06/15/2038		222,137
	275,000		3.000			06/15/2050		282,345
	200,000		4.000			06/15/2050		228,610
	New Jersey Transportation Trust Fund Authority Transportation Program RB Series 2019 BB (BBB/Baa1)
	400,000		3.500			06/15/2046		427,621
	New Jersey Transportation Trust Fund Authority Transportation RB Series 2009 A (BBB/Baa1)(d)
	110,000		0.000			12/15/2032		86,424
	South Jersey Port Corp. Subordinated Marine Terminal RB Series 2017 B (AMT) (NR/Baa1)
	20,000		5.000			01/01/2037		23,814
	State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (BBB+/A3)
	225,000		4.000			06/01/2032		279,403
	Tobacco Settlement Financing Corp. RB Series 2018 B (BB+/NR)
	250,000		5.000			06/01/2046		292,954
	Union County Improvement Authority RB Aries Linden LLC Project Series 2019 (AMT) (NR/NR)(e)
	200,000		6.750			12/01/2041		208,841
								6,779,495
New York – 11.1%
	Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (BBB/NR)
	125,000		1.625			11/01/2025		128,872
	Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (BBB-/NR)
	110,000		4.000			06/15/2029		126,525
	Build NYC Resource Corp. RB for Hellenic Classical Charter Schools Series 2021 A (NR/NR)(e)
	100,000		5.000			12/01/2041		114,608
	Build NYC Resource Corp. RB for NEW World Preparatory Charter School Series 2021 A (NR/NR)
	100,000		4.000			06/15/2041		109,414
Municipal Bonds – (continued)
New York – (continued)
	Build NYC Resource Corp. RB for Shefa School Series 2021 B (NR/NR)(e)
	100,000		4.000			06/15/2027		98,775
	City of Poughkeepsie GO Bonds Series 2021 (NR/NR)
	25,000		2.500			04/29/2022		25,213
	Dutchess County Local Development Corp. RB Refunding for Bard College Project Series 2020 A (BB+/NR)(e)
	100,000		5.000			07/01/2040		121,179
	Erie Tobacco Asset Securitization Corp. RB Asset-Backed Bonds Series 2006 A (NR/NR)(d)(e)
	800,000		0.000			06/01/2060		43,321
	Metropolitan Transportation Authority RB Green Bond Series 2016 A-1 (BBB+/A3)
	1,415,000		5.250			11/15/2056		1,639,623
	Metropolitan Transportation Authority RB Green Bond Series 2020 A-1 (BBB+/A3)
	355,000		5.000			11/15/2047		425,891
	50,000		5.000			11/15/2049		59,889
	Metropolitan Transportation Authority RB Green Bond Series 2020 C-1 (BBB+/A3)
	375,000		4.750			11/15/2045		439,730
	75,000		5.000			11/15/2050		89,769
	225,000		5.250			11/15/2055		273,261
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-1 (BBB+/A3)
	100,000		5.000			11/15/2044		121,483
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-2 (BBB+/A3)
	275,000		4.000			11/15/2047		306,056
	200,000		4.000			11/15/2048		222,235
	Metropolitan Transportation Authority RB Green Bond Series 2020 D-3 (BBB+/A3)
	200,000		4.000			11/15/2049		221,831
	185,000		4.000			11/15/2050		204,990
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (BBB+/A3)
	100,000		5.000			11/15/2028		123,421
	100,000		5.000			11/15/2029		125,654
	100,000		5.000			11/15/2030		127,626
	Metropolitan Transportation Authority RB Refunding Series 2012 D (BBB+/A3)
	100,000		5.000			11/15/2021		100,543
	Metropolitan Transportation Authority RB Refunding Series 2015 D-1 (BBB+/A3)
	175,000		5.000			11/15/2033		200,996
	Metropolitan Transportation Authority RB Refunding Series 2016 D (BBB+/A3)
	175,000		5.250			11/15/2031		209,826
	Metropolitan Transportation Authority RB Refunding Series 2017 D (BBB+/A3)
	250,000		5.000			11/15/2032		304,857
	Metropolitan Transportation Authority RB Refunding Subseries 2015 C-1 (BBB+/A3)
	200,000		5.250			11/15/2028		235,539
	Metropolitan Transportation Authority RB Series 2012 B (BBB+/A3)
	200,000		4.000			11/15/2029		207,202

The accompanying notes are an integral part of these financial statements. 159

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Series 2013 B (BBB+/A3)
$	100,000		5.000	%		11/15/2022	$	105,144
	Metropolitan Transportation Authority RB Series 2019 D-1 (SP-2/MIG2)
	500,000		5.000			09/01/2022		521,082
	Nassau County Tobacco Settlement Corp. RB for Asset Backed Bonds Series 2006 D (WD/NR)(d)
	2,255,000		0.000			06/01/2060		170,886
	New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (AA/A2)
	275,000		3.000			01/01/2046		288,187
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AGM) (AA/A2)
	75,000		3.000			03/01/2036		81,549
	50,000		4.000			03/01/2045		57,415
	New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (BBB+/Baa1)
	50,000		4.000			03/01/2045		56,336
	New York City Water & Sewer System RB for Second General Resolution Series 2018 BB (AA+/Aa1)
	200,000		5.000			06/15/2046		240,048
	New York City Water & Sewer System RB Series 2021 A Subseries 2021 AA-1 (AA+/Aa1)
	200,000		3.000			06/15/2051		209,038
	New York Counties Tobacco Trust IV RB Series 2005 F (NR/NR)(d)
	3,500,000		0.000			06/01/2060		223,861
	New York Housing Development Corp. Multi-Family Mortgage RB for 8 Spruce Street Series 2014 Class E (BBB-/NR)
	100,000		3.500			02/15/2048		101,154
	New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR)(e)
	350,000		5.000			11/15/2044		383,204
	New York State Dormitory Authority RB for Brooklyn St. Joseph’s College Series 2021 (BBB-/NR)
	200,000		4.000			07/01/2035		223,176
	225,000		4.000			07/01/2040		247,176
	New York State Dormitory Authority RB for NYU Langone Hospitals Obligated Group Series 2020 A (A/A3)
	650,000		4.000			07/01/2050		747,389
	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		113,148
	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		248,096
	New York State Dormitory Authority RB Refunding for Montefiore Obligated Group Series 2020 A (BBB-/Baa3)
	250,000		4.000			09/01/2037		287,089
	New York State Dormitory Authority RB Refunding for St. John’s University Series 2021 A (A-/A3)
	200,000		4.000			07/01/2048		234,653
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Series 2020 A (AA+/Aa2)
	100,000		3.000			03/15/2038		107,718
Municipal Bonds – (continued)
New York – (continued)
	New York State Environmental Facilities Corp. RB for Casella Waste Systems, Inc. Series 2020 R-1 (AMT) (B/B2)(b)(c)
	250,000		2.750			09/02/2025		262,019
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
	25,000		5.000			01/01/2023		26,354
	150,000		5.000			01/01/2027		179,509
	200,000		5.000			01/01/2028		244,837
	45,000		5.000			01/01/2029		54,648
	200,000		5.000			01/01/2030		241,421
	25,000		5.000			01/01/2031		30,029
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (AMT) (BB+/Baa3)
	130,000		4.000			10/01/2030		151,765
	70,000		5.000			10/01/2035		87,363
	460,000		5.000			10/01/2040		568,361
	65,000		4.375			10/01/2045		75,268
	New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (AMT) (BBB-/NR)
	25,000		2.500			10/31/2031		26,188
	25,000		4.000			10/31/2034		29,344
	135,000		4.000			10/31/2041		154,999
	125,000		4.000			10/31/2046		141,754
	New York Transportation Development Corp. RB Refunding for American Airlines, Inc. Series 2021 (AMT) (B/NR)
	300,000		3.000			08/01/2031		320,904
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (BBB/Baa1)
	490,000		5.000			12/01/2026		583,294
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (BBB/Baa1)
	25,000		5.000			12/01/2034		31,555
	25,000		5.000			12/01/2035		31,398
	75,000		5.000			12/01/2036		94,253
	50,000		5.000			12/01/2037		62,645
	95,000		5.000			12/01/2038		118,728
	125,000		4.000			12/01/2040		142,845
	New York Transportation Development Corp. Special Facility RB for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	480,000		5.000			07/01/2041		532,746
	1,340,000		5.250			01/01/2050		1,493,482
	New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2020 (AMT) (B-/NR)
	210,000		5.250			08/01/2031		249,072
	15,000		5.375			08/01/2036		18,856
	New York Transportation Development Corp. Special Facility RB Refunding for Laguardia Airport Terminal B Redevelopment Project Series 2016 A (AMT) (BBB/Baa3)
	100,000		5.000			07/01/2046		110,912
	Oneida County Local Development Corp. RB Refunding for Utica College Project Series 2019 (BBB-/NR)
	135,000		3.000			07/01/2044		122,558

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 197 (AMT) (A+/Aa3)
$	685,000		5.000	%		11/15/2041	$	806,725
	Port Authority of New York & New Jersey Consolidated RB Series 214 (AMT) (A+/Aa3)
	130,000		5.000			09/01/2034		162,671
	Port Authority of New York & New Jersey RB Refunding Series 205th (A+/Aa3)
	175,000		5.250			05/15/2042		216,330
	50,000		5.000			11/15/2042		60,811
	Port Authority of New York & New Jersey RB Series Two Hundred and Fourteen (AMT) (A+/Aa3)
	225,000		4.000			09/01/2043		257,121
	State of New York GO Refunding Bonds Series 2021 B (AA+/Aa2)
	450,000		1.250			03/15/2027		447,426
	35,000		1.450			03/15/2028		34,776
	Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (BBB-/NR)
	200,000		4.000			06/01/2050		225,870
								19,453,515
North Carolina – 0.6%
	City of Charlotte Airport Special Facilities RB Refunding Series 2021 A (AA-/Aa3)
	285,000		3.000			07/01/2046		303,661
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2020 A (BBB/NR)(b)(c)
	75,000		1.375			06/16/2025		76,933
	North Carolina Medical Care Commission RB for Forest at Duke, Inc. Obligated Group Series 2021 (BBB/NR)
	50,000		4.000			09/01/2041		57,658
	North Carolina Medical Care Commission RB for Lutheran Services for the Aging, Inc. Obligated Group Series 2021 A (NR/NR)
	75,000		4.000			03/01/2036		83,020
	100,000		4.000			03/01/2051		108,142
	North Carolina Medical Care Commission RB Refunding for EveryAge Obligated Group Series 2021 A (BBB-/NR)(g)
	50,000		4.000			09/01/2041		56,387
	North Carolina Turnpike Authority RB Refunding Series 2018 (AGM) (AA/NR)
	225,000		5.000			01/01/2035		280,014
								965,815
Ohio – 2.0%
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (A-/NR)
	50,000		4.000			06/01/2039		57,741
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-2 Class 1 (NR/NR)
	1,155,000		5.000			06/01/2055		1,307,451
Municipal Bonds – (continued)
Ohio – (continued)
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 B-3 Class 2 (NR/NR)(d)
	1,800,000		0.000			06/01/2057		288,107
	County of Franklin RB Refunding for Wesley Communities Obligated Group Series 2020 (NR/NR)
	100,000		5.250			11/15/2040		114,373
	County of Miami Ohio Hospital Facilities Improvement RB Kettering Health Network Series 2019 (A+/A2)
	375,000		5.000			08/01/2049		454,059
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	20,000		5.000			02/15/2042		23,338
	20,000		5.500			02/15/2057		23,584
	Cuyahoga Metropolitan Housing Authority RB for Social Bonds Series 2021 (A+/NR)
	150,000		2.000			12/01/2031		150,788
	Evans Farm New Community Authority Special Assessment Bonds Series 2020 (NR/NR)
	170,000		3.750			12/01/2038		176,062
	Franklin County Convention Facilities Authority RB for Greater Columbus Convention Center Project Series 2019 (BBB-/NR)
	175,000		5.000			12/01/2035		207,857
	125,000		5.000			12/01/2051		143,721
	Ohio Higher Educational Facility Commission RB for University Circle, Inc. Series 2020 (NR/A3)
	100,000		5.000			01/15/2045		120,162
	Ohio Higher Educational Facility Commission RB Refunding for Judson Obligated Group Series 2020 A (BBB-/NR)
	100,000		5.000			12/01/2042		116,614
	100,000		5.000			12/01/2045		115,971
	Port of Greater Cincinnati Development Authority RB Series 2021 (NR/NR)(e)
	100,000		4.250			12/01/2050		101,103
	Southern Ohio Port Authority RB for PureCycle Ohio LLC Series 2020 A (AMT) (NR/NR)(e)
	100,000		6.500			12/01/2030		115,540
								3,516,471
Oklahoma – 0.3%
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	35,000		5.000			08/15/2038		41,922
	300,000		5.500			08/15/2057		365,673
	Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2015 (AMT) (B-/NR)(b)(c)
	100,000		5.000			06/01/2025		111,820
								519,415
Oregon – 0.1%
	Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (A+/NR)
	175,000		4.000			08/15/2050		200,641
	Yamhill County Hospital Authority RB Refunding for Friendsview Manor Obligated Group Series 2021 A (NR/NR)
	25,000		1.750			11/15/2026		25,031
	25,000		5.000			11/15/2036		29,860
								255,532

The accompanying notes are an integral part of these financial statements. 161

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – 2.2%
	Allegheny County Airport Authority RB Series 2021 A (AMT) (A/A2)
$	125,000		4.000	%		01/01/2039	$	144,788
	100,000		4.000			01/01/2040		115,566
	Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (NR/Baa3)
	100,000		1.730			05/01/2022		99,999
	100,000		1.830			05/01/2023		99,974
	100,000		2.100			05/01/2024		99,879
	Allentown Neighborhood Improvement Zone Development Authority RB Refunding Series 2022 (NR/Baa3)(g)
	75,000		5.000			05/01/2029		91,474
	50,000		5.000			05/01/2030		61,833
	50,000		5.000			05/01/2031		62,712
	Berks County Industrial Development Authority RB Refunding for Tower Health Obligated Group Series 2017 (BB-/WR)
	100,000		4.000			11/01/2047		103,318
	Bucks County Industrial Development Authority RB for Grand View Hospital and Sellersville PA Obligated Group Series 2021 (BB+/NR)
	275,000		4.000			07/01/2046		305,494
	City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (BBB+/Baa2)
	100,000		5.000			05/01/2047		122,307
	Commonwealth of Pennsylvania GO Refunding Series 2021 (A+/Aa3)
	750,000		1.625			08/01/2028		757,756
	Dauphin County General Authority RB for The Harrisburg University of Science & Technology Series 2020 (BB/NR)(e)
	100,000		5.875			10/15/2040		120,136
	200,000		6.250			10/15/2053		241,623
	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		113,555
	Latrobe Industrial Development Authority RB Refunding for Seton Hill University Series 2021 (BBB-/NR)
	250,000		4.000			03/01/2038		270,541
	Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (BBB+/NR)
	100,000		4.000			07/01/2033		113,152
	55,000		4.000			07/01/2041		61,560
	Pennsylvania Turnpike Commission RB Series 2018 A (AA/Aa3)
	80,000		5.250			12/01/2044		101,303
	Philadelphia Authority for Industrial Development RB Refunding for Philadelphia Performing Arts Charter School Series 2020 (BB+/NR)(e)
	140,000		5.000			06/15/2030		166,296
	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		110,605
	The Berks County Municipal Authority RB for Alvernia University Project Series 2020 (BB+/NR)
	100,000		5.000			10/01/2049		110,819
Municipal Bonds – (continued)
Pennsylvania – (continued)
	The Berks County Municipal Authority RB for Tower Health Obligated Group Series 2012 A (BB-/WR)
	290,000		5.000			11/01/2040		293,799
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (NR/Baa1)
	50,000		5.000			07/01/2030		64,305
								3,832,794
Puerto Rico – 8.1%
	Commonwealth of Puerto Rico GO Bonds Series 2006 B (NR/NR)*
	50,000		5.000			07/01/2035		48,375
	Commonwealth of Puerto Rico GO Bonds Series 2007 A (NR/NR)*
	30,000		5.250			07/01/2032		29,100
	Commonwealth of Puerto Rico GO Refunding Bonds Series 2012 A (NR/NR)*
	1,070,000		5.000			07/01/2041		936,250
	Commonwealth of Puerto Rico GO Refunding Bonds Series 2014 A (NR/NR)*
	1,675,000		8.000			07/01/2035		1,444,687
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR)(e)
	500,000		5.000			07/01/2047		601,333
	Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Senior Lien Series 2012 A (CCC/WR)
	25,000		4.250			07/01/2025		25,744
	130,000		5.125			07/01/2037		134,712
	60,000		5.750			07/01/2037		62,453
	85,000		5.250			07/01/2042		88,160
	Puerto Rico Commonwealth GO Refunding Bonds Subseries 2003 C-7 (NATL-RE) (NR/Baa2)
	200,000		6.000	%		07/01/2027		202,322
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2005 L (AMBAC) (NR/WR)
	670,000		5.250			07/01/2038		728,080
	Puerto Rico Commonwealth Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	275,000		5.250			07/01/2036		299,463
	Puerto Rico Commonwealth Infrastructure Financing Authority Special Tax RB Series 2005 C (AMBAC) (NR/WR)(d)
	105,000		0.000			07/01/2028		78,921
	Puerto Rico Electric Power Authority RB Refunding Series 2010 ZZ-RSA-1 (NR/NR)*
	145,000		4.250			07/01/2020		139,744
	Puerto Rico Electric Power Authority RB Series 2010 XX-RSA-1 (D/NR)*
	200,000		5.250			07/01/2040		196,250
	Puerto Rico Electric Power Authority RB Series 2013 A-RSA-1 (D/NR)*
	150,000		7.000			07/01/2040		150,938
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	115,000		5.250			07/01/2032		127,345
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (AGC) (AGM-CR) (AA/A2)
	250,000		5.500			07/01/2029		279,620

162 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 Highway & Transportation Authority RB Refunding Series 2007 N (AGM-CR) (AGC-ICC) (AA/A2)
$	435,000		5.500	%		07/01/2026	$	481,357
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (ASSURED GTY) (AA/A3)
	200,000		5.250			07/01/2034		216,637
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 N (NR/WR)*
	165,000		5.500			07/01/2026		92,813
	Puerto Rico Infrastructure Financing Authority Special Tax RB Series 2005 A (AMBAC) (NR/WR)(d)
	125,000		0.000			07/01/2029		89,406
	210,000		0.000			07/01/2037		101,103
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(d)
	16,000		0.000			07/01/2024		15,274
	27,000		0.000			07/01/2027		24,368
	91,000		0.000			07/01/2029		78,373
	525,000		0.000			07/01/2033		389,172
	727,000		0.000			07/01/2046		239,112
	1,008,000		0.000			07/01/2051		239,610
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR)
	1,756,000		4.329			07/01/2040		1,947,249
	15,000		4.536			07/01/2053		16,588
	1,025,000		4.784			07/01/2058		1,149,088
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	245,000		4.500			07/01/2034		268,839
	37,000		4.550			07/01/2040		41,579
	949,000		4.750			07/01/2053		1,061,867
	1,894,000		5.000			07/01/2058		2,148,289
								14,174,221
South Carolina – 0.6%
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
	75,000		5.000			04/15/2035		95,465
	175,000		4.000			04/15/2036		205,796
	795,000		3.000			04/15/2049		826,399
								1,127,660
South Dakota – 0.0%
	County of Lincoln RB Refunding for The Augustana College Association Series 2021 A (BBB-/NR)
	50,000		4.000			08/01/2051		54,838
Tennessee – 0.9%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)
	275,000		4.000			08/01/2044		311,739
	City of Clarksville RB for Water Sewer & Gas Series 2021 A (AA/Aa2)
	400,000		4.000			02/01/2051		467,266
Municipal Bonds – (continued)
Tennessee – (continued)
	Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board RB for Vanderbilt University Medical Center Series 2016 A (NR/A3)
	100,000		5.000			07/01/2046		117,021
	Tennergy Corporation Tenn Gas Supply RB Series 2021 A (NR/A1)(b)(c)
	550,000		4.000			09/01/2028		648,494
								1,544,520
Texas – 7.0%
	Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 A (BB/NR)
	25,000		5.000			08/15/2025		28,353
	Arlington Higher Education Finance Corp. RB Refunding for Wayside Schools Series 2021 B (BB/NR)
	25,000		2.950			08/15/2022		25,105
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (B/NR)
	35,000		5.000			01/01/2023		36,145
	Central Texas Regional Mobility Authority RB for Senior Lien Series 2020 E (A-/A3)
	600,000		5.000			01/01/2031		768,758
	700,000		5.000			01/01/2032		896,466
	550,000		5.000			01/01/2035		693,693
	Central Texas Regional Mobility Authority RB Series 2021 C (BBB+/Baa1)
	360,000		5.000			01/01/2027		420,048
	City of Anna Special Assessment Bonds for Sherley Tract Public Improvement District No. 2 Series 2021 (NR/NR)(e)
	301,000		3.750			09/15/2031		296,332
	157,000		4.500			09/15/2031		154,647
	City of Celina Special Assessment Bonds for Wells South Public Improvement District Series 2021 (NR/NR)(e)(g)
	50,000		3.375			09/01/2041		49,748
	City of Celinac Special Assessment for Edgewood Creek Public Improvement District Phase#1 Project Series 2021 (NR/NR)(e)
	50,000		4.250			09/01/2041		50,320
	55,000		4.500			09/01/2050		55,217
	City of Fate Special Assessment for Williamsburg East Public Improvement District Area No. 1 Series 2020 (NR/NR)(e)
	100,000		3.375			08/15/2030		102,840
	City of Hutto Emory Crossing Public Improvement District Special Assessment Bond Series 2021 (NR/NR)(e)
	519,000		3.625			09/01/2041		519,874
	City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (AA/NR)
	500,000		2.500			09/15/2039		479,244
	City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (AA/NR)
	50,000		2.500			09/15/2035		48,733
	City of Midlothian Special Assessment for Redden Farms Public Improvement District Series 2021 (NR/NR)(e)
	100,000		3.875			09/15/2041		100,368
	City of Oak Point Special Assessment for Wildridge Public Improvement District No. 1 Project Series 2021 (NR/NR)(e)
	265,000		2.750			09/01/2031		259,577

The accompanying notes are an integral part of these financial statements. 163

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	City of Plano Collin Creek East Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(e)
$	125,000		4.375	%		09/15/2051	$	126,102
	City of Plano Collin Creek West Public Improvement District Special Assessment Bonds Series 2021 (NR/NR)(e)
	125,000		4.000			09/15/2051		128,936
	City of Princeton Special Assessment RB for Arcadia Farms Public Improvement District Series 2020 (NR/NR)(e)
	129,000		2.875			09/01/2025		131,420
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2019 (NR/NR)
	100,000		4.875			09/01/2039		112,511
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(e)
	25,000		3.375			09/01/2041		24,749
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2020 (NR/NR)(e)
	230,000		2.750			09/01/2025		235,053
	100,000		3.750			09/01/2040		105,678
	City of Princeton Special Assessment RB for Winchester Public Improvement District Series 2021 (NR/NR)(e)(g)
	50,000		3.250			09/01/2041		49,781
	City of Royse City Special Assessment for Creekshaw Public Improvement District Area #1 Series 2020 (NR/NR)(e)
	100,000		2.625			09/15/2025		101,103
	50,000		3.375			09/15/2030		51,417
	City of Sachse Special Assessment for Public Improvement District No. 1 Series 2020 (NR/NR)(e)
	100,000		3.250			09/15/2030		102,531
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 A (BBB-/NR)
	25,000		2.500			10/01/2031		24,751
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 B (BB-/NR)
	100,000		3.500			10/01/2031		99,052
	Conroe Local Government Corp. Conroe Convention Center Hotel Series 2021 C (NR/A2)
	50,000		4.000			10/01/2041		57,401
	50,000		4.000			10/01/2046		56,230
	County of Medina Woodlands Public Improvement District Special Assessment for Improvement Area #1 Project Series 2021 (NR/NR)(e)
	100,000		4.500			09/01/2041		100,473
	Edinburg Economic Development Corp. Sales Tax RB Series 2019 (NR/NR)(e)
	100,000		5.000			08/15/2044		104,117
	Edinburg Economic Development Corp. Sales Tax RB Series 2021 A (NR/NR)
	75,000		3.125			08/15/2036		72,693
	70,000		3.250			08/15/2041		66,638
	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		219,162
	Houston Airport System RB for United Airlines, Inc. Airport Improvement Projects Series 2018 C (AMT) (B/NR)
	200,000		5.000			07/15/2028		237,145
Municipal Bonds – (continued)
Texas – (continued)
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (AMT) (B-/NR)
	100,000		5.000			07/15/2027		117,203
	Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 C (AMT) (B-/NR)
	150,000		5.000			07/15/2027		175,248
	Houston Airport System Subordinate Lien RB Series 2020 A (AMT) (A/A1)
	250,000		4.000			07/01/2047		282,825
	Kaufman County Fresh Water Supply District No. 1-D GO Bonds Series 2021 (NR/NR)
	160,000		2.250			09/01/2030		157,530
	Lower Colorado River Authority LCRA Transmission Services Corp. Project RB Refunding Series 2019 (A/NR)
	35,000		5.000			05/15/2030		44,467
	Mission Economic Development Corp. Senior Lien RB for Natgasoline Project Series 2018 (AMT) (BB-/NR)(e)
	100,000		4.625			10/01/2031		105,166
	Mitchell County Hospital District GO Bonds Series 2020 (NR/NR)
	100,000		5.250			02/15/2030		107,106
	New Home Independent School District GO Bonds Series 2021 (PSF-GTD) (NR/Aaa)
	100,000		3.000			02/15/2051		106,188
	New Hope Cultural Education Facilities Finance Corp. RB for Westminster Manor Series 2021 (BBB/NR)
	100,000		4.000			11/01/2049		112,380
	North Texas Tollway Authority RB for Second Tier Series 2021 B (A/A2)
	50,000		4.000			01/01/2040		58,791
	50,000		4.000			01/01/2041		58,625
	North Texas Tollway Authority RB Refunding for First Tier Series 2017 A (A+/A1)
	345,000		5.000			01/01/2037		412,790
	Port Beaumont Navigation District RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 A (AMT) (NR/NR)(e)
	100,000		1.875			01/01/2026		99,654
	150,000		2.500			01/01/2030		149,001
	Port of Beaumont Industrial Development Authority RB for Jefferson 2020 Bond Lessee & Borrower LLC Obligated Group Series 2021 B (NR/NR)(e)
	500,000		4.100			01/01/2028		491,342
	Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (BBB+/A3)
	535,000		5.000			12/15/2032		715,858
	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		221,845
	Texas Private Activity Bonds Surface Transportation Corp. RB Senior Lien for Mobility Partners Segment 3 LLC Series 2019 (AMT) (BBB-/Baa3)
	600,000		5.000			06/30/2058		717,043
	Town of Flower Mound River Walk Public Improvement District No. 1 Special Assessment Refunding Bonds Series 2021 (NR/NR)(e)
	820,000		2.625			09/01/2026		817,367

164 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)
Texas – (continued)
	Uptown Development Authority Tax Allocation Refunding Bonds for City of Houston Reinvestment Zone No. 16 Series 2021 (NR/Baa2)
$	100,000		3.000	%		09/01/2034	$	106,320
	Viridian Municipal Management District Special Assessment Bonds Series 2020 (NR/NR)
	50,000		2.875			12/01/2030		50,636
								12,299,796
Utah – 1.2%
	Black Desert Public Infrastructure District GO Bonds Series 2021 A (NR/NR)(e)
	500,000		3.500			03/01/2036		492,281
	Mida Mountain Village Public Infrastructure District Special Assessment for Mountain Village Assessment Area No. 2 Series 2021 (NR/NR)(e)
	225,000		4.000			08/01/2050		233,622
	Salt Lake City RB for International Airport Series 2021 A (AMT) (A/A2)
	250,000		4.000			07/01/2040		290,809
	1,000,000		4.000			07/01/2041		1,159,816
								2,176,528
Virginia – 0.6%
	Farms New Kent Community Development Authority Special Assessment Bond Series 2021 A (NR/NR)(e)
	100,000		3.750			03/01/2036		107,465
	Tobacco Settlement Financing Corp. RB for Capital Appreciation Subseries 2007 C (CCC-/NR)(d)
	300,000		0.000			06/01/2047		73,629
	Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (BBB-/NR)
	25,000		4.000			06/01/2036		28,970
	Virginia Housing Development Authority RB Series 2019 E (AA+/Aa1)
	250,000		3.100			12/01/2045		261,264
	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		59,394
	200,000		5.000			12/31/2056		236,386
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2017 (AMT) (BBB-/NR)
	300,000		5.000			01/01/2040		303,232
								1,070,340
Washington – 0.4%
	Port of Seattle Intermediate Lien RB Series 2019 (AMT) (A+/A1)
	200,000		5.000			04/01/2038		244,803
	Port of Seattle RB for Intermediate Lien Series 2018 A (AMT) (A+/A1)
	220,000		5.000			05/01/2043		256,467
	Washington State Convention Center Public Facilities District Lodging Tax RB Series 2018 (BAM) (AA/Baa3)
	120,000		4.000			07/01/2058		133,918
								635,188
Municipal Bonds – (continued)
West Virginia – 0.2%
	Monongalia County Commission Excise Tax District RB Refunding Series 2021 A (NR/NR)(e)
	100,000		4.125			06/01/2043		110,963
	West Virginia Economic Development Authority RB for Arch Resources, Inc. Series 2021 (AMT) (B/B2)(b)(c)
	100,000		4.125			07/01/2025		105,538
	West Virginia GO Bonds Bid Group 2 Series 2019 A (AA-/Aa2)
	100,000		5.000			12/01/2043		124,443
								340,944
Wisconsin – 0.9%
	Public Finance Authority Exempt Facilities RB Refunding for Celanese Project Series 2016 C (AMT) (BBB/Baa3)
	190,000		4.300			11/01/2030		211,653
	Public Finance Authority RB for Appalachian Regional Healthcare System Obligated Group Series 2021 A (BBB/NR)
	25,000		5.000			07/01/2038		31,537
	25,000		5.000			07/01/2041		31,297
	Public Finance Authority RB for Charter Day School Obligated Group Series 2020 A (NR/Ba1)(e)
	50,000		5.000			12/01/2045		55,986
	Public Finance Authority RB for High Desert Montessori Charter School Series 2021 A (NR/NR)(e)
	100,000		5.000			06/01/2061		107,629
	Public Finance Authority RB for Masonic & Eastern Star Home of NC, Inc. Obligated Group Series 2020 A (NR/NR)(e)
	100,000		4.000			03/01/2030		109,115
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 A (NR/Ba2)(e)
	250,000		5.625			06/01/2050		249,211
	Public Finance Authority RB for Noorda College of Osteopathic Medicine LLC Series 2021 B (NR/Ba2)(e)
	290,000		6.500			06/01/2045		277,856
	Public Finance Authority RB for Rider University A New Jersey Non-Profit Corp. Series 2021 B (BB+/NR)(e)
	100,000		6.000			07/01/2031		101,915
	Public Finance Authority RB for Roseman University of Health Sciences Series 2020 (BB/NR)(e)
	100,000		5.000			04/01/2040		118,768
	Public Finance Authority RB Refunding for Rider University A New Jersey Non-Profit Corp. Series 2021 A (BB+/NR)(e)
	150,000		4.500			07/01/2048		168,165
	Public Finance Authority RB Refunding for UMA Education, Inc. Project Series 2019 B (BB/NR)(e)
	25,000		6.125			10/01/2049		27,473
								1,490,605
	TOTAL MUNICIPAL BONDS
	(Cost $159,208,135)						$	163,148,446

The accompanying notes are an integral part of these financial statements. 165

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Bonds(i) – 0.1%
Real Estate – 0.1%
	Benloch Ranch Improvement Association No. 1 Series 2020
$	100,000		9.750	%		12/01/2039	$	104,870
	Benloch Ranch Improvement Association No. 1 Series 2021(e)
	100,000		9.750			12/01/2039		104,870
	TOTAL CORPORATE BONDS
	(Cost $200,000)						$	209,740
	TOTAL INVESTMENTS – 93.0%
	(Cost $159,408,135)						$	163,358,186
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 7.0%							12,262,732
	NET ASSETS – 100.0%						$	175,620,918

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
*	Security is currently in default and/or non-income producing.
(a)	Zero coupon bond until next reset date.
(b)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2021.
(c)	Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(d)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(e)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(f)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(g)	When-issued security.
(h)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(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.
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
GO	—General Obligation
IDA	—Industrial Development Authority
LIBOR	—London Interbank Offered Rate
Mo.	—Month
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NR	—Not Rated
PSF-GTD	—Guaranteed by Permanent School Fund
RB	—Revenue Bond
RMKT	—Remarketed
SD CRED PROG	—School District Credit Program
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
U.S. Treasury 10 Year Ultra Note		(60	)		12/21/2021	$	(8,725,313	)	$	130,543
U.S. Treasury Ultra Bond		(22	)		12/21/2021		(4,215,063	)		106,135
Total Futures Contracts									$	236,678

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – 92.8%
Alabama – 0.6%
	Alabama Public School & College Authority RB Refunding for Capital Improvement Series 2015 A (AA/Aa1)
$	3,385,000	5.000%		05/01/2023	$	3,639,022
	Black Belt Energy Gas District RB Project 4 Series 2019 A-1 (A/A1)(a)(b)
	20,065,000	4.000		12/01/2025		22,643,433
	25,000	4.000		12/01/2025		28,212
	Black Belt Energy Gas District RB Series 2017 A (NR/Aa2)(a)(b)
	1,000,000	4.000		07/01/2022		1,022,861
	Chatom Industrial Development Board RB Refunding for PowerSouth Energy Cooperative Series 2020 (AGM) (AA/A2)
	190,000	5.000		08/01/2022		196,885
	225,000	5.000		08/01/2023		243,388
	485,000	5.000		08/01/2024		545,043
	Houston County Health Care Authority RB for Southeast Alabama Medical Center Series 2016 A (BBB+/NR)
	85,000	4.000		10/01/2021		85,000
	85,000	4.000		10/01/2022		87,933
	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		3,374,044
	Jacksonville State University RB Refunding Series 2020 (A-/A2)
	650,000	3.000		12/01/2021		652,658
	475,000	3.000		12/01/2022		489,005
	315,000	3.000		12/01/2023		329,882
	275,000	4.000		12/01/2024		303,614
	375,000	4.000		12/01/2025		423,750
	550,000	4.000		12/01/2026		633,828
	Jefferson County RB Refunding Warrants Series 2017 (AA/NR)
	1,225,000	5.000		09/15/2022		1,280,191
	2,000,000	5.000		09/15/2023		2,182,306
	Jefferson County Senior Lien Sewer RB Warrants Series 2013 A (AGM) (AA/A2)
	1,780,000	5.500		10/01/2053		1,976,883
	Jefferson County Subordinate Lien Sewer RB Warrants Series 2013 D (BBB/NR)
	1,300,000	5.000		10/01/2021		1,300,000
	1,745,000	5.000		10/01/2022		1,828,165
	3,825,000	6.500		10/01/2053		4,419,359
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(a)(b)
	225,000	2.000		10/01/2024		234,355
	Prattville Industrial Development Board RB Refunding for International Paper Co. Series 2019 C (BBB/Baa2)(a)(b)
	675,000	2.000		10/01/2024		703,064
	Selma Industrial Development Board RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(a)(b)
	1,875,000	2.000		10/01/2024		1,952,956
	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		6,667,560
	Special Care Facilities Financing Authority of the City of Pell City Alabama RB Refunding for Noland Obligated Group Series 2021 A (A/NR)
	1,425,000	5.000		12/01/2023		1,565,468
	1,570,000	5.000		12/01/2025		1,845,208
Municipal Bonds – (continued)
Alabama – (continued)
	The Southeast Alabama Gas Supply District RB for Project No. 2 Series 2018 B (A/A1)(a)
	25,105,000	(1 Mo. LIBOR + 0.85%), 0.908		06/01/2024		25,263,410
	Troy University RB Refunding Series 2019 A (BAM) (AA/A1)
	400,000	4.000		11/01/2021		401,120
	850,000	4.000		11/01/2022		883,811
						87,202,414
Alaska – 0.3%
	Alaska Municipal Bond Bank Authority RB Refunding Series 2020 ONE (A+/A1)
	640,000	5.000		12/01/2022		675,254
	1,240,000	5.000		12/01/2023		1,365,345
	1,775,000	5.000		12/01/2024		2,028,874
	1,500,000	5.000		12/01/2025		1,769,697
	Borough of North Slope GO Bonds for General Purpose Series 2019 A (AA/Aa2)
	6,775,000	5.000		06/30/2022		7,016,193
	10,225,000	5.000		06/30/2023		11,072,431
	Borough of North Slope GO Bonds for Schools Series 2019 B (AA/Aa2)
	990,000	5.000		06/30/2023		1,072,049
	Borough of North Slope GO Bonds Series 2020 A (AA/Aa2)
	300,000	5.000		06/30/2022		310,680
	1,750,000	5.000		06/30/2023		1,895,037
	3,275,000	5.000		06/30/2024		3,691,817
	Municipality of Anchorage GO Refunding Bonds Series 2018 D (AAA/NR)
	5,025,000	4.000		09/01/2022		5,202,723
	Northern Tobacco Securitization Corp. RB Refunding Senior Bond Series 2021 A-1 (A/NR)
	665,000	3.000		06/01/2022		675,986
	520,000	4.000		06/01/2023		549,870
	750,000	5.000		06/01/2024		837,050
	1,000,000	5.000		06/01/2025		1,153,063
	1,100,000	5.000		06/01/2026		1,306,193
						40,622,262
Arizona – 1.2%
	Arizona Department of Transportation State Highway RB Series 2013 A (AA+/Aa2)
	14,290,000	5.000		07/01/2023		14,798,944
	Arizona Department of Transportation State Highway Taxable RB Refunding Series 2020 (AA+/Aa1)
	9,000,000	1.958		07/01/2024		9,336,817
	Arizona Health Facilities Authority Hospital RB for Banner Health Series 2007 B (AA-/NR)(c)
	63,860,000	(3 Mo. LIBOR + 0.81%), 0.907		01/01/2037		63,306,468
	Arizona Industrial Development Authority RB for Equitable School Revolving Fund LLC Obligated Group Series 2019 A (A/NR)
	250,000	5.000		11/01/2021		250,893
	250,000	5.000		11/01/2022		262,681
	755,000	5.000		11/01/2023		821,584
	1,055,000	5.000		11/01/2024		1,187,857
	340,000	5.000		11/01/2025		394,285

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, 2021 (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 (CCC+/NR)
$	675,000	5.000 %		01/01/2022	$	677,649
	600,000	5.000		01/01/2023		611,031
	575,000	5.000		01/01/2024		591,906
	Arizona Industrial Development Authority RB for Great Lakes Senior Living Communities LLC Project Second Tier Series 2019 B (CCC+/NR)
	485,000	5.000		01/01/2022		485,842
	505,000	5.000		01/01/2023		509,075
	560,000	5.000		01/01/2024		566,822
	Chandler Industrial Development Authority RB for Intel Corp. Series 2019 (AMT) (A+/A1)(a)(b)
	20,365,000	5.000		06/03/2024		22,745,597
	City of Phoenix Civic Improvement Corporation RB Taxable Refunding for Rental Car Facility Charge Series 2019 B (BBB+/A3)
	3,150,000	2.163		07/01/2022		3,175,626
	2,050,000	2.226		07/01/2023		2,082,762
	Glendale City GO Refunding Bonds Series 2015 (AGM) (AA/A1)
	1,665,000	5.000		07/01/2022		1,724,625
	Maricopa County Community College District GO Refunding Bonds Series 2016 (AAA/Aaa)
	16,400,000	5.000		07/01/2023		17,725,369
	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		132,437
	135,000	4.000		07/01/2024		146,736
	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		3,763,255
	Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 A (BBB/Baa2)(a)(b)
	3,750,000	0.875		10/01/2026		3,709,809
	Maricopa County Pollution Control Corp. RB Refunding for Public Service Co. of New Mexico Series 2010 B (BBB/Baa2)(a)(b)
	1,790,000	0.875		10/01/2026		1,770,816
	Pinal County Industrial Development Authority RB Refunding for State of Arizona Department of Corrections Series 2020 A (BBB/NR)
	3,900,000	2.000		10/01/2024		3,964,872
	1,540,000	2.000		10/01/2025		1,560,102
						156,303,860
Arkansas – 0.0%
	Conway Health Facilities Board RB Refunding for Conway Regional Medical Center, Inc. Series 2019 (BBB+/NR)
	275,000	5.000		08/01/2022		285,058
	235,000	5.000		08/01/2023		253,578
	400,000	5.000		08/01/2024		447,721
Municipal Bonds – (continued)
Arkansas – (continued)
	Fort Smith School District No. 100 GO Bonds for Arkansas Construction Series 2018 A (ETM) (ST AID WITHHLDG) (NR/Aa2)(d)
	1,950,000	3.000		02/01/2022		1,967,727
	1,510,000	3.000		02/01/2023		1,564,278
						4,518,362
California – 7.2%
	Atwater Wastewater RB Refunding Series 2017 A (AGM) (AA/NR)
	335,000	5.000		05/01/2022		343,981
	300,000	5.000		05/01/2023		321,131
	265,000	5.000		05/01/2024		294,720
	Bay Area Toll Authority RB Refunding for San Francisco Bay Area Series 2021 C (AA/Aa3)(a)
	7,000,000	(SIFMA Municipal Swap Index Yield + 0.45%), 0.500		04/01/2026		7,078,308
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 05/01/13 Series 2006 C-1 (AA/Aa3)(a)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.90%), 0.950		05/01/2023		10,069,075
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area RMKT 06/03/13 Series 2006 C-1 (AA/Aa3)(a)
	7,000,000	(SIFMA Municipal Swap Index Yield + 0.90%), 0.950		05/01/2023		7,048,353
	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%), 1.300		04/01/2027		15,785,994
	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		11,191,246
	Bay Area Toll Authority Toll Bridge Authority RB for San Francisco Bay Area Series 2017 F-1 (AA/Aa3)(d)
	18,000,000	5.000		04/01/2027		22,195,512
	Bay Area Toll Authority Toll Bridge Authority RB Refunding for San Francisco Bay Area Series 2017 B (AA/Aa3)(a)(b)
	2,500,000	2.850		04/01/2025		2,682,740
	Bay Area Toll Authority Toll Bridge Authority RB Refunding for San Francisco Bay Area Series 2018 A (AA/Aa3)(a)(b)
	5,000,000	2.625		04/01/2026		5,384,241
	California Community College Financing Authority RB for NCCD-Orange Coast Properties LLC Series 2018 (BB/NR)
	1,000,000	5.000		05/01/2023		1,058,133
	535,000	5.000		05/01/2024		583,966
	California County Tobacco Securitization Agency RB Refunding for Gold Country Settlement Funding Corp. Series 2020 B-1 (A/NR)
	5,000	1.100		06/01/2030		5,014

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 A (A/NR)
$	425,000	5.000 %		06/01/2024	$	474,774
	450,000	5.000		06/01/2026		536,768
	California County Tobacco Securitization Agency RB Refunding for Sonoma County Securitization Corp. Series 2020 B-1 (A/NR)
	50,000	1.375		06/01/2030		50,291
	California County Tobacco Securitization Agency RB Refunding Senior Series 2020 A (A/NR)
	400,000	4.000		06/01/2022		409,307
	400,000	4.000		06/01/2023		423,173
	750,000	5.000		06/01/2024		838,067
	700,000	5.000		06/01/2025		809,856
	150,000	1.750		06/01/2030		150,943
	California Earthquake Authority Taxable RB Series 2020 B (A/NR)
	10,000,000	1.327		07/01/2022		10,074,677
	7,500,000	1.477		07/01/2023		7,623,671
	California Health Facilities Financing Authority RB for City of Hope Obligated Group Series (A+/A1)
	1,140,000	5.000		11/15/2034		1,295,687
	California Health Facilities Financing Authority RB for Kaiser Foundation Hospitals Series 2017 (AA-/NR)(a)(b)
	7,695,000	5.000		11/01/2022		8,088,756
	California Health Facilities Financing Authority RB Refunding for Lucile Salter Packard Children’s Hospital Series 2022 A (A+/A1)(e)
	550,000	5.000		05/15/2023		574,037
	1,200,000	5.000		05/15/2024		1,301,588
	795,000	5.000		05/15/2026		917,602
	285,000	5.000		05/15/2027		337,067
	California Health Facilities Financing Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2009 D (AA-/Aa3)(a)(b)
	2,820,000	1.700		10/18/2022		2,863,003
	California Health Facilities Financing Authority RB Refunding for Providence St. Joseph Health Obligated Group Series 2019 C (AA-/Aa3)(a)(b)
	32,470,000	5.000		10/01/2025		38,264,742
	California Health Facilities Financing Authority RG Refunding for Cedars-Sinai Medical Center Obligated Group Series 2015 (AA-/Aa3)
	2,590,000	5.000		11/15/2024		2,970,584
	California Infrastructure & Economic Development Bank RB Refunding for California Academy of Sciences Series 2018 B (NR/A2)(a)
	32,000,000	(SIFMA Municipal Swap Index Yield + 0.35%), 0.400		08/01/2024		32,115,648
	California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 A (NR/A3)(a)(b)
	20,000,000	1.200		06/01/2028		20,060,478
	California Infrastructure & Economic Development Bank RB Refunding for Museum Associates Series 2021 B (NR/A3)(a)
	5,000,000	(SIFMA Municipal Swap Index Yield + 0.70%), 0.750		06/01/2026		5,080,734
Municipal Bonds – (continued)
California – (continued)
	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	0.390		04/01/2022		20,002,486
	California Municipal Finance Authority RB for River Springs Charter School, Inc. Series 2021 A (NR/NR)(f)
	1,825,000	1.150		12/15/2021		1,824,997
	California Municipal Finance Authority RB for River Springs Charter School, Inc. Series 2021 B (NR/NR)(f)
	1,925,000	2.450		12/15/2021		1,925,716
	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		1,839,082
	California Municipal Finance Authority RB for Waste Management, Inc. Series 2017 A (AMT) (A-/NR)(a)(b)
	17,860,000	0.700		12/01/2023		17,963,472
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/Baa1)
	250,000	5.000		10/01/2022		261,249
	225,000	5.000		10/01/2023		245,025
	275,000	5.000		10/01/2024		310,210
	275,000	5.000		10/01/2025		319,689
	California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (NR/WR)
	250,000	5.000		10/01/2021		250,000
	California Municipal Finance Authority Senior Lien RB for LAX Integrated Express Solutions LLC Project Series 2018 A (AMT) (BBB-/NR)
	860,000	5.000		12/31/2023		946,663
	685,000	5.000		06/30/2024		767,381
	800,000	5.000		12/31/2024		912,061
	1,000,000	5.000		06/30/2025		1,156,274
	1,790,000	5.000		12/31/2025		2,100,808
	1,385,000	5.000		06/30/2026		1,644,625
	2,570,000	5.000		12/31/2026		3,091,367
	2,005,000	5.000		06/30/2027		2,440,391
	3,005,000	5.000		12/31/2027		3,691,243
	California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (NR/Baa3)
	100,000	4.000		06/01/2022		102,250
	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		2,488,137
	California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (BBB/Baa3)(f)
	3,500,000	5.000		11/21/2045		3,659,522
	California Public Finance Authority RB Refunding for Henry Mayo Newhall Hospital Obligated Group Series 2021 A (BBB-/NR)
	210,000	4.000		10/15/2021		210,220
	240,000	4.000		10/15/2022		248,347
	290,000	4.000		10/15/2023		309,462
	380,000	4.000		10/15/2024		416,863
	390,000	4.000		10/15/2025		437,646
	415,000	4.000		10/15/2026		474,922

The accompanying notes are an integral part of these financial statements. 169

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	California State Public Works Board RB Refunding Series 2021 A (A+/Aa3)(e)
$	11,800,000	5.000 %		02/01/2026	$	14,028,436
	12,500,000	5.000		02/01/2027		15,292,050
	14,000,000	5.000		02/01/2028		17,523,356
	California State University RB Refunding Series 2014 A (AA-/NR)(d)
	2,205,000	5.000		11/01/2024		2,524,165
	California State University RB Refunding Series 2016 B-2 (AA-/Aa2)(a)(b)
	12,100,000	0.550		11/01/2026		12,014,393
	California State University RB Taxable Bonds Series 2020 D (AA-/Aa2)
	320,000	0.349		11/01/2022		320,554
	3,455,000	0.475		11/01/2023		3,458,540
	2,870,000	0.685		11/01/2024		2,868,388
	8,555,000	0.885		11/01/2025		8,521,787
	California State University RB Taxable Bonds Series 2020 E (AA-/Aa2)
	800,000	0.475		11/01/2023		800,820
	1,105,000	0.685		11/01/2024		1,104,379
	1,360,000	0.885		11/01/2025		1,354,720
	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%), 0.430		12/01/2027		15,003,992
	California State Various Purpose GO Bonds Series 2014 (AA-/Aa2)
	6,850,000	5.000		05/01/2044		7,592,187
	California State Various Purpose GO Bonds Series 2020 (AA-/Aa2)
	5,000,000	5.000		11/01/2024		5,726,624
	5,565,000	5.000		11/01/2025		6,588,168
	8,500,000	5.000		11/01/2026		10,360,889
	California State Various Purpose GO Refunding Bonds Series 2020 (AA-/Aa2)
	11,655,000	4.000		11/01/2024		12,991,988
	2,015,000	3.000		11/01/2025		2,222,902
	7,025,000	5.000		11/01/2025		8,316,600
	14,275,000	4.000		11/01/2026		16,687,966
	2,755,000	5.000		11/01/2026		3,358,147
	California Statewide Communities Development Authority RB for Methodist Hospital of Southern California Obligated Group Series 2018 (BBB+/NR)
	500,000	5.000		01/01/2022		505,453
	500,000	5.000		01/01/2023		527,692
	Chino Public Financing Authority Tax Exempt RB Series 2019 A (NR/NR)
	205,000	3.000		09/01/2022		209,405
	210,000	3.000		09/01/2023		219,264
	215,000	3.000		09/01/2024		227,914
	225,000	4.000		09/01/2025		250,184
	Chula Vista Elementary School District GO Bonds Anticipation Notes Series 2019 (AA-/NR)(g)
	2,515,000	0.000		08/01/2023		2,498,289
Municipal Bonds – (continued)
California – (continued)
	City of Montebello RB Series 2020 (AGM) (AA/NR)
	1,000,000	2.403		06/01/2024		1,033,249
	1,000,000	2.503		06/01/2025		1,036,132
	City of Ontario CA Community Facilities District No. 43 Special Tax Bonds Series 2020 (NR/NR)
	170,000	4.000		09/01/2024		185,285
	250,000	4.000		09/01/2026		282,901
	City of San Francisco RB Refunding for Public Utilities Commission Water Series 2015 A (AA-/Aa2)
	1,345,000	5.000		11/01/2025		1,563,456
	City of Torrance Joint Powers Financing Authority RB Series 2020 (AA/NR)
	405,000	1.239		10/01/2021		405,000
	500,000	1.289		10/01/2022		504,856
	750,000	1.427		10/01/2023		763,541
	3,325,000	1.604		10/01/2024		3,404,614
	5,000,000	1.804		10/01/2025		5,144,455
	Foothill-De Anza Community College District GO Bonds Series 2000 A (NATL-RE) (AAA/Aaa)(g)
	3,590,000	0.000		08/01/2023		3,572,650
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2017 A-1 (A/NR)
	6,025,000	5.000		06/01/2022		6,205,381
	6,000,000	5.000		06/01/2023		6,445,098
	Golden State Tobacco Securitization Corp. California Tobacco Settlement RB Asset-Backed Bonds Series 2018 A-1 (BB/NR)
	9,225,000	3.500		06/01/2036		9,342,847
	Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AGM) (AA/NR)(f)
	450,000	4.000		06/01/2023		473,687
	555,000	4.000		06/01/2027		633,729
	Inland Empire Tobacco Securitization Authority RB Turbo Asset-Backed Bonds Series 2019 (A-/NR)
	3,260,000	3.678		06/01/2038		3,397,856
	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		1,839,139
	1,135,000	5.000		09/01/2023		1,233,027
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 B (NR/NR)
	600,000	4.000		09/01/2023		637,826
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 C (NR/NR)
	520,000	4.000		09/01/2023		552,783
	Irvine Unified School District No. 09-1 Special Tax for Community Facilities Series 2017 D (NR/NR)
	255,000	3.000		09/01/2022		260,363
	415,000	4.000		09/01/2023		441,163
	Kern Community College District Facilities Improvement District No. 1 GO Bonds Series 2020 (SP-1+/MIG1)(g)
	5,190,000	0.000		08/01/2023		5,164,918
	Los Angeles Community College District GO Bonds Series 2013 F (AA+/Aaa)(d)
	8,985,000	4.000		08/01/2023		9,611,773
	Los Angeles Community College District GO Refunding Bonds Series 2015 A (AA+/Aaa)(d)
	5,240,000	5.000		08/01/2024		5,940,211

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	Los Angeles Department of Airports RB Series 2015 D (AMT) (AA-/Aa2)
$	1,425,000	5.000 %		05/15/2030	$	1,638,094
	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		33,969,857
	Los Angeles Unified School District GO Refunding Bonds 2014 C (A+/Aa3)
	4,520,000	5.000		07/01/2027		5,087,901
	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		1,679,458
	2,735,000	1.040		11/01/2025		2,734,735
	Northern California Gas Authority No. 1 RB for Gas Project Series 2007 B (BBB+/A1)(c)
	8,935,000	(3 Mo. LIBOR + 0.72%), 0.817		07/01/2027		8,982,567
	Orange County Transportation Authority RB for I-405 Improvement Project Series 2021 (AA/Aa3)
	17,190,000	4.000		10/15/2024		19,087,439
	Pasadena Unified School District GO Bonds Series 2020 B (NR/Aa3)
	3,770,000	1.000		08/01/2024		3,838,242
	Pittsburg Successor Agency Redevelopment Agency Tax Allocation Refunding Series 2016 A (AGM) (AA/NR)
	2,950,000	5.000		09/01/2025		3,440,908
	Port of Los Angeles RB Refunding Series 2019 A (AMT) (AA/Aa2)
	10,100,000	5.000		08/01/2024		11,338,241
	Port of Oakland RB Refunding for California Intermediate Lien Series 2021 H (AMT) (A/A2)
	3,000,000	5.000		05/01/2025		3,462,950
	Port of Oakland RB Refunding Senior Lien Series 2020 (A+/A1)
	2,225,000	0.821		05/01/2023		2,240,157
	1,285,000	1.081		05/01/2024		1,298,511
	905,000	1.181		05/01/2025		911,881
	1,460,000	1.517		05/01/2026		1,478,384
	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		391,497
	Riverside Unified School District Community Facilities District No. 32 Special Tax Series 2020 (NR/NR)
	180,000	4.000		09/01/2022		185,180
	195,000	4.000		09/01/2024		211,769
	205,000	4.000		09/01/2025		227,031
	210,000	4.000		09/01/2026		235,930
	Roseville California Community Facilities District No. 1 Special Tax Refunding for Fiddyment Ranch Project Series 2017 (NR/NR)
	800,000	5.000		09/01/2022		831,287
	1,835,000	5.000		09/01/2023		1,983,593
	Sacramento City Unified School District GO RB Refunding Series 2012 (BBB/A3)
	26,940,000	4.000		07/01/2029		27,590,561
Municipal Bonds – (continued)
California – (continued)
	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		4,394,294
	4,900,000	1.042		12/01/2025		4,856,610
	Sacramento County Water Financing Authority RB for Water Agency Zones 40 & 41 2007 Water System Project Series 2007 B (NATL-RE) (A+/Aa3)(c)
	10,000,000	(3 Mo. LIBOR + 0.57%), 0.650		06/01/2039		9,937,344
	Sacramento Municipal Utility District RB Series 2019 A (AA-/NR)(a)(b)
	22,130,000	5.000		10/17/2023		23,701,876
	San Diego Community College District GO Bonds for Election of 2006 Series 2013 (AAA/Aaa)(h)
	42,620,000	0.000		08/01/2041		24,205,599
	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		7,087,415
	10,000,000	5.000		05/01/2027		10,271,027
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Second Series 2019 H (AMT) (A/A1)
	24,000,000	5.000		05/01/2025		27,759,005
	San Gorgonio Memorial Health Care District GO Refunding Bonds Series 2020 (NR/Baa3)
	360,000	4.000		08/01/2022		369,693
	385,000	4.000		08/01/2023		407,160
	855,000	4.000		08/01/2024		928,875
	930,000	4.000		08/01/2025		1,033,118
	1,020,000	3.000		08/01/2026		1,106,959
	San Jose City Financing Authority Taxable RB Refunding for Civic Center Refunding Project 2020 A (AA/Aa2)
	970,000	0.541		06/01/2022		971,703
	990,000	0.642		06/01/2023		993,208
	725,000	0.844		06/01/2024		727,370
	735,000	0.994		06/01/2025		734,989
	San Mateo Foster City Public Financing Authority RB for City of San Mateo Series 2021 B (AA-/Aa2)
	21,200,000	5.000		08/01/2025		24,919,557
	San Mateo Foster City Public Financing Authority RB for Estero Municipal Improvement District Series 2021 A (AA/Aa2)
	13,250,000	5.000		08/01/2025		15,574,723
	Sequoia Union High School District GO Refunding Bonds Series 2020 (NR/Aa1)
	160,000	1.600		07/01/2023		163,654
	Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (A/NR)
	230,000	4.000		07/01/2022		235,835
	260,000	4.000		07/01/2023		275,236
	240,000	4.000		07/01/2024		261,480
	300,000	4.000		07/01/2025		334,927
	320,000	4.000		07/01/2026		364,738
	Southwestern Community College District GO Bonds Series 2015 D (AA-/Aa2)(d)
	5,000,000	5.000		08/01/2025		5,863,829

The accompanying notes are an integral part of these financial statements. 171

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
California – (continued)
	State of California Department of Water Resources RB Series 2014 (AAA/NR)(d)
$	5,970,000		5.000	%		12/01/2024	$	6,857,443
	State of California GO Bonds for General Obligation High Speed Train Series 2017 A (AA-/Aa2)
	12,400,000		2.367			04/01/2022		12,532,850
	State of California GO Unlimited Various Purpose Bonds Series 2019 A (AA-/Aa2)
	29,705,000		2.350			04/01/2022		30,020,770
	State of California Various Purpose GO Bonds for Bid Group A Series 2018 (AA-/Aa2)
	52,000,000		5.000			10/01/2022		54,499,624
	Stockton Public Financing Authority Wastewater RB Series 2019 (A/NR)
	8,950,000		1.400			06/01/2022		8,965,025
	Tobacco Securitization Authority of Northern California RB Refunding for Sacramento County Tobacco Securitization Corp. Series 2021 B-1 (A/NR)
	150,000		0.450			06/01/2030		150,807
	Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (A/NR)
	2,000,000		5.000			06/01/2022		2,059,567
	1,750,000		5.000			06/01/2024		1,953,117
	Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (A-/NR)
	1,200,000		5.000			10/01/2026		1,445,466
	University of California RB Series 2020 BF (AA/Aa2)
	500,000		0.628			05/15/2023		502,591
	785,000		0.833			05/15/2024		789,763
	University of California RB Series 2020 BG (AA/Aa2)
	7,065,000		1.316			05/15/2027		7,067,293
	Washington Township Health Care District RB Refunding Series 2020 A (NR/Baa2)
	200,000		5.000			07/01/2022		206,658
	175,000		5.000			07/01/2023		188,505
	200,000		5.000			07/01/2024		223,728
	225,000		5.000			07/01/2025		260,097
	250,000		5.000			07/01/2026		297,402
								960,866,270
Colorado – 2.4%
	Cherry Creek Colorado School District No. 5 GO Refunding Bonds Series 2020 (ST AID WITHHLDG) (AA+/Aa1)
	6,745,000		5.000			12/15/2024		7,745,671
	City of Aurora COPS Refunding Series 2019 (AA/Aa1)
	450,000		5.000			12/01/2021		453,408
	375,000		5.000			12/01/2022		395,612
	285,000		5.000			12/01/2023		313,354
	875,000		5.000			12/01/2024		999,258
	City of Colorado Springs Utilities System RB Refunding Series 2018 A-1 (AA+/Aa2)
	1,520,000		5.000			11/15/2024		1,738,758
	1,000,000		5.000			11/15/2025		1,183,086
	Colorado Health Facilities Authority RB for AdventHealth Obligated Group Series 2018 B (AA/Aa2)(a)(b)
	2,270,000		5.000			11/20/2025		2,685,774
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Catholic Health Initiatives Project Series 2013 A (BBB+/Baa1)(d)
	13,425,000		5.250			01/01/2023		14,251,391
	Colorado Health Facilities Authority RB for CommonSpirit Health Obligated Group Series 2019 B-2 (BBB+/Baa1)(a)(b)
	2,375,000		5.000			08/01/2026		2,785,647
	Colorado Health Facilities Authority RB for Sisters of Charity of Leavenworth Health System, Inc. Obligated Group Series 2013 A (AA-/Aa3)
	5,200,000		5.000			01/01/2034		5,722,776
	Colorado Health Facilities Authority RB Refunding for Boulder Community Health Obligated Group Series 2020 (A-/A3)
	450,000		5.000			10/01/2022		470,709
	300,000		5.000			10/01/2024		338,602
	475,000		5.000			10/01/2027		580,846
	Colorado Health Facilities Authority RB Refunding for Boulder Community Health Obligated Group Series 2020 (A-/WR)
	100,000		5.000			10/01/2021		100,000
	Colorado Health Facilities Authority RB Refunding for Children’s Hospital Colorado Obligated Group Series 2016 C (A+/A1)
	2,560,000		5.000			12/01/2025		3,023,754
	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		4,617,873
	Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (BBB+/Baa1)
	4,335,000		5.000			08/01/2025		5,048,796
	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		9,429,640
	Colorado Health Facilities Authority RB Refunding for Evangelical Lutheran Good Samaritan Society Project Series 2017 (ETM) (WD/NR)(d)
	500,000		5.000			06/01/2022		515,679
	Colorado Health Facilities Authority RB Refunding for Sanford Obligated Group Series 2019 A (A+/NR)
	2,245,000		5.000			11/01/2021		2,253,039
	1,825,000		5.000			11/01/2022		1,917,776
	1,730,000		5.000			11/01/2023		1,896,525
	1,275,000		5.000			11/01/2024		1,451,009
	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		976,241
	810,000		5.000			01/01/2023		857,993
	1,500,000		5.000			01/01/2024		1,656,134
	Colorado Health Facilities Authority Taxable RB Refunding for Sanford Obligated Group Series 2019 B (A+/NR)
	800,000		2.185			11/01/2021		801,159
	1,275,000		2.237			11/01/2022		1,301,102
	1,250,000		2.396			11/01/2023		1,295,819

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Colorado – (continued)
	Colorado High Performance Transportation Enterprise C-470 Express Lanes RB Series 2017 (BBB/NR)
$	17,500,000	5.000 %		12/31/2056	$	19,731,224
	Denver City & County Airport RB Refunding Series 2016 A (A+/A1)
	1,000,000	5.000		11/15/2023		1,099,762
	Denver City & County Airport RB Refunding Series 2019 D (A+/A1)(a)(b)
	8,345,000	5.000		11/15/2022		8,776,656
	Denver City & County Airport RB Series 2013 A (AMT) (A/A2)
	6,000,000	5.500		11/15/2027		6,633,472
	Denver City & County School District No. 1 GO Bonds Series 2012 B (ST AID WITHHLDG) (AA+/Aa1)(d)
	24,395,000	5.000		12/01/2022		25,763,738
	Denver City & County School District No. 1 GO Refunding Bonds Series 2012 A (ST AID WITHHLDG) (AA+/Aa1)(d)
	4,060,000	5.000		12/01/2021		4,091,417
	Denver Colorado City & County GO Refunding Bonds Series 2020 B (AAA/Aaa)
	39,565,000	5.000		08/01/2026		47,858,880
	Denver Colorado Health and Hospital Authority Healthcare RB Refunding Series 2017 A (BBB/NR)(f)
	4,110,000	5.000		12/01/2021		4,139,061
	4,315,000	5.000		12/01/2022		4,535,605
	4,530,000	5.000		12/01/2023		4,953,897
	4,760,000	5.000		12/01/2024		5,394,186
	Denver Convention Center Hotel Authority RB Refunding Series 2016 (BBB-/Baa2)
	2,970,000	5.000		12/01/2024		3,357,727
	1,100,000	5.000		12/01/2025		1,281,014
	Denver Health & Hospital Authority COPS Series 2018 (BBB/NR)
	220,000	5.000		12/01/2021		221,556
	300,000	5.000		12/01/2022		315,337
	E-470 Public Highway Authority RB Refunding Series 2020 A (A/A2)
	150,000	5.000		09/01/2023		163,256
	450,000	5.000		09/01/2024		509,335
	300,000	5.000		09/01/2025		351,190
	2,800,000	5.000		09/01/2040		3,124,090
	E-470 Public Highway Authority RB Refunding Series 2021 B (A/A2)(a)
		(SOFR + 0.35%),
	7,250,000	0.384		09/01/2024		7,257,673
	E-470 Public Highway Authority RB Series 2004 A (NATL-RE) (A/A2)(g)
	20,115,000	0.000		09/01/2028		18,312,360
	Jefferson County School District R-1 GO Bonds Series 2012 (ST AID WITHHLDG) (AA/Aa1)(d)
	5,925,000	4.000		12/15/2022		6,197,744
	12,040,000	5.000		12/15/2022		12,738,190
	Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (A-/Baa2)
	50,000	3.000		07/15/2023		52,191
	385,000	5.000		01/15/2024		423,415
	325,000	5.000		07/15/2024		364,066
Municipal Bonds – (continued)
Colorado – (continued)
	Regional Transportation District RB Refunding for Denver Transit Partners LLC Series 2020 A (A-/Baa2) – (continued)
	325,000	5.000		01/15/2025		369,631
	400,000	5.000		07/15/2025		461,964
	350,000	3.000		01/15/2026		380,467
	South Sloan’s Lake Metropolitan District No. 2 GO Improvement Bonds Series 2019 (AGM) (AA/Baa3)
	25,000	5.000		12/01/2021		25,174
	50,000	5.000		12/01/2022		52,479
	150,000	5.000		12/01/2024		168,830
	State of Colorado COPS Series 2020 A (AA-/Aa2)
	1,375,000	5.000		12/15/2023		1,517,977
	1,440,000	5.000		12/15/2024		1,650,655
	3,530,000	5.000		12/15/2025		4,177,696
	University of Colorado Hospital Authority RB Refunding for University of Colorado Health Obligated Group Series 2019 C (AA/Aa3)(a)(b)
	23,765,000	5.000		11/15/2024		26,566,779
	University of Colorado RB Green Bonds Series 2019 C (AA+/Aa1)(a)(b)
	21,205,000	2.000		10/15/2024		22,169,581
	Vauxmont Metropolitan District GO Refunding Bonds Series 2020 (AGM) (AA/NR)
	150,000	5.000		12/01/2021		151,063
	165,000	5.000		12/01/2022		173,475
	195,000	5.000		12/01/2023		213,513
	200,000	5.000		12/01/2024		227,050
	180,000	5.000		12/01/2025		210,745
						322,971,552
Connecticut – 2.2%
	City of New Haven GO Bonds Series 2018 A (BBB+/NR)
	1,000,000	5.000		08/01/2023		1,082,109
	945,000	5.000		08/01/2024		1,061,422
	600,000	5.000		08/01/2025		695,584
	City of New Haven GO Bonds Series 2019 A (AGM) (AA/A2)
	1,500,000	5.000		08/01/2023		1,625,459
	City of Waterbury GO Refunding Bonds Series 2020 C (AA-/NR)
	765,000	1.895		09/01/2024		792,794
	Connecticut State GO Bonds Series 2013 A (A+/Aa3)
	5,355,000	5.000		10/15/2023		5,874,819
	Connecticut State GO Bonds Series 2013 E (A+/Aa3)
	10,000,000	5.000		08/15/2031		10,818,901
	Connecticut State GO Bonds Series 2015 F (A+/Aa3)
	6,640,000	5.000		11/15/2021		6,677,340
	5,695,000	5.000		11/15/2022		6,001,424
	4,545,000	5.000		11/15/2023		5,002,487
	Connecticut State GO Bonds Series 2017 A (A+/Aa3)
	1,705,000	5.000		04/15/2022		1,749,045
	Connecticut State GO Bonds Series 2018 A (A+/Aa3)
	5,000,000	5.000		04/15/2025		5,809,030
	Connecticut State GO Refunding Bonds Series 2017 B (A+/Aa3)
	18,110,000	3.000		04/15/2022		18,385,799
	Connecticut State GO Refunding Bonds Series 2018 B (A+/Aa3)
	8,500,000	5.000		04/15/2023		9,125,617

The accompanying notes are an integral part of these financial statements. 173

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Connecticut – (continued)
	Connecticut State Health & Educational Facilities Authority RB for Yale New Haven Health System Series 2014 B (AA-/Aa3)(a)(b)
$	15,245,000		1.800	%		07/01/2024	$	15,725,986
	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		14,189,250
	Connecticut State Health & Educational Facilities Authority RB Refunding for The University of Hartford Series 2019 (BBB-/NR)
	400,000		5.000			07/01/2022		412,557
	415,000		5.000			07/01/2023		445,143
	375,000		5.000			07/01/2024		415,049
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2015 A (AAA/Aaa)(a)(b)
	47,125,000		0.375			07/12/2024		47,065,283
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-1 (AAA/Aaa)(a)(b)
	23,840,000		5.000			02/01/2028		29,782,325
	Connecticut State Health & Educational Facilities Authority RB Refunding for Yale University Series 2017 C-2 (AAA/Aaa)(a)(b)
	49,775,000		5.000			02/01/2023		52,932,975
	State of Connecticut GO Bonds for GAAP Conversion Bonds Series 2013 A (A+/Aa3)
	10,150,000		5.000			10/15/2025		11,113,631
	State of Connecticut GO Bonds Series 2020 A (A+/Aa3)
	4,715,000		2.500			07/01/2022		4,796,105
	3,490,000		2.000			07/01/2023		3,584,069
	7,115,000		1.998			07/01/2024		7,359,416
	4,000,000		2.098			07/01/2025		4,164,802
	State of Connecticut Special Tax Obligation Bonds Series 2020 A (AA-/NR)
	400,000		5.000			05/01/2022		411,195
	1,025,000		5.000			05/01/2024		1,148,652
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purpose Build America Bonds Series 2010 B (AA-/Aa3)
	3,780,000		4.576			11/01/2022		3,953,437
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purposes Series 2012 A (AA-/Aa3)
	5,000,000		5.000			01/01/2026		5,294,960
	State of Connecticut Special Tax Obligation RB for Transportation Infrastructure Purposes Series 2016 A (AA-/Aa3)
	4,225,000		5.000			09/01/2025		4,958,469
	State of Connecticut Special Tax Obligation RB Refunding for Transportation Infrastructure Purposes Series 2011 B (AA-/Aa3)
	5,035,000		3.000			12/01/2022		5,057,460
	Town of Stratford GO Refunding Bonds Series 2020 B (BAM) (AA/A2)
	585,000		0.572			08/01/2023		585,185
	665,000		0.956			08/01/2024		667,870
	1,800,000		1.086			08/01/2025		1,802,831
Municipal Bonds – (continued)
Connecticut – (continued)
	West Haven GO Bonds Series 2017 A (BBB/Baa3)
	400,000		4.000			11/01/2021		401,096
	415,000		5.000			11/01/2022		435,543
	400,000		5.000			11/01/2023		437,191
	West Haven GO Bonds Series 2017 B (BBB/Baa3)
	790,000		5.000			11/01/2022		829,106
								292,671,416
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		5,495,422
	Delaware Health Facilities Authority RB for Beebee Medical Center Project Series 2018 (BBB/NR)
	475,000		5.000			06/01/2023		507,893
	305,000		5.000			06/01/2024		339,813
	Delaware State Economic Development Authority RB Refunding for NRG Energy, Inc. Series 2020 A (BBB-/NR)(a)(b)
	14,650,000		1.250			10/01/2025		14,746,686
	Delaware State GO Bonds Series 2018 A (AAA/Aaa)
	3,500,000		5.000			02/01/2022		3,555,482
	1,750,000		5.000			02/01/2023		1,861,754
	Delaware State Health Facilities Authority RB Refunding for Christiana Care Health System Obligated Group Series 2020 (AA+/Aa2)
	560,000		1.730			10/01/2022		565,315
	660,000		1.790			10/01/2023		668,493
	Delaware State Health Facilities Authority RB Refunding for Christiana Care Health System Obligated Group Series 2020 (AA+/WR)
	530,000		1.680			10/01/2021		530,000
								28,270,858
District of Columbia – 0.8%
	District of Columbia RB for KIPP DC Obligated Group Series 2019 (BBB+/NR)
	200,000		5.000			07/01/2023		215,361
	District of Columbia RB Refunding for National Public Radio, Inc. Series 2020 (A+/A2)
	350,000		1.438			04/01/2022		351,893
	520,000		1.558			04/01/2023		528,406
	560,000		1.667			04/01/2024		572,821
	735,000		1.817			04/01/2025		754,423
	800,000		2.136			04/01/2026		828,550
	District of Columbia RB Refunding Series 2019 A (AAA/Aa1)
	5,000,000		5.000			03/01/2024		5,567,403
	District of Columbia RB Refunding Series 2019 C (AAA/Aa1)
	10,000,000		5.000			10/01/2022		10,480,697
	15,745,000		5.000			10/01/2023		17,245,346
	District of Columbia Water & Sewer Authority RB Refunding Subordinate Lien Series 2019 C (AA+/Aa2)(a)(b)
	12,250,000		1.750			10/01/2024		12,714,709
	Metropolitan Washington Airports Authority RB Refunding Series 2012 A (AMT) (A+/Aa3)
	4,100,000		5.000			10/01/2029		4,285,326

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
District of Columbia – (continued)
	Metropolitan Washington Airports Authority RB Refunding Series 2014 A (AMT) (A+/Aa3)
$	3,890,000		5.000	%		10/01/2044	$	4,367,098
	Metropolitan Washington Airports Authority RB Refunding Series 2017 A (AMT) (A+/Aa3)
	2,305,000		5.000			10/01/2026		2,773,994
	Metropolitan Washington Airports Authority RB Refunding Series 2019 A (AMT) (A+/Aa3)
	4,750,000		5.000			10/01/2025		5,554,536
	Metropolitan Washington Airports Authority RB Refunding Series 2021 A (AMT) (A+/Aa3)
	1,485,000		5.000			10/01/2022		1,555,622
	2,100,000		5.000			10/01/2023		2,292,169
	3,275,000		5.000			10/01/2024		3,711,024
	6,820,000		5.000			10/01/2025		7,975,144
	12,505,000		5.000			10/01/2026		15,049,370
	Metropolitan Washington Airports Authority RB Series 2011 C (A+/Aa3)
	6,835,000		5.000			10/01/2027		6,835,000
	2,000,000		5.000			10/01/2028		2,000,000
								105,658,892
Florida – 2.4%
	Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AGM) (AA/NR)
	855,000		5.000			05/01/2022		876,412
	900,000		5.000			05/01/2023		960,300
	945,000		5.000			05/01/2024		1,046,365
	995,000		5.000			05/01/2025		1,136,764
	1,045,000		5.000			05/01/2026		1,225,216
	1,100,000		5.000			05/01/2027		1,314,075
	1,155,000		5.000			05/01/2028		1,404,535
	1,200,000		2.375			05/01/2029		1,260,011
	1,230,000		2.625			05/01/2030		1,306,437
	Anthem Park Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	340,000		2.250			05/01/2022		342,569
	350,000		2.500			05/01/2023		358,159
	Arborwood Community Development District RB Capital Improvement Refunding Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,125,000		2.250			05/01/2022		1,135,838
	1,150,000		2.500			05/01/2023		1,183,388
	Bartram Park Community Development District Special Assessment RB Refunding for City of Jacksonville Florida Senior Lien Series 2015 A-1 (A-/NR)
	455,000		3.125			05/01/2022		461,771
	455,000		3.250			05/01/2023		473,622
	Bay Laurel Center Community Development District Special Assessment RB Refunding Series 2016 Candler (BBB+/NR)
	125,000		2.250			05/01/2022		126,233
	Baywinds Community Development District Senior Special Assessment Refunding Bonds Series 2017 A-1 (A+/NR)
	305,000		3.500			05/01/2022		310,373
	Beach Road Golf Estates Community Development District Special Assessment Series 2015 (NR/NR)
	2,500,000		4.700			11/01/2029		2,697,284
Municipal Bonds – (continued)
Florida – (continued)
	Bonterra Community Development District Special Assessment Bonds Senior Series 2017 A-1 (A-/NR)
	185,000		2.375			05/01/2022		186,958
	190,000		2.500			05/01/2023		195,365
	Broward County School Board COPS Series 2017 C (A+/Aa3)
	2,205,000		5.000			07/01/2023		2,384,003
	Cape Coral Florida Water & Sewer Revenue Special Assessment Refunding Various Areas Series 2017 (AGM) (AA/A2)
	1,065,000		2.125			09/01/2022		1,083,268
	1,000,000		2.250			09/01/2023		1,037,477
	Caribe Palm Community Development District Special Assessment Refunding Series 2017 (A-/NR)
	83,000		3.500			05/01/2022		84,341
	87,000		3.500			05/01/2023		91,140
	40,000		4.000			05/01/2024		43,433
	Central Florida Expressway Authority RB Refunding Senior Lien Series 2021 (AGM) (AA/NR)
	5,730,000		5.000			07/01/2026		6,893,309
	Central Florida Expressway Authority RB Senior Lien Series 2019 A (A+/A1)
	430,000		5.000			07/01/2022		445,169
	1,240,000		5.000			07/01/2023		1,341,344
	Central Florida Expressway Authority RB Senior Lien Series 2019 B (A+/A1)
	750,000		5.000			07/01/2022		776,457
	2,265,000		5.000			07/01/2023		2,450,116
	Century Gardens at Tamiami Community Development District Special Assessment Bonds Series 2018 (BBB/NR)
	95,000		3.000			11/01/2021		95,148
	100,000		3.000			11/01/2022		101,948
	105,000		3.000			11/01/2023		109,366
	105,000		3.500			11/01/2024		112,722
	City of Gainesville Taxable RB Series 2020 (AA-/Aa3)
	270,000		0.641			10/01/2022		270,543
	185,000		0.817			10/01/2023		185,630
	265,000		0.997			10/01/2024		265,581
	500,000		1.117			10/01/2025		498,138
	City of Gainesville Taxable RB Series 2020 (NR/WR)
	360,000		0.541			10/01/2021		360,000
	City of Jacksonville Taxable RB Refunding Series 2020 C (AA/NR)
	705,000		0.393			10/01/2021		705,000
	995,000		0.493			10/01/2022		995,448
	330,000		0.594			10/01/2023		329,539
	650,000		0.819			10/01/2024		648,019
	690,000		0.939			10/01/2025		683,726
	City of Lakeland RB Refunding for Lakeland Regional Health Systems Obligated Group Series 2016 (NR/A2)
	4,130,000		5.000			11/15/2024		4,717,467
	City of Pompano Beach RB Refunding for John Knox Village of Florida, Inc. Obligated Group Series 2020 (BBB+/NR)
	670,000		3.250			09/01/2023		695,464
	1,380,000		3.250			09/01/2024		1,457,096
	Concord Station Community Development District Capital Improvement RB Refunding Senior Lien Series 2016 A-1 (A/NR)
	860,000		2.125			05/01/2022		864,892

The accompanying notes are an integral part of these financial statements. 175

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Copper Oaks Community Development District Special Assesstment Refunding and Improvement Bonds Series 2021 (NR/NR)
$	172,000		3.000	%		05/01/2023	$	176,570
	100,000		3.000			05/01/2024		103,671
	183,000		3.000			05/01/2025		190,634
	Cordoba Ranch Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)
	200,000		3.000			05/01/2022		201,871
	150,000		3.000			05/01/2023		153,583
	325,000		3.000			05/01/2024		336,765
	150,000		3.000			05/01/2025		155,149
	315,000		3.000			05/01/2026		326,604
	Coronado Community Development District Special Assessment Refunding & Improvement Bonds Series 2017 (BBB/NR)
	126,000		2.750			05/01/2022		127,218
	Country Greens Community Development District Special Assessment RB Refunding Senior Lien Series 2016 A-1 (A-/NR)
	160,000		3.000			05/01/2024		168,685
	County of Broward RB for Airport System Series 2015 A (AMT) (A/A1)
	2,250,000		5.000			10/01/2029		2,618,530
	County of Broward RB for Airport System Series 2019 A (AMT) (A/A1)
	740,000		5.000			10/01/2022		775,192
	625,000		5.000			10/01/2023		682,586
	945,000		5.000			10/01/2024		1,070,815
	County of Broward RB for Airport System Series 2019 A (AMT) (A/WR)
	1,110,000		5.000			10/01/2021		1,110,000
	County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A/A1)
	285,000		5.000			10/01/2022		298,553
	215,000		5.000			10/01/2023		234,855
	355,000		5.000			10/01/2024		402,264
	County of Broward RB Refunding for Airport System Series 2019 B (AMT) (A/WR)
	265,000		5.000			10/01/2021		265,000
	County of Escambia RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(a)(b)
	425,000		2.000			10/01/2024		442,670
	County of Hillsborough Utility RB Refunding Series 2019 (AA+/Aaa)
	1,615,000		5.000			08/01/2022		1,679,832
	3,750,000		5.000			08/01/2023		4,075,879
	County of Lee RB Refunding Series 2012 (AA+/Aa2)
	3,020,000		5.000			10/01/2024		3,434,653
	County of Miami-Dade Aviation RB Refunding Series 2012 A (AMT) (A-/A2)(d)
	16,545,000		5.000			10/01/2022		17,326,275
	County of Miami-Dade Aviation RB Refunding Series 2014 A (AMT) (A-/A2)
	20,000,000		5.000			10/01/2034		22,484,584
	County of Miami-Dade Florida Transit System RB Refunding Series 2019 (AA/NR)
	3,505,000		5.000			07/01/2024		3,926,948
Municipal Bonds – (continued)
Florida – (continued)
	County of Miami-Dade GO Bonds Series 2019 A (AA/NR)
	3,040,000		5.000			07/01/2025		3,551,013
	County of Miami-Dade GO Bonds Series 2021 A (AA/NR)
	2,185,000		5.000			07/01/2024		2,465,295
	County of Miami-Dade RB Refunding Series 2020 A (A-/NR)
	2,500,000		5.000			10/01/2023		2,735,070
	2,400,000		5.000			10/01/2024		2,724,906
	1,350,000		5.000			10/01/2025		1,582,152
	County of Miami-Dade RB Refunding Series 2020 B (A-/NR)
	3,760,000		1.229			10/01/2025		3,771,142
	County of Miami-Dade RB Refunding Series 2021 B (AA/Aa3)
	6,505,000		5.000			04/01/2025		7,532,830
	9,005,000		5.000			04/01/2026		10,766,950
	3,760,000		5.000			04/01/2027		4,624,758
	County of Miami-Dade RB Refunding Subordinate Series 2021 B (A+/NR)
	300,000		0.707			10/01/2023		300,428
	450,000		1.004			10/01/2024		451,345
	1,490,000		1.154			10/01/2025		1,488,909
	County of Miami-Dade Transit System Taxable RB Refunding Series 2020 B (AA/NR)
	5,065,000		0.550			07/01/2023		5,078,652
	7,300,000		0.750			07/01/2024		7,317,811
	5,045,000		0.900			07/01/2025		5,040,573
	County of Osceola Transportation RB Refunding Series 2019 A-1 (BBB+/NR)
	300,000		5.000			10/01/2021		300,000
	250,000		5.000			10/01/2022		261,038
	640,000		5.000			10/01/2023		695,875
	780,000		5.000			10/01/2024		879,681
	275,000		5.000			10/01/2025		320,439
	Enclave at Black Point Marina Community Development District Special Assessment Refunding & Improvement Series 2017 (BBB/NR)
	125,000		3.000			05/01/2022		126,336
	130,000		3.000			05/01/2023		134,604
	Fiddlers Creek Community Development District No. 2 Special Assessment Refunding Series 2019 (NR/NR)
	2,685,000		4.250			05/01/2029		2,980,968
	Fishhawk Ranch Community Development District Special Assessment Refunding Bonds Series 2020 (AGM) (AA/NR)
	255,000		2.000			11/01/2021		255,253
	260,000		2.000			11/01/2022		263,329
	265,000		2.000			11/01/2023		272,635
	270,000		2.000			11/01/2024		280,386
	275,000		2.000			11/01/2025		286,601
	280,000		2.000			11/01/2026		291,810
	290,000		2.000			11/01/2027		300,582
	295,000		2.000			11/01/2028		302,997
	300,000		2.000			11/01/2029		305,737
	305,000		2.125			11/01/2030		311,011
	Florida Department of Management Services COPS Refunding Series 2018 A (AA+/Aa1)
	10,000,000		5.000			11/01/2022		10,517,277
	Florida Development Finance Corp. RB for Imagine School at Broward Series 2019 A (NR/Baa3)(f)
	300,000		2.625			12/15/2024		305,856

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Florida Development Finance Corp. RB Refunding for Nova Southeastern University, Inc. Series 2020 A (A-/Baa1)
$	350,000	5.000 %		04/01/2022	$	357,942
	350,000	5.000		04/01/2023		373,810
	530,000	5.000		04/01/2024		586,242
	200,000	5.000		04/01/2025		228,753
	Florida State GO Refunding Bonds Series 2015 F (AAA/Aaa)
	5,015,000	5.000		06/01/2028		5,839,900
	Fontainbleau Lakes Community Development District Special Assessment RB Refunding Series 2016 (BBB+/NR)
	235,000	2.500		05/01/2022		237,220
	245,000	2.500		05/01/2023		252,113
	245,000	2.500		05/01/2024		255,697
	255,000	2.750		05/01/2025		270,929
	260,000	3.000		05/01/2026		281,713
	Fort Lauderdale RB Refunding Series 2020 (AAA/Aa2)
	18,650,000	1.150		01/01/2026		18,688,164
	Greater Orlando Aviation Authority RB Refunding Series 2012 A (A+/WR)
	855,000	5.000		10/01/2021		855,000
	Hawks Point Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)(f)
	245,000	3.500		05/01/2022		248,688
	250,000	3.500		05/01/2023		261,653
	Heritage Isle at Viera Community Development District Special Assessment Refunding Series 2017 (AGM) (AA/NR)
	200,000	4.000		05/01/2022		204,085
	205,000	4.000		05/01/2023		216,294
	Herons Glen Recreation District Special Assessment Refunding Bonds Series 2020 (BAM) (AA/NR)
	225,000	2.500		05/01/2022		227,360
	230,000	2.500		05/01/2023		235,945
	200,000	2.500		05/01/2024		208,055
	175,000	2.500		05/01/2025		183,452
	200,000	2.500		05/01/2026		210,971
	Highlands Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	295,000	2.250		05/01/2022		296,939
	305,000	2.500		05/01/2023		313,418
	315,000	2.750		05/01/2024		330,097
	320,000	3.000		05/01/2025		342,094
	Hillsborough County Aviation Authority RB for Tampa International Airport Series 2015 A (AMT) (A+/Aa3)
	10,000,000	5.000		10/01/2040		11,226,474
	Homestead 50 Community Development District Special Assessment Refunding Bonds Series 2021 (NR/NR)
	70,000	3.000		05/01/2022		70,748
	123,000	3.000		05/01/2023		126,093
	130,000	3.000		05/01/2024		134,473
	132,000	3.000		05/01/2025		137,087
	139,000	3.000		05/01/2026		144,305
	JEA Water & Sewer System RB Refunding Series 2020 A (AA+/Aa3)
	910,000	5.000		10/01/2023		996,714
Municipal Bonds – (continued)
Florida – (continued)
	JEA Water & Sewer System RB Series 2006 B (NATL-RE) (AA+/Aa3)(c)
		(MUNI-CPI + 1.00%),
	670,000	3.620		10/01/2022		682,308
	JEA Water & Sewer System RB Series 2006 B (NATL-RE) (AA+/WR)(c)
		(MUNI-CPI + 0.99%),
	645,000	3.610		10/01/2021		645,000
	Lake Frances Community Development District Special Assessment Refunding Series 2018 (BBB-/NR)
	79,000	3.000		05/01/2022		80,004
	82,000	3.000		05/01/2023		85,101
	81,000	3.000		05/01/2024		85,952
	84,000	3.000		05/01/2025		90,537
	Lakeshore Ranch Community Development District Senior Special Assessment Refunding Series 2019 A-1 (A/NR)
	135,000	3.000		05/01/2022		136,669
	270,000	3.000		05/01/2023		278,915
	355,000	3.000		05/01/2024		373,153
	Lakewood Ranch Stewardship District Special Assessment RB Refunding for Country Club East Project Series 2020 (AGM) (AA/NR)
	435,000	5.000		05/01/2022		446,380
	460,000	5.000		05/01/2023		492,099
	485,000	5.000		05/01/2024		539,262
	335,000	5.000		05/01/2025		385,027
	355,000	4.500		05/01/2026		410,389
	Lee County Moody River Estates Community Development District Special Assessment Refunding Senior Series 2017 A-1 (A-/NR)
	300,000	3.500		05/01/2022		304,498
	305,000	3.500		05/01/2023		318,971
	320,000	3.500		05/01/2024		344,156
	Miami Special Obligation Non-Ad Valorem RB for Port of Miami Tunnel Project Series 2012 (AA-/Aa3)(f)
	2,770,000	5.000		03/01/2022		2,822,688
	New River Community Development District Special Assessment Refunding Senior Lien Series 2020 A-1 (BBB/NR)(f)
	110,000	3.500		05/01/2022		111,172
	115,000	3.500		05/01/2023		119,106
	120,000	3.500		05/01/2024		126,683
	125,000	3.500		05/01/2025		134,221
	North Broward Hospital District RB Refunding for Broward Health Series 2017 B (BBB+/Baa2)
	1,000,000	5.000		01/01/2022		1,010,685
	Oak Creek Community Development District Special Assessment Refunding Bonds Series 2015 A-1 (A+/NR)
	185,000	3.750		05/01/2024		197,784
	Palm Beach County Health Facilities Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 C (BBB/NR)
	1,105,000	4.000		05/15/2026		1,239,758
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR)
	190,000	3.000		11/01/2021		190,339
	195,000	3.000		11/01/2022		199,919

The accompanying notes are an integral part of these financial statements. 177

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Palm Glades Community Development District Senior Special Assessment Bonds Series 2018 A-1 (A/NR) – (continued)
$	205,000		3.000	%		11/01/2023	$	214,823
	210,000		3.000			11/01/2024		224,850
	Parkway Center Community Development District Special Assessment for Amenity Projects Series 2018-2 (A-/NR)
	85,000		3.500			05/01/2022		85,940
	90,000		3.500			05/01/2023		93,486
	90,000		3.500			05/01/2024		95,507
	Parkway Center Community Development District Special Assessment Refunding Series 2018-1 (BBB/NR)
	235,000		3.500			05/01/2023		243,054
	245,000		3.500			05/01/2024		258,708
	255,000		3.500			05/01/2025		273,350
	Paseo Community Development District Capital Improvement RB Refunding Series 2018 (A-/NR)
	410,000		4.000			05/01/2022		415,940
	425,000		4.000			05/01/2023		444,707
	Pine Ridge Plantation Community Development District Special Assessment Refunding Bonds 2020 A-1 (AGM) (AA/NR)
	500,000		3.000			05/01/2024		528,849
	515,000		2.000			05/01/2025		534,184
	520,000		2.000			05/01/2026		539,120
	535,000		2.000			05/01/2027		551,783
	Polk County School District COPS Refunding Series 2020 B (NR/Aa3)
	1,695,000		5.000			01/01/2025		1,941,266
	River Bend Community Development District Special Assessment RB Refunding Senior Series 2016 A-1 (A-/NR)
	385,000		2.500			05/01/2022		388,926
	395,000		2.500			05/01/2023		407,288
	405,000		2.500			05/01/2024		423,742
	415,000		2.750			05/01/2025		442,434
	425,000		3.000			05/01/2026		462,477
	River Glen Community Development District Special Assessment Refunding Bond for Assessment Area One Series 2021 (BBB+/NR)
	80,000		2.500			05/01/2022		80,779
	133,000		2.500			05/01/2023		135,974
	137,000		2.500			05/01/2024		142,020
	140,000		2.500			05/01/2025		146,360
	143,000		2.500			05/01/2026		149,350
	146,000		2.500			05/01/2027		152,323
	148,000		2.500			05/01/2028		153,994
	158,000		2.500			05/01/2030		162,957
	River Hall Community Development District Special Assessment Refunding Bonds Series 2021 A-1 (NR/NR)
	195,000		3.000			05/01/2022		197,004
	175,000		3.000			05/01/2023		179,208
	235,000		3.000			05/01/2024		242,663
	180,000		3.000			05/01/2025		186,494
	225,000		3.000			05/01/2026		232,791
	Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR)
	760,000		3.000			05/01/2022		767,987
	400,000		3.000			05/01/2023		409,869
Municipal Bonds – (continued)
Florida – (continued)
	Sarasota National Community Development District Special Assessment Refunding Bonds Series 2020 (NR/NR) – (continued)
	380,000		3.000			05/01/2024		392,781
	240,000		3.000			05/01/2025		248,996
	School District of Broward County COPS Series 2012 A (NR/NR)(d)
	7,310,000		5.000			07/01/2022		7,571,008
	South Fork East Community Development District Capital Improvement RB Refunding Series 2017 (BBB/NR)
	405,000		2.875			05/01/2022		408,572
	South Kendall Community Development District Special Assessment Refunding Series 2016 (BBB/NR)
	330,000		2.250			11/01/2021		330,362
	335,000		2.250			11/01/2022		339,136
	South Village Community Development District Capital Improvement and Special Assessment Refunding Senior Lien Series 2016 A-1 (A/NR)
	100,000		2.125			05/01/2022		100,534
	100,000		2.375			05/01/2023		102,168
	95,000		2.500			05/01/2024		98,481
	100,000		2.750			05/01/2025		105,559
	95,000		3.000			05/01/2026		101,878
	South-Dade Venture Community Development District Special Assessment RB Refunding Series 2012 (BBB/NR)
	390,000		4.500			05/01/2022		397,465
	State Board of Administration Finance Corp. Taxable RB Series 2020 A (AA/Aa3)
	8,200,000		1.258			07/01/2025		8,288,405
	State of Florida GO Refunding Bonds Series 2021 A (AAA/Aaa)
	8,070,000		5.000			06/01/2026		9,713,649
	Stonebrier Community Development District Special Assessment Refunding Series 2016 (A-/NR)
	260,000		2.250			05/01/2022		262,099
	Summerville Community Development District Special Assessment Refunding Series 2020 (NR/NR)
	109,000		3.000			05/01/2022		110,026
	118,000		3.000			05/01/2024		121,396
	121,000		3.000			05/01/2025		124,857
	725,000		3.500			05/01/2031		769,669
	787,000		4.000			05/01/2036		845,954
	Talis Park Community Development District Capital Improvement RB Refunding Senior Series 2016 A-1 (BBB+/NR)
	185,000		2.250			05/01/2022		186,440
	The Lee County School Board COPS Series 2020 A (AA-/Aa3)
	360,000		5.000			08/01/2022		374,298
	640,000		5.000			08/01/2023		695,617
	420,000		5.000			08/01/2024		474,528
	520,000		5.000			08/01/2025		607,989
	The Miami-Dade County School Board GO Bonds Series 2014 A (AA-/Aa3)
	2,920,000		5.000			03/15/2029		3,240,494
	Tolomato Community Development District Special Assessment GO Refunding Bonds Senior Lien Series 2018 A-1 (AGM) (AA/NR)
	1,015,000		2.250			05/01/2022		1,025,307
	1,040,000		2.500			05/01/2023		1,069,366

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Florida – (continued)
	Trails at Monterey Community Development District Special Assessment Refunding Series 2012 (A-/NR)
$	125,000		3.875	%		05/01/2022	$	127,150
	125,000		4.000			05/01/2023		127,425
	135,000		4.125			05/01/2024		137,898
	140,000		4.150			05/01/2025		142,915
	145,000		4.250			05/01/2026		147,955
	University of Florida Department of Housing & Residence Education Housing System RB Series 2021 A (AA-/Aa2)
	5,110,000		5.000			07/01/2027		6,297,017
	Verano #1 Community Development District Senior Special Assessment Refunding for Community Infrastructure Project Series 2017 A-1 (BBB/NR)(f)
	325,000		3.000			05/01/2022		328,605
	335,000		3.100			05/01/2023		347,012
	Viera East Community Development District Special Assessment Bonds Series 2020 (AGM) (AA/NR)
	475,000		2.000			05/01/2023		482,222
	490,000		2.000			05/01/2024		502,755
	500,000		2.000			05/01/2025		514,879
	795,000		2.000			05/01/2026		818,130
	Villa Portofino West Community District Special Assessment Refunding Series 2020 (NR/NR)
	158,000		3.000			05/01/2022		159,487
	165,000		3.000			05/01/2023		168,578
	171,000		3.000			05/01/2024		175,921
	177,000		3.000			05/01/2025		182,643
	973,000		3.500			05/01/2030		1,020,656
	1,433,000		4.000			05/01/2036		1,540,345
	Village Community Development District No. 10 Special Assessment RB Series 2012 (NR/NR)
	255,000		4.500			05/01/2023		259,622
	Village Community Development District No. 6 Special Assessment RB Refunding Series 2017 (A-/NR)
	345,000		4.000			05/01/2022		351,643
	360,000		4.000			05/01/2023		378,667
	385,000		4.000			05/01/2024		413,839
	305,000		4.000			05/01/2025		334,594
	Village Community Development District No. 8 Special Assessment RB Phase II Series 2020 (AGM) (AA/NR)
	640,000		5.000			05/01/2022		655,990
	670,000		5.000			05/01/2023		715,218
	705,000		5.000			05/01/2024		779,286
	745,000		5.000			05/01/2025		848,604
	780,000		5.000			05/01/2026		912,615
	Village Community Development District No. 8 Special Assessment RB Phase III Series 2020 (AGM) (AA/NR)
	580,000		5.000			05/01/2022		594,491
	605,000		5.000			05/01/2023		645,832
	640,000		5.000			05/01/2024		707,956
	670,000		5.000			05/01/2025		763,681
	705,000		5.000			05/01/2026		824,863
	Vizcaya In Kendall Community Development District Special Assessment Bonds Series 2016 (BBB-/NR)
	205,000		2.250			11/01/2021		205,205
	210,000		2.250			11/01/2022		212,932
	215,000		2.500			11/01/2023		221,603
Municipal Bonds – (continued)
Florida – (continued)
	Volusia County School Board COPS Series 2019 (NR/Aa3)
	1,255,000		5.000			08/01/2022		1,304,525
	1,250,000		5.000			08/01/2023		1,356,706
								321,241,004
Georgia – 3.7%
	Bartow County Development Authority RB for Georgia Power Co. Series 2013 (A-/Baa1)(a)(b)
	6,360,000		1.550			08/19/2022		6,429,302
	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		1,553,946
	1,585,000		5.000			07/01/2023		1,717,443
	1,500,000		5.000			07/01/2024		1,690,661
	Burke County Development Authority Pollution Control RB for Georgia Power Company Plant Vogtle Project Fifth Series 1994 (A-/Baa1)(a)(b)
	4,055,000		2.150			06/13/2024		4,233,191
	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		2,177,995
	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		4,236,622
	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		2,053,805
	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		30,125,790
	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		6,110,870
	23,865,000		1.700			08/22/2024		24,634,696
	Carroll County School District GO Bonds Series 2020 (ST AID WITHHLDG) (NR/Aa1)
	200,000		5.000			04/01/2024		223,547
	220,000		5.000			04/01/2025		255,011
	City of Atlanta Department of Aviation RB Refunding Series 2014 B (A+/Aa3)
	1,025,000		5.000			01/01/2024		1,131,935
	City of Atlanta Department of Aviation RB Refunding Series 2020 A (AA-/Aa3)
	1,985,000		5.000			07/01/2024		2,235,562
	4,900,000		5.000			07/01/2025		5,715,719
	5,500,000		5.000			07/01/2026		6,616,614
	City of Atlanta Department of Aviation RB Refunding Series 2020 B (AMT) (AA-/Aa3)
	1,280,000		5.000			07/01/2024		1,437,078
	2,000,000		5.000			07/01/2025		2,320,820
	2,410,000		5.000			07/01/2026		2,880,582
	City of Atlanta RB Refunding for Airport Passenger Facility Charge Series 2014 A (A+/Aa3)
	2,330,000		5.000			01/01/2024		2,573,082

The accompanying notes are an integral part of these financial statements. 179

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	City of Atlanta Tax Allocation Refunding Bonds for Atlantic Station Project Series 2017 (BBB/A3)
$	575,000	5.000 %		12/01/2021	$	579,159
	500,000	5.000		12/01/2022		526,161
	500,000	5.000		12/01/2023		548,036
	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		160,414
	200,000	5.000		04/01/2025		230,772
	Cobb County Kennestone Hospital Authority RB Refunding for WellStar Health System Obligated Group Series 2021 (A/A2)
	700,000	5.000		04/01/2022		716,200
	600,000	5.000		04/01/2023		641,657
	650,000	5.000		04/01/2024		723,943
	950,000	5.000		04/01/2025		1,097,598
	County of DeKalb Water & Sewerage RB Series 2011 (A+/Aa3)
	12,775,000	5.250		10/01/2041		12,823,139
	County of Forsyth GO Sales Tax Bonds Series 2019 (AAA/Aaa)
	8,025,000	5.000		09/01/2024		9,123,212
	De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (AA+/Aa1)
	18,845,000	4.000		10/01/2022		19,558,440
	De Kalb County School District GO Sales Tax Bonds Series 2017 (ST AID WITHHLDG) (AA+/WR)
	25,000,000	4.000		10/01/2021		25,000,000
	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		1,083,560
	Downtown Smyrna Development Authority RB for City of Smyrna Series 2021 (AAA/NR)
	1,815,000	5.000		02/01/2025		2,091,119
	2,690,000	5.000		02/01/2026		3,202,526
	2,645,000	5.000		02/01/2027		3,235,738
	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		1,210,848
	Georgia State GO Bonds Series 2020 A (AAA/Aaa)
	37,585,000	5.000		08/01/2024		42,589,811
	Georgia State Road & Tollway Authority RB Refunding Series 2011 B (AAA/WR)
	5,445,000	5.000		10/01/2021		5,445,000
	Gwinnett County Water & Sewerage Authority RB Refunding Series 2021 (AAA/Aaa)
	9,620,000	4.000		08/01/2025		10,919,267
	Henry County School District GO Bonds Series 2018 (ST AID WITHHLDG) (AA+/Aa1)
	5,340,000	5.000		08/01/2022		5,552,547
	Main Street Natural Gas, Inc. Gas Supply RB Series 2018 A (NR/Aa2)(a)(b)
	56,500,000	4.000		09/01/2023		60,050,918
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/A3)
	1,500,000	5.000		05/15/2023		1,609,720
	1,500,000	5.000		05/15/2024		1,674,344
Municipal Bonds – (continued)
Georgia – (continued)
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 A (A-/WR)
	1,000,000	5.000		05/15/2022		1,028,483
	Main Street Natural Gas, Inc. Gas Supply RB Series 2019 B (NR/Aa2)(a)(b)
	60,465,000	4.000		12/02/2024		66,631,831
	Main Street Natural Gas, Inc. Gas Supply RB Series 2021 C (NR/A3)
	500,000	4.000		12/01/2022		521,464
	750,000	4.000		12/01/2023		808,507
	750,000	4.000		12/01/2024		831,273
	1,000,000	4.000		12/01/2025		1,133,513
	1,240,000	4.000		12/01/2026		1,431,699
	Metropolitan Atlanta Rapid Transit Authority Sales Tax RB Refunding Series 2018 A (AA+/Aa2)
	25,580,000	3.000		07/01/2022		26,120,884
	Municipal Electric Authority of Georgia RB Refunding for Combined Cycle Project Series 2020 A (A-/A1)
	1,300,000	3.000		11/01/2021		1,302,658
	1,250,000	3.000		11/01/2022		1,286,041
	2,650,000	4.000		11/01/2023		2,849,762
	3,000,000	4.000		11/01/2024		3,321,694
	800,000	4.000		11/01/2025		908,213
	800,000	5.000		11/01/2026		968,010
	Municipal Electric Authority of Georgia RB Refunding Series 2020 A (A-/A2)
	2,875,000	5.000		01/01/2022		2,907,779
	3,875,000	5.000		01/01/2023		4,099,591
	2,250,000	5.000		01/01/2024		2,479,931
	Municipal Electric Authority of Georgia RB Series 2007 A-2 (NATL-RE) (A-/A2)(c)
		(MUNI-CPI + 1.05%),
	1,410,000	6.442		01/01/2022		1,416,250
	Municipal Electric Authority RB Refunding Series 2019 A (A-/A2)
	1,090,000	5.000		01/01/2022		1,102,428
	900,000	5.000		01/01/2023		952,163
	Muscogee County School District GO Bonds Series 2021 (ST AID WITHHLDG) (NR/Aa1)
	10,770,000	5.000		10/01/2025		12,692,063
	Private Colleges & Universities Authority RB Refunding for Emory University Series 2020 B (AA/Aa2)
	14,060,000	5.000		09/01/2025		16,536,715
	Private Colleges & Universities Authority RB Refunding for The Corp. of Mercer University Series 2021 (NR/Baa1)
	150,000	5.000		10/01/2022		157,041
	150,000	5.000		10/01/2023		163,695
	200,000	5.000		10/01/2024		226,692
	210,000	5.000		10/01/2025		245,388
	625,000	5.000		10/01/2026		748,781
	535,000	5.000		10/01/2027		655,954
	Richmond County Board of Education GO Bonds Series 2021 (ST AID WITHHLDG) (AA+/Aa1)
	750,000	5.000		10/01/2025		883,848
	Richmond County Development Authority RB Subordinate Series 1991 C (ETM) (NR/Aaa)(d)(g)
	10,130,000	0.000		12/01/2021		10,127,434

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Georgia – (continued)
	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	$	6,324,416
	Savannah Economic Development Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(a)(b)
	425,000		2.000			10/01/2024		442,670
	The Dalton City Board of Water Light & Sinking Fund Commissioners RB Series 2020 (A-/A2)
	325,000		5.000			03/01/2022		331,033
	500,000		5.000			03/01/2023		531,926
	350,000		5.000			03/01/2024		387,750
	400,000		5.000			03/01/2025		459,246
	Thomas County School District GO Bonds Series 2021 (AA+/NR)
	260,000		4.000			03/01/2024		283,400
	285,000		4.000			03/01/2025		319,771
	900,000		5.000			03/01/2026		1,074,239
	785,000		5.000			03/01/2027		961,998
								496,404,634
Guam – 0.2%
	A.B. Won Pat International Airport Authority RB Refunding General Series 2019 A (AMT) (ETM) (BB+/Baa2)(d)
	1,000,000		5.000			10/01/2022		1,045,685
	825,000		5.000			10/01/2023		900,035
	A.B. Won Pat International Airport Authority Taxable Refunding RB General Series 2019 B (ETM) (BB+/Baa2)(d)
	2,000,000		3.319			10/01/2025		2,173,438
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (ETM) (NR/Baa2)(d)
	2,250,000		3.133			10/01/2024		2,402,624
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2019 B (NR/Baa2)
	1,100,000		3.133			10/01/2024		1,140,156
	Antonio B Won Pat International Airport Authority Taxable RB Refunding Series 2021 A (NR/Baa2)
	1,120,000		2.499			10/01/2025		1,134,324
	1,650,000		2.899			10/01/2027		1,664,893
	Guam Government Privilege Special Tax Refunding Bonds Series 2015 D (ETM) (BB/NR)(d)
	3,775,000		5.000			11/15/2021		3,795,131
	Guam International Airport Authority RB Refunding for Series 2013 C (AMT) (ETM) (AGM-CR) (AA/WR)(d)
	1,060,000		5.000			10/01/2021		1,060,000
	Guam Power Authority RB Refunding Series 2012 A (AGM) (AA/A2)
	1,535,000		5.000			10/01/2030		1,598,045
	Guam Waterworks Authority RB for Water & Wastewater System Series 2016 (A-/Baa2)
	500,000		5.000			07/01/2022		516,190
	Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2017 (A-/Baa2)
	400,000		5.000			07/01/2022		412,951
	500,000		5.000			07/01/2023		536,589
	400,000		5.000			07/01/2024		444,445
Municipal Bonds – (continued)
Guam – (continued)
	Port Authority of Guam Private Activity RB Series 2018 B (AMT) (A/Baa2)
	800,000		5.000			07/01/2022		823,174
	500,000		5.000			07/01/2023		533,433
								20,181,113
Hawaii – 0.3%
	City & County Honolulu RB for Wastewater System Series 2019 A (AA/Aa2)
	500,000		5.000			07/01/2022		518,020
	240,000		5.000			07/01/2023		259,966
	County of Maui GO Bonds Series 2021 (AA+/Aa1)
	2,000,000		5.000			03/01/2024		2,227,988
	1,000,000		5.000			03/01/2025		1,157,672
	Hawaii State GO Bonds Series 2011 DZ (NR/NR)(d)
	3,185,000		5.000			12/01/2021		3,209,388
	Hawaii State GO Bonds Series 2013 EH (NR/NR)(d)
	6,125,000		5.000			08/01/2023		6,654,400
	Hawaii State GO Refunding Bonds Series 2016 FH (AA+/WR)
	7,545,000		3.000			10/01/2021		7,545,000
	Honolulu City & County GO Bonds Series 2012 A (NR/Aa1)(d)
	3,620,000		5.000			11/01/2022		3,808,914
	Honolulu City & County GO Bonds Series 2012 B (AA+/Aa1)
	3,060,000		5.000			11/01/2022		3,219,652
	Honolulu City & County GO Bonds Series 2019 A (AA+/Aa1)
	3,795,000		5.000			09/01/2026		4,597,604
	State of Hawaii Airports System RB Refunding Series 2020 E (A+/A1)
	910,000		1.392			07/01/2025		914,576
	1,350,000		1.706			07/01/2026		1,362,751
	State of Hawaii Airports System Revenue COPS Series 2013 (AMT) (A/A2)
	3,065,000		5.000			08/01/2023		3,325,466
								38,801,397
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		1,377,574
Illinois – 6.9%
	Board of Trustee of Northern Illinois University Auxiliary Facilities System RB Series 2021 (BAM) (AA/Ba2)
	325,000		5.000			10/01/2025		377,954
	250,000		5.000			10/01/2026		298,165
	325,000		5.000			10/01/2027		396,158
	325,000		5.000			10/01/2028		404,532
	Champaign County Community Unit School District No. 4 Champaign GO Bonds Series 2020 A (AA/NR)(g)
	100,000		0.000			01/01/2022		99,907
	100,000		0.000			01/01/2023		99,347
	385,000		0.000			01/01/2024		379,567
	480,000		0.000			01/01/2025		467,922
	Champaign County Community Unit School District No. 4 Champaign GO Refunding Bonds Series 2020 B (AA/NR)
	770,000		5.000			01/01/2022		778,969
	550,000		5.000			01/01/2023		582,588
	270,000		5.000			01/01/2024		297,336

The accompanying notes are an integral part of these financial statements. 181

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL-RE) (BB/Baa2)(g)
$	540,000		0.000	%		12/01/2026	$	504,985
	450,000		0.000			12/01/2027		410,635
	460,000		0.000			12/01/2029		397,954
	Chicago Illinois Board of Education GO Bonds Series 1999 A (NATL-RE) (BB/Baa2)(g)
	9,285,000		0.000			12/01/2024		9,029,589
	Chicago Illinois Board of Education Unlimited Tax GO Bonds for Capital Appreciation Boards School Reform Series 1998 B-1 (NATL-RE) (BB/Baa2)(g)
	4,300,000		0.000			12/01/2022		4,271,498
	550,000		0.000			12/01/2025		525,172
	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		526,521
	5,000,000		5.000			12/01/2023		5,471,278
	7,675,000		5.000			12/01/2024		8,705,299
	3,000,000		5.000			12/01/2025		3,512,415
	1,270,000		5.000			12/01/2026		1,525,904
	Chicago Illinois Capital Appreciation GO Refunding Bonds and Project Series 2009 C (BBB+/Ba1)(g)
	4,645,000		0.000			01/01/2023		4,560,234
	Chicago Illinois Emergency Telephone System GO Refunding Bonds Series 1999 (NATL-RE) (BBB+/Baa2)
	6,935,000		5.500			01/01/2023		7,181,622
	Chicago Illinois GO Bonds Project and Refunding RMKT 05/29/15 Series 2003 B (BBB+/Ba1)
	4,995,000		5.000			01/01/2023		5,271,561
	Chicago Illinois GO Bonds Project and Refunding Series 2014 A (BBB+/Ba1)
	2,125,000		5.000			01/01/2022		2,148,598
	Chicago Illinois GO Bonds Project Series 2011 A (BBB+/Ba1)
	15,460,000		5.000			01/01/2040		15,604,613
	Chicago Illinois GO Bonds Series 2019 (BBB+/NR)
	3,775,000		5.000			01/01/2027		4,509,524
	Chicago Illinois GO Refunding Bonds Series 2012 C (BBB+/Ba1)
	14,455,000		5.000			01/01/2022		14,623,938
	Chicago Illinois Midway Airport RB Refunding for Second Lien Series 2016 A (AMT) (A-/NR)
	3,240,000		5.000			01/01/2024		3,566,496
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2013 B (A-/A3)
	2,055,000		5.000			01/01/2025		2,172,781
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2014 A (AMT) (A-/A3)
	6,500,000		5.000			01/01/2025		7,147,323
	5,000,000		5.000			01/01/2030		5,487,319
	1,000,000		5.000			01/01/2031		1,096,993
	Chicago Illinois Midway Airport RB Refunding Second Lien Series 2014 B (A-/A3)
	5,055,000		5.000			01/01/2027		5,564,395
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		1,085,599
	1,625,000		5.000			01/01/2024		1,720,022
	1,485,000		5.000			01/01/2026		1,571,453
	Chicago Illinois O’Hare International Airport RB Refunding for General Airport Senior Lien Series 2020 D (A/NR)
	1,750,000		0.959			01/01/2023		1,762,264
	1,500,000		1.168			01/01/2024		1,516,378
	7,800,000		1.368			01/01/2025		7,895,180
	Chicago Illinois O’Hare International Airport RB Refunding Series 2015 A (AMT) (A/NR)
	7,025,000		5.000			01/01/2034		7,967,774
	Chicago Illinois Sales Tax RB Series 2011 A (WD/WR)(d)
	5,000,000		5.250			01/01/2022		5,062,074
	Chicago Illinois Second Lien RB Refunding for Wastewater Transmission RMKT 10/19/15 Series 2008 C (A/NR)
	1,950,000		5.000			01/01/2034		2,215,730
	Chicago Illinois Wastewater Transmission RB Refunding Second Lien Series 2017 B (A/NR)
	1,450,000		5.000			01/01/2022		1,466,676
	100,000		5.000			01/01/2023		105,847
	Chicago Illinois Wastewater Transmission RB Second Lien Series 2017 A (A/NR)
	1,660,000		5.000			01/01/2022		1,679,091
	Chicago Illinois Water RB Refunding Second Lien Project RMKT 05/23/16 Series 2004 (A/NR)
	6,000,000		5.000			11/01/2021		6,021,439
	Chicago Illinois Waterworks RB Refunding Second Lien Project Series 2017-2 (A/NR)
	1,000,000		5.000			11/01/2021		1,003,573
	Chicago O’Hare International Airport Customer Facility Charge RB Series 2013 (BBB/Baa1)
	1,025,000		5.750			01/01/2038		1,086,641
	Chicago O’Hare International Airport Passenger Facility Charge RB Refunding Series 2012 A (A/A2)
	1,195,000		5.000			01/01/2026		1,211,558
	Chicago O’Hare International Airport Passenger Facility Charge RB Refunding Series 2012 B (AMT) (A/A2)
	5,000,000		5.000			01/01/2026		5,069,282
	2,980,000		4.000			01/01/2027		3,007,518
	5,790,000		5.000			01/01/2030		5,870,228
	Chicago O’Hare International Airport RB for Senior Lien Series 2017 E (A/NR)
	3,275,000		5.000			01/01/2025		3,750,824
	Chicago O’Hare International Airport RB Refunding Series 2015 A (AMT) (A/NR)
	9,000,000		5.000			01/01/2031		10,223,338
	4,745,000		5.000			01/01/2032		5,386,698
	Chicago O’Hare International Airport RB Refunding Series 2015 B (A/NR)
	6,055,000		5.000			01/01/2025		6,934,730
	Chicago Park District GO Refunding Bonds Series 2020 F-2 (AA-/NR)
	350,000		5.000			01/01/2025		397,816
	475,000		5.000			01/01/2026		556,393

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Chicago Transit Authority Capital Grant Receipts RB Refunding Series 2021 (A/NR)
$	1,300,000	5.000 %		06/01/2022	$	1,339,340
	600,000	5.000		06/01/2023		645,175
	600,000	5.000		06/01/2024		671,021
	Chicago Transit Authority Sales Tax Receipts Fund RB Refunding Series 2020 B (AA/NR)
	1,215,000	1.708		12/01/2022		1,232,082
	1,405,000	1.838		12/01/2023		1,436,887
	1,605,000	2.064		12/01/2024		1,654,726
	1,660,000	2.214		12/01/2025		1,716,351
	City of Chicago GO Refunding Bonds Series 2014 A (BBB+/Ba1)
	500,000	5.000		01/01/2024		547,807
	City of Chicago GO Refunding Bonds Series 2016 C (BBB+/NR)
	5,450,000	5.000		01/01/2022		5,510,521
	10,040,000	5.000		01/01/2023		10,588,721
	City of Chicago GO Refunding Bonds Series 2016 C (ETM) (NR/NR)(d)
	10,550,000	5.000		01/01/2022		10,671,994
	5,020,000	5.000		01/01/2023		5,313,468
	City of Chicago GO Refunding Bonds Series 2020 A (BBB+/NR)
	4,675,000	5.000		01/01/2026		5,444,010
	Cook County Community Consolidated School District No. 59 Elk Grove GO Bonds Series 2020 (AAA/NR)
	1,250,000	4.000		03/01/2023		1,317,013
	1,600,000	4.000		03/01/2024		1,740,761
	Cook County Community School District No. 97 Oak Park GO Bonds Series 2020 (NR/Aa2)
	200,000	4.000		01/01/2022		201,847
	590,000	4.000		01/01/2023		617,646
	190,000	4.000		01/01/2024		205,093
	Cook County School District No. 95 GO Refunding Bonds for Brookfield-Lagrange Park Project Series 2017 A (NR/Aa2)
	710,000	4.000		12/01/2021		714,300
	800,000	4.000		12/01/2022		835,010
	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		9,505,513
	County of Will Illinois GO Bonds Series 2016 (AA+/Aa1)(d)
	12,000,000	5.000		11/15/2025		14,201,413
	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		511,149
	Du Page Cook & Will Counties Community College District No. 502 GO Refunding Bonds Series 2021 (NR/Aaa)
	6,355,000	5.000		06/01/2025		7,395,274
	Illinois Development Finance Authority RB for United Community & Housing Development Corp. Series 1991 A (ETM) (AA+/NR)(d)(g)
	19,705,000	0.000		07/15/2023		19,561,818
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Finance Authority Charter School RB Refunding & Improvement Bonds for Chicago International Charter School Project Series 2017 A (BBB/NR)
	425,000	4.000		12/01/2021		427,231
	300,000	5.000		12/01/2022		314,800
	450,000	5.000		12/01/2023		489,366
	Illinois Finance Authority RB for Presbyterian Homes Obligated Group Series 2021 B (A-/NR)(a)
		(SIFMA Municipal Swap Index Yield + 0.70%),
	2,250,000	0.750		05/01/2026		2,255,496
	Illinois Finance Authority RB for Trinity Health Credit Group Series 2011 L (AA-/Aa3)(d)
	7,050,000	5.000		12/01/2021		7,104,554
	Illinois Finance Authority RB for University of Illinois Series 2020 (BBB+/NR)
	250,000	5.000		10/01/2024		281,453
	250,000	5.000		10/01/2025		290,199
	500,000	5.000		10/01/2026		595,793
	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		1,890,733
	Illinois Finance Authority RB Refunding for Franciscan Communities Project Series 2017 A (BBB-/NR)
	565,000	3.250		05/15/2022		572,128
	Illinois Finance Authority RB Refunding for Illinois Institute of Technology Series 2019 (NR/Baa3)
	1,000,000	5.000		09/01/2024		1,120,802
	600,000	5.000		09/01/2025		693,509
	Illinois Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2015 A (BBB/NR)
	540,000	5.000		05/15/2026		616,059
	1,060,000	5.000		05/15/2028		1,206,062
	Illinois Finance Authority RB Refunding for Northwestern Memorial Healthcare Series 2017 B (AA+/Aa2)(a)(b)
	8,390,000	5.000		12/15/2022		8,864,326
	Illinois Finance Authority RB Refunding for OSF Healthcare System Obligated Group Series 2020 B-1 (A/A3)(a)(b)
	3,500,000	5.000		11/15/2024		3,910,688
	Illinois Finance Authority RB Refunding for OSF Healthcare System Obligated Group Series 2020 B-2 (A/A3)(a)(b)
	4,500,000	5.000		11/15/2026		5,350,416
	Illinois Finance Authority RB Refunding for Swedish Covenant Health Obligated Group Series 2016 A (WD/NR)(d)
	7,375,000	5.250		08/15/2026		8,992,652
	Illinois Sales Tax Securitization Corp. RB Refunding Second Lien Series 2020 A (AA-/NR)
	2,240,000	5.000		01/01/2025		2,553,771
	3,055,000	5.000		01/01/2026		3,592,446
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2017 A (AA-/NR)
	1,000,000	5.000		01/01/2022		1,011,327
	1,500,000	5.000		01/01/2023		1,586,358
	Illinois Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	4,180,000	5.000		01/01/2025		4,765,520

The accompanying notes are an integral part of these financial statements. 183

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois Sports Facilities Authority RB Bonds Series 2001 (AMBAC) (BB+/WR)(g)
$	10,665,000		0.000	%		06/15/2023	$	10,541,066
	3,235,000		0.000			06/15/2025		3,113,655
	Illinois Sports Facilities Authority Refunding Bonds Series 2014 (AGM) (AA/NR)
	10,150,000		5.250			06/15/2032		11,148,081
	Illinois State GO Bonds Series 2013 (BBB/Baa2)
	4,100,000		5.500			07/01/2024		4,456,516
	2,210,000		5.500			07/01/2026		2,391,276
	3,425,000		5.500			07/01/2027		3,701,157
	Illinois State GO Bonds Series 2014 (BBB/Baa2)
	3,255,000		5.000			05/01/2024		3,623,059
	Illinois State GO Bonds Series 2016 (BBB/Baa2)
	5,000,000		5.000			01/01/2024		5,499,716
	Illinois State GO Bonds Series 2017 A (BBB/Baa2)
	1,615,000		5.000			12/01/2025		1,890,412
	Illinois State GO Bonds Series 2017 B (BBB/Baa2)
	9,000,000		5.000			12/01/2021		9,067,746
	Illinois State GO Bonds Series 2017 D (BBB/Baa2)
	33,615,000		5.000			11/01/2021		33,735,113
	58,775,000		5.000			11/01/2022		61,698,239
	82,025,000		5.000			11/01/2023		89,669,788
	4,850,000		5.000			11/01/2025		5,662,934
	43,035,000		5.000			11/01/2026		51,436,628
	10,000,000		5.000			11/01/2027		12,182,214
	Illinois State GO Bonds Series 2019 A (BBB/Baa2)
	4,000,000		5.000			11/01/2024		4,530,178
	Illinois State GO Bonds Series 2020 (BBB/Baa2)
	2,000,000		5.125			05/01/2022		2,055,393
	2,000,000		5.375			05/01/2023		2,155,398
	2,100,000		5.500			05/01/2024		2,364,259
	Illinois State GO Bonds Series 2020 D (BBB/Baa2)
	13,000,000		5.000			10/01/2024		14,681,020
	Illinois State GO Bonds Series 2021 A (BBB/Baa2)
	2,550,000		5.000			03/01/2022		2,599,077
	3,000,000		5.000			03/01/2023		3,193,599
	2,500,000		5.000			03/01/2024		2,766,421
	5,300,000		5.000			03/01/2025		6,066,207
	2,750,000		5.000			03/01/2026		3,239,191
	Illinois State GO Bonds Series 2021 B (BBB/Baa2)
	4,000,000		5.000			03/01/2022		4,076,985
	3,500,000		5.000			03/01/2023		3,725,866
	4,250,000		5.000			03/01/2024		4,702,915
	4,500,000		5.000			03/01/2025		5,150,553
	4,500,000		5.000			03/01/2026		5,300,494
	Illinois State GO Bonds Series 2021 C (BBB/Baa2)
	8,500,000		4.000			03/01/2022		8,628,932
	10,000,000		4.000			03/01/2023		10,505,041
	6,550,000		4.000			03/01/2024		7,091,515
	1,500,000		4.000			03/01/2025		1,666,420
	Illinois State GO Refunding Bonds Series 2016 (BBB/Baa2)
	2,360,000		5.000			02/01/2023		2,503,630
	10,000,000		5.000			02/01/2025		11,416,028
	Illinois State GO Refunding Bonds Series 2018 A (BBB/Baa2)
	2,000,000		5.000			10/01/2024		2,258,618
Municipal Bonds – (continued)
Illinois – (continued)
	Illinois State GO Refunding Bonds Series 2019 B (BBB/Baa2)
	7,095,000		5.000			09/01/2025		8,243,786
	Illinois State RB Refunding Series 2016 C (BBB+/NR)
	460,000		4.000			06/15/2024		503,405
	Illinois State Sales Tax RB for Build Junior Obligation Series 2013 (BBB+/NR)
	310,000		5.000			06/15/2022		320,220
	1,770,000		5.000			06/15/2023		1,908,848
	115,000		5.000			06/15/2024		123,892
	Illinois State Sales Tax RB Junior Obligation Series 2016 A (BBB+/NR)
	2,125,000		5.000			06/15/2022		2,195,054
	Illinois State Sales Tax RB Refunding Junior Obligation Series 2016 C (BBB+/NR)
	3,225,000		5.000			06/15/2022		3,331,318
	Illinois State Sales Tax RB Series 2013 (BBB+/NR)
	175,000		2.450			06/15/2022		177,426
	Illinois State Toll Highway Authority RB Refunding Senior Series 2018 A (AA-/A1)
	2,250,000		5.000			01/01/2023		2,384,186
	Illinois State Toll Highway Authority RB Refunding Senior Series 2019 C (AA-/A1)
	9,395,000		5.000			01/01/2025		10,759,999
	Illinois State Toll Highway Authority RB Refunding Series 2014 D (AA-/A1)
	18,390,000		5.000			01/01/2024		20,291,110
	Kane County School District No. 129 West Aurora GO Refunding Bonds Series 2015 (AGM) (AA/Aa3)
	425,000		5.000			02/01/2022		431,624
	Kane County School District No. 131 Aurora East Side GO Refunding Bonds Series 2020 B (AGM) (AA/A1)
	510,000		3.000			12/01/2021		512,159
	440,000		4.000			12/01/2022		458,469
	520,000		5.000			12/01/2023		567,600
	McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2013 (AA/NR)(d)
	1,500,000		5.625			01/15/2022		1,523,196
	McHenry & Kane Counties Community Consolidated School District No. 158 Huntley GO Refunding Bonds Series 2020 (AA/NR)
	400,000		1.045			02/15/2025		401,054
	Metropolitan Pier & Exposition Authority RB Refunding for Capital Appreciation for McCormick Place Expansion Series 1996 A (ETM) (NATL-RE) (BB+/Baa2)(d)(g)
	13,455,000		0.000			06/15/2022		13,421,301
	Metropolitan Water Reclamation District of Greater Chicago GO Capital Improvement Bonds Series 2011 B (AA/Aa2)
	2,000,000		5.000			12/01/2023		2,015,374
	Railsplitter Tobacco Settlement Authority Tobacco Settlement RB Series 2017 (A/NR)
	5,015,000		5.000			06/01/2022		5,172,868
	Sales Tax Securitization Corp. RB Refunding Series 2018 C (AA-/NR)
	2,500,000		5.000			01/01/2023		2,643,930

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Illinois – (continued)
	State of Illinois GO Bonds Series 2014 (BBB/Baa2)
$	3,300,000	5.000 %		02/01/2023	$	3,500,839
	State of Illinois GO Bonds Series 2016 (BBB/Baa2)
	15,000,000	5.000		06/01/2023		16,131,446
	State of Illinois GO Bonds Series 2017 A (BBB/Baa2)
	10,490,000	5.000		12/01/2023		11,503,472
	State of Illinois GO Unlimited Refunding Bonds Series 2018 B (BBB/Baa2)
	2,000,000	5.000		10/01/2025		2,330,211
	State of Illinois Sales Tax RB Refunding Series 2016 C (BBB+/NR)
	6,405,000	4.000		06/15/2026		7,328,459
	State of Illinois Sales Tax RB Refunding Series 2021 C (BBB+/NR)
	3,000,000	5.000		06/15/2022		3,098,900
	2,500,000	5.000		06/15/2023		2,696,113
	3,000,000	5.000		06/15/2024		3,363,376
	Western Illinois University RB Refunding Series 2020 (BAM) (AA/NR)
	1,000,000	4.000		04/01/2023		1,052,867
	Will County Community High School District No. 210 Lincoln-Way GO Refunding Bonds Series 2020 (AGM) (AA/Baa1)
	950,000	4.000		01/01/2022		958,024
	Will County Community Unit School District No. 365 Valley View GO Bonds Series 2005 (ETM) (NATL-RE) (NR/Aa2)(d)(g)
	7,520,000	0.000		11/01/2025		7,341,617
						921,819,330
Indiana – 0.7%
	City of Whiting Environmental Facilities RB for BP Products North America, Inc. Project Series 2017 (AMT) (A-/A2)(a)(b)
	1,250,000	5.000		11/01/2024		1,422,252
	City of Whiting Environmental Facilities RB Refunding for BP Products North America, Inc. Project Series 2019 A (AMT) (A-/A2)(a)(b)
	11,990,000	5.000		06/05/2026		14,323,826
	Indiana Finance Authority Educational Facilities RB for Indiana University Health, Inc. Obligated Group Series 2011 H (AA/WR)(a) (b) (d)
	10,590,000	1.650		01/01/2022		10,627,842
	Indiana Finance Authority Educational Facilities RB Refunding for Indiana University Health, Inc. Obligated Group Series 2015 B (AA/WR)(a) (b) (d)
	8,065,000	1.650		01/01/2022		8,093,819
	Indiana Finance Authority RB CWA Authority, Inc. Series 2015 A (AA/NR)
	16,825,000	5.000		10/01/2045		18,803,359
	Indiana Finance Authority RB Refunding for Indiana Department of Transportation Series 2016 C (AA+/Aa1)
	7,890,000	5.000		12/01/2025		9,358,657
	Indiana Finance Authority RB Refunding for Indiana University Health, Inc. Obligated Group Series 2016 A (AA/Aa2)
	3,250,000	5.000		12/01/2025		3,843,163
	Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 A (A-/A2)(a)(b)
	3,000,000	0.750		04/01/2026		2,970,891
Municipal Bonds – (continued)
Indiana – (continued)
	Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2020 B (AMT) (A-/A2)(a)(b)
	4,525,000	0.950		04/01/2026		4,457,817
	Indiana Finance Authority RB Refunding for Indianapolis Power & Light Co. Series 2021 (A-/A2)
	3,000,000	0.650		08/01/2025		2,980,203
	Indiana Finance Authority RB Refunding for Parkview Health System Obligated Group Obligated Group Series 2017 A (AA-/Aa3)
	1,635,000	5.000		11/01/2025		1,925,445
	Indiana Finance Authority RB Refunding for Parkview Health System Obligation Group Series 2018 C (AA-/Aa3)(a)
		(SIFMA Municipal Swap Index Yield + 0.55%),
	7,390,000	0.600		11/01/2023		7,413,122
	Ivy Tech Community College of Indiana RB Refunding Series 2020 W (AA/NR)
	435,000	5.000		07/01/2024		489,527
	310,000	5.000		07/01/2025		361,230
	Kankakee Valley Middle School Building Corp. Ad Valorem Property Tax Refunding Bonds Series 2017 (AA+/NR)
	405,000	3.000		01/15/2022		408,273
	290,000	5.000		07/15/2022		300,972
	300,000	5.000		01/15/2023		318,444
	375,000	3.000		07/15/2023		390,481
	Rockport City PCRB Refunding for Indiana Michigan Power Co. Project Series 2009 B (A-/A3)
	10,000,000	3.050		06/01/2025		10,896,386
						99,385,709
Iowa – 0.0%
	Iowa Finance Authority RB Refunding for Iowa Health System Obligation Group Series 2018 B (AA-/A1)
	640,000	5.000		02/15/2022		651,163
	630,000	5.000		02/15/2023		670,765
	Iowa Finance Authority RB Refunding for Lifespace Communities, Inc. Obligated Group Series 2021 A (BBB/NR)
	2,105,000	4.000		05/15/2026		2,361,711
						3,683,639
Kansas – 0.5%
	Kansas City Wyandotte County Unified School District No. 500 GO Bonds Series 2016 A (AA-/Aa3)(d)
	30,210,000	5.500		09/01/2026		37,177,946
	Sedgwick County Kansas Unified School District No. 259 GO Refunding and Improvement Bonds Series 2015 A (NR/WR)
	3,105,000	4.000		10/01/2021		3,105,000
	Sedgwick County Unified School District No. 266 Maize GO Refunding Bonds Series 2017 (AA/NR)
	3,100,000	5.000		09/01/2024		3,513,583
	State of Kansas Department of Transportation RB Refunding Series 2015 A (AA/Aa2)
	15,840,000	2.750		09/01/2023		16,547,083
	State of Kansas Department of Transportation RB Series 2014 A (AA/Aa2)
	3,630,000	5.000		09/01/2025		4,114,800

The accompanying notes are an integral part of these financial statements. 185

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Kansas – (continued)
	Wyandotte County-Kansas City Unified Government Utility System RB Refunding Series 2020 B (A/A2)
$	130,000		0.789	%		09/01/2022	$	130,707
	265,000		0.909			09/01/2023		267,537
	775,000		1.129			09/01/2024		784,954
	780,000		1.249			09/01/2025		789,113
								66,430,723
Kentucky – 1.4%
	City of Owensboro Electric Light & Power System RB Refunding Series 2019 (A-/A3)
	1,140,000		5.000			01/01/2022		1,152,885
	800,000		4.000			01/01/2023		834,725
	1,400,000		5.000			01/01/2024		1,538,762
	2,700,000		4.000			01/01/2025		2,989,868
	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		1,664,700
	Kentucky Asset Liability Commission General Fund RB Refunding for Floating Rate Project Notes Series 2020 A (AA/A2)
	500,000		3.000			09/01/2022		512,636
	4,000,000		5.000			09/01/2022		4,173,645
	Kentucky Asset Liability Commission RB Refunding for 2014 Federal Highway Trust Fund Project Notes Series 2014 A (AA/A2)
	4,830,000		5.000			09/01/2025		5,457,032
	Kentucky Economic Development Finance Authority Hospital RB Refunding for Owensboro Medical Health System, Inc. Series 2017 A (BBB-/Baa2)
	2,470,000		5.000			06/01/2022		2,535,596
	1,000,000		5.000			06/01/2023		1,065,816
	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		797,791
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A2)(a)(b)
	13,540,000		4.000			04/01/2024		14,630,361
	Kentucky Public Energy Authority Gas Supply RB Series 2018 A (NR/A2)
	1,210,000		4.000			04/01/2022		1,232,304
	Kentucky Public Energy Authority Gas Supply RB Series 2018 B (NR/A2)(a)(b)
	7,255,000		4.000			01/01/2025		7,990,454
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A1)(a)(b)
	9,055,000		4.000			06/01/2025		10,084,647
	Kentucky Public Energy Authority Gas Supply RB Series 2018 C-1 (A/A1)
	1,515,000		4.000			12/01/2021		1,524,077
	1,765,000		4.000			06/01/2022		1,808,481
	2,420,000		4.000			12/01/2022		2,524,174
	3,765,000		4.000			06/01/2023		3,994,093
	7,385,000		4.000			12/01/2023		7,964,424
Municipal Bonds – (continued)
Kentucky – (continued)
	Kentucky Public Energy Authority Gas Supply RB Series 2019 A-1 (A/A1)(a)(b)
	23,045,000		4.000			06/01/2025		25,687,976
	Kentucky Public Energy Authority Gas Supply RB Series 2019 C (A/A1)(a)(b)
	20,000,000		4.000			02/01/2028		23,393,096
	Kentucky Public Energy Authority RB Series 2020 A (NR/A2)(a)(b)
	10,470,000		4.000			06/01/2026		11,970,889
	Kentucky State Property & Building Commission RB Refunding Project No. 112 Series 2016 B (ST APPROP) (A-/A1)
	5,110,000		5.000			11/01/2022		5,374,329
	Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (A-/Aa3)(d)
	3,560,000		5.000			07/01/2022		3,688,473
	Kentucky State Turnpike Authority Economic Development Road RB for Revitalization Projects Series 2012 A (A-/Aa3)
	2,000,000		5.000			07/01/2030		2,072,176
	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		3,232,668
	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		21,339,882
	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		3,767,619
	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		3,338,089
	Louisville Water Co. RB Refunding Series 2019 (AAA/Aaa)
	9,390,000		5.000			11/15/2023		10,330,965
								188,672,633
Louisiana – 2.2%
	Consolidated Government of the City of Baton Rouge & Parish of E Baton Rouge Sales Tax RB Refunding Series 2020 (AGM) (AA/A2)
	425,000		5.000			08/01/2022		441,157
	610,000		5.000			08/01/2023		660,320
	1,000,000		5.000			08/01/2024		1,127,110
	1,100,000		5.000			08/01/2025		1,286,131
	East Baton Rouge Sewerage Commission RB Refunding Series 2019 A (AA-/NR)
	215,000		5.000			02/01/2022		218,372
	135,000		5.000			02/01/2023		143,435
	465,000		5.000			02/01/2024		514,653
	East Baton Rouge Sewerage Commission RB Refunding Series 2019 B (AA-/NR)
	1,395,000		5.000			02/01/2022		1,416,881
	1,530,000		5.000			02/01/2023		1,625,592
	1,570,000		5.000			02/01/2024		1,737,646

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Louisiana – (continued)
	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	$	34,882,725
	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		740,000
	850,000		5.000			10/01/2021		850,000
	800,000		2.500			10/01/2022		817,034
	950,000		5.000			10/01/2022		993,719
	Louisiana Public Facilities Authority RB Refunding for Loyola University New Orleans Series 2021 (BBB/Baa1)
	435,000		5.000			10/01/2026		517,873
	Louisiana Public Facilities Authority RB Refunding for Ochsner Clinic Foundation Project Series 2020 B (A/A3)(a)(b)
	19,105,000		5.000			05/15/2025		22,010,020
	Louisiana Stadium & Exposition District RB Series 2020 (BBB+/NR)
	15,000,000		5.000			07/03/2023		15,839,743
	Louisiana Stadium & Exposition District RB Series 2021 (BBB+/NR)
	3,325,000		4.000			07/03/2023		3,491,499
	Louisiana State GO Bonds Series 2012 A (AA-/Aa3)
	5,040,000		5.000			08/01/2022		5,241,465
	Louisiana State GO Refunding Bonds Series 2014 C (AA-/Aa3)
	11,520,000		5.000			08/01/2025		13,001,632
	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		12,363,200
	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		23,881,387
	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		12,645,290
	State of Louisiana Gasoline & Fuels Tax RB Refunding First Lien Series 2015 A (AA-/Aa2)
	120,000,000		4.000			05/01/2041		130,706,628
	State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 A (AA-/Aa3)(a)(b)
	3,075,000		0.600			05/01/2023		3,076,779
	State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 D-1 (AA-/Aa3)(a)(b)
	4,615,000		0.600			05/01/2023		4,617,670
	State of Louisiana Gasoline & Fuels Tax RB Refunding Second Lien Series 2017 D-2 (AA-/Aa3)(a)(b)
	4,000,000		0.550			05/01/2022		4,000,906
	State of Louisiana Gasoline & Fuels Tax RB Refunding Series 2020 A-2 (AA-/Aa2)
	800,000		0.543			05/01/2022		801,761
	450,000		0.614			05/01/2023		452,029
	265,000		0.769			05/01/2024		266,085
	425,000		0.869			05/01/2025		424,626
								300,793,368
Municipal Bonds – (continued)
Maine – 0.2%
	Maine Governmental Facilities Authority Lease Rental RB Series 2015 B (AA-/WR)
	1,345,000		4.000			10/01/2021		1,345,000
	Maine Health & Higher Educational Facilities Authority RB Refunding for Northern Light Health Obligated Group Series 2021 A (AGM) (AA/A1)
	500,000		5.000			07/01/2022		517,982
	550,000		5.000			07/01/2023		595,253
	350,000		5.000			07/01/2024		394,282
	250,000		5.000			07/01/2025		291,416
	325,000		5.000			07/01/2027		400,085
	State of Maine GO Bonds Series 2018 D (AA/Aa2)
	8,000,000		5.000			06/01/2022		8,256,168
	4,290,000		5.000			06/01/2023		4,632,384
	10,000,000		5.000			06/01/2025		11,664,712
								28,097,282
Maryland – 1.4%
	Baltimore Maryland RB Refunding for Convention Center Hotel Project Series 2017 (CCC/NR)
	500,000		5.000			09/01/2022		508,009
	County of Anne Arundel GO Refunding Bonds Series 2021 (AAA/Aa1)
	8,300,000		5.000			04/01/2026		9,940,332
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2012 (AAA/Aaa)
	2,025,000		5.000			08/01/2022		2,106,291
	County of Baltimore GO Bonds for Consolidated Public Improvement Series 2017 (AAA/Aaa)
	2,825,000		5.000			03/01/2023		3,017,411
	County of Baltimore RB Refunding for Riderwood Village Obligated Group Series 2020 (A/NR)
	835,000		4.000			01/01/2022		842,690
	815,000		4.000			01/01/2023		852,667
	1,050,000		4.000			01/01/2024		1,136,358
	2,805,000		4.000			01/01/2025		3,127,229
	County of Montgomery COPS Public Facilities Project Series 2020 A (AA+/Aa1)
	6,430,000		5.000			10/01/2024		7,327,323
	County of Montgomery GO Bonds for Consolidated Public Improvement Series 2013 A (AAA/Aaa)(d)
	14,350,000		5.000			11/01/2023		15,769,257
	County of Montgomery GO Refunding Bonds for Consolidated Public Improvement Series 2017 D (AAA/Aaa)
	8,275,000		3.000			11/01/2022		8,529,027
	County of Prince George’s Public Improvement GO Bonds Series 2014 A (AAA/Aaa)
	3,530,000		4.000			09/01/2032		3,879,484
	1,360,000		4.000			09/01/2033		1,494,843
	County of Prince George’s Public Improvement GO Bonds Series 2016 A (AAA/Aaa)
	9,355,000		5.000			07/01/2025		10,938,948
	Frederick County Maryland Tax Allocation Refunding for Oakdale-Lake Linganore Development District Series 2019 B (NR/NR)
	685,000		2.625			07/01/2024		697,540

The accompanying notes are an integral part of these financial statements. 187

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Maryland – (continued)
	Frederick County Urbana Community Development Authority Special Tax Refunding Series 2020 A (A-/NR)
$	750,000	5.000 %		07/01/2022	$	775,712
	815,000	5.000		07/01/2023		879,377
	1,000,000	5.000		07/01/2024		1,121,842
	750,000	5.000		07/01/2025		868,798
	1,250,000	5.000		07/01/2026		1,487,653
	1,250,000	5.000		07/01/2027		1,525,462
	Maryland Economic Development Corp. RB Refunding for Potomac Electric Power Co. Project Series 2019 (A-/Baa1)
	8,315,000	1.700		09/01/2022		8,412,642
	Maryland Health & Higher Educational Facilities Authority RB Refunding for Adventist Healthcare Obligated Group Series 2020 (NR/Baa3)
	815,000	4.000		01/01/2024		879,359
	Maryland Health & Higher Educational Facilities Authority RB Refunding for St. John’s College Series 2020 (BBB/NR)
	100,000	4.000		10/01/2021		100,000
	165,000	4.000		10/01/2022		170,693
	340,000	4.000		10/01/2023		362,479
	350,000	4.000		10/01/2024		382,934
	390,000	4.000		10/01/2025		435,985
	Maryland Health & Higher Educational Facilities Authority RB Refunding for University of Maryland Medical System Obligated Group Serie 2020 B-1 (A/A2)(a)(b)
	4,325,000	5.000		07/01/2025		4,932,331
	Maryland Health & Higher Educational Facilities Authority RB Refunding for University of Maryland Medical System Obligated Group Serie 2020 B-2 (A/A2)(a)(b)
	7,000,000	5.000		07/01/2027		8,424,035
	Maryland State Transportation Authority RB Series 2012 A (AMT) (A/A2)
	1,345,000	5.000		06/01/2022		1,386,611
	Maryland State Transportation Authority RB Series 2020 (AA-/Aa2)
	900,000	5.000		07/01/2025		1,052,384
	1,325,000	5.000		07/01/2026		1,596,757
	State of Maryland Department of Transportation RB Series 2017 (AAA/Aa1)
	6,770,000	5.000		05/01/2026		7,847,530
	State of Maryland Department of Transportation Second Issue RB Series 2013 (AAA/Aa1)
	10,265,000	4.000		12/01/2026		10,324,976
	State of Maryland Department of Transportation Second Issue RB Series 2018 (AAA/Aa1)
	14,645,000	5.000		10/01/2025		17,277,727
	State of Maryland Department of Transportation Third Issue RB Series 2015 (AAA/Aa1)
	9,855,000	4.000		12/15/2026		10,648,482
	State of Maryland GO Refunding Series 2015 B (AAA/Aaa)
	15,000,000	4.000		08/01/2024		16,566,561
	State of Maryland GO Refunding Series 2017 B (AAA/Aaa)
	14,500,000	5.000		08/01/2025		17,001,737
	University Maryland System Auxiliary Facility & Tuition RB Series 2018 A (AA+/Aa1)
	1,595,000	5.000		04/01/2022		1,632,875
	1,075,000	5.000		04/01/2023		1,151,644
						187,413,995
Municipal Bonds – (continued)
Massachusetts – 3.0%
	Commonwealth of Massachusetts GO Bonds Series 2014 A (AA/NR)(d)
	9,315,000	5.000		12/01/2021		9,387,081
	Massachusetts Bay Transportation Authority RB Refunding Series 2016 A (AAA/Aa1)
	4,105,000	5.000		07/01/2025		4,806,724
	Massachusetts Bay Transportation Authority RB Series 2005 A (AA/Aa2)
	6,260,000	5.000		07/01/2025		7,319,916
	Massachusetts Bay Transportation Authority RB Series 2021 (AA/Aa3)
	133,900,000	4.000		05/01/2025		150,749,092
	Massachusetts Clean Water Trust RB Refunding Series 2006 (AAA/Aaa)(c)
		(MUNI-CPI + 0.99%),
	2,050,000	5.990		08/01/2023		2,137,124
	Massachusetts Clean Water Trust RB State Revolving Green Bonds Series 2017 (AAA/Aaa)
	3,795,000	5.000		02/01/2023		4,037,872
	Massachusetts Development Finance Agency Beth Israel Lahey Health Obligated Group RB Refunding Series 2019 K (A/A3)
	750,000	4.000		07/01/2022		770,732
	750,000	5.000		07/01/2023		810,886
	500,000	5.000		07/01/2024		562,382
	Massachusetts Development Finance Agency RB for President & Trustees of Williams College Series 2011 (AA+/Aa1)(a)(b)
	3,500,000	0.450		07/01/2025		3,484,081
	Massachusetts Development Finance Agency RB Refunding for Northeastern University Series 2020 A (NR/A1)
	1,575,000	5.000		10/01/2024		1,793,782
	920,000	5.000		10/01/2025		1,084,187
	Massachusetts Development Finance Agency RB Refunding for Partners Healthcare System, Inc. Series 2017 S-4 (AA-/Aa3)(a)(b)
	2,000,000	5.000		01/25/2024		2,215,043
	Massachusetts Development Finance Agency RB Refunding for Wellforce Obligated Group Series 2020 C (AGM) (AA/NR)
	200,000	5.000		10/01/2021		200,000
	275,000	5.000		10/01/2022		287,656
	300,000	5.000		10/01/2023		326,699
	350,000	5.000		10/01/2024		395,704
	300,000	5.000		10/01/2025		350,038
	Massachusetts Development Finance Agency Wellforce Obligation Group RB Refunding Series 2019 A (BBB+/NR)
	875,000	5.000		07/01/2022		904,598
	725,000	5.000		07/01/2023		780,684
	Massachusetts Housing Finance Agency RB Refunding Series 2020 216 (FHLMC) (FNMA) (GNMA) (AA+/Aa1)(a)(b)
	5,250,000	1.850		06/01/2025		5,408,180
	Massachusetts School Building Authority RB Taxable Refunding Series 2019 B (AA/Aa3)
	2,305,000	2.078		10/15/2023		2,378,169
	Massachusetts State GO Bonds Consolidated Loan Series 2007 A (NATL-RE) (AA/Aa1)(c)
		(3 Mo. LIBOR + 0.57%),
	7,665,000	0.654		05/01/2037		7,585,285

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Massachusetts – (continued)
	Massachusetts State GO Bonds Consolidated Loan Series 2012 A (BHAC-CR) (FGIC) (AA+/Aa1)(c)
		(3 Mo. LIBOR + 0.57%),
$	11,560,000	0.654 %		05/01/2037	$	11,439,779
	Massachusetts State GO Bonds Series 2014 F (AA/Aa1)
	58,940,000	4.000		11/01/2031		61,092,053
	Massachusetts State GO Bonds Series 2015 (AA/Aa1)
	1,450,000	3.500		05/01/2036		1,506,303
	Massachusetts State GO Refunding Bonds Series 2007 A (AA/Aa1)(c)
		(3 Mo. LIBOR + 0.55%),
	38,250,000	0.634		11/01/2025		38,278,297
	Massachusetts State GO Refunding Bonds Series 2020 A (AA/Aa1)(a)(b)
	26,000,000	5.000		06/01/2023		28,056,938
	Massachusetts State GO Refunding Bonds Series 2020 E (AA/Aa1)
	2,650,000	0.695		11/01/2025		2,628,057
	Massachusetts State Special Obligation RB Series 2005 A (AGM) (AA+/Aa1)(c)
		(MUNI-CPI + 1.77%),
	705,000	7.170		06/01/2022		717,566
	Massachusetts Transportation Trust Fund Metropolitan Highway System RB Refunding Series 2019 C (AA/Aa2)
	2,900,000	5.000		01/01/2024		3,205,996
	Massachusetts Transportation Trust Fund Metropolitan Highway System Senior RB Refunding Series 2019 A (A+/A2)
	875,000	5.000		01/01/2022		885,214
	1,300,000	5.000		01/01/2023		1,376,858
	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		1,275,307
	Massachusetts Transportation Trust Fund Metropolitan Highway System Subordinate RB Series 2019 A (AA/Aa2)(a)(b)
	40,050,000	5.000		01/01/2023		42,386,765
	Massachusetts Water Resources Authority RB Refunding Series 2016 C (AA+/Aa1)
	3,970,000	5.000		08/01/2025		4,658,264
						405,283,312
Michigan – 1.6%
	Allendale Public School GO Refunding Bonds Series 2016 (Q-SBLF) (AA/NR)
	1,385,000	5.000		11/01/2022		1,456,180
	Chippewa Valley Schools GO Refunding Bonds Series 2020 (Q-SBLF) (NR/Aa1)
	255,000	0.478		05/01/2023		255,726
	375,000	0.640		05/01/2024		375,781
	1,520,000	0.790		05/01/2025		1,518,178
	Detroit Downtown Development Authority RB Refunding for Catalyst Development Project Series 2018 A (AGM) (AA/NR)
	800,000	5.000		07/01/2022		827,915
	900,000	5.000		07/01/2023		969,452
	13,450,000	5.000		07/01/2048		14,886,436
Municipal Bonds – (continued)
Michigan – (continued)
	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		07/01/2022		1,552,340
	1,500,000	5.000		07/01/2023		1,615,754
	500,000	5.000		07/01/2024		559,465
	550,000	5.000		07/01/2025		614,932
	Detroit Michigan School District GO Refunding Bonds for School Building and Site Improvement Series 2012 A (Q-SBLF) (AA/Aa1)
	7,455,000	5.000		05/01/2023		7,658,145
	1,095,000	5.000		05/01/2031		1,124,936
	Detroit Michigan Sewage Disposal System RB Refunding Series 2006 D (AGM) (AA/A1)(c)
		(3 Mo. LIBOR + 0.60%),
	28,240,000	0.697		07/01/2032		28,259,240
	Great Lakes Water Authority Sewage Disposal System RB Refunding for Second Lien Series 2020 B (A+/A2)
	260,000	1.492		07/01/2022		262,337
	Great Lakes Water Authority Sewage Disposal System RB Refunding Series 2020 A (AA-/A1)
	115,000	1.503		07/01/2023		117,190
	370,000	1.604		07/01/2024		379,371
	200,000	1.654		07/01/2025		205,209
	Lansing Board of Water & Light RB Series 2021 B (AA-/Aa3)(a)(b)
	11,135,000	2.000		07/01/2026		11,742,345
	Michigan Finance Authority Hospital RB Refunding for Henry Ford Health System Series 2016 (A/A2)
	510,000	5.000		11/15/2021		512,773
	Michigan Finance Authority Local Government Loan Program RB for Detroit Financial Recovery Income Tax Revenue and Refunding Local Project Bonds Series 2014 F (BB+/NR)
	500,000	3.600		10/01/2021		500,000
	500,000	3.800		10/01/2022		511,490
	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)
	9,225,000	5.000		07/01/2022		9,551,123
	5,000,000	5.000		07/01/2023		5,403,163
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2011 (AA-/Aa3)(d)
	10,015,000	5.000		12/01/2021		10,092,498
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2015 (AA-/Aa3)(d)
	9,840,000	5.000		06/01/2022		10,155,224
	Michigan Finance Authority Local Government Loan Program RB Refunding for Trinity Health Corp. Obligated Group Project Series 2015 (AA-/Aa3)
	2,650,000	5.000		12/01/2025		3,078,544
	1,205,000	5.500		12/01/2027		1,415,908

The accompanying notes are an integral part of these financial statements. 189

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Michigan – (continued)
	Michigan Finance Authority RB Refunding for Great Lakes Water Authority Water Supply System Revenue Series 2014 D-2 (AGM) (AA/A1)
$	4,000,000	5.000 %		07/01/2024	$	4,492,038
	Michigan Finance Authority RB Refunding for Trinity Health Corp. Obligated Group Series 2017 A (AA-/Aa3)
	1,950,000	5.000		12/01/2023		2,147,560
	Michigan Finance Authority Tobacco Settlement RB Refunding Series 2020 A-1 (A/NR)
	5,000,000	0.897		06/01/2022		5,005,338
	5,000,000	1.086		06/01/2023		5,019,738
	5,500,000	1.376		06/01/2024		5,546,927
	10,000,000	1.476		06/01/2025		10,082,550
	Michigan State Building Authority RB Refunding Series 2020 (AA-/Aa2)
	1,110,000	0.461		10/15/2022		1,113,412
	750,000	0.602		04/15/2023		753,594
	920,000	0.652		10/15/2023		924,596
	1,810,000	0.816		10/15/2024		1,816,683
	2,880,000	0.916		10/15/2025		2,866,809
	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		4,534,735
	Michigan State Hospital Finance Authority RB Refunding for Trinity Health Corp. Obligated Group Series 2008 C (AA-/Aa3)
	2,215,000	5.000		12/01/2025		2,621,271
	Michigan Strategic Fund Limited Obligation RB for I-75 Improvement Project Series 2018 (AMT) (NR/Baa2)
	2,210,000	5.000		12/31/2023		2,426,959
	2,685,000	5.000		06/30/2024		3,003,225
	3,500,000	5.000		12/31/2024		3,982,998
	Okemos Public Schools GO Bonds Series 2019 (Q-SBLF) (NR/Aa1)
	2,380,000	5.000		05/01/2023		2,557,818
	2,730,000	5.000		05/01/2024		3,054,089
	Star International Academy RB Refunding Series 2020 (BBB/NR)
	665,000	4.000		03/01/2023		689,245
	690,000	4.000		03/01/2024		729,477
	720,000	4.000		03/01/2025		774,534
	745,000	4.000		03/01/2026		811,876
	775,000	4.000		03/01/2027		854,101
	University of Michigan General RB RMKT 02/26/18 Series 2012 E (AAA/Aaa)(a)
	3,430,000	(SIFMA Municipal Swap Index Yield + 0.27%), 0.290		04/01/2022		3,430,403
	University of Michigan General RB RMKT 07/26/18 Series 2012 E (AAA/Aaa)(a)(b)
	19,790,000	0.050		10/01/2021		19,790,000
	Washtenaw County Ypsilanti Community Schools GO Refunding Bonds Series 2020 (Q-SBLF) (AA/NR)
	500,000	1.810		05/01/2023		504,925
	515,000	1.889		05/01/2024		520,713
Municipal Bonds – (continued)
Michigan – (continued)
	Washtenaw County Ypsilanti Community Schools Unlimited Tax GO Refunding Bonds Series 2016 A (Q-SBLF) (AA/NR)
	1,000,000	5.000		05/01/2022		1,027,338
	Wayne County Airport Authority RB Refunding for Detroit Metropolitan Wayne County Airport Series 2018 C (A-/A1)
	600,000	5.000		12/01/2021		604,632
	500,000	5.000		12/01/2022		527,963
	Wayne State University RB Series 2018 A (A+/Aa3)
	1,005,000	5.000		11/15/2030		1,177,251
	970,000	5.000		11/15/2031		1,134,145
	Wayne State University RB Series 2020 A (A+/Aa3)
	500,000	0.897		11/15/2021		500,282
	745,000	1.097		11/15/2022		749,656
	500,000	1.219		11/15/2023		504,430
	700,000	1.322		11/15/2024		706,600
	Western Michigan University RB Refunding Series 2019 A (A/Aa3)
	1,490,000	5.000		11/15/2022		1,569,309
	160,000	5.000		11/15/2023		175,426
						214,334,301
Minnesota – 0.9%
	City of Minneapolis GO Refunding Bonds Series 2020 (AAA/NR)
	5,730,000	2.000		12/01/2029		5,976,173
	City of Rochester RB for Mayo Clinic Series 2011 C (AA/Aa2)(a)(b)
	10,795,000	4.500		11/15/2021		10,847,549
	Duluth Economic Development Authority Health Care Facilities RB for St. Luke’s Hospital Series 2022 (BBB-/NR)
	275,000	5.000		06/15/2025		308,649
	Duluth Economic Development Authority Health Care Facilities RB Refunding for St. Luke’s Hospital Series 2022 (BBB-/NR)(e)
	300,000	5.000		06/15/2023		315,376
	265,000	5.000		06/15/2024		288,683
	360,000	5.000		06/15/2026		413,705
	Maple Grove Minnesota Health Care Facilities RB Refunding for Maple Grove Hospital Corp. Series 2017 (NR/Baa1)
	500,000	4.000		05/01/2022		510,212
	575,000	5.000		05/01/2023		615,690
	Minneapolis-St. Paul Metropolitan Airports Commission RB Refunding Series 2016 A (A+/NR)
	2,760,000	5.000		01/01/2026		3,264,574
	Minneapolis-St. Paul Metropolitan Airports Commission RB Refunding Series 2019 B (AMT) (A/NR)
	2,810,000	5.000		01/01/2024		3,093,165
	Minnesota Higher Education Facilities Authority RB Refunding for College of St. Scholastica, Inc. Series 2019 (NR/Baa2)
	75,000	3.000		12/01/2021		75,281
	100,000	3.000		12/01/2022		102,689
	100,000	3.000		12/01/2023		104,615
	100,000	4.000		12/01/2024		109,450
	180,000	4.000		12/01/2025		201,050
	Minnesota State GO Bonds Series 2015 A (AAA/Aa1)
	5,500,000	5.000		08/01/2035		6,432,938

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Minnesota – (continued)
	Minnesota State Trunk Highway GO Bonds Series 2020 F (AAA/Aa1)
$	2,450,000		2.500	%		08/01/2026	$	2,675,078
	Minnesota State Trunk Highway GO Refunding Bonds Series 2020 G (AAA/Aa1)
	6,560,000		0.400			08/01/2022		6,571,728
	5,275,000		0.400			08/01/2023		5,277,439
	Minnesota State Various Purpose GO Refunding Bonds Series 2020 F (AAA/Aa1)
	12,850,000		1.000			08/01/2022		12,941,826
	13,730,000		1.000			08/01/2023		13,898,606
	State of Minnesota GO Bonds Series 2021 A (AAA/Aa1)
	28,260,000		5.000			09/01/2025		33,250,128
	State of Minnesota GO Bonds Series 2021 B (AAA/Aa1)
	5,165,000		5.000			09/01/2025		6,077,032
	State of Minnesota State Trunk Highway GO Bonds Series 2015 B (AAA/Aa1)
	3,240,000		5.000			08/01/2022		3,370,342
	Virginia Independent School District No. 706 GO Bonds for Rock Ridge Independent School District No. 2909 Series 2019 A (SD CRED PROG) (AAA/NR)
	5,170,000		5.000			02/01/2025		5,956,521
								122,678,499
Mississippi – 0.7%
	City of Jackson GO Refunding Bonds Series 2021 (A+/Baa3)
	340,000		5.000			03/01/2022		346,382
	325,000		5.000			03/01/2023		345,467
	500,000		5.000			03/01/2024		555,204
	1,000,000		5.000			03/01/2025		1,151,780
	830,000		5.000			03/01/2026		986,694
	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		7,755,660
	Mississippi Business Finance Corp. RB for Waste Management, Inc. Series 2002 (AMT) (A-/NR)(a)(b)
	1,000,000		2.200			06/03/2024		1,043,571
	Mississippi Business Finance Corp. System Energy Resources Inc. RB Series 2019 (BBB+/Baa3)
	3,425,000		2.500			04/01/2022		3,444,092
	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		8,753,688
	Mississippi State GO Bonds Series 2015 F (AA/Aa2)(d)
	10,000,000		5.000			11/01/2025		11,839,601
	State of Minnesota GO Bonds for Capital Improvement Series 2011 A (AA/Aa2)(d)
	21,415,000		5.000			10/01/2021		21,415,000
	State of Mississippi RB Series 2015 E (A-/A3)
	2,000,000		5.000			10/15/2023		2,182,582
	2,575,000		5.000			10/15/2024		2,915,075
	Warren County Gulf Opportunity Zone RB Refunding for International Paper Company, Series 2018 (BBB/Baa2)(a)(b)
	8,225,000		2.900			09/01/2023		8,610,760
Municipal Bonds – (continued)
Mississippi – (continued)
	Warren County RB Refunding for International Paper Company, Series 2020 A (BBB/Baa2)(a)(b)
	9,085,000		1.375			06/16/2025		9,319,198
	Warren County RB Refunding for International Paper Company, Series 2020 B (AMT) (BBB/Baa2)(a)(b)
	1,175,000		1.600			06/16/2025		1,214,945
	Warren County RB Refunding for International Paper Company, Series 2020 C (BBB/Baa2)(a)(b)
	9,300,000		1.375			06/16/2025		9,539,822
								91,419,521
Missouri – 0.4%
	City of St Louis Airport RB Refunding for Lambert International Airport Series 2007 A (AGM) (AA/A2)
	1,000,000		5.250			07/01/2026		1,214,676
	Kansas City Industrial Development Authority RB Refunding for Kansas City International Airport Project Series 2020 C (A-/A2)
	5,000,000		0.889			03/01/2022		5,003,404
	4,000,000		1.075			03/01/2023		4,012,453
	3,000,000		1.302			03/01/2024		3,012,437
	3,220,000		1.402			03/01/2025		3,219,796
	Metropolitan St. Louis Sewer District RB Refunding Series 2015 B (AAA/Aa1)
	8,770,000		5.000			05/01/2038		10,041,726
	Metropolitan St. Louis Sewer District RB Refunding Series 2015 B (AAA/Aa1)(d)
	4,665,000		5.000			05/01/2025		5,424,122
	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		611,754
	600,000		5.000			09/01/2024		666,196
	Missouri Health & Educational Facilities Authority RB Refunding for Mosaic Health System Series 2019 A (AA-/A1)
	665,000		5.000			02/15/2022		676,525
	575,000		5.000			02/15/2023		611,961
	400,000		5.000			02/15/2024		443,788
	Missouri Southern State University RB Series 2019 A (AGM) (AA/NR)
	105,000		5.000			10/01/2024		117,547
	125,000		5.000			10/01/2025		144,036
	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		5,314,878
	Southeast Missouri State University RB Refunding Series 2020 (A/NR)
	585,000		5.000			04/01/2022		598,156
	1,200,000		5.000			04/01/2023		1,280,517
	1,405,000		5.000			04/01/2024		1,549,678
	1,410,000		5.000			04/01/2025		1,606,428
	2,795,000		5.000			04/01/2026		3,274,050
								48,824,128

The accompanying notes are an integral part of these financial statements. 191

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Montana – 0.1%
	City of Billings RB for Sewer System Series 2017 (AA+/Aa3)
$	310,000	5.000 %		07/01/2022	$	321,078
	Forsyth Montana Pollution Control RB Refunding for Northwestern Corp. Colstrip Project Series 2016 (A-/A3)
	8,790,000	2.000		08/01/2023		9,013,704
	Gallatin County High School District No. 7 GO Bonds for School Building Series 2017 A (NR/Aa2)
	470,000	5.000		12/01/2022		496,116
	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		758,737
	500,000	5.000		01/01/2023		529,625
						11,119,260
Nebraska – 0.2%
	Central Plains Energy Project RB Refunding Series 2019 (AA-/Aa2)(a)(b)
	12,400,000	4.000		08/01/2025		13,905,429
	County of Sarpy GO Bonds Series 2021 (NR/Aaa)
	1,775,000	5.000		06/01/2024		1,996,171
	1,580,000	5.000		06/01/2025		1,842,397
	1,465,000	5.000		06/01/2026		1,760,388
	County of Washington RB Refunding for Cargill, Inc. Series 2012 (AMT) (A/NR)(a)(b)
	4,700,000	0.900		09/01/2025		4,739,126
	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		2,444,351
	Douglas County Hospital Authority No. 2 RB for Nebraska Medicine Obligated Group Series 2020 A (AA-/NR)(a)(f)
	2,625,000	(SIFMA Municipal Swap Index Yield + 0.50%), 0.550		08/01/2023		2,625,234
	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		100,544
	110,000	5.000		11/15/2023		120,532
	175,000	5.000		11/15/2025		205,087
						29,739,259
Nevada – 0.7%
	City of North Las Vegas GO Refunding Bonds for Wastewater Reclamation Series 2019 (BAM) (AA/A1)
	1,970,000	5.000		06/01/2024		2,211,551
	Clark County School District Building GO Bonds Series 2016 B (A+/A1)
	1,190,000	5.000		06/15/2022		1,230,166
	Clark County School District Building GO Bonds Series 2017 A (A+/A1)
	3,675,000	5.000		06/15/2022		3,799,042
	Clark County School District GO Bonds Series 2020 A (AGM) (A+/A1)
	600,000	3.000		06/15/2022		611,893
Municipal Bonds – (continued)
Nevada – (continued)
	Clark County School District GO Bonds Series 2020 A (AGM) (AA/A1)
	250,000	3.000		06/15/2023		261,811
	275,000	3.000		06/15/2024		294,818
	325,000	3.000		06/15/2025		354,391
	550,000	5.000		06/15/2026		659,665
	Clark County Water Reclamation District GO Refunding Bonds for Water Reclamation Series 2016 (AAA/Aa1)
	3,640,000	5.000		07/01/2022		3,771,186
	County of Clark Department of Aviation RB Refunding for Jet Aviation Fuel Tax Series 2013 A (AMT) (A/A1)
	500,000	5.000		07/01/2022		517,524
	1,650,000	5.000		07/01/2025		1,744,143
	2,100,000	5.000		07/01/2026		2,219,007
	County of Clark Department of Aviation RB Refunding Series 2019 D (A/Aa3)
	21,925,000	5.000		07/01/2026		26,376,229
	County of Clark GO Bonds Series 2013 (AA+/Aa1)(d)
	19,840,000	5.000		11/01/2023		21,802,234
	County of Clark Passenger Facility Charge RB Refunding Series 2017 B (AMT) (A/Aa3)
	5,000,000	5.000		07/01/2023		5,411,390
	County of Humboldt Nevada Pollution Control RB Refunding for Idaho Power Co. Series 2003 (A-/A1)
	12,000,000	1.450		12/01/2024		12,225,708
	Las Vegas Convention & Visitors Authority RB Refunding Series 2017 B (A/Aa3)
	700,000	5.000		07/01/2025		805,271
	Las Vegas Convention & Visitors Authority RB Series 2018 B (A/Aa3)
	200,000	5.000		07/01/2024		222,916
	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		2,197,859
	Washoe County Sierra Pacific Power Company Project RB Refunding for Nevada Gas & Water Facilities Series 2016 C (AMT) (NR/A2)(a)(b)
	2,000,000	0.625		04/15/2022		2,002,619
						88,719,423
New Hampshire – 0.2%
	New Hampshire Business Finance Authority RB Refunding for Springpoint Senior Living Obligated Group Series 2021 (BBB+/NR)
	220,000	4.000		01/01/2024		233,732
	285,000	4.000		01/01/2025		309,629
	265,000	4.000		01/01/2026		293,389
	250,000	4.000		01/01/2027		280,851
	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		1,299,481
	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		5,197,922

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New Hampshire – (continued)
	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	$	5,197,922
	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		3,118,753
	New Hampshire Municipal Bond Bank RB 2021 C (AA+/NR)
	5,440,000	5.000		08/15/2026		6,584,887
						22,516,566
New Jersey – 5.3%
	Atlantic City New Jersey Tax Appeal Refunding Bonds Series 2017 A (BAM) (ST AID WITHHLDG) (AA/Baa1)
	500,000	5.000		03/01/2023		531,195
	City of Clifton GO Refunding Bonds Series 2021 (BAM) (AA/NR)
	2,455,000	3.000		08/15/2025		2,672,649
	1,105,000	3.000		08/15/2026		1,217,808
	City of Newark GO Refunding Bonds Series 2020 A (AGM) (ST AID WITHHLDG) (AA/A2)
	1,000,000	5.000		10/01/2023		1,085,452
	800,000	5.000		10/01/2024		899,890
	650,000	5.000		10/01/2025		753,409
	750,000	5.000		10/01/2026		892,884
	City of Newark GO Refunding Bonds Series 2020 A (ST AID WITHHLDG) (NR/Baa1)
	750,000	5.000		10/01/2022		780,615
	City of Newark GO Refunding Bonds Series 2020 A (ST AID WITHHLDG) (NR/WR)
	115,000	5.000		10/01/2021		115,000
	City of Newark GO Refunding Bonds Series 2020 B (AGM) (SCH BD RES FD) (AA/A2)
	525,000	5.000		10/01/2023		569,862
	650,000	5.000		10/01/2024		731,161
	600,000	5.000		10/01/2025		695,454
	City of Newark GO Refunding Bonds Series 2020 B (SCH BD RES FD) (NR/A3)
	580,000	5.000		10/01/2022		604,855
	City of Newark GO Refunding Bonds Series 2020 B (SCH BD RES FD) (NR/WR)
	250,000	5.000		10/01/2021		250,000
	City of Plainfield GO Bonds Series 2021 (NR/NR)
	15,517,000	1.000		08/16/2022		15,617,795
	County of Cape May GO Bonds Series 2019 (NR/Aa1)
	2,450,000	4.000		10/01/2022		2,543,003
	2,655,000	4.000		10/01/2024		2,943,990
	County of Cape May GO Bonds Series 2019 (NR/WR)
	830,000	4.000		10/01/2021		830,000
	County of Mercer GO Bonds Series 2021 (AA+/NR)
	1,985,000	2.000		02/15/2025		2,086,444
	Garden State Preservation Trust Capital Appreciation RB Series 2003 B (AGM) (AA/A2)(g)
	5,750,000	0.000		11/01/2021		5,747,931
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB for Provident Group – Kean Properties L.L.C. – Kean University Student Housing Project Series 2017 A (B/NR)
	220,000	4.000		01/01/2022		220,872
	225,000	4.000		07/01/2022		228,358
	270,000	4.000		01/01/2023		276,550
	275,000	4.000		07/01/2023		284,218
	320,000	4.000		01/01/2024		333,452
	325,000	4.000		07/01/2024		341,449
	New Jersey Economic Development Authority RB for School Facilities Construction Series 2014 UU (BBB/Baa1)
	10,070,000	5.000		06/15/2040		11,117,662
	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		1,389,811
	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		8,725,006
	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		2,579,541
	New Jersey Economic Development Authority RB Refunding for New Jersey-American Water Co., Inc. Series 2020 E (AMT) (A+/A1)
	3,100,000	0.850		12/01/2025		3,089,405
	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)
	1,000,000	4.000		06/01/2022		1,018,879
	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		14,144,330
	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%), 1.300		09/01/2025		13,503,606
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2015 XX (BBB/Baa1)
	6,900,000	5.000		06/15/2025		7,999,331
	New Jersey Economic Development Authority RB Refunding for School Facilities Construction Series 2018 FFF (BBB/Baa1)
	2,345,000	5.000		06/15/2023		2,530,604
	6,500,000	5.000		06/15/2024		7,284,925
	New Jersey Economic Development Authority RB Refunding for State of New Jersey Department of the Treasury Series 2013 (BBB/Baa1)
	36,700,000	5.000		03/01/2027		39,046,862
	New Jersey Economic Development Authority RB Series 1997 B (AGM) (AA/A2)(g)
	7,019,000	0.000		02/15/2023		6,963,276

The accompanying notes are an integral part of these financial statements. 193

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey Economic Development Authority RB Series 2021 QQQ (BBB/Baa1)
$	260,000	5.000 %		06/15/2022	$	268,515
	250,000	5.000		06/15/2023		269,698
	300,000	5.000		06/15/2024		336,227
	385,000	5.000		06/15/2025		446,339
	555,000	5.000		06/15/2026		662,650
	445,000	5.000		06/15/2027		544,048
	New Jersey Educational Facilities Authority RB Refunding for Stevens Institute of Technology Series 2017 A (BBB+/NR)
	440,000	5.000		07/01/2022		455,152
	New Jersey Health Care Facilities Financing Authority RB for RWJ Barnabas Health Obligated Group Series 2021 A (AA-/Aa3)
	7,670,000	5.000		07/01/2025		8,965,533
	New Jersey Health Care Facilities Financing Authority RB Refunding for AHS Hospital Corp. Series 2016 (AA-/Aa3)
	1,620,000	5.000		07/01/2026		1,953,104
	New Jersey Health Care Facilities Financing Authority RB Refunding for Hackensack Meridian Health Obligated Group Series 2017 A (AA-/NR)
	1,990,000	5.000		07/01/2024		2,245,280
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2016 A (AA-/Aa3)
	1,505,000	5.000		07/01/2026		1,814,458
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-1 (AA-/Aa3)(a)(b)
	13,480,000	5.000		07/01/2024		15,158,228
	New Jersey Health Care Facilities Financing Authority RB Refunding for RWJ Barnabas Health Obligated Group Series 2019 B-2 (AA-/Aa3)(a)(b)
	6,825,000	5.000		07/01/2025		7,942,310
	New Jersey Health Care Facilities Financing Authority RB Refunding for Trinitas Regional Medical Center Series 2017 A (BBB/Baa2)
	1,240,000	5.000		07/01/2022		1,280,811
	New Jersey State Turnpike Authority RB Refunding Series 2005 A (AGM) (AA/A2)
	1,615,000	5.250		01/01/2026		1,934,627
	New Jersey State Turnpike Authority RB Refunding Series 2014 C (ETM) (A+/A2)(d)
	3,560,000	5.000		01/01/2022		3,602,047
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-2 (A+/A2)(c)
		(1 Mo. LIBOR + 0.48%),
	5,000,000	0.540		01/01/2022		5,002,884
	New Jersey State Turnpike Authority RB Refunding Series 2017 C-3 (A+/A2)(c)
		(1 Mo. LIBOR + 0.60%),
	15,565,000	0.660		01/01/2023		15,620,849
	New Jersey State Turnpike Authority RB Refunding Series 2017 D-1 (A+/A2)(c)
		(1 Mo. LIBOR + 0.70%),
	5,000,000	0.760		01/01/2024		5,043,438
Municipal Bonds – (continued)
New Jersey – (continued)
	New Jersey State Turnpike Authority RB Series 2014 A (A+/A2)
	8,650,000	5.000		01/01/2027		9,729,204
	New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (BBB/Baa1)(g)
	28,575,000	0.000		12/15/2028		25,266,415
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2005 B (NATL-RE) (BBB/Baa1)
	15,550,000	5.500		12/15/2021		15,712,264
	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		26,582,162
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BBB/Baa1)(g)
	25,055,000	0.000		12/15/2025		23,937,970
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (AMBAC) (BHAC-CR) (AA+/Aa1)(g)
	1,130,000	0.000		12/15/2026		1,071,270
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL-RE) (BBB/Baa1)(g)
	34,235,000	0.000		12/15/2027		31,270,304
	320,000	0.000		12/15/2031		261,420
	New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2010 D (BBB/Baa1)
	3,435,000	5.000		12/15/2023		3,784,166
	New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2019 A (BBB/Baa1)
	8,105,000	5.000		12/15/2024		9,250,201
	12,905,000	5.000		12/15/2025		15,201,650
	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		2,201,619
	New Jersey Transportation Trust Fund Authority RB Refunding for Federal Highway Reimbursement Notes Series 2018 A (A+/Baa1)
	5,000,000	5.000		06/15/2022		5,164,458
	New Jersey Transportation Trust Fund Authority RB Refunding for Transportation Systems Series 2010 D (BBB/Baa1)
	27,745,000	5.250		12/15/2023		30,708,036
	New Jersey Transportation Trust Fund Authority RB Series 2004 A (NATL-RE) (BBB/Baa1)
	4,920,000	5.750		06/15/2023		5,371,817
	New Jersey Transportation Trust Fund Authority RB Series 2006 C (AMBAC) (BBB/Baa1)(g)
	3,500,000	0.000		12/15/2026		3,275,504
	New Jersey Transportation Trust Fund Authority RB Subseries 2016 A-1 & Subseries A-2 (A+/Baa1)
	11,250,000	5.000		06/15/2023		12,136,422
	New Jersey Transportation Trust Fund Authority Transportation System RB Series 2006 A (AGM-CR) (AA/A2)
	30,330,000	5.500		12/15/2022		32,237,202

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New Jersey – (continued)
	Plainsboro Township GO General Improvement Bonds Series 2016 (AAA/NR)
$	1,050,000		2.000	%		08/01/2022	$	1,065,836
	State of New Jersey COVID 19 Emergency GO Bonds Series 2020 A (BBB+/A3)
	22,450,000		4.000			06/01/2023		23,819,899
	50,135,000		5.000			06/01/2024		56,225,415
	44,005,000		5.000			06/01/2025		51,069,088
	20,000,000		5.000			06/01/2026		23,890,182
	19,885,000		5.000			06/01/2027		24,391,569
	State of New Jersey GO Bonds Series 2021 (BBB+/A3)
	10,000,000		2.000			06/01/2026		10,517,649
	Tobacco Settlement Financing Corp. RB Series 2018 B (BBB+/NR)
	2,035,000		3.200			06/01/2027		2,072,274
	Toms River Board of Education GO Bonds Series 2019 (SCH BD RES FD) (AA-/NR)
	2,695,000		2.000			07/15/2022		2,730,944
	Township of Bridgewater GO Bonds Series 2021 A (SP-1+/NR)
	21,454,000		1.000			08/02/2022		21,599,778
	Township of Monroe Middlesex County GO Refunding Bonds Series 2021 (AA+/NR)(e)
	1,520,000		4.000			01/15/2023		1,589,707
	1,545,000		4.000			01/15/2024		1,671,630
	1,555,000		4.000			01/15/2025		1,731,941
	1,030,000		4.000			01/15/2026		1,173,415
	1,045,000		4.000			01/15/2027		1,216,637
								714,121,780
New Mexico – 0.7%
	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			04/01/2033		6,645,000
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 A (BBB/Baa2)(a)(b)
	3,330,000		0.875			10/01/2026		3,296,133
	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		10,109,066
	Farmington City PCRB Refunding for Public Service Co. of New Mexico Series 2010 D (BBB/Baa2)(a)(b)
	14,760,000		1.100			06/01/2023		14,870,605
	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		11,625,426
	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			04/01/2033		15,425,000
	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)
	3,800,000		2.125			06/01/2022		3,842,993
	New Mexico Finance Authority RB Refunding for State Transportation Commission Series 2012 (AA+/Aa1)
	4,075,000		5.000			06/15/2022		4,212,836
Municipal Bonds – (continued)
New Mexico – (continued)
	New Mexico Finance Authority RB Series 2021 A (AA/Aa2)
	3,600,000		5.000			06/15/2025		4,204,708
	3,400,000		5.000			06/15/2026		4,093,667
	State of New Mexico GO Bonds Series 2021 (AA/Aa2)
	18,290,000		5.000			03/01/2025		21,173,821
	Village of Los Ranchos de Albuquerque RB Refunding for Albuquerque Academy Series 2020 (A-/NR)
	100,000		4.000			09/01/2023		106,049
	100,000		4.000			09/01/2024		108,931
	175,000		4.000			09/01/2025		194,872
	150,000		5.000			09/01/2026		177,335
								100,086,442
New York – 15.7%
	Brookhaven Local Development Corp. RB for Active Retirement Community, Inc. Obligated Group Series 2020 B (BBB/NR)
	5,400,000		1.625			11/01/2025		5,567,258
	Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (NR/Ba1)
	500,000		5.000			07/15/2022		517,302
	500,000		5.000			07/15/2023		538,901
	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		556,350
	520,000		5.000			04/01/2025		599,032
	500,000		5.000			04/01/2026		593,673
	Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (BBB-/NR)
	120,000		4.000			06/15/2023		126,795
	120,000		4.000			06/15/2024		130,176
	110,000		4.000			06/15/2025		122,088
	City of Auburn GO Bonds Series 2021 (NR/MIG1)
	30,000,000		1.000			08/17/2022		30,211,356
	City of New York GO Bonds Fiscal 2014 Series D Subseries D-3 (AA/Aa2)(a)(b)
	42,105,000		5.000			02/01/2024		45,405,059
	City of New York GO Bonds Series 2012 B (AA/Aa2)
	6,675,000		5.000			08/01/2023		6,939,210
	City of Troy GO Bonds Series 2021 (NR/NR)
	15,000,000		1.500			07/29/2022		15,152,904
	Connetquot Central School District of Islip GO Bonds Series 2021 (ST AID WITHHLDG) (NR/NR)
	5,085,000		1.250			07/27/2022		5,127,735
	County of Monroe GO Bonds Series 2021 (AA-/NR)
	2,890,000		5.000			06/01/2024		3,245,997
	5,160,000		5.000			06/01/2025		6,008,751
	5,465,000		5.000			06/01/2026		6,566,909
	5,085,000		5.000			06/01/2027		6,281,728
	County of Nassau GO Bonds for General Improvement Series 2017 B (A+/A2)
	2,345,000		5.000			04/01/2022		2,401,038
	County of Nassau GO Bonds for General Improvement Series 2018 B (AGM) (AA/A2)
	1,000,000		5.000			07/01/2022		1,035,964
	County of Nassau GO Bonds Series 2014 A (A+/A2)(d)
	12,040,000		5.000			04/01/2024		13,437,285

The accompanying notes are an integral part of these financial statements. 195

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	County of Suffolk GO Refunding Bonds Series 2020 B (AGM) (AA/NR)
$	3,430,000	5.000 %		05/15/2022	$	3,530,291
	3,115,000	5.000		05/15/2023		3,349,157
	County of Suffolk GO Refunding Bonds Series 2020 C (AGM) (AA/NR)
	1,275,000	0.899		06/15/2022		1,278,393
	1,060,000	1.046		06/15/2023		1,066,442
	2,690,000	1.407		06/15/2024		2,722,666
	Dutchess County Local Development Corp. RB for Health QuestSystems Obligated Group Series 2016 B (A-/Baa2)
	24,725,000	5.000		07/01/2046		28,834,300
	Fairport Central School District GO Bonds Series 2021 (ST AID WITHHLDG) (NR/NR)
	20,000,000	1.000		07/22/2022		20,123,268
	Greene Central School District GO Bonds Series 2021 (ST AID WITHHLDG) (NR/NR)
	6,175,000	1.500		07/15/2022		6,235,481
	Indian River Central School District at Philadelphia GO Bonds Series 2021 (ST AID WITHHLDG) (NR/NR)
	20,000,000	1.250		06/29/2022		20,149,200
	Long Island Power Authority RB Refunding Series 2014 C (A/A2)(a)
		(1 Mo. LIBOR + 0.75%),
	34,000,000	0.810		10/01/2023		34,110,857
	Long Island Power Authority RB Refunding Series 2015 C (A/A2)(a)
		(1 Mo. LIBOR + 0.75%),
	28,500,000	0.810		10/01/2023		28,592,796
	Long Island Power Authority RB Refunding Series 2020 B (A/A2)(a)(b)
	8,000,000	0.850		09/01/2025		8,026,110
	Long Island Power Authority RB Refunding Series 2021 B (A/A2)(a)(b)
	5,000,000	1.500		09/01/2026		5,153,746
	Long Island Power Authority RB Series 2012 B (A/A2)
	10,000,000	5.000		09/01/2027		10,431,297
	Long Island Power Authority RB Series 2019 B (A/A2)(a)(b)
	13,675,000	1.650		09/01/2024		14,064,480
	Long Island Power Authority RB Series 2021 (A/A2)
	14,000,000	1.000		09/01/2025		14,119,916
	Massena Central School District GO Bonds Series 2021 (ST AID WITHHLDG) (NR/NR)
	27,000,000	1.250		06/30/2022		27,208,256
	Metropolitan Transportation Authority Dedicated Tax Fund Bonds Anticipation Notes Series 2019 A (SP-1+/NR)
	32,650,000	5.000		03/01/2022		33,283,841
	Metropolitan Transportation Authority Dedicated Tax RB Refunding RMKT 08/13/13 Series 2008 B-4 (AA/NR)
	14,265,000	5.000		11/15/2023		15,690,466
	Metropolitan Transportation Authority Dedicated Tax RB Refunding Series 2012 (AA/NR)
	6,975,000	5.000		11/15/2029		7,338,451
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020 A-1 (SP-2/MIG2)
	41,265,000	5.000		02/01/2023		43,775,831
Municipal Bonds – (continued)
New York – (continued)
	Metropolitan Transportation Authority RB Anticipation Notes Series 2020A-2S (SP-2/MIG2)
	30,390,000	4.000		02/01/2022		30,753,729
	Metropolitan Transportation Authority RB Green Bond Subseries 2019 A-1 (BBB+/A3)(a)(b)
	56,070,000	5.000		11/15/2024		63,514,313
	Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (BBB+/A3)
	4,250,000	4.000		11/15/2026		4,854,876
	3,750,000	5.000		11/15/2027		4,550,837
	Metropolitan Transportation Authority RB Refunding Series 2012 D (BBB+/A3)
	4,750,000	5.000		11/15/2030		4,977,928
	Metropolitan Transportation Authority RB Refunding Series 2016 B (BBB+/A3)
	1,040,000	5.000		11/15/2025		1,205,876
	Metropolitan Transportation Authority RB Refunding Series 2017 C-1 (BBB+/A3)
	9,000,000	5.000		11/15/2026		10,726,573
	Metropolitan Transportation Authority RB Refunding Subseries 2012 G-4 (BBB+/A3)(a)
		(1 Mo. LIBOR + 0.55%),
	26,620,000	0.608		11/01/2022		26,690,248
	Metropolitan Transportation Authority RB RMKT 03/18/21 Series 2002 B-1 (AA/NR)
	7,000,000	3.000		11/01/2022		7,211,054
	Metropolitan Transportation Authority RB RMKT 11/15/13 Subseries 2008 B-3 (BBB+/A3)
	1,280,000	5.000		11/15/2023		1,398,910
	Metropolitan Transportation Authority RB Series 2011 B (BBB+/A3)(a)
		(1 Mo. LIBOR + 0.55%),
	26,625,000	0.608		11/01/2022		26,695,231
	Metropolitan Transportation Authority RB Series 2012 H (BBB+/A3)
	1,570,000	5.000		11/15/2033		1,644,764
	3,110,000	5.000		11/15/2042		3,254,855
	Metropolitan Transportation Authority RB Series 2015 B (BBB+/A3)
	2,340,000	5.250		11/15/2055		2,651,933
	Metropolitan Transportation Authority RB Series 2019 D-1 (SP-2/MIG2)
	9,000,000	5.000		09/01/2022		9,379,469
	Metropolitan Transportation Authority RB Subseries 2014 D-2 (BBB+/A3)(a)
	15,000,000	(SIFMA Municipal Swap Index Yield + 0.45%), 0.500		11/15/2022		15,028,024
	Monroe County Industrial Development Corp. RB Refunding for Rochester Regional Health Obligated Group Series 2020 A (BBB+/NR)
	260,000	5.000		12/01/2021		261,880
	300,000	5.000		12/01/2022		315,697
	250,000	5.000		12/01/2023		274,018
	600,000	5.000		12/01/2024		682,161
	750,000	5.000		12/01/2025		879,112

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	Moravia Central School District GO Bonds Series 2021 (ST AID WITHHLDG) (NR/MIG1)
$	5,410,000	1.250 %		06/30/2022	$	5,451,322
	New York City GO Bonds Fiscal 2008 Series J Subseries J-3 (AA/Aa2)
	19,400,000	5.000		08/01/2022		20,175,480
	New York City GO Bonds Fiscal 2019 Series A (AA/Aa2)
	10,000,000	5.000		08/01/2022		10,399,732
	New York City GO Bonds Series 2010 F-1 (AA/Aa2)
	2,160,000	5.887		12/01/2024		2,484,158
	New York City GO Bonds Series 2015 F-1 (AA/Aa2)
	5,395,000	5.000		06/01/2025		6,288,826
	New York City GO Bonds Subseries 2006 C-4 (AGM) (AA/Aa2)(b)
	300,000	0.044		10/08/2021		300,000
	New York City GO Bonds Subseries 2012 A-1 (AA/Aa2)(d)
	10,210,000	5.000		10/01/2022		10,703,652
	New York City GO Refunding Bonds Fiscal 2018 Series A (AA/Aa2)
	4,175,000	5.000		08/01/2026		5,043,551
	New York City GO Refunding Bonds Fiscal 2019 Series A (AA/Aa2)
	4,395,000	5.000		08/01/2024		4,974,906
	4,670,000	5.000		08/01/2025		5,473,789
	New York City GO Refunding Bonds Subseries 2020 C-1 (AA/Aa2)
	1,160,000	5.000		08/01/2024		1,313,058
	New York City GO Refunding Bonds Subseries 2021 A-1 (AA/Aa2)
	11,845,000	5.000		08/01/2024		13,407,908
	6,265,000	5.000		08/01/2025		7,343,317
	New York City Housing Development Corp. Multi-Family RB for Sustainable Neighborhood Series 2018 L-1 (AA+/Aa2)(a)(b)
	7,010,000	2.750		12/29/2023		7,206,398
	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		10,540,491
	New York City Housing Development Corp. RB Series 2020 D-2 (AA+/Aa2)(a)(b)
	2,000,000	0.700		11/01/2024		2,005,300
	New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (FGIC) (BBB+/Baa1)(c)
		(MUNI-CPI + 0.87%),
	2,505,000	6.235		03/01/2025		2,610,098
		(MUNI-CPI + 0.88%),
	2,610,000	6.246		03/01/2026		2,729,427
		(MUNI-CPI + 0.89%),
	2,725,000	6.255		03/01/2027		2,850,680
	New York City Industrial Development Agency RB for Yankee Stadium LLC Series 2006 (NATL-RE) (BBB+/Baa1)(c)
		(MUNI-CPI + 0.86%),
	2,405,000	6.226		03/01/2024		2,487,389
	New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (AA/A2)
	1,000,000	5.000		01/01/2024		1,103,615
	1,000,000	5.000		01/01/2025		1,145,290
	2,000,000	5.000		01/01/2026		2,360,107
Municipal Bonds – (continued)
New York – (continued)
	New York City Transitional Finance Authority Building Aid RB Refunding Series 2021 S-1B (ST AID WITHHLDG) (AA/Aa3)
	32,670,000	0.640		07/15/2024		32,696,753
	New York City Transitional Finance Authority Building Aid RB Series 2015 S-1 (ST AID WITHHLDG) (AA/Aa3)
	10,000,000	5.000		07/15/2033		11,460,996
	New York City Transitional Finance Authority Future Tax Secured RB Refunding Series 2015 C (AAA/Aa1)
	2,325,000	5.000		11/01/2024		2,657,482
	New York City Transitional Finance Authority Future Tax Secured RB Refunding Series 2020 A Subseries 2020 A-1 (AAA/Aa1)
	10,500,000	5.000		11/01/2023		11,538,340
	14,000,000	5.000		11/01/2025		16,549,089
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2007 C-3 (AGM) (AAA/Aa1)(a)(b)
	200,000	0.010		10/11/2021		200,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2013 Subseries A-6 (AAA/Aa1)
	15,750,000	5.000		08/01/2027		19,529,446
	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		5,093,460
	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		4,315,811
	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		24,607,926
	25,580,000	2.640		11/01/2024		27,084,196
	17,885,000	2.740		11/01/2025		19,063,632
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2019 C-4 (AAA/Aa1)(a)(b)
	26,000,000	0.080		10/02/2021		26,000,000
	New York City Transitional Finance Authority Future Tax Secured Subordinate Secured RB Series 2020 Subseries A-4 (AAA/Aa1)
	7,800,000	1.940		05/01/2024		8,073,075
	33,155,000	2.010		05/01/2025		34,418,166
	New York City Water & Sewer System RB Refunding Series 2021 DD (AA+/Aa1)
	20,000,000	5.000		06/15/2026		24,142,334
	New York City Water & Sewer System RB Series 2013 DD (AA+/Aa1)
	10,000,000	5.000		06/15/2035		10,791,489
	New York City Water & Sewer System RB Subseries 2021 AA-2 (AA+/Aa1)
	4,250,000	5.000		06/15/2028		5,186,040
	New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2016 B (NR/Baa2)
	1,370,000	5.000		11/15/2022		1,435,821
	540,000	5.000		11/15/2023		587,868

The accompanying notes are an integral part of these financial statements. 197

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York Convention Center Development Corp. RB Refunding for New York City Hotel Unit Fee Revenue Series 2015 (NR/A2)
$	860,000		5.000	%		11/15/2022	$	904,782
	25,000		5.000			11/15/2024		28,422
	270,000		5.000			11/15/2025		316,421
	6,000,000		5.000			11/15/2026		7,044,902
	New York Housing Development Corp. Multi-Family Mortgage RB for Sustainable Neighborhood Bonds Series 2017 Class G-2 (AA+/Aa2)(a)(b)
	565,000		2.000			12/31/2021		567,405
	New York State Dormitory Authority RB for New York State University Series 2013 A (A+/Aa3)
	2,450,000		5.000			07/01/2025		2,645,259
	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		10,416,373
	New York State Dormitory Authority RB for Northwell Health Obligated Group Series 2019 B-2 (A-/A3)(a)(b)
	10,230,000		5.000			05/01/2024		11,203,487
	New York State Dormitory Authority RB for State of New York Personal Income Tax Revenue Series 2010 D (AA+/Aa2)
	7,770,000		5.000			03/15/2024		8,593,841
	New York State Dormitory Authority RB for State of New York Sales Tax Revenue Series 2015 B (AA+/Aa2)
	2,635,000		5.000			03/15/2031		3,083,839
	New York State Dormitory Authority RB Refunding for Bidding Group 1 Series 2018 C (AA+/Aa2)
	62,425,000		5.000			03/15/2023		66,773,426
	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		1,018,761
	970,000		5.000			07/01/2025		1,097,107
	1,025,000		5.000			07/01/2026		1,186,272
	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		1,201,710
	1,215,000		5.000			05/01/2023		1,304,176
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2015 B (AA+/Aa2)
	1,920,000		5.000			02/15/2029		2,201,805
	New York State Dormitory Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2015 E (AA+/Aa2)
	32,965,000		3.250			03/15/2035		34,582,698
	New York State Dormitory Authority Sales Tax RB Refunding Series 2014 A (AA+/Aa2)
	5,580,000		5.000			03/15/2029		6,205,483
	New York State Dormitory Authority Sales Tax RB Refunding Series 2015 B (AA+/Aa2)
	8,225,000		5.000			03/15/2032		9,615,496
	New York State Dormitory Authority Sales Tax RB Refunding Series 2018 E Group 1 (AA+/Aa2)
	31,875,000		5.000			03/15/2023		34,095,361
Municipal Bonds – (continued)
New York – (continued)
	New York State Dormitory Authority School District Financing RB Series 2020 A (AGM) (AA/A1)
	550,000		5.000			10/01/2022		576,495
	675,000		5.000			10/01/2023		737,902
	815,000		5.000			10/01/2024		926,639
	New York State Dormitory Authority State Personal Income Tax RB Federally Taxable Build America Bonds Series 2010 D (AA+/Aa2)
	730,000		4.900			03/15/2023		777,461
	New York State Dormitory Authority State Personal Income Tax RB for General Purpose Series 2019 A (ETM) (AA+/Aa2)(d)
	34,055,000		5.000			03/15/2025		39,438,132
	New York State Dormitory Authority State Personal Income Tax RB Refunding for General Purpose Series 2012 A (AA+/Aa2)
	5,125,000		5.000			12/15/2029		5,416,654
	New York State Dormitory Authority State Personal Income Tax RB Refunding for General Purpose Series 2017 A (AA+/Aa2)
	2,150,000		5.000			02/15/2026		2,565,336
	New York State Energy Research & Development Authority RB Refunding for Central Hudson Gas & Electric Corp. Projects Series 1999 B (AMT) (AMBAC) (A-/Baa1)(b)
	27,750,000		0.110			10/22/2021		27,750,000
	New York State Energy Research & Development Authority RB Refunding for New York State Electric & Gas Corp. Projects Series 2004 C (A-/Baa1)(a)(b)
	17,000,000		2.625			07/03/2023		17,523,724
	New York State Housing Finance Agency RB Series 2021 D-2 (NR/Aa2)(a)(b)
	8,500,000		0.650			11/01/2025		8,485,571
	New York State Housing Finance Agency RB Series 2021 E-2 (NR/Aa2)(a)(b)
	5,000,000		0.650			11/01/2025		4,991,513
	New York State Thruway Authority RB Refunding for State of New York Personal Income Tax Revenue Series 2021 A-1 (AA+/NR)
	38,920,000		5.000			03/15/2026		46,482,748
	New York State Thruway Authority RB Series 2014 J (A/A1)
	4,040,000		5.000			01/01/2041		4,431,850
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2014 A (AA+/Aa2)
	1,120,000		5.000			03/15/2027		1,244,672
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Refunding Series 2017 A (AA+/Aa2)
	945,000		5.000			03/15/2022		965,633
	New York State Urban Development Corp. General Purpose Personal Income Tax RB Series 2010 C (AA+/Aa2)
	4,435,000		5.360			03/15/2024		4,921,010
	New York State Urban Development Corp. RB for State of New York Personal Income Tax Revenue Series 2013 C (AA+/Aa2)
	10,000,000		5.000			03/15/2029		10,678,449
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 B (AA+/Aa2)
	10,175,000		2.670			03/15/2023		10,515,411
	28,250,000		2.860			03/15/2024		29,793,611
	New York State Urban Development Corp. Taxable Refunding RB Series 2017 D-1 (AA+/Aa2)
	20,015,000		2.980			03/15/2025		21,401,125

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (AMT) (BB+/Baa3)
$	5,000,000		5.000	%		01/01/2022	$	5,053,737
	5,300,000		5.000			01/01/2023		5,587,059
	13,975,000		5.000			01/01/2024		15,307,041
	8,000,000		5.000			01/01/2025		9,061,489
	3,425,000		5.000			01/01/2026		3,997,488
	3,000,000		5.000			01/01/2028		3,672,554
	New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM) (AA/A2)
	1,000,000		4.000			07/01/2037		1,080,399
	New York Transportation Development Corp. RB for Laguardia Gateway Partners LLC Series 2016 A (AMT) (AGM-CR) (AA/A2)
	915,000		4.000			07/01/2032		993,823
	1,250,000		4.000			07/01/2046		1,343,132
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 A (AMT) (BBB/Baa1)
	250,000		5.000			12/01/2022		262,632
	1,500,000		5.000			12/01/2023		1,636,292
	1,850,000		5.000			12/01/2024		2,088,417
	2,315,000		5.000			12/01/2025		2,686,703
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 B (BBB/Baa1)
	1,500,000		1.360			12/01/2021		1,502,153
	1,200,000		1.610			12/01/2022		1,213,700
	New York Transportation Development Corp. RB Refunding for JFK International Air Terminal LLC Series 2020 C (BBB/Baa1)
	1,100,000		5.000			12/01/2021		1,107,849
	850,000		5.000			12/01/2022		893,558
	2,080,000		5.000			12/01/2023		2,274,166
	1,000,000		5.000			12/01/2024		1,132,561
	830,000		5.000			12/01/2025		966,953
	1,000,000		5.000			12/01/2026		1,193,160
	1,100,000		5.000			12/01/2027		1,338,503
	1,000,000		5.000			12/01/2028		1,239,566
	Niagara Falls Bridge Commission RB Series 1992 (NATL-RE) (A+/WR)
	7,230,000		6.250			10/01/2021		7,230,000
	Oswego City School District GO Bonds Series 2021 (ST AID WITHHLDG) (NR/NR)
	8,025,000		1.250			07/22/2022		8,089,348
	Oyster Bay GO Refunding Bonds Series 2020 (A+/A3)
	840,000		2.000			11/01/2021		841,076
	820,000		4.000			11/01/2022		852,255
	Oyster Bay GO Refunding Bonds Series 2020 (BAM) (AA/A3)
	500,000		4.000			11/01/2023		537,799
	475,000		4.000			11/01/2024		526,551
	750,000		4.000			11/01/2025		849,830
	800,000		4.000			11/01/2026		923,955
	675,000		4.000			11/01/2027		790,941
	Oyster Bay GO Refunding Bonds Series 2021 (A+/A3)
	475,000		2.000			03/01/2022		478,324
	440,000		4.000			03/01/2023		462,372
	425,000		4.000			03/01/2024		461,211
Municipal Bonds – (continued)
New York – (continued)
	Oyster Bay GO Refunding Bonds Series 2021 (AGM) (AA/A3)
	575,000		4.000			03/01/2025		641,211
	925,000		4.000			03/01/2026		1,053,868
	825,000		4.000			03/01/2027		955,958
	850,000		4.000			03/01/2028		1,000,815
	Port Authority of New York & New Jersey Consolidated RB Refunding Series 223 (AMT) (A+/Aa3)
	1,125,000		5.000			07/15/2022		1,166,840
	1,500,000		5.000			07/15/2023		1,623,870
	2,355,000		5.000			07/15/2024		2,649,224
	1,400,000		5.000			07/15/2025		1,626,533
	2,250,000		5.000			07/15/2026		2,688,712
	1,625,000		5.000			07/15/2027		1,988,962
	Port Authority of New York & New Jersey Consolidated RB Series 158 (A+/Aa3)
	6,315,000		5.859			12/01/2024		7,330,046
	Port Authority of New York & New Jersey Consolidated RB Series 169 (A+/Aa3)
	1,250,000		5.000			10/15/2024		1,251,808
	Port Authority of New York & New Jersey Consolidated RB Series 177 (A+/Aa3)
	2,715,000		4.000			07/15/2031		2,830,384
	Port Authority of New York & New Jersey Consolidated RB Series 186 (AMT) (A+/Aa3)
	5,295,000		5.000			10/15/2021		5,302,758
	8,345,000		5.000			10/15/2033		9,350,637
	Port Authority of New York & New Jersey Consolidated RB Series 193 (AMT) (A+/Aa3)
	2,280,000		5.000			10/15/2021		2,283,341
	Port Authority of New York & New Jersey Consolidated RB Series 2018 (AMT) (A+/Aa3)
	2,505,000		5.000			09/15/2025		2,925,286
	Port Authority of New York & New Jersey Consolidated RB Series 202 (AMT) (A+/Aa3)
	2,000,000		5.000			10/15/2021		2,002,930
	Port Authority of New York & New Jersey Consolidated RB Series AAA (A+/Aa3)
	179,290,000		1.086			07/01/2023		181,596,243
	Port Authority of New York & New Jersey RB Refunding Series 189 (A+/Aa3)
	2,710,000		5.000			05/01/2028		3,134,454
	Port Authority of New York & New Jersey RB Refunding Series 194th (A+/Aa3)
	1,025,000		5.000			10/15/2034		1,199,579
	Port Authority of New York & New Jersey RB Refunding Series One Hundred Eighty-Three (A+/Aa3)
	1,025,000		4.000			12/15/2036		1,112,959
	Portville Central School District GO Bonds Series 2021 (ST AID WITHHLDG) (NR/NR)
	6,850,000		1.500			06/30/2022		6,913,551
	Sales Tax Asset Receivable Corp. RB Refunding for Fiscal 2015 Series A (AA+/WR)(d)
	2,500,000		4.000			10/15/2024		2,778,846
	1,365,000		5.000			10/15/2024		1,558,398
	Salmon River Central School District GO Bonds Series 2021 (ST AID WITHHLDG) (NR/MIG1)
	15,000,000		1.250			08/05/2022		15,129,467

The accompanying notes are an integral part of these financial statements. 199

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
New York – (continued)
	State of New York GO Refunding Bonds Series 2021 B (AA+/Aa2)
$	20,850,000		1.250	%		03/15/2027	$	20,730,744
	1,675,000		1.450			03/15/2028		1,664,282
	Suffolk County New York GO Bonds for Public Improvement Series 2016 B (BAM) (AA/NR)
	5,200,000		2.000			10/15/2021		5,202,841
	Suffolk County New York GO Bonds for Public Improvement Series 2018 A (AGM) (AA/NR)
	5,005,000		5.000			06/01/2022		5,161,875
	Suffolk County New York GO Bonds Series 2019 A (BAM) (AA/NR)
	3,160,000		5.000			04/01/2023		3,379,883
	Suffolk County New York GO Refunding Serial Bonds Series 2017 A (AGM) (AA/NR)
	7,035,000		4.000			02/01/2023		7,377,711
	Suffolk County New York GO Refunding Serial Bonds Series 2017 B (AGM) (AA/NR)
	6,360,000		4.000			10/15/2023		6,827,014
	Suffolk Tobacco Asset Securitization Corp. RB Series 2021 B-1 (A/NR)
	1,500,000		0.450			06/01/2031		1,484,507
	Triborough Bridge & Tunnel Authority RB Refunding for Metropolitan Transportation Authority Payroll Mobility Tax Revenue Series 2021 B-2 (AA+/NR)(a)(b)
	22,000,000		5.000			05/15/2026		26,301,007
	Triborough Bridge & Tunnel Authority RB Refunding Series 2012 B (AA-/Aa3)
	7,125,000		5.000			11/15/2028		7,496,839
	Triborough Bridge & Tunnel Authority RB Refunding Series 2018 B (AA-/Aa3)
	7,610,000		5.000			11/15/2025		8,999,874
	Triborough Bridge & Tunnel Authority RB Refunding Subseries 2005 B-4 (AA-/Aa3)(a)
			(SOFR + 0.38%),
	6,500,000		0.414			02/01/2024		6,503,111
	Triborough Bridge & Tunnel Authority RB Series 2012 A (AA-/Aa3)
	5,000,000		4.000			11/15/2036		5,175,998
	Triborough Bridge & Tunnel Authority RB Series 2014 A (AA-/Aa3)
	20,135,000		5.000			11/15/2039		22,363,896
	Triborough Bridge & Tunnel Authority RB Series 2021 A (A+/A1)
	49,195,000		5.000			11/01/2025		58,108,598
	Utility Debt Securitization Authority Restructuring RB Series 2013 (AAA/Aaa)
	9,740,000		5.000			12/15/2030		10,748,256
	2,500,000		5.000			12/15/2041		2,750,072
	Utility Debt Securitization Authority Restructuring RB Series 2016 B (AAA/WR)
	1,025,000		5.000			12/15/2023		1,034,831
								2,105,228,240
North Carolina – 2.2%
	Charlotte-Mecklenburg Hospital Authority RB for Atrium Health Obligated Group Series 2021 B (AA-/Aa3)(a)(b)
	18,000,000		5.000			12/02/2024		20,576,250
Municipal Bonds – (continued)
North Carolina – (continued)
	City of Charlotte Airport Special Facilities RB Refunding Series 2021 A (AA-/Aa3)
	3,075,000		5.000			07/01/2025		3,586,905
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 A (BBB/Baa2)(a)(b)
	425,000		2.000			10/01/2024		442,670
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 B (BBB/Baa2)(a)(b)
	450,000		2.000			10/01/2024		468,709
	Columbus County Industrial Facilities and Pollution Control Financing Authority RB Refunding for International Paper Co. Series 2019 C (AMT) (BBB/Baa2)(a)(b)
	2,150,000		2.100			10/01/2024		2,246,835
	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		4,667,292
	County of Wake GO Refunding Bonds Series 2021 (AAA/Aaa)
	7,845,000		5.000			04/01/2026		9,410,870
	North Carolina Capital Facilities Finance Agency RB for Duke University Project Series 2014 A (AA+/Aa1)(d)
	71,475,000		5.000			04/01/2022		73,185,297
	North Carolina Capital Facilities Finance Agency RB Refunding for Campbell University, Inc. Series 2021 A (NR/Baa2)
	1,115,000		5.000			10/01/2024		1,262,379
	850,000		5.000			10/01/2025		991,775
	760,000		5.000			10/01/2026		910,518
	North Carolina Capital Facilities Finance Agency RB Refunding for Duke University Project Series 2014 B (AA+/Aa1)(d)
	35,000,000		5.000			04/01/2022		35,837,501
	North Carolina Capital Facilities Finance Agency RB Refunding for High Point University Series 2021 (A-/NR)
	220,000		3.000			05/01/2022		223,372
	250,000		4.000			05/01/2023		264,221
	190,000		4.000			05/01/2024		206,258
	240,000		5.000			05/01/2025		275,382
	275,000		5.000			05/01/2026		324,581
	North Carolina Medical Care Commission RB for Caromont Health Obligated Group Series 2021 B (AA-/NR)(a)(b)
	3,470,000		5.000			02/01/2026		4,116,406
	North Carolina Municipal Power Agency No. 1 RB Refunding Series 2015 A (A/NR)
	6,170,000		5.000			01/01/2025		7,057,844
	North Carolina Turnpike Authority RB Series 2020 (BBB/NR)
	98,060,000		5.000			02/01/2024		108,048,970
	State of North Carolina RB for Grant Anticipation Revenue Vehicle Bonds Series 2021 (AA/A2)
	3,000,000		5.000			03/01/2023		3,203,006
	4,535,000		5.000			03/01/2024		5,051,962
	3,935,000		5.000			03/01/2025		4,551,081
	3,250,000		5.000			03/01/2026		3,876,064
								290,786,148

200 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)
North Dakota – 0.2%
	Cass County Joint Water Resource District GO Bonds Series 2021 A (NR/Aa3)
$	18,895,000	0.480 %		05/01/2024	$	18,920,554
	City of Grand Forks RB Refunding for Altru Health System Obligated Group Series 2021 (BBB-/Baa2)
	135,000	5.000		12/01/2023		148,369
	125,000	5.000		12/01/2024		142,244
	165,000	5.000		12/01/2025		193,404
	225,000	5.000		12/01/2026		270,589
	1,125,000	5.000		12/01/2027		1,380,123
	City of Williston RB Refunding for Airport Series 2018 (A+/NR)
	805,000	5.000		11/01/2021		807,852
	1,815,000	5.000		11/01/2022		1,904,845
	1,655,000	5.000		11/01/2023		1,809,962
	2,000,000	4.000		11/01/2024		2,142,049
	4,155,000	4.500		11/01/2026		4,466,955
						32,186,946
Ohio – 1.4%
	Akron Bath Copley Joint Township Hospital District RB Refunding for Summa Health System Obligated Group Series 2020 (BBB+/WR)
	125,000	5.000		11/15/2025		145,551
	175,000	5.000		11/15/2026		209,251
	American Municipal Power, Inc. RB for Hydroelectric Projects Series 2010 C (A/A1)
	2,720,000	6.973		02/15/2024		3,113,236
	American Municipal Power, Inc. RB Refunding for Combined Hydroelectric Project Series 2020 A (A/A1)
	925,000	5.000		02/15/2025		1,063,775
	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		3,384,411
	1,435,000	5.000		02/15/2024		1,592,449
	Buckeye Tobacco Settlement Financing Authority RB Refunding for Senior Asset-Backed Bonds Series 2020 A-1 Class 1 (A/NR)
	6,000,000	1.630		06/01/2022		6,054,669
	6,345,000	1.650		06/01/2023		6,465,804
	5,935,000	1.709		06/01/2024		6,070,351
	7,500,000	1.809		06/01/2025		7,661,783
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2018 A (AAA/Aaa)
	5,000,000	5.000		04/01/2023		5,358,824
	City of Columbus Various Purpose Unlimited Tax Bonds Series 2021 A (AAA/Aaa)
	5,000,000	5.000		04/01/2025		5,797,588
	Cleveland GO Bonds Series 2020 A (AA+/A1)
	125,000	2.000		12/01/2022		127,624
	260,000	3.000		12/01/2023		274,988
	200,000	3.000		12/01/2024		215,876
	380,000	3.000		12/01/2025		416,347
	600,000	3.000		12/01/2026		666,445
	County of Allen Hospital Facilities Revenue RB for Bon Secours Mercy Health, Inc. Series 2017 B (A+/A1)(a)(b)
	5,000,000	5.000		05/05/2022		5,134,510
Municipal Bonds – (continued)
Ohio – (continued)
	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		2,204,016
	Cuyahoga County Ohio Hospital RB Refunding for Metrohealth System Series 2017 (BBB-/Baa3)
	1,750,000	5.000		02/15/2023		1,850,356
	3,000,000	5.000		02/15/2024		3,298,460
	1,500,000	5.000		02/15/2025		1,705,617
	Hamilton County Sewer System RB Refunding Series 2019 A (AA+/Aa2)
	3,000,000	4.000		12/01/2021		3,018,314
	6,450,000	5.000		12/01/2024		7,387,877
	Hillsdale Local School District COPS Series 2020 (BAM) (AA/A2)
	675,000	4.000		12/01/2023		726,896
	1,245,000	4.000		12/01/2024		1,378,671
	1,120,000	4.000		12/01/2025		1,265,602
	Kent State University Taxable Refunding RB Series 2020 B (A+/Aa3)
	875,000	1.875		05/01/2023		894,452
	875,000	1.960		05/01/2024		902,212
	1,325,000	2.060		05/01/2025		1,374,007
	Miami Oxford University RB Refunding Series 2020 A (AA/Aa3)
	340,000	5.000		09/01/2022		354,983
	575,000	5.000		09/01/2023		627,548
	395,000	5.000		09/01/2024		448,315
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 A (BBB-/Ba1)
	1,075,000	2.875		02/01/2026		1,129,406
	Ohio Air Quality Development Authority RB for Ohio Valley Electric Corp. Series 2009 D (BBB-/Ba1)
	2,695,000	2.875		02/01/2026		2,831,395
	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		3,884,571
	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		5,158,941
	Ohio Higher Educational Facility Commission RB for University of Dayton RMKT 08/04/06 Series 2003 B (FGIC) (A+/A2)(c)
		(MUNI-CPI + 1.08%),
	155,000	2.451		12/01/2021		155,471
		(MUNI-CPI + 1.10%),
	155,000	2.471		12/01/2022		158,216
		(MUNI-CPI + 1.12%),
	165,000	2.491		12/01/2023		170,872
	Ohio Higher Educational Facility Commission RB for University of Dayton Series 2006 A (AMBAC) (A+/A2)(c)
		(MUNI-CPI + 1.08%),
	680,000	2.451		12/01/2021		682,066
		(MUNI-CPI + 1.10%),
	710,000	2.471		12/01/2022		724,731
		(MUNI-CPI + 1.12%),
	480,000	2.491		12/01/2023		497,082

The accompanying notes are an integral part of these financial statements. 201

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
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	$	454,866
	985,000		5.000			05/01/2024		1,096,008
	650,000		5.000			05/01/2026		770,396
	Ohio State GO Refunding Bonds for Higher Education Series 2014 B (AA+/Aa1)
	7,485,000		5.000			08/01/2023		8,139,772
	Ohio State Higher Education GO Bonds Series 2019 A (AA+/Aa1)
	7,505,000		5.000			05/01/2027		9,260,497
	Ohio State Highway Capital Improvement GO Bonds Series 2012 Q (AAA/Aa1)(d)
	1,685,000		5.000			05/01/2022		1,732,150
	Ohio State Infrastructure Improvement GO Bonds Series 2013 A (AA+/Aa1)
	6,505,000		4.000			02/01/2030		6,694,932
	Ohio State RB for Department of Transportation Series 2019-1 (AA/Aa2)
	1,000,000		5.000			12/15/2022		1,057,406
	1,295,000		5.000			12/15/2023		1,429,960
	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		12,824,196
	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		6,093,792
	Ohio State RB Refunding for Administrative Building Fund Series 2020 A (AA/Aa2)
	1,125,000		1.678			10/01/2024		1,156,080
	Ohio State RB Refunding for Administrative Building Fund Series 2020 A (AA/WR)
	6,000,000		1.562			10/01/2021		6,000,000
	Ohio State RB Refunding for Adult Correctional Building Funds Series 2020 A (AA/Aa2)
	4,000,000		1.592			10/01/2022		4,052,035
	4,535,000		1.610			10/01/2023		4,637,850
	3,625,000		1.678			10/01/2024		3,725,148
	Ohio State RB Refunding for Adult Correctional Building Funds Series 2020 A (AA/WR)
	5,220,000		1.562			10/01/2021		5,220,000
	Ohio State RB Refunding for Premier Health Partners Obligated Group Series 2020 (A/Baa1)
	140,000		5.000			11/15/2024		158,422
	280,000		5.000			11/15/2025		326,036
	Ohio State Water Development Authority RB for Waste Management, Inc. Project Series 2002 (A-/NR)
	8,250,000		3.250			11/01/2022		8,508,282
	Revere Local School District School Facilities Improvement GO Unlimited Bonds Series 2017 A (NR/Aa1)(d)
	1,240,000		5.000			06/01/2022		1,279,723
	Winton Woods City School District Class Room Facilities GO Unlimited Bonds Series 2017 A (SD CRED PROG) (AA/Aa2)(d)
	2,805,000		5.000			05/01/2022		2,883,489
								184,084,599
Municipal Bonds – (continued)
Oklahoma – 0.7%
	City of Tulsa GO Bonds Series 2020 (AA/Aa1)
	5,300,000		5.000			03/01/2023		5,660,203
	Cleveland County Educational Facilities Authority RB for Norman Public Schools Project Series 2019 (A+/NR)
	2,005,000		5.000			06/01/2022		2,068,116
	Oklahoma Capitol Improvement Authority RB Series 2017 B (AA-/NR)
	6,155,000		5.000			01/01/2025		7,055,698
	Oklahoma County Independent School District No. 12 Edmond GO Bonds Series 2020 (AA+/NR)
	7,700,000		2.000			03/01/2023		7,890,804
	Oklahoma County Independent School District No. 12 Edmond GO Bonds Series 2021 (AA+/NR)
	8,840,000		1.250			06/01/2026		9,069,095
	Oklahoma County Independent School District No. 89 Oklahoma City GO Bonds Series 2020 A (AA/NR)
	16,520,000		1.250			07/01/2024		16,930,689
	Oklahoma Development Finance Authority Health System RB for OU Medicine Project Series 2018 B (BB+/Baa3)
	525,000		5.000			08/15/2022		543,933
	500,000		5.000			08/15/2023		538,309
	500,000		5.000			08/15/2024		558,144
	Oklahoma Development Finance Authority RB for Gilcrease Developers LLC Series 2020 A (AMT) (NR/Baa2)
	17,390,000		1.625			07/06/2023		17,527,285
	Oklahoma Turnpike Authority RB Refunding Second Senior Series 2017 D (AA-/Aa3)
	2,840,000		4.000			01/01/2023		2,974,897
	Tulsa County Independent School District No. 1 GO Bonds Series 2020 B (AA/NR)
	7,300,000		2.000			08/01/2024		7,632,932
	Tulsa County Independent School District No. 1 Tulsa GO Bonds Series 2021 B (AA/NR)
	13,125,000		1.000			09/01/2025		13,323,330
								91,773,435
Oregon – 0.4%
	City of Portland Sewer System RB for Second Lien Series 2020 A (AA/Aa2)
	6,370,000		5.000			03/01/2024		7,089,605
	Forest Grove Oregon Student Housing RB Refunding for Oak Tree Foundation Project Series 2017 (BBB-/NR)
	385,000		5.000			03/01/2023		405,255
	200,000		5.000			03/01/2024		217,288
	200,000		5.000			03/01/2025		223,313
	Oregon Health & Science University RB Refunding for Oregon Health & Science University Obligated Group Series 2019 A (AA-/Aa3)
	850,000		5.000			07/01/2022		879,984
	950,000		5.000			07/01/2023		1,026,601
	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		13,516,774
	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		451,342
	125,000		5.000			10/01/2026		149,621

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Oregon – (continued)
	Port of Portland Airport Taxable RB Series 27 B (A+/NR)
$	875,000	0.800 %		07/01/2022	$	875,916
	1,100,000	1.000		07/01/2023		1,100,290
	1,155,000	1.200		07/01/2024		1,150,656
	1,000,000	1.300		07/01/2025		989,002
	Portland Community College District GO Unlimited Bonds Series 2013 (AA+/Aa1)(d)
	6,930,000	5.000		06/15/2023		7,493,305
	Portland Oregon Water System RB Refunding First Lien Series 2016 A (NR/Aa1)
	2,130,000	5.000		04/01/2022		2,181,008
	Portland Oregon Water System RB Refunding Second Lien Series 2020 A (NR/Aa2)
	2,135,000	5.000		05/01/2024		2,391,972
	State of Oregon Department of Transportation RB Senior Lien Series 2020 B (AAA/Aa1)
	1,125,000	0.414		11/15/2023		1,125,203
	1,520,000	0.566		11/15/2024		1,514,969
	4,145,000	0.686		11/15/2025		4,102,311
	State of Oregon GO Refunding Bonds for Higher Education Series 2021 H (AA+/Aa1)
	1,330,000	1.000		08/01/2026		1,348,448
	Tualatin Hills Park & Recreation District GO Refunding Green Bonds Series 2021 (NR/Aa1)
	2,280,000	5.000		06/01/2024		2,566,041
	2,450,000	5.000		06/01/2025		2,859,802
						53,658,706
Pennsylvania – 4.2%
	Abington School District GO Bonds Series 2017 (ST AID WITHHLDG) (AA/NR)
	1,375,000	5.000		10/01/2021		1,375,000
	1,950,000	5.000		10/01/2022		2,042,736
	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		3,243,362
	2,250,000	5.000		04/01/2023		2,406,212
	4,000,000	5.000		04/01/2024		4,456,093
	Allegheny County Hospital Development Authority RB Refunding for UPMC Obligated Group Series 2019 A (A/A2)
	1,935,000	5.000		07/15/2022		2,008,211
	1,510,000	5.000		07/15/2023		1,638,087
	5,900,000	5.000		07/15/2025		6,881,170
	Allentown City School GO Bonds Series 2021 (ST AID WITHHLDG) (NR/NR)
	2,500,000	1.000		03/31/2022		2,499,798
	Bethlehem Area School District Authority School RB Refunding for Bethlehem Area School District Refunding Project Series 2018 (ST AID WITHHLDG) (NR/A1)(a)
		(1 Mo. LIBOR + 0.48%),
	5,980,000	0.539		11/01/2021		5,979,962
	Bucks County Industrial Development Authority RB Refunding for Pennswood Village Obligated Group Series 2018 A (BBB+/NR)
	545,000	5.000		10/01/2022		568,230
	760,000	5.000		10/01/2023		823,891
Municipal Bonds – (continued)
Pennsylvania – (continued)
	City of Philadelphia GO Bonds Series 2019 A (ST AID WITHHLDG) (A+/A2)
	645,000	5.000		09/01/2022		672,516
	845,000	5.000		09/01/2023		918,658
	City of Philadelphia GO Bonds Series 2020 (ST AID WITHHLDG) (A+/A2)
	5,000,000	5.000		09/01/2022		5,213,304
	8,000,000	5.000		09/01/2023		8,697,350
	City of Philadelphia Water & Wastewater RB Series 2020 A (A+/A1)
	600,000	5.000		11/01/2025		708,980
	605,000	5.000		11/01/2026		736,099
	Coatesville School District GO Refunding Bonds Series 2017 (AGM) (ST AID WITHHLDG) (AA/A2)
	1,025,000	5.000		08/01/2022		1,064,054
	Coatesville School District GO Refunding Bonds Series 2017 (ETM) (AGM) (ST AID WITHHLDG) (AA/A2)(d)
	100,000	5.000		08/01/2022		103,971
	Commonwealth Financing Authority Tobacco Master Settlement Payment RB Series 2018 (A/A1)
	2,270,000	5.000		06/01/2023		2,444,456
	1,720,000	5.000		06/01/2024		1,926,024
	Commonwealth of Pennsylvania GO Bonds Series 2015 (A+/Aa3)
	7,975,000	5.000		08/15/2025		9,352,740
	6,500,000	5.000		03/15/2033		7,469,773
	Commonwealth of Pennsylvania GO Bonds Series 2021 (A+/Aa3)
	10,000,000	5.000		05/15/2025		11,631,511
	County of Beaver GO Refunding Bonds Series 2017 (BAM) (AA/NR)
	1,000,000	5.000		04/15/2025		1,143,224
	County of Lehigh Purpose Authority RB Refunding for Lehigh Valley Health Network Obligated Group Series 2019 A (A+/A2)
	800,000	5.000		07/01/2022		828,587
	925,000	5.000		07/01/2023		1,001,785
	1,735,000	5.000		07/01/2024		1,953,497
	County of Westmoreland GO Bonds Series 2013 A (NR/A2)
	945,000	5.000		12/01/2023		1,016,642
	55,000	5.000		12/01/2024		59,256
	Cumberland County Municipal Authority RB Refunding for Messiah College Series 2020 SS3 (A-/NR)
	2,150,000	2.074		11/01/2025		2,197,533
	2,195,000	2.345		11/01/2026		2,257,286
	Delaware County Authority RB Refunding for Neumann University Series 2020 (BBB/NR)
	180,000	4.000		10/01/2021		180,000
	195,000	4.000		10/01/2022		201,235
	235,000	5.000		10/01/2023		253,329
	Delaware River Port Authority RB Refunding Series 2018 B (A+/A1)
	5,000,000	5.000		01/01/2022		5,058,368
	Delaware Valley Regional Finance Authority RB Refunding Series 2020 B (A+/A1)
	35,250,000	5.000		11/01/2024		39,965,456

The accompanying notes are an integral part of these financial statements. 203

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Geisinger Authority Health System RB Refunding for Geisinger Health System Series 2020 B (AA-/A1)(a)(b)
$	17,900,000	5.000 %		02/15/2027	$	21,476,722
	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%), 0.650		06/01/2024		15,089,055
	Lancaster County Hospital Authority RB Refunding for The University of Pennsylvania Health System Obligated Group Series 2016 B (AA/Aa3)
	7,350,000	5.000		08/15/2026		8,869,396
	Lancaster School District GO Refunding Bonds Series 2019 B (AGM) (ST AID WITHHLDG) (AA/NR)
	540,000	4.000		06/01/2022		553,158
	Lehigh County General Purpose Authority RB Refunding for The Good Shepherd Obligated Group Series 2021 A (A-/NR)
	640,000	4.000		11/01/2022		665,034
	510,000	4.000		11/01/2023		547,673
	735,000	4.000		11/01/2024		811,438
	525,000	4.000		11/01/2025		594,428
	570,000	4.000		11/01/2026		657,398
	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		9,109,205
	Lower Merion School District GO Bonds Series 2020 (ST AID WITHHLDG) (NR/Aaa)
	5,980,000	5.000		11/15/2026		7,297,067
	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		625,091
	550,000	5.000		09/01/2023		597,502
	650,000	5.000		09/01/2024		732,278
	Pennsylvania Economic Development Financing Authority RB for Commonwealth of Pennsylvania Department of Transportation Series 2015 (BBB/NR)
	1,800,000	5.000		12/31/2024		2,060,268
	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		12,315,995
	Pennsylvania Economic Development Financing Authority RB for UPMC Obligated Group Series 2013 A (A/A2)
	2,040,000	5.000		07/01/2038		2,195,201
	Pennsylvania Economic Development Financing Authority RB for Waste Management, Inc. Series 2019 A (AMT) (A-/NR)(a)(b)
	1,000,000	1.750		08/01/2024		1,030,639
	Pennsylvania Economic Development Financing Authority RB Refunding City of Philadelphia Water & Wastewater Series 2020 (BBB+/Baa2)
	365,000	3.000		01/01/2022		367,087
	370,000	3.000		01/01/2023		380,646
	430,000	3.000		01/01/2024		451,120
	505,000	3.000		01/01/2025		537,838
	615,000	4.000		01/01/2026		688,826
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pennsylvania Economic Development Financing Authority RB Refunding for PPL Electric Utilities Corp. Series 2008 (A/A1)
	25,180,000	0.400		10/01/2023		25,188,279
	Pennsylvania Economic Development Financing Authority RB Refunding for Presbyterian Homes Obligated Group Series 2021 (BBB+/NR)
	1,600,000	4.000		07/01/2030		1,823,122
	Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2016 (A-/A3)
	1,750,000	5.000		05/01/2032		2,071,842
	4,380,000	5.000		05/01/2034		5,166,187
	Pennsylvania Higher Educational Facilities Authority RB Refunding for Drexel University Series 2020 A (AGM) (AA/A2)
	400,000	5.000		05/01/2022		411,053
	500,000	5.000		05/01/2023		537,439
	300,000	5.000		05/01/2024		336,109
	350,000	5.000		05/01/2025		406,170
	Pennsylvania Higher Educational Facilities Authority RB Refunding for University of Pennsylvania Health System Obligated Group (The) Series 2015 (AA/Aa3)
	2,570,000	5.000		08/15/2025		3,011,828
	Pennsylvania Higher Educational Facilities Authority RB Refunding for University of Pennsylvania Health System Obligated Group (The) Series 2016 C (AA/Aa3)
	3,595,000	5.000		08/15/2025		4,213,044
	Pennsylvania State Commonwealth GO Bonds First Series 2011 (A+/Aa3)(d)
	28,895,000	4.000		11/15/2021		29,022,941
	Pennsylvania State Commonwealth GO Bonds First Series 2013 (A+/Aa3)
	23,100,000	4.000		04/01/2032		24,315,926
	5,195,000	4.000		04/01/2033		5,465,732
	Pennsylvania State Commonwealth GO Bonds First Series 2020 (A+/Aa3)
	12,655,000	5.000		05/01/2026		15,175,365
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (A+/Aa3)
	6,635,000	5.000		09/15/2024		7,548,003
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2016 (AGM-CR) (AA/Aa3)
	6,185,000	5.000		09/15/2025		7,283,597
	Pennsylvania State Commonwealth GO Refunding Bonds First Series 2017 (A+/Aa3)
	33,465,000	5.000		01/01/2023		35,465,116
	55,075,000	5.000		01/01/2025		63,249,870
	Pennsylvania State Commonwealth GO Refunding Bonds Second Series 2016 (A+/Aa3)
	4,620,000	5.000		01/15/2022		4,683,116
	Pennsylvania State GO Bonds First Refunding Series 2015 (AGM-CR) (AA/Aa3)
	5,000,000	5.000		08/15/2022		5,208,757
	Pennsylvania Turnpike Commission RB Refunding Series 2016 (A-/A3)
	8,375,000	5.000		06/01/2029		9,829,979

204 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 Turnpike Commission RB Refunding Series 2017 A-2 (A+/A1)
$	1,835,000	5.000 %		12/01/2024	$	2,095,588
	3,040,000	5.000		12/01/2025		3,586,586
	3,865,000	5.000		12/01/2026		4,693,727
	5,240,000	5.000		12/01/2027		6,509,261
	Pennsylvania Turnpike Commission RB Refunding Series 2020 (A-/A3)
	895,000	2.013		12/01/2024		926,409
	Pennsylvania Turnpike Commission RB Refunding Series 2021 B (A+/A1)
	1,900,000	5.000		12/01/2025		2,241,616
	1,350,000	5.000		12/01/2026		1,639,465
	1,800,000	5.000		12/01/2027		2,234,788
	Pennsylvania Turnpike Commission RB Refunding Subordinate Series 2016 A (AA/Aa3)
	1,000,000	5.000		12/01/2022		1,055,927
	Pennsylvania Turnpike Commission RB Series 2018 B (A+/A1)(c)
		(SIFMA Municipal Swap Index Yield + 0.70%),
	11,750,000	0.750		12/01/2023		11,804,997
	Pennsylvania Turnpike Commission RB Series 2020 B (A+/A1)
	475,000	5.000		12/01/2023		522,256
	450,000	5.000		12/01/2024		513,904
	350,000	5.000		12/01/2025		412,929
	350,000	5.000		12/01/2026		425,047
	Philadelphia Authority for Industrial Development RB Refunding for St. Joseph’s University Series 2020 (A-/NR)
	250,000	4.000		11/01/2021		250,652
	250,000	4.000		11/01/2022		259,255
	535,000	4.000		11/01/2024		589,431
	Philadelphia Gas Works Co. RB Refunding Series 2015 (A/A3)
	2,000,000	5.000		08/01/2030		2,330,144
	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		4,116,472
	1,750,000	5.000		07/01/2023		1,867,646
	Pittsburgh & Allegheny County Sports & Exhibition Authority RB for Parking System Series 2017 (A/NR)
	640,000	4.000		12/15/2021		644,491
	280,000	5.000		12/15/2022		294,961
	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		1,870,737
	1,300,000	4.000		02/01/2025		1,449,833
	1,930,000	5.000		02/01/2026		2,287,712
	Pittsburgh Water & Sewer Authority First Lien RB Refunding Series 2017 C (AGM) (AA/A2)(a)
	11,605,000	(SIFMA Municipal Swap Index Yield + 0.65%), 0.700		12/01/2023		11,697,110
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (A/A3)
	250,000	5.000		09/01/2022		260,712
	270,000	5.000		09/01/2023		294,023
Municipal Bonds – (continued)
Pennsylvania – (continued)
	Pittsburgh Water & Sewer Authority First Lien RB Series 2019 A (AGM) (AA/A2)
	275,000	5.000		09/01/2024		310,833
	Southeastern Pennsylvania Transportation Authority RB Series 2020 (AA-/A3)
	700,000	5.000		06/01/2022		722,367
	1,000,000	5.000		06/01/2023		1,078,417
	1,100,000	5.000		06/01/2024		1,233,317
	1,310,000	5.000		06/01/2025		1,521,328
	The Berks County Municipal Authority RB Refunding for Tower Health Obligated Group Series 2020 A (BB-/NR)
	545,000	5.000		02/01/2022		550,285
	1,400,000	5.000		02/01/2023		1,454,187
	450,000	5.000		02/01/2024		483,037
	The School District of Philadelphia GO Bonds Series Series 2015 A (ST AID WITHHLDG) (A+/A2)
	2,415,000	5.000		09/01/2027		2,813,827
	Unionville-Chadds Ford School District GO Refunding Bonds Series 2016 (ST AID WITHHLDG) (NR/Aa1)
	1,255,000	5.000		06/01/2024		1,409,238
	Westmoreland County Industrial Development Authority RB Refunding for Excela Health Obligated Group Series 2020 A (NR/Baa1)
	300,000	4.000		07/01/2022		307,906
	350,000	4.000		07/01/2023		371,266
	450,000	4.000		07/01/2024		491,562
	575,000	4.000		07/01/2025		643,750
	625,000	4.000		07/01/2026		714,251
	Westmoreland County Municipal Authority RB Series 2013 (A+/A1)(d)
	1,990,000	5.000		08/15/2023		2,165,658
	York Suburban School District GO Refunding Bonds Series 2019 A (BAM) (ST AID WITHHLDG) (AA/NR)
	1,075,000	4.000		02/15/2022		1,089,763
	2,745,000	4.000		02/15/2023		2,884,107
	2,070,000	4.000		02/15/2024		2,235,145
						568,400,849
Puerto Rico – 1.1%
	Puerto Rico Commonwealth Public Improvement GO Refunding Bonds Series 2002 A (FGIC) (NR/WR)*
	571,650	5.500		07/01/2017		562,361
	Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AGM) (AA/A2)(c)
		(3 Mo. LIBOR + 0.52%),
	54,710,000	0.617		07/01/2029		54,200,075
	Puerto Rico Highway & Transportation Authority RB Refunding Series 2007 CC (AGM) (AA/A2)
	25,000	5.250		07/01/2032		27,684
	Puerto Rico Public Buildings Authority RB for Government Facilities Series 2002 C-PSA (COMWLTH GTD) (NR/NR)*
	654,385	5.500		07/01/2016		683,832
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (AMBAC) (NR/WR)(b)
	1,000,000	10.000		07/01/2035		1,052,937

The accompanying notes are an integral part of these financial statements. 205

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Puerto Rico – (continued)
	Puerto Rico Public Buildings Authority RB Refunding for Government Facilities Series 2007 M-2 (COMWLTH GTD) (NR/NR)*
$	10,835,000		10.000	%		07/01/2034	$	12,460,250
	Puerto Rico Public Finance Corp. RB Series 2001 E (ETM) (AGC-ICC) (AGM-CR) (AA/A2)(d)
	4,010,000		6.000			08/01/2026		5,005,740
	Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR)(g)
	21,568,000		0.000			07/01/2024		20,589,719
	30,874,000		0.000			07/01/2027		27,864,399
	15,126,000		0.000			07/01/2029		13,027,125
	484,000		0.000			07/01/2031		385,664
	732,000		0.000			07/01/2033		542,617
	4,705,000		0.000			07/01/2046		1,547,487
	3,833,000		0.000			07/01/2051		911,136
	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		2,064,794
	56,000		4.536			07/01/2053		61,928
	747,000		4.784			07/01/2058		837,433
	Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR)
	362,000		4.500			07/01/2034		397,224
	183,000		4.550			07/01/2040		205,649
	1,345,000		4.750			07/01/2053		1,504,965
	3,400,000		5.000			07/01/2058		3,856,484
								147,789,503
Rhode Island – 0.1%
	City of Providence GO Refunding Bonds Series 2021 A (BBB+/NR)
	320,000		5.000			01/15/2022		323,958
	425,000		5.000			01/15/2023		448,193
	400,000		5.000			01/15/2024		437,996
	440,000		5.000			01/15/2025		497,665
	450,000		5.000			01/15/2026		522,130
	Narragansett Bay Commission Wastewater System RB Refunding Series 2020 A (AA-/NR)
	790,000		1.440			09/01/2023		802,801
	800,000		1.497			09/01/2024		815,249
	Providence Public Building Authority RB for City of Providence Series 2017 A (AGM) (AA/A2)
	1,165,000		5.000			09/15/2022		1,216,234
	Rhode Island Health and Educational Building Corp. Higher Education Facility RB Refunding for Brown University Issue Series 2012 (AA+/Aa1)
	4,970,000		5.000			09/01/2022		5,188,553
	Rhode Island Health and Educational Building Corp. RB for City of Providence Series 2021 D (BAM) (ST AID WITHHLDG) (AA/Aa3)
	1,500,000		5.000			05/15/2024		1,684,368
	1,500,000		5.000			05/15/2025		1,746,490
	Rhode Island Health and Educational Building Corp. RB for Woonsocket Public School Financing Program Series 2017 A (MUN GOVT GTD) (NR/Aa3)
	1,415,000		5.000			05/15/2022		1,456,820
Municipal Bonds – (continued)
Rhode Island – (continued)
	Tobacco Settlement Financing Corp. RB Asset-Backed Bonds Series 2015 B (WD/NR)
	1,070,000		2.250			06/01/2041		1,128,619
								16,269,076
South Carolina – 1.7%
	Berkeley County School District GO Unlimited Bonds Series 2014 A (SCSDE) (AA/Aa1)
	4,950,000		3.000			03/01/2026		5,227,643
	Charleston County School District GO Bonds Series 2018 (SCSDE) (NR/Aa1)
	5,575,000		5.000			03/01/2022		5,685,933
	4,015,000		5.000			03/01/2023		4,287,871
	County of Charleston GO Bonds for Transportation Sales Tax Series 2011 (ST AID WITHHLDG) (AAA/Aaa)(d)
	4,925,000		4.000			11/01/2021		4,939,361
	County of Charleston GO Refunding Bonds for Transportation Sales Tax Series 2013 (AAA/Aaa)
	10,005,000		5.000			11/01/2021		10,041,673
	South Carolina Ports Authority RB Series 2015 (AMT) (A+/A1)(d)
	7,000,000		5.250			07/01/2025		8,225,255
	South Carolina Public Service Authority RB Refunding Series 2021 A (A/A2)
	800,000		5.000			12/01/2025		944,923
	625,000		5.000			12/01/2026		759,012
	South Carolina Public Service Authority RB Series 2021 B (A/A2)
	1,500,000		5.000			12/01/2024		1,715,051
	South Carolina Public Service Authority RB Series 2016 D (A/A2)
	6,756,000		2.388			12/01/2023		7,016,787
	South Carolina Public Service Authority Santee Cooper RB Refunding Series 2014 D (A/A2)
	1,050,000		3.056			12/01/2023		1,101,842
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2003 B (NR/NR)(c)
			(1 Mo. LIBOR + 0.45%),
	54,785,000		0.508			10/01/2031		54,785,000
			(1 Mo. LIBOR + 0.45%),
	1,100,000		0.514			10/01/2031		1,100,000
	South Carolina Transportation Infrastructure Bank RB Refunding Series 2021 B (A+/Aa3)
	18,540,000		5.000			10/01/2025		21,856,795
	38,880,000		5.000			10/01/2026		47,215,538
	44,450,000		5.000			10/01/2027		55,345,757
	Spartanburg Regional Health Services District Obligated Group RB Series 2020 A (AGM) (AA/A2)
	730,000		5.000			04/15/2023		781,394
	835,000		5.000			04/15/2024		930,260
	925,000		5.000			04/15/2025		1,066,913
	1,010,000		5.000			04/15/2026		1,200,043
	700,000		5.000			04/15/2027		853,363
								235,080,414

206 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 – 0.0%
	Rapid City Area School District No. 51-4 Limited Tax Capital Outlay GO Refunding Bonds Series 2017 B (ST AID WITHHLDG) (AA+/NR)
$	570,000		5.000	%		01/01/2022	$	576,640
	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		4,107,227
								4,683,867
Tennessee – 1.1%
	Chattanooga Health Educational & Housing Facility Board RB for CommonSpirit Health Obligated Group Refunding Series 2019 A-1 (BBB+/Baa1)
	1,000,000		5.000			08/01/2025		1,164,659
	City of Memphis GO Bonds Series 2018 (AA/Aa2)
	5,905,000		5.000			06/01/2028		7,038,811
	City of Morristown GO Refunding Bonds Series 2021 A (AA-/NR)
	2,495,000		2.000			03/01/2025		2,618,474
	City of Murfreesboro GO Bonds Series 2018 (AA/Aa1)
	2,400,000		5.000			06/01/2022		2,476,850
	City of Murfreesboro GO Bonds Series 2021 (AA/Aa1)
	4,440,000		5.000			06/01/2026		5,339,773
	City of Pigeon Forge GO Refunding Bonds Series 2021 B (AA/NR)
	4,600,000		5.000			06/01/2025		5,356,638
	4,525,000		5.000			06/01/2026		5,437,376
	County of Rutherford GO Bonds for School Series 2017 (AA+/Aaa)
	3,070,000		5.000			04/01/2022		3,143,055
	Hamilton County GO Bonds Series 2018 A (AAA/Aaa)
	7,860,000		5.000			04/01/2022		8,047,435
	Knox County Health Educational & Housing Facilities Board RB for University Health System, Inc. Series 2017 (BBB/NR)
	1,420,000		5.000			04/01/2022		1,451,437
	Metropolitan Government Nashville & Davidson County Sports Authority RB for MLS Project Series 2020 (AA/Aa3)
	500,000		1.030			08/01/2024		502,770
	740,000		1.230			08/01/2025		744,038
	Metropolitan Government of Nashville & Davidson County GO Bonds Series 2021 C (AA/Aa2)
	22,380,000		5.000			01/01/2026		26,574,878
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2013 A (AA/Aa2)
	9,625,000		5.000			01/01/2023		10,201,507
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2015 C (AA/Aa2)
	5,500,000		5.000			07/01/2023		5,959,581
	Metropolitan Government of Nashville & Davidson County GO Improvement Bonds Series 2018 (AA/Aa2)
	22,625,000		5.000			07/01/2022		23,438,679
	17,965,000		5.000			07/01/2023		19,466,159
	Tennergy Corp. RB for Gas Supply Revenue Series 2019 A (AA-/Aa2)(a)(b)
	200,000		5.000			10/01/2024		225,417
Municipal Bonds – (continued)
Tennessee – (continued)
	Tennergy Corporation Tenn Gas Supply RB Series 2019 A (AA-/Aa2)(a)(b)
	7,500,000		5.000			10/01/2024		8,453,124
	Tennessee State School Bond Authority RB Series 2015 B (AA+/Aa1)(d)
	5,470,000		5.000			11/01/2025		6,464,094
								144,104,755
Texas – 8.6%
	Alamo Community College District GO Refunding Bonds Series 2017 (AAA/Aaa)
	6,475,000		3.000			08/15/2022		6,635,305
	Alamo Heights Independent School District GO Bonds Series 2020 B (PSF-GTD) (NR/Aaa)(a)(b)
	11,000,000		2.000			02/01/2023		11,246,692
	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		4,261,247
	Arlington Higher Education Finance Corp. RB for Riverwalk Education Foundation, Inc. Series 2019 (PSF-GTD) (AAA/NR)
	350,000		5.000			08/15/2022		364,176
	325,000		5.000			08/15/2023		353,003
	325,000		5.000			08/15/2024		366,543
	475,000		5.000			08/15/2025		552,494
	Austin Convention Enterprises, Inc. Convention Center Hotel Second Tier RB Refunding Series 2017 B (B/NR)
	465,000		5.000			01/01/2022		468,035
	750,000		5.000			01/01/2023		774,539
	Baytown Municipal Development District RB for Baytown Convention Center Hotel Series 2021 C (AA-/NR)
	1,515,000		5.000			10/01/2039		1,927,027
	Bexar County Housing Finance Corp. RB Refunding for Westcliffe Housing Foundation, Inc. Series 2004 (NR/Aa1)
	190,000		3.750			02/01/2035		194,876
	Board of Regents of the University of Texas System RB Refunding Series 2017 C (AAA/Aaa)
	10,620,000		5.000			08/15/2023		11,572,570
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 B (A-/A3)
	75,000		5.000			01/01/2022		75,838
	100,000		5.000			01/01/2023		105,680
	120,000		5.000			01/01/2024		132,007
	250,000		5.000			01/01/2025		285,106
	240,000		5.000			01/01/2026		282,332
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 C (A-/A3)
	600,000		1.345			01/01/2024		605,425
	600,000		1.445			01/01/2025		603,617
	Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 D (BBB+/Baa1)
	200,000		1.307			01/01/2022		200,306
	170,000		1.486			01/01/2023		171,158
	1,000,000		1.645			01/01/2024		1,006,346
	1,000,000		1.795			01/01/2025		1,002,834
	Central Texas Regional Mobility Authority RB Series 2021 C (BBB+/Baa1)
	5,500,000		5.000			01/01/2027		6,417,408

The accompanying notes are an integral part of these financial statements. 207

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Central Texas Regional Mobility Authority Senior Lien RB Series 2020 F (BBB+/Baa1)
$	7,250,000		5.000	%		01/01/2025	$	8,101,822
	Central Texas Regional Mobility Authority Subordinate Lien RB Series 2018 (BBB+/Baa1)
	3,500,000		4.000			01/01/2022		3,500,000
	Central Texas Turnpike System RB Refunding Series 2015 C (A-/Baa1)
	1,525,000		5.000			08/15/2028		1,713,911
	City of Austin GO Bonds Refunding Series 2021 (AAA/Aa1)(e)
	6,695,000		5.000			09/01/2024		7,600,240
	5,985,000		5.000			09/01/2025		7,029,425
	City of Austin RB for Airport System Series 2019 B (AMT) (A/A1)
	1,000,000		5.000			11/15/2023		1,097,080
	City of Austin TX Water & Wastewater System RB Refunding Series 2011 (AA/Aa2)
	20,000,000		5.000			11/15/2041		20,106,168
	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		295,676
	305,000		4.000			09/01/2025		334,224
	320,000		4.000			09/01/2026		355,173
	335,000		4.000			09/01/2027		373,741
	350,000		4.000			09/01/2028		391,507
	City of Corpus Christi GO Refunding Bonds for Forward Delivery Series 2020 B (AA/Aa2)
	1,325,000		5.000			03/01/2024		1,472,647
	City of El Paso GO Bonds Series 2016 (AA/NR)
	4,000,000		5.000			08/15/2042		4,773,941
	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		142,311
	140,000		4.000			08/15/2024		151,006
	City of Hackberry Special Assessment RB Refunding for Hackberry Public Improvement District No. 3 Phases No. 13-16 Project Series 2017 (NR/NR)(g)
	70,000		0.000			09/01/2022		68,647
	70,000		0.000			09/01/2023		67,049
	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		430,134
	City of Hackberry Special Assessment RB Refunding for Hidden Cove Public Improvement District No. 2 Project Series 2017 (BBB-/NR)(g)
	685,000		0.000			09/01/2022		677,017
	City of Houston GO Bonds Refunding Series 2021 A (AA/Aa3)
	3,165,000		5.000			03/01/2023		3,379,637
	12,170,000		5.000			03/01/2024		13,551,060
	2,000,000		5.000			03/01/2025		2,310,180
	1,500,000		5.000			03/01/2026		1,788,230
	City of Houston RB Refunding for Airport System Subordinate Lien Series 2012 A (AMT) (A/NR)(d)
	2,700,000		5.000			07/01/2022		2,795,373
Municipal Bonds – (continued)
Texas – (continued)
	City of Irving RB Refunding for Hotel Occupancy Tax Series 2019 (BBB+/NR)
	65,000		5.000			08/15/2022		67,275
	75,000		5.000			08/15/2023		80,544
	City of Lavon Heritage Public Improvement District No. 1 Special Assessment Refunding Series 2021 (BAM) (AA/NR)
	290,000		3.000			09/15/2022		296,688
	305,000		3.000			09/15/2023		318,595
	310,000		3.000			09/15/2024		329,112
	320,000		3.000			09/15/2025		343,365
	City of Lubbock GO Bonds Series 2013 (AA+/Aa2)(d)
	7,360,000		4.000			02/15/2023		7,740,728
	City of Mclendon-Chisholm Special Assessment Refunding Bonds Sonoma Public Improvement District Series 2020 (BAM) (AA/NR)
	285,000		4.000			09/15/2025		312,616
	295,000		4.000			09/15/2026		326,847
	305,000		4.000			09/15/2027		341,296
	320,000		4.000			09/15/2028		360,900
	340,000		4.000			09/15/2030		377,416
	City of Pearland GO Refunding Bonds Series 2020 (AA/Aa2)
	3,560,000		5.000			03/01/2026		4,225,257
	City of Princeton Special Assessment RB for Brookside Public Improvement District Series 2021 (NR/NR)(f)
	110,000		2.500			09/01/2026		109,595
	City of San Antonio GO Refunding Bonds Series 2013 (AAA/Aaa)(d)
	3,175,000		5.000			02/01/2022		3,225,325
	City of San Antonio RB for Electric & Gas Systems Junior Lien Series 2013 (A+/Aa2)(d)
	5,420,000		5.000			02/01/2023		5,760,325
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2015 C (A+/Aa2)(a)(b)
	36,630,000		1.750			12/01/2024		38,162,588
	City of San Antonio RB Refunding for Electric & Gas Systems Junior Lien Series 2018 (A+/Aa2)(a)(b)
	5,200,000		2.750			12/01/2022		5,346,276
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2015 A (A+/Aa2)(a)(b)
	27,875,000		1.750			12/01/2024		29,184,919
	City of San Antonio RB Refunding for Electric & Gas Systems Series 2020 (A+/Aa2)(a)(b)
	10,750,000		1.750			12/01/2025		11,268,736
	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		5,854,132
	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		14,984,023
	Clear Creek Independent School District GO Bonds RMKT 08/16/21 Series 2013 B (PSF-GTD) (AAA/NR)(a)(b)
	5,000,000		0.280			08/15/2024		4,981,666
	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		331,474
	400,000		5.000			04/01/2024		446,139

208 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)
	Corsicana Independent School District GO Bonds Series 2015 (PSF-GTD) (NR/Aaa)(d)
$	9,910,000		5.000	%		02/15/2025	$	11,420,832
	County of Bexar GO Bonds Series 2014 (AAA/Aaa)(d)
	15,000,000		5.000			06/15/2024		16,901,052
	County of Collin GO Refunding Bonds Series 2020 (AAA/Aaa)
	560,000		0.867			02/15/2024		565,121
	750,000		0.967			02/15/2025		755,766
	County of Fort Bend GO Refunding Bonds Series 2015 B (AA+/Aa1)
	3,740,000		5.000			03/01/2023		3,993,630
	County of Maverick GO Refunding Bonds Series 2016 (NR/NR)(d)(f)
	14,885,000		7.000			03/01/2023		16,272,108
	Dallas Area Rapid Transit RB Refunding Series 2020 B (AA+/Aa2)
	1,175,000		5.000			12/01/2021		1,184,089
	1,200,000		5.000			12/01/2022		1,267,257
	4,000,000		5.000			12/01/2023		4,409,827
	Dallas Independent School District GO Bonds Series 2019 B (PSF-GTD) (AAA/Aaa)
	11,365,000		5.000			02/15/2024		12,631,967
	Dallas Independent School District GO Refunding Bonds Series 2021 A (PSF-GTD) (AAA/Aaa)
	7,000,000		5.000			02/15/2025		8,073,045
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2013 D (A/A1)
	3,385,000		5.250			11/01/2025		3,397,729
	Dallas-Fort Worth International Airport Joint RB Refunding Series 2014 D (AMT) (A/NR)
	3,660,000		5.000			11/01/2023		4,006,694
	Dallas-Fort Worth International Airport RB Refunding Series 2020 A (A/A1)
	1,500,000		5.000			11/01/2023		1,647,017
	2,135,000		5.000			11/01/2024		2,434,661
	1,000,000		5.000			11/01/2025		1,178,971
	5,270,000		5.000			11/01/2026		6,400,209
	Dallas-Fort Worth International Airport RB Refunding Series 2020 B (A/A1)
	3,625,000		5.000			11/01/2021		3,638,315
	3,000,000		5.000			11/01/2022		3,154,514
	1,600,000		5.000			11/01/2023		1,756,818
	2,000,000		5.000			11/01/2024		2,280,712
	2,500,000		5.000			11/01/2025		2,947,427
	Dallas-Fort Worth International Airport RB Refunding Series 2020 C (A/A1)
	5,625,000		1.329			11/01/2025		5,686,892
	Deer Park Independent School District GO Bonds RMKT 10/01/20 Series 2018 (PSF-GTD) (AAA/Aaa)(a)(b)
	7,000,000		0.280			10/01/2042		7,000,000
	Denton Independent School District GO Bonds 2014 B (PSF-GTD) (AAA/NR)(a)(b)
	5,000,000		2.000			08/01/2024		5,222,272
	Dickinson Independent School District GO Refunding Bonds RMKT 08/02/21 Series 2013 (PSF-GTD) (AAA/Aaa)(a)(b)
	3,000,000		0.250			08/01/2023		2,992,607
	5,000,000		0.250			08/01/2023		4,987,677
Municipal Bonds – (continued)
Texas – (continued)
	Duncanville Independent School District GO Refunding Bonds Series 2020 (PSF-GTD) (NR/Aaa)
	8,055,000		3.000			02/15/2025		8,763,399
	Ector County Hospital District GO Refunding Bonds Series 2020 (BBB-/Baa2)
	400,000		5.000			09/15/2022		414,714
	425,000		5.000			09/15/2023		456,061
	450,000		5.000			09/15/2024		497,900
	450,000		5.000			09/15/2025		510,801
	620,000		5.000			09/15/2026		718,133
	Fort Bend Independent School District GO Bonds Series 2019 A (PSF-GTD) (AAA/NR)(a)(b)
	4,150,000		1.950			08/01/2022		4,205,346
	Fort Bend Independent School District GO Bonds Series 2020 B (PSF-GTD) (AAA/NR)(a)(b)
	6,205,000		0.875			08/01/2025		6,270,463
	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		5,663,343
	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		7,517,374
	Goose Creek Consolidated Independent School District GO Bonds RMKT 08/16/21 Series 2014 B (PSF-GTD) (AAA/Aaa)(a)(b)
	4,000,000		0.600			08/17/2026		3,970,709
	Grand Parkway Transportation Corp. RB Series 2013 (BBB/NR)
	7,110,000		5.000			02/01/2023		7,540,501
	Gulf Coast Industrial Development Authority RB for Exxon Mobil Corp. Series 2012 (AA-/Aa2)(a)(b)
	21,900,000		0.070			10/01/2021		21,900,000
	Gulfgate Redevelopment Authority Tax Allocation Refunding for City of Houston TX Reinvestment Zone No. 8 Series 2020 (AGM) (AA/NR)
	270,000		4.000			09/01/2022		278,695
	300,000		4.000			09/01/2024		325,168
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2014 A (A+/A1)
	4,230,000		5.000			12/01/2024		4,837,881
	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		7,888,917
	Harris County Cultural Education Facilities Finance Corp. RB for Memorial Hermann Health System Obligated Group Series 2019 B-2 (A+/A1)(a)(b)
	7,750,000		5.000			12/01/2024		8,831,393
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Baylor College of Medicine Series 2020 (A/NR)
	700,000		1.447			11/15/2022		707,248
	1,000,000		1.593			11/15/2023		1,017,319
	500,000		1.841			11/15/2024		512,183

The accompanying notes are an integral part of these financial statements. 209

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Obligated Group Series 2019 A (A+/A1)
$	1,800,000	5.000 %		12/01/2021	$	1,813,836
	2,000,000	5.000		12/01/2022		2,111,373
	2,500,000	5.000		12/01/2023		2,753,282
	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		3,691,133
	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		3,426,302
	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		2,663,260
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Memorial Hermann Health System Series 2013 B (A+/A1)(c)
		(SIFMA Municipal Swap Index Yield + 1.05%),
	5,685,000	1.100		06/01/2024		5,776,784
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Children’s Hospital Obligated Group Series 2019 B (AA/Aa2)(a)(b)
	5,070,000	5.000		10/01/2024		5,761,241
	Harris County Cultural Education Facilities Finance Corp. RB Refunding for Texas Medical Center Obligated Group Series 2019 B (AA-/A1)(a)(b)
	8,940,000	0.900		05/15/2025		8,944,755
	Harris County Flood Control District GO Bonds Series 2020 A (AAA/Aaa)
	1,500,000	4.000		10/01/2024		1,662,797
	1,505,000	5.000		10/01/2025		1,771,627
	Harris County GO Refunding Bonds Series 2014 A (AAA/Aaa)
	4,230,000	5.000		10/01/2025		4,821,669
	Harris County GO Refunding Bonds Series 2015 A (AAA/Aaa)
	2,160,000	5.000		10/01/2025		2,545,483
	Harris County Toll Road RB Refunding Senior Lien Series 2007 B (AMBAC) (AA-/Aa1)(c)
		(3 Mo. LIBOR + 0.67%),
	35,255,000	0.754		08/15/2035		34,841,402
	Hickory Creek Texas Special Assessment RB for Public Improvement District No. 1 Series 2017 (BBB-/NR)
	90,000	3.000		09/01/2022		91,686
	95,000	3.000		09/01/2023		99,043
	Houston Airport System RB Refunding Series 2020 C (A/A1)
	825,000	0.883		07/01/2022		829,002
	4,580,000	1.054		07/01/2023		4,627,570
	13,060,000	1.272		07/01/2024		13,258,898
	Houston Airport System Subordinate Lien RB Refunding Series 2020 C (A/A1)
	19,000,000	1.372		07/01/2025		19,284,246
	9,570,000	1.716		07/01/2026		9,793,000
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		10,605,043
	Houston Independent School District GO Bonds RMKT 06/01/21 Series 2013 B (PSF-GTD) (AAA/Aaa)(a)(b)
	8,500,000	3.000		06/01/2024		9,092,889
	Houston Independent School District GO Refunding Bonds RMKT 06/01/20 Series 2012 (PSF-GTD) (AAA/Aaa)(a)(b)
	6,000,000	4.000		06/01/2023		6,363,026
	Hunt Memorial Hospital District Charitable Health GO Refunding Bonds Series 2020 (BBB+/A2)
	250,000	5.000		02/15/2022		253,868
	325,000	5.000		02/15/2023		343,592
	275,000	5.000		02/15/2024		300,388
	Kaufman County Fresh Water Supply District No. 1 Refunding for Road Series 2016 C (AGM) (AA/NR)
	330,000	3.000		09/01/2022		338,035
	Leander Independent School District School Building Capital Appreciation GO Bonds Series 2014 C (PSF-GTD) (NR/NR)(d)(g)
	30,635,000	0.000		08/15/2024		10,520,885
	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		3,384,043
	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		3,176,554
	1,110,000	5.000		11/01/2023		1,219,280
	New Caney Independent School District GO Bonds Series 2018 (PSF-GTD) (AAA/Aaa)(a)(b)
	4,725,000	1.250		08/15/2024		4,829,861
	New Hope Cultural Education Facilities Finance Corp. Student Housing RB for Collegiate Housing Island Campus Project Series 2017 A (ETM) (NR/WR)(d)
	855,000	4.000		04/01/2022		870,830
	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		5,090,442
	North Texas Tollway Authority RB for Second Tier Series 2021 B (A/A2)
	3,500,000	5.000		01/01/2025		4,012,176
	2,000,000	5.000		01/01/2026		2,367,479
	North Texas Tollway Authority RB Refunding First Tier Series 2012 B (A+/A1)(d)
	7,845,000	5.000		01/01/2022		7,936,686
	North Texas Tollway Authority RB Refunding for Second Tier Series 2015 A (A/A2)
	1,315,000	5.000		01/01/2034		1,495,106
	North Texas Tollway Authority RB Refunding for Second Tier Series 2017 B (A/A2)
	1,215,000	5.000		01/01/2024		1,285,891
	North Texas Tollway Authority RB Refunding Series 2016 A (A+/A1)
	15,760,000	5.000		01/01/2026		17,385,488

210 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)
	North Texas Tollway Authority System RB Refunding First Tier Series 2014 A (A+/A1)
$	12,430,000	5.000 %		01/01/2025	$	13,744,521
	North Texas Tollway Authority System RB Refunding First Tier Series 2016 A (A+/A1)
	1,630,000	5.000		01/01/2022		1,648,947
	14,225,000	5.000		01/01/2025		15,729,349
	North Texas Tollway System Authority RB Refunding Series 2015 A (A/A2)
	2,605,000	5.000		01/01/2024		2,876,154
	Northside Independent School District GO Bonds Series 2020 (PSF-GTD) (AAA/Aaa)(a)(b)
	32,150,000	0.700		06/01/2025		32,230,684
	Pasadena Independent School District GO Bonds Series 2015 B (PSF-GTD) (AAA/Aaa)(a)(b)
	3,845,000	1.500		08/15/2024		3,955,421
	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		7,792,519
	Port Arthur Independent School District GO Bonds Series 2015 A (PSF-GTD) (AAA/Aaa)
	1,700,000	5.000		02/15/2024		1,888,233
	Round Rock Independent School District GO Refunding Bonds Series 2019 B (AAA/Aaa)
	2,485,000	4.000		08/01/2023		2,655,718
	San Antonio Water System Junior Lien RB Series 2019 A (AA/Aa2)(a)(b)
	15,000,000	2.625		05/01/2024		15,912,289
	San Antonio Water System RB Refunding Series 2015 B (AA/Aa2)
	8,855,000	5.000		05/15/2039		10,155,269
	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		344,659
	State of Texas GO Bonds Series 2014 (AAA/Aaa)(d)
	9,870,000	5.000		04/01/2024		11,025,929
	State of Texas GO Bonds Series 2016 (AAA/Aaa)
	10,500,000	5.000		04/01/2031		12,472,256
	State of Texas GO Refunding Bonds Series 2014 (AAA/Aaa)(d)
	16,635,000	5.000		04/01/2024		18,583,215
	State of Texas GO Refunding Bonds Series 2015 B (AAA/Aaa)
	25,000,000	5.000		10/01/2036		29,126,928
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for CHRISTUS Health Obligation Group Series 2018 A (A+/A1)
	1,795,000	5.000		07/01/2022		1,858,183
	Tarrant County Cultural Education Facilities Finance Corp. RB Refunding for Hendrick Medical Center Obligated Group Series 2021 (AGM) (AA/A2)
	450,000	0.923		09/01/2022		451,561
	500,000	1.071		09/01/2023		502,989
	700,000	1.356		09/01/2024		706,476
	600,000	1.386		09/01/2025		601,645
Municipal Bonds – (continued)
Texas – (continued)
	Texas Municipal Gas Acquisition & Supply Corp. I RB Senior Lien Series 2006 B (A-/A2)(c)
		(3 Mo. LIBOR + 0.70%),
	9,740,000	0.778%		12/15/2026		9,780,554
	Texas Municipal Gas Acquisition & Supply Corp. II RB Series 2007 B (A-/A2)(c)
	8,595,000	(SIFMA Municipal Swap Index Yield + 0.55%), 0.600		09/15/2027		8,672,940
	Texas Municipal Gas Acquisition & Supply Corp. III RB Refunding Series 2021 (BBB+/A3)
	1,000,000	5.000		12/15/2021		1,009,228
	780,000	5.000		12/15/2022		822,837
	670,000	5.000		12/15/2023		736,242
	735,000	5.000		12/15/2024		837,727
	1,000,000	5.000		12/15/2025		1,175,289
	10,280,000	5.000		12/15/2026		12,398,077
	Texas Municipal Gas Acquisition and Supply Corp. II RB for LIBOR Index Rate Series 2012 C (A-/A2)(c)
		(3 Mo. LIBOR + 0.69%),
	125,000,000	0.767		09/15/2027		125,779,663
	Texas Public Finance Authority RB Refunding for Southern University Series 2021 (BBB/NR)
	300,000	5.000		05/01/2022		307,919
	270,000	5.000		05/01/2023		289,107
	350,000	5.000		05/01/2024		387,827
	490,000	5.000		05/01/2025		559,627
	520,000	5.000		05/01/2026		610,185
	640,000	5.000		05/01/2027		768,360
	Texas Transportation Commission Central Turnpike System RB First Tier Series 2002 A (AMBAC) (A/A3)(g)
	6,950,000	0.000		08/15/2023		6,891,056
	Texas Transportation Commission Highway Improvement GO Bonds Series 2016 (AAA/Aaa)
	6,925,000	5.000		04/01/2022		7,091,532
	Texas Transportation Commission State Highway Fund RB Refunding Series 2016 B (AAA/Aaa)
	46,000,000	0.560		04/01/2026		45,714,736
	Texas Water Development Board RB for State Water Implementation Revenue Fund for Texas Series 2018 B (AAA/NR)
	1,595,000	5.000		04/15/2024		1,784,263
	Tomball Independent School District GO Bonds 2014 B-2 (PSF-GTD) (AAA/Aaa)(a)(b)
	4,700,000	0.260		08/15/2024		4,678,759
	Tomball Independent School District GO Bonds Series 2014 B-1 (PSF-GTD) (AAA/Aaa)(a)(b)
	2,675,000	0.450		08/15/2023		2,673,636
	Tomball Independent School District GO Bonds Series 2014 B-3 (PSF-GTD) (AAA/Aaa)(a)(b)
	11,650,000	1.350		08/15/2022		11,767,451
	Travis County Water Control & Improvement District No. 17 GO Refunding Bonds Series 2020 (BAM) (AA/NR)
	300,000	3.000		05/01/2022		304,599
	325,000	3.000		05/01/2023		338,388
	405,000	3.000		05/01/2024		430,401

The accompanying notes are an integral part of these financial statements. 211

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Texas – (continued)
	Travis County Water Control & Improvement District No. 17 GO Refunding Bonds Series 2020 (BAM) (AA/NR) – (continued)
$	305,000		4.000	%		05/01/2025	$	340,268
	285,000		4.000			05/01/2026		324,619
	University Houston Consolidated RB Refunding Series 2017 C (AA/Aa2)
	6,355,000		5.000			02/15/2022		6,467,975
	Viridian Municipal Management District Tarrant County Special Assessment RB Series 2015 (NR/NR)
	19,000		4.000			12/01/2021		19,072
	Wichita Falls Independent School District GO Refunding Bonds Series 2015 (PSF-GTD) (AAA/NR)
	1,670,000		5.000			02/01/2024		1,852,033
								1,156,438,623
Utah – 0.3%
	County of Utah RB for IHC Health Services, Inc. Obligated Group Series 2020 B (AA+/Aa1)(a)(b)
	5,715,000		5.000			08/01/2024		6,452,619
	6,000,000		5.000			08/01/2026		7,207,267
	Granite School District Board of Education GO Bonds Series 2020 (SCH BD GTY) (AAA/Aaa)
	4,660,000		5.000			06/01/2022		4,809,218
	4,890,000		5.000			06/01/2023		5,279,417
	5,135,000		5.000			06/01/2024		5,777,759
	1,895,000		5.000			06/01/2025		2,209,710
	University of Utah RB General Series 2015 B (AA+/Aa1)
	5,370,000		5.000			08/01/2023		5,835,626
	University of Utah RB General Series 2016 B-1 (AA+/Aa1)
	2,415,000		5.000			08/01/2023		2,624,401
	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		2,559,945
								42,755,962
Vermont – 0.0%
	Vermont Educational & Health Buildings Financing Agency RB Refunding for The University of Vermont Medical Center Project Series 2016 A (A/A3)
	365,000		5.000			12/01/2021		367,741
Virgin Islands – 0.0%
	Virgin Islands Public Finance Authority Gross Receipts Taxes Loan NT RB Series 2012 A (AGM-CR) (AA/A2)
	155,000		4.000			10/01/2022		157,416
	Virgin Islands Public Finance Authority RB Refunding for Virgin Islands Gross Receipts Taxes Loan Note Series 2012 A (WD/NR)
	280,000		4.000			10/01/2022		279,479
								436,895
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		24,813,496
	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		2,308,446
Municipal Bonds – (continued)
Virginia – (continued)
	City of Alexandria GO Refunding Bonds Series 2017 D (ST AID WITHHLDG) (AAA/Aaa)
	355,000		5.000			07/01/2022		367,767
	City of Harrisonburg GO Refunding Bonds Series 2021 A (ST AID WITHHLDG) (AA+/Aa2)
	7,585,000		5.000			07/15/2024		8,575,498
	3,850,000		5.000			07/15/2025		4,510,791
	Commonwealth of Virginia GO Bonds Series 2020 A (AAA/Aaa)
	4,515,000		4.000			06/01/2024		4,961,910
	4,560,000		4.000			06/01/2025		5,157,265
	4,360,000		4.000			06/01/2026		5,054,384
	County of Arlington GO Refunding Bonds 2020 B (ST AID WITHHLDG) (AAA/Aaa)
	2,870,000		0.640			08/01/2024		2,876,334
	County of Loudoun GO Refunding Bonds Series 2021 B (AAA/Aaa)
	2,270,000		5.000			12/01/2024		2,605,490
	2,250,000		5.000			12/01/2025		2,668,819
	Fairfax County GO Bonds for Virginia Public Improvement Series 2015 A (ST AID WITHHLDG) (AAA/Aaa)(d)
	6,475,000		4.000			10/01/2024		7,185,937
	Fairfax County GO Bonds for Virginia Public Improvement Series 2018 A (ST AID WITHHLDG) (AAA/WR)
	10,285,000		4.000			10/01/2021		10,285,000
	Fairfax County GO Refunding Bonds for Virginia Public Improvement Series 2016 A (ST AID WITHHLDG) (NR/Aaa)(d)
	8,450,000		5.000			10/01/2021		8,450,000
	Fairfax County GO Taxable Refunding Bonds Series 2020 B (ST AID WITHHLDG) (AAA/Aaa)
	1,095,000		0.545			10/01/2024		1,093,459
	2,830,000		0.645			10/01/2025		2,809,174
	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		2,251,809
	Hampton Roads Transportation Accountability Commission RB Series 2019 A (A+/Aa3)
	34,395,000		5.000			07/01/2022		35,624,081
	Hampton Roads Transportation Accountability Commission RB Series 2021 A (A+/Aa2)
	47,225,000		5.000			07/01/2026		56,935,405
	Henry County Industrial Development Authority Grant Anticipation RB Series 2019 B (A+/A1)
	8,365,000		2.000			11/01/2023		8,375,010
	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		1,359,418
	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		2,568,951
	Louisa Industrial Development Authority RB Virginia Electric and Power Co. Series 2008 B (BBB+/A2)(a)(b)
	2,500,000		0.750			09/02/2025		2,494,841

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Virginia – (continued)
	Peninsula Ports Authority RB Refunding for Dominion Terminal Associates Series 2003 (BBB/Baa2)(a)(b)
$	2,400,000	1.700 %		10/01/2022	$	2,429,603
	Salem Economic Development Authority RB Refunding for Roanoke College Series 2020 (BBB+/NR)
	215,000	5.000		04/01/2022		219,598
	250,000	5.000		04/01/2023		266,000
	270,000	5.000		04/01/2024		297,169
	270,000	5.000		04/01/2025		306,516
	Spotsylvania County Economic Development Authority RB Refunding for County of Spotsylvania Series 2021 (AA+/NR)
	2,935,000	5.000		06/01/2023		3,167,197
	2,990,000	5.000		06/01/2024		3,361,713
	3,130,000	5.000		06/01/2025		3,648,568
	University of Virginia RB Green Bonds Series 2015 A-2 (AAA/Aaa)
	20,705,000	5.000		04/01/2045		23,447,885
	Virginia College Building Authority Education Facilities RB Series 2014 A (AA+/Aa1)(d)
	7,880,000	4.000		02/01/2024		8,558,829
	Virginia College Building Authority RB Refunding for Regent University Project Series 2021 (BBB-/NR)
	175,000	5.000		06/01/2022		180,237
	175,000	5.000		06/01/2023		188,024
	250,000	5.000		06/01/2024		278,465
	270,000	5.000		06/01/2025		310,269
	340,000	5.000		06/01/2026		400,831
	300,000	5.000		06/01/2027		361,366
	Virginia Commonwealth Transportation Board Federal Transportation Grant Anticipation RB Series 2013 A (AA+/Aa1)(d)
	5,225,000	5.000		03/15/2023		5,587,251
	Virginia Commonwealth Transportation Board RB Capital Project Series 2012 (AA+/Aa1)
	810,000	4.000		05/15/2037		827,815
	Virginia Commonwealth Transportation Board RB For Transportation Capital Project Series 2012 (AA+/Aa1)(d)
	9,365,000	5.000		05/15/2022		9,644,763
	Virginia Commonwealth Transportation Board RB for Transportation Capital Project Series 2017 (AA+/Aa1)
	1,230,000	5.000		05/15/2022		1,266,740
	Virginia Commonwealth Transportation Board RB Refunding for U.S. Route 58 Corridor Development Program Series 2016 C (AA+/Aa1)
	2,345,000	5.000		05/15/2023		2,527,225
	Virginia Housing Development Authority RB for Rental Housing Series 2018 E (AA+/Aa1)
	5,660,000	2.500		12/01/2022		5,665,722
	Virginia Housing Development Authority RB for Rental Housing Series 2019 E (AA+/Aa1)
	4,500,000	1.400		12/01/2023		4,501,760
	Virginia Housing Development Authority RB Series 2021 B (AA+/Aa1)
	11,625,000	0.670		03/01/2025		11,629,587
	Virginia Public Building Authority RB Series 2021 A-1 (AA+/Aa1)
	6,375,000	5.000		08/01/2025		7,477,555
Municipal Bonds – (continued)
Virginia – (continued)
	Virginia Resources Authority Infrastructure and State Moral Obligation RB for Pooled Financing Program Series 2014 C (AAA/NR)
	3,375,000	5.000		11/01/2021		3,387,371
	Virginia Resources Authority Infrastructure and State Moral Obligation RB for Pooled Financing Program Series 2014 C (ETM) (NR/NR)(d)
	385,000	5.000		11/01/2021		386,411
	Virginia Small Business Financing Authority RB Refunding National Senior Campuses, Inc. Obligated Group Series 2020 A (A/NR)
	500,000	5.000		01/01/2022		505,639
	500,000	5.000		01/01/2023		528,464
	550,000	5.000		01/01/2024		605,423
	700,000	5.000		01/01/2025		798,782
	750,000	5.000		01/01/2026		881,599
	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		1,541,717
	4,500,000	5.000		01/01/2040		4,548,444
	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		15,164,432
	24,700,000	5.000		01/01/2040		24,966,073
	Virginia Small Business Financing Authority Senior Lien RB for 95 Express Lanes LLC Project Series 2019 (AMT) (BBB-/NR)
	14,290,000	5.000		07/01/2049		14,436,412
	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		12,526,538
	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		6,918,866
	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		4,360,398
						391,440,542
Washington – 1.2%
	City of Seattle Limited Tax GO Improvement & Refunding Bonds Series 2021 A (AAA/Aaa)
	2,495,000	5.000		12/01/2026		3,045,533
	City of Seattle RB Refunding for Municipal Light & Power Series 2021 B (AA/Aa2)(a)
	10,000,000	(SIFMA Municipal Swap Index Yield + 0.25%), 0.300		11/01/2026		10,000,031
	King County Housing Authority RB Refunding Series 2020 (AA/NR)
	250,000	3.000		06/01/2022		254,365
	200,000	3.000		06/01/2023		208,287
	225,000	3.000		06/01/2024		239,151
	280,000	3.000		06/01/2025		302,264
	King County Junior Lien Sewer RB Refunding Series 2020 A (AA/Aa2)(a)(b)
	15,845,000	0.625		01/01/2024		15,856,827

The accompanying notes are an integral part of these financial statements. 213

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Bonds – (continued)
Washington – (continued)
	King County Sewer RB Refunding Series 2016 B (AA+/Aa1)
$	5,710,000		5.000	%		07/01/2025	$	6,681,439
	King County Sewer RB Series 2014 A (AGM) (AA+/Aa1)
	29,000,000		5.000			01/01/2047		32,147,121
	Port of Seattle GO Refunding Bonds Series 2015 (AA-/Aaa)
	5,000,000		5.000			06/01/2027		5,615,912
	Port of Seattle RB for Intermediate Lien Series 2021 C (A+/A1)
	1,975,000		5.000			04/01/2040		2,218,478
	State of Washington COPS Refunding Bond Series 2019 D (NR/Aa1)
	1,000,000		5.000			07/01/2026		1,203,540
	State of Washington GO Bonds Series 2021 E (AA+/Aaa)
	5,360,000		5.000			06/01/2024		6,030,922
	University of Washington RB Series 2019 A (AA+/Aaa)(a)(b)
	15,000,000		5.000			05/01/2022		15,055,096
	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		1,514,057
	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		3,796,788
	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		13,544,097
	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		10,443,825
	Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 B-3 (BBB+/Baa1)(a)(b)
	5,000,000		5.000			08/01/2026		5,864,519
	Washington Health Care Facilities Authority RB Refunding for Multicare Health System Obligated Group Series 2017 B (AA-/Aa3)
	1,315,000		5.000			08/15/2025		1,540,520
	Washington State GO Refunding Bonds Series R-2015E (AA+/Aaa)
	8,000,000		5.000			07/01/2030		9,151,175
	Washington State Local Agency Real and Personal Property COPS Series 2019 D (NR/Aa1)
	3,935,000		5.000			07/01/2024		4,438,632
	Washington State Motor Vehicle Fuel Tax GO Refunding Bonds Series R-2013 B (AA+/Aaa)
	5,000,000		5.000			07/01/2024		5,177,907
	Washington State Various Purpose GO Refunding Bonds Series R-2013C (AA+/Aaa)
	6,500,000		5.000			07/01/2025		7,034,807
								161,365,293
Municipal Bonds – (continued)
West Virginia – 0.6%
	State of West Virginia GO Bonds for State Road Series 2019 A (AA-/Aa2)
	7,830,000		5.000			06/01/2023		8,453,546
	8,640,000		5.000			06/01/2025		10,074,879
	8,860,000		5.000			12/01/2025		10,501,163
	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		2,940,284
	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		5,651,991
	West Virginia Economic Development Authority RB Refunding for Appalachian Power Co. Series 2010 A (A-/Baa1)(a)(b)
	4,645,000		0.625			12/15/2025		4,596,045
	West Virginia Hospital Finance Authority RB Refunding for Cabell Huntington Hospital Obligated Group Series 2018 A (BBB+/Baa1)
	540,000		5.000			01/01/2022		545,823
	550,000		5.000			01/01/2023		580,107
	West Virginia University RB Refunding Series 2020 A (AA-/Aa3)
	8,895,000		1.365			10/01/2022		8,984,523
	10,495,000		1.391			10/01/2023		10,670,704
	19,755,000		1.449			10/01/2024		20,125,880
								83,124,945
Wisconsin – 1.7%
	City of Milwaukee GO Bonds Series 2021 N3 (A/NR)
	12,520,000		5.000			04/01/2025		14,394,685
	City of Milwaukee GO Refunding Bonds Series 2017 (A/NR)
	6,045,000		5.000			04/01/2023		6,471,278
	City of Milwaukee GO Refunding Bonds Series 2018 (A/NR)
	12,770,000		5.000			02/01/2023		13,571,374
	City of New Berlin GO Refunding Bonds Series 2021 A (NR/Aaa)
	1,260,000		5.000			06/01/2026		1,512,768
	County of Dane GO Bonds Series 2019 A (AAA/NR)
	2,165,000		2.000			06/01/2022		2,191,602
	County of Dane GO Bonds Series 2020 A (AAA/NR)
	5,935,000		0.050			04/01/2022		5,932,776
	5,935,000		0.050			04/01/2023		5,919,957
	4,950,000		2.000			04/01/2024		5,161,680
	3,290,000		2.000			04/01/2026		3,490,736
	Public Finance Authority RB for Beyond Boone LLC Series 2020 A (AGM) (AA/A2)
	160,000		4.000			07/01/2024		174,732
	265,000		4.000			07/01/2025		296,789
	Public Finance Authority RB Refunding for Blue Ridge Healthcare Obligated Group Series 2020 A (A/A3)
	200,000		5.000			01/01/2022		202,280
	300,000		5.000			01/01/2023		317,388
	300,000		5.000			01/01/2024		330,231
	300,000		5.000			01/01/2025		342,335

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Principal Amount		Interest Rate	Maturity Date		Value
Municipal Bonds – (continued)
Wisconsin – (continued)
	Public Finance Authority RB Refunding for Fellowship Senior Living Obligated Group Series 2019 A (BBB+/NR)
$	1,925,000	4.000 %		01/01/2026	$	2,141,314
	2,000,000	4.000		01/01/2027		2,261,889
	1,720,000	4.000		01/01/2028		1,963,148
	1,790,000	4.000		01/01/2029		2,044,732
	Public Finance Authority RB Refunding for Renown Regional Medical Center Series 2020 A (A+/NR)
	300,000	5.000		06/01/2022		309,383
	325,000	5.000		06/01/2023		350,316
	350,000	5.000		06/01/2024		392,320
	375,000	5.000		06/01/2025		435,050
	300,000	5.000		06/01/2026		358,505
	Public Finance Authority Tax Increment Reinvestment Zone No. 11 Tax Allocation Series 2019 (NR/Baa3)(g)
	10,252,000	0.000		12/15/2027		8,031,613
	State of Wisconsin Environmental Improvement Fund RB Series 2018 A (AAA/NR)
	7,905,000	5.000		06/01/2022		8,159,198
	State of Wisconsin GO Unlimited Bonds Series 2014 A (AA+/Aa1)(d)
	11,145,000	5.000		05/01/2022		11,456,858
	State of Wisconsin GO Unlimited Refunding Bonds Series 2017 (AA+/Aa1)
	5,420,000	5.000		11/01/2021		5,439,908
	Western Technical College District GO Refunding Bonds Series 2017 G (AA+/NR)
	1,685,000	5.000		04/01/2023		1,803,297
	Wisconsin Health & Educational Facilities Authority RB for Hmong American Peace Academy Ltd. Series 2020 (BBB/NR)
	115,000	4.000		03/15/2022		116,594
	115,000	4.000		03/15/2023		120,066
	120,000	4.000		03/15/2024		128,010
	125,000	4.000		03/15/2025		136,169
	Wisconsin Health & Educational Facilities Authority RB Refunding for Advocate Aurora Health Obligated Group Series 2018 C-1 (AA/Aa3)(a)(b)
	4,250,000	5.000		07/29/2026		5,117,605
	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%), 0.700		07/31/2024		4,037,798
	Wisconsin Health & Educational Facilities Authority RB Refunding for Ascension Health Credit Group Series 2019 A (AA+/Aa2)
	1,875,000	5.000		11/15/2021		1,885,391
	930,000	5.000		11/15/2022		979,931
	4,455,000	5.000		11/15/2023		4,903,428
	Wisconsin Health & Educational Facilities Authority RB Refunding for Lawrence University of Wisconsin Series 2020 (NR/Baa1)
	285,000	4.000		02/01/2022		287,689
	290,000	4.000		02/01/2023		300,940
Municipal Bonds – (continued)
Wisconsin – (continued)
	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		9,568,357
	Wisconsin State GO Bonds Series 2015 A (AA+/Aa1)(d)
	40,860,000	5.000		05/01/2023		43,942,552
	Wisconsin State GO Bonds Series 2015 C (AA+/Aa1)(d)
	5,000,000	5.000		05/01/2024		5,598,211
	Wisconsin State GO Bonds Series 2016 A (AA+/Aa1)
	5,000,000	5.000		05/01/2033		5,785,052
	5,000,000	5.000		05/01/2034		5,779,275
	Wisconsin State GO Bonds Series 2018 A (AA+/Aa1)
	9,495,000	5.000		05/01/2023		10,215,376
	Wisconsin State GO Bonds Series 2020 B (AA+/Aa1)
	9,815,000	5.000		05/01/2024		11,012,547
	Wisconsin State GO Refunding Bonds Series 2016 2 (AA+/Aa1)
	4,210,000	5.000		11/01/2024		4,814,833
	Wisconsin State GO Refunding Bonds Series 2017 2 (AA+/Aa1)
	4,405,000	5.000		11/01/2024		5,037,848
	Wisconsin State GO Refunding Bonds Series 2021 1 (AA+/Aa1)
	5,000,000	5.000		05/01/2026		6,000,812
	Wisconsin State RB Refunding Series 2020 A (AA/Aa2)
	775,000	1.720		05/01/2022		781,901
	820,000	1.749		05/01/2023		838,436
						232,846,963
Wyoming – 0.1%
	University of Wyoming RB Series 2021 C (AA-/Aa3)
	2,000,000	5.000		06/01/2025		2,328,180
	2,000,000	5.000		06/01/2026		2,400,200
	2,220,000	5.000		06/01/2027		2,735,539
						7,463,919
	TOTAL MUNICIPAL BONDS
	(Cost $12,308,046,823)				$	12,472,518,199
Corporate Bonds – 0.1%
Consumer Services – 0.1%
	Emory University Series 2020
$	9,000,000	1.566%		09/01/2025	$	9,122,330
	Howard University Series 2020
	1,000,000	2.638		10/01/2021		1,000,000
	1,500,000	2.738		10/01/2022		1,526,214
	1,500,000	2.801		10/01/2023		1,550,559
	2,030,000	2.416		10/01/2024		2,076,888
						15,275,991
Media & Entertainment – 0.0%
	Smithsonian Institution
	825,000	0.895		09/01/2022		826,289
	800,000	0.974		09/01/2023		802,611
	1,000,000	1.118		09/01/2024		1,004,912
	1,000,000	1.218		09/01/2025		999,637
						3,633,449
	TOTAL CORPORATE BONDS
	(Cost $18,871,466)				$	18,909,440

The accompanying notes are an integral part of these financial statements. 215

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 4.6%
	U.S. Treasury Notes
$	50,000,000		0.375	%		04/15/2024	$	49,949,219
	100,000,000		0.375			07/15/2024		99,718,750
	100,000,000		0.375			11/30/2025		98,109,375
	75,000,000		0.375			12/31/2025		73,500,000
	50,000,000		0.375			01/31/2026		48,929,687
	25,000,000		0.750			03/31/2026		24,826,172
	50,000,000		0.750			05/31/2026		49,578,125
	50,000,000		0.625			11/30/2027		48,300,782
	75,000,000		0.625			12/31/2027		72,375,000
	50,000,000		0.750			01/31/2028		48,558,594
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $623,493,350)						$	613,845,704
	TOTAL INVESTMENTS – 97.5%
	(Cost $12,950,411,639)						$	13,105,273,343
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 2.5%							334,921,428
	NET ASSETS – 100.0%						$	13,440,194,771

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, 2021.
(b)	Variable Rate Demand Instruments – rate shown is that which is in effect on September 30, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.
(c)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(d)	Pre-refunded security. Maturity date disclosed is pre-refunding date.
(e)	When-issued security.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	Zero coupon bond until next reset date.

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
BAM	—Build America Mutual Assurance Co.
BHAC-CR	—Insured by Berkshire Hathaway Assurance Corp. - Insured Custodial Receipts
COMWLTH GTD	—Commonwealth Guaranteed
COPS	—Certificates of Participation
ETM	—Escrowed to Maturity
FGIC	—Insured by Financial Guaranty Insurance Co.
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
Mo.	—Month
MUN GOVT GTD	—Municipal Government Guaranteed
NATL-RE	—Insured by National Public Finance Guarantee Corp.
NR	—Not Rated
PCRB	—Pollution Control Revenue Bond
PILOT	—Payment in Lieu of Taxes
PSF-GTD	—Guaranteed by Permanent School Fund
Q-SBLF	—Qualified School Board Loan Fund
RB	—Revenue Bond
RMKT	—Remarketed
SCH BD GTY	—School Bond Guaranty
SCH BD RES FD	—School Bond Reserve Fund
SCSDE	—South Carolina State Department of Education
SD CRED PROG	—School District Credit Program
SIFMA	—The Securities Industry and Financial Markets Association
SOFR	—Secured Overnight Financing Rate
ST AID WITHHLDG	—State Aid Withholding
ST APPROP	—State Appropriation
USD	—United States Dollar
WR	—Withdrawn Rating

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

ADDITIONAL INVESTMENT INFORMATION

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Reference Obligation/Index(a)	Financing Rate Received (Paid) by the Fund			Credit Spread at September 30, 2021(b)		Counterparty		Termination Date		Notional Amount (000’s)		Value		Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
California State Various Purpose GO Bonds Series 2003, 5.000%, 11/01/2023		1.000	%		0.183%		Bank of America NA		03/20/2023		USD 5,000	$	62,014	$	(36,367	)	$	98,381
California State Various Purpose GO Bonds Series 2003, 5.250%, 11/01/2023		1.000			0.183		JPMorgan Chase Bank NA		03/20/2023		10,000		124,026		(72,734	)		196,760
TOTAL												$	186,040	$	(109,101	)	$	295,141

(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. 217

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Assets and Liabilities

September 30, 2021 (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 $9,873,516,779, $10,353,275,399, $159,408,135 and $12,950,411,639)	$	10,469,735,289		$	11,452,697,678	$	163,358,186	$	13,105,273,343
Cash		249,013,770			224,355,320		13,028,459		298,683,529
Receivables:
Interest		109,887,424			130,715,611		1,688,138		119,891,584
Fund shares sold		20,540,765			13,594,718		453,893		88,367,556
Collateral on certain derivative contracts(a)		14,217,720			15,813,930		302,500		—
Due from custodian		3,376,500			—		—		—
Investments sold on an extended-settlement basis		572,495			572,495		102,119		—
Reimbursement from investment adviser		94,332			92,301		25,195		137,538
Unrealized gain on swap contracts		39,352			1,011,456		—		295,141
Other assets		273,237			218,313		30,704		308,284
Total assets		10,867,750,884			11,839,071,822		178,989,194		13,612,956,975
Liabilities:
Variation margin on futures		1,344,340			1,494,846		28,875		—
Payables:
Investments purchased on an extended-settlement basis		75,479,301			104,161,142		3,230,818		134,502,486
Fund shares redeemed		13,935,371			12,693,159		89		32,218,670
Investments purchased		13,250,719			7,368,272		—		—
Management fees		3,034,674			4,755,578		—		3,656,708
Income distribution		1,631,212			1,085,086		—		1,147,855
Distribution and Service fees and Transfer Agency fees		991,023			586,177		—		436,225
Upfront payments received on swap contracts		14,547			465,216		—		109,101
Collateral on certain derivative contracts(a)		—			430,000		—		250,000
Accrued expenses		154,581			380,941		108,494		441,159
Total liabilities		109,835,768			133,420,417		3,368,276		172,762,204
Net Assets:
Paid-in capital		10,425,622,335			10,835,839,616		172,161,002		13,302,978,467
Total distributable earnings (loss)		332,292,781			869,811,789		3,459,916		137,216,304
NET ASSETS	$	10,757,915,116		$	11,705,651,405	$	175,620,918	$	13,440,194,771
Net Assets:
Class A	$	1,574,056,507		$	646,381,901	$	—	$	243,248,347
Class C		157,239,137			85,337,568		—		12,777,570
Institutional		4,731,456,880			1,903,313,530		—		2,833,865,835
Separate Account Institutional		—			—		175,620,918		—
Service		25,708			—		—		130,655
Investor		1,418,123,722			625,214,475		—		206,638,650
Class R6		120,677,120			15,883,320		—		10,309,831
Class P		2,756,336,042			8,429,520,611		—		10,133,223,883
Total Net Assets	$	10,757,915,116		$	11,705,651,405	$	175,620,918	$	13,440,194,771
Shares outstanding $0.001 par value (unlimited shares authorized):
Class A		94,008,491			60,734,851		—		22,484,446
Class C		9,387,238			8,016,239		—		1,182,363
Institutional		282,726,802			178,801,066		—		262,334,646
Separate Account Institutional		—			—		16,187,347		—
Service		1,529			—		—		12,091
Investor		84,792,140			58,681,974		—		19,125,482
Class R6		7,208,246			1,493,002		—		954,846
Class P		164,615,600			792,593,150		—		938,407,087
Net asset value, offering and redemption price per share:(b)
Class A		$16.74			$10.64		$—		$10.82
Class C		16.75			10.65		—		10.81
Institutional		16.74			10.64		—		10.80
Separate Account Institutional		—			—		10.85		—
Service		16.82	(c)		—		—		10.81
Investor		16.72			10.65		—		10.80
Class R6		16.74			10.64		—		10.80
Class P		16.74			10.64		—		10.80

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

Fund	Futures		Swaps
Dynamic Municipal Income	$	14,217,720	$	—
High Yield Municipal		15,813,930		(430,000	)
Municipal Income Completion		302,500		—
Short Duration Tax-Free		—		(250,000	)

(b) Maximum public offering price per share for Class A Shares of the Dynamic Municipal Income, High Yield Municipal and Short Duration Tax-Free Funds is $17.39, $11.14 and $10.98, 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.

(c) Net asset value may not recalculate due to rounding of fractional shares.

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

GOLDMAN SACHS MUNICIPAL FUNDS

Statements of Operations

For the Six Months Ended September 30, 2021 (Unaudited)

	Dynamic Municipal Income Fund			High Yield Municipal Fund			Municipal Income Completion Fund			Short Duration Tax-Free Fund
Investment income:
Interest	$	136,801,427		$	206,634,991		$	1,742,173		$	85,959,290
Expenses:
Management fees		17,564,830			27,844,309			—			20,938,288
Transfer Agency fees(a)		3,123,435			2,355,631			14,040			2,225,248
Distribution and Service (12b-1) fees(a)		2,554,782			1,111,465			—			362,387
Custody, accounting and administrative services		454,563			481,989			28,222			552,273
Service fees — Class C		196,850			105,165			—			16,186
Registration fees		168,309			124,267			11,126			282,920
Printing and mailing costs		81,423			72,725			16,161			56,153
Legal fees		49,700			57,093			27,621			37,876
Audit fees		28,636			26,591			30,118			27,093
Trustee fees		16,425			17,107			9,563			18,272
Shareholder administration fees — Service Shares		33			—			—			181
Other		41,117			53,108			978			68,263
Total expenses		24,280,103			32,249,450			137,829			24,585,140
Less — expense reductions		(635,259	)		(734,551	)		(137,818	)		(881,584	)
Net expenses		23,644,844			31,514,899			11			23,703,556
NET INVESTMENT INCOME		113,156,583			175,120,092			1,742,162			62,255,734
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		136,209			20,328,431			(4,315	)		(2,449,225	)
Futures contracts		(23,964,525	)		(26,652,886	)		(337,109	)		—
Swap contracts		15,086			451,697			—			113,147
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		65,281,542			137,707,249			1,215,964			(20,087,316	)
Futures contracts		6,683,521			7,413,654			192,830			—
Swap contracts		(9,686	)		(118,744	)		—			(72,641	)
Net realized and unrealized gain (loss)		48,142,147			139,129,401			1,067,370			(22,496,035	)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	161,298,730		$	314,249,493		$	2,809,532		$	39,759,699

(a) Class specific Distribution and/or Service, and Transfer Agency fees were as follows:

	Distribution and/or (12b-1) Service Fees						Transfer Agency Fees
Fund	Class A		Class C		Service		Class A		Class C		Institutional		Separate Account Institutional		Service		Investor		Class R6		Class P
Dynamic Municipal Income	$	1,964,201	$	590,548	$	33	$	942,827	$	94,489	$	906,832	$	—	$	5	$	793,152	$	16,214	$	369,916
High Yield Municipal		795,970		315,495		—		382,070		50,480		343,367		—		—		343,612		1,838		1,234,264
Municipal Income Completion		—		—		—		—		—		—		14,040		—		—		—		—
Short Duration Tax-Free		313,648		48,558		181		150,553		7,769		526,166		—		28		116,297		1,439		1,422,996

The accompanying notes are an integral part of these financial statements. 219

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, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income	$	113,156,583		$	200,971,922		$	175,120,092		$	313,378,261
Net realized loss		(23,813,230	)		(39,361,992	)		(5,872,758	)		(35,047,107	)
Net change in unrealized gain		71,955,377			540,199,035			145,002,159			793,984,365
Net increase in net assets resulting from operations		161,298,730			701,808,965			314,249,493			1,072,315,519
Distributions to shareholders:
From distributable earnings:
Class A Shares		(14,903,734	)		(30,680,998	)		(8,649,869	)		(15,135,019	)
Class C Shares		(903,095	)		(2,094,730	)		(827,201	)		(1,944,817	)
Institutional Shares		(50,469,892	)		(91,393,063	)		(25,956,438	)		(39,002,617	)
Service Shares		(223	)		(3,608	)		—			—
Investor Shares		(14,172,812	)		(25,147,556	)		(8,482,068	)		(13,199,218	)
Class R6 Shares		(1,206,035	)		(2,090,258	)		(185,999	)		(198,852	)
Class P Shares		(27,515,781	)		(45,429,187	)		(124,914,243	)		(234,209,820	)
Total distributions to shareholders		(109,171,572	)		(196,839,400	)		(169,015,818	)		(303,690,343	)
From share transactions:
Proceeds from sales of shares		2,151,111,454			3,705,174,124			1,768,526,275			3,306,110,174
Reinvestment of distributions		99,108,717			177,162,915			162,776,385			293,250,971
Cost of shares redeemed		(894,520,115	)		(2,373,423,744	)		(731,417,357	)		(1,870,384,214	)
Net increase in net assets resulting from share transactions		1,355,700,056			1,508,913,295			1,199,885,303			1,728,976,931
TOTAL INCREASE		1,407,827,214			2,013,882,860			1,345,118,978			2,497,602,107
Net Assets:
Beginning of period		9,350,087,902			7,336,205,042			10,360,532,427			7,862,930,320
End of period	$	10,757,915,116		$	9,350,087,902		$	11,705,651,405		$	10,360,532,427

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

GOLDMAN SACHS MUNICIPAL FUNDS

	Municipal Income Completion Fund						Short Duration Tax-Free Fund
	For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income	$	1,742,162		$	1,374,326		$	62,255,734		$	132,598,030
Net realized loss		(341,424	)		(180,169	)		(2,336,078	)		(10,629,333	)
Net change in unrealized gain (loss)		1,408,794			3,503,297			(20,159,957	)		147,212,322
Net increase in net assets resulting from operations		2,809,532			4,697,454			39,759,699			269,181,019
Distributions to shareholders:
From distributable earnings:
Class A Shares		—			—			(840,833	)		(2,012,540	)
Class C Shares		—			—			(17,298	)		(95,591	)
Institutional Shares		—			—			(12,690,577	)		(25,817,373	)
Separate Account Institutional		(1,724,226	)		(1,353,194	)		—			—
Service Shares		—			—			(338	)		(1,372	)
Investor Shares		—			—			(887,221	)		(1,815,994	)
Class R6 Shares		—			—			(46,708	)		(92,353	)
Class P Shares		—			—			(46,254,369	)		(95,650,568	)
Total distributions to shareholders		(1,724,226	)		(1,353,194	)		(60,737,344	)		(125,485,791	)
From share transactions:
Proceeds from sales of shares		74,065,668			96,503,149			4,236,766,673			9,331,103,669
Reinvestment of distributions		1,721,563			1,336,815			53,494,090			110,210,651
Cost of shares redeemed		(6,421,891	)		(13,664,986	)		(2,814,210,591	)		(5,088,379,752	)
Net increase in net assets resulting from share transactions		69,365,340			84,174,978			1,476,050,172			4,352,934,568
TOTAL INCREASE		70,450,646			87,519,238			1,455,072,527			4,496,629,796
Net Assets:
Beginning of period		105,170,272			17,651,034			11,985,122,244			7,488,492,448
End of period	$	175,620,918		$	105,170,272		$	13,440,194,771		$	11,985,122,244

The accompanying notes are an integral part of these financial statements. 221

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.63		$	15.59		$	16.02		$	15.59		$	15.46		$	15.69
Net investment income(a)		0.17			0.36			0.37			0.44			0.47			0.52
Net realized and unrealized gain (loss)		0.10			1.03			(0.43	)		0.42			0.11			(0.25	)
Total from investment operations		0.27			1.39			(0.06	)		0.86			0.58			0.27
Distributions to shareholders from net investment income		(0.16	)		(0.35	)		(0.37	)		(0.43	)		(0.45	)		(0.50	)
Net asset value, end of period	$	16.74		$	16.63		$	15.59		$	16.02		$	15.59		$	15.46
Total return(b)		1.62	%		9.00	%		(0.43	)%		5.62	%		3.81	%		1.73	%
Net assets, end of period (in 000s)	$	1,574,057		$	1,521,711		$	1,330,377		$	769,894		$	315,142		$	218,699
Ratio of net expenses to average net assets		0.72	%(c)		0.72	%		0.73	%		0.74	%		0.76	%		0.78	%
Ratio of total expenses to average net assets		0.73	%(c)		0.75	%		0.76	%		0.78	%		0.85	%		0.98	%
Ratio of net investment income to average net assets		1.98	%(c)		2.21	%		2.25	%		2.78	%		2.98	%		3.34	%
Portfolio turnover rate(d)		2	%		6	%		23	%		16	%		12	%		28	%

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

(b) Assumes investment at the net asset value at the beginning of the 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.

222 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 C Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.64		$	15.60		$	16.03		$	15.60		$	15.47		$	15.69
Net investment income(a)		0.10			0.24			0.24			0.32			0.35			0.41
Net realized and unrealized gain (loss)		0.11			1.03			(0.42	)		0.42			0.12			(0.25	)
Total from investment operations		0.21			1.27			(0.18	)		0.74			0.47			0.16
Distributions to shareholders from net investment income		(0.10	)		(0.23	)		(0.25	)		(0.31	)		(0.34	)		(0.38	)
Net asset value, end of period	$	16.75		$	16.64		$	15.60		$	16.03		$	15.60		$	15.47
Total return(b)		1.24	%		8.19	%		(1.17	)%		4.83	%		3.03	%		1.04	%
Net assets, end of period (in 000s)	$	157,239		$	153,277		$	141,952		$	83,931		$	47,379		$	42,353
Ratio of net expenses to average net assets		1.47	%(c)		1.47	%		1.48	%		1.49	%		1.51	%		1.53	%
Ratio of total expenses to average net assets		1.48	%(c)		1.50	%		1.51	%		1.53	%		1.60	%		1.73	%
Ratio of net investment income to average net assets		1.23	%(c)		1.46	%		1.50	%		2.04	%		2.23	%		2.59	%
Portfolio turnover rate(d)		2	%		6	%		23	%		16	%		12	%		28	%

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

(b) Assumes investment at the net asset value at the beginning of the 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. 223

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.62		$	15.58		$	16.02		$	15.59		$	15.46		$	15.68
Net investment income(a)		0.19			0.41			0.42			0.49			0.52			0.58
Net realized and unrealized gain (loss)		0.12			1.03			(0.43	)		0.43			0.12			(0.25	)
Total from investment operations		0.31			1.44			(0.01	)		0.92			0.64			0.33
Distributions to shareholders from net investment income		(0.19	)		(0.40	)		(0.43	)		(0.49	)		(0.51	)		(0.55	)
Net asset value, end of period	$	16.74		$	16.62		$	15.58		$	16.02		$	15.59		$	15.46
Total return(b)		1.85	%		9.37	%		(0.16	)%		5.97	%		4.17	%		2.13	%
Net assets, end of period (in 000s)	$	4,731,457		$	4,188,941		$	3,206,615		$	1,858,949		$	1,296,146		$	774,777
Ratio of net expenses to average net assets		0.39	%(c)		0.39	%		0.39	%		0.40	%		0.42	%		0.44	%
Ratio of total expenses to average net assets		0.40	%(c)		0.42	%		0.42	%		0.44	%		0.51	%		0.64	%
Ratio of net investment income to average net assets		2.30	%(c)		2.54	%		2.59	%		3.14	%		3.32	%		3.67	%
Portfolio turnover rate(d)		2	%		6	%		23	%		16	%		12	%		28	%

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

(b) Assumes investment at the net asset value at the beginning of the 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.

224 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
	Service Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.71		$	15.67		$	16.10		$	15.66		$	15.54		$	15.77
Net investment income(a)		0.15			0.34			0.34			0.42			0.44			0.50
Net realized and unrealized gain (loss)		0.11			1.03			(0.42	)		0.43			0.11			(0.25	)
Total from investment operations		0.26			1.37			(0.08	)		0.85			0.55			0.25
Distributions to shareholders from net investment income		(0.15	)		(0.33	)		(0.35	)		(0.41	)		(0.43	)		(0.48	)
Net asset value, end of period	$	16.82		$	16.71		$	15.67		$	16.10		$	15.66		$	15.54
Total return(b)		1.53	%		8.79	%		(0.58	)%		5.50	%		3.58	%		1.57	%
Net assets, end of period (in 000s)	$	26		$	26		$	203		$	38		$	36		$	36
Ratio of net expenses to average net assets		0.90	%(c)		0.89	%		0.89	%		0.90	%		0.92	%		0.94	%
Ratio of total expenses to average net assets		0.91	%(c)		0.92	%		0.92	%		0.93	%		1.01	%		1.14	%
Ratio of net investment income to average net assets		1.79	%(c)		2.06	%		2.09	%		2.65	%		2.83	%		3.19	%
Portfolio turnover rate(d)		2	%		6	%		23	%		16	%		12	%		28	%

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

(b) Assumes investment at the net asset value at the beginning of the 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. 225

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	16.61		$	15.57		$	16.00		$	15.57		$	15.45		$	15.67
Net investment income(b)		0.19			0.40			0.41			0.48			0.50			0.56
Net realized and unrealized gain (loss)		0.10			1.03			(0.43	)		0.42			0.11			(0.24	)
Total from investment operations		0.29			1.43			(0.02	)		0.90			0.61			0.32
Distributions to shareholders from net investment income		(0.18	)		(0.39	)		(0.41	)		(0.47	)		(0.49	)		(0.54	)
Net asset value, end of period	$	16.72		$	16.61		$	15.57		$	16.00		$	15.57		$	15.45
Total return(c)		1.75	%		9.28	%		(0.19	)%		5.88	%		4.01	%		2.03	%
Net assets, end of period (in 000s)	$	1,418,124		$	1,193,082		$	904,160		$	480,724		$	160,475		$	65,306
Ratio of net expenses to average net assets		0.47	%(d)		0.47	%		0.48	%		0.49	%		0.51	%		0.53	%
Ratio of total expenses to average net assets		0.48	%(d)		0.50	%		0.51	%		0.53	%		0.59	%		0.73	%
Ratio of net investment income to average net assets		2.22	%(d)		2.46	%		2.50	%		3.03	%		3.22	%		3.57	%
Portfolio turnover rate(e)		2	%		6	%		23	%		16	%		12	%		28	%

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

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

(c) 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.

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

GOLDMAN SACHS DYNAMIC MUNICIPAL INCOME FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Dynamic Municipal Income Fund
	Class R6 Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,									November 30, 2017* to March 31, 2018
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	16.63		$	15.59		$	16.02		$	15.59		$	15.56
Net investment income(a)		0.20			0.41			0.42			0.49			0.17
Net realized and unrealized gain (loss)		0.10			1.04			(0.42	)		0.43			0.03
Total from investment operations		0.30			1.45			—	(b)		0.92			0.20
Distributions to shareholders from net investment income		(0.19	)		(0.41	)		(0.43	)		(0.49	)		(0.17	)
Net asset value, end of period	$	16.74		$	16.63		$	15.59		$	16.02		$	15.59
Total return(c)		1.80	%		9.37	%		(0.08	)%		5.98	%		1.27	%
Net assets, end of period (in 000s)	$	120,677		$	97,337		$	69,532		$	44,934		$	10
Ratio of net expenses to average net assets		0.38	%(d)		0.38	%		0.38	%		0.39	%		0.40	%(d)
Ratio of total expenses to average net assets		0.39	%(d)		0.41	%		0.41	%		0.42	%		0.43	%(d)
Ratio of net investment income to average net assets		2.31	%(d)		2.55	%		2.61	%		3.11	%		3.28	%(d)
Portfolio turnover rate(e)		2	%		6	%		23	%		16	%		12	%

 * Commencement of operations.

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

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

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

(d) Annualized.

(e) The 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. 227

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, 2021 (Unaudited)			Year Ended March 31,						April 20, 2018* to March 31, 2019
				2021			2020
Per Share Data
Net asset value, beginning of period	$	16.63		$	15.59		$	16.02		$	15.65
Net investment income(a)		0.20			0.41			0.43			0.46
Net realized and unrealized gain (loss)		0.10			1.04			(0.43	)		0.36
Total from investment operations		0.30			1.45			—	(b)		0.82
Distributions to shareholders from net investment income		(0.19	)		(0.41	)		(0.43	)		(0.45	)
Net asset value, end of period	$	16.74		$	16.63		$	15.59		$	16.02
Total return(c)		1.80	%		9.37	%		(0.08	)%		5.35	%
Net assets, end of period (in 000s)	$	2,756,336		$	2,195,715		$	1,683,366		$	1,193,566
Ratio of net expenses to average net assets		0.38	%(d)		0.38	%		0.38	%		0.39	%(d)
Ratio of total expenses to average net assets		0.39	%(d)		0.41	%		0.41	%		0.43	%(d)
Ratio of net investment income to average net assets		2.31	%(d)		2.55	%		2.61	%		3.11	%(d)
Portfolio turnover rate(e)		2	%		6	%		23	%		16	%

 * Commencement of operations.

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

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

(c) 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.

228 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 A Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.49		$	9.59		$	9.91		$	9.55		$	9.35		$	9.36
Net investment income(a)		0.15			0.33			0.37			0.38			0.38			0.47
Net realized and unrealized gain (loss)		0.15			0.89			(0.34	)		0.35			0.18			(0.06	)
Total from investment operations		0.30			1.22			0.03			0.73			0.56			0.41
Distributions to shareholders from net investment income		(0.15	)		(0.32	)		(0.35	)		(0.37	)		(0.36	)		(0.42	)
Net asset value, end of period	$	10.64		$	10.49		$	9.59		$	9.91		$	9.55		$	9.35
Total return(b)		2.82	%		12.87	%		0.13	%		7.79	%		6.10	%		4.48	%
Net assets, end of period (in 000s)	$	646,382		$	594,728		$	419,784		$	377,942		$	250,436		$	234,550
Ratio of net expenses to average net assets		0.85	%(c)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of total expenses to average net assets		0.88	%(c)		0.89	%		0.91	%		0.92	%		0.92	%		0.92	%
Ratio of net investment income to average net assets		2.83	%(c)		3.23	%		3.61	%		3.97	%		4.00	%		4.93	%
Portfolio turnover rate(d)		2	%		7	%		20	%		16	%		16	%		31	%

(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. 229

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.49		$	9.59		$	9.91		$	9.55		$	9.35		$	9.36
Net investment income(a)		0.11			0.25			0.29			0.31			0.31			0.40
Net realized and unrealized gain (loss)		0.16			0.89			(0.34	)		0.35			0.18			(0.06	)
Total from investment operations		0.27			1.14			(0.05	)		0.66			0.49			0.34
Distributions to shareholders from net investment income		(0.11	)		(0.24	)		(0.27	)		(0.30	)		(0.29	)		(0.35	)
Net asset value, end of period	$	10.65		$	10.49		$	9.59		$	9.91		$	9.55		$	9.35
Total return(b)		2.53	%		12.03	%		(0.62	)%		6.99	%		5.30	%		3.70	%
Net assets, end of period (in 000s)	$	85,338		$	80,215		$	77,387		$	60,899		$	59,381		$	66,772
Ratio of net expenses to average net assets		1.60	%(c)		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
Ratio of total expenses to average net assets		1.63	%(c)		1.64	%		1.66	%		1.67	%		1.67	%		1.67	%
Ratio of net investment income to average net assets		2.07	%(c)		2.50	%		2.85	%		3.22	%		3.25	%		4.18	%
Portfolio turnover rate(d)		2	%		7	%		20	%		16	%		16	%		31	%

(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.

230 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
	Institutional Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.49		$	9.59		$	9.91		$	9.55		$	9.36		$	9.36
Net investment income(a)		0.17			0.36			0.40			0.41			0.41			0.49
Net realized and unrealized gain (loss)		0.14			0.89			(0.34	)		0.35			0.17			(0.04	)
Total from investment operations		0.31			1.25			0.06			0.76			0.58			0.45
Distributions to shareholders from net investment income		(0.16	)		(0.35	)		(0.38	)		(0.40	)		(0.39	)		(0.45	)
Net asset value, end of period	$	10.64		$	10.49		$	9.59		$	9.91		$	9.55		$	9.36
Total return(b)		2.98	%		13.22	%		0.43	%		8.10	%		6.29	%		4.88	%
Net assets, end of period (in 000s)	$	1,903,314		$	1,416,246		$	894,702		$	699,635		$	5,026,846		$	4,284,703
Ratio of net expenses to average net assets		0.54	%(c)		0.54	%		0.55	%		0.56	%		0.56	%		0.56	%
Ratio of total expenses to average net assets		0.55	%(c)		0.56	%		0.57	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income to average net assets		3.13	%(c)		3.54	%		3.91	%		4.27	%		4.29	%		5.23	%
Portfolio turnover rate(d)		2	%		7	%		20	%		16	%		16	%		31	%

(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. 231

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.50		$	9.60		$	9.92		$	9.56		$	9.37		$	9.37
Net investment income(b)		0.17			0.35			0.39			0.41			0.41			0.50
Net realized and unrealized gain (loss)		0.14			0.89			(0.34	)		0.34			0.17			(0.05	)
Total from investment operations		0.31			1.24			0.05			0.75			0.58			0.45
Distributions to shareholders from net investment income		(0.16	)		(0.34	)		(0.37	)		(0.39	)		(0.39	)		(0.45	)
Net asset value, end of period	$	10.65		$	10.50		$	9.60		$	9.92		$	9.56		$	9.37
Total return(c)		2.95	%		13.14	%		0.38	%		8.05	%		6.26	%		4.81	%
Net assets, end of period (in 000s)	$	625,214		$	496,140		$	331,991		$	202,256		$	85,209		$	42,152
Ratio of net expenses to average net assets		0.60	%(d)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of total expenses to average net assets		0.63	%(d)		0.65	%		0.66	%		0.66	%		0.67	%		0.67	%
Ratio of net investment income to average net assets		3.07	%(d)		3.48	%		3.85	%		4.21	%		4.26	%		5.25	%
Portfolio turnover rate(e)		2	%		7	%		20	%		16	%		16	%		31	%

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

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

(c) 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.

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

GOLDMAN SACHS HIGH YIELD MUNICIPAL FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Municipal Fund
	Class R6 Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,									November 30, 2017* to March 31, 2018
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	10.48		$	9.58		$	9.91		$	9.55		$	9.46
Net investment income(a)		0.17			0.35			0.40			0.41			0.14
Net realized and unrealized gain (loss)		0.15			0.90			(0.35	)		0.35			0.08
Total from investment operations		0.32			1.25			0.05			0.76			0.22
Distributions to shareholders from net investment income		(0.16	)		(0.35	)		(0.38	)		(0.40	)		(0.13	)
Net asset value, end of period	$	10.64		$	10.48		$	9.58		$	9.91		$	9.55
Total return(b)		3.08	%		13.24	%		0.32	%		8.09	%		2.33	%
Net assets, end of period (in 000s)	$	15,883		$	11,001		$	11		$	11		$	10
Ratio of net expenses to average net assets		0.53	%(c)		0.53	%		0.54	%		0.55	%		0.57	%(c)
Ratio of total expenses to average net assets		0.54	%(c)		0.55	%		0.57	%		0.55	%		0.60	%(c)
Ratio of net investment income to average net assets		3.14	%(c)		3.44	%		3.92	%		4.28	%		4.36	%(c)
Portfolio turnover rate(d)		2	%		7	%		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.

The accompanying notes are an integral part of these financial statements. 233

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, 2021 (Unaudited)			Year Ended March 31,						April 20, 2018* to March 31, 2019
				2021			2020
Per Share Data
Net asset value, beginning of period	$	10.48		$	9.58		$	9.90		$	9.60
Net investment income(a)		0.17			0.36			0.40			0.39
Net realized and unrealized gain (loss)		0.15			0.89			(0.34	)		0.28
Total from investment operations		0.32			1.25			0.06			0.67
Distributions to shareholders from net investment income		(0.16	)		(0.35	)		(0.38	)		(0.37	)
Net asset value, end of period	$	10.64		$	10.48		$	9.58		$	9.90
Total return(b)		3.08	%		13.24	%		0.44	%		7.14	%
Net assets, end of period (in 000s)	$	8,429,521		$	7,762,203		$	6,139,055		$	5,961,922
Ratio of net expenses to average net assets		0.53	%(c)		0.53	%		0.54	%		0.55	%(c)
Ratio of total expenses to average net assets		0.54	%(c)		0.55	%		0.56	%		0.57	%(c)
Ratio of net investment income to average net assets		3.14	%(c)		3.56	%		3.93	%		4.27	%(c)
Portfolio turnover rate(d)		2	%		7	%		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.

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

GOLDMAN SACHS MUNICIPAL INCOME COMPLETION FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Municipal Income Completion Fund
	Separate Account Institutional Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021			April 1, 2019* to March 31, 2020
Per Share Data
Net asset value, beginning of period	$	10.68		$	9.65		$	10.00
Net investment income(a)		0.14			0.31			0.35
Net realized and unrealized gain (loss)		0.17			1.03			(0.34	)
Total from investment operations		0.31			1.34			0.01
Distributions to shareholders from net investment income		(0.14	)		(0.31	)		(0.36	)
Net asset value, end of period	$	10.85		$	10.68		$	9.65
Total return(b)		2.86	%		14.11	%		(0.10	)%
Net assets, end of period (in 000s)	$	175,621		$	105,170		$	17,651
Ratio of net expenses to average net assets		—	%		—	%		—	%
Ratio of total expenses to average net assets		0.20	%(c)		0.45	%		6.51	%
Ratio of net investment income to average net assets		2.48	%(c)		2.96	%		3.40	%
Portfolio turnover rate(d)		1	%		8	%		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.

The accompanying notes are an integral part of these financial statements. 235

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.83		$	10.63		$	10.66		$	10.48		$	10.52		$	10.56
Net investment income(a)		0.04			0.11			0.16			0.16			0.12			0.12
Net realized and unrealized gain (loss)		(0.01	)		0.20			(0.03	)		0.17			(0.04	)		(0.05	)
Total from investment operations		0.03			0.31			0.13			0.33			0.08			0.07
Distributions to shareholders from net investment income		(0.04	)		(0.11	)		(0.16	)		(0.15	)		(0.12	)		(0.11	)
Distributions to shareholders from net realized gains		—			—			—			—			—			—	(b)
Total distributions		(0.04	)		(0.11	)		(0.16	)		(0.15	)		(0.12	)		(0.11	)
Net asset value, end of period	$	10.82		$	10.83		$	10.63		$	10.66		$	10.48		$	10.52
Total return(c)		0.24	%		2.92	%		1.18	%		3.20	%		0.74	%		0.63	%
Net assets, end of period (in 000s)	$	243,248		$	255,472		$	134,986		$	119,675		$	97,703		$	124,586
Ratio of net expenses to average net assets		0.68	%(d)		0.68	%		0.68	%		0.69	%		0.68	%		0.70	%
Ratio of total expenses to average net assets		0.72	%(d)		0.73	%		0.74	%		0.75	%		0.75	%		0.76	%
Ratio of net investment income to average net assets		0.69	%(d)		1.05	%		1.45	%		1.51	%		1.18	%		1.09	%
Portfolio turnover rate(e)		10	%		20	%		29	%		44	%		35	%		40	%

(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.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Tax-Free Fund
	Class C Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.82		$	10.62		$	10.65		$	10.47		$	10.51		$	10.55
Net investment income(a)		0.02			0.08			0.11			0.12			0.09			0.07
Net realized and unrealized gain (loss)		(0.02	)		0.19			(0.03	)		0.17			(0.05	)		(0.05	)
Total from investment operations		—	(b)		0.27			0.08			0.29			0.04			0.02
Distributions to shareholders from net investment income		(0.01	)		(0.07	)		(0.11	)		(0.11	)		(0.08	)		(0.06	)
Distributions to shareholders from net realized gains		—			—			—			—			—			—	(b)
Total distributions		(0.01	)		(0.07	)		(0.11	)		(0.11	)		(0.08	)		(0.06	)
Net asset value, end of period	$	10.81		$	10.82		$	10.62		$	10.65		$	10.47		$	10.51
Total return(c)		0.04	%		2.51	%		0.78	%		2.80	%		0.34	%		0.23	%
Net assets, end of period (in 000s)	$	12,778		$	12,988		$	17,180		$	15,681		$	19,813		$	23,220
Ratio of net expenses to average net assets		1.08	%(d)		1.08	%		1.08	%		1.09	%		1.08	%		1.10	%
Ratio of total expenses to average net assets		1.47	%(d)		1.48	%		1.50	%		1.50	%		1.50	%		1.51	%
Ratio of net investment income to average net assets		0.29	%(d)		0.70	%		1.04	%		1.10	%		0.81	%		0.69	%
Portfolio turnover rate(e)		10	%		20	%		29	%		44	%		35	%		40	%

(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. 237

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.82		$	10.62		$	10.64		$	10.47		$	10.50		$	10.54
Net investment income(a)		0.05			0.15			0.19			0.19			0.16			0.15
Net realized and unrealized gain (loss)		(0.02	)		0.19			(0.02	)		0.16			(0.04	)		(0.05	)
Total from investment operations		0.03			0.34			0.17			0.35			0.12			0.10
Distributions to shareholders from net investment income		(0.05	)		(0.14	)		(0.19	)		(0.18	)		(0.15	)		(0.14	)
Distributions to shareholders from net realized gains		—			—			—			—			—			—	(b)
Total distributions		(0.05	)		(0.14	)		(0.19	)		(0.18	)		(0.15	)		(0.14	)
Net asset value, end of period	$	10.80		$	10.82		$	10.62		$	10.64		$	10.47		$	10.50
Total return(c)		0.30	%		3.23	%		1.58	%		3.42	%		1.15	%		0.94	%
Net assets, end of period (in 000s)	$	2,833,866		$	2,424,423		$	1,646,398		$	1,488,011		$	4,936,410		$	4,448,309
Ratio of net expenses to average net assets		0.38	%(d)		0.38	%		0.38	%		0.38	%		0.38	%		0.39	%
Ratio of total expenses to average net assets		0.39	%(d)		0.40	%		0.40	%		0.41	%		0.41	%		0.42	%
Ratio of net investment income to average net assets		0.99	%(d)		1.36	%		1.75	%		1.77	%		1.52	%		1.41	%
Portfolio turnover rate(e)		10	%		20	%		29	%		44	%		35	%		40	%

(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.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Tax-Free Fund
	Service Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.82		$	10.62		$	10.64		$	10.47		$	10.50		$	10.54
Net investment income(a)		0.03			0.10			0.14			0.14			0.11			0.10
Net realized and unrealized gain (loss)		(0.01	)		0.19			(0.02	)		0.16			(0.04	)		(0.05	)
Total from investment operations		0.02			0.29			0.12			0.30			0.07			0.05
Distributions to shareholders from net investment income		(0.03	)		(0.09	)		(0.14	)		(0.13	)		(0.10	)		(0.09	)
Distributions to shareholders from net realized gains		—			—			—			—			—			—	(b)
Total distributions		(0.03	)		(0.09	)		(0.14	)		(0.13	)		(0.10	)		(0.09	)
Net asset value, end of period	$	10.81		$	10.82		$	10.62		$	10.64		$	10.47		$	10.50
Total return(c)		0.14	%		2.71	%		1.07	%		2.90	%		0.65	%		0.44	%
Net assets, end of period (in 000s)	$	131		$	133		$	179		$	293		$	287		$	263
Ratio of net expenses to average net assets		0.88	%(d)		0.88	%		0.88	%		0.89	%		0.88	%		0.89	%
Ratio of total expenses to average net assets		0.89	%(d)		0.90	%		0.91	%		0.91	%		0.91	%		0.92	%
Ratio of net investment income to average net assets		0.49	%(d)		0.91	%		1.27	%		1.31	%		1.03	%		0.91	%
Portfolio turnover rate(e)		10	%		20	%		29	%		44	%		35	%		40	%

(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. 239

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.82		$	10.62		$	10.64		$	10.47		$	10.51		$	10.55
Net investment income(b)		0.05			0.14			0.18			0.19			0.16			0.14
Net realized and unrealized gain (loss)		(0.02	)		0.20			(0.02	)		0.16			(0.05	)		(0.05	)
Total from investment operations		0.03			0.34			0.16			0.35			0.11			0.09
Distributions to shareholders from net investment income		(0.05	)		(0.14	)		(0.18	)		(0.18	)		(0.15	)		(0.13	)
Distributions to shareholders from net realized gains		—			—			—			—			—			—	(c)
Total distributions		(0.05	)		(0.14	)		(0.18	)		(0.18	)		(0.15	)		(0.13	)
Net asset value, end of period	$	10.80		$	10.82		$	10.62		$	10.64		$	10.47		$	10.51
Total return(d)		0.28	%		3.18	%		1.53	%		3.37	%		1.01	%		0.88	%
Net assets, end of period (in 000s)	$	206,639		$	175,488		$	111,743		$	65,719		$	21,605		$	10,002
Ratio of net expenses to average net assets		0.43	%(e)		0.43	%		0.43	%		0.44	%		0.43	%		0.45	%
Ratio of total expenses to average net assets		0.47	%(e)		0.48	%		0.49	%		0.50	%		0.50	%		0.51	%
Ratio of net investment income to average net assets		0.94	%(e)		1.31	%		1.69	%		1.79	%		1.48	%		1.37	%
Portfolio turnover rate(f)		10	%		20	%		29	%		44	%		35	%		40	%

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

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

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

(d) 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.

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

GOLDMAN SACHS SHORT DURATION TAX-FREE FUND

Financial Highlights (continued)

Selected Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Tax-Free Fund
	Class R6 Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,									November 30, 2017* to March 31, 2018
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	10.81		$	10.61		$	10.64		$	10.46		$	10.45
Net investment income(a)		0.05			0.15			0.19			0.21			0.06
Net realized and unrealized gain (loss)		(0.01	)		0.19			(0.03	)		0.15			—	(b)
Total from investment operations		0.04			0.34			0.16			0.36			0.06
Distributions to shareholders from net investment income		(0.05	)		(0.14	)		(0.19	)		(0.18	)		(0.05	)
Net asset value, end of period	$	10.80		$	10.81		$	10.61		$	10.64		$	10.46
Total return(c)		0.40	%		3.24	%		1.50	%		3.51	%		0.61	%
Net assets, end of period (in 000s)	$	10,310		$	8,393		$	5,992		$	5,014		$	10
Ratio of net expenses to average net assets		0.37	%(d)		0.37	%		0.37	%		0.38	%		0.36	%(d)
Ratio of total expenses to average net assets		0.38	%(d)		0.39	%		0.39	%		0.40	%		0.38	%(d)
Ratio of net investment income to average net assets		1.00	%(d)		1.37	%		1.75	%		1.96	%		1.64	%(d)
Portfolio turnover rate(e)		10	%		20	%		29	%		44	%		35	%

 * Commencement of operations.

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

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

(c) 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. 241

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, 2021 (Unaudited)			Year Ended March 31,						April 20, 2018* to March 31, 2019
				2021			2020
Per Share Data
Net asset value, beginning of period	$	10.81		$	10.61		$	10.64		$	10.46
Net investment income(a)		0.05			0.15			0.19			0.18
Net realized and unrealized gain (loss)		(0.01	)		0.19			(0.03	)		0.17
Total from investment operations		0.04			0.34			0.16			0.35
Distributions to shareholders from net investment income		(0.05	)		(0.14	)		(0.19	)		(0.17	)
Net asset value, end of period	$	10.80		$	10.81		$	10.61		$	10.64
Total return(b)		0.40	%		3.24	%		1.50	%		3.42	%
Net assets, end of period (in 000s)	$	10,133,224		$	9,108,224		$	5,572,014		$	4,965,675
Ratio of net expenses to average net assets		0.37	%(c)		0.37	%		0.37	%		0.38	%(c)
Ratio of total expenses to average net assets		0.38	%(c)		0.39	%		0.39	%		0.40	%(c)
Ratio of net investment income to average net assets		1.00	%(c)		1.36	%		1.75	%		1.86	%(c)
Portfolio turnover rate(d)		10	%		20	%		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.

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

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements

September 30, 2021 (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.

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 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.

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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

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.  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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

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

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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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, 2021:

DYNAMIC MUNICIPAL INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—	$	10,392,901,942	$	—
Corporate Bonds		—		18,180,063		9,653,284
U.S. Treasury Obligation		49,000,000		—		—
Total	$	49,000,000	$	10,411,082,005	$	9,653,284
Derivative Type
Assets(a)
Futures Contracts	$	11,074,279	$	—	$	—
Credit Default Swap Contracts		—		39,352		—
Total	$	11,074,279	$	39,352	$	—
HIGH YIELD MUNICIPAL
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—	$	11,407,042,472	$	—
Corporate Bonds		—		25,032,520		20,622,686
Total	$	—	$	11,432,074,992	$	20,622,686
Derivative Type
Assets(a)
Futures Contracts	$	12,316,901	$	—	$	—
Credit Default Swap Contracts		—		1,011,456		—
Total	$	12,316,901	$	1,011,456	$	—
MUNICIPAL INCOME COMPLETION
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Municipal Debt Obligations	$	—	$	163,148,446	$	—
Corporate Bonds		—		—		209,740
Total	$	—	$	163,148,446	$	209,740
Derivative Type
Assets(a)
Futures Contracts	$	236,678	$	—	$	—

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

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	$	—	$	12,472,518,199	$	—
Corporate Bonds		—		18,909,440		—
U.S. Treasury Obligations		613,845,704		—		—
Total	$	613,845,704	$	12,491,427,639	$	—
Derivative Type
Assets(a)
Credit Default Swap Contracts	$	—	$	295,141	$	—

(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, 2021. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

DYNAMIC MUNICIPAL INCOME
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	39,352		—	$	—
Interest rate	Variation margin on futures contracts		11,074,279	(a)	—		—
Total		$	11,113,631			$	—
HIGH YIELD MUNICIPAL
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	1,011,456		—	$	—
Interest rate	Variation margin on futures contracts		12,316,901	(a)	—		—
Total		$	13,328,357			$	—

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of September 30, 2021 is reported within the Statements of Assets and Liabilities.

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MUNICIPAL INCOME COMPLETION
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest rate	Variation margin on futures contracts	$	236,678	(a)	—	$	—
SHORT DURATION TAX-FREE
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Credit	Receivable for unrealized gain on swap contracts	$	295,141		—	$	—

(a) Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedules of Investments. Only the variation margin as of September 30, 2021 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds’ gains (losses) related to these derivatives and their indicative volumes for the six months ended September 30, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

DYNAMIC MUNICIPAL INCOME
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	15,086		$	(9,686	)
Interest Rate	Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts		(23,964,525	)		6,683,521
Total		$	(23,949,439	)	$	6,673,835
HIGH YIELD MUNICIPAL
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	451,697		$	(118,744	)
Interest Rate	Net realized gain (loss) from futures contracts /Net change in unrealized gain (loss) on futures contracts		(26,652,886	)		7,413,654
Total		$	(26,201,189	)	$	7,294,910
MUNICIPAL INCOME COMPLETION
Risk	Statements of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest Rate	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$	(337,109	)	$	192,830

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

SHORT DURATION TAX-FREE
Risk	Statements of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts	$	113,147	$	(72,641	)

For the six months ended September 30, 2021 the relevant values for each derivative type were as follows:

	Average Number of Contracts or Notional Amounts(1)
Fund	Futures Contracts		Swap Contracts
Dynamic Municipal Income		3,055	$	2,000,000
High Yield Municipal		3,399		56,571,429
Municipal Income Completion		50		—
Short Duration Tax-Free		—		15,000,000

(1) Amounts disclosed represent average number of contracts for futures contracts or notional amounts for swap contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the six months ended September 30, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

With the exception of the Municipal Income Completion Fund, as compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds’ business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund’s average daily net assets. The Municipal Income Completion Fund does not pay a management fee to GSAM. However, the Fund is used exclusively to implement municipal investment strategies for separately managed account clients of GSAM that participate in certain “wrap-fee” programs.

For the six months ended September 30, 2021, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
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			0.49			0.49
Short Duration Tax-Free		0.39			0.35			0.33			0.33			0.32			0.33			0.33

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 applicable Funds, as set forth below.

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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, 2021, Goldman Sachs agreed to waive a portion of the distribution and/or service fees equal to 0.35% as an annual percentage rate of the average daily net assets attributable to Class C Shares of the Short Duration Tax-Free Fund. This arrangement will remain in place through at least July 29, 2022. Prior to such date, Goldman Sachs may not terminate this arrangement without the approval of the Trustees.

C.  Distribution Agreement — Goldman Sachs, as Distributor of the shares of the Funds pursuant to a Distribution Agreement, may retain a portion of the Class A Shares’ front-end sales charge and Class C Shares’ CDSC. During the six months ended September 30, 2021, 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. 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

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September 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2022, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Trustees.

F.  Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain “Other Expenses” of the Funds (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees and shareholder administration fees (as applicable), taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of each Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Funds are not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitations as an annual percentage rate of average daily net assets 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, 2022, and prior to such date GSAM may not terminate the arrangements without the approval of the Trustees. In addition, the Funds have entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Funds’ expenses and are received irrespective of the application of the “Other Expense” limitations described above.

For the six months ended September 30, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

	Fee Waivers
Fund	Class C Distribution and Service Fee		Transfer Agency Waivers/Credits			Other Expense Reimbursement		Total Expense Reductions
Dynamic Municipal Income	$	—	$	—		$	635,259	$	635,259
High Yield Municipal		—		129,349	(a)		605,202		734,551
Municipal Income Completion		—		14,040			123,778		137,818
Short Duration Tax-Free		22,660		68,653	(a)		790,271		881,584

(a) Applicable to Class A, C and Investor Shares.

G.  Line of Credit Facility — As of September 30, 2021, the Funds participated in a $1,000,000,000 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, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

H.  Other Transactions with Affiliates — As of September 30, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of the following Funds:

Fund	Service
Dynamic Municipal Income		16	%

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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, 2021, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Dynamic Municipal Income	$	—	$	1,424,777,682	$	52,388	$	174,881,783
High Yield Municipal		—		1,321,731,855		—		198,147,607
Municipal Income Completion		—		62,914,427		—		783,087
Short Duration Tax-Free		224,755,637		2,542,573,617		—		1,218,315,448

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2021, 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	$	(262,588,938	)	$	(299,878,904	)	$	(364,486	)	$	(19,619,230	)
Perpetual Long-term		(9,272,475	)		(120,999,957	)		(24,911	)		(24,907,342	)
Total capital loss carryforwards	$	(271,861,413	)	$	(420,878,861	)	$	(389,397	)	$	(44,526,572	)
Timing differences (Post October Loss Deferral, Defaulted Bond Income and Distribution Payable)	$	(1,693,808	)	$	(1,722,359	)	$	—		$	(3,849,769	)

As of September 30, 2021, the Funds’ aggregate securities unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Dynamic Municipal Income			High Yield Municipal			Municipal Income Completion			Short Duration Tax-Free
Tax cost	$	9,871,627,669		$	10,316,386,532		$	159,414,829		$	12,937,080,143
Gross unrealized gain		640,231,871			1,233,895,949			5,176,926			211,795,690
Gross unrealized loss		(42,124,251	)		(97,584,803	)		(1,233,569	)		(43,602,490	)
Net unrealized gain	$	598,107,620		$	1,136,311,146		$	3,943,357		$	168,193,200

The difference between GAAP-basis and tax-basis unrealized gains (losses), is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures, differences in the tax treatment of swap transactions, and market discount accretion and premium amortization.

GSAM has reviewed the Funds’ tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds’ financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

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 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.

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

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

254

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8. OTHER RISKS (continued)

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 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 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.

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.

255

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

10. OTHER MATTERS

Contingencies — Dynamic Municipal Income Fund and High Yield Municipal Fund are among the defendants in an adversary proceeding filed in August 2019 (the “Adversary Proceeding”) against current and former holders of General Obligation (“GO”) and other bonds issued by the Commonwealth of Puerto Rico seeking to clawback payments made to bondholders on the grounds that the bonds allegedly violated the Puerto Rico Constitution and were void from the outset. On February 9, 2020, the Financial Oversight and Management Board for Puerto Rico, as representative of the Commonwealth of Puerto Rico (the “Commonwealth”), the Puerto Rico Public Buildings Authority (“PBA”), and the Employee Retirement System of the Government of the Commonwealth of Puerto Rico (“ERS”) entered into a Plan Support Agreement (the “PSA”) with certain holders of GO Bond Claims and/or CW Guarantee Bond Claims (each as defined in the PSA) and holders of PBA Bond Claims (as defined in the PSA). The Government of the Commonwealth of Puerto Rico is not a party to the PSA and does not support it on its current terms. Pursuant to the PSA, the Oversight Board and certain creditors agreed to settle the GO clawback litigation. The settlement was incorporated into an amended Plan of Adjustment, filed February 28, 2020. On March 8, 2021, the Oversight Board filed its Second Amended Plan of Adjustment (the “Plan”) and Second Amended Disclosure Statement (the “Disclosure Statement”), that each incorporate the PSA’s terms regarding settlement of the Adversary Proceeding. Pursuant to the settlement, current GO bondholders will receive cash and new bonds, ultimately resulting in recovery of approximately 28% on average less than they are entitled under the existing bonds. Former GO bondholders will be dismissed from the clawback litigation. The settlement has support from current bondholders in excess of the required 70% threshold but it still requires court approval. In addition, the Plan requires certain legislation to be passed by Puerto Rico, which the government of Puerto Rico does not currently support. On May 12, 2021, the Oversight Board filed its Third Amended Plan of Adjustment and Disclosure Statement for the Third Amended Plan of Adjustment. The hearing to approve the Plan, and therefore the settlement, began on November 8, 2021 and is expected to conclude on November 23, 2021.

New Accounting Standard — In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

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.

256

GOLDMAN SACHS MUNICIPAL FUNDS

12. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Dynamic Municipal Income Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		13,451,757		$	226,886,995			27,130,461		$	441,535,135
Reinvestment of distributions		783,868			13,215,041			1,680,072			27,305,457
Shares redeemed		(11,715,949	)		(197,659,308	)		(22,646,818	)		(366,111,221	)
		2,519,676			42,442,728			6,163,715			102,729,371
Class C Shares
Shares sold		995,444			16,795,889			2,215,316			36,061,208
Reinvestment of distributions		44,093			743,556			104,163			1,692,207
Shares redeemed		(864,073	)		(14,576,422	)		(2,208,390	)		(35,875,780	)
		175,464			2,963,023			111,089			1,877,635
Institutional Shares
Shares sold		50,407,122			849,558,153			108,713,396			1,758,290,200
Reinvestment of distributions		2,509,084			42,283,702			4,651,326			75,619,506
Shares redeemed		(22,169,618	)		(373,730,401	)		(67,149,083	)		(1,079,008,834	)
		30,746,588			518,111,454			46,215,639			754,900,872
Service Shares
Reinvestment of distributions		3			36			119			1,968
Shares redeemed		—			—			(11,538	)		(193,879	)
		3			36			(11,419	)		(191,911	)
Investor Shares
Shares sold		19,502,558			328,533,086			34,494,058			557,873,537
Reinvestment of distributions		841,632			14,172,320			1,547,951			25,146,992
Shares redeemed		(7,364,976	)		(123,979,592	)		(22,284,814	)		(359,673,808	)
		12,979,214			218,725,814			13,757,195			223,346,721
Class R6 Shares
Shares sold		1,834,947			30,972,777			2,635,343			42,636,938
Reinvestment of distributions		70,003			1,179,891			123,409			2,008,443
Shares redeemed		(549,569	)		(9,264,266	)		(1,366,001	)		(22,013,835	)
		1,355,381			22,888,402			1,392,751			22,631,546
Class P Shares
Shares sold		41,364,573			698,364,554			53,104,367			868,777,106
Reinvestment of distributions		1,632,092			27,514,171			2,790,925			45,388,342
Shares redeemed		(10,391,361	)		(175,310,126	)		(31,848,706	)		(510,546,387	)
		32,605,304			550,568,599			24,046,586			403,619,061
NET INCREASE		80,381,630		$	1,355,700,056			91,675,556		$	1,508,913,295

257

GOLDMAN SACHS MUNICIPAL FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Yield Municipal Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		9,785,135		$	104,869,358			25,004,492		$	255,296,564
Reinvestment of distributions		692,644			7,426,692			1,330,660			13,424,922
Shares redeemed		(6,452,809	)		(69,410,967	)		(13,419,090	)		(134,525,705	)
		4,024,970			42,885,083			12,916,062			134,195,781
Class C Shares
Shares sold		1,014,065			10,888,790			2,072,246			20,652,165
Reinvestment of distributions		71,350			765,203			174,538			1,757,292
Shares redeemed		(715,997	)		(7,686,943	)		(2,671,001	)		(27,001,415	)
		369,418			3,967,050			(424,217	)		(4,591,958	)
Institutional Shares
Shares sold		55,127,278			590,790,197			83,608,303			844,550,883
Reinvestment of distributions		1,967,798			21,105,378			3,023,295			30,596,294
Shares redeemed		(13,311,702	)		(142,825,921	)		(44,932,582	)		(450,666,826	)
		43,783,374			469,069,654			41,699,016			424,480,351
Investor Shares
Shares sold		15,262,210			163,841,893			29,479,208			296,433,895
Reinvestment of distributions		789,695			8,477,144			1,302,751			13,181,730
Shares redeemed		(4,627,298	)		(49,582,020	)		(18,123,576	)		(177,792,271	)
		11,424,607			122,737,017			12,658,383			131,823,354
Class R6 Shares
Shares sold		509,695			5,486,006			1,213,075			12,022,429
Reinvestment of distributions		14,419			154,456			13,555			140,689
Shares redeemed		(80,460	)		(864,406	)		(178,441	)		(1,824,173	)
		443,654			4,776,056			1,048,189			10,338,945
Class P Shares
Shares sold		83,327,637			892,650,031			185,617,777			1,877,154,238
Reinvestment of distributions		11,651,439			124,847,512			23,226,887			234,150,044
Shares redeemed		(43,054,798	)		(461,047,100	)		(109,055,169	)		(1,078,573,824	)
		51,924,278			556,450,443			99,789,495			1,032,730,458
NET INCREASE		111,970,301		$	1,199,885,303			167,686,928		$	1,728,976,931

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Municipal Income Completion Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Separate Account Institutional Shares
Shares sold		6,771,422		$	74,065,668			9,219,167		$	96,503,149
Reinvestment of distributions		157,527			1,721,563			127,959			1,336,815
Shares redeemed		(586,218	)		(6,421,891	)		(1,332,397	)		(13,664,986	)
NET INCREASE		6,342,731		$	69,365,340			8,014,729		$	84,174,978

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Short Duration Tax-Free Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		4,008,715		$	43,523,892			18,777,313		$	202,943,095
Reinvestment of distributions		58,952			639,988			144,975			1,565,595
Shares redeemed		(5,168,237	)		(56,120,589	)		(8,031,039	)		(86,837,761	)
		(1,100,570	)		(11,956,709	)		10,891,249			117,670,929
Class C Shares
Shares sold		193,840			2,104,005			326,313			3,519,956
Reinvestment of distributions		1,223			13,260			6,705			72,195
Shares redeemed		(213,104	)		(2,311,917	)		(750,133	)		(8,094,427	)
		(18,041	)		(194,652	)		(417,115	)		(4,502,276	)
Institutional Shares
Shares sold		80,688,850			874,683,485			162,622,055			1,754,610,301
Reinvestment of distributions		521,746			5,654,269			1,022,010			11,017,152
Shares redeemed		(43,031,764	)		(466,453,534	)		(94,544,965	)		(1,017,983,009	)
		38,178,832			413,884,220			69,099,100			747,644,444
Service Shares
Shares sold		2,304			25,000			7			71
Reinvestment of distributions		31			338			127			1,372
Shares redeemed		(2,561	)		(27,769	)		(4,655	)		(50,368	)
		(226	)		(2,431	)		(4,521	)		(48,925	)
Investor Shares
Shares sold		7,398,318			80,207,476			13,343,553			143,866,061
Reinvestment of distributions		81,722			885,816			168,372			1,815,725
Shares redeemed		(4,576,529	)		(49,645,560	)		(7,812,068	)		(84,337,114	)
		2,903,511			31,447,732			5,699,857			61,344,672
Class R6 Shares
Shares sold		307,915			3,336,939			519,646			5,608,073
Reinvestment of distributions		4,250			46,050			8,175			88,092
Shares redeemed		(133,625	)		(1,448,723	)		(316,078	)		(3,409,772	)
		178,540			1,934,266			211,743			2,286,393
Class P Shares
Shares sold		298,216,601			3,232,885,876			669,000,966			7,220,556,112
Reinvestment of distributions		4,268,873			46,254,369			8,874,293			95,650,520
Shares redeemed		(206,533,193	)		(2,238,202,499	)		(360,399,402	)		(3,887,667,301	)
		95,952,281			1,040,937,746			317,475,857			3,428,539,331
NET INCREASE		136,094,327		$	1,476,050,172			402,956,170		$	4,352,934,568

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Fund Expenses — Six Month Period Ended September 30, 2021 (Unaudited)

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

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, 2021 through September 30, 2021, 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 4/01/21		Ending Account Value 9/30/21			Expenses Paid for the 6 Months Ended 9/30/21*		Beginning Account Value 4/01/21		Ending Account Value 9/30/21			Expenses Paid for the 6 Months Ended 9/30/21*		Beginning Account Value 4/01/21		Ending Account Value 9/30/21			Expenses Paid for the 6 Months Ended 9/30/21*		Beginning Account Value 4/01/21		Ending Account Value 9/30/21			Expenses Paid for the 6 Months Ended 9/30/21*
Class A
Actual	$	1,000	$	1,016.20		$	3.64	$	1,000	$	1,028.20		$	4.32		N/A		N/A			N/A	$	1,000	$	1,002.40		$	3.41
Hypothetical 5% return		1,000		1,021.46	+		3.65		1,000		1,020.81	+		4.31		N/A		N/A			N/A		1,000		1,021.66	+		3.45
Class C
Actual		1,000		1,012.40			7.42		1,000		1,025.30			8.12		N/A		N/A			N/A		1,000		1,000.40			5.42
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		1,018.50			1.97		1,000		1,029.80			2.75		N/A		N/A			N/A		1,000		1,003.00			1.91
Hypothetical 5% return		1,000		1,023.11	+		1.98		1,000		1,022.36	+		2.74		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		1,028.60			—		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		1,015.30			4.55		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,001.40			4.42
Hypothetical 5% return		1,000		1,020.56	+		4.56		N/A		N/A			N/A		N/A		N/A			N/A		1,000		1,020.66	+		4.46
Investor
Actual		1,000		1,017.50			2.38		1,000		1,029.50			3.05		N/A		N/A			N/A		1,000		1,002.80			2.16
Hypothetical 5% return		1,000		1,022.71	+		2.38		1,000		1,022.06	+		3.04		N/A		N/A			N/A		1,000		1,022.91	+		2.18
Class R6
Actual		1,000		1,018.00			1.92		1,000		1,030.80			2.70		N/A		N/A			N/A		1,000		1,004.00			1.86
Hypothetical 5% return		1,000		1,023.16	+		1.93		1,000		1,022.41	+		2.69		N/A		N/A			N/A		1,000		1,023.21	+		1.88
Class P
Actual		1,000		1,018.00			1.92		1,000		1,030.80			2.70		N/A		N/A			N/A		1,000		1,004.00			1.86
Hypothetical 5% return		1,000		1,023.16	+		1.93		1,000		1,022.41	+		2.69		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, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Separate Account Institutional		Service			Investor			Class R6			Class P
Dynamic Municipal Income		0.72	%		1.47	%		0.39	%		N/A		0.90	%		0.47	%		0.38	%		0.38	%
High Yield Municipal		0.85			1.60			0.54			N/A		N/A			0.60			0.53			0.53
Municipal Income Completion		N/A			N/A			N/A			—		N/A			N/A			N/A			N/A
Short Duration Tax-Free		0.68			1.08			0.38			N/A		0.88			0.43			0.37			0.37

261

GOLDMAN SACHS MUNICIPAL FUNDS

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, 2022 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 15-16, 2021 (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 to the Investment Adviser and its affiliates;

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

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

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

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

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

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

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

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

The Trustees also received an overview of the 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 capabilities. 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 (with the exception of the Municipal Income Completion Fund) ratings compiled by the Outside Data Provider as of December 31, 2020, and (with the exception of the Municipal Income Completion Fund) updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2021. The information on each Fund’s investment performance was provided for the one-, three-, five-,

263

GOLDMAN SACHS MUNICIPAL FUNDS

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

and ten-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. The Trustees also reviewed each Fund’s investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

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

The Trustees observed that the Dynamic Municipal Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. They noted that the High Yield Municipal Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. The Trustees considered that the Separate Account Institutional Shares of the Municipal Income Completion Fund had placed in the top half of the Fund’s peer group for the one-year period ended December 31, 2020, and had outperformed the Fund’s benchmark index for the one-year period ended March 31, 2021. They observed that the Short Duration Tax-Free Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. The Trustees noted that each Fund had experienced certain portfolio management changes in 2020 and early 2021.

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 addition, the Trustees noted that shareholders are able to redeem their Fund 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 too high. The Trustees also noted that shareholders can also redeem their Fund shares 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

264

GOLDMAN SACHS MUNICIPAL FUNDS

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

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 2020 and 2019, 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 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 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.

265

GOLDMAN SACHS MUNICIPAL FUNDS

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

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, 2022.

266

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.14 trillion in assets under supervision as of September 30, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ 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 Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity Fund

∎ ESG Emerging Markets Equity Fund

Alternative

∎ Real Estate Securities Fund

∎ International Real Estate Securities Fund

∎ Commodity Strategy Fund

∎ Global Real Estate Securities Fund

∎ Alternative Premia Fund

∎ Absolute Return Tracker Fund

∎ Managed Futures Strategy Fund

∎ MLP Energy Infrastructure Fund

∎ Energy Infrastructure Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Clean Energy Income Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

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

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado Eileen H. Dowling* James A. McNamara Roy W. Templin Gregory G. Weaver * Effective October 1, 2021	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, 2021 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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.

© 2021 Goldman Sachs. All rights reserved. 259726-OTU-1512073 TFFISAR-21

Goldman Sachs Funds

Semi-Annual Report	September 30, 2021
	Short Duration and Government Fixed Income Funds
	Enhanced Income
	Government Income
	High Quality Floating Rate
	Inflation Protected Securities
	Short Duration Bond* (formerly, Short Duration Income)
	Short Duration Government
	Short-Term Conservative Income

*Effective after the close of business on July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund and changed its benchmark index from the Goldman Sachs Short Duration Income Fund Composite Index to the Goldman Sachs Short Duration Bond Fund Composite Index.

Goldman Sachs Short Duration and Government Fixed Income Funds

∎ ENHANCED INCOME

∎ GOVERNMENT INCOME

∎ HIGH QUALITY FLOATING RATE

∎ INFLATION PROTECTED SECURITIES

∎ SHORT DURATION BOND (FORMERLY, SHORT DURATION INCOME)

∎ SHORT DURATION GOVERNMENT

∎ SHORT-TERM CONSERVATIVE INCOME

TABLE OF CONTENTS
Fund Basics	3
Schedules of Investments	17
Financial Statements	72
Financial Highlights	82
Enhanced Income	82
Government Income	88
High Quality Floating Rate	96
Inflation Protected Securities	102
Short Duration Bond	109
Short Duration Government	116
Short-Term Conservative Income	123
Notes to Financial Statements	130
Other Information	159

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Short Duration and Government Fixed Income Funds

The following are highlights both of key factors affecting the fixed income market and of any changes made to the Goldman Sachs Short Duration and Government Fixed Income Funds (the “Funds”) during the six months ended September 30, 2021 (the “Reporting Period”). A fuller review of the market and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended March 31, 2022.

Market Review

∎ The broad U.S. fixed income market, as measured by the Bloomberg US Aggregate Bond Index, posted a return of 1.88% during the Reporting Period, significantly underperforming the broad U.S. equity market.

∎ Early in the Reporting Period, global central banks generally remained accommodative, with the U.S. Federal Reserve (“Fed”) indicating it needed to see “substantial progress” on its employment and inflation goals before altering U.S. monetary policy.

∎ Remarkably strong U.S. inflation data, deemed “transitory” by the Fed, a disappointing U.S. jobs report released in April 2021 and the spread of the COVID-19 Delta variant suggested pandemic-related dynamics could continue distorting economic data as the Reporting Period progressed.

∎ In September 2021, as inflationary trends continued, driven by a sharp rise in energy prices and persistent supply-chain bottlenecks, developed markets central banks delivered or hinted at sooner than previously consensus expected policy normalization, with the Fed stating it might start raising interest rates during 2022 and the tapering of its asset purchases “may soon be warranted.”

∎ Shorter-term U.S. Treasury yields rose modestly during the Reporting Period overall, while intermediate- and longer-term U.S. Treasury yields fell moderately.

∎ Corporate bonds, both investment grade and high yield, outperformed U.S. Treasuries during the Reporting Period. So, too, did Treasury inflation protected securities and emerging markets debt. Securitized assets, including mortgage-backed securities and asset-backed securities, underperformed U.S. Treasuries during the Reporting Period.

Fund Changes and Highlights

Goldman Sachs Enhanced Income Fund

∎ Effective after the close of business on October 19, 2021, soon after the close of the Reporting Period:

∎ Among other changes, the Fund’s principal investment strategy becomes investing, under normal circumstances, primarily in a portfolio of U.S. or foreign fixed income securities, including U.S. government securities, mortgage-backed securities, commercial paper, fixed and floating rate asset-backed securities, high yield non-investment grade fixed income securities, sovereign and corporate debt securities, other U.S. dollar-denominated debt instruments of emerging market countries and municipal securities.

∎ The Fund’s benchmark index changed from the Goldman Sachs Enhanced Income Fund Composite Index, a custom benchmark comprised of the ICE BofAML Six-Month U.S. Treasury Bill Index (50%) and the ICE BofAML One-Year U.S. Treasury Note Index (50%) to the ICE BofAML One-Year U.S. Treasury Note Index (100%).

∎ The Fund’s target duration changes to approximately 1 year plus or minus 1 year.

∎ See below under changes to the Goldman Sachs High Quality Floating Rate Fund for reorganization plans of that Fund with and into the Goldman Sachs Enhanced Income Fund.

Goldman Sachs Government Income Fund

∎ Effective October 1, 2021, just after the close of the Reporting Period, Michael Swell no longer served as a portfolio manager for the Fund. Matthew Kaiser and Peter Stone continue to serve as portfolio managers for the Fund.

∎ The Fund reduced it’s exposure from Money Market Instruments (Investment Companies) and deployed funds in US Treasuries.

1

Short Duration and Government Fixed Income Funds

Goldman Sachs High Quality Floating Rate Fund

∎ On October 12-13, 2021, soon after the close of the Reporting Period, the Board of Trustees of the Goldman Sachs Trust unanimously approved an Agreement and Plan of Reorganization that contemplates the reorganization of the Fund with and into the Goldman Sachs Enhanced Income Fund. The reorganization, expected to close during January 2022, is being recommended in order to:

∎ Rationalize Funds that have similar investment objectives and similar investment strategies, albeit with some notable differences;

∎ Provide enhanced opportunities to realize greater efficiencies in the form of lower total operating expenses over time;

∎ Enable the combined Fund to be better positioned for asset growth.

∎ As of the close of business October 15, 2021, the Fund may depart from its stated investment objectives and policies as it prepares to reorganize with and into the Goldman Sachs Enhanced Income Fund.

∎ After the close of business on November 15, 2021, the Fund will discontinue accepting orders for the purchase of its shares or exchanges into the Fund from other Goldman Sachs Funds, though existing shareholders of the Fund may continue to reinvest dividends and distributions, if any. Additionally, certain employee benefit plans and certain financial institutions providing services to employee benefit plans that hold shares of the Fund as of the close of business on November 15, 2021 may continue to purchase shares of the Fund, including 401(k) plans, profit sharing plans and money purchase pension plans, 403(b) plans, 457 plans and SIMPLE plans.

∎ Between October 15, 2021 and the effective time of the reorganization, Fund shareholders may continue to redeem and exchange shares of the Fund in the manner described in the Fund’s prospectus under “Shareholder Guide.”

∎ The increase in Short-Term obligations as of 9.30.21 vs 3.31.21 and reduced securitized exposure was a function of lower supply within securitized as new inflows into the fund were built out.

Goldman Sachs Short Duration Bond Fund (formerly, the Goldman Sachs Short Duration Income Fund)

∎ Effective after the close of business on July 29, 2021:

∎ The Fund’s name changed from Goldman Sachs Short Duration Income Fund to Goldman Sachs Short Duration Bond Fund.

∎ The Fund’s benchmark changed from the Goldman Sachs Short Duration Income Fund Composite Index, a custom benchmark comprised of the Bloomberg U.S. 1-5 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-5 Year Government Bond Index (50%), to the Goldman Sachs Short Duration Bond Fund Composite Index, a custom benchmark comprised of the Bloomberg U.S. 1-3 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-3 Year Government Bond Index (50%).

∎ The Fund’s target duration range changed to approximate that of the new benchmark, plus or minus two years.

∎ The Fund’s overweight in securitized credit and high yield corporates relative to the benchmark coupled with macro level strategies was the main driver of outperformance.

∎ The Fund reduced overweight to IG credit as spreads tightened over this time period, while the investment company allocation is a function of higher cash/money market fund balances.

2

FUND BASICS

Enhanced Income Fund

as of September 30, 2021

PERFORMANCE REVIEW1
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)2			Enhanced Income Fund Composite3			ICE BofAML Six-Month U.S. Treasury Bill Index4			ICE BofAML One-Year U.S. Treasury Note Index4			30-Day Standardized Subsidized Yield5			30-Day Standardized Unsubsidized Yield5
Class A		0.09	%		0.04	%		0.03	%		0.04	%		-0.01	%		-0.01	%
Administration		0.08			0.04			0.03			0.04			-0.03			-0.03
Institutional		0.20			0.04			0.03			0.04			0.22			0.22
Investor		0.16			0.04			0.03			0.04			0.14			0.14
Class R6		0.21			0.04			0.03			0.04			0.23			0.23
Class P		0.21			0.04			0.03			0.04			0.23			0.23

¹  Prior to October 20, 2021, certain of the Fund’s strategies differed. The performance information below reflects the Fund’s former strategies during the Reporting Period (i.e., prior to October 20, 2021).

²  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.

³  The Enhanced Income Fund Composite is a composite benchmark comprised of the ICE BofAML Six-Month U.S. Treasury Bill Index (50%) and the ICE BofAML One-Year U.S. Treasury Note Index (50%). Effective October 20, 2021, the Fund’s benchmark index changed from the Goldman Sachs Enhanced Income Fund Composite Index to the ICE BofAML One-Year U.S. Treasury Note Index (100%).

⁴  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.

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.

3

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  “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.

4

FUND BASICS

Government Income Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg U.S. Government/ Mortgage Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.96	%		1.79	%		0.25	%		0.01	%
Class C		0.58			1.79			-0.48			-0.74
Institutional		1.19			1.79			0.57			0.33
Service		0.87			1.79			0.08			-0.16
Investor		1.16			1.79			0.51			0.26
Class R6		1.19			1.79			0.58			0.34
Class R		0.90			1.79			0.02			-0.24
Class P		1.19			1.79			0.58			0.34

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 U.S. Government/Mortgage Index an unmanaged index, measures the performance of U.S. government bonds and mortgage-related securities. The Bloomberg 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.

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.

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.

6

FUND BASICS

High Quality Floating Rate Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	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		0.00	%		0.01	%		-0.13	%		-0.27	%
Institutional		0.11			0.01			0.10			-0.05
Service		-0.23			0.01			-0.39			-0.54
Investor		0.07			0.01			0.02			-0.12
Class R6		0.12			0.01			0.11			-0.03
Class P		0.12			0.01			0.11			-0.04

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.

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. 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.

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

Inflation Protected Securities Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg U.S. TIPS Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		4.71	%		5.06	%		2.76	%		2.72	%
Class C		4.24			5.06			2.11			2.06
Institutional		4.93			5.06			3.21			3.16
Investor		4.83			5.06			3.13			3.08
Class R6		4.84			5.06			3.22			3.17
Class R		4.64			5.06			2.62			2.57
Class P		4.84			5.06			3.22			3.17

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

²  The Bloomberg 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 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.

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  “U.S. Treasury Obligations” percentages are grouped by effective maturity. The weighted average maturity was 8.26% and 7.97% years, respectively, at September 30, 2021 and March 31, 2021.

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 Bond Fund (formerly, Short Duration Income Fund)

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Goldman Sachs Short Duration Bond Fund Composite Index2			Bloomberg U.S. 1-3 Year Corporate Bond Index3			Bloomberg U.S. 1-3 Year Government Bond Index4			Goldman Sachs Short Duration Income Fund Composite Index5			Bloomberg U.S. 1-5 Year Corporate Bond Index6			Bloomberg U.S. 1-5 Year Government Bond Index7			30-Day Standardized Subsidized Yield8			30-Day Standardized Unsubsidized Yield8
Class A		0.89	%		0.23	%		0.48	%		0.03	%		0.47	%		0.80	%		0.13	%		0.56	%		0.50	%
Class C		0.69			0.23			0.48			0.03			0.47			0.80			0.13			0.17			-0.23
Institutional		1.05			0.23			0.48			0.03			0.47			0.80			0.13			0.88			0.83
Investor		1.11			0.23			0.48			0.03			0.47			0.80			0.13			0.82			0.75
Class R6		1.06			0.23			0.48			0.03			0.47			0.80			0.13			0.88			0.84
Class R		0.86			0.23			0.48			0.03			0.47			0.80			0.13			0.30			0.24
Class P		1.06			0.23			0.48			0.03			0.47			0.80			0.13			0.89			0.84

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 Bond Fund Composite Index is comprised of the Bloomberg U.S. 1-3 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-3 Year Government Bond Index (50%).

³  The Bloomberg U.S. 1-3 Year Corporate Bond Index is an unmanaged market-value-weighted index of investment-grade corporate fixed-rate debt issues with maturities of one year or more. You cannot invest directly in an index.

⁴  The Bloomberg US 1-3 Year Government Index is comprised of the U.S. Treasury and U.S. Agency Indices. The U.S. Government 1-3 Year Index includes Treasuries (public obligations of the U.S. Treasury that have remaining maturities of more than one year and less than five years) and U.S. agency debentures (publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government). The U.S. Government Index is a component of the U.S. Government/Credit Index and the U.S. Aggregate Index. It is not possible to invest directly in an unmanaged index.

⁵  The Goldman Sachs Short Duration Income Fund Composite Index is comprised of the Bloomberg U.S. 1-5 Year Corporate Bond Index (50%) and the Bloomberg U.S. 1-5 Year Government Bond Index (50%). Effective after the close of business on July 29, 2021, the Fund’s benchmark index changed from the Goldman Sachs Short Duration Income Fund Composite Index to the Goldman Sachs Duration Bond Fund Composite Index (as described above).

⁶  The Bloomberg 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 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.

⁷  The Bloomberg 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 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.

⁸  The method of calculation of the 30-Day Standardized Subsidized Yield is mandated by the Securities and Exchange Commission and is determined by dividing the net investment income per share earned during the last 30 days of the period by the maximum public 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 COMPOSITION⁹

Percentage of Net Assets

⁹  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.

¹⁰  “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 Duration Government Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	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		-0.65	%		0.02	%		-0.30	%		-0.37	%
Class C		-0.78			0.02			-0.70			-1.11
Institutional		-0.39			0.02			0.02			-0.05
Service		-0.63			0.02			-0.47			-0.54
Investor		-0.53			0.02			-0.06			-0.12
Class R6		-0.38			0.02			0.03			-0.04
Class P		-0.38			0.02			0.03			-0.04

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.

13

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 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.

14

FUND BASICS

Short-Term Conservative Income

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg 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		-0.07	%		0.07	%		0.02	%		-0.17	%		-0.27	%
Administration		0.14			0.07			0.02			0.06			-0.04
Preferred		0.04			0.07			0.02			0.06			-0.04
Institutional		0.14			0.07			0.02			0.05			-0.04
Investor		0.10			0.07			0.02			-0.03			-0.12
Class R6		0.05			0.07			0.02			0.06			-0.03
Class P		0.05			0.07			0.02			0.06			-0.03

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 Short-Term Government/Corporate Index, an unmanaged index measures the performance of U.S. dollar-denominated U.S. Treasury bonds, government related bonds, and investment grade U.S. corporate bonds.

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.

15

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 commercial paper, certificate of deposit and repurchase agreements. 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.

16

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 53.4%
Aerospace & Defense – 0.9%
	Teledyne Technologies, Inc.
$	2,700,000		0.650	%		04/01/23	$	2,698,353
	The Boeing Co.(a)
	4,925,000		1.167			02/04/23		4,935,441
								7,633,794
Agriculture(b) – 0.1%
	Cargill, Inc.
	500,000		1.375			07/23/23		509,180
Apparel – 0.1%
	NIKE, Inc.(a)
	725,000		2.400			03/27/25		761,511
	Ralph Lauren Corp.
	275,000		1.700			06/15/22		277,734
								1,039,245
Automotive – 1.4%
	General Motors Co.
	1,522,000		5.400			10/02/23		1,660,274
	General Motors Financial Co, Inc.
	4,925,000		1.050			03/08/24		4,945,931
	Hyundai Capital America(b)
	2,375,000		1.000			09/17/24		2,370,392
	PACCAR Financial Corp.
	400,000		2.650			04/06/23		413,768
	Volkswagen Group of America Finance LLC(b)
	1,025,000		2.900			05/13/22		1,040,068
	1,225,000		0.750			11/23/22		1,229,165
								11,659,598
Banks – 12.4%
	Banco Santander SA
	1,400,000		2.706			06/27/24		1,472,478
	Bank of America Corp.
	1,200,000		4.100			07/24/23		1,279,680
	2,500,000		4.000			01/22/25		2,719,025
	(3M USD LIBOR + 0.650%)
	500,000		3.335	(a)(c)		01/25/23		504,695
	(3M USD LIBOR + 0.790%)
	4,125,000		3.004	(a)(c)		12/20/23		4,250,359
	(3M USD LIBOR + 0.940%)
	1,300,000		3.864	(a)(c)		07/23/24		1,375,725
	Bank of New York Mellon Corp.(a)
	1,375,000		0.350			12/07/23		1,374,216
	Banque Federative du Credit Mutuel SA(b)
	1,700,000		2.125			11/21/22		1,734,476
	950,000		0.650			02/27/24		948,898
	Barclays Bank PLC(a)
	725,000		1.700			05/12/22		730,822
	Barclays PLC(a) (c) (3M USD LIBOR + 1.400%)
	825,000		4.610			02/15/23		837,614
	BNP Paribas SA(b)
	900,000		2.950			05/23/22		915,651
	2,475,000		3.500			03/01/23		2,579,742
	BPCE SA(b)
	649,000		4.000			09/12/23		690,348
Corporate Obligations – (continued)
Banks – (continued)
	Canadian Imperial Bank of Commerce
	1,175,000		0.950			06/23/23		1,185,105
	CIT Group, Inc.(a)
	75,000		4.750			02/16/24		80,156
	Citigroup, Inc.(a)
	4,575,000		2.750			04/25/22		4,629,854
	925,000		2.700			10/27/22		946,811
	(3M USD LIBOR + 0.722%)
	2,850,000		3.142	(c)		01/24/23		2,873,883
	(SOFR + 0.686%)
	1,225,000		0.776	(c)		10/30/24		1,229,434
	Citizens Bank NA(a)
	1,200,000		3.250			02/14/22		1,210,284
	900,000		2.250			04/28/25		936,279
	Cooperatieve Rabobank UA
	2,650,000		4.625			12/01/23		2,870,586
	1,050,000		0.375			01/12/24		1,045,233
	Danske Bank A/S(a)(b)
	1,175,000		1.226			06/22/24		1,186,362
	Fifth Third Bancorp(a)
	325,000		1.625			05/05/23		330,922
	Fifth Third Bank NA(a)
	1,125,000		1.800			01/30/23		1,145,599
	First Horizon Corp.(a)
	1,000,000		3.550			05/26/23		1,043,960
	HSBC Holdings PLC
	1,300,000		3.600			05/25/23		1,366,846
	ING Groep NV
	900,000		4.100			10/02/23		963,360
	JPMorgan Chase & Co.(a)(c)
	(3M USD LIBOR + 0.695%)
	1,775,000		3.207			04/01/23		1,799,885
	(SOFR + 0.420%)
	2,750,000		0.563			02/16/25		2,736,552
	(SOFR + 0.600%)
	850,000		0.653			09/16/24		851,930
	(SOFR + 1.455%)
	2,225,000		1.514			06/01/24		2,262,269
	KeyBank NA
	675,000		2.400			06/09/22		685,037
	725,000		1.250			03/10/23		734,643
	Lloyds Banking Group PLC(a) (c) (1 Year CMT + 1.100%)
	1,200,000		1.326			06/15/23		1,207,836
	Macquarie Bank Ltd.(b)
	1,225,000		2.100			10/17/22		1,248,483
	2,150,000		0.441			12/16/22		2,152,967
	Mitsubishi UFJ Financial Group, Inc.
	1,000,000		2.623			07/18/22		1,018,610
	1,550,000		3.761			07/26/23		1,642,798
	Mizuho Financial Group, Inc.(a) (c) (-1x SOFR + 1.252%)
	1,275,000		1.241			07/10/24		1,289,599
	Morgan Stanley, Inc.
	1,400,000		3.125			01/23/23		1,449,532
	(3M USD LIBOR + 0.847%)
	1,125,000		3.737	(a)(c)		04/24/24		1,180,575
	(SOFR + 0.466%)
	1,550,000		0.560	(a)(c)		11/10/23		1,552,356

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, Inc. – (continued)
	(SOFR + 0.745%)
$	725,000		0.864	%(a)(c)		10/21/25	$	723,601
	MUFG Union Bank NA(a)
	1,325,000		3.150			04/01/22		1,340,926
	650,000		2.100			12/09/22		662,695
	Natwest Group PLC(a) (c) (1 Year CMT + 2.150%)
	1,200,000		2.359			05/22/24		1,231,500
	Natwest Markets PLC(b)
	1,250,000		3.625			09/29/22		1,291,262
	795,000		2.375			05/21/23		819,693
	Royal Bank of Canada
	1,125,000		1.950			01/17/23		1,148,929
	1,475,000		0.500			10/26/23		1,475,885
	Santander UK Group Holdings PLC(a)(c) (SOFR + 0.787%)
	1,425,000		1.089			03/15/25		1,427,764
	Skandinaviska Enskilda Banken AB(b)
	1,175,000		0.550			09/01/23		1,177,385
	Standard Chartered PLC(a)(b)(c)
	(1 year CMT + 0.780%)
	875,000		0.991			01/12/25		872,279
	(3M USD LIBOR + 1.080%)
	1,400,000		3.885			03/15/24		1,462,006
	(3M USD LIBOR + 1.150%)
	1,200,000		4.247			01/20/23		1,213,200
	State Street Corp.(a)(c) (SOFR + 2.690%)
	450,000		2.825			03/30/23		455,598
	Sumitomo Mitsui Financial Group, Inc.
	2,000,000		2.442			10/19/21		2,001,920
	325,000		0.508			01/12/24		323,824
	725,000		0.948			01/12/26		712,980
	Sumitomo Mitsui Trust Bank Ltd.(b)
	2,250,000		0.800			09/12/23		2,263,230
	The Huntington National Bank(a)
	1,250,000		3.125			04/01/22		1,264,950
	1,050,000		1.800			02/03/23		1,069,887
	Truist Bank(a)
	1,700,000		1.250			03/09/23		1,721,216
	UBS AG(b)
	1,775,000		0.450			02/09/24		1,765,681
	UBS Group AG(b)
	6,306,000		2.650			02/01/22		6,355,124
	Wells Fargo & Co.(a)
	500,000		3.750			01/24/24		534,385
	(SOFR + 1.600%)
	3,125,000		1.654	(c)		06/02/24		3,186,969
								102,774,364
Beverages – 1.8%
	Beam Suntory, Inc.(a)
	2,000,000		3.250			05/15/22		2,020,860
	Constellation Brands, Inc.(a)
	1,950,000		3.200			02/15/23		2,018,543
	Diageo Investment Corp.
	2,000,000		2.875			05/11/22		2,031,420
	JDE Peet’s NV(a)(b)
	2,625,000		0.800			09/24/24		2,618,122
Corporate Obligations – (continued)
Beverages – (continued)
	Keurig Dr Pepper, Inc.(a)
$	5,186,000		4.057	%		05/25/23	$	5,481,965
	PepsiCo, Inc.(c) (3M USD LIBOR + 0.530%)
	1,159,000		0.668			10/06/21		1,159,000
								15,329,910
Biotechnology – 0.5%
	Gilead Sciences, Inc.(a)
	175,000		0.750			09/29/23		175,018
	(3M USD LIBOR + 0.520%)
	500,000		0.652	(c)		09/29/23		500,075
	Illumina, Inc.
	2,475,000		0.550			03/23/23		2,475,569
	Royalty Pharma PLC
	1,200,000		0.750			09/02/23		1,203,828
								4,354,490
Chemicals – 0.5%
	Celanese US Holdings LLC(a)
	350,000		3.500			05/08/24		372,876
	International Flavors & Fragrances, Inc.(b)
	3,050,000		0.697			09/15/22		3,058,388
	The Sherwin-Williams Co.(a)
	64,000		2.750			06/01/22		64,858
	Westlake Chemical Corp.(a)
	975,000		0.875			08/15/24		976,287
								4,472,409
Commercial Services – 0.9%
	Global Payments, Inc.(a)
	1,150,000		3.750			06/01/23		1,201,739
	525,000		1.200			03/01/26		519,687
	IHS Markit Ltd.(a)
	2,223,000		5.000	(b)		11/01/22		2,303,072
	475,000		3.625			05/01/24		505,362
	PayPal Holdings, Inc.
	1,800,000		2.200			09/26/22		1,835,172
	1,475,000		1.350			06/01/23		1,499,337
								7,864,369
Computers(a) – 1.8%
	Dell International LLC/EMC Corp.
	5,425,000		5.450			06/15/23		5,822,598
	1,075,000		5.850			07/15/25		1,250,365
	Hewlett Packard Enterprise Co.
	1,400,000		2.250			04/01/23		1,434,370
	2,175,000		4.450			10/02/23		2,330,077
	3,400,000		4.650			10/01/24		3,755,028
								14,592,438
Diversified Financial Services – 4.7%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	725,000		4.450			12/16/21		728,473
	4,075,000		4.125			07/03/23		4,291,708
	AIG Global Funding(b)
	1,450,000		2.300			07/01/22		1,473,011
	525,000		0.800			07/07/23		529,221

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)
Diversified Financial Services – (continued)
	AIG Global Funding(b) – (continued)
$	1,525,000		0.450	%		12/08/23	$	1,525,244
	5,075,000		0.650			06/17/24		5,063,327
	Air Lease Corp.
	1,425,000		3.500			01/15/22		1,437,298
	500,000		2.250			01/15/23		510,885
	1,150,000		2.750	(a)		01/15/23		1,180,487
	4,049,000		4.250	(a)		02/01/24		4,342,593
	825,000		2.300	(a)		02/01/25		846,648
	Ally Financial, Inc.(a)
	1,500,000		1.450			10/02/23		1,522,950
	Aviation Capital Group LLC(a)(b)
	1,200,000		5.500			12/15/24		1,344,876
	550,000		1.950			01/30/26		548,284
	Avolon Holdings Funding Ltd.(a)(b)
	1,550,000		3.625			05/01/22		1,572,955
	675,000		2.875			02/15/25		694,373
	BlackRock, Inc.
	1,218,000		3.375			06/01/22		1,243,407
	Capital One Financial Corp.(a)
	725,000		2.600			05/11/23		749,128
	(3M USD LIBOR + 0.720%)
	1,300,000		0.849	(c)		01/30/23		1,308,814
	GE Capital Funding LLC(a)
	4,425,000		3.450			05/15/25		4,773,292
	Intercontinental Exchange, Inc.
	500,000		0.700			06/15/23		502,260
	Jefferies Group LLC
	1,200,000		5.125			01/20/23		1,269,072
	Nasdaq, Inc.(a)
	1,450,000		0.445			12/21/22		1,450,116
	USAA Capital Corp.(b)
	150,000		1.500			05/01/23		152,645
								39,061,067
Electrical – 3.8%
	Avangrid, Inc.(a)
	650,000		3.200			04/15/25		692,582
	Berkshire Hathaway Energy Co.(a)
	650,000		4.050			04/15/25		714,753
	CenterPoint Energy, Inc.(a)
	1,850,000		2.500			09/01/22		1,884,521
	Dominion Energy, Inc.
	1,200,000		2.450	(b)		01/15/23		1,230,948
	2,025,000		1.450	(a)		04/15/26		2,034,760
	DTE Energy Co.
	1,125,000		0.550			11/01/22		1,127,227
	575,000		1.050	(a)		06/01/25		570,314
	Enel Finance International NV(a)(b)
	2,575,000		1.375			07/12/26		2,558,056
	Entergy Louisiana LLC(a)
	925,000		0.620			11/17/23		925,092
	2,000,000		0.950			10/01/24		2,000,840
	FirstEnergy Corp.(a)
	400,000		2.050			03/01/25		403,034
	Florida Power & Light Co.(a)
	375,000		2.850			04/01/25		398,010
Corporate Obligations – (continued)
Electrical – (continued)
	Georgia Power Co.
	1,000,000		2.100			07/30/23		1,030,150
	ITC Holdings Corp.(a)
	585,000		2.700			11/15/22		598,607
	NextEra Energy Capital Holdings, Inc.
	1,200,000		2.900			04/01/22		1,215,780
	2,150,000		0.650			03/01/23		2,157,998
	NRG Energy, Inc.(a)(b)
	1,225,000		3.750			06/15/24		1,304,025
	Pacific Gas & Electric Co.(a)
	1,250,000		1.750			06/16/22		1,248,362
	PPL Electric Utilities Corp.(a)(c)
	(3M USD LIBOR + 0.250%)
	275,000		0.382			09/28/23		274,610
	(SOFR + 0.330%)
	1,930,000		0.380			06/24/24		1,931,679
	Public Service Enterprise Group, Inc.(a)
	675,000		2.875			06/15/24		710,647
	675,000		0.800			08/15/25		663,431
	Southern Power Co.(a)
	500,000		0.900			01/15/26		490,605
	The Southern Co.(a)
	1,400,000		2.950			07/01/23		1,453,942
	Vistra Operations Co. LLC(a)(b)
	875,000		3.550			07/15/24		920,675
	WEC Energy Group, Inc.
	725,000		0.550			09/15/23		724,848
	Xcel Energy, Inc.(a)
	1,948,000		0.500			10/15/23		1,950,377
								31,215,873
Environmental(a) – 0.1%
	Waste Management, Inc.
	625,000		0.750			11/15/25		615,281
Food & Drug Retailing – 0.5%
	Mondelez International Holdings Netherlands B.V.(b)
	775,000		2.125			09/19/22		788,857
	2,500,000		0.750	(a)		09/24/24		2,493,800
	Mondelez International, Inc.(a)
	525,000		1.500			05/04/25		532,151
								3,814,808
Forest Products&Paper(b) – 0.1%
	Georgia-Pacific LLC
	1,125,000		0.625			05/15/24		1,123,954
Gas(a) – 0.2%
	NiSource, Inc.
	1,025,000		0.950			08/15/25		1,012,556
	The East Ohio Gas Co.(b)
	250,000		1.300			06/15/25		250,828
								1,263,384
Healthcare Providers & Services – 1.8%
	Aetna, Inc.(a)
	975,000		2.800			06/15/23		1,009,691
	2,250,000		3.500			11/15/24		2,419,357

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Healthcare Providers & Services – (continued)
	Anthem, Inc.
$	2,875,000		0.450	%		03/15/23	$	2,877,904
	DH Europe Finance II S.a.r.l.
	1,000,000		2.050			11/15/22		1,019,080
	3,025,000		2.200	(a)		11/15/24		3,148,904
	Humana, Inc.(a)
	2,525,000		0.650			08/03/23		2,526,439
	PerkinElmer, Inc.(a)
	1,700,000		0.850			09/15/24		1,699,626
								14,701,001
Insurance(b) – 3.6%
	Athene Global Funding
	1,090,000		2.800			05/26/23		1,130,766
	875,000		1.200			10/13/23		885,684
	650,000		0.950			01/08/24		653,114
	375,000		2.500			01/14/25		389,651
	600,000		1.450			01/08/26		601,524
	Equitable Financial Life Global Funding
	700,000		1.400			07/07/25		703,675
	Great-West Lifeco US Finance 2020 LP(a)
	425,000		0.904			08/12/25		418,272
	MassMutual Global Funding II(c) (3M USD LIBOR + 0.150%)
	8,000,000		0.288			01/07/22		8,002,400
	Metropolitan Life Global Funding I
	575,000		1.950			01/13/23		586,834
	600,000		0.900			06/08/23		605,562
	New York Life Global Funding
	1,200,000		1.100			05/05/23		1,214,520
	(3M USD LIBOR + 0.280%)
	6,000,000		0.414	(c)		01/21/22		6,004,860
	Pacific Life Global Funding II
	2,450,000		0.500			09/23/23		2,453,577
	Principal Life Global Funding II
	2,150,000		0.500			01/08/24		2,146,108
	Protective Life Global Funding
	675,000		1.082			06/09/23		682,472
	525,000		0.631			10/13/23		526,454
	600,000		0.473			01/12/24		597,102
	Reliance Standard Life Global Funding II
	1,600,000		2.625			07/22/22		1,630,096
	275,000		2.150			01/21/23		280,951
								29,513,622
Internet(a)(c) – 0.4%
	TD Ameritrade Holding Corp. (3M USD LIBOR + 0.430%)
	2,950,000		0.556			11/01/21		2,950,118
Iron/Steel(a) – 0.2%
	Steel Dynamics, Inc.
	1,240,000		2.400			06/15/25		1,290,629
Machinery-Diversified – 0.4%
	John Deere Capital Corp.
	400,000		1.200			04/06/23		405,416
	Otis Worldwide Corp.(a)(c) (3M USD LIBOR + 0.450%)
	1,525,000		0.595			04/05/23		1,523,811
Corporate Obligations – (continued)
Machinery-Diversified – (continued)
	Rockwell Automation, Inc.(a)
	1,250,000		0.350			08/15/23		1,250,350
								3,179,577
Media – 1.8%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	4,525,000		4.464			07/23/22		4,639,618
	2,700,000		4.500			02/01/24		2,920,509
	Fox Corp.
	2,475,000		3.666			01/25/22		2,501,012
	Sky Ltd.(b)
	1,550,000		3.125			11/26/22		1,598,437
	The Walt Disney Co.
	825,000		3.350			03/24/25		890,357
	Time Warner Entertainment Co. LP
	2,200,000		8.375			03/15/23		2,442,858
								14,992,791
Mining(a)(b) – 0.2%
	Glencore Funding LLC
	1,175,000		3.000			10/27/22		1,203,376
	675,000		1.625			09/01/25		677,727
								1,881,103
Miscellaneous Manufacturing(b) – 0.5%
	Siemens Financieringsmaatschappij NV
	4,575,000		0.650			03/11/24		4,580,078
Oil Field Services – 0.8%
	BP Capital Markets America, Inc.
	1,025,000		2.937			04/06/23		1,063,489
	Canadian Natural Resources Ltd.(a)
	825,000		2.050			07/15/25		845,039
	Chevron Corp.
	950,000		1.141			05/11/23		962,806
	Exxon Mobil Corp.(a)
	900,000		2.992			03/19/25		959,967
	Phillips 66(a)
	950,000		0.900			02/15/24		950,057
	Pioneer Natural Resources Co.(a)
	625,000		0.750			01/15/24		624,125
	Suncor Energy, Inc.
	1,175,000		2.800			05/15/23		1,216,383
								6,621,866
Packaging(a)(b) – 0.3%
	Berry Global, Inc.
	2,100,000		0.950			02/15/24		2,102,310
	550,000		1.570			01/15/26		550,204
								2,652,514
Pharmaceuticals – 2.0%
	AbbVie, Inc.
	1,225,000		3.375			11/14/21		1,229,251
	2,350,000		2.150			11/19/21		2,355,875
	1,975,000		2.300			11/21/22		2,017,225
	6,225,000		2.600	(a)		11/21/24		6,543,533

20 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)
Pharmaceuticals – (continued)
	Bristol-Myers Squibb Co.(a)
$	1,450,000		0.537	%		11/13/23	$	1,450,218
	Cigna Corp.(a)
	1,357,000		3.750			07/15/23		1,434,240
	CVS Health Corp.(a)
	310,000		3.700			03/09/23		323,727
	GlaxoSmithKline Capital PLC(a)
	875,000		0.534			10/01/23		876,479
								16,230,548
Pipelines – 2.5%
	Enbridge, Inc.
	1,150,000		0.550			10/04/23		1,150,725
	(SOFR + 0.400%)
	600,000		0.450	(c)		02/17/23		601,440
	Energy Transfer Operating LP(a)
	1,150,000		5.200			02/01/22		1,153,991
	Enterprise Products Operating LLC
	1,150,000		3.500			02/01/22		1,162,155
	649,000		3.350	(a)		03/15/23		672,098
	Kinder Morgan Energy Partners LP(a)
	2,275,000		3.950			09/01/22		2,329,691
	Kinder Morgan, Inc.(a)(b)
	3,400,000		5.625			11/15/23		3,703,246
	MPLX LP(a)
	1,125,000		3.375			03/15/23		1,167,682
	3,374,000		4.500			07/15/23		3,571,548
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	1,250,000		3.650			06/01/22		1,266,600
	Sabine Pass Liquefaction LLC(a)
	2,300,000		6.250			03/15/22		2,326,266
	The Williams Cos., Inc.(a)
	950,000		3.600			03/15/22		958,588
	1,100,000		3.700			01/15/23		1,136,344
								20,049,649
Real Estate Investment Trust – 0.5%
	American Tower Corp.
	1,125,000		3.500			01/31/23		1,170,990
	1,675,000		3.000			06/15/23		1,744,848
	750,000		0.600			01/15/24		748,680
	Crown Castle International Corp.(a)
	700,000		1.350			07/15/25		703,213
								4,367,731
Retailing – 0.9%
	7-Eleven, Inc.(a)(b)
	950,000		0.625			02/10/23		950,275
	4,325,000		0.800			02/10/24		4,322,535
	400,000		0.950			02/10/26		391,944
	Starbucks Corp.
	1,974,000		1.300			05/07/22		1,986,436
								7,651,190
Savings & Loans(b) – 0.4%
	Nationwide Building Society
	1,325,000		2.000			01/27/23		1,353,713
Corporate Obligations – (continued)
Savings & Loans(b) – (continued)
	Nationwide Building Society – (continued)
	(3M USD LIBOR + 1.064%)
	1,001,000		3.766	%(a)(c)		03/08/24		1,044,193
	(3M USD LIBOR + 1.181%)
	1,175,000		3.622	(a)(c)		04/26/23		1,195,786
								3,593,692
Semiconductors – 1.5%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	2,100,000		3.625			01/15/24		2,227,386
	Broadcom, Inc.(a)
	5,225,000		3.625			10/15/24		5,642,791
	1,125,000		4.700			04/15/25		1,252,125
	NXP B.V./NXP Funding LLC(b)
	3,200,000		4.625			06/01/23		3,406,208
	NXP BV / NXP Funding LLC / NXP USA Inc.(a)(b)
	275,000		2.700			05/01/25		287,521
								12,816,031
Software(a) – 1.7%
	Fidelity National Information Services, Inc.
	1,050,000		1.150			03/01/26		1,041,033
	Fiserv, Inc.
	825,000		3.800			10/01/23		877,058
	6,425,000		2.750			07/01/24		6,765,396
	Infor, Inc.(b)
	1,225,000		1.450			07/15/23		1,238,781
	Intuit, Inc.
	500,000		0.950			07/15/25		499,245
	Oracle Corp.
	1,400,000		2.500			04/01/25		1,464,792
	VMware, Inc.
	2,600,000		1.000			08/15/24		2,608,788
								14,495,093
Telecommunication Services – 3.6%
	AT&T, Inc.
	1,075,000		3.000	(a)		06/30/22		1,091,168
	300,000		4.050			12/15/23		323,178
	5,400,000		0.900	(a)		03/25/24		5,407,614
	275,000		4.450	(a)		04/01/24		297,985
	3,100,000		3.950	(a)		01/15/25		3,384,580
	2,375,000		3.400	(a)		05/15/25		2,560,464
	Bell Canada
	2,750,000		0.750			03/17/24		2,751,375
	T-Mobile USA, Inc.(a)
	8,800,000		3.500			04/15/25		9,473,288
	Verizon Communications, Inc.
	2,950,000		0.750			03/22/24		2,962,773
	1,450,000		0.850	(a)		11/20/25		1,435,543
								29,687,968
Transportation(a) – 0.4%
	Ryder System, Inc.
	875,000		2.875			06/01/22		887,933
	1,000,000		2.500			09/01/22		1,018,330
	United Parcel Service, Inc.
	1,000,000		3.900			04/01/25		1,094,730
								3,000,993

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Trucking & Leasing(a)(b) – 0.1%
	Penske Truck Leasing Co LP/PTL Finance Corp.
$	1,025,000		1.200	%		11/15/25	$	1,013,858
	TOTAL CORPORATE OBLIGATIONS
	(Cost $440,091,797)						$	443,744,941
Agency Debenture(c) – 0.2%
	Federal Farm Credit Banks Funding Corp. (SOFR + 0.380%)
$	1,900,000		0.430	%		05/08/23	$	1,909,405
	(Cost $1,900,000)
Asset-Backed Securities – 12.3%
Automotive – 7.2%
	Ford Credit Auto Owner Trust Series 2019-1, Class A(b)
$	2,600,000		3.520	%		07/15/30	$	2,768,681
	Ford Credit Auto Owner Trust Series 2020-1, Class A(b)
	6,835,000		2.040			08/15/31		7,065,276
	Ford Credit Floorplan Master Owner Trust A Series 2018-2, Class A
	6,900,000		3.170			03/15/25		7,181,610
	Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class A
	3,200,000		1.060			09/15/27		3,188,607
	Ford Credit Floorplan Master Owner Trust Series 2018-3, Class A1
	3,250,000		3.520			10/15/23		3,253,282
	Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
	3,625,000		2.440			09/15/26		3,792,384
	GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(b)
	1,500,000		2.900			04/15/26		1,582,890
	GMF Floorplan Owner Revolving Trust Series 2020-2, Class A(b)
	1,500,000		0.690			10/15/25		1,503,836
	Hyundai Auto Lease Securitization Trust Series 2021-B, Class A3(b)
	1,550,000		0.330			06/17/24		1,548,531
	Hyundai Auto Lease Securitization Trust Series 2021-C, Class A3(b)
	7,600,000		0.380			09/16/24		7,593,636
	Hyundai Auto Receivables Trust Series 2021-A, Class A3
	900,000		0.380			09/15/25		898,930
	Mercedes-Benz Auto Lease Trust Series 2021-B, Class A3
	2,550,000		0.400			11/15/24		2,549,742
	NextGear Floorplan Master Owner Trust Series 2021-1A, Class A(b)
	5,500,000		0.850			07/15/26		5,490,029
	Tesla Auto Lease Trust Series 2021-A, Class A3(b)
	500,000		0.560			03/20/25		500,347
	Tesla Auto Lease Trust Series 2021-A, Class A4(b)
	1,800,000		0.660			03/20/25		1,803,190
	Tesla Auto Lease Trust Series 2021-B, Class A3(b)
	5,300,000		0.600			09/22/25		5,293,070
	Toyota Lease Owner Trust Series 2021-A, Class A3(b)
	1,975,000		0.390			04/22/24		1,976,539
Asset-Backed Securities – (continued)
Automotive – (continued)
	Toyota Lease Owner Trust Series 2021-A, Class A4(b)
	375,000		0.500			08/20/25		375,268
	Toyota Lease Owner Trust Series 2021-B, Class A3(b)
	1,550,000		0.420			10/21/24		1,550,053
								59,915,901
Credit Card – 2.8%
	American Express Credit Account Master Trust Series 2019-2, Class A
	2,050,000		2.670			11/15/24		2,077,292
	Barclays Dryrock Issuance Trust Series 2021-1, Class A
	6,200,000		0.630			07/15/27		6,183,705
	CARDS II Trust Series 2021-1A, Class A(b)
	4,075,000		0.602			04/15/27		4,077,164
	Evergreen Credit Card Trust Series 2019-2, Class A(b)
	2,900,000		1.900			09/16/24		2,946,945
	Master Credit Card Trust II Series 2020-1A, Class A(b)
	3,600,000		1.990			09/21/24		3,689,300
	Master Credit Card Trust Series 2021-1A, Class A(b)
	3,900,000		0.530			11/21/25		3,890,643
								22,865,049
Home Equity(c) – 0.0%
	Centex Home Equity Loan Trust Series 2004-D, Class MV3 (1M USD LIBOR + 1.500%)
	38,655		1.586			09/25/34		39,002
Student Loan(c) – 2.3%
	Access Group, Inc. Series 2013-1, Class A(b) (1M USD LIBOR + 0.500%)
	839,917		0.586			02/25/36		832,072
	ECMC Group Student Loan Trust Series 2017-1A, Class A(b) (1M USD LIBOR + 1.200%)
	1,455,485		1.286			12/27/66		1,477,283
	Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	799,499		0.786			02/25/39		798,526
	Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	865,221		1.179			05/25/34		868,884
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	924,488		1.025			07/25/45		927,933
	Kentucky Higher Education Student Loan Corp. Series 2021-1, Class A1B (1M USD LIBOR + 0.780%)
	973,932		0.864			03/25/51		979,300
	Navient Student Loan Trust Series 2017-2A, Class A(b) (1M USD LIBOR + 1.050%)
	2,320,195		1.136			12/27/66		2,356,384
	Navient Student Loan Trust Series 2017-4A, Class A2(b) (1M USD LIBOR + 0.500%)
	876,058		0.586			09/27/66		877,921
	Nelnet Student Loan Trust Series 2012-3A, Class A(b) (1M USD LIBOR + 0.700%)
	2,801,716		0.786			02/25/45		2,826,257
	Northstar Education Finance, Inc. Series 2012-1, Class A(b) (1M USD LIBOR + 0.700%)
	494,576		0.786			12/26/31		496,867

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

GOLDMAN SACHS ENHANCED INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Student Loan(c) – (continued)
	PHEAA Student Loan Trust Series 2014-3A, Class A(b) (1M USD LIBOR + 0.590%)
$	3,864,565		0.676	%		08/25/40	$	3,874,197
	SLC Student Loan Center Series 2011-1, Class A(b) (1M USD LIBOR + 1.220%)
	688,464		1.306			10/25/27		690,762
	SLC Student Loan Trust Series 2007-1, Class A4 (3M USD LIBOR + 0.060%)
	1,822,445		0.185			05/15/29		1,806,090
	SLM Student Loan Trust Series 2007-1, Class A5 (3M USD LIBOR + 0.090%)
	103,622		0.215			01/26/26		103,612
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	28,326		0.995			10/01/24		28,326
								18,944,414
	TOTAL ASSET-BACKED SECURITIES
	(Cost $101,857,658)						$	101,764,366
U.S. Treasury Obligation(d) – 0.2%
	United States Treasury Note
$	1,250,000		2.875	%		10/31/23	$	1,316,699
	(Cost $1,284,850)

Shares		Description	Value
Exchange Traded Fund – 3.6%
	SPDR Portfolio Short Term Corporate Bond ETF
	961,084			30,033,875
(Cost $30,180,440)
Shares		Dividend Rate	Value
Investment Companies(e) – 3.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	31,051,502	0.026%	$	31,051,502
	Goldman Sachs Financial Square Money Market Fund – Institutional Shares
	9,099	0.078		9,104
	TOTAL INVESTMENT COMPANIES
	(Cost $31,060,594)		$	31,060,606
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $606,375,339)		$	609,829,892

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 25.1%
Certificates of Deposit – 6.2%
	Australia & New Zealand Banking Group Ltd.(b)(c)
	(3M USD LIBOR + 0.030%)
$	7,000,000		0.215	%		03/08/22	$	7,000,608
	Bank of Montreal(c) (3M USD LIBOR + 0.100%)
	6,650,000		0.225			11/18/21		6,651,171
	Bank of Nova Scotia(c) (SOFR + 0.150%)
	3,000,000		0.200			03/17/22		3,000,856
	Canadian Imperial Bank of Commerce(c)
	(3M USD LIBOR + 0.110%)
	6,250,000		0.248			01/03/22		6,252,217
	Credit Suisse AG
	4,000,000		0.590			03/17/23		3,998,697
	Deutsche Bank AG
	2,221,000		0.720			11/08/21		2,222,346
	HSBC Bank PLC
	4,600,000		0.330			12/24/21		4,602,277
	Mizuho Bank Ltd.
	4,000,000		0.230			11/10/21		4,000,728
	2,000,000		0.230			11/17/21		2,000,426
	Natixis SA(c)
	(3M USD LIBOR + 0.030%)
	2,500,000		0.155			11/15/21		2,500,190
	(3M USD LIBOR + 0.130%)
	5,000,000		0.246			12/09/21		5,001,466
	Norinchukin Bank NY
	4,019,000		0.250			11/04/21		4,019,691
								51,250,673
Commercial Paper(f) – 17.8%
	ABN AMRO Funding USA LLC(b)
	5,000,000		0.000			10/13/21		4,999,771
	Antalis S.A(b)
	4,356,000		0.000			10/15/21		4,355,800
	AT&T, Inc.(b)
	1,537,000		0.000			12/14/21		1,536,424
	2,330,000		0.000			12/16/21		2,329,098
	Bank Amer Secs, Inc.(b)
	1,700,000		0.000			12/21/21		1,699,555
	Barclays Capital, Inc.(b)
	5,000,000		0.000			01/24/22		4,997,922
	BAT International Finance PLC(b)
	2,028,000		0.000			10/22/21		2,027,825
	Chariot Funding LLC(b)
	10,000,000		0.000			10/04/21		9,999,911
	Columbia Funding Co.(b)
	8,000,000		0.000			11/02/21		7,999,267
	El Dupont De Nemours and Co.(b)
	5,000,000		0.000			12/03/21		4,998,889
	Enel Finance America LLC(b)
	6,000,000		0.000			02/16/22		5,994,231
	Entergy Corp.(b)
	2,859,000		0.000			11/23/21		2,858,185
	Erste Abwicklungsanstalt(b)
	7,841,000		0.000			02/14/22		7,836,942
	Gotham Funding Corp.(b)
	9,500,000		0.000			10/12/21		9,499,728

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

GOLDMAN SACHS ENHANCED INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Commercial Paper(f) – (continued)
	Honeywell International, Inc.(b)
$	2,500,000		0.000	%		05/18/22	$	2,497,812
	2,000,000		0.000			05/20/22		1,998,234
	Ionic Capital II Trust
	8,000,000		0.000			01/28/22		7,996,533
	Keurig Dr Pepper, Inc.(b)
	3,000,000		0.000			12/30/21		2,998,551
	KFW(b)
	4,300,000		0.000			02/10/22		4,298,348
	La Fayette Asset Securitization LLC(b)
	7,206,000		0.000			10/13/21		7,205,771
	LVMH Moet Hennessy Louis Vuitton SE(b)
	10,000,000		0.000			10/19/21		9,999,631
	Matchpoint Finance PLC(b)
	5,000,000		0.000			11/08/21		4,999,458
	NatWest Markets PLC(b)
	2,000,000		0.000			01/18/22		1,999,065
	750,000		0.000			03/01/22		749,458
	Nederlandse Wtrschbnk NV(b)
	7,841,000		0.000			10/14/21		7,840,729
	Societe Generale SA(b)
	8,000,000		0.000			12/13/21		7,998,568
	Starbird Funding Corp.(b)
	10,000,000		0.000			10/04/21		9,999,911
	Suncor Energy, Inc.(b)
	2,050,000		0.000			10/29/21		2,049,754
	VW Credit, Inc.(b)
	300,000		0.000			01/26/22		299,794
	4,000,000		0.000			08/26/22		3,989,367
								148,054,532
Repurchase Agreements – 1.1%
	Bank of America Corp.
	9,100,000		0.770			12/13/21		9,100,000
	Maturity Value: $9,124,330
	Next Reset Date: 10/04/21
	Collateralized by various Common stocks, preferred securities and corporate obligations, 0.000% to 7.500%, due 06/01/23 – 09/01/27. The aggregate market value of the collateral, including accrued interest, was $9,975,342.
	(Cost $9,100,000)
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $208,372,929)						$	208,405,205
	TOTAL INVESTMENTS – 98.5%
	(Cost $814,748,268)						$	818,235,097
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.5%							12,686,706
	NET ASSETS – 100.0%						$	830,921,803

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, 2021.
(d)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(e)	Represents an affiliated issuer.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
PLC	—Public Limited Company
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS ENHANCED INCOME FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Eurodollars		797			12/13/21	$	198,911,275		$	8,201
Short position contracts:
2 Year U.S. Treasury Notes		(826	)		12/31/21		(181,765,172	)		99,466
5 Year U.S. Treasury Notes		(678	)		12/31/21		(83,219,204	)		463,791
Total									$	563,257
TOTAL FUTURES CONTRACTS									$	571,458

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 45.8%
Collateralized Mortgage Obligations – 0.8%
Interest Only(a) – 0.0%
	FNMA STRIPS Series 151, Class 2
$	16		9.500	%		07/25/22	$	—
Inverse Floaters(b) – 0.0%
	GNMA REMIC Series 2002-13, Class SB (-1x1M USD LIBOR + 37.567%)
	6,326		37.172			02/16/32		7,995
Regular Floater(b) – 0.0%
	FHLMC REMIC Series 1760, Class ZB (10 Year CMT – 0.600%)
	18,473		0.660			05/15/24		18,509
Sequential Fixed Rate – 0.6%
	FHLMC REMIC Series 2329, Class ZA
	202,163		6.500			06/15/31		226,534
	FHLMC REMIC Series 4246, Class PT
	65,462		6.500			02/15/36		75,801
	FHLMC REMIC Series 4273, Class PD
	363,778		6.500			11/15/43		428,193
	FNMA REMIC Series 2011-52, Class GB
	327,423		5.000			06/25/41		366,453
	FNMA REMIC Series 2011-99, Class DB
	318,462		5.000			10/25/41		355,762
	FNMA REMIC Series 2012-111, Class B
	42,658		7.000			10/25/42		50,148
	FNMA REMIC Series 2012-153, Class B
	187,257		7.000			07/25/42		224,349
								1,727,240
Sequential Floating Rate(b) – 0.2%
	JPMorgan Mortgage Trust Series 2021-6, Class A3(c)
	420,513		2.500			10/25/51		425,474
	Merrill Lynch Mortgage Investors Trust Series 2004-E, Class A2B (6M USD LIBOR + 0.720%)
	75,100		0.875			11/25/29		71,460
								496,934
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	2,250,678
Commercial Mortgage-Backed Securities – 2.0%
Sequential Fixed Rate – 1.2%
	BANK Series 2019-BN24, Class A3
$	1,400,000		2.960	%		11/15/62	$	1,496,785
	BANK Series 2020-BN29, Class A4
	600,000		1.997			11/15/53		595,088
	Manhattan West Mortgage Trust Series 2020-1MW, Class A(c)
	600,000		2.130			09/10/39		611,559
	Wells Fargo Commercial Mortgage Trust Series 2021-C59, Class A5
	500,000		2.626			04/15/54		520,166
								3,223,598
Sequential Floating Rate(b) – 0.8%
	BXHPP Trust Series 2021-FILM, Class A(c) (1M USD LIBOR + 0.650%)
	1,600,000		0.734			08/15/36		1,601,250
	BANK Series 2021-BN31, Class AS
	250,000		2.211			02/15/54		248,365
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	Extended Stay America Trust Series 2021-ESH, Class A(c) (1M USD LIBOR + 1.080%)
	397,930		1.164			07/15/38		398,987
								2,248,602
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	5,472,200
Federal Agencies – 43.0%
Adjustable Rate FHLMC(b) – 0.1%
	(1 Year CMT + 2.224%)
$	2,191		2.349	%		11/01/32	$	2,307
	(1 Year CMT + 2.250%)
	186,047		2.313			09/01/33		195,608
								197,915
Adjustable Rate FNMA(b) – 0.3%
	(1 Year CMT + 2.195%)
	118,175		2.321			02/01/35		124,915
	(1 Year CMT + 2.234%)
	7,084		2.344			06/01/33		7,468
	(12M USD LIBOR + 1.488%)
	122,160		1.904			09/01/35		128,244
	(12M USD LIBOR + 1.608%)
	200,952		2.060			10/01/33		210,469
	(12M USD LIBOR + 1.670%)
	15,821		2.045			11/01/32		16,571
	(6M USD LIBOR + 1.413%)
	307,747		1.663			05/01/33		318,866
								806,533
Adjustable Rate GNMA(b) – 0.3%
	(1 Year CMT + 1.500%)
	7,083		1.875			06/20/23		7,130
	3,539		2.250			07/20/23		3,566
	3,473		2.250			08/20/23		3,500
	8,109		2.250			09/20/23		8,159
	3,254		2.000			03/20/24		3,294
	30,296		1.875			04/20/24		30,617
	4,308		1.875			05/20/24		4,364
	29,890		1.875			06/20/24		30,190
	7,273		2.000			06/20/24		7,366
	22,449		2.250			07/20/24		22,701
	29,738		2.250			08/20/24		30,053
	9,307		2.250			09/20/24		9,394
	11,845		2.125			11/20/24		12,022
	4,288		2.125			12/20/24		4,354
	10,171		2.500			12/20/24		10,388
	8,389		2.000			01/20/25		8,550
	5,078		2.000			02/20/25		5,178
	20,344		2.000			05/20/25		20,684
	18,676		2.250			07/20/25		19,001
	8,160		2.000			02/20/26		8,322
	417		2.250			07/20/26		423
	21,269		2.000			01/20/27		21,798
	8,290		2.000			02/20/27		8,479
	70,569		1.875			04/20/27		71,819

26 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)
$	7,214		1.875	%		05/20/27	$	7,343
	11,717		1.875			06/20/27		11,933
	3,923		2.125			11/20/27		3,996
	11,610		2.125			12/20/27		11,828
	24,442		2.000			01/20/28		25,069
	8,001		2.000			02/20/28		8,208
	8,770		2.000			03/20/28		9,000
	41,891		2.250			07/20/29		43,012
	19,826		2.250			08/20/29		20,361
	5,171		2.250			09/20/29		5,310
	22,730		2.125			10/20/29		23,240
	33,480		2.125			11/20/29		34,316
	5,857		2.125			12/20/29		6,026
	8,541		2.000			01/20/30		8,806
	2,766		2.000			02/20/30		2,852
	22,065		2.000			03/20/30		22,758
	24,562		1.875			04/20/30		25,133
	37,589		1.875			05/20/30		38,485
	34,200		2.000			05/20/30		35,326
	8,356		1.875			06/20/30		8,561
	58,361		2.250			07/20/30		60,309
	12,514		2.250			09/20/30		12,949
	21,834		2.125			10/20/30		22,539
	38,128		2.000			03/20/32		39,483
								838,195
FHLMC – 0.3%
	101		6.500			08/01/22		102
	562		9.000			10/01/22		563
	14,576		4.500			10/01/23		15,705
	15,095		6.500			07/01/28		15,837
	155,466		4.500			03/01/29		169,364
	3,277		8.000			07/01/30		3,560
	8,850		5.000			08/01/33		10,009
	1,360		5.000			09/01/33		1,538
	3,270		5.000			10/01/33		3,698
	2,087		5.000			11/01/34		2,377
	103,042		5.000			12/01/34		117,378
	5,569		5.000			07/01/35		6,344
	350		5.000			11/01/35		396
	11,944		5.000			12/01/35		13,470
	16,312		5.000			02/01/37		18,583
	1,402		5.000			03/01/38		1,598
	55,855		5.000			07/01/39		63,095
	7,845		4.000			06/01/40		8,627
	2,859		5.000			08/01/40		3,255
	1,009		4.500			11/01/40		1,126
	57,303		4.000			02/01/41		63,014
	1,220		5.000			04/01/41		1,389
	2,880		5.000			06/01/41		3,279
	131,444		5.000			07/01/41		149,544
	4,530		4.000			11/01/41		4,966
	5,713		3.000			05/01/42		6,091
	8,208		3.000			08/01/42		8,752
	9,700		3.000			01/01/43		10,356
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	42,881		3.000			02/01/43		45,899
								749,915
FNMA – 0.1%
	2,819		6.500			11/01/28		3,097
	28,949		7.000			07/01/31		33,585
	308,682		5.500			07/01/33		354,512
								391,194
GNMA – 22.4%
	23,042		7.000			12/15/27		25,288
	7,361		6.500			08/15/28		8,014
	40,223		6.000			01/15/29		44,607
	60,351		7.000			10/15/29		66,716
	25,751		5.500			11/15/32		28,925
	436,862		5.500			12/15/32		498,422
	12,516		5.500			01/15/33		13,969
	28,628		5.500			02/15/33		32,576
	33,800		5.500			03/15/33		38,416
	35,416		5.500			07/15/33		40,058
	10,472		5.500			08/15/33		11,651
	8,290		5.500			09/15/33		9,267
	14,685		5.500			04/15/34		16,319
	8,365		5.500			05/15/34		9,148
	185,152		5.500			06/15/34		211,850
	136,005		5.500			09/15/34		155,913
	138,873		5.500			12/15/34		159,281
	94,108		5.500			01/15/35		108,206
	50,270		5.000			03/15/38		56,576
	3,831		4.000			02/20/41		4,159
	5,976		4.000			11/20/41		6,544
	997		4.000			01/20/42		1,092
	3,203		4.000			04/20/42		3,508
	2,019		4.000			10/20/42		2,210
	226,683		4.000			08/20/43		248,017
	3,068		4.000			03/20/44		3,357
	3,710		4.000			05/20/44		4,055
	258,350		4.000			11/20/44		281,937
	1,159,363		4.000			06/20/45		1,263,403
	266,510		4.000			01/20/46		289,344
	1,867,022		3.500			04/20/47		1,979,786
	1,146,303		3.500			12/20/47		1,215,344
	226,697		4.500			02/20/48		244,033
	888,294		4.500			05/20/48		951,925
	489,643		4.500			08/20/48		524,068
	126,083		5.000			08/20/48		136,332
	4,040,292		4.500			09/20/48		4,322,764
	1,007,384		5.000			10/20/48		1,088,566
	592,914		5.000			11/20/48		640,603
	902,936		5.000			12/20/48		975,278
	871,803		4.500			01/20/49		932,346
	1,283,391		5.000			01/20/49		1,386,013
	1,427,789		4.000			02/20/49		1,518,995
	543,377		4.000			03/20/49		577,239
	144,441		4.500			03/20/49		154,494
	754,135		5.000			03/20/49		814,202
	521,661		4.000			05/20/49		553,843

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	994,718		4.500	%		10/20/49		$	1,062,792
	4,981,826		2.500			08/20/51			5,147,138
	6,000,000		2.000			TBA-30yr	(d)		6,084,688
	16,000,000		2.500			TBA-30yr	(d)		16,517,096
	7,000,000		3.000			TBA-30yr	(d)		7,314,261
	3,000,000		3.500			TBA-30yr	(d)		3,154,961
									60,939,595
UMBS – 7.5%
	18,468		5.500			02/01/23			18,870
	44,190		5.500			08/01/23			45,555
	729		4.500			07/01/36			813
	1,152		4.500			04/01/39			1,287
	5,238		4.500			05/01/39			5,789
	2,343		4.000			08/01/39			2,576
	11,496		4.500			08/01/39			12,723
	205,935		4.500			12/01/39			227,853
	10,076		4.500			01/01/41			11,246
	89,743		4.500			05/01/41			98,304
	53,766		4.500			08/01/41			59,989
	70,101		4.500			08/01/42			78,280
	9,304		3.000			11/01/42			10,043
	128,848		3.000			12/01/42			139,259
	314,200		3.000			01/01/43			339,718
	56,239		3.000			02/01/43			60,810
	380,928		3.000			03/01/43			411,888
	631,555		3.000			04/01/43			682,887
	408,886		3.000			05/01/43			442,195
	73,914		3.000			06/01/43			80,106
	625,259		3.000			07/01/43			677,641
	785,803		4.500			10/01/44			873,965
	680,625		4.500			04/01/45			765,784
	83,552		4.500			05/01/45			94,111
	322,301		4.500			06/01/45			358,460
	282,898		4.000			11/01/45			308,110
	88,205		4.000			03/01/46			95,941
	7,501		4.500			05/01/46			8,226
	52,380		4.000			06/01/46			56,909
	13,764		4.000			08/01/46			14,954
	79,759		4.500			08/01/46			87,470
	116,554		4.000			10/01/46			126,631
	43,019		4.500			06/01/47			48,200
	921,946		4.500			11/01/47			1,016,556
	294,699		4.000			12/01/47			324,522
	280,954		4.000			01/01/48			309,233
	992,137		4.000			02/01/48			1,087,218
	724,223		4.000			03/01/48			790,328
	855,268		4.000			06/01/48			940,951
	263,612		4.000			08/01/48			287,303
	1,347,482		5.000			11/01/48			1,524,840
	1,886,872		4.500			01/01/49			2,034,656
	542,479		4.500			03/01/49			584,967
	1,586,736		3.000			09/01/49			1,694,005
	1,611,063		3.000			12/01/49			1,704,841
	1,707,740		3.000			12/01/50			1,818,519
									20,364,532
Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family(d) – 12.0%
	21,000,000		2.000			TBA-30yr			21,037,289
	5,000,000		2.500			TBA-30yr			5,155,665
	4,000,000		3.000			TBA-30yr			4,183,590
	1,000,000		4.000			TBA-30yr			1,071,523
	1,000,000		4.500			TBA-30yr			1,081,445
									32,529,512
	TOTAL FEDERAL AGENCIES							$	116,817,391
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $123,458,318)							$	124,540,269
Agency Debentures – 27.8%
	FFCB
$	2,180,000		3.430	%		12/06/28		$	2,461,830
	720,000		5.270			05/01/29			910,944
	FHLB
	3,700,000		2.125			06/09/23			3,817,031
	2,100,000		3.375			09/08/23			2,224,887
	300,000		3.375			12/08/23			319,590
	15,150,000		0.500			04/14/25			15,072,584
	FHLMC
	16,670,000		0.375			04/20/23			16,716,843
	FNMA
	1,400,000		1.875			09/24/26			1,460,242
	2,600,000		6.250			05/15/29			3,500,172
	2,000,000		0.875			08/05/30			1,885,240
	4,000,000		6.625			11/15/30			5,704,400
	Israel Government AID Bond(e)
	500,000		5.500			12/04/23			555,185
	700,000		5.500			04/26/24			789,152
	Tennessee Valley Authority
	20,150,000		0.750			05/15/25			20,178,613
	TOTAL AGENCY DEBENTURES
	(Cost $74,162,616)							$	75,596,713
Asset-Backed Securities(b) – 2.3%
Collateralized Loan Obligation(c) – 0.4%
	Towd Point Mortgage Trust Series 2017-4, Class A2
$	1,030,153		3.000	%		06/25/57		$	1,079,806
Student Loan – 1.9%
	ECMC Group Student Loan Trust Series 2018-2A, Class A(c) (1M USD LIBOR + 0.800%)
	1,122,898		0.886			09/25/68			1,131,851
	Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	763,430		1.179			05/25/34			766,662
	Navient Student Loan Trust Series 2017-4A, Class A2(c) (1M USD LIBOR + 0.500%)
	444,567		0.586			09/27/66			445,512
	PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
	847,271		1.236			09/25/65			863,234

28 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(b) – (continued)
Student Loan – (continued)
	Scholar Funding Trust Series 2013-A, Class A(c) (1M USD LIBOR + 0.650%)
$	1,297,178		0.735	%		01/30/45	$	1,294,664
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	604,730		1.825			07/25/23		610,782
								5,112,705
	TOTAL ASSET-BACKED SECURITIES
	(Cost $6,147,314)						$	6,192,511
Municipal Debt Obligation – 0.9%
New Jersey – 0.9%
	New Jersey Economic Development Authority Series A
$	2,000,000		7.425	%		02/15/29	$	2,562,411
	(Cost $2,000,000)
U.S. Treasury Obligations – 45.7%
	United States Treasury Bonds
$	900,000		3.125	%		11/15/41	$	1,071,984
	3,500,000		3.750			11/15/43		4,578,438
	3,830,000		3.625			02/15/44		4,928,731
	9,390,000		3.375			05/15/44		11,671,477
	3,320,000		3.125			08/15/44		3,972,588
	6,400,000		2.875			11/15/46		7,415,000
	5,080,000		2.750			11/15/47		5,773,737
	530,000		2.375			11/15/49		564,367
	1,190,000		2.000			02/15/50		1,169,361
	United States Treasury Notes
	5,440,000		0.125			03/31/23		5,435,325
	11,340,000		0.375			07/15/24		11,308,106
	9,230,000		0.375			12/31/25		9,045,400
	6,710,000		0.750			03/31/26		6,663,345
	7,900,000		2.250			08/15/27		8,398,687
	1,220,000		0.750			01/31/28		1,184,830
	6,660,000		1.125			02/29/28		6,619,416
	6,430,000		1.250			03/31/28		6,432,009
	12,860,000		3.125			11/15/28		14,453,434
	2,900,000		2.375			05/15/29		3,113,422
	120,000		0.875			11/15/30		113,925
	United States Treasury Strip Coupon(f)
	6,400,000		0.000			11/15/35		4,877,462
	1,300,000		0.000			05/15/36		980,115
	6,000,000		0.000	(g)		11/15/37		4,352,523
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $120,083,064)						$	124,123,682

Shares	Dividend Rate	Value
Investment Company(h) – 0.4%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,074,226	0.026%	$	1,074,226
(Cost $1,074,226)
TOTAL INVESTMENTS – 122.9%
(Cost $326,925,538)		$	334,089,812
LIABILITIES IN EXCESS OF     OTHER ASSETS – (22.9)%			(62,222,061	)
NET ASSETS – 100.0%		$	271,867,751

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, 2021.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $65,600,518 which represents approximately 24.1% of the Fund’s net assets as of September 30, 2021.
(e)	Guaranteed by the United States Government until maturity. Total market value for these securities amounts to $1,344,337, which represents approximately 0.5% of the Fund’s net assets as of September 30, 2021.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(h)	Represents an affiliated issuer.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
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. 29

GOLDMAN SACHS GOVERNMENT INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount			Value
GNMA (Proceeds Receivable: $1,057,188)		4.000	%		TBA-30yr		10/21/20	$	(1,000,000	)	$	(1,061,205	)

(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, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		14			12/31/21	$	3,080,765		$	(1,168	)
Short position contracts:
5 Year U.S. Treasury Notes		(85	)		12/31/21		(10,433,086	)		19,988
10 Year U.S. Treasury Notes		(33	)		12/21/21		(4,343,109	)		3,206
20 Year U.S. Treasury Bonds		(160	)		12/21/21		(25,475,000	)		516,026
Total									$	539,220
TOTAL FUTURES CONTRACTS									$	538,052

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%(a)		3M LIBOR(a)	07/25/24	$	18,560		$	(1,943	)	$	6,240	$	(8,183	)
3M LIBOR(a)		1.250(b)	12/15/26		230	(c)		1,266			3,489		(2,223	)
TOTAL							$	(677	)	$	9,729	$	(10,406	)

(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, 2021.

30 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, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Portfolio			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	BofA Securities LLC		0.632	%		12/23/2021		6,130,000		$	6,130,000		$	6,112		$	17,137		$	(11,025	)
6M IRS	Citibank NA		0.465			02/22/2022		6,270,000			6,270,000			2,521			7,984			(5,463	)
6M IRS	Citibank NA		0.605			01/07/2022		6,120,000			6,120,000			5,480			17,733			(12,253	)
6M IRS	Citibank NA		0.855			03/23/2022		6,130,000			6,130,000			25,263			27,919			(2,656	)
1Y IRS	Deutsche Bank AG (London)		0.830			04/20/2022		13,920,000			13,920,000			51,135			100,513			(49,378	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022		3,780,000			3,780,000			19,417			33,727			(14,310	)
Total purchased option contracts								42,350,000		$	42,350,000		$	109,928		$	205,013		$	(95,085	)
Written option contracts
Calls
6M IRS	BofA Securities LLC		1.297			12/23/2021		(1,990,000	)		(1,990,000	)		(8,015	)		(17,129	)		9,114
6M IRS	Citibank NA		0.849			02/22/2022		(1,980,000	)		(1,980,000	)		(2,063	)		(7,984	)		5,921
6M IRS	Citibank NA		1.124			01/07/2022		(1,980,000	)		(1,980,000	)		(4,224	)		(17,663	)		13,439
6M IRS	Citibank NA		1.406			03/23/2022		(1,990,000	)		(1,990,000	)		(20,310	)		(27,906	)		7,596
1Y IRS	Deutsche Bank AG (London)		0.630			04/20/2022		(20,880,000	)		(20,880,000	)		(30,980	)		(83,806	)		52,826
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022		(1,990,000	)		(1,990,000	)		(23,013	)		(33,699	)		10,686
6M IRS	JPMorgan Securities, Inc.		0.570			01/20/2022		(6,740,000	)		(6,740,000	)		(978	)		(24,770	)		23,792
Total written option contracts								(37,550,000	)	$	(37,550,000	)	$	(89,583	)	$	(212,957	)	$	123,374
TOTAL								4,800,000		$	4,800,000		$	20,345		$	(7,944	)	$	28,289

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 24.8%
Collateralized Mortgage Obligations – 17.2%
Regular Floater(a) – 16.9%
	FHLMC REMIC Series 3371, Class FA (1M USD LIBOR + 0.600%)
$	377,525		0.684	%		09/15/37	$	383,476
	FHLMC REMIC Series 3374, Class FT (1M USD LIBOR + 0.300%)
	36,205		0.384			04/15/37		36,314
	FHLMC REMIC Series 3545, Class FA (1M USD LIBOR + 0.850%)
	81,985		0.934			06/15/39		83,511
	FHLMC REMIC Series 4477, Class FG (1M USD LIBOR + 0.300%)
	1,463,528		0.396			10/15/40		1,457,837
	FHLMC REMIC Series 4508, Class CF (1M USD LIBOR + 0.400%)
	1,527,920		0.484			09/15/45		1,545,745
	FHLMC REMIC Series 4751, Class FA (1M USD LIBOR + 0.250%)
	4,818,927		0.334			03/15/39		4,828,774
	FHLMC REMIC Series 4936, Class FL (1M USD LIBOR + 0.500%)
	1,256,968		0.586			12/25/49		1,265,116
	FHLMC REMIC Series 4942, Class FA (1M USD LIBOR + 0.500%)
	5,371,632		0.586			01/25/50		5,412,756
	FHLMC STRIPS Series 237, Class F23 (1M USD LIBOR + 0.400%)
	134,381		0.484			05/15/36		135,904
	FHLMC STRIPS Series 350, Class F2 (1M USD LIBOR + 0.350%)
	5,906,708		0.446			09/15/40		5,935,263
	FNMA REMIC Series 1998-66, Class FC (1M USD LIBOR + 0.500%)
	2,466		0.584			11/17/28		2,472
	FNMA REMIC Series 2006-72, Class XF (1M USD LIBOR + 0.500%)
	134,276		0.586			08/25/36		135,588
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
	21,963		0.436			04/25/37		22,066
	FNMA REMIC Series 2007-36, Class F (1M USD LIBOR + 0.230%)
	458,613		0.316			04/25/37		460,937
	FNMA REMIC Series 2008-22, Class FD (1M USD LIBOR + 0.840%)
	240,303		0.926			04/25/48		246,829
	FNMA REMIC Series 2009-66, Class FP (1M USD LIBOR + 0.900%)
	6,880,141		0.986			09/25/39		7,024,702
	FNMA REMIC Series 2009-75, Class MF (1M USD LIBOR + 1.150%)
	348,508		1.236			09/25/39		355,468
	FNMA REMIC Series 2010-123, Class FL (1M USD LIBOR + 0.430%)
	637,201		0.516			11/25/40		643,067
Mortgage-Backed Obligations – (continued)
Regular Floater(a) – (continued)
	FNMA REMIC Series 2010-8, Class FE (1M USD LIBOR + 0.790%)
	3,593,816		0.876			02/25/40		3,680,188
	FNMA REMIC Series 2011-110, Class FE (1M USD LIBOR + 0.400%)
	653,654		0.486			04/25/41		656,490
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	259,333		0.536			07/25/41		262,555
	FNMA REMIC Series 2013-96, Class FW (1M USD LIBOR + 0.400%)
	65,908		0.486			09/25/43		66,415
	FNMA REMIC Series 2017-45, Class FA (1M USD LIBOR + 0.320%)
	4,002,972		0.416			06/25/47		3,995,346
	FNMA REMIC Series 2018-60, Class FK (1M USD LIBOR + 0.300%)
	3,272,725		0.386			08/25/48		3,282,179
	FNMA REMIC Series 2018-72, Class FB (1M USD LIBOR + 0.350%)
	5,208,183		0.436			10/25/58		5,232,492
								47,151,490
Sequential Fixed Rate – 0.1%
	FHLMC REMIC Series 4248, Class LM
	294,653		6.500			05/15/41		342,976
Sequential Floating Rate(a) – 0.2%
	FHLMC REMIC Series 3588, Class CW
	553,568		2.484			10/15/37		547,076
	FNMA REMIC Series 1997-20, Class F
	12,975		0.627			03/25/27		13,036
								560,112
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	48,054,578
Commercial Mortgage-Backed Securities(a) – 4.2%
Regular Floater(b) – 1.8%
	CIM Retail Portfolio Trust Series 2021-RETL, Class A (1M USD LIBOR + 1.400%)
	600,000		1.484			08/15/36		600,613
	STWD Trust Series 2021-FLWR, Class A (1M USD LIBOR + 0.577%)
	1,300,000		0.661			07/15/36		1,297,530
	ONE PARK Mortgage Trust Series 2021-PARK, Class A (1M USD LIBOR + 0.700%)
	919,000		0.784			03/15/36		918,721
	BXHPP Trust Series 2021-FILM, Class A (1M USD LIBOR + 0.650%)
	1,550,000		0.734			08/15/36		1,551,211
	Commercial Mortgage Pass Through Certificates Series 2021-LBA, Class A (1M USD LIBOR + 0.690%)
	800,000		0.774			03/15/38		799,750
								5,167,825

32 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 – 2.4%
	FHLMC Multifamily Structured Pass-Through Certificates Series KF19, Class A (1M USD LIBOR + 0.450%)
$	687,372		0.533	%		06/25/23	$	688,571
	FHLMC Multifamily Structured Pass Through Certificates Series KF60, Class A (1M USD LIBOR + 0.490%)
	1,058,470		0.573			02/25/26		1,061,420
	BX Series 2021-MFM1, Class A(b) (1M USD LIBOR + 0.700%)
	100,000		0.784			01/15/34		100,000
	KKR Industrial Portfolio Trust Series 2021-KDIP, Class AKKR Industrial Portfolio Trust Series 2021-KDIP, Class A(b) (1M USD LIBOR + 0.550%)
	460,000		0.634			12/15/37		460,144
	Great Wolf Trust Series 2019-WOLF, Class A(b) (1M USD LIBOR + 1.034%)
	600,000		1.118			12/15/36		601,159
	FHLMC Multifamily Structured Pass-Through Certificates Series KF31, Class A (1M USD LIBOR + 0.370%)
	492,881		0.453			04/25/24		493,565
	FHLMC Multifamily Structured Pass-Through Certificates Series KF32, Class A (1M USD LIBOR + 0.370%)
	1,713,170		0.453			05/25/24		1,716,622
	FHLMC Multifamily Structured Pass-Through Certificates Series J15L, Class AFL (1M USD LIBOR + 0.350%)
	280,528		0.433			08/25/25		280,597
	FHLMC Multifamily Structured Pass Through Certificates Series KF58, Class A (1M USD LIBOR + 0.500%)
	1,241,320		0.583			01/25/26		1,245,810
								6,647,888
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	11,815,713
Federal Agencies – 3.4%
Adjustable Rate FHLMC(a) – 0.5%
	(3 Year CMT + 2.540%)
	185,819		3.299			08/01/28		186,853
	(6M CMT + 2.268%)
	27,850		2.393			05/01/29		28,327
	(COF + 1.250%)
	4,209		4.013			06/01/29		4,457
	7,933		1.593			04/01/30		8,050
	(COF + 1.248%)
	6,582		4.382			06/01/30		7,010
	(12M MTA + 2.155%)
	3,942		2.872			06/01/31		4,115
	(12M USD LIBOR + 1.860%)
	388,310		2.110			05/01/34		408,128
	(12M USD LIBOR + 1.750%)
	251,089		2.000			05/01/35		264,761
	(3 Year CMT + 2.112%)
	4,282		6.206			05/01/35		4,490
	(1 Year CMT + 2.264%)
	460,830		2.291			01/01/38		485,571
								1,401,762
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(a) – 2.7%
	(6M USD LIBOR + 1.750%)
	2,563		2.000			02/01/23		2,573
	(6M USD LIBOR + 1.925%)
	17,734		2.175			01/01/24		17,921
	(6M USD LIBOR + 1.925%)
	32,109		2.081			03/01/24		32,450
	(COF + 1.250%)
	3,181		3.006			06/01/27		3,277
	2,744		4.250			12/01/27		2,909
	2,781		4.485			01/01/28		2,964
	1,482		1.627			06/01/29		1,503
	3,192		2.200			06/01/29		3,293
	(1 Year CMT + 2.265%)
	270,091		2.359			07/01/33		283,766
	(1 Year CMT + 2.360%)
	93,358		2.422			11/01/34		98,582
	(COF + 1.253%)
	1,454		3.995			05/01/36		1,534
	(12M USD LIBOR + 2.001%)
	442,290		2.379			03/01/37		467,940
	(12M MTA + 1.400%)
	24,389		1.499			06/01/40		24,936
	(12M MTA + 1.200%)
	3,199		1.299			02/01/41		3,252
	(12M USD LIBOR + 1.735%)
	5,944,071		2.116			02/01/41		6,281,567
	(12M USD LIBOR + 1.550%)
	116,348		1.800			09/01/44		121,375
								7,349,842
Adjustable Rate GNMA(a) – 0.2%
	(1 Year CMT + 1.500%)
	307,977		1.875			04/20/33		319,842
	62,100		1.875			05/20/33		64,492
	207,892		2.250			08/20/34		215,360
								599,694
FHLMC – 0.0%
	4,824		7.000			05/01/22		4,874
	5,339		7.000			06/01/22		5,353
	181		4.500			05/01/23		186
								10,413
FNMA(a) – 0.0%
	192		4.067			05/20/22		192
	12,790		3.778			06/20/24		12,778
								12,970
GNMA – 0.0%
	7,265		7.000			04/15/26		7,893
UMBS – 0.0%
	89		7.000			11/01/21		89
	355		7.000			12/01/21		355
	393		7.000			01/01/22		393

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	184		7.000	%		02/01/22	$	184
								1,021
	TOTAL FEDERAL AGENCIES						$	9,383,595
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $69,119,303)						$	69,253,886
Asset-Backed Securities(a) – 33.0%
Automotive – 0.5%
	Ford Credit Floorplan Master Owner Trust A Series 2020-1, Class A2 (1M USD LIBOR + 0.500%)
$	1,500,000		0.584	%		09/15/25	$	1,507,718
Collateralized Loan Obligations(b) – 19.1%
	AIG CLO Series 2021-1A, Class A (3M USD LIBOR + 1.100%)
	2,100,000		1.284			04/22/34		2,102,295
	Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR (3M USD LIBOR + 1.200%)
	1,300,000		1.334			07/20/34		1,300,231
	Anchorage Capital CLO 18 Ltd. Series 2021-18A, Class A1 (3M USD LIBOR + 1.150%)
	4,000,000		1.350			04/15/34		4,001,220
	Anchorage Capital CLO Ltd. Series 2014-4RA, Class A (3M USD LIBOR + 1.050%)
	3,600,000		1.182			01/28/31		3,601,786
	Apex Credit CLO II LLC Series 2017-2A, Class A (3M USD LIBOR + 1.270%)
	2,983,185		1.392			09/20/29		2,984,050
	CarVal CLO IV Ltd. Series 2021-1A, Class A1A(-1x 3M USD LIBOR + 1.180%)
	2,600,000		1.318			07/20/34		2,601,570
	CBAM Ltd. Series 2017-2A, Class AR (3M USD LIBOR + 1.190%)
	5,000,000		1.324			07/17/34		5,005,370
	Cedar Funding VII Clo Ltd. Series 18-7A, Class A1 (3M USD LIBOR + 1.000%)
	3,000,000		1.134			01/20/31		3,000,912
	Dryden 64 CLO, Ltd. Series 2018-64A Class A (3M USD LIBOR + 0.970%)
	5,950,000		1.104			04/18/31		5,950,916
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A (3M USD LIBOR + 0.750%)
	5,185,043		0.876			04/15/29		5,185,230
	Madison Park Funding XXXVII Ltd. Series 2019-37A, Class AR (3M USD LIBOR + 1.070%)
	1,000,000		1.210			07/15/33		1,000,163
	OCP CLO Ltd. Series 2014-5A, Class A1R (3M USD LIBOR + 1.080%)
	2,600,000		1.205			04/26/31		2,600,728
	Octagon Investment Partners 07/34 1 Series 2021-1A, Class A1 (3M USD LIBOR + 1.120%)
	1,000,000		1.253			07/15/34		1,000,735
Asset-Backed Securities(a) – (continued)
Collateralized Loan Obligations(b) – (continued)
	OHA Credit Funding 3 Ltd. Series 2019-3A, Class AR (3M USD LIBOR + 1.140%)
	2,500,000		1.288			07/02/35		2,501,795
	Pikes Peak Clo 2 Series 18-2A, Class A (3M USD LIBOR + 1.290%)
	6,700,000		1.424			01/18/32		6,702,332
	Towd Point Mortgage Trust Series 2016-3, Class A1
	33,338		2.250			04/25/56		33,430
	Trysail CLO Ltd. Series 2021-1A, Class A1 (3M USD LIBOR + 1.320%)
	1,400,000		1.461			07/20/32		1,402,888
	Wellfleet CLO X Ltd. Series 2019-XA, Class A1R (3M USD LIBOR + 1.170%)
	1,750,000		1.344			07/20/32		1,750,578
	WhiteHorse X Ltd. Series 2015-10A, Class A1R (3M USD LIBOR + 0.930%)
	40,400		1.064			04/17/27		40,404
	Zais CLO 15, Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	475,000		1.454			07/28/32		475,038
								53,241,671
Credit Card – 10.3%
	American Express Credit Account Master Trust Series 2017-2, Class A (1M USD LIBOR + 0.450%)
	3,700,000		0.534			09/16/24		3,705,902
	Citibank Credit Card Issuance Trust Series 2017-A5, Class A5 (1M USD LIBOR + 0.620%)
	8,100,000		0.704			04/22/26		8,189,802
	Citibank Credit Card Issuance Trust Series 2017-A7, Class A7 (1M USD LIBOR + 0.370%)
	4,300,000		0.453			08/08/24		4,311,854
	Citibank Credit Card Issuance Trust Series 2018-A2, Class A2 (1M USD LIBOR + 0.330%)
	960,000		0.417			01/20/25		963,536
	Discover Card Execution Note Trust Series 2017-A1, Class A1 (1M USD LIBOR + 0.490%)
	375,000		0.574			07/15/24		375,501
	Golden Credit Card Trust Series 2017-4A, Class A(b) (1M USD LIBOR + 0.520%)
	11,200,000		0.604			07/15/24		11,241,992
								28,788,587
Student Loan – 3.1%
	Educational Services of America, Inc. Series 2012-1, Class A1(b) (1M USD LIBOR + 1.150%)
	585,788		1.236			09/25/40		587,229
	Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	894,064		0.786			02/25/39		892,975
	Goal Capital Funding Trust Series 2010-1, Class A(b) (3M USD LIBOR + 0.700%)
	25,960		0.829			08/25/48		26,023
	Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	839,773		1.179			05/25/34		843,328

34 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)
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
$	733,215		1.025	%		07/25/45	$	735,947
	Knowledgeworks Foundation Student Loan Series 2010-1, Class A (3M USD LIBOR + 0.950%)
	756,453		1.079			02/25/42		755,050
	Massachusetts Educational Financing Authority Series 2008-1, Class A1 (3M USD LIBOR + 0.950%)
	239,623		1.075			04/25/38		241,884
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	972,757		1.087			05/20/30		973,351
	Northstar Education Finance, Inc. Series 2012-1, Class A(b) (1M USD LIBOR + 0.700%)
	216,022		0.786			12/26/31		217,022
	Rhode Island Student Loan Authority Series 2012-1, Class A1 (1M USD LIBOR + 0.900%)
	909,036		0.986			07/01/31		916,847
	SLC Student Loan Center Series 2011-1, Class A(b) (1M USD LIBOR + 1.220%)
	120,607		1.306			10/25/27		121,009
	SLC Student Loan Trust Series 2010-1, Class A (3M USD LIBOR + 0.875%)
	383,329		1.004			11/25/42		385,338
	SLM Student Loan Trust Series 2008-2, Class A3 (3M USD LIBOR + 0.750%)
	383,900		0.875			04/25/23		379,672
	SLM Student Loan Trust Series 2008-5, Class A4 (3M USD LIBOR + 1.700%)
	197,700		1.825			07/25/23		199,679
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	21,581		0.995			10/01/24		21,582
	Utah State Board of Regents Series 2015-1, Class A (1M USD LIBOR + 0.600%)
	1,279,276		0.684			02/25/43		1,279,675
								8,576,611
	TOTAL ASSET-BACKED SECURITIES
	(Cost $91,807,459)						$	92,114,587
Municipal Debt Obligations – 3.4%
Florida – 0.2%
	County of Palm Beach FL Revenue Bonds Taxaable (Refunding) Series B
$	635,000		0.500	%		12/01/24	$	629,981
Massachusetts(c) – 0.3%
	Massachusetts School Building Revenue Bonds Taxaable (Refunding) Series B
	815,000		0.618			08/15/23		818,836
Rhode Island(a)(c) – 0.1%
	Rhode Island Student Loan Authority RB (Taxable – FFELP Loan Backed) Series 2014-1 (1M USD LIBOR + 0.000%)
	242,183		0.786			10/02/28		243,021
Municipal Debt Obligations – (continued)
Tennessee – 0.3%
	State of Tennessee GO Bonds Taxable (Refunding) Series B
	1,015,000		0.386			11/01/23		1,015,643
Utah(a) – 1.9%
	Utah State Board of Regents RB (Taxable-Student Loan) Series 2012-1 (1M USD LIBOR + 0.000%)
	5,246,365		0.836			12/26/31		5,262,927
Washington – 0.6%
	Washington State GO Improvement & Power District Electric Systems Series 2021
	1,620,000		0.210			08/01/23		1,615,156
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $9,600,118)						$	9,585,564
U.S. Treasury Obligations(a) – 18.1%
	United States Treasury Floating Rate Note
	(3M Treasury money market yield + 0.055%)
$	12,500,000		0.090	%		07/31/22	$	12,505,258
	(3M Treasury money market yield + 0.055%)
	12,500,000		0.090			10/31/22		12,505,551
	(3M Treasury money market yield + 0.049%)
	12,000,000		0.084			01/31/23		12,005,391
	(3M Treasury money market yield + 0.034%)
	13,500,000		0.069			04/30/23		13,502,787
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $50,505,190)						$	50,518,987
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $221,032,070)						$	221,473,024
Short-term Investments – 16.4%
Certificates of Deposit – 10.5%
	Australia & New Zealand Banking Group Ltd.(a)(b) (SOFR + 0.120%)
$	3,000,000		0.170	%		02/28/22	$	3,000,435
	Bank of Montreal(a) (1M USD BSBY + 0.120%)
	3,000,000		0.179			12/01/21		2,999,400
	Bank of Nova Scotia(a)
	(SOFR + 0.160%)
	2,000,000		0.210			02/28/22		2,000,696
	(SOFR + 0.180%)
	2,500,000		0.230			05/11/22		2,500,988
	Canadian Imperial Bank of Commerce(a) (3M USD LIBOR + 0.050%)
	1,500,000		0.164			06/13/22		1,500,073
	Credit Industriel ET Commercial (SOFR + 0.190%)
	2,500,000		0.240	(a)		12/01/21		2,500,598
	500,000		0.240			03/24/22		500,272
	Credit Suisse New York
	1,600,000		0.340			11/01/21		1,600,298

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Certificates of Deposit – (continued)
	Mizuho Bank Ltd.
$	2,500,000		0.190	%		02/28/22	$	2,500,418
	National Australia Bank Ltd.(a)(b) (FEDL01 + 0.150%)
	2,500,000		0.510			05/24/22		2,500,787
	Natixis SA(a) (3M USD LIBOR + 0.070%)
	2,500,000		0.208			01/05/22		2,500,305
	Standard Chartered Bank(a) (3M USD LIBOR + 0.060%)
	2,500,000		0.182			03/18/22		2,500,117
	Toronto-Dominion Bank(a) (FEDL01 + 0.160%)
	2,500,000		0.240			06/20/22		2,501,258
								29,105,645
Commercial Paper(d) – 1.6%
	Honeywell International, Inc.
	1,545,000		0.000			05/20/22		1,543,636
	Keurig Dr Pepper, Inc.
	1,000,000		0.000			12/30/21		999,517
	Skandinaviska Enskilda Banken AG
	2,000,000		0.000			03/15/22		1,998,792
								4,541,945
Repurchase Agreements – 4.3%
	Citibank N.A
	12,000,000		0.060			10/01/21		12,000,000
	Maturity Value: $12,000,020
	Next Reset Date: 10/01/21
	Collateralized by various Government and mortgage obligations, 0.625% to 3.500%, due 04/15/23 – 06/01/51. The aggregate market value of the collateral, including accrued interest, was $12,348,986
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $45,641,947)						$	45,647,590
	TOTAL INVESTMENTS – 95.7%
	(Cost $266,674,017)						$	267,120,614
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.3%							11,975,437
	NET ASSETS – 100.0%						$	279,096,051

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, 2021.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(d)	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
GO	—General Obligation
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MTA	—Monthly Treasury Average
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities
UMBS	—Uniform Mortgage Backed Securities

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		14			12/31/21	$	3,080,766		$	(1,688	)
20 Year U.S. Treasury Bonds		2			12/21/21		318,438			(6,604	)
Total									$	(8,292	)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(1	)		12/21/21		(191,063	)		5,355
5 Year U.S. Treasury Notes		(69	)		12/31/21		(8,469,211	)		47,260
10 Year U.S. Treasury Notes		(12	)		12/21/21		(1,579,313	)		17,866
Total									$	70,481
TOTAL FUTURES CONTRACTS									$	62,189

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACT

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)	Market Value			Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%(a)	3M LIBOR(a)	07/25/24	$19,400	$	(2,031	)	$	6,519	$	(8,550	)

(a) Payments made quarterly.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
U.S. Treasury Obligations – 95.0%
	United States Treasury Bonds
$	300,000		2.375	%		11/15/49	$	319,453
	320,000		2.000			02/15/50		314,450
	United States Treasury Inflation Indexed Bonds
	15,280,969		2.125			02/15/40		22,738,026
	21,948,288		1.375			02/15/44		30,137,170
	17,619,080		0.750			02/15/45		21,674,961
	11,069,100		1.000			02/15/48		14,687,658
	1,952,532		1.000			02/15/49		2,618,270
	8,072,911		0.125			02/15/51		8,852,446
	United States Treasury Inflation Indexed Notes
	34,175,695		0.125			01/15/23		35,330,883
	54,438,684		0.500			04/15/24		58,127,500
	32,874,510		0.125			10/15/24		35,162,373
	2,304,880		0.250			01/15/25		2,476,210
	16,379,625		0.125			04/15/25		17,570,390
	15,654,008		0.375			07/15/25		17,078,562
	4,078,098		0.625			01/15/26		4,500,897
	11,761,492		0.125			04/15/26		12,733,629
	18,686,888		0.125			07/15/26		20,384,747
	18,192,839		0.375			01/15/27		20,088,490
	14,059,836		0.375			07/15/27		15,642,181
	14,496,460		0.500			01/15/28		16,233,096
	19,584,434		0.750			07/15/28		22,429,775
	47,564,880		0.875			01/15/29		54,971,186
	8,430,169		0.250			07/15/29		9,379,780
	15,543,452		0.125	(a)		07/15/30		17,147,714
	15,267,179		0.125			01/15/31		16,763,700
	16,600,409		0.125			07/15/31		18,288,855
	United States Treasury Notes
	5,500,000		0.750			03/31/26		5,461,758
	5,840,000		0.875			09/30/26		5,808,975
	6,950,000		3.125			11/15/28		7,811,148
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $483,426,028)						$	514,734,283

Shares	Dividend Rate			Value
Investment Company(b) – 3.8%
Goldman Sachs Financial Square Government Fund – Institutional Shares
20,345,649		0.026	%	$	20,345,649
(Cost $20,345,649)
TOTAL INVESTMENTS – 98.8%
(Cost $503,771,677)				$	535,079,932
OTHER ASSETS IN EXCESS OF     LIABILITIES – 1.2%					6,645,225
NET ASSETS – 100.0%				$	541,725,157

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.
(a)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(b)	Represents an affiliated issuer.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		7			12/21/21	$	1,337,438		$	(47,816	)
2 Year U.S. Treasury Notes		114			12/31/21		25,086,234			(15,223	)
5 Year U.S. Treasury Notes		55			12/31/21		6,750,820			(26,565	)
10 Year U.S. Treasury Notes		107			12/21/21		14,082,203			(89,346	)
Total									$	(178,950	)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(3	)		12/21/21		(435,750	)		6,606
20 Year U.S. Treasury Bonds		(50	)		12/21/21		(7,960,937	)		170,931
Total									$	177,537
TOTAL FUTURES CONTRACTS									$	(1,413	)

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
2.251(a)		3M LIBOR(a)	02/20/24	$	13,700		$	460,077		$	57		$	460,020
1M LIBOR + 0.090%(b)		3M LIBOR(b)	07/25/24		51,300			(5,372	)		17,232			(22,604	)
2.104(a)		3M LIBOR(a)	12/14/24		10,000			498,311			61			498,250
2.007(a)		3M LIBOR(a)	02/07/26		6,300			388,936			52			388,884
3M LIBOR(b)		1.250(d)	12/15/26		220	(c)		1,211			3,337			(2,126	)
1.500(c)		3M LIBOR(b)	12/15/28		11,530	(c)		(99,164	)		(265,845	)		166,681
3M LIBOR(a)		2.103(a)	02/07/29		6,300			(435,800	)		70			(435,870	)
3M SOFR(e)		1.530(e)	09/22/31		11,720	(c)		(119,477	)		1,476			(120,953	)
1.630(e)		3M LIBOR(e)	09/22/36		14,130	(c)		143,132			4,648			138,484
TOTAL							$	831,854		$	(238,912	)	$	1,070,766

(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, 2021.

(d) Payments made semi-annually.

(e) Payments made annually.

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

GOLDMAN SACHS INFLATION PROTECTED SECURITIES FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
6M IRS	BofA Securities LLC	$	0.632		12/23/2021		5,450,000		$	5,450,000		$	5,434		$	15,236		$	(9,802	)
6M IRS	Citibank NA		0.465		02/22/2022		5,670,000			5,670,000			2,280			7,220			(4,940	)
6M IRS	Citibank NA		0.605		01/07/2022		5,520,000			5,520,000			4,943			15,994			(11,051	)
6M IRS	Citibank NA		0.855		03/23/2022		5,450,000			5,450,000			22,460			24,822			(2,362	)
1Y IRS	Deutsche Bank AG (London)		0.830		04/20/2022		10,090,000			10,090,000			37,066			72,858			(35,792	)
1Y IRS	JPMorgan Securities, Inc.		1.053		06/21/2022		3,340,000			3,340,000			17,156			29,801			(12,645	)
Total purchased option contracts							35,520,000		$	35,520,000		$	89,339		$	165,931		$	(76,592	)
Written option contracts
Calls
6M IRS	BofA Securities LLC		1.297		12/23/2021		(1,770,000	)		(1,770,000	)		(7,129	)		(15,236	)		8,107
6M IRS	Citibank NA		0.849		02/22/2022		(1,790,000	)		(1,790,000	)		(1,866	)		(7,218	)		5,352
6M IRS	Citibank NA		1.124		01/07/2022		(1,790,000	)		(1,790,000	)		(3,819	)		(15,968	)		12,149
6M IRS	Citibank NA		1.406		03/23/2022		(1,770,000	)		(1,770,000	)		(18,065	)		(24,821	)		6,756
1Y IRS	Deutsche Bank AG (London)		0.630		04/20/2022		(15,140,000	)		(15,140,000	)		(22,463	)		(60,767	)		38,304
1Y IRS	JPMorgan Securities, Inc.		1.378		06/21/2022		(1,760,000	)		(1,760,000	)		(20,353	)		(29,804	)		9,451
6M IRS	JPMorgan Securities, Inc.		0.570		01/20/2022		(6,220,000	)		(6,220,000	)		(902	)		(22,859	)		21,957
Total written option contracts							(30,240,000	)	$	(30,240,000	)	$	(74,597	)	$	(176,673	)	$	102,076
TOTAL							5,280,000		$	5,280,000		$	14,742		$	(10,742	)	$	25,484

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 51.3%
Advertising(a)(b) – 0.2%
	Outfront Media Capital LLC/Outfront Media Capital Corp.
$	4,405,000		6.250	%		06/15/25	$	4,658,288
Aerospace & Defense(a) – 1.4%
	Howmet Aerospace, Inc.
	1,265,000		6.875			05/01/25		1,480,050
	Teledyne Technologies, Inc.
	9,375,000		1.600			04/01/26		9,433,125
	The Boeing Co.
	5,375,000		1.167			02/04/23		5,386,395
	11,850,000		4.875			05/01/25		13,192,960
	5,400,000		2.600			10/30/25		5,594,886
								35,087,416
Agriculture(a) – 0.3%
	BAT International Finance PLC
	8,000,000		1.668			03/25/26		8,004,000
Airlines(a) – 0.1%
	Delta Air Lines, Inc.
	1,960,000		3.800			04/19/23		2,033,500
Automotive – 2.8%
	Clarios Global LP(a)(b)
	2,538,000		6.750			05/15/25		2,680,762
	Clarios Global LP/Clarios US Finance Co.(a)(b)
	120,000		8.500			05/15/27		127,650
	Ford Motor Co.(a)
	56,000		9.000			04/22/25		67,343
	Ford Motor Credit Co. LLC
	1,500,000		3.813			10/12/21		1,499,993
	4,105,000		2.979	(a)		08/03/22		4,150,997
	600,000		4.140	(a)		02/15/23		615,016
	650,000		3.096			05/04/23		660,559
	285,000		4.375			08/06/23		296,745
	250,000		4.687	(a)		06/09/25		268,490
	General Motors Co.
	6,064,000		5.400			10/02/23		6,614,914
	General Motors Financial Co, Inc.
	1,450,000		4.200			11/06/21		1,454,887
	6,500,000		3.550			07/08/22		6,654,180
	846,000		3.700	(a)		05/09/23		882,996
	2,450,000		1.700			08/18/23		2,496,942
	11,375,000		5.100	(a)		01/17/24		12,410,466
	9,400,000		1.050			03/08/24		9,439,950
	1,100,000		3.950	(a)		04/13/24		1,175,504
	8,800,000		1.500	(a)		06/10/26		8,749,136
	The Goodyear Tire & Rubber Co.(a)
	3,235,000		9.500			05/31/25		3,550,412
	Volkswagen Group of America Finance LLC(b)
	2,325,000		2.900			05/13/22		2,359,177
	3,775,000		0.750			11/23/22		3,787,835
	ZF North America Capital, Inc.(b)
	900,000		4.750			04/29/25		972,000
								70,915,954
Banks – 14.2%
	Banco do Brasil SA
	3,350,000		4.750			03/20/24		3,560,003
Corporate Obligations – (continued)
Banks – (continued)
	Banco Santander SA
	1,800,000		3.848			04/12/23		1,889,802
	2,600,000		2.706			06/27/24		2,734,602
	1,600,000		2.746			05/28/25		1,677,616
	Bank of America Corp.
	4,345,000		4.200			08/26/24		4,752,387
	9,025,000		4.000			01/22/25		9,815,680
	23,950,000		3.950			04/21/25		26,100,710
	(3M USD LIBOR + 0.790%)
	11,000,000		3.004	(a)(c)		12/20/23		11,334,290
	(3M USD LIBOR + 0.940%)
	1,175,000		3.864	(a)(c)		07/23/24		1,243,444
	(SOFR + 0.910%)
	15,175,000		0.981	(a)(c)		09/25/25		15,193,210
	Barclays PLC(a)(c)
	(3M USD LIBOR + 1.380%)
	2,550,000		1.505			05/16/24		2,593,095
	(3M USD LIBOR + 1.400%)
	2,625,000		4.610			02/15/23		2,665,136
	(3M USD LIBOR + 1.610%)
	1,850,000		3.932			05/07/25		1,984,902
	(SOFR + 2.714%)
	3,600,000		2.852			05/07/26		3,778,092
	BNP Paribas SA(b)
	10,000,000		4.375			09/28/25		10,980,300
	(SOFR + 2.074%)
	3,275,000		2.219	(a)(c)		06/09/26		3,361,558
	BPCE SA(b)
	2,921,000		4.000			09/12/23		3,107,097
	850,000		2.375			01/14/25		878,016
	(SOFR + 1.520%)
	3,675,000		1.652	(a)(c)		10/06/26		3,678,381
	CIT Bank NA(a)(c) (SOFR + 1.715%)
	1,050,000		2.969			09/27/25		1,104,453
	CIT Group, Inc.(a)
	125,000		4.750			02/16/24		133,594
	(SOFR + 3.827%)
	5,210,000		3.929	(c)		06/19/24		5,444,450
	Citigroup, Inc.
	5,065,000		3.500			05/15/23		5,305,334
	1,525,000		3.875			03/26/25		1,657,111
	1,375,000		4.400			06/10/25		1,521,410
	1,800,000		4.600			03/09/26		2,034,684
	(3M USD LIBOR + 0.950%)
	3,750,000		2.876	(a)(c)		07/24/23		3,823,125
	(3M USD LIBOR + 1.023%)
	1,045,000		4.044	(a)(c)		06/01/24		1,105,349
	(SOFR + 0.686%)
	3,700,000		0.776	(a)(c)		10/30/24		3,713,394
	(SOFR + 2.842%)
	11,250,000		3.106	(a)(c)		04/08/26		11,944,462
	Cooperatieve Rabobank UA
	3,150,000		4.625			12/01/23		3,412,206
	Credit Agricole SA
	5,700,000		4.375			03/17/25		6,231,924
	Credit Suisse AG
	9,400,000		6.500	(b)		08/08/23		10,293,188
	675,000		2.950			04/09/25		715,608

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Credit Suisse Group AG(a)(b)(c)
	(3M USD LIBOR + 1.240%)
$	2,100,000		4.207	%		06/12/24	$	2,217,705
	(SOFR + 2.044%)
	9,600,000		2.193			06/05/26		9,786,144
	Deutsche Bank AG(a)(c) (SOFR + 2.159%)
	1,525,000		2.222			09/18/24		1,562,805
	Fifth Third Bancorp(a)
	690,000		2.375			01/28/25		717,020
	First Horizon Corp.(a)
	2,735,000		3.550			05/26/23		2,855,231
	1,500,000		4.000			05/26/25		1,636,380
	HSBC Holdings PLC(a)(c)
	(3M USD LIBOR + 1.000%)
	1,300,000		1.125			05/18/24		1,314,469
	(SOFR + 1.538%)
	8,675,000		1.645			04/18/26		8,726,182
	ING Groep NV(b)
	5,000,000		4.625			01/06/26		5,665,500
	(1 Year CMT + 1.100%)
	4,750,000		1.400	(a)(c)		07/01/26		4,759,643
	JPMorgan Chase & Co.(a)(c)
	(3M USD LIBOR + 0.730%)
	7,490,000		3.559			04/23/24		7,839,483
	(3M USD LIBOR + 0.890%)
	350,000		3.797			07/23/24		369,999
	(3M USD LIBOR + 1.000%)
	2,950,000		4.023			12/05/24		3,161,309
	(SOFR + 0.420%)
	5,150,000		0.563			02/16/25		5,124,816
	(SOFR + 0.800%)
	9,200,000		1.045			11/19/26		9,054,088
	(SOFR + 1.850%)
	6,360,000		2.083			04/22/26		6,542,023
	Lloyds Banking Group PLC
	4,400,000		4.050			08/16/23		4,685,340
	1,525,000		4.500			11/04/24		1,673,733
	(1 Year CMT + 1.100%)
	3,275,000		1.326	(a)(c)		06/15/23		3,296,386
	(3M USD LIBOR + 1.249%)
	1,375,000		2.858	(a)(c)		03/17/23		1,390,496
	Macquarie Group Ltd.(a)(b)(c) (SOFR + 1.069%)
	2,100,000		1.340			01/12/27		2,082,318
	Mitsubishi UFJ Financial Group, Inc.
	3,425,000		3.407			03/07/24		3,643,892
	3,025,000		1.412			07/17/25		3,040,095
	Morgan Stanley, Inc.
	1,125,000		4.875			11/01/22		1,178,674
	6,250,000		4.100			05/22/23		6,599,687
	5,000,000		5.000			11/24/25		5,713,350
	(3M USD LIBOR + 0.847%)
	5,175,000		3.737	(a)(c)		04/24/24		5,430,645
	(SOFR + 0.509%)
	7,625,000		0.791	(a)(c)		01/22/25		7,629,956
	(SOFR + 0.525%)
	3,700,000		0.790	(a)(c)		05/30/25		3,689,455
Corporate Obligations – (continued)
Banks – (continued)
	Morgan Stanley, Inc. – (continued)
	(SOFR + 0.720%)
	4,025,000		0.985	%(a)(c)		12/10/26		3,954,321
	(SOFR + 0.745%)
	2,125,000		0.864	(a)(c)		10/21/25		2,120,899
	(SOFR + 1.990%)
	10,675,000		2.188	(a)(c)		04/28/26		11,022,471
	Natwest Group PLC
	3,454,000		6.000			12/19/23		3,820,991
	(1 Year CMT + 2.150%)
	1,325,000		2.359	(a)(c)		05/22/24		1,359,781
	(3M USD LIBOR + 1.550%)
	2,525,000		4.519	(a)(c)		06/25/24		2,687,635
	(3M USD LIBOR + 1.762%)
	1,175,000		4.269	(a)(c)		03/22/25		1,267,978
	Santander UK Group Holdings PLC(a)(c) (SOFR + 0.787%)
	9,700,000		1.089			03/15/25		9,718,818
	Standard Chartered PLC(a)(b)(c) (1 year CMT + 0.780%)
	2,275,000		0.991			01/12/25		2,267,925
	(1 Year CMT + 1.170%)
	3,175,000		1.319			10/14/23		3,195,415
	(3M USD LIBOR + 1.080%)
	4,050,000		3.885			03/15/24		4,229,375
	(3M USD LIBOR + 1.150%)
	1,275,000		4.247			01/20/23		1,289,025
	Sumitomo Mitsui Financial Group, Inc.
	1,925,000		1.474			07/08/25		1,939,264
	4,275,000		0.948			01/12/26		4,204,121
	Turkiye Vakiflar Bankasi TAO
	200,000		8.125			03/28/24		214,788
	380,000		5.250	(b)		02/05/25		372,828
	530,000		6.500	(b)		01/08/26		540,600
	UniCredit SpA(b)
	1,000,000		6.572			01/14/22		1,016,260
	Wells Fargo & Co.
	6,063,000		4.480			01/16/24		6,572,231
	(SOFR + 2.000%)
	7,200,000		2.188	(a)(c)		04/30/26		7,434,288
								360,384,451
Beverages – 0.8%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	9,900,000		3.650			02/01/26		10,863,369
	Constellation Brands, Inc.
	800,000		3.200	(a)		02/15/23		828,120
	8,181,000		4.250			05/01/23		8,653,780
								20,345,269
Biotechnology – 0.3%
	Gilead Sciences, Inc.(a)(c) (3M USD LIBOR + 0.520%)
	2,925,000		0.652			09/29/23		2,925,439
	Royalty Pharma PLC
	3,700,000		0.750			09/02/23		3,711,803
								6,637,242
Building Materials(a) – 0.6%
	Carrier Global Corp.
	15,325,000		2.242			02/15/25		15,878,845

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Building Materials(a) – (continued)
	JELD-WEN, Inc.(b)
$	125,000		4.875	%		12/15/27	$	129,844
	Summit Materials LLC/Summit Materials Finance Corp.(b)
	115,000		6.500			03/15/27		120,606
								16,129,295
Chemicals – 0.8%
	Celanese US Holdings LLC(a)
	900,000		3.500			05/08/24		958,824
	International Flavors & Fragrances, Inc.(b)
	1,075,000		0.697			09/15/22		1,077,956
	5,225,000		1.230	(a)		10/01/25		5,182,521
	Methanex Corp.(a)
	3,500,000		4.250			12/01/24		3,696,875
	OCI NV(a)(b)
	1,161,000		4.625			10/15/25		1,219,050
	Sasol Financing International Ltd.
	400,000		4.500			11/14/22		409,500
	Sasol Financing USA LLC(a)
	450,000		5.875			03/27/24		472,303
	SPCM SA(a)(b)
	1,650,000		3.125			03/15/27		1,652,063
	Tronox, Inc.(a)(b)
	4,400,000		6.500			05/01/25		4,614,500
								19,283,592
Commercial Services – 1.0%
	Global Payments, Inc.(a)
	3,800,000		3.750			06/01/23		3,970,962
	3,175,000		1.200			03/01/26		3,142,869
	IHS Markit Ltd.(a)
	4,343,000		5.000	(b)		11/01/22		4,499,435
	2,475,000		3.625			05/01/24		2,633,202
	Prime Security Services Borrower LLC/Prime Finance, Inc.(b)
	7,400,000		5.250			04/15/24		7,871,750
	The ADT Security Corp.
	2,050,000		4.125			06/15/23		2,142,250
								24,260,468
Computers(a) – 1.9%
	Dell International LLC/EMC Corp.
	10,827,000		5.450			06/15/23		11,620,511
	4,775,000		4.000			07/15/24		5,165,929
	10,665,000		5.850			07/15/25		12,404,782
	EMC Corp.
	2,960,000		3.375			06/01/23		3,052,500
	Hewlett Packard Enterprise Co.
	800,000		4.400			10/15/22		827,032
	475,000		2.250			04/01/23		486,661
	4,998,000		4.450			10/02/23		5,354,357
	3,100,000		1.450			04/01/24		3,149,383
	700,000		4.650			10/01/24		773,094
	NetApp, Inc.
	1,300,000		1.875			06/22/25		1,331,954
	Western Digital Corp.
	2,770,000		4.750			02/15/26		3,064,313
								47,230,516
Corporate Obligations – (continued)
Diversified Financial Services – 3.5%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	1,500,000		4.125			07/03/23		1,579,770
	640,000		6.500			07/15/25		742,739
	Air Lease Corp.
	1,975,000		3.500			01/15/22		1,992,044
	5,000,000		2.625	(a)		07/01/22		5,072,850
	2,375,000		2.250			01/15/23		2,426,704
	3,586,000		2.750	(a)		01/15/23		3,681,065
	1,500,000		2.300	(a)		02/01/25		1,539,360
	1,100,000		3.375	(a)		07/01/25		1,168,112
	5,175,000		1.875	(a)		08/15/26		5,159,475
	Ally Financial, Inc.
	1,975,000		4.125			02/13/22		2,002,135
	1,300,000		4.625			05/19/22		1,333,982
	12,175,000		1.450	(a)		10/02/23		12,361,277
	Aviation Capital Group LLC(a)(b)
	1,725,000		1.950			01/30/26		1,719,618
	Avolon Holdings Funding Ltd.(a)(b)
	1,025,000		3.625			05/01/22		1,040,180
	3,925,000		5.500			01/15/23		4,130,395
	1,075,000		3.950			07/01/24		1,140,844
	2,075,000		2.875			02/15/25		2,134,553
	Capital One Bank USA NA(a)(c) (SOFR + 0.616%)
	3,775,000		2.014			01/27/23		3,794,592
	Capital One Financial Corp.(a)
	850,000		3.900			01/29/24		910,061
	GE Capital Funding LLC(a)
	3,600,000		3.450			05/15/25		3,883,356
	GE Capital International Funding Co.
	10,000,000		3.373			11/15/25		10,838,200
	Huarong Finance 2019 Co. Ltd.
	380,000		3.750			05/29/24		360,050
	Huarong Finance II Co. Ltd.
	270,000		5.500			01/16/25		266,625
	International Lease Finance Corp.
	2,125,000		8.625			01/15/22		2,172,643
	Jefferies Group LLC
	3,325,000		5.125			01/20/23		3,516,387
	LD Holdings Group LLC(a)(b)
	3,610,000		6.500			11/01/25		3,600,975
	Navient Corp.
	915,000		5.500			01/25/23		956,175
	OneMain Finance Corp.
	4,285,000		5.625			03/15/23		4,499,250
	Park Aerospace Holdings Ltd.(a)(b)
	900,000		5.250			08/15/22		932,049
	PennyMac Financial Services, Inc.(a)(b)
	2,160,000		5.375			10/15/25		2,219,400
	The Western Union Co.(a)
	1,025,000		2.850			01/10/25		1,075,020
								88,249,886
Distribution & Wholesale(a)(b) – 0.1%
	Performance Food Group, Inc.
	3,020,000		6.875			05/01/25		3,197,425

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical – 1.7%
	Avangrid, Inc.(a)
$	1,375,000		3.200	%		04/15/25	$	1,465,076
	Berkshire Hathaway Energy Co.(a)
	1,225,000		4.050			04/15/25		1,347,035
	DTE Energy Co.
	645,000		2.250			11/01/22		657,823
	3,375,000		1.050	(a)		06/01/25		3,347,494
	Enel Finance International NV(a)(b)
	7,875,000		1.375			07/12/26		7,823,182
	Entergy Corp.(a)
	2,800,000		0.900			09/15/25		2,750,384
	ITC Holdings Corp.(a)
	4,050,000		2.700			11/15/22		4,144,203
	NRG Energy, Inc.(a)(b)
	4,525,000		3.750			06/15/24		4,816,908
	2,855,000		5.250			06/15/29		3,037,006
	Pacific Gas & Electric Co.(a)
	5,575,000		1.750			06/16/22		5,567,697
	Southern Power Co.(a)
	1,450,000		0.900			01/15/26		1,422,754
	Vistra Operations Co. LLC(a)(b)
	3,325,000		3.550			07/15/24		3,498,565
	2,965,000		5.000			07/31/27		3,053,950
								42,932,077
Electrical Components & Equipment(a)(b) – 0.1%
	Wesco Distribution, Inc.
	2,845,000		7.125			06/15/25		3,044,150
Energy-Alternate Sources(a)(b) – 0.0%
	Greenko Dutch B.V.
	197,000		3.850			03/29/26		200,177
Engineering & Construction(a) – 0.1%
	AECOM
	2,750,000		5.125			03/15/27		3,045,625
Entertainment(a)(b) – 0.3%
	Banijay Entertainment SASU
	930,000		5.375			03/01/25		957,900
	Caesars Entertainment, Inc.
	1,895,000		6.250			07/01/25		1,994,488
	Caesars Resort Collection LLC/CRC Finco, Inc.
	4,410,000		5.750			07/01/25		4,636,012
								7,588,400
Environmental(a)(b) – 0.4%
	GFL Environmental, Inc.
	3,880,000		3.750			08/01/25		3,991,550
	4,860,000		5.125			12/15/26		5,103,000
								9,094,550
Food & Drug Retailing – 0.6%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/ Albertson’s LLC(a)(b)
	3,630,000		3.250			03/15/26		3,693,525
	110,000		7.500			03/15/26		118,800
	B&G Foods, Inc.(a)
	2,050,000		5.250			04/01/25		2,103,812
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
	General Mills, Inc.(c) (3M USD LIBOR + 1.010%)
	2,175,000		1.144			10/17/23		2,211,888
	Lamb Weston Holdings, Inc.(a)(b)
	1,930,000		4.625			11/01/24		1,975,838
	Mondelez International, Inc.(a)
	2,325,000		1.500			05/04/25		2,356,666
	Sysco Corp.(a)
	1,000,000		5.650			04/01/25		1,149,510
	US Foods, Inc.(a)(b)
	1,055,000		6.250			04/15/25		1,107,750
								14,717,789
Gaming – 0.3%
	Champion Path Holdings Ltd.(a)
	1,230,000		4.500			01/27/26		1,254,600
	MGM Resorts International
	625,000		7.750			03/15/22		640,625
	2,040,000		6.750	(a)		05/01/25		2,157,300
	3,511,000		5.750	(a)		06/15/25		3,831,379
								7,883,904
Gas(a) – 0.4%
	NiSource, Inc.
	11,050,000		0.950			08/15/25		10,915,853
Healthcare Providers & Services – 0.4%
	Centene Corp.(a)
	1,900,000		4.250			12/15/27		1,988,464
	Children’s Hospital of Orange County
	934,000		0.650			11/01/23		930,663
	HCA, Inc.
	3,384,000		5.875			05/01/23		3,629,340
	1,330,000		5.375			02/01/25		1,484,613
	SSM Health Care Corp.(a)
	2,335,000		3.688			06/01/23		2,441,299
	Tenet Healthcare Corp.
	500,000		6.750			06/15/23		538,125
								11,012,504
Household Products(a) – 0.0%
	Spectrum Brands, Inc.
	114,000		5.750			07/15/25		117,135
Housewares(a) – 0.1%
	Newell Brands, Inc.
	2,770,000		4.875			06/01/25		3,053,925
Insurance – 0.5%
	American International Group, Inc.
	1,875,000		4.125			02/15/24		2,024,362
	2,000,000		2.500	(a)		06/30/25		2,094,240
	Athene Global Funding(b)
	1,875,000		0.950			01/08/24		1,883,981
	1,725,000		1.450			01/08/26		1,729,382
	Equitable Financial Life Global Funding(b)
	1,550,000		1.400			07/07/25		1,558,138
	Great-West Lifeco US Finance 2020 LP(a)(b)
	2,000,000		0.904			08/12/25		1,968,340

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Insurance – (continued)
	Reliance Standard Life Global Funding II(b)
$	1,025,000		2.150	%		01/21/23	$	1,047,181
								12,305,624
Internet – 1.3%
	eBay, Inc.(a)
	4,825,000		1.400			05/10/26		4,838,606
	Expedia Group, Inc.(a)
	14,850,000		3.600			12/15/23		15,716,943
	1,675,000		4.500			08/15/24		1,819,285
	1,790,000		5.000			02/15/26		2,021,716
	Netflix, Inc.
	3,265,000		5.875			02/15/25		3,709,856
	Uber Technologies, Inc.(a)(b)
	4,340,000		7.500			05/15/25		4,627,525
								32,733,931
Iron/Steel(a) – 0.0%
	Steel Dynamics, Inc.
	345,000		2.400			06/15/25		359,086
Lodging(a) – 0.1%
	Marriott International, Inc.
	1,650,000		3.600			04/15/24		1,755,237
Machinery – Construction & Mining(a)(b) – 0.0%
	The Manitowoc Co., Inc.
	125,000		9.000			04/01/26		133,750
Machinery-Diversified(a) – 0.4%
	Husky III Holding Ltd.(b)(d) (PIK 13.750%, Cash 13.000%)
	1,104,000		13.000			02/15/25		1,174,380
	Mueller Water Products, Inc.(b)
	2,985,000		4.000			06/15/29		3,082,012
	Otis Worldwide Corp.
	4,000,000		2.056			04/05/25		4,131,240
	(3M USD LIBOR + 0.450%)
	3,000,000		0.595	(c)		04/05/23		2,997,660
								11,385,292
Media – 2.0%
	AMC Networks, Inc.(a)
	4,486,000		4.750			08/01/25		4,598,150
	CCO Holdings LLC/CCO Holdings Capital Corp.(a)(b)
	4,575,000		4.000			03/01/23		4,580,719
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	1,650,000		4.464			07/23/22		1,691,794
	2,900,000		4.500			02/01/24		3,136,843
	8,925,000		4.908			07/23/25		10,032,592
	(3M USD LIBOR + 1.650%)
	1,275,000		1.776	(c)		02/01/24		1,310,407
	Comcast Corp.(a)
	2,275,000		3.100			04/01/25		2,433,840
	CSC Holdings LLC
	1,150,000		6.750			11/15/21		1,152,875
	4,120,000		5.250			06/01/24		4,398,100
	DISH DBS Corp.
	410,000		5.875			07/15/22		421,788
Corporate Obligations – (continued)
Media – (continued)
	DISH DBS Corp. – (continued)
	5,065,000		5.875			11/15/24		5,444,875
	Scripps Escrow, Inc.(a)(b)
	120,000		5.875			07/15/27		122,550
	Time Warner Entertainment Co. LP
	9,179,000		8.375			03/15/23		10,192,270
								49,516,803
Mining – 0.2%
	Glencore Funding LLC(a)(b)
	625,000		3.000			10/27/22		640,094
	4,200,000		1.625			09/01/25		4,216,968
	Vedanta Resources Finance II PLC(a)(b)
	340,000		8.950			03/11/25		339,150
	Vedanta Resources Ltd.
	220,000		7.125			05/31/23		210,485
	400,000		6.125	(a)		08/09/24		357,200
								5,763,897
Miscellaneous Manufacturing(a) – 0.1%
	Hillenbrand, Inc.
	890,000		5.750			06/15/25		937,838
	Parker-Hannifin Corp.
	625,000		2.700			06/14/24		656,206
								1,594,044
Multi-National(a)(b) – 0.1%
	The African Export-Import Bank
	1,050,000		2.634			05/17/26		1,073,320
	1,130,000		3.798			05/17/31		1,171,799
								2,245,119
Office(a)(b) – 0.2%
	Xerox Holdings Corp.
	4,495,000		5.000			08/15/25		4,719,750
Oil Field Services – 1.5%
	Canadian Natural Resources Ltd.(a)
	1,400,000		2.950			01/15/23		1,440,768
	1,875,000		2.050			07/15/25		1,920,544
	Continental Resources, Inc.(a)
	6,800,000		3.800			06/01/24		7,123,000
	Devon Energy Corp.(a)(b)
	120,000		5.250			09/15/24		132,785
	EQT Corp.(a)
	2,625,000		6.625			02/01/25		2,999,062
	Exxon Mobil Corp.(a)
	1,850,000		2.992			03/19/25		1,973,266
	Marathon Petroleum Corp.(a)
	4,338,000		4.500			05/01/23		4,584,789
	4,200,000		4.750			12/15/23		4,537,764
	Petroleos Mexicanos(a)(b)
	210,000		6.875			10/16/25		229,950
	Phillips 66(a)
	3,200,000		0.900			02/15/24		3,200,192
	Suncor Energy, Inc.
	3,375,000		2.800			05/15/23		3,493,867
	TechnipFMC PLC(a)(b)
	3,860,000		6.500			02/01/26		4,139,850

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Transocean Sentry Ltd.(a)(b)
$	1,746,047		5.375	%		05/15/23	$	1,715,491
	USA Compression Partners LP/USA Compression Finance Corp.(a)
	120,000		6.875			04/01/26		124,500
								37,615,828
Packaging(a)(b) – 0.4%
	Berry Global, Inc.
	5,500,000		0.950			02/15/24		5,506,050
	3,200,000		1.570			01/15/26		3,201,184
	Silgan Holdings, Inc.
	1,925,000		1.400			04/01/26		1,896,086
								10,603,320
Pharmaceuticals(a) – 1.8%
	AbbVie, Inc.
	7,800,000		3.850			06/15/24		8,389,368
	16,250,000		2.600			11/21/24		17,081,512
	Bausch Health Americas, Inc.(b)
	110,000		9.250			04/01/26		117,700
	Bausch Health Cos., Inc.(b)
	599,000		6.125			04/15/25		610,231
	Bayer US Finance II LLC(b)(c)(3M USD LIBOR + 1.010%)
	4,150,000		1.126			12/15/23		4,199,800
	Becton Dickinson & Co.
	544,000		3.363			06/06/24		578,288
	5,800,000		3.734			12/15/24		6,270,554
	Elanco Animal Health, Inc.
	500,000		5.272			08/28/23		531,273
	Herbalife Nutrition Ltd./HLF Financing, Inc.(b)
	4,535,000		7.875			09/01/25		4,886,463
	McKesson Corp.
	675,000		2.700			12/15/22		689,823
	PRA Health Sciences, Inc.(b)
	3,144,000		2.875			07/15/26		3,171,510
								46,526,522
Pipelines(a) – 2.3%
	Cheniere Energy Partners LP
	2,835,000		4.500			10/01/29		3,022,819
	DCP Midstream Operating LP
	2,690,000		5.625			07/15/27		3,059,875
	Energy Transfer LP
	10,075,000		3.600			02/01/23		10,384,504
	Energy Transfer LP/Regency Energy Finance Corp.
	150,000		4.500			11/01/23		159,741
	EQM Midstream Partners LP
	1,265,000		4.750			07/15/23		1,321,925
	Kinder Morgan, Inc.(b)
	4,550,000		5.625			11/15/23		4,955,814
	MPLX LP
	2,050,000		3.500			12/01/22		2,114,637
	2,530,000		4.500			07/15/23		2,678,132
	1,225,000		4.875			12/01/24		1,356,847
	8,300,000		1.750			03/01/26		8,350,381
Corporate Obligations – (continued)
Pipelines(a) – (continued)
	NGPL PipeCo LLC(b)
	410,000		4.875			08/15/27		466,260
	NuStar Logistics LP
	6,820,000		5.750			10/01/25		7,348,550
	Plains All American Pipeline LP/PAA Finance Corp.
	4,125,000		2.850			01/31/23		4,216,657
	Sabine Pass Liquefaction LLC
	4,275,000		6.250			03/15/22		4,323,820
	225,000		5.625			04/15/23		239,105
	Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	2,720,000		6.875			01/15/29		3,039,600
	The Williams Cos., Inc.
	2,025,000		3.600			03/15/22		2,043,306
								59,081,973
Real Estate(a) – 0.3%
	Kaisa Group Holdings Ltd.
	200,000		9.375			06/30/24		154,000
	Realogy Group LLC/Realogy Co-Issuer Corp.(b)
	6,435,000		7.625			06/15/25		6,869,363
	Sunac China Holdings Ltd.
	200,000		6.500			01/10/25		162,000
	Yuzhou Group Holdings Co. Ltd.
	200,000		6.000			10/25/23		154,000
	200,000		7.700			02/20/25		143,000
	Zhenro Properties Group Ltd.
	200,000		6.700			08/04/26		164,000
								7,646,363
Real Estate Investment Trust(a) – 1.4%
	American Tower Corp.
	1,325,000		3.375			05/15/24		1,409,919
	1,150,000		2.400			03/15/25		1,195,828
	1,400,000		1.300			09/15/25		1,400,980
	Crown Castle International Corp.
	1,750,000		1.350			07/15/25		1,758,033
	8,300,000		4.450			02/15/26		9,293,095
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
	4,830,000		5.625			05/01/24		5,246,587
	National Retail Properties, Inc.
	435,000		3.900			06/15/24		466,733
	SL Green Operating Partnership LP
	2,575,000		3.250			10/15/22		2,639,375
	Ventas Realty LP
	1,375,000		3.500			04/15/24		1,463,550
	VEREIT Operating Partnership LP
	4,265,000		4.600			02/06/24		4,602,148
	VICI Properties LP/VICI Note Co., Inc.(b)
	4,590,000		3.500			02/15/25		4,681,800
	WP Carey, Inc.
	285,000		4.600			04/01/24		309,111
	230,000		4.000			02/01/25		249,727
								34,716,886

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Retailing(a) – 0.5%
	Lowe’s Cos, Inc.
$	7,825,000		4.000	%		04/15/25	$	8,577,765
	Nordstrom, Inc.
	3,000,000		2.300			04/08/24		3,002,358
	Yum! Brands, Inc.(b)
	1,875,000		7.750			04/01/25		2,001,562
								13,581,685
Savings & Loans(a)(b)(c) – 0.2%
	Nationwide Building Society
	(3M USD LIBOR + 1.064%)
	3,206,000		3.766			03/08/24		3,344,339
	(3M USD LIBOR + 1.181%)
	2,075,000		3.622			04/26/23		2,111,707
								5,456,046
Semiconductors – 1.3%
	Broadcom Corp./Broadcom Cayman Finance Ltd.(a)
	9,580,000		3.625			01/15/24		10,161,123
	Broadcom, Inc.(a)
	5,250,000		3.625			10/15/24		5,669,790
	6,625,000		4.700			04/15/25		7,373,625
	Microchip Technology, Inc.
	1,800,000		2.670			09/01/23		1,866,636
	NXP B.V./NXP Funding LLC(b)
	1,600,000		3.875			09/01/22		1,648,224
	2,440,000		4.625			06/01/23		2,597,234
	NXP BV / NXP Funding LLC / NXP USA Inc.(a)(b)
	250,000		2.700			05/01/25		261,382
	Skyworks Solutions, Inc.(a)
	2,425,000		1.800			06/01/26		2,454,051
								32,032,065
Software(a) – 0.8%
	Fair Isaac Corp.(b)
	2,705,000		5.250			05/15/26		3,063,412
	Fidelity National Information Services, Inc.
	4,025,000		1.150			03/01/26		3,990,626
	Infor, Inc.(b)
	1,025,000		1.450			07/15/23		1,036,531
	1,075,000		1.750			07/15/25		1,089,889
	Oracle Corp.
	2,825,000		2.500			04/01/25		2,955,741
	PTC, Inc.(b)
	2,085,000		3.625			02/15/25		2,121,488
	Roper Technologies, Inc.
	975,000		2.350			09/15/24		1,020,445
	The Dun & Bradstreet Corp.(b)
	3,407,000		10.250			02/15/27		3,675,301
	VMware, Inc.
	2,575,000		1.000			08/15/24		2,583,704
								21,537,137
Telecommunication Services – 3.1%
	AT&T, Inc.(a)
	1,850,000		4.450			04/01/24		2,004,623
	11,320,000		3.950			01/15/25		12,359,176
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	AT&T, Inc.(a) – (continued)
	5,150,000		3.400			05/15/25		5,552,163
	CommScope Technologies LLC(a)(b)
	112,000		6.000			06/15/25		113,400
	Level 3 Financing, Inc.(a)
	1,925,000		5.375			05/01/25		1,965,906
	Lumen Technologies, Inc(a)
	1,005,000		7.500			04/01/24		1,108,012
	Qwest Corp.
	650,000		6.750			12/01/21		655,727
	SoftBank Group Corp.(a)
	200,000		5.125			09/19/27		202,500
	Sprint Communications, Inc.
	770,000		6.000			11/15/22		809,463
	Sprint Corp.
	2,840,000		7.875			09/15/23		3,173,700
	T-Mobile USA, Inc.(a)
	9,750,000		4.000			04/15/22		9,871,875
	21,574,000		3.500			04/15/25		23,224,627
	5,450,000		1.500			02/15/26		5,470,110
	2,614,000		2.250			02/15/26		2,643,225
	Telecom Italia SpA(b)
	5,615,000		5.303			05/30/24		6,041,639
	Verizon Communications, Inc.(a)
	2,650,000		0.850			11/20/25		2,623,579
								77,819,725
Toys/Games/Hobbies(a)(b) – 0.1%
	Mattel, Inc.
	2,815,000		5.875			12/15/27		3,047,238
Transportation(a) – 0.1%
	United Parcel Service, Inc.
	1,925,000		3.900			04/01/25		2,107,356
Trucking & Leasing(a)(b) – 0.2%
	Penske Truck Leasing Co LP/PTL Finance Corp.
	4,950,000		1.200			11/15/25		4,896,194
	SMBC Aviation Capital Finance DAC
	1,200,000		3.550			04/15/24		1,270,692
								6,166,886
	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,286,382,875)						$	1,300,474,954
Mortgage-Backed Obligations – 13.3%
Collateralized Mortgage Obligations – 2.3%
Interest Only(e) – 0.8%
	FHLMC REMIC Series 3852, Class SW(c) (-1x 1M USD LIBOR + 6.000%)
$	363,212		5.916	%		05/15/41	$	54,807
	FHLMC REMIC Series 4314, Class SE(c) (-1x 1M USD LIBOR + 6.050%)
	321,697		5.966			03/15/44		48,387
	FHLMC REMIC Series 4320, Class SD(c) (-1x 1M USD LIBOR + 6.100%)
	2,415		6.016			07/15/39		438

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
	FHLMC REMIC Series 4468, Class SY(c) (-1x 1M USD LIBOR + 6.100%)
$	534,847		6.016	%		05/15/45	$	100,306
	FHLMC REMIC Series 4583, Class ST(c) (-1x 1M USD LIBOR + 6.000%)
	359,524		5.916			05/15/46		62,255
	FHLMC REMIC Series 4905, Class SA(c) (-1x 1M USD LIBOR + 6.100%)
	746,079		6.014			08/25/49		132,209
	FHLMC REMIC Series 4929, Class SC(c) (-1X 1M USD LIBOR + 6.050%)
	680,468		5.964			10/25/48		102,063
	FHLMC REMIC Series 4980, Class KI
	7,226,578		4.500			06/25/50		1,077,520
	FHLMC REMIC Series 4991, Class IE
	3,511,363		5.000			07/25/50		482,685
	FHLMC REMIC Series 4998, Class GI
	4,611,089		4.000			08/25/50		729,821
	FHLMC REMIC Series 5009, Class DI
	2,346,348		2.000			09/25/50		255,308
	FHLMC REMIC Series 5012, Class DI
	918,669		4.000			09/25/50		144,821
	FHLMC REMIC Series 5020, Class IH
	2,199,049		3.000			08/25/50		283,851
	FHLMC STRIPS Series 304, Class C45
	4,893		3.000			12/15/27		270
	FNMA REMIC Series 2010-135, Class AS(c) (-1x 1M USD LIBOR + 5.950%)
	99,127		5.864			12/25/40		15,712
	FNMA REMIC Series 2016-1, Class SJ(c) (-1x 1M USD LIBOR + 6.150%)
	498,582		6.064			02/25/46		86,041
	FNMA REMIC Series 2017-31, Class SG(c) (-1x 1M USD LIBOR + 6.100%)
	604,754		6.014			05/25/47		114,300
	FNMA REMIC Series 2017-86, Class SB(c) (-1x 1M USD LIBOR + 6.150%)
	425,591		6.064			11/25/47		77,363
	FNMA REMIC Series 2018-17, Class CS(c) (-1x 1M USD LIBOR + 3.450%)
	2,525,050		2.500			03/25/48		153,523
	FNMA REMIC Series 2020-49, Class IO
	543,432		4.000			07/25/50		83,712
	FNMA REMIC Series 2020-49, Class KS(c) (-1x 1M USD LIBOR + 6.100%)
	3,826,604		6.014			07/25/50		740,106
	FNMA REMIC Series 2020-60, Class KI
	2,520,811		2.000			09/25/50		269,105
	FNMA REMIC Series 2020-60, Class NI
	853,172		4.000			09/25/50		134,496
	FNMA REMIC Series 2020-62, Class GI
	3,935,330		4.000			06/25/48		650,622
	GNMA REMIC Series 2020-61, Class SW(c) (-1X 1M USD LIBOR + 6.050%)
	3,336,165		5.963			08/20/49		478,935
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
	GNMA REMIC Series 2013-124, Class CS(c) (-1x 1M USD LIBOR + 6.050%)
	335,738		5.963			08/20/43		67,295
	GNMA REMIC Series 2013-152, Class TS(c) (-1x 1M USD LIBOR + 6.100%)
	125,415		6.013			06/20/43		23,405
	GNMA REMIC Series 2014-117, Class SJ(c) (-1x 1M USD LIBOR + 5.600%)
	942,234		5.513			08/20/44		167,616
	GNMA REMIC Series 2014-132, Class SL(c) (-1x 1M USD LIBOR + 6.100%)
	290,046		6.013			10/20/43		31,445
	GNMA REMIC Series 2014-162, Class SA(c) (-1x 1M USD LIBOR + 5.600%)
	126,853		5.513			11/20/44		19,895
	GNMA REMIC Series 2015-111, Class IM
	413,918		4.000			08/20/45		49,843
	GNMA REMIC Series 2015-123, Class SP(c) (-1x 1M USD LIBOR + 6.250%)
	224,986		6.163			09/20/45		42,979
	GNMA REMIC Series 2015-95, Class GI
	8,130		4.500			07/16/45		1,506
	GNMA REMIC Series 2016-109, Class IH
	1,097,214		4.000			10/20/45		125,566
	GNMA REMIC Series 2016-27, Class IA
	153,143		4.000			06/20/45		14,341
	GNMA REMIC Series 2017-112, Class SJ(c) (-1x 1M USD LIBOR + 5.660%)
	229,516		5.573			07/20/47		34,613
	GNMA REMIC Series 2018-105, Class SC(c) (-1x 1M USD LIBOR + 6.200%)
	178,919		6.113			08/20/48		25,585
	GNMA REMIC Series 2018-122, Class HS(c) (-1x 1M USD LIBOR + 6.200%)
	527,291		6.113			09/20/48		95,219
	GNMA REMIC Series 2018-122, Class SE(c) (-1x 1M USD LIBOR + 6.200%)
	499,019		6.113			09/20/48		77,344
	GNMA REMIC Series 2018-139, Class SQ(c) (-1x 1M USD LIBOR + 6.150%)
	514,984		6.063			10/20/48		72,184
	GNMA REMIC Series 2018-147, Class SA(c) (-1x 1M USD LIBOR + 6.200%)
	2,667,589		6.113			10/20/48		434,257
	GNMA REMIC Series 2018-72, Class IB
	7,323		4.000			04/20/46		1,010
	GNMA REMIC Series 2019-1, Class SN(c) (-1x 1M USD LIBOR + 6.050%)
	527,469		5.963			01/20/49		74,730
	GNMA REMIC Series 2019-110, Class PS(c) (-1X 1M USD LIBOR + 6.050%)
	4,868,503		5.963			09/20/49		873,906
	GNMA REMIC Series 2019-110, Class SD(c) (-1x 1M USD LIBOR + 6.100%)
	572,610		6.013			09/20/49		82,805

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
	GNMA REMIC Series 2019-110, Class SE(c) (-1x 1M USD LIBOR + 6.100%)
$	560,404		6.013	%		09/20/49	$	75,546
	GNMA REMIC Series 2019-128, Class IO
	915,931		4.000			10/20/49		119,140
	GNMA REMIC Series 2019-129, Class AI
	92,157		3.500			10/20/49		11,746
	GNMA REMIC Series 2019-151, Class IA
	122,216		3.500			12/20/49		14,989
	GNMA REMIC Series 2019-151, Class NI
	2,221,167		3.500			10/20/49		220,809
	GNMA REMIC Series 2019-153, Class EI
	16,919,114		4.000			12/20/49		2,387,972
	GNMA REMIC Series 2019-153, Class SC(c) (-1X 1M USD LIBOR + 6.050%)
	432,153		5.963			12/20/49		67,343
	GNMA REMIC Series 2019-20, Class SF(c) (-1x 1M USD LIBOR + 3.790%)
	1,147,681		3.703			02/20/49		89,422
	GNMA REMIC Series 2019-4, Class SJ(c) (-1x 1M USD LIBOR + 6.050%)
	471,466		5.963			01/20/49		73,044
	GNMA REMIC Series 2019-69, Class S(c) (-1x 1M USD LIBOR + 3.270%)
	1,406,169		3.183			06/20/49		92,835
	GNMA REMIC Series 2019-78, Class SE(c) (-1x 1M USD LIBOR + 6.100%)
	247,795		6.013			06/20/49		35,329
	GNMA REMIC Series 2019-97, Class SC(c) (-1x 1M USD LIBOR + 6.100%)
	420,960		6.013			08/20/49		63,848
	GNMA REMIC Series 2020-11, Class SN(c) (-1x 1M USD LIBOR + 6.050%)
	7,665,482		5.963			01/20/50		1,263,919
	GNMA REMIC Series 2020-146, Class IM
	528,842		2.500			10/20/50		64,717
	GNMA REMIC Series 2020-146, Class KI
	5,310,822		2.500			10/20/50		538,732
	GNMA REMIC Series 2020-151, Class MI
	8,717,228		2.500			10/20/50		1,038,541
	GNMA REMIC Series 2020-173, Class AI
	1,444,358		2.500			11/20/50		71,739
	GNMA REMIC Series 2020-21, Class SA(c) (-1x 1M USD LIBOR + 6.050%)
	1,934,219		5.963			02/20/50		332,595
	GNMA REMIC Series 2020-55, Class AS(c) (-1x 1M USD LIBOR + 6.050%)
	12,079,236		5.963			04/20/50		2,147,032
	GNMA REMIC Series 2020-55, Class IO
	9,643,036		3.500			04/20/50		1,268,689
	GNMA REMIC Series 2020-61, Class GI
	3,714,549		5.000			05/20/50		391,244
	GNMA REMIC Series 2020-78, Class DI
	2,430,690		4.000			06/20/50		272,418
	GNMA REMIC Series 2020-79, Class AI
	275,260		4.000			06/20/50		32,782
Mortgage-Backed Obligations – (continued)
Interest Only(e) – (continued)
	GNMA Series 2019-111, Class AS(c) (-1X 1M USD LIBOR + 6.150%)
	2,661,171		6.063			01/20/49		381,682
	GNMA Series 2019-78, Class SA(c) (-1X 1M USD LIBOR + 6.050%)
	4,727,511		5.963			06/20/49		774,293
	GNMA Series 2020-55, Class PI
	1,064,098		3.500			04/20/50		139,568
								20,564,174
Regular Floater(c) – 0.0%
	FNMA REMIC Series 2007-33, Class HF(1M USD LIBOR + 0.350%)
	11,314		0.436			04/25/37		11,367
Sequential Fixed Rate – 0.3%
	FHLMC REMIC Series 4619, Class NA
	1,045,178		3.000			03/15/44		1,105,253
	FHLMC REMIC Series 4630, Class MC
	749,218		4.000			08/15/54		795,763
	FHLMC REMIC Series 4649, Class ML
	5,275,683		4.000			11/15/54		5,601,057
	FNMA REMIC Series 2012-111, Class B
	14,219		7.000			10/25/42		16,716
	FNMA REMIC Series 2012-153, Class B
	49,278		7.000			07/25/42		59,039
								7,577,828
Sequential Floating Rate(b)(c) – 1.2%
	Bellemeade Re Ltd. Series 2021-2A, Class M1B (SOFR30A + 1.500%)
	1,400,000		1.550			06/25/31		1,402,449
	FHLMC STACR REMIC Trust Series 2020-DNA2, Class B1 (1M USD LIBOR + 2.500%)
	1,130,000		2.586			02/25/50		1,128,333
	FHLMC STACR REMIC Trust Series 2020-DNA2, Class M2 (1M USD LIBOR + 1.850%)
	1,776,132		1.936			02/25/50		1,790,202
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class B1 (1M USD LIBOR + 5.100%)
	605,000		5.186			06/25/50		630,713
	FHLMC STACR REMIC Trust Series 2020-DNA4, Class M2 (1M USD LIBOR + 3.750%)
	955,620		3.836			08/25/50		964,579
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class B1 (SOFR30A + 4.800%)
	2,710,000		4.850			10/25/50		2,892,468
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2 (SOFR30A + 2.800%)
	1,774,531		2.850			10/25/50		1,795,508
	FHLMC STACR REMIC Trust Series 2020-DNA6, Class B1 (SOFR30A + 3.000%)
	2,415,000		3.050			12/25/50		2,444,375
	FHLMC STACR REMIC Trust Series 2020-HQA4, Class M2 (1M USD LIBOR + 3.150%)
	1,152,052		3.236			09/25/50		1,159,983

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b)(c) – (continued)
	FHLMC STACR REMIC Trust Series 2021-DNA1, Class M2 (SOFR30A + 1.800%)
$	270,000		1.850	%		01/25/51		$	270,588
	FHLMC STACR REMIC Trust Series 2021-DNA5, Class B1 (SOFR30A + 3.050%)
	780,000		3.100			01/25/34			796,629
	FHLMC STACR REMIC Trust Series 2021-HQA1, Class B1 (SOFR30A + 3.000%)
	3,530,000		3.050			08/25/33			3,574,700
	FHLMC STACR REMIC Trust Series 2021-HQA2, Class M2 (SOFR30A + 2.050%)
	2,510,000		2.100			12/25/33			2,533,392
	FHLMC Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class B1 (SOFR30A + 4.000%)
	2,728,000		4.050			11/25/50			2,858,182
	FHLMC Structured Agency Credit Risk Debt Notes Series 2020-HQA5, Class M2 (SOFR30A + 2.600%)
	4,280,000		2.650			11/25/50			4,334,530
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1
	132,789		3.750			05/28/52			140,809
									28,717,440
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS							$	56,870,809
Commercial Mortgage-Backed Securities – 0.7%
Sequential Fixed Rate(b) – 0.4%
	BANK Series 2017-BNK9, Class D
$	700,000		2.800	%		11/15/54		$	645,160
	BANK Series 2018-BK15, Class D
	1,170,000		3.000			11/15/61			1,009,658
	Cantor Commercial Real Estate Lending Series 2019-CF2, Class E
	1,200,000		2.500			11/15/52			988,487
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D
	1,500,000		3.000			09/15/50			1,346,771
	JPMBD Commercial Mortgage Series 2017-C7, Class D
	980,000		3.000			10/15/50			911,497
	Morgan Stanley Capital I Trust Series 2018-L1, Class D
	2,200,000		3.000			10/15/51			2,001,062
	Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D
	1,000,000		3.000			07/15/50			910,813
	Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D
	1,748,000		3.401			03/15/50			1,674,441
	Wells Fargo Commercial Mortgage Trust Series 2017-RC1, Class D
	900,000		3.250			01/15/60			830,519
									10,318,408
Sequential Floating Rate – 0.3%
	Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C(c)
	1,200,000		4.908			02/10/49			1,248,414
	Citigroup Commercial Mortgage Trust Series 2015-P1, Class C(c)
	1,949,000		4.514			09/15/48			2,037,484
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate – (continued)
	DBJPM 17-C6 Mortgage Trust Series 2017-C6, Class D(b)(c)
	1,000,000		3.360			06/10/50			937,318
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class D(b)(c)
	550,000		4.282			07/15/50			556,387
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D(b)
	500,000		3.060			10/15/48			484,870
	Wells Fargo Commercial Mortgage Trust Series 2016-LC25, Class D(b)(c)
	2,319,000		3.262			12/15/59			2,093,732
									7,358,205
	TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES							$	17,676,613
Federal Agencies – 10.3%
GNMA – 4.9%
$	2,150,184		4.500	%		08/20/47		$	2,328,565
	378,789		5.000			03/20/48			410,553
	252,166		5.000			08/20/48			272,664
	621,324		4.500			09/20/48			664,763
	833,418		5.000			11/20/48			900,451
	1,743,794		4.500			12/20/48			1,864,892
	3,817,215		5.000			12/20/48			4,123,043
	3,177,937		4.500			01/20/49			3,398,629
	5,109,990		5.000			01/20/49			5,518,594
	1,876,088		4.500			03/20/49			2,006,666
	520,461		5.000			03/20/49			561,915
	48,214		5.000			04/20/49			52,031
	75,661		5.000			08/20/49			81,615
	994,718		4.500			10/20/49			1,062,792
	1,926,327		5.000			12/20/49			2,088,731
	111,308		5.000			02/20/50			120,643
	31,883,687		2.500			08/20/51			32,941,682
	35,000,000		2.000			TBA-30yr	(f)		35,494,014
	31,000,000		2.500			TBA-30yr	(f)		32,001,873
									125,894,116
UMBS – 1.4%
	7,445		5.000			12/01/22			7,576
	8,929		5.000			05/01/23			9,773
	11,000		5.000			03/01/25			12,073
	7,818		5.000			11/01/26			8,639
	7,642		5.000			07/01/27			8,461
	148,865		4.500			07/01/47			162,606
	665,879		5.000			01/01/48			733,498
	877,610		4.500			02/01/48			954,300
	405,962		5.000			04/01/48			445,450
	5,780,818		4.500			05/01/48			6,255,264
	2,130,988		4.500			06/01/48			2,298,891
	1,351,911		4.500			07/01/48			1,463,673
	351,685		4.500			08/01/48			380,329
	2,167,346		4.500			09/01/48			2,343,824
	118,635		4.500			12/01/48			128,010
	406,988		4.500			01/01/49			438,864
	787,486		4.500			01/01/49			849,656

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	453,240		4.500	%		02/01/49	$	488,739
	12,326,654		4.500			03/01/49		13,291,724
	3,545,917		4.500			04/01/49		3,843,748
	321,249		4.500			04/01/49		347,132
	139,113		4.500			09/01/49		151,093
	73,638		4.500			09/01/49		79,498
	585,011		4.500			02/01/50		631,927
	93,990		4.500			03/01/50		102,084
								35,436,832
UMBS, 30 Year, Single Family(f) – 4.0%
	28,000,000		2.000			TBA-30yr		28,042,374
	37,000,000		3.500			TBA-30yr		39,154,947
	25,000,000		4.500			TBA-30yr		27,036,130
	6,000,000		5.000			TBA-30yr		6,596,450
								100,829,901
	TOTAL FEDERAL AGENCIES						$	262,160,849
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $334,440,237)						$	336,708,271
Asset-Backed Securities – 10.0%
Automotive – 1.4%
	Ford Credit Floorplan Master Owner Trust Series 2019-4, Class A
$	3,750,000		2.440	%		09/15/26	$	3,923,156
	GMF Floorplan Owner Revolving Trust Series 2019-2, Class A(b)
	2,785,000		2.900			04/15/26		2,938,900
	Tesla Auto Lease Trust Series 2021-A, Class A3(b)
	2,200,000		0.560			03/20/25		2,201,527
	Tesla Auto Lease Trust Series 2021-A, Class A4(b)
	5,400,000		0.660			03/20/25		5,409,571
	Tesla Auto Lease Trust Series 2021-B, Class A3(b)
	10,200,000		0.600			09/22/25		10,186,663
	Toyota Lease Owner Trust Series 2021-A, Class A3(b)
	7,175,000		0.390			04/22/24		7,180,591
	Toyota Lease Owner Trust Series 2021-A, Class A4(b)
	1,400,000		0.500			08/20/25		1,401,000
	Toyota Lease Owner Trust Series 2021-B, Class A3(b)
	2,250,000		0.420			10/21/24		2,250,078
								35,491,486
Collateralized Loan Obligations(b) – 8.2%
	Anchorage Capital CLO 15 Ltd. Series 2020-15A, Class AR(c) (3M USD LIBOR + 1.200%)
	7,600,000		1.334			07/20/34		7,601,353
	Apex Credit CLO II LLC Series 2020-1A, Class A1N(c) (3M USD LIBOR + 1.570%)
	5,000,000		1.704			10/20/31		5,005,100
	Atlas Senior Loan Fund XVII Ltd. Series 2021-17A, Class A(c) (3M USD LIBOR + 1.200%)
	8,200,000		1.320			10/20/34		8,200,000
	Barings CLO Ltd. IV Series 2020-4A, Class D1(c) (3M USD LIBOR + 3.700%)
	2,250,000		3.834			01/20/32		2,255,942
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b) – (continued)
	BSPRT Issuer Ltd. Series 2018 FL4, Class A(c) (1M USD LIBOR + 1.050%)
	1,959,140		1.134			09/15/35		1,959,142
	Cathedral Lake VII Ltd. Series 2021-7RA, Class C(c) (3M USD LIBOR + 2.570%)
	1,825,000		2.696			01/15/32		1,791,809
	Cathedral Lake VII Ltd. Series 2021-7RA, Class D(c) (3M USD LIBOR + 4.280%)
	3,500,000		4.406			01/15/32		3,424,554
	Crown City CLO I Series 2020-1A, Class A1AR(c) (3M USD LIBOR + 1.190%)
	2,500,000		1.336			07/20/34		2,501,345
	Crown City CLO II Series 2020-2A, Class C(c) (3M USD LIBOR + 3.820%)
	2,000,000		3.954			01/20/32		2,000,212
	Cutwater Ltd. Series 2014-1A, Class A1AR(c) (3M USD LIBOR + 1.250%)
	76,299		1.376			07/15/26		76,301
	Gulf Stream Meridian 3, Ltd. Series 2021-IIIA, Class A2(c) (3M USD LIBOR + 1.750%)
	3,000,000		1.876			04/15/34		3,000,450
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1(c) (3M USD LIBOR + 1.860%)
	5,250,000		1.994			07/20/31		5,260,888
	HalseyPoint CLO 3 Ltd. Series 2020-3A, Class A1A(c) (3M USD LIBOR + 1.450%)
	17,500,000		1.579			11/30/32		17,557,365
	HalseyPoint CLO I Ltd. Series 2019-1A, Class A1A1(c) (3M USD LIBOR + 1.350%)
	3,500,000		1.484			01/20/33		3,503,668
	Hayfin US XIV, Ltd. Series 2021-14A, Class A1(c) (3M USD LIBOR + 1.230%)
	16,800,000		1.379			07/20/34		16,805,930
	ICG US CLO 2016-1 Ltd. Series 2016-1A, Class CRR(c) (3M USD LIBOR + 3.650%)
	2,000,000		3.780			04/29/34		2,001,510
	Jamestown CLO XVI Ltd. Series 2021-16A, Class A(c) (3M USD LIBOR + 1.200%)
	3,000,000		1.325			07/25/34		3,001,689
	LCM 26, Ltd. Series 2026-A, Class A1(c) (3M USD LIBOR + 1.070%)
	8,400,000		1.204			01/20/31		8,401,243
	LCM XX LP Series 2020-A, Class AR(c) (3M USD LIBOR + 1.040%)
	3,445,279		1.174			10/20/27		3,445,810
	Madison Park Funding XXX Ltd. Series 2018-30A, Class A(c) (3M USD LIBOR + 0.750%)
	16,153,403		0.876			04/15/29		16,153,984
	Marathon CLO XIII Ltd. Series 2019-1A, Class AANR(c) (3M USD LIBOR + 1.320%)
	12,000,000		1.446			04/15/32		12,002,184
	Marble Point CLO XIX Ltd. Series 2020-3A, Class D(c) (3M USD LIBOR + 3.900%)
	2,200,000		4.034			01/19/34		2,217,523

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities – (continued)
Collateralized Loan Obligations(b) – (continued)
	Marble Point CLO XVII Ltd. Series 2020-1A, Class A(c) (3M USD LIBOR + 1.300%)
$	6,000,000		1.434	%		04/20/33	$	6,004,002
	MidOcean Credit CLO VI Series 2016-6A, Class D1R(c) (3M USD LIBOR + 3.520%)
	3,800,000		3.654			04/20/33		3,781,034
	MJX Venture Management II LLC Series 2017-28RR, Class A1(c) (3M USD LIBOR + 1.280%)
	4,171,053		1.414			07/22/30		4,171,053
	Newark BSL CLO 1 Ltd. Series 2016-1A, Class A1R(c) (3M USD LIBOR + 1.100%)
	3,000,000		1.229			12/21/29		3,000,555
	Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR(c) (3M USD LIBOR + 3.900%)
	3,700,000		4.026			07/15/29		3,700,285
	Ozlm Ltd.Series 2015-14A, Class CRR(c) (3M USD LIBOR + 3.390%)
	5,400,000		3.516			07/15/34		5,320,372
	Parallel Ltd. Series 2015-1A, Class AR(c) (3M USD LIBOR + 0.850%)
	182,049		0.984			07/20/27		182,054
	Park Avenue Institutional Advisers CLO Ltd. 2021-1 Series 2021-1A, Class A1A(c) (3M USD LIBOR + 1.390%)
	11,000,000		1.524			01/20/34		11,028,809
	Park Avenue Institutional Advisers CLO Ltd. 2021-1 Series 2021-1A, Class C(c) (3M USD LIBOR + 3.800%)
	3,000,000		3.934			01/20/34		3,019,686
	PPM CLO 4 Ltd. Series 2020-4A, Class A1(c) (3M USD LIBOR + 1.420%)
	7,000,000		1.554			10/18/31		7,000,000
	PPM CLO 4 Ltd. Series 2020-4A, Class AR
	7,000,000		1.310			10/18/34		7,000,000
	Recette CLO Ltd. Series 2015-1A, Class ARR(c) (3M USD LIBOR + 1.080%)
	4,550,000		1.214			04/20/34		4,554,950
	Steele Creek CLO Ltd. Series 2019-1A, Class D(c) (3M USD LIBOR + 4.100%)
	5,150,000		4.226			04/15/32		5,137,398
	THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR(c) (3M USD LIBOR + 3.720%)
	3,950,000		3.854			04/18/36		3,951,971
	Tralee CLO VII Ltd. Series 2021-7A, Class D(c) (3M USD LIBOR + 3.180%)
	4,950,000		3.418			04/25/34		4,850,654
	Venture 36 CLO Ltd. Series 2019-36A, Class D(c) (3M USD LIBOR + 4.150%)
	2,500,000		4.284			04/20/32		2,510,610
	Zais CLO 13 Ltd. Series 2019-13A, Class A1A(c) (3M USD LIBOR + 1.490%)
	3,000,000		1.616			07/15/32		3,003,804
	Zais CLO 15, Ltd. Series 2020-15A, Class A1R(c) (3M USD LIBOR + 1.350%)
	2,625,000		1.454			07/28/32		2,625,210
								209,010,449
Asset-Backed Securities – (continued)
Student Loan(c) – 0.4%
	Educational Services of America, Inc. Series 2012-1, Class A1(b) (1M USD LIBOR + 1.150%)
	15,415		1.236			09/25/40		15,453
	Educational Services of America, Inc. Series 2014-1, Class A(b) (1M USD LIBOR + 0.700%)
	378,258		0.786			02/25/39		377,797
	Educational Services of America, Inc. Series 2015-2, Class A(b) (1M USD LIBOR + 1.000%)
	266,428		1.086			12/25/56		268,427
	Higher Education Funding I Series 2014-1, Class A(b) (3M USD LIBOR + 1.050%)
	3,146,350		1.179			05/25/34		3,159,670
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	1,211,398		1.025			07/25/45		1,215,913
	Montana Higher Education Student Assistance Corp. Series 2012-1, Class A2 (1M USD LIBOR + 1.000%)
	729,568		1.087			05/20/30		730,013
	Northstar Education Finance, Inc. Series 2012-1, Class A(b) (1M USD LIBOR + 0.700%)
	39,794		0.786			12/26/31		39,978
	Pennsylvania Higher Education Assistance Agency Series 12-1A, Class A1(b) (1M USD LIBOR + 0.550%)
	28,429		0.636			05/25/57		28,462
	PHEAA Student Loan Trust Series 2016-1A, Class A(b) (1M USD LIBOR + 1.150%)
	1,008,655		1.236			09/25/65		1,027,659
	SLC Student Loan Center Series 2011-1, Class A(b) (1M USD LIBOR + 1.220%)
	757,142		1.306			10/25/27		759,670
	SLC Student Loan Trust Series 2005-3, Class A3 (3M USD LIBOR + 0.120%)
	422,742		0.236			06/15/29		421,805
	SLM Student Loan Trust Series 2005-5, Class A4 (3M USD LIBOR + 0.140%)
	577,009		0.265			10/25/28		574,417
	SLM Student Loan Trust Series 2007-7, Class A4 (3M USD LIBOR + 0.330%)
	626,955		0.455			01/25/22		621,721
	SLM Student Loan Trust Series 2008-4, Class A4 (3M USD LIBOR + 1.650%)
	229,373		1.775			07/25/22		233,495
	South Texas Higher Education Authority, Inc. Series 2012-1, Class A2 (3M USD LIBOR + 0.850%)
	31,023		0.995			10/01/24		31,024
								9,505,504
	TOTAL ASSET-BACKED SECURITIES
	(Cost $253,148,257)						$	254,007,439
Foreign Debt Obligations – 4.3%
Sovereign – 4.3%
	Abu Dhabi Government International Bond
$	870,000		2.500	%		10/11/22	$	888,379

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Japan Treasury Discount Bill(g)
JPY	8,439,000,000		0.000	%		01/06/22	$	75,854,322
	Perusahaan Penerbit SBSN Indonesia III
$	3,530,000		2.300	(b)		06/23/25		3,658,351
	4,310,000		2.300			06/23/25		4,466,712
	7,550,000		1.500	(b)		06/09/26		7,550,830
	Republic of Colombia(a)
	5,690,000		4.000			02/26/24		5,947,117
	Republic of Egypt
	550,000		4.550	(b)		11/20/23		558,938
	3,710,000		4.550			11/20/23		3,770,287
	Republic of Indonesia
	200,000		5.875			01/15/24		223,100
EUR	250,000		2.150	(b)		07/18/24		303,940
	Republic of Qatar(b)
$	1,840,000		3.375			03/14/24		1,956,495
	690,000		3.400			04/16/25		744,251
	Republic of Turkey
	200,000		4.250			03/13/25		193,413
	Saudi Government International Bond(b)
	800,000		2.900			10/22/25		850,000
	Ukraine Government Bond
	2,590,000		8.994			02/01/24		2,851,590
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $109,005,879)						$	109,817,725
Municipal Debt Obligations – 3.6%
Alabama – 0.1%
	Hoover City Board of Education Taxable(Refunding) 2021
$	835,000		0.321	%		02/15/23	$	836,429
	1,180,000		0.555			02/15/24		1,182,426
								2,018,855
Arizona – 0.2%
	Arizona Board of Regents COPS Bonds Taxable(Refunding) Series 2021(a)
	750,000		0.492			06/01/23		750,202
	455,000		0.769			06/01/24		455,351
	Arizona State Pension Fund COPS Bonds Taxable Series B(a)
	2,885,000		0.459			07/01/24		2,861,480
	County of Pima AZ Revenue Bonds Taxable Series 2021
	865,000		0.520			05/01/24		860,848
								4,927,881
California – 0.2%
	City of San Francisco CA Public Utilities Commission Water Revenue Bonds Series 2010(a)
	1,435,000		4.900			11/01/22		1,506,946
	Huntington Beach Pension Fund Taxable Series 2021(a)
	560,000		0.381			06/15/23		559,110
	Los Angeles Municipal Improvement Corp. Taxable (Refunding) Series A(a)
	855,000		0.319			11/01/22		855,379
	Riverside Cnty Ca Infrastructu Rvrfac 11/23 Fixed 0.548
	1,600,000		0.548			11/01/23		1,600,409
Municipal Debt Obligations – (continued)
California – (continued)
	San Francisco City & County Airport Commission RB Refunding for San Francisco International Airport Series 2019 C(a)
	380,000		3.146			05/01/23		396,080
								4,917,924
Connecticut – 0.1%
	Connecticut State GO Bonds Series A
	3,000,000		3.130			01/15/24		3,170,488
	Town of West Hartford CT GO Bonds Taxable (Refunding) Series B
	235,000		0.466			07/01/23		235,250
								3,405,738
Florida – 0.2%
	County of Palm Beach FL Revenue Bonds Taxaable (Refunding) Series B
	5,625,000		0.500			12/01/24		5,580,542
Iowa – 0.3%
	Iowa Hospitals & Clinics Board of Regents Taxable (Refunding) Series 2021
	7,520,000		0.200			10/01/22		7,520,933
Maryland – 0.2%
	Maryland State Department of Transportation RB Series A
	1,240,000		0.526			08/01/24		1,236,355
	State of Maryland Department of Transportation Revenue Bonds Taxable (Refunding) Series A
	2,470,000		0.361			08/01/23		2,470,290
								3,706,645
Massachusetts – 0.1%
	Massachusetts State GO Bonds Series B
	230,000		0.275			11/15/22		229,774
	University of Massachusetts Building Authority Revenue Bonds Series 2010(a)
	2,915,000		4.350			11/01/24		3,233,067
								3,462,841
Missouri(a) – 0.3%
	The Curators of the University of Missouri Revenue Bonds Taxable (Refunding) Series 2010
	8,385,000		1.466			11/01/23		8,552,803
New York – 1.2%
	Long Island Power Authority Electric System Taxable (Refunding) Series C(a)
	1,265,000		0.359			03/01/23		1,264,591
	New York City Transitional Finance Authority Building Aid Revenue Taxable (Refunding) Series S-1B(a)
	12,925,000		0.380			07/15/23		12,928,615
	New York State Dormitory Authority Bonds Taxable (Refunding) Series B(a)
	4,725,000		0.207			03/15/22		4,725,919
	1,755,000		0.307			03/15/23		1,755,422
	New York State Urban Development Corp Revenue Bonds Taxable (Refunding) Series 2017(a)
	1,135,000		2.100			03/15/22		1,144,668

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Municipal Debt Obligations – (continued)
New York – (continued)
	Port Authority of New York & New Jersey Revenue Bonds Taxable Series AAA
$	7,450,000		1.086	%		07/01/23	$	7,545,831
								29,365,046
Ohio(a)(c) – 0.1%
	Access to Loans for Learning Student Loan Corp. Series 2019 A-3 (3M USD LIBOR + 0.000%)
	1,795,828		0.925			04/25/37		1,800,948
Oregon – 0.1%
	Oregon Education Districts GO Bonds Taxable Series A
	25,000		0.182			06/30/22		25,001
	40,000		0.312			06/30/23		39,977
	Port of Morrow Revenue Bonds Taxable Series 2015(a)
	3,305,000		3.097			09/01/23		3,475,908
								3,540,886
Pennsylvania(a) – 0.1%
	Pennsylvania State University Bonds Taxable Series D
	1,070,000		1.353			09/01/23		1,089,471
Tennessee – 0.4%
	State of Tennessee GO Bonds Taxable (Refunding) Series B
	9,865,000		0.386			11/01/23		9,871,247
Texas – 0.0%
	County of Nueces TX GO Bonds Taxable (Refunding) Series B
	260,000		0.516			02/15/24		259,564
Wisconsin(a) – 0.0%
	Wisconsin Department of Transportation Revenue Bonds Series 2020
	425,000		0.624			07/01/24		425,392
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $90,326,841)						$	90,446,716
U.S. Treasury Obligations – 7.5%
	United States Treasury Notes
$	100,000		1.875	%		02/28/22	$	100,750
	31,240,000		0.500			02/28/26		30,715,266
	32,350,000		0.750	(h)		03/31/26		32,125,067
	29,730,000		0.750	(h)		04/30/26		29,504,702
	32,740,000		0.875			09/30/26		32,566,069
	610,000		0.500			04/30/27		590,366
	30,730,000		1.125			02/29/28		30,542,739
	31,410,000		1.250			04/30/28		31,400,184
	850,000		2.875			08/15/28		939,250
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $188,931,208)						$	188,484,393

Shares		Description	Value
Exchange Traded Funds(i) – 2.2%
	754,343	Goldman Sachs Access High Yield Corporate Bond ETF	$	37,815,214
	347,570	Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF		17,423,615
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $54,077,835)		$	55,238,829

Shares		Dividend Rate	Value
Investment Company(i) – 12.5%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	317,409,990	0.026%	$	317,409,990
	(Cost $317,409,990)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $2,633,723,122)		$	2,652,588,317

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – 2.5%
Certificates of Deposit – 2.2%
	Bank of America Corp.
$	27,400,000		0.760	%		12/13/21	$	27,400,000
	Bank of Nova Scotia(c) (SOFR + 0.150%)
	6,000,000		0.200			03/17/22		6,001,713
	Bayerische Landesbank(c) (3M USD LIBOR + 0.160%)
	4,500,000		0.292			01/27/23		4,500,565
	Credit Suisse AG
	10,678,000		0.590			03/17/23		10,674,521
	Deutsche Bank AG
	8,046,000		0.720			11/08/21		8,050,874
	Natixis SA(c) (3M USD LIBOR + 0.030%)
	462,000		0.155			11/15/21		462,035
								57,089,708
Commercial Paper(b)(g) – 0.3%
	Barclays Capital, Inc.
	500,000		0.000			01/24/22		499,792
	BAT International Finance PLC
	2,501,000		0.000			10/22/21		2,500,784
	Enel Finance America
	1,000,000		0.000			02/16/22		999,039

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Commercial Paper(b)(g) – (continued)
	Natwest Markets PLC
$	2,750,000		0.000	%		03/01/22	$	2,748,015
								6,747,630
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $63,830,141)						$	63,837,338
	TOTAL INVESTMENTS – 107.2%
	(Cost $2,697,553,263)						$	2,716,425,655
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (7.2)%							(181,271,443	)
	NET ASSETS – 100.0%						$	2,535,154,211

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, 2021.
(d)	Pay-in-kind securities.
(e)	Security with a notional or nominal principal amount. The actual effective yield of this security is different than the stated interest rate.
(f)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $168,325,788 which represents approximately 6.6% of the Fund’s net assets as of September 30, 2021.
(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:
AUD	—Australian Dollar
BRL	—Brazilian Real
CAD	—Canadian Dollar
CHF	—Swiss Franc
CLP	—Chilean Peso
CNH	—Chinese Yuan Renminbi Offshore
CZK	—Czech Koruna
EUR	—Euro
GBP	—British Pound
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
AUDOR	—Australian Dollar Offered Rate
CDOR	—Canadian Dollar Offered Rate
CHFOR	—Swiss Franc Offered Rate
CLO	—Collateralized Loan Obligation
CMT	—Constant Maturity Treasury Indexes
ETF	—Exchange Traded Fund
EURO	—Euro Offered Rate
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
GO	—General Obligation
JYOR	—Japanese Yen Offered Rate
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
NIBOR	—Norwegian Interbank Offered Rate
NZDOR	—New Zealand Dollar Offered Rate
PI	—Private Investment
PLC	—Public Limited Company
RB	—Revenue Bond
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate
STIBOR	—Stockholm Interbank Offered Rate
STRIPS	—Separate Trading of Registered Interest and Principal of Securities

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
MS & Co. Int. PLC	AUD	1,681,802	NZD	1,757,441		12/15/21	$	3,819
	AUD	1,839,473	USD	1,325,125		12/15/21		5,231
	CAD	5,789,504	EUR	3,889,139		12/15/21		58,466
	CAD	712,451	USD	559,792		12/15/21		2,700
	CHF	701,928	EUR	645,098		12/15/21		6,213
	CNH	64,823,735	USD	9,970,535		12/15/21		21,949
	EUR	648,248	HUF	230,607,598		12/15/21		10,855
	EUR	648,802	PLN	2,989,909		12/15/21		1,217
	EUR	1,297,868	SEK	13,164,970		12/15/21		880
	IDR	21,562,234,811	USD	1,480,821		11/16/21		16,839
	NOK	33,348,390	EUR	3,245,186		12/15/21		47,097
	RUB	298,007,443	USD	3,984,057		11/15/21		80,609
	RUB	167,935,335	USD	2,283,234		11/17/21		6,481
	SEK	5,386,943	USD	613,108		12/15/21		2,717
	USD	1,489,563	AUD	2,028,078		12/15/21		22,802
	USD	768,496	BRL	4,087,875		10/04/21		18,432
	USD	10,962,294	CAD	13,852,996		12/15/21		25,125
	USD	10,483,582	CHF	9,626,126		12/15/21		133,749
	USD	3,115,926	CLP	2,467,896,303		11/12/21		84,708
	USD	34,761,224	EUR	29,365,978		12/15/21		688,818
	USD	16,030,890	GBP	11,634,877		12/15/21		351,723
	USD	1,765,684	IDR	25,311,739,780		11/16/21		7,593
	USD	631,429	ILS	2,022,723		12/15/21		3,556
	USD	3,055,056	INR	226,643,968		12/07/21		25,504
	USD	25,711,186	JPY	2,831,214,081		12/15/21		253,793
	USD	5,436,643	KRW	6,357,160,115		11/15/21		72,834
	USD	1,521,361	MXN	30,817,311		12/15/21		44,849
	USD	4,762,892	NOK	41,340,674		12/15/21		36,833
	USD	8,556,722	NZD	12,135,577		12/15/21		184,060
	USD	761,477	RUB	55,737,846		11/15/21		1,242
	USD	8,152,268	SEK	70,257,846		12/15/21		120,521
	USD	860,785	THB	28,172,609		12/15/21		28,489
	USD	4,462,180	TRY	40,128,074		12/15/21		127,151
	USD	3,063,000	TRY	29,556,419		06/14/22		155,096
	USD	3,015,565	TWD	83,401,207		10/12/21		15,827
	USD	1,520,046	TWD	42,163,030		10/18/21		3,074
	USD	2,299,175	ZAR	33,318,197		12/15/21		110,002
	ZAR	11,626,135	USD	761,970		12/15/21		1,926
TOTAL							$	2,782,780

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

GOLDMAN SACHS SHORT DURATION BOND 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	2,116,295	NZD	2,218,978		12/15/21	$	(371	)
	AUD	4,117,569	USD	2,984,331		11/12/21		(7,003	)
	AUD	19,762,703	USD	14,538,750		12/15/21		(245,835	)
	BRL	4,022,512	USD	760,256		10/04/21		(22,185	)
	CAD	10,565,329	USD	8,379,072		12/15/21		(37,571	)
	CHF	346,773	USD	375,624		12/15/21		(2,780	)
	CLP	1,198,709,547	USD	1,518,885		11/12/21		(46,559	)
	CNH	4,943,779	USD	762,615		12/15/21		(538	)
	CZK	60,761,556	USD	2,825,140		12/15/21		(54,328	)
	EUR	1,937,268	AUD	3,123,901		12/15/21		(11,537	)
	EUR	1,302,013	CHF	1,408,830		12/15/21		(4,064	)
	EUR	646,880	CZK	16,520,020		12/15/21		(2,782	)
	EUR	23,604,437	USD	28,008,701		12/15/21		(621,224	)
	GBP	2,773,788	EUR	3,247,601		12/15/21		(30,130	)
	GBP	6,702,413	USD	9,147,569		12/15/21		(115,392	)
	HUF	462,117,860	EUR	1,299,124		12/15/21		(21,858	)
	HUF	175,423,496	USD	590,918		12/15/21		(27,020	)
	INR	506,571,909	USD	6,852,167		12/07/21		(80,817	)
	JPY	166,141,960	EUR	1,288,641		12/15/21		(1,273	)
	JPY	1,619,015,460	USD	14,778,576		12/15/21		(220,894	)
	KRW	4,464,730,364	USD	3,792,701		11/15/21		(25,615	)
	NOK	6,560,704	EUR	651,483		12/15/21		(5,877	)
	NOK	49,952,090	USD	5,756,233		12/15/21		(45,718	)
	NZD	31,634,625	USD	22,453,148		12/15/21		(627,574	)
	PLN	2,988,430	EUR	650,259		12/15/21		(3,279	)
	PLN	9,014,938	USD	2,359,440		12/15/21		(93,370	)
	RUB	55,854,280	USD	762,885		11/17/21		(1,340	)
	SEK	14,956,109	USD	1,732,414		12/15/21		(22,659	)
	THB	20,114,576	USD	609,856		12/15/21		(15,616	)
	TRY	27,107,550	USD	3,063,000		12/14/21		(132,921	)
	TRY	4,098,686	USD	455,121		12/15/21		(12,341	)
	TWD	121,198,737	USD	4,378,409		10/12/21		(19,185	)
	TWD	42,322,226	USD	1,531,472		10/18/21		(8,773	)
	USD	3,436,400	CAD	4,356,757		12/15/21		(3,332	)
	USD	488,901	CHF	456,386		12/15/21		(1,797	)
	USD	5,671,833	CNH	36,924,544		12/15/21		(20,031	)
	USD	1,380,394	GBP	1,026,373		12/15/21		(2,747	)
	USD	2,631,559	JPY	293,516,534		12/15/21		(7,650	)
	USD	75,549,989	JPY	8,442,189,942		01/06/22		(386,604	)
	USD	211,169	NOK	1,862,400		12/15/21		(1,740	)
	USD	251,251	NZD	365,792		12/15/21		(1,119	)
	USD	759,030	RUB	56,720,424		11/15/21		(14,607	)
	USD	758,067	RUB	56,976,716		11/17/21		(18,782	)
	USD	1,521,285	SGD	2,069,329		12/15/21		(2,490	)
	USD	1,521,493	THB	51,607,485		12/15/21		(3,134	)
	USD	1,519,949	TWD	42,292,570		10/12/21		(1,212	)
	ZAR	33,625,653	USD	2,286,783		12/15/21		(77,409	)
TOTAL							$	(3,111,083	)

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		5			12/21/21	$	955,313		$	(23,824	)
2 Year U.S. Treasury Notes		4,638			12/31/21		1,020,613,643			(575,116	)
10 Year German Euro-Bund		43			12/08/21		8,458,572			(15,428	)
Total									$	(614,368	)
Short position contracts:
Australian 10 Year Government Bonds		(41	)		12/15/21		(4,193,380	)		3,345
Euro Buxl 30 Year Bonds		(2	)		12/08/21		(471,078	)		16,816
Ultra 10 Year U.S. Treasury Notes		(82	)		12/21/21		(11,910,500	)		191,589
5 Year German Euro-Bobl		(11	)		12/08/21		(1,719,258	)		9,921
5 Year U.S. Treasury Notes		(4,410	)		12/31/21		(541,293,049	)		2,697,497
10 Year U.S. Treasury Notes		(332	)		12/21/21		(43,694,313	)		455,565
20 Year U.S. Treasury Bonds		(5	)		12/21/21		(796,094	)		15,890
Total									$	3,390,623
TOTAL FUTURES CONTRACTS									$	2,776,255

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M NZDOR(a)	0.500%(b)	09/15/22	NZD	391,070	(c)	$	(1,408,637	)	$	(1,208,594	)	$	(200,043	)
3M NZDOR(a)	1.250(a)	09/15/22		30,720	(c)		11,002			1,090			9,912
3M NZDOR(a)	1.250(b)	12/15/22		15,940	(c)		(3,084	)		(17,610	)		14,526
3M AUDOR(a)	0.190(a)	02/22/23	AUD	161,160	(c)		8,086			(2,005,838	)		2,013,924
6M CDOR(b)	0.804(b)	02/28/23	CAD	246,040	(c)		(109,364	)		(955,088	)		845,724
6M CDOR(b)	1.100(b)	06/15/23		73,950	(c)		5,038			(220,557	)		225,595
0.450(b)	3M LIBOR(a)	06/15/23	$	66,420	(c)		(19,089	)		(4,186	)		(14,903	)
6M CDOR(b)	1.200(b)	09/21/23	CAD	74,580	(c)		(50,197	)		28,009			(78,206	)
0.500(b)	3M LIBOR(a)	09/21/23	$	60,170	(c)		49,700			(28,720	)		78,420
0.500(b)	3M LIBOR(a)	12/15/23		17,840	(c)		(5,186	)		(4,650	)		(536	)
0.000(d)	3M STIBOR(a)	12/15/23	SEK	233,590	(c)		85,854			88,781			(2,927	)
0.300(a)	6M AUDOR(a)	12/15/23	AUD	34,830	(c)		30,114			15,856			14,258
1.000(b)	6M CDOR(b)	12/15/23	CAD	41,070	(c)		46,566			41,151			5,415
(0.500)(d)	6M EURO(d)	12/15/23	EUR	43,460	(c)		(21,859	)		(39,205	)		17,346
3M AUDOR(a)	0.500(a)	02/24/24	AUD	42,750	(c)		30,399			105,844			(75,445	)
0.486(a)	3M AUDOR(a)	06/29/24		16,690			(8,015	)		556			(8,571	)
1M LIBOR + 0.090%(a)	3M LIBOR(a)	07/25/24	$	28,720			(3,007	)		9,643			(12,650	)
6M CDOR(b)	1.560(b)	08/22/25	CAD	52,260	(c)		(244,437	)		25,015			(269,452	)
3M STIBOR(a)	0.250(d)	12/15/26	SEK	14,040	(c)		(1,423,352	)		(22,126	)		(1,401,226	)
6M GBP(d)	0.500(d)	12/15/26	GBP	43,110	(c)		(821,098	)		(443,029	)		(378,069	)
3M LIBOR(a)	1.250(b)	12/15/26	$	11,840	(c)		65,195			93,989			(28,794	)
6M AUDOR(b)	1.250(b)	12/15/26	AUD	38,620	(c)		224,153			409,533			(185,380	)
3M NIBOR(b)	1.500(d)	12/15/26	NOK	113,320	(c)		(168,720	)		(4,859	)		(163,861	)

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

GOLDMAN SACHS SHORT DURATION 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(a)		1.750%(b)		12/15/26	NZD	21,240	(c)	$	(144,718	)	$	(93,020	)	$	(51,698	)
6M CDOR(b)		1.750(b)		12/15/26	CAD	10,870	(c)		53,171			147,289			(94,118	)
(0.500)(d)		6M CHFOR(d)		12/15/26	CHF	1,670	(c)		16,167			4,080			12,087
(0.250)(d)		6M EURO(d)		12/15/26	EUR	31,530	(c)		23,401			(201,673	)		225,074
0.000(d)		6M JYOR(d)		12/15/26	JPY	12,074,480	(c)		(98,130	)		(221,539	)		123,409
1.680(b)		6M CDOR(b)		08/22/28	CAD	37,090	(c)		530,542			(37,758	)		568,300
1.240(d)		3M NIBOR(b)		10/29/30	NOK	188,030	(c)		786,798			(883,181	)		1,669,979
1.000(d)		6M GBP(d)		02/10/31	GBP	17,440	(c)		73,999			(473,166	)		547,165
6M EURO(b)		0.500(d)		02/12/31	EUR	23,540	(c)		83,166			(127,026	)		210,192
3M STIBOR(a)		1.272(d)		05/11/31	SEK	73,260	(c)		(2,872	)		(12,577	)		9,705
2.130(d)		3M NIBOR(b)		05/11/31	NOK	68,030	(c)		(17,879	)		12,861			(30,740	)
6M EURO(b)		0.220(d)		07/22/31	EUR	50,470	(c)		(807,850	)		(206,957	)		(600,893	)
6M EURO(b)		0.250(d)		09/02/31		23,130	(c)		(347,750	)		(88,931	)		(258,819	)
6M EURO(b)		0.500(d)		09/16/31		14,240	(c)		(9,426	)		(38,153	)		28,727
3M NZDOR(a)		3.000(b)		09/16/31	NZD	3,040	(c)		28,450			74,921			(46,471	)
2.500(b)		3M LIBOR(a)		09/17/31	$	27,010	(c)		(580,088	)		(873,257	)		293,169
3M SOFR(d)		1.530(d)		09/22/31		28,690	(c)		(292,475	)		3,608			(296,083	)
6M GBP(d)		1.000(d)		09/23/31	GBP	12,370	(c)		(72,453	)		80,319			(152,772	)
1.500(b)		3M LIBOR(a)		09/24/31	$	14,900	(c)		361,737			189,432			172,305
3M STIBOR(a)		0.750(d)		12/15/31	SEK	81,900	(c)		(165,014	)		19,517			(184,531	)
3M LIBOR(a)		1.750(b)		12/15/31	$	17,930	(c)		300,736			627,221			(326,485	)
6M AUDOR(b)		2.000(b)		12/15/31	AUD	2,380	(c)		48,467			74,439			(25,972	)
1.500(d)		3M NIBOR(b)		12/15/31	NOK	9,610	(c)		41,902			15,231			26,671
2.000(b)		6M CDOR(b)		12/15/31	CAD	19,170	(c)		18,462			(331,098	)		349,560
0.750(d)		6M GBP(d)		12/15/31	GBP	32,410	(c)		796,558			(500,121	)		1,296,679
0.000(d)		6M JYOR(d)		12/15/31	JPY	5,541,600	(c)		330,165			174,183			155,982
6M CHFOR(d)		0.500(d)		03/17/32	CHF	3,740	(c)		5,395			28,315			(22,920	)
3M STIBOR(a)		1.000(d)		03/17/32	SEK	36,860	(c)		(68,982	)		(29,299	)		(39,683	)
6M GBP(d)		1.000(d)		03/17/32	GBP	5,910	(c)		(40,377	)		(12,373	)		(28,004	)
2.000(b)		6M AUDOR(b)		03/17/32	AUD	4,500	(c)		57,886			19,915			37,971
1.630(d)		3M LIBOR(d)		09/22/36	$	34,470	(c)		349,168			11,054			338,114
0.610(d)		6M EURO(b)		07/22/41	EUR	28,120	(c)		795,194			51,970			743,224
6M CDOR(b)		2.250(b)		12/15/51	CAD	21,050	(c)		(555,187	)		284,218			(839,405	)
2.000(b)		3M LIBOR(a)		12/15/51	$	13,970	(c)		(532,353	)		(1,208,804	)		676,451
6M CDOR(b)		2.180(b)		08/22/52	CAD	3,930	(c)		(187,053	)		27,108			(214,161	)
TOTAL								$	(2,951,181	)	$	(7,628,247	)	$	4,677,066

(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, 2021.

(d) Payments made annually.

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Schedule of Investments (continued)

September 30, 2021 (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, 2021(b)		Counterparty		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 10		3.000	%		5.016%		MS & Co. Int. PLC		11/17/59	$	5,700	$	(500,353	)	$	(940,672	)	$	440,319
Markit CMBX Series 11		3.000			3.849		MS & Co. Int. PLC		11/18/54		10,850		(476,044	)		(2,040,379	)		1,564,335
Markit CMBX Series 8		3.000			7.877		MS & Co. Int. PLC		10/17/57		3,450		(445,696	)		(774,108	)		328,412
TOTAL												$	(1,422,093	)	$	(3,755,159	)	$	2,333,066

(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, 2021(b)		Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
AT&T, Inc., 3.800%, 02/15/27		1.000%		0.549%		06/20/26	$	3,475	$	73,935		$	60,859		$	13,076
AT&T, Inc., 3.800%, 02/15/27		1.000		0.474		12/20/25		10,000		223,314			90,620			132,694
CDX.NA.EM Index 36		1.000		1.808		12/20/26		90,440		(3,572,411	)		(3,148,339	)		(424,072	)
CDX.NA.IG Index 28		1.000		0.219		06/20/22		21,975		186,280			109,144			77,136
CDX.NA.IG Index 32		1.000		0.353		06/20/24		225		4,013			2,301			1,712
CDX.NA.IG Index 33		1.000		0.411		12/20/24		1,650		31,466			(5,197	)		36,663
CDX.NA.IG Index 34		1.000		0.251		06/20/23		37,100		490,627			272,754			217,873
CDX.NA.IG Index 34		1.000		0.463		06/20/25		105,600		2,100,828			1,246,757			854,071
General Electric Co. 2.700%, 10/09/22		1.000		0.694		06/20/26		5,225		75,675			67,200			8,475
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.413		06/20/24		120		1,960			(148	)		2,108
TOTAL									$	(384,313	)	$	(1,304,049	)	$	919,736

(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.

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

GOLDMAN SACHS SHORT DURATION BOND FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
3M IRS	Barclays Bank PLC	$	0.506		11/29/2021		33,590,000		$	33,590,000		$	7,817		$	27,712		$	(19,895	)
1Y IRS	Citibank NA		0.459		10/10/2022		32,630,000			32,630,000			31,580			71,329			(39,749	)
1Y IRS	Citibank NA		0.420		10/10/2022		35,720,000			35,720,000			29,291			77,326			(48,035	)
1Y IRS	Citibank NA		0.516		11/15/2022		36,190,000			36,190,000			46,710			84,983			(38,273	)
1Y IRS	JPMorgan Securities, Inc.		0.300		09/08/2022		39,810,000			39,810,000			17,937			77,482			(59,545	)
1Y IRS	JPMorgan Securities, Inc.		0.281		09/08/2022		30,480,000			30,480,000			12,543			58,231			(45,688	)
1Y IRS	MS & Co. Int. PLC		0.544		11/16/2022		32,940,000			32,940,000			47,219			77,573			(30,354	)
3M IRS	MS & Co. Int. PLC		1.365		11/09/2021		4,050,000			4,050,000			4,112			51,140			(47,028	)
							245,410,000		$	245,410,000		$	197,209		$	525,776		$	(328,567	)
Puts
6M IRS	BofA Securities LLC	$	1.195		11/18/2021		11,090,000			11,090,000			32,265			83,175			(50,910	)
Total purchased option contracts							256,500,000		$	256,500,000		$	229,474		$	608,951		$	(379,477	)
Written option contracts
Calls
3M IRS	Barclays Bank PLC	$	0.378		11/29/2021		(7,610,000	)	$	(7,610,000	)	$	(3,254	)	$	(30,114	)	$	26,860
1Y IRS	Citibank NA		0.379		10/10/2022		(3,680,000	)		(3,680,000	)		(29,866	)		(77,285	)		47,419
1Y IRS	Citibank NA		0.425		10/10/2022		(3,340,000	)		(3,340,000	)		(30,543	)		(71,371	)		40,828
1Y IRS	Citibank NA		0.553		11/15/2022		(3,730,000	)		(3,730,000	)		(51,271	)		(84,783	)		33,512
3M IRS	Citibank NA		0.346		11/09/2021		(1,480,000	)		(1,480,000	)		(344	)		(22,906	)		22,562
1Y IRS	JPMorgan Securities, Inc.		0.363		09/08/2022		(3,140,000	)		(3,140,000	)		(22,085	)		(58,128	)		36,043
1Y IRS	JPMorgan Securities, Inc.		0.401		09/08/2022		(4,110,000	)		(4,110,000	)		(32,116	)		(77,517	)		45,401
3M IRS	JPMorgan Securities, Inc.		0.346		11/09/2021		(1,660,000	)		(1,660,000	)		(387	)		(29,761	)		29,374
1Y IRS	MS & Co. Int. PLC		0.599		11/16/2022		(3,410,000	)		(3,410,000	)		(52,375	)		(77,728	)		25,353
							(32,160,000	)	$	(32,160,000	)	$	(222,241	)	$	(529,593	)	$	307,352
Puts
6M IRS	BofA Securities LLC	$	0.075		11/18/2021		(15,930,000	)	$	(15,930,000	)	$	(23,299	)	$	(87,653	)	$	64,354
Total written option contracts							(48,090,000	)	$	(48,090,000	)	$	(245,540	)	$	(617,246	)	$	371,706
TOTAL							208,410,000		$	208,410,000		$	(16,066	)	$	(8,295	)	$	(7,771	)

Abbreviations:
3M IRS	—3 Months Interest Rate Swaptions
6M IRS	—6 Months Interest Rate Swaptions
BofA Securities LLC	—Bank of America Securities LLC
CDX.NA.IG Index 28	—CDX North America Investment Grade Index 28
CDX.NA.IG Index 32	—CDX North America Investment Grade Index 32
CDX.NA.IG Index 33	—CDX North America Investment Grade Index 33
CDX.NA.IG Index 34	—CDX North America Investment Grade Index 34
ICE CD ITXEB	—iTraxx Europe Index
ICE CD ITXEX	—iTraxx Europe Crossover Index
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 30.9%
Collateralized Mortgage Obligations – 1.9%
Regular Floater(a) – 0.0%
	FNMA REMIC Series 2007-33, Class HF (1M USD LIBOR + 0.350%)
$	189,018		0.436	%		04/25/37	$	189,897
Sequential Fixed Rate – 1.9%
	FDIC Structured Sale Guaranteed Notes Series 2010-S1, Class 2A(b)
	120,389		3.250			04/25/38		120,099
	FHLMC REMIC Series 1980, Class Z
	147,140		7.000			07/15/27		163,688
	FHLMC REMIC Series 2019, Class Z
	119,791		6.500			12/15/27		132,732
	FHLMC REMIC Series 2755, Class ZA
	347,213		5.000			02/15/34		386,087
	FHLMC REMIC Series 3530, Class DB
	651,146		4.000			05/15/24		671,410
	FHLMC REMIC Series 4246, Class PT
	65,462		6.500			02/15/36		75,801
	FHLMC REMIC Series 4273, Class PD
	595,903		6.500			11/15/43		701,421
	FHLMC REMIC Series 4619, Class NA
	1,871,492		3.000			03/15/44		1,979,063
	FNMA REMIC Series 2012-111, Class B
	216,844		7.000			10/25/42		254,916
	FNMA REMIC Series 2012-153, Class B
	793,376		7.000			07/25/42		950,529
	FNMA REMIC Series 2015-30, Class EA
	3,609,203		3.000			05/25/45		3,818,191
	GNMA REMIC Series 2019-35, Class A
	6,145,799		4.000			12/20/48		6,565,075
								15,819,012
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	16,008,909
Federal Agencies – 29.0%
Adjustable Rate FHLMC(a) – 0.2%
	(1 Year CMT + 2.250%)
$	443,881		2.345	%		06/01/35	$	467,829
	(12M USD LIBOR + 1.613%)
	999,349		1.955			11/01/44		1,044,398
	(12M USD LIBOR + 1.772%)
	103,287		2.029			06/01/42		108,446
	(12M USD LIBOR + 1.840%)
	200,037		2.224			11/01/34		211,102
	(12M USD LIBOR + 2.000%)
	10,004		2.500			11/01/36		10,586
	(12M USD LIBOR + 2.330%)
	32,439		2.613			05/01/36		34,235
	(6M USD LIBOR + 2.056%)
	13,147		2.180			10/01/36		13,854
								1,890,450
Adjustable Rate FNMA(a) – 0.6%
	(1 Year CMT + 2.095%)
	54,730		2.239			10/01/35		57,984
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(a) – (continued)
	(1 Year CMT + 2.220%)
	260,355		2.220			06/01/34		273,906
	(1 Year CMT + 2.287%)
	229,927		2.412			02/01/34		242,188
	(12M MTA + 2.138%)
	372,347		2.244			07/01/36		390,806
	(12M MTA + 2.591%)
	141,918		2.682			06/01/36		149,961
	(12M USD LIBOR + 1.225%)
	6,768		1.725			01/01/33		7,003
	(12M USD LIBOR + 1.325%)
	92,822		1.649			04/01/35		96,682
	(12M USD LIBOR + 1.413%)
	74,595		1.775			05/01/35		77,949
	(12M USD LIBOR + 1.506%)
	60,826		1.881			02/01/35		63,741
	(12M USD LIBOR + 1.609%)
	90,869		1.984			03/01/35		95,613
	(12M USD LIBOR + 1.640%)
	75,656		2.162			10/01/34		79,497
	(12M USD LIBOR + 1.664%)
	109,647		2.164			10/01/34		115,324
	(12M USD LIBOR + 1.695%)
	120,783		1.945			05/01/34		127,069
	(12M USD LIBOR + 1.713%)
	314,063		1.993			07/01/37		331,116
	(12M USD LIBOR + 1.720%)
	306,149		2.034			05/01/34		322,016
	(12M USD LIBOR + 1.720%)
	73,390		2.095			03/01/35		77,433
	(12M USD LIBOR + 1.720%)
	49,130		2.095			04/01/35		51,867
	(12M USD LIBOR + 1.726%)
	278,842		2.088			03/01/36		293,101
	(12M USD LIBOR + 1.755%)
	26,188		2.005			07/01/32		27,454
	(12M USD LIBOR + 1.800%)
	302,123		2.175			05/01/33		318,103
	(12M USD LIBOR + 1.820%)
	3,738		2.320			12/01/46		3,982
	(12M USD LIBOR + 1.924%)
	245,438		2.167			06/01/36		258,612
	(12M USD LIBOR + 1.935%)
	25,205		2.310			11/01/36		26,739
	(12M USD LIBOR + 1.935%)
	77,537		2.398			11/01/36		82,234
	(12M USD LIBOR + 1.958%)
	474,948		2.208			04/01/36		503,997
Adjustable Rate FNMA(a) – 0.6%
	(6M USD LIBOR + 2.250%)
	41,161		2.375			08/01/33		43,150
	(COF + 1.250%)
	342,434		4.595			08/01/33		371,798
	(COF + 1.841%)
	16,027		2.123			08/01/29		16,210
								4,505,535

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(a) – 0.3%
	(1 Year CMT + 1.500%)
$	80,853		1.875	%		05/20/34	$	84,092
	(1 Year CMT + 1.500%)
	193,445		2.250			07/20/34		200,354
	(1 Year CMT + 1.500%)
	182,021		2.250			08/20/34		188,560
	(1 Year CMT + 1.500%)
	1,160,684		2.250			09/20/34		1,202,384
	(1 Year CMT + 1.500%)
	159,142		2.125			10/20/34		165,419
	(1 Year CMT + 1.500%)
	189,594		2.125			12/20/34		197,124
								2,037,933
FHLMC – 0.5%
	3,918		7.000			04/01/22		3,925
	181		4.500			05/01/23		186
	4,429		7.500			01/01/31		5,228
	19,722		4.500			07/01/33		21,961
	539,802		4.500			08/01/33		601,072
	1,156,787		4.500			09/01/33		1,288,083
	103,299		4.500			10/01/33		115,024
	2,239		4.500			04/01/34		2,493
	2,161		4.500			04/01/35		2,429
	1,263		4.500			07/01/35		1,419
	4,506		4.500			08/01/35		5,064
	25,533		4.500			09/01/35		28,620
	5,538		4.500			10/01/35		6,223
	912		4.500			12/01/35		1,015
	746		4.500			05/01/36		838
	67,788		4.500			01/01/38		76,178
	1,364		4.500			04/01/38		1,524
	405		4.500			05/01/38		453
	4,116		4.500			06/01/38		4,626
	106,648		4.500			09/01/38		119,289
	2,032		4.500			01/01/39		2,271
	60,749		4.500			02/01/39		67,865
	27,777		4.500			03/01/39		31,028
	6,277		4.500			04/01/39		7,011
	153,047		4.500			05/01/39		170,964
	471,493		4.500			06/01/39		526,688
	13,514		4.500			07/01/39		15,096
	20,934		4.500			08/01/39		23,385
	27,131		4.500			09/01/39		30,306
	5,586		4.500			10/01/39		6,239
	9,964		4.500			11/01/39		11,130
	9,819		4.500			12/01/39		10,968
	18,526		4.500			01/01/40		20,695
	4,704		4.500			02/01/40		5,253
	11,959		4.500			04/01/40		13,351
	20,180		4.500			05/01/40		22,526
	25,218		4.500			06/01/40		28,150
	17,188		4.500			07/01/40		19,186
	19,011		4.500			08/01/40		21,223
	11,174		4.500			09/01/40		12,472
	5,151		4.500			10/01/40		5,750
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
	7,400		4.500			02/01/41		8,257
	16,753		4.500			03/01/41		18,694
	41,178		4.500			04/01/41		45,949
	39,824		4.500			05/01/41		44,439
	75,342		4.500			06/01/41		84,074
	6,156		4.500			07/01/41		6,869
	192,014		4.500			08/01/41		214,262
	206,327		4.500			09/01/41		230,310
	11,766		4.500			12/01/41		13,130
	159,808		4.500			03/01/42		178,327
								4,181,518
FNMA – 0.0%
	90,973		7.500			10/01/37		107,391
GNMA – 19.0%
	1,133		6.500			01/15/32		1,231
	4,751		6.500			02/15/32		5,347
	3,710		6.500			08/15/34		4,303
	9,218		6.500			05/15/35		10,788
	2,562		6.500			06/15/35		2,973
	7,159		6.500			07/15/35		8,384
	2,760		6.500			08/15/35		3,240
	5,682		6.500			09/15/35		6,644
	2,211		6.500			10/15/35		2,595
	9,071		6.500			11/15/35		10,656
	5,992		6.500			12/15/35		7,025
	21,710		6.500			01/15/36		25,412
	24,336		6.500			02/15/36		28,597
	14,029		6.500			03/15/36		16,423
	38,775		6.500			04/15/36		45,156
	60,122		6.500			05/15/36		70,564
	43,858		6.500			06/15/36		51,444
	154,440		6.500			07/15/36		180,873
	156,782		6.500			08/15/36		183,615
	315,043		6.500			09/15/36		370,406
	126,028		6.500			10/15/36		147,956
	172,966		6.500			11/15/36		203,954
	78,473		6.500			12/15/36		92,079
	37,560		6.500			01/15/37		43,978
	14,534		6.500			02/15/37		16,974
	9,694		6.500			03/15/37		11,399
	20,721		6.500			04/15/37		24,391
	5,065		6.500			05/15/37		5,808
	11,728		6.500			08/15/37		13,697
	36,693		6.500			09/15/37		42,648
	45,900		6.500			10/15/37		54,894
	16,973		6.500			11/15/37		19,610
	13,567		6.500			05/15/38		15,893
	43,736		6.000			11/15/38		50,999
	2,667		6.500			01/15/39		3,071
	6,780		6.500			02/15/39		7,963
	3,892,770		4.500			08/20/47		4,215,717
	95,860		4.500			02/20/48		103,191
	222,965		4.500			05/20/48		238,937
	1,133,801		4.500			09/20/48		1,213,070
	8,739,737		5.000			09/20/48		9,447,459

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	330,055		5.000	%		10/20/48		$	356,653
	7,224		5.000			11/20/48			7,806
	3,108,749		4.500			12/20/48			3,324,637
	7,743,377		5.000			12/20/48			8,363,762
	642,324		4.500			01/20/49			686,931
	4,087,992		5.000			01/20/49			4,414,875
	55,477		5.000			03/20/49			59,895
	26,400		5.000			05/20/49			28,490
	1,030,322		5.000			06/20/49			1,111,420
	136,120		5.000			11/20/49			146,771
	1,514,668		5.000			12/20/49			1,642,366
	401,966		5.000			07/20/50			435,674
	26,901,861		2.500			08/20/51			27,794,544
	16,000,000		2.000			TBA-30yr	(c)		16,225,835
	60,000,000		2.500			TBA-30yr	(c)		61,939,110
	1,000,000		3.000			TBA-30yr	(c)		1,044,894
	13,000,000		4.000			TBA-30yr	(c)		13,795,668
									158,388,695
UMBS – 3.1%
	59,620		5.500			09/01/23			61,082
	219,394		5.000			10/01/23			240,119
	18,112		5.500			10/01/23			18,574
	254,251		5.000			08/01/24			278,711
	224,235		4.500			11/01/36			250,143
	64,674		4.500			02/01/39			72,286
	73,506		4.500			04/01/39			82,090
	5,195		4.500			08/01/39			5,756
	5,226		4.500			05/01/41			5,710
	215,063		4.500			08/01/41			239,956
	105,454		4.500			10/01/41			117,639
	624,474		4.500			06/01/48			673,677
	4,456,886		4.500			07/01/48			4,872,383
	3,164,622		4.500			07/01/48			3,412,978
	308,001		4.500			08/01/48			334,434
	4,705,357		4.500			08/01/48			5,142,772
	602,773		4.500			09/01/48			654,504
	521,764		4.500			10/01/48			562,548
	3,802,286		4.500			10/01/48			4,214,159
	2,506,381		4.500			01/01/49			2,703,902
	543,840		4.500			03/01/49			587,115
	215,648		5.000			07/01/49			242,739
	971,031		4.500			05/01/50			1,058,561
									25,831,838
UMBS, 30 Year, Single Family(c) – 5.3%
	43,000,000		2.000			TBA-30yr			43,066,124
	1,000,000		5.000			TBA-30yr			1,099,408
									44,165,532
	TOTAL FEDERAL AGENCIES							$	241,108,892
	TOTAL MORTGAGE-BACKED OBLIGATIONS
	(Cost $256,283,030)							$	257,117,801
Agency Debentures – 23.4%
	FHLB
$	1,800,000		5.375			08/15/24		$	2,046,042
	44,850,000		0.500			04/14/25			44,620,817
	FHLMC
	50,330,000		0.375			04/20/23			50,471,427
	17,820,000		0.375			09/23/25			17,529,712
	FNMA
	5,200,000		6.250			05/15/29			7,000,344
	16,080,000		7.125			01/15/30			23,112,749
	Tennessee Valley Authority
	49,850,000		0.750			05/15/25			49,920,787
	TOTAL AGENCY DEBENTURES
	(Cost $191,707,873)							$	194,701,878
U.S. Treasury Obligations – 61.5%
	United States Treasury Bonds
$	7,370,000		3.750	%(d)		11/15/43		$	9,640,881
	410,000		3.375	(d)		05/15/44			509,617
	10,000		3.000			11/15/45			11,789
	200,000		2.875			11/15/46			231,719
	110,000		3.000			02/15/48			130,848
	380,000		3.375			11/15/48			484,262
	780,000		2.000			02/15/50			766,472
	United States Treasury Notes
	77,060,700		0.125			12/31/22			77,048,659
	187,239,000		0.125			02/28/23			187,121,976
	350,000		2.750			04/30/23			364,055
	106,970,000		2.750			05/31/23			111,466,083
	380,000		2.875			11/30/23			400,900
	7,100,000		2.625			12/31/23			7,461,656
	620,000		3.000			09/30/25			674,105
	11,270,000		0.375			12/31/25			11,044,600
	4,500,000		2.625			12/31/25			4,833,633
	11,100,000		0.500			02/28/26			10,913,555
	11,570,000		0.750			03/31/26			11,489,552
	10,530,000		0.750			04/30/26			10,450,202
	630,000		1.375			08/31/26			642,108
	9,040,000		0.875			09/30/26			8,991,975
	11,010,000		1.125			02/29/28			10,942,908
	11,340,000		1.250			03/31/28			11,343,544
	11,090,000		1.250			04/30/28			11,086,534
	United States Treasury Strip Coupon(d)(e)
	28,900,000		0.000			11/15/35			22,024,790
	2,800,000		0.000			05/15/36			2,111,016
	TOTAL U.S. TREASURY OBLIGATIONS
	(Cost $508,736,464)							$	512,187,439
	TOTAL INVESTMENTS – 115.8%
	(Cost $956,727,367)							$	964,007,118
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (15.8)%								(131,856,805	)
	NET ASSETS – 100.0%							$	832,150,313

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

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, 2021.
(b)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(c)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $137,171,039 which represents approximately 16.5% of the Fund’s net assets as of September 30, 2021.
(d)	All or a portion of security is segregated as collateral for initial margin requirements on futures transactions.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
COF	—Cost of Funds Index
FDIC	—Federal Deposit Insurance Corp.
FHLB	—Federal Home Loan Bank
FHLMC	—Federal Home Loan Mortgage Corp.
FNMA	—Federal National Mortgage Association
GNMA	—Government National Mortgage Association
LIBOR	—London Interbank Offered Rate
MTA	—Monthly Treasury Average
REMIC	—Real Estate Mortgage Investment Conduit

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2021, 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: $(6,504,375))		4.500	%	TBA-30yr		09/14/21	$	(6,000,000	)	$	(6,488,671	)

(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, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
2 Year U.S. Treasury Notes		1,704			12/31/21	$	374,973,188		$	(207,131	)
Short position contracts:
Ultra Long U.S. Treasury Bonds		(50	)		12/21/21		(9,553,125	)		193,397
Ultra 10 Year U.S. Treasury Notes		(191	)		12/21/21		(27,742,750	)		447,638
5 Year U.S. Treasury Notes		(1,446	)		12/31/21		(177,485,204	)		902,079
10 Year U.S. Treasury Notes		(373	)		12/21/21		(49,090,297	)		420,780
20 Year U.S. Treasury Bonds		(325	)		12/21/21		(51,746,093	)		1,115,986
Total									$	3,079,880
TOTAL FUTURES CONTRACTS									$	2,872,749

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

GOLDMAN SACHS SHORT DURATION GOVERNMENT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDIT IONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)		Market Value			Upfront Premium (Received) Paid		Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%(a)		3M LIBOR(a)	07/25/24		$15,560	$	(1,629	)	$	5,086	$	(6,715	)
3M SOFR(b)		1.530(b)	09/22/31		7,490(c)		(76,356	)		947		(77,303	)
1.630(b)		3M LIBOR(b)	09/22/36		9,000(c)		91,167			2,956		88,211
TOTAL						$	13,182		$	8,989	$	4,193

(a) Payments made quarterly.

(b) Payments made annually.

(c) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2021.

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Corporate Obligations – 43.2%
Agriculture(a) – 0.2%
	BAT Capital Corp.
$	12,295,000	2.764%		08/15/22	$	12,528,113
Automotive(b) – 2.7%
	BMW US Capital LLC
	11,420,000	2.950		04/14/22		11,584,219
	(SOFR + 0.530%)
	29,051,000	0.580(c)		04/01/24		29,303,744
	Daimler Finance North America LLC
	(3M USD LIBOR + 0.900%)
	35,000,000	1.025(c)		02/15/22		35,106,050
	10,000,000	3.400		02/22/22		10,119,400
	3,500,000	1.750		03/10/23		3,563,385
	Volkswagen Group of America Finance LLC
	11,338,000	2.700		09/26/22		11,597,527
	37,407,000	0.750		11/23/22		37,534,184
	23,772,000	3.125		05/12/23		24,698,632
						163,507,141
Banks – 24.8%
	Bank of America Corp.(a)(c) (3M BSBY + 0.430%)
	43,000,000	0.529		05/28/24		43,128,570
	Bank of Montreal
	(SOFR + 0.680%)
	52,000,000	0.730(c)		03/10/23		52,380,120
	20,000,000	0.400		09/15/23		20,021,400
	Banque Federative du Credit Mutuel SA(b)
	7,375,000	3.750		07/20/23		7,805,110
	Barclays Bank PLC(a)
	6,500,000	1.700		05/12/22		6,552,195
	Barclays PLC(a)
	31,800,000	3.684		01/10/23		32,078,250
	BPCE SA(b)(c)(3M USD LIBOR + 0.300%)
	17,730,000	0.433		01/14/22		17,741,702
	Canadian Imperial Bank of Commerce
	(SOFR + 0.800%)
	38,955,000	0.850(c)		03/17/23		39,325,462
	19,388,000	0.450		06/22/23		19,389,357
	Capital One NA(a)(c) (3M USD LIBOR + 1.150%)
	14,357,000	1.279		01/30/23		14,400,071
	Citigroup, Inc.(a)
	17,119,000	2.900		12/08/21		17,162,482
	(SOFR + 0.867%)
	28,290,000	2.312%(c)		11/04/22		28,333,849
	(3M USD LIBOR + 0.722%)
	42,904,000	3.142(c)		01/24/23		43,263,536
	(3M USD LIBOR + 0.950%)
	21,943,000	2.876(c)		07/24/23		22,370,889
	Citizens Bank NA(a)(c) (3M USD LIBOR + 0.720%)
	16,000,000	0.845		02/14/22		16,028,320
	Cooperatieve Rabobank UA
	16,805,000	2.750		01/10/22		16,920,282
	9,251,000	3.875		02/08/22		9,370,060
	Credit Agricole Corporate & Investment Bank SA(a)
	26,500,000	0.400		01/15/23		26,501,325
Corporate Obligations – (continued)
Banks – (continued)
	Credit Suisse AG
	(SOFR + 0.450%)
	50,900,000	0.500%(c)		02/04/22		50,961,080
	2,050,000	0.520		08/09/23		2,052,153
	Discover Bank
	2,805,000	4.200		08/08/23		2,993,384
	DNB Boligkreditt AS(b)
	16,467,000	2.500		03/28/22		16,648,336
	Federation des Caisses Desjardins du Quebec(b)(c) (SOFR + 0.430%)
	43,500,000	0.481		05/21/24		43,630,065
	Fifth Third Bank NA(c) (3M USD LIBOR + 0.640%)
	20,000,000	0.766		02/01/22		20,039,800
	HSBC Holdings PLC(a)(c) (3M USD LIBOR + 1.055%)
	24,905,000	3.262		03/13/23		25,217,558
	ING Groep NV(c) (3M USD LIBOR + 1.150%)
	12,960,000	1.282		03/29/22		13,029,854
	Intesa Sanpaolo SpA(b)
	12,707,000	3.125		07/14/22		12,975,880
	JPMorgan Chase & Co.
	9,428,000	4.500		01/24/22		9,553,392
	(3M USD LIBOR + 0.900%)
	14,405,000	1.025(a)(c)		04/25/23		14,482,931
	(3M USD LIBOR + 0.935%)
	9,042,000	2.776(a)(c)		04/25/23		9,162,259
	(SOFR + 0.580%)
	30,000,000	0.630(a)(c)		03/16/24		30,133,200
	KeyBank NA
	5,000,000	3.300		02/01/22		5,050,800
	Lloyds Banking Group PLC
	(3M USD LIBOR + 1.249%)
	16,624,000	2.858(a)(c)		03/17/23		16,811,352
	10,520,000	4.050		08/16/23		11,202,222
	Mitsubishi UFJ Financial Group, Inc.
	(3M USD LIBOR + 0.700%)
	12,500,000	0.816(c)		03/07/22		12,533,500
	6,630,000	3.218		03/07/22		6,712,477
	6,067,000	2.623		07/18/22		6,179,907
	23,650,000	2.665		07/25/22		24,112,358
	Mizuho Financial Group, Inc.(c)
	(3M USD LIBOR + 0.940%)
	27,975,000	1.061		02/28/22		28,076,829
	(3M USD LIBOR + 0.790%)
	6,860,000	0.906		03/05/23		6,922,632
	(3M USD LIBOR + 0.840%)
	14,000,000	0.966(a)		07/16/23		14,068,460
	Morgan Stanley, Inc.
	(SOFR + 0.700%)
	60,000,000	0.750(a)(c)		01/20/23		60,103,800
	19,327,000	3.750		02/25/23		20,217,008
	MUFG Union Bank NA(a)
	12,590,000	3.150		04/01/22		12,741,332
	(SOFR + 0.710%)
	17,250,000	0.760(c)		12/09/22		17,352,810
	National Australia Bank Ltd.(b)(c)(3M USD LIBOR + 0.710%)
	12,000,000	0.834		11/04/21		12,007,560

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate	Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	National Bank of Canada
$	12,325,000	2.150%(b)		10/07/22	$	12,561,394
	28,809,000	2.100		02/01/23		29,452,017
	(SOFR + 0.300%)
	25,000,000	0.350(a)(c)		05/16/23		25,018,000
	NatWest Markets PLC(b)
	42,450,000	3.625		09/29/22		43,851,274
	Royal Bank of Canada
	39,355,000	3.350(b)		10/22/21		39,417,850
	(SOFR + 0.450%)
	20,600,000	0.500(c)		10/26/23		20,707,738
	(SOFR + 0.360%)
	20,000,000	0.410(c)		07/29/24		20,044,000
	Santander UK Group Holdings PLC(a)
	16,949,000	3.571		01/10/23		17,091,880
	Santander UK PLC(c) (3M USD LIBOR + 0.660%)
	21,800,000	0.785		11/15/21		21,813,952
	Skandinaviska Enskilda Banken AB(b)
	5,100,000	3.050		03/25/22		5,166,759
	(3M USD LIBOR + 0.320%)
	10,000,000	0.440(c)		09/01/23		10,029,500
	Standard Chartered PLC(a)(b)(c)
	(3M USD LIBOR + 1.150%)
	19,000,000	4.247		01/20/23		19,209,000
	(SOFR + 1.250%)
	46,000,000	1.300		10/14/23		46,419,520
	Sumitomo Mitsui Trust Bank Ltd.(b)(c) (SOFR + 0.440%)
	33,146,000	0.490		09/16/24		33,199,365
	The Bank of Nova Scotia
	4,734,000	1.950		02/01/23		4,835,497
	16,246,000	0.400		09/15/23		16,240,314
	(SOFR + 0.550%)
	54,500,000	0.600(c)		09/15/23		54,867,330
	The Toronto-Dominion Bank
	9,510,000	3.350(b)		10/22/21		9,525,092
	(SOFR + 0.450%)
	13,100,000	0.500(c)		09/28/23		13,184,364
	Truist Bank(a)(c) (SOFR + 0.730%)
	16,760,000	0.780		03/09/23		16,882,516
	Truist Financial Corp.(a)(c) (3M USD LIBOR + 0.650%)
	10,000,000	0.781		04/01/22		10,019,800
	UBS AG(b)
	17,500,000	1.750(a)		04/21/22		17,626,000
	(SOFR + 0.360%)
	13,250,000	0.410(c)		02/09/24		13,295,713
	(SOFR + 0.450%)
	38,856,000	0.500(c)		08/09/24		39,089,913
	US Bank NA(a)(c) (3M USD LIBOR + 0.440%)
	6,500,000	0.571		05/23/22		6,515,275
	Westpac Banking Corp.(c)
	(3M USD LIBOR + 0.850%)
	18,690,000	0.969		01/11/22		18,732,800
	(3M USD LIBOR + 0.390%)
	25,000,000	0.519		01/13/23		25,113,250
						1,527,656,032
Corporate Obligations – (continued)
Beverages(b) – 0.6%
	Coca-Cola Europacific Partners PLC
	31,358,000	0.500%		05/05/23		31,323,193
	Heineken NV
	2,300,000	2.750		04/01/23		2,373,117
						33,696,310
Biotechnology(a)(c) – 0.4%
	Gilead Sciences, Inc. (3M USD LIBOR + 0.520%)
	22,250,000	0.652		09/29/23		22,253,338
Diversified Financial Services – 2.0%
	AIG Global Funding(b)(c) (SOFR + 0.380%)
	19,248,000	0.430		12/15/23		19,268,210
	Air Lease Corp.
	13,140,000	3.750(a)		02/01/22		13,209,642
	12,200,000	2.625(a)		07/01/22		12,377,754
	2,000,000	2.250		01/15/23		2,043,540
	6,000,000	2.750(a)		01/15/23		6,159,060
	American Express Co.(a)
	13,038,000	3.700		11/05/21		13,038,000
	(3M USD LIBOR + 0.620%)
	20,000,000	0.751(c)		05/20/22		20,061,200
	Capital One Bank USA NA(a)(c) (SOFR + 0.616%)
	10,000,000	2.014		01/27/23		10,051,900
	The Charles Schwab Corp.(a)(c) (SOFR + 0.500%)
	27,900,000	0.550		03/18/24		28,092,231
						124,301,537
Electrical – 1.5%
	American Electric Power Co., Inc.(a)(c) (3M USD LIBOR + 0.480%)
	19,375,000	0.606		11/01/23		19,392,631
	CenterPoint Energy, Inc.(a)(c) (SOFR + 0.650%)
	14,019,000	0.700		05/13/24		14,049,561
	Dominion Energy, Inc.(a)(c) (3M USD LIBOR + 0.530%)
	20,500,000	0.646		09/15/23		20,503,485
	NextEra Energy Capital Holdings, Inc.
	(SOFR + 0.540%)
	6,860,000	0.590(c)		03/01/23		6,884,902
	15,460,000	0.650		03/01/23		15,517,511
	OGE Energy Corp.(a)
	3,774,000	0.703		05/26/23		3,773,925
	Oklahoma Gas and Electric Co.(a)
	14,754,000	0.553		05/26/23		14,750,312
						94,872,327
Electronics(a) – 0.1%
	Honeywell International, Inc.
	4,811,000	0.483		08/19/22		4,811,385
Gas(a) – 1.4%
	Atmos Energy Corp.
	(3M USD LIBOR + 0.380%)
	18,454,000	0.496(c)		03/09/23		18,456,214
	10,203,000	0.625		03/09/23		10,203,306

68 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)
Gas(a) – (continued)
	CenterPoint Energy Resources Corp.
	(3M USD LIBOR + 0.500%)
$	33,450,000	0.620%(c)		03/02/23	$	33,454,349
	25,590,000	0.700		03/02/23		25,590,512
						87,704,381
Healthcare Providers & Services(a) – 0.2%
	Aetna, Inc.
	13,000,000	2.800		06/15/23		13,462,540
Home Builders(a) – 0.6%
	NVR, Inc.
	37,588,000	3.950		09/15/22		38,493,119
Insurance(b) – 3.4%
	Athene Global Funding(c) (3M USD LIBOR + 0.730%)
	56,000,000	0.865		01/08/24		56,348,880
	Equitable Financial Life Global Funding
	17,038,000	0.500		04/06/23		17,065,772
	Jackson National Life Global Funding(c) (SOFR + 0.600%)
	50,000,000	0.650		01/06/23		50,250,000
	Metropolitan Life Global Funding I(c)
	(SOFR + 0.570%)
	41,000,000	0.620		01/13/23		41,219,760
	(SOFR + 0.320%)
	10,000,000	0.370		01/07/24		10,027,300
	Principal Life Global Funding II(c)
	(SOFR + 0.450%)
	9,397,000	0.500		04/12/24		9,423,781
	(SOFR + 0.380%)
	14,437,000	0.430		08/23/24		14,461,110
	Protective Life Global Funding
	13,848,000	0.502		04/12/23		13,858,109
						212,654,712
Internet(a) – 0.2%
	Alibaba Group Holding Ltd.
	13,527,000	3.125		11/28/21		13,551,484
Machinery – Construction & Mining – 0.1%
	Caterpillar Financial Services Corp.
	8,220,000	0.950		05/13/22		8,260,525
Mining(b) – 0.2%
	Glencore Finance Canada Ltd.
	7,166,000	4.250		10/25/22		7,442,608
	Glencore Funding LLC(a)
	5,070,000	3.000		10/27/22		5,192,440
						12,635,048
Miscellaneous Manufacturing – 0.5%
	Carlisle Cos, Inc.(a)
	8,622,000	0.550		09/01/23		8,616,482
	Siemens Financieringsmaatschappij NV(b)(c) (SOFR + 0.430%)
	24,861,000	0.480		03/11/24		25,028,563
						33,645,045
Oil Field Services – 0.2%
	Pioneer Natural Resources Co.
	9,163,000	0.550		05/15/23		9,170,239
Corporate Obligations – (continued)
Pharmaceuticals – 1.2%
	AbbVie, Inc.(c) (3M USD LIBOR + 0.460%)
	21,142,000	0.587%		11/19/21		21,146,651
	AmerisourceBergen Corp.(a)
	24,360,000	0.737		03/15/23		24,395,566
	Bayer US Finance LLC(b)
	25,413,000	3.000		10/08/21		25,425,452
						70,967,669
Pipelines – 0.2%
	Enbridge, Inc.
	13,806,000	0.010		10/04/23		13,814,698
Real Estate Investment Trust(a)(c) – 0.5%
	Public Storage (SOFR + 0.470%)
	28,101,000	0.520		04/23/24		28,135,002
Retailing(a)(b) – 0.5%
	7-Eleven, Inc.
	(3M USD LIBOR + 0.450%)
	9,869,000	0.578(c)		08/10/22		9,871,270
	23,409,000	0.625		02/10/23		23,415,788
						33,287,058
Savings & Loans(b) – 0.2%
	Nationwide Building Society
	10,000,000	2.000		01/27/23		10,216,700
Telecommunication Services – 1.5%
	AT&T, Inc.(a)(c) (SOFR + 0.640%)
	30,900,000	0.690		03/25/24		30,950,985
	NTT Finance Corp.(b)
	30,000,000	0.373		03/03/23		30,024,900
	Verizon Communications, Inc.(c) (SOFR + 0.500%)
	32,950,000	0.550		03/22/24		33,239,630
						94,215,515
	TOTAL CORPORATE OBLIGATIONS
	(Cost $2,658,886,300)				$	2,663,839,918
Municipal Debt Obligation(a) – 0.0%
New York – 0.0%
	Long Island Power Authority Electric System Taxable (Refunding) Series C
$	3,070,000	0.359%		03/01/23	$	3,069,008
	(Cost $3,070,000)
U.S. Treasury Obligation – 0.8%
	United States Treasury Note
$	50,000,000	0.250%		09/30/23	$	49,962,891
	(Cost $49,940,314)

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Shares	Dividend Rate	Value
Investment Company(d) – 24.0%
Goldman Sachs Financial Square Government Fund – Institutional Shares
1,482,128,137	0.026%	$	1,482,128,137
(Cost $1,482,128,137)
TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
(Cost $4,194,024,751)		$	4,198,999,954

Principal Amount		Interest Rate	Maturity Date		Value
Short-term Investments – 33.3%
Certificates of Deposit – 8.8%
	Alpine Securitization LLC(b)
$	2,500,000	0.200%		05/13/22	$	2,500,062
	Barclays Bank PLC
	20,000,000	0.350		12/31/21		20,011,172
	Bayerische Landesbank(c) (3M USD LIBOR + 0.160%)
	31,000,000	0.292		01/27/23		31,003,891
	Credit Suisse AG
	58,000,000	0.590		03/17/23		57,981,106
	Deutsche Bank AG
	24,281,000	0.720		11/08/21		24,295,708
	First Abu Dhabi Bank USA NV(c) (3M USD LIBOR + 0.170%)
	43,535,000	0.289		12/14/21		43,543,551
	Landesbank Baden-Wuerttemberg
	13,500,000	0.200		11/08/21		13,501,271
	33,000,000	0.220		12/01/21		33,005,619
	25,700,000	0.120		12/23/21		25,699,041
	Landesbank Hessen-Thuringen
	19,638,000	0.160		12/09/21		19,639,793
	Lloyds Bank Corporate Markets PLC(c) (SOFR+ 0.650%)
	24,250,000	0.700		08/17/22		24,357,589
	Mizuho Bank Ltd.
	16,500,000	0.190		02/28/22		16,502,760
	MUFG Bank Ltd.
	850,000	0.230		10/28/21		850,113
	National Bank of Kuwait SAKP
	47,000,000	0.390		11/16/21		47,012,794
	16,000,000	0.260		11/29/21		16,001,864
	8,000,000	0.240		12/03/21		8,000,611
	10,000,000	0.240		12/17/21		10,000,433
	Natixis SA(c) (3M USD LIBOR + 0.130%)
	21,500,000	0.246		12/09/21		21,506,303
	Nordea Bank AB NY
	44,827,000	0.300		01/27/23		44,892,559
	Norinchukin Bank NY
	2,863,000	0.250		11/04/21		2,863,492
	9,900,000	0.370		12/03/21		9,905,046
	31,500,000	0.240		01/21/22		31,512,046
	Sumitomo Mitsui Banking Corp.
	(3M USD LIBOR + 0.370%)
	15,583,000	0.491(c)		11/05/21		15,588,609
	24,550,000	0.700		07/08/22		24,563,413
						544,738,846
Short-term Investments – (continued)
Commercial Paper(e) – 22.9%
	Albion Capital Corp.(b)
	74,000,000	0.000		10/01/21		73,999,848
	25,000,000	0.000		11/22/21		24,995,031
	Antalis S.A(b)
	35,971,000	0.000		10/15/21		35,969,351
	10,000,000	0.000		11/04/21		9,998,833
	15,000,000	0.000		11/05/21		14,998,200
	AT&T, Inc.(b)
	19,500,000	0.000		12/16/21		19,492,451
	Atlantic Asset Securitization Corp.
	11,949,000	0.000		11/18/21		11,947,325
	Banco Santander SA(b)
	24,500,000	0.000		10/22/21		24,498,727
	Bank Of China Ltd.
	52,900,000	0.000		11/19/21		52,886,996
	Barclays Capital, Inc.(b)
	18,000,000	0.000		01/24/22		17,992,518
	BASF SE(b)
	35,000,000	0.000		11/03/21		34,996,364
	BAT International Finance PLC(b)
	15,182,000	0.000		10/06/21		15,181,671
	18,184,000	0.000		10/22/21		18,182,433
	BP Capital Markets PLC(b)
	12,835,000	0.000		02/22/22		12,826,987
	BPCE SA(b)
	9,500,000	0.000		10/05/21		9,499,909
	15,000,000	0.000		05/06/22		14,986,102
	Brighthouse Financial Short Term funding LLC(b)
	44,500,000	0.000		11/08/21		44,494,697
	30,000,000	0.000		11/29/21		29,994,500
	Chesham Finance Ltd.(b)
	90,000,000	0.000		10/01/21		89,999,800
	China Construction Banking Corp.(b)
	20,000,000	0.000		10/06/21		19,999,700
	Danaher Corp.(b)
	23,534,000	0.000		11/09/21		23,529,895
	Enel Finance America LLC(b)
	7,100,000	0.000		11/05/21		7,098,907
	32,000,000	0.000		02/17/22		31,968,889
	Fidelity National Information Services, Inc.(b)
	5,000,000	0.000		10/07/21		4,999,874
	9,300,000	0.000		10/26/21		9,299,019
	First Abu Dhabi Bank PJSC(b)
	4,000,000	0.000		10/26/21		3,999,749
	21,000,000	0.000		11/01/21		20,998,320
	30,000,000	0.000		11/19/21		29,996,250
	Gotham Funding Corp.
	27,131,000	0.000		02/07/22		27,116,010
	28,551,000	0.000		02/10/22		28,534,756
	Ionic Capital II Trust
	20,000,000	0.000		10/29/21		19,998,405
	500,000	0.000		11/10/21		499,943
	19,711,000	0.000		11/18/21		19,708,237
	35,000,000	0.000		01/28/22		34,984,833
	44,250,000	0.000		02/09/22		44,224,827

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

GOLDMAN SACHS SHORT-TERM CONSERVATIVE INCOME FUND

Principal Amount		Interest Rate			Maturity Date		Value
Short-term Investments – (continued)
Commercial Paper(e) – (continued)
	Ionic Capital III Trust
$	26,000,000		0.000	%		10/01/21	$	25,999,942
	58,700,000		0.000			10/28/21		58,695,480
	1,200,000		0.000			11/05/21		1,199,880
	La Fayette Asset Securitization(b)
	1,005,000		0.000			12/09/21		1,004,779
	Lime Funding(b)
	30,000,000		0.000			10/06/21		29,999,600
	12,000,000		0.000			11/04/21		11,998,752
	20,159,000		0.000			12/09/21		20,154,022
	LMA SA LMA Americas(b)
	15,000,000		0.000			01/06/22		14,994,978
	30,850,000		0.000			01/07/22		30,839,565
	Macquarie Bank Ltd.(b)
	44,711,000		0.000			12/21/21		44,697,251
	Matchpoint Finance PLC(b)
	31,330,000		0.000			11/23/21		31,325,019
	NatWest Markets PLC(b)
	4,000,000		0.000			01/18/22		3,998,130
	31,000,000		0.000			01/19/22		30,985,280
	Nieuw Amsterdam Receivables Corp.(b)
	1,099,000		0.000			12/01/21		1,098,809
	Pure Grove Funding(b)
	10,200,000		0.000			03/07/22		10,193,598
	Ridgefield Funding Co.(b)
	7,500,000		0.000			10/01/21		7,499,983
	25,500,000		0.000			02/08/22		25,488,123
	Rockwell Autom, Inc.(b)
	17,312,000		0.000			01/25/22		17,302,491
	Royal Bank of Canada(b)
	10,000,000		0.000			11/30/21		9,998,627
	Salisbury Receivables Co.(b)
	12,196,000		0.000			11/08/21		12,194,415
	40,000,000		0.000			12/10/21		39,980,514
	Societe Generale SA(b)
	13,485,000		0.000			12/06/21		13,482,867
	15,500,000		0.000			12/13/21		15,497,225
	Sumitomo Mitsui Trust Bank Ltd.(b)
	9,500,000		0.000			12/15/21		9,498,175
	Svenska Handelsbanken AB(b)
	20,147,000		0.000			12/08/21		20,143,911
	11,928,000		0.000			02/01/22		11,923,768
	Swedbank AB
	17,000,000		0.000			10/06/21		16,999,830
	Waste Management, Inc.(b)
	10,000,000		0.000			09/06/22		9,973,194
								1,411,067,565
Repurchase Agreement – 1.6%
	Bank America Corp.
	63,500,000		0.770			12/13/21		63,500,000
	Maturity Value: $63,669,774
	Next Reset Date : 10/04/21
	Collateralized by various common stocks, preferred securities and
	corporate obligations, 0.000% to 8.000%, due 04/15/22 – 10/15/37. The aggregate market value of the collateral, including accrued interest, was $69,594,668
Short-term Investments – (continued)
Repurchase Agreement – (continued)
	Well Fargo
	35,000,000		0.170			10/01/21		35,000,000
	Maturity Value: $35,000,165
	Next Reset Date : 10/01/21
	Collateralized by various corporate obligations and U.S. Treasury
	obligations, 0.625% to 6.500%, due 10/22/21 – 10/06/70. The aggregate market value of the collateral, including accrued interest, was $36,795,042
								98,500,000
	TOTAL SHORT-TERM INVESTMENTS
	(Cost $2,052,305,680)						$	2,054,306,411
	TOTAL INVESTMENTS – 101.3%
	(Cost $6,246,330,431)						$	6,253,306,365
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.3)%							(81,562,445	)
	NET ASSETS – 100.0%						$	6,171,743,920

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, 2021.
(d)	Represents an affiliated issuer.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.

Currency Abbreviations:
USD	—U.S. Dollar
Investment Abbreviations:
BSBY	—Bloomberg Short-Term Bank Yield Index
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
PLC	—Public Limited Company
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2021 (Unaudited)

	Enhanced Income Fund			Government Income Fund		High Quality Floating Rate Fund
Assets:
Investments of unaffiliated issuers, at value (cost $783,687,674, $325,851,312 and $266,674,017, respectively)	$	787,174,491		$	333,015,586	$	267,120,614
Investments of affiliated issuers, at value (cost $31,060,594, $1,074,226 and $0, respectively)		31,060,606			1,074,226		—
Purchased options, at value (premium paid $0, $205,013 and $0, respectively)		—			109,928		—
Cash		12,481,770			3,478,198		12,266,926
Variation margin on futures contracts		—			15,691		—
Receivables:
Interest and dividends		2,909,715			1,147,013		233,679
Fund shares sold		1,205,745			282,068		246,849
Investments sold		—			1,492		247,336
Investments sold on an extended-settlement basis		—			17,443,446		—
Reimbursement from investment adviser		—			47,374		34,655
Collateral on certain derivative contracts(a)		—			6,527		84,021
Other assets		64,466			66,481		60,403
Total assets		834,896,793			356,688,030		280,294,483
Liabilities:
Variation margin on futures contracts		70,561			—		6,690
Variation margin on swaps contracts		—			1,629		1,995
Written option contracts, at value (premium received $0, $212,957 and $0, respectively)		—			89,583		—
Payables:
Investments purchased on an extended — settlement basis		3,146,402			82,241,685		—
Fund shares redeemed		320,546			962,932		898,878
Management fees		167,973			113,171		72,066
Distribution and Service fees and Transfer Agency fees		28,363			35,603		9,181
Income distributions		5,553			39,366		—
Investments purchased		266			—		—
Forward sale contracts, at value (proceeds received $0, $1,057,188 and $0, respectively)		—			1,061,205		—
Accrued expenses		235,326			275,105		209,622
Total liabilities		3,974,990			84,820,279		1,198,432
Net Assets:
Paid-in capital		830,945,699			267,791,811		287,327,378
Total distributable earnings (loss)		(23,896	)		4,075,940		(8,231,327	)
NET ASSETS	$	830,921,803		$	271,867,751	$	279,096,051
Net Assets:
Class A	$	18,632,058		$	71,043,684	$	6,132,285
Class C		—			2,005,945		—
Administration		5,012,783			—		—
Institutional		424,217,099			128,426,393		95,786,740
Service		—			31,666,181		34,093
Investor		10,648,676			3,740,793		2,284,550
Class R6		24,465,289			9,561,519		6,145,907
Class R		—			13,707,207		—
Class P		347,945,898			11,716,029		168,712,476
Total Net Assets	$	830,921,803		$	271,867,751	$	279,096,051
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,951,155			4,665,562		704,682
Class C		—			131,732		—
Administration		524,325			—		—
Institutional		44,483,297			8,446,942		11,011,112
Service		—			2,085,176		3,910
Investor		1,117,756			245,755		263,199
Class R6		2,565,438			629,088		705,927
Class R		—			901,234		—
Class P		36,486,818			770,850		19,373,784
Net asset value, offering and redemption price per share:(b)
Class A		$9.55			$15.23		$8.70
Class C		—			15.23		—
Administration		9.56			—		—
Institutional		9.54			15.20		8.70
Service		—			15.19		8.72
Investor		9.53			15.22		8.68
Class R6		9.54			15.20		8.71
Class R		—			15.21		—
Class P		9.54			15.20		8.71

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

Fund	Swaps		Futures
Government Income	$	6,527	$	—
High Quality Floating Rate		365		83,656

(b) Maximum public offering price per share for Class A shares of the Government Income Fund is $15.82. 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.

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

September 30, 2021 (Unaudited)

	Inflation Protected Securities Fund		Short Duration Bond Fund		Short Duration Government Fund
Assets:
Investments of unaffiliated issuers, at value (cost $483,426,028, $2,326,065,438 and $956,727,367 respectively)	$	514,734,283	$	2,343,776,836	$	964,007,118
Investments of affiliated issuers, at value (cost $20,345,649, $371,487,825 and $0, respectively)		20,345,649		372,648,819		—
Purchased options, at value (premium paid and $165,931, $608,951 and $0, respectively)		89,339		229,474		—
Cash		7,051,642		38,793,098		13,899,770
Foreign currencies, at value (cost $0, $112,660 and $0, respectively)		—		83,782		—
Unrealized gain on swap contracts		—		2,333,066		—
Unrealized gain on forward foreign currency exchange contracts		—		2,782,780		—
Variation margin on futures contracts		33,414		—		—
Variation margin on swaps contracts		—		—		5,673
Receivables:
Collateral on certain derivative contracts(a)		989,315		29,606,967		369,480
Fund shares sold		648,446		3,651,793		701,284
Interest		572,346		14,729,188		2,436,456
Investments sold		—		596,945		97,935
Investments sold on an extended-settlement basis		—		20,567,986		51,305,514
Reimbursement from investment adviser		19,971		35,969		45,056
Due from broker — upfront payment		—		92,129		—
Other assets		72,971		112,133		71,756
Total assets		544,557,376		2,830,040,965		1,032,940,042
Liabilities:
Upfront payments received on swap contracts		—		3,755,159		—
Unrealized loss on forward foreign currency exchange contracts		—		3,111,083		—
Variation margin on futures contracts		—		230,525		149,234
Variation margin on swaps contracts		11,787		1,565,365		—
Written option contracts, at value (premium received $176,673, $617,246, and $0, respectively)		74,597		245,540		—
Payables:
Fund shares redeemed		2,393,694		2,588,048		10,874,729
Management fees		113,911		721,648		309,083
Distribution and Service fees and Transfer Agency fees		49,312		90,485		58,439
Investments purchased		387		75,861,077		—
Income distributions		81		2,839		29,195
Investments purchased on an extended — settlement basis		—		206,296,006		182,562,945
Forward sale contracts, at value (proceeds received $0, $0 and $6,504,375, respectively)		—		—		6,488,671
Due to broker — upfront payment		—		205		—
Accrued expenses		188,450		418,774		317,433
Total liabilities		2,832,219		294,886,754		200,789,729
Net Assets:
Paid-in capital		515,720,426		2,514,062,870		864,629,254
Total distributable earnings (loss)		26,004,731		21,091,341		(32,478,941	)
NET ASSETS	$	541,725,157	$	2,535,154,211	$	832,150,313
Net Assets:
Class A	$	58,269,771	$	84,096,360	$	84,646,456
Class C		3,096,138		2,920,268		11,353,053
Institutional		200,356,557		181,775,107		380,666,027
Service		—		—		19,138,410
Investor		78,379,046		34,564,268		33,062,397
Class R6		128,686,517		9,838,051		14,088,359
Class R		18,811,601		919,286		—
Class P		54,125,527		2,221,040,871		289,195,611
Total Net Assets	$	541,725,157	$	2,535,154,211	$	832,150,313
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		5,050,015		8,256,308		8,527,362
Class C		274,686		286,733		1,152,249
Institutional		17,128,569		17,809,309		38,482,728
Service		—		—		1,937,038
Investor		6,746,071		3,388,319		3,327,269
Class R6		11,010,995		964,762		1,423,888
Class R		1,639,353		90,069		—
Class P		4,628,748		217,750,457		29,244,548
Net asset value, offering and redemption price per share:(b)
Class A		$11.54		$10.19		$9.93
Class C		11.27		10.18		9.85
Institutional		11.70		10.21		9.89
Service		—		—		9.88
Investor		11.62		10.20		9.94
Class R6		11.69		10.20		9.89
Class R		11.48		10.21		—
Class P		11.69		10.20		9.89

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

Fund	Forwards		Futures		Swaps		TBA
Inflation Protected Securities	$	—	$	—	$	989,315	$	—
Short Duration Bond		3,500,000		25,316,967		—		790,000
Short Duration Government		—		119,480		—		250,000

(b) Maximum public offering price per share for Class A shares of the Inflation Protected Securities, Short Duration Bond and, Short Duration Government Funds is $11.99, $10.35 and $10.08, 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. 73

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

September 30, 2021 (Unaudited)

	Short-Term Conservative Income Fund
Assets:
Investments of unaffiliated issuers, at value (cost $4,764,202,294)	$	4,771,178,228
Investments of affiliated issuers, at value (cost $1,482,128,137)		1,482,128,137
Cash		6,223,630
Receivables:
Investments sold		30,149,590
Fund shares sold		11,666,648
Interest		8,007,700
Reimbursement from investment adviser		53,509
Other assets		107,938
Total assets		6,309,515,380
Liabilities:
Payables:
Investments purchased		119,935,959
Investments purchased on an extended — settlement basis		13,798,821
Fund shares redeemed		2,647,970
Management fees		807,905
Distribution and Service fees and Transfer Agency fees		197,491
Income distributions		18,133
Accrued expenses		365,181
Total liabilities and other liabilities		137,771,460
Net Assets:
Paid-in capital		6,171,240,854
Total distributable earnings		503,066
NET ASSETS	$	6,171,743,920
Net Assets:
Class A	$	88,983,039
Administration		27,161
Preferred Class		27,053
Institutional		3,013,844,290
Investor		83,181,690
Class R6		209,563,113
Class P		2,776,117,574
Total Net Assets	$	6,171,743,920
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		8,841,615
Administration		2,698
Preferred Shares		2,688
Institutional		299,259,973
Investor		8,260,214
Class R6		20,805,984
Class P		275,909,225
Net asset value, offering and redemption price per share:
Class A		$10.06
Administration		10.07
Preferred Shares		10.06
Institutional		10.07
Investor		10.07
Class R6		10.07
Class P		10.06

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2021 (Unaudited)

	Enhanced Income Fund			Government Income Fund			High Quality Floating Rate Fund
Investment income:
Interest	$	3,673,164		$	1,613,259		$	691,694
Dividends — unaffiliated issuers		153,501			—			—
Dividends — affiliated issuers		1,989			4,891			—
Total investment income		3,828,654			1,618,150			691,694
Expenses:
Management fees		1,001,891			772,029			404,662
Transfer Agency fees(a)		152,602			94,626			47,837
Custody, accounting and administrative services		92,668			77,759			70,520
Professional fees		68,508			69,365			70,610
Registration fees		35,152			54,546			43,546
Printing and mailing costs		24,280			64,799			21,949
Shareholder Administration fees — Service Shares		15,873			41,091			50
Distribution and Service (12b-1) fees(a)		13,571			175,576			4,922
Trustee fees		10,242			9,958			9,892
Service fees — Class C		—			2,882			—
Other		5,245			1,542			4,233
Total expenses		1,420,032			1,364,173			678,221
Less — expense reductions		(10,208	)		(353,993	)		(203,410	)
Net expenses		1,409,824			1,010,180			474,811
NET INVESTMENT INCOME		2,418,830			607,970			216,883
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers		190,631			1,231,299			23,311
Purchased options		—			(62,137	)		—
Futures contracts		632,876			(296,173	)		17,549
Written options		—			126,443			—
Swap contracts		—			(57,150	)		9,646
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(1,032,431	)		1,831,501			57,653
Investments — affiliated issuers		(3	)		—			—
Purchased options		—			(280,078	)		—
Futures contracts		(1,018,747	)		(105,918	)		(83,396	)
Written options		—			362,556			—
Swap contracts		—			(529	)		(2,319	)
Net realized and unrealized gain (loss)		(1,227,674	)		2,749,814			22,444
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,191,156		$	3,357,784		$	239,327

(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service Class		Class R		Class A		Class B		Class C		Institutional		Service		Investor		Administration		Class R6		Class R		Class P
Enhanced Income	$	13,571	$	—	$	—	$	—	$	10,857	$	2,540	$	—	$	76,649	$	—	$	5,914	$	—	$	4,928	$	—	$	51,714
Government Income		91,131		8,646		41,091		34,708		43,743		—		1,383		28,265		6,575		2,832		1,503		—		8,330		1,995
High Quality Floating Rate		4,872		—		50		—		3,897		—		—		18,700		9		1,434		1,324		—		—		22,473

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Operations (continued)

For the Six Months Ended September 30, 2021 (Unaudited)

	Inflation Protected Securities Fund			Short Duration Bond Fund			Short Duration Government Fund
Investment income:
Interest	$	17,592,073		$	14,391,363		$	536,550
Dividends — affiliated issuers		1,951			955,052			2,238
Total investment income		17,594,024			15,346,415			538,788
Expenses:
Management fees		691,410			4,678,741			2,096,286
Transfer Agency fees(a)		162,894			443,057			232,632
Distribution and Service (12b-1) fees(a)		134,395			116,901			192,545
Professional fees		64,247			72,495			73,646
Custody, accounting and administrative services		59,132			175,672			99,680
Registration fees		51,673			93,135			53,928
Printing and mailing costs		34,868			37,604			42,691
Trustee fees		10,107			11,555			10,519
Service fees — Class C		3,481			3,463			15,520
Shareholder Administration fees — Service Shares		—			—			24,988
Prime Broker Fees		—			8,172			—
Other		1,781			17,860			6,967
Total expenses		1,213,988			5,658,655			2,849,402
Less — expense reductions		(117,312	)		(458,593	)		(306,975	)
Net expenses		1,096,676			5,200,062			2,542,427
NET INVESTMENT INCOME (LOSS)		16,497,348			10,146,353			(2,003,639	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		4,131,131			9,794,008			5,119,517
Investment — affiliated issuers		—			(1,885	)		—
Purchased options		(47,922	)		(186,107	)		—
Futures contracts		141,036			4,595,009			(3,527,446	)
Written options		96,547			676,699			—
Swap contracts		(213,225	)		3,127,503			76,648
Forward foreign currency exchange contracts		—			(1,239,419	)		—
Foreign currency transactions		—			152,953			—
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		3,097,331			(4,751,183	)		(1,335,182	)
Investments — affiliated issuers		—			70,187			—
Purchased options		(213,430	)		(434,391	)		—
Futures contracts		(21,583	)		5,330,455			(3,110,034	)
Written options		277,166			433,805			—
Swap contracts		887,217			(742,161	)		32,339
Forward foreign currency exchange contracts		—			(1,219,562	)		—
Foreign currency translation		—			(135,642	)		—
Net realized and unrealized gain (loss)		8,134,268			15,470,269			(2,744,158	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	24,631,616		$	25,616,622		$	(4,747,797	)

(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service Class		Class R		Class A		Class C		Institutional		Service		Investor		Administration		Class R		Class P
Inflation Protected Securities	$	77,672	$	10,444	$	—	$	46,279	$	37,282	$	1,671	$	39,526	$	—	$	47,585	$	17,922	$	11,107	$	7,801
Short Duration Bond		105,910		10,388		—		603		50,837		1,662		47,789		—		18,917		1,337		145		322,370
Short Duration Government		120,997		46,560		24,988		—		58,078		7,450		92,191		3,998		21,728		2,314		—		46,873

76 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, 2021 (Unaudited)

	Short-Term Conservative Income Fund
Investment income:
Interest	$	12,575,230
Dividends — affiliated issuers		137,523
Total investment income		12,712,753
Expenses:
Management fees		7,209,044
Transfer Agency fees(a)		1,087,306
Custody, accounting and administrative services		166,128
Registration fees		106,373
Distribution and Service (12b-1) fees(a)		74,323
Printing and mailing costs		61,283
Professional fees		60,322
Trustee fees		14,320
Other		32,022
Total expenses		8,811,121
Less — expense reductions		(2,570,964	)
Net expenses		6,240,157
NET INVESTMENT INCOME		6,472,596
Realized and unrealized gain (loss):
Net realized gain from:
Investments — unaffiliated issuers		1,204,150
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		(867,850	)
Net realized and unrealized gain		336,300
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	6,808,896

(a) Class specific Distribution and/or Service (12b-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12b-1) Fees		Transfer Agency Fees
Fund	Class A		Class A		Preferred Shares		Institutional		Investor		Administration		Class R6		Class P
Short Term Conservative Income	$	74,323	$	60,597	$	5	$	549,700	$	52,460	$	5	$	35,289	$	389,250

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

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, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income	$	2,418,830		$	6,849,281		$	607,970		$	2,034,220
Net realized gain		823,507			646,633			942,282			6,439,076
Net change in unrealized gain (loss)		(2,051,181	)		15,027,337			1,807,532			(13,084,104	)
Net increase (decrease) in net assets resulting from operations		1,191,156			22,523,251			3,357,784			(4,610,808	)
Distributions to shareholders:
From distributable earnings:
Class A Shares		(34,372	)		(120,708	)		(312,555	)		(759,355	)
Class C Shares		—			—			(1,246	)		(10,673	)
Administration Shares		(23,728	)		(51,718	)		—			—
Institutional Shares		(1,163,688	)		(2,509,033	)		(823,883	)		(2,311,556	)
Service Shares		—			—			(109,596	)		(289,300	)
Investor Shares		(26,228	)		(96,923	)		(26,156	)		(125,555	)
Class R6 Shares		(104,086	)		(624,825	)		(58,907	)		(149,544	)
Class R Shares		—			—			(42,173	)		(118,477	)
Class P Shares		(1,066,090	)		(3,486,187	)		(78,361	)		(198,473	)
Total distributions to shareholders		(2,418,192	)		(6,889,394	)		(1,452,877	)		(3,962,933	)
From share transactions:
Proceeds from sales of shares		399,230,757			720,386,129			27,833,750			205,093,759
Reinvestment of distributions		2,390,167			6,652,987			1,244,196			3,543,509
Cost of shares redeemed		(240,693,026	)		(471,360,497	)		(61,074,718	)		(246,580,940	)
Net increase (decrease) in net assets resulting from share transactions		160,927,898			255,678,619			(31,996,772	)		(37,943,672	)
TOTAL INCREASE (DECREASE)		159,700,862			271,312,476			(30,091,865	)		(46,517,413	)
Net assets:
Beginning of period		671,220,941			399,908,465			301,959,616			348,477,029
End of period	$	830,921,803		$	671,220,941		$	271,867,751		$	301,959,616

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	High Quality Floating Rate Fund						Inflation Protected Securities Fund
	For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income	$	216,883		$	1,092,001		$	16,497,348		$	5,073,142
Net realized gain (loss)		50,506			(383,671	)		4,107,567			7,306,425
Net change in unrealized gain (loss)		(28,062	)		8,533,029			4,026,701			13,369,511
Net increase in net assets resulting from operations		239,327			9,241,359			24,631,616			25,749,078
Distributions to shareholders:
From distributable earnings:
Class A Shares		(148	)		(32,059	)		(1,668,498	)		(550,621	)
Class C Shares		—			—			(81,910	)		(11,694	)
Institutional Shares		(104,665	)		(559,435	)		(6,030,605	)		(2,157,807	)
Service Shares		—			(128	)		—			—
Investor Shares		(1,700	)		(16,843	)		(2,423,631	)		(632,930	)
Class R6 Shares		(10,161	)		(13,847	)		(3,854,977	)		(961,060	)
Class R Shares		—			—			(530,775	)		(97,717	)
Class P Shares		(179,581	)		(847,526	)		(1,628,544	)		(536,625	)
Return of capital:
Class A Shares		—			(1,481	)		—			—
Institutional Shares		—			(25,845	)		—			—
Service Shares		—			(6	)		—			—
Investor Shares		—			(778	)		—			—
Class R6 Shares		—			(640	)		—			—
Class P Shares		—			(39,154	)		—			—
Total distributions to shareholders		(296,255	)		(1,537,742	)		(16,218,940	)		(4,948,454	)
From share transactions:
Proceeds from sales of shares		115,101,615			109,788,699			121,421,249			318,346,586
Reinvestment of distributions		232,040			1,201,789			13,150,458			3,670,938
Cost of shares redeemed		(62,060,162	)		(132,782,961	)		(115,621,954	)		(177,498,674	)
Net increase (decrease) in net assets resulting from share transactions		53,273,493			(21,792,473	)		18,949,753			144,518,850
TOTAL INCREASE (DECREASE)		53,216,565			(14,088,856	)		27,362,429			165,319,474
Net assets:
Beginning of period		225,879,486			239,968,342			514,362,728			349,043,254
End of period	$	279,096,051		$	225,879,486		$	541,725,157		$	514,362,728

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	Short Duration Bond Fund						Short Duration Government Fund
	For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income (loss)	$	10,146,353		$	26,870,526		$	(2,003,639	)	$	4,083,260
Net realized gain (loss)		16,918,761			(8,079,125	)		1,668,719			17,832,469
Net change in unrealized gain (loss)		(1,448,492	)		46,073,084			(4,412,877	)		(8,248,826	)
Net increase (decrease) in net assets resulting from operations		25,616,622			64,864,485			(4,747,797	)		13,666,903
Distributions to shareholders:
From distributable earnings:
Class A Shares		(421,181	)		(771,815	)		(150,853	)		(861,776	)
Class C Shares		(7,774	)		(22,664	)		(3,839	)		(70,744	)
Institutional Shares		(1,591,635	)		(2,034,569	)		(1,503,379	)		(5,143,717	)
Service Shares		—			—			(14,890	)		(133,534	)
Investor Shares		(192,550	)		(247,958	)		(96,318	)		(435,851	)
Class R6 Shares		(58,072	)		(104,703	)		(49,712	)		(170,252	)
Class R Shares		(866	)		(18,206	)		—			—
Class P Shares		(14,058,600	)		(29,351,619	)		(1,005,863	)		(4,446,845	)
Return of capital:
Class A Shares		—			(53,926	)		—			—
Class C Shares		—			(1,584	)		—			—
Institutional Shares		—			(142,152	)		—			—
Investor Shares		—			(17,325	)		—			—
Class R6 Shares		—			(7,316	)		—			—
Class R Shares		—			(1,272	)		—			—
Class P Shares		—			(2,050,761	)		—			—
Total distributions to shareholders		(16,330,678	)		(34,825,870	)		(2,824,854	)		(11,262,719	)
From share transactions:
Proceeds from sales of shares		617,736,939			2,601,090,485			178,536,914			688,933,956
Reinvestment of distributions		16,083,246			34,632,499			2,543,585			10,453,449
Cost of shares redeemed		(583,647,771	)		(1,002,962,743	)		(383,937,017	)		(518,632,326	)
Net increase (decrease) in net assets resulting from share transactions		50,172,414			1,632,760,241			(202,856,518	)		180,755,079
TOTAL INCREASE (DECREASE)		59,458,358			1,662,798,856			(210,429,169	)		183,159,263
Net assets:
Beginning of period		2,475,695,853			812,896,997			1,042,579,482			859,420,219
End of period	$	2,535,154,211		$	2,475,695,853		$	832,150,313		$	1,042,579,482

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

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	Short-Term Conservative Income Fund
	For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income	$	6,472,596		$	31,165,501
Net realized gain		1,204,150			613,034
Net change in unrealized gain (loss)		(867,850	)		74,478,609
Net increase (decrease) in net assets resulting from operations		6,808,896			106,257,144
Distributions to shareholders:
From distributable earnings:
Class A Shares		(31,717	)		(392,440	)
Administration Shares		(347,233	)		(2,070,634	)
Preferred Shares		(39	)		(185	)
Institutional Shares		(3,811,098	)		(12,045,907	)
Investor Shares		(87,469	)		(799,501	)
Class R6 Shares		(39	)		(3,021	)
Class P Shares		(3,723,233	)		(16,831,959	)
Total distributions to shareholders		(8,000,828	)		(32,143,647	)
From share transactions:
Proceeds from sales of shares		4,781,024,911			6,532,521,854
Reinvestment of distributions		7,796,395			31,334,877
Cost of shares redeemed		(4,880,785,213	)		(4,188,947,331	)
Net increase (decrease) in net assets resulting from share transactions		(91,963,907	)		2,374,909,400
TOTAL INCREASE (DECREASE)		(93,155,839	)		2,449,022,897
Net assets:
Beginning of period		6,264,899,759			3,815,876,862
End of period	$	6,171,743,920		$	6,264,899,759

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

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.56		$	9.22		$	9.45		$	9.41		$	9.44		$	9.41
Net investment income(a)		0.02			0.10			0.20			0.19			0.11			0.08
Net realized and unrealized gain (loss)		(0.01	)		0.34			(0.24	)		0.04			(0.03	)		0.03
Total from investment operations		0.01			0.44			(0.04	)		0.23			0.08			0.11
Distributions to shareholders from net investment income		(0.02	)		(0.10	)		(0.19	)		(0.19	)		(0.11	)		(0.08	)
Net asset value, end of period	$	9.55		$	9.56		$	9.22		$	9.45		$	9.41		$	9.44
Total return(b)		0.09	%		4.82	%		(0.41	)%		2.41	%		0.86	%		1.19	%
Net assets, end of period (in 000s)	$	18,632		$	15,098		$	10,456		$	19,396		$	10,590		$	35,560
Ratio of net expenses to average net assets		0.58	%(c)		0.58	%		0.59	%		0.61	%		0.69	%		0.69	%
Ratio of total expenses to average net assets		0.58	%(c)		0.61	%		0.63	%		0.65	%		0.70	%		0.71	%
Ratio of net investment income to average net assets		0.38	%(c)		1.04	%		2.08	%		2.02	%		1.14	%		0.88	%
Portfolio turnover rate(d)		7	%		58	%		53	%		42	%		63	%		89	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.57		$	9.23		$	9.46		$	9.43		$	9.46		$	9.43
Net investment income(a)		0.02			0.09			0.19			0.19			0.12			0.09
Net realized and unrealized gain (loss)		(0.01	)		0.35			(0.23	)		0.03			(0.03	)		0.03
Total from investment operations		0.01			0.44			(0.04	)		0.22			0.09			0.12
Distributions to shareholders from net investment income		(0.02	)		(0.10	)		(0.19	)		(0.19	)		(0.12	)		(0.09	)
Net asset value, end of period	$	9.56		$	9.57		$	9.23		$	9.46		$	9.43		$	9.46
Total return(b)		0.08	%		4.79	%		(0.42	)%		2.33	%		0.95	%		1.28	%
Net assets, end of period (in 000s)	$	5,013		$	16,333		$	4,254		$	2,905		$	164		$	162
Ratio of net expenses to average net assets		0.60	%(c)		0.59	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of total expenses to average net assets		0.60	%(c)		0.63	%		0.64	%		0.64	%		0.61	%		0.62	%
Ratio of net investment income to average net assets		0.37	%(c)		0.97	%		2.02	%		2.03	%		1.27	%		0.97	%
Portfolio turnover rate(d)		7	%		58	%		53	%		42	%		63	%		89	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.55		$	9.21		$	9.43		$	9.39		$	9.43		$	9.40
Net investment income(a)		0.03			0.12			0.22			0.21			0.14			0.11
Net realized and unrealized gain (loss)		(0.01	)		0.35			(0.22	)		0.04			(0.04	)		0.03
Total from investment operations		0.02			0.47			—			0.25			0.10			0.14
Distributions to shareholders from net investment income		(0.03	)		(0.13	)		(0.22	)		(0.21	)		(0.14	)		(0.11	)
Net asset value, end of period	$	9.54		$	9.55		$	9.21		$	9.43		$	9.39		$	9.43
Total return(b)		0.20	%		5.18	%		(0.17	)%		2.70	%		1.09	%		1.53	%
Net assets, end of period (in 000s)	$	424,217		$	299,844		$	180,477		$	252,561		$	451,628		$	435,915
Ratio of net expenses to average net assets		0.35	%(c)		0.34	%		0.35	%		0.35	%		0.35	%		0.35	%
Ratio of total expenses to average net assets		0.35	%(c)		0.38	%		0.39	%		0.37	%		0.36	%		0.37	%
Ratio of net investment income to average net assets		0.61	%(c)		1.25	%		2.30	%		2.18	%		1.52	%		1.22	%
Portfolio turnover rate(d)		7	%		58	%		53	%		42	%		63	%		89	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.54		$	9.19		$	9.42		$	9.39		$	9.42		$	9.39
Net investment income(a)		0.03			0.11			0.21			0.21			0.14			0.11
Net realized and unrealized gain (loss)		(0.01	)		0.36			(0.23	)		0.02			(0.04	)		0.02
Total from investment operations		0.02			0.47			(0.02	)		0.23			0.10			0.13
Distributions to shareholders from net investment income		(0.03	)		(0.12	)		(0.21	)		(0.20	)		(0.13	)		(0.10	)
Net asset value, end of period	$	9.53		$	9.54		$	9.19		$	9.42		$	9.39		$	9.42
Total return(b)		0.16	%		5.10	%		(0.27	)%		2.50	%		1.11	%		1.44	%
Net assets, end of period (in 000s)	$	10,649		$	9,184		$	6,875		$	6,096		$	5,127		$	2,012
Ratio of net expenses to average net assets		0.43	%(c)		0.42	%		0.44	%		0.44	%		0.44	%		0.44	%
Ratio of total expenses to average net assets		0.43	%(c)		0.46	%		0.48	%		0.48	%		0.45	%		0.45	%
Ratio of net investment income to average net assets		0.53	%(c)		1.20	%		2.21	%		2.19	%		1.45	%		1.14	%
Portfolio turnover rate(d)		7	%		58	%		53	%		42	%		63	%		89	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.55		$	9.21		$	9.43		$	9.40		$	9.43		$	9.40
Net investment income(a)		0.03			0.13			0.22			0.23			0.14			0.12
Net realized and unrealized gain (loss)		(0.01	)		0.34			(0.22	)		0.01			(0.03	)		0.02
Total from investment operations		0.02			0.47			—			0.24			0.11			0.14
Distributions to shareholders from net investment income		(0.03	)		(0.13	)		(0.22	)		(0.21	)		(0.14	)		(0.11	)
Net asset value, end of period	$	9.54		$	9.55		$	9.21		$	9.43		$	9.40		$	9.43
Total Return(b)		0.21	%		5.19	%		(0.16	)%		2.59	%		1.21	%		1.55	%
Net assets, end of period (in 000s)	$	24,465		$	36,558		$	45,134		$	49,846		$	10		$	10
Ratio of net expenses to average net assets		0.34	%(c)		0.33	%		0.34	%		0.34	%		0.34	%		0.34	%
Ratio of total expenses to average net assets		0.34	%(c)		0.37	%		0.38	%		0.42	%		0.35	%		0.36	%
Ratio of net investment income to average net assets		0.63	%(c)		1.34	%		2.30	%		2.48	%		1.53	%		1.23	%
Portfolio turnover rate(d)		7	%		58	%		53	%		42	%		63	%		89	%

(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.

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

GOLDMAN SACHS ENHANCED INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Enhanced Income Fund
	Class P Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	9.55		$	9.21		$	9.43		$	9.41
Net investment income(b)		0.03			0.12			0.22			0.21
Net realized and unrealized gain (loss)		(0.01	)		0.35			(0.22	)		0.01
Total from investment operations		0.02			0.47			—			0.22
Distributions to shareholders from net investment income		(0.03	)		(0.13	)		(0.22	)		(0.20	)
Net asset value, end of period	$	9.54		$	9.55		$	9.21		$	9.43
Total return(c)		0.21	%		5.19	%		(0.16	)%		2.36	%
Net assets, end of period (in 000s)	$	347,946		$	294,205		$	152,713		$	189,835
Ratio of net expenses to average net assets		0.34	%(d)		0.33	%		0.34	%		0.34	%(d)
Ratio of total expenses to average net assets		0.34	%(d)		0.37	%		0.38	%		0.38	%(d)
Ratio of net investment income to average net assets		0.62	%(d)		1.23	%		2.31	%		2.33	%(d)
Portfolio turnover rate(e)		7	%		58	%		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.

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 A Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.14		$	15.57		$	14.58		$	14.39		$	14.64		$	15.03
Net investment income(a)		0.02			0.07			0.23			0.28			0.18			0.16
Net realized and unrealized gain (loss)		0.14			(0.35	)		1.06			0.21			(0.18	)		(0.29	)
Total from investment operations		0.16			(0.28	)		1.29			0.49			—			(0.13	)
Distributions to shareholders from net investment income		(0.07	)		(0.15	)		(0.30	)		(0.30	)		(0.25	)		(0.26	)
Net asset value, end of period	$	15.23		$	15.14		$	15.57		$	14.58		$	14.39		$	14.64
Total return(b)		0.96	%		(1.73	)%		8.83	%		3.46	%		0.01	%		(0.89	)%
Net assets, end of period (in 000s)	$	71,044		$	74,473		$	75,282		$	93,352		$	108,414		$	134,630
Ratio of net expenses to average net assets		0.83	%(c)		0.83	%		0.89	%		0.91	%		0.91	%		0.91	%
Ratio of total expenses to average net assets		1.09	%(c)		1.07	%		1.09	%		1.10	%		1.05	%		1.06	%
Ratio of net investment income to average net assets		0.28	%(c)		0.43	%		1.54	%		1.94	%		1.25	%		1.08	%
Portfolio turnover rate(d)		301	%		820	%		943	%		530	%		380	%		441	%

(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.

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Income Fund
	Class C Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.14		$	15.57		$	14.58		$	14.39		$	14.64		$	15.03
Net investment income (loss)(a)		(0.04	)		(0.05	)		0.11			0.17			0.07			0.05
Net realized and unrealized gain (loss)		0.14			(0.34	)		1.07			0.21			(0.18	)		(0.29	)
Total from investment operations		0.10			(0.39	)		1.18			0.38			(0.11	)		(0.24	)
Distributions to shareholders from net investment income		(0.01	)		(0.04	)		(0.19	)		(0.19	)		(0.14	)		(0.15	)
Net asset value, end of period	$	15.23		$	15.14		$	15.57		$	14.58		$	14.39		$	14.64
Total return(b)		0.58	%		(2.53	)%		8.10	%		2.69	%		(0.74	)%		(1.63	)%
Net assets, end of period (in 000s)	$	2,006		$	2,420		$	4,974		$	3,775		$	5,959		$	8,066
Ratio of net expenses to average net assets		1.58	%(c)		1.58	%		1.64	%		1.66	%		1.66	%		1.66	%
Ratio of total expenses to average net assets		1.84	%(c)		1.81	%		1.84	%		1.84	%		1.80	%		1.81	%
Ratio of net investment income (loss) to average net assets		(0.47	)%(c)		(0.31	)%		0.77	%		1.17	%		0.50	%		0.33	%
Portfolio turnover rate(d)		301	%		820	%		943	%		530	%		380	%		441	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.12		$	15.54		$	14.55		$	14.37		$	14.62		$	15.01
Net investment income(a)		0.04			0.12			0.27			0.33			0.24			0.21
Net realized and unrealized gain (loss)		0.13			(0.34	)		1.06			0.20			(0.19	)		(0.29	)
Total from investment operations		0.17			(0.22	)		1.33			0.53			0.05			(0.08	)
Distributions to shareholders from net investment income		(0.09	)		(0.20	)		(0.34	)		(0.35	)		(0.30	)		(0.31	)
Net asset value, end of period	$	15.20		$	15.12		$	15.54		$	14.55		$	14.37		$	14.62
Total return(b)		1.19	%		(1.50	)%		9.26	%		3.74	%		0.35	%		(0.56	)%
Net assets, end of period (in 000s)	$	128,426		$	148,150		$	178,878		$	130,734		$	141,298		$	129,442
Ratio of net expenses to average net assets		0.52	%(c)		0.52	%		0.57	%		0.57	%		0.57	%		0.57	%
Ratio of total expenses to average net assets		0.76	%(c)		0.73	%		0.75	%		0.76	%		0.71	%		0.72	%
Ratio of net investment income to average net assets		0.58	%(c)		0.74	%		1.83	%		2.29	%		1.61	%		1.42	%
Portfolio turnover rate(d)		301	%		820	%		943	%		530	%		380	%		441	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.10		$	15.52		$	14.54		$	14.35		$	14.60		$	14.99
Net investment income(a)		0.01			0.04			0.20			0.25			0.16			0.14
Net realized and unrealized gain (loss)		0.13			(0.34	)		1.05			0.22			(0.18	)		(0.30	)
Total from investment operations		0.14			(0.30	)		1.25			0.47			(0.02	)		(0.16	)
Distributions to shareholders from net investment income		(0.05	)		(0.12	)		(0.27	)		(0.28	)		(0.23	)		(0.23	)
Net asset value, end of period	$	15.19		$	15.10		$	15.52		$	14.54		$	14.35		$	14.60
Total return(b)		0.87	%		(1.93	)%		8.66	%		3.30	%		(0.16	)%		(1.06	)%
Net assets, end of period (in 000s)	$	31,666		$	32,692		$	39,122		$	36,126		$	41,463		$	53,711
Ratio of net expenses to average net assets		1.02	%(c)		1.02	%		1.07	%		1.07	%		1.07	%		1.07	%
Ratio of total expenses to average net assets		1.26	%(c)		1.23	%		1.25	%		1.26	%		1.21	%		1.22	%
Ratio of net investment income to average net assets		0.09	%(c)		0.25	%		1.33	%		1.77	%		1.09	%		0.92	%
Portfolio turnover rate(d)		301	%		820	%		943	%		530	%		380	%		441	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.13		$	15.56		$	14.57		$	14.38		$	14.63		$	15.02
Net investment income(a)		0.04			0.11			0.25			0.31			0.22			0.20
Net realized and unrealized gain (loss)		0.13			(0.35	)		1.07			0.21			(0.18	)		(0.29	)
Total from investment operations		0.17			(0.24	)		1.32			0.52			0.04			(0.09	)
Distributions to shareholders from net investment income		(0.08	)		(0.19	)		(0.33	)		(0.33	)		(0.29	)		(0.30	)
Net asset value, end of period	$	15.22		$	15.13		$	15.56		$	14.57		$	14.38		$	14.63
Total return(b)		1.16	%		(1.55	)%		9.18	%		3.72	%		0.26	%		(0.64	)%
Net assets, end of period (in 000s)	$	3,741		$	6,459		$	8,383		$	1,458		$	2,846		$	4,558
Ratio of net expenses to average net assets		0.58	%(c)		0.58	%		0.62	%		0.66	%		0.66	%		0.66	%
Ratio of total expenses to average net assets		0.84	%(c)		0.81	%		0.83	%		0.84	%		0.80	%		0.81	%
Ratio of net investment income to average net assets		0.49	%(c)		0.71	%		1.68	%		2.14	%		1.49	%		1.33	%
Portfolio turnover rate(d)		301	%		820	%		943	%		530	%		380	%		441	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.11		$	15.54		$	14.55		$	14.37		$	14.61		$	15.01
Net investment income(a)		0.05			0.12			0.27			0.33			0.24			0.20
Net realized and unrealized gain (loss)		0.13			(0.35	)		1.07			0.20			(0.18	)		(0.29	)
Total from investment operations		0.18			(0.23	)		1.34			0.53			0.06			(0.09	)
Distributions to shareholders from net investment income		(0.09	)		(0.20	)		(0.35	)		(0.35	)		(0.30	)		(0.31	)
Net asset value, end of period	$	15.20		$	15.11		$	15.54		$	14.55		$	14.37		$	14.61
Total return(b)		1.19	%		(1.49	)%		9.27	%		3.75	%		0.43	%		(0.60	)%
Net assets, end of period (in 000s)	$	9,562		$	10,019		$	9,187		$	7,661		$	19,012		$	17,614
Ratio of net expenses to average net assets		0.51	%(c)		0.51	%		0.56	%		0.56	%		0.55	%		0.55	%
Ratio of total expenses to average net assets		0.75	%(c)		0.72	%		0.74	%		0.76	%		0.70	%		0.69	%
Ratio of net investment income to average net assets		0.60	%(c)		0.75	%		1.84	%		2.31	%		1.62	%		1.35	%
Portfolio turnover rate(d)		301	%		820	%		943	%		530	%		380	%		441	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	15.12		$	15.55		$	14.56		$	14.38		$	14.62		$	15.02
Net investment income(a)		(0.00	)(b)		0.03			0.19			0.24			0.15			0.12
Net realized and unrealized gain (loss)		0.14			(0.35	)		1.06			0.20			(0.17	)		(0.30	)
Total from investment operations		0.14			(0.32	)		1.25			0.44			(0.02	)		(0.18	)
Distributions to shareholders from net investment income		(0.05	)		(0.11	)		(0.26	)		(0.26	)		(0.22	)		(0.22	)
Net asset value, end of period	$	15.21		$	15.12		$	15.55		$	14.56		$	14.38		$	14.62
Total return(c)		0.90	%		(2.05	)%		8.64	%		3.13	%		(0.18	)%		(1.14	)%
Net assets, end of period (in 000s)	$	13,707		$	14,021		$	18,424		$	19,905		$	21,630		$	21,045
Ratio of net expenses to average net assets		1.08	%(d)		1.08	%		1.14	%		1.16	%		1.16	%		1.16	%
Ratio of total expenses to average net assets		1.34	%(d)		1.32	%		1.34	%		1.35	%		1.30	%		1.31	%
Ratio of net investment income to average net assets		0.03	%(d)		0.19	%		1.27	%		1.69	%		1.02	%		0.83	%
Portfolio turnover rate(e)		301	%		820	%		943	%		530	%		380	%		441	%

(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.

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

GOLDMAN SACHS GOVERNMENT INCOME FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Government Income Fund
	Class P Shares
	Six Months Ended September 30, 2021 (Unaudited)			Period Ended March 31,						Year Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	15.11		$	15.54		$	14.55		$	14.24
Net investment income(b)		0.05			0.12			0.27			0.32
Net realized and unrealized gain (loss)		0.13			(0.35	)		1.07			0.32
Total from investment operations		0.18			(0.23	)		1.34			0.64
Distributions to shareholders from net investment income		(0.09	)		(0.20	)		(0.35	)		(0.33	)
Net asset value, end of period	$	15.20		$	15.11		$	15.54		$	14.55
Total return(c)		1.19	%		(1.42	)%		9.20	%		4.55	%
Net assets, end of period (in 000s)	$	11,716		$	13,725		$	14,227		$	10,268
Ratio of net expenses to average net assets		0.52	%(d)		0.51	%		0.56	%		0.56	%(d)
Ratio of total expenses to average net assets		0.75	%(d)		0.72	%		0.74	%		0.77	%(d)
Ratio of net investment income to average net assets		0.60	%(d)		0.75	%		1.83	%		2.35	%(d)
Portfolio turnover rate(e)		301	%		820	%		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.

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

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.70		$	8.41		$	8.70		$	8.73		$	8.72		$	8.63
Net investment income(a)		—	(b)		0.02			0.17			0.18			0.10			0.07
Net realized and unrealized gain (loss)		—			0.31			(0.28	)		(0.02	)		0.01			0.08
Total from investment operations		—			0.33			(0.11	)		0.16			0.11			0.15
Distributions to shareholders from net investment income		—	(b)		(0.04	)		(0.18	)		(0.19	)		(0.10	)		(0.06	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		—			(0.04	)		(0.18	)		(0.19	)		(0.10	)		(0.06	)
Net asset value, end of period	$	8.70		$	8.70		$	8.41		$	8.70		$	8.73		$	8.72
Total return(c)		—	%(d)		3.93	%		(1.32	)%		1.84	%		1.32	%		1.79	%
Net assets, end of period (in 000s)	$	6,132		$	6,791		$	10,954		$	7,968		$	9,368		$	11,303
Ratio of net expenses to average net assets		0.59	%(e)		0.60	%		0.61	%		0.64	%		0.71	%		0.65	%
Ratio of total expenses to average net assets		0.75	%(e)		0.78	%		0.73	%		0.70	%		0.79	%		0.89	%
Ratio of net investment income (loss) to average net assets		(0.06	)%(e)		0.28	%		1.96	%		2.09	%		1.18	%		0.76	%
Portfolio turnover rate(f)		13	%		24	%		8	%		47	%		54	%		59	%

(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) Amount is less than 0.005% per share.

(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.

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

GOLDMAN SACHS HIGH QUALITY FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Quality Floating Rate Fund
	Institutional Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.70		$	8.41		$	8.70		$	8.72		$	8.71		$	8.63
Net investment income(a)		0.01			0.04			0.19			0.19			0.13			0.09
Net realized and unrealized gain (loss)		—			0.31			(0.28	)		—			0.01			0.08
Total from investment operations		0.01			0.35			(0.09	)		0.19			0.14			0.17
Distributions to shareholders from net investment income		(0.01	)		(0.06	)		(0.20	)		(0.21	)		(0.13	)		(0.09	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.01	)		(0.06	)		(0.20	)		(0.21	)		(0.13	)		(0.09	)
Net asset value, end of period	$	8.70		$	8.70		$	8.41		$	8.70		$	8.72		$	8.71
Total return(c)		0.11	%		4.17	%		(1.09	)%		2.23	%		1.67	%		1.97	%
Net assets, end of period (in 000s)	$	95,787		$	90,109		$	77,817		$	71,263		$	730,204		$	429,019
Ratio of net expenses to average net assets		0.36	%(d)		0.36	%		0.37	%		0.36	%		0.36	%		0.36	%
Ratio of total expenses to average net assets		0.52	%(d)		0.55	%		0.49	%		0.41	%		0.44	%		0.55	%
Ratio of net investment income to average net assets		0.17	%(d)		0.48	%		2.24	%		2.19	%		1.54	%		1.05	%
Portfolio turnover rate(e)		13	%		24	%		8	%		47	%		54	%		59	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.74		$	8.45		$	8.74		$	8.76		$	8.76		$	8.67
Net investment income (loss)(a)		(0.02	)		(0.00	)(b)		0.15			0.16			0.08			0.05
Net realized and unrealized gain (loss)		—			0.31			(0.28	)		(0.01	)		0.01			0.09
Total from investment operations		(0.02	)		0.31			(0.13	)		0.15			0.09			0.14
Distributions to shareholders from net investment income		—			(0.02	)		(0.16	)		(0.17	)		(0.09	)		(0.05	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		—			(0.02	)		(0.16	)		(0.17	)		(0.09	)		(0.05	)
Net asset value, end of period	$	8.72		$	8.74		$	8.45		$	8.74		$	8.76		$	8.76
Total return(c)		(0.23	)%		3.70	%		(1.56	)%		1.73	%		1.05	%		1.58	%
Net assets, end of period (in 000s)	$	34		$	51		$	49		$	92		$	113		$	491
Ratio of net expenses to average net assets		0.87	%(d)		0.87	%		0.86	%		0.86	%		0.87	%		0.86	%
Ratio of total expenses to average net assets		1.02	%(d)		1.04	%		0.98	%		0.93	%		0.97	%		1.05	%
Ratio of net investment income (loss) to average net assets		(0.35	)%(d)		(0.00	)%		1.77	%		1.86	%		0.95	%		0.55	%
Portfolio turnover rate(e)		13	%		24	%		8	%		47	%		54	%		59	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.68		$	8.38		$	8.68		$	8.70		$	8.69		$	8.61
Net investment income(a)		—			0.04			0.19			0.21			0.13			0.08
Net realized and unrealized gain (loss)		0.01			0.31			(0.30	)		(0.03	)		0.01			0.08
Total from investment operations		0.01			0.35			(0.11	)		0.18			0.14			0.16
Distributions to shareholders from net investment income		(0.01	)		(0.05	)		(0.19	)		(0.20	)		(0.13	)		(0.08	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.01	)		(0.05	)		(0.19	)		(0.20	)		(0.13	)		(0.08	)
Net asset value, end of period	$	8.68		$	8.68		$	8.38		$	8.68		$	8.70		$	8.69
Total return(c)		0.07	%		4.22	%		(1.30	)%		2.14	%		1.58	%		1.87	%
Net assets, end of period (in 000s)	$	2,285		$	2,790		$	5,123		$	9,474		$	1,292		$	632
Ratio of net expenses to average net assets		0.44	%(d)		0.45	%		0.46	%		0.45	%		0.46	%		0.44	%
Ratio of total expenses to average net assets		0.60	%(d)		0.63	%		0.58	%		0.54	%		0.53	%		0.62	%
Ratio of net investment income to average net assets		0.09	%(d)		0.44	%		2.15	%		2.40	%		1.47	%		0.91	%
Portfolio turnover rate(e)		13	%		24	%		8	%		47	%		54	%		59	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	8.71		$	8.41		$	8.70		$	8.72		$	8.72		$	8.63
Net investment income(a)		0.01			0.04			0.21			0.24			0.13			0.09
Net realized and unrealized gain (loss)		—			0.32			(0.30	)		(0.05	)		0.01			0.09
Total from investment operations		0.01			0.36			(0.09	)		0.19			0.14			0.18
Distributions to shareholders from net investment income		(0.01	)		(0.06	)		(0.20	)		(0.21	)		(0.14	)		(0.09	)
Distributions to shareholders from return of capital		—			—	(b)		—			—			—			—
Total distributions		(0.01	)		(0.06	)		(0.20	)		(0.21	)		(0.14	)		(0.09	)
Net asset value, end of period	$	8.71		$	8.71		$	8.41		$	8.70		$	8.72		$	8.72
Total return(c)		0.12	%		4.30	%		(1.08	)%		2.23	%		1.56	%		2.11	%
Net assets, end of period (in 000s)	$	6,146		$	4,582		$	1,613		$	6,565		$	11		$	10
Ratio of net expenses to average net assets		0.35	%(d)		0.35	%		0.36	%		0.35	%		0.36	%		0.36	%
Ratio of total expenses to average net assets		0.51	%(d)		0.54	%		0.47	%		0.49	%		0.43	%		0.53	%
Ratio of net investment income to average net assets		0.17	%(d)		0.50	%		2.41	%		2.73	%		1.54	%		1.05	%
Portfolio turnover rate(e)		13	%		24	%		8	%		47	%		54	%		59	%

(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 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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	8.71		$	8.41		$	8.70		$	8.73
Net investment income(b)		0.01			0.05			0.20			0.20
Net realized and unrealized gain (loss)		—			0.31			(0.29	)		(0.03	)
Total from investment operations		0.01			0.36			(0.09	)		0.17
Distributions to shareholders from net investment income		(0.01	)		(0.06	)		(0.20	)		(0.20	)
Distributions to shareholders from return of capital		—			—	(c)		—			—
Total distributions		(0.01	)		(0.06	)		(0.20	)		(0.20	)
Net asset value, end of period	$	8.71		$	8.71		$	8.41		$	8.70
Total return(d)		0.12	%		4.30	%		(1.08	)%		1.99	%
Net assets, end of period (in 000s)	$	168,712		$	121,556		$	144,412		$	375,756
Ratio of net expenses to average net assets		0.35	%(e)		0.35	%		0.36	%		0.35	%(e)
Ratio of total expenses to average net assets		0.51	%(e)		0.54	%		0.48	%		0.43	%(e)
Ratio of net investment income to average net assets		0.18	%(e)		0.52	%		2.32	%		2.48	%(e)
Portfolio turnover rate(f)		13	%		24	%		8	%		47	%

(a) Commenced operations on April 20, 2018.

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

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

(d) 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. 101

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.35		$	10.72		$	10.37		$	10.31		$	10.44		$	10.44
Net investment income(a)		0.35			0.10			0.26			0.16			0.16			0.18
Net realized and unrealized gain (loss)		0.18			0.62			0.35			0.06			(0.13	)		(0.04	)
Total from investment operations		0.53			0.72			0.61			0.22			0.03			0.14
Distributions to shareholders from net investment income		(0.34	)		(0.09	)		(0.26	)		(0.16	)		(0.16	)		(0.14	)
Net asset value, end of period	$	11.54		$	11.35		$	10.72		$	10.37		$	10.31		$	10.44
Total return(b)		4.71	%		6.72	%		5.90	%		2.21	%		0.31	%		1.32	%
Net assets, end of period (in 000s)	$	58,270		$	69,090		$	52,041		$	53,690		$	74,814		$	78,713
Ratio of net expenses to average net assets		0.67	%(c)		0.67	%		0.69	%		0.68	%		0.68	%		0.68	%
Ratio of total expenses to average net assets		0.71	%(c)		0.75	%		0.76	%		0.76	%		0.77	%		0.84	%
Ratio of net investment income to average net assets		5.91	%(c)		0.86	%		2.41	%		1.61	%		1.59	%		1.69	%
Portfolio turnover rate(d)		33	%		51	%		62	%		160	%		203	%		189	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.12		$	10.54		$	10.19		$	10.17		$	10.31		$	10.32
Net investment income(a)		0.30			—	(b)		0.20			0.10			0.08			0.11
Net realized and unrealized gain (loss)		0.17			0.63			0.32			0.04			(0.12	)		(0.05	)
Total from investment operations		0.47			0.63			0.52			0.14			(0.04	)		0.06
Distributions to shareholders from net investment income		(0.32	)		(0.05	)		(0.17	)		(0.12	)		(0.10	)		(0.07	)
Net asset value, end of period	$	11.27		$	11.12		$	10.54		$	10.19		$	10.17		$	10.31
Total return(c)		4.24	%		6.01	%		5.13	%		1.38	%		(0.42	)%		0.59	%
Net assets, end of period (in 000s)	$	3,096		$	2,374		$	2,160		$	4,152		$	6,847		$	6,512
Ratio of net expenses to average net assets		1.42	%(d)		1.42	%		1.44	%		1.43	%		1.43	%		1.43	%
Ratio of total expenses to average net assets		1.46	%(d)		1.50	%		1.51	%		1.50	%		1.52	%		1.60	%
Ratio of net investment income to average net assets		5.19	%(d)		0.03	%		1.96	%		0.97	%		0.82	%		1.06	%
Portfolio turnover rate(e)		33	%		51	%		62	%		160	%		203	%		189	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.50		$	10.86		$	10.50		$	10.43		$	10.56		$	10.55
Net investment income(a)		0.37			0.14			0.30			0.21			0.20			0.22
Net realized and unrealized gain (loss)		0.19			0.63			0.35			0.05			(0.13	)		(0.04	)
Total from investment operations		0.56			0.77			0.65			0.26			0.07			0.18
Distributions to shareholders from net investment income		(0.36	)		(0.13	)		(0.29	)		(0.19	)		(0.20	)		(0.17	)
Net asset value, end of period	$	11.70		$	11.50		$	10.86		$	10.50		$	10.43		$	10.56
Total return(b)		4.93	%		7.06	%		6.27	%		2.55	%		0.64	%		1.70	%
Net assets, end of period (in 000s)	$	200,357		$	194,076		$	168,248		$	174,467		$	258,458		$	202,452
Ratio of net expenses to average net assets		0.34	%(c)		0.34	%		0.35	%		0.34	%		0.34	%		0.34	%
Ratio of total expenses to average net assets		0.38	%(c)		0.41	%		0.42	%		0.42	%		0.43	%		0.50	%
Ratio of net investment income to average net assets		6.27	%(c)		1.18	%		2.78	%		2.02	%		1.95	%		2.11	%
Portfolio turnover rate(d)		33	%		51	%		62	%		160	%		203	%		189	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.43		$	10.79		$	10.43		$	10.37		$	10.50		$	10.49
Net investment income(a)		0.37			0.14			0.27			0.16			0.19			0.20
Net realized and unrealized gain (loss)		0.18			0.62			0.37			0.08			(0.13	)		(0.03	)
Total from investment operations		0.55			0.76			0.64			0.24			0.06			0.17
Distributions to shareholders from net investment income		(0.36	)		(0.12	)		(0.28	)		(0.18	)		(0.19	)		(0.16	)
Net asset value, end of period	$	11.62		$	11.43		$	10.79		$	10.43		$	10.37		$	10.50
Total return(b)		4.83	%		7.03	%		6.13	%		2.48	%		0.55	%		1.64	%
Net assets, end of period (in 000s)	$	78,379		$	74,650		$	26,970		$	16,088		$	13,079		$	12,523
Ratio of net expenses to average net assets		0.42	%(c)		0.42	%		0.44	%		0.43	%		0.43	%		0.43	%
Ratio of total expenses to average net assets		0.46	%(c)		0.49	%		0.51	%		0.51	%		0.52	%		0.59	%
Ratio of net investment income to average net assets		6.22	%(c)		1.21	%		2.52	%		1.53	%		1.80	%		1.87	%
Portfolio turnover rate(d)		33	%		51	%		62	%		160	%		203	%		189	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.50		$	10.85		$	10.49		$	10.43		$	10.55		$	10.55
Net investment income(a)		0.37			0.15			0.29			0.08			0.22			0.21
Net realized and unrealized gain (loss)		0.18			0.63			0.36			0.17			(0.14	)		(0.04	)
Total from investment operations		0.55			0.78			0.65			0.25			0.08			0.17
Distributions to shareholders from net investment income		(0.36	)		(0.13	)		(0.29	)		(0.19	)		(0.20	)		(0.17	)
Net asset value, end of period	$	11.69		$	11.50		$	10.85		$	10.49		$	10.43		$	10.55
Total return(b)		4.84	%		7.17	%		6.29	%		2.47	%		0.75	%		1.62	%
Net assets, end of period (in 000s)	$	128,687		$	107,354		$	50,987		$	39,506		$	7,103		$	723
Ratio of net expenses to average net assets		0.33	%(c)		0.33	%		0.34	%		0.33	%		0.33	%		0.32	%
Ratio of total expenses to average net assets		0.37	%(c)		0.40	%		0.41	%		0.44	%		0.40	%		0.47	%
Ratio of net investment income to average net assets		6.30	%(c)		1.27	%		2.72	%		0.74	%		2.11	%		2.00	%
Portfolio turnover rate(d)		33	%		51	%		62	%		160	%		203	%		189	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.29		$	10.67		$	10.32		$	10.28		$	10.41		$	10.41
Net investment income(a)		0.33			0.06			0.22			0.13			0.13			0.15
Net realized and unrealized gain (loss)		0.19			0.63			0.37			0.06			(0.12	)		(0.04	)
Total from investment operations		0.52			0.69			0.59			0.19			0.01			0.11
Distributions to shareholders from net investment income		(0.33	)		(0.07	)		(0.24	)		(0.15	)		(0.14	)		(0.11	)
Net asset value, end of period	$	11.48		$	11.29		$	10.67		$	10.32		$	10.28		$	10.41
Total return(b)		4.64	%		6.43	%		5.71	%		1.87	%		0.09	%		1.07	%
Net assets, end of period (in 000s)	$	18,812		$	17,052		$	17,663		$	14,911		$	18,169		$	18,094
Ratio of net expenses to average net assets		0.92	%(c)		0.92	%		0.94	%		0.93	%		0.93	%		0.93	%
Ratio of total expenses to average net assets		0.96	%(c)		1.00	%		1.01	%		1.01	%		1.02	%		1.09	%
Ratio of net investment income to average net assets		5.71	%(c)		0.54	%		2.08	%		1.33	%		1.29	%		1.45	%
Portfolio turnover rate(d)		33	%		51	%		62	%		160	%		203	%		189	%

(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 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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	11.50		$	10.86		$	10.49		$	10.40
Net investment income(b)		0.37			0.16			0.32			0.09
Net realized and unrealized gain		0.18			0.61			0.34			0.19
Total from investment operations		0.55			0.77			0.66			0.28
Distributions to shareholders from net investment income		(0.36	)		(0.13	)		(0.29	)		(0.19	)
Net asset value, end of period	$	11.69		$	11.50		$	10.86		$	10.49
Total return(c)		4.84	%		7.07	%		6.38	%		2.77	%
Net assets, end of period (in 000s)	$	54,126		$	49,767		$	30,975		$	107,844
Ratio of net expenses to average net assets		0.33	%(d)		0.33	%		0.34	%		0.33	%(d)
Ratio of total expenses to average net assets		0.37	%(d)		0.40	%		0.40	%		0.43	%(d)
Ratio of net investment income to average net assets		6.29	%(d)		1.36	%		3.01	%		0.91	%(d)
Portfolio turnover rate(e)		33	%		51	%		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.

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Bond Fund
	Class A Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.15		$	9.68		$	9.80		$	9.75		$	9.96		$	9.96
Net investment income(a)		0.03			0.12			0.21			0.23			0.17			0.16
Net realized and unrealized gain (loss)		0.06			0.53			(0.08	)		0.06			(0.19	)		0.02
Total from investment operations		0.09			0.65			0.13			0.29			(0.02	)		0.18
Distributions to shareholders from net investment income		(0.05	)		(0.17	)		(0.21	)		(0.22	)		(0.16	)		(0.18	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.01	)		(0.04	)		(0.02	)		(0.03	)		—
Total distributions		(0.05	)		(0.18	)		(0.25	)		(0.24	)		(0.19	)		(0.18	)
Net asset value, end of period	$	10.19		$	10.15		$	9.68		$	9.80		$	9.75		$	9.96
Total return(c)		0.89	%		6.64	%		1.41	%		3.01	%		(0.19	)%		1.86	%
Net assets, end of period (in 000s)	$	84,096		$	82,370		$	14,107		$	11,070		$	5,734		$	9,259
Ratio of net expenses to average net assets		0.73	%(d)		0.75	%		0.79	%		0.79	%		0.79	%		0.79	%
Ratio of total expenses to average net assets		0.78	%(d)		0.80	%		0.86	%		0.93	%		0.87	%		0.90	%
Ratio of net investment income to average net assets		0.49	%(d)		1.21	%		2.13	%		2.35	%		1.75	%		1.56	%
Portfolio turnover rate(e)		114	%		253	%		192	%		99	%		106	%		165	%

(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. 109

GOLDMAN SACHS SHORT DURATION BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Bond Fund
	Class C Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.15		$	9.68		$	9.81		$	9.76		$	9.96		$	9.96
Net investment income(a)		—			0.09			0.18			0.19			0.14			0.12
Net realized and unrealized gain (loss)		0.06			0.52			(0.10	)		0.06			(0.19	)		0.03
Total from investment operations		0.06			0.61			0.08			0.25			(0.05	)		0.15
Distributions to shareholders from net investment income		(0.03	)		(0.13	)		(0.18	)		(0.18	)		(0.13	)		(0.15	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.01	)		(0.03	)		(0.02	)		(0.02	)		—
Total distributions		(0.03	)		(0.14	)		(0.21	)		(0.20	)		(0.15	)		(0.15	)
Net asset value, end of period	$	10.18		$	10.15		$	9.68		$	9.81		$	9.76		$	9.96
Total return(c)		0.69	%		6.22	%		0.91	%		2.61	%		(0.48	)%		1.46	%
Net assets, end of period (in 000s)	$	2,920		$	2,556		$	1,283		$	1,689		$	1,077		$	954
Ratio of net expenses to average net assets		1.13	%(d)		1.15	%		1.19	%		1.19	%		1.19	%		1.19	%
Ratio of total expenses to average net assets		1.52	%(d)		1.55	%		1.61	%		1.69	%		1.63	%		1.66	%
Ratio of net investment income to average net assets		0.09	%(d)		0.88	%		1.81	%		1.97	%		1.39	%		1.16	%
Portfolio turnover rate(e)		114	%		253	%		192	%		99	%		106	%		165	%

(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 SHORT DURATION BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Bond Fund
	Institutional Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.17		$	9.70		$	9.82		$	9.77		$	9.98		$	9.98
Net investment income(a)		0.04			0.16			0.26			0.25			0.21			0.19
Net realized and unrealized gain (loss)		0.07			0.53			(0.09	)		0.07			(0.19	)		0.03
Total from investment operations		0.11			0.69			0.17			0.32			0.02			0.22
Distributions to shareholders from net investment income		(0.07	)		(0.21	)		(0.25	)		(0.24	)		(0.20	)		(0.22	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.01	)		(0.04	)		(0.03	)		(0.03	)		—
Total distributions		(0.07	)		(0.22	)		(0.29	)		(0.27	)		(0.23	)		(0.22	)
Net asset value, end of period	$	10.21		$	10.17		$	9.70		$	9.82		$	9.77		$	9.98
Total return(c)		1.05	%		6.99	%		1.76	%		3.36	%		0.16	%		2.21	%
Net assets, end of period (in 000s)	$	181,775		$	276,641		$	48,689		$	46,680		$	575,452		$	560,818
Ratio of net expenses to average net assets		0.41	%(d)		0.42	%		0.45	%		0.46	%		0.45	%		0.45	%
Ratio of total expenses to average net assets		0.45	%(d)		0.47	%		0.52	%		0.55	%		0.53	%		0.56	%
Ratio of net investment income to average net assets		0.78	%(d)		1.58	%		2.57	%		2.58	%		2.12	%		1.90	%
Portfolio turnover rate(e)		114	%		253	%		192	%		99	%		106	%		165	%

(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. 111

GOLDMAN SACHS SHORT DURATION BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Bond Fund
	Investor Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.16		$	9.70		$	9.82		$	9.77		$	9.98		$	9.97
Net investment income(a)		0.04			0.15			0.24			0.25			0.20			0.18
Net realized and unrealized gain (loss)		0.06			0.52			(0.08	)		0.06			(0.19	)		0.04
Total from investment operations		0.10			0.67			0.16			0.31			0.01			0.22
Distributions to shareholders from net investment income		(0.06	)		(0.20	)		(0.24	)		(0.24	)		(0.19	)		(0.21	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.01	)		(0.04	)		(0.02	)		(0.03	)		—
Total distributions		(0.06	)		(0.21	)		(0.28	)		(0.26	)		(0.22	)		(0.21	)
Net asset value, end of period	$	10.20		$	10.16		$	9.70		$	9.82		$	9.77		$	9.98
Total return(c)		1.11	%		6.90	%		1.56	%		3.27	%		0.06	%		2.22	%
Net assets, end of period (in 000s)	$	34,564		$	25,579		$	4,337		$	1,584		$	2,094		$	1,457
Ratio of net expenses to average net assets		0.48	%(d)		0.50	%		0.54	%		0.54	%		0.54	%		0.54	%
Ratio of total expenses to average net assets		0.53	%(d)		0.55	%		0.61	%		0.68	%		0.62	%		0.65	%
Ratio of net investment income to average net assets		0.75	%(d)		1.46	%		2.43	%		2.57	%		2.03	%		1.84	%
Portfolio turnover rate(e)		114	%		253	%		192	%		99	%		106	%		165	%

(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.

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Bond Fund
	Class R6 Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.16		$	9.69		$	9.82		$	9.77		$	9.98		$	9.97
Net investment income(a)		0.04			0.16			0.26			0.27			0.21			0.19
Net realized and unrealized gain (loss)		0.07			0.53			(0.10	)		0.05			(0.20	)		0.04
Total from investment operations		0.11			0.69			0.16			0.32			0.01			0.23
Distributions to shareholders from net investment income		(0.07	)		(0.21	)		(0.25	)		(0.24	)		(0.19	)		(0.22	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.01	)		(0.04	)		(0.03	)		(0.03	)		—
Total distributions		(0.07	)		(0.22	)		(0.29	)		(0.27	)		(0.22	)		(0.22	)
Net asset value, end of period	$	10.20		$	10.16		$	9.69		$	9.82		$	9.77		$	9.98
Total return(c)		1.06	%		7.00	%		1.66	%		3.36	%		0.13	%		2.30	%
Net assets, end of period (in 000s)	$	9,838		$	7,944		$	1,085		$	1,252		$	10		$	10
Ratio of net expenses to average net assets		0.40	%(d)		0.41	%		0.44	%		0.45	%		0.45	%		0.45	%
Ratio of total expenses to average net assets		0.43	%(d)		0.46	%		0.51	%		0.67	%		0.55	%		0.59	%
Ratio of net investment income to average net assets		0.83	%(d)		1.57	%		2.56	%		2.77	%		2.12	%		1.91	%
Portfolio turnover rate(e)		114	%		253	%		192	%		99	%		106	%		165	%

(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. 113

GOLDMAN SACHS SHORT DURATION BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Bond Fund
	Class R Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.16		$	9.70		$	9.82		$	9.77		$	9.98		$	9.98
Net investment income(a)		0.02			0.11			0.19			0.20			0.16			0.13
Net realized and unrealized gain (loss)		0.07			0.51			(0.08	)		0.06			(0.20	)		0.03
Total from investment operations		0.09			0.62			0.11			0.26			(0.04	)		0.16
Distributions to shareholders from net investment income		(0.04	)		(0.15	)		(0.20	)		(0.19	)		(0.15	)		(0.16	)
Distributions to shareholders from net realized gains		—			—	(b)		—			—			—			—
Distributions to shareholders from return of capital		—			(0.01	)		(0.03	)		(0.02	)		(0.02	)		—
Total distributions		(0.04	)		(0.16	)		(0.23	)		(0.21	)		(0.17	)		(0.16	)
Net asset value, end of period	$	10.21		$	10.16		$	9.70		$	9.82		$	9.77		$	9.98
Total return(c)		0.86	%		6.37	%		1.06	%		2.76	%		(0.43	)%		1.62	%
Net assets, end of period (in 000s)	$	919		$	184		$	138		$	122		$	95		$	32
Ratio of net expenses to average net assets		0.98	%(d)		0.99	%		1.04	%		1.04	%		1.04	%		1.04	%
Ratio of total expenses to average net assets		1.02	%(d)		1.05	%		1.11	%		1.18	%		1.12	%		1.14	%
Ratio of net investment income to average net assets		0.35	%(d)		1.03	%		1.94	%		2.08	%		1.57	%		1.32	%
Portfolio turnover rate(e)		114	%		253	%		192	%		99	%		106	%		165	%

(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.

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

GOLDMAN SACHS SHORT DURATION BOND FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Short Duration Bond Fund
	Class P Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	10.16		$	9.70		$	9.82		$	9.74
Net investment income(b)		0.04			0.16			0.25			0.25
Net realized and unrealized gain (loss)		0.07			0.52			(0.08	)		0.09
Total from investment operations		0.11			0.68			0.17			0.34
Distributions to shareholders from net investment income		(0.07	)		(0.21	)		(0.25	)		(0.24	)
Distributions to shareholders from net realized gains		—			—	(c)		—			—
Distributions to shareholders from return of capital		—			(0.01	)		(0.04	)		(0.02	)
Total distributions		(0.07	)		(0.22	)		(0.29	)		(0.26	)
Net asset value, end of period	$	10.20		$	10.16		$	9.70		$	9.82
Total return(d)		1.06	%		7.00	%		1.66	%		3.51	%
Net assets, end of period (in 000s)	$	2,221,041		$	2,080,421		$	743,258		$	635,440
Ratio of net expenses to average net assets		0.40	%(e)		0.41	%		0.44	%		0.44	%(e)
Ratio of total expenses to average net assets		0.43	%(e)		0.46	%		0.51	%		0.60	%(e)
Ratio of net investment income to average net assets		0.82	%(e)		1.61	%		2.53	%		2.72	%(e)
Portfolio turnover rate(f)		114	%		253	%		192	%		99	%

(a) Commenced operations on April 20, 2018.

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

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

(d) 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. 115

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.00		$	9.97		$	9.77		$	9.79		$	9.99		$	10.10
Net investment income (loss)(a)		(0.01	)		0.01			0.13			0.16			0.11			0.11
Net realized and unrealized gain (loss)		(0.04	)		0.11			0.27			0.03			(0.13	)		(0.06	)
Total from investment operations		(0.05	)		0.12			0.40			0.19			(0.02	)		0.05
Distributions to shareholders from net investment income		(0.02	)		(0.09	)		(0.20	)		(0.21	)		(0.18	)		(0.16	)
Net asset value, end of period	$	9.93		$	10.00		$	9.97		$	9.77		$	9.79		$	9.99
Total return(b)		(0.65	)%		1.17	%		4.16	%		1.97	%		(0.22	)%		0.46	%
Net assets, end of period (in 000s)	$	84,646		$	105,604		$	90,469		$	82,090		$	86,239		$	138,612
Ratio of net expenses to average net assets		0.81	%(c)		0.79	%		0.82	%		0.82	%		0.82	%		0.82	%
Ratio of total expenses to average net assets		0.87	%(c)		0.87	%		0.90	%		0.90	%		0.89	%		0.92	%
Ratio of net investment income (loss) to average net assets		(0.70	)%(c)		0.13	%		1.34	%		1.68	%		1.15	%		1.08	%
Portfolio turnover rate(d)		184	%		566	%		479	%		247	%		87	%		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.

116 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.93		$	9.90		$	9.70		$	9.73		$	9.92		$	10.03
Net investment income (loss)(a)		(0.03	)		(0.02	)		0.09			0.12			0.07			0.07
Net realized and unrealized gain (loss)		(0.05	)		0.10			0.27			0.02			(0.12	)		(0.06	)
Total from investment operations		(0.08	)		0.08			0.36			0.14			(0.05	)		0.01
Distributions to shareholders from net investment income		—	(b)		(0.05	)		(0.16	)		(0.17	)		(0.14	)		(0.12	)
Net asset value, end of period	$	9.85		$	9.93		$	9.90		$	9.70		$	9.73		$	9.92
Total return(c)		(0.78	)%		0.77	%		3.76	%		1.46	%		(0.53	)%		0.06	%
Net assets, end of period (in 000s)	$	11,353		$	13,685		$	12,958		$	15,493		$	19,799		$	28,292
Ratio of net expenses to average net assets		1.21	%(d)		1.19	%		1.22	%		1.22	%		1.22	%		1.22	%
Ratio of total expenses to average net assets		1.62	%(d)		1.62	%		1.65	%		1.65	%		1.64	%		1.67	%
Ratio of net investment income (loss) to average net assets		(1.10	)%(d)		(0.25	)%		0.95	%		1.27	%		0.72	%		0.68	%
Portfolio turnover rate(e)		184	%		566	%		479	%		247	%		87	%		173	%

(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. 117

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.97		$	9.93		$	9.74		$	9.76		$	9.96		$	10.07
Net investment income (loss)(a)		(0.09	)		0.04			0.17			0.19			0.14			0.14
Net realized and unrealized gain (loss)		0.04			0.12			0.26			0.03			(0.13	)		(0.06	)
Total from investment operations		(0.05	)		0.16			0.43			0.22			0.01			0.08
Distributions to shareholders from net investment income		(0.03	)		(0.12	)		(0.24	)		(0.24	)		(0.21	)		(0.19	)
Net asset value, end of period	$	9.89		$	9.97		$	9.93		$	9.74		$	9.76		$	9.96
Total return(b)		(0.39	)%		1.51	%		4.41	%		2.32	%		0.11	%		0.80	%
Net assets, end of period (in 000s)	$	380,666		$	510,541		$	348,655		$	379,887		$	837,920		$	1,045,066
Ratio of net expenses to average net assets		0.48	%(c)		0.46	%		0.48	%		0.48	%		0.48	%		0.47	%
Ratio of total expenses to average net assets		0.54	%(c)		0.54	%		0.56	%		0.56	%		0.55	%		0.58	%
Ratio of net investment income (loss) to average net assets		(0.37	)%(c)		0.44	%		1.69	%		1.95	%		1.46	%		1.42	%
Portfolio turnover rate(d)		184	%		566	%		479	%		247	%		87	%		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.

118 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.95		$	9.92		$	9.73		$	9.75		$	9.94		$	10.05
Net investment income (loss)(a)		(0.07	)		—	(b)		0.11			0.15			0.09			0.09
Net realized and unrealized gain (loss)		0.01			0.10			0.27			0.02			(0.12	)		(0.06	)
Total from investment operations		(0.06	)		0.10			0.38			0.17			(0.03	)		0.03
Distributions to shareholders from net investment income		(0.01	)		(0.07	)		(0.19	)		(0.19	)		(0.16	)		(0.14	)
Net asset value, end of period	$	9.88		$	9.95		$	9.92		$	9.73		$	9.75		$	9.94
Total return(c)		(0.63	)%		1.00	%		4.00	%		1.70	%		(0.29	)%		0.30	%
Net assets, end of period (in 000s)	$	19,138		$	20,016		$	18,831		$	18,120		$	19,954		$	26,697
Ratio of net expenses to average net assets		0.98	%(d)		0.96	%		0.98	%		0.98	%		0.98	%		0.97	%
Ratio of total expenses to average net assets		1.04	%(d)		1.04	%		1.06	%		1.06	%		1.05	%		1.08	%
Ratio of net investment income (loss) to average net assets		(0.87	)%(d)		(0.03	)%		1.17	%		1.52	%		0.95	%		0.93	%
Portfolio turnover rate(e)		184	%		566	%		479	%		247	%		87	%		173	%

(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. 119

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.01		$	9.98		$	9.78		$	9.80		$	9.99		$	10.10
Net investment income (loss)(a)		(0.02	)		0.04			0.15			0.19			0.13			0.14
Net realized and unrealized gain (loss)		(0.02	)		0.10			0.28			0.02			(0.12	)		(0.07	)
Total from investment operations		(0.04	)		0.14			0.43			0.21			0.01			0.07
Distributions to shareholders from net investment income		(0.03	)		(0.11	)		(0.23	)		(0.23	)		(0.20	)		(0.18	)
Total distributions		(0.03	)		—			—			—			—			—
Net asset value, end of period	$	9.94		$	10.01		$	9.98		$	9.78		$	9.80		$	9.99
Total return(b)		(0.53	)%		1.53	%		4.31	%		2.23	%		0.13	%		0.72	%
Net assets, end of period (in 000s)	$	33,062		$	38,958		$	38,723		$	29,461		$	24,676		$	24,378
Ratio of net expenses to average net assets		0.56	%(c)		0.54	%		0.57	%		0.57	%		0.57	%		0.56	%
Ratio of total expenses to average net assets		0.62	%(c)		0.62	%		0.65	%		0.65	%		0.64	%		0.67	%
Ratio of net investment income (loss) to average net assets		(0.45	)%(c)		0.40	%		1.57	%		1.94	%		1.35	%		1.36	%
Portfolio turnover rate(d)		184	%		566	%		479	%		247	%		87	%		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.

120 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.97		$	9.94		$	9.74		$	9.76		$	9.96		$	10.07
Net investment income (loss)(a)		(0.02	)		0.05			0.16			0.20			0.17			0.14
Net realized and unrealized gain (loss)		(0.03	)		0.10			0.28			0.02			(0.16	)		(0.06	)
Total from investment operations		(0.05	)		0.15			0.44			0.22			0.01			0.08
Distributions to shareholders from net investment income		(0.03	)		(0.12	)		(0.24	)		(0.24	)		(0.21	)		(0.19	)
Net asset value, end of period	$	9.89		$	9.97		$	9.94		$	9.74		$	9.76		$	9.96
Total return(b)		(0.38	)%		1.52	%		4.42	%		2.33	%		0.12	%		0.82	%
Net assets, end of period (in 000s)	$	14,088		$	16,029		$	11,979		$	5,436		$	2,038		$	73,716
Ratio of net expenses to average net assets		0.47	%(c)		0.45	%		0.47	%		0.47	%		0.46	%		0.45	%
Ratio of total expenses to average net assets		0.53	%(c)		0.53	%		0.55	%		0.56	%		0.54	%		0.56	%
Ratio of net investment income (loss) to average net assets		(0.36	)%(c)		0.48	%		1.65	%		2.10	%		1.69	%		1.44	%
Portfolio turnover rate(d)		184	%		566	%		479	%		247	%		87	%		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. 121

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019(a)
Per Share Data
Net asset value, beginning of period	$	9.96		$	9.93		$	9.73		$	9.73
Net investment income (loss)(b)		(0.02	)		0.05			0.17			0.20
Net realized and unrealized gain (loss)		(0.02	)		0.10			0.27			0.03
Total from investment operations		(0.04	)		0.15			0.44			0.23
Distributions to shareholders from net investment income		(0.03	)		(0.12	)		(0.24	)		(0.23	)
Net asset value, end of period	$	9.89		$	9.96		$	9.93		$	9.73
Total return(c)		(0.38	)%		1.52	%		4.53	%		2.39	%
Net assets, end of period (in 000s)	$	289,196		$	337,747		$	337,805		$	474,894
Ratio of net expenses to average net assets		0.47	%(d)		0.45	%		0.48	%		0.47	%(d)
Ratio of total expenses to average net assets		0.53	%(d)		0.53	%		0.55	%		0.56	%(d)
Ratio of net investment income (loss) to average net assets		(0.35	)%(d)		0.49	%		1.72	%		2.15	%(d)
Portfolio turnover rate(e)		184	%		566	%		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 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 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, 2021 (Unaudited)			Year Ended March 31,												Period Ended March 31 2017(a)
				2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.07		$	9.88		$	10.03		$	10.01		$	10.02		$	10.01
Net investment income(b)		—	(c)		0.04			0.21			0.25			0.14			0.03
Net realized and unrealized gain (loss)		(0.01	)		0.20			(0.14	)		(0.01	)		(0.04	)		0.01
Total from investment operations		(0.01	)		0.24			0.07			0.24			0.10			0.04
Distributions to shareholders from net investment income		—	(d)		(0.05	)		(0.21	)		(0.22	)		(0.11	)		(0.03	)
Distributions to shareholders from net realized gains		—			—			(0.01	)		—	(d)		—	(d)		—	(d)
Total distributions		—			(0.05	)		(0.22	)		(0.22	)		(0.11	)		(0.03	)
Net asset value, end of period	$	10.06		$	10.07		$	9.88		$	10.03		$	10.01		$	10.02
Total return(e)		(0.07	)%		2.42	%		0.66	%		2.41	%		1.04	%		0.42	%
Net assets, end of period (in 000s)	$	88,983		$	122,562		$	43,188		$	50,982		$	817		$	25
Ratio of net expenses to average net assets		0.44	%(f)		0.45	%		0.46	%		0.46	%		0.57	%		0.51	%(f)
Ratio of total expenses to average net assets		0.53	%(f)		0.54	%		0.56	%		0.61	%		0.63	%		1.33	%(f)
Ratio of net investment income to average net assets		—	%(f)		0.38	%		2.14	%		2.46	%		1.42	%		0.75	%(f)
Portfolio turnover rate(g)		34	%		79	%		87	%		89	%		67	%		46	%

(a) Commenced operations on October 31, 2016.

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

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

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

(e) 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.

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

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.07		$	9.88		$	10.03		$	10.02		$	10.02		$	10.00
Net investment income(a)		0.01			0.09			0.20			0.22			0.13			0.06
Net realized and unrealized gain (loss)		—			0.16			(0.13	)		0.01			(0.01	)		0.04
Total from investment operations		0.01			0.25			0.07			0.23			0.12			0.10
Distributions to shareholders from net investment income		(0.01	)		(0.06	)		(0.21	)		(0.22	)		(0.12	)		(0.08	)
Distributions to shareholders from net realized gains		—			—			(0.01	)		—	(b)		—	(b)		—	(b)
Total distributions		(0.01	)		(0.06	)		(0.22	)		(0.22	)		(0.12	)		(0.08	)
Net asset value, end of period	$	10.07		$	10.07		$	9.88		$	10.03		$	10.02		$	10.02
Total return(c)		0.14	%		2.55	%		0.55	%		2.46	%		1.24	%		0.97	%
Net assets, end of period (in 000s)	$	27		$	27		$	1,045		$	937		$	1,032		$	132
Ratio of net expenses to average net assets		0.21	%(d)		0.47	%		0.47	%		0.45	%		0.43	%		0.41	%
Ratio of total expenses to average net assets		0.30	%(d)		0.55	%		0.57	%		0.57	%		0.59	%		1.49	%
Ratio of net investment income to average net assets		0.23	%(d)		0.95	%		2.01	%		2.20	%		1.25	%		0.60	%
Portfolio turnover rate(e)		34	%		79	%		87	%		89	%		67	%		46	%

(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. 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 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, 2021 (Unaudited)			Year Ended March 31,												Period Ended March 31 2017(a)
				2021			2020			2019			2018
Per Share Data
Net asset value, beginning of period	$	10.07		$	9.88		$	10.03		$	10.02		$	10.02		$	10.01
Net investment income(b)		0.01			0.07			0.23			0.24			0.14			0.04
Net realized and unrealized gain (loss)		(0.01	)		0.19			(0.15	)		0.01			—	(c)		0.01
Total from investment operations		—			0.26			0.08			0.25			0.14			0.05
Distributions to shareholders from net investment income		(0.01	)		(0.07	)		(0.23	)		(0.24	)		(0.14	)		(0.04	)
Distributions to shareholders from net realized gains		—			—			0.00	(d)		—	(d)		—	(d)		—	(d)
Total distributions		(0.01	)		(0.07	)		(0.23	)		(0.24	)		(0.14	)		(0.04	)
Net asset value, end of period	$	10.06		$	10.07		$	9.88		$	10.03		$	10.02		$	10.02
Total return(e)		0.04	%		2.63	%		0.82	%		2.52	%		1.40	%		0.52	%
Net assets, end of period (in 000s)	$	27		$	27		$	26		$	26		$	25		$	25
Ratio of net expenses to average net assets		0.21	%(f)		0.26	%		0.32	%		0.30	%		0.28	%		0.27	%(f)
Ratio of total expenses to average net assets		0.30	%(f)		0.34	%		0.41	%		0.41	%		0.44	%		1.11	%(f)
Ratio of net investment income to average net assets		0.23	%(f)		0.66	%		2.27	%		2.38	%		1.38	%		0.95	%(f)
Portfolio turnover rate(g)		34	%		79	%		87	%		89	%		67	%		46	%

(a) Commenced operations on October 31, 2016.

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

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

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

(e) 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.

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

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.07		$	9.88		$	10.04		$	10.01		$	10.02		$	10.00
Net investment income(a)		0.01			0.06			0.23			0.25			0.15			0.11
Net realized and unrealized gain (loss)		—			0.20			(0.15	)		0.03			(0.01	)		0.01
Total from investment operations		0.01			0.26			0.08			0.28			0.14			0.12
Distributions to shareholders from net investment income		(0.01	)		(0.07	)		(0.24	)		(0.25	)		(0.15	)		(0.10	)
Distributions to shareholders from net realized gains		—			—			0.00	(b)		—	(b)		—	(b)		—	(b)
Total distributions		(0.01	)		(0.07	)		(0.24	)		(0.25	)		(0.15	)		(0.10	)
Net asset value, end of period	$	10.07		$	10.07$			9.88		$	10.04		$	10.01		$	10.02
Total return(c)		0.14	%		2.66	%		0.80	%		2.82	%		1.40	%		1.22	%
Net assets, end of period (in 000s)	$	3,013,844		$	2,598,107		$	1,466,673		$	840,036		$	1,421,091		$	265,690
Ratio of net expenses to average net assets		0.22	%(d)		0.22	%		0.22	%		0.20	%		0.19	%		0.15	%
Ratio of total expenses to average net assets		0.31	%(d)		0.31	%		0.32	%		0.32	%		0.33	%		1.20	%
Ratio of net investment income to average net assets		0.22	%(d)		0.63	%		2.28	%		2.45	%		1.54	%		1.08	%
Portfolio turnover rate(e)		34	%		79	%		87	%		89	%		67	%		46	%

(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. 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 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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	10.07		$	9.88		$	10.04		$	10.03
Net investment income(b)		0.01			0.06			0.21			0.16
Net realized and unrealized gain (loss)		—			0.19			(0.14	)		0.01
Total from investment operations		0.01			0.25			0.07			0.17
Distributions to shareholders from net investment income		(0.01	)		(0.06	)		(0.23	)		(0.16	)
Distributions to shareholders from net realized gains		—			—			—	(c)		—	(c)
Total distributions		(0.01	)		(0.06	)		(0.23	)		(0.16	)
Net asset value, end of period	$	10.07		$	10.07		$	9.88		$	10.04
Total return(d)		0.10	%		2.57	%		0.71	%		1.68	%
Net assets, end of period (in 000s)	$	83,182		$	94,682		$	90,680		$	6,254
Ratio of net expenses to average net assets		0.30	%(e)		0.30	%		0.31	%		0.30	%(e)
Ratio of total expenses to average net assets		0.39	%(e)		0.39	%		0.41	%		0.42	%(e)
Ratio of net investment income to average net assets		0.15	%(e)		0.60	%		2.11	%		2.58	%(e)
Portfolio turnover rate(f)		34	%		79	%		87	%		89	%

(a) Commenced operations on August 14, 2018.

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

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

(d) 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. 127

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, 2021 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of Period	$	10.08		$	9.89		$	10.04		$	10.02		$	10.02
Net investment income(b)		0.01			0.07			0.24			0.27			0.05
Net realized and unrealized gain (loss)		(0.01	)		0.19			(0.15	)		—			—
Total from investment operations		—			0.26			0.09			0.27			0.05
Distributions to shareholders from net investment income		(0.01	)		(0.07	)		(0.24	)		(0.25	)		(0.05	)
Distributions to shareholders from net realized gains		—			—			—	(c)		—	(c)		—	(c)
Total Distributions		(0.01	)		(0.07	)		(0.24	)		(0.25	)		(0.05	)
Net asset value, end of period	$	10.07		$	10.08		$	9.89		$	10.04		$	10.02
Total Return(d)		0.05	%		2.66	%		0.91	%		2.82	%		0.43	%
Net assets, end of period (in 000s)	$	209,563		$	313,236		$	278,788		$	420,023		$	10
Ratio of net expenses to average net assets		0.21	%(e)		0.21	%		0.21	%		0.20	%		0.24	%(e)
Ratio of total expenses to average net assets		0.30	%(e)		0.30	%		0.31	%		0.32	%		0.35	%(e)
Ratio of net investment income to average net assets		0.24	%(e)		0.70	%		2.37	%		2.66	%		1.64	%(e)
Portfolio turnover rate(f)		34	%		79	%		87	%		89	%		67	%

(a) Commenced operations on November 30, 2017.

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

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

(d) 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 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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	10.07		$	9.87		$	10.03		$	10.02
Net investment income(b)		0.01			0.07			0.24			0.25
Net realized and unrealized gain (loss)		(0.01	)		0.20			(0.16	)		—
Total from investment operations		—			0.27			0.08			0.25
Distributions to shareholders from net investment income		(0.01	)		(0.07	)		(0.24	)		(0.24	)
Distributions to shareholders from net realized gains		—			—			—	(c)		—	(c)
Total distributions		(0.01	)		(0.07	)		(0.24	)		(0.24	)
Net asset value, end of period	$	10.06		$	10.07		$	9.87		$	10.03
Total return(d)		0.05	%		2.77	%		0.81	%		2.48	%
Net assets, end of period (in 000s)	$	2,776,118		$	3,136,259		$	1,935,475		$	2,048,977
Ratio of net expenses to average net assets		0.21	%(e)		0.21	%		0.21	%		0.20	%(e)
Ratio of total expenses to average net assets		0.30	%(e)		0.30	%		0.31	%		0.32	%(e)
Ratio of net investment income to average net assets		0.23	%(e)		0.65	%		2.34	%		2.62	%(e)
Portfolio turnover rate(f)		34	%		79	%		87	%		89	%

(a) Commenced operations on April 20, 2018.

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

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

(d) 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. 129

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2021 (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 Bond*	A, C, Institutional, Investor, R6, R and P	Diversified
Short Duration Government	A, C, Institutional, Service, Investor, R6 and P	Diversified
Short-Term Conservative Income	A, Administration, Institutional, Preferred, Investor, R6 and P	Diversified

* Effective July 29, 2021, the fund changed its name from Short Duration Income to Short Duration Bond.

Class A Shares of the Government Income, Inflation Protected Securities, Short Duration Bond and Short Duration Government 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 Bond and Short Duration Government Funds), which is imposed on redemptions made within 12 months of purchase. Class A Shares of the Enhanced Income, High Quality Floating Rate and Short-Term Conservative Income Funds are not subject to a sales charge. Similarly, Administration, Preferred, Institutional, Service, Investor, Class R6, Class R and Class P Shares are not subject to a sales charge.

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered are reflected as other income in the Statements of Operations. 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

130

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

payments are recognized over the contract’s term/event as realized gains or losses, with the exception of forward starting 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	Monthly	Monthly	Annually
Inflation Protected Securities	Quarterly	Quarterly	Annually
Short Duration Bond	Daily	Monthly	Annually
Short Duration Government	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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Notes to Financial Statements (continued)

September 30, 2021 (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:

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. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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.

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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.  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.

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

An MRA governs transactions between a Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, a Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund’s costs associated with delay and 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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

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, 2021:

ENHANCED INCOME
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	443,744,941		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		1,316,699		1,909,405			—
Asset-Backed Securities		—		101,764,366			—
Exchange Traded Fund		30,033,875		—			—
Investment Companies		31,060,606		—			—
Short-term Investments		—		208,405,205			—
Total	$	62,411,180	$	755,823,917		$	—
Derivative Type
Assets(a)
Futures Contracts	$	571,458	$	—		$	—
GOVERNMENT INCOME
Investment Type	Level 1		Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—	$	124,540,269		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		124,123,682		75,596,713			—
Asset-Backed Securities		—		6,192,511			—
Municipal Debt Obligation		—		2,562,411			—
Investment Company		1,074,226		—			—
Total	$	125,197,908	$	208,891,904		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—	$	(1,061,205	)	$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

GOVERNMENT INCOME (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Futures Contracts(a)	$	539,220		$	—		$	—
Purchased options contracts		—			109,928			—
Total	$	539,220		$	109,928		$	—
Liabilities
Futures Contracts(a)	$	(1,168	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(10,406	)		—
Written option contracts		—			(89,583	)		—
Total	$	(1,168	)	$	(99,989	)	$	—
HIGH QUALITY FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	69,253,886		$	—
Asset-Backed Securities		—			92,114,587			—
Municipal Debt Obligations		—			9,585,564			—
U.S. Treasury Obligations		50,518,987			—			—
Short-term Investments		—			45,647,590			—
Total	$	50,518,987		$	216,601,627		$	—
Derivative Type(a)
Assets
Futures Contracts	$	70,481		$	—		$	—
Liabilities
Futures Contracts	$	(8,292	)	$	—		$	—
Interest Rate Swap Contracts		—			(8,550	)		—
Total	$	(8,292	)	$	(8,550	)	$	—
INFLATION PROTECTED SECURITIES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
U.S. Treasury Obligations	$	514,734,283		$	—		$	—
Investment Company		20,345,649			—			—
Total	$	535,079,932		$	—		$	—

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INFLATION PROTECTED SECURITIES (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Futures Contracts(a)	$	177,537		$	—		$	—
Interest Rate Swap Contracts(a)		—			1,652,319			—
Purchased options contracts		—			89,339			—
Total	$	177,537		$	1,741,658		$	—
Liabilities
Futures Contracts(a)	$	(178,950	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(581,553	)		—
Written option contracts		—			(74,597	)		—
Total	$	(178,950	)	$	(656,150	)	$	—
SHORT DURATION BOND
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	1,300,474,954		$	—
Mortgage-Backed Obligations		—			336,708,271			—
Asset-Backed Securities		—			254,007,439			—
Foreign Debt Obligations		75,854,322			33,963,403			—
Municipal Debt Obligations		—			90,446,716			—
U.S. Treasury Obligations		188,484,393			—			—
Exchange Traded Funds		55,238,829			—			—
Investment Company		317,409,990			—			—
Short-term Investments		—			63,837,338			—
Total	$	636,987,534		$	2,079,438,121		$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT DURATION BOND (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	2,782,780		$	—
Futures Contracts(a)		3,390,623			—			—
Interest Rate Swap Contracts(a)		—			10,709,884			—
Credit Default Swap Contracts(a)		—			3,676,874			—
Purchased options contracts		—			229,474			—
Total	$	3,390,623		$	17,399,012		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(3,111,083	)	$	—
Futures Contracts(a)		(614,368	)		—			—
Interest Rate Swap Contracts(a)		—			(6,032,818	)		—
Credit Default Swap Contracts(a)		—			(424,072	)		—
Written option contracts		—			(245,540	)		—
Total	$	(614,368	)	$	(9,813,513	)	$	—
SHORT DURATION GOVERNMENT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	257,117,801		$	—
U.S. Treasury Obligations and/or Other U.S. Government Agencies		512,187,439			194,701,878			—
Total	$	512,187,439		$	451,819,679		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(6,488,671	)	$	—
Total	$	—		$	(6,488,671	)	$	—
Derivative Type
Assets(a)
Futures Contracts	$	3,079,880		$	—		$	—
Interest Rate Swap Contracts		—			88,211			—
Total	$	3,079,880		$	88,211		$	—
Liabilities(a)
Futures Contracts	$	(207,131	)	$	—		$	—
Interest Rate Swap Contracts		—			(84,018	)		—
Total	$	(207,131	)	$	(84,018	)	$	—

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

SHORT-TERM CONSERVATIVE INCOME
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Corporate Obligations	$	—	$	2,663,839,918	$	—
Municipal Debt Obligation		—		3,069,008		—
U.S. Treasury Obligations		49,962,891		—		—
Investment Company		1,482,128,137		—		—
Short-term Investments		—		2,054,306,411		—
Total	$	1,532,091,028	$	4,721,215,337	$	—

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, 2021. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

ENHANCED INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Variation margin on futures contracts	$	571,458	(a)	Variation margin on futures contracts	$	—
GOVERNMENT INCOME
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options at value	$	649,148	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(101,157)	(a)
HIGH QUALITY FLOATING RATE
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Variation margin on futures contracts	$	70,481	(a)	Variation margin on swap contracts; Variation margin on futures contracts	$	(16,842)	(a)
INFLATION PROTECTED SECURITIES
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	1,919,195	(a)	Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value	$	(835,100)	(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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4. INVESTMENTS IN DERIVATIVES (continued)

SHORT DURATION BOND
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Variation margin on futures contracts; Variation margin on swap contracts; Purchased options, at value	$	14,329,981	(a)	Variation margin on futures contracts; Variation margin on swap contracts; Written options, at value	$	(6,892,726)	(a)
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts		3,676,874	(a)	Variation margin on swap contracts		(424,072)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		2,782,780		Payable for unrealized loss on forward foreign currency exchange contracts		(3,111,083)
Total		$	20,789,635			$	(10,427,881)
SHORT DURATION GOVERNMENT
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest	Variation margin on futures contracts; Variation margin on swap contracts	$	3,168,091	(a)	Variation margin on futures contracts; Variation margin on swap contracts	$	(291,149)	(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.

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, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

ENHANCED INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts	$632,876	$	(1,018,747	)
GOVERNMENT INCOME
Risk	Statement of Operations	Net Realized Gain (Loss)	Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from purchased options, written options, futures contracts and swap contracts /Net change in unrealized gain (loss) on purchased options, written options, futures contracts and swap contracts	$(289,017)	$	(23,969	)

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

HIGH QUALITY FLOATING RATE
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) futures contracts and swap contracts	$	27,195		$	(85,715	)
INFLATION PROTECTED SECURITIES
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from purchased options, written options, futures contracts and swap contracts /Net change in unrealized gain (loss) on purchased options, written options, futures contracts and swap contracts	$	(23,564	)	$	929,370
SHORT DURATION BOND
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from purchased option contracts, futures contracts, swap contracts and written option contracts/Net change in unrealized gain (loss) on purchased option contracts, futures contracts, swap contracts and written option contracts	$	6,789,696		$	4,288,122
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		1,423,408			299,586
Currency	Net realized gain (loss) from forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		(1,239,419	)		(1,219,562	)
Total		$	6,973,685		$	3,368,146
SHORT DURATION GOVERNMENT
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts	$	(3,450,798	)	$	(3,077,695	)

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4. INVESTMENTS IN DERIVATIVES (continued)

For the six months ended September 30, 2021, the average notional par or face amount outstanding for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
Funds	Futures contracts		Forward Contracts		Swap Contracts		Purchased Swaptions		Written Swaptions
Enhanced Income		2,175	$	—	$	—	$	—	$	—
Government Income		479		—		30,076,667		36,993,333		60,848,333
High Quality Floating Rate		93		—		25,001,667		—		—
Inflation Protected Securities		369		—		146,845,000		29,123,333		46,213,333
Short Duration Bond		6,679		603,171,077		2,753,708,971		246,229,353		98,213,736
Short Duration Government		4,343		—		50,743,333		—		—

(a) Amounts disclosed represent average number of contracts for futures contracts or notional amounts for forward contracts, swap agreements, purchased and written swaptions, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives for the six months ended September 30, 2021.

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

A.  Management Agreements — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreements, 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, 2021, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate																		Effective Net Management Rate#
Fund	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion			Effective Rate
Enhanced Income		0.25	%		0.23	%		0.22	%		0.22	%		0.22	%		0.25	%		0.25	%
Government Income		0.53			0.48			0.45			0.44			0.44			0.53			0.48	+
High Quality Floating Rate		0.31			0.28			0.27			0.26			0.25			0.31			0.31
Inflation Protected Securities		0.26			0.23			0.22			0.22			0.21			0.26			0.26
Short Duration Bond		0.40			0.36			0.34			0.33			0.32			0.37			0.35
Short Duration Government		0.44			0.40			0.38			0.37			0.36			0.44			0.44
Short-Term Conservative Income		0.25			0.25			0.25			0.25			0.25			0.25			0.17	*

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

+ 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, 2022.

* 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, 2022.

The Funds invest in Institutional Shares of the Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”) and Goldman Sachs Financial Square Money Market Fund, which are affiliated Underlying Funds. GSAM

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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, 2021, the management fee waived by GSAM for each Fund was as follows:

Fund	Management Fee Waived
Enhanced Income	$	10,208
Government Income		27,897
High Quality Floating Rate		—
Inflation Protected Securities		11,687
Short Duration Bond		217,042
Short Duration Government		15,096
Short-Term Conservative Income		806,562

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

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

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

	Distribution and/ or Service Plan Rates
Fund	Class A*			Class C			Class R*			Service
Enhanced Income		0.15	%		—	%		—	%		—	%
Government Income		0.25			0.75			0.50			0.25
High Quality Floating Rate		0.15			—			—			0.25
Inflation Protected Securities		0.25			0.75			0.50			—
Short Duration Bond		0.25			0.75			0.50			—
Short Duration Government		0.25			0.75			—			0.25
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.

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Goldman Sachs has agreed to waive a portion of the distribution (12b-1) and service fees applicable to the Short Duration Government Fund’s and Short Duration Bond 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, 2022, 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, 2021, 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 Bond		566
Short Duration Government		2,316
Short-Term Conservative Income		—

D.  Administration, Service and/or Shareholder Administration Plans — The Trust, on behalf of each applicable Fund, has adopted Administration, Service and/or Shareholder Administration Plans to allow Administration, Preferred, Class C and Service Shares, as applicable, to compensate service organizations (including Goldman Sachs) for providing varying levels of account administration and/or personal and account maintenance services to their customers who are beneficial owners of such shares. The Administration, Service and Shareholder Administration Plans each provide for compensation to the service organizations equal to an annual percentage rate of 0.25%, 0.10%, 0.25% and 0.25 % of the average daily net assets attributable to Administration, Preferred, Class C or Service Shares of the Funds, as applicable.

Goldman Sachs implemented a voluntary temporary fee waiver equal to 0.25% and 0.10% of the Shareholder Administration Fees on the Administration and Preferred Shares of the Short-Term Conservative Income Fund, respectively. Such voluntary waiver may be discontinued or modified at any time without notice.

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 Administrative, Preferred, Institutional and Service Shares.

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, 2022, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

Effective July 29, 2021, 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 Short Duration Bond Fund through at least July 29, 2022, and prior to such date, Goldman Sachs may not terminate the arrangement without the approval of the Board of Trustees.

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

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 Bond, Short Duration Government and Short-Term Conservative Income Funds are 0.064%, 0.004%, 0.014%, 0.044%, 0.014%, 0.004% and 0.004%, respectively. These Other Expense limitations will remain in place through at least July 29, 2022, 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, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund	Management Fee Waiver		Class C Distribution and Service Fees		Transfer Agency Waivers/Credits		Other Expense Reimbursements		Total Expense Reductions
Enhanced Income	$	10,208	$	—	$	—	$	—	$	10,208
Government Income		71,597		—		9,381		273,015		353,993
High Quality Floating Rate		—		—		—		203,410		203,410
Inflation Protected Securities		11,687		—		—		105,625		117,312
Short Duration Bond		217,042		4,848		4,264		232,439		458,593
Short Duration Government		15,096		21,728		—		270,151		306,975
Short-Term Conservative Income		2,248,371		—		—		322,593		2,570,964

G.  Line of Credit Facility — As of September 30, 2021, the Funds participated in a $1,000,000,000 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, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

H.  Other Transactions with Affiliates — For the six months ended September 30, 2021, Goldman Sachs earned $3,698, $8,973, $1,033, $8,147, $10,200 and $1,359 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 Bond and Short Duration Government Funds, respectively.

As of September 30, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of 5% or more of total outstanding shares of the following Funds:

Fund	Administration			Preferred			Class R		Class R6
Short-Term Conservative Income		100	%		100	%		—		—

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6. PORTFOLIO SECURITIES TRANSACTIONS

The table below shows the transactions in and earnings from investments in the Underlying Funds for the six months ended September 30, 2021:

Fund	Underlying Funds	Beginning value as of March 31, 2021		Purchases at Cost		Proceeds from Sales			Realized Gain (Loss)			Change In Unrealized Gain (Loss)			Ending value as of September 30, 2021		Shares as of September 30, 2021		Dividend Income
Enhanced Income	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	—	$	376,359,053	$	(345,307,551	)	$	—		$	—		$	31,051,502	$	31,051,502	$	1,987
	Goldman Sachs Financial Square Money Market Fund — Institutional Shares		9,104		3		—			—			(3	)		9,104		9,099		2
Government Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		55,603,927		56,042,551		(110,572,252	)		—			—			1,074,226		1,074,226		4,891
Inflation Protected Securities	Goldman Sachs Financial Square Government Fund — Institutional Shares		—		100,829,866		(80,484,217	)		—			—			20,345,649		20,345,649		1,951
Short Duration Bond	Goldman Sachs Financial Square Government Fund — Institutional Shares		46,586,584		999,254,500		(728,431,094	)		—			—			317,409,990		317,409,990		23,283
	Goldman Sachs Access High Yield Corporate Bond ETF		37,754,867		—		—			—			60,347			37,815,214		754,343		841,643
	Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF		18,673,601		—		(1,257,941	)		(1,885	)		9,840			17,423,615		347,570		90,126
Short Duration Government	Goldman Sachs Financial Square Government Fund — Institutional Shares		—		255,213,739		(255,213,739	)		—			—			—		—		2,238
Short-Term Conservative Income	Goldman Sachs Financial Square Government Fund — Institutional Shares		1,093,711,993		5,312,150,411		(4,923,734,267	)		—			—			1,482,128,137		1,482,128,137		137,523

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

6. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The cost of purchases and proceeds from sales and maturities of long-term securities for the six months ended September 30, 2021, were:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Enhanced Income	$	—	$	138,829,136	$	561,900	$	32,537,730
Government Income		960,754,501		2,965,528		936,911,286		2,423,223
High Quality Floating Rate		38,693,146		31,933,858		10,967,793		14,903,438
Inflation Protected Securities		168,401,873		—		185,133,606		—
Short Duration Bond		2,322,641,504		410,460,129		2,283,927,462		587,520,794
Short Duration Government		1,980,289,980		—		2,197,933,246		—
Short-Term Conservative Income		76,717,953		828,903,606		26,823,689		1,137,789,384

7. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2021, the Funds’ capital loss carryforwards and certain timing differences a tax basis were as follows:

	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Short Duration Bond			Short Duration Government			Short-Term Conservative Income
Capital loss carryforwards
Perpetual Short-Term	$	(1,826,017	)	$	—		$	(4,561,220	)	$	—		$	—		$	(12,462,678	)	$	(5,251,310	)
Perpetual Long-Term		(2,090,311	)		—			(3,972,410	)		—			—			(18,686,979	)
Total capital loss carryforwards	$	(3,916,328	)	$	—		$	(8,533,630	)	$	—		$	—		$	(31,149,657	)	$	(5,251,310	)
Timing differences (Income Distributions Payable, Qualified Late Year Loss Deferral/Post October Loss Deferral and Straddle Loss Deferrals)	$	(46,211	)	$	(8,593,078	)	$	—		$	(11,899,160	)	$	(20,785,799	)	$	(6,703,849	)	$	(34,500	)

As of September 30, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Enhanced Income			Government Income			High Quality Floating Rate			Inflation Protected Securities			Short Duration Bond			Short Duration Government			Short-Term Conservative Income
Tax Cost	$	816,473,650		$	327,689,057		$	266,681,151		$	504,020,985		$	2,696,610,595		$	962,428,467		$	6,247,955,740
Gross unrealized gain		4,353,894			8,377,847			795,305			32,257,373			26,006,845			9,188,056			8,767,124
Gross unrealized loss		(2,592,447	)		(1,977,092	)		(355,842	)		(1,198,426	)		(6,191,785	)		(7,609,405	)		(3,416,499	)
Net unrealized gains (losses)	$	1,761,447		$	6,400,755		$	439,463		$	31,058,947		$	19,815,060		$	1,578,651		$	5,350,625

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7. TAX INFORMATION (continued)

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts and net mark to market gains (losses) on foreign currency contracts, and differences in the tax treatment of market discount accretion and premium amortization, inflation protected securities and swap transactions.

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, 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.

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; 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 problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

8. OTHER RISKS (continued)

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. The risks associated with changing interest rates may have unpredictable effects on the markets and a Fund’s investments. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds.

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 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

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9. INDEMNIFICATIONS (continued)

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

10. OTHER MATTERS

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting.” This ASU provides optional exceptions for applying GAAP to contract modifications, hedging relationships and other transactions affected reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. As of the financial reporting period, GSAM is currently evaluating the impact, if any, of applying ASU 2020-04.

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.

On October 12-13, 2021, soon after the close of the Reporting Period, the Board of Trustees of the Goldman Sachs Trust unanimously approved an Agreement and Plan of Reorganization that contemplates the reorganization of the Goldman Sachs High Quality Floating Rate Fund with and into the Goldman Sachs Enhanced Income Fund.

151

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS

	Enhanced Income Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		718,882		$	6,871,700			686,507		$	6,561,245
Reinvestment of distributions		3,336			31,881			11,232			106,960
Shares redeemed		(349,752	)		(3,341,695	)		(253,531	)		(2,408,937	)
		372,466			3,561,886			444,208			4,259,268
Administration Shares
Shares sold		85,235			821,569			1,239,718			11,863,312
Reinvestment of distributions		2,493			23,728			5,424			51,718
Shares redeemed		(1,269,276	)		(12,146,690	)		(215	)		(2,058	)
		(1,181,548	)		(11,301,393	)		1,244,927			11,912,972
Institutional Shares
Shares sold		20,087,501			191,764,079			28,808,534			275,013,838
Reinvestment of distributions		119,250			1,138,364			240,368			2,286,870
Shares redeemed		(7,115,975	)		(67,929,625	)		(17,262,599	)		(164,495,559	)
		13,090,776			124,972,818			11,786,303			112,805,149
Investor Shares
Shares sold		362,170			3,453,675			385,873			3,671,137
Reinvestment of distributions		2,750			26,227			10,200			96,912
Shares redeemed		(209,711	)		(1,999,864	)		(181,193	)		(1,723,073	)
		155,209			1,480,038			214,880			2,044,976
Class R6 Shares
Shares sold		467,263			4,461,757			2,378,037			22,527,484
Reinvestment of distributions		10,882			103,877			65,661			624,385
Shares redeemed		(1,740,078	)		(16,608,620	)		(3,519,367	)		(33,412,474	)
		(1,261,933	)		(12,042,986	)		(1,075,669	)		(10,260,605	)
Class P Shares
Shares sold		20,097,607			191,857,977			42,079,871			400,749,113
Reinvestment of distributions		111,688			1,066,090			366,105			3,486,142
Shares redeemed		(14,525,305	)		(138,666,532	)		(28,232,627	)		(269,318,396	)
		5,683,990			54,257,535			14,213,349			134,916,859
NET INCREASE		16,858,960		$	160,927,898			26,827,998		$	255,678,619

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Government Income Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		346,899		$	5,302,879			1,719,223		$	26,907,861
Reinvestment of distributions		16,818			256,989			42,889			669,366
Shares redeemed		(617,524	)		(9,426,461	)		(1,679,101	)		(26,160,459	)
		(253,807	)		(3,866,593	)		83,011			1,416,768
Class C Shares
Shares sold		9,198			140,500			123,850			1,940,266
Reinvestment of distributions		81			1,246			630			9,848
Shares redeemed		(37,368	)		(570,406	)		(284,166	)		(4,431,364	)
		(28,089	)		(428,660	)		(159,686	)		(2,481,250	)
Institutional Shares
Shares sold		1,157,325			17,653,342			9,109,190			142,361,864
Reinvestment of distributions		44,590			680,410			128,694			2,006,823
Shares redeemed		(2,556,201	)		(39,025,512	)		(10,946,632	)		(171,065,536	)
		(1,354,286	)		(20,691,760	)		(1,708,748	)		(26,696,849	)
Service Shares
Shares sold		145,513			2,211,240			403,357			6,302,297
Reinvestment of distributions		7,132			108,700			18,391			286,290
Shares redeemed		(232,751	)		(3,549,383	)		(776,572	)		(12,078,129	)
		(80,106	)		(1,229,443	)		(354,824	)		(5,489,542	)
Investor Shares
Shares sold		8,772			133,723			560,270			8,772,425
Reinvestment of distributions		1,713			26,156			8,034			125,554
Shares redeemed		(191,553	)		(2,918,467	)		(680,274	)		(10,646,670	)
		(181,068	)		(2,758,588	)		(111,970	)		(1,748,691	)
Class R6 Shares
Shares sold		75,794			1,154,581			519,916			8,123,561
Reinvestment of distributions		3,308			50,462			8,439			131,506
Shares redeemed		(113,083	)		(1,727,099	)		(456,570	)		(7,098,872	)
		(33,981	)		(522,056	)		71,785			1,156,195
Class R Shares
Shares sold		74,257			1,134,785			381,050			5,942,078
Reinvestment of distributions		2,743			41,872			7,416			115,649
Shares redeemed		(103,012	)		(1,572,125	)		(646,220	)		(10,074,982	)
		(26,012	)		(395,468	)		(257,754	)		(4,017,255	)
Class P Shares
Shares sold		6,761			102,700			302,776			4,743,407
Reinvestment of distributions		5,136			78,361			12,745			198,473
Shares redeemed		(149,356	)		(2,285,265	)		(322,904	)		(5,024,928	)
		(137,459	)		(2,104,204	)		(7,383	)		(83,048	)
NET DECREASE		(2,094,808	)	$	(31,996,772	)		(2,445,569	)	$	(37,943,672	)

153

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	High Quality Floating Rate Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		18,078		$	157,287			100,154		$	866,765
Reinvestment of distributions		17			148			3,880			33,444
Shares redeemed		(93,579	)		(814,138	)		(626,227	)		(5,329,431	)
		(75,484	)		(656,703	)		(522,193	)		(4,429,222	)
Institutional Shares
Shares sold		2,712,631			23,599,893			5,935,419			51,378,799
Reinvestment of distributions		4,667			40,598			28,884			249,496
Shares redeemed		(2,062,038	)		(17,939,736	)		(4,864,435	)		(42,115,897	)
		655,260			5,700,755			1,099,868			9,512,398
Service Shares
Shares sold		32			275			27			237
Reinvestment of distributions		—			—			10			85
Shares redeemed		(1,910	)		(16,671	)		—			—
		(1,878	)		(16,396	)		37			322
Investor Shares
Shares sold		51,368			445,874			122,401			1,061,551
Reinvestment of distributions		196			1,700			2,048			17,620
Shares redeemed		(109,773	)		(952,827	)		(414,165	)		(3,534,483	)
		(58,209	)		(505,253	)		(289,716	)		(2,455,312	)
Class R6 Shares
Shares sold		626,177			5,454,000			426,470			3,716,081
Reinvestment of distributions		1,166			10,161			1,673			14,487
Shares redeemed		(447,657	)		(3,899,095	)		(93,681	)		(807,407	)
		179,686			1,565,066			334,462			2,923,161
Class P Shares
Shares sold		9,809,907			85,444,286			6,080,840			52,765,266
Reinvestment of distributions		20,601			179,433			102,641			886,657
Shares redeemed		(4,413,054	)		(38,437,695	)		(9,390,448	)		(80,995,743	)
		5,417,454			47,186,024			(3,206,967	)		(27,343,820	)
NET INCREASE (DECREASE)		6,116,829		$	53,273,493			(2,584,509	)	$	(21,792,473	)

154

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Inflation Protected Securities Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,110,325		$	12,940,464			3,431,948		$	38,902,637
Reinvestment of distributions		107,576			1,240,350			26,720			306,591
Shares redeemed		(2,254,635	)		(26,231,433	)		(2,226,196	)		(25,257,369	)
		(1,036,734	)		(12,050,619	)		1,232,472			13,951,859
Class C Shares
Shares sold		79,481			903,529			94,008			1,047,418
Reinvestment of distributions		7,260			81,809			1,035			11,672
Shares redeemed		(25,661	)		(291,022	)		(86,335	)		(961,471	)
		61,080			694,316			8,708			97,619
Institutional Shares
Shares sold		3,891,012			45,938,913			8,960,956			103,001,296
Reinvestment of distributions		306,505			3,583,038			103,505			1,200,616
Shares redeemed		(3,938,636	)		(46,451,196	)		(7,684,937	)		(88,404,965	)
		258,881			3,070,755			1,379,524			15,796,947
Investor Shares
Shares sold		1,603,239			18,817,129			5,929,589			67,758,203
Reinvestment of distributions		208,754			2,423,631			54,886			632,926
Shares redeemed		(1,597,036	)		(18,791,484	)		(1,952,146	)		(22,434,755	)
		214,957			2,449,276			4,032,329			45,956,374
Class R6 Shares
Shares sold		3,049,874			36,119,807			6,428,838			74,013,840
Reinvestment of distributions		313,711			3,664,149			76,419			885,772
Shares redeemed		(1,691,556	)		(20,057,207	)		(1,864,000	)		(21,437,842	)
		1,672,029			19,726,749			4,641,257			53,461,770
Class R Shares
Shares sold		308,612			3,564,179			645,838			7,267,664
Reinvestment of distributions		46,115			528,937			8,466			96,736
Shares redeemed		(225,135	)		(2,609,267	)		(799,727	)		(8,940,114	)
		129,592			1,483,849			(145,423	)		(1,575,714	)
Class P Shares
Shares sold		263,885			3,137,228			2,317,114			26,355,528
Reinvestment of distributions		139,363			1,628,544			46,269			536,625
Shares redeemed		(101,612	)		(1,190,345	)		(889,424	)		(10,062,158	)
		301,636			3,575,427			1,473,959			16,829,995
NET INCREASE		1,601,441		$	18,949,753			12,622,826		$	144,518,850

155

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Bond Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,472,692		$	14,996,000			7,346,750		$	75,292,102
Reinvestment of distributions		41,319			421,007			80,674			825,741
Shares redeemed		(1,374,224	)		(14,003,432	)		(767,493	)		(7,847,234	)
		139,787			1,413,575			6,659,931			68,270,609
Class C Shares
Shares sold		69,176			704,218			204,916			2,101,081
Reinvestment of distributions		763			7,768			2,370			24,196
Shares redeemed		(35,131	)		(357,803	)		(87,876	)		(894,013	)
		34,808			354,183			119,410			1,231,264
Institutional Shares
Shares sold		4,619,232			47,144,479			28,121,177			288,700,675
Reinvestment of distributions		131,791			1,345,539			193,687			1,984,052
Shares redeemed		(14,154,178	)		(144,413,927	)		(6,120,044	)		(62,642,885	)
		(9,403,155	)		(95,923,909	)		22,194,820			228,041,842
Investor Shares
Shares sold		1,727,304			17,611,551			3,048,495			31,257,537
Reinvestment of distributions		18,867			192,550			25,886			265,221
Shares redeemed		(874,858	)		(8,926,996	)		(1,004,612	)		(10,291,540	)
		871,313			8,877,105			2,069,769			21,231,218
Class R6 Shares
Shares sold		295,260			3,013,511			771,298			7,864,878
Reinvestment of distributions		5,692			58,072			10,925			112,018
Shares redeemed		(118,227	)		(1,206,797	)		(112,141	)		(1,148,046	)
		182,725			1,864,786			670,082			6,828,850
Class R Shares
Shares sold		75,702			774,345			270,015			2,775,581
Reinvestment of distributions		86			866			1,838			18,891
Shares redeemed		(3,786	)		(38,654	)		(268,040	)		(2,771,192	)
		72,002			736,557			3,813			23,280
Class P Shares
Shares sold		52,277,425			533,492,835			214,563,569			2,193,098,631
Reinvestment of distributions		1,377,617			14,057,444			3,068,323			31,402,380
Shares redeemed		(40,645,170	)		(414,700,162	)		(89,525,895	)		(917,367,833	)
		13,009,872			132,850,117			128,105,997			1,307,133,178
NET INCREASE		4,907,352		$	50,172,414			159,823,822		$	1,632,760,241

156

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12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short Duration Government Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		392,410		$	3,905,673			5,692,316		$	57,024,071
Reinvestment of distributions		12,430			123,917			73,743			738,968
Shares redeemed		(2,437,368	)		(24,245,815	)		(4,281,453	)		(42,901,558	)
		(2,032,528	)		(20,216,225	)		1,484,606			14,861,481
Class C Shares
Shares sold		72,848			719,021			853,632			8,491,586
Reinvestment of distributions		352			3,491			6,503			64,727
Shares redeemed		(298,554	)		(2,951,309	)		(791,231	)		(7,870,701	)
		(225,354	)		(2,228,797	)		68,904			685,612
Institutional Shares
Shares sold		12,938,614			128,453,913			38,476,280			384,079,462
Reinvestment of distributions		126,977			1,260,422			455,332			4,546,020
Shares redeemed		(25,813,045	)		(255,715,371	)		(22,795,947	)		(227,457,990	)
		(12,747,454	)		(126,001,036	)		16,135,665			161,167,492
Service Shares
Shares sold		99,209			983,241			382,348			3,816,553
Reinvestment of distributions		641			6,366			6,313			62,964
Shares redeemed		(173,526	)		(1,717,232	)		(275,680	)		(2,748,662	)
		(73,676	)		(727,625	)		112,981			1,130,855
Investor Shares
Shares sold		282,989			2,824,878			2,674,784			26,815,447
Reinvestment of distributions		9,667			96,318			43,437			435,568
Shares redeemed		(857,795	)		(8,546,347	)		(2,707,097	)		(27,137,998	)
		(565,139	)		(5,625,151	)		11,124			113,017
Class R6 Shares
Shares sold		307,407			3,051,781			1,210,169			12,086,008
Reinvestment of distributions		4,787			47,506			15,938			159,159
Shares redeemed		(496,352	)		(4,922,326	)		(823,772	)		(8,227,718	)
		(184,158	)		(1,823,039	)		402,335			4,017,449
Class P Shares
Shares sold		3,900,257			38,598,407			19,703,647			196,620,829
Reinvestment of distributions		101,368			1,005,565			445,377			4,446,043
Shares redeemed		(8,656,325	)		(85,838,617	)		(20,263,891	)		(202,287,699	)
		(4,654,700	)		(46,234,645	)		(114,867	)		(1,220,827	)
NET INCREASE (DECREASE)		(20,483,009	)	$	(202,856,518	)		18,100,748		$	180,755,079

157

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

12. SUMMARY OF SHARE TRANSACTIONS (continued)

	Short-Term Conservative Income Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		2,027,767		$	20,414,153			16,307,415		$	163,831,667
Reinvestment of distributions		3,123			31,451			39,046			392,428
Shares redeemed		(5,363,132	)		(54,000,627	)		(8,545,439	)		(85,987,966	)
		(3,332,242	)		(33,555,023	)		7,801,022			78,236,129
Administration Shares
Shares sold		—			—			3,807			37,888
Reinvestment of distributions		4			39			286			2,862
Shares redeemed		—			—			(107,187	)		(1,078,301	)
		4			39			(103,094	)		(1,037,551	)
Preferred Shares
Reinvestment of distributions		4			39			18			185
Institutional Shares
Shares sold		350,493,796			3,529,936,676			294,511,957			2,966,491,798
Reinvestment of distributions		358,095			3,606,931			1,118,156			11,241,129
Shares redeemed		(309,492,502	)		(3,117,210,968	)		(186,168,577	)		(1,873,704,607	)
		41,359,389			416,332,639			109,461,536			1,104,028,320
Investor Shares
Shares sold		4,965,332			50,000,901			20,375,798			204,988,191
Reinvestment of distributions		8,700			87,469			79,503			799,305
Shares redeemed		(6,114,013	)		(61,568,110	)		(20,232,410	)		(203,757,282	)
		(1,139,981	)		(11,479,740	)		222,891			2,030,214
Class R6 Shares
Shares sold		7,448,890			75,010,339			7,938,481			80,019,849
Reinvestment of distributions		34,459			347,233			205,664			2,068,084
Shares redeemed		(17,762,166	)		(179,016,817	)		(5,260,764	)		(53,010,522	)
		(10,278,817	)		(103,659,245	)		2,883,381			29,077,411
Class P Shares
Shares sold		109,881,031			1,105,662,842			309,913,065			3,117,152,461
Reinvestment of distributions		370,044			3,723,233			1,675,142			16,830,884
Shares redeemed		(145,929,888	)		(1,468,988,691	)		(196,039,752	)		(1,971,408,653	)
		(35,678,813	)		(359,602,616	)		115,548,455			1,162,574,692
NET INCREASE (DECREASE)		(9,070,456	)	$	(91,963,907	)		235,814,209		$	2,374,909,400

158

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2021 (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, 2021 through September 30, 2021, 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 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*
Class A
Actual	$	1,000.00	$	1,000.90		$	2.91	$	1,000.00	$	1,009.60		$	4.23	$	1,000.00	$	1,000.00		$	2.96	$	1,000.00	$	1,047.10		$	3.44
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	+		2.99		1,000.00		1,022.16	+		3.40
Class C
Actual		—		—			—		1,000.00		1,005.80			7.94		—		—			—		1,000.00		1,042.40			7.27
Hypothetical 5% return		—		—			—		1,000.00		1,017.15	+		7.99		—		—			—		1,000.00		1,017.95	+		7.18
Administration
Actual	$	1,000.00	$	1,000.80		$	3.01		—		—			—		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		1,022.06	+		3.04		—		—			—		—		—			—		—		—			—
Institutional
Actual		1,000.00		1,002.00			1.76		1,000.00		1,011.90			2.62		1,000.00		1,001.10			1.81		1,000.00		1,049.30			1.75
Hypothetical 5% return		1,000.00		1,023.31	+		1.78		1,000.00		1,022.46	+		2.64		1,000.00		1,023.26	+		1.83		1,000.00		1,023.36	+		1.72
Service
Actual		—		—			—		1,000.00		1,008.70			5.19		1,000.00		997.70			4.36		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,019.90	+		5.22		1,000.00		1,020.71	+		4.41		—		—			—
Investor
Actual		1,000.00		1,001.60			2.16		1,000.00		1,011.60			2.92		1,000.00		1,000.70			2.26		1,000.00		1,048.30			2.16
Hypothetical 5% return		1,000.00		1,022.91	+		2.18		1,000.00		1,022.16	+		2.94		1,000.00		1,022.81	+		2.28		1,000.00		1,022.96	+		2.13
Class R6
Actual		1,000.00		1,002.10			1.71		1,000.00		1,011.90			2.62		1,000.00		1,001.20			1.76		1,000.00		1,048.40			1.69
Hypothetical 5% return		1,000.00		1,023.36	+		1.72		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		1,009.00			5.49		—		—			—		1,000.00		1,046.40			4.72
Hypothetical 5% return		—		—			—		1,000.00		N/A	+		5.52		—		—			—		1,000.00		1,020.46	+		4.66
Class P
Actual		1,000.00		1,002.10			1.71		1,000.00		1,011.90			2.62		1,000.00		1,001.20			1.76		1,000.00		1,048.40			1.69
Hypothetical 5% return		1,000.00		1,023.36	+		1.72		1,000.00		1,023.36	+		2.64		1,000.00		1,023.36	+		1.78		1,000.00		1,023.36	+		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, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

+ 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.

	Class A			Class C			Administration			Institutional			Service			Investor			Class R6			Class R			Class P
Enhanced Income		0.58	%		—	%		0.60	%		0.35	%		—	%		0.43	%		0.34	%		—	%		0.34	%
Government Income		0.84			1.58			—			0.52			1.03			0.58			0.52			1.09			0.52
High Quality Floating Rate		0.59			—			—			0.36			0.87			0.45			0.35			—			0.35
Inflation Protected Securities		0.67			1.42			—			0.34			—			0.42			0.33			0.92			0.33

159

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September 30, 2021 (Unaudited) (continued)

	Short Duration Bond Fund							Short Duration Government Fund							Short-Term Conservative Income Fund
Share Class	Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*
Class A
Actual	$	1,000.00	$	1,008.90		$	3.68	$	1,000.00	$	993.50		$	4.05	$	1,000.00	$	999.30		$	2.21
Hypothetical 5% return		1,000.00		1,021.01	+		3.70		1,000.00		1,021.01	+		4.10		1,000.00		1,021.01	+		2.23
Class C
Actual		1,000.00		1,006.90			5.69		1,000.00		992.20			6.04		—		—			—
Hypothetical 5% return		1,000.00		1,019.40	+		5.72		1,000.00		1,019.00	+		6.12		—		—			—
Administration
Actual		—		—			—		—		—			—		1,000.00		1,000.50			1.05
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,024.02	+		1.07
Preferred
Actual		—													$	1,000.00	$	1,000.40		$	1.05
Hypothetical 5% return		—		—			—		—		—			—		1,000.00		1,024.02	+		1.07
Institutional
Actual		1,000.00		1,010.50			2.07		1,000.00		996.10			2.40		1,000.00		1,001.40			1.10
Hypothetical 5% return		1,000.00		1,023.01	+		2.08		1,000.00		1,022.66	+		2.43		1,000.00		1,023.97	+		1.12
Service
Actual		—		—			—		1,000.00		993.70			4.90		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,020.16	+		4.96		—		—			—
Investor
Actual		1,000.00		1,011.10			2.42		1,000.00		994.70			2.80		1,000.00		1,001.00			1.50
Hypothetical 5% return		1,000.00		1,022.66	+		2.43		1,000.00		1,022.26	+		2.84		1,000.00		1,023.56	+		1.52
Class R6
Actual		1,000.00		1,010.60			2.02		1,000.00		996.20			2.35		1,000.00		1,001.40			1.05
Hypothetical 5% return		1,000.00		1,023.06	+		2.03		1,000.00		1,022.71	+		2.38		1,000.00		1,024.02	+		1.07
Class R
Actual		1,000.00		1,008.60			4.93		—		—			—		—		—			—
Hypothetical 5% return		1,000.00		N/A	+		4.96		—		—			—		—		—			—
Class P
Actual		1,000.00		1,010.60			2.02		1,000.00		996.20			2.35		1,000.00		1,000.50			1.05
Hypothetical 5% return		1,000.00		1,022.71	+		2.03		1,000.00		1,022.71	+		2.38		1,000.00		1,022.71	+		1.07

* 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, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

+ 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 Bond		0.73	%		1.13	%		0.40	%		—	%		0.41	%		—	%		0.48	%		—	%		0.98	%		0.40	%
Short Duration Government		0.81			1.21			—			—			0.48			0.98			0.56			0.47			—			0.47
Short-Term Conservative		0.44			—			0.21			0.21			0.22			—			0.30			0.21			—			0.21

160

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 Bond Fund (formerly, 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, 2022 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 15-16, 2021 (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 Bond 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;

161

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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

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

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

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

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

(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 capabilities. 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.

162

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, 2020, and updated performance information prepared by the Investment Adviser using the peer groups identified by the Outside Data Provider as of March 31, 2021. 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 Bond 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 observed that the Enhanced Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. They considered that the Government 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 third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2021. The Trustees noted that the Government Income Fund had experienced certain portfolio management changes in 2020. They observed that the High Quality Floating Rate Fund’s Institutional Shares 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, and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. The Trustees considered that the Inflation Protected Securities Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and ten-year periods, in the third quartile for the five-year period, and in the fourth quartile for the one-year period, and had underperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. They noted that the Inflation Protected Securities Fund had experienced certain portfolio management changes in 2020. The Trustees observed that the Short Duration Government Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. They considered that the Short Duration Bond Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2021. The Trustees noted that the Fund had experienced changes to its name, principal investment strategy, and benchmark index in 2021. They observed that the Short-Term Conservative Income Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the three- and five-year periods and in the third quartile for the one-year period, and had outperformed the Fund’s benchmark index for the one-, three-, and five-year periods ended March 31, 2021.

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 Short Duration Bond Fund that would have the effect of decreasing expenses of Class A, Class C, Investor,

163

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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

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.

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 2020 and 2019, 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 Bond Fund			Short Duration Government Fund
First $1 billion		0.25	%		0.53	%		0.31	%		0.26	%		0.40	%		0.44	%
Next $1 billion		0.23			0.48			0.28			0.23			0.36			0.40
Next $3 billion		0.22			0.45			0.27			0.22			0.34			0.38
Next $3 billion		0.22			0.44			0.26			0.22			0.33			0.37
Over $8 billion		0.22			0.44			0.25			0.21			0.32			0.36

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 to limit certain expenses of the Funds that exceed specified levels, as well as Goldman Sachs & Co. LLC’s (“Goldman Sachs”) undertaking to waive a portion of the distribution and service fees paid by the Short Duration Government Fund’s and the Short Duration Bond Fund’s Class C shares and a portion of the transfer agency fees paid by the Government Income Fund’s and Short Duration Bond 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. They also noted that the Investment Adviser had passed along savings to shareholders of the Short Duration Government Fund and Short Duration Bond Fund, which had asset levels above at least the first breakpoint during the prior fiscal year.

The Trustees noted that the Short-Term Conservative Income 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

164

GOLDMAN SACHS SHORT DURATION AND GOVERNMENT FIXED INCOME FUNDS

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

the peer group; and the Investment Adviser’s undertakings to waive a portion of its management fee and to limit certain expenses of the Fund that exceed a specified level.

Other Benefits to the Investment Adviser and Its Affiliates

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; (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 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, 2022.

165

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of September 30, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 Bond Fund⁴

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ 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 Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity 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 Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado Eileen H. Dowling* James A. McNamara Roy W. Templin Gregory G. Weaver * Effective October 1, 2021	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, 2021 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk.

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.

© 2021 Goldman Sachs. All rights reserved. 259724-OTU-1514013 SDFISAR-21

Goldman Sachs Funds

Semi-Annual Report	September 30, 2021
	Single Sector Fixed Income Funds
	Emerging Markets Debt
	High Yield
	High Yield Floating Rate
	Investment Grade Credit
	Local Emerging Markets Debt
	U.S. Mortgages

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	2
Schedules of Investments	12
Financial Statements	93
Financial Highlights	100
Emerging Markets Debt	100
High Yield	106
High Yield Floating Rate	114
Investment Grade Credit	121
Local Emerging Markets Debt	127
U.S. Mortgages	133
Notes to the Financial Statements	139
Other Information	173

NOT FDIC-INSURED May Lose Value No Bank Guarantee

Single Sector Fixed Income Funds

The following are highlights both of key factors affecting the fixed income market and of any changes made to the Goldman Sachs Single Sector Fixed Income Funds (the “Funds”) during the six months ended September 30, 2021 (the “Reporting Period”). A fuller review of the market and these changes will appear in the Funds’ annual shareholder report covering the 12 months ended March 31, 2022.

Market Review

∎ The broad U.S. fixed income market, as measured by the Bloomberg U.S. Aggregate Bond Index, posted a return of 1.88% during the Reporting Period, significantly underperforming the broad U.S. equity market.

∎ Early in the Reporting Period, global central banks generally remained accommodative, with the U.S. Federal Reserve (“Fed”) indicating it needed to see “substantial progress” on its employment and inflation goals before altering U.S. monetary policy.

∎ Remarkably strong U.S. inflation data, deemed “transitory” by the Fed, a disappointing U.S. jobs report released in April 2021 and the spread of the COVID-19 Delta variant suggested pandemic-related dynamics could continue distorting economic data as the Reporting Period progressed.

∎ In September 2021, as inflationary trends continued, driven by a sharp rise in energy prices and persistent supply-chain bottlenecks, developed markets central banks delivered or hinted at sooner than previously consensus expected policy normalization, with the Fed stating it might start raising interest rates during 2022 and the tapering of its asset purchases “may soon be warranted.”

∎ Shorter-term U.S. Treasury yields rose modestly during the Reporting Period overall, while intermediate- and longer-term U.S. Treasury yields fell moderately.

∎ Corporate bonds, both investment grade and high yield, outperformed U.S. Treasuries during the Reporting Period. So, too, did Treasury inflation protected securities and emerging markets debt. Securitized assets, including mortgage-backed securities and asset-backed securities, underperformed U.S. Treasuries during the Reporting Period.

Fund Changes and Highlights

Goldman Sachs U.S. Mortgages Fund

∎ Effective March 31, 2021, Christopher Creed no longer served as a portfolio manager for the Fund. Christopher J. Hogan and Matthew T. Kaiser continue to serve as portfolio managers for the Fund.

∎ The Fund reduced its exposure in Agency Mortgage Backed Securities (MBS) and deployed them in U.S. Treasuries based on our views on MBS.

1

FUND BASICS

Emerging Markets Debt Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	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		3.77	%		3.33	%		3.21	%		3.13	%
Class C		3.47			3.33			2.59			2.52
Institutional		4.01			3.33			3.66			3.62
Investor		3.90			3.33			3.62			3.54
Class R6		4.02			3.33			3.67			3.63
Class P		3.93			3.33			3.67			3.63

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.

2

FUND BASICS

TOP TEN COUNTRY ALLOCATION†
	Percentage of Net Assets
	As of 9/30/21			As of 3/31/21
Mexico		6.1	%		6.6	%
Turkey		4.6			4.8
Indonesia		4.3			4.0
Ukraine		3.4			3.3
Colombia		3.2			3.1
United Arab Emirates		3.1			3.1
Egypt		2.8			3.8
Dominican Republic		2.8			3.0
Nigeria		2.7			2.0
Romania		2.7			1.9
Other		55.4			51.5

^†  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 2.2% as of 9/30/21 and 5.5% as of 3/31/21. 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.

3

FUND BASICS

High Yield Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg U.S. High-Yield 2% Issuer Capped Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		3.38	%		3.65	%		2.89	%		2.79	%
Class C		2.99			3.65			2.27			2.16
Institutional		3.52			3.65			3.31			3.25
Service		3.26			3.65			2.81			2.74
Investor		3.66			3.65			3.27			3.16
Class R6		3.52			3.65			3.32			3.26
Class R		3.41			3.65			2.77			2.66
Class P		3.52			3.65			3.32			3.26

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 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.

4

FUND BASICS

TOP TEN ISSUERS AS OF 9/30/21‡
Company	% of Net Assets			Line of Business
iShares Fallen Angels USD Bond ETF (NR/NR)		0.7	%	Exchange-Traded Fund
CSC Holdings LLC (B+/B3)		0.7		Media
Occidental Petroleum Corp. (BB/Ba2)		0.7		Oil Field Services
CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)		0.7		Media
Bausch Health Americas, Inc. (B/B3)		0.7		Pharmaceuticals
Transocean, Inc. (CCC+/Caa3)		0.5		Oil Field Services
Kraft Heinz Foods Co. (BB+/Baa3)		0.5		Food & Drug Retailing
Continental Resources, Inc. (BB+/Ba1u)		0.4		Oil Field Services
Sprint Corp. (BB+/Ba2)		0.4		Telecommunication Services
Occidental Petroleum Corp. (BB/Ba2)		0.4		Oil Field Services

^‡  The top 10 holdings may not be representative of the Fund’s future investments.

TOP TEN INDUSTRY ALLOCATION†
	Percentage of Net Assets
	as of 9/30/21			as of 3/31/21
Oil Field Services		7.4	%		7.2	%
Media		6.6			6.4
Telecommunication Services		5.4			6.4
Retailing		5.1			4.0
Diversified Financial Services		5.0			3.6
Pipelines		4.9			4.7
Automotive		4.8			4.7
Food & Drug Retailing		4.3			4.5
Healthcare Providers & Services		3.7			3.6
Commercial Services		3.5			2.8
Others		44.1			44.8

^†  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in exchange-traded funds, other investment companies, and securities lending reinvestment vehicle of 5.5% as of 9/30/21 and investments in exchange-traded funds, other investment companies, and securities lending reinvestment vehicle of 6.0% as of 3/31/21. 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.

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

High Yield Floating Rate Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Credit Suisse Leveraged Loan Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		1.96	%		2.58	%		2.94	%		2.92	%
Class C		1.47			2.58			2.25			2.23
Institutional		2.02			2.58			3.33			3.31
Investor		1.98			2.58			3.25			3.23
Class R6		2.14			2.58			3.34			3.32
Class R		1.85			2.58			2.78			2.75
Class P		2.14			2.58			3.34			3.32

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

²  The 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 9/30/21			as of 3/31/21
Technology – Software/Services		8.7	%		13.1	%
Commercial Services		5.0			3.5
Telecommunication Services		5.0			4.2
Technology – Software		4.8			2.0
Diversified Financial Services		4.3			4.1
Chemicals		4.0			5.2
Health Care – Services		3.9			4.8
Packaging		3.2			3.5
Building Materials		3.0			3.2
Automotive – Parts		2.9			2.8
Other		43.7			47.4

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

6

FUND BASICS

Investment Grade Credit Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg U.S. Credit Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		3.64	%		3.30	%		1.26	%		1.18	%
Institutional		3.81			3.30			1.63			1.55
Separate Account Institutional		3.71			3.30			1.65			1.57
Investor		3.77			3.30			1.56			1.48
Class R6		3.81			3.30			1.65			1.57
Class P		3.81			3.30			1.65			1.57

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 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.

7

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. 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.

TOP TEN INDUSTRY ALLOCATION†
	Percentage of Net Assets
	as of 9/30/21			as of 3/31/21
Banks		23.2	%		23.6	%
Telecommunication Services		8.0			8.7
Oil Field Services		4.3			4.4
Electrical		4.2			3.8
Diversified Financial Services		4.0			4.1
Pipelines		3.8			4.5
Beverages		3.7			3.8
Real Estate Investment Trust		3.6			3.3
Computers		3.5			3.2
Pharmaceuticals		2.8			4.5
Other		34.6			33.4

^†  The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. The table does not include investments in other investment companies of 2.8% as of 9/30/21 and 0.0% as of 3/31/21. 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.

8

FUND BASICS

Local Emerging Markets Debt Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	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		0.48	%		0.32	%		3.65	%		3.28	%
Class C		-0.08			0.32			3.05			2.67
Institutional		0.45			0.32			4.13			3.78
Investor		0.60			0.32			4.07			3.69
Class R6		0.63			0.32			4.14			3.78
Class P		0.63			0.32			4.13			3.77

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 9/30/21			as of 3/31/21
China		14.0	%		13.3	%
Thailand		9.4			8.8
South Africa		8.3			8.3
Russia		7.5			5.4
United States		6.3			3.9
Poland		6.2			6.6
United Kingdom		4.9			5.4
Mexico		4.6			5.4
Colombia		3.8			4.4
Czech Republic		3.5			3.5
Other		18.0			19.7

^†  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 4.4% as of 9/30/21 and 7.8% as of 3/31/21. 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.

9

FUND BASICS

U.S. Mortgages Fund

as of September 30, 2021

PERFORMANCE REVIEW
April 1, 2021–September 30, 2021	Fund Total Return (based on NAV)1			Bloomberg U.S. Securitized Bond Index2			30-Day Standardized Subsidized Yield3			30-Day Standardized Unsubsidized Yield3
Class A		0.36	%		0.53	%		0.62	%		0.57	%
Institutional		0.43			0.53			0.98			0.92
Separate Account Institutional		0.43			0.53			0.99			0.93
Investor		0.39			0.53			0.90			0.84
Class R6		0.43			0.53			0.98			0.92
Class P		0.43			0.53			0.99			0.93

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

²  The Bloomberg 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.

10

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. 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.

^(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.

11

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – 64.6%
Angola – 0.8%
	Republic of Angola (NR/B3)(a)
$	6,800,000		8.250	%		05/09/28	$	7,037,150
	Republic of Angola (CCC+/B3)
	1,080,000		9.125	(a)		11/26/49		1,093,703
	2,680,000		9.125			11/26/49		2,714,002
								10,844,855
Argentina(b) – 1.4%
	Republic of Argentina (CCC+/NR)
EUR	120,088		0.500			07/09/29		53,416
$	1,479,348		1.000			07/09/29		566,590
EUR	3,559,900		0.125			07/09/30		1,484,500
$	20,284,677		0.500	(c)		07/09/30		7,403,907
	25,840,015		1.125	(c)		07/09/35		8,423,845
	384,455		2.500	(c)		07/09/41		140,134
								18,072,392
Armenia(a) – 0.3%
	Republic of Armenia (NR/NR)
	2,100,000		3.950			09/26/29		2,042,250
	Republic of Armenia (NR/Ba3)
	2,150,000		3.600			02/02/31		2,030,137
								4,072,387
Azerbaijan – 0.8%
	Republic of Azerbaijan (NR/Ba2u)
	2,914,000		4.750			03/18/24		3,105,778
	7,600,000		3.500			09/01/32		7,741,550
								10,847,328
Bahrain – 1.3%
	Kingdom of Bahrain (B+/NR)(a)
	1,950,000		4.250			01/25/28		1,923,188
	3,040,000		5.250			01/25/33		2,884,200
	Kingdom of Bahrain (B+/B2u)
	3,440,000		7.375	(a)		05/14/30		3,811,520
	1,380,000		7.375			05/14/30		1,529,040
	4,410,000		5.625	(a)		09/30/31		4,369,483
	340,000		5.625			09/30/31		336,876
	1,870,000		5.450	(a)		09/16/32		1,813,900
	680,000		5.450			09/16/32		659,600
								17,327,807
Belarus(a) – 0.2%
	Republic of Belarus Ministry of Finance (NR/NR)
	1,400,000		5.875			02/24/26		1,309,000
	Republic of Belarus Ministry of Finance (B/NR)
	1,580,000		6.378			02/24/31		1,386,450
								2,695,450
Belize(a)(d) – 0.1%
	Republic of Belize (D/Caa3)
	2,569,169		4.938			02/20/34		1,269,009
Benin – 0.8%
	Benin Government International Bond (NR/NR)(a)
EUR	5,000,000		4.950			01/22/35		5,631,752
Sovereign Debt Obligations – (continued)
Benin – (continued)
	Benin Government International Bond (B+/NR)
EUR	3,830,000		4.875	(a)		01/19/32		4,414,298
	360,000		4.875			01/19/32		414,921
								10,460,971
Bermuda(a)(b) – 0.3%
	Bermuda Government Bond (A+/A2)
$	1,900,000		2.375			08/20/30		1,884,325
	1,890,000		3.375			08/20/50		1,893,898
								3,778,223
Bolivia – 0.0%
	Republic of Bolivian (B+/B2)
	200,000		4.500			03/20/28		180,538
Brazil – 0.4%
	Republic of Brazil (BB-/Ba2)
	4,470,000		3.875			06/12/30		4,328,357
	1,530,000		4.750	(b)		01/14/50		1,351,468
								5,679,825
Cameroon(a) – 0.5%
	Republic Of Cameroon (B-/NR)
EUR	5,640,000		5.950			07/07/32		6,392,224
Cayman Islands(a) – 0.0%
	Maldives Sukuk Issuance Ltd. (NR/Caa1)
$	600,000		9.875			04/08/26		606,750
Chile(b) – 0.2%
	Republic of Chile (A/A1)
	390,000		3.500			01/25/50		389,951
	2,180,000		3.100			01/22/61		1,965,815
								2,355,766
Colombia(b) – 2.6%
	Republic of Colombia (BB+/Baa2)
	1,990,000		4.500			03/15/29		2,096,092
	4,620,000		3.000			01/30/30		4,352,329
	10,880,000		3.125			04/15/31		10,171,440
	1,300,000		3.250			04/22/32		1,210,950
	920,000		5.625			02/26/44		958,410
	2,490,000		5.000			06/15/45		2,424,326
	10,370,000		4.125			05/15/51		8,936,347
	4,510,000		3.875			02/15/61		3,646,899
								33,796,793
Costa Rica(a) – 0.1%
	Republic of Costa Rica (B/B2)
	1,080,000		6.125			02/19/31		1,107,878
Dominican Republic – 2.6%
	Dominican Republic (NR/NR)
DOP	8,900,000		18.500	(a)		02/04/28		255,697
	152,600,000		10.750			08/11/28		3,445,686
	Dominican Republic (BB-/Ba3)
$	450,000		6.875			01/29/26		519,272
	1,500,000		8.625			04/20/27		1,809,656
	4,750,000		4.500	(a)		01/30/30		4,819,172

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)
Dominican Republic – (continued)
	Dominican Republic (BB-/Ba3) – (continued)
$	150,000		4.875	% (a)		09/23/32	$	153,028
	3,160,000		6.850	(a)		01/27/45		3,525,968
	6,499,000		6.850			01/27/45		7,251,665
	8,760,000		6.500	(a)		02/15/48		9,358,418
	360,000		6.400	(a)		06/05/49		381,218
	1,760,000		5.875			01/30/60		1,718,530
								33,238,310
Ecuador – 1.8%
	Republic of Ecuador (B-/NR)
	3,532,360		0.000	(a)(e)		07/31/30		1,836,827
	630,000		0.000	(e)		07/31/30		327,600
	993,040		5.000	(a)(c)		07/31/30		831,671
	920,000		5.000	(c)		07/31/30		770,500
	14,798,455		1.000	(a)(c)		07/31/35		9,840,973
	6,110,000		1.000	(c)		07/31/35		3,971,500
	10,221,936		0.500	(a)(c)		07/31/40		5,921,056
	20,000		0.500	(c)		07/31/40		11,585
								23,511,712
Egypt – 2.9%
	Republic of Egypt (NR/B2)
	1,450,000		7.500			01/31/27		1,524,312
	Republic of Egypt (B/NR)
EUR	120,000		4.750			04/11/25		141,087
	1,770,000		6.375	(a)		04/11/31		2,004,148
	499,000		6.375			04/11/31		565,011
	Republic of Egypt (B/B2)(a)
$	1,930,000		5.875			02/16/31		1,761,125
	1,090,000		7.500			02/16/61		948,300
	Republic of Egypt (B/B2u)
EUR	8,360,000		4.750	(a)		04/16/26		9,695,910
	340,000		5.625	(a)		04/16/30		375,132
	7,200,000		5.625			04/16/30		7,943,964
$	3,610,000		7.625	(a)		05/29/32		3,573,900
	2,850,000		8.700	(a)		03/01/49		2,750,250
	990,000		8.700			03/01/49		955,350
	4,750,000		8.875	(a)		05/29/50		4,679,225
								36,917,714
El Salvador – 0.6%
	Republic of El Salvador (B-/Caa1)
	580,000		6.375			01/18/27		433,550
	370,000		8.250			04/10/32		281,200
	290,000		7.625			02/01/41		205,900
	610,000		7.125	(b)		01/20/50		420,900
	5,270,000		9.500	(a)(b)		07/15/52		4,110,600
	2,120,000		9.500	b)		07/15/52		1,653,600
								7,105,750
Ethiopia – 0.1%
	Ethiopia International Bond (CCC+/Caa1)
	1,510,000		6.625			12/11/24		1,305,018
Gabon – 0.4%
	Republic of Gabon (NR/Caa1)(a)
	2,760,000		6.625			02/06/31		2,711,355
Sovereign Debt Obligations – (continued)
Gabon – (continued)
	Republic of Gabon (NR/NR)
	1,854,118		6.375			12/12/24		1,970,927
								4,682,282
Ghana – 1.4%
	Republic of Ghana (NR/B1)
	1,970,000		10.750			10/14/30		2,374,219
	Republic of Ghana (B-/B3)
	2,370,000		6.375	(a)		02/11/27		2,207,062
	800,000		7.750	(a)		04/07/29		760,000
	2,660,000		8.625	(a)		04/07/34		2,513,700
	1,410,000		8.875	(a)		05/07/42		1,300,725
	1,930,000		7.750			04/07/29		1,833,500
	1,120,000		7.625			05/16/29		1,062,460
	210,000		8.627	(a)		06/16/49		187,727
	379,000		8.627			06/16/49		338,802
	Republic of Ghana (B-/B3u)
	4,640,000		8.125	(a)		03/26/32		4,385,670
	490,000		8.125			03/26/32		463,142
	440,000		8.950			03/26/51		400,483
								17,827,490
Guatemala – 1.6%
	Republic of Guatemala (BB-/Ba1)
	4,640,000		4.500			05/03/26		4,949,720
	7,400,000		4.375	(a)		06/05/27		7,877,762
	350,000		4.375			06/05/27		372,597
	6,120,000		6.125	(a)(b)		06/01/50		7,037,235
								20,237,314
Honduras – 0.3%
	Republic of Honduras (BB-/B1)
	1,310,000		7.500	(a)		03/15/24		1,379,840
	1,120,000		7.500			03/15/24		1,179,710
	1,170,000		5.625	(a)(b)		06/24/30		1,215,191
								3,774,741
Hungary – 0.3%
	Hungary Government International Bond (BBB/Baa2)
EUR	3,250,000		1.750			06/05/35		3,948,869
Indonesia – 3.1%
	Perusahaan Penerbit SBSN (BBB/Baa2)(a)
$	25,540,000		4.400			03/01/28		29,080,482
	2,530,000		3.800			06/23/50		2,570,006
EUR	1,950,000		1.100			03/12/33		2,185,372
	Republic of Indonesia (BBB/Baa2)
$	2,380,000		3.850			10/15/30		2,650,427
	350,000		4.625			04/15/43		396,878
	380,000		3.050			03/12/51		359,142
	890,000		4.450			04/15/70		1,015,601
	1,490,000		3.350			03/12/71		1,378,064
								39,635,972
Iraq – 0.2%
	Republic of Iraq (NR/NR)(b)
	203,125		5.800			01/15/28		195,609

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Iraq – (continued)
	Republic of Iraq (B-/Caa1u)
$	1,790,000		6.752	%		03/09/23	$	1,808,795
								2,004,404
Ivory Coast – 0.7%
	Republic of Ivory Coast (BB-/Ba3)
EUR	1,860,000		5.250			03/22/30		2,231,017
	1,480,000		4.875	(a)		01/30/32		1,672,892
	1,380,000		6.125			06/15/33		1,453,571
	3,260,000		6.625	(a)		03/22/48		3,799,350
	390,000		6.625			03/22/48		454,523
								9,611,353
Jamaica – 0.7%
	Jamaica Government International Bond (B+/B2)
$	6,290,000		7.875			07/28/45		8,726,589
Jordan(a) – 0.2%
	Kingdom of Jordan (B+/B1)
	3,000,000		5.850			07/07/30		3,105,000
Kenya – 0.8%
	Republic of Kenya (B/B2u)
	3,900,000		7.000	(a)		05/22/27		4,213,950
	610,000		7.000			05/22/27		659,105
	750,000		7.250	(a)		02/28/28		824,203
	550,000		7.250			02/28/28		604,416
	4,160,000		8.000	(a)		05/22/32		4,583,280
								10,884,954
Lebanon(f) – 0.4%
	Republic of Lebanon (NR/NR)
	3,663,000		6.750			11/29/27		604,395
	Republic of Lebanon (D/NR)
	2,710,000		8.250			04/12/21		453,925
	3,990,000		6.200			02/26/25		658,350
	310,000		6.100			10/04/22		51,150
	2,020,000		6.650			04/22/24		333,300
	130,000		6.600			11/27/26		21,450
	710,000		6.850			03/23/27		117,150
	750,000		6.650			11/03/28		123,750
	7,704,000		6.850			05/25/29		1,246,122
	6,874,000		6.650			02/26/30		1,134,210
	1,520,000		7.050			11/02/35		250,800
								4,994,602
Macedonia(a) – 0.9%
	Republic of North Macedonia (BB-/NR)
EUR	2,700,000		1.625	(b)		03/10/28		3,041,537
	6,840,000		2.750			01/18/25		8,308,375
								11,349,912
Mexico – 2.0%
	Mexico Government International Bond (BBB/NR)
	3,990,000		2.250	(b)		08/12/36		4,535,157
$	3,300,000		4.750	(b)		04/27/32		3,712,087
	820,000		4.500			04/22/29		920,860
	6,970,000		2.659	(b)		05/24/31		6,723,001
Sovereign Debt Obligations – (continued)
Mexico – (continued)
	Mexico Government International Bond (BBB/NR) – (continued)
	520,000		4.600			01/23/46		538,947
	1,220,000		4.350			01/15/47		1,221,754
	200,000		4.600			02/10/48		205,788
	9,409,000		3.771	(b)		05/24/61		8,355,192
								26,212,786
Mongolia – 0.3%
	Mongolia Government International Bond (B/B3u)
	1,030,000		3.500	(a)		07/07/27		995,238
	1,400,000		5.625			05/01/23		1,468,075
	Republic of Mongolia (B/B3)(a)
	1,430,000		5.125			04/07/26		1,498,082
								3,961,395
Morocco(a) – 1.2%
	Republic of Mongolia (BB+/Ba1u)
	2,620,000		2.375			12/15/27		2,564,325
EUR	2,560,000		1.500			11/27/31		2,737,042
$	6,260,000		3.000			12/15/32		5,939,175
	4,640,000		4.000			12/15/50		4,228,200
								15,468,742
Mozambique(c) – 0.1%
	Republic of Mozambique (NR/Caa2u)
	2,060,000		5.000			09/15/31		1,766,192
Nigeria – 2.7%
	Republic of Nigeria (NR/NR)(a)
	1,980,000		6.125			09/28/28		1,982,475
	Republic of Nigeria (B-/B2)
	3,140,000		6.500			11/28/27		3,242,639
	5,260,000		7.143			02/23/30		5,357,967
	610,000		8.747			01/21/31		667,302
	12,890,000		7.875			02/16/32		13,343,567
	7,020,000		7.696	(a)		02/23/38		6,911,629
	4,110,000		7.625			11/28/47		3,943,802
								35,449,381
Oman – 2.4%
	Oman Sovereign Sukuk Co. (NR/Ba3)(a)
	4,180,000		4.875			06/15/30		4,391,613
	Republic of Oman (NR/Ba3)
	570,000		6.250			01/25/31		608,475
	2,680,000		6.750	(a)		10/28/27		2,974,800
	4,480,000		5.625			01/17/28		4,653,600
	770,000		6.000			08/01/29		806,238
	4,820,000		6.250	(a)		01/25/31		5,145,350
	4,660,000		7.375	(a)		10/28/32		5,294,925
	4,250,000		6.750	(a)		01/17/48		4,189,703
	1,190,000		6.750			01/17/48		1,173,117
	Republic of Oman (B+/Ba3)
	1,430,000		4.750			06/15/26		1,459,762
	680,000		6.500			03/08/47		653,990
								31,351,573

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
Sovereign Debt Obligations – (continued)
Pakistan – 1.0%
	Republic of Pakistan (B-/B3)
$	1,640,000		6.875	%		12/05/27	$	1,643,382
	Pakistan Government International Bond (NR/B3)(a)
	1,810,000		6.000			04/08/26		1,792,099
	Pakistan Water & Power Development Authority (B-/NR)
	940,000		7.500			06/04/31		929,754
	Republic of Pakistan (NR/B3)(a)
	1,360,000		7.375			04/08/31		1,355,050
	620,000		8.875			04/08/51		623,168
	Republic of Pakistan (NR/B3)
	580,000		8.250			09/30/25		629,046
	1,980,000		7.375			04/08/31		1,972,793
	3,680,000		8.875			04/08/51		3,698,805
								12,644,097
Panama – 1.2%
	Panama Notas del Tesoro (BBB/Baa2)
	2,560,000		3.750			04/17/26		2,730,080
	Republic of Panama (BBB/Baa2)(b)
	4,250,000		4.500			04/16/50		4,614,703
	3,990,000		4.500			04/01/56		4,331,145
	3,680,000		3.870			07/23/60		3,592,140
								15,268,068
Papua New Guinea(a) – 0.1%
	Papua New Guinea Government International Bond (B-/B2)
	1,450,000		8.375			10/04/28		1,440,938
Paraguay – 2.5%
	Republic of Paraguay (BB/NR)(a)
	4,590,000		5.600			03/13/48		5,300,876
	Republic of Paraguay (BB/Ba1)
	1,010,000		5.000	(a)		04/15/26		1,118,133
	685,000		5.000			04/15/26		758,338
	2,770,000		4.700	(a)		03/27/27		3,063,101
	2,760,000		4.950	(a)(b)		04/28/31		3,105,517
	400,000		4.950	(b)		04/28/31		450,075
	13,049,000		2.739	(a)(b)		01/29/33		12,484,631
	2,800,000		6.100			08/11/44		3,403,400
	2,150,000		5.400	(a)(b)		03/30/50		2,464,169
								32,148,240
Peru(b) – 0.7%
	Republic of Peru (BBB+/Baa1)
	540,000		2.783			01/23/31		535,208
EUR	580,000		1.250			03/11/33		648,328
$	3,440,000		2.780			12/01/60		2,905,295
	5,190,000		3.230	(g)		07/28/21		4,307,051
								8,395,882
Philippines – 0.3%
	Republic of Philippines (BBB+/Baa2)
	1,320,000		1.648			06/10/31		1,252,495
	550,000		2.950			05/05/45		523,119
	2,940,000		2.650			12/10/45		2,690,651
								4,466,265
Sovereign Debt Obligations – (continued)
Qatar – 1.6%
	Republic of Qatar (AA-/Aa3)
	10,470,000		5.103	(a)		04/23/48		13,874,713
	2,950,000		4.817	(a)		03/14/49		3,787,616
	240,000		4.817			03/14/49		308,145
	2,770,000		4.400	(a)		04/16/50		3,369,012
								21,339,486
Romania – 2.7%
	Republic of Romania (BBB-/Baa3)
EUR	3,330,000		2.375	(a)		04/19/27		4,195,543
	7,360,000		2.875			05/26/28		9,472,846
$	2,070,000		3.000	(a)		02/14/31		2,109,847
EUR	2,320,000		2.124	(a)		07/16/31		2,683,677
	1,730,000		2.124			07/16/31		2,001,190
	9,380,000		2.000	(a)		04/14/33		10,389,964
	670,000		2.750	(a)		04/14/41		720,798
	1,130,000		1.750	(a)		07/13/30		1,281,147
	1,840,000		2.000			04/14/33		2,038,117
								34,893,129
Russia – 2.4%
	Russian Federation Bond (NR/NR)
	10,800,000		1.850			11/20/32		12,472,648
$	3,400,000		4.750			05/27/26		3,823,513
	3,200,000		4.375	(a)		03/21/29		3,627,200
	4,200,000		5.100	(a)		03/28/35		5,027,663
	4,600,000		5.100			03/28/35		5,506,487
								30,457,511
Saudi Arabia – 1.6%
	Saudi Government International Bond (NR/A1)
	1,770,000		2.750	(a)		02/03/32		1,816,905
	920,000		4.500			10/26/46		1,059,150
	3,600,000		4.625			10/04/47		4,225,500
	1,380,000		5.000			04/17/49		1,716,375
	1,770,000		3.750	(a)		01/21/55		1,845,225
	410,000		3.750			01/21/55		427,425
	8,270,000		4.500	(a)		04/22/60		9,861,975
								20,952,555
Senegal – 0.8%
	Republic of Senegal (B+/Ba3)
EUR	400,000		5.375			06/08/37		455,811
	Republic of Senegal (NR/NR)(a)
	3,600,000		5.375			06/08/37		4,102,296
	Republic of Senegal (B+/Ba3)(a)
	4,580,000		4.750			03/13/28		5,521,763
								10,079,870
Serbia – 0.7%
	Republic of Serbia (NR/Ba2)
	2,740,000		3.125	(a)		05/15/27		3,488,886
	440,000		3.125			05/15/27		560,259
	Republic of Serbia (BB+/Ba2)(a)
	2,530,000		1.000			09/23/28		2,833,915
	2,550,000		2.050			09/23/36		2,770,657
								9,653,717

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
South Africa – 1.6%
	Republic of South Africa (NR/Ba2)
$	810,000		4.850	%		09/27/27	$	848,880
	2,550,000		5.650			09/27/47		2,425,369
	Republic of South Africa (BB-/Ba2)
	2,670,000		4.300			10/12/28		2,680,513
	7,690,000		4.850			09/30/29		7,893,304
	530,000		6.250			03/08/41		553,949
	6,120,000		5.750			09/30/49		5,822,798
								20,224,813
Sri Lanka – 1.1%
	Republic of Sri Lanka (CCC+/Caa1)
	200,000		5.750	(a)		04/18/23		131,600
	4,380,000		6.850	(a)		03/14/24		2,782,121
	910,000		6.350	(a)		06/28/24		580,296
	2,630,000		6.125			06/03/25		1,648,352
	6,010,000		6.850	(a)		11/03/25		3,761,133
	2,290,000		6.850			11/03/25		1,433,111
	1,690,000		6.750	(a)		04/18/28		1,030,161
	230,000		6.750			04/18/28		140,199
	4,240,000		7.550	(a)		03/28/30		2,585,870
								14,092,843
Tajikistan – 0.1%
	Republic of Tajikistan (B-/B3)
	710,000		7.125			09/14/27		633,586
Trinidad and Tobago(a)(b) – 0.1%
	Republic of Trinidad & Tobago (BBB-/Ba1)
	1,560,000		4.500			06/26/30		1,633,613
Tunisia – 0.1%
	Banque Centrale de Tunisie International Bond (NR/NR)(a)
EUR	760,000		6.375			07/15/26		736,190
	Banque Centrale de Tunisie International Bond (NR/B3)
	850,000		6.750	(a)		10/31/23		859,061
$	260,000		5.750			01/30/25		219,700
								1,814,951
Turkey – 3.5%
	Republic of Turkey (NR/B2)
	5,380,000		4.250			03/13/25		5,202,796
EUR	5,290,000		3.250			06/14/25		6,033,075
	2,870,000		5.200			02/16/26		3,461,183
$	1,200,000		4.875			10/09/26		1,146,975
	4,780,000		6.000			03/25/27		4,764,465
	1,190,000		6.125			10/24/28		1,175,348
	6,210,000		5.250			03/13/30		5,708,542
	5,290,000		5.950			01/15/31		4,972,600
	2,670,000		6.500			09/20/33		2,553,188
	7,440,000		5.750			05/11/47		6,146,370
	999,000		7.375			02/05/25		1,058,191
	2,970,000		6.000			01/14/41		2,564,966
								44,787,699
Ukraine – 3.4%
	Ukraine Government Bond (B/NR)
EUR	2,890,000		6.750			06/20/26		3,629,669
Sovereign Debt Obligations – (continued)
Ukraine – (continued)
	Ukraine Government Bond (B/NR) – (continued)
$	600,000		8.994			02/01/24		660,600
EUR	970,000		4.375			01/27/30		1,042,138
	2,210,000		4.375	(a)		01/27/30		2,374,357
$	873,000		7.253	(a)		03/15/33		880,530
	5,878,000		1.258	(h)		05/31/40		6,380,569
	Ukraine Government Bond (B/B3u)
	7,470,000		7.750			09/01/23		7,985,430
	9,860,000		7.750			09/01/24		10,666,055
	2,630,000		7.750			09/01/25		2,858,810
	7,020,000		7.750			09/01/26		7,609,241
								44,087,399
United Arab Emirates(a) – 0.6%
	Finance Department Government of Sharjah (BBB-/Baa3)
	2,700,000		3.625			03/10/33		2,649,375
	6,310,000		4.000			07/28/50		5,600,125
								8,249,500
Uruguay(b) – 0.2%
	Republic of Uruguay (BBB/Baa2)
	2,360,000		4.375			01/23/31		2,727,717
Uzbekistan(a) – 0.2%
	Republic of Uzbekistan (BB-/NR)
	1,460,000		5.375			02/20/29		1,589,210
	1,160,000		3.700			11/25/30		1,120,560
								2,709,770
Vietnam(b)(i) – 0.3%
	Debt and Asset Trading Corp. (NR/NR)
	4,680,000		1.000			10/10/25		4,237,740
Zambia(f) – 0.3%
	Republic of Zambia (D/NR)
	5,184,000		5.375			09/20/22		3,875,040
	TOTAL SOVEREIGN DEBT OBLIGATIONS
	(Cost $854,135,788)						$	837,374,680
Corporate Obligations – 25.0%
Azerbaijan – 0.1%
	State Oil Co. of the Azerbaijan Republic (BB-/NR)
$	1,040,000		6.950	%		03/18/30	$	1,277,640
Bahrain(a) – 0.2%
	CBB International Sukuk Programme Co. SPC (B+/B2u)
	2,670,000		3.950			09/16/27		2,736,750
Brazil – 0.5%
	Banco do Brasil SA (CCC+/NR)(b)(h) (10 Year CMT + 4.398%)
	2,920,000		6.250			10/29/49		2,905,400
	Banco do Brasil SA (CCC+/B2)(b)(h) (10 Year CMT + 6.362%)
	290,000		9.000			06/29/49		321,175
	BRF SA (NR/Ba2)(b)
	1,140,000		4.875			01/24/30		1,142,508
	Embraer Overseas Ltd. (BB/Ba2)
	13,000		5.696			09/16/23		13,795

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)
Brazil – (continued)
	Samarco Mineracao SA (NR/WR)
$	995,000		4.125	%		11/01/22	$	643,516
	430,000		5.750			10/24/23		302,021
	800,000		5.375			09/26/24		561,650
								5,890,065
British Virgin Islands(f) – 0.9%
	Easy Tactic Ltd. (NR/NR)(b)
	380,000		8.125			07/11/24		250,800
	Fortune Star BVI Ltd. (BB/NR)(b)
	310,000		5.000			05/18/26		306,125
	Huarong Finance 2017 Co. Ltd. (NR/Baa3)
	1,530,000		4.750			04/27/27		1,438,200
	290,000		4.250			11/07/27		267,525
	(-1x5 Year CMT + 6.983%)
	3,160,000		4.000	(b)(h)		12/31/99		2,915,100
	Huarong Finance 2019 Co. Ltd. (NR/Baa3)(b)
	320,000		3.375			02/24/30		268,800
	Huarong Finance II Co. Ltd. (BBB/NR)
	490,000		4.625			06/03/26		467,950
	1,200,000		4.875			11/22/26		1,147,860
	Huarong Finance II Co. Ltd. (BBB/Baa3)
	1,730,000		5.500			01/16/25		1,708,375
	1,510,000		5.000			11/19/25		1,472,250
	Kunzhi Ltd. (NR/NR)(f)
	490,000		6.250			10/17/49		68,600
	Sino-Ocean Land Treasure IV Ltd. (NR/Baa3)(b)
	320,000		4.750			01/14/30		301,460
	Studio City Finance Ltd. (BB-/B1)(a)(b)
	430,000		6.000			07/15/25		425,700
	350,000		6.500			01/15/28		343,770
	Sunny Express Enterprises Corp. (NR/A3)(b)(h) (-1x3 Year CMT + 4.762%)
	870,000		3.350			12/31/99		886,791
								12,269,306
Burundi – 1.4%
	The African Export-Import Bank (NR/Baa1)(a)(b)
	2,022,000		2.634			05/17/26		2,066,909
	2,920,000		3.798			05/17/31		3,028,011
	The Eastern & Southern African Trade & Development Bank (NR/Baa3)
	8,747,000		5.375			03/14/22		8,868,058
	4,530,000		4.875			05/23/24		4,785,129
								18,748,107
Chile – 0.3%
	Embotelladora Andina SA (BBB/NR)(a)
	506,000		5.000			10/01/23		545,784
	Empresa de los Ferrocarriles del Estado (A/NR)(a)(b)
	600,000		3.068			08/18/50		529,613
	Empresa de Transporte de Pasajeros Metro SA (A/NR)(a)(b)
	830,000		3.650			05/07/30		896,607
	GNL Quintero SA (BBB/Baa2)
	997,672		4.634			07/31/29		1,080,791
	Inversiones CMPC SA (BBB-/NR)(a)(b)
	660,000		4.375			05/15/23		687,142
								3,739,937
Corporate Obligations – (continued)
China – 0.8%
	China Aoyuan Group Ltd. (NR/NR)(b)
	860,000		5.980			08/18/25		662,200
	China SCE Group Holdings Ltd. (NR/NR)(b)
	320,000		5.950			09/29/24		294,400
	Country Garden Holdings Co. Ltd. (NR/NR)(b)
	1,950,000		7.250			04/08/26		2,045,063
	Country Garden Holdings Co. Ltd. (NR/Baa3)(b)
	670,000		3.300			01/12/31		610,663
	Fantasia Holdings Group Co. Ltd (NR/NR)(b)
	340,000		10.875			03/02/24		105,400
	iQIYI, Inc. (NR/NR)
	630,000		2.000			04/01/25		553,383
	540,000		4.000			12/15/26		460,350
	Kaisa Group Holdings Ltd. (NR/B2)(b)
	430,000		9.375			06/30/24		331,100
	200,000		9.950			07/23/25		149,250
	Meituan (BBB-/Baa3)(b)
	480,000		2.125			10/28/25		467,040
	310,000		3.050			10/28/30		287,196
	NIO, Inc. (NR/NR)(a)(j)
	520,000		0.000	(e)		02/01/26		446,379
	400,000		0.500			02/01/27		325,620
	Redsun Properties Group Ltd. (NR/B3)(b)
	220,000		9.700			04/16/23		201,850
	Sunac China Holdings Ltd. (BB-/B1)(b)
	1,130,000		6.650			08/03/24		904,000
	Times China Holdings Ltd. (B+/B1)(b)
	200,000		6.750			07/08/25		183,000
	VLL International, Inc. (NR/NR)(b)
	210,000		7.250			07/20/27		221,064
	Yuzhou Group Holdings Co. Ltd. (NR/B2)(b)
	400,000		6.000			10/25/23		308,000
	630,000		7.700			02/20/25		450,450
	(-1x5 Year CMT + 8.527%)
	410,000		5.375	(h)		12/31/99		278,800
	Zhenro Properties Group Ltd. (NR/B2)(b)(h) (-1x3 Year CMT + 13.414%)
	790,000		10.250			12/31/99		790,889
								10,076,097
Colombia – 0.6%
	Banco de Bogota SA (NR/Ba2)
	6,260,000		6.250	(a)		05/12/26		6,823,400
	670,000		6.250			05/12/26		730,300
	Grupo Aval Ltd. (NR/Ba2)
	590,000		4.750			09/26/22		603,865
								8,157,565
Cyprus – 0.2%
	MHP SE (B/NR)
	1,910,000		7.750			05/10/24		2,066,143
Dominican Republic(a)(b) – 0.3%
	Aeropuertos Dominicanos Siglo XXI SA (B+/B1)
	3,220,000		6.750			03/30/29		3,361,479

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Hong Kong – 0.4%
	CNAC HK Finbridge Co. Ltd (BBB/NR)
$	1,190,000		5.125	%		03/14/28	$	1,357,778
	CNAC HK Finbridge Co. Ltd. (NR/Baa2)
	2,600,000		3.875			06/19/29		2,775,032
	1,000,000		3.000			09/22/30		998,940
								5,131,750
India – 0.1%
	Adani Electricity Mumbai Ltd. (BBB-/Baa3)
	200,000		3.949			02/12/30		199,975
	Adani Ports & Special Economic Zone Ltd. (BBB-/Baa3)
	790,000		4.200	(b)		08/04/27		828,908
	270,000		4.375			07/03/29		283,180
								1,312,063
Indonesia – 1.2%
	Bank Negara Indonesia Persero Tbk PT (NR/Ba3)(b)(h) (5 year CMT + 3.466%)
	1,300,000		4.300			12/31/99		1,298,375
	Indofood CBP Sukses Makmur Tbk PT (NR/Baa3)(b)
	410,000		4.745			06/09/51		423,325
	Indonesia Asahan Aluminium Persero PT (NR/Baa2)(b)
	1,620,000		5.450			05/15/30		1,860,975
	1,060,000		5.800	(a)		05/15/50		1,236,755
	Pertamina Persero PT (NR/Baa2)(b)
	2,250,000		2.300			02/09/31		2,143,373
	2,890,000		4.150			02/25/60		2,848,998
	Pertamina Persero PT (BBB/Baa2)
	1,030,000		6.500			05/27/41		1,330,503
	2,020,000		6.000			05/03/42		2,471,722
	Perusahaan Gas Negara Tbk PT (NR/Baa2)
	1,730,000		5.125			05/16/24		1,895,215
								15,509,241
Ireland – 0.3%
	Credit Bank of Moscow Via CBOM Finance PLC (NR/NR)(b)(h) (5 Year USD Swap + 5.416%)
	310,000		7.500			10/05/27		316,898
	Credit Bank of Moscow Via CBOM Finance PLC (BB/Ba3)(a)
	3,010,000		5.550			02/14/23		3,113,092
								3,429,990
Israel(a)(b) – 0.3%
	Leviathan Bond Ltd. (BB-/Ba3)
	3,350,000		5.750			06/30/23		3,481,488
Ivory Coast(a)(i) – 0.2%
	Brazil Minas SPE via State of Minas Gerais (BB-/NR)
	2,450,000		5.333			02/15/28		2,619,663
Japan(b)(h) – 0.1%
	SoftBank Group Corp. (B+/B2u) (5 Year USD ICE Swap + 4.226%)
	990,000		6.000			12/31/99		992,475
Kazakhstan – 0.8%
	KazMunayGas National Co. JSC (NR/Baa2)(a)(b)
	2,100,000		3.500			04/14/33		2,163,000
Corporate Obligations – (continued)
Kazakhstan – (continued)
	KazMunayGas National Co. JSC (BB/Baa2)
	6,002,000		4.750			04/19/27		6,680,226
	Tengizchevroil Finance Co. International Ltd. (BBB-/Baa2)(a)(b)
	1,690,000		2.625			08/15/25		1,723,800
								10,567,026
Luxembourg – 0.3%
	Altice Financing SA (NR/NR)(a)(b)
EUR	1,320,000		4.250			08/15/29		1,498,885
	Gazprom PJSC Via Gaz Capital SA (BBB-/Baa2)(j)
$	410,000		8.625			04/28/34		604,186
	Puma International Financing SA (NR/B1)(b)
	200,000		5.000			01/24/26		200,162
	Rede D’or Finance S.a.r.l. (BB/NR)(b)
	513,000		4.500	(a)		01/22/30		511,564
	668,000		4.500			01/22/30		666,130
								3,480,927
Macau(b) – 0.0%
	MGM China Holdings Ltd. (B+/Ba3)(a)
	440,000		4.750			02/01/27		433,400
	Wynn Macau Ltd. (BB-/B1)
	200,000		5.625			08/26/28		190,813
								624,213
Malaysia(b) – 0.8%
	Axiata Spv5 Labuan Ltd. (BBB+/Baa2)
	360,000		3.064			08/19/50		342,068
	Genm Capital Labuan Ltd. (BBB-/NR)(a)
	2,430,000		3.882			04/19/31		2,407,674
	Petronas Capital Ltd. (A-/A2)(a)
	4,410,000		4.550			04/21/50		5,361,832
	1,890,000		4.800			04/21/60		2,451,576
								10,563,150
Mauritius – 0.5%
	India Airport Infra (NR/B1)(a)(b)
	250,000		6.250			10/25/25		243,750
	India Green Power Holdings (NR/Ba3)(a)(b)
	670,000		4.000			02/22/27		669,916
	MTN Mauritius Investments Ltd. (BB-/Ba2)
	3,390,000		5.373			02/13/22		3,424,536
	1,790,000		4.755			11/11/24		1,873,682
	550,000		6.500	(a)		10/13/26		625,350
								6,837,234
Mexico – 4.1%
	Banco Mercantil del Norte SA (BB-/Ba2)(a)(b)(h) (5 Year CMT + 4.967%)
	2,050,000		6.750			12/31/99		2,165,056
	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (NR/Baa3)(a)(b)(h) (5 Year CMT + 2.995%)
	1,090,000		5.950			10/01/28		1,168,548
	BBVA Bancomer SA (BB/NR)(a)(b)(h) (5 Year CMT + 2.650%)
	1,510,000		5.125			01/18/33		1,568,512
	Cemex SAB de CV (BB/NR)(a)(b)
	400,000		7.375			06/05/27		443,096
	200,000		5.200			09/17/30		214,810

18 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)
	Industrias Penoles SAB de CV (BBB/NR)(a)(b)
$	400,000		4.750	%		08/06/50	$	442,575
	Mexico City Airport Trust (BBB/Baa3)
	1,180,000		4.250	(a)(b)		10/31/26		1,253,897
	1,409,000		4.250	(b)		10/31/26		1,497,239
	3,680,000		3.875	(a)(b)		04/30/28		3,799,140
	1,630,000		5.500	(a)(b)		10/31/46		1,653,737
	722,000		5.500			10/31/46		732,514
	6,099,000		5.500	(b)		07/31/47		6,198,109
	Petroleos Mexicanos (BBB/Ba3)
EUR	13,560,000		5.125			03/15/23		16,490,623
$	760,000		5.350			02/12/28		747,224
	1,030,000		6.375			01/23/45		868,805
	2,480,000		5.625			01/23/46		1,974,948
	705,000		6.750			09/21/47		610,777
	5,231,000		6.350			02/12/48		4,467,274
	3,343,000		7.690	(b)		01/23/50		3,148,772
	3,043,000		6.950	(b)		01/28/60		2,636,455
	Unifin Financiera SAB de CV (BB-/NR)(b)
	690,000		7.375			02/12/26		656,492
	200,000		8.375			01/27/28		189,250
								52,927,853
Morocco(a)(b) – 0.0%
	OCP SA (BB+/NR)
	540,000		3.750			06/23/31		538,650
Netherlands – 1.2%
	Bharti Airtel International Netherlands B.V. (BBB-/Ba1)
	550,000		5.125			03/11/23		577,603
	Greenko Dutch B.V. (NR/Ba1)(a)(b)
	659,950		3.850			03/29/26		670,592
	IHS Netherlands Holdco B.V. (B/B2)(a)(b)
	490,000		7.125			03/18/25		503,414
	400,000		8.000			09/18/27		427,500
	Lukoil International Finance B.V. (BBB/NR)
	1,800,000		4.750			11/02/26		1,996,087
	Lukoil Securities B.V. (BBB/NR)(a)
	1,280,000		3.875			05/06/30		1,344,448
	Metinvest B.V. (B/NR)(b)
	301,000		7.750	(a)		04/23/23		317,141
	200,000		7.750			04/23/23		210,725
	500,000		8.500			04/23/26		556,031
	Minejesa Capital B.V. (NR/Baa3)
	1,070,000		4.625			08/10/30		1,100,345
	MV24 Capital B.V. (BB/NR)(a)
	1,204,563		6.748			06/01/34		1,275,557
	NE Property B.V. (BBB/NR)(b)
EUR	2,440,000		3.375			07/14/27		3,172,605
	Prosus NV (BBB-/Baa3)(b)
$	2,620,000		3.680	(a)		01/21/30		2,707,279
	480,000		3.680			01/21/30		495,990
	850,000		4.027	(a)		08/03/50		792,625
								16,147,942
Pakistan – 0.6%
	The Third Pakistan International Sukuk Co. Ltd. (NR/B3)
	2,130,000		5.500			10/13/21		2,129,148
Corporate Obligations – (continued)
Pakistan – (continued)
	The Third Pakistan International Sukuk Co. Ltd. (B-/B3)
	5,200,000		5.625			12/05/22		5,321,225
								7,450,373
Panama(a) – 0.8%
	Aeropuerto Internacional de Tocumen SA (BBB/Baa2)(b)
	1,430,000		4.000			08/11/41		1,454,399
	3,960,000		5.125			08/11/61		4,153,793
	Autoridad del Canal de Panama (A-/A2)
	380,000		4.950			07/29/35		467,638
	Banco Latinoamericano de Comercio Exterior SA (BBB/Baa2)(b)
	2,430,000		2.375			09/14/25		2,483,071
	Banco Nacional de Panama (BBB/Baa2)(b)
	1,490,000		2.500			08/11/30		1,422,391
								9,981,292
Peru – 0.6%
	ABY Transmision Sur SA (BBB/NR)(a)
	4,970,628		6.875			04/30/43		6,489,776
	Corp. Lindley SA (BBB+/NR)
	407,500		6.750	(a)		11/23/21		409,996
	890,000		6.750			11/23/21		895,451
	120,000		4.625	(a)		04/12/23		122,160
								7,917,383
Philippines(b)(h) – 0.0%
	SMC Global Power Holdings Corp. (NR/NR) (-1x 5 year CMT + 9.199%)
	310,000		7.000			12/31/99		323,911
Qatar(a)(b) – 1.0%
	Qatar Petroleum (AA-/Aa3)
	1,830,000		3.125			07/12/41		1,829,634
	11,300,000		3.300			07/12/51		11,375,427
								13,205,061
Singapore – 0.0%
	ABJA Investment Co Pte Ltd. (BB/NR)
	310,000		5.450			01/24/28		337,215
	Innovate Capital Pte Ltd. (NR/NR)(b)(d)
	683,408		6.000			12/11/24		175,287
								512,502
South Africa – 0.2%
	Eskom Holdings SOC Ltd. (CCC+/Caa2)
	520,000		6.750			08/06/23		534,235
	2,170,000		7.125			02/11/25		2,253,816
								2,788,051
Thailand(a)(b) – 0.5%
	Bangkok Bank PCL/Hong Kong (NR/Baa3)(h) (5 year CMT + 2.150%)
	390,000		3.466			09/23/36		386,334
	GC Treasury Center Co. Ltd. (NR/NR)
	450,000		4.300			03/18/51		487,490
	GC Treasury Center Co. Ltd. (BBB/Baa2)
	1,740,000		2.980			03/18/31		1,759,357

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Thailand(a)(b) – (continued)
	PTT Treasury Center Co. Ltd. (BBB/Baa1)
$	2,850,000		3.700	%		07/16/70	$	2,823,210
	PTTEP Treasury Center Co. Ltd. (NR/Baa1)
	1,040,000		2.993			01/15/30		1,078,545
								6,534,936
Turkey – 1.2%
	Akbank T.A.S. (NR/B2)
	570,000		6.800			02/06/26		593,263
	Akbank T.A.S. (NR/Caa2)(b)(h) (5 Year USD Swap + 4.029%)
	564,000		6.797			04/27/28		565,692
	Hazine Mustesarligi Varlik Kiralama AS (NR/B2)(a)
	2,130,000		5.125			06/22/26		2,130,000
	TC Ziraat Bankasi A/S (NR/B2)
	500,000		5.125			05/03/22		506,656
	Turkiye Vakiflar Bankasi TAO (NR/B2)
	1,090,000		8.125	(a)		03/28/24		1,170,592
	860,000		8.125			03/28/24		923,586
	880,000		5.250	(a)		02/05/25		863,390
	900,000		5.250			02/05/25		883,013
	750,000		6.500	(a)		01/08/26		765,000
	Yapi ve Kredi Bankasi A/S (NR/B2)
	1,820,000		6.100			03/16/23		1,872,097
	200,000		5.850			06/21/24		204,413
	Yapi ve Kredi Bankasi A/S (NR/Caa3u)(b)(h) (5 Year USD Swap + 11.245%)
	3,930,000		13.875			12/31/99		4,480,200
								14,957,902
United Arab Emirates – 2.5%
	Abu Dhabi Crude Oil Pipeline LLC (AA/NR)(a)
	7,490,000		4.600			11/02/47		8,838,200
	DP World Crescent Ltd. (NR/Baa3)
	840,000		4.848			09/26/28		956,550
	1,390,000		3.875			07/18/29		1,496,683
	1,500,000		3.750	(b)		01/30/30		1,601,250
	DP World PLC (NR/Baa3)
	1,070,000		5.625			09/25/48		1,317,438
	290,000		6.850	(a)		07/02/37		384,667
	DP World Salaam (NR/Ba2)(b)(h) (5 Year CMT + 5.750%)
	6,350,000		6.000			12/31/99		6,961,187
	Galaxy Pipeline Assets Bidco Ltd. (NR/Aa2)(a)
	510,000		2.160			03/31/34		499,800
	580,000		2.625			03/31/36		569,850
	500,000		2.940			09/30/40		498,430
	NBK Tier 1 Financing 2 Ltd. (NR/Baa3)(a)(b)(h) (6 Year USD Swap + 2.832%)
	2,480,000		4.500			12/31/99		2,555,640
	Sharjah Sukuk Program Ltd. (BBB-/Baa3)
	1,370,000		4.226			03/14/28		1,474,291
	4,900,000		3.234			10/23/29		4,940,731
								32,094,717
United Kingdom – 0.7%
	Gazprom PJSC via Gaz Finance PLC (BB/NR)(a)(b)(h) (5 Year CMT + 4.264%)
	3,860,000		4.599			10/15/99		4,015,124
Corporate Obligations – (continued)
United Kingdom – (continued)
	Gazprom PJSC Via Gaz Finance PLC (BBB-/Baa2)(a)
	1,380,000		3.250			02/25/30		1,372,496
	Vedanta Resources Finance II PLC (B-/NR)(a)(b)
	770,000		8.950			03/11/25		768,075
	Vedanta Resources Finance II PLC (B-/B3)(b)
	520,000		9.250			04/23/26		493,350
	Vedanta Resources Ltd. (B-/B3)
	410,000		7.125			05/31/23		392,267
	1,820,000		6.125	(b)		08/09/24		1,625,260
								8,666,572
United States – 0.6%
	Brazil Loan Trust 1 (BB-/NR)(a)(i)
	3,313,139		5.477			07/24/23		3,420,816
	Sasol Financing USA LLC (BB/Ba2)(b)
	4,800,000		5.875			03/27/24		5,037,900
								8,458,716
Uzbekistan – 0.0%
	National Bank of Uzbekistan (BB-/NR)
	600,000		4.850			10/21/25		617,738
Venezuela(f) – 0.7%
	Petroleos de Venezuela SA (NR/NR)
	138,210,000		6.000			10/28/22		4,837,350
	41,690,000		6.000			05/16/24		2,292,950
	3,387,934		6.000			11/15/26		186,336
	19,170,000		5.375			04/12/27		1,054,350
	Petroleos de Venezuela SA (CCC-/NR)
	2,180,000		5.5			04/12/37		119,900
								8,490,886
	TOTAL CORPORATE OBLIGATIONS
	(Cost $372,369,356)						$	324,486,794
Structured Notes(a)(e) – 1.5%
United Kingdom – 0.3%
	Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)
EGP	74,375,000		0.000	%		12/23/21	$	4,605,762
United States – 1.2%
	Republic of Egypt (Issuer Citigroup Global Markets) (NR/NR)
	112,000,000		0.000			05/26/22		6,583,420
	Republic of Egypt (Issuer JPMorgan Chase Bank NA) (NR/NR)
	60,650,000		0.000			04/14/22		3,613,613
	Republic of Egypt (Issuer JPMorgan Chase Bank NA) (NR/NR)
EGP	82,025,000		0.000			03/03/22		4,956,616
								15,153,649
	TOTAL STRUCTURED NOTES
	(Cost $19,779,801)						$	19,759,411

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Shares		Dividend Rate	Value
Investment Company(k) – 2.2%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	28,263,019	0.026%	$	28,263,019
	(Cost $28,263,019)
	TOTAL INVESTMENTS – 93.3%
	(Cost $1,274,547,964)		$	1,209,883,904
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 6.7%			86,733,981
	NET ASSETS – 100.0%		$	1,296,617,885

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, 2021.
(d)	Pay-in-kind securities.
(e)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(f)	Security is currently in default and/or non-income producing.
(g)	Actual maturity date is July 28, 2121.
(h)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(i)	Guaranteed by a foreign government until maturity. Total market value of these securities amounts to $10,278,219, which represents approximately 0.8% of the Fund’s net assets as of September 30, 2021.
(j)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2021.
(k)	Represents an affiliated issuer.

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
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
NOK	—Norwegian Krone
NZD	—New Zealand Dollar
PLN	—Polish Zloty
RUB	—Russian Ruble
SEK	—Swedish Krona
SGD	—Singapore Dollar
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
ZAR	—South African Rand
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
LLC	—Limited Liability Company
MTN	—Medium Term Note
NR	—Not Rated
PLC	—Public Limited Company
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

For information on the mutual funds, please call our toll free Shareholder Services Line at 1-800-526-7384 or visit us on the web at www.GSAMFUNDS.com.

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Gain
JPMorgan Securities, Inc.	CAD	10,087,428	EUR	6,776,251		12/15/21	$	101,923
	CHF	1,239,529	EUR	1,139,173		12/15/21		10,972
	CNH	113,362,403	USD	17,436,685		12/15/21		37,962
	EUR	1,136,434	HUF	404,275,049		12/15/21		19,029
	EUR	1,137,407	PLN	5,241,568		12/15/21		2,133
	EUR	2,254,508	SEK	22,866,576		12/15/21		1,770
	GBP	1,123,831	EUR	1,302,992		10/14/21		4,535
	IDR	38,578,863,822	USD	2,649,465		11/16/21		30,128
	NOK	58,302,563	EUR	5,673,574		12/15/21		82,273
	RUB	177,504,022	USD	2,338,596		10/01/21		99,576
	RUB	479,815,743	USD	6,414,649		11/15/21		129,786
	RUB	292,985,234	USD	3,983,152		11/17/21		11,555
	USD	2,613,368	AUD	3,558,169		12/15/21		40,005
	USD	1,341,866	BRL	7,137,813		10/04/21		32,184
	USD	10,414,022	CAD	13,141,298		12/15/21		38,750
	USD	16,086,326	CHF	14,781,202		12/15/21		193,851
	USD	4,556,460	CLP	3,609,447,454		11/12/21		123,121
	USD	7,547,469	EUR	6,370,057		10/07/21		167,643
	USD	6,200,659	EUR	5,236,158		10/12/21		133,901
	USD	6,053,484	EUR	5,120,525		10/13/21		120,590
	USD	6,727,881	EUR	5,676,579		10/18/21		150,092
	USD	229,334,389	EUR	193,816,153		11/24/21		4,587,263
	USD	15,046,174	EUR	12,784,078		12/15/21		213,214
	USD	6,480,500	GBP	4,685,828		10/18/21		166,676
	USD	8,264,890	GBP	6,006,932		12/15/21		169,944
	USD	2,626,896	IDR	37,653,544,750		11/16/21		11,574
	USD	1,669,733	ILS	5,348,834		12/15/21		9,404
	USD	5,375,101	INR	398,757,043		12/07/21		44,914
	USD	8,264,322	JPY	910,264,533		12/15/21		79,508
	USD	8,908,164	KRW	10,416,609,539		11/15/21		119,222
	USD	9,863,348	MXN	197,851,345		10/29/21		320,575
	USD	2,645,160	MXN	53,584,472		12/15/21		77,834
	USD	6,422,776	NOK	55,787,594		12/15/21		45,146
	USD	6,696,495	NZD	9,489,848		12/15/21		149,197
	USD	13,677,031	PLN	53,689,621		11/16/21		179,794
	USD	2,441,948	RUB	177,504,022		10/01/21		3,776
	USD	1,307,103	RUB	95,675,988		11/15/21		2,132
	USD	1,475,219	THB	48,282,393		12/15/21		48,825
	USD	7,480,910	TRY	67,290,029		12/15/21		211,577
	USD	5,367,000	TRY	51,788,867		06/14/22		271,760
	USD	5,307,531	TWD	146,779,849		10/12/21		28,216
	USD	2,642,080	TWD	73,286,003		10/18/21		5,344
	USD	11,162,711	ZAR	161,100,054		12/15/21		577,627
	ZAR	19,875,955	USD	1,302,658		12/15/21		3,292
TOTAL							$	8,858,593

22 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

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	3,618,795	NZD	3,794,379		12/15/21	$	(635	)
	AUD	10,848,467	USD	7,998,217		12/15/21		(152,315	)
	BRL	6,987,859	USD	1,320,707		10/04/21		(38,539	)
	CAD	3,352,317	USD	2,651,633		12/15/21		(4,922	)
	CLP	2,123,775,609	USD	2,688,807		11/12/21		(80,259	)
	CNH	8,732,712	USD	1,347,086		12/15/21		(951	)
	CZK	109,863,083	USD	5,108,142		12/15/21		(98,231	)
	EUR	3,408,711	AUD	5,496,695		12/15/21		(20,338	)
	EUR	2,274,504	CHF	2,461,104		12/15/21		(7,100	)
	EUR	1,134,036	CZK	28,961,023		12/15/21		(4,877	)
	EUR	1,302,992	GBP	1,123,811		10/14/21		(4,507	)
	EUR	2,268,662	USD	2,685,311		10/07/21		(57,025	)
	EUR	1,137,987	USD	1,345,119		10/13/21		(26,591	)
	EUR	1,517,444	USD	1,771,700		11/24/21		(12,089	)
	EUR	69,663,842	USD	82,680,195		12/15/21		(1,851,458	)
	GBP	4,818,924	EUR	5,642,548		12/15/21		(52,882	)
	HUF	800,748,078	EUR	2,251,744		12/15/21		(38,627	)
	HUF	352,385,142	USD	1,187,018		12/15/21		(54,278	)
	INR	898,377,594	USD	12,151,990		12/07/21		(143,372	)
	JPY	293,487,390	EUR	2,276,367		12/15/21		(2,249	)
	JPY	1,466,709,172	USD	13,366,973		12/15/21		(178,782	)
	KRW	7,790,726,136	USD	6,618,111		11/15/21		(44,740	)
	MXN	207,071,348	USD	10,244,667		12/15/21		(323,513	)
	NOK	11,282,808	EUR	1,120,832		12/15/21		(10,617	)
	NOK	11,950,020	USD	1,383,288		12/15/21		(17,164	)
	NZD	2,033,969	USD	1,409,909		11/24/21		(6,313	)
	NZD	4,322,196	USD	3,067,380		12/15/21		(85,382	)
	PLN	5,141,385	EUR	1,118,726		12/15/21		(5,640	)
	PLN	70,712,842	USD	18,507,364		12/15/21		(732,391	)
	RUB	177,504,021	USD	2,441,949		10/01/21		(3,776	)
	RUB	96,169,049	USD	1,313,525		11/17/21		(2,308	)
	TRY	47,497,950	USD	5,367,000		12/14/21		(232,904	)
	TRY	7,154,724	USD	794,466		12/15/21		(21,542	)
	TWD	213,352,442	USD	7,707,541		10/12/21		(33,773	)
	TWD	74,202,023	USD	2,685,074		10/18/21		(15,381	)
	USD	9,054,262	CNH	58,944,705		12/15/21		(31,977	)
	USD	2,616,861	JPY	291,248,294		12/15/21		(1,952	)
	USD	2,345,075	RUB	177,504,021		10/01/21		(93,098	)
	USD	1,344,282	RUB	100,454,856		11/15/21		(25,869	)
	USD	1,350,120	RUB	101,475,681		11/17/21		(33,451	)
	USD	2,599,779	SGD	3,536,349		12/15/21		(4,255	)
	USD	2,599,134	THB	88,146,399		12/15/21		(4,953	)
	USD	2,664,157	TWD	74,130,172		10/12/21		(2,125	)
	ZAR	70,917,681	USD	4,741,132		11/08/21		(56,719	)
	ZAR	58,692,041	USD	3,991,633		12/15/21		(135,270	)
TOTAL							$	(4,755,140	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts		Expiration Date		Notional Amount		Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		227		12/21/21	$	43,371,187	$	(1,540,279	)
Ultra 10 Year U.S. Treasury Notes		153		12/21/21		22,223,250		(332,509	)
2 Year U.S. Treasury Notes		433		12/31/21		95,283,680		(58,738	)
5 Year U.S. Treasury Notes		919		12/31/21		112,800,071		(364,256	)
10 Year U.S. Treasury Notes		234		12/21/21		30,796,594		1,888
20 Year U.S. Treasury Bonds		223		12/21/21		35,505,781		(718,335	)
TOTAL FUTURES CONTRACTS							$	(3,012,229	)

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%(d)		3M WIBOR(e)	12/16/21	PLN	243,090	$	(116,156	)	$	(2,700	)	$	(113,456	)
1M BID Avg(d)		4.12%(d)	01/03/22	BRL	72,125		142,029			81,850			60,179
1M BID Avg(d)		3.390(e)	01/03/22	BRL	173,620		(340,594	)		—			(340,594	)
5.800(d)		1M BID Avg(d)	01/02/23	BRL	130,700		618,197			95,040			523,157
1M BID Avg(f)		4.230(f)	01/02/23		50,105		(389,783	)		(488,357	)		98,574
1M BID Avg(d)		7.200(d)	01/02/23	BRL	141,640		(440,693	)		10,839			(451,532	)
3M CNY(e)		2.500(e)	09/15/23	CNY	1,281,450		760,484			494,626			265,858
1.250(e)		3M KWCDC(e)	09/15/23	KRW	67,674,340		342,590			119,319			223,271
6.200(f)		Mexico IB TIIE 28D(f)	12/13/23	MXN	709,300		289,390			(16,581	)		305,971
6M EURO(b)		(0.500)(c)	12/15/23	EUR	28,360		(64,250	)		(29,054	)		(35,196	)
1.500(e)		3M KWCDC(e)	12/15/23	KRW	42,957,900		114,096			16,941			97,155
9.200(d)		1M BID Avg(d)	01/02/24	BRL	28,217		44,624			(122,687	)		167,311
1M BID Avg(d)		4.930(d)	01/02/24		34,105		(410,188	)		(7,052	)		(403,136	)
1.500(e)		3M KWCDC(e)	03/16/24	KRW	110,048,560		441,152			254,517			186,635
(0.250)(c)		6M EURO(b)	12/15/24	EUR	18,250		(45,157	)		(104,171	)		59,014
6.320(d)		1M BID Avg(d)	01/02/25	BRL	112,253		1,571,634			(248,396	)		1,820,030
6M WIBOR(b)		0.750(c)	12/16/25	PLN	48,880		(446,189	)		(8,737	)		(437,452	)
3M CNY(e)		2.750(e)	09/15/26	CNY	134,860		247,924			136,987			110,937
6.700(f)		Mexico IB TIIE 28D(f)	12/09/26	MXN	449,315		464,261			4,502			459,759
1.700(c)		6M WIBOR(b)	12/15/26	PLN	16,375		54,461			3,120			51,341
(0.250)(c)		6M EURO(b)	12/15/26	EUR	44,180		233,367			(106,423	)		339,790
8.495(d)		1M BID Avg(d)	01/04/27	BRL	84,900		781,594			(134,938	)		916,532
9.900(d)		1M BID Avg(d)	01/04/27		31,520		88,713			(168,217	)		256,930
0.000(c)		6M EURO(b)	12/15/28	EUR	22,900		(22,404	)		(306,982	)		284,578
0.000(c)		6M EURO(b)	12/15/31		39,670		879,167			83,883			795,284
0.250(c)		6M EURO(b)	12/15/36		10,530		314,069			56,866			257,203
0.500(c)		6M EURO(b)	12/15/41		3,080		11,244			(105,815	)		117,059
0.250(c)		6M EURO(b)	12/15/51		770		62,637			23,641			38,996
TOTAL						$	5,186,219		$	(467,979	)	$	5,654,198

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2021.

(b) Payments made semi-annually.

(c) Payments made annually.

(d) Payments made at maturity.

(e) Payments made quarterly.

(f) Payments made monthly.

24 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 by the Fund(a)		Credit Spread at September 30, 2021(b)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Purchased:
People’s Republic of China, 7.500%, 10/28/27		(1.000)%	0.090%	Deutsche Bank AG (London)		12/20/21	$	15,570	$	(36,636	)	$	2,541		$	(39,177	)
People’s Republic of China, 7.500%, 10/28/27		(1.000)	0.102	JPMorgan Securities, Inc.		06/20/22		2,820		(19,329	)		(4,432	)		(14,897	)
Protection Sold:
Ukraine Government, 7.375%, 09/25/32		5.000	4.045	Barclays Bank PLC		06/20/25		520		17,739			(17,629	)		35,368
Ukraine Government, 7.375%, 09/25/32		5.000	3.542	Deutsche Bank AG (London)		12/20/23		3,820		125,019			(149,030	)		274,049
TOTAL									$	86,793		$	(168,550	)	$	255,343

(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, 2021(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Argentine Republic, 1.000%, 07/09/29	5.000%	20.976%		12/20/25	$	560	$	(235,005	)	$	(99,839	)	$	(135,166	)
CDX.NA.EM Index 36	1.000	1.808		12/20/26		20,740		(819,238	)		(721,823	)		(97,415	)
Federative Republic of Brazil, 4.250%, 01/07/25	1.000	1.417		12/20/24		13,220		(170,840	)		(85,572	)		(85,268	)
ITX.NA.AG Index 36	1.000	0.847		12/20/26		32,860		262,605			122,729			139,876
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000	0.240		06/20/24		17,110		361,832			45,711			316,121
Kingdom of Saudi Arabia, 2.375%, 10/26/21	1.000	0.399		12/20/25		2,310		59,123			75			59,048
Republic of Abu Dhabi, 3.125%, 08/03/26	1.000	0.253		12/20/24		4,140		101,379			73,069			28,310
Republic of Chile, 3.875%, 08/05/20	1.000	0.525		06/20/24		2,020		26,827			33,638			(6,811	)
Republic of Chile, 3.875%, 08/05/20	1.000	0.567		12/20/24		12,630		179,925			205,120			(25,195	)
Republic of Colombia, 10.375%, 01/28/33	1.000	1.063		06/20/24		2,190		(3,075	)		(761	)		(2,314	)
Republic of Indonesia, 5.875%, 03/13/20	1.000	0.643		12/20/25		22,960		348,767			101,892			246,875
Republic of Indonesia, 5.875%, 03/13/20	1.000	0.819		12/20/26		2,620		24,884			33,633			(8,749	)
Republic of Panama, 8.875%, 09/30/27	1.000	0.727		12/20/25		1,000		11,690			3,327			8,363
Republic of Peru, 8.750%, 11/21/33	1.000	0.663		12/20/24		4,420		49,318			6,612			42,706

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (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, 2021(b)	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold: (continued)
Republic of South Africa, 5.875%, 03/16/22		1.000%	2.105%		12/20/26	$	3,480	$	(189,806	)	$	(167,116	)	$	(22,690	)
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.219		12/20/23		9,460		168,349			5,962			162,387
Republic of the Philippines, 10.625%, 03/16/25		1.000	0.334		12/20/24		2,270		49,512			(13,634	)		63,146
Republic of Turkey, 11.875%, 01/15/22		1.000	4.259		12/20/26		3,395		(507,436	)		(448,947	)		(58,489	)
Russian Federation, 7.500%, 03/31/30		1.000	0.560		12/20/24		15,010		217,513			(450,525	)		668,038
Russian Federation, 7.500%, 03/31/30		1.000	0.640		06/20/25		630		8,598			(2,162	)		10,760
Russian Federation, 7.500%, 03/31/30		1.000	0.880		12/20/26		6,690		42,970			45,968			(2,998	)
State of Qatar, 9.750%, 06/15/30		1.000	0.214		06/20/24		5,830		127,510			67,400			60,110
State of Qatar, 9.750%, 06/15/30		1.000	0.249		12/20/24		13,450		331,387			(137,600	)		468,987
United Mexican States, 4.150%, 03/28/27		1.000	1.013		12/20/26		20,110		(7,210	)		48,978			(56,188	)
TOTAL								$	439,579		$	(1,333,865	)	$	1,773,444

(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 OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid (Received) by Fund		Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call EUR/Put GBP	HSBC Bank PLC	$	0.867		10/12/2021		4,471,000	$	4,471,000	$	6,981	$	12,017	$	(5,036	)
Call EUR/Put USD	MS & Co. Int. PLC		1.195		10/05/2021		18,077,000		18,077,000		21		65,081		(65,060	)
Call EUR/Put USD	HSBC Bank PLC		1.194		10/08/2021		18,099,000		18,099,000		21		61,925		(61,904	)
Call EUR/Put USD	BNP Paribas SA		1.193		10/11/2021		18,159,000		18,159,000		42		61,420		(61,378	)
Call EUR/Put USD	MS & Co. Int. PLC		1.193		10/14/2021		18,197,000		18,197,000		211		63,653		(63,442	)
Call GBP/Put USD	CS International (London)		1.395		10/14/2021		15,537,000		15,537,000		503		73,005		(72,502	)
Total purchased option contracts							92,540,000	$	92,540,000	$	7,779	$	337,101	$	(329,322	)

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

GOLDMAN SACHS EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY (continued)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Written option contracts
Calls
Call EUR/Put USD	BNP Paribas SA	$	1.183		10/11/2021		(4,540,000	)	$	(4,540,000	)	$	(179	)	$	(32,967	)	$	32,788
Call GBP/Put USD	CS International (London)		1.383		10/14/2021		(3,884,000	)		(3,884,000	)		(832	)		(37,558	)		36,726
Call EUR/Put USD	HSBC Bank PLC		1.184		10/08/2021		(4,525,000	)		(4,525,000	)		(78	)		(32,381	)		32,303
Call EUR/Put USD	MS & Co. Int. PLC		1.185		10/05/2021		(4,519,000	)		(4,519,000	)		(5	)		(33,810	)		33,805
Call EUR/Put USD	MS & Co. Int. PLC		1.185		10/14/2021		(4,549,000	)		(4,549,000	)		(327	)		(30,125	)		29,798
							(22,017,000	)	$	(22,017,000	)	$	(1,421	)	$	(166,841	)	$	165,420
Puts
Put EUR/Call USD	BNP Paribas SA		1.183		10/11/2021		(4,540,000	)	$	(4,540,000	)	$	(109,312	)	$	(34,363	)	$	(74,949	)
Put GBP/Call USD	CS International (London)		1.383		10/14/2021		(3,884,000	)		(3,884,000	)		(137,176	)		(35,617	)		(101,559	)
Put EUR/Call USD	HSBC Bank PLC		1.184		10/08/2021		(4,525,000	)		(4,525,000	)		(115,733	)		(31,526	)		(84,207	)
Put EUR/Call USD	MS & Co. Int. PLC		1.185		10/05/2021		(4,519,000	)		(4,519,000	)		(120,500	)		(33,810	)		(86,690	)
Put EUR/Call USD	MS & Co. Int. PLC		1.185		10/14/2021		(4,549,000	)		(4,549,000	)		(120,552	)		(30,125	)		(90,427	)
							(22,017,000	)	$	(22,017,000	)	$	(603,273	)	$	(165,441	)	$	(437,832	)
Total written option contracts							(44,034,000	)	$	(44,034,000	)	$	(604,694	)	$	(332,282	)	$	(272,412	)

Abbreviations:
1M BID Avg	—1 month Brazilian Interbank Deposit Average
CS International (London)	—Credit Suisse International (London)
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 5.0%
Aerospace & Defense(b) – 0.2%
	ADS Tactical, Inc. (B+/B3) (3M LIBOR + 5.750%)
$	4,440,570		6.750	%		03/19/26	$	4,451,671
Airlines(b) – 0.3%
	Air Canada (BB-/Ba2) (3M LIBOR + 3.500%)
	1,700,000		4.250			08/11/28		1,705,661
	United Airlines, Inc. (BB-/Ba1) (3M LIBOR + 3.750%)
	5,378,486		4.500			04/21/28		5,411,510
								7,117,171
Building Materials(b) – 0.4%
	Cornerstone Building Brands, Inc. (B+/B1) (1M LIBOR + 3.250%)
	3,233,750		3.750			04/12/28		3,222,982
	Quikrete Holdings, Inc. (BB-/Ba3) (1M LIBOR + 2.500%)
	5,438,926		2.584			02/01/27		5,390,193
								8,613,175
Chemicals(b) – 0.4%
	Cyanco Intermediate Corp. (B/B2) (1M LIBOR + 3.500%)
	2,113,974		3.587			03/16/25		2,104,736
	Polar US Borrower LLC (B-/B3) (3M LIBOR + 3.750%)
	3,000,927		4.853			10/15/25		2,993,425
	Starfruit Finco B.V. (B+/B2) (1M LIBOR + 2.750%)
	1,834,019		2.832			10/01/25		1,820,722
	Trident TPI Holdings, Inc. (B-/B2) (3M LIBOR + 4.000%)
	1,598,292		4.500			09/15/28		1,599,954
								8,518,837
Commercial Services – 0.4%
	APX Group, Inc. (B/B1)(c) (1M LIBOR + 3.500%)
	1,200,000		0.000			07/10/28		1,195,872
	KKR Apple Bidco LLC (NR/NR)(c)
	4,400,000		0.000			09/22/28		4,393,708
	Travelport Finance (Luxembourg) S.a.r.l. (B-/B3)(b) (-1X 3M LIBOR + 8.750%)
	2,325,125		3.500			02/28/25		2,409,829
								7,999,409
Consumer Cyclical Services(b) – 0.2%
	Prime Security Services Borrower LLC (BB-/Ba3) (6M LIBOR + 2.750%)
	1,704,645		3.500			09/23/26		1,702,122
	The Hertz Corp. (B+/B2) (1M LIBOR + 3.500%)
	1,804,539		4.000			06/30/28		1,804,828
	The Hertz Corp. (BB-/B2) (1M LIBOR + 3.500%)
	340,939		4.000			06/30/28		340,993
								3,847,943
Electrical(b) – 0.2%
	Pacific Gas & Electric Co. (BB-/B1) (3M LIBOR + 3.000%)
	3,366,477		3.500			06/23/25		3,306,520
Environmental(b) – 0.1%
	GFL Environmental, Inc. (BB-/Ba3) (3M LIBOR + 3.000%)
	2,169,535		3.500			05/30/25		2,172,247
Bank Loans(a) – (continued)
Health Care – Pharmaceuticals(c) – 0.1%
	Jazz Financing Lux S.a.r.l. (BB-/Ba2)
	2,150,000		0.000			05/05/28		2,152,430
Healthcare Providers & Services(b) – 0.3%
	RegionalCare Hospital Partners Holdings, Inc. (B/B1) (1M LIBOR + 3.750%)
	7,103,293		3.835			11/16/25		7,090,009
Machinery-Diversified(b) – 0.2%
	Titan Acquisition Ltd. (B-/B2) (3M LIBOR + 3.000%)
	3,368,986		3.167			03/28/25		3,305,447
	Vertical Midco GmbH (B+/WR) (6M LIBOR + 3.500%)
	2,144,625		4.404			07/30/27		2,147,606
								5,453,053
Media – 0.3%
	DirecTV Financing LLC (BB/Ba3)(b) (1M LIBOR + 5.000%)
	3,325,000		5.750			07/22/27		3,326,031
	iHeartCommunications, Inc. (B+/B1)(c) (1M LIBOR + 3.000%)
	3,375,000		0.000			05/01/26		3,348,979
								6,675,010
Packaging(b) – 0.1%
	Charter NEX US, Inc. (B/B2) (1M LIBOR + 3.750%)
	1,911,358		4.500			12/01/27		1,914,645
Pharmaceuticals(b) – 0.2%
	Endo Luxembourg Finance Co. I S.a.r.l. (B-/B3) (3M LIBOR + 5.000%)
	3,333,250		6.000			03/27/28		3,253,619
	Gainwell Acquisition Corp. (B+/B2) (3M LIBOR + 4.000%)
	2,194,472		4.750			10/01/27		2,197,676
								5,451,295
Restaurants(b) – 0.1%
	IRB Holding Corp. (B/B2) (3M LIBOR + 2.750%)
	3,233,247		3.750			02/05/25		3,227,525
Retailing(b) – 0.2%
	Rough Country LLC (NR/NR) (3M LIBOR + 3.500%)
	2,550,000		4.250			07/26/28		2,543,625
	Staples, Inc. (B/B2) (3M LIBOR + 5.000%)
	2,443,750		5.126			04/16/26		2,326,010
								4,869,635
Technology – Hardware(c) – 0.1%
	ICON Luxembourg S.a.r.l. (BB+/Ba1) (3M LIBOR + 2.500%)
	1,756,794		0.000			07/03/28		1,762,398
	(3M LIBOR + 2.500%)
	437,706		0.000			07/03/28		439,102
								2,201,500
Technology – Software/Services(b) – 1.0%
	Athenahealth, Inc. (B/B2) (3M LIBOR + 4.250%)
	2,144,612		4.377			02/11/26		2,148,901
	Banff Merger Sub, Inc. (B-/B2) (3M LIBOR + 3.750%)
	1,623,203		3.882			10/02/25		1,613,399
	Camelot U.S. Acquisition 1 Co. (B/B1) (1M LIBOR + 3.000%)
	3,507,152		3.084			10/30/26		3,496,911

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

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Technology – Software/Services(b) – (continued)
	CentralSquare Technologies LLC (B-/Caa1) (3M LIBOR + 3.750%)
$	3,169,497		3.882	%		08/29/25	$	2,933,782
	Mitchell International, Inc. (B-/WR) (1M LIBOR + 3.250%)
	2,060,338		3.334			11/29/24		2,056,485
	(1M LIBOR + 4.250%)
	1,782,000		4.750			11/29/24		1,781,251
	Peraton Corp. (B+/B1) (1M LIBOR + 3.750%)
	2,288,749		4.500			02/01/28		2,289,116
	The Dun & Bradstreet Corp. (B+/B1) (1M LIBOR + 3.250%)
	2,888,547		3.336			02/06/26		2,884,936
	The Ultimate Software Group, Inc. (B-/B1) (3M LIBOR + 3.250%)
	2,114,348		4.000			05/04/26		2,117,160
								21,321,941
Telecommunication Services(b) – 0.2%
	Altice France SA (B/B2) (3M LIBOR + 3.688%)
	1,945,339		3.814			01/31/26		1,927,344
	LogMeIn, Inc. (B-/B2) (1M LIBOR + 4.750%)
	3,208,835		4.833			08/31/27		3,206,332
								5,133,676
	TOTAL BANK LOANS
	(Cost $111,306,899)						$	111,517,692
Corporate Obligations – 89.9%
Advertising – 0.4%
	Lamar Media Corp. (BB/Ba3)
$	1,439,000		3.625	%		01/15/31	$	1,435,402
	Outfront Media Capital LLC/Outfront Media Capital Corp. (B+/B2)(d)
	1,073,000		6.250			06/15/25		1,134,698
	1,609,000		4.250			01/15/29		1,592,910
	2,829,000		4.625			03/15/30		2,832,536
	Terrier Media Buyer, Inc. (CCC+/Caa1)(d)
	888,000		8.875			12/15/27		939,060
								7,934,606
Aerospace & Defense – 2.1%
	Howmet Aerospace, Inc. (BB+/Ba2)
	39,000		6.875			05/01/25		45,630
	3,040,000		3.000			01/15/29		3,059,000
	Moog, Inc. (BB/Ba3)(d)
	3,004,000		4.250			12/15/27		3,094,120
	Spirit AeroSystems, Inc. (B/B2)(d)
	2,754,000		7.500			04/15/25		2,915,797
	Spirit AeroSystems, Inc. (BB-/Ba2)(d)
	1,014,000		5.500			01/15/25		1,072,305
	Spirit AeroSystems, Inc. (CCC+/Caa1)
	925,000		4.600			06/15/28		918,063
	TransDigm UK Holdings PLC (B-/B3)
	220,000		6.875			05/15/26		231,275
	TransDigm, Inc. (NR/B3)
	3,570,000		4.625			01/15/29		3,552,150
Corporate Obligations – (continued)
Aerospace & Defense – (continued)
	TransDigm, Inc. (NR/B3) – (continued)
	7,173,000		4.875			05/01/29		7,173,000
	TransDigm, Inc. (B+/Ba3)(d)
	1,290,000		8.000			12/15/25		1,372,238
	TransDigm, Inc. (B-/B3)
	3,492,000		6.375			06/15/26		3,609,855
	1,200,000		7.500			03/15/27		1,260,000
	8,988,000		5.500			11/15/27		9,257,640
	Triumph Group, Inc. (B/B1)(d)
	730,000		8.875			06/01/24		801,175
	Triumph Group, Inc. (CCC-/Caa1)(d)
	3,886,000		6.250			09/15/24		3,886,000
	Triumph Group, Inc. (CCC-/Caa3)(e)
	4,727,000		7.750			08/15/25		4,667,912
								46,916,160
Airlines – 0.8%
	American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2)(d)
	730,000		5.500			04/20/26		767,413
	Delta Air Lines, Inc. (B+/Baa3)
	3,511,000		2.900			10/28/24		3,589,997
	5,546,000		7.375			01/15/26		6,544,280
	Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (NR/Ba3)(d)
	4,532,223		5.750			01/20/26		4,747,504
	Spirit Loyalty Cayman Ltd./Spirit IP Cayman Ltd. (NR/Ba2)(d)
	1,375,000		8.000			09/20/25		1,540,000
								17,189,194
Automotive – 4.8%
	Adient Global Holdings Ltd. (B/B3)(d)
	2,951,000		4.875			08/15/26		3,010,020
	Allison Transmission, Inc. (NR/Ba2)(d)
	1,709,000		3.750			01/30/31		1,662,003
	American Axle & Manufacturing, Inc. (B+/B2)
	224,000		6.250			03/15/26		230,440
	224,000		6.500	(e)		04/01/27		233,520
	1,731,000		6.875	(e)		07/01/28		1,839,188
	3,110,000		5.000	(e)		10/01/29		3,032,250
	Clarios Global LP/Clarios US Finance Co. (B/B1)
EUR	836,000		4.375			05/15/26		1,001,063
	Clarios Global LP/Clarios US Finance Co. (CCC+/Caa1)(d)
$	7,998,000		8.500			05/15/27		8,507,872
	Dana Financing Luxembourg S.a.r.l. (BB/B2)(d)
	2,380,000		5.750			04/15/25		2,454,375
EUR	1,175,000		3.000			07/15/29		1,393,672
	Dana, Inc. (BB/B2)
$	4,243,000		5.375			11/15/27		4,476,365
	1,205,000		4.250			09/01/30		1,244,163
	Dealer Tire LLC/DT Issuer LLC (CCC/Caa1)(d)
	4,509,000		8.000			02/01/28		4,700,632
	Dornoch Debt Merger Sub, Inc. (CCC/Caa1)(d)
	2,475,000		6.625			10/15/29		2,478,094
	Ford Motor Co. (BB+/Ba2)
	4,704,000		9.000			04/22/25		5,656,809
	3,115,000		0.000	(d)(f)		03/15/26		3,358,359
	7,341,000		4.750			01/15/43		7,717,659

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Automotive – (continued)
	Ford Motor Credit Co. LLC (BB+/Ba2)
$	4,000,000		4.140	%		02/15/23	$	4,100,104
	3,091,000		4.375			08/06/23		3,218,386
	1,837,000		3.810			01/09/24		1,898,892
	1,350,000		4.687			06/09/25		1,449,847
	3,020,000		3.375			11/13/25		3,113,717
	4,975,000		3.815			11/02/27		5,156,538
	2,010,000		2.900			02/16/28		2,006,790
	2,380,000		4.000			11/13/30		2,479,720
	6,357,000		3.625			06/17/31		6,421,002
	IHO Verwaltungs GmbH (BB-/Ba2)(d)(g) (PIK 5.500%, Cash 4.750%)
	2,695,000		4.750			09/15/26		2,748,900
	(PIK 6.750%, Cash 6.000%)
	900,000		6.000			05/15/27		931,500
	(PIK 7.125%, Cash 6.375%)
	2,985,000		6.375			05/15/29		3,216,338
	Mclaren Finance PLC (CCC+/Caa1)(d)
	395,000		7.500			08/01/26		397,963
	Tenneco, Inc. (B+/Ba3)(d)
	3,755,000		5.125			04/15/29		3,820,713
	The Goodyear Tire & Rubber Co. (BB-/B2)
	3,830,000		9.500			05/31/25		4,203,425
	2,371,000		5.000	(d)		07/15/29		2,513,260
	2,371,000		5.250	(d)		07/15/31		2,525,115
	Wheel Pros, Inc. (CCC/Caa2)(d)
	4,380,000		6.500			05/15/29		4,248,600
								107,447,294
Banks – 2.2%
	Barclays PLC (B+/Ba2)(b) (5 Year CMT + 5.672%)
	6,125,000		8.000			12/31/99		6,928,906
	Citigroup, Inc. (BB+/Ba1)(b) (3M USD LIBOR + 3.423%)
	5,974,000		6.300			12/29/49		6,414,582
	(5 Year CMT + 3.597%)
	931,000		4.000			12/31/99		961,258
	Credit Suisse Group AG (BB/NR)(b) (5 Year USD Swap + 3.455%)
	1,129,000		6.250			12/29/49		1,216,497
	Credit Suisse Group AG (BB-/Ba2u)(b)(d) (5 Year CMT + 3.554%)
	900,000		4.500			12/31/99		886,127
	(5 Year CMT + 4.889%)
	1,075,000		5.250			12/31/99		1,124,719
	Deutsche Bank AG (BB+/Ba1)(b) (5 Year USD ICE Swap + 2.553%)
	3,935,000		4.875			12/01/32		4,291,110
	(SOFR + 2.757%)
	2,225,000		3.729			01/14/32		2,296,665
	Deutsche Bank AG (BB-/Ba3)(b) (5 Year CMT + 4.524%)
	1,800,000		6.000			12/31/99		1,901,340
	Freedom Mortgage Corp. (B/B2)(d)
	4,706,000		7.625			05/01/26		4,800,120
	2,820,000		6.625			01/15/27		2,745,975
	Intesa Sanpaolo SpA (BB+/Ba1)(d)
	2,350,000		5.017			06/26/24		2,538,369
	3,120,000		5.710			01/15/26		3,492,862
Corporate Obligations – (continued)
Banks – (continued)
	Natwest Group PLC (BB-/Ba1)(b)(e) (3M USD LIBOR + 2.320%)
	2,200,000		2.452			12/31/99		2,194,500
	Standard Chartered PLC (BB-/Ba1)(b)(d)(e) (5 Year CMT + 3.805%)
	2,610,000		4.750			12/31/99		2,636,100
	The Bank of New York Mellon Corp. (BBB/Baa1)(b) (5 Year CMT + 4.358%)
	1,190,000		4.700			12/31/99		1,306,596
	UniCredit SpA (BB+/Baa3)(b)(d) (5 Year CMT + 4.750%)
	3,415,000		5.459			06/30/35		3,767,838
								49,503,564
Beverages(d) – 0.2%
	Primo Water Holdings, Inc. (B/B1)
	3,300,000		4.375			04/30/29		3,283,500
Biotechnology(d) – 0.1%
	Grifols Escrow Issuer SA (B/B3)
	1,305,000		4.750			10/15/28		1,331,100
	HCRX Investments Holdco LP (NR/B2)
	870,000		4.500			08/01/29		876,525
								2,207,625
Building Materials(d) – 1.9%
	APi Group DE, Inc. (B/B1)
	3,318,000		4.125			07/15/29		3,251,640
	Builders FirstSource, Inc. (BB-/Ba3)
	1,790,000		5.000			03/01/30		1,915,300
	Builders FirstSource, Inc. (BBB-/Ba2)
	6,133,000		6.750			06/01/27		6,500,980
	CP Atlas Buyer, Inc. (CCC/Caa2)
	3,783,000		7.000			12/01/28		3,792,457
	JELD-WEN, Inc. (BB-/B2)
	3,638,000		4.625			12/15/25		3,678,928
	4,116,000		4.875			12/15/27		4,275,495
	Masonite International Corp. (BB+/Ba1)
	2,609,000		5.375			02/01/28		2,745,973
	1,241,000		3.500			02/15/30		1,228,590
	SRM Escrow Issuer LLC (B+/B1)
	6,599,000		6.000			11/01/28		6,978,442
	Standard Industries, Inc. (BB-/B1)
	2,946,000		4.375			07/15/30		3,004,537
	4,105,000		5.000			02/15/27		4,241,286
								41,613,628
Chemicals – 3.0%
	Ashland LLC (BB+/Ba1)(d)
	2,340,000		3.375			09/01/31		2,363,400
	Ashland Services B.V. (BB+/Ba1)(d)
EUR	825,000		2.000			01/30/28		985,211
	Axalta Coating Systems LLC (BB-/B1)(d)
$	4,775,000		3.375			02/15/29		4,643,687
	Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B B.V. (BB-/B1)(d)
	860,000		4.750			06/15/27		896,550
	Diamond BC BV (B/Caa1)(d)
	505,000		4.625			10/01/29		510,681

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)
Chemicals – (continued)
	Herens Holdco S.a.r.l. (B/B2)(d)
$	3,850,000		4.750	%		05/15/28	$	3,859,625
	Hexion, Inc. (B/B3)(d)
	1,656,000		7.875			07/15/27		1,767,780
	Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1)(d)
	1,060,000		9.000			07/01/28		1,168,650
	Ingevity Corp. (NR/Ba3)(d)
	2,068,000		4.500			02/01/26		2,091,265
	551,000		3.875			11/01/28		549,623
	Kraton Polymers LLC/Kraton Polymers Capital Corp. (BB-/B2)(d)
	1,244,000		4.250			12/15/25		1,299,980
	Methanex Corp. (BB/Ba1)
	2,560,000		5.250			12/15/29		2,771,200
	Minerals Technologies, Inc. (BB-/Ba3)(d)
	3,421,000		5.000			07/01/28		3,536,459
	OCI NV (BB+/Ba3)(d)
	1,350,000		5.250			11/01/24		1,387,125
	Olympus Water US Holding Corp. (NR/B2)(d)
EUR	750,000		3.875			10/01/28		868,841
	Polar US Borrower LLC/Schenectady International Group, Inc. (CCC+/Caa2)(d)
$	3,240,000		6.750			05/15/26		3,244,050
	SPCM SA (BB+/Ba1)(d)
	2,050,000		3.375			03/15/30		2,039,750
	The Chemours Co. (BB-/B1)
	263,000		5.375	(e)		05/15/27		282,725
	2,565,000		5.750	(d)		11/15/28		2,680,425
	3,175,000		4.625	(d)		11/15/29		3,087,687
	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (B/B2)(d)
	3,325,000		5.125			04/01/29		3,349,937
	Tronox, Inc. (B/B3)(d)
	5,297,000		4.625			03/15/29		5,257,272
	Tronox, Inc. (B+/Ba3)(d)
	2,048,000		6.500			05/01/25		2,147,840
	Unifrax Escrow Issuer Corp. (B-/B2)(d)
	1,040,000		5.250			09/30/28		1,053,000
	Unifrax Escrow Issuer Corp. (CCC+/Caa2)(d)
	2,191,000		7.500			09/30/29		2,240,298
	Valvoline, Inc. (BB-/Ba3)(d)
	1,946,000		3.625			06/15/31		1,926,540
	WR Grace Holdings LLC (NR/NR)(d)
	6,718,000		5.625			10/01/24		7,331,017
	WR Grace Holdings LLC (B/B1)(d)
	993,000		4.875			06/15/27		1,025,273
	WR Grace Holdings LLC (CCC+/B3)(d)
	2,235,000		5.625			08/15/29		2,307,638
								66,673,529
Commercial Services(d) – 3.0%
	Alarm.com Holdings, Inc. (NR/NR)(f)
	2,221,000		0.000			01/15/26		1,992,750
	Allied Universal Holdco LLC/Allied Universal Finance Corp. (CCC+/Caa1)
	6,520,000		9.750			07/15/27		7,082,350
	955,000		6.000			06/01/29		945,450
Corporate Obligations – (continued)
Commercial Services(d) – (continued)
	Allied Universal Holdco LLC/Allied Universal Finance Corp/Atlas Luxco 4 S.a.r.l. (B/B2)
	4,100,000		4.625			06/01/28		4,078,059
	APX Group, Inc. (CCC/Caa1)
	2,830,000		5.750			07/15/29		2,780,475
	CoreLogic, Inc. (B/B1)
	3,341,000		4.500			05/01/28		3,303,414
	Garda World Security Corp. (CCC+/Caa2)
	3,000,000		6.000			06/01/29		2,898,750
	Gartner, Inc. (BB+/Ba3)
	2,202,000		3.625			06/15/29		2,235,030
	Graham Holdings Co. (BB/Ba1)
	3,268,000		5.750			06/01/26		3,406,890
	HealthEquity, Inc. (B/B3)
	811,000		4.500			10/01/29		824,179
	Modulaire Global Finance PLC (B-/B2)
	2,375,000		8.000			02/15/23		2,425,469
	MPH Acquisition Holdings LLC (B-/B3)(e)
	8,662,000		5.750			11/01/28		8,142,280
	Nielsen Finance LLC/Nielsen Finance Co. (BB/B2)
	1,025,000		4.500			07/15/29		996,812
	1,275,000		4.750			07/15/31		1,238,344
	Paysafe Finance PLC/Paysafe Holdings US Corp. (B+/B1)
	3,400,000		4.000			06/15/29		3,268,250
	Prime Security Services Borrower LLC/Prime Finance, Inc. (B-/B3)
	2,002,000		6.250			01/15/28		2,067,065
	Prime Security Services Borrower LLC/Prime Finance, Inc. (BB-/Ba3)
	1,853,000		5.250			04/15/24		1,971,129
	4,553,000		3.375			08/31/27		4,370,880
	Square, Inc. (BB/Ba2)
	646,000		2.750			06/01/26		654,075
	393,000		3.500			06/01/31		405,773
	Team Health Holdings, Inc. (CCC/Caa3)
	2,440,000		6.375			02/01/25		2,342,400
	The ADT Security Corp. (BB-/Ba3)
	2,026,000		4.125			08/01/29		2,008,272
	TriNet Group, Inc. (BB/Ba2)
	3,191,000		3.500			03/01/29		3,198,977
	Verisure Holding AB (B/B1)
EUR	650,000		3.250			02/15/27		757,084
	Verisure Midholding AB (CCC+/Caa1)
	725,000		5.250			02/15/29		861,765
	Verscend Escrow Corp. (CCC+/Caa2)
$	2,092,000		9.750			08/15/26		2,207,060
								66,462,982
Computers – 0.8%
	Booz Allen Hamilton, Inc. (BB-/Ba2)(d)
	626,000		4.000			07/01/29		642,433
	Crowdstrike Holdings, Inc. (BB/Ba3)
	4,771,000		3.000			02/15/29		4,759,072
	Dell International LLC/EMC Corp. (BBB/Ba2)(d)
	3,033,000		7.125			06/15/24		3,101,242

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Computers – (continued)
	KBR, Inc. (BB-/Ba3)(d)
$	2,613,000		4.750	%		09/30/28	$	2,658,728
	Presidio Holdings, Inc. (CCC+/Caa1)(d)
	1,302,000		8.250			02/01/28		1,399,650
	Science Applications International Corp. (BB-/B1)(d)
	2,354,000		4.875			04/01/28		2,442,275
	Seagate HDD Cayman (BB+/Ba1)(d)
	3,348,000		3.375			07/15/31		3,268,485
								18,271,885
Cosmetics/Personal Care – 0.2%
	Coty, Inc. (B-/Caa1)
EUR	2,750,000		4.000			04/15/23		3,203,651
Distribution & Wholesale(d) – 0.9%
	American Builders & Contractors Supply Co, Inc. (B+/B1)
$	6,829,000		3.875			11/15/29		6,777,782
	Avient Corp. (BB-/Ba3)
	2,139,000		5.750			05/15/25		2,253,971
	BCPE Empire Holdings, Inc. (CCC/Caa2)
	6,218,000		7.625			05/01/27		6,186,910
	Wolverine Escrow LLC (CCC+/Caa3)
	5,536,000		8.500	(e)		11/15/24		5,134,640
	293,000		9.000			11/15/26		268,828
								20,622,131
Diversified Financial Services – 5.0%
	AerCap Holdings NV (BB+/Ba2)(b) (5 Year CMT + 4.535%)
	3,115,000		5.875			10/10/79		3,259,081
	Ally Financial, Inc. (BB-/NR)(b) (5 year CMT + 3.868%)
	3,325,000		4.700			12/31/99		3,474,625
	Capital One Financial Corp. (BB/Baa3)(b) (5 year CMT + 3.157%)
	2,085,000		3.950			12/31/99		2,147,550
	Coinbase Global, Inc. (BB+/Ba1)(d)
	3,370,000		3.375			10/01/28		3,252,050
	Global Aircraft Leasing Co. Ltd. (NR/B1)(d)(g) (PIK 7.250%, Cash 6.500%)
	5,215,498		6.500			09/15/24		5,143,785
	Home Point Capital, Inc. (NR/B3)(d)
	2,375,000		5.000			02/01/26		2,149,375
	Icahn Enterprises LP/Icahn Enterprises Finance Corp. (BB/Ba3)
	4,594,000		4.750			09/15/24		4,772,017
	Jefferies Finance LLC/JFIN Co-Issuer Corp. (BB-/B1)(d)
	1,755,000		5.000			08/15/28		1,779,438
	LD Holdings Group LLC (B+/B2)(d)
	4,373,000		6.500			11/01/25		4,362,067
	3,424,000		6.125			04/01/28		3,227,120
	Lincoln Financing S.a.r.l. (BB+/B1)
EUR	3,125,000		3.625	(d)		04/01/24		3,651,517
	(3M Euribor + 3.875%)
	1,350,000		3.875	(b)		04/01/24		1,563,897
	LPL Holdings, Inc. (BB/Ba2)(d)
	3,979,000		4.000			03/15/29		4,088,423
	1,479,000		4.375			05/15/31		1,543,706
	Midcap Financial Issuer Trust (B+/B1)(d)
	1,863,000		6.500			05/01/28		1,944,506
	1,075,000		5.625			01/15/30		1,064,250
Corporate Obligations – (continued)
Diversified Financial Services – (continued)
	Mozart Debt Merger Sub, Inc. (B+/B1)(d)(h)
	2,375,000		3.875			04/01/29		2,375,000
	Mozart Debt Merger Sub, Inc. (B-/Caa1)(d)(h)
	1,735,000		5.250			10/01/29		1,748,405
	Nationstar Mortgage Holdings, Inc. (B+/B2)(d)
	2,731,000		6.000			01/15/27		2,857,309
	2,968,000		5.500			08/15/28		3,057,093
	540,000		5.125			12/15/30		539,325
	Navient Corp. (B+/Ba3)
	3,107,000		5.500			01/25/23		3,246,815
	2,723,000		5.875			10/25/24		2,913,610
	2,000,000		6.750			06/15/26		2,225,000
	5,413,000		5.000			03/15/27		5,561,857
	3,153,000		4.875			03/15/28		3,192,413
	OneMain Finance Corp. (BB-/Ba2)
	3,697,000		5.625			03/15/23		3,881,850
	1,929,000		8.875			06/01/25		2,090,554
	5,062,000		7.125			03/15/26		5,852,937
	1,458,000		3.500			01/15/27		1,450,710
	3,038,000		6.625			01/15/28		3,493,700
	2,254,000		4.000			09/15/30		2,234,278
	PennyMac Financial Services, Inc. (BB-/B1)(d)
	1,690,000		5.375			10/15/25		1,736,475
	2,106,000		4.250			02/15/29		1,995,435
	2,802,000		5.750			09/15/31		2,784,488
	The Charles Schwab Corp. (BBB/Baa2)(b) (10 Year CMT + 3.079%)
	2,180,000		4.000			12/31/99		2,238,228
	(5 Year CMT + 4.971%)
	1,658,000		5.375			12/31/99		1,842,121
	United Wholesale Mortgage LLC (NR/Ba3)(d)
	5,850,000		5.500			04/15/29		5,689,125
	United Wholesale Mortgage LLC (NR/Ba3)(d)
	1,955,000		5.500			11/15/25		1,969,663
								112,399,798
Electrical – 1.5%
	Calpine Corp. (B+/B2)(d)
	2,907,000		5.125			03/15/28		2,936,070
	Calpine Corp. (BB+/Ba2)(d)
	2,063,000		5.250			06/01/26		2,119,733
	4,614,000		3.750			03/01/31		4,446,743
	Edison International (BB+/Ba2)(b) (5 Year CMT + 4.698%)
	2,175,000		5.375			12/31/99		2,240,250
	FirstEnergy Corp. (BB/Ba1)
	1,439,000		2.650			03/01/30		1,430,034
	575,000		7.375			11/15/31		778,875
	2,624,000		5.350			07/15/47		3,198,687
	FirstEnergy Transmission LLC (BB/Baa2)(d)
	1,439,000		5.450			07/15/44		1,832,926
	Leeward Renewable Energy Operations LLC (NR/Ba3)(d)
	1,110,000		4.250			07/01/29		1,121,100
	NRG Energy, Inc. (BB+/Ba2)
	2,916,000		5.750			01/15/28		3,090,960
	1,560,000		3.375	(d)		02/15/29		1,540,500
	883,000		5.250	(d)		06/15/29		939,291

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)
Electrical – (continued)
	Pike Corp. (CCC+/B3)(d)
$	2,833,000		5.500	%		09/01/28	$	2,886,119
	Talen Energy Supply LLC (B+/B1)(d)
	1,751,000		7.250			05/15/27		1,645,940
	Talen Energy Supply LLC (CCC/Caa1)
	2,106,000		6.500			06/01/25		1,042,470
	Vistra Operations Co. LLC (BB/Ba2)(d)
	2,136,000		5.000			07/31/27		2,200,080
								33,449,778
Electrical Components & Equipment(d) – 0.1%
	Wesco Distribution, Inc. (BB-/B1)
	2,015,000		7.125			06/15/25		2,156,050
Electronics(d) – 0.5%
	Atkore, Inc. (BB-/Ba3)
	2,593,000		4.250			06/01/31		2,680,514
	Sensata Technologies B.V. (BB+/Ba3)
	1,014,000		5.000			10/01/25		1,121,738
	1,135,000		4.000			04/15/29		1,152,025
	Sensata Technologies, Inc. (BB+/Ba3)
	3,389,000		4.375			02/15/30		3,634,702
	1,519,000		3.750			02/15/31		1,524,696
								10,113,675
Engineering & Construction(d) – 0.5%
	Dycom Industries, Inc. (BB/Ba3)
	1,563,000		4.500			04/15/29		1,564,954
	Global Infrastructure Solutions, Inc. (BB-/B1)
	4,213,000		5.625			06/01/29		4,297,260
	Great Lakes Dredge & Dock Corp. (B/B2)
	736,000		5.250			06/01/29		761,760
	MasTec, Inc. (BB/Ba2)
	3,888,000		4.500			08/15/28		4,058,100
								10,682,074
Entertainment – 2.6%
	Allen Media LLC/Allen Media Co-Issuer, Inc. (B-/Caa1)(d)
	5,844,000		10.500			02/15/28		5,997,405
	Banijay Group SAS (CCC+/Caa1)(d)
EUR	1,275,000		6.500			03/01/26		1,539,694
	Caesars Entertainment, Inc. (B/B1)(d)
$	1,846,000		6.250			07/01/25		1,942,915
	Caesars Entertainment, Inc. (CCC+/Caa1)(d)
	3,413,000		8.125			07/01/27		3,835,359
	2,220,000		4.625			10/15/29		2,258,850
	Caesars Resort Collection LLC/CRC Finco, Inc. (B+/B1)(d)
	1,815,000		5.750			07/01/25		1,908,019
	Caesars Resort Collection LLC/CRC Finco, Inc. (CCC+/Caa1)(d)
	1,523,000		5.250			10/15/25		1,545,845
	Cedar Fair LP/Canada’s Wonderland Co/Magnum Management Corp./Millennium Op (B+/Ba2)(d)
	1,799,000		5.500			05/01/25		1,870,960
	Cinemark USA, Inc. (B/Caa1)(d)
	1,925,000		5.250			07/15/28		1,891,313
	Everi Holdings, Inc. (B/B3)(d)
	440,000		5.000			07/15/29		449,900
Corporate Obligations – (continued)
Entertainment – (continued)
	International Game Technology PLC (BB/Ba3)(d)
	2,556,000		5.250			01/15/29		2,728,530
	Lions Gate Capital Holdings LLC (CCC+/B3)(d)
	3,735,000		5.500			04/15/29		3,847,050
	Motion Bondco DAC (CCC-/Caa2)(d)(e)
	2,235,000		6.625			11/15/27		2,268,525
	Penn National Gaming, Inc. (B/B3)(d)
	2,770,000		4.125			07/01/29		2,738,837
	Pinewood Finance Co. Ltd. (BB/NR)
GBP	1,525,000		3.250			09/30/25		2,082,422
	2,125,000		3.250	(d)		09/30/25		2,901,736
	Premier Entertainment Sub LLC/Premier Entertainment Finance Corp. (CCC+/B3)(d)
$	2,595,000		5.625			09/01/29		2,617,706
	2,595,000		5.875			09/01/31		2,624,194
	Scientific Games International, Inc. (B-/Caa2)(d)
	2,891,000		8.250			03/15/26		3,071,687
	SeaWorld Parks & Entertainment, Inc. (B-/Caa1)(d)
	4,150,000		5.250			08/15/29		4,238,187
	Six Flags Theme Parks, Inc. (BB-/Ba2)(d)
	1,669,000		7.000			07/01/25		1,775,399
	WMG Acquisition Corp. (BB+/Ba3)(d)
	1,200,000		3.875			07/15/30		1,248,000
	2,922,000		3.000			02/15/31		2,852,602
								58,235,135
Environmental(d) – 0.3%
	GFL Environmental, Inc. (B-/B3)
	2,216,000		4.000			08/01/28		2,204,920
	1,822,000		4.750			06/15/29		1,867,550
	GFL Environmental, Inc. (BB-/Ba3)
	3,460,000		3.500			09/01/28		3,481,625
								7,554,095
Food & Drug Retailing – 4.3%
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertson’s LLC (BB/Ba3)
	770,000		5.750			03/15/25		782,513
	497,000		7.500	(d)		03/15/26		536,760
	3,744,000		3.500	(d)		03/15/29		3,729,960
	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC (BB/Ba3)(d)
	5,252,000		4.625			01/15/27		5,514,600
	3,926,000		5.875			02/15/28		4,181,190
	B&G Foods, Inc. (B/B2)
	3,331,000		5.250			04/01/25		3,418,439
	229,000		5.250			09/15/27		239,019
	Chobani LLC/Chobani Finance Corp., Inc. (CCC/Caa2)(d)
	3,079,000		7.500			04/15/25		3,202,160
	H-Food Holdings LLC/Hearthside Finance Co., Inc. (CCC/Caa2)(d)
	3,096,000		8.500			06/01/26		3,204,360
	JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. (BB+/Ba1)(d)
	3,121,000		5.500			01/15/30		3,472,112

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Food & Drug Retailing – (continued)
	Kraft Heinz Foods Co. (BB+/Baa3)
$	9,669,000		3.000	%		06/01/26	$	10,179,001
	1,782,000		3.875			05/15/27		1,951,857
	1,709,000		4.625			01/30/29		1,950,263
	751,000		4.250			03/01/31		844,343
	4,726,000		4.625			10/01/39		5,489,533
	5,883,000		4.375			06/01/46		6,730,205
	6,579,000		4.875			10/01/49		8,024,604
	New Albertsons LP (B+/WR)
	3,100,000		7.450			08/01/29		3,588,250
	Performance Food Group, Inc. (B+/B2)(d)
	2,330,000		4.250			08/01/29		2,335,825
	Post Holdings, Inc. (B+/B2)(d)
	4,823,000		5.750			03/01/27		5,003,862
	6,028,000		5.625			01/15/28		6,329,400
	3,980,000		4.625			04/15/30		4,004,875
	2,736,000		4.500			09/15/31		2,715,480
	Sigma Holdco B.V. (CCC+/Caa1)(d)(e)
	2,350,000		7.875			05/15/26		2,320,625
	United Natural Foods, Inc. (CCC+/B3)(d)
	2,328,000		6.750			10/15/28		2,514,240
	US Foods, Inc. (B+/Caa1)(d)
	2,135,000		4.750			02/15/29		2,183,037
	US Foods, Inc. (BB-/B3)(d)
	1,931,000		6.250			04/15/25		2,027,550
								96,474,063
Forest Products&Paper – 0.2%
	Mercer International, Inc. (B+/Ba3)
	2,248,000		5.500			01/15/26		2,292,960
	2,253,000		5.125			02/01/29		2,295,244
								4,588,204
Gaming – 1.0%
	Boyd Gaming Corp. (B/Caa1)(d)
	678,000		8.625			06/01/25		735,630
	1,630,000		4.750			06/15/31		1,680,938
	Genting New York LLC/GENNY Capital, Inc. (BB+/NR)(d)
	830,000		3.300			02/15/26		829,685
	Melco Resorts Finance Ltd. (BB/Ba2)(d)
	1,350,000		5.375			12/04/29		1,372,275
	MGM China Holdings Ltd. (B+/Ba3)(d)
	2,126,000		5.250			06/18/25		2,146,330
	MGM Resorts International (B+/Ba3)
	2,506,000		7.750			03/15/22		2,568,650
	3,546,000		6.000			03/15/23		3,749,895
	5,509,000		5.500			04/15/27		5,991,037
	Sands China Ltd. (BBB-/Baa2)
	630,000		4.375			06/18/30		659,465
	Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. (BB-/B1)(d)
	2,292,000		5.500			03/01/25		2,337,840
								22,071,745
Corporate Obligations – (continued)
Gas – 0.4%
	AmeriGas Partners LP/AmeriGas Finance Corp. (NR/Ba3)
$	536,000		5.875	%		08/20/26	$	604,340
	7,393,000		5.750			05/20/27		8,317,125
								8,921,465
Healthcare Providers & Services – 3.4%
	180 Medical, Inc. (BB+/Ba2)(d)(h)
	200,000		3.875			10/15/29		200,000
	Catalent Pharma Solutions, Inc. (BB-/B1)(d)
	1,415,000		3.500			04/01/30		1,409,694
	Centene Corp. (BBB-/Ba1)
	2,379,000		2.450			07/15/28		2,390,491
	1,712,000		4.625			12/15/29		1,864,728
	6,925,000		3.375			02/15/30		7,167,652
	4,574,000		2.500			03/01/31		4,508,134
	911,000		2.625			08/01/31		905,370
	Charles River Laboratories International, Inc. (BB/Ba2)(d)
	615,000		3.750			03/15/29		629,606
	675,000		4.000			03/15/31		707,063
	CHS/Community Health Systems, Inc. (B/B2)(d)
	3,843,000		8.000			03/15/26		4,068,776
	4,019,000		5.625			03/15/27		4,214,926
	5,160,000		4.750			02/15/31		5,198,700
	CHS/Community Health Systems, Inc. (CCC/Caa2)(d)
	1,725,000		6.125			04/01/30		1,673,250
	DaVita, Inc. (B+/Ba3)(d)
	3,056,000		4.625			06/01/30		3,124,760
	3,521,000		3.750			02/15/31		3,419,771
	Global Medical Response, Inc. (B/B2)(d)
	3,404,000		6.500			10/01/25		3,518,885
	HCA, Inc. (BB-/Baa3)
	717,000		5.875			05/01/23		768,983
	5,969,000		5.375			02/01/25		6,662,896
	575,000		5.875			02/01/29		694,313
	6,628,000		3.500			09/01/30		7,017,395
	Laboratoire Eimer Selas (CCC+/Caa1)(d)
EUR	600,000		5.000			02/01/29		717,083
	RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. (CCC+/Caa1)(d)
$	2,871,000		9.750			12/01/26		3,036,082
	Tenet Healthcare Corp. (B+/B1)(d)
	2,634,000		7.500			04/01/25		2,798,625
	4,097,000		4.625			06/15/28		4,250,637
	3,270,000		4.250			06/01/29		3,327,225
	Tenet Healthcare Corp. (B+/WR)
	994,000		4.625			07/15/24		1,007,668
	Tenet Healthcare Corp. (CCC+/B1)(d)
	585,000		6.250			02/01/27		607,669
								75,890,382
Home Builders – 0.5%
	Brookfield Residential Properties, Inc./Brookfield Residential US LLC (B+/B2)(d)
	1,645,000		5.000			06/15/29		1,673,787

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)
Home Builders – (continued)
	Brookfield Residential Properties, Inc./Brookfield Residential US LLC (B+/B2)(d)
$	1,031,000		4.875	%		02/15/30	$	1,058,064
	LGI Homes, Inc. (BB-/Ba2)(d)
	3,681,000		4.000			07/15/29		3,662,595
	TRI Pointe Group, Inc./TRI Pointe Homes, Inc. (BB-/Ba2)
	678,000		5.875			06/15/24		744,105
	Tri Pointe Homes, Inc. (BB-/Ba2)
	1,863,000		5.250			06/01/27		2,014,369
	1,436,000		5.700			06/15/28		1,561,650
								10,714,570
Home Furnishings(d) – 0.1%
	Tempur Sealy International, Inc. (BB+/Ba2)
	2,130,000		4.000			04/15/29		2,193,900
Household Products – 0.4%
	Central Garden & Pet Co. (BB/B1)
	2,307,000		4.125			10/15/30		2,373,326
	1,000,000		4.125	(d)		04/30/31		1,020,000
	Kronos Acquisition Holdings, Inc./KIK Custom Products, Inc. (CCC/Caa2)(d)
	2,397,000		7.000			12/31/27		2,289,135
	Spectrum Brands, Inc. (B/B2)
	149,000		5.750			07/15/25		153,098
	3,719,000		3.875	(d)		03/15/31		3,746,892
								9,582,451
Housewares – 0.9%
	CD&R Smokey Buyer, Inc. (B/B2)(d)
	927,000		6.750			07/15/25		980,303
	Newell Brands, Inc. (BB+/Ba1)
	1,017,000		4.875			06/01/25		1,121,242
	4,453,000		4.700			04/01/26		4,914,999
	4,998,000		6.000			04/01/46		6,459,915
	SWF Escrow Issuer Corp. (CCC/Caa2)(d)
	3,360,000		6.500			10/01/29		3,255,000
	The Scotts Miracle-Gro Co. (B+/Ba3)(d)
	2,536,000		4.000			04/01/31		2,529,660
								19,261,119
Insurance(d) – 1.1%
	Acrisure LLC/Acrisure Finance, Inc. (B/B2)
	7,023,000		4.250			02/15/29		6,943,991
	Acrisure LLC/Acrisure Finance, Inc. (CCC+/Caa2)
	1,390,000		7.000			11/15/25		1,414,325
	1,140,000		6.000			08/01/29		1,125,750
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (CCC+/Caa2)
	8,438,000		6.750			10/15/27		8,733,330
	AssuredPartners, Inc. (CCC+/Caa2)
	678,000		5.625			01/15/29		681,390
	GTCR AP Finance, Inc. (CCC+/Caa2)
	1,398,000		8.000			05/15/27		1,471,395
	HUB International Ltd. (CCC+/Caa2)
	2,516,000		7.000			05/01/26		2,597,770
Corporate Obligations – (continued)
Insurance(d) – (continued)
	USI, Inc. (CCC+/Caa2)
	2,448,000		6.875			05/01/25		2,490,840
								25,458,791
Internet – 2.2%
	Adevinta ASA (BB-/Ba3)
EUR	375,000		3.000	(d)		11/15/27		447,326
	475,000		3.000			11/15/27		566,613
	ANGI Group LLC (B+/Ba3)(d)
$	3,624,000		3.875			08/15/28		3,587,760
	Cars.com, Inc. (B+/B3)(d)
	3,260,000		6.375			11/01/28		3,439,300
	Endure Digital, Inc. (CCC+/Caa2)(d)
	4,281,000		6.000			02/15/29		4,056,247
	Expedia Group, Inc. (BBB-/Baa3)
	777,000		4.625			08/01/27		881,095
	Getty Images, Inc. (CCC+/Caa2)(d)
	3,068,000		9.750			03/01/27		3,267,420
	Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)(d)
	1,835,000		3.500			03/01/29		1,818,944
	GrubHub Holdings, Inc. (BB-/B1)(d)
	4,741,000		5.500			07/01/27		4,918,787
	ION Trading Technologies 46205YAA9 (B/B3)(d)
	2,087,000		5.750			05/15/28		2,141,784
	Match Group Holdings II LLC (BB/Ba3)(d)
	2,033,000		4.625			06/01/28		2,121,944
	2,269,000		3.625			10/01/31		2,246,310
	Netflix, Inc. (BB+/Ba1)
	1,643,000		3.625	(d)		06/15/25		1,745,687
	2,031,000		4.875			04/15/28		2,340,727
	571,000		5.875			11/15/28		696,620
	Twitter, Inc. (BB+/Ba2)(d)
	2,881,000		3.875			12/15/27		3,061,062
	Uber Technologies, Inc. (B-/B3)(d)
	6,408,000		7.500			05/15/25		6,832,530
	219,000		8.000			11/01/26		232,688
	712,000		6.250			01/15/28		760,950
	2,990,000		4.500			08/15/29		2,997,475
	United Group BV (B/B2)(d)
EUR	1,550,000		4.625			08/15/28		1,800,085
								49,961,354
Leisure Time – 1.8%
	Carnival Corp. (B/B2)(d)
$	1,034,000		7.625			03/01/26		1,101,210
	5,106,000		5.750			03/01/27		5,278,327
	Carnival Corp. (BB-/B1)
EUR	1,000,000		10.125			02/01/26		1,329,786
$	1,327,000		9.875	(d)		08/01/27		1,532,685
	MajorDrive Holdings IV LLC (CCC+/Caa2)(d)
	6,893,000		6.375			06/01/29		6,703,442
	NCL Corp., Ltd. (B+/B1)(d)
	2,773,000		10.250			02/01/26		3,185,484
	NCL Corp., Ltd. (B-/Caa1)(d)
	2,269,000		3.625			12/15/24		2,147,041
	5,222,000		5.875			03/15/26		5,352,550

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Leisure Time – (continued)
	Peloton Interactive, Inc. (NR/NR)(d)(f)
$	3,250,000		0.000	%		02/15/26	$	2,860,928
	Royal Caribbean Cruises Ltd. (B/B2)(d)
	4,540,000		4.250			07/01/26		4,437,850
	Royal Caribbean Cruises Ltd. (B/B2)(d)
	3,280,000		5.500			08/31/26		3,378,400
	Royal Caribbean Cruises Ltd. (B+/B2)(d)
	1,575,000		9.125			06/15/23		1,712,813
	Royal Caribbean Cruises Ltd. (BB-/Ba2)(d)
	1,222,000		10.875			06/01/23		1,368,640
	TUI Cruises GmbH (NR/Caa2)(d)
EUR	575,000		6.500			05/15/26		685,400
								41,074,556
Lodging – 1.0%
	Hilton Domestic Operating Co., Inc. (BB/Ba2)
$	1,205,000		5.375	(d)		05/01/25		1,257,719
	1,560,000		5.750	(d)		05/01/28		1,680,900
	1,922,000		4.875			01/15/30		2,061,345
	1,460,000		4.000	(d)		05/01/31		1,485,550
	2,295,000		3.625	(d)		02/15/32		2,254,838
	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc (B-/B2)(d)
	3,415,000		5.000			06/01/29		3,479,031
	2,913,000		4.875			07/01/31		2,916,641
	Marriott Ownership Resorts, Inc. (B-/B1)(d)
	2,585,000		4.500			06/15/29		2,623,775
	Travel + Leisure Co. (BB-/Ba3)(d)
	1,440,000		6.625			07/31/26		1,639,800
	3,287,000		4.625			03/01/30		3,397,936
								22,797,535
Machinery – Construction & Mining(d) – 0.4%
	BWX Technologies, Inc. (BB/Ba3)
	4,375,000		4.125			04/15/29		4,484,375
	The Manitowoc Co., Inc. (B/B3)
	4,355,000		9.000			04/01/26		4,659,850
								9,144,225
Machinery-Diversified(d) – 0.6%
	GrafTech Finance, Inc. (BB/Ba3)
	1,380,000		4.625			12/15/28		1,416,225
	Husky III Holding Ltd. (CCC/Caa2)(g) (PIK 13.750%, Cash 13.000%)
	2,548,000		13.000			02/15/25		2,710,435
	Mueller Water Products, Inc. (BB/Ba1)
	3,183,000		4.000			06/15/29		3,286,447
	Titan Acquisition Ltd./Titan Co-Borrower LLC (CCC/Caa2)
	2,414,000		7.750			04/15/26		2,462,280
	TK Elevator Holdco GmbH (CCC+/Caa1)
	1,677,000		7.625			07/15/28		1,790,198
	TK Elevator US Newco., Inc. (B+/B1)
	2,036,000		5.250			07/15/27		2,132,710
								13,798,295
Corporate Obligations – (continued)
Media – 6.3%
	Altice Financing SA (NR/NR)(d)
EUR	2,425,000		4.250			08/15/29		2,753,633
	Altice Financing SA (B/B2)(d)
$	3,275,000		5.000			01/15/28		3,111,250
	Altice Finco SA (CCC+/Caa1)
EUR	1,800,000		4.750			01/15/28		1,981,904
	Audacy Capital Corp. (B-/B3)(d)
$	2,000,000		6.500			05/01/27		2,040,000
	CCO Holdings LLC/CCO Holdings Capital Corp. (BB/B1)(d)
	820,000		5.500			05/01/26		846,650
	2,731,000		4.750			03/01/30		2,850,481
	1,756,000		4.500			08/15/30		1,808,680
	15,352,000		4.250			02/01/31		15,582,280
	CSC Holdings LLC (B+/B3)
	10,000		5.250			06/01/24		10,675
	1,142,000		5.750	(d)		01/15/30		1,163,413
	17,083,000		4.625	(d)		12/01/30		16,143,435
	CSC Holdings LLC (BB/Ba3)(d)
	4,070,000		5.500			04/15/27		4,237,887
	4,119,000		3.375			02/15/31		3,815,224
	Cumulus Media New Holdings, Inc. (B/B2)(d)(e)
	2,084,000		6.750			07/01/26		2,156,940
	Diamond Sports Group LLC/Diamond Sports Finance Co. (CC/Ca)(d)(e)
	9,017,000		6.625			08/15/27		3,990,022
	DISH DBS Corp. (B-/B2)
	6,135,000		5.875			07/15/22		6,311,381
	5,735,000		5.000			03/15/23		5,950,062
	224,000		5.875			11/15/24		240,800
	3,794,000		7.750			07/01/26		4,287,220
	1,926,000		7.375			07/01/28		2,043,968
	1,715,000		5.125			06/01/29		1,676,413
	Gray Television, Inc. (B+/B3)(d)
	2,108,000		7.000			05/15/27		2,260,830
	iHeartCommunications, Inc. (B+/B1)(d)
	1,024,000		4.750			01/15/28		1,052,160
	iHeartCommunications, Inc. (CCC+/Caa1)
	2,045,000		8.375			05/01/27		2,183,038
	Mav Acquisition Corp. (CCC/NR)(d)
	5,700,000		8.000			08/01/29		5,443,500
	Meredith Corp. (BB-/NR)
	1,010,000		6.500			07/01/25		1,080,700
	News Corp. (BB+/Ba2)(d)
	1,690,000		3.875			05/15/29		1,738,588
	Sinclair Television Group, Inc. (B+/Ba2)(d)
	3,102,000		4.125			12/01/30		3,032,205
	Sinclair Television Group, Inc. (CCC+/B2)(d)
	224,000		5.500			03/01/30		221,760
	Sirius XM Radio, Inc. (BB/Ba3)(d)
	1,520,000		3.125			09/01/26		1,537,100
	5,399,000		5.000			08/01/27		5,614,960
	850,000		4.000			07/15/28		862,750
	2,784,000		4.125			07/01/30		2,808,360
	1,037,000		3.875			09/01/31		1,012,371

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)
Media – (continued)
	TEGNA, Inc. (BB/Ba3)
$	742,000		4.750	% (d)		03/15/26	$	773,535
	3,365,000		4.625			03/15/28		3,436,506
	Univision Communications, Inc. (B/B2)(d)
	234,000		5.125			02/15/25		237,510
	2,341,000		6.625			06/01/27		2,534,132
	Univision Communications, Inc. (B+/B1)(d)
	4,345,000		4.500			05/01/29		4,410,175
	Urban One, Inc. (B-/B3)(d)
	1,019,000		7.375			02/01/28		1,092,878
	Virgin Media Finance PLC (B/B2)(d)
	3,950,000		5.000			07/15/30		4,058,625
	Virgin Media Secured Finance PLC (BB-/Ba3)(d)
	2,150,000		5.500			05/15/29		2,273,625
	Virgin Media Vendor Financing Notes IV DAC (B/B2)(d)
	1,850,000		5.000			07/15/28		1,903,188
	Ziggo B.V. (B+/B1)(d)
	2,122,000		4.875			01/15/30		2,185,660
	Ziggo Bond Co. B.V. (B-/B3)
EUR	1,725,000		3.375			02/28/30		1,992,898
	2,175,000		3.375	(d)		02/28/30		2,512,785
$	1,725,000		5.125	(d)		02/28/30		1,772,438
								141,034,595
Metal Fabricate/Hardware(d) – 0.0%
	Roller Bearing Co of America, Inc. (B+/B2)
	142,000		4.375			10/15/29		145,550
Mining – 0.9%
	Constellium SE (B/B2)(d)
	1,600,000		5.875			02/15/26		1,624,000
	2,200,000		3.750			04/15/29		2,145,000
	FMG Resources August 2006 Pty Ltd. (BB+/Ba1)(d)
	3,230,000		4.375			04/01/31		3,347,088
	Freeport-McMoRan, Inc. (BB+/Ba1)
	2,916,000		4.375			08/01/28		3,047,220
	2,360,000		4.625			08/01/30		2,542,900
	288,000		5.400			11/14/34		345,600
	Novelis Corp. (BB/B1)(d)
	7,113,000		4.750			01/30/30		7,477,541
								20,529,349
Miscellaneous Manufacturing – 0.3%
	Bombardier, Inc. (CCC+/Caa1)(d)
	2,375,000		7.500			12/01/24		2,467,031
	Hillenbrand, Inc. (BB+/Ba1)
	649,000		5.750			06/15/25		683,884
	4,364,000		3.750			03/01/31		4,331,270
								7,482,185
Office(d) – 0.3%
	Xerox Holdings Corp. (BB/Ba1)
	7,107,000		5.000			08/15/25		7,462,350
Oil Field Services – 7.4%
	Antero Resources Corp. (BB-/Ba3)
	3,235,000		5.000			03/01/25		3,299,700
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Apache Corp. (BB+/Ba1)
	878,000		4.625			11/15/25		941,655
	2,195,000		4.250	(e)		01/15/30		2,365,113
	Berry Petroleum Co. LLC (B/B3)(d)
	2,916,000		7.000			02/15/26		2,974,320
	California Resources Corp. (B+/B2)(d)
	2,565,000		7.125			02/01/26		2,699,662
	Cenovus Energy, Inc. (BBB-/Baa3)
	1,186,000		5.375			07/15/25		1,342,765
	CNX Resources Corp. (BB-/B1)(d)
	2,000,000		7.250			03/14/27		2,130,000
	Continental Resources, Inc. (BB+/Ba1u)
	1,731,000		3.800			06/01/24		1,813,223
	8,036,000		5.750	(d)		01/15/31		9,683,380
	CrownRock LP/CrownRock Finance, Inc. (BB-/B2)(d)
	3,248,000		5.625			10/15/25		3,321,080
	1,035,000		5.000			05/01/29		1,076,400
	Devon Energy Corp. (BBB-/Ba1)(d)
	2,131,000		5.250			09/15/24		2,358,037
	2,048,000		5.875			06/15/28		2,253,025
	649,000		4.500			01/15/30		706,346
	EQT Corp. (BB+/Ba1)
	2,048,000		3.000	(e)		10/01/22		2,073,600
	2,341,000		6.625			02/01/25		2,674,592
	1,475,000		5.000			01/15/29		1,659,375
	3,505,000		3.625	(d)		05/15/31		3,645,200
	Laredo Petroleum, Inc. (B/B3)
	6,080,000		9.500			01/15/25		6,323,200
	MEG Energy Corp. (BB-/B3)(d)
	3,838,000		7.125			02/01/27		4,029,900
	Nabors Industries Ltd. (CCC-/Caa1)(d)
	2,590,000		7.250			01/15/26		2,505,825
	Nabors Industries, Inc. (B-/B3)(d)(e)
	2,848,000		9.000			02/01/25		2,940,560
	Noble Finance Co. (NR/NR)(g) (PIK 15.000%, Cash 11.000%)
	63,401		11.000	(d)		02/15/28		69,900
	(PIK 15.000%, Cash 11.000%)
	1,004,220		11.000	(e)		02/15/28		1,107,153
	Occidental Petroleum Corp. (BB/Ba2)
	7,764,000		8.000			07/15/25		9,268,275
	2,926,000		5.875			09/01/25		3,273,462
	775,000		5.500			12/01/25		858,313
	6,402,000		6.450			09/15/36		8,050,515
	16,164,000		4.400			04/15/46		16,022,565
	4,040,000		4.200			03/15/48		3,868,300
	3,235,000		4.400			08/15/49		3,174,344
	Ovintiv Exploration, Inc. (BBB-/Ba1)
	2,703,000		5.625			07/01/24		2,993,572
	Range Resources Corp. (BB-/B1)
	2,130,000		4.875			05/15/25		2,241,825
	Range Resources Corp. (NR/B1)
	4,397,000		5.000			03/15/23		4,545,399
	SM Energy Co. (B/B3)(e)
	875,000		6.500			07/15/28		901,250
	SM Energy Co. (B+/B1)(d)
	1,256,000		10.000			01/15/25		1,400,440

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Oil Field Services – (continued)
	Southwestern Energy Co. (BB/NR)(d)
$	5,358,000		5.375	%		02/01/29	$	5,733,060
	Southwestern Energy Co. (BB/Ba3)
	2,643,000		7.750			10/01/27		2,854,440
	1,160,000		5.375			03/15/30		1,247,000
	Sunoco LP/Sunoco Finance Corp. (BB-/B1)
	317,000		6.000			04/15/27		330,076
	1,458,000		4.500			05/15/29		1,478,048
	TechnipFMC PLC (BB+/Ba1)(d)
	4,111,000		6.500			02/01/26		4,409,047
	Transocean Phoenix 2 Ltd. (B-/NR)(d)
	14		7.750			10/15/24		15
	Transocean Poseidon Ltd. (B-/Caa1)(d)
	3,105,000		6.875			02/01/27		3,089,475
	Transocean, Inc. (CCC+/Ca)(d)
	8,056,000		7.500			01/15/26		6,525,360
	Transocean, Inc. (CCC+/Caa3)(d)
	10,413,000		11.500			01/30/27		10,725,390
	USA Compression Partners LP/USA Compression Finance Corp. (B+/B3)
	7,569,000		6.875			04/01/26		7,852,837
	Valaris Ltd. (NR/B3)(g) (PIK 12.000%, Cash 8.250%)
	418,000		8.250	(d)(e)		04/30/28		431,585
	(PIK 12.000%, Cash 8.250%)
	330,000		8.250			04/30/28		340,725
								165,609,329
Packaging – 2.5%
	ARD Finance SA (B-/Caa3)(g) (PIK 5.750%, Cash 5.000%)
EUR	3,125,000		5.000			06/30/27		3,757,542
	(PIK 7.250%, Cash 6.500%)
$	3,425,000		6.500	(d)		06/30/27		3,639,062
	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (B+/B3)(d)
	6,043,000		4.000			09/01/29		6,110,984
	Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (BB/Ba2)(d)
	625,000		3.250			09/01/28		625,000
	Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (B-/Caa1)(d)
	8,105,000		5.250			08/15/27		8,277,231
	Berry Global, Inc. (BB/Ba2)(d)
	3,950,000		5.625			07/15/27		4,162,312
	Flex Acquisition Co., Inc. (CCC+/Caa2)(d)
	2,360,000		6.875			01/15/25		2,380,650
	229,000		7.875			07/15/26		239,878
	Kleopatra Holdings 2 SCA (CCC+/Caa2)
EUR	2,825,000		6.500	(d)		09/01/26		3,083,590
	1,900,000		6.500			09/01/26		2,073,919
	LABL, Inc. (B/B2)(d)
$	3,624,000		6.750			07/15/26		3,805,200
	LABL, Inc. (B-/Caa2)(d)
	2,955,000		10.500			07/15/27		3,184,013
	Mauser Packaging Solutions Holding Co. (CCC/Caa3)(d)
	4,002,000		7.250			04/15/25		3,961,980
Corporate Obligations – (continued)
Packaging – (continued)
	Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC/Reynolds Gro (B+/B1)(d)
	3,542,000		4.000			10/15/27		3,511,007
	Pactiv LLC (B-/Caa1)
	1,965,000		8.375			04/15/27		2,242,556
	Trident TPI Holdings, Inc. (CCC+/Caa2)(d)
	2,146,000		6.625			11/01/25		2,178,190
	TriMas Corp. (BB-/Ba3)(d)
	2,865,000		4.125			04/15/29		2,929,463
								56,162,577
Pharmaceuticals – 3.0%
	AdaptHealth LLC (B/B1)(d)
	961,000		6.125			08/01/28		1,018,660
	740,000		5.125			03/01/30		740,000
	Bausch Health Americas, Inc. (B/B3)(d)
	13,714,000		9.250			04/01/26		14,673,980
	2,521,000		8.500			01/31/27		2,703,772
	Bausch Health Cos., Inc. (B/B3)(d)
	4,851,000		6.125			04/15/25		4,941,956
	2,531,000		5.000			01/30/28		2,385,467
	5,343,000		6.250			02/15/29		5,289,570
	2,531,000		5.250			01/30/30		2,360,157
	2,873,000		5.250			02/15/31		2,657,525
	Bausch Health Cos., Inc. (BB/Ba2)(d)
	454,000		5.500			11/01/25		460,810
	Cheplapharm Arzneimittel GmbH (B/B2)(d)
	1,694,000		5.500			01/15/28		1,751,173
	Herbalife Nutrition Ltd./HLF Financing, Inc. (BB-/B1)(d)
	1,373,000		7.875			09/01/25		1,479,408
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)(d)
	3,648,000		4.875			06/01/29		3,638,880
	Jazz Securities DAC (BB-/Ba2)(d)
	2,438,000		4.375			01/15/29		2,519,683
	Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB/Ba2)(d)
	910,000		4.125			04/30/28		928,200
	Organon & Co./Organon Foreign Debt Co.-Issuer BV (BB-/B1)(d)
	5,380,000		5.125			04/30/31		5,649,000
	Par Pharmaceutical, Inc. (B-/B3)(d)
	6,483,000		7.500			04/01/27		6,612,660
	Perrigo Finance Unlimited Co. (BB/Ba1)
	3,235,000		3.150			06/15/30		3,330,575
	Prestige Brands, Inc. (B+/B2)(d)
	1,512,000		5.125			01/15/28		1,583,820
	2,014,000		3.750			04/01/31		1,943,510
								66,668,806
Pipelines – 4.9%
	Buckeye Partners LP (BB/B1)
	600,000		4.350			10/15/24		627,750
	6,042,000		3.950			12/01/26		6,162,840
	839,000		4.125			12/01/27		856,829
	1,534,000		4.500	(d)		03/01/28		1,558,928
	Cheniere Energy Partners LP (BB/Ba2)
	2,755,000		4.500			10/01/29		2,937,519

38 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)
Pipelines – (continued)
	Cheniere Energy Partners LP (BB/Ba2) – (continued)
$	4,394,000		4.000	% (d)		03/01/31	$	4,597,222
	2,345,000		3.250	(d)		01/31/32		2,350,863
	Cheniere Energy, Inc. (BB/Ba3)
	3,194,000		4.625			10/15/28		3,357,692
	CNX Midstream Partners LP (BB-/B1)(d)
	890,000		4.750			04/15/30		898,900
	CQP Holdco LP/BIP-V Chinook Holdco LLC (NR/NR)(d)
	3,165,000		5.500			06/15/31		3,354,900
	DCP Midstream Operating LP (BB+/Ba1)
	4,965,000		5.375			07/15/25		5,473,912
	497,000		5.625			07/15/27		565,338
	DT Midstream, Inc. (BB+/Ba2)(d)
	3,150,000		4.375			06/15/31		3,244,500
	EnLink Midstream LLC (BB+/Ba2)
	2,063,000		5.625	(d)		01/15/28		2,197,095
	2,429,000		5.375			06/01/29		2,541,341
	EnLink Midstream Partners LP (BB+/Ba2)
	2,268,000		4.400			04/01/24		2,355,885
	EQM Midstream Partners LP (BB-/Ba3)
	1,980,000		4.000			08/01/24		2,044,350
	Genesis Energy LP/Genesis Energy Finance Corp. (B/B1)
	3,496,000		5.625			06/15/24		3,469,780
	4,984,000		8.000			01/15/27		5,046,300
	Global Partners LP/GLP Finance Corp. (B+/B2)
	2,897,000		7.000			08/01/27		3,005,637
	1,736,000		6.875			01/15/29		1,792,420
	ITT Holdings LLC (B/B2)(d)
	1,000,000		6.500			08/01/29		1,005,000
	NGL Energy Operating LLC/NGL Energy Finance Corp. (BB-/B1)(d)
	3,326,000		7.500			02/01/26		3,380,047
	NuStar Logistics LP (BB-/Ba3)
	2,721,000		5.750			10/01/25		2,931,878
	3,336,000		5.625			04/28/27		3,552,840
	Summit Midstream Holdings LLC/Summit Midstream Finance Corp. (CCC+/Caa2)
	590,000		5.500			08/15/22		578,200
	7,726,000		5.750	(e)		04/15/25		7,030,660
	Summit Midstream Partners LP (D/Caa3)(b)(i)(3M USD LIBOR + 7.430%)
	8,662,000		9.500			12/31/99		7,189,460
	Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. (BB-/B1)(d)
	2,500,000		7.500			10/01/25		2,700,000
	3,063,000		6.000			12/31/30		3,139,575
	3,675,000		6.000			09/01/31		3,702,562
	Targa Resources Partners LP/Targa Resources Partners Finance Corp. (BB+/Ba2)
	1,819,000		5.875			04/15/26		1,900,855
	2,859,000		5.375			02/01/27		2,959,065
	1,765,000		6.500			07/15/27		1,897,375
	1,931,000		5.000			01/15/28		2,027,550
	4,487,000		4.000	(d)		01/15/32		4,627,219
	Western Midstream Operating LP (BB+/Ba2)
	2,175,000		5.300			02/01/30		2,403,375
								109,465,662
Corporate Obligations – (continued)
Real Estate – 0.7%
	ADLER Real Estate AG (BB+/NR)
EUR	2,000,000		1.875			04/27/23		2,124,970
	Kennedy-Wilson, Inc. (BB/B1)
$	3,195,000		4.750			02/01/30		3,230,944
	1,514,000		5.000			03/01/31		1,548,065
	Realogy Group LLC/Realogy Co-Issuer Corp. (B/B2)(d)
	1,319,000		4.875			06/01/23		1,366,814
	1,872,000		9.375			04/01/27		2,056,860
	Realogy Group LLC/Realogy Co-Issuer Corp. (BB/Ba3)(d)
	754,000		7.625			06/15/25		804,895
	Redfin Corp. (NR/NR)(d)
	2,115,000		0.500			04/01/27		1,891,647
	The Howard Hughes Corp. (BB-/Ba3)(d)
	980,000		4.125			02/01/29		982,450
	980,000		4.375			02/01/31		984,900
								14,991,545
Real Estate Investment Trust – 1.7%
	CTR Partnership LP/CareTrust Capital Corp. (BB+/Ba2)(d)
	2,731,000		3.875			06/30/28		2,841,657
	MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. (BB-/B1)(d)
	3,043,000		4.625			06/15/25		3,278,833
	3,255,000		3.875			02/15/29		3,458,438
	MPT Operating Partnership LP/MPT Finance Corp. (BBB-/Ba1)
GBP	2,225,000		3.692			06/05/28		3,198,439
$	1,644,000		4.625			08/01/29		1,761,793
	4,565,000		3.500			03/15/31		4,662,006
	SBA Communications Corp. (BB-/B1)(d)
	3,142,000		3.125			02/01/29		3,024,175
	Service Properties Trust (BB/Ba1)
	1,493,000		7.500			09/15/25		1,675,792
	Service Properties Trust (BB-/Ba2)
	2,829,000		4.350			10/01/24		2,853,327
	3,253,000		4.500			03/15/25		3,253,520
	Starwood Property Trust, Inc. (B+/Ba3)
	7,642,000		4.750			03/15/25		8,071,863
								38,079,843
Retailing – 4.7%
	1011778 BC ULC/New Red Finance, Inc. (B+/B2)(d)
	3,348,000		4.000			10/15/30		3,306,150
	Asbury Automotive Group, Inc. (BB/B1)
	288,000		4.500			03/01/28		295,560
	185,000		4.750			03/01/30		192,400
	Beacon Roofing Supply, Inc. (B-/B2)(d)
	7,075,000		4.125			05/15/29		7,039,625
	Bloomin’ Brands, Inc./OSI Restaurant Partners LLC (B+/B1)(d)
	502,000		5.125			04/15/29		520,825
	Carvana Co. (CCC+/Caa2)(d)
	4,106,000		5.625			10/01/25		4,249,710
	1,605,000		5.500			04/15/27		1,645,125
	4,500,000		4.875			09/01/29		4,466,250
	Cracker Barrel Old Country Store, Inc. (NR/NR)(d)
	2,120,000		0.625			06/15/26		2,137,225
	eG Global Finance PLC (B-/B3)(d)
	2,560,000		6.750			02/07/25		2,617,600
	2,210,000		8.500			10/30/25		2,309,450

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Retailing – (continued)
	Foot Locker, Inc. (BB+/Ba2)(d)
$	2,265,000		4.000	%		10/01/29	$	2,262,169
	Foundation Building Materials, Inc. (CCC+/Caa1)(d)
	5,790,000		6.000			03/01/29		5,674,200
	Group 1 Automotive, Inc. (BB+/Ba2)(d)
	1,348,000		4.000			08/15/28		1,371,590
	GYP Holdings III Corp. (B/B2)(d)
	3,613,000		4.625			05/01/29		3,641,366
	IRB Holding Corp. (CCC+/Caa1)(d)
	8,652,000		6.750			02/15/26		8,889,930
	Ken Garff Automotive LLC (BB-/B1)(d)
	1,951,000		4.875			09/15/28		2,004,653
	LCM Investments Holdings II LLC (BB-/B2)(d)
	3,390,000		4.875			05/01/29		3,471,206
	Lithia Motors, Inc. (BB+/Ba2)(d)
	1,258,000		3.875			06/01/29		1,308,320
	853,000		4.375			01/15/31		912,710
	Matalan Finance PLC (CCC+/B3)
GBP	1,875,000		6.750			01/31/23		2,364,334
	Murphy Oil USA, Inc. (BB+/Ba2)(d)
$	3,341,000		3.750			02/15/31		3,361,881
	Nordstrom, Inc. (BB+/Ba1)
	3,270,000		4.375			04/01/30		3,364,012
	Park River Holdings, Inc. (CCC/Caa1)(d)
	2,910,000		5.625			02/01/29		2,819,062
	Penske Automotive Group, Inc. (BB-/Ba3)
	3,097,000		3.500	(e)		09/01/25		3,182,167
	1,674,000		3.750			06/15/29		1,690,740
	Rite Aid Corp. (CCC/B3)(d)
	145,000		7.500			07/01/25		145,000
	2,170,000		8.000			11/15/26		2,191,700
	SRS Distribution, Inc. (CCC/Caa2)(d)
	2,238,000		6.125			07/01/29		2,305,140
	Staples, Inc. (B/B2)(d)
	2,435,000		7.500			04/15/26		2,465,437
	Staples, Inc. (CCC+/Caa1)(d)
	3,019,000		10.750			04/15/27		2,928,430
	Stonegate Pub Co Financing 2019 PLC (NR/B3)(d)
GBP	1,750,000		8.250			07/31/25		2,478,748
	Suburban Propane Partners LP/Suburban Energy Finance Corp. (BB-/B1)
$	2,121,000		5.875			03/01/27		2,211,143
	3,000,000		5.000	(d)		06/01/31		3,097,500
	Superior Plus LP/Superior General Partner, Inc. (BB-/Ba3)(d)
	2,092,000		4.500			03/15/29		2,165,220
	The Cheesecake Factory, Inc. (NR/NR)
	2,188,000		0.375			06/15/26		2,073,813
	The Gap, Inc. (BB/Ba3)(d)
	715,000		3.625			10/01/29		716,788
	715,000		3.875			10/01/31		715,000
	Yum! Brands, Inc. (BB-/Ba3)
	182,000		7.750	(d)		04/01/25		194,285
	2,341,000		4.750	(d)		01/15/30		2,528,280
	4,248,000		3.625			03/15/31		4,285,170
								105,599,914
Corporate Obligations – (continued)
Semiconductors(d) – 0.7%
	Amkor Technology, Inc. (BB/B1)
	3,403,000		6.625			09/15/27		3,645,463
	MACOM Technology Solutions Holdings, Inc. (NR/NR)
	2,115,000		0.250			03/15/26		2,241,900
	ON Semiconductor Corp. (BB/Ba2)
	2,117,000		3.875			09/01/28		2,188,449
	Qorvo, Inc. (BBB-/Ba1)
	3,238,000		3.375			04/01/31		3,407,995
	Synaptics, Inc. (BB-/Ba3)
	3,114,000		4.000			06/15/29		3,176,280
								14,660,087
Software(d) – 1.2%
	Black Knight InfoServ LLC (BB-/Ba3)
	1,517,000		3.625			09/01/28		1,526,481
	Brunello Bidco SpA (B-/B3)
EUR	1,075,000		3.500			02/15/28		1,242,549
	Castle US Holding Corp. (CCC/Caa2)
$	1,700,000		9.500			02/15/28		1,776,500
	Dropbox, Inc. (NR/NR)(f)
	2,180,000		0.000			03/01/28		2,339,413
	Elastic NV (B+/B1)
	1,390,000		4.125			07/15/29		1,388,263
	J2 Global, Inc. (BB/Ba3)
	4,653,000		4.625			10/15/30		4,949,629
	MSCI, Inc. (BB+/Ba1)
	1,240,000		3.625			11/01/31		1,286,500
	Open Text Corp. (BB/Ba2)
	4,614,000		3.875			02/15/28		4,723,582
	SS&C Technologies, Inc. (B+/B2)
	4,965,000		5.500			09/30/27		5,244,281
	ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B/B3)
	2,060,000		3.875			02/01/29		2,060,000
								26,537,198
Storage/Warehousing(d) – 0.3%
	Modulaire Global Finance 2 PLC (CCC/Caa1)
	6,125,000		10.000			08/15/23		6,278,125
Telecommunication Services – 5.2%
	Altice France Holding SA (CCC+/Caa1)(d)
	4,555,000		10.500			05/15/27		4,976,338
	Altice France SA (B/B2)(d)
	3,117,000		7.375			05/01/26		3,232,921
	4,710,000		8.125			02/01/27		5,057,363
	225,000		5.500			01/15/28		226,406
	664,000		5.125			01/15/29		653,210
	Altice France SA/France (B/B2)(d)
	9,063,000		5.500			10/15/29		8,949,712
	CommScope, Inc. (CCC+/B3)(d)
	2,354,000		7.125			07/01/28		2,406,965
	Intelsat Jackson Holdings SA (NR/WR)(d)(i)
	8,485,000		8.500			10/15/24		4,836,450
	15,490,000		9.750			07/15/25		8,674,400
	Intelsat Luxembourg SA (NR/WR)(i)
	13,875,000		8.125			06/01/23		69,375

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

GOLDMAN SACHS HIGH YIELD FUND

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	Intelsat SA (NR/NR)(i)
$	7,179,000		4.500	%		06/15/25	$	1,076,850
	Level 3 Financing, Inc. (BB/Ba3)
	5,155,000		5.250			03/15/26		5,309,650
	4,651,000		4.625	(d)		09/15/27		4,802,158
	5,804,000		4.250	(d)		07/01/28		5,876,550
	2,024,000		3.625	(d)		01/15/29		1,963,280
	Lumen Technologies, Inc. (BB-/B2)
	2,414,000		6.875			01/15/28		2,733,855
	961,000		4.500	(d)		01/15/29		927,365
	1,658,000		7.600			09/15/39		1,869,395
	Nokia of America Corp. (NR/WR)
	5,200,000		6.450			03/15/29		5,876,000
	Sprint Communications, Inc. (BB+/Ba2)
	3,338,000		6.000			11/15/22		3,509,073
	Sprint Corp. (BB+/Ba2)
	8,307,000		7.875			09/15/23		9,283,072
	4,762,000		7.625			02/15/25		5,565,587
	4,611,000		7.625			03/01/26		5,590,837
	Switch Ltd. (BB/B1)(d)
	1,593,000		4.125			06/15/29		1,642,781
	T-Mobile USA, Inc. (BB+/Ba2)
	1,208,000		2.250			02/15/26		1,221,505
	1,313,000		2.625			04/15/26		1,343,269
	4,686,000		3.375			04/15/29		4,891,542
	1,075,000		3.375	(d)		04/15/29		1,122,769
	1,214,000		2.875			02/15/31		1,226,628
	Telecom Italia Capital SA (BB+/Ba2)
	6,696,000		7.200			07/18/36		8,152,380
	1,419,000		7.721			06/04/38		1,812,773
								114,880,459
Toys/Games/Hobbies(d) – 0.3%
	Mattel, Inc. (BB/Ba2)
	1,439,000		3.375			04/01/26		1,483,969
	1,515,000		5.875			12/15/27		1,639,987
	4,122,000		3.750			04/01/29		4,297,185
								7,421,141
Water(d) – 0.3%
	Solaris Midstream Holdings LLC (B/B3)
	5,070,000		7.625			04/01/26		5,424,900
	TOTAL CORPORATE OBLIGATIONS
	(Cost $1,944,789,759)						$	2,006,286,624

Shares		Description	Value
Common Stocks – 0.5%
Auto Components – 0.0%
	1,229	Lear Corp.	$	192,314
Common Stocks – (continued)
Energy Equipment & Services(i) – 0.4%
	20,783	Nabors Industries Ltd.	$	2,005,144
	160,940	Noble Corp. (Energy Equipment & Services)		4,355,037
	68,463	Valaris Ltd.(e) (Energy Equipment & Services)		2,387,989
				8,748,170
Oil, Gas & Consumable Fuels(i) – 0.1%
	34,891	Whiting Petroleum Corp.		2,037,983
	TOTAL COMMON STOCKS
	(Cost $5,799,746)		$	10,978,467

Shares		Dividend Rate	Value
Preferred Stocks(e) – 0.1%
Banks – 0.1%
	Bank of America Corp.
	64,000	4.375%	$	1,686,400
	(Cost $1,600,000)

Units		Expiration Date	Value
Warrant(i) – 0.0%
	Nabors Industries Ltd. (NR/NR)
	4,575	06/11/26	$	26,718
	Noble Corp. (NR/NR)
	4,596	02/05/28		64,344
	TOTAL WARRANT
	(Cost $11,490)		$	91,062

Shares		Dividend Rate	Value
Investment Company(j) – 2.7%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	59,368,763	0.026%	$	59,368,763
	(Cost $59,368,763)

Shares		Description	Value
Exchange Traded Fund(e) – 0.7%
	551,740	iShares Fallen Angels USD Bond ETF (NR/NR)	$	16,612,891
	(Cost $16,156,327)
	TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT
	(Cost $2,139,032,984)		$	2,206,541,899

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Shares		Dividend Rate	Value
Securities Lending Reinvestment Vehicle(j) – 2.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	47,852,321	0.026%	$	47,852,321
	(Cost $47,852,321)
	TOTAL INVESTMENTS – 101.0%
	(Cost $2,186,885,305)		$	2,254,394,220
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (1.0)%			(23,367,132	)
	NET ASSETS – 100.0%		$	2,231,027,088

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, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

(b)	Variable rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on September 30, 2021.
(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(e)	All or a portion of security is on loan.
(f)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(g)	Pay-in-kind securities.
(h)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(i)	Security is currently in default and/or non-income producing.
(j)	Represents an affiliated issuer.

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
USD	—U.S. Dollar
Investment Abbreviations:
CMT	—Constant Maturity Treasury Indexes
CP	—Commercial Paper
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
NR	—Not Rated
PLC	—Public Limited Company
SOFR	—Secured Overnight Funding Rate
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2021, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount		Current Value	Unrealized Gain (Loss)
Trident TPI Holdings, Inc. (B-/B2), due 09/15/28	$	226,708	$226,944	$	236

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased	Currency Sold		Settlement Date	Unrealized Gain
Deutsche Bank AG (London)	USD  40,098,453	EUR	33,882,590	11/24/21	$	808,566
MS & Co. Int. PLC	USD    2,248,749	EUR	1,923,425	11/24/21		18,366
State Street Bank (London)	USD  12,215,917		GBP    8,765,217	10/27/21		405,242
TOTAL					$	1,232,174

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

GOLDMAN SACHS HIGH YIELD FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		29			12/21/21	$	5,540,813		$	(189,142	)
2 Year U.S. Treasury Notes		473			12/31/21		104,085,867			(62,415	)
5 Year U.S. Treasury Notes		78			12/31/21		9,573,891			(127	)
10 Year U.S. Treasury Notes		516			12/21/21		67,910,438			(426,046	)
Total									$	(677,730	)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(180	)		12/21/21		(26,145,000	)		338,815
5 Year German Euro-Bobl		(166	)		12/08/21		(25,945,161	)		170,869
20 Year U.S. Treasury Bonds		(30	)		12/21/21		(4,776,563	)		96,450
Total									$	606,134
TOTAL FUTURES CONTRACTS									$	(71,596	)

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at September 30, 2021(b)		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Purchased:
Transocean, Inc., 8.000%, 02/01/2027		(1.000)%		11.39%		12/20/22	$	1,075	$	129,114	$	107,739	$	21,375
Protection Sold:
CDX.NA.HY Index 34		5.000		2.498		06/20/25		49,243		4,352,450		2,381,418		1,971,032
CDX.NA.HY Index 37		5.000		3.005		12/20/26		49,350		4,610,661		4,780,117		(169,456	)
TOTAL									$	9,092,225	$	7,269,274	$	1,822,951

(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(a)	Counterparty	Termination Date(b)	Notional Amount (000s)		Unrealized Appreciation/ (Depreciation)*
IBOXHY Index	0.132%	JPMorgan Securities, Inc.	12/20/21	$	66	$	172,136
IBOXHY Index	0.123	JPMorgan Securities, Inc.	12/20/21		68		268,750
TOTAL						$	440,886

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

(a) Payments made quarterly.

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

GOLDMAN SACHS HIGH YIELD FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

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

Abbreviations:
CDX.NA.HY Index 34	—CDX North America High Yield Index 34
CDX.NA.HY Index 37	—CDX North America High Yield Index 37
IBOXHY Index	—iBoxx High Yield Index
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – 88.1%
Advertising(b) – 1.0%
	Advantage Sales & Marketing, Inc. (B/B2) (3M LIBOR + 5.250%)
$	5,961,219		6.000	%		10/28/27	$	5,983,573
	Clear Channel Outdoor Holdings, Inc. (B/B1) (3M LIBOR + 3.500%)
	6,021,413		3.629			08/21/26		5,891,411
	National CineMedia LLC (CCC+/B3) (1M LIBOR + 4.000%)
	5,574,862		5.000			06/20/25		5,156,748
	Red Ventures LLC (B+/B1) (1M LIBOR + 3.500%)
	2,803,813		4.250			11/08/24		2,795,065
	Terrier Media Buyer, Inc. (B+/B1) (1M LIBOR + 3.500%)
	8,066,993		3.584			12/17/26		8,046,825
								27,873,622
Aerospace & Defense(b) – 0.9%
	ADS Tactical, Inc. (B+/B3) (3M LIBOR + 5.750%)
	11,266,125		6.750			03/19/26		11,294,290
	Dynasty Acquisition Co., Inc. (B-/Caa1)
	(3M LIBOR + 3.500%)
	5,830,907		3.632			04/06/26		5,697,904
	(3M LIBOR + 3.500%)
	3,134,896		3.632			04/06/26		3,063,390
	TransDigm, Inc. (B+/Ba3)
	(1M LIBOR + 2.250%)
	2,023,387		2.334			08/22/24		2,000,624
	(1M LIBOR + 2.250%)
	4,922,323		2.334			12/09/25		4,860,795
								26,917,003
Airlines(b) – 1.6%
	AAdvantage Loyalty IP Ltd. (NR/Ba2) (3M LIBOR + 4.750%)
	5,500,000		5.500			04/20/28		5,684,085
	Air Canada (BB-/Ba2) (3M LIBOR + 3.500%)
	6,650,000		4.250			08/11/28		6,672,144
	Allegiant Travel Co. (BB-/Ba3) (3M LIBOR + 3.000%)
	5,492,000		3.124			02/05/24		5,459,982
	American Airlines, Inc. (B-/Ba3) (1M LIBOR + 1.750%)
	8,801,000		1.837			01/29/27		8,431,358
	Kestrel Bidco, Inc. (B-/B2) (6M LIBOR + 3.000%)
	4,835,092		4.000			12/11/26		4,713,682
	SkyMiles IP Ltd. (NR/Baa1) (3M LIBOR + 3.750%)
	3,500,000		4.750			10/20/27		3,720,290
	United Airlines, Inc. (BB-/Ba1) (3M LIBOR + 3.750%)
	11,367,875		4.500			04/21/28		11,437,674
								46,119,215
Automotive(b) – 2.4%
	Adient US LLC (BB-/Ba3) (1M LIBOR + 3.500%)
	8,029,875		3.584			04/08/28		8,026,503
	Autokiniton US Holdings, Inc. (B/B2) (3M LIBOR + 4.500%)
	10,025,000		5.000			04/06/28		10,021,892
	First Brands Group LLC (B/B1) (1M LIBOR + 5.000%)
	7,994,717		6.000			03/30/27		8,066,669
	First Brands Group LLC (CCC+/Caa1) (3M LIBOR + 8.500%)
	3,850,000		9.500			03/30/28		3,878,875
	Garrett LX I S.a.r.l. (NR/Ba2) (3M LIBOR + 3.250%)
	8,025,000		3.750			04/30/28		7,994,906
Bank Loans(a) – (continued)
Automotive(b) – (continued)
	IXS Holdings, Inc. (B/B2) (3M LIBOR + 4.250%)
	1,488,377		5.000			03/05/27		1,482,051
	Mavis Tire Express Services Corp. (B-/B2) (1M LIBOR + 4.000%)
	5,211,938		4.750			05/04/28		5,221,423
	SRAM, LLC (BB-/B1) (6M LIBOR + 2.750%)
	7,111,364		3.250			05/12/28		7,099,488
	Superior Industries International, Inc. (B/Ba3) (1M LIBOR + 4.000%)
	5,450,000		4.084			05/22/24		5,422,750
	Wheel Pros, LLC (B-/B2) (1M LIBOR + 4.500%)
	11,500,000		5.250			05/11/28		11,486,775
								68,701,332
Automotive – Distributors(b) – 1.5%
	American Axle & Manufacturing, Inc. (BB+/Ba1) (1M LIBOR + 2.250%)
	7,273,488		3.000			04/06/24		7,250,286
	Bombardier Recreational Products, Inc. (BB/Ba3) (1M LIBOR + 2.000%)
	1,314,987		2.084			05/24/27		1,303,074
	Drive Chassis Holding Co. LLC (NR/NR) (3M LIBOR + 7.000%)
	4,800,000		7.119			04/10/26		4,851,024
	Highline Aftermarket Acquisition LLC (B/B2) (1M LIBOR + 4.500%)
	5,533,750		5.250			11/09/27		5,542,991
	Thor Industries, Inc. (BB+/Ba3) (1M LIBOR + 3.000%)
	5,174,809		3.125			02/01/26		5,168,340
	Truck Hero, Inc. (B-/B2) (1M LIBOR + 3.250%)
	9,900,250		4.000			01/31/28		9,873,420
	Wand NewCo 3, Inc. (B-/B2) (1M LIBOR + 3.000%)
	9,730,419		3.084			02/05/26		9,637,202
								43,626,337
Automotive – Parts(b) – 1.1%
	Belron Finance US LLC (NR/NR) (3M LIBOR + 2.750%)
	9,341,529		3.250			04/13/28		9,320,510
	Belron Finance US LLC (BB+/Ba3) (3M LIBOR + 2.250%)
	1,286,902		2.438			10/30/26		1,278,460
	Clarios Global LP (B/B1)
	(1M EURIBOR + 3.250%)
EUR	1,111,765		3.250			04/30/26		1,274,934
	(1M LIBOR + 3.250%)
$	7,181,670		3.337			04/30/26		7,145,762
	CS Intermediate Holdco 2 LLC (B-/B1) (1M LIBOR + 2.000%)
	2,916,867		2.750			11/02/23		2,780,153
	Dana, Inc. (BBB-/Baa3) (1M LIBOR + 2.250%)
	2,100,000		2.340			02/27/26		2,101,974
	Tenneco, Inc. (B+/Ba3) (1M LIBOR + 3.000%)
	7,196,142		3.084			10/01/25		7,125,692
								31,027,485
Building & Construction Materials – 0.6%
	DG Investment Intermediate Holdings 2, Inc. (B/B2)(b)
	(1M LIBOR + 3.750%)
	5,175,449		4.500			03/31/28		5,192,993

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, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Building & Construction Materials – (continued)
	DG Investment Intermediate Holdings 2, Inc. (B/B2)(b) – (continued)
	(3M LIBOR + 3.750%)
$	1,031,416		4.500	%		03/31/28	$	1,036,260
	DG Investment Intermediate Holdings 2, Inc. (CCC/Caa2)(b) (1M LIBOR + 6.750%)
	600,000		7.500			03/30/29		603,000
	KKR Apple Bidco LLC (NR/NR)(c)
	10,300,000		3.500			09/22/28		10,285,271
	850,000		6.250			07/13/29		862,223
								17,979,747
Building Materials – 3.0%
	ACProducts, Inc. (NR/B1)(b) (3M LIBOR + 4.250%)
	8,478,750		4.750			05/17/28		8,459,079
	Cornerstone Building Brands, Inc. (B+/B1)(b) (1M LIBOR + 3.250%)
	11,368,100		3.750			04/12/28		11,330,244
	CP Atlas Buyer, Inc. (B-/B2)(b) (3M LIBOR + 3.750%)
	11,426,104		4.250			11/23/27		11,383,256
	CPG International, Inc. (BB-/B1)(b) (3M LIBOR + 2.500%)
	8,097,400		3.250			05/05/24		8,095,943
	GYP Holdings III Corp. (BB/Ba3)(b) (1M LIBOR + 2.500%)
	2,115,270		2.587			06/01/25		2,109,643
	Ingersoll-Rand Services Co. (BB+/Ba2)(b) (1M LIBOR + 1.750%)
	1,723,750		1.834			03/01/27		1,699,324
	Jeld-Wen Inc. (BB+/Ba2)(b) (1M LIBOR + 2.250%)
	5,037,375		2.334			07/28/28		5,026,897
	LBM Acquisition LLC (B-/B3)(b) (3M LIBOR + 3.750%)
	11,728,432		4.500			12/17/27		11,611,148
	MI Windows and Doors LLC (B+/B2)(b) (1M LIBOR + 3.750%)
	4,590,313		4.500			12/18/27		4,596,050
	Potters Industries LLC (B/B2)(b) (3M LIBOR + 4.000%)
	2,437,750		4.750			12/14/27		2,436,239
	Quikrete Holdings, Inc. (BB-/Ba3)(b) (1M LIBOR + 2.500%)
	8,046,536		2.584			02/01/27		7,974,440
	Standard Industries Inc. (NR/NR)(c)
	8,500,000		3.000			09/22/28		8,504,590
	Winterfell Financing S.a.r.l. (NR/NR)(b) (3M EURIBOR + 3.500%)
EUR	3,000,000		3.500			05/04/28		3,445,095
								86,671,948
Capital Goods(b) – 0.7%
	Engineered Machinery Holdings, Inc. (NR/B2) (3M LIBOR + 3.750%)
	1,550,000		3.750			05/05/28		1,791,241
	Engineered Machinery Holdings, Inc. (B-/B2) (3M LIBOR + 3.750%)
$	5,683,320		4.500			05/19/28		5,666,725
	Gates Global LLC (B+/B1) (1M LIBOR + 2.500%)
	5,855,970		3.250			03/31/27		5,843,556
	Rough Country LLC (NR/NR)
	(3M LIBOR + 3.500%)
	5,575,000		4.250			07/26/28		5,561,062
	(3M LIBOR + 6.750%)
	1,650,000		7.500			07/26/29		1,643,813
								20,506,397
Bank Loans(a) – (continued)
Chemicals – 3.6%
	Ascend Performance Materials Operations LLC (BB-/B1)(b) (3M LIBOR + 4.750%)
	2,829,741		5.500			08/27/26		2,861,123
	ASP Unifrax Holdings, Inc. (B-/B2)(b) (3M LIBOR + 3.750%)
	2,815,322		3.882			12/12/25		2,774,866
	ASP Unifrax Holdings, Inc. (CCC+/Caa3)(b) (1M LIBOR + 8.500%)
	1,975,000		8.584			12/14/26		1,947,014
	Consolidated Energy Finance SA (B+/B1)(b)(6M LIBOR + 2.500%)
	7,320,931		2.657			05/07/25		7,192,814
	Cyanco Intermediate Corp. (B/B2)(b) (1M LIBOR + 3.500%)
	8,235,943		3.587			03/16/25		8,199,952
	Element Solutions, Inc. (BBB-/Ba1)(b) (1M LIBOR + 2.000%)
	3,145,058		2.084			01/31/26		3,139,177
	Hexion, Inc. (BB-/Ba3)(b) (3M LIBOR + 3.500%)
	4,541,069		3.650			07/01/26		4,541,069
	Illuminate Buyer LLC (B+/B1)(b) (1M LIBOR + 3.500%)
	9,639,352		3.584			06/30/27		9,619,303
	INEOS Enterprises Holdings US Finco LLC (BB/Ba3)(b) (3M LIBOR + 3.500%)
	6,727,349		4.500			08/28/26		6,738,584
	INEOS Styrolution US Holding LLC (NR/NR)(b) (1M LIBOR + 2.750%)
	4,688,250		3.250			01/29/26		4,688,250
	Innophos, Inc. (B+/B1)(b) (1M LIBOR + 3.750%)
	5,391,754		3.834			02/07/27		5,398,494
	LSF11 A5 Holdco LLC (NR/NR)(c)
	3,000,000		4.250			09/30/28		3,003,750
	LSF11 Skyscraper Holdco S.a r.l. (NR/NR)(b) (3M LIBOR + 3.500%)
	3,731,273		4.250			09/29/27		3,733,624
	NIC Acquisition Corp. (NR/B3)(b) (3M LIBOR + 3.750%)
	3,756,125		4.500			12/29/27		3,751,430
	Polar US Borrower LLC (B-/B3)(b) (3M LIBOR + 3.750%)
	4,256,790		4.874			10/15/25		4,246,148
	PQ Corporation (BB-/B1)(c)
	4,638,375		3.250			06/09/28		4,639,349
	Starfruit Finco B.V. (B+/B2)(b) (1M LIBOR + 2.750%)
	11,589,245		2.832			10/01/25		11,505,223
	Trinseo Materials Operating S.C.A. (BB-/Ba2)(b) (1M LIBOR + 2.500%)
	6,184,500		2.584			05/03/28		6,161,308
	Tronox Finance LLC (BB-/Ba3)(b) (3M LIBOR + 2.250%)
	1,576,495		2.382			03/13/28		1,569,322
	WR Grace & Co-Conn (NR/NR)(c)
	6,750,000		4.250			09/22/28		6,771,127
								102,481,927
Coal(b) – 0.4%
	Oxbow Carbon LLC (BB-/B1) (1M LIBOR + 4.250%)
	11,417,506		5.000			10/13/25		11,438,971
Commercial Services – 4.6%
	AlixPartners LLP (B+/B1)(b) (1M LIBOR + 2.750%)
	4,179,000		3.250			02/04/28		4,166,212
	Allied Universal Holdco LLC (B/B2)(b) (3M LIBOR + 3.750%)
	7,968,636		4.250			05/12/28		7,972,222

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)
Commercial Services – (continued)
	Allied Universal Holdco LLC (B/WR)(b) (3M EURIBOR + 3.750%)
EUR	675,000		3.750	%		04/07/28	$	779,689
	Amentum Government Services Holdings LLC (B/B1)(b)
	(1M LIBOR + 3.500%)
$	3,517,495		3.584			01/29/27		3,508,701
	(3M LIBOR + 4.750%)
	9,129,125		5.500			01/29/27		9,181,617
	Ankura Consulting Group LLC (B-/B2)(b) (1M LIBOR + 4.500%)
	3,035,285		5.250			03/17/28		3,042,873
	Ankura Consulting Group LLC (CCC/Caa2)(b) (1M LIBOR + 8.000%)
	600,000		8.750			03/12/29		609,000
	Anticimex International AB (NR/NR)(c)
	6,550,000		4.000			07/21/28		6,530,874
	APX Group, Inc. (B/B1)(b) (1M LIBOR + 3.500%)
	7,000,000		4.000			07/10/28		6,975,920
	AQ Carver Buyer, Inc. (B/B2)(b) (3M LIBOR + 5.000%)
	2,156,000		6.000			09/23/25		2,156,000
	Avis Budget Car Rental LLC (BB-/Ba2)(b) (1M LIBOR + 1.750%)
	1,993,690		1.840			08/06/27		1,948,414
	CAB (NR/NR)(b) (3M EURIBOR + 3.750%)
EUR	1,350,000		3.750			02/09/28		1,562,600
	Conservice Midco LLC (B/B2)(b) (3M LIBOR + 4.250%)
$	6,317,746		4.382			05/13/27		6,321,726
	CoreLogic, Inc. (B/B1)(b) (1M LIBOR + 3.500%)
	6,900,000		4.000			06/02/28		6,891,375
	Da Vinci Purchaser Corp. (B/B2)(b) (1M LIBOR + 4.000%)
	6,039,421		5.000			01/08/27		6,060,196
	Fleet U.S. Bidco, Inc. (B+/B2)(b) (1M LIBOR + 3.000%)
	5,500,393		3.084			10/07/26		5,435,103
	Fly Funding II S.a.r.l. (BB+/Ba3)(b) (3M LIBOR + 6.000%)
	2,769,688		7.000			10/08/25		2,773,150
	Garda World Security Corp. (NR/B1)(b) (1M LIBOR + 4.250%)
	4,450,000		4.340			10/30/26		4,453,338
	Holding Socotec (NR/NR)(c)
EUR	1,025,000		0.000			06/02/28		1,188,698
	Holding Socotec (NR/NR)(b)
$	2,675,000		5.000			06/02/28		2,670,533
	IRB Holding Corp. (B/B2)(b)
	(3M LIBOR + 2.750%)
	5,609,392		3.750			02/05/25		5,599,463
	(3M LIBOR + 3.250%)
	10,870,514		4.250			12/15/27		10,884,102
	Packers Holdings LLC (B-/B2)(b) (3M LIBOR + 3.250%)
	7,738,372		4.000			03/09/28		7,698,055
	Trans Union LLC (BBB-/Ba2)(b) (1M LIBOR + 1.750%)
	2,328,342		1.834			11/16/26		2,312,695
	Travelport Finance (Luxembourg) S.a.r.l. (CCC-/Caa3)(b) (3M LIBOR + 6.750%)
	1,214,771		6.882			05/29/26		1,041,156
	Verisure Holding AB (NR/NR)(c)
EUR	9,250,000		3.250			03/27/28		10,645,734
	Verscend Holding Corp. (B+/B2)(b) (1M LIBOR + 4.000%)
	10,217,643		4.084			08/27/25		10,226,124
								132,635,570
Bank Loans(a) – (continued)
Construction Machinery(b) – 0.1%
	Welbilt, Inc. (B-/B2) (1M LIBOR + 2.500%)
	2,147,500		2.584			10/23/25		2,140,349
Consumer Cyclical Services(b) – 2.1%
	Asurion LLC (B/B3)
	(1M LIBOR + 5.250%)
	4,825,000		5.334			01/31/28		4,807,920
	(1M LIBOR + 5.250%)
	2,500,000		5.334			01/20/29		2,486,875
	Asurion LLC (B+/Ba3)
	(1M LIBOR + 3.000%)
	6,179,382		3.084			11/03/24		6,109,864
	(1M LIBOR + 3.125%)
	2,136,098		3.209			11/03/23		2,122,748
	(1M LIBOR + 3.250%)
	5,967,469		3.334			12/23/26		5,875,808
	FCG Acquisitions Inc (B-/B2) (3M LIBOR + 3.750%)
	334,578		3.750			03/31/28		333,323
	GT Polaris, Inc. (NR/B2) (3M LIBOR + 3.750%)
	6,041,453		4.500			09/24/27		6,041,453
	KAR Auction Services, Inc. (B/Ba3) (1M LIBOR + 2.250%)
	3,443,658		2.375			09/19/26		3,357,567
	KUEHG Corp. (CCC+/B3) (3M LIBOR + 3.750%)
	3,656,858		4.750			02/21/25		3,619,266
	Prime Security Services Borrower LLC (BB-/Ba3)(6M LIBOR + 2.750%)
	6,394,536		3.500			09/23/26		6,385,073
	The Hertz Corp. (B+/B2) (1M LIBOR + 3.500%)
	8,770,898		4.000			06/30/28		8,772,301
	The Hertz Corp. (BB-/B2) (1M LIBOR + 3.500%)
	1,657,120		4.000			06/30/28		1,657,385
	USIC Holdings, Inc. (B-/B2) (1M LIBOR + 3.500%)
	2,743,544		4.250			05/12/28		2,740,115
	WEX Inc. (BB-/Ba2) (1M LIBOR + 2.250%)
	2,338,250		2.334			03/31/28		2,327,214
	WW International, Inc. (BB-/Ba3) (1M LIBOR + 3.500%)
	4,663,313		4.000			04/13/28		4,654,592
								61,291,504
Consumer Cyclical Services – Business – 1.2%
	Guidehouse LLP (B/B2)(b) (1M LIBOR + 4.000%)
	5,314,528		4.084			05/01/25		5,317,876
	Sabre GLBL, Inc. (B/Ba3)(b) (1M LIBOR + 2.000%)
	3,335,748		2.084			02/22/24		3,293,451
	Science Applications International Corp. (BB+/Ba1)(b) (1M LIBOR + 1.875%)
	1,625,000		1.959			03/12/27		1,620,938
	Stats Intermediate Holdings LLC (B-/B2)(b) (3M LIBOR + 5.250%)
	5,779,121		5.374			07/10/26		5,752,017
	Tempo Acquisition LLC (BB-/Ba3)(b) (1M LIBOR + 3.250%)
	6,389,937		3.750			11/02/26		6,399,266
	The House of HR (NR/NR)(c)
EUR	2,475,000		3.750			07/27/26		2,860,150
	USS Ultimate Holdings, Inc. (B-/B1)(b) (1M LIBOR + 3.750%)
$	5,669,675		4.750			08/25/24		5,687,875

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, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Consumer Cyclical Services – Business – (continued)
	USS Ultimate Holdings, Inc. (CCC/Caa1)(b) (1M LIBOR + 7.750%)
$	3,225,000		8.750	%		08/25/25	$	3,229,031
								34,160,604
Consumer Products – Household & Leisure – 1.4%
	Coty, Inc. (B/B1)(b) (1M LIBOR + 2.250%)
	5,454,907		2.333			04/07/25		5,349,246
	Diamond (BC) B.V. (NR/NR)(c)
	7,000,000		3.500			09/29/28		7,004,830
	Hunter Fan Co. (B/B2)(b) (3M LIBOR + 5.000%)
	4,600,000		5.750			04/09/28		4,591,398
	Kronos Acquisition Holdings, Inc. (B-/B2)(b) (1M LIBOR + 3.750%)
	4,396,290		3.834			12/22/26		4,283,261
	Proampac PG Borrower LLC (B-/B2)(b) (3M LIBOR + 3.750%)
	13,059,376		4.500			11/03/25		13,075,700
	The Hillman Group, Inc. (NR/B1)(b) (3M LIBOR + 1.375%)
	604,980		1.375			07/14/28		605,207
	The Hillman Group, Inc. (B+/B1)(b) (1M LIBOR + 2.750%)
	5,033,845		3.250			07/14/28		5,026,295
								39,935,937
Consumer Products – Non Durable(b) – 0.1%
	HLF Financing S.a.r.l. (BB+/Ba1) (1M LIBOR + 2.500%)
	3,200,867		2.584			08/18/25		3,183,518
Distributor(b) – 0.1%
	UGI Energy Services LLC (NR/Ba3) (1M LIBOR + 3.750%)
	3,938,675		3.834			08/13/26		3,943,599
Diversified Financial Services – 3.5%
	Advisor Group, Inc. (B-/B2)(b) (1M LIBOR + 4.500%)
	5,666,839		4.584			07/31/26		5,672,620
	Citadel Securities LP (BBB-/Ba1)(b) (1M LIBOR + 2.500%)
	9,092,405		2.584			02/02/28		9,004,754
	CQP Holdco LP (NR/NR)(b) (1M LIBOR + 3.750%)
	8,927,625		4.250			06/05/28		8,897,896
	DLG Acquisitions Ltd. (NR/NR)(b)(6M EURIBOR + 3.500%)
EUR	1,825,000		3.500			05/15/26		2,108,704
	DRW Holdings LLC (BB-/B1)(b) (1M LIBOR + 3.750%)
$	6,000,000		3.834			03/01/28		5,974,980
	Edelman Financial Center LLC (NR/B2)(b) (1M LIBOR + 3.500%)
	6,683,528		4.250			04/07/28		6,667,889
	FinCo I LLC (BB/Baa3)(b) (1M LIBOR + 2.500%)
	3,212,773		2.584			06/27/25		3,198,444
	First Eagle Holdings, Inc. (BB/Ba2)(b) (3M LIBOR + 2.500%)
	3,909,519		2.632			02/01/27		3,866,944
	Fiserv Investment Solutions, Inc. (B/B2)(b) (3M LIBOR + 4.000%)
	2,521,466		4.155			02/18/27		2,522,248
	GBT Group Services B.V. (B-/NR)(b) (1M LIBOR + 2.500%)
	3,522,762		2.586			08/13/25		3,149,948
	KREF Holdings X LLC (BB-/Ba2)(b) (3M LIBOR + 4.750%)
	2,337,736		5.750			08/05/27		2,337,736
	Luna III S.a r.l. (NR/NR)(c)
EUR	6,000,000		0.000			09/30/28		6,897,974
	MHI Holdings LLC (B/B2)(b) (1M LIBOR + 5.000%)
$	3,037,198		5.084			09/21/26		3,050,106
Bank Loans(a) – (continued)
Diversified Financial Services – (continued)
	NFP Corp. (B/B1)(b) (1M LIBOR + 3.250%)
	5,639,894		3.334			02/15/27		5,577,460
	Paysafe Holdings (US) Corp (B+/B1)(b) (3M LIBOR + 2.750%)
	7,905,188		3.250			06/28/28		7,812,302
	Radar Bidco S.a.r.l. (NR/NR)(b)(6M EURIBOR + 9.000%)
EUR	1,207,956		9.000			12/16/24		1,469,785
	Superannuation and Investments US LLC (NR/NR)(c)
$	2,950,000		4.250			09/24/28		2,931,562
	Syncapay, Inc. (B/B2)(b) (3M LIBOR + 6.500%)
	4,562,813		7.500			12/10/27		4,574,219
	VFH Parent LLC (B+/Ba3)(b) (1M LIBOR + 3.000%)
	4,719,766		3.082			03/01/26		4,711,318
	Victory Capital Holdings, Inc. (BB-/Ba2)(b) (3M LIBOR + 2.250%)
	3,429,325		2.395			07/01/26		3,416,465
	Zebra Buyer LLC (NR/NR)(c)
	7,525,000		3.750			04/21/28		7,545,167
								101,388,521
Diversified Manufacturing – 2.0%
	Apex Tool Group LLC (CCC+/B3)(b) (1M LIBOR + 5.250%)
	8,798,686		6.500			08/01/24		8,800,886
	Canada Goose, Inc. (BB/B2)(b) (3M LIBOR + 3.500%)
	1,637,645		4.250			10/07/27		1,639,692
	Dynacast International LLC (NR/NR)(b) (3M LIBOR + 4.750%)
	7,138,585		5.750			07/22/25		7,156,431
	Fluid-Flow Products, Inc. (B-/B2)(b)
	(3M LIBOR + 3.750%)
	990,007		4.250			03/31/28		987,493
	(3M LIBOR + 3.750%)
	5,425,403		4.250			03/31/28		5,411,839
	Gardner Denver, Inc. (BB+/Ba2)(b) (1M LIBOR + 1.750%)
	1,484,362		1.834			03/01/27		1,463,329
	Klockner-Pentaplast of America, Inc. (NR/B2)(b)(6M LIBOR + 4.750%)
	2,736,250		5.250			02/12/26		2,741,394
	KP Germany Erste GmbH (NR/B2)(b)(6M EURIBOR + 4.750%)
EUR	3,425,000		4.750			02/04/26		3,926,961
	Robertshaw US Holding Corp. (CCC-/Caa3)(b) (1M LIBOR + 8.000%)
$	4,650,000		9.000			02/28/26		4,010,625
	Rohm Holding GmbH (B-/B3)(b)(6M LIBOR + 4.750%)
	5,280,226		4.904			07/31/26		5,271,408
	Titan Acquisition Ltd. (B-/B2)(b) (3M LIBOR + 3.000%)
	12,114,987		3.167			03/28/25		11,886,498
	Waterlogic Holdings Limited (B/B3)(c)
	3,000,000		4.750			08/04/28		2,998,140
								56,294,696
Electrical(b) – 0.8%
	Calpine Corp. (BB+/Ba2)
	(1M LIBOR + 2.000%)
	1,225,000		2.084			08/12/26		1,209,455
	(1M LIBOR + 2.500%)
	2,342,626		2.590			12/16/27		2,336,371
	LMBE-MC Holdco II LLC (BB-/Ba3) (3M LIBOR + 4.000%)
	1,758,107		5.000			12/03/25		1,674,597

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)
Electrical(b) – (continued)
	Lonestar II Generation Holdings LLC (B/B1)
	(1M LIBOR + 5.000%)
$	3,092,951		5.084	%		04/20/26	$	3,061,248
	(1M LIBOR + 5.000%)
	404,463		5.084			04/20/26		400,317
	Pike Corporation (B/Ba3) (1M LIBOR + 3.000%)
	4,530,822		3.090			01/21/28		4,527,741
	Talen Energy Supply LLC (B+/B1) (1M LIBOR + 3.750%)
	10,248,676		3.834			07/08/26		9,537,725
								22,747,454
Electrical Components & Equipment(b) – 0.1%
	Energizer Holdings, Inc. (NR/NR) (1M LIBOR + 2.250%)
	2,810,875		2.750			12/22/27		2,807,361
Electrical Equipment – 0.5%
	Brookfield WEC Holdings, Inc. (B/B2)(b) (1M LIBOR + 2.750%)
	12,853,078		3.250			08/01/25		12,758,094
	Centuri Group, Inc (NR/NR)(c)
	2,725,000		3.000			08/27/28		2,722,738
								15,480,832
Electrical Utilities(b) – 0.3%
	Pacific Gas & Electric Co. (BB-/B1) (3M LIBOR + 3.000%)
	7,976,420		3.500			06/23/25		7,834,360
Electronics(b) – 0.3%
	Ingram Micro, Inc. (BB-/B1) (3M LIBOR + 3.500%)
	6,458,813		4.000			06/30/28		6,471,730
	TTM Technologies, Inc. (BB+/Ba1) (1M LIBOR + 2.500%)
	2,000,000		2.586			09/28/24		2,000,840
								8,472,570
Energy(b) – 0.3%
	WIN Waste Innovations Holdings, Inc. (B+/B1) (3M LIBOR + 2.750%)
	7,082,250		3.250			03/24/28		7,073,397
Engineering & Construction(b) – 0.4%
	Brown Group Holding LLC (B+/B1) (3M LIBOR + 2.750%)
	9,110,223		3.250			06/07/28		9,098,835
	Rockwood Service Corp. (B/B2) (1M LIBOR + 4.000%)
	1,477,500		4.084			01/23/27		1,478,431
								10,577,266
Entertainment – 1.5%
	Allen Media LLC (NR/NR)(c)
	256,500		5.500			02/10/27		256,100
	1,550,000		5.632			02/10/27		1,547,582
	Allen Media LLC (NR/Ba3)(c)
	282,141		5.500			02/10/27		281,701
	Allen Media LLC (BB-/WR)(b) (3M LIBOR + 5.500%)
	6,879,272		5.632			02/10/27		6,868,540
	AMC Entertainment Holdings, Inc. (B-/Caa2)(b) (1M LIBOR + 3.000%)
	3,757,654		3.083			04/22/26		3,477,935
	Crown Finance US, Inc. (B-/B3)(b) (3M LIBOR + 8.250%)
	484,517		8.250			05/23/24		597,371
Bank Loans(a) – (continued)
Entertainment – (continued)
	Crown Finance US, Inc. (CCC/Caa2)(b)
	(3M LIBOR + 2.750%)
	2,829,054		3.750			09/30/26		2,305,679
	(6M LIBOR + 2.500%)
	4,625,363		3.500			02/28/25		3,801,771
	GVC Holdings (Gibraltar) Ltd. (NR/NR)(b) (3M LIBOR + 2.250%)
	2,942,625		3.000			03/16/27		2,937,122
	Motion Finco S.a.r.l. (CCC+/B2)(b)
	(3M LIBOR + 3.250%)
	6,223,026		3.382			11/12/26		6,012,999
	(3M LIBOR + 3.250%)
	792,845		3.382			11/12/26		766,086
	PCI Gaming Authority (BB+/Ba3)(b) (1M LIBOR + 2.500%)
	4,789,077		2.584			05/29/26		4,768,723
	SeaWorld Parks & Entertainment, Inc. (BB-/Ba3)(b) (1M LIBOR + 3.000%)
	6,380,130		3.500			08/25/28		6,352,248
	Vue International Bidco PLC (CCC+/Caa1)(b)(6M EURIBOR + 4.750%)
EUR	2,286,096		4.750			07/03/26		2,488,101
	WMG Acquisition Corp. (BB+/Ba3)(b) (1M LIBOR + 2.125%)
$	1,136,053		2.209			01/20/28		1,129,192
								43,591,150
Environmental(b) – 0.6%
	EnergySolutions LLC (B-/B3) (3M LIBOR + 3.750%)
	4,222,285		4.750			05/09/25		4,211,730
	GFL Environmental, Inc. (BB-/Ba3) (3M LIBOR + 3.000%)
	4,543,829		3.500			05/30/25		4,549,508
	Innovative Water Care Global Corp. (B-/Caa1) (3M PRIME + 4.000%)
	4,894,698		7.250			02/27/26		4,874,826
	Northstar Group Services, INC. (B/B2)(d) (1M LIBOR + 5.500%)
	4,164,723		6.500			11/12/26		4,175,135
								17,811,199
Food & Beverages – 1.2%
	CHG PPC Parent LLC (B/B2)(b) (1M LIBOR + 2.750%)
	2,567,379		2.834			03/31/25		2,552,951
	Chobani LLC (B-/B1)(b) (1M LIBOR + 3.500%)
	6,359,940		4.500			10/20/27		6,369,034
	Froneri International Ltd. (B+/B1)(b)
	(1M LIBOR + 2.250%)
	5,135,000		2.334			01/29/27		5,070,812
	(6M EURIBOR + 2.375%)
EUR	1,100,000		2.375			01/29/27		1,244,981
	Kouti B.V. (NR/NR)(c)
	3,550,000		0.000			07/01/28		4,103,918
	Post Holdings, Inc. (B+/B2)(b) (1M LIBOR + 4.000%)
$	5,608,499		4.750			10/21/24		5,628,128
	Sigma Bidco B.V. (NR/NR)(b) (6M LIBOR + 3.000%)
	4,440,483		3.160			07/02/25		4,358,157
	Sunshine Investments B.V. (B+/B1)(b)
	(3M EURIBOR + 2.750%)
EUR	525,000		2.750			03/28/25		603,457

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, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Food & Beverages – (continued)
	(3M LIBOR + 2.750%)
$	5,137,728		2.874	%		03/28/25	$	5,100,788
								35,032,226
Food & Drug Retailing(b) – 0.4%
	United Natural Foods, Inc. (B/B2) (1M LIBOR + 3.500%)
	7,208,016		3.584			10/22/25		7,199,727
	US Foods, Inc. (BB-/B3)
	(1M LIBOR + 1.750%)
	1,630,744		1.834			06/27/23		1,620,552
	(1M LIBOR + 2.000%)
	1,734,287		2.084			09/13/26		1,710,007
								10,530,286
Gaming(b) – 1.0%
	Caesars Resort Collection LLC (B+/B1) (1M LIBOR + 2.750%)
	6,882,661		2.834			12/23/24		6,837,786
	Penn National Gaming, Inc. (BB-/Ba3) (1M LIBOR + 2.250%)
	1,660,694		3.000			10/15/25		1,657,472
	Scientific Games International, Inc. (B+/B1) (1M LIBOR + 2.750%)
	9,634,557		2.834			08/14/24		9,587,637
	The Stars Group Holdings B.V. (BBB-/Ba1) (3M LIBOR + 2.250%)
	6,985,206		3.632			07/21/26		6,959,011
	UFC Holdings LLC (B/B2) (6M LIBOR + 2.750%)
	2,344,230		3.500			04/29/26		2,337,713
								27,379,619
Health Care – Pharmaceuticals(b) – 1.5%
	Amedes Holding AG (B/B2) (1M EURIBOR + 3.000%)
EUR	3,010,720		3.000			06/08/26		3,476,272
	Bausch Health Cos., Inc. (BB/Ba2)
	(1M LIBOR + 2.750%)
$	1,915,483		2.834			11/27/25		1,909,737
	(1M LIBOR + 3.000%)
	7,247,046		3.084			06/02/25		7,236,175
	Endo Luxembourg Finance Co. I S.a.r.l. (B-/B3) (3M LIBOR + 5.000%)
	5,203,592		6.000			03/27/28		5,079,278
	Grifols Worldwide Operations USA, Inc. (BB/Ba3)(1 Week LIBOR + 2.000%)
	4,862,282		2.072			11/15/27		4,781,228
	Jazz Financing Lux S.a.r.l. (BB-/Ba2) (1M LIBOR + 3.500%)
	12,468,750		4.000			05/05/28		12,482,840
	Organon & Co. (BB/Ba2) (3M LIBOR + 3.000%)
	8,977,500		3.500			06/02/28		8,991,954
								43,957,484
Health Care – Services – 3.9%
	Air Methods Corp. (B/B2)(b) (3M LIBOR + 3.500%)
	2,035,431		4.500			04/22/24		2,016,665
	Biogroup-LCD (NR/NR)(b)(6M EURIBOR + 3.500%)
EUR	3,875,000		3.500			01/28/28		4,464,278
	Change Healthcare Holdings LLC (B+/B1)(b) (3M LIBOR + 2.500%)
$	2,537,693		3.500			03/01/24		2,534,647
Bank Loans(a) – (continued)
Health Care – Services – (continued)
	Envision Healthcare Corp. (CCC+/Caa1)(b) (1M LIBOR + 3.750%)
$	10,310,034		3.834			10/10/25		9,150,155
	ExamWorks Group, Inc. (B/B1)(b) (1M LIBOR + 3.250%)
	4,748,203		4.250			07/27/23		4,747,206
	Gentiva Health Services, Inc. (BB+/Ba2)(b) (1M LIBOR + 2.750%)
	3,148,192		2.875			07/02/25		3,146,869
	Global Medical Response, Inc. (B/B2)(b)
	(3M LIBOR + 4.750%)
	6,093,027		5.750			10/02/25		6,111,306
	(6M LIBOR + 4.250%)
	2,995,536		5.250			03/14/25		3,004,522
	Help At Home, Inc. (B-/B1)(b) (3M LIBOR + 5.000%)
	3,225,628		6.000			10/29/27		3,225,628
	IQVIA, Inc. (BBB-/Ba1)(b) (1M LIBOR + 1.750%)
	1,500,967		1.834			01/17/25		1,495,714
	Iris BidCo GmbH (NR/NR)(b) (3M EURIBOR + 5.000%)
EUR	3,850,000		5.000			05/31/28		4,465,222
	Lonza Group AG (NR/NR)(c) (3M LIBOR + 4.000%)
$	7,331,625		4.750			07/03/28		7,351,274
	Matrix Medical Network of Arizona LLC (B/B2)(b) (1M LIBOR + 4.500%)
	1,419,000		4.584			02/17/25		1,419,000
	Medline Industries, Inc. (NR/NR)(c)
	3,000,000		3.750			09/20/28		2,996,250
	Onex TSG Intermediate Corp. (B/B2)(b) (3M LIBOR + 4.750%)
	3,341,625		5.500			02/28/28		3,365,852
	Parexel International Corp. (B-/B2)(b) (1M LIBOR + 2.750%)
	3,380,275		2.834			09/27/24		3,377,402
	PPD, Inc. (BB-/Ba2)(b) (1M LIBOR + 2.000%)
	6,417,750		2.500			01/13/28		6,404,401
	RegionalCare Hospital Partners Holdings, Inc. (B/B1)(b) (1M LIBOR + 3.750%)
	14,349,810		3.835			11/16/25		14,322,976
	Sotera Health Holdings LLC (BB-/B1)(b) (1M LIBOR + 2.750%)
	8,150,000		3.250			12/11/26		8,122,860
	Team Health Holdings, Inc. (B-/B3)(b) (1M LIBOR + 2.750%)
	9,631,199		3.750			02/06/24		9,366,341
	U.S. Renal Care, Inc. (B-/B2)(b)
	(1M LIBOR + 5.000%)
	5,988,281		5.084			06/26/26		5,975,166
	(1M LIBOR + 5.500%)
	2,800,000		6.500			06/26/26		2,806,132
	Vizient, Inc. (BB/Ba2)(b) (1M LIBOR + 2.000%)
	1,962,342		2.084			05/06/26		1,951,922
	WP CityMD Bidco LLC (B/B1)(b)(6M LIBOR + 3.750%)
	1,424,734		4.500			08/13/26		1,428,495
								113,250,283
Healthcare Providers & Services(b) – 0.7%
	Help At Home, Inc. (B-/B1) (1M LIBOR + 5.000%)
	409,164		6.000			10/29/27		409,164
	ICON Luxembourg S.a.r.l. (BB+/Ba1) (3M LIBOR + 2.500%)
	8,624,260		3.000			07/03/28		8,651,772
	Insulet Corp. (B+/Ba3) (1M LIBOR + 3.250%)
	9,476,250		3.750			05/04/28		9,492,075

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
Bank Loans(a) – (continued)
Healthcare Providers & Services(b) – (continued)
	MedRisk, Inc. (B/B2) (1M LIBOR + 3.750%)
$	1,750,000		4.500	%		05/10/28	$	1,746,570
								20,299,581
Home Construction – 1.0%
	Core & Main LP (B+/Ba3)(b) (1M LIBOR + 2.500%)
	4,019,872		2.586			07/27/28		3,999,773
	Foundation Building Materials Holding Co. LLC (B/B2)(b) (3M LIBOR + 3.250%)
	6,059,813		3.750			02/03/28		6,015,455
	Park River Holdings, Inc. (B-/B1)(b) (3M LIBOR + 3.250%)
	4,137,313		4.000			12/28/27		4,119,232
	Sabre GLBL Inc. (B/Ba3)(c)
	3,984,289		4.000			12/17/27		3,960,622
	2,499,461		4.000			12/17/27		2,484,614
	SRS Distribution Inc. (B-/B3)(b) (3M LIBOR + 3.750%)
	8,975,000		4.250			06/02/28		8,971,231
								29,550,927
Household Products(b) – 0.1%
	Reynolds Consumer Products, Inc. (BBB-/Ba1) (1M LIBOR + 1.750%)
	2,591,364		1.834			02/04/27		2,583,434
Household Products(c) – 0.2%
	Springs Windows Fashions LLC (NR/NR)
	6,975,000		4.750			09/17/28		6,918,363
Insurance – 2.4%
	Acrisure LLC (B/B2)(b) (3M LIBOR + 3.500%)
	14,080,525		3.632			02/15/27		13,936,763
	Alliant Holdings Intermediate LLC (B/B2)(b) (1M LIBOR + 3.250%)
	5,452,577		3.334			05/09/25		5,411,683
	Alliant Holdings Intermediate LLC (NR/B2)(b) (1M LIBOR + 3.250%)
	4,754,184		3.334			05/09/25		4,715,295
	AssuredPartners, Inc. (B/B1)(b)
	(1M LIBOR + 3.500%)
	9,354,188		3.584			02/12/27		9,291,795
	(1M LIBOR + 3.500%)
	992,475		4.000			02/12/27		990,738
	Baldwin Risk Partners LLC (B/B2)(b) (1M LIBOR + 3.500%)
	1,421,438		4.000			10/14/27		1,417,003
	HUB International Ltd. (B/B2)(b) (3M LIBOR + 2.750%)
	6,105,721		2.875			04/25/25		6,044,054
	Hyperion Insurance Group Ltd. (B/B2)(c)
EUR	723,178		0.000			12/20/24		834,033
$	1,925,000		4.000			11/12/27		1,921,400
	OneDigital Borrower LLC (B/B3)(b)
	(3M LIBOR + 4.500%)
	1,822,584		5.250			11/16/27		1,827,906
	(3M LIBOR + 5.250%)
	37,598		5.250			11/16/27		37,431
	Ryan Specialty Group LLC (BB-/B1)(b) (1M LIBOR + 3.000%)
	1,463,910		3.750			09/01/27		1,462,446
	Sedgwick Claims Management Services, Inc. (B/B2)(b)
	(1M LIBOR + 3.250%)
	6,064,372		3.334			12/31/25		6,014,159
Bank Loans(a) – (continued)
Insurance – (continued)
	(1M LIBOR + 4.250%)
	269,500		5.250			09/03/26		269,740
	Siaci Saint Honore (NR/NR)(c)
EUR	3,200,000		0.000			07/22/28		3,703,013
	USI, Inc. (B/B2)(b)
	(3M LIBOR + 3.000%)
$	9,452,297		3.132			05/16/24		9,383,106
	(3M LIBOR + 3.250%)
	1,994,932		3.382			12/02/26		1,980,589
								69,241,154
Internet(b) – 0.2%
	Adevinta ASA (NR/NR)
	(3M EURIBOR + 3.250%)
EUR	1,250,000		3.250			06/26/28		1,445,823
	(3M LIBOR + 3.000%)
$	947,625		3.750			06/26/28		947,625
	Voyage Australia Pty Ltd. (BB-/B1) (3M LIBOR + 3.500%)
	2,350,000		4.000			07/20/28		2,347,063
								4,740,511
Leisure Time(b) – 0.5%
	Alterra Mountain Co. (B/B2) (1M LIBOR + 3.500%)
	8,295,655		4.000			08/17/28		8,264,547
	Amer Sports Oyj (NR/NR)(6M EURIBOR + 4.500%)
EUR	5,225,000		4.500			03/30/26		6,050,986
								14,315,533
Lodging – 0.3%
	Four Seasons Hotels Ltd. (BB+/Ba3)(b) (1M LIBOR + 2.000%)
$	1,929,740		2.087			11/30/23		1,922,504
	Hilton Grand Vacations Borrower LLC (BB/Ba1)(c)
	6,675,000		3.500			08/02/28		6,690,019
								8,612,523
Machinery(b) – 0.6%
	Cimpress PLC (BB/Ba3) (1M LIBOR + 3.500%)
	8,827,875		4.000			05/17/28		8,825,138
	Clark Equipment Co. (BB/Ba3)
	(3M LIBOR + 1.835%)
	2,411,598		1.967			05/18/24		2,389,363
	(3M LIBOR + 2.250%)
	995,000		2.382			05/18/24		993,139
	Shape Technologies Group, Inc. (CCC+/Caa2) (1M LIBOR + 3.000%)
	2,847,291		3.084			04/21/25		2,631,723
	Star US Bidco LLC (B-/B3) (1M LIBOR + 4.250%)
	2,237,925		5.250			03/17/27		2,241,662
								17,081,025
Machinery-Diversified – 0.6%
	GrafTech Finance, Inc. (BB/Ba3)(b) (1M LIBOR + 3.000%)
	2,336,210		3.500			02/12/25		2,336,210
	Vertical Midco GmbH (B+/WR)(b)(6M LIBOR + 3.500%)
	7,238,379		4.404			07/30/27		7,248,440
	Vertical US Newco Inc (B+/B1)(c)
	6,228,148		4.000			07/29/27		6,236,805
								15,821,455

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, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Media – 0.6%
	Banijay Entertainment S.A.S (B/B1)(b) (1M LIBOR + 3.750%)
$	8,892,650		3.833	%		03/01/25	$	8,870,418
	Mission Broadcasting, Inc. (BBB-/Ba2)(c)
	2,892,750		2.500			05/26/28		2,880,109
	Radiate Holdco LLC (B/B1)(b) (1M LIBOR + 3.500%)
	3,905,537		4.250			09/25/26		3,899,913
	Univision Communications Inc. (B+/B2)(b) (1M LIBOR + 3.250%)
	1,893,084		4.000			03/15/26		1,889,658
								17,540,098
Media – Broadcasting & Radio(b) – 1.3%
	Ascend Learning LLC (B-/B1) (1M LIBOR + 3.000%)
	2,443,687		4.000			07/12/24		2,441,512
	Cumulus Media New Holdings, Inc. (B/B2) (1M LIBOR + 3.750%)
	6,502,934		4.750			03/31/26		6,486,677
	Diamond Sports Group LLC (CCC/Caa1) (1M LIBOR + 3.250%)
	2,721,199		3.340			08/24/26		1,689,021
	Digital Room Holdings, Inc. (B-/B2) (1M LIBOR + 5.000%)
	2,961,874		5.084			05/21/26		2,923,370
	DirecTV Financing LLC (BB/Ba3) (1M LIBOR + 5.000%)
	9,750,000		5.750			07/22/27		9,753,023
	Nexstar Broadcasting, Inc. (BBB-/Ba2)
	(1M LIBOR + 2.250%)
	1,704,381		2.334			01/17/24		1,701,330
	(1M LIBOR + 2.500%)
	2,221,570		2.586			09/18/26		2,218,238
	Renaissance Holding Corp. (B-/B2) (1M LIBOR + 3.250%)
	4,283,315		3.334			05/30/25		4,244,294
	Renaissance Holding Corp. (CCC/Caa2) (1M LIBOR + 7.000%)
	3,200,000		7.084			05/29/26		3,205,344
	The E.W. Scripps Co. (BB-/Ba3) (1M LIBOR + 3.000%)
	4,010,653		3.750			01/07/28		4,016,228
								38,679,037
Media – Cable(b) – 2.0%
	Altice Financing SA (B/B2)
	(1M LIBOR + 2.750%)
	8,934,416		2.876			07/15/25		8,783,692
	(3M LIBOR + 2.750%)
	3,997,524		2.900			01/31/26		3,924,569
	Charter Communications Operating LLC (BBB-/Ba1) (1M LIBOR + 1.750%)
	1,286,869		1.840			02/01/27		1,278,465
	Cogeco Communications, Inc. (BB/B1) (1M LIBOR + 2.000%)
	3,228,952		2.084			01/03/25		3,198,697
	Cogeco Financing 2 LP (BB/B1) (1M LIBOR + 2.500%)
	2,500,000		3.000			09/01/28		2,483,325
	CSC Holdings LLC (BB/Ba3)
	(1M LIBOR + 2.250%)
	3,882,045		2.334			07/17/25		3,823,815
	(1M LIBOR + 2.500%)
	3,885,358		2.584			04/15/27		3,835,975
	iHeartCommunications, Inc. (B+/B1)
	(1M LIBOR + 3.000%)
	6,383,982		3.084			05/01/26		6,334,762
Bank Loans(a) – (continued)
Media – Cable(b) – (continued)
	(1M LIBOR + 3.250%)
	5,082,591		3.750			05/01/26		5,080,049
	UPC Financing Partnership (BB-/B1) (1M LIBOR + 3.000%)
	4,300,000		3.084			01/31/29		4,284,778
	Virgin Media Bristol LLC (BB-/Ba3)
	(1M LIBOR + 2.500%)
	4,858,080		2.584			01/31/28		4,823,491
	(1M LIBOR + 3.250%)
	3,950,000		3.334			01/31/29		3,948,894
	Ziggo Financing Partnership B.V. (B+/B1) (1M LIBOR + 2.500%)
	4,500,000		2.584			04/30/28		4,462,515
								56,263,027
Media – Non Cable(b) – 1.7%
	Entercom Media Corp. (BB-/Ba3) (1M LIBOR + 2.500%)
	2,505,377		2.585			11/18/24		2,466,243
	Getty Images, Inc. (B-/B2) (1M LIBOR + 4.500%)
	9,186,807		4.625			02/19/26		9,173,394
	Gray Television, Inc. (BB/Ba2) (1M LIBOR + 2.500%)
	4,650,000		2.586			01/02/26		4,631,400
	Hubbard Radio LLC (B/B2) (1M LIBOR + 4.250%)
	6,866,231		5.250			03/28/25		6,849,065
	Lions Gate Capital Holdings LLC (B+/Ba2) (1M LIBOR + 2.250%)
	6,806,570		2.334			03/24/25		6,744,902
	Meredith Corp. (BB-/Ba3)
	(1M LIBOR + 2.500%)
	1,893,413		2.584			01/31/25		1,888,547
	(3M LIBOR + 4.250%)
	4,073,438		5.250			01/31/25		4,154,906
	Metro-Goldwyn-Mayer, Inc. (BB-/Ba3) (1M LIBOR + 2.500%)
	2,193,467		2.590			07/03/25		2,178,398
	Metro-Goldwyn-Mayer, Inc. (CCC+/B3) (1M LIBOR + 4.500%)
	1,050,000		5.500			07/03/26		1,048,688
	NEP/NCP Holdco, Inc. (B/Caa1) (1M LIBOR + 3.250%)
	2,798,022		3.337			10/20/25		2,688,424
	NEP/NCP Holdco, Inc. (CCC/Caa3) (1M LIBOR + 7.000%)
	3,200,000		7.084			10/19/26		3,056,000
	Prometric Holdings, Inc. (B-/B2) (1M LIBOR + 3.000%)
	4,768,440		4.000			01/29/25		4,732,677
								49,612,644
Metals & Mining – 0.8%
	AMG Advanced Metallurgical Group NV (BB-/B1)(b) (1M LIBOR + 3.000%)
	1,637,242		3.084			02/01/25		1,618,135
	Anvil International LLC (B-/B3)(b) (1M LIBOR + 5.000%)
	6,009,340		5.087			05/28/26		5,964,270
	Atkore International, Inc. (BB+/Ba1)(b) (3M LIBOR + 2.000%)
	3,869,875		2.500			05/26/28		3,854,163
	Crosby US Acquisition Corp. (B-/B2)(b) (1M LIBOR + 4.750%)
	3,310,171		4.834			06/26/26		3,307,060
	Grinding Media Inc. (NR/NR)(c)
	5,775,000		4.750			09/22/28		5,782,219
	U.S. Silica Co. (B-/B3)(b) (1M LIBOR + 4.000%)
	1,526,517		5.000			05/01/25		1,493,132
								22,018,979

52 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)
Miscellaneous Manufacturing(b) – 0.3%
	Momentive Performance Materials, Inc. (B+/B1) (1M LIBOR + 3.250%)
$	9,336,146		3.340	%		05/15/24	$	9,315,700
Oil Field Services(b) – 0.4%
	Apergy Corp. (BBB-/Ba2)
	(1M LIBOR + 2.500%)
	423,082		2.586			05/09/25		419,558
	(3M LIBOR + 5.000%)
	2,697,142		6.000			06/03/27		2,737,599
	Delek US Holdings, Inc. (BB/B1) (1M LIBOR + 2.250%)
	5,473,346		2.334			03/31/25		5,303,673
	Waterbridge Midstream Operating LLC (CCC+/B3)(6M LIBOR + 5.750%)
	4,109,598		6.750			06/22/26		3,999,502
								12,460,332
Packaging – 3.0%
	Altium Packaging LLC (B+/B2)(b) (1M LIBOR + 2.750%)
	9,659,418		2.834			02/03/28		9,597,308
	Berlin Packaging LLC (B-/B3)(c)
	9,002,438		3.750			03/05/28		8,921,416
	BWAY Holding Co. (B-/B3)(b) (1M LIBOR + 3.250%)
	5,467,516		3.334			04/03/24		5,350,456
	Canister International Group, Inc. (B/B2)(b) (1M LIBOR + 4.750%)
	3,361,888		4.834			12/21/26		3,359,098
	Charter NEX US, Inc. (B/B2)(b) (1M LIBOR + 3.750%)
	10,314,524		4.500			12/01/27		10,332,265
	Flex Acquisition Co., Inc. (B/B2)(b)
	(3M LIBOR + 3.000%)
	3,208,111		3.145			06/29/25		3,187,707
	(3M LIBOR + 3.500%)
	4,502,958		4.000			02/23/28		4,492,331
	LABL, Inc. (B/B2)(b)
	(1M EURIBOR + 4.250%)
EUR	3,050,000		4.250			07/01/26		3,537,383
	(1M LIBOR + 4.000%)
$	1,096,657		4.084			07/01/26		1,095,286
	Plaze, Inc. (B/B3)(b) (1M LIBOR + 3.750%)
	1,610,393		4.500			08/03/26		1,607,044
	Pretium PKG Holdings, Inc. (NR/NR)(c)
	2,575,000		4.500			10/02/28		2,576,622
	Pro Mach Group, Inc. (B-/B2)(c)
	4,108,101		5.000			08/31/28		4,125,724
	666,899		5.000			08/31/28		669,760
	Reynolds Group Holdings, Inc. (B+/B1)(b)
	(1M LIBOR + 3.250%)
	5,150,895		3.334			02/05/26		5,112,263
	(3M LIBOR + 3.500%)
	2,375,000		4.000			09/20/28		2,371,437
	Tosca Services LLC (B/B2)(b) (1M LIBOR + 3.500%)
	5,120,976		4.250			08/18/27		5,108,173
	TricorBraun Holdings, Inc. (NR/NR)(c)
	(1M LIBOR + 3.250%)
	5,802,119		3.750			03/03/28		5,766,610
	(3M LIBOR + 3.250%)
	445,899		3.421			03/03/28		442,508
Bank Loans(a) – (continued)
Packaging – (continued)
	Trident TPI Holdings, Inc. (B-/B2)(b)
	(3M LIBOR + 3.000%)
	4,683,850		4.000			10/17/24		4,676,684
	(3M LIBOR + 4.000%)
	3,240,373		4.500			09/15/28		3,243,743
								85,573,818
Paper(b) – 0.5%
	Clearwater Paper Corp. (BB+/Ba1) (1M LIBOR + 3.000%)
	3,891,925		3.125			07/26/26		3,882,195
	Pregis TopCo Corp. (B-/B2) (1M LIBOR + 4.000%)
	3,900,000		4.500			07/31/26		3,900,000
	Pregis TopCo Corp. (B-/B2) (1M LIBOR + 4.000%)
	6,245,731		4.084			07/31/26		6,250,915
								14,033,110
Pharmaceuticals(b) – 0.6%
	Gainwell Acquisition Corp. (B+/B2) (3M LIBOR + 4.000%)
	8,926,266		4.750			10/01/27		8,939,298
	Horizon Therapeutics USA, Inc. (BB+/Ba1) (1M LIBOR + 2.000%)
	3,333,250		2.500			03/15/28		3,325,517
	ICON Luxembourg S.a.r.l. (BB+/Ba1) (3M LIBOR + 2.500%)
	2,148,740		3.000			07/03/28		2,155,594
	Sunshine Luxembourg VII S.a.r.l. (B-/B2) (3M LIBOR + 3.750%)
	3,691,492		4.500			10/01/26		3,700,721
								18,121,130
Pipelines(b) – 1.7%
	AL NGPL Holdings LLC (B+/Ba3) (3M LIBOR + 3.750%)
	3,950,000		4.750			04/14/28		3,959,875
	BCP Raptor LLC (B/B2) (1M LIBOR + 4.250%)
	1,515,135		5.250			06/24/24		1,509,180
	BCP Raptor LLC (B-/B2) (1M LIBOR + 4.750%)
	2,162,681		4.834			11/03/25		2,137,270
	Buckeye Partners LP (BBB-/Ba1) (1M LIBOR + 2.250%)
	5,392,097		2.334			11/01/26		5,363,196
	Centurion Pipeline Co. LLC (BB/B1)
	(1M LIBOR + 3.250%)
	1,237,667		3.334			09/29/25		1,211,367
	(1M LIBOR + 4.000%)
	1,548,300		4.084			09/28/25		1,519,269
	ITT Holdings LLC (BB/Ba2) (1M LIBOR + 2.750%)
	6,350,000		3.250			07/10/28		6,336,792
	Navitas Midstream Midland Basin LLC (B/B3) (3M LIBOR + 4.000%)
	3,923,058		4.750			12/13/24		3,914,466
	NorthRiver Midstream Finance LP (BB/Ba3) (3M LIBOR + 3.250%)
	4,529,478		3.395			10/01/25		4,517,521
	Oryx Midstream Holdings LLC (B-/B2) (1M LIBOR + 4.000%)
	6,202,312		4.084			05/22/26		6,194,559
	Prairie ECI Acquiror LP (B/B3) (1M LIBOR + 4.750%)
	3,079,942		4.834			03/11/26		2,973,869
	Traverse Midstream Partners LLC (B/B3) (1M LIBOR + 5.500%)
	2,645,386		6.500			09/27/24		2,645,386

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Bank Loans(a) – (continued)
Pipelines(c) – (continued)
	Oryx Midstream Services Permian Basin LLC (NR/NR)
$	7,000,000		3.750	%		10/05/28		$	7,008,750
									49,291,500
Real Estate Investment Trust – 0.6%
	Claros Mortgage Trust, Inc. (B+/Ba3)(c)
	2,792,875		6.000			08/09/26			2,799,857
	Forest City Enterprises LP (B+/B2)(b) (1M LIBOR + 3.500%)
	7,444,300		3.584			12/08/25			7,350,055
	Brookfield Property REIT, Inc. (BB+/B1)(b) (1M LIBOR + 2.500%)
	4,798,829		2.584			08/27/25			4,737,980
									14,887,892
Restaurants(b) – 0.3%
	1011778 B.C. Unlimited Liability Co. (BB+/Ba2) (1M LIBOR + 1.750%)
	9,488,760		1.837			11/19/26			9,366,165
Retailers – 1.9%
	BCPE Empire Holdings, Inc. (B-/B2)
	3,665,655		4.000	(c)		06/11/26			3,641,205
	(1M LIBOR + 4.000%)
	3,310,588		4.500	(b)		06/11/26			3,298,174
	Dealer Tire LLC (B-/B1)(b) (1M LIBOR + 4.250%)
	8,040,557		4.334			12/12/25			8,037,180
	EG America LLC (B-/B3)(b) (3M LIBOR + 4.000%)
	3,950,187		4.147			02/07/25			3,934,742
	EG Group Ltd. (B-/B3)(b)
	(3M LIBOR + 4.000%)
	2,633,534		4.132			02/07/25			2,623,237
	(3M LIBOR + 4.250%)
	4,767,086		4.750			03/31/26			4,762,318
	Great Outdoors Group LLC (BB-/B1)(b) (3M LIBOR + 4.250%)
	4,947,511		5.000			03/06/28			4,962,354
	OEConnection LLC (B-/B2)(b) (1M LIBOR + 4.000%)
	6,977,211		4.084			09/25/26			6,951,046
	Resideo Funding, Inc. (BBB-/Ba2)(b) (3M LIBOR + 2.250%)
	3,720,116		2.750			02/08/28			3,720,116
	Staples, Inc. (B/B2)(b) (3M LIBOR + 5.000%)
	8,883,439		5.126			04/16/26			8,455,435
	TruGreen LP (B/B1)(b) (1M LIBOR + 4.000%)
	2,878,250		4.750			11/02/27			2,877,041
	TruGreen LP (CCC+/Caa1)(b) (3M LIBOR + 8.500%)
	2,200,000		9.500			11/02/28			2,227,500
									55,490,348
Retailing(b) – 0.6%
	Beacon Roofing Supply, Inc. (NR/NR) (1M LIBOR + 2.250%)
	3,134,389		2.334			05/19/28			3,115,113
	Constellation Automotive Limited (NR/NR)
	(3M EURIBOR + 4.000%)
EUR	2,800,000		4.000			06/30/28			3,234,104
	(3M LIBOR + 7.500%)
GBP	700,000		7.550			06/30/29			957,922
	Harbor Freight Tools USA, Inc. (BB-/Ba3) (1M LIBOR + 2.750%)
	9,469,156		3.250			10/19/27			9,459,118
									16,766,257
Bank Loans(a) – (continued)
Semiconductors(b) – 0.0%
	Allegro Microsystems, Inc. (BB/B1) (3M LIBOR + 3.750%)
	150,000		4.250			09/30/27			149,625
Services Cyclical – Business Services(b) – 0.3%
	EVO Payments International LLC (B/B1) (1M LIBOR + 3.250%)
	5,427,984		3.340			12/22/23			5,415,554
	Travelport Finance (Luxembourg) S.a.r.l. (B-/B3)(-1X 3M LIBOR + 8.750%)
	3,134,055		3.500			02/28/25			3,248,229
									8,663,783
Software – 0.2%
	Poseidon Intermediate LLC (B/B2)(b) (1M LIBOR + 4.000%)
	3,615,823		4.084			08/18/25			3,614,304
	Press Ganey Holdings, Inc. (B/B2)(c)
	2,793,000		4.500			07/24/26			2,796,491
									6,410,795
Technology(b) – 0.3%
	Vision Solutions, Inc. (B-/B2) (3M LIBOR + 4.250%)
	7,500,000		5.000			04/24/28			7,480,050
Technology – Hardware – 0.5%
	CommScope, Inc. (B/Ba3)(b) (1M LIBOR + 3.250%)
	4,440,650		3.336			04/06/26			4,413,828
	ConnectWise, LLC (NR/NR)(c)
	4,300,000		4.000			09/29/28			4,289,250
	ON Semiconductor Corp. (BB+/Baa3)(b) (1M LIBOR + 2.000%)
	5,034,190		2.084			09/19/26			5,026,035
									13,729,113
Technology – Software – 4.8%
	Ahead Data Blue LLC (NR/B1)(b) (3M LIBOR + 3.750%)
	3,509,132		4.500			10/18/27			3,520,817
	Apttus Corporation (B-/B3)(b) (3M LIBOR + 4.250%)
	3,300,000		5.000			05/08/28			3,312,375
	Aspect Software, Inc. (B-/B2)(b) (3M LIBOR + 5.250%)
	4,563,563		6.000			05/08/28			4,477,996
	Aspect Software, Inc. (CCC+/Caa2)(b) (3M LIBOR + 9.000%)
	1,225,000		9.750			05/07/29			1,215,813
	Banff Merger Sub, Inc. (B-/B2)(b) (3M LIBOR + 3.750%)
	5,515,714		3.882			10/02/25			5,482,399
	Castle US Holding Corp. (B-/B3)(b) (3M LIBOR + 3.750%)
	10,159,272		3.882			01/29/27			10,068,956
	Cloudera, Inc. (NR/NR)(c)
	8,000,000		4.250			08/10/28			7,985,040
	Cloudera, Inc. (B-/Ba3)(b) (1M LIBOR + 2.500%)
	2,621,399		3.250			12/22/27			2,618,122
	Cornerstone OnDemand, Inc. (B-/Ba3)(b) (1M LIBOR + 3.250%)
	3,582,406		3.334			04/22/27			3,576,603
	Flexera Software LLC (B-/B1)(b) (3M LIBOR + 3.750%)
	4,250,400		4.500			03/03/28			4,251,718
	Go Daddy Operating Co. LLC (BB/Ba1)
	2,000,000		1.750			02/15/24	(c)		1,987,260
	(1M LIBOR + 2.000%)
	1,256,340		2.084			08/10/27	(b)		1,248,488

54 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 – (continued)
	Idera, Inc. (NR/B2)(b) (1M LIBOR + 3.750%)
$	6,896,859		4.500	%		03/02/28	$	6,892,583
	Idera, Inc. (CCC/Caa2)(b) (1M LIBOR + 6.750%)
	415,000		7.500			03/02/29		415,000
	Informatica LLC (B-/B1)(b) (1M LIBOR + 3.250%)
	5,810,931		3.334			02/25/27		5,789,140
	ION Trading Finance Limited (B/B3)(b) (3M LIBOR + 4.750%)
	5,710,688		4.917			04/01/28		5,717,141
	ION Trading Technologies S.a.r.l. (B/B3)(b) (3M EURIBOR + 4.250%)
EUR	997,500		4.250			03/26/28		1,156,355
	Ivanti Software, Inc. (B-/B2)(b) (3M LIBOR + 4.750%)
$	1,915,375		5.750			12/01/27		1,918,669
	Magenta Buyer LLC (B/B2)(b) (3M LIBOR + 5.000%)
	8,900,000		5.750			07/27/28		8,897,241
	Peraton Corp. (NR/NR)(b) (1M LIBOR + 7.750%)
	3,450,000		8.500			02/01/29		3,514,688
	Peraton Corp. (B+/B1)(b) (1M LIBOR + 3.750%)
	13,060,684		4.500			02/01/28		13,062,774
	Redstone Buyer LLC (B/B1)(b) (3M LIBOR + 4.750%)
	4,125,000		5.500			04/27/28		4,052,812
	Redstone Buyer LLC (B-/Caa1)(c)
	2,150,000		8.500			04/27/29		2,090,875
	Tibco Software, Inc. (B/B2)(b) (1M LIBOR + 3.750%)
	6,184,471		3.840			06/30/26		6,134,253
	Uber Technologies, Inc. (B+/B1)(b)
	(1M LIBOR + 3.500%)
	6,117,577		3.584			04/04/25		6,115,864
	(1M LIBOR + 3.500%)
	2,792,651		3.584			02/25/27		2,790,333
	VS Buyer LLC (B/B1)(b) (1M LIBOR + 3.000%)
	6,895,074		3.084			02/28/27		6,886,455
	Zelis Healthcare Corp. (B/B2)(b) (1M LIBOR + 3.500%)
	8,609,600		3.586			09/30/26		8,570,427
	ZoomInfo LLC (BB/Ba2)(b) (1M LIBOR + 3.000%)
	4,716,243		3.084			02/02/26		4,716,243
								138,466,440
Technology – Software/Services(b) – 8.7%
	AppLovin Corp. (B+/B1) (1M LIBOR + 3.250%)
	7,551,858		3.334			08/15/25		7,538,869
	Aston Finance Co. S.a.r.l. (B-/B2) (1M LIBOR + 4.250%)
	615,502		4.332			10/09/26		610,885
	Athenahealth, Inc. (B/B2) (3M LIBOR + 4.250%)
	11,579,206		4.377			02/11/26		11,602,365
	Bracket Intermediate Holding Corp. (B-/B2) (3M LIBOR + 4.250%)
	3,890,788		4.395			09/05/25		3,874,563
	Camelot U.S. Acquisition 1 Co. (B/B1)
	(1M LIBOR + 3.000%)
	6,869,505		3.084			10/30/26		6,849,446
	(1M LIBOR + 3.000%)
	5,696,526		4.000			10/30/26		5,709,001
	CentralSquare Technologies LLC (B-/Caa1) (3M LIBOR + 3.750%)
	10,806,491		3.882			08/29/25		10,002,812
Bank Loans(a) – (continued)
Technology – Software/Services(b) – (continued)
	Ceridian HCM Holding, Inc. (B+/B1) (1 Week LIBOR + 2.500%)
	5,762,878		2.572	%		04/30/25		5,679,316
	ConvergeOne Holdings, Inc. (B-/B2) (1M LIBOR + 5.000%)
	2,361,504		5.084			01/04/26		2,347,075
	DCert Buyer, Inc. (NR/NR) (1M LIBOR + 7.000%)
	1,700,000		7.084			02/16/29		1,712,393
	DCert Buyer, Inc. (B-/B2) (1M LIBOR + 4.000%)
	9,250,253		4.084			10/16/26		9,247,662
	Dynatrace LLC (BB+/Ba3) (1M LIBOR + 2.250%)
	2,471,550		2.334			08/22/25		2,459,711
	Electronics for Imaging, Inc. (CCC+/B3) (1M LIBOR + 5.000%)
	1,842,188		5.084			07/23/26		1,735,691
	Emerald TopCo, Inc. (B/B2) (3M LIBOR + 3.500%)
	3,449,945		3.629			07/24/26		3,426,244
	Endure Digital, Inc. (NR/NR)(6M LIBOR + 3.500%)
	12,842,813		4.250			02/10/28		12,762,545
	Epicor Software Corp. (B-/B2) (1M LIBOR + 3.250%)
	6,828,264		4.000			07/30/27		6,825,191
	Epicor Software Corp. (CCC/Caa2) (1M LIBOR + 7.750%)
	200,000		8.750			07/31/28		205,250
	Eta Australia Holdings III Pty Ltd. (B-/B3) (1M LIBOR + 4.000%)
	8,026,472		4.084			05/06/26		8,011,462
	Finastra USA, Inc. (CCC+/B2)(6M LIBOR + 3.500%)
	2,354,402		4.500			06/13/24		2,334,036
	Finastra USA, Inc. (CCC-/Caa2)(6M LIBOR + 7.250%)
	1,625,000		8.250			06/13/25		1,632,573
	First Advantage Holdings LLC (BB-/B1) (1M LIBOR + 2.750%)
	3,179,124		2.834			01/31/27		3,175,150
	Genuine Financial Holdings LLC (B-/B2) (1M LIBOR + 3.750%)
	4,085,375		3.834			07/11/25		4,042,601
	Genuine Financial Holdings LLC (CCC/Caa2) (1M LIBOR + 7.250%)
	4,300,000		7.334			07/10/26		4,199,681
	Grab Holdings, Inc. (B-/B3)(6M LIBOR + 4.500%)
	8,043,228		5.500			01/29/26		8,110,229
	Greeneden U.S. Holdings II LLC (B-/B3) (1M LIBOR + 4.000%)
	1,990,000		4.750			12/01/27		1,996,050
	Huskies Parent, Inc. (B-/B2) (1M LIBOR + 4.000%)
	5,118,624		4.084			07/31/26		5,109,666
	Hyland Software, Inc. (B-/B1) (1M LIBOR + 3.500%)
	3,233,271		4.250			07/01/24		3,234,952
	Hyland Software, Inc. (CCC/Caa1) (1M LIBOR + 6.250%)
	2,016,000		7.000			07/07/25		2,033,640
	MA Finance Co. LLC (BB-/B1) (1M LIBOR + 2.750%)
	401,432		2.837			06/21/24		396,916
	Marcel LUX IV S.a.r.l. (BB-/B1) (1M LIBOR + 3.250%)
	6,399,258		3.334			03/15/26		6,361,950
	McAfee LLC (BB/B1) (1M LIBOR + 3.750%)
	3,425,135		3.837			09/30/24		3,425,581
	MedAssets Software Intermediate Holdings, Inc. (B-/B2) (3M LIBOR + 3.750%)
	3,391,500		4.500			01/28/28		3,390,449
	Mitchell International, Inc. (NR/NR) (1M LIBOR + 7.250%)
	1,615,092		7.334			12/01/25		1,611,345

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Bank Loans(a) – (continued)
Technology – Software/Services(b) – (continued)
	Mitchell International, Inc. (B-/WR)
	(1M LIBOR + 3.250%)
$	4,067,476		3.334	%		11/29/24	$	4,059,870
	(1M LIBOR + 4.250%)
	2,749,793		4.750			11/29/24		2,748,638
	Panther Commercial Holdings LP (B-/B3) (3M LIBOR + 4.250%)
	4,738,125		4.750			01/07/28		4,749,970
	Park Place Technologies LLC (B-/B2) (1M LIBOR + 5.000%)
	1,592,000		6.000			11/10/27		1,587,686
	Presidio, Inc. (B/B1) (3M LIBOR + 3.500%)
	3,940,050		3.630			01/22/27		3,931,422
	Project Boost Purchaser LLC (B-/B2) (1M LIBOR + 3.500%)
	8,709,508		3.584			06/01/26		8,661,867
	QBS Parent, Inc. (B/B2) (3M LIBOR + 4.250%)
	4,171,357		4.382			09/22/25		4,075,416
	Quest Software US Holdings, Inc. (B/B2) (3M LIBOR + 4.250%)
	2,957,020		4.379			05/16/25		2,949,627
	Rocket Software, Inc. (B-/B2) (1M LIBOR + 4.250%)
	1,932,447		4.334			11/28/25		1,913,857
	Seattle SpinCo, Inc. (BB-/B1) (1M LIBOR + 2.750%)
	2,710,967		2.834			06/21/24		2,680,468
	Severin Acquisition LLC (B-/B2) (1M LIBOR + 3.250%)
	6,782,198		3.337			08/01/25		6,742,657
	Sirius Computer Solutions, Inc. (B/Ba3) (1M LIBOR + 3.500%)
	5,154,144		3.584			07/01/26		5,143,424
	SS&C Holdings Europe S.a.r.l. (BB+/Ba2) (1M LIBOR + 1.750%)
	1,245,203		1.834			04/16/25		1,231,668
	SS&C Technologies, Inc. (BB+/Ba2) (1M LIBOR + 1.750%)
	1,644,392		1.834			04/16/25		1,626,518
	Taboola.com Ltd (NR/NR) (3M LIBOR + 4.000%)
	8,100,000		4.500			08/17/28		8,039,250
	team.blue Finco SARL (NR/NR)
	(1M LIBOR + 3.750%)
	EUR   1,915,541		3.750			03/27/28		2,213,718
	(3M EURIBOR + 3.750%)
	109,459		3.750			03/27/28		126,498
	The Dun & Bradstreet Corp. (B+/B1) (1M LIBOR + 3.250%)
$	8,883,697		3.336			02/06/26		8,872,592
	The Ultimate Software Group, Inc. (B-/B1)
	(1M LIBOR + 3.750%)
	4,851,000		3.834			05/04/26		4,857,888
	(3M LIBOR + 3.250%)
	7,944,673		4.000			05/04/26		7,955,240
	The Ultimate Software Group, Inc. (CCC/Caa1) (3M LIBOR + 6.750%)
	50,000		7.500			05/03/27		50,792
	Ultra Clean Holdings, Inc. (B+/B1) (1M LIBOR + 3.750%)
	4,765,908		3.834			08/27/25		4,769,863
	Upland Software, Inc. (B/B2) (1M LIBOR + 3.750%)
	4,336,500		3.834			08/06/26		4,332,164
	Virtusa Corp. (B+/B2) (1M LIBOR + 3.750%)
	5,751,100		4.500			02/11/28		5,756,851
								250,733,244
Telecommunication Services – 4.8%
	Altice France SA (B/B2)(b) (3M LIBOR + 3.688%)
	4,401,041		3.814			01/31/26		4,360,331
	Buzz Merger Sub Ltd. (B/B1)(b)
	(1M LIBOR + 2.750%)
	3,826,179		2.834			01/29/27		3,816,614
	(1M LIBOR + 3.250%)
	267,727		3.750			01/29/27		267,727
	CCI Buyer, Inc. (B-/B1)(b) (3M LIBOR + 4.000%)
	7,097,480		4.750			12/17/27		7,116,714
	CenturyLink, Inc. (BBB-/Ba3)(b) (1M LIBOR + 2.250%)
	5,074,350		2.337			03/15/27		5,014,422
	CNT Holdings I Corp (NR/Caa2)(b) (3M LIBOR + 6.750%)
	525,000		7.500			11/06/28		532,875
	CNT Holdings I Corp. (B/B2)(b) (3M LIBOR + 3.750%)
	8,457,500		4.500			11/08/27		8,462,828
	Connect Finco S.a.r.l. (B+/B1)(b) (1M LIBOR + 3.500%)
	5,349,742		4.500			12/11/26		5,351,668
	Delta TopCo, Inc. (B-/B2)(b) (3M LIBOR + 3.750%)
	1,471,313		4.500			12/01/27		1,472,357
	Delta TopCo, Inc. (CCC/Caa2)(b) (3M LIBOR + 7.250%)
	575,000		8.000			12/01/28		579,071
	Digicel International Finance Ltd. (NR/Caa1)(b)(6M LIBOR + 3.250%)
	3,692,722		3.430			05/28/24		3,561,187
	Frontier Communications Corp. (B+/B3)(b) (3M LIBOR + 3.750%)
	1,995,000		4.500			05/01/28		1,990,631
	GTT Communications, Inc. (CCC-/WR)(b) (3M LIBOR + 2.750%)
	1,465,432		2.882			05/31/25		1,236,766
	Hoya Midco LLC (B-/B3)(b) (1M LIBOR + 3.500%)
	6,657,423		4.500			06/30/24		6,617,878
	Imperva, Inc. (B-/B2)(b) (3M LIBOR + 4.000%)
	9,773,115		5.000			01/12/26		9,780,738
	Intelsat Jackson Holdings SA (NR/WR)(b)
	(1M LIBOR + 8.625%)
	3,375,000		8.625			01/02/24		3,422,824
	(3M LIBOR + 4.750%)
	3,844,000		8.000			11/27/23		3,886,553
	Level 3 Financing, Inc. (BBB-/Ba1)(b) (1M LIBOR + 1.750%)
	3,823,623		1.834			03/01/27		3,775,139
	LogMeIn, Inc. (B-/B2)(b) (1M LIBOR + 4.750%)
	4,813,625		4.833			08/31/27		4,809,870
	MH Sub I LLC (B/B2)(b)
	(1M LIBOR + 3.500%)
	5,547,853		3.584			09/13/24		5,528,935
	(1M LIBOR + 3.750%)
	2,252,015		4.750			09/13/24		2,256,947
	MH Sub I LLC (B/Caa2)(b) (1M LIBOR + 6.250%)
	600,000		6.336			02/12/29		608,436
	MLN US Holding Co. LLC (CCC+/B3)(b) (1M LIBOR + 4.500%)
	3,297,093		4.583			11/30/25		2,988,287
	Nielsen Consumer, Inc. (B/NR)(b) (3M EURIBOR + 4.000%)
EUR	1,343,250		4.000			03/06/28		1,559,843
	Nielsen Consumer, Inc. (B/B1)(b) (1M LIBOR + 4.000%)
$	1,069,625		4.084			03/06/28		1,071,540
	Numericable Group SA (B/B2)(b) (3M LIBOR + 2.750%)
	4,664,447		2.879			07/31/25		4,584,779

56 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)
Telecommunication Services – (continued)
	Project Alpha Intermediate Holding, Inc. (B/B3)(b) (1M LIBOR + 4.000%)
$	6,870,598		4.090	%		04/26/24	$	6,864,483
	PUG LLC (B-/B3)(b) (1M LIBOR + 3.500%)
	9,146,322		3.584			02/12/27		8,936,689
	SBA Senior Finance II LLC (BB+/Ba3)(b) (1M LIBOR + 1.750%)
	1,612,500		1.840			04/11/25		1,596,375
	Shutterfly, Inc. (NR/B2)(c)
	6,975,000		5.750			09/25/26		6,976,744
	Sorenson Communications LLC (B+/B2)(b) (3M LIBOR + 5.500%)
	3,467,500		6.250			03/12/26		3,485,913
	Syncsort Inc. (CCC/Caa2)(b) (3M LIBOR + 7.250%)
	950,000		8.000			04/23/29		949,601
	Telesat Canada (BB-/B1)(b)(2M LIBOR + 2.750%)
	3,229,677		2.840			12/07/26		2,907,291
	Zacapa LLC (B-/B2)(b) (3M LIBOR + 4.500%)
	8,415,355		4.632			07/02/25		8,450,447
	Zayo Group Holdings, Inc. (B/B1)(b) (1M LIBOR + 3.000%)
	3,440,382		3.084			03/09/27		3,408,283
								138,230,786
Telecommunications(c) – 0.0%
	Magenta Buyer LLC (CCC+/Caa2)
	1,300,000		9.000			07/27/29		1,298,375
Textiles(b) – 0.2%
	CBI Buyer, Inc. (B/B1) (3M LIBOR + 3.250%)
	3,615,938		3.750			01/06/28		3,605,379
	CBI Buyer, Inc. (CCC+/Caa1) (3M LIBOR + 7.250%)
	1,100,000		7.750			01/06/29		1,091,750
	Kontoor Brands, Inc. (BB-/Ba2) (1M LIBOR + 4.250%)
	1,019,667		4.333			05/15/26		1,014,568
								5,711,697
Transportation(b) – 0.6%
	Genesee & Wyoming, Inc. (BB+/Ba2) (3M LIBOR + 2.000%)
	2,549,121		2.132			12/30/26		2,532,322
	Kenan Advantage Group, Inc. (B-/B2) (1M LIBOR + 3.750%)
	6,962,923		4.500			03/24/26		6,946,491
	LaserShip, Inc. (B-/B2) (3M LIBOR + 4.500%)
	4,393,000		5.250			05/07/28		4,396,646
	XPO Logistics, Inc. (BB+/Baa3) (1M LIBOR + 1.750%)
	4,550,000		1.833			02/24/25		4,524,429
								18,399,888
Transportation(b) – 0.1%
	Kenan Advantage Group, Inc. (CCC/Caa2) (3M LIBOR + 7.250%)
	2,050,000		8.000			09/01/27		2,029,500
	TOTAL BANK LOANS
	(Cost $2,540,121,242)						$	2,534,751,608
Corporate Obligations – 5.8%
Aerospace & Defense(e) – 0.1%
	Spirit AeroSystems, Inc. (CCC+/Caa1)
$	1,125,000		4.600	%		06/15/28	$	1,116,562
	TransDigm, Inc. (NR/B3)
	1,405,000		4.625			01/15/29		1,397,975
	Triumph Group, Inc. (B/B1)(f)
	457,000		8.875			06/01/24		501,558
								3,016,095
Airlines(f) – 0.2%
	American Airlines, Inc./AAdvantage Loyalty IP Ltd. (NR/Ba2)
	1,225,000		5.500			04/20/26		1,287,781
	United Airlines, Inc. (BB-/Ba1)(e)
	2,830,000		4.625			04/15/29		2,921,975
								4,209,756
Automotive – 0.5%
	Dornoch Debt Merger Sub, Inc. (CCC/Caa1)(e)(f)
	4,190,000		6.625			10/15/29		4,195,237
	Ford Motor Co. (BB+/Ba2)
	2,019,000		9.000	(e)		04/22/25		2,427,955
	1,331,000		0.000	(f)(g)		03/15/26		1,434,984
	Ford Motor Credit Co. LLC (BB+/Ba2)(e)
	2,650,000		4.140			02/15/23		2,716,319
	650,000		4.687			06/09/25		698,075
	Tenneco, Inc. (B+/Ba3)(e)(f)
	3,510,000		5.125			04/15/29		3,571,425
								15,043,995
Banks(e)(f) – 0.1%
	Freedom Mortgage Corp. (B/B2)
	3,120,000		6.625			01/15/27		3,038,100
Biotechnology(e)(f) – 0.1%
	Grifols Escrow Issuer SA (B/B3)
	1,665,000		4.750			10/15/28		1,698,300
	HCRX Investments Holdco LP (NR/B2)
	1,570,000		4.500			08/01/29		1,581,775
								3,280,075
Chemicals(e)(f) – 0.4%
	Diamond BC BV (B/Caa1)
	1,055,000		4.625			10/01/29		1,066,869
	Illuminate Buyer LLC/Illuminate Holdings IV, Inc. (B-/Caa1)
	553,000		9.000			07/01/28		609,683
	Polar US Borrower LLC/Schenectady International Group, Inc. (CCC+/Caa2)
	4,260,000		6.750			05/15/26		4,265,325
	Rayonier AM Products, Inc. (B-/B1)
	253,000		7.625			01/15/26		266,599
	The Chemours Co. (BB-/B1)
	1,445,000		5.750			11/15/28		1,510,025
	Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. (B/B2)
	2,795,000		5.125			04/01/29		2,815,962
	Unifrax Escrow Issuer Corp. (B-/B2)
	865,000		5.250			09/30/28		875,812
								11,410,275
Commercial Services(e)(f) – 0.4%
	APX Group, Inc. (CCC/Caa1)
	4,060,000		5.750			07/15/29		3,988,950

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Commercial Services(e)(f) – (continued)
	HealthEquity, Inc. (B/B3)
$	619,000		4.500	%		10/01/29	$	629,059
	MPH Acquisition Holdings LLC (NR/NR)
	1,425,000		5.500			09/01/28		1,435,687
	NESCO Holdings II, Inc. (B/B3)
	669,000		5.500			04/15/29		694,088
	Sabre GLBL, Inc. (B/Ba3)
	416,000		9.250			04/15/25		478,920
	The ADT Security Corp. (BB-/Ba3)
	3,802,000		4.125			08/01/29		3,768,732
	Verisure Midholding AB (CCC+/Caa1)
	EUR   1,075,000		5.250			02/15/29		1,277,789
								12,273,225
	Distribution & Wholesale(e)(f) – 0.2%
	American Builders & Contractors Supply Co, Inc. (B+/B1)
$	1,450,000		3.875			11/15/29		1,439,125
	BCPE Empire Holdings, Inc. (CCC/Caa2)
	1,446,000		7.625			05/01/27		1,438,770
	Wolverine Escrow LLC (CCC+/Caa3)
	2,639,000		8.500	(h)		11/15/24		2,447,672
	215,000		9.000			11/15/26		197,263
								5,522,830
	Diversified Financial Services(e)(f) – 0.8%
	Jefferies Finance LLC/JFIN Co-Issuer Corp. (BB-/B1)
	1,780,000		5.000			08/15/28		1,804,787
	LD Holdings Group LLC (B+/B2)
	3,205,000		6.125			04/01/28		3,020,712
	LPL Holdings, Inc. (BB/Ba2)
	2,489,000		4.000			03/15/29		2,557,447
	Mozart Debt Merger Sub, Inc. (B+/B1)
	10,100,000		3.875			04/01/29		10,100,000
	PennyMac Financial Services, Inc. (BB-/B1)
	2,330,000		4.250			02/15/29		2,207,675
	United Wholesale Mortgage LLC (NR/Ba3)
	3,330,000		5.500			04/15/29		3,238,425
								22,929,046
	Electronics(e)(f) – 0.1%
	Imola Merger Corp. (BB-/B1)
	1,805,000		4.750			05/15/29		1,865,919
Engineering & Construction(e)(f) – 0.0%
	Brundage-Bone Concrete Pumping Holdings, Inc. (B/B3)
	343,000		6.000			02/01/26		356,720
	Great Lakes Dredge & Dock Corp. (B/B2)
	726,000		5.250			06/01/29		751,410
								1,108,130
	Entertainment(e)(f) – 0.2%
	Boyne USA, Inc. (B/B1)
	660,000		4.750			05/15/29		679,800
	Caesars Entertainment, Inc. (CCC+/Caa1)
	2,215,000		4.625			10/15/29		2,253,763
	Lions Gate Capital Holdings LLC (CCC+/B3)
	2,015,000		5.500			04/15/29		2,075,450
								5,009,013
	Food & Drug Retailing(e)(f) – 0.1%
	Performance Food Group, Inc. (B+/B2)
	1,675,000		4.250			08/01/29		1,679,188
Healthcare Providers & Services(e)(f) – 0.2%
	Catalent Pharma Solutions, Inc. (BB-/B1)
	785,000		3.125			02/15/29		770,281
	1,805,000		3.500			04/01/30		1,798,231
	CHS/Community Health Systems, Inc. (CCC/Caa2)
	1,125,000		6.125			04/01/30		1,091,250
	DaVita, Inc. (B+/Ba3)
	1,420,000		3.750			02/15/31		1,379,175
								5,038,937
Insurance(e)(f) – 0.1%
	Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (B/B2)
	2,500,000		4.250			10/15/27		2,534,375
Internet(e)(f) – 0.2%
	ANGI Group LLC (B+/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		2,419,620
	Go Daddy Operating Co. LLC/GD Finance Co., Inc. (BB-/Ba3)
	1,942,000		3.500			03/01/29		1,925,007
	Match Group Holdings II LLC (NR/Ba3)
	665,000		3.625			10/01/31		658,350
								6,047,427
	Investment Companies(e)(f) – 0.0%
	Compass Group Diversified Holdings LLC
	873,000		5.250			04/15/29		913,376
Leisure Time(e)(f) – 0.2%
	Carnival Corp. (B/B2)
	960,000		5.750			03/01/27		992,400
	MajorDrive Holdings IV LLC (CCC+/Caa2)
	2,543,000		6.375			06/01/29		2,473,067
	Royal Caribbean Cruises Ltd. (B/B2)
	1,860,000		5.500			04/01/28		1,911,150
								5,376,617
	Lodging(e) – 0.2%
	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc (B-/B2)(f)
	3,530,000		5.000			06/01/29		3,596,187
	Marriott Ownership Resorts, Inc. (B-/B1)(f)
	560,000		4.500			06/15/29		568,400
	MGM Resorts International (B+/Ba3)
	2,281,000		4.750			10/15/28		2,403,604
								6,568,191
	Machinery-Diversified(e)(f) – 0.0%
	GrafTech Finance, Inc. (BB/Ba3)
	1,040,000		4.625			12/15/28		1,067,300

58 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) – 0.3%
	Diamond Sports Group LLC/Diamond Sports Finance Co. (CC/Ca)(f)(h)
$	3,225,000		6.625	%		08/15/27	$	1,427,062
	Diamond Sports Group LLC/Diamond Sports Finance Co. (CCC/Caa1)(f)
	2,350,000		5.375			08/15/26		1,551,000
	iHeartCommunications, Inc. (CCC+/Caa1)
	1		8.375			05/01/27		1
	Nexstar Media, Inc. (B+/B2)(f)
	879,000		4.750			11/01/28		908,666
	Scripps Escrow II, Inc. (BB-/Ba3)(f)
	2,765,000		3.875			01/15/29		2,775,369
	Scripps Escrow II, Inc. (CCC+/Caa1)(f)
	450,000		5.375			01/15/31		442,125
	Townsquare Media, Inc. (B/B2)(f)
	957,000		6.875			02/01/26		1,008,439
	Univision Communications, Inc. (B/B2)(f)
	1,500,000		6.625			06/01/27		1,623,750
								9,736,412
Miscellaneous Manufacturing(e) – 0.0%
	Hillenbrand, Inc. (BB+/Ba1)
	922,000		3.750			03/01/31		915,085
Oil Field Services(e) – 0.2%
	CNX Resources Corp. (BB-/B1)(f)
	525,000		6.000			01/15/29		553,875
	Exterran Energy Solutions LP/EES Finance Corp. (B/B3)
	1,280,000		8.125			05/01/25		1,203,200
	Noble Finance Co. (NR/NR)(i)
	(PIK 15.000%, Cash 11.000%)
	76,081		11.000	(f)		02/15/28		83,879
	(PIK 15.000%, Cash 11.000%)
	36,307		11.000			02/15/28		40,029
	Transocean, Inc. (CCC+/Ca)(f)
	3,175,000		7.500			01/15/26		2,571,750
	Transocean, Inc. (CCC+/Caa3)(f)
	2,145,000		11.500			01/30/27		2,209,350
								6,662,083
Packaging(e)(f) – 0.2%
	Kleopatra Finco S.a.r.l. (B/B2)
EUR	1,075,000		4.250			03/01/26		1,219,002
	Pactiv Evergreen Group Issuer LLC/Pactiv Evergreen Group Issuer, Inc. (B+/B1)
$	2,940,000		4.375			10/15/28		2,954,700
								4,173,702
Pharmaceuticals(e)(f) – 0.1%
	HLF Financing S.a.r.l. LLC/Herbalife International, Inc. (BB-/B1)
	2,229,000		4.875			06/01/29		2,223,428
Pipelines(e)(f) – 0.1%
	ITT Holdings LLC (B/B2)
	1,105,000		6.500			08/01/29		1,110,525
	NGL Energy Operating LLC/NGL Energy Finance Corp. (BB-/B1)
	1,840,000		7.500			02/01/26		1,869,900
								2,980,425
Real Estate Investment Trust(e) – 0.0%
	SBA Communications Corp. (BB-/B1)(f)
	605,000		3.125			02/01/29		582,313
	Service Properties Trust (BB/Ba1)
	455,000		7.500			09/15/25		510,707
								1,093,020
Retailing(e)(f) – 0.2%
	Carvana Co. (CCC+/Caa2)
	585,000		5.500			04/15/27		599,625
	GYP Holdings III Corp. (B/B2)
	790,000		4.625			05/01/29		796,202
	LCM Investments Holdings II LLC (BB-/B2)
	2,285,000		4.875			05/01/29		2,339,269
	Rite Aid Corp. (CCC/B3)
	1,350,000		8.000			11/15/26		1,363,500
	Specialty Building Products Holdings LLC/SBP Finance Corp. (B-/B2)
	855,000		6.375			09/30/26		897,750
								5,996,346
Software(e)(f) – 0.4%
	Playtika Holding Corp. (B/B2)
	2,317,000		4.250			03/15/29		2,325,689
	Rackspace Technology Global, Inc. (B+/B1)
	3,380,000		3.500			02/15/28		3,261,700
	ZoomInfo Technologies LLC/ZoomInfo Finance Corp. (B/B3)
	4,375,000		3.875			02/01/29		4,375,000
								9,962,389
Telecommunication Services(e)(f) – 0.2%
	Altice France SA (B/B2)
	2,936,000		5.500			10/15/29		2,899,300
	Level 3 Financing, Inc. (BB/Ba3)
	1,247,000		3.750			07/15/29		1,211,149
								4,110,449
	TOTAL CORPORATE OBLIGATIONS
	(Cost $164,800,274)						$	165,785,209
Asset-Backed Securities(b)(f) – 1.3%
Collateralized Loan Obligations – 1.3%
	Golub Capital Partners 48 LP Series 2020-48A, Class D (BBB-/NR) (3M USD LIBOR + 3.800%)
$	5,400,000		3.934	%		04/17/33	$	5,401,685
	ICG US CLO LLC Series 2015-2RA, Class C (NR/Baa3) (3M USD LIBOR + 3.500%)
	2,100,000		3.626			01/16/33		2,101,306
	MidOcean Credit CLO VI Series 2016-6A, Class D1R (BBB-/NR) (3M USD LIBOR + 3.520%)
	3,700,000		3.654			04/20/33		3,681,533
	Octagon Investment Partners XIV Ltd. Series 2012-1A, Class CRR (NR/Baa3) (3M USD LIBOR + 3.900%)
	2,600,000		4.026			07/15/29		2,600,200
	Race Point VIII CLO Ltd. Series 2013-8A, Class DR2 (BBB-/NR) (3M USD LIBOR + 3.500%)
	3,235,000		3.631			02/20/30		3,234,974

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(b)(f) – (continued)
Collateralized Loan Obligations – (continued)
	TCW CLO AMR Ltd. Series 2019-1A, Class DR (BBB-/NR) (3M USD LIBOR + 3.670%)
$	4,900,000		3.789	%		08/16/34	$	4,876,235
	THL Credit Wind River CLO Ltd. Series 2017-1A, Class DR (BBB-/NR) (3M USD LIBOR + 3.720%)
	4,000,000		3.854			04/18/36		4,001,996
	Tralee CLO V Ltd. Series 2018-5A, Class DR (NR/NR) (3M USD LIBOR + 3.810%)
	7,000,000		4.120			10/20/34		6,895,000
	Tralee CLO VII Ltd. Series 2021-7A, Class D (BBB-/NR) (3M USD LIBOR + 3.180%)
	3,550,000		3.418			04/25/34		3,478,752
	TOTAL ASSET-BACKED SECURITIES
	(Cost $36,154,372)						$	36,271,681

Shares		Description	Value
Common Stocks – 0.4%
Aerospace & Defense(j) – 0.2%
	314,360	Swissport		6,873,121
Energy Equipment & Services(j) – 0.1%
	3,267	Noble Corp.*		88,405
	58,419	FTS International, Inc. Class A		1,437,108
				1,525,513
Media – 0.1%
	162,749	Bright Pattern Holding Co.(d)		406,873
	579,399	Clear Channel Outdoor Holdings, Inc.(j)		1,570,171
				1,977,044
Oil, Gas & Consumable Fuels(j) – 0.0%
	5,710	Noble Corp.		154,513
Specialty Retail(j) – 0.0%
	9,541	Neiman Marcus Group, Inc.		1,232,382
	TOTAL COMMON STOCKS
	(Cost $12,559,944)		$	11,762,573
Units		Expiration Date	Value
Warrant(j) – 0.0%
	Aspect Software, Inc. Class B (NR/NR)(d)
	162,749		$	16,275
	Cineworld Group PLC (NR/NR)
	174,646			86,597
	Noble Corp. (NR/NR)
	3,173			44,422
	Noble Corp. (NR/NR)
	3,173			44,422
	TOTAL WARRANT
	(Cost $15,865)		$	191,716
Shares		Description	Value
Exchange Traded Funds – 2.3%
	1,315,000	Invesco Senior Loan ETF (NR/NR)		29,074,650
	349,789	Nuveen Floating Rate Income Fund (NR/NR)(h)		3,522,375
	348,796	Nuveen Floating Rate Income Opportunity Fund (NR/NR)		3,480,984
	637,000	SPDR Blackstone/GSO Senior Loan ETF (NR/NR)		29,314,740
	TOTAL EXCHANGE TRADED FUNDS
	(Cost $64,579,181)		$	65,392,749
Shares		Dividend Rate	Value
Investment Company(k) – 11.3%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	325,557,077	0.026%	$	325,557,077
	(Cost $325,557,077)
	TOTAL INVESTMENTS BEFORE SHORT-TERM INVESTMENT
	(Cost $3,143,787,955)		$	3,139,712,613
Securities Lending Reinvestment Vehicle(k) – 0.1%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,894,050	0.026%		3,894,050
	(Cost $3,894,050)
	TOTAL INVESTMENTS – 109.3%
	(Cost $3,147,682,005)		$	3,143,606,663
	LIABILITIES IN EXCESS OF     OTHER ASSETS – (9.3)%			(267,223,448	)
	NET ASSETS – 100.0%		$	2,876,383,215

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, 2021. Bank Loans typically have rates of interest which are predetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London-Interbank Offered Rate (“LIBOR”), and secondarily the prime rate offered by one or more major United States banks (the “Prime Rate”) and the certificate of deposit (“CD”) rate or other base lending rates used by commercial lenders.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE 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, 2021.
(c)	This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate.
(d)	Significant unobservable inputs were used in the valuation of this portfolio security; i.e., Level 3.
(e)	Security with “Call” features with resetting interest rates. Maturity dates disclosed are the final maturity dates.
(f)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	All or a portion of security is on loan.
(i)	Pay-in-kind securities.
(j)	Security is currently in default and/or non-income producing.
(k)	Represents an affiliated issuer.

Currency Abbreviations:
EUR	—Euro
GBP	—British Pound
USD	—U.S. Dollar
Investment Abbreviations:
CLO	—Collateralized Loan Obligation
CP	—Commercial Paper
ETF	—Exchange Traded Fund
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
LP	—Limited Partnership
NR	—Not Rated
PLC	—Public Limited Company
REIT	—Real Estate Investment Trust
WR	—Withdrawn Rating

ADDITIONAL INVESTMENT INFORMATION

UNFUNDED LOAN COMMITMENTS — At September 30, 2021, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following loan agreements:

Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
BCPE Empire Holdings, Inc. (B-/B2)06/11/2026, due 06/11/26		$1,714,412	$	1,707,983	$	(6,429	)
DG Investment Intermediate Holdings 2, Inc. (NR/NR)03/21/2028, due 03/21/28		52,656		51,487		174
FCG Acquisitions Inc (NR/NR)03/31/2028, due 03/31/28		814,583		811,529		(3,054	)
Fluid-Flow Products, Inc. (NR/NR)03/31/2028, due 03/31/28		43,512		43,442		(109	)
OneDigital Borrower LLC (NR/NR)11/16/2027, due 11/16/27		60,156		60,608		176
The Hillman Group, Inc. (NR/NR)07/14/2028, due 07/14/28		600,731		598,696		(899	)
TricorBraun Holdings, Inc. (NR/NR)03/03/2028, due 03/03/28		861,324		856,714		(5,276	)
Trident TPI Holdings, Inc. (B-/B2)09/15/2028, due 09/15/28		459,627		460,105		478
TOTAL	$	4,607,001	$	4,590,564	$	(14,939	)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain
MS & Co. Int. PLC	USD	70,234,192	EUR	59,346,837	11/24/21	$	1,416,239

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(107	)		12/21/21	$	(15,541,750	)	$	250,991
2 Year U.S. Treasury Notes		(54	)		12/31/21		(11,882,953	)		6,504
5 Year U.S. Treasury Notes		(377	)		12/31/21		(46,273,805	)		123,137
10 Year U.S. Treasury Notes		(500	)		12/21/21		(65,804,688	)		750,146
20 Year U.S. Treasury Bonds		(10	)		12/21/21		(1,592,187	)		35,485
TOTAL FUTURES CONTRACTS									$	1,166,263

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

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	0.123%	JPMorgan Securities, Inc.	12/20/2021	$	23,500	$	287,108

* There is no upfront payment on the swap, therefore the unrealized gain (loss) of the swap is equal to its market value.

(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).

Abbreviation:

IBOHY Index—iBoxx High Yield Index

MS & Co. Int. PLC—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – 88.4%
Aerospace & Defense – 2.4%
	Lockheed Martin Corp.
$	850,000		4.070	%		12/15/42	$	1,014,109
	Northrop Grumman Corp.
	1,350,000		4.750			06/01/43		1,711,638
	Raytheon Technologies Corp.
	1,975,000		4.125	(a)		11/16/28		2,248,360
	370,000		5.700			04/15/40		507,374
	The Boeing Co.(a)
	1,950,000		3.450			11/01/28		2,068,989
	1,775,000		3.250			02/01/35		1,780,147
	500,000		3.550			03/01/38		506,800
	1,000,000		3.375			06/15/46		962,910
	575,000		3.625			03/01/48		561,626
	900,000		3.850			11/01/48		919,188
	900,000		5.805			05/01/50		1,202,994
								13,484,135
Agriculture(a) – 1.0%
	Altria Group, Inc.
	1,571,000		4.400			02/14/26		1,761,280
	BAT Capital Corp.
	620,000		3.222			08/15/24		657,553
	675,000		2.789			09/06/24		709,823
	200,000		3.557			08/15/27		215,470
	1,350,000		2.259			03/25/28		1,341,104
	700,000		4.390			08/15/37		747,523
								5,432,753
Automotive – 2.2%
	General Motors Co.
	2,425,000		5.400			10/02/23		2,645,311
	1,325,000		6.600	(a)		04/01/36		1,780,601
	75,000		5.200			04/01/45		91,133
	725,000		5.950	(a)		04/01/49		958,435
	General Motors Financial Co., Inc.(a)
	1,750,000		2.700			08/20/27		1,817,620
	1,275,000		1.500			06/10/26		1,267,630
	2,150,000		5.650			01/17/29		2,585,203
	650,000		2.350			01/08/31		637,046
	Stellantis Finance US, Inc.(a)(b)
	900,000		1.711			01/29/27		897,183
								12,680,162
Banks – 23.2%
	ABN AMRO Bank NV(a)(c) (-1x 5 Year EUR Swap + 4.674%)
EUR	600,000		4.375			12/31/99		746,267
	AIB Group PLC(b)
$	5,500,000		4.750			10/12/23		5,915,855
	Banco Santander SA
	1,000,000		2.746			05/28/25		1,048,510
	400,000		5.179			11/19/25		454,352
	1,600,000		4.250			04/11/27		1,797,088
	1,000,000		2.749			12/03/30		993,280
	Bank of America Corp.
	3,700,000		3.950			04/21/25		4,032,260
Corporate Obligations – (continued)
Banks – (continued)
	Bank of America Corp. – (continued)
	(3M USD LIBOR + 0.990%)
	275,000		2.496	(a)(c)		02/13/31		278,289
	(3M USD LIBOR + 1.040%)
	2,863,000		3.419	(a)(c)		12/20/28		3,105,467
	(3M USD LIBOR + 1.070%)
	2,075,000		3.970	(a)(c)		03/05/29		2,308,417
	(3M USD LIBOR + 1.210%)
	1,350,000		3.974	(a)(c)		02/07/30		1,513,134
	(3M USD LIBOR + 1.310%)
	1,950,000		4.271	(a)(c)		07/23/29		2,211,124
	(5 year CMT + 1.200%)
	1,175,000		2.482	(a)(c)		09/21/36		1,150,819
	(SOFR + 1.010%)
	100,000		1.197	(a)(c)		10/24/26		99,159
	Barclays PLC
	1,275,000		3.650			03/16/25		1,371,913
	BNP Paribas SA
	1,800,000		4.250			10/15/24		1,970,136
	775,000		3.375	(b)		01/09/25		826,398
	575,000		2.824	(b)		01/26/41		545,382
	(5 Year USD Swap + 4.149%)
	2,250,000		6.625	(a)(b)(c)		12/31/99		2,444,692
	(SOFR + 1.004%)
	1,425,000		1.323	(a)(b)(c)		01/13/27		1,402,357
	(SOFR + 1.507%)
	370,000		3.052	%(a)(b)(c)		01/13/31		387,431
	BPCE SA(b)
	2,225,000		5.700			10/22/23		2,439,601
	1,350,000		4.625			09/12/28		1,557,022
	(SOFR + 1.312%)
	1,050,000		2.277	(a)(c)		01/20/32		1,019,729
	CIT Bank NA(a)(c) (SOFR + 1.715%)
	2,850,000		2.969			09/27/25		2,997,801
	CIT Group, Inc.(a)
	1,250,000		4.750			02/16/24		1,335,938
	Citigroup, Inc.
	575,000		3.400			05/01/26		625,934
	1,475,000		4.450			09/29/27		1,677,532
	3,255,000		4.125			07/25/28		3,635,347
	925,000		4.750			05/18/46		1,164,908
	(SOFR + 1.422%)
	1,025,000		2.976	(a)(c)		11/05/30		1,078,105
	(SOFR + 3.914%)
	675,000		4.412	(a)(c)		03/31/31		779,139
	Cooperatieve Rabobank UA(a)(b)(c) (1 year CMT + 0.550%)
	900,000		1.106			02/24/27		887,391
	Credit Agricole SA
	1,950,000		4.375			03/17/25		2,131,974
	(5 Year USD Swap + 4.319%)
	1,900,000		6.875	(a)(b)(c)		12/31/99		2,113,465
	(SOFR + 1.676%)
	2,325,000		1.907	(a)(b)(c)		06/16/26		2,366,548
	Credit Suisse AG
	3,300,000		6.500	(b)		08/08/23		3,613,566
	1,090,000		1.250			08/07/26		1,074,816

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Banks – (continued)
	Credit Suisse Group AG
$	884,000		4.550	%		04/17/26	$	993,360
	1,895,000		4.282	(a)(b)		01/09/28		2,104,284
	(SOFR + 3.730%)
	1,425,000		4.194	(a)(b)(c)		04/01/31		1,593,905
	Deutsche Bank AG(a)(c)
	(SOFR + 1.718%)
	890,000		3.035			05/28/32		908,156
	(SOFR + 1.870%)
	1,150,000		2.129			11/24/26		1,168,573
	(SOFR + 2.159%)
	1,600,000		2.222			09/18/24		1,639,664
	Erste Group Bank AG(a)(c) (5 Year EUR Swap + 6.204%)
EUR	600,000		6.500			12/31/99		770,592
	First Horizon Corp.(a)
$	1,750,000		4.000			05/26/25		1,909,110
	HSBC Bank USA NA
	300,000		7.000			01/15/39		463,140
	HSBC Holdings PLC
	600,000		7.625			05/17/32		840,570
	(3M USD LIBOR + 1.211%)
	1,075,000		3.803	(a)(c)		03/11/25		1,146,488
	(SOFR + 1.538%)
	1,225,000		1.645	(a)(c)		04/18/26		1,232,228
	(SOFR + 1.929%)
	1,650,000		2.099	(a)(c)		06/04/26		1,684,914
	ING Groep NV(a)(b)(c) (1 Year CMT + 1.100%)
	2,050,000		1.400			07/01/26		2,054,161
	JPMorgan Chase & Co.(a)
	4,953,000		3.625			12/01/27		5,409,171
	(3M USD LIBOR + 1.245%)
	925,000		3.960	(c)		01/29/27		1,021,126
	(3M USD LIBOR + 1.360%)
	1,550,000		3.882	(c)		07/24/38		1,771,340
	(3M USD LIBOR + 3.800%)
	1,675,000		3.926	(c)		12/29/49		1,678,836
	(SOFR + 2.040%)
	575,000		2.522	(c)		04/22/31		586,190
	(SOFR + 2.515%)
	1,125,000		2.956	(c)		05/13/31		1,171,485
	(SOFR + 3.125%)
	2,325,000		4.600	(c)		12/31/99		2,378,405
	Macquarie Bank Ltd.(a)(b)(c) (5 year CMT + 1.700%)
	975,000		3.052			03/03/36		965,270
	Macquarie Group Ltd.(a)(b)(c)
	(3M USD LIBOR + 1.372%)
	1,900,000		3.763			11/28/28		2,080,842
	(SOFR + 1.069%)
	2,550,000		1.340			01/12/27		2,528,529
	Morgan Stanley, Inc.
	2,900,000		3.950			04/23/27		3,225,322
	(SOFR + 1.360%)
	1,425,000		2.484	(a)(c)		09/16/36		1,393,835
	(3M USD LIBOR + 1.455%)
	1,570,000		3.971	(a)(c)		07/22/38		1,806,646
	(3M USD LIBOR + 1.628%)
	1,950,000		4.431	(a)(c)		01/23/30		2,249,910
Corporate Obligations – (continued)
Banks – (continued)
	Natwest Group PLC
	3,250,000		6.100			06/10/23		3,528,281
	(3M USD LIBOR + 1.550%)
	1,275,000		4.519	(a)(c)		06/25/24		1,357,123
	(3M USD LIBOR + 1.762%)
	700,000		4.269	(a)(c)		03/22/25		755,391
	(5 Year CMT + 2.100%)
	925,000		3.754	(a)(c)		11/01/29		986,281
	Regions Financial Corp.(a)
	1,100,000		1.800			08/12/28		1,087,669
	Santander Holdings USA, Inc.(a)
	1,775,000		4.500			07/17/25		1,955,180
	Wells Fargo & Co.
	1,950,000		4.300			07/22/27		2,213,055
	(3M USD LIBOR + 1.170%)
	2,350,000		3.196	(a)(c)		06/17/27		2,523,406
	(SOFR + 2.000%)
	2,025,000		2.188	(a)(c)		04/30/26		2,090,893
	Wells Fargo Bank NA
	824,000		5.950			08/26/36		1,117,723
	Westpac Banking Corp.(a)(c)
	(5 year CMT + 1.350%)
	575,000		2.894			02/04/30		595,395
	(5 Year CMT + 2.000%)
	325,000		4.110			07/24/34		353,031
	(5 Year USD ICE Swap + 2.236%)
	625,000		4.322			11/23/31		689,519
								131,130,145
Beverages – 3.7%
	Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.(a)
	1,850,000		4.700			02/01/36		2,236,372
	4,125,000		4.900			02/01/46		5,122,714
	Anheuser-Busch InBev Worldwide, Inc.
	1,850,000		4.750	(a)		01/23/29		2,178,412
	175,000		5.450	(a)		01/23/39		226,826
	875,000		4.950			01/15/42		1,081,500
	250,000		4.600	(a)		04/15/48		299,278
	750,000		5.550	(a)		01/23/49		1,015,418
	Bacardi Ltd.(a)(b)
	700,000		5.300			05/15/48		909,447
	Constellation Brands, Inc.(a)
	2,975,000		3.700			12/06/26		3,286,453
	600,000		4.500			05/09/47		715,938
	JDE Peet’s NV(a)(b)
	675,000		2.250			09/24/31		661,898
	Keurig Dr Pepper, Inc.(a)
	2,225,000		4.597			05/25/28		2,581,400
	500,000		4.500			11/15/45		607,005
	175,000		5.085			05/25/48		231,674
								21,154,335
Biotechnology(a) – 0.5%
	Amgen, Inc.
	800,000		4.400			05/01/45		958,896

64 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)
Biotechnology(a) – (continued)
	Royalty Pharma PLC
$	550,000		1.200	%		09/02/25	$	546,183
	1,150,000		1.750			09/02/27		1,144,664
								2,649,743
Building Materials(a) – 0.8%
	Carrier Global Corp.
	500,000		2.493			02/15/27		521,995
	525,000		3.377			04/05/40		549,922
	Martin Marietta Materials, Inc.
	2,400,000		3.200			07/15/51		2,386,392
	Masco Corp.
	1,000,000		1.500			02/15/28		972,570
								4,430,879
Chemicals(a) – 1.8%
	Celanese US Holdings LLC
	3,650,000		3.500			05/08/24		3,888,564
	DuPont de Nemours, Inc.
	1,325,000		4.725			11/15/28		1,553,350
	125,000		5.319			11/15/38		161,646
	Huntsman International LLC
	1,050,000		4.500			05/01/29		1,190,342
	450,000		2.950			06/15/31		459,202
	International Flavors & Fragrances, Inc.(b)
	1,075,000		3.268			11/15/40		1,105,971
	LYB International Finance B.V.
	725,000		4.875			03/15/44		890,858
	The Sherwin-Williams Co.
	475,000		3.450			06/01/27		521,004
	475,000		4.000			12/15/42		538,546
								10,309,483
Commercial Services – 1.1%
	Ashtead Capital, Inc.(a)(b)
	375,000		1.500			08/12/26		370,751
	525,000		2.450			08/12/31		515,755
	CoStar Group, Inc.(a)(b)
	1,575,000		2.800			07/15/30		1,600,260
	DP World PLC
	360,000		5.625			09/25/48		443,250
	IHS Markit Ltd.(a)
	900,000		3.625			05/01/24		957,528
	1,625,000		4.000	(b)		03/01/26		1,787,240
	Novant Health, Inc.(a)
	710,000		3.168			11/01/51		748,220
								6,423,004
Computers – 3.5%
	Amdocs Ltd.(a)
	1,025,000		2.538			06/15/30		1,020,551
	Apple, Inc.
	1,652,000		3.850			05/04/43		1,928,859
	Dell International LLC/EMC Corp.(a)
	3,355,000		6.020			06/15/26		4,001,374
	375,000		4.900			10/01/26		431,767
	1,574,000		5.300			10/01/29		1,903,375
Corporate Obligations – (continued)
Computers – (continued)
	Dell International LLC/EMC Corp.(a) – (continued)
	225,000		6.200			07/15/30		287,942
	525,000		8.100			07/15/36		796,446
	75,000		8.350			07/15/46		122,474
	Hewlett Packard Enterprise Co.(a)
	7,474,000		4.900			10/15/25		8,456,009
	605,000		6.350			10/15/45		814,899
								19,763,696
Diversified Financial Services – 4.0%
	AerCap Ireland Capital DAC/AerCap Global Aviation Trust(a)
	2,125,000		4.875			01/16/24		2,295,595
	3,735,000		6.500			07/15/25		4,334,580
	Air Lease Corp.
	125,000		2.250			01/15/23		127,721
	2,150,000		3.375	(a)		07/01/25		2,283,128
	1,450,000		2.875	(a)		01/15/26		1,512,814
	1,475,000		3.750	(a)		06/01/26		1,596,909
	Ally Financial, Inc.
	950,000		4.625			03/30/25		1,055,840
	Aviation Capital Group LLC(a)(b)
	2,550,000		1.950			01/30/26		2,542,044
	Avolon Holdings Funding Ltd.(a)(b)
	750,000		3.950			07/01/24		795,938
	900,000		4.250			04/15/26		969,336
	300,000		3.250			02/15/27		309,135
	GE Capital International Funding Co.
	1,250,000		4.418			11/15/35		1,502,650
	Intercontinental Exchange, Inc.(a)
	1,125,000		2.650			09/15/40		1,076,737
	Nomura Holdings, Inc.
	2,150,000		1.653			07/14/26		2,140,862
								22,543,289
Electrical – 4.2%
	American Electric Power Co., Inc.(a)
	350,000		2.300			03/01/30		348,642
	Berkshire Hathaway Energy Co.
	767,000		6.125			04/01/36		1,061,781
	CMS Energy Corp.(a)
	500,000		4.875			03/01/44		640,555
	Dominion Energy, Inc.(a)
	1,375,000		3.900			10/01/25		1,504,085
	Duke Energy Corp.(a)
	400,000		4.800			12/15/45		495,036
	Duquesne Light Holdings, Inc.(a)(b)
	1,075,000		2.532			10/01/30		1,064,443
	Enel Finance International NV(a)(b)
	1,775,000		1.875			07/12/28		1,763,782
	FirstEnergy Corp.(a)
	525,000		2.050			03/01/25		528,983
	475,000		2.650			03/01/30		472,040
	NextEra Energy Capital Holdings, Inc.(a)
	1,580,000		1.900			06/15/28		1,584,424
	Pacific Gas & Electric Co.(a)
	675,000		2.100			08/01/27		658,645
	975,000		2.500			02/01/31		927,449
	375,000		3.300			08/01/40		346,065

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Electrical – (continued)
	Pacific Gas & Electric Co.(a) – (continued)
$	825,000		3.500	%		08/01/50	$	749,752
	Progress Energy, Inc.
	825,000		7.000			10/30/31		1,126,785
	Public Service Electric & Gas Co.(a)
	975,000		3.950			05/01/42		1,137,318
	Sempra Energy(a)
	2,370,000		3.400			02/01/28		2,565,952
	1,125,000		3.800			02/01/38		1,245,285
	Southern California Edison Co.(a)
	1,625,000		4.200			03/01/29		1,827,101
	275,000		4.050			03/15/42		294,454
	The Southern Co.(a)
	2,275,000		3.250			07/01/26		2,448,810
	Vistra Operations Co. LLC(a)(b)
	975,000		4.300			07/15/29		1,039,623
								23,831,010
Electronics(a)(b) – 0.3%
	SYNNEX Corp.
	975,000		2.375			08/09/28		965,445
	975,000		2.650			08/09/31		953,004
								1,918,449
Engineering & Construction(a) – 0.1%
	Mexico City Airport Trust
	240,000		3.875	(b)		04/30/28		247,770
	200,000		5.500			07/31/47		203,250
	220,000		5.500	(b)		07/31/47		223,575
								674,595
Food & Drug Retailing(a) – 0.4%
	Grupo Bimbo SAB de CV
	1,070,000		4.700			11/10/47		1,266,479
	Sysco Corp.
	150,000		6.600			04/01/40		220,074
	600,000		6.600			04/01/50		945,732
								2,432,285
Gas(a) – 0.2%
	NiSource, Inc.
	850,000		3.600			05/01/30		932,841
Healthcare Providers & Services – 0.8%
	Centene Corp.(a)
	1,250,000		4.250			12/15/27		1,308,200
	CommonSpirit Health
	150,000		4.350			11/01/42		172,151
	DENTSPLY SIRONA, Inc.(a)
	450,000		3.250			06/01/30		479,228
	PerkinElmer, Inc.(a)
	1,200,000		3.300			09/15/29		1,292,952
	Thermo Fisher Scientific, Inc.(a)
	150,000		1.750			10/15/28		149,643
	UnitedHealth Group, Inc.(a)
	1,275,000		2.750			05/15/40		1,279,845
								4,682,019
Corporate Obligations – (continued)
Insurance – 2.6%
	American International Group, Inc.
	1,200,000		3.900	(a)		04/01/26		1,329,576
	325,000		4.200	(a)		04/01/28		370,328
	700,000		6.250			05/01/36		975,345
	598,000		4.500	(a)		07/16/44		730,152
	200,000		4.800	(a)		07/10/45		253,648
	Arch Capital Finance LLC(a)
	400,000		4.011			12/15/26		449,904
	323,000		5.031			12/15/46		422,859
	Arch Capital Group Ltd.
	595,000		7.350			05/01/34		874,686
	Great-West Lifeco Finance 2018 LP(a)(b)
	900,000		4.047			05/17/28		1,017,702
	MetLife, Inc.
	475,000		4.721			12/15/44		612,018
	Principal Financial Group, Inc.
	150,000		6.050			10/15/36		209,668
	Teachers Insurance & Annuity Association of America(b)
	890,000		4.900			09/15/44		1,150,503
	The Hartford Financial Services Group, Inc.
	200,000		6.625			04/15/42		283,050
	Willis North America, Inc.(a)
	1,200,000		2.950			09/15/29		1,253,952
	XLIT Ltd.
	4,173,000		4.450			03/31/25		4,629,651
								14,563,042
Internet(a) – 1.5%
	Amazon.com, Inc.
	900,000		4.950			12/05/44		1,213,101
	Expedia Group, Inc.
	2,125,000		3.600			12/15/23		2,249,057
	2,325,000		4.500			08/15/24		2,525,275
	775,000		4.625			08/01/27		878,827
	400,000		3.250			02/15/30		413,868
	725,000		2.950			03/15/31		734,396
	Prosus NV
	200,000		3.680	(b)		01/21/30		206,663
	200,000		3.680			01/21/30		206,663
								8,427,850
Investment Companies – 0.2%
	Huarong Finance II Co. Ltd.
	200,000		5.000			11/19/25		195,000
	JAB Holdings B.V.(a)(b)
	700,000		2.200			11/23/30		685,972
								880,972
Iron/Steel(a) – 0.3%
	Steel Dynamics, Inc.
	1,475,000		1.650			10/15/27		1,459,394
Lodging(a) – 0.2%
	Hyatt Hotels Corp.
	925,000		1.800			10/01/24		927,118

66 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)
Machinery – Construction & Mining(a)(b) – 0.2%
	The Weir Group PLC
$	925,000			2.200	%		05/13/26	$	930,892
Machinery-Diversified(a) – 0.1%
	Otis Worldwide Corp.
	325,000			3.112			02/15/40		333,174
Media – 2.0%
	Charter Communications Operating LLC/Charter Communications Operating Capital(a)
	2,825,000			4.908			07/23/25		3,175,582
	1,050,000			3.750			02/15/28		1,149,645
	625,000			6.384			10/23/35		820,906
	300,000			6.484			10/23/45		407,202
	200,000			5.750			04/01/48		252,970
	Comcast Corp.
	150,000			3.250	(a)		11/01/39		158,622
	475,000			3.750	(a)		04/01/40		534,636
	75,000			4.750			03/01/44		94,603
	525,000			3.400	(a)		07/15/46		555,901
	349,000			2.887	(a)(b)		11/01/51		334,646
	Discovery Communications LLC(a)
	150,000			5.200			09/20/47		184,982
	75,000			5.300			05/15/49		93,584
	Fox Corp.	(a)
	225,000			5.476			01/25/39		287,653
	The Walt Disney Co.(a)
	1,100,000			4.625			03/23/40		1,381,215
	Time Warner Cable LLC(a)
	675,000			5.875			11/15/40		854,371
	ViacomCBS, Inc.(a)
	925,000			5.850			09/01/43		1,264,068
									11,550,586
Mining – 1.4%
	Glencore Funding LLC(b)
	3,531,000			4.625			04/29/24		3,847,130
	1,225,000			2.850	(a)		04/27/31		1,229,741
	725,000			2.625	(a)		09/23/31		710,254
	400,000			3.375	(a)		09/23/51		380,292
	Newcrest Finance Pty Ltd.(a)(b)
	950,000			3.250			05/13/30		1,011,228
	Teck Resources Ltd.(a)
	950,000			3.900			07/15/30		1,031,785
									8,210,430
Miscellaneous Manufacturing – 0.5%
	General Electric Co.
	800,000			6.750			03/15/32		1,097,600
	625,000			6.150			08/07/37		861,962
	769,000			5.875			01/14/38		1,040,557
									3,000,119
Multi-National(a)(b) – 0.0%
	The African Export-Import Bank
	200,000			3.798			05/17/31		207,398
Oil Field Services – 4.3%
	BP Capital Markets America, Inc.(a)
	450,000			3.410			02/11/26		490,554
Corporate Obligations – (continued)
Oil Field Services – (continued)
	BP Capital Markets America, Inc.(a) – (continued)
	125,000			3.119			05/04/26		135,060
	175,000			4.234			11/06/28		200,821
	Continental Resources, Inc.(a)
	216,000			4.500			04/15/23		223,819
	Devon Energy Corp.(a)
	2,867,000			5.850			12/15/25		3,317,664
	Diamondback Energy, Inc.(a)
	2,200,000			4.750			05/31/25		2,455,134
	Gazprom PJSC Via Gaz Capital SA
	200,000			5.150	(b)		02/11/26		222,725
	70,000			8.625	(d)		04/28/34		103,154
	110,000			7.288			08/16/37		152,405
	Gazprom PJSC Via Gaz Finance PLC(b)
	450,000			3.250			02/25/30		447,553
	KazMunayGas National Co. JSC
	280,000			6.375			10/24/48		358,400
	Lukoil International Finance B.V.
	1,030,000			4.563			04/24/23		1,081,371
	Lundin Energy Finance B.V.(a)(b)
	1,075,000			2.000			07/15/26		1,081,654
	Marathon Petroleum Corp.(a)
	700,000			3.625			09/15/24		750,946
	1,620,000			3.800			04/01/28		1,780,186
	Occidental Petroleum Corp.(a)
	1,100,000			2.900			08/15/24		1,117,875
	Ovintiv Exploration, Inc.
	1,750,000			5.625			07/01/24		1,938,125
	Pertamina Persero PT(a)
	370,000			4.175			01/21/50		372,497
	Phillips 66(a)
	1,475,000			1.300			02/15/26		1,466,991
	Pioneer Natural Resources Co.(a)
	1,575,000			1.125			01/15/26		1,555,738
	Qatar Petroleum(a)(b)
	200,000			3.125			07/12/41		199,960
	530,000			3.300			07/12/51		533,538
	Shell International Finance B.V.
	225,000			6.375			12/15/38		330,721
	Suncor Energy, Inc.(a)
	2,375,000			3.100			05/15/25		2,527,332
	Valero Energy Corp.(a)
	1,400,000			2.850			04/15/25		1,474,438
									24,318,661
Packaging(a)(b) – 0.5%
	Berry Global, Inc.
	1,800,000			1.570			01/15/26		1,800,666
	1,225,000			1.650			01/15/27		1,212,064
									3,012,730
Pharmaceuticals(a) – 2.8%
	AbbVie, Inc.
	2,275,000			3.200			11/21/29		2,451,449
	2,350,000			4.050			11/21/39		2,699,468
	775,000			4.875			11/14/48		993,248
	1,975,000			4.250			11/21/49		2,338,360

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Corporate Obligations – (continued)
Pharmaceuticals(a) – (continued)
	Becton Dickinson & Co.
$	1,889,000		3.700	%		06/06/27	$	2,088,460
	500,000		4.685			12/15/44		620,545
	175,000		4.669			06/06/47		217,912
	Cigna Corp.
	650,000		4.900			12/15/48		829,614
	CVS Health Corp.
	150,000		3.875			07/20/25		164,256
	325,000		4.780			03/25/38		397,807
	720,000		5.125			07/20/45		927,410
	100,000		5.050			03/25/48		128,960
	425,000		4.250			04/01/50		502,818
	Perrigo Finance Unlimited Co.
	1,425,000		4.375			03/15/26		1,534,483
								15,894,790
Pipelines – 3.8%
	Abu Dhabi Crude Oil Pipeline LLC(b)
	490,000		4.600			11/02/47		578,200
	Enbridge, Inc.(a)
	1,500,000		2.500			08/01/33		1,505,580
	Energy Transfer Operating LP(a)
	1,325,000		2.900			05/15/25		1,390,057
	550,000		5.300			04/15/47		642,780
	550,000		5.950			12/01/25		637,648
	525,000		4.200			04/15/27		580,256
	300,000		5.500			06/01/27		352,059
	456,000		5.150			03/15/45		521,960
	100,000		5.400			10/01/47		119,241
	450,000		6.250			04/15/49		592,227
	1,240,000		5.200			02/01/22		1,244,303
	Enterprise Products Operating LLC(a)
	575,000		4.800			02/01/49		700,902
	Galaxy Pipeline Assets Bidco Ltd.(b)
	200,000		2.625			03/31/36		196,500
	Kinder Morgan Energy Partners LP
	650,000		6.550			09/15/40		900,822
	MPLX LP(a)
	600,000		2.650			08/15/30		602,796
	400,000		4.500			04/15/38		447,324
	400,000		4.700			04/15/48		460,972
	520,000		5.500			02/15/49		659,682
	Plains All American Pipeline LP/PAA Finance Corp.(a)
	400,000		3.650			06/01/22		405,312
	1,500,000		3.850			10/15/23		1,577,610
	1,419,000		4.650			10/15/25		1,572,337
	Sabine Pass Liquefaction LLC(a)
	2,525,000		5.625			03/01/25		2,865,370
	900,000		5.000			03/15/27		1,035,873
	The Williams Cos., Inc.
	150,000		6.300			04/15/40		204,425
	Western Midstream Operating LP(a)
	725,000		4.350			02/01/25		761,250
	1,000,000		5.450			04/01/44		1,147,500
								21,702,986
Corporate Obligations – (continued)
Real Estate(a) – 0.0%
	Country Garden Holdings Co. Ltd.
	200,000		3.300			01/12/31		182,287
Real Estate Investment Trust(a) – 3.6%
	Alexandria Real Estate Equities, Inc.
	1,175,000		3.800			04/15/26		1,297,740
	American Homes 4 Rent LP
	225,000		2.375			07/15/31		222,962
	American Tower Corp.
	1,300,000		4.000			06/01/25		1,418,001
	Camden Property Trust
	1,350,000		3.150			07/01/29		1,458,189
	Crown Castle International Corp.
	1,575,000		3.650			09/01/27		1,729,381
	100,000		2.900			04/01/41		96,125
	Essex Portfolio LP
	1,700,000		3.000			01/15/30		1,788,604
	Healthcare Realty Trust, Inc.
	875,000		2.050			03/15/31		850,518
	Kimco Realty Corp.
	1,100,000		3.800			04/01/27		1,222,683
	MPT Operating Partnership LP/MPT Finance Corp.
	950,000		4.625			08/01/29		1,018,068
	National Retail Properties, Inc.
	1,300,000		3.600			12/15/26		1,414,153
	Spirit Realty LP
	1,125,000		4.000			07/15/29		1,246,342
	VEREIT Operating Partnership LP
	1,350,000		3.400			01/15/28		1,458,810
	700,000		3.100			12/15/29		745,164
	1,450,000		2.850			12/15/32		1,505,999
	WP Carey, Inc.
	1,550,000		3.850			07/15/29		1,717,508
	975,000		2.400			02/01/31		964,529
								20,154,776
Retailing – 1.2%
	7-Eleven, Inc.(a)(b)
	750,000		2.500			02/10/41		688,478
	AutoNation, Inc.(a)
	900,000		4.750			06/01/30		1,047,285
	25,000		2.400			08/01/31		24,358
	Dollar Tree, Inc.(a)
	2,250,000		4.000			05/15/25		2,459,857
	Lowe’s Cos, Inc.(a)
	875,000		1.700			09/15/28		867,449
	The Home Depot, Inc.
	400,000		5.875			12/16/36		563,888
	500,000		4.875	(a)		02/15/44		658,005
	Walgreens Boots Alliance, Inc.(a)
	253,000		4.100			04/15/50		281,055
								6,590,375
Savings & Loans(a)(b)(c) – 0.3%
	Nationwide Building Society (3M USD LIBOR + 1.855%)
	1,675,000		3.960			07/18/30		1,862,114

68 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)
Semiconductors – 2.4%
	Broadcom, Inc.(a)(b)
$	1,800,000		3.419	%		04/15/33	$	1,865,376
	1,774,000		3.469			04/15/34		1,834,493
	3,126,000		3.137			11/15/35		3,101,117
	914,000		3.187			11/15/36		906,304
	950,000		3.500			02/15/41		942,372
	Intel Corp.(a)
	1,100,000		3.050			08/12/51		1,100,616
	Microchip Technology, Inc.
	1,875,000		2.670			09/01/23		1,944,413
	NXP B.V./NXP Funding LLC/NXP USA, Inc.(a)(b)
	550,000		3.875			06/18/26		606,133
	1,125,000		3.400			05/01/30		1,218,791
	Skyworks Solutions, Inc.(a)
	225,000		3.000			06/01/31		230,254
								13,749,869
Software(a) – 1.8%
	Citrix Systems, Inc.
	1,025,000		3.300			03/01/30		1,048,954
	Fiserv, Inc.
	2,850,000		3.200			07/01/26		3,077,630
	Oracle Corp.
	2,250,000		2.875			03/25/31		2,318,670
	1,200,000		3.600			04/01/40		1,244,220
	800,000		4.000			11/15/47		849,544
	VMware, Inc.
	400,000		1.800			08/15/28		394,056
	1,200,000		2.200			08/15/31		1,174,740
								10,107,814
Telecommunication Services – 8.0%
	AT&T, Inc.
	4,675,000		2.300	(a)		06/01/27		4,842,271
	250,000		1.650	(a)		02/01/28		247,703
	1,825,000		2.750	(a)		06/01/31		1,874,238
	486,000		2.550	(a)		12/01/33		478,205
	550,000		6.150			09/15/34		724,812
	175,000		4.900	(a)		08/15/37		211,894
	925,000		4.850	(a)		03/01/39		1,108,437
	300,000		6.000	(a)		08/15/40		408,957
	925,000		3.500	(a)		06/01/41		950,021
	125,000		4.300	(a)		12/15/42		140,484
	275,000		4.850	(a)		07/15/45		332,060
	250,000		4.750	(a)		05/15/46		298,622
	775,000		5.150	(a)		11/15/46		982,653
	225,000		5.150	(a)		02/15/50		283,799
	1,100,000		3.650	(a)		06/01/51		1,120,581
	1,200,000		3.500	(a)		09/15/53		1,188,192
	British Telecommunications PLC(a)(b)
	410,000		4.250			11/08/49		446,010
	Deutsche Telekom International Finance B.V.(a)(b)
	2,050,000		4.375			06/21/28		2,365,064
	T-Mobile USA, Inc.(a)
	1,975,000		3.500			04/15/25		2,126,107
	775,000		1.500			02/15/26		777,860
Corporate Obligations – (continued)
Telecommunication Services – (continued)
	T-Mobile USA, Inc.(a) – (continued)
	3,450,000		3.750			04/15/27		3,801,072
	1,950,000		2.050			02/15/28		1,965,951
	2,450,000		3.875			04/15/30		2,706,760
	1,055,000		2.875			02/15/31		1,065,974
	1,025,000		3.500			04/15/31		1,078,575
	650,000		3.000			02/15/41		630,253
	Verizon Communications, Inc.
	1,075,000		2.100	(a)		03/22/28		1,091,351
	2,631,000		4.329			09/21/28		3,026,571
	750,000		3.875	(a)		02/08/29		841,755
	1,876,000		4.016	(a)		12/03/29		2,127,422
	475,000		3.150	(a)		03/22/30		508,107
	2,025,000		2.550	(a)		03/21/31		2,054,383
	375,000		5.250			03/16/37		486,202
	1,100,000		2.650	(a)		11/20/40		1,037,487
	895,000		4.125			08/15/46		1,026,735
	775,000		4.862			08/21/46		986,761
	83,000		5.012			04/15/49		108,708
								45,452,037
Transportation – 0.5%
	Burlington Northern Santa Fe LLC
	425,000		6.150			05/01/37		608,864
	575,000		5.750	(a)		05/01/40		805,540
	Union Pacific Corp.(a)
	1,050,000		3.950			09/10/28		1,190,007
	275,000		3.550			08/15/39		304,920
								2,909,331
	TOTAL CORPORATE OBLIGATIONS
	(Cost $476,313,477)						$	500,901,568
Foreign Debt Obligations – 3.4%
Sovereign – 3.4%
	Abu Dhabi Government International Bond
$	1,680,000		4.125	%		10/11/47	$	1,986,600
	Perusahaan Penerbit SBSN
	1,580,000		4.550			03/29/26		1,782,240
	Republic of Chile(a)
	200,000		3.500			01/25/50		199,975
	Republic of Colombia(a)
	200,000		4.125			05/15/51		172,350
	Republic of Indonesia
	200,000		3.700	(b)		01/08/22		201,788
	387,000		5.875			01/15/24		431,699
	1,610,000		4.350			01/08/27		1,812,558
	350,000		4.350	(b)		01/08/27		394,034
	470,000		6.750			01/15/44		680,266
	Republic of Panama(a)
	380,000		2.252			09/29/32		356,559
	200,000		3.870			07/23/60		195,225
	Republic of Peru(a)
EUR	100,000		1.250			03/11/33		111,781
$	220,000		2.780			12/01/60		185,804
	220,000		3.230	(e)		07/28/21		182,573

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate				Maturity Date		Value
Foreign Debt Obligations – (continued)
Sovereign – (continued)
	Republic of Philippines
EUR	340,000		0.000	%			02/03/23	$	393,051
	450,000		0.700				02/03/29		517,120
$	210,000		2.650				12/10/45		192,189
	Republic of Qatar(b)
	1,090,000		5.103				04/23/48		1,444,454
	Republic of Romania(b)
EUR	90,000		2.124				07/16/31		104,108
	70,000		2.000				01/28/32		78,743
	80,000		4.625				04/03/49		108,468
	State of Israel(f)
	200,000		4.500				04/03/20		250,000
	United Mexican States
EUR	130,000		1.350	(a)			09/18/27		155,028
$	740,000		3.750				01/11/28		805,814
	2,540,000		3.250	(a)			04/16/30		2,600,007
	960,000		2.659	(a)			05/24/31		925,980
EUR	1,920,000		1.450	(a)			10/25/33		2,096,150
$	709,000		3.771	(a)			05/24/61		629,592
	TOTAL FOREIGN DEBT OBLIGATIONS
	(Cost $17,954,047)							$	18,994,156
Municipal Debt Obligations – 0.9%
California(a) – 0.1%
	California State GO Bonds Build America Taxable Series 2009
$	455,000		7.300	%			10/01/39	$	719,132
Illinois – 0.6%
	Illinois State GO Bonds Build America Series 2010(a)
	1,625,000		6.630				02/01/35		2,014,712
	Illinois State GO Bonds Taxable-Pension Series 2003
	1,360,000		5.100				06/01/33		1,585,143
									3,599,855
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		571,368
Pennsylvania(a) – 0.1%
	Pennsylvania Commonwealth Financing Authority RB (Taxable) Series A
	335,000		2.991				06/01/42		342,983
	TOTAL MUNICIPAL DEBT OBLIGATIONS
	(Cost $4,132,197)							$	5,233,338
U.S. Treasury Obligation(g) – 0.2%
	United States Treasury Bonds
$	700,000		3.375	%			11/15/48	$	892,062
	(Cost $853,670)
Shares		Dividend Rate		Value
Investment Company(h) – 2.8%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	15,793,400	0.026%		$	15,793,400
(Cost $15,793,400)
	TOTAL INVESTMENTS – 95.7%
	(Cost $515,046,791)			$	541,814,524
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 4.3%				24,503,643
	NET ASSETS – 100.0%			$	566,318,167

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, 2021.
(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, 2021.
(e)	Actual maturity date is July 28, 2121.
(f)	Actual maturity date is April 03, 2120.
(g)	All or a portion of security is segregated as collateral for initial margin requirement on futures transactions.
(h)	Represents an affiliated issuer.

Currency Abbreviations:
CAD	—Canadian Dollar
EUR	—Euro
NZD	—New Zealand Dollar
SEK	—Swedish Krona
USD	—U.S. Dollar
Investment Abbreviations:
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

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Gain
BofA Securities LLC	USD	344,955		SEK	2,964,895		12/15/21	$	6,014
Deutsche Bank AG (London)	USD	5,007,015		EUR	4,230,852		11/24/21		100,964
JPMorgan Securities, Inc.	USD	504,251		CAD	635,294		12/15/21		2,676
MS & Co. Int. PLC	USD	1,181,453		NZD	1,664,496		12/15/21		33,072
TOTAL								$	142,726

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold			Settlement Date		Unrealized Loss
MS & Co. Int. PLC	EUR	413,402		USD	490,631		12/15/21		(10,975	)

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		347			12/21/21	$	66,298,687		$	(2,021,465	)
2 Year U.S. Treasury Notes		192			12/31/21		42,250,500			(24,508	)
20 Year U.S. Treasury Bonds		13			12/21/21		2,069,844			(42,819	)
Total									$	(2,088,792	)
Short position contracts:
Ultra 10 Year U.S. Treasury Notes		(17	)		12/21/21		(2,469,250	)		34,656
5 Year U.S. Treasury Notes		(354	)		12/31/21		(43,450,734	)		205,768
10 Year U.S. Treasury Notes		(72	)		12/21/21		(9,475,875	)		104,492
Total									$	344,916
TOTAL FUTURES CONTRACTS									$	(1,743,876	)

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%(a)		3M LIBOR(a)	07/25/24	$	17,380		$	(1,819	)	$	5,837		$	(7,656	)
6M CDOR(b)		1.560%(b)	08/22/25	CAD	6,500	(c)		(30,402	)		3,127			(33,529	)
3M LIBOR(a)		1.250(b)	12/15/26	$	590	(c)		3,249			8,950			(5,701	)
1.680(b)		6M CDOR(b)	08/22/28	CAD	4,610	(c)		65,942			(4,684	)		70,626
0.000(d)		6M EURO(b)	12/15/31	EUR	1,470	(c)		32,577			3,108			29,469
6M CDOR(b)		2.180(b)	08/22/52	CAD	490	(c)		(23,322	)		3,381			(26,703	)
TOTAL							$	46,225		$	19,719		$	26,506

(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, 2021.

(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, 2021(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
AT&T, Inc., 3.800%, 02/15/27	1.000%		0.549	%		06/20/26	$	2,375	$	50,532		$	41,595		$	8,937
CDX.NA.IG Index 28	1.000		0.219			06/20/22		28,500		169,949			141,570			28,379
CDX.NA.IG Index 34	1.000		0.251			06/20/23		17,200		227,461			126,452			101,009
CDX.NA.IG Index 34	1.000		0.463			06/20/25		72,325		1,438,843			506,702			932,141
CDX.NA.IG Index 36	1.000		0.477			06/20/26		159,000		3,862,433			3,522,482			339,951
General Electric Co. 2.700%, 10/09/22	1.000		0.694			06/20/26		3,550		51,409			48,268			3,141
Nordstrom, Inc., 6.950%, 03/15/22	1.000		1.185			06/20/24		1,825		(8,576	)		(4,814	)		(3,762	)
Prudential Financial, Inc., 3.500%, 05/15/24	1.000		0.268			06/20/24		1,150		23,418			9,341			14,077
Pulte Group, Inc., 3.800%, 06/15/32	5.000		0.805			06/20/26		2,100		409,997			411,851			(1,854	)
Republic of Indonesia, 5.875%, 03/13/20	1.000		0.413			06/20/24		70		1,142			(87	)		1,229
The Boeing Co., 8.750%, 08/15/21	1.000		0.765			06/20/24		1,750		11,675			20,655			(8,980	)
United Mexican States, 4.150%, 03/28/27	1.000		1.013			12/20/26		640		(229	)		1,556			(1,785	)
TOTAL									$	6,238,054		$	4,825,571		$	1,412,483

(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:
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
CDX.NA.IG Index 36	—CDX North America Investment Grade Index 36
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – 72.8%
Argentina(a) – 0.1%
	Republic of Argentina (CCC+/NR)
$	12,578		1.000	%		07/09/29	$	4,817
	55,075		0.500	(b)		07/09/30		20,103
	58,322		1.125	(b)		07/09/35		19,013
								43,933
Benin(c) – 0.2%
	Benin Government International Bond (B+/B1)
EUR	120,000		4.950			01/22/35		135,162
Brazil – 3.1%
	Brazil Notas do Tesouro Nacional (BB-/NR)
BRL	4,338,000		10.000			01/01/29		761,905
	Brazil Notas do Tesouro Nacional (BB-/Ba2)
	5,203,000		10.000			01/01/25		948,761
	3,969,000		10.000			01/01/27		710,533
								2,421,199
Cameroon(c) – 0.1%
	Republic Of Cameroon (B-/NR)
EUR	100,000		5.950			07/07/32		113,337
Chile – 1.9%
	Bonos de la Tesoreria de la Republica en Pesos (NR/NR)
CLP	150,000,000		4.700	(c)		09/01/30		173,499
	715,000,000		5.000			03/01/35		815,744
	Bonos de la Tesoreria de la Republica en Pesos (NR/A1)
	410,000,000		4.500			03/01/26		492,814
								1,482,057
China – 14.0%
	Agricultural Development Bank of China (NR/NR)
CNY	17,110,000		2.960			04/17/30		2,577,901
	China Development Bank (NR/NR)
	17,580,000		3.340			07/14/25		2,754,079
	17,780,000		3.090			06/18/30		2,703,693
	China Government Bond (NR/NR)
	13,900,000		2.850			06/04/27		2,153,526
	2,800,000		3.280			12/03/27		446,064
	1,910,000		3.390			03/16/50		289,063
								10,924,326
Colombia – 3.5%
	Republic of Colombia (NR/NR)
COP	1,330,437,540		3.300			03/17/27		364,073
	2,538,700,000		5.750			11/03/27		626,448
	2,058,100,000		7.250			10/18/34		510,985
	Republic of Colombia (NR/Baa2)(a)
	1,851,000,000		4.375			03/21/23		485,475
	Republic of Colombia (BBB-/Baa2)
	2,906,300,000		7.500			08/26/26		789,375
								2,776,356
Czech Republic – 3.5%
	Czech Republic Government Bond (NR/NR)
CZK	22,270,000		1.000			06/26/26		968,171
	27,080,000		0.250			02/10/27		1,122,866
Sovereign Debt Obligations – (continued)
Czech Republic – (continued)
	Czech Republic Government Bond (NR/Aa3)
CZK	11,320,000		4.200			12/04/36		654,490
								2,745,527
Dominican Republic – 0.1%
	Dominican Republic (NR/NR)
DOP	2,800,000		10.500			04/07/23		54,637
Ecuador(b) – 0.1%
	Republic of Ecuador (B-/NR)
$	20,000		5.000			07/31/30		16,750
	90,000		1.000			07/31/35		58,500
								75,250
Egypt(c) – 0.3%
	Republic of Egypt (B/B2u)
	200,000		8.875			05/29/50		197,020
Hungary – 2.5%
	Hungary Government Bond (NR/NR)
HUF	179,680,000		2.750			12/22/26		579,214
	Hungary Government Bond (NR/Baa2)
	124,250,000		3.000			08/21/30		397,832
	Hungary Government Bond (BBB/NR)
	292,160,000		3.000			10/27/27		949,635
								1,926,681
Indonesia – 2.0%
	Indonesia Treasury Bond (NR/NR)
IDR	15,358,000,000		7.500			06/15/35		1,131,807
	Indonesia Treasury Bond (NR/Baa2)
	6,000,000,000		7.000			05/15/27		449,607
								1,581,414
Mexico – 4.3%
	Mexico Government International Bond (BBB/NR)(a)
EUR	100,000		2.250			08/12/36		113,663
	United Mexican States (NR/Baa1)
MXN	4,741,100		5.750			03/05/26		219,424
	4,028,400		8.000			11/07/47		196,807
	United Mexican States (BBB+/Baa1)
	15,330,000		8.500			05/31/29		795,362
	5,456,000		7.750			05/29/31		271,260
	8,836,600		10.000			11/20/36		519,203
	24,561,200		8.500			11/18/38		1,266,494
								3,382,213
Peru – 1.8%
Republic of Peru (A-/Baa1)
PEN	836,000		6.350			08/12/28		208,424
	522,000		6.950			08/12/31		130,451
	1,640,000		6.150			08/12/32		383,363
	2,985,000		5.400			08/12/34		620,835
	510,000		5.350			08/12/40		97,795
								1,440,868
Philippines – 0.3%
	Republic of Philippines (BBB+/Baa2)
PHP	10,000,000		6.250			01/14/36		232,307

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Sovereign Debt Obligations – (continued)
Poland – 6.2%
	Republic of Poland (NR/NR)
PLN	9,170,000		0.750	%		04/25/25	$	2,280,390
	Republic of Poland (A/A2)
	5,120,000		2.500			07/25/27		1,352,962
	4,700,000		2.750			04/25/28		1,259,053
								4,892,405
Romania – 1.4%
	Republic of Romania (NR/NR)
RON	700,000		4.150			01/26/28		165,121
	2,600,000		3.650			09/24/31		572,064
	Republic of Romania (BBB-/Baa3)
	180,000		3.000			02/14/31		183,465
EUR	130,000		2.000	(c)		04/14/33		143,998
	20,000		2.750	(c)		04/14/41		21,516
								1,086,164
Russia – 7.5%
	Russian Federation Bond (NR/NR)
RUB	50,680,000		6.700			03/14/29		674,264
	26,075,000		7.000			07/30/36		342,835
	114,475,000		7.950			10/07/26		1,625,064
	43,640,000		6.000			10/06/27		565,872
	8,410,000		7.700			03/23/33		119,157
	23,220,000		7.250			05/10/34		315,900
	132,970,000		7.700			03/16/39		1,880,327
	Russian Federation Bond (BBB/Baa3)
	23,825,000		7.050			01/19/28		325,453
								5,848,872
Senegal – 0.1%
	Republic of Senegal (B+/Ba3)
EUR	100,000		5.375			06/08/37		113,953
South Africa – 7.5%
Republic of South Africa (BB/Ba2)
ZAR	20,650,000		10.500			12/21/26		1,539,108
	6,930,000		7.000			02/28/31		387,161
	4,650,000		8.250			03/31/32		275,928
	26,650,000		8.875			02/28/35		1,570,455
	8,100,000		8.500			01/31/37		450,582
	25,784,300		8.750			01/31/44		1,411,633
	4,620,000		8.750			02/28/48		252,513
								5,887,380
Thailand – 9.1%
	Thailand Government Bond (NR/NR)
THB	4,040,000		1.585			12/17/35		108,783
	23,690,000		3.300			06/17/38		777,250
	1,220,000		3.600			06/17/67		42,172
	Thailand Government Bond (NR/Baa1)
	9,780,000		2.125			12/17/26		305,109
	53,115,667		1.250			03/12/28		1,546,670
	65,970,000		3.775			06/25/32		2,296,635
	Thailand Government Bond (A-/Baa1)
	61,430,000		3.850			12/12/25		2,037,952
								7,114,571
Sovereign Debt Obligations – (continued)
Turkey – 2.6%
	Republic of Turkey (NR/NR)
TRY	9,925,000		12.200			01/18/23		1,050,757
	4,460,000		10.600			02/11/26		393,065
	805,000		11.000			02/24/27		69,339
	6,050,000		11.700			11/13/30		497,307
								2,010,468
Ukraine – 0.3%
	Ukraine Government Bond (B/NR)
EUR	100,000		4.375			01/27/30		107,437
	100,000		4.375	(c)		01/27/30		107,437
								214,874
Uruguay – 0.3%
	Republic of Uruguay (BBB/NR)
UYU	4,593,653		3.875			07/02/40		122,196
	Republic of Uruguay (BBB/Baa2)
	4,777,030		4.375			12/15/28		131,962
								254,158
	TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $59,648,982)						$	56,955,132
Corporate Obligations – 2.5%
China(d) – 0.0%
	iQIYI, Inc. (NR/NR)
$	10,000		2.000	%		04/01/25	$	8,784
	10,000		4.000			12/15/26		8,525
	NIO, Inc. (NR/NR)(c)
	10,000		0.500			02/01/27		8,140
								25,449
Colombia – 0.3%
	Banco de Bogota SA (NR/Ba2)
	200,000		6.250			05/12/26		218,000
Israel(a)(c) – 0.1%
	Leviathan Bond Ltd. (BB-/Ba3)
	50,000		5.750			06/30/23		51,963
Mexico – 0.3%
	Mexico City Airport Trust (BBB/Baa3)
	270,000		3.875			04/30/28		278,741
South Africa – 0.8%
	The African Export-Import Bank (NR/Baa1)(a)(c)
	200,000		3.798			05/17/31		207,398
	The Eastern & Southern African Trade & Development Bank (NR/Baa3)
	390,000		4.875			05/23/24		411,965
								619,363
Thailand(a)(c) – 0.3%
	GC Treasury Center Co. Ltd. (BBB/Baa2)
	200,000		2.980			03/18/31		202,225

74 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
Corporate Obligations – (continued)
Turkey(a)(c)(e) – 0.3%
	Yapi ve Kredi Bankasi A/S (NR/Caa2) (5 year CMT + 7.415%)
$	200,000		7.875	%		01/22/31			$	205,000
Venezuela(f) – 0.4%
	Petroleos de Venezuela SA (NR/NR)
	9,280,000		6.000			10/28/22				324,800
	TOTAL CORPORATE OBLIGATIONS (Cost $4,682,478)								$	1,925,540
Structured Notes – 11.1%
United Kingdom(c) – 4.9%
	Republic of Egypt (Issuer HSBC Bank PLC) (NR/NR)(g)
EGP	7,800,000		0.000	%		12/23/21			$	483,025
	Republic of Indonesia (Issuer Standard Chartered Bank) (NR/NR)
IDR	30,146,000,000		8.750			05/19/31				2,453,805
	12,570,000,000		7.500			08/19/32				941,048
										3,877,878
United States – 6.2%
	Republic of Columbia (Issuer Citibank NA) (NR/NR)
COP	4,226,000,000		11.000			07/25/24				1,237,391
	Republic of Egypt (Issuer Citigroup Global Markets) (NR/NR)(c)(g)
EGP	17,000,000		0.000			05/26/22				999,269
	Republic of Egypt (Issuer JPMorgan Chase Bank NA) (NR/NR)
	8,625,000		0.000	(c)(g)		04/14/22				513,890
	10,850,000		0.000	(c)(g)		03/03/22				655,645
IDR	6,184,000,000		7.500	(c)(e)		06/17/35				455,730
	Republic of Indonesia (Issuer JPMorgan Chase Bank NA) (NR/NR)(c)
	5,558,000,000		7.000			05/17/27				416,486
	7,753,000,000		6.500			02/15/31				545,824
										4,824,235
	TOTAL STRUCTURED NOTES (Cost $9,769,726)								$	8,702,113
U.S. Treasury Obligations – 0.1%
	United States Cash Management Bill(g)
$	28,000		0.000	%		01/25/22			$	27,996
	United States Treasury Notes
	72,000		1.750			09/30/22				73,181
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $100,064)								$	101,177
Shares		Dividend Rate					Value
Investment Company(h) – 4.4%
	Goldman Sachs Financial Square Government Fund – Institutional Shares
	3,433,325	0.026%					$	3,433,325
	(Cost $3,433,325)
	TOTAL INVESTMENTS – 90.9% (Cost $77,634,575)						$	71,117,287
	OTHER ASSETS IN EXCESS OF     LIABILITIES – 9.1%							7,143,462
	NET ASSETS – 100.0%						$	78,260,750

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, 2021.
(c)	Exempt from registration under Rule 144A of the Securities Act of 1933.
(d)	Security with “Put” features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on September 30, 2021.
(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, 2021.
(f)	Security is currently in default and/or non-income producing.
(g)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(h)	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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

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
HKD	—Hong Kong Dollar
HUF	—Hungarian Forint
IDR	—Indonesian Rupiah
ILS	—Israeli Shekel
INR	—Indian Rupee
JPY	—Japanese Yen
KRW	—South Korean Won
MXN	—Mexican Peso
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
SGD	—Singapore Dollar
THB	—Thai Baht
TRY	—Turkish Lira
TWD	—Taiwan Dollar
USD	—U.S. Dollar
UYU	—Uruguayan Peso
ZAR	—South African Rand
Investment Abbreviations:
BUBOR	—Budapest Interbank Offered Rate
CLICP	—Sinacofi Chile Interbank Rate
CMT	—Constant Maturity Treasury Indexes
EURO	—Euro Offered Rate
HIBOR	—Hong Kong Interbank Offered Rate
JIBAR	—Johannesburg Interbank Agreed Rate
KLIBOR	—Kuala Lumpur Interbank Offered Rate
KWCDC	—South Korean Won Certificate of Deposit
LIBOR	—London Interbank Offered Rate
LLC	—Limited Liability Company
MIBOR	—MIBOR – Mumbai Interbank Offered Rate
NR	—Not Rated
PLC	—Public Limited Company
PRIBOR	—Prague Interbank Offered Rate
TIIE	—La Tasa de Interbank Equilibrium Interest Rate
WIBOR	—Warsaw Interbank Offered Rate

ADDITIONAL INVESTMENT INFORMATION

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS — At September 30, 2021, the Fund had the following forward foreign currency exchange contracts:

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED GAIN

Counterparty	Currency Purchased		Currency Sold		Settlement Date	Unrealized Gain
JPMorgan Securities, Inc.	CAD	1,283,260	EUR	862,032	12/15/21	$	12,967
	CHF	157,798	EUR	145,022	12/15/21		1,397
	CNH	14,474,622	USD	2,226,342	12/15/21		4,900
	EUR	144,055	HUF	51,246,133	12/15/21		2,412
	EUR	144,178	PLN	664,424	12/15/21		270
	EUR	287,192	SEK	2,912,875	12/15/21		225
	GBP	143,275	EUR	166,116	10/14/21		578
	IDR	5,053,692,131	USD	347,070	11/16/21		3,947
	NOK	7,417,538	EUR	721,819	12/15/21		10,468
	RUB	22,595,350	USD	297,873	10/01/21		12,494
	RUB	265,425,403	USD	3,553,263	11/15/21		67,000
	RUB	38,315,517	USD	520,890	11/17/21		1,523
	TRY	1,088,967	USD	106,919	02/23/22		6,562
	TRY	3,587,791	USD	358,303	04/06/22		7,741
	USD	332,767	AUD	453,071	12/15/21		5,094
	USD	1,678,512	BRL	9,030,947	10/04/21		21,468
	USD	1,421,026	CAD	1,793,171	12/15/21		5,288
	USD	2,091,982	CHF	1,922,240	12/15/21		25,226

76 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
JPMorgan Securities, Inc. (continued)	USD	1,098,122	CLP	869,469,805		11/12/21	$	30,187
	USD	1,001,709	EUR	845,442		10/07/21		22,250
	USD	792,426	EUR	669,166		10/12/21		17,112
	USD	769,728	EUR	651,098		10/13/21		15,334
	USD	856,283	EUR	722,479		10/18/21		19,103
	USD	2,003,567	EUR	1,701,670		12/15/21		29,173
	USD	822,941	GBP	595,040		10/18/21		21,166
	USD	852,313	GBP	619,462		12/15/21		17,525
	USD	163,836	IDR	2,351,945,564		11/16/21		475
	USD	163,673	ILS	524,312		12/15/21		922
	USD	684,013	INR	50,744,303		12/07/21		5,713
	USD	1,430,642	JPY	157,576,471		12/15/21		13,764
	USD	1,180,950	KRW	1,380,912,197		11/15/21		15,815
	USD	449,221	MXN	9,087,652		12/15/21		13,815
	USD	1,039,961	NOK	9,032,499		12/15/21		7,367
	USD	853,372	NZD	1,209,341		12/15/21		19,015
	USD	280,728	PEN	1,154,051		11/18/21		1,986
	USD	120,315	PHP	6,070,964		10/26/21		1,806
	USD	310,847	RUB	22,595,350		10/01/21		481
	USD	166,885	RUB	12,215,512		11/15/21		272
	USD	658,509	THB	21,636,613		12/15/21		19,304
	USD	1,687,980	TRY	15,103,092		12/15/21		56,396
	USD	365,601	TRY	3,578,462		04/06/22		509
	USD	685,000	TRY	6,609,908		06/14/22		34,685
	USD	674,168	TWD	18,644,148		10/12/21		3,583
	USD	336,010	TWD	9,320,249		10/18/21		680
	USD	958,739	ZAR	13,852,134		12/15/21		48,583
	ZAR	2,520,778	USD	165,210		12/15/21		418
MS & Co. Int. PLC	MYR	24,354,103	USD	5,720,954		11/12/21		79,713
TOTAL							$	686,712

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc.	AUD	459,847	NZD	482,159		12/15/21	$	(81	)
	AUD	1,233,073	USD	909,104		12/15/21		(17,313	)
	BRL	9,030,948	USD	1,713,920		10/04/21		(56,876	)
	BRL	6,699,905	USD	1,228,067		11/03/21		(4,250	)
	CAD	427,416	USD	338,080		12/15/21		(628	)
	CLP	583,282,568	USD	745,543		11/12/21		(29,121	)
	CNH	1,109,431	USD	171,138		12/15/21		(121	)
	CZK	33,581,739	USD	1,561,401		12/15/21		(30,026	)
	EUR	433,836	AUD	699,572		12/15/21		(2,583	)
	EUR	288,332	CHF	311,986		12/15/21		(900	)
	EUR	143,751	CZK	3,671,116		12/15/21		(618	)
	EUR	166,116	GBP	143,273		10/14/21		(575	)
	EUR	301,216	USD	356,536		10/07/21		(7,572	)
	EUR	144,630	USD	170,955		10/13/21		(3,379	)
	EUR	3,859,620	USD	4,580,989		12/15/21		(102,795	)
	GBP	613,785	EUR	718,688		12/15/21		(6,735	)
	HUF	101,916,688	EUR	286,586		12/15/21		(4,905	)
	HUF	402,118,557	USD	1,325,658		12/15/21		(33,051	)
	IDR	17,277,234,684	USD	1,207,225		11/16/21		(7,191	)

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS WITH UNREALIZED LOSS (continued)

Counterparty	Currency Purchased		Currency Sold		Settlement Date		Unrealized Loss
JPMorgan Securities, Inc. (continued)	INR	116,207,679	USD	1,571,946		12/07/21	$	(18,598	)
	JPY	37,249,826	EUR	288,920		12/15/21		(285	)
	JPY	186,591,948	USD	1,700,522		12/15/21		(22,745	)
	KRW	988,506,672	USD	839,726		11/15/21		(5,681	)
	MXN	85,142,999	USD	4,214,064		12/15/21		(134,713	)
	NOK	1,440,573	EUR	143,106		12/15/21		(1,356	)
	NOK	1,521,559	USD	176,130		12/15/21		(2,185	)
	NZD	752,884	USD	534,307		12/15/21		(14,873	)
	PEN	1,075,933	USD	261,740		11/18/21		(1,866	)
	PLN	656,445	EUR	142,837		12/15/21		(720	)
	PLN	8,749,837	USD	2,290,057		12/15/21		(90,624	)
	RON	6,875,654	USD	1,632,900		12/15/21		(30,312	)
	RUB	22,595,349	USD	310,847		10/01/21		(481	)
	RUB	9,314,593	USD	127,209		11/15/21		(163	)
	RUB	12,241,030	USD	167,194		11/17/21		(294	)
	TRY	6,062,250	USD	685,000		12/14/21		(29,726	)
	TRY	907,823	USD	100,805		12/15/21		(2,733	)
	TWD	29,845,650	USD	1,078,385		10/12/21		(4,909	)
	TWD	9,447,912	USD	341,882		10/18/21		(1,958	)
	USD	3,885,183	CNH	25,293,165		12/15/21		(13,721	)
	USD	923,708	COP	3,543,739,152		10/29/21		(4,942	)
	USD	334,110	JPY	37,185,370		12/15/21		(249	)
	USD	298,679	RUB	22,595,349		10/01/21		(11,687	)
	USD	1,228,040	RUB	91,645,849		11/15/21		(21,961	)
	USD	2,145,693	RUB	161,097,875		11/17/21		(50,796	)
	USD	330,845	SGD	450,031		12/15/21		(541	)
	USD	331,889	THB	11,257,348		12/15/21		(684	)
	USD	70,526	TRY	685,338		02/23/22		(893	)
	USD	337,766	TWD	9,398,349		10/12/21		(269	)
	ZAR	19,360,972	USD	1,303,992		12/15/21		(31,880	)
TOTAL							$	(810,565	)

FUTURES CONTRACTS — At September 30, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date		Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		8			12/21/21	$	1,528,500		$	(49,477	)
Ultra 10 Year U.S. Treasury Notes		44			12/21/21		6,391,000			(103,161	)
2 Year U.S. Treasury Notes		14			12/31/21		3,080,766			(1,995	)
5 Year U.S. Treasury Notes		1			12/31/21		122,742			209
Total									$	(154,424	)
Short position contracts:
10 Year U.S. Treasury Notes		(16	)		12/21/21		(2,105,750	)		8,248
20 Year U.S. Treasury Bonds		(34	)		12/21/21		(5,413,438	)		116,939
Total									$	125,187
TOTAL FUTURES CONTRACTS									$	(29,237	)

78 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, 2021, the Fund had the following swap contracts:

OVER THE COUNTER INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund(a)	Payments Received by the Fund(a)	Counterparty	Termination Date		Notional Amount (000s)			Value			Upfront Payments (Received) Paid			Unrealized Appreciation/ (Depreciation)
3M KLIBOR	3.000%	BofA Securities LLC		12/15/31	MYR	3,400	(b)	$	(16,719	)	$	(4,486	)	$	(12,233	)
3M KLIBOR	3.650	Citibank NA		02/27/24		3,020			23,614			—			23,614
3M KLIBOR	2.131	Citibank NA		02/02/26		2,240			(11,822	)		—			(11,822	)
3M KLIBOR	3.500	MS & Co. Int. PLC		06/16/26		1,030			(7,957	)		(8,401	)		444
3M KLIBOR	3.693	MS & Co. Int. PLC		03/01/24		5,490			43,986			—			43,986
3M KLIBOR	3.605	MS & Co. Int. PLC		03/06/24		25,010			187,002			—			187,002
3M KLIBOR	3.330	MS & Co. Int. PLC		05/31/24		2,610			15,911			—			15,911
3M KLIBOR	3.250	MS & Co. Int. PLC		12/18/24		2,000			11,340			347			10,993
3M KLIBOR	2.000	MS & Co. Int. PLC		06/16/26		3,270			(25,261	)		(4,238	)		(21,023	)
TOTAL								$	220,094		$	(16,778	)	$	236,872

(a) Payments made quarterly.

(b) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2021.

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund	Termination Date	Notional Amount (000s)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
0.250%(b)	3M WIBOR(c)	12/16/21	PLN	30,110	$	(14,387	)	$	(334	)	$	(14,053	)
0.505(d)	6M CLICP(d)	12/16/21	CLP	7,500,000		43,665			—			43,665
1M BID Avg(b)	3.390%(b)	01/03/22	BRL	22,230		(43,609	)		—			(43,609	)
1M BID Avg(b)	4.120(b)	01/03/22		25,550		50,313			(20,063	)		70,376
5.800(b)	1M BID Avg(b)	01/02/23		8,000		37,840			3,099			34,741
1M BID Avg(e)	4.230(e)	01/02/23		13,430		(104,479	)		(47,956	)		(56,523	)
1M BID Avg(b)	7.200(b)	01/02/23		17,590		(54,729	)		1,346			(56,075	)
6M MIBOR(d)	4.290(d)	07/23/23	INR	391,300		2,919			(687	)		3,606
3M CNY(c)	2.500(c)	09/15/23	CNY	69,460		41,221			13,921			27,300
1.250(c)	3M KWCDC(c)	09/15/23	KRW	5,897,962		29,857			10,418			19,439
6.200(e)	Mexico IB TIIE 28D(e)	12/13/23	MXN	8,670		3,537			(203	)		3,740
6M EURO(d)	(0.500)(f)	12/15/23	EUR	4,290		(9,719	)		(4,395	)		(5,324	)
1.500(c)	3M KWCDC(c)	12/15/23	KRW	3,632,510		9,648			1,433			8,215
2.650(f)	6M BUBOR(d)	12/15/23	HUF	2,197,538		20,879			3,781			17,098
4.300(d)	6M CLICP(d)	12/15/23	CLP	3,531,670		25,957			(1,619	)		27,576
2.700(f)	6M PRIBOR(d)	12/15/23	CZK	332,940		80,529			(14,526	)		95,055
4.900(c)	Colombia IBR Overnight IB(c)	12/15/23	COP	11,930,260		16,654			(2,692	)		19,346
9.200(b)	1M BID Avg(b)	01/02/24	BRL	2,315		3,662			(10,066	)		13,728
1M BID Avg(b)	4.930(b)	01/02/24		19,310		(232,246	)		(98,792	)		(133,454	)
1.500(c)	3M KWCDC(c)	03/16/24	KRW	13,301,570		53,322			30,752			22,570
6M BUBOR(d)	2.675(f)	09/21/24	HUF	2,405,200		(66,730	)		11,180			(77,910	)
6.320(b)	1M BID Avg(b)	01/02/25	BRL	3,650		51,103			(3,859	)		54,962
6M THBFIX(d)	0.750(d)	12/16/25	THB	63,270		(10,462	)		(46,889	)		36,427
6M WIBOR(d)	0.750(f)	12/16/25	PLN	6,030		(55,043	)		(3,240	)		(51,803	)
6M THBFIX(d)	1.000(d)	09/15/26	THB	117,375		(9,938	)		(2,678	)		(7,260	)
2.750(c)	3M CNY(c)	09/15/26	CNY	1,120		(2,059	)		(1,939	)		(120	)
6M MIBOR(d)	5.500(d)	09/15/26	INR	176,260		20,441			(8,016	)		28,457
6.700(e)	Mexico IB TIIE 28D(e)	12/09/26	MXN	27,915		28,843			530			28,313
(0.250)(f)	6M EURO(d)	12/15/26	EUR	2,180		11,516			(5,251	)		16,767

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (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)(a)		Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1.700%(f)		6M WIBOR(d)	12/15/26	PLN	2,075	$	6,901		$	395		$	6,506
8.495(b)		1M BID Avg(b)	01/04/27	BRL	12,875		118,528			(20,444	)		138,972
9.900(b)		1M BID Avg(b)	01/04/27		3,200		9,006			(17,613	)		26,619
6M THBFIX(d)		1.000%(d)	03/16/27	THB	112,340		(34,235	)		(11,819	)		(22,416	)
2.810(f)		6M BUBOR(d)	09/21/27	HUF	997,850		71,745			(12,757	)		84,502
0.000(f)		6M EURO(d)	12/15/28	EUR	70		(68	)		(938	)		870
3M HIBOR(c)		1.500(c)	09/15/31	HKD	3,240		(743	)		4,224			(4,967	)
1.750(c)		3M KWCDC(c)	09/15/31	KRW	625,869		9,006			(5,263	)		14,269
7.150(e)		Mexico IB TIIE 28D(c)	12/03/31	MXN	21,310		29,060			(531	)		29,591
6M WIBOR(d)		2.000(f)	12/15/31	PLN	4,750		(30,327	)		1,169			(31,496	)
1.750(d)		3M LIBOR(c)	12/15/31	$	990		(16,605	)		(36,523	)		19,918
1.300(f)		3M TELBOR(c)	12/15/31	ILS	2,825		12,742			226			12,516
6M CLICP(d)		5.100(d)	12/15/31	CLP	830,300		(33,591	)		(509	)		(33,082	)
Colombia IBR Overnight IB(c)		6.400(c)	12/15/31	COP	4,634,250		(29,175	)		3,621			(32,796	)
3.050(f)		6M BUBOR(d)	12/15/31	HUF	397,940		38,476			2,996			35,480
0.000(f)		6M EURO(d)	12/15/31	EUR	760		16,843			1,607			15,236
2.200(f)		6M PRIBOR(d)	12/15/31	CZK	21,600		25,330			(2,252	)		27,582
3M JIBAR(c)		7.400(c)	12/15/31	ZAR	6,000		(8,721	)		(1,762	)		(6,959	)
0.250(f)		6M EURO(d)	12/15/36	EUR	160		4,772			202			4,570
TOTAL						$	117,449		$	(292,716	)	$	410,165

(a) Represents forward starting interest rate swaps whose effective dates of commencement of accruals and cash flows occur subsequent to September 30, 2021.

(b) Payments made at maturity.

(c) Payments made quarterly.

(d) Payments made semi-annually.

(e) Payments made monthly.

(f) Payments made annually.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)	Credit Spread at September 30, 2021(b)			Counterparty		Termination Date		Notional Amount (000s)		Value		Upfront Premiums (Received) Paid		Unrealized Appreciation/ (Depreciation)
Protection Sold:
People’s Republic of China, 7.500%, 10/28/27	1.000%		0.179	%		MS & Co. Int. PLC		12/20/23	$	6,780	$	126,909	$	73,911	$	52,998

(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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

ADDITIONAL INVESTMENT INFORMATION (continued)

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS

Referenced Obligation/Index	Financing Rate Received/(Paid) by the Fund(a)		Credit Spread at September 30, 2021(b)			Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Republic of Colombia, 10.375%, 01/28/33		1.000%		1.063	%		06/20/24	$	70	$	(98	)	$	234		$	(332	)
People’s Republic of China, 7.500%, 10/28/27		1.000		0.102			06/20/22		1,210		8,298			6,286			2,012
State of Qatar, 9.750%, 06/15/30		1.000		0.249			12/20/24		410		10,102			7,412			2,690
Russian Federation, 7.500%, 03/31/30		1.000		0.640			06/20/25		200		2,729			(685	)		3,414
Republic of South Africa, 5.875%, 03/16/22		1.000		2.105			12/20/26		220		(11,999	)		(10,565	)		(1,434	)
CDX.NA.EM Index 36		1.000		1.808			12/20/26		320		(12,640	)		(11,137	)		(1,503	)
Republic of Indonesia, 5.875%, 03/13/20		1.000		0.819			12/20/26		600		5,699			7,733			(2,034	)
Kingdom of Saudi Arabia, 2.375%, 10/26/21		1.000		0.542			12/20/26		410		9,802			9,407			395
TOTAL										$	11,893		$	8,685		$	3,208

(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.

NON-DELIVERABLE BOND FORWARD CONTRACTS^(a)

Counterparty	Notional Amount (000s)	Reference Obligation	Settlement Date	Unrealized Gain (Loss)*
Bank of America	COP 574,899,013	Colombia Domestic Bond, 6.25%, 10/12/21	10/12/21	$	(875	)

* 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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

ADDITIONAL INVESTMENT INFORMATION (continued)

PURCHASED AND WRITTEN OPTIONS CONTRACTS — At September 30, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER OPTIONS ON FOREIGN CURRENCY

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
Call EUR/Put GBP	HSBC Bank PLC	$	0.867		10/12/2021		570,000		$	570,000		$	890		$	1,532		$	(642	)
Call EUR/Put USD	MS & Co. Int. PLC		1.195		10/05/2021		2,399,000			2,399,000			3			8,637			(8,634	)
Call EUR/Put USD	HSBC Bank PLC		1.194		10/08/2021		2,313,000			2,313,000			2			7,914			(7,912	)
Call EUR/Put USD	BNP Paribas SA		1.193		10/11/2021		2,309,000			2,309,000			5			7,810			(7,805	)
Call EUR/Put USD	MS & Co. Int. PLC		1.193		10/14/2021		2,316,000			2,316,000			27			8,101			(8,074	)
Call GBP/Put USD	CS International (London)		1.395		10/14/2021		1,973,000			1,973,000			64			9,270			(9,206	)
Total purchased option contracts							11,880,000		$	11,880,000		$	991		$	43,264		$	(42,273	)
Written option contracts
Calls
Call EUR/Put USD	BNP Paribas SA		1.183		10/11/2021		(577,000	)		(577,000	)		(23	)		(4,190	)		4,167
Call GBP/Put USD	CS International (London)		1.383		10/14/2021		(493,000	)		(493,000	)		(105	)		(4,767	)		4,662
Call EUR/Put USD	HSBC Bank PLC		1.184		10/08/2021		(578,000	)		(578,000	)		(10	)		(4,136	)		4,126
Call EUR/Put USD	MS & Co. Int. PLC		1.185		10/05/2021		(600,000	)		(600,000	)		(1	)		(4,489	)		4,488
Call EUR/Put USD	MS & Co. Int. PLC		1.185		10/14/2021		(579,000	)		(579,000	)		(41	)		(3,835	)		3,794
							(2,827,000	)	$	(2,827,000	)	$	(180	)	$	(21,417	)	$	21,237
Puts
Put EUR/Call USD	BNP Paribas SA		1.183		10/11/2021		(577,000	)		(577,000	)		(13,893	)		(4,367	)		(9,526	)
Put GBP/Call USD	CS International (London)		1.383		10/14/2021		(493,000	)		(493,000	)		(17,412	)		(4,521	)		(12,891	)
Put EUR/Call USD	HSBC Bank PLC		1.184		10/08/2021		(578,000	)		(578,000	)		(14,783	)		(4,027	)		(10,756	)
Put EUR/Call USD	MS & Co. Int. PLC		1.185		10/05/2021		(600,000	)		(600,000	)		(15,999	)		(4,489	)		(11,510	)
Put EUR/Call USD	MS & Co. Int. PLC		1.185		10/14/2021		(579,000	)		(579,000	)		(15,344	)		(3,834	)		(11,510	)
							(2,827,000	)	$	(2,827,000	)	$	(77,431	)	$	(21,238	)	$	(56,193	)
Total written option contracts							(5,654,000	)	$	(5,654,000	)	$	(77,611	)	$	(42,655	)	$	(34,956	)
TOTAL							6,226,000		$	6,226,000		$	(76,620	)	$	609		$	(77,229	)

Abbreviations:
1M BID Avg	—1 month Brazilian Interbank Deposit Average
CS International (London)	—Credit Suisse International (London)
CDX.NA.EM Index	—CDX North America Emeging Market Index
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC
Mexico IB TIIE 28D	—Mexico Interbank TIIE 28 Days

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – 107.7%
Collateralized Mortgage Obligations – 4.6%
Interest Only(a) – 1.5%
	FHLMC REMIC Series 3852, Class SW(b) (-1x 1M USD LIBOR + 6.000%)
$	181,606		5.916	%		05/15/41	$	27,403
	FHLMC REMIC Series 4286, Class SN(b) (-1x1M USD LIBOR + 6.000%)
	1,740,327		5.916			12/15/43		268,393
	FHLMC REMIC Series 4314, Class SE(b) (-1x 1M USD LIBOR + 6.050%)
	160,848		5.966			03/15/44		24,194
	FHLMC REMIC Series 4456, Class IO
	97,108		4.500			10/15/44		15,123
	FHLMC REMIC Series 4468, Class SY(b) (-1x 1M USD LIBOR + 6.100%)
	160,454		6.016			05/15/45		30,092
	FHLMC REMIC Series 4583, Class ST(b) (-1x 1M USD LIBOR + 6.000%)
	696,578		5.916			05/15/46		120,618
	FHLMC REMIC Series 4929, Class SC(b) (-1X 1M USD LIBOR + 6.050%)
	340,234		5.964			10/25/48		51,031
	FHLMC REMIC Series 4998, Class GI
	658,727		4.000			08/25/50		104,260
	FHLMC REMIC Series 5009, Class DI
	1,262,115		2.000			09/25/50		137,332
	FHLMC REMIC Series 5012, Class DI
	243,782		4.000			09/25/50		38,430
	FNMA REMIC Series 2007-36, Class SN(b) (-1x1M USD LIBOR + 6.770%)
	250,052		6.684			04/25/37		51,027
	FNMA REMIC Series 2008-17, Class SI(b) (-1x1M USD LIBOR + 6.300%)
	319,363		6.214			03/25/38		57,469
	FNMA REMIC Series 2011-124, Class SC(b) (-1x 1M USD LIBOR + 6.550%)
	137,851		6.464			12/25/41		23,854
	FNMA REMIC Series 2012-88, Class SB(b) (-1x 1M USD LIBOR + 6.670%)
	181,093		6.584			07/25/42		29,516
	FNMA REMIC Series 2017-104, Class SB(b) (-1x1M USD LIBOR + 6.150%)
	499,607		6.064			01/25/48		88,842
	FNMA REMIC Series 2017-86, Class SB(b) (-1x 1M USD LIBOR + 6.150%)
	595,828		6.064			11/25/47		108,309
	FNMA REMIC Series 2018-8, Class SA(b) (-1x 1M USD LIBOR + 6.150%)
	421,950		6.064			02/25/48		61,446
	FNMA REMIC Series 2019-81, Class SD(b) (-1x1M USD LIBOR + 6.000%)
	294,783		5.914			01/25/50		42,056
	FNMA REMIC Series 2020-38, Class TI
	670,741		4.000			06/25/50		99,644
	FNMA REMIC Series 2020-60, Class KI
	1,289,974		2.000			09/25/50		137,709
	FNMA REMIC Series 2020-60, Class NI
	226,401		4.000			09/25/50		35,690
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
	GNMA REMIC Series 2010-20, Class SE(b) (-1x 1M USD LIBOR + 6.250%)
	203,678		6.163			02/20/40		37,218
	GNMA REMIC Series 2013-124, Class CS(b) (-1x 1M USD LIBOR + 6.050%)
	841,041		5.963			08/20/43		168,578
	GNMA REMIC Series 2014-11, Class KI
	72,968		4.500			12/20/42		3,906
	GNMA REMIC Series 2014-117, Class SJ(b) (-1x 1M USD LIBOR + 5.600%)
	1,966,612		5.513			08/20/44		349,846
	GNMA REMIC Series 2014-132, Class SL(b) (-1x 1M USD LIBOR + 6.100%)
	271,918		6.013			10/20/43		29,479
	GNMA REMIC Series 2015-111, Class IM
	483,801		4.000			08/20/45		58,258
	GNMA REMIC Series 2015-111, Class SM(b) (-1x1M USD LIBOR + 6.200%)
	180,350		6.113			08/20/45		31,848
	GNMA REMIC Series 2015-119, Class SN(b) (-1x 1M USD LIBOR + 6.250%)
	362,712		6.163			08/20/45		63,785
	GNMA REMIC Series 2015-129, Class IC
	333,081		4.500			09/16/45		52,247
	GNMA REMIC Series 2015-72, Class JI
	18,392		3.500			05/20/45		1,073
	GNMA REMIC Series 2015-83, Class PI
	38,830		3.500			06/20/45		3,105
	GNMA REMIC Series 2015-90, Class PI
	21,635		3.500			04/20/45		944
	GNMA REMIC Series 2016-1, Class ST(b) (-1x 1M USD LIBOR + 6.200%)
	171,129		6.113			01/20/46		28,844
	GNMA REMIC Series 2016-138, Class DI
	111,767		4.000			10/20/46		16,085
	GNMA REMIC Series 2016-27, Class IA
	321,601		4.000			06/20/45		30,116
	GNMA REMIC Series 2017-112, Class SJ(b) (-1x 1M USD LIBOR + 5.660%)
	535,538		5.573			07/20/47		80,763
	GNMA REMIC Series 2018-105, Class SC(b) (-1x 1M USD LIBOR + 6.200%)
	286,270		6.113			08/20/48		40,935
	GNMA REMIC Series 2018-124, Class SN(b) (-1x 1M USD LIBOR + 6.200%)
	981,609		6.113			09/20/48		172,144
	GNMA REMIC Series 2018-139, Class SQ(b) (-1x 1M USD LIBOR + 6.150%)
	473,194		6.063			10/20/48		66,326
	GNMA REMIC Series 2018-67, Class PS(b) (-1x 1M USD LIBOR + 6.200%)
	789,528		6.113			05/20/48		117,904
	GNMA REMIC Series 2018-7, Class DS(b) (-1x1M USD LIBOR + 5.700%)
	617,777		5.613			01/20/48		103,112

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Interest Only(a) – (continued)
	GNMA REMIC Series 2019-1, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
$	404,677		5.963	%		01/20/49	$	57,334
	GNMA REMIC Series 2019-110, Class SD(b) (-1x 1M USD LIBOR + 6.100%)
	780,832		6.013			09/20/49		112,915
	GNMA REMIC Series 2019-110, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	793,906		6.013			09/20/49		107,023
	GNMA REMIC Series 2019-128, Class IO
	661,506		4.000			10/20/49		86,046
	GNMA REMIC Series 2019-151, Class NI
	2,304,164		3.500			10/20/49		229,060
	GNMA REMIC Series 2019-153, Class EI
	3,294,634		4.000			12/20/49		465,006
	GNMA REMIC Series 2019-153, Class SC(b) (-1X 1M USD LIBOR + 6.050%)
	250,755		5.963			12/20/49		39,076
	GNMA REMIC Series 2019-20, Class SF(b) (-1x 1M USD LIBOR + 3.790%)
	725,419		3.703			02/20/49		56,522
	GNMA REMIC Series 2019-4, Class SJ(b) (-1x 1M USD LIBOR + 6.050%)
	758,895		5.963			01/20/49		117,576
	GNMA REMIC Series 2019-6, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
	267,797		5.963			01/20/49		40,836
	GNMA REMIC Series 2019-78, Class SE(b) (-1x 1M USD LIBOR + 6.100%)
	274,001		6.013			06/20/49		39,065
	GNMA REMIC Series 2019-97, Class SC(b) (-1x 1M USD LIBOR + 6.100%)
	570,651		6.013			08/20/49		86,552
	GNMA REMIC Series 2020-11, Class SN(b) (-1x 1M USD LIBOR + 6.050%)
	599,804		5.963			01/20/50		98,898
	GNMA REMIC Series 2020-146, Class IM
	1,540,135		2.500			10/20/50		188,473
	GNMA REMIC Series 2020-146, Class KI
	2,142,963		2.500			10/20/50		217,383
	GNMA REMIC Series 2020-173, Class AI
	608,151		2.500			11/20/50		30,206
	GNMA REMIC Series 2020-21, Class SA(b) (-1x 1M USD LIBOR + 6.050%)
	980,092		5.963			02/20/50		168,530
	GNMA REMIC Series 2020-55, Class AS(b) (-1x 1M USD LIBOR + 6.050%)
	399,970		5.963			04/20/50		71,093
	GNMA REMIC Series 2020-55, Class IO
	443,717		3.500			04/20/50		58,378
	GNMA REMIC Series 2020-78, Class DI
	1,107,866		4.000			06/20/50		124,163
	GNMA Series 2019-78, Class SA(b) (-1X 1M USD LIBOR + 6.050%)
	555,721		5.963			06/20/49		91,019
								5,494,108
Mortgage-Backed Obligations – (continued)
Regular Floater(b) – 1.0%
	FHLMC STACR REMIC Trust Series 2020-DNA3, Class M2(c) (1M USD LIBOR + 3.000%)
	150,639		3.086			06/25/50		151,221
	FNMA REMIC Series 2011-63, Class FG (1M USD LIBOR + 0.450%)
	63,510		0.536			07/25/41		64,299
	FNMA REMIC Series 2017-96, Class FA (1M USD LIBOR + 0.400%)
	1,473,798		0.486			12/25/57		1,488,273
	GNMA REMIC Series 2017-182, Class FN (1M USD LIBOR + 0.300%)
	1,821,389		0.385			12/16/47		1,831,579
								3,535,372
Sequential Fixed Rate – 1.3%
	FHLMC REMIC Series 2042, Class N
	22,983		6.500			03/15/28		25,584
	FHLMC REMIC Series 3748, Class D
	56,328		4.000			11/15/39		56,879
	FHLMC REMIC Series 4577, Class HM(d)
	418,780		4.000			12/15/50		466,506
	FNMA REMIC Series 2000-16, Class ZG
	86,305		8.500			06/25/30		102,182
	FNMA REMIC Series 2005-59, Class KZ
	536,120		5.500			07/25/35		604,632
	FNMA REMIC Series 2011-52, Class GB
	261,938		5.000			06/25/41		293,163
	FNMA REMIC Series 2011-99, Class DB
	279,467		5.000			10/25/41		312,199
	FNMA REMIC Series 2012-111, Class B
	42,658		7.000			10/25/42		50,147
	FNMA REMIC Series 2012-153, Class B
	167,545		7.000			07/25/42		200,733
	FNMA REMIC Series 2017-87, Class EA
	2,609,781		3.000			04/25/44		2,755,600
								4,867,625
Sequential Floating Rate(b) – 0.8%
	Adjustable Rate Mortgage Trust Series 2004-5, Class 2A1
	29,495		2.719			04/25/35		29,495
	Bear Stearns ALT-A Trust Series 2005-5, Class 21A1
	103,527		3.008			07/25/35		103,417
	Countrywide Alternative Loan Trust Series 2005-38, Class A1 (12M MTA + 1.500%)
	52,075		1.592			09/25/35		50,028
	FHLMC STACR REMIC Trust Series 2020-DNA5, Class M2(c) (SOFR30A + 2.800%)
	187,529		2.850			10/25/50		189,746
	FHLMC STACR REMIC Trust Series 2021-DNA5, Class M2(c) (SOFR30A + 1.650%)
	120,000		1.700			01/25/34		120,827
	FHLMC Structured Agency Credit Risk Debt Notes Series 2015-HQ2, Class M3 (1M USD LIBOR + 3.250%)
	384,816		3.336			05/25/25		390,829
	FHLMC Structured Agency Credit Risk Debt Notes Series 2017-DNA3, Class M2 (1M USD LIBOR + 2.500%)
	680,000		2.586			03/25/30		695,945

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Sequential Floating Rate(b) – (continued)
	FNMA Connecticut Avenue Securities Series 2016-C03, Class 1M2 (1M USD LIBOR + 5.300%)
$	22,833		5.386	%		10/25/28	$	23,983
	FNMA Connecticut Avenue Securities Series 2016-C06, Class 1M2 (1M USD LIBOR + 4.250%)
	222,409		4.336			04/25/29		230,765
	HarborView Mortgage Loan Trust Series 2005-16, Class 2A1A (1M USD LIBOR + 0.480%)
	34,598		0.567			01/19/36		33,675
	Impac CMB Trust Series 2004-08, Class 1A (1M USD LIBOR + 0.720%)
	13,719		0.806			10/25/34		13,410
	JPMorgan Mortgage Trust Series 2021-6, Class A3(c)
	493,604		2.500			10/25/51		499,427
	Morgan Stanley Mortgage Loan Trust Series 2004-8AR, Class 4A1
	165,538		2.409			10/25/34		167,339
	New Residential Mortgage Loan Trust Series 2015-1A, Class A1(c)
	118,035		3.750			05/28/52		125,164
	Wells Fargo Mortgage Backed Securities Trust Series 2019-3, Class A1(c)
	66,614		3.500			07/25/49		67,439
								2,741,489
	TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS						$	16,638,594
Commercial Mortgage-Backed Securities – 4.5%
Sequential Fixed Rate – 4.0%
	Cantor Commercial Real Estate Lending Series 2019-CF3, Class A4
$	1,900,000		3.006	%		01/15/53	$	2,029,984
	BANK Series 2018-BK15, Class D(c)
	800,000		3.000			11/15/61		690,365
	Citigroup Commercial Mortgage Trust Series 2017-P8, Class D(c)
	1,000,000		3.000			09/15/50		897,848
	JPMBD Commercial Mortgage Series 2017-C7, Class D(c)
	670,000		3.000			10/15/50		623,166
	Morgan Stanley Capital I Trust Series 2018-L1, Class D(c)
	900,000		3.000			10/15/51		818,616
	Wells Fargo Commercial Mortgage Trust Series 2017-RB1, Class D(c)
	300,000		3.401			03/15/50		287,375
	Wells Fargo Commercial Mortgage Trust Series 2017-C38, Class D(c)
	300,000		3.000			07/15/50		273,244
	BANK Series 2018-BNK14, Class D(c)
	200,000		3.000			09/15/60		179,500
	BANK Series 2019-BNK19, Class D(c)
	100,000		3.000			08/15/61		91,735
	Benchmark Mortgage Trust Series 2019-B13, Class D(c)
	300,000		2.500			08/15/57		259,876
	Citigroup Commercial Mortgage Trust Series 2017-P7, Class D(c)
	125,000		3.250			04/14/50		105,239
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D(c)
	150,000		3.060			10/15/48		145,461
Mortgage-Backed Obligations – (continued)
Sequential Fixed Rate – (continued)
	DOLP Trust Series 2021-NYC, Class A(c)
	800,000		2.956			05/10/41		845,240
	BBCMS Mortgage Trust Series 2018-C2, Class A4
	2,650,000		4.047			12/15/51		2,999,959
	Morgan Stanley Capital I Trust Series 2018-L1, Class A3
	3,800,000		4.139			10/15/51		4,305,184
								14,552,792
Sequential Floating Rate(b) – 0.5%
	BANK Series 2018-BN15, Class A4
	900,000		4.407			11/15/61		1,041,664
	Benchmark Mortgage Trust Series 2018-B6, Class D(c)
	220,000		3.261			10/10/51		200,854
	Citigroup Commercial Mortgage Trust Series 2016-GC36, Class C
	400,000		4.908			02/10/49		416,138
	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C23, Class D(c)
	150,000		4.282			07/15/50		151,742
	Wells Fargo Commercial Mortgage Trust Series 2016-C37, Class D(c)
	100,000		3.338			12/15/49		94,387
								1,904,785
	TOTAL COMMERCIAL MORTGAGE- BACKED SECURITIES						$	16,457,577
Federal Agencies – 98.6%
Adjustable Rate FHLMC(b) – 0.0%
	(1 Year CMT + 2.107%)
$	5,850		2.216	%		10/01/34	$	6,191
	(1 Year CMT + 2.186%)
	7,567		2.240			09/01/33		7,974
	(1 Year CMT + 2.250%)
	18,125		2.375			04/01/33		19,025
	8,685		2.375			11/01/34		9,161
	6,597		2.375			02/01/35		6,963
	22,336		2.345			06/01/35		23,541
								72,855
Adjustable Rate FNMA(b) – 0.1%
	(1 Year CMT + 2.195%)
	2,289		2.278			07/01/33		2,409
	7,301		2.321			02/01/35		7,718
	(1 Year CMT + 2.279%)
	56,710		2.305			06/01/33		59,609
	(1 Year CMT + 2.311%)
	690		2.394			04/01/34		727
	(12M USD LIBOR + 1.621%)
	18,071		1.996			03/01/35		19,016
	(12M USD LIBOR + 1.645%)
	19,542		2.037			12/01/33		20,477
	(12M USD LIBOR + 1.670%)
	7,980		2.130			11/01/34		8,394
	(12M USD LIBOR + 1.810%)
	8,800		2.185			04/01/35		9,307

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
Adjustable Rate FNMA(b) – (continued)
	(12M USD LIBOR + 2.040%)
$	22,096		2.361	%		05/01/35	$	23,389
	(6M USD LIBOR + 1.412%)
	3,470		1.592			06/01/33		3,593
	(COF + 1.250%)
	101		1.556			07/01/22		101
	5,373		1.513			07/01/27		5,416
	6,319		1.513			11/01/27		6,368
	3,694		1.513			01/01/31		3,739
	5,543		1.513			06/01/32		5,616
	5,637		1.556			08/01/32		5,711
	7,418		1.556			05/01/33		7,520
	54,830		1.532			08/01/33		55,475
	2,389		1.513			11/01/35		2,421
	11,314		1.513			12/01/37		11,405
	4,588		1.513			01/01/38		4,626
	6,076		1.513			11/01/40		6,149
								269,186
Adjustable Rate GNMA(b) – 4.3% (1 Year CMT + 1.500%)
	14,945,478		2.500			08/20/51		15,441,413
	3,059		1.875			06/20/23		3,079
	1,573		2.250			07/20/23		1,585
	1,544		2.250			08/20/23		1,556
	3,604		2.250			09/20/23		3,626
	1,405		2.000			03/20/24		1,422
	13,083		1.875			04/20/24		13,221
	1,860		1.875			05/20/24		1,885
	12,906		1.875			06/20/24		13,036
	3,141		2.000			06/20/24		3,181
	9,977		2.250			07/20/24		10,089
	13,217		2.250			08/20/24		13,357
	4,136		2.250			09/20/24		4,175
	5,115		2.125			11/20/24		5,191
	1,852		2.125			12/20/24		1,880
	4,392		2.500			12/20/24		4,486
	3,623		2.000			01/20/25		3,692
	2,193		2.000			02/20/25		2,236
	8,785		2.000			05/20/25		8,932
	8,301		2.250			07/20/25		8,445
	3,524		2.000			02/20/26		3,593
	185		2.250			07/20/26		188
	9,184		2.000			01/20/27		9,413
	3,580		2.000			02/20/27		3,661
	30,474		1.875			04/20/27		31,013
	3,115		1.875			05/20/27		3,171
	5,060		1.875			06/20/27		5,153
	1,675		2.125			11/20/27		1,706
	5,013		2.125			12/20/27		5,107
	10,554		2.000			01/20/28		10,825
	3,556		2.000			02/20/28		3,648
	3,787		2.000			03/20/28		3,886
	18,618		2.250			07/20/29		19,117
	8,812		2.250			08/20/29		9,049
	2,298		2.250			09/20/29		2,360
	9,815		2.125			10/20/29		10,035
Mortgage-Backed Obligations – (continued)
Adjustable Rate GNMA(b) – (continued)
	14,457		2.125			11/20/29		14,818
	2,529		2.125			12/20/29		2,602
	3,796		2.000			01/20/30		3,914
	1,229		2.000			02/20/30		1,268
	9,807		2.000			03/20/30		10,115
	10,606		1.875			04/20/30		10,853
	16,232		1.875			05/20/30		16,619
	14,768		2.000			05/20/30		15,254
	3,608		1.875			06/20/30		3,697
	25,938		2.250			07/20/30		26,804
	5,562		2.250			09/20/30		5,755
	9,428		2.125			10/20/30		9,733
								15,789,844
FHLMC – 8.0%
	40,205		5.000			10/01/33		45,471
	1,985		5.000			07/01/35		2,261
	1,079		4.500			08/01/35		1,212
	4,093		4.500			09/01/35		4,600
	1,162		4.500			10/01/35		1,307
	50,763		5.000			12/01/35		57,248
	1,806		5.000			02/01/37		2,038
	17,830		4.500			01/01/38		20,038
	769		4.500			06/01/38		864
	29,098		4.500			09/01/38		32,547
	102		4.500			01/01/39		114
	15,970		4.500			02/01/39		17,840
	5,760		4.500			03/01/39		6,434
	1,507		4.500			04/01/39		1,684
	41,312		4.500			05/01/39		46,146
	112,332		5.000			05/01/39		127,551
	128,294		4.500			06/01/39		143,311
	2,658		4.500			07/01/39		2,969
	198,294		5.000			07/01/39		223,999
	3,208		4.500			08/01/39		3,584
	5,808		4.500			09/01/39		6,488
	1,524		4.500			10/01/39		1,702
	992		4.500			11/01/39		1,108
	960		4.500			12/01/39		1,073
	4,493		4.500			01/01/40		5,020
	2,486		4.500			04/01/40		2,775
	4,431		4.500			05/01/40		4,946
	10,459		4.000			06/01/40		11,502
	6,480		4.500			06/01/40		7,234
	2,871		4.500			07/01/40		3,205
	933		4.500			08/01/40		1,041
	4,311		5.000			08/01/40		4,903
	11,585		5.000			10/01/40		13,193
	76,405		4.000			02/01/41		84,019
	24,156		4.500			02/01/41		26,955
	4,571		4.500			03/01/41		5,100
	9,624		4.500			04/01/41		10,739
	10,155		4.500			05/01/41		11,332
	19,610		4.500			06/01/41		21,881
	1,180		5.000			06/01/41		1,344
	51,253		4.500			08/01/41		57,191

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
FHLMC – (continued)
$	54,453		4.500	%		09/01/41	$	60,783
	46,116		4.000			10/01/41		51,042
	6,039		4.000			11/01/41		6,622
	3,210		4.500			12/01/41		3,582
	344,355		4.000			03/01/42		379,098
	43,602		4.500			03/01/42		48,655
	16,629		3.000			05/01/42		17,729
	246,601		3.500			06/01/42		269,020
	488,264		4.500			06/01/42		544,946
	71,096		3.000			08/01/42		76,252
	63,606		3.500			08/01/42		68,864
	29,639		3.000			10/01/42		31,801
	161,539		3.500			10/01/42		174,893
	455,198		3.000			11/01/42		489,680
	103,575		3.500			11/01/42		112,137
	806,874		3.000			12/01/42		868,912
	1,412,614		3.000			01/01/43		1,521,990
	124,812		3.000			02/01/43		133,595
	1,351,895		3.500			08/01/43		1,465,489
	670,196		4.000			08/01/43		738,915
	343,183		4.000			01/01/44		377,402
	413,767		3.500			02/01/44		448,548
	375,225		3.500			06/01/44		409,644
	11,156		4.000			11/01/44		12,397
	43,876		3.500			02/01/45		48,122
	80,252		3.500			03/01/45		88,018
	11,074		3.500			08/01/45		11,924
	11,700		3.500			09/01/45		12,598
	29,719		3.500			11/01/45		31,981
	2,152,042		3.500			03/01/46		2,336,799
	361,728		3.500			05/01/46		390,750
	406,501		3.500			06/01/46		437,310
	171,369		3.500			07/01/46		184,357
	26,825		3.500			10/01/46		28,859
	36,993		3.500			12/01/46		39,730
	8,932,877		3.000			05/01/47		9,587,236
	278,160		3.500			12/01/47		302,024
	3,195,978		3.000			01/01/48		3,422,497
	1,448,516		4.000			06/01/48		1,570,142
	1,226,488		4.000			07/01/48		1,329,472
								29,157,784
FNMA – 5.5%
	2,096		7.000			08/01/31		2,392
	78,062		3.500			07/01/42		84,609
	70,291		3.500			08/01/42		76,077
	49,855		3.500			09/01/42		53,959
	6,490		3.500			10/01/42		7,024
	12,728		3.500			11/01/42		13,775
	6,640		3.500			01/01/43		7,186
	152,870		3.500			02/01/43		165,453
	19,745		3.500			05/01/43		21,351
	689,799		3.500			07/01/43		745,930
	340,161		3.500			01/01/44		368,160
	17,382		3.500			12/01/44		18,791
	312,808		4.000			03/01/45		343,852
Mortgage-Backed Obligations – (continued)
FNMA – (continued)
	144,460		4.000			04/01/45		158,797
	1,566,029		4.500			06/01/51		1,763,927
	3,046,577		4.000			05/01/56		3,386,065
	3,541,300		4.000			07/01/56		3,943,166
	1,927,733		3.500			08/01/56		2,109,296
	3,464,448		3.500			10/01/56		3,790,746
	2,510,797		4.000			02/01/57		2,790,582
								19,851,138
GNMA – 36.0%
	2,813		6.000			04/15/26		2,963
	167		6.500			01/15/32		182
	704		6.500			02/15/32		793
	210,717		5.500			04/15/33		240,265
	4,258		5.000			11/15/33		4,789
	577		6.500			08/15/34		669
	550		6.500			02/15/36		647
	1,443		6.500			03/15/36		1,691
	2,141		6.500			04/15/36		2,466
	8,379		6.500			05/15/36		9,836
	3,460		6.500			06/15/36		4,058
	21,065		6.500			07/15/36		24,668
	20,636		6.500			08/15/36		24,152
	40,930		6.500			09/15/36		48,134
	19,018		6.500			10/15/36		22,327
	27,833		6.500			11/15/36		32,822
	12,624		6.500			12/15/36		14,813
	6,033		6.500			01/15/37		7,065
	1,553		6.500			03/15/37		1,826
	3,335		6.500			04/15/37		3,926
	816		6.500			05/15/37		936
	1,889		6.500			08/15/37		2,207
	5,910		6.500			09/15/37		6,869
	7,395		6.500			10/15/37		8,843
	2,730		6.500			11/15/37		3,155
	2,173		6.500			05/15/38		2,545
	1,086		6.500			02/15/39		1,275
	187,030		5.000			01/20/40		209,076
	165,907		4.500			05/15/40		185,260
	99,113		5.000			07/15/40		107,339
	148,403		3.500			09/15/42		161,248
	181,930		3.500			02/15/45		196,246
	41,996		4.000			05/20/45		45,765
	31,543		4.000			07/20/45		34,373
	55,392		4.000			10/20/45		60,276
	172,822		4.000			01/20/46		187,629
	719,174		4.500			03/20/46		798,389
	1,571,852		3.000			06/20/46		1,654,908
	1,069,562		3.500			09/20/46		1,139,028
	455,618		3.500			10/20/46		485,209
	479,366		3.500			12/20/46		510,500
	463,267		3.500			01/20/47		493,355
	498,290		3.500			02/20/47		530,653
	2,974,291		4.500			02/20/47		3,270,999
	9,550		3.500			03/20/47		10,126
	318,060		4.500			03/20/47		345,640

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date			Value
Mortgage-Backed Obligations – (continued)
GNMA – (continued)
$	2,360,304		3.500	%		04/20/47		$	2,502,860
	16,165		3.500			05/20/47			17,139
	1,782,893		4.500			05/20/47			1,932,475
	2,476,299		4.000			06/20/47			2,656,731
	303,141		4.500			06/20/47			328,574
	92,095		4.500			07/20/47			99,735
	22,936		3.500			08/20/47			24,317
	872,073		4.500			08/20/47			944,421
	5,516		3.500			09/20/47			5,848
	9,041		3.500			10/20/47			9,585
	599,266		3.500			11/20/47			635,359
	1,154,790		3.500			12/20/47			1,224,342
	1,609,839		3.500			01/20/48			1,706,798
	1,043,293		4.500			09/20/48			1,116,233
	299,350		5.000			09/20/48			323,591
	2,771,708		5.000			11/20/48			2,994,639
	1,254,125		4.500			12/20/48			1,341,218
	1,117,139		5.000			12/20/48			1,206,642
	49,056		3.500			01/20/49			52,011
	1,769,304		4.500			01/20/49			1,892,174
	2,174,243		5.000			01/20/49			2,348,099
	1,427,789		4.000			02/20/49			1,518,995
	611,913		4.500			02/20/49			654,408
	931,198		4.500			03/20/49			996,010
	1,356,177		5.000			03/20/49			1,464,195
	1,681,742		4.000			04/20/49			1,785,754
	1,043,322		4.000			05/20/49			1,107,687
	213,895		5.000			06/20/49			230,731
	3,225,171		3.000			07/20/49			3,374,567
	663,588		4.500			10/20/49			709,001
	17,000,000		2.000			TBA-30yr	(e)		17,239,950
	39,000,000		2.500			TBA-30yr	(e)		40,260,421
	11,000,000		3.000			TBA-30yr	(e)		11,493,838
	15,000,000		3.500			TBA-30yr	(e)		15,774,805
									130,873,094
UMBS – 16.6%
	1,797		7.000			06/01/22			1,814
	1,004		7.000			07/01/22			1,013
	191		4.500			04/01/23			196
	238		4.500			07/01/23			257
	4,699		4.500			08/01/23			5,063
	5,779		4.500			09/01/23			6,227
	1,511		5.000			01/01/33			1,708
	150,977		4.500			07/01/36			168,421
	13,282		4.500			12/01/36			14,816
	134,258		4.500			02/01/39			149,935
	3,691		4.500			03/01/39			4,084
	4,100		4.500			05/01/39			4,539
	2,259		4.500			07/01/39			2,501
	2,460		4.000			08/01/39			2,704
	5,682		4.500			09/01/39			6,346
	8,580		4.500			10/01/39			9,582
	23,302		4.500			02/01/40			25,779
	3,704		4.500			03/01/40			4,137
	52,408		4.500			04/01/40			58,492
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
	20,540		4.500			06/01/40			22,917
	111,851		4.500			09/01/40			124,833
	3,651		4.500			09/01/40			4,074
	5,006		4.500			12/01/40			5,587
	44,288		4.500			01/01/41			49,428
	14,642		4.500			04/01/41			16,335
	27,196		4.500			06/01/41			30,338
	19,399		4.500			07/01/41			21,641
	91,585		4.500			08/01/41			102,183
	93,588		4.500			09/01/41			104,400
	82,796		3.500			10/01/41			90,362
	59,436		4.500			10/01/41			66,304
	24,206		3.500			11/01/41			26,418
	62,474		4.500			11/01/41			69,692
	45,214		4.500			12/01/41			50,438
	84,832		3.500			01/01/42			92,583
	43,225		4.500			01/01/42			47,964
	11,442		3.500			02/01/42			12,487
	307,825		4.000			03/01/42			338,859
	4,970		4.500			03/01/42			5,557
	68,101		4.000			04/01/42			74,967
	13,556		4.500			04/01/42			15,121
	6,693		3.500			05/01/42			7,258
	32,531		3.500			06/01/42			35,503
	65,360		3.000			09/01/42			69,896
	22,127		3.500			09/01/42			24,148
	154,588		3.500			10/01/42			168,713
	369,655		3.000			12/01/42			395,688
	61,545		3.500			12/01/42			67,168
	82,611		3.000			01/01/43			89,327
	30,300		3.000			02/01/43			32,763
	217,189		3.500			02/01/43			236,597
	819,612		3.000			03/01/43			886,226
	750,977		3.500			03/01/43			816,878
	891,775		3.000			04/01/43			964,255
	712,162		3.500			04/01/43			771,832
	331,589		2.500			05/01/43			344,827
	1,068,993		3.000			05/01/43			1,155,876
	140,656		3.500			05/01/43			152,543
	37,909		3.000			06/01/43			41,086
	606,953		3.500			06/01/43			659,942
	320,687		3.000			07/01/43			347,552
	1,843,091		3.500			07/01/43			2,000,575
	915,667		3.500			08/01/43			992,624
	31,086		3.500			09/01/43			33,907
	65,571		3.500			01/01/44			71,500
	22,938		3.500			08/01/44			24,690
	39,582		3.500			09/01/44			42,899
	89,646		3.500			10/01/44			99,070
	38,924		5.000			12/01/44			43,654
	20,672		3.500			01/01/45			22,664
	277,586		4.000			02/01/45			305,525
	104,269		3.500			03/01/45			113,961
	51,219		3.500			04/01/45			55,211
	659,665		3.500			05/01/45			728,598
	1,289,203		4.500			06/01/45			1,433,842

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Principal Amount		Interest Rate			Maturity Date		Value
Mortgage-Backed Obligations – (continued)
UMBS – (continued)
$	72,468		3.500	%		07/01/45	$	78,003
	11,585		3.500			11/01/45		12,462
	282,898		4.000			11/01/45		308,110
	231,533		3.500			01/01/46		249,360
	573,115		3.500			03/01/46		631,807
	176,411		4.000			03/01/46		191,883
	83,851		3.500			04/01/46		92,403
	438,438		3.500			05/01/46		474,115
	104,761		4.000			06/01/46		113,817
	263,979		4.500			06/01/46		289,501
	285,010		3.000			07/01/46		301,315
	318,161		4.000			07/01/46		345,667
	155,898		3.000			08/01/46		164,817
	395,611		4.000			08/01/46		430,532
	644,348		3.000			09/01/46		681,211
	202,620		3.000			10/01/46		214,212
	233,109		4.000			10/01/46		253,261
	829,773		3.000			11/01/46		880,719
	362,098		3.000			12/01/46		382,814
	1,491,580		3.000			01/01/47		1,576,913
	68,359		3.000			02/01/47		72,269
	1,124,123		4.000			02/01/47		1,221,708
	860,491		4.500			02/01/47		957,033
	205,641		3.000			04/01/47		217,594
	551,434		3.500			06/01/47		586,703
	232,335		4.500			11/01/47		256,104
	1,948,549		4.000			02/01/48		2,124,274
	9,193		4.500			02/01/48		9,994
	8,300		4.500			05/01/48		9,002
	446,336		4.500			05/01/48		495,242
	629,780		3.500			06/01/48		670,027
	567,303		4.500			07/01/48		612,577
	1,544,997		4.500			08/01/48		1,667,952
	661,003		4.500			09/01/48		714,427
	10,423		4.500			10/01/48		11,558
	1,469,864		3.500			11/01/48		1,563,800
	897,189		4.500			11/01/48		969,255
	2,139,957		5.000			11/01/48		2,421,621
	657,177		4.500			12/01/48		709,675
	2,182,283		4.000			01/01/49		2,377,723
	657,725		4.500			02/01/49		709,869
	7,261		4.500			05/01/49		7,846
	1,040,792		3.500			07/01/49		1,128,799
	682,437		3.500			08/01/49		740,580
	2,380,105		3.000			09/01/49		2,541,008
	8,485		4.500			11/01/49		9,168
	785,893		4.500			01/01/50		847,446
	92,105		4.500			02/01/50		99,491
	16,633		4.500			02/01/50		17,973
	1,804,334		3.000			03/01/50		1,903,362
	767,266		4.500			04/01/50		829,098
	849,581		4.500			09/01/50		918,030
	9,907,454		2.500			07/01/51		10,298,725
								60,469,755
Mortgage-Backed Obligations – (continued)
UMBS, 30 Year, Single Family(e) – 28.1%
	4,000,000		1.500			TBA-30yr		3,885,621
	75,000,000		2.000			TBA-30yr		75,133,436
	5,000,000		3.000			TBA-30yr		5,232,613
	5,000,000		3.000			TBA-30yr		5,226,363
	10,000,000		2.500			TBA-30yr		10,311,329
	2,000,000		4.500			TBA-30yr		2,162,890
								101,952,252
	TOTAL FEDERAL AGENCIES						$	358,435,908
	TOTAL MORTGAGE-BACKED OBLIGATIONS (Cost $384,365,587)						$	391,532,079
Asset-Backed Securities(b) – 7.9%
Collateralized Loan Obligations(c) – 5.8%
	Arbor Realty Commercial Real Estate Notes Ltd. Series 2018-FL1, Class A (1M USD LIBOR + 1.150%)
$	1,300,000		1.234	%		06/15/28	$	1,300,411
	Battalion CLO Ltd. Series 2018-12A, Class A1 (3M USD LIBOR + 1.070%)
	800,000		1.194			05/17/31		800,371
	CarVal CLO IV Ltd. Series 2021-1A, Class A1A (-1x 3M USD LIBOR + 1.180%)
	2,750,000		1.318			07/20/34		2,751,661
	Crown City CLO I Series 2020-1A, Class BR (3M USD LIBOR + 2.100%)
	600,000		2.246			07/20/34		600,425
	Cutwater Ltd. Series 2014-1A, Class A1AR (3M USD LIBOR + 1.250%)
	35,022		1.376			07/15/26		35,023
	Elmwood CLO IV Ltd. Series 2020-1A, Class A (3M USD LIBOR + 1.240%)
	1,500,000		1.366			04/15/33		1,504,006
	HalseyPoint CLO 2 Ltd. Series 2020-2A, Class A1 (3M USD LIBOR + 1.860%)
	1,850,000		1.994			07/20/31		1,853,837
	Jamestown CLO XVI Ltd. Series 2021-16A, Class A (-1x 3M USD LIBOR + 1.200%)
	3,650,000		1.325			07/25/34		3,652,055
	Magnetite XVI Ltd. Series 2015-16A, Class AR (3M USD LIBOR + 0.800%)
	1,442,198		0.934			01/18/28		1,441,549
	Shackleton 2019-XIV CLO Ltd. Series 2019-14A, Class A1R (-1x 3M USD LIBOR + 1.200%)
	2,750,000		1.334			07/20/34		2,751,479
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class A2A (3M USD LIBOR + 1.400%)
	850,000		1.534			01/21/31		845,370
	Sound Point CLO XVIII Ltd. Series 2017-4A, Class B (3M USD LIBOR + 1.800%)
	550,000		1.934			01/21/31		545,603
	Towd Point Mortgage Trust Series 2016-4, Class M1
	100,000		3.250			07/25/56		104,554

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2021 (Unaudited)

Principal Amount		Interest Rate			Maturity Date		Value
Asset-Backed Securities(b) – (continued)
Collateralized Loan Obligations(c) – (continued)
	York CLO 1 Ltd. Series 2014-1A, Class ARR (3M USD LIBOR + 1.120%)
$	2,100,000		1.258	%		10/22/29	$	2,100,202
	Zais CLO 15 Ltd. Series 2020-15A, Class A1R (3M USD LIBOR + 1.350%)
	925,000		1.454			07/28/32		925,074
								21,211,620
Student Loan – 2.1%
	Brazos Education Loan Authority, Inc. Series 2012-1, Class A1 (1M USD LIBOR + 0.700%)
	229,260		0.786			12/26/35		227,962
	ECMC Group Student Loan Trust Series 2017-1A, Class A(c) (1M USD LIBOR + 1.200%)
	1,455,485		1.286			12/27/66		1,477,283
	Goal Capital Funding Trust Series 2010-1, Class A(c) (3M USD LIBOR + 0.700%)
	895,632		0.829			08/25/48		897,789
	Higher Education Funding I Series 2014-1, Class A(c) (3M USD LIBOR + 1.050%)
	814,325		1.179			05/25/34		817,773
	Illinois Student Assistance Commission Series 2010-1, Class A3 (3M USD LIBOR + 0.900%)
	637,578		1.025			07/25/45		639,954
	PHEAA Student Loan Trust Series 2014-3A, Class A(c) (1M USD LIBOR + 0.590%)
	2,779,406		0.676			08/25/40		2,786,333
	PHEAA Student Loan Trust Series 2016-1A, Class A(c) (1M USD LIBOR + 1.150%)
	645,540		1.236			09/25/65		657,702
								7,504,796
	TOTAL ASSET-BACKED SECURITIES (Cost $28,617,873)						$	28,716,416
U.S. Treasury Obligations – 25.8%
	United States Treasury Bills(f)
$	24,000,000		0.000	%		01/20/22	$	23,997,484
	15,000,000		0.000			03/17/22		14,996,695
	12,000,000		0.000			03/24/22		11,997,245
	20,000,000		0.000			12/02/21		19,998,660
	United States Treasury Notes
	3,790,000		0.375	(g)		12/31/25		3,714,200
	40,000		0.500			02/28/26		39,328
	7,800,000		0.750			03/31/26		7,745,766
	3,860,000		0.875			09/30/26		3,839,494
	3,710,000		1.125			02/29/28		3,687,392
	3,910,000		1.250			03/31/28		3,911,222
	TOTAL U.S. TREASURY OBLIGATIONS (Cost $93,997,838)						$	93,927,486

Shares	Dividend Rate			Value
Investment Company(h) – 8.3%
Goldman Sachs Financial Square Government Fund – Institutional Shares
29,971,277		0.026	%	$	29,971,277
(Cost $29,971,277)
TOTAL INVESTMENTS – 149.7% (Cost $536,952,575)				$	544,147,258
LIABILITIES IN EXCESS OF     OTHER ASSETS – (49.7)%					(180,594,290	)
NET ASSETS – 100.0%				$	363,552,968

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, 2021.

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

(d) Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect on September 30, 2021.

(e) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $186,721,266 which represents approximately 51.4% of the Fund’s net assets as of September 30, 2021.

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

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

(h) Represents an affiliated issuer.

Currency Abbreviations:
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
PLC	—Public Limited Company
REMIC	—Real Estate Mortgage Investment Conduit
SOFR	—Secured Overnight Funding Rate

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

GOLDMAN SACHS U.S. MORTGAGES FUND

ADDITIONAL INVESTMENT INFORMATION

FORWARD SALES CONTRACTS — At September 30, 2021, the Fund had the following forward sales contracts:

Description	Interest Rate			Maturity Date(a)		Settlement Date		Principal Amount			Value
GNMA		4.500	%		TBA-30yr		10/21/21	$	(1,000,000	)	$	(1,066,437	)
UMBS, 30 Year, Single Family		3.500			TBA-30yr		12/13/21		(6,000,000	)		(6,353,903	)
UMBS, 30 Year, Single Family		3.500			TBA-30yr		11/10/21		(9,000,000	)		(9,530,504	)
UMBS, 30 Year, Single Family		4.000			TBA-30yr		10/14/21		(3,000,000	)		(3,214,570	)
UMBS, 30 Year, Single Family		4.000			TBA-30yr		11/10/21		(5,000,000	)		(5,363,086	)
UMBS, 30 Year, Single Family		5.000			TBA-30yr		10/14/21		(1,000,000	)		(1,099,408	)
TOTAL (Proceeds Receivable: $(26,618,867))											$	(26,627,908	)

(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, 2021, the Fund had the following futures contracts:

Description	Number of Contracts			Expiration Date	Notional Amount			Unrealized Appreciation/ (Depreciation)
Long position contracts:
Ultra Long U.S. Treasury Bonds		1		12/21/21	$	191,063		$	(7,977	)
20 Year U.S. Treasury Bonds		18		12/21/21		2,865,937			(61,646	)
Total								$	(69,623	)
Short position contracts:
2 Year U.S. Treasury Notes		(22	)	12/31/21		(4,841,203	)		2,660
5 Year U.S. Treasury Notes		(63	)	12/31/21		(7,732,758	)		18,978
10 Year U.S. Treasury Notes		(101	)	12/21/21		(13,292,547	)		94,680
Total								$	116,318
TOTAL FUTURES CONTRACTS								$	46,695

SWAP CONTRACTS — At September 30, 2021, the Fund had the following swap contracts:

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

Payments Made by the Fund	Payments Received by Fund		Termination Date	Notional Amount (000s)			Market Value			Upfront Premium (Received) Paid			Unrealized Appreciation/ (Depreciation)
1M LIBOR + 0.090%(a)		3M LIBOR(a)	07/25/24	$	16,200		$	(1,696	)	$	5,438		$	(7,134	)
3M CDOR(b)		1.560%(b)	08/22/25	CAD	3,170	(c)		(14,827	)		1,674			(16,501	)
3M LIBOR(a)		1.250(b)	12/15/26	$	180	(c)		991			2,730			(1,739	)
1.680%(b)		3M CDOR(b)	08/22/28	CAD	2,250	(c)		32,184			(2,513	)		34,697
3M CDOR(b)		2.180(b)	08/22/52		240	(c)		(11,423	)		1,672			(13,095	)
TOTAL							$	5,229		$	9,001		$	(3,772	)

(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, 2021.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Schedule of Investments (continued)

September 30, 2021 (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, 2021(b)	Counterparty	Termination Date		Notional Amount (000s)		Value			Upfront Premiums (Received) Paid			Unrealized Appreciation/ (Depreciation)
Protection Sold:
Markit CMBX Series 10		3.000	%	5.016%	JPMorgan Securities, Inc.		11/17/59	$	2,450	$	(215,064	)	$	(7,115	)	$	(207,949	)
Markit CMBX Series 11		2.000		1.972	JPMorgan Securities, Inc.		11/18/54		2,500		4,739			(381,742	)		386,481
Markit CMBX Series 11		3.250		3.849	JPMorgan Securities, Inc.		11/18/54		2,400		(105,200	)		(31,649	)		(73,551	)
Markit CMBX Series 9		3.000		5.152	JPMorgan Securities, Inc.		09/17/58		1,200		(91,837	)		(5,360	)		(86,477	)
Markit CMBX Series 10		3.000		5.016	MS & Co. Int. PLC		11/17/59		400		(35,112	)		(62,783	)		27,671
Markit CMBX Series 11		3.000		3.849	Signature Bank		11/18/54		400		(17,550	)		(45,823	)		28,273
Markit CMBX Series 8		3.000		7.877	Signature Bank		10/17/57		2,200		(284,211	)		(499,040	)		214,829
TOTAL										$	(744,235	)	$	(1,033,512	)	$	289,277

(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, 2021, the Fund had the following purchased and written options:

OVER-THE-COUNTER INTEREST RATE SWAPTIONS

Description	Counterparty	Exercise Rate			Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Paid (Received) by Fund			Unrealized Appreciation/ (Depreciation)
Purchased option contracts
Calls
1Y IRS	Deutsche Bank AG (London)		0.830	%		04/20/2022		7,650,000		$	7,650,000		$	28,102		$	55,239		$	(27,137	)
1Y IRS	JPMorgan Securities, Inc.		1.053			06/21/2022		2,370,000			2,370,000			12,174			21,146			(8,972	)
6M IRS	BofA Securities LLC		0.632			12/23/2021		3,850,000			3,850,000			3,839			10,763			(6,924	)
6M IRS	Citibank NA		0.605			01/07/2022		3,840,000			3,840,000			3,439			11,127			(7,688	)
6M IRS	Citibank NA		0.465			02/22/2022		3,960,000			3,960,000			1,592			5,042			(3,450	)
6M IRS	Citibank NA		0.855			03/23/2022		3,850,000			3,850,000			15,866			17,535			(1,669	)
Total purchased option contracts								25,520,000		$	25,520,000		$	65,012		$	120,852		$	(55,840	)
Written option contracts
Calls
1Y IRS	Deutsche Bank AG (London)		0.630			04/20/2022		(11,480,000	)	$	(11,480,000	)	$	(17,033	)	$	(46,077	)	$	29,044
1Y IRS	JPMorgan Securities, Inc.		1.378			06/21/2022		(1,250,000	)		(1,250,000	)		(14,456	)		(21,168	)		6,712
6M IRS	BofA Securities LLC		1.297			12/23/2021		(1,250,000	)		(1,250,000	)		(5,035	)		(10,760	)		5,725
6M IRS	Citibank NA		1.124			01/07/2022		(1,250,000	)		(1,250,000	)		(2,667	)		(11,151	)		8,484
6M IRS	JPMorgan Securities, Inc.		0.570			01/20/2022		(4,260,000	)		(4,260,000	)		(618	)		(15,656	)		15,038
6M IRS	Citibank NA		0.849			02/22/2022		(1,250,000	)		(1,250,000	)		(1,302	)		(5,040	)		3,738
6M IRS	Citibank NA		1.406			03/23/2022		(1,250,000	)		(1,250,000	)		(12,758	)		(17,529	)		4,771
Total written option contracts								(21,990,000	)	$	(21,990,000	)	$	(53,869	)	$	(127,381	)	$	73,512
TOTAL								3,530,000		$	3,530,000		$	11,143		$	(6,529	)	$	17,672

Abbreviations:
6M IRS	—6 Months Interest Rate Swaptions
1Y IRS	—1 Year Interest Rate Swaptions
BofA Securities LLC	—Bank of America Securities LLC
MS & Co. Int. PLC	—Morgan Stanley & Co. International PLC

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities

September 30, 2021 (Unaudited)

	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
Assets:
Investments, at value (cost $1,246,284,945, $2,079,664,221 and $2,818,230,878, respectively)(a)	$	1,181,620,885		$	2,147,173,136		$	2,814,155,536
Investments of affiliated issuers, at value (cost $28,263,019, $59,368,763 and $325,557,077, respectively)		28,263,019			59,368,763			325,557,077
Investments in securities lending reinvestment vehicle — affiliated issuer, at value (Cost $0, $47,852,321 and $3,894,050, respectively)		—			47,852,321			3,894,050
Purchased options, at value (premium paid $337,101, $0 and $0, respectively)		7,779			—			—
Cash		22,198,357			41,217,169			57,720,205
Foreign currencies, at value (cost $1,994,578, $2,400 and $27,784, respectively)		1,904,696			2,198			29,729
Unrealized gain on swap contracts		309,417			440,886			287,108
Unrealized gain on forward foreign currency exchange contracts		8,858,593			1,232,174			1,416,239
Variation margin on futures contracts		229,946			714,906			—
Variation margin on swaps contracts		780,119			—			—
Receivables:
Collateral on certain derivative contracts(b)		49,094,830			9,048,525			1,536,512
Interest		14,966,171			27,652,924			12,781,749
Investments sold on an extended-settlement basis		1,995,192			—			185,868
Investments sold		1,163,267			5,157,921			8,543,158
Fund shares sold		1,034,358			1,630,648			8,518,869
Reimbursement from investment adviser		35,740			61,055			—
Upfront payments made on swap contracts		2,541			—			—
Securities lending income		—			29,944			4,771
Unfunded loan commitment		—			236			—
Other assets		56,252			112,300			232,599
Total assets		1,312,521,162			2,341,695,106			3,234,863,470
Liabilities:
Unrealized loss on swap contracts		54,074			—			—
Unrealized loss on forward foreign currency exchange contracts		4,755,140			—			—
Variation margin on futures contracts		—			—			122,633
Variation margin on swaps contracts		—			223,179			—
Written option contracts, at value (premium received $332,282, $0 and $0, respectively)		604,694			—			—
Payables:
Fund shares redeemed		3,050,157			4,491,157			6,051,865
Investments purchased on an extended — settlement basis		2,780,854			26,771,506			36,678,782
Investments purchased		2,173,034			28,251,194			309,452,318
Management fees		868,445			1,223,972			1,235,294
Due to broker — upfront payment		477,486			—			—
Income distributions		216,854			216,065			1,213
Upfront payments received on swap contracts		171,091			—			—
Distribution and Service fees and Transfer Agency fees		63,601			96,805			72,160
Collateral on certain derivative contracts(c)		—			1,190,000			310,000
Payable upon return of securities loaned		—			47,852,321			3,894,050
Payable for unfunded loan commitments		—			—			14,939
Accrued expenses		687,847			351,819			647,001
Total liabilities		15,903,277			110,668,018			358,480,255
Net Assets:
Paid-in capital		1,477,437,204			2,639,750,516			3,280,105,165
Total distributable earnings (loss)		(180,819,319	)		(408,723,428	)		(403,721,950	)
NET ASSETS	$	1,296,617,885		$	2,231,027,088		$	2,876,383,215
Net Assets:
Class A	$	45,792,430		$	124,698,295		$	4,912,043
Class C		10,025,737			6,507,003			648,207
Institutional		916,997,661			374,486,897			76,913,326
Service		—			7,357,637			—
Investor		60,745,669			15,168,261			5,436,122
Class R6		228,654,597			43,545,249			169,533,072
Class R		—			6,027,449			13,652
Class P		34,401,791			1,653,236,297			2,618,926,793
Total Net Assets	$	1,296,617,885		$	2,231,027,088		$	2,876,383,215
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		3,750,161			19,288,996			523,157
Class C		821,582			1,005,864			69,035
Institutional		75,011,563			57,795,480			8,187,725
Service		—			1,139,166			—
Investor		4,967,410			2,342,181			577,486
Class R6		18,704,420			6,709,314			18,038,219
Class R		—			933,492			1,454
Class P		2,815,572			255,138,674			278,406,173
Net asset value, offering and redemption price per share:(d)
Class A		$12.21			$6.46			$9.39
Class C		12.20			6.47			9.39
Institutional		12.22			6.48			9.39
Service		—			6.46			—
Investor		12.23			6.48			9.41
Class R6		12.22			6.49			9.40
Class R		—			6.46			9.39
Class P		12.22			6.48			9.41

(a) Includes loaned securities having a market value of $0, $46,812,533 and $0, respectively.

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

Fund	Futures		Forward Foreign Currency		Swaps
Emerging Markets Debt	$	4,982,517	$	—	$	44,112,313
High Yield		1,065,405		—		7,983,120
High Yield Floating Rate		1,386,512		150,000		—

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

Fund	Swaps
High Yield	$	1,190,000
High Yield Floating Rate		310,000

(d) Maximum public offering price per share for Class A Shares of Emerging Markets Debt, High Yield and High Yield Floating Rate Funds is $12.79, $6.76 and $9.61, respectively. At redemption, Class C Shares may be subject to a contingent deferred sales charge, assessed on the amount equal to the lesser of the current net asset value (“NAV”) or the original purchase price of the shares.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Assets and Liabilities (continued)

September 30, 2021 (Unaudited)

	Investment Grade Credit Fund		Local Emerging Markets Debt Fund			U.S. Mortgages Fund
Assets:
Investments, at value (cost $499,253,391, $74,201,250 and $506,981,298, respectively)	$	526,021,124	$	67,683,962		$	514,175,981
Investments of affiliated issuers, at value (cost $15,793,400, $3,433,325 and $29,971,277, respectively)		15,793,400		3,433,325			29,971,277
Purchased options, at value (premium paid $0, $43,264 and $120,852, respectively)		—		991			65,012
Cash		9,034,203		189,814			5,855,258
Foreign currencies, at value (cost $23,757, $3,800,511 and $2,028, respectively)		23,509		3,422,432			2,016
Unrealized gain on swap contracts		—		334,948			657,254
Unrealized gain on forward foreign currency exchange contracts		142,726		686,712			—
Variation margin on futures contracts		—		4,855			—
Variation margin on swaps contracts		—		101,433			—
Receivables:
Collateral on certain derivative contracts(a)		11,027,105		1,988,449			1,468,950
Interest		4,954,523		1,061,695			698,409
Fund shares sold		1,084,708		5,286			330,627
Investments sold		217,099		419,397			1,661
Reimbursement from investment adviser		37,211		22,609			14,067
Investments sold on an extended-settlement basis		—		—			100,103,061
Upfront payments made on swap contracts		—		74,258			—
Due from broker — upfront payment		—		725,096			—
Other assets		51,141		37,750			52,091
Total assets		568,386,749		80,193,012			653,395,664
Liabilities:
Unrealized loss on swap contracts		—		45,078			367,977
Unrealized loss on forward foreign currency exchange contracts		10,975		810,565			—
Variation margin on futures contracts		81,891		—			7,359
Variation margin on swaps contracts		129,910		—			1,153
Written option contracts, at value (premium received $0, $42,655 and $127,381, respectively)		—		77,611			53,869
Forward sale contracts, at value (proceeds received $0, $0 and $26,618,867, respectively)		—		—			26,627,908
Unrealized loss on non-deliverable bond forward contracts, at value		—		875			—
Payables:
Investments purchased		925,169		63			615
Fund shares redeemed		510,448		63,836			471,041
Management fees		165,401		52,498			98,201
Distribution and Service fees and Transfer Agency fees		19,034		5,312			23,063
Income distributions		15,196		4,947			19,393
Investments purchased on an extended — settlement basis		—		—			260,941,738
Upfront payments received on swap contracts		—		17,125			1,033,512
Collateral on certain derivative contracts(b)		—		510,000			—
Accrued expenses		210,558		344,352			196,867
Total liabilities		2,068,582		1,932,262			289,842,696
Net Assets:
Paid-in capital		527,367,561		235,151,614			366,550,817
Total distributable earnings (loss)		38,950,606		(156,890,864	)		(2,997,849	)
NET ASSETS	$	566,318,167	$	78,260,750		$	363,552,968
Net Assets:
Class A	$	10,509,578	$	4,654,141		$	33,538,131
Class C		—		1,933,412			—
Institutional		98,623,442		12,686,954			119,586,233
Separate Account Institutional		159,308,990		—			143,070,059
Investor		4,494,921		4,393,334			49,467,270
Class R6		113,864,952		29,654,234			10,807,160
Class P		179,516,284		24,938,675			7,084,115
Total Net Assets	$	566,318,167	$	78,260,750		$	363,552,968
Shares Outstanding $0.001 par value (unlimited number of shares authorized):
Class A		1,070,772		847,271			3,186,241
Class C		—		352,556			—
Institutional		10,045,352		2,317,587			11,330,656
Separate Account Institutional		16,222,937		—			13,590,596
Investor		457,800		801,875			4,689,188
Class R6		11,598,090		5,415,419			1,024,431
Class P		18,291,528		4,554,404			671,665
Net asset value, offering and redemption price per share:(c)
Class A		$9.81		$5.49			$10.53
Class C		—		5.48			—
Institutional		9.82		5.47			10.55
Separate Account Institutional		9.82		—			10.53
Investor		9.82		5.48			10.55
Class R6		9.82		5.48			10.55
Class P		9.81		5.48			10.55

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

Fund	Futures		Swaps		TBA
Investment Grade Credit	$	1,578,923	$	9,448,182	$	—
Local Emerging Markets Debt		111,978		1,876,471		—
U.S. Mortgages		—		588,950		880,000

(b) Segregated for initial margin and/or collateral for swaps.

(c) Maximum public offering price per share for Class A Shares of Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds is $10.19, $5.75 and $10.94, 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.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations

For the Six Months Ended September 30, 2021 (Unaudited)

	Emerging Markets Debt Fund			High Yield Fund			High Yield Floating Rate Fund
Investment income:
Interest (net of foreign withholdings taxes of $0, $315, $0, respectively)	$	30,823,321		$	54,225,801		$	47,095,734
Dividends — unaffiliated issuers		—			517,178			1,652,133
Dividends — affiliated issuers		8,389			4,129			38,927
Securities lending income — unaffiliated issuers		—			182,720			28,690
Total investment income		30,831,710			54,929,828			48,815,484
Expenses:
Management fees		5,344,480			7,563,298			6,799,214
Transfer Agency fees(a)		303,034			414,237			372,822
Custody, accounting and administrative services		171,848			115,819			241,624
Distribution and Service (12b-1) fees(a)		97,000			206,184			7,026
Printing and mailing costs		80,619			76,651			42,155
Professional fees		74,410			76,156			84,391
Registration fees		41,293			66,607			73,699
Prime Broker Fees		36,493			—			566
Service fees — Class C		13,341			8,243			679
Trustee fees		10,752			11,287			11,031
Shareholder Administration fees — Service Class		—			9,012			—
Interest expense		—			—			243,411
Other		4,848			19,255			24,204
Total expenses		6,178,118			8,566,749			7,900,822
Less — expense reductions		(296,972	)		(405,709	)		(229,851	)
Net expenses		5,881,146			8,161,040			7,670,971
NET INVESTMENT INCOME		24,950,564			46,768,788			41,144,513
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		293,986			15,863,709			(1,161,181	)
Purchased options		(2,772,447	)		—			—
Futures contracts		6,452,506			516,973			(1,313,407	)
Written options		1,929,777			—			—
Swap contracts		1,239,545			3,266,702			412,060
Non-deliverable bond forward contracts		—			—			—
Forward foreign currency exchange contracts		3,952,719			913,186			1,173,744
Foreign currency transactions		(247,940	)		(32,888	)		655,101
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		11,434,355			4,264,932			8,619,458
Purchased options		344,806			—			—
Futures contracts		1,986,533			2,958,444			76,454
Unfunded Loan Commitment		—			236			(4,637	)
Written options		530,587			—			—
Swap contracts		3,608,538			136,114			154,998
Forward foreign currency exchange contracts		(1,956,312	)		332,878			63,349
Foreign currency translation		(101,178	)		2,027			(259,086	)
Net realized and unrealized gain		26,695,475			28,222,313			8,416,853
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	51,646,039		$	74,991,101		$	49,561,366

(a) Class specific Distribution and/or Service (12B-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12B-1) Fees								Transfer Agency Fees
Fund	Class A		Class C		Service		Class R		Class A		Class C		Institutional		Service		Investor		Class R6		Class R		Class P
Emerging Markets Debt	$	56,978	$	40,022	$	—	$	—	$	27,350	$	6,403	$	189,901	$	—	$	39,768	$	34,283	$	—	$	5,329
High Yield		157,070		24,730		9,012		15,372		75,394		3,957		73,547		1,442		8,637		6,423		3,689		241,148
High Yield Floating Rate		4,955		2,037		—		34		2,378		326		15,530		—		3,054		22,275		7		329,252

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Operations (continued)

For the Six Months Ended September 30, 2021 (Unaudited)

	Investment Grade Credit Fund			Local Emerging Markets Debt Fund			U.S. Mortgages Fund
Investment income:
Interest (net of foreign withholding taxes of $0, $13,090, $0, respectively)	$	7,927,564		$	1,829,532		$	391,780
Dividends — affiliated issuers		1,784			1,023			5,908
Total investment income		7,929,348			1,830,555			397,688
Expenses:
Management fees		966,335			329,614			622,462
Transfer Agency fees(a)		98,339			18,206			99,233
Custody, accounting and administrative services		71,707			80,016			55,942
Professional fees		67,545			69,049			70,643
Registration fees		37,993			34,751			42,310
Printing and mailing costs		28,153			23,803			34,378
Distribution and Service (12b-1) fees(a)		12,934			13,871			42,795
Trustee fees		10,113			9,790			10,005
Service fees — Class C		—			2,621			—
Prime Broker Fees		—			4,890			—
Other		8,975			2,809			764
Total expenses		1,302,094			589,420			978,532
Less — expense reductions		(223,545	)		(198,395	)		(116,433	)
Net expenses		1,078,549			391,025			862,099
NET INVESTMENT INCOME (LOSS)		6,850,799			1,439,530			(464,411	)
Realized and unrealized gain (loss):
Net realized gain (loss) from:
Investments — unaffiliated issuers		4,297,332			(441,176	)		3,417,883
Purchased options		—			(365,546	)		(34,460	)
Futures contracts		4,949,852			79,232			297,608
Written options		—			251,505			69,590
Swap contracts		810,179			263,472			276,638
Non-deliverable bond forward contracts		—			(23,713	)		—
Forward foreign currency exchange contracts		165,845			547,494			—
Foreign currency transactions		(609	)		225,233			(2	)
Net change in unrealized gain (loss) on:
Investments — unaffiliated issuers		4,058,183			(1,479,405	)		(2,418,971	)
Purchased options		—			44,207			(157,905	)
Futures contracts		(721,842	)		(17,106	)		(36,188	)
Non-deliverable bond forward contracts		—			22,880			—
Written options		—			73,033			205,309
Swap contracts		398,017			139,684			178,614
Forward foreign currency exchange contracts		(119,137	)		(120,016	)		—
Foreign currency translation		(909	)		(187,218	)		(24	)
Net realized and unrealized gain (loss)		13,836,911			(987,440	)		1,798,092
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	20,687,710		$	452,090		$	1,333,681

(a) Class specific Distribution and/or Service (12B-1) and Transfer Agency fees were as follows:

	Distribution and/or Service (12B-1) Fees				Transfer Agency Fees
Fund	Class A		Class C		Class A		Class C		Institutional		Separate Account Institutional		Investor		Class R6		Class P
Investment Grade Credit	$	12,934	$	—	$	6,208	$	—	$	24,716	$	25,697	$	2,986	$	12,633	$	26,099
Local Emerging Markets Debt		6,008		7,863		2,884		1,258		2,421		—		2,846		4,438		4,359
U.S. Mortgages		42,795		—		20,542		—		23,083		22,042		30,844		1,395		1,327

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets

	Emerging Markets Debt Fund						High Yield Fund
	For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income	$	24,950,564		$	50,652,175		$	46,768,788		$	109,037,723
Net realized gain (loss)		10,848,146			(47,049,789	)		20,527,682			(1,865,328	)
Net change in unrealized gain		15,847,329			218,502,404			7,694,631			310,161,986
Net increase in net assets resulting from operations		51,646,039			222,104,790			74,991,101			417,334,381
Distributions to shareholders:
From distributable earnings:
Class A Shares		(820,145	)		(1,450,163	)		(2,805,663	)		(6,632,343	)
Class C Shares		(151,743	)		(358,018	)		(122,377	)		(416,388	)
Institutional Shares		(18,515,226	)		(36,065,805	)		(8,717,570	)		(17,333,461	)
Service Shares		—			—			(153,178	)		(360,273	)
Investor Shares		(1,275,437	)		(2,730,744	)		(339,193	)		(791,841	)
Class R6 Shares		(4,468,110	)		(7,564,464	)		(1,017,883	)		(2,900,025	)
Class R Shares		—			—			(129,559	)		(390,449	)
Class P Shares		(695,095	)		(1,024,298	)		(38,187,602	)		(84,260,269	)
Total distributions to shareholders		(25,925,756	)		(49,193,492	)		(51,473,025	)		(113,085,049	)
From share transactions:
Proceeds from sales of shares		165,962,435			502,460,176			277,944,341			584,185,101
Reinvestment of distributions		24,557,007			46,316,791			50,208,015			110,746,040
Cost of shares redeemed		(214,984,804	)		(580,939,557	)		(194,561,707	)		(716,120,544	)
Net increase (decrease) in net assets resulting from share transactions		(24,465,362	)		(32,162,590	)		133,590,649			(21,189,403	)
TOTAL INCREASE		1,254,921			140,748,708			157,108,725			283,059,929
Net assets:
Beginning of period		1,295,362,964			1,154,614,256			2,073,918,363			1,790,858,434
End of period	$	1,296,617,885		$	1,295,362,964		$	2,231,027,088		$	2,073,918,363

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

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, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income	$	41,144,513		$	53,101,761		$	6,850,799		$	16,561,087
Net realized gain (loss)		(233,683	)		(33,437,729	)		10,222,599			8,897,143
Net change in unrealized gain		8,650,536			245,183,510			3,614,312			32,628,197
Net increase in net assets resulting from operations		49,561,366			264,847,542			20,687,710			58,086,427
Distributions to shareholders:
From distributable earnings:
Class A Shares		(60,141	)		(115,889	)		(124,205	)		(437,571	)
Class C Shares		(6,178	)		(19,371	)		—			—
Institutional Shares		(1,309,261	)		(4,610,290	)		(1,686,814	)		(4,358,306	)
Separate Account Institutional Shares		—			—			(2,352,710	)		(10,414,007	)
Investor Shares		(83,635	)		(38,449	)		(66,120	)		(264,006	)
Class R6 Shares		(2,504,875	)		(2,104,745	)		(1,119,270	)		(46,742	)
Class R Shares		(191	)		(459	)		—			—
Class P Shares		(37,003,819	)		(47,256,740	)		(2,382,135	)		(10,358,321	)
Total distributions to shareholders		(40,968,100	)		(54,145,943	)		(7,731,254	)		(25,878,953	)
From share transactions:
Proceeds from sales of shares		1,112,548,445			1,035,547,752			183,110,073			378,934,787
Reinvestment of distributions		40,956,985			54,002,452			7,623,990			25,428,575
Cost of shares redeemed		(194,436,345	)		(632,776,903	)		(109,905,955	)		(448,024,686	)
Net increase (decrease) in net assets resulting from share transactions		959,069,085			456,773,301			80,828,108			(43,661,324	)
TOTAL INCREASE (DECREASE)		967,662,351			667,474,900			93,784,564			(11,453,850	)
Net assets:
Beginning of period		1,908,720,864			1,241,245,964			472,533,603			483,987,453
End of period	$	2,876,383,215		$	1,908,720,864		$	566,318,167		$	472,533,603

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Statements of Changes in Net Assets (continued)

	Local Emerging Markets Debt Fund						U.S. Mortgages Fund
	For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021			For the Six Months Ended September 30, 2021 (Unaudited)			For the Fiscal Year Ended March 31, 2021
From operations:
Net investment income (loss)	$	1,439,530		$	3,177,320		$	(464,411	)	$	5,375,669
Net realized gain (loss)		536,501			(4,238,392	)		4,027,257			6,508,057
Net change in unrealized gain (loss)		(1,523,941	)		13,084,146			(2,229,165	)		(127,464	)
Net increase in net assets resulting from operations		452,090			12,023,074			1,333,681			11,756,262
Distributions to shareholders:
From distributable earnings:
Class A Shares		(83,538	)		—			(190,401	)		(904,307	)
Class C Shares		(28,561	)		—			—			—
Institutional Shares		(229,699	)		—			(781,249	)		(1,240,753	)
Separate Account Institutional Shares		—			—			(1,064,509	)		(6,160,623	)
Investor Shares		(88,308	)		—			(351,495	)		(1,649,090	)
Class R6 Shares		(562,722	)		—			(64,769	)		(469,584	)
Class P Shares		(550,319	)		—			(69,558	)		(272,640	)
Return of capital:
Class A Shares		—			(175,721	)		—			—
Class C Shares		—			(83,705	)		—			—
Institutional Shares		—			(488,572	)		—			—
Investor Shares		—			(178,869	)		—			—
Class R6 Shares		—			(1,038,072	)		—			—
Class P Shares		—			(1,193,174	)		—			—
Total distributions to shareholders		(1,543,147	)		(3,158,113	)		(2,521,981	)		(10,696,997	)
From share transactions:
Proceeds from sales of shares		9,124,086			11,295,087			80,446,914			206,857,063
Reinvestment of distributions		1,516,245			3,097,663			2,385,057			10,060,392
Cost of shares redeemed		(8,234,430	)		(37,153,004	)		(74,552,089	)		(291,960,911	)
Net increase (decrease) in net assets resulting from share transactions		2,405,901			(22,760,254	)		8,279,882			(75,043,456	)
TOTAL INCREASE (DECREASE)		1,314,844			(13,895,293	)		7,091,582			(73,984,191	)
Net assets:
Beginning of period		76,945,906			90,841,199			356,461,386			430,445,577
End of period	$	78,260,750		$	76,945,906		$	363,552,968		$	356,461,386

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

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.98		$	10.36		$	12.20		$	12.67		$	12.73		$	12.25
Net investment income(a)		0.21			0.43			0.51			0.58			0.56			0.60
Net realized and unrealized gain (loss)		0.24			1.61			(1.85	)		(0.51	)		(0.08	)		0.46
Total from investment operations		0.45			2.04			(1.34	)		0.07			0.48			1.06
Distributions to shareholders from net investment income		(0.22	)		(0.42	)		(0.26	)		(0.50	)		(0.54	)		(0.58	)
Distributions to shareholders from return of capital		—			—			(0.24	)		(0.04	)		—			—
Total distributions		(0.22	)		(0.42	)		(0.50	)		(0.54	)		(0.54	)		(0.58	)
Net asset value, end of period	$	12.21		$	11.98		$	10.36		$	12.20		$	12.67		$	12.73
Total return(b)		3.77	%		19.75	%		(11.48	)%		0.77	%		3.75	%		8.79	%
Net assets, end of period (in 000s)	$	45,792		$	43,340		$	46,179		$	61,408		$	105,098		$	103,548
Ratio of net expenses to average net assets		1.16	%(c)		1.17	%		1.19	%		1.20	%		1.20	%		1.23	%
Ratio of total expenses to average net assets		1.23	%(c)		1.25	%		1.26	%		1.24	%		1.23	%		1.24	%
Ratio of net investment income to average net assets		3.45	%(c)		3.60	%		4.17	%		4.84	%		4.32	%		4.73	%
Portfolio turnover rate(d)		16	%		79	%		87	%		80	%		70	%		89	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.97		$	10.35		$	12.19		$	12.67		$	12.72		$	12.24
Net investment income(a)		0.17			0.34			0.42			0.48			0.46			0.50
Net realized and unrealized gain (loss)		0.24			1.61			(1.85	)		(0.51	)		(0.07	)		0.47
Total from investment operations		0.41			1.95			(1.43	)		(0.03	)		0.39			0.97
Distributions to shareholders from net investment income		(0.18	)		(0.33	)		(0.22	)		(0.41	)		(0.44	)		(0.49	)
Distributions to shareholders from return of capital		—			—			(0.19	)		(0.04	)		—			—
Total distributions		(0.18	)		(0.33	)		(0.41	)		(0.45	)		(0.44	)		(0.49	)
Net asset value, end of period	$	12.20		$	11.97		$	10.35		$	12.19		$	12.67		$	12.72
Total return(b)		3.47	%		18.76	%		(12.07	)%		(0.06	)%		3.07	%		7.98	%
Net assets, end of period (in 000s)	$	10,026		$	10,192		$	13,742		$	21,871		$	34,848		$	32,597
Ratio of net expenses to average net assets		1.91	%(c)		1.92	%		1.94	%		1.95	%		1.95	%		1.98	%
Ratio of total expenses to average net assets		1.98	%(c)		2.00	%		2.01	%		1.99	%		1.98	%		1.99	%
Ratio of net investment income to average net assets		2.70	%(c)		2.86	%		3.42	%		4.08	%		3.60	%		3.94	%
Portfolio turnover rate(d)		16	%		79	%		87	%		80	%		70	%		89	%

(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. 101

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.99		$	10.37		$	12.21		$	12.69		$	12.74		$	12.26
Net investment income(a)		0.23			0.47			0.55			0.62			0.60			0.63
Net realized and unrealized gain (loss)		0.24			1.61			(1.85	)		(0.52	)		(0.07	)		0.47
Total from investment operations		0.47			2.08			(1.30	)		0.10			0.53			1.10
Distributions to shareholders from net investment income		(0.24	)		(0.46	)		(0.29	)		(0.53	)		(0.58	)		(0.62	)
Distributions to shareholders from return of capital		—			—			(0.25	)		(0.05	)		—			—
Total distributions		(0.24	)		(0.46	)		(0.54	)		(0.58	)		(0.58	)		(0.62	)
Net asset value, end of period	$	12.22		$	11.99		$	10.37		$	12.21		$	12.69		$	12.74
Total return(b)		4.01	%		19.99	%		(11.10	)%		1.04	%		4.18	%		9.15	%
Net assets, end of period (in 000s)	$	916,998		$	916,157		$	825,481		$	1,087,407		$	1,984,662		$	1,656,148
Ratio of net expenses to average net assets		0.86	%(c)		0.86	%		0.87	%		0.86	%		0.86	%		0.89	%
Ratio of total expenses to average net assets		0.90	%(c)		0.92	%		0.92	%		0.90	%		0.89	%		0.90	%
Ratio of net investment income to average net assets		3.75	%(c)		3.92	%		4.48	%		5.18	%		4.65	%		4.95	%
Portfolio turnover rate(d)		16	%		79	%		87	%		80	%		70	%		89	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	12.00		$	10.38		$	12.21		$	12.69		$	12.74		$	12.26
Net investment income(a)		0.23			0.46			0.54			0.61			0.58			0.61
Net realized and unrealized gain (loss)		0.24			1.61			(1.83	)		(0.52	)		(0.06	)		0.48
Total from investment operations		0.47			2.07			(1.29	)		0.09			0.52			1.09
Distributions to shareholders from net investment income		(0.24	)		(0.45	)		(0.29	)		(0.52	)		(0.57	)		(0.61	)
Distributions to shareholders from return of capital		—			—			(0.25	)		(0.05	)		—			—
Total distributions		(0.24	)		(0.45	)		(0.54	)		(0.57	)		(0.57	)		(0.61	)
Net asset value, end of period	$	12.23		$	12.00		$	10.38		$	12.21		$	12.69		$	12.74
Total return(b)		3.90	%		20.02	%		(11.16	)%		0.95	%		4.09	%		9.05	%
Net assets, end of period (in 000s)	$	60,746		$	75,617		$	70,616		$	103,473		$	175,664		$	85,556
Ratio of net expenses to average net assets		0.91	%(c)		0.92	%		0.94	%		0.95	%		0.95	%		0.98	%
Ratio of total expenses to average net assets		0.98	%(c)		1.00	%		1.01	%		0.99	%		0.98	%		0.99	%
Ratio of net investment income to average net assets		3.70	%(c)		3.85	%		4.42	%		5.09	%		4.51	%		4.79	%
Portfolio turnover rate(d)		16	%		79	%		87	%		80	%		70	%		89	%

(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. 103

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	11.99		$	10.37		$	12.21		$	12.69		$	12.74		$	12.26
Net investment income(a)		0.23			0.47			0.55			0.60			0.60			0.60
Net realized and unrealized gain (loss)		0.24			1.61			(1.85	)		(0.50	)		(0.07	)		0.51
Total from investment operations		0.47			2.08			(1.30	)		0.10			0.53			1.11
Distributions to shareholders from net investment income		(0.24	)		(0.46	)		(0.28	)		(0.53	)		(0.58	)		(0.63	)
Distributions to shareholders from return of capital		—			—			(0.26	)		(0.05	)		—			—
Total distributions		(0.24	)		(0.46	)		(0.54	)		(0.58	)		(0.58	)		(0.63	)
Net asset value, end of period	$	12.22		$	11.99		$	10.37		$	12.21		$	12.69		$	12.74
Total return(b)		4.02	%		20.12	%		(11.17	)%		1.05	%		4.20	%		9.17	%
Net assets, end of period (in 000s)	$	228,655		$	214,558		$	184,389		$	332,270		$	294,599		$	28,593
Ratio of net expenses to average net assets		0.85	%(c)		0.85	%		0.86	%		0.85	%		0.84	%		0.87	%
Ratio of total expenses to average net assets		0.89	%(c)		0.91	%		0.91	%		0.90	%		0.89	%		0.88	%
Ratio of net investment income to average net assets		3.76	%(c)		3.92	%		4.50	%		5.10	%		4.67	%		4.76	%
Portfolio turnover rate(d)		16	%		79	%		87	%		80	%		70	%		89	%

(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 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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	11.99		$	10.37		$	12.20		$	12.59
Net investment income(b)		0.23			0.48			0.55			0.55
Net realized and unrealized gain (loss)		0.24			1.60			(1.84	)		(0.40	)
Total from investment operations		0.47			2.08			(1.29	)		0.15
Distributions to shareholders from net investment income		(0.24	)		(0.46	)		(0.29	)		(0.50	)
Distributions to shareholders from return of capital		—			—			(0.25	)		(0.04	)
Total distributions		(0.24	)		(0.46	)		(0.54	)		(0.54	)
Net asset value, end of period	$	12.22		$	11.99		$	10.37		$	12.20
Total return(c)		3.93	%		20.12	%		(11.10	)%		1.46	%
Net assets, end of period (in 000s)	$	34,402		$	35,499		$	14,207		$	14,908
Ratio of net expenses to average net assets		0.85	%(d)		0.85	%		0.86	%		0.85	%(d)
Ratio of total expenses to average net assets		0.89	%(d)		0.90	%		0.91	%		0.91	%(d)
Ratio of net investment income to average net assets		3.77	%(d)		3.96	%		4.49	%		5.00	%(d)
Portfolio turnover rate(e)		16	%		79	%		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.

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

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	6.39		$	5.47		$	6.32		$	6.34		$	6.57		$	6.02
Net investment income(a)		0.13			0.31			0.33			0.33			0.33			0.34
Net realized and unrealized gain (loss)		0.08			0.93			(0.83	)		(0.01	)		(0.24	)		0.55
Total from investment operations		0.21			1.24			(0.50	)		0.32			0.09			0.89
Distributions to shareholders from net investment income		(0.14	)		(0.32	)		(0.35	)		(0.34	)		(0.32	)		(0.34	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.14	)		(0.32	)		(0.35	)		(0.34	)		(0.32	)		(0.34	)
Net asset value, end of period	$	6.46		$	6.39		$	5.47		$	6.32		$	6.34		$	6.57
Total return(c)		3.38	%		23.07	%		(8.50	)%		5.20	%		1.37	%		15.06	%
Net assets, end of period (in 000s)	$	124,698		$	126,459		$	120,003		$	163,355		$	179,807		$	232,572
Ratio of net expenses to average net assets		1.01	%(d)		1.03	%		1.03	%		1.04	%		1.05	%		1.07	%
Ratio of total expenses to average net assets		1.10	%(d)		1.11	%		1.11	%		1.11	%		1.08	%		1.07	%
Ratio of net investment income to average net assets		4.03	%(d)		5.04	%		5.26	%		5.31	%		5.00	%		5.34	%
Portfolio turnover rate(e)		24	%		71	%		80	%		59	%		69	%		93	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	6.40		$	5.47		$	6.32		$	6.34		$	6.57		$	6.03
Net investment income(a)		0.11			0.26			0.29			0.29			0.28			0.29
Net realized and unrealized gain (loss)		0.08			0.95			(0.84	)		(0.02	)		(0.23	)		0.54
Total from investment operations		0.19			1.21			(0.55	)		0.27			0.05			0.83
Distributions to shareholders from net investment income		(0.12	)		(0.28	)		(0.30	)		(0.29	)		(0.28	)		(0.29	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.12	)		(0.28	)		(0.30	)		(0.29	)		(0.28	)		(0.29	)
Net asset value, end of period	$	6.47		$	6.40		$	5.47		$	6.32		$	6.34		$	6.57
Total return(c)		2.99	%		22.12	%		(9.02	)%		4.41	%		0.64	%		14.02	%
Net assets, end of period (in 000s)	$	6,507		$	6,448		$	9,942		$	15,532		$	33,221		$	46,396
Ratio of net expenses to average net assets		1.76	%(d)		1.78	%		1.78	%		1.79	%		1.80	%		1.82	%
Ratio of total expenses to average net assets		1.85	%(d)		1.86	%		1.86	%		1.85	%		1.83	%		1.82	%
Ratio of net investment income to average net assets		3.28	%(d)		4.27	%		4.52	%		4.53	%		4.26	%		4.59	%
Portfolio turnover rate(e)		24	%		71	%		80	%		59	%		69	%		93	%

(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. 107

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	6.41		$	5.48		$	6.33		$	6.35		$	6.58		$	6.04
Net investment income(a)		0.14			0.33			0.35			0.35			0.35			0.36
Net realized and unrealized gain (loss)		0.08			0.94			(0.83	)		(0.01	)		(0.23	)		0.54
Total from investment operations		0.22			1.27			(0.48	)		0.34			0.12			0.90
Distributions to shareholders from net investment income		(0.15	)		(0.34	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.15	)		(0.34	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)
Net asset value, end of period	$	6.48		$	6.41		$	5.48		$	6.33		$	6.35		$	6.58
Total return(c)		3.52	%		23.34	%		(8.05	)%		5.50	%		1.72	%		15.24	%
Net assets, end of period (in 000s)	$	374,487		$	295,209		$	250,926		$	338,503		$	2,488,697		$	3,410,302
Ratio of net expenses to average net assets		0.73	%(d)		0.75	%		0.75	%		0.75	%		0.73	%		0.73	%
Ratio of total expenses to average net assets		0.77	%(d)		0.78	%		0.77	%		0.75	%		0.74	%		0.73	%
Ratio of net investment income to average net assets		4.31	%(d)		5.29	%		5.55	%		5.52	%		5.32	%		5.67	%
Portfolio turnover rate(e)		24	%		71	%		80	%		59	%		69	%		93	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	6.39		$	5.46		$	6.31		$	6.33		$	6.56		$	6.02
Net investment income(a)		0.12			0.30			0.32			0.32			0.31			0.33
Net realized and unrealized gain (loss)		0.09			0.94			(0.84	)		(0.02	)		(0.23	)		0.54
Total from investment operations		0.21			1.24			(0.52	)		0.30			(0.08	)		0.87
Distributions to shareholders from net investment income		(0.14	)		(0.31	)		(0.33	)		(0.32	)		(0.31	)		(0.33	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.14	)		(0.31	)		(0.33	)		(0.32	)		(0.31	)		(0.33	)
Net asset value, end of period	$	6.46		$	6.39		$	5.46		$	6.31		$	6.33		$	6.56
Total return(c)		3.26	%		22.80	%		(8.56	)%		4.97	%		1.20	%		14.70	%
Net assets, end of period (in 000s)	$	7,358		$	8,331		$	5,563		$	10,858		$	11,172		$	12,089
Ratio of net expenses to average net assets		1.23	%(d)		1.25	%		1.25	%		1.25	%		1.23	%		1.23	%
Ratio of total expenses to average net assets		1.27	%(d)		1.28	%		1.27	%		1.27	%		1.24	%		1.23	%
Ratio of net investment income to average net assets		3.82	%(d)		4.80	%		5.05	%		5.10	%		4.81	%		5.17	%
Portfolio turnover rate(e)		24	%		71	%		80	%		59	%		69	%		93	%

(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. 109

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	6.40		$	5.48		$	6.33		$	6.35		$	6.58		$	6.03
Net investment income(a)		0.14			0.33			0.35			0.35			0.34			0.36
Net realized and unrealized gain (loss)		0.09			0.93			(0.83	)		(0.02	)		(0.23	)		0.55
Total from investment operations		0.23			1.26			(0.48	)		0.33			0.11			0.91
Distributions to shareholders from net investment income		(0.15	)		(0.34	)		(0.37	)		(0.35	)		(0.34	)		(0.36	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.15	)		(0.34	)		(0.37	)		(0.35	)		(0.34	)		(0.36	)
Net asset value, end of period	$	6.48		$	6.40		$	5.48		$	6.33		$	6.35		$	6.58
Total return(c)		3.66	%		23.34	%		(8.25	)%		5.46	%		1.65	%		15.33	%
Net assets, end of period (in 000s)	$	15,168		$	14,217		$	13,268		$	18,830		$	25,259		$	33,482
Ratio of net expenses to average net assets		0.76	%(d)		0.78	%		0.78	%		0.79	%		0.80	%		0.82	%
Ratio of total expenses to average net assets		0.85	%(d)		0.86	%		0.86	%		0.86	%		0.83	%		0.82	%
Ratio of net investment income to average net assets		4.28	%(d)		5.29	%		5.52	%		5.56	%		5.25	%		5.64	%
Portfolio turnover rate(e)		24	%		71	%		80	%		59	%		69	%		93	%

(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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	6.42		$	5.49		$	6.34		$	6.36		$	6.59		$	6.05
Net investment income(a)		0.14			0.33			0.35			0.35			0.35			0.36
Net realized and unrealized gain (loss)		0.08			0.94			(0.83	)		(0.01	)		(0.23	)		0.54
Total from investment operations		0.22			1.27			(0.48	)		0.34			0.12			0.90
Distributions to shareholders from net investment income		(0.15	)		(0.34	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.15	)		(0.34	)		(0.37	)		(0.36	)		(0.35	)		(0.36	)
Net asset value, end of period	$	6.49		$	6.42		$	5.49		$	6.34		$	6.36		$	6.59
Total return(c)		3.52	%		23.32	%		(8.02	)%		5.51	%		1.74	%		15.25	%
Net assets, end of period (in 000s)	$	43,545		$	41,825		$	49,791		$	81,751		$	244,099		$	202,273
Ratio of net expenses to average net assets		0.72	%(d)		0.74	%		0.74	%		0.74	%		0.71	%		0.71	%
Ratio of total expenses to average net assets		0.76	%(d)		0.77	%		0.76	%		0.75	%		0.71	%		0.71	%
Ratio of net investment income to average net assets		4.32	%(d)		5.31	%		5.55	%		5.58	%		5.33	%		5.69	%
Portfolio turnover rate(e)		24	%		71	%		80	%		59	%		69	%		93	%

(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. 111

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	6.38		$	5.47		$	6.31		$	6.33		$	6.56		$	6.02
Net investment income(a)		0.12			0.30			0.32			0.32			0.31			0.32
Net realized and unrealized gain (loss)		0.10			0.92			(0.83	)		(0.02	)		(0.23	)		0.54
Total from investment operations		0.22			1.22			(0.51	)		0.30			0.08			0.86
Distributions to shareholders from net investment income		(0.14	)		(0.31	)		(0.33	)		(0.32	)		(0.31	)		(0.32	)
Distributions to shareholders from return of capital		—			—			—	(b)		—			—			—
Total distributions		(0.14	)		(0.31	)		(0.33	)		(0.32	)		(0.31	)		(0.32	)
Net asset value, end of period	$	6.46		$	6.38		$	5.47		$	6.31		$	6.33		$	6.56
Total return(c)		3.41	%		22.57	%		(8.58	)%		4.93	%		1.13	%		14.60	%
Net assets, end of period (in 000s)	$	6,027		$	6,089		$	9,899		$	12,560		$	14,068		$	14,817
Ratio of net expenses to average net assets		1.26	%(d)		1.28	%		1.28	%		1.29	%		1.30	%		1.32	%
Ratio of total expenses to average net assets		1.35	%(d)		1.36	%		1.36	%		1.36	%		1.33	%		1.32	%
Ratio of net investment income to average net assets		3.78	%(d)		4.84	%		5.01	%		5.06	%		4.74	%		5.08	%
Portfolio turnover rate(e)		24	%		71	%		80	%		59	%		69	%		93	%

(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.

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

GOLDMAN SACHS HIGH YIELD FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Fund
	Class P Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	6.41		$	5.48		$	6.33		$	6.42
Net investment income(b)		0.14			0.33			0.35			0.33
Net realized and unrealized gain (loss)		0.08			0.94			(0.83	)		(0.08	)
Total from investment operations		0.22			1.27			(0.48	)		0.25
Distributions to shareholders from net investment income		(0.15	)		(0.34	)		(0.37	)		(0.34	)
Distributions to shareholders from return of capital		—			—			—	(c)		—
Total distributions		(0.15	)		(0.34	)		(0.37	)		(0.34	)
Net asset value, end of period	$	6.48		$	6.41		$	5.48		$	6.33
Total return(d)		3.52	%		23.35	%		(8.04	)%		4.00	%
Net assets, end of period (in 000s)	$	1,653,236		$	1,575,340		$	1,331,465		$	1,604,685
Ratio of net expenses to average net assets		0.72	%(e)		0.74	%		0.74	%		0.74	%(e)
Ratio of total expenses to average net assets		0.76	%(e)		0.77	%		0.76	%		0.77	%(e)
Ratio of net investment income to average net assets		4.32	%(e)		5.31	%		5.55	%		5.67	%(e)
Portfolio turnover rate(f)		24	%		71	%		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.

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

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.36		$	7.89		$	9.36		$	9.65		$	9.72		$	9.46
Net investment income(a)		0.14			0.32			0.45			0.44			0.37			0.37
Net realized and unrealized gain (loss)		0.03			1.48			(1.47	)		(0.29	)		(0.07	)		0.26
Total from investment operations		0.17			1.80			(1.02	)		0.15			0.30			0.63
Distributions to shareholders from net investment income		(0.14	)		(0.33	)		(0.45	)		(0.44	)		(0.37	)		(0.36	)
Distributions to shareholders from return of capital		—			—			—			—			—	(b)		(0.01	)
Total distributions		(0.14	)		(0.33	)		(0.45	)		(0.44	)		(0.37	)		(0.37	)
Net asset value, end of period	$	9.39		$	9.36		$	7.89		$	9.36		$	9.65		$	9.72
Total return(c)		1.96	%		22.96	%		(11.44	)%		1.57	%		3.00	%		6.87	%
Net assets, end of period (in 000s)	$	4,912		$	3,583		$	2,788		$	3,802		$	4,259		$	7,030
Ratio of net expenses to average net assets		0.97	%(d)		1.06	%		1.04	%		0.97	%		0.94	%		0.95	%
Ratio of total expenses to average net assets		0.99	%(d)		1.11	%		1.04	%		0.97	%		0.96	%		0.96	%
Ratio of net investment income to average net assets		3.05	%(d)		3.62	%		4.86	%		4.57	%		3.83	%		3.83	%
Portfolio turnover rate(e)		18	%		53	%		39	%		69	%		44	%		55	%

(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.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Floating Rate Fund
	Class C Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.36		$	7.89		$	9.36		$	9.65		$	9.72		$	9.46
Net investment income(a)		0.11			0.26			0.38			0.36			0.30			0.30
Net realized and unrealized gain (loss)		0.03			1.47			(1.47	)		(0.28	)		(0.08	)		0.26
Total from investment operations		0.14			1.73			(1.09	)		0.08			0.22			0.56
Distributions to shareholders from net investment income		(0.11	)		(0.26	)		(0.38	)		(0.37	)		(0.29	)		(0.29	)
Distributions to shareholders from return of capital		—			—			—			—			—	(b)		(0.01	)
Total distributions		(0.11	)		(0.26	)		(0.38	)		(0.37	)		(0.29	)		(0.30	)
Net asset value, end of period	$	9.39		$	9.36		$	7.89		$	9.36		$	9.65		$	9.72
Total return(c)		1.47	%		22.18	%		(12.10	)%		0.81	%		2.23	%		6.07	%
Net assets, end of period (in 000s)	$	648		$	578		$	673		$	1,126		$	2,443		$	2,610
Ratio of net expenses to average net assets		1.72	%(d)		1.81	%		1.79	%		1.71	%		1.69	%		1.70	%
Ratio of total expenses to average net assets		1.74	%(d)		1.87	%		1.79	%		1.72	%		1.71	%		1.71	%
Ratio of net investment income to average net assets		2.30	%(d)		2.93	%		4.12	%		3.74	%		3.06	%		3.06	%
Portfolio turnover rate(e)		18	%		53	%		39	%		69	%		44	%		55	%

(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. 115

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.36		$	7.90		$	9.36		$	9.66		$	9.73		$	9.47
Net investment income(a)		0.16			0.36			0.48			0.43			0.40			0.40
Net realized and unrealized gain (loss)		0.03			1.46			(1.45	)		(0.26	)		(0.07	)		0.27
Total from investment operations		0.19			1.82			(0.97	)		0.17			0.33			0.67
Distributions to shareholders from net investment income		(0.16	)		(0.36	)		(0.49	)		(0.47	)		(0.39	)		(0.40	)
Distributions to shareholders from return of capital		—			—			—			—			(0.01	)		(0.01	)
Total distributions		(0.16	)		(0.36	)		(0.49	)		(0.47	)		(0.40	)		(0.41	)
Net asset value, end of period	$	9.39		$	9.36		$	7.90		$	9.36		$	9.66		$	9.73
Total return(b)		2.02	%		23.34	%		(11.03	)%		1.81	%		3.45	%		7.12	%
Net assets, end of period (in 000s)	$	76,913		$	75,149		$	79,977		$	89,465		$	3,906,449		$	3,896,724
Ratio of net expenses to average net assets		0.64	%(c)		0.72	%		0.70	%		0.61	%		0.60	%		0.61	%
Ratio of total expenses to average net assets		0.66	%(c)		0.76	%		0.70	%		0.62	%		0.62	%		0.62	%
Ratio of net investment income to average net assets		3.39	%(c)		3.99	%		5.16	%		4.51	%		4.16	%		4.16	%
Portfolio turnover rate(d)		18	%		53	%		39	%		69	%		44	%		55	%

(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.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Floating Rate Fund
	Investor Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.38		$	7.91		$	9.38		$	9.67		$	9.73		$	9.48
Net investment income(a)		0.16			0.34			0.48			0.45			0.40			0.39
Net realized and unrealized gain (loss)		0.02			1.48			(1.47	)		(0.28	)		(0.07	)		0.26
Total from investment operations		0.18			1.82			(0.99	)		0.17			0.33			0.65
Distributions to shareholders from net investment income		(0.15	)		(0.35	)		(0.48	)		(0.46	)		(0.39	)		(0.39	)
Distributions to shareholders from return of capital		—			—			—			—			—	(b)		(0.01	)
Total distributions		(0.15	)		(0.35	)		(0.48	)		(0.46	)		(0.39	)		(0.40	)
Net asset value, end of period	$	9.41		$	9.38		$	7.91		$	9.38		$	9.67		$	9.73
Total return(c)		1.98	%		23.35	%		(11.18	)%		1.83	%		3.36	%		7.02	%
Net assets, end of period (in 000s)	$	5,436		$	3,825		$	705		$	1,431		$	5,599		$	4,125
Ratio of net expenses to average net assets		0.72	%(d)		0.80	%		0.78	%		0.71	%		0.69	%		0.70	%
Ratio of total expenses to average net assets		0.74	%(d)		0.84	%		0.78	%		0.72	%		0.70	%		0.71	%
Ratio of net investment income to average net assets		3.30	%(d)		3.74	%		5.14	%		4.69	%		4.07	%		4.00	%
Portfolio turnover rate(e)		18	%		53	%		39	%		69	%		44	%		55	%

(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. 117

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, 2021 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	9.36		$	7.90		$	9.37		$	9.67		$	9.69
Net investment income(b)		0.16			0.33			0.49			0.45			0.13
Net realized and unrealized gain (loss)		0.04			1.49			(1.47	)		(0.28	)		(0.02	)
Total from investment operations		0.20			1.82			(0.98	)		0.17			0.11
Distributions to shareholders from net investment income		(0.16	)		(0.36	)		(0.49	)		(0.47	)		(0.13	)
Distributions to shareholders from return of capital		—			—			—			—			(0.00	)(c)
Total distributions		(0.16	)		(0.36	)		(0.49	)		(0.47	)		(0.13	)
Net asset value, end of period	$	9.40		$	9.36		$	7.90		$	9.37		$	9.67
Total return(d)		2.14	%		23.35	%		(11.11	)%		1.82	%		1.17	%
Net assets, end of period (in 000s)	$	169,533		$	143,999		$	24,486		$	26,552		$	210,985
Ratio of net expenses to average net assets		0.63	%(e)		0.70	%		0.69	%		0.60	%		0.58	%(e)
Ratio of total expenses to average net assets		0.65	%(e)		0.75	%		0.69	%		0.61	%		0.59	%(e)
Ratio of net investment income to average net assets		3.39	%(e)		3.59	%		5.20	%		4.69	%		4.12	%(e)
Portfolio turnover rate(f)		18	%		53	%		39	%		69	%		44	%

(a) Commenced operations on November 30, 2017.

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

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

(d) 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.

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

GOLDMAN SACHS HIGH YIELD FLOATING RATE FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs High Yield Floating Rate Fund
	Class R Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.35		$	7.89		$	9.36		$	9.65		$	9.73		$	9.46
Net investment income(a)		0.13			0.30			0.44			0.42			0.34			0.35
Net realized and unrealized gain (loss)		0.04			1.47			(1.48	)		(0.30	)		(0.08	)		0.27
Total from investment operations		0.17			1.77			(1.04	)		0.12			0.26			0.62
Distributions to shareholders from net investment income		(0.13	)		(0.31	)		(0.43	)		(0.41	)		(0.34	)		(0.34	)
Distributions to shareholders from return of capital		—			—			—			—			—	(b)		(0.01	)
Total distributions		(0.13	)		(0.31	)		(0.43	)		(0.41	)		(0.34	)		(0.35	)
Net asset value, end of period	$	9.39		$	9.35		$	7.89		$	9.36		$	9.65		$	9.73
Total return(c)		1.85	%		22.69	%		(11.64	)%		1.31	%		2.74	%		6.61	%
Net assets, end of period (in 000s)	$	14		$	13		$	11		$	100		$	79		$	12
Ratio of net expenses to average net assets		1.19	%(d)		1.29	%		1.27	%		1.22	%		1.19	%		1.19	%
Ratio of total expenses to average net assets		1.21	%(d)		1.34	%		1.27	%		1.23	%		1.21	%		1.20	%
Ratio of net investment income to average net assets		2.84	%(d)		3.38	%		4.75	%		4.40	%		3.54	%		3.59	%
Portfolio turnover rate(e)		18	%		53	%		39	%		69	%		44	%		55	%

(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. 119

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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	9.37		$	7.91		$	9.37		$	9.69
Net investment income(b)		0.16			0.35			0.49			0.45
Net realized and unrealized gain (loss)		0.04			1.47			(1.46	)		(0.33	)
Total from investment operations		0.20			1.82			(0.97	)		0.12
Distributions to shareholders from net investment income		(0.16	)		(0.36	)		(0.49	)		(0.44	)
Total distributions		(0.16	)		—			—			—
Net asset value, end of period	$	9.41		$	9.37		$	7.91		$	9.37
Total return(c)		2.14	%		23.49	%		(11.11	)%		1.32	%
Net assets, end of period (in 000s)	$	2,618,927		$	1,681,575		$	1,132,605		$	2,215,089
Ratio of net expenses to average net assets		0.63	%(d)		0.71	%		0.69	%		0.62	%(d)
Ratio of total expenses to average net assets		0.65	%(d)		0.76	%		0.69	%		0.63	%(d)
Ratio of net investment income to average net assets		3.39	%(d)		3.94	%		5.22	%		5.04	%(d)
Portfolio turnover rate(e)		18	%		53	%		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.

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Investment Grade Credit Fund
	Class A Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.59		$	8.96		$	9.16		$	9.01		$	9.06		$	9.08
Net investment income(a)		0.10			0.24			0.27			0.28			0.26			0.27
Net realized and unrealized gain (loss)		0.24			0.77			(0.06	)		0.16			(0.05	)		(0.02	)
Total from investment operations		0.34			1.01			0.21			0.44			0.21			0.25
Distributions to shareholders from net investment income		(0.12	)		(0.25	)		(0.29	)		(0.29	)		(0.26	)		(0.27	)
Distributions to shareholders from net realized gains		—			(0.13	)		(0.12	)		—			—			—
Total distributions		(0.12	)		(0.38	)		(0.41	)		(0.29	)		(0.26	)		(0.27	)
Net asset value, end of period	$	9.81		$	9.59		$	8.96		$	9.16		$	9.01		$	9.06
Total return(b)		3.64	%		11.23	%		1.98	%		5.14	%		2.34	%		2.75	%
Net assets, end of period (in 000s)	$	10,510		$	9,743		$	9,832		$	7,895		$	10,198		$	32,514
Ratio of net expenses to average net assets		0.71	%(c)		0.72	%		0.72	%		0.72	%		0.72	%		0.72	%
Ratio of total expenses to average net assets		0.79	%(c)		0.79	%		0.81	%		0.84	%		0.84	%		0.87	%
Ratio of net investment income to average net assets		2.09	%(c)		2.40	%		2.86	%		3.19	%		2.85	%		2.93	%
Portfolio turnover rate(d)		25	%		69	%		76	%		82	%		82	%		63	%

(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. 121

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.59		$	8.96		$	9.17		$	9.01		$	9.06		$	9.08
Net investment income(a)		0.12			0.27			0.30			0.31			0.29			0.30
Net realized and unrealized gain (loss)		0.24			0.78			(0.07	)		0.17			(0.04	)		(0.02	)
Total from investment operations		0.36			1.05			0.23			0.48			0.25			0.28
Distributions to shareholders from net investment income		(0.13	)		(0.29	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)
Distributions to shareholders from net realized gains		—			(0.13	)		(0.12	)		—			—			—
Total distributions		(0.13	)		(0.42	)		(0.44	)		(0.32	)		(0.30	)		(0.30	)
Net asset value, end of period	$	9.82		$	9.59		$	8.96		$	9.17		$	9.01		$	9.06
Total return(b)		3.81	%		11.47	%		2.44	%		5.50	%		2.69	%		3.10	%
Net assets, end of period (in 000s)	$	98,623		$	123,553		$	51,976		$	40,548		$	163,229		$	142,218
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)		0.45	%		0.47	%		0.48	%		0.48	%		0.53	%
Ratio of net investment income to average net assets		2.42	%(c)		2.69	%		3.19	%		3.49	%		3.18	%		3.28	%
Portfolio turnover rate(d)		25	%		69	%		76	%		82	%		82	%		63	%

(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.

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

GOLDMAN SACHS INVESTMENT GRADE CREDIT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Investment Grade Credit Fund
	Separate Account Institutional Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.60		$	8.97		$	9.17		$	9.02		$	9.07		$	9.09
Net investment income(a)		0.12			0.27			0.31			0.31			0.29			0.30
Net realized and unrealized gain (loss)		0.24			0.78			(0.07	)		0.16			(0.04	)		(0.02	)
Total from investment operations		0.36			1.05			0.24			0.47			0.25			0.28
Distributions to shareholders from net investment income		(0.14	)		(0.29	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)
Distributions to shareholders from net realized gains		—			(0.13	)		(0.12	)		—			—			—
Total distributions		(0.14	)		(0.42	)		(0.44	)		(0.32	)		(0.30	)		(0.30	)
Net asset value, end of period	$	9.82		$	9.60		$	8.97		$	9.17		$	9.02		$	9.07
Total return(b)		3.71	%		11.60	%		2.45	%		5.39	%		2.69	%		3.10	%
Net assets, end of period (in 000s)	$	159,309		$	176,606		$	226,962		$	228,692		$	233,908		$	249,971
Ratio of net expenses to average net assets		0.37	%(c)		0.37	%		0.37	%		0.37	%		0.38	%		0.38	%
Ratio of total expenses to average net assets		0.45	%(c)		0.45	%		0.46	%		0.49	%		0.48	%		0.53	%
Ratio of net investment income to average net assets		2.44	%(c)		2.75	%		3.21	%		3.55	%		3.19	%		3.28	%
Portfolio turnover rate(d)		25	%		69	%		76	%		82	%		82	%		63	%

(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. 123

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.59		$	8.96		$	9.17		$	9.02		$	9.07		$	9.09
Net investment income(a)		0.12			0.26			0.30			0.31			0.28			0.29
Net realized and unrealized gain (loss)		0.24			0.78			(0.07	)		0.15			(0.04	)		(0.02	)
Total from investment operations		0.36			1.04			0.23			0.46			0.24			0.27
Distributions to shareholders from net investment income		(0.13	)		(0.28	)		(0.32	)		(0.31	)		(0.29	)		(0.29	)
Distributions to shareholders from net realized gains		—			(0.13	)		(0.12	)		—			—			—
Total distributions		(0.13	)		(0.41	)		(0.44	)		(0.31	)		(0.29	)		(0.29	)
Net asset value, end of period	$	9.82		$	9.59		$	8.96		$	9.17		$	9.02		$	9.07
Total return(b)		3.77	%		11.38	%		2.35	%		5.28	%		2.60	%		3.01	%
Net assets, end of period (in 000s)	$	4,495		$	5,364		$	4,628		$	3,164		$	4,600		$	4,062
Ratio of net expenses to average net assets		0.46	%(c)		0.46	%		0.47	%		0.47	%		0.47	%		0.47	%
Ratio of total expenses to average net assets		0.54	%(c)		0.54	%		0.56	%		0.58	%		0.57	%		0.61	%
Ratio of net investment income to average net assets		2.35	%(c)		2.63	%		3.10	%		3.45	%		3.10	%		3.18	%
Portfolio turnover rate(d)		25	%		69	%		76	%		82	%		82	%		63	%

(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.

124 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 R6 Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	9.59		$	8.96		$	9.17		$	9.02		$	9.07		$	9.08
Net investment income(a)		0.12			0.27			0.31			0.33			0.29			0.30
Net realized and unrealized gain (loss)		0.25			0.78			(0.08	)		0.14			(0.04	)		(0.01	)
Total from investment operations		0.37			1.05			0.23			0.47			0.25			0.29
Distributions to shareholders from net investment income		(0.14	)		(0.29	)		(0.32	)		(0.32	)		(0.30	)		(0.30	)
Distributions to shareholders from net realized gains		—			(0.13	)		(0.12	)		—			—			—
Total distributions		(0.14	)		(0.42	)		(0.44	)		(0.32	)		(0.30	)		(0.30	)
Net asset value, end of period	$	9.82		$	9.59		$	8.96		$	9.17		$	9.02		$	9.07
Total return(b)		3.81	%		11.48	%		2.45	%		5.39	%		2.70	%		3.23	%
Net assets, end of period (in 000s)	$	113,865		$	1,228		$	978		$	675		$	17		$	12
Ratio of net expenses to average net assets		0.37	%(c)		0.37	%		0.37	%		0.37	%		0.37	%		0.38	%
Ratio of total expenses to average net assets		0.45	%(c)		0.45	%		0.46	%		0.54	%		0.46	%		0.51	%
Ratio of net investment income to average net assets		2.35	%(c)		2.74	%		3.20	%		3.63	%		3.20	%		3.28	%
Portfolio turnover rate(d)		25	%		69	%		76	%		82	%		82	%		63	%

(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. 125

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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	9.59		$	8.96		$	9.16		$	8.93
Net investment income(b)		0.12			0.27			0.31			0.30
Net realized and unrealized gain (loss)		0.24			0.78			(0.07	)		0.23
Total from investment operations		0.36			1.05			0.24			0.53
Distributions to shareholders from net investment income		(0.14	)		(0.29	)		(0.32	)		(0.30	)
Distributions to shareholders from net realized gains		—			(0.13	)		(0.12	)		—
Total distributions		(0.14	)		(0.42	)		(0.44	)		(0.30	)
Net asset value, end of period	$	9.81		$	9.59		$	8.96		$	9.16
Total return(c)		3.81	%		11.61	%		2.45	%		6.12	%
Net assets, end of period (in 000s)	$	179,516		$	156,039		$	189,611		$	196,668
Ratio of net expenses to average net assets		0.37	%(d)		0.37	%		0.37	%		0.37	%(d)
Ratio of total expenses to average net assets		0.45	%(d)		0.45	%		0.46	%		0.51	%(d)
Ratio of net investment income to average net assets		2.43	%(d)		2.73	%		3.22	%		3.57	%(d)
Portfolio turnover rate(e)		25	%		69	%		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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Local Emerging Markets Debt Fund
	Class A Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	5.56		$	4.98		$	5.76		$	6.89		$	6.38		$	6.36
Net investment income(a)		0.09			0.20			0.24			0.34			0.36			0.33
Net realized and unrealized gain (loss)		(0.06	)		0.58			(0.79	)		(1.17	)		0.52			0.04
Total from investment operations		0.03			0.78			(0.55	)		(0.83	)		0.88			0.37
Distributions to shareholders from net investment income		(0.10	)		—			—	(b)		—			—			—
Distributions to shareholders from return of capital		—			(0.20	)		(0.23	)		(0.30	)		(0.37	)		(0.35	)
Total distributions		(0.10	)		(0.20	)		(0.23	)		(0.30	)		(0.37	)		(0.35	)
Net asset value, end of period	$	5.49		$	5.56		$	4.98		$	5.76		$	6.89		$	6.38
Total return(c)		0.48	%		15.65	%		(10.05	)%		(12.08	)%		13.93	%		6.21	%
Net assets, end of period (in 000s)	$	4,654		$	4,795		$	4,808		$	5,465		$	8,880		$	11,295
Ratio of net expenses to average net assets		1.21	%(d)		1.21	%		1.23	%		1.21	%		1.22	%		1.24	%
Ratio of total expenses to average net assets		1.72	%(d)		1.84	%		1.63	%		1.53	%		1.44	%		1.48	%
Ratio of net investment income to average net assets		3.23	%(d)		3.56	%		4.13	%		5.75	%		5.47	%		5.17	%
Portfolio turnover rate(e)		44	%		111	%		84	%		117	%		112	%		111	%

(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. 127

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	5.55		$	4.98		$	5.75		$	6.88		$	6.38		$	6.37
Net investment income(a)		0.07			0.16			0.20			0.29			0.32			0.27
Net realized and unrealized gain (loss)		(0.06	)		0.57			(0.78	)		(1.17	)		0.50			0.04
Total from investment operations		0.01			0.73			(0.58	)		(0.88	)		0.82			0.31
Distributions to shareholders from net investment income		(0.08	)		—			—	(b)		—			—			—
Distributions to shareholders from return of capital		—			(0.16	)		(0.19	)		(0.25	)		(0.32	)		(0.30	)
Total distributions		(0.08	)		(0.16	)		(0.19	)		(0.25	)		(0.32	)		(0.30	)
Net asset value, end of period	$	5.48		$	5.55		$	4.98		$	5.75		$	6.88		$	6.38
Total return(c)		(0.08	)%		15.02	%		(10.74	)%		(12.76	)%		13.10	%		5.08	%
Net assets, end of period (in 000s)	$	1,933		$	2,055		$	2,526		$	4,457		$	7,115		$	6,202
Ratio of net expenses to average net assets		1.96	%(d)		1.96	%		1.98	%		1.96	%		1.96	%		1.98	%
Ratio of total expenses to average net assets		2.47	%(d)		2.58	%		2.38	%		2.27	%		2.18	%		2.21	%
Ratio of net investment income to average net assets		2.47	%(d)		2.82	%		3.44	%		4.99	%		4.77	%		4.27	%
Portfolio turnover rate(e)		44	%		111	%		84	%		117	%		112	%		111	%

(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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Local Emerging Markets Debt Fund
	Institutional Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	5.54		$	4.97		$	5.74		$	6.87		$	6.37		$	6.36
Net investment income(a)		0.10			0.22			0.26			0.38			0.38			0.34
Net realized and unrealized gain (loss)		(0.06	)		0.57			(0.78	)		(1.20	)		0.50			0.04
Total from investment operations		0.04			0.79			(0.52	)		(0.82	)		0.88			0.38
Distributions to shareholders from net investment income		(0.11	)		—			—	(b)		—			—			—
Distributions to shareholders from return of capital		—			(0.22	)		(0.25	)		(0.31	)		(0.38	)		(0.37	)
Total distributions		(0.11	)		(0.22	)		(0.25	)		(0.31	)		(0.38	)		(0.37	)
Net asset value, end of period	$	5.47		$	5.54		$	4.97		$	5.74		$	6.87		$	6.37
Total return(c)		0.45	%		16.26	%		(9.82	)%		(11.86	)%		14.29	%		6.20	%
Net assets, end of period (in 000s)	$	12,687		$	11,320		$	16,667		$	32,419		$	245,127		$	332,212
Ratio of net expenses to average net assets		0.91	%(d)		0.91	%		0.93	%		0.91	%		0.92	%		0.91	%
Ratio of total expenses to average net assets		1.39	%(d)		1.51	%		1.29	%		1.10	%		1.10	%		1.12	%
Ratio of net investment income to average net assets		3.54	%(d)		3.86	%		4.48	%		6.33	%		5.80	%		5.35	%
Portfolio turnover rate(e)		44	%		111	%		84	%		117	%		112	%		111	%

(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. 129

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	5.55		$	4.97		$	5.74		$	6.87		$	6.37		$	6.35
Net investment income(a)		0.10			0.21			0.26			0.35			0.38			0.33
Net realized and unrealized gain (loss)		(0.06	)		0.58			(0.79	)		(1.17	)		0.50			0.06
Total from investment operations		0.04			0.79			(0.53	)		(0.82	)		0.88			0.39
Distributions to shareholders from net investment income		(0.11	)		—			—	(b)		—			—			—
Distributions to shareholders from return of capital		—			(0.21	)		(0.24	)		(0.31	)		(0.38	)		(0.37	)
Total distributions		(0.11	)		(0.21	)		(0.24	)		(0.31	)		(0.38	)		(0.37	)
Net asset value, end of period	$	5.48		$	5.55		$	4.97		$	5.74		$	6.87		$	6.37
Total return(c)		0.60	%		15.97	%		(9.69	)%		(11.91	)%		14.24	%		6.30	%
Net assets, end of period (in 000s)	$	4,393		$	4,781		$	5,557		$	6,057		$	10,263		$	5,489
Ratio of net expenses to average net assets		0.96	%(d)		0.96	%		0.98	%		0.96	%		0.97	%		0.98	%
Ratio of total expenses to average net assets		1.47	%(d)		1.60	%		1.38	%		1.25	%		1.16	%		1.21	%
Ratio of net investment income to average net assets		3.47	%(d)		3.80	%		4.35	%		6.03	%		5.78	%		5.28	%
Portfolio turnover rate(e)		44	%		111	%		84	%		117	%		112	%		111	%

(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.

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

GOLDMAN SACHS LOCAL EMERGING MARKETS DEBT FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs Local Emerging Markets Debt Fund
	Class R6 Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,									Period Ended March 31, 2018(a)
				2021			2020			2019
Per Share Data
Net asset value, beginning of period	$	5.55		$	4.97		$	5.74		$	6.87		$	6.48
Net investment income(b)		0.10			0.22			0.27			0.34			0.14
Net realized and unrealized gain (loss)		(0.06	)		0.58			(0.79	)		(1.16	)		0.37
Total from investment operations		0.04			0.80			(0.52	)		(0.82	)		0.51
Distributions to shareholders from net investment income		(0.11	)		—			—	(c)		—			—
Distributions to shareholders from return of capital		—			(0.22	)		(0.25	)		(0.31	)		(0.12	)
Total distributions		(0.11	)		(0.22	)		(0.25	)		(0.31	)		(0.12	)
Net asset value, end of period	$	5.48		$	5.55		$	4.97		$	5.74		$	6.87
Total return(d)		0.63	%		16.27	%		(9.82	)%		(11.86	)%		7.88	%
Net assets, end of period (in 000s)	$	29,654		$	24,800		$	30,325		$	92,937		$	56,354
Ratio of net expenses to average net assets		0.90	%(e)		0.90	%		0.91	%		0.90	%		0.90	%(e)
Ratio of total expenses to average net assets		1.38	%(e)		1.48	%		1.28	%		1.18	%		0.87	%(e)
Ratio of net investment income to average net assets		3.55	%(e)		3.87	%		4.60	%		5.91	%		6.04	%(e)
Portfolio turnover rate(f)		44	%		111	%		84	%		117	%		112	%

(a) Commenced operations on November 30, 2017.

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

(c) Rounds to less than $0.005 per share.

(d) 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 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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	5.55		$	4.97		$	5.74		$	6.75
Net investment income(b)		0.10			0.22			0.26			0.31
Net realized and unrealized gain (loss)		(0.06	)		0.58			(0.78	)		(1.03	)
Total from investment operations		0.04			0.80			(0.52	)		(0.72	)
Distributions to shareholders from net investment income		(0.11	)		—			—	(c)		—
Distributions to shareholders from return of capital		—			(0.22	)		(0.25	)		(0.29	)
Total distributions		(0.11	)		(0.22	)		(0.25	)		(0.29	)
Net asset value, end of period	$	5.48		$	5.55		$	4.97		$	5.74
Total return(d)		0.63	%		16.27	%		(9.82	)%		(10.66	)%
Net assets, end of period (in 000s)	$	24,939		$	29,194		$	30,957		$	52,263
Ratio of net expenses to average net assets		0.90	%(e)		0.90	%		0.92	%		0.90	%(e)
Ratio of total expenses to average net assets		1.38	%(e)		1.50	%		1.28	%		1.24	%(e)
Ratio of net investment income to average net assets		3.53	%(e)		3.87	%		4.48	%		5.75	%(e)
Portfolio turnover rate(f)		44	%		111	%		84	%		117	%

(a) Commenced operations on April 20, 2018.

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

(c) Rounds to less than $0.005 per share.

(d) 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.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Mortgages Fund
	Class A Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.56		$	10.55		$	10.29		$	10.21		$	10.45		$	10.68
Net investment income (loss)(a)		(0.03	)		0.12			0.19			0.24			0.15			0.12
Net realized and unrealized gain (loss)		0.06			0.16			0.36			0.12			(0.16	)		(0.11	)
Total from investment operations		0.03			0.28			0.55			0.36			(0.01	)		0.01
Distributions to shareholders from net investment income		(0.06	)		(0.27	)		(0.28	)		(0.28	)		(0.23	)		(0.24	)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—	(b)		—
Total distributions		(0.06	)		(0.27	)		(0.29	)		(0.28	)		(0.23	)		(0.24	)
Net asset value, end of period	$	10.53		$	10.56		$	10.55		$	10.29		$	10.21		$	10.45
Total return(c)		0.36	%		2.54	%		5.41	%		3.60	%		(0.10	)%		0.10	%
Net assets, end of period (in 000s)	$	33,538		$	38,327		$	30,384		$	31,394		$	24,967		$	47,235
Ratio of net expenses to average net assets		0.76	%(d)		0.78	%		0.79	%		0.78	%		0.77	%		0.77	%
Ratio of total expenses to average net assets		0.83	%(d)		0.81	%		0.85	%		0.86	%		0.87	%		0.93	%
Ratio of net investment income (loss) to average net assets		(0.53	)%(d)		1.08	%		1.82	%		2.37	%		1.40	%		1.10	%
Portfolio turnover rate(e)		606	%		1,027	%		1,233	%		963	%		1,149	%		863	%

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

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

(c) 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 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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.58		$	10.58		$	10.32		$	10.23		$	10.47		$	10.71
Net investment income (loss)(a)		(0.01	)		0.16			0.21			0.27			0.19			0.15
Net realized and unrealized gain (loss)		0.06			0.14			0.38			0.14			(0.16	)		(0.11	)
Total from investment operations		0.05			0.30			0.59			0.41			0.03			0.04
Distributions to shareholders from net investment income		(0.08	)		(0.30	)		(0.32	)		(0.32	)		(0.27	)		(0.28	)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—	(b)		—
Total distributions		(0.08	)		(0.30	)		(0.33	)		(0.32	)		(0.27	)		(0.28	)
Net asset value, end of period	$	10.55		$	10.58		$	10.58		$	10.32		$	10.23		$	10.47
Total return(c)		0.43	%		2.88	%		5.75	%		4.05	%		0.24	%		0.35	%
Net assets, end of period (in 000s)	$	119,586		$	89,598		$	52,878		$	34,027		$	80,298		$	63,035
Ratio of net expenses to average net assets		0.43	%(d)		0.45	%		0.45	%		0.44	%		0.43	%		0.43	%
Ratio of total expenses to average net assets		0.50	%(d)		0.48	%		0.51	%		0.51	%		0.52	%		0.59	%
Ratio of net investment income (loss) to average net assets		(0.27	)%(d)		1.48	%		1.98	%		2.68	%		1.78	%		1.45	%
Portfolio turnover rate(e)		606	%		1,027	%		1,233	%		963	%		1,149	%		863	%

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

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

(c) 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.

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

GOLDMAN SACHS U.S. MORTGAGES FUND

Financial Highlights (continued)

Selected Share Data for a Share Outstanding Throughout Each Period

	Goldman Sachs U.S. Mortgages Fund
	Separate Account Institutional Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.56		$	10.55		$	10.30		$	10.21		$	10.45		$	10.69
Net investment income (loss)(a)		(0.01	)		0.15			0.22			0.28			0.18			0.15
Net realized and unrealized gain (loss)		0.06			0.17			0.36			0.13			(0.15	)		(0.11	)
Total from investment operations		0.05			0.32			0.58			0.41			0.03			0.04
Distributions to shareholders from net investment income		(0.08	)		(0.31	)		(0.32	)		(0.32	)		(0.27	)		(0.28	)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—	(b)		—
Total distributions		(0.08	)		(0.31	)		(0.33	)		(0.32	)		(0.27	)		(0.28	)
Net asset value, end of period	$	10.53		$	10.56		$	10.55		$	10.30		$	10.21		$	10.45
Total return(c)		0.43	%		2.99	%		5.67	%		4.07	%		0.24	%		0.35	%
Net assets, end of period (in 000s)	$	143,070		$	150,887		$	207,621		$	215,647		$	221,303		$	217,648
Ratio of net expenses to average net assets		0.42	%(d)		0.44	%		0.44	%		0.44	%		0.43	%		0.43	%
Ratio of total expenses to average net assets		0.49	%(d)		0.47	%		0.49	%		0.51	%		0.52	%		0.59	%
Ratio of net investment income to average net assets		(0.17	)%(d)		1.44	%		2.13	%		2.77	%		1.77	%		1.45	%
Portfolio turnover rate(e)		606	%		1,027	%		1,233	%		963	%		1,149	%		863	%

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

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

(c) 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. 135

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, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.58		$	10.58		$	10.32		$	10.23		$	10.47		$	10.71
Net investment income (loss)(a)		(0.02	)		0.16			0.22			0.27			0.18			0.13
Net realized and unrealized gain (loss)		0.06			0.14			0.36			0.13			(0.16	)		(0.10	)
Total from investment operations		0.04			0.30			0.58			0.40			0.02			0.03
Distributions to shareholders from net investment income		(0.07	)		(0.30	)		(0.31	)		(0.31	)		(0.26	)		(0.27	)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—	(b)		—
Total distributions		(0.07	)		(0.30	)		(0.32	)		(0.31	)		(0.26	)		(0.27	)
Net asset value, end of period	$	10.55		$	10.58		$	10.58		$	10.32		$	10.23		$	10.47
Total return(c)		0.39	%		2.79	%		5.66	%		3.96	%		0.15	%		0.25	%
Net assets, end of period (in 000s)	$	49,467		$	57,023		$	114,242		$	152,715		$	154,957		$	143,018
Ratio of net expenses to average net assets		0.51	%(d)		0.53	%		0.54	%		0.54	%		0.52	%		0.50	%
Ratio of total expenses to average net assets		0.58	%(d)		0.57	%		0.59	%		0.61	%		0.61	%		0.62	%
Ratio of net investment income (loss) to average net assets		(0.31	)%(d)		1.47	%		2.09	%		2.67	%		1.68	%		1.26	%
Portfolio turnover rate(e)		606	%		1,027	%		1,233	%		963	%		1,149	%		863	%

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

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

(c) 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.

136 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 R6 Shares
	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31,
				2021			2020			2019			2018			2017
Per Share Data
Net asset value, beginning of period	$	10.58		$	10.58		$	10.32		$	10.23		$	10.48		$	10.71
Net investment income (loss)(a)		(0.01	)		0.17			0.22			0.29			0.19			0.19
Net realized and unrealized gain (loss)		0.06			0.14			0.37			0.12			(0.17	)		(0.14	)
Total from investment operations		0.05			0.31			0.59			0.41			0.02			0.05
Distributions to shareholders from net investment income		(0.08	)		(0.31	)		(0.32	)		(0.32	)		(0.27	)		(0.28	)
Distributions to shareholders from return of capital		—			—			(0.01	)		—			—	(b)		—
Total distributions		(0.08	)		(0.31	)		(0.33	)		(0.32	)		(0.27	)		(0.28	)
Net asset value, end of period	$	10.55		$	10.58		$	10.58		$	10.32		$	10.23		$	10.48
Total return(c)		0.43	%		2.89	%		5.77	%		4.06	%		0.16	%		0.46	%
Net assets, end of period (in 000s)	$	10,807		$	8,245		$	20,349		$	14,387		$	5,104		$	2,606
Ratio of net expenses to average net assets		0.42	%(d)		0.44	%		0.44	%		0.44	%		0.42	%		0.41	%
Ratio of total expenses to average net assets		0.49	%(d)		0.49	%		0.50	%		0.52	%		0.51	%		0.53	%
Ratio of net investment income (loss) to average net assets		(0.12	)%(d)		1.55	%		2.11	%		2.88	%		1.80	%		1.79	%
Portfolio turnover rate(e)		606	%		1,027	%		1,233	%		963	%		1,149	%		863	%

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

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

(c) 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. 137

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, 2021 (Unaudited)			Year Ended March 31,						Period Ended March 31, 2019(a)
				2021			2020
Per Share Data
Net asset value, beginning of period	$	10.58		$	10.58		$	10.32		$	10.16
Net investment income (loss)(b)		(0.01	)		0.14			0.23			0.28
Net realized and unrealized gain		0.06			0.17			0.36			0.18
Total from investment operations		0.05			0.31			0.59			0.46
Distributions to shareholders from net investment income		(0.08	)		(0.31	)		(0.32	)		(0.30	)
Distributions to shareholders from return of capital		—			—			(0.01	)		—
Total distributions		(0.08	)		(0.31	)		(0.33	)		(0.30	)
Net asset value, end of period	$	10.55		$	10.58		$	10.58		$	10.32
Total return(c)		0.43	%		2.89	%		5.77	%		4.57	%
Net assets, end of period (in 000s)	$	7,084		$	12,382		$	4,971		$	8,575
Ratio of net expenses to average net assets		0.42	%(d)		0.44	%		0.44	%		0.44	%(d)
Ratio of total expenses to average net assets		0.49	%(d)		0.46	%		0.49	%		0.52	%(d)
Ratio of net investment income (loss) to average net assets		(0.18	)%(d)		1.30	%		2.17	%		2.89	%(d)
Portfolio turnover rate(e)		606	%		1,027	%		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.

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

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements

September 30, 2021 (Unaudited)

1. ORGANIZATION

Goldman Sachs Trust (the “Trust”) is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. The following table lists those series of the Trust that are included in this report (collectively, the “Funds” or individually a “Fund”), along with their corresponding share classes and respective diversification status under the Act:

Fund	Share Classes Offered	Diversified/ Non-diversified
Emerging Markets Debt	A, C, Institutional, Investor, R6 and P	Diversified
High Yield	A, C, Institutional, Service, Investor, R6, R and P	Diversified
High Yield Floating Rate	A, C, Institutional, Investor, R6, R and P	Diversified
Local Emerging Markets Debt	A, C, Institutional, Investor, R6 and P	Non-diversified
Investment Grade Credit, U.S. Mortgages	A, Institutional, Separate Account Institutional, Investor, R6 and P	Diversified

Class A Shares of the Emerging Markets Debt, High Yield, High Yield Floating Rate, Investment Grade Credit, Local Emerging Markets Debt and U.S. Mortgages Funds are sold with a front-end sales charge of up to 4.50%, 4.50%, 2.25%, 3.75%, 4.50% and 3.75%, respectively. Class C Shares are sold with a contingent deferred sales charge (“CDSC”) of 1.00%, which is imposed on redemptions made within 12 months of purchase. Institutional, Service, Separate Account Institutional, Investor, Class P, Class R and Class R6 Shares are not subject to a sales charge.

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. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered are reflected as other income in the Statements of Operations. 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,

139

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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:

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.

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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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.

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

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September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs 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 Floating Rate Fund may also enter into certain credit arrangements, all or a portion of which may be unfunded. Unfunded loan commitments represent the remaining obligation of a Fund to the borrower. A Fund is obligated to fund these commitments at the borrower’s discretion. A Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit of a loan. All loans and unfunded loan commitments involve interest rate risk, liquidity risk and credit risk, including the potential default or insolvency of the borrower. Loans, including unfunded loan commitments, are marked to market daily using pricing vendor quotations and the change in value, if any, is recorded as an unrealized gain or loss.

ii.  Commercial Paper -— Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

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.

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

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

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

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

using independent vendor prices, and the change in value, if any, is recorded as an unrealized gain or loss. Cash and certain investments may be used to collateralize forward contracts.

A forward foreign currency exchange contract is a forward contract in which a Fund agrees to receive or deliver a fixed quantity of one currency for another, at a pre-determined price at a future date. All forward foreign currency exchange contracts are marked to market daily 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 a 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 counterparty. Upon the occurrence of a specified credit event, a Fund, as a buyer of credit protection, is entitled to receive an

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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, 2021:

EMERGING MARKETS DEBT
Investment Type	Level 1		Level 2		Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—	$	837,374,680	$	—
Corporate Obligations		—		324,486,794		—
Structured Notes		—		19,759,411		—
Investment Company		28,263,019		—		—
Total	$	28,263,019	$	1,181,620,885	$	—

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

EMERGING MARKETS DEBT (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	8,858,593		$	—
Futures Contracts(a)		1,888			—			—
Interest Rate Swap Contracts(a)		—			7,435,564			—
Credit Default Swap Contracts(a)		—			2,584,144			—
Purchased option contracts		—			7,779			—
Total	$	1,888		$	18,886,080		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(4,755,140	)	$	—
Futures Contracts(a)		(3,014,117	)		—			—
Interest Rate Swap Contracts(a)		—			(1,781,366	)		—
Credit Default Swap Contracts(a)		—			(555,357	)		—
Written option contracts		—			(604,694	)		—
Total	$	(3,014,117	)	$	(7,696,557	)	$	—
HIGH YIELD
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	111,517,692		$	—
Corporate Obligations		—			2,006,286,624			—
Unfunded Loan Commitment(a)		—			236			—
Common Stock and/or Other Equity Investments
North America		5,968,000			6,696,867			—
Warrants		—			91,062			—
Investment Company		59,368,763			—			—
Exchange Traded Fund		16,612,891			—			—
Securities Lending Reinvestment Vehicle		47,852,321			—			—
Total	$	129,801,975		$	2,124,592,481		$	—

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

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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	$	—		$	1,232,174		$	—
Futures Contracts		606,134			—			—
Credit Default Swap Contracts		—			1,992,407			—
Total Return Swap Contracts		—			440,886			—
Total	$	606,134		$	3,665,467		$	—
Liabilities(a)
Futures Contracts	$	(677,730	)	$	—		$	—
Credit Default Swap Contracts		—			(169,456	)		—
Total	$	(677,730	)	$	(169,456	)	$	—
HIGH YIELD FLOATING RATE
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Bank Loans	$	—		$	2,530,576,473		$	4,175,135
Corporate Obligations		—			165,785,209			—
Asset-Backed Securities		—			36,271,681			—
Common Stock and/or Other Equity Investments
Europe		—			6,873,121			—
North America		3,007,279			1,475,300			406,873
Warrants		—			175,441			16,275
Exchange Traded Funds		65,392,749			—			—
Investment Company		325,557,077			—			—
Securities Lending Reinvestment Vehicle		3,894,050			—			—
Total	$	397,851,155		$	2,741,157,225		$	4,598,283
Liabilities(a)
Fixed Income
Unfunded Loan Commitment	$	—		$	(14,939	)	$	—
Total	$	—		$	(14,939	)	$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	1,416,239		$	—
Futures Contracts		1,166,263			—			—
Total Return Swap Contracts		—			287,108			—
Total	$	1,166,263		$	1,703,347		$	—

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

INVESTMENT GRADE CREDIT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Corporate Obligations	$	—		$	500,901,568		$	—
Foreign Debt Obligations		—			18,994,156			—
Municipal Debt Obligations		—			5,233,338			—
U.S. Treasury Obligations		892,062			—			—
Investment Company		15,793,400			—			—
Total	$	16,685,462		$	525,129,062		$	—
Derivative Type
Assets(a)
Forward Foreign Currency Exchange Contracts	$	—		$	142,726		$	—
Futures Contracts		344,916			—			—
Interest Rate Swap Contracts		—			100,095			—
Credit Default Swap Contracts		—			1,428,864			—
Total	$	344,916		$	1,671,685		$	—
Liabilities(a)
Forward Foreign Currency Exchange Contracts	$	—		$	(10,975	)	$	—
Futures Contracts		(2,088,792	)		—			—
Interest Rate Swap Contracts		—			(73,589	)		—
Credit Default Swap Contracts		—			(16,381	)		—
Total	$	(2,088,792	)	$	(100,945	)	$	—
LOCAL EMERGING MARKETS DEBT
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Sovereign Debt Obligations	$	—		$	56,955,132		$	—
Corporate Obligations		—			1,925,541			—
Structured Notes		—			8,702,113			—
U.S. Treasury Obligations		101,177			—			—
Investment Company		3,433,325			—			—
Total	$	3,534,502		$	67,582,786		$	—

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

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3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

LOCAL EMERGING MARKETS DEBT (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Forward Foreign Currency Exchange Contracts(a)	$	—		$	686,712		$	—
Futures Contracts(a)		125,396			—			—
Interest Rate Swap Contracts(a)		—			1,269,962			—
Credit Default Swap Contracts(a)		—			61,509			—
Purchased options contracts		—			991			—
Total	$	125,396		$	2,019,174		$	—
Liabilities
Forward Foreign Currency Exchange Contracts(a)	$	—		$	(810,565	)	$	—
Futures Contracts(a)		(154,633	)		—			—
Interest Rate Swap Contracts(a)		—			(622,925	)		—
Credit Default Swap Contracts(a)		—			(5,303	)		—
Written option contracts		—			(77,611	)		—
Total	$	(154,633	)	$	(1,516,404	)	$	—
U.S. MORTGAGES
Investment Type	Level 1			Level 2			Level 3
Assets
Fixed Income
Mortgage-Backed Obligations	$	—		$	391,532,079		$	—
Asset-Backed Securities		—			28,716,416			—
U.S. Treasury Obligations		93,927,486			—			—
Investment Company		29,971,277			—			—
Total	$	123,898,763		$	420,248,495		$	—
Liabilities
Fixed Income
Mortgage-Backed Obligations — Forward Sales Contracts	$	—		$	(26,627,908	)	$	—

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

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. MORTGAGES (continued)
Derivative Type	Level 1			Level 2			Level 3
Assets
Futures Contracts(a)	$	116,318		$	—		$	—
Interest Rate Swap Contracts(a)		—			34,697			—
Credit Default Swap Contracts(a)		—			657,254			—
Purchased options contracts		—			65,012			—
Total	$	116,318		$	756,963		$	—
Liabilities
Futures Contracts(a)	$	(69,623	)	$	—		$	—
Interest Rate Swap Contracts(a)		—			(38,469	)		—
Credit Default Swap Contracts(a)		—			(367,977	)		—
Written option contracts		—			(53,869	)		—
Total	$	(69,623	)	$	(460,315	)	$	—

(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, 2021. These instruments were used as part of the Funds’ investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds’ net exposure.

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	$	7,437,452	(a)	Variation margin on futures contracts; Variation margin on swap contracts;	$	(4,795,483)	(a)
Credit	Variation margin on swap contracts; Receivable for unrealized gain on swap contracts		2,584,144	(a)	Variation margin on swap contracts; Payable for unrealized loss on swap contracts		(555,357)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		8,866,372		Payable for unrealized loss on forward foreign currency exchange contracts; Written Options, at value		(5,359,834)
Total		$	18,887,968			$	(10,710,674)

(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.

150

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4. INVESTMENTS IN DERIVATIVES (continued)

HIGH YIELD
Risk	Statements of Assets and Liabilities	Assets			Statements of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on futures contracts	$	606,134	(a)	Variation margin on futures contracts	$	(677,730)	(a)
Credit	Variation margin on swap contracts		1,992,407	(a)	Variation margin on swap contracts		(169,456)	(a)
Equity	Receivable for unrealized gain on swap contracts		440,886	(a)	—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,232,174		—		—
Total		$	4,271,601			$	(847,186)
GS HIGH YIELD FLOATING RATE
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on futures contracts;	$	1,166,263	(a)	—	$	—
Equity	Receivable for unrealized gain on swap contracts		287,108		—		—
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		1,416,239		—		—
Total		$	2,869,610			$	—
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	$	445,010	(a)	Variation margin on futures contracts; Variation margin on swap contracts;	$	(2,162,381)	(a)
Credit	Variation margin on swap contracts		1,428,864	(a)	Variation margin on swap contracts		(16,381)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts		142,726		Payable for unrealized loss on forward foreign currency exchange contracts		(10,975)
Total		$	2,016,601			$	(2,189,737)

(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.

151

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

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 futures contracts; Variation margin on swap contracts	$	1,395,358	(a)	Payable for unrealized loss on swap contracts; Variation margin on futures contracts; Variation margin on swap contracts; Unrealized loss on non-deliverable bond forward contracts	$	(778,433)	(a)(b)
Credit	Receivable for unrealized gain on swap contracts; Variation margin on swap contracts		61,509	(a)	Variation margin on swap contracts		(5,303)	(a)
Currency	Receivable for unrealized gain on forward foreign currency exchange contracts; Purchased options, at value		687,703		Payable for unrealized loss on forward foreign currency exchange contracts; Written Options, at value		(888,176)
Total		$	2,136,059			$	(1,671,912)
U.S. MORTGAGES
Risk	Statement of Assets and Liabilities	Assets			Statement of Assets and Liabilities	Liabilities
Interest Rate	Variation margin on swap contracts; Variation margin on futures contracts; Purchased options, at value	$	216,027	(a)	Variation margin on swap contracts; Variation margin on futures contracts; Written options, at value	$	(161,961)	(a)
Credit	Receivable for unrealized gain on swap contracts		657,254	(a)	Payable for unrealized loss on swap contracts		(367,977)	(a)(b)
Total		$	873,281			$	(529,938)

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

(b) Aggregate of amounts include $45,078 and $367,977 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.

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, 2021. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in “Net realized gain (loss)” or “Net change in unrealized gain (loss)” on the Statements of Operations:

EMERGING MARKETS DEBT
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Interest	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts	$	5,442,279	$	5,595,390
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		2,249,772		(319	)
Currency	Net realized gain (loss) forward foreign currency exchange contracts, purchased options and written options /Net change in unrealized gain (loss) on forward foreign currency exchange contracts, purchased options and written options		3,110,049		(1,080,919	)
Total		$	10,802,100	$	4,514,152

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

4. INVESTMENTS IN DERIVATIVES (continued)

HIGH YIELD
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts	$	495,872		$	2,958,444
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		2,630,102			(454	)
Equity	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		657,701			136,568
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/Net change in unrealized gain (loss) on forward foreign currency exchange contracts		913,186			332,878
Total		$	4,696,861		$	3,427,436
GS HIGH YIELD FLOATING RATE
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts/Net change in unrealized gain (loss) on futures contracts,	$	(1,323,748	)	$	76,454
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		422,401			154,998
Currency	Net realized gain (loss) from forward foreign currency exchange contracts/ Net change in unrealized gain (loss) on forward foreign currency exchange contracts		1,173,744			63,349
Total		$	272,397		$	294,801
INVESTMENT GRADE CREDIT
Risk	Statement of Operations	Net Realized Gain (Loss)			Net Change in Unrealized Gain (Loss)
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts	$	4,947,451		$	(689,378	)
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		812,580			365,553
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		165,845			(119,137	)
Total		$	5,925,876		$	(442,962	)

153

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

LOCAL EMERGING MARKETS DEBT
Risk	Statement of Operations	Net Realized Gain (Loss)		Net Change in Unrealized Gain (Loss)
Interest Rate	Net realized gain (loss) from futures contracts and swap contracts /Net change in unrealized gain (loss) on futures contracts and swap contracts	$	288,633	$	160,241
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		30,328		(14,783	)
Currency	Net realized gain (loss) forward foreign currency exchange contracts /Net change in unrealized gain (loss) on forward foreign currency exchange contracts		433,453		(2,776	)
Total		$	752,444	$	142,682
U.S. MORTGAGES
Risk	Statement of Operations	Net Realized Gain		Net Change in Unrealized Gain
Interest Rate	Net realized gain (loss) from futures contracts, swap contracts, purchased option contracts and written option contracts /Net change in unrealized gain (loss) on futures contracts, swap contracts, purchased option contracts and written option contracts	$	301,592	$	15,107
Credit	Net realized gain (loss) from swap contracts/Net change in unrealized gain (loss) on swap contracts		307,784		174,723
Total		$	609,376	$	189,830

For the six months ended September 30, 2021, the relevant values for each derivative type was as follows:

	Average Number of Contracts, Notional Amounts, or Shares/Units(a)
Fund	Futures contracts		Forward contracts		Swap agreements		Purchased options		Purchased swaptions		Written options		Written swaptions
Emerging Markets Debt		2,254	$	1,187,900,514	$	1,003,440,729	$	223,500,492	$	—	$	113,355,778	$	—
High Yield		1,549		49,547,752		155,086,763		—		—		—		—
High Yield Floating Rate		858		60,822,037		23,500,000		—		—		—		—
Investment Grade Credit		973		32,074,512		292,038,255		—		—		—		—
Local Emerging Markets Debt		123		160,245,913		142,753,320		28,776,705		—		14,636,455		—
U.S. Mortgages		237		—		37,549,141		—		21,358,333		—		34,040,000

(a) Amounts disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased and written swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume for this derivative type, for the months that each Fund held such derivatives during the six months ended September 30, 2021.

In order to better define its contractual rights and to secure rights that will help a Fund mitigate its counterparty risk, a Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivatives counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives (including forward foreign currency exchange contracts, and certain options and swaps), and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or 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.

154

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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 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, 2021:

EMERGING MARKETS DEBT
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Options Purchased		Swaps		Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Barclays Bank PLC	$	—	$	35,368	$	—	$	35,368	$	—		$	—		$	—		$	—		$	35,368		$	—		$	35,368
BNP Paribas SA		42		—		—		42		—			—			(109,491	)		(109,491	)		(109,449	)		—			(109,449	)
CS International (London)		503		—		—		503		—			—			(138,008	)		(138,008	)		(137,505	)		—			(137,505	)
Deutsche Bank AG (London)		—		274,049		—		274,049		(39,177	)		—			—			(39,177	)		234,872			—			234,872
HSBC Bank PLC		7,002		—		—		7,002		—			—			(115,811	)		(115,811	)		(108,809	)		—			(108,809	)
JPMorgan Securities, Inc.		—		—		8,858,593		8,858,593		(14,897	)		(4,755,140	)		—			(4,770,037	)		4,088,556			(4,088,556	)		—
MS & Co. Int. PLC		232		—		—		232		—			—			(241,384	)		(241,384	)		(241,152	)		—			(241,152	)
Total	$	7,779	$	309,417	$	8,858,593	$	9,175,789	$	(54,074	)	$	(4,755,140	)	$	(604,694	)	$	(5,413,908	)	$	3,761,881		$	(4,088,556	)	$	326,675

(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.

155

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

4. INVESTMENTS IN DERIVATIVES (continued)

LOCAL EMERGING MARKETS DEBT
	Derivative Assets(1)									Derivative Liabilities(1)
Counterparty	Options Purchased		Swaps			Forward Currency Contracts		Total		Swaps			Forward Currency Contracts			Options Written			Total			Net Derivative Asset (Liabilities)			Collateral (Received) Pledged(1)			Net Amount(2)
Bank of America Securities LLC	$	—	$	—	*	$	—	$	—	$	—		$	(875	)*	$	—		$	(875	)	$	(875	)	$	—		$	(875	)
BNP Paribas SA		5		—			—		5		—			—			(13,916	)		(13,916	)		(13,911	)		—			(13,911	)
BofA Securities LLC		—		—			—		—		(12,233	)		—			—			(12,233	)		(12,233	)		—			(12,233	)
Citibank NA		—		23,614			—		23,614		(11,822	)		—			—			(11,822	)		11,792			—			11,792
CS International (London)		64		—			—		64		—			—			(17,517	)		(17,517	)		(17,453	)		—			(17,453	)
HSBC Bank PLC		892		—			—		892		—			—			(14,793	)		(14,793	)		(13,901	)		—			(13,901	)
JPMorgan Securities, Inc.		—		—			606,999		606,999		—			(810,565	)		—			(810,565	)		(203,566	)		203,566			—
MS & Co. Int. PLC		30		311,334			79,713		391,007		(21,023	)		—			(31,385	)		(52,408	)		338,669			(338,669	)		—
Total	$	991	$	334,948		$	686,712	$	1,022,651	$	(45,078	)	$	(811,440	)	$	(77,611	)	$	(934,129	)	$	88,522		$	(135,103	)	$	46,581

* Includes Non-Deliverable Bond Forward Contracts assets of $0 and liabilities of $875.

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

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

5. AGREEMENTS AND AFFILIATED TRANSACTIONS

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

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

For the six months ended September 30, 2021, contractual and effective net management fees with GSAM were at the following rates:

	Contractual Management Rate															Effective Rate			Effective Net Management Rate^
Fund Name	First $1 billion			Next $1 billion			Next $3 billion			Next $3 billion			Over $8 billion
Emerging Markets Debt		0.80	%		0.80	%		0.72	%		0.68	%		0.67	%		0.80	%		0.79	%
High Yield		0.70			0.70			0.63			0.60			0.59			0.69			0.68	+
High Yield Floating Rate		0.60			0.54			0.51			0.50			0.49			0.56			0.54
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			0.79			0.79
U.S. Mortgages		0.34			0.31			0.29			0.28			0.28			0.34			0.32

^ The Effective Net Management Rate includes the impact of management fee waivers of affiliated underlying funds, if any. The Effective Net Management Rate may not correlate to the Contractual Management Rate as a result of management fee waivers that may be in effect from time to time.

+ Effective July 29, 2021, the Investment Adviser agreed to waive a portion of its management fee in order to achieve an effective rate of 0.67% as an annual percentage of the Fund’s average daily net assets. This arrangement will remain in effect through at least July 29, 2022.

156

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

Certain Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by each applicable Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Funds in which each Fund invests. For the six months ended September 30, 2021, the management fee waived by GSAM for each Fund was as follows:

Fund Name	Management Fee Waived
Emerging Markets Debt	$	48,184
High Yield		22,718
High Yield Floating Rate		229,851
Investment Grade Credit		10,230
Local Emerging Markets Debt		6,030
U.S. Mortgages		34,607

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

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

The Trust, on behalf of Service Shares of each applicable Fund, has adopted a Service Plan subject to Rule 12b-1 under the Act to allow Service Shares to compensate service organizations (including Goldman Sachs) for providing personal and account maintenance services to their customers who are beneficial owners of such shares. The Service Plan provides for compensation to the service organizations equal to an annual percentage rate of the average daily net assets attributable to Service Shares of the Funds, as set forth below.

	Distribution and/or Service Plan Rates
	Class A*			Class C			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.

157

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (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. During the six months ended September 30, 2021 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, 2021, Goldman Sachs did not retain any portion of Class C Shares’ CDSC.

D.  Service and 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, 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; and 0.03% of average daily net assets with respect to the Investment Grade Credit and U.S. Mortgages Funds’ Separate Account Institutional Shares.

Effective July 29, 2021, Goldman Sachs has agreed to waive a portion of its transfer agency fee (a component of “Other Expenses”) equal to 0.04% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Emerging Markets Debt Fund, 0.03% as an annual percentage rate of the average daily net assets attributable to Class A, Class C and Investor Shares of the Local Emerging Markets Debt Fund and 0.05% as an annual percentage rate of the average daily net assets attributable to Class A, Class C, Investor and Class R Shares of the High Yield Fund through at least July 29, 2022, and prior to such date, Goldman Sachs may not terminate the arrangements without the approval of the Board of Trustees. Prior to July 29, 2021 the waiver of fees charged for such transfer agency services was 0.02% of the average daily net assets of Class A, Class C and Investor 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%, 0.004%, 0.104%, 0.004%,

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5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

0.074% and 0.074%, respectively. Prior to July 29, 2021 the Other Expense limitations as an annual percentage rate of average daily net assets for High Yield Fund was 0.014%. These Other Expense limitations will remain in place through at least July 29, 2022, 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, 2021, these expense reductions, including any fee waivers and Other Expense reimbursements, were as follows:

Fund Name	Management Fee Waiver		Transfer Agency Waiver/Credits		Other Expense Reimbursements		Total Expense Reductions
Emerging Markets Debt	$	48,184	$	16,420	$	232,368	$	296,972
High Yield		113,019		38,198		254,492		405,709
High Yield Floating Rate		229,851		—		—		229,851
Investment Grade Credit		10,230		—		213,315		223,545
Local Emerging Markets Debt		6,030		1,747		190,618		198,395
U.S. Mortgages		34,606		—		81,827		116,433

G.  Line of Credit Facility — As of September 30, 2021, the Funds participated in a $1,000,000,000 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, 2021, the Funds did not have any borrowings under the facility. Prior to April 26, 2021, the facility was $700,000,000.

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 Credit Facility, the Fund had no average outstanding balance nor weighted average annual interest rate for the six months ended September 30, 2021. As of September 30, 2021, there were no outstanding borrowings under the Credit Facility.

H.  Other Transactions with Affiliates — For the six months ended September 30, 2021, Goldman Sachs earned $36,914, $13,625, $2,133 and $6,835, 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, 2021, the following Fund of Funds Portfolios were the beneficial owners of 5% or more of total outstanding shares of the Local Emerging Market Debts Fund:

Goldman Sachs Balanced Strategy Portfolio		Goldman Sachs Growth and Income Portfolio		Goldman Sachs Growth Strategy Portfolio
	6%		18%		11%

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As of September 30, 2021, The Goldman Sachs Group, Inc. was the beneficial owner of 100% of Class R Shares of the High Yield Floating Rate Fund.

The table below shows the transactions in and earnings from investments in the Goldman Sachs Financial Square Government Fund for the six months ended September 30, 2021:

Fund	Underlying Fund	Beginning Value as of March 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of September 30, 2021		Shares as of September 30, 2021		Dividend Income
Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares	$	70,788,766	$	209,508,576	$	(252,034,323	)	$	28,263,019		28,263,019	$	8,389
High Yield	Goldman Sachs Financial Square Government Fund — Institutional Shares		72,950,280		364,989,958		(378,571,475	)		59,368,763		59,368,763		4,129
High Yield Floating Rate	Goldman Sachs Financial Square Government Fund — Institutional Shares		220,574,301		758,491,585		(653,508,809	)		325,557,077		325,557,077		38,927
Investment Grade Credit	Goldman Sachs Financial Square Government Fund — Institutional Shares		—		231,461,819		(215,668,419	)		15,793,400		15,793,400		1,784
Local Emerging Markets Debt	Goldman Sachs Financial Square Government Fund — Institutional Shares		5,991,605		18,836,824		(21,395,104	)		3,433,325		3,433,325		1,023
U.S. Mortgages	Goldman Sachs Financial Square Government Fund — Institutional Shares		23,061,017		156,319,662		(149,409,402	)		29,971,277		29,971,277		5,908

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, 2021, were as follows:

Fund	Purchases of U.S. Government and Agency Obligations		Purchases (Excluding U.S. Government and Agency Obligations)		Sales and Maturities of U.S. Government and Agency Obligations		Sales and Maturities (Excluding U.S. Government and Agency Obligations)
Emerging Markets Debt	$	—	$	222,229,611	$	—	$	186,818,889
High Yield		—		691,186,739		—		503,132,604
High Yield Floating Rate		—		1,363,100,744		—		423,869,774
Investment Grade Credit		—		190,470,253		—		130,328,720
Local Emerging Markets Debt		21,521,234		13,923,643		21,553,454		7,640,483
U.S. Mortgages		2,501,188,052		12,118,813		2,518,466,658		8,789,840

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7. SECURITIES LENDING

Pursuant to exemptive relief granted by the Securities and Exchange Commission (“SEC”) and the terms and conditions contained therein, the High Yield and High Yield Floating Rate Funds may lend their securities through a securities lending agent, Goldman Sachs Agency Lending (“GSAL”), a wholly-owned subsidiary of Goldman Sachs, to certain qualified borrowers including Goldman Sachs and affiliates. In accordance with the Funds’ securities lending procedures, the Funds receive cash collateral at least equal to the market value of the securities on loan. The market value of the loaned securities is determined at the close of business of the Funds, at their last sale price or official closing price on the principal exchange or system on which they are traded, and any additional required collateral is delivered to the Funds on the next business day. As with other extensions of credit, the Funds may experience delay in the recovery of their securities or incur a loss should the borrower of the securities breach its agreement with the Funds or become insolvent at a time when the collateral is insufficient to cover the cost of repurchasing securities on loan. Dividend income received from securities on loan may not be subject to withholding taxes and therefore withholding taxes paid may differ from the amounts listed in the Statements of Operations. Loans of securities are terminable at any time and as such 1) the remaining contractual maturities of the outstanding securities lending transactions are considered to be overnight and continuous and 2) the borrower, after notice, is required to return borrowed securities within the standard time period for settlement of securities transactions.

The High Yield and High Yield Floating Rate Funds invest the cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund (“Government Money Market Fund”), an affiliated series of the Goldman Sachs Trust. The Government Money Market Fund is registered under the Act as an open end investment company, is subject to Rule 2a-7 under the Act, and is managed by GSAM, for which GSAM may receive a management fee of up to 0.16% on an annualized basis of the average daily net assets of the Government Money Market Fund.

In the event of a default by a borrower with respect to any loan, GSAL will exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If GSAL is unable to purchase replacement securities, GSAL will indemnify the Funds by paying the Funds an amount equal to the market value of the securities 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, 2021, are disclosed as “Payable upon return of securities loaned” on the Statements of Assets and Liabilities, where applicable.

Both the High Yield and High Yield Floating Rate Funds and GSAL received compensation relating to the lending of the Funds’ securities. The amounts earned, if any, by the Funds for the fiscal year ended September 30, 2021, are reported under Investment Income on the Statements of Operations.

	For the six months ended September 30, 2021				Amounts Payable to Goldman Sachs Upon Return of Securities Loaned as of September 30, 2021
Fund	Earnings of GSAL Relating to Securities Loaned		Amounts Received by the Funds from Lending to Goldman Sachs
High Yield	$	20,131	$	71,653	$	17,266,611

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

7. SECURITIES LENDING (continued)

The following table provides information about the Funds’ investment in the Government Money Market Fund for the six months ended September 30, 2021:

Fund	Beginning Value as of March 31, 2021		Purchases at Cost		Proceeds from Sales			Ending Value as of September 30, 2021		Shares as of September 30, 2021
High Yield	$	33,937,193	$	195,457,568	$	(181,542,440	)	$	47,852,321		47,852,321
High Yield Floating Rate		—		98,844,419		(94,950,369	)		3,894,050		3,894,050

8. TAX INFORMATION

As of the Funds’ most recent fiscal year end, March 31, 2021, 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	$	(31,906,171	)	$	(156,998,353	)	$	(134,878,329	)	$	—		$	(105,769,823	)	$	(2,854,636	)
Perpetual Long-Term		(87,294,973	)		(334,983,217	)		(263,852,331	)		—			(42,686,961	)		(4,688,005	)
Total capital loss carryforwards	$	(119,201,144	)	$	(491,981,570	)	$	(398,730,660	)	$	—		$	(148,456,784	)	$	(7,542,641	)
Timing differences (Post October Capital Loss Deferral/Qualified Late Year Ordinary Loss Deferral/Dividends Payable/Straddle Loss Deferral/Defaulted Bonds)	$	(11,264,924	)	$	(7,263,912	)	$	(253,187	)	$	(1,391,153	)	$	(2,098,384	)	$	(4,350,692	)

As of September 30, 2021, the Funds’ aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

	Emerging Markets Debt			High Yield			High Yield Floating Rate			Investment Grade Credit			Local Emerging Markets Debt			U.S. Mortgages
Tax Cost	$	1,281,199,377		$	2,187,085,435		$	3,152,159,795		$	513,502,000		$	77,968,255		$	536,857,466
Gross unrealized gain		50,179,176			101,787,496			16,581,285			30,189,356			2,439,194			8,308,581
Gross unrealized loss		(121,494,649	)		(34,478,711	)		(25,134,417	)		(1,876,832	)		(9,290,162	)		(1,018,789	)
Net unrealized gains (losses)	$	(71,315,473	)	$	67,308,785		$	(8,553,132	)	$	28,312,524		$	(6,850,968	)	$	7,289,792

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.

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GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

9. OTHER RISKS

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

Derivatives Risk — The Funds’ use of derivatives may result in loss. Derivative instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other instruments, may be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Funds. Derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligation. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. Losses from derivatives can also result from a lack of correlation between changes in the value of derivative instruments and the portfolio assets (if any) being hedged.

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.

On March 5, 2021, the United Kingdom’s Financial Conduct Authority (“FCA”) and ICE Benchmark Authority formally announced that certain LIBOR benchmarks will cease publication after December 31, 2021 while others will cease publication after June 30, 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to a Fund’s investments resulting from a substitute reference rate may also adversely affect a Fund’s performance and/or NAV.

Foreign Custody Risk — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund’s custodian (each a “Foreign Custodian”). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund’s ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

Foreign and Emerging Countries Risk — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; 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 problems with registration, settlement or custody, may also result in losses. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

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Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

9. OTHER RISKS (continued)

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.

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 funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with the Funds’ investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund’s liquidity.

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9. 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.

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 one or more issuers or 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

165

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

10. INDEMNIFICATIONS (continued)

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.

12. SUBSEQUENT EVENTS

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

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13. SUMMARY OF SHARE TRANSACTIONS

Share activity is as follows:

	Emerging Markets Debt Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		1,064,438		$	13,043,204			1,577,571		$	19,289,970
Reinvestment of distributions		51,924			640,283			97,922			1,163,291
Shares redeemed		(984,684	)		(12,044,076	)		(2,514,930	)		(29,731,166	)
		131,678			1,639,411			(839,437	)		(9,277,905	)
Class C Shares
Shares sold		113,707			1,400,227			65,963			796,914
Reinvestment of distributions		12,058			148,648			28,197			336,098
Shares redeemed		(155,559	)		(1,928,233	)		(570,093	)		(6,856,166	)
		(29,794	)		(379,358	)		(475,933	)		(5,723,154	)
Institutional Shares
Shares sold		10,063,046			124,145,038			31,319,012			373,674,249
Reinvestment of distributions		1,410,780			17,418,286			2,807,403			33,691,543
Shares redeemed		(12,860,773	)		(159,090,805	)		(37,316,114	)		(444,330,356	)
		(1,386,947	)		(17,527,481	)		(3,189,699	)		(36,964,564	)
Investor Shares
Shares sold		642,737			7,933,269			2,259,167			27,580,731
Reinvestment of distributions		103,243			1,274,955			227,851			2,729,603
Shares redeemed		(2,082,319	)		(25,585,702	)		(2,989,524	)		(35,423,274	)
		(1,336,339	)		(16,377,478	)		(502,506	)		(5,112,940	)
Class R6 Shares
Shares sold		1,525,140			18,800,058			4,951,282			60,327,909
Reinvestment of distributions		354,712			4,379,740			613,573			7,371,959
Shares redeemed		(1,067,644	)		(13,186,306	)		(5,450,965	)		(62,418,277	)
		812,208			9,993,492			113,890			5,281,591
Class P Shares
Shares sold		51,896			640,639			1,683,232			20,790,403
Reinvestment of distributions		56,327			695,095			84,542			1,024,297
Shares redeemed		(254,351	)		(3,149,682	)		(176,557	)		(2,180,318	)
		(146,128	)		(1,813,948	)		1,591,217			19,634,382
NET DECREASE		(1,955,322	)	$	(24,465,362	)		(3,302,468	)	$	(32,162,590	)

167

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Yield Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		914,506		$	5,915,902			2,762,272		$	17,213,547
Reinvestment of distributions		407,195			2,634,461			1,012,012			6,238,156
Shares redeemed		(1,815,609	)		(11,734,481	)		(5,925,812	)		(36,625,168	)
		(493,908	)		(3,184,118	)		(2,151,528	)		(13,173,465	)
Class C Shares
Shares sold		90,105			583,443			251,572			1,534,568
Reinvestment of distributions		18,652			120,799			64,075			394,707
Shares redeemed		(110,854	)		(719,128	)		(1,123,624	)		(6,962,928	)
		(2,097	)		(14,886	)		(807,977	)		(5,033,653	)
Institutional Shares
Shares sold		14,966,756			96,801,111			36,041,088			218,887,903
Reinvestment of distributions		1,176,740			7,633,354			2,505,906			15,534,431
Shares redeemed		(4,428,192	)		(28,727,085	)		(38,219,382	)		(236,237,070	)
		11,715,304			75,707,380			327,612			(1,814,736	)
Service Shares
Shares sold		163,549			1,059,670			637,672			3,913,368
Reinvestment of distributions		22,874			147,886			55,650			343,803
Shares redeemed		(351,756	)		(2,267,122	)		(406,817	)		(2,523,132	)
		(165,333	)		(1,059,566	)		286,505			1,734,039
Investor Shares
Shares sold		275,531			1,788,448			348,826			2,139,082
Reinvestment of distributions		52,317			339,175			128,127			791,817
Shares redeemed		(205,790	)		(1,333,698	)		(677,797	)		(4,192,072	)
		122,058			793,925			(200,844	)		(1,261,173	)
Class R6 Shares
Shares sold		467,170			3,033,778			708,485			4,418,432
Reinvestment of distributions		156,468			1,016,495			450,241			2,792,852
Shares redeemed		(431,360	)		(2,800,134	)		(3,705,714	)		(23,438,442	)
		192,278			1,250,139			(2,546,988	)		(16,227,158	)
Class R Shares
Shares sold		43,258			279,534			251,926			1,552,847
Reinvestment of distributions		20,039			129,517			63,838			390,005
Shares redeemed		(83,566	)		(539,835	)		(1,172,868	)		(7,201,318	)
		(20,269	)		(130,784	)		(857,104	)		(5,258,466	)
Class P Shares
Shares sold		26,013,377			168,482,455			54,429,200			334,525,354
Reinvestment of distributions		5,887,018			38,186,328			13,600,160			84,260,269
Shares redeemed		(22,626,863	)		(146,440,224	)		(64,959,168	)		(398,940,414	)
		9,273,532			60,228,559			3,070,192			19,845,209
NET INCREASE (DECREASE)		20,621,565		$	133,590,649			(2,880,132	)	$	(21,189,403	)

168

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	High Yield Floating Rate Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		145,205		$	1,360,126			155,164		$	1,409,146
Reinvestment of distributions		6,229			58,389			12,467			111,751
Shares redeemed		(11,231	)		(105,227	)		(137,968	)		(1,231,391	)
		140,203			1,313,288			29,663			289,506
Class C Shares
Shares sold		24,441			229,137			7,144			66,693
Reinvestment of distributions		658			6,169			2,163			19,302
Shares redeemed		(17,875	)		(167,839	)		(32,828	)		(297,167	)
		7,224			67,467			(23,521	)		(211,172	)
Institutional Shares
Shares sold		1,020,076			9,565,097			9,105,531			79,634,770
Reinvestment of distributions		138,620			1,299,930			498,978			4,473,043
Shares redeemed		(999,998	)		(9,370,218	)		(11,702,846	)		(106,926,015	)
		158,698			1,494,809			(2,098,337	)		(22,818,202	)
Investor Shares
Shares sold		237,071			2,225,174			353,943			3,302,487
Reinvestment of distributions		8,900			83,634			4,256			38,428
Shares redeemed		(76,250	)		(716,166	)		(39,567	)		(355,473	)
		169,721			1,592,642			318,632			2,985,442
Class R6 Shares
Shares sold		2,499,430			23,420,000			13,649,385			126,351,697
Reinvestment of distributions		266,955			2,504,875			228,677			2,104,744
Shares redeemed		(106,610	)		(1,000,000	)		(1,597,797	)		(13,745,000	)
		2,659,775			24,924,875			12,280,265			114,711,441
Class R Shares
Shares sold		—			—			129			1,130
Reinvestment of distributions		20			191			51			457
Shares redeemed		—			—			(131	)		(1,224	)
		20			191			49			363
Class P Shares
Shares sold		114,550,616			1,075,748,911			88,767,524			824,781,829
Reinvestment of distributions		3,940,609			37,003,797			5,257,253			47,254,727
Shares redeemed		(19,507,060	)		(183,076,895	)		(57,870,076	)		(510,220,633	)
		98,984,165			929,675,813			36,154,701			361,815,923
NET INCREASE		102,119,806		$	959,069,085			46,661,452		$	456,773,301

169

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Investment Grade Credit Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		139,289		$	1,361,496			554,738		$	5,470,265
Reinvestment of distributions		12,622			124,092			43,807			437,271
Shares redeemed		(97,065	)		(950,199	)		(679,903	)		(6,795,864	)
		54,846			535,389			(81,358	)		(888,328	)
Institutional Shares
Shares sold		2,810,312			27,910,161			11,584,166			116,836,264
Reinvestment of distributions		170,706			1,678,818			430,734			4,306,577
Shares redeemed		(5,814,823	)		(57,309,771	)		(4,934,175	)		(47,845,158	)
		(2,833,805	)		(27,720,792	)		7,080,725			73,297,683
Separate Account Institutional Shares
Shares sold		1,047,615			10,221,262			3,846,066			38,058,765
Reinvestment of distributions		229,223			2,253,864			1,002,689			10,015,676
Shares redeemed		(3,458,377	)		(33,897,622	)		(11,756,012	)		(115,369,545	)
		(2,181,539	)		(21,422,496	)		(6,907,257	)		(67,295,104	)
Investor Shares
Shares sold		62,200			610,889			1,198,314			12,000,633
Reinvestment of distributions		6,731			66,120			26,427			263,988
Shares redeemed		(170,268	)		(1,672,546	)		(1,181,834	)		(11,856,564	)
		(101,337	)		(995,537	)		42,907			408,057
Class R6 Shares
Shares sold		11,376,861			109,809,163			48,039			475,722
Reinvestment of distributions		113,195			1,119,264			4,687			46,742
Shares redeemed		(19,959	)		(197,514	)		(33,828	)		(331,939	)
		11,470,097			110,730,913			18,898			190,525
Class P Shares
Shares sold		3,407,122			33,197,102			20,628,865			206,093,138
Reinvestment of distributions		242,260			2,381,832			1,036,773			10,358,321
Shares redeemed		(1,629,646	)		(15,878,303	)		(26,555,742	)		(265,825,616	)
		2,019,736			19,700,631			(4,890,104	)		(49,374,157	)
NET INCREASE (DECREASE)		8,427,998		$	80,828,108			(4,736,189	)	$	(43,661,324	)

170

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	Local Emerging Markets Debt Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		63,005		$	354,369			167,535		$	979,119
Reinvestment of distributions		14,598			82,544			30,616			172,554
Shares redeemed		(92,070	)		(527,286	)		(301,085	)		(1,703,158	)
		(14,467	)		(90,373	)		(102,934	)		(551,485	)
Class C Shares
Shares sold		18,972			106,921			130,722			734,833
Reinvestment of distributions		5,043			28,470			14,699			83,114
Shares redeemed		(41,380	)		(234,199	)		(283,125	)		(1,575,040	)
		(17,365	)		(98,808	)		(137,704	)		(757,093	)
Institutional Shares
Shares sold		596,041			3,420,149			206,205			1,172,614
Reinvestment of distributions		36,204			203,899			76,894			431,907
Shares redeemed		(356,242	)		(2,041,180	)		(1,597,311	)		(8,544,195	)
		276,003			1,582,868			(1,314,212	)		(6,939,674	)
Investor Shares
Shares sold		62,192			351,106			279,017			1,585,381
Reinvestment of distributions		15,643			88,294			31,871			178,843
Shares redeemed		(137,504	)		(778,484	)		(567,265	)		(3,092,431	)
		(59,669	)		(339,084	)		(256,377	)		(1,328,207	)
Class R6 Shares
Shares sold		845,070			4,800,000			1,014,764			6,000,002
Reinvestment of distributions		99,726			562,722			183,957			1,038,072
Shares redeemed		—			—			(2,832,218	)		(15,000,000	)
		944,796			5,362,722			(1,633,497	)		(7,961,926	)
Class P Shares
Shares sold		16,062			91,541			145,165			823,138
Reinvestment of distributions		97,459			550,316			212,156			1,193,173
Shares redeemed		(822,413	)		(4,653,281	)		(1,324,420	)		(7,238,180	)
		(708,892	)		(4,011,424	)		(967,099	)		(5,221,869	)
NET INCREASE (DECREASE)		420,406		$	2,405,901			(4,411,823	)	$	(22,760,254	)

171

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Notes to Financial Statements (continued)

September 30, 2021 (Unaudited)

13. SUMMARY OF SHARE TRANSACTIONS (continued)

Share activity is as follows:

	U.S. Mortgages Fund
	For the Six Months Ended September 30, 2021 (Unaudited)						For the Fiscal Year Ended March 31, 2021
	Shares			Dollars			Shares			Dollars
Class A Shares
Shares sold		319,959		$	3,383,270			1,662,761		$	17,763,080
Reinvestment of distributions		13,588			143,598			60,359			646,215
Shares redeemed		(778,233	)		(8,236,415	)		(971,612	)		(10,386,166	)
		(444,686	)		(4,709,547	)		751,508			8,023,129
Institutional Shares
Shares sold		4,197,719			44,633,097			6,597,363			70,461,484
Reinvestment of distributions		69,894			740,379			113,271			1,214,657
Shares redeemed		(1,403,259	)		(14,868,032	)		(3,243,765	)		(34,731,937	)
		2,864,354			30,505,444			3,466,869			36,944,204
Separate Account Institutional Shares
Shares sold		1,323,751			14,004,851			4,184,857			44,844,994
Reinvestment of distributions		96,069			1,015,403			542,125			5,808,441
Shares redeemed		(2,122,423	)		(22,428,515	)		(10,106,606	)		(107,862,252	)
		(702,603	)		(7,408,261	)		(5,379,624	)		(57,208,817	)
Investor Shares
Shares sold		1,293,489			13,714,074			5,429,425			58,236,413
Reinvestment of distributions		33,181			351,373			153,683			1,648,857
Shares redeemed		(2,027,606	)		(21,494,284	)		(10,994,616	)		(117,899,131	)
		(700,936	)		(7,428,837	)		(5,411,508	)		(58,013,861	)
Class R6 Shares
Shares sold		401,928			4,261,622			458,336			4,918,336
Reinvestment of distributions		6,116			64,752			43,711			469,584
Shares redeemed		(162,957	)		(1,727,307	)		(1,646,018	)		(17,738,898	)
		245,087			2,599,067			(1,143,971	)		(12,350,978	)
Class P Shares
Shares sold		42,373			450,000			986,714			10,632,756
Reinvestment of distributions		6,566			69,552			25,409			272,638
Shares redeemed		(547,613	)		(5,797,536	)		(311,767	)		(3,342,527	)
		(498,674	)		(5,277,984	)		700,356			7,562,867
NET INCREASE (DECREASE)		762,542		$	8,279,882			(7,016,370	)	$	(75,043,456	)

172

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

Fund Expenses — Six Month Period Ended September, 2021 (Unaudited)

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

This example is intended to help you understand your ongoing costs (in dollars) of investing in Class A, Class C, Institutional, Service, Separate Account Institutional, Investor, Class R6, Class R Shares or Class P of the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2021 through September 30, 2021, 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 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*
Class A
Actual	$	1,000.00	$	1,037.70		$	5.98	$	1,000.00	$	1,033.80		$	5.20	$	1,000.00	$	1,019.60		$	4.91
Hypothetical 5% return		1,000.00		1,019.20	+		5.92		1,000.00		1,019.95	+		5.16		1,000.00		1,020.21	+		4.91
Class C
Actual		1,000.00		1,034.70			9.74		1,000.00		1,029.90			8.96		1,000.00		1,014.70			8.69
Hypothetical 5% return		1,000.00		1,015.49	+		9.65		1,000.00		1,016.24	+		8.90		1,000.00		1,016.44	+		8.69
Institutional
Actual		1,000.00		1,040.10			4.40		1,000.00		1,035.20			3.72		1,000.00		1,020.20			3.24
Hypothetical 5% return		1,000.00		1,020.76	+		4.36		1,000.00		1,021.41	+		3.70		1,000.00		1,021.86	+		3.24
Service
Actual		—		—			—		1,000.00		1,032.60			6.32		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,018.85	+		6.28		—		—			—
Investor
Actual		1,000.00		1,039.00			4.70		1,000.00		1,036.60			3.88		1,000.00		1,019.80			3.65
Hypothetical 5% return		1,000.00		1,020.46	+		4.66		1,000.00		1,021.26	+		3.85		1,000.00		1,021.46	+		3.65
Class R6
Actual		1,000.00		1,040.20			4.35		1,000.00		1,035.20			3.67		1,000.00		1,021.40			3.19
Hypothetical 5% return		1,000.00		1,020.81	+		4.31		1,000.00		1,021.46	+		3.65		1,000.00		1,021.91	+		3.19
Class R
Actual		—		—			—		1,000.00		1,034.10			6.48		1,000.00		1,018.50			6.02
Hypothetical 5% return		—		—			—		1,000.00		1,018.70	+		6.43		1,000.00		1,019.10	+		6.02
Class P
Actual		1,000.00		1,039.30			4.35		1,000.00		1,035.20			3.67		1,000.00		1,021.40			3.19
Hypothetical 5% return		1,000.00		1,020.81	+		4.31		1,000.00		1,021.46	+		3.65		1,000.00		1,021.91	+		3.19

* 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, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Service			Investor			Class R6			Class R			Class P
Emerging Markets Debt+		1.16	%		1.91	%		0.86	%		—	%		0.91	%		0.85	%		—	%		0.85	%
High Yield+		1.02			1.76			0.73			1.24			0.76			0.72			1.27			0.72
High Yield Floating Rate+		0.97			1.72			0.64			—			0.72			0.63			1.19			0.63

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

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Fund Expenses — Six Month Period Ended September, 2021 (Unaudited) (continued)

	Investment Grade Credit Fund							Local Emerging Markets Debt Fund							U.S. Mortgages Fund
Share Class	Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*		Beginning Account Value 4/1/21		Ending Account Value 9/30/21			Expenses Paid for the 6 months ended 9/30/21*
Class A
Actual	$	1,000.00	$	1,036.40		$	3.62	$	1,000.00	$	1,004.80		$	6.08	$	1,000.00	$	1,003.60		$	3.87
Hypothetical 5% return		1,000.00		1,021.51	+		3.60		1,000.00		1,019.00	+		6.12		1,000.00		1,021.21	+		3.90
Class C
Actual		—		—			—		1,000.00		999.20			9.82		—		—			—
Hypothetical 5% return		—		—			—		1,000.00		1,015.24	+		9.90		—		—			—
Institutional
Actual		1,000.00		1,038.10			1.94		1,000.00		1,004.50			4.57		1,000.00		1,004.30			2.16
Hypothetical 5% return		1,000.00		1,023.16	+		1.93		1,000.00		1,020.51	+		4.61		1,000.00		1,022.91	+		2.18
Separate Account Institutional
Actual	$	1,000.00	$	1,037.10		$	1.89		—		—			—	$	1,000.00	$	1,004.30		$	2.16
Hypothetical 5% return		1,000.00		1,023.21	+		1.88		—		—			—		1,000.00		1,022.91	+		2.18
Investor
Actual		1,000.00		1,037.70			2.35		1,000.00		1,006.00			4.83		1,000.00		1,003.90			2.61
Hypothetical 5% return		1,000.00		1,022.76	+		2.33		1,000.00		1,020.26	+		4.86		1,000.00		1,022.46	+		2.64
Class R6
Actual		1,000.00		1,038.10			1.89		1,000.00		1,006.30			4.53		1,000.00		1,004.30			2.16
Hypothetical 5% return		1,000.00		1,023.21	+		1.88		1,000.00		1,020.56	+		4.56		1,000.00		1,022.91	+		2.18
Class P
Actual		1,000.00		1,038.10			1.89		1,000.00		1,006.30			4.53		1,000.00		1,004.30			2.16
Hypothetical 5% return		1,000.00		1,023.21	+		1.88		1,000.00		1,020.56	+		4.56		1,000.00		1,022.91	+		2.18

* 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, 2021. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year; and then dividing that result by the number of days in the fiscal year. The annualized net expense ratios for the period were as follows:

Fund	Class A			Class C			Institutional			Separate Account Institutional			Investor			Class R6			Class P
Investment Grade Credit+		0.71	%		—	%		0.38	%		0.37	%		0.46	%		0.37	%		0.37	%
Local Emerging Markets Debt+		1.21			1.96			0.91			—			0.96			0.90			0.90
U.S. Mortgages+		0.77			—			0.43			0.43			0.52			0.43			0.43

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

174

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, 2022 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 15-16, 2021 (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 Fund and High Yield 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;

(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 capabilities. 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, 2020, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2021. The information on each Fund’s investment performance was provided for the one-, three-, five-,

176

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 Fund and High Yield 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 Emerging Markets Debt Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one- and ten-year periods and in the third quartile for the three- and five-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2021. They observed that the High Yield 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, 2021. The Trustees noted that the High Yield Fund had experienced certain portfolio management changes in 2020. The Board considered that the High Yield Floating Rate 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 one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2021. The Trustees noted that the High Yield Floating Rate Fund had experienced certain portfolio management changes in 2020. They observed that the Investment Grade Credit Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. The Trustees noted that the Local Emerging Markets Debt Fund’s Institutional Shares had placed in the top half of the Fund’s peer group for the one-year period, in the third quartile for the five-year period, and in the fourth quartile for the three- and ten-year periods, and had outperformed the Fund’s benchmark index for the one-year period and underperformed for the three-, five-, and ten-year periods ended March 31, 2021. They considered that the U.S. Mortgages Fund’s Institutional Shares had placed in the top half of the Fund’s peer group and had outperformed the Fund’s benchmark index for the one-, three-, five-, and ten-year periods ended March 31, 2021. The Trustees noted that the U.S. Mortgages Fund had experienced certain portfolio management changes in 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 Emerging Markets Debt Fund and High Yield Fund that would have the effect of decreasing expenses of Class A, Class C, and Investor Shares of the Emerging Markets Debt Fund and all share classes of the High Yield Fund, with such changes taking effect in connection with the Funds’ 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.

177

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 2020 and 2019, 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 Fund and High Yield Floating Rate Fund, 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 Fund and High

178

GOLDMAN SACHS SINGLE SECTOR FIXED INCOME FUNDS

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

Yield Floating Rate Fund (and fees earned by the Investment Adviser for managing the fund in which the Funds’ 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 Fund and High Yield Floating Rate Fund’s 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, 2022.

179

FUNDS PROFILE

Goldman Sachs Funds

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

Today, the Asset Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $2.09 trillion in assets under supervision as of September 30, 2021, Goldman Sachs Asset Management 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. Goldman Sachs Asset Management 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 Bond Fund

∎ Government Income Fund

∎ Inflation Protected Securities Fund

Multi-Sector

∎ Bond Fund

∎ Core Fixed Income Fund

∎ Global Core Fixed Income Fund

∎ 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 Fund

∎ Income Builder Fund

Tax-Advantaged Equity

∎ U.S. Tax-Managed Equity Fund

∎ International Tax-Managed Equity Fund

∎ U.S. Equity Dividend and Premium Fund

∎ International Equity Dividend and Premium Fund

Equity Insights

∎ Small Cap Equity Insights Fund

∎ U.S. Equity Insights Fund

∎ Small Cap Growth Insights Fund

∎ Large Cap Growth Insights Fund

∎ Large Cap Value Insights Fund

∎ Small Cap Value Insights Fund

∎ International Small Cap Insights Fund

∎ International Equity Insights Fund

∎ Emerging Markets Equity Insights Fund

Fundamental Equity International

∎ International Equity Income Fund

∎ International Equity ESG Fund

∎ China Equity Fund

∎ Emerging Markets Equity 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 Fund

∎ Multi-Manager Alternatives Fund

∎ Global Infrastructure Fund

∎ Defensive Equity Fund

Total Portfolio Solutions

∎ Global Managed Beta Fund

∎ Multi-Manager Non-Core Fixed Income Fund

∎ Multi-Manager Global Equity Fund

∎ Multi-Manager International Equity Fund

∎ Tactical Tilt Overlay Fund

∎ Balanced Strategy Portfolio

∎ Multi-Manager U.S. Small Cap Equity Fund

∎ Multi-Manager Real Assets Strategy Fund

∎ Growth and Income Strategy Portfolio

∎ Growth Strategy Portfolio

∎ Dynamic Global Equity Fund

∎ Satellite Strategies Portfolio

∎ Enhanced Dividend Global Equity Portfolio

∎ Tax-Advantaged Global Equity Portfolio

∎ Strategic Factor Allocation Fund

∎ Strategic Volatility Premium Fund

∎ Target Date Retirement Portfolio

∎ Target Date 2025 Portfolio

∎ Target Date 2030 Portfolio

∎ Target Date 2035 Portfolio

∎ Target Date 2040 Portfolio

∎ Target Date 2045 Portfolio

∎ Target Date 2050 Portfolio

∎ Target Date 2055 Portfolio

∎ Target Date 2060 Portfolio

∎ GQG Partners International Opportunities Fund

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 July 29, 2021, the Goldman Sachs Short Duration Income Fund was renamed the Goldman Sachs Short Duration Bond Fund.

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

TRUSTEES Jessica Palmer, Chair Dwight L. Bush Kathryn A. Cassidy Diana M. Daniels Joaquin Delgado Eileen H. Dowling 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, 2021 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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

A summary prospectus, if available, or a Prospectus for the Funds containing more information may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling (retail – 1-800-526-7384) (institutional – 1-800-621-2550). Please consider a Fund’s objectives, risks, and charges and expenses, and read the summary prospectus, if available, and the Prospectus carefully before investing. The summary prospectus, if available, and the Prospectus contains this and other information about the Funds.

© 2021 Goldman Sachs. All rights reserved. 259730-OTU-1511463SSFISAR-21

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the “Code of Ethics”).

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 13(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant’s board of trustees has determined that the registrant has at least one “audit committee financial expert” (as defined in Item 3 of Form N-CSR) serving on its audit committee. Gregory G. Weaver is the “audit committee financial expert” and is “independent” (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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 August 31, 2021.
(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:	December 1, 2021

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

By:	/s/ James A. McNamara
	James A. McNamara
	President/Chief Executive Officer
	Goldman Sachs Trust
Date:	December 1, 2021
By:	/s/ Joseph F. DiMaria
	Joseph F. DiMaria
	Principal Financial Officer
	Goldman Sachs Trust
Date:	December 1, 2021